Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
 
Year ended December 31,
 
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:
 
 
 
 
 
 
 
 
 
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

Total fixed charges
$
69,576


$
65,350

 
$
60,240

 
$
65,368

 
$
55,322

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
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 a $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.