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,
	2015		2014
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	33,843	$	13,507
Add:
Distributed income of unconsolidated joint ventures	2,719		1,318
Amortization of capitalized interest	513		128
Interest expense	13,089		14,920
Portion of rent expense - interest factor	536		523
Total earnings	50,700		30,396
Fixed charges:
Interest expense	13,089		14,920
Capitalized interest and capitalized amortization of debt issue costs	1,438		832
Portion of rent expense - interest factor	536		523
Total fixed charges	$	15,063	$	16,275
Ratio of earnings to fixed charges	3.4		1.9

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended March 31, 2015, includes a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture.