Tanger (SKT) 10-K 2014 FY Annual report

Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Year ended December 31,
	2014		2013		2012		2011		2010
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) (2) (3)	69,099		$	102,281	$	59,771	$	52,554	$	38,806
Add:
Distributed income of unconsolidated joint ventures	9,586		5,853		1,005		499		653
Amortization of capitalized interest	517		513		509		507		492
Interest expense	57,931		51,616		49,814		45,382		41,789
Portion of rent expense - interest factor	2,119		2,078		1,908		1,938		1,753
Total earnings	139,252		162,341		113,007		100,880		83,493
Fixed charges:
Interest expense	57,931		51,616		49,814		45,382		41,789
Capitalized interest and capitalized amortization of debt issue costs	5,318		1,628		1,233		413		1,527
Portion of rent expense - interest factor	2,119		2,078		1,908		1,938		1,753
Total fixed charges	$	65,368	$	55,322	$	52,955	$	47,733	$	45,069
Ratio of earnings to fixed charges	2.1		2.9		2.1		2.1		1.9
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1) (2) (3)	$	69,099	$	102,281	$	59,771	$	52,554	$	38,806
Add:
Distributed income of unconsolidated joint ventures	9,586		5,853		1,005		499		653
Amortization of capitalized interest	517		513		509		507		492
Interest expense	57,931		51,616		49,814		45,382		41,789
Portion of rent expense - interest factor	2,119		2,078		1,938		1,938		1,753
Total Earnings	139,252		162,341		113,037		100,880		83,493
Fixed charges and preferred share dividends:
Interest expense	57,931		51,616		49,814		45,382		41,789
Capitalized interest and capitalized amortization of debt issue costs	5,318		1,628		1,233		413		1,527
Portion of rent expense - interest factor	2,119		2,078		1,908		1,938		1,753
Preferred share dividends	—		—		—		—		5,297
Total combined fixed charges and preferred share dividends	$	65,368	$	55,322	$	52,955	$	47,733	$	50,366
Ratio of earnings to combined fixed charges and preferred share dividends	2.1		2.9		2.1		2.1		1.7

(1) Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2014 includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.

(2) Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture.

(3) The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million.