EX-12.(A) 5 a2087345zex-12_a.txt EXHIBIT 12(A) EXHIBIT 12(a) TANGER FACTORY OUTLET CENTERS, INC. TANGER PROPERTIES LIMITED PARTNERSHIP COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands)
Six Months Ended June 30, Year Ended December 31, 2002 2001 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ ------ ------ Income before minority interest, discontinued operations and extraordinary items 3,476 2,253 8,251 10,996 16,912 15,109 17,583 Add: Interest on indebtedness 13,662 14,317 28,506 26,301 23,234 20,952 15,741 Amortization of debt issue costs 585 973 1,628 1,264 1,005 1,076 1,094 Portion of Rent Expense 304 306 606 535 423 240 166 ----------------- --------------------------------------------------- Income as adjusted 18,027 17,849 38,991 39,096 41,574 37,377 34,584 ----------------- --------------------------------------------------- Fixed Charges Interest on indebtedness 13,662 14,317 28,506 26,301 23,234 20,952 15,741 Amortization of debt issue costs 585 973 1,628 1,264 1,005 1,076 1,094 Capitalized interest and amortization of debt issue costs 166 453 583 1,076 1,298 798 2,008 Portion of Rent Expense 304 306 606 535 423 240 166 ----------------- --------------------------------------------------- Total fixed charges 14,717 16,049 31,323 29,176 25,960 23,066 19,009 ----------------- --------------------------------------------------- Ratio of earnings to fixed charges 1.22 1.11 1.24 1.34 1.60 1.62 1.82 ================= ===================================================