Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Year ended December 31,
	2015				2014				2013				2012				2011
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests (1) (2) (3)	210,684				$	69,099			$	102,281			$	59,771			$	52,554
Add:
Distributed income of unconsolidated joint ventures	12,137				9,586				5,853				1,005				499
Amortization of capitalized interest	635				517				513				509				507
Interest expense	54,188				57,931				51,616				49,814				45,382
Portion of rent expense - interest factor	2,261				2,119				2,078				1,908				1,938
Total earnings	279,905				139,252				162,341				113,007				100,880
Fixed charges:
Interest expense	54,188				57,931				51,616				49,814				45,382
Capitalized interest and capitalized amortization of debt issue costs	3,791				5,318				1,628				1,233				413
Portion of rent expense - interest factor	2,261				2,119				2,078				1,908				1,938
Total fixed charges	$	60,240			$	65,368			$	55,322			$	52,955			$	47,733
Ratio of earnings to fixed charges	4.6				2.1				2.9				2.1				2.1
Earnings:
Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests(1) (2) (3)	$	210,684			$	69,099			$	102,281			$	59,771			$	52,554
Add:
Distributed income of unconsolidated joint ventures	12,137				9,586				5,853				1,005				499
Amortization of capitalized interest	635				517				513				509				507
Interest expense	54,188				57,931				51,616				49,814				45,382
Portion of rent expense - interest factor	2,261				2,119				2,078				1,908				1,938
Total Earnings	279,905				139,252				162,341				113,007				100,880
Fixed charges and preferred share dividends:
Interest expense	54,188				57,931				51,616				49,814				45,382
Capitalized interest and capitalized amortization of debt issue costs	3,791				5,318				1,628				1,233				413
Portion of rent expense - interest factor	2,261				2,119				2,078				1,908				1,938
Total combined fixed charges and preferred share dividends	$	60,240			$	65,368			$	55,322			$	52,955			$	47,733
Ratio of earnings to combined fixed charges and preferred share dividends	4.6				2.1				2.9				2.1				2.1

(1)	For the year ended December 31, 2015, income from continuing operations and net income include a gain of approximately $120.4 million on the sale of our equity interest in the Wisconsin Dells joint venture and on the sale of our Kittery I & II, Tuscola, West Branch and Barstow outlet centers.

(2)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2014 includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.

(3)	Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture.