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,
	2017				2016
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	21,196			$	25,118
Add:
Distributed income of unconsolidated joint ventures	2,473				2,709
Amortization of capitalized interest	170				158
Interest expense	16,487				14,884
Portion of rent expense - interest factor	609				609
Total earnings	40,935				43,478
Fixed charges:
Interest expense	16,487				14,884
Capitalized interest and capitalized amortization of debt issue costs	520				507
Portion of rent expense - interest factor	609				609
Total fixed charges	$	17,616			$	16,000
Ratio of earnings to fixed charges	2.3				2.7

(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 for the period ended March 31, 2016.