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.