Tanger (SKT) 10-Q 2018 Q2 Quarterly report

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.