EX-12.(B) 6 a2087345zex-12_b.txt EXHIBIT 12(B) EXHIBIT 12(b) TANGER FACTORY OUTLET CENTERS, INC. TANGER PROPERTIES LIMITED PARTNERSHIP COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (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 0 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 Preferred dividends 886 885 1,771 1,823 1,917 1,911 1,808 ----------------- --------------------------------------------------- Total combined fixed charges and preferred share dividends 15,603 16,934 33,094 30,999 27,877 24,977 20,817 ----------------- --------------------------------------------------- Ratio of earnings to combined fixed charges and preferred share dividends 1.16 1.05 1.18 1.26 1.49 1.50 1.66 ================= ===================================================