Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2016				2015
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	25,118			$	33,843
Add:
Distributed income of unconsolidated joint ventures	2,709				2,719
Amortization of capitalized interest	158				513
Interest expense	14,884				13,089
Portion of rent expense - interest factor	609				536
Total earnings	43,478				50,700
Fixed charges:
Interest expense	14,884				13,089
Capitalized interest and capitalized amortization of debt issue costs	507				1,438
Portion of rent expense - interest factor	609				536
Total fixed charges	$	16,000			$	15,063
Ratio of earnings to fixed charges	2.7				3.4

(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island and a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture for the period ended March 31, 2016 and March 31, 2015, respectively.