Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Nine months ended September 30,
	2014		2013
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests	$	53,432	$	80,078
Add:
Distributed income of unconsolidated joint ventures	4,166		4,415
Amortization of capitalized interest	385		384
Interest expense	43,404		37,826
Portion of rent expense - interest factor	1,583		1,527
Total earnings	102,970		124,230
Fixed charges:
Interest expense	43,404		37,826
Capitalized interest and capitalized amortization of debt issue costs	3,897		976
Portion of rent expense - interest factor	1,583		1,527
Total fixed charges	$	48,884	$	40,329
Ratio of earnings to fixed charges	2.1		3.1