Tanger (SKT) 10-Q 2016 Q1 Quarterly report

Exhibit 12.2

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2016		2015
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests (1)	$	25,118	$	33,843
Add:
Distributed income of unconsolidated joint ventures	2,709		2,719
Amortization of capitalized interest	158		513
Interest expense	14,884		13,089
Portion of rent expense - interest factor	609		536
Total earnings	43,478		50,700
Fixed charges:
Interest expense	14,884		13,089
Capitalized interest and capitalized amortization of debt issue costs	507		1,438
Portion of rent expense - interest factor	609		536
Total fixed charges	$	16,000	$	15,063
Ratio of earnings to fixed charges	2.7		3.4

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island and a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture for the period ended March 31, 2016 and March 31, 2015, respectively.