Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Six months ended June 30,
	2018				2017
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests  (1)	$	43,575			$	49,769
Add:
Distributed income of unconsolidated joint ventures	4,332				4,952
Amortization of capitalized interest	385				340
Interest expense	31,981				33,007
Portion of rent expense - interest factor	1,189				1,201
Total earnings	81,462				89,269
Fixed charges:
Interest expense	31,981				33,007
Capitalized interest and capitalized amortization of debt issue costs	76				1,247
Portion of rent expense - interest factor	1,189				1,201
Total fixed charges	$	33,246			$	35,455
Ratio of earnings to fixed charges	2.5				2.5
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1)	$	43,575			$	49,769
Add:
Distributed income of unconsolidated joint ventures	4,332				4,952
Amortization of capitalized interest	385				340
Interest expense	31,981				33,007
Portion of rent expense - interest factor	1,189				1,201
Total Earnings	81,462				89,269
Fixed charges and preferred share dividends:
Interest expense	31,981				33,007
Capitalized interest and capitalized amortization of debt issue costs	76				1,247
Portion of rent expense - interest factor	1,189				1,201
Preferred share dividends	—				—
Total combined fixed charges and preferred share dividends	$	33,246			$	35,455
Ratio of earnings to combined fixed charges and preferred share dividends	2.5				2.5

(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut for the period ended June 30, 2017.