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,
	2018				2017
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491			$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198				2,473
Amortization of capitalized interest	192				170
Interest expense	15,800				16,487
Portion of rent expense - interest factor	599				609
Total earnings	40,280				40,935
Fixed charges:
Interest expense	15,800				16,487
Capitalized interest and capitalized amortization of debt issue costs	73				520
Portion of rent expense - interest factor	599				609
Total fixed charges	$	16,472			$	17,616
Ratio of earnings to fixed charges	2.4				2.3
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491			$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198				2,473
Amortization of capitalized interest	192				170
Interest expense	15,800				16,487
Portion of rent expense - interest factor	599				609
Total Earnings	40,280				40,935
Fixed charges and preferred share dividends:
Interest expense	15,800				16,487
Capitalized interest and capitalized amortization of debt issue costs	73				520
Portion of rent expense - interest factor	599				609
Preferred share dividends	—				—
Total combined fixed charges and preferred share dividends	$	16,472			$	17,616
Ratio of earnings to combined fixed charges and preferred share dividends	2.4				2.3