Tanger (SKT) S-3ASR Automatic shelf registration

Exhibit 12.4

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions

(in thousands, except ratios)

	2017		2016		2015		2014		2013
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests(1)(2)(3)(4)(5)	$	69,939	$	193,457	$	210,684	$	69,099	$	102,281
Add:
Distributed income of unconsolidated joint ventures		10,697		13,662		12,137		9,586		5,853
Amortization of capitalized interest		762		675		635		517		513
Interest expense		64,825		60,669		54,188		57,931		51,616
Portion of rent expense—interest factor		2,335		2,299		2,261		2,119		2,078
Total earnings:		148,558		270,762		279,905		139,252		162,341
Fixed charges and preferred unit distributions
Interest expense		64,825		60,669		54,188		57,931		51,616
Capitalized interest and capitalized amortization of debt issue costs		2,416		2,382		3,791		5,318		1,628
Portion of rent expense—interest factor		2,335		2,299		2,261		2,119		2,078
Preferred unit distributions		—		—		—		—		—
Total fixed charges and preferred unit distributions	$	69,576	$	65,350	$	60,240	$	65,368	$	55,322
Ratio of earnings to fixed charges and preferred unit distributions:		2.1		4.1		4.6		2.1		2.9

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020.

(2) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2016, includes a gain on previously held interest in acquired joint ventures of $93.5 million associated with the acquisition of our Savannah and Westgate joint ventures, a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island, and $1.4 million gain on the sale an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501.

(3) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2015, includes a gain of approximately $120.4 million on the sale of our equity interest in the Wisconsin Dells joint venture and on the sale of our Kittery I & II, Tuscola, West Branch and Barstow outlet centers.

(4) Income before equity in earnings 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.

(5) Income before equity in earnings 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.