EX-12.(A) 5 a2162411zex-12_a.htm EXHIBIT 12.(A)
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Exhibit 12(a)

RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS

TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP

			Six Months Ended June 30,				Year Ended December 31,
			2005		2004		2004		2003		2002		2001		2000
Income from continuing operations before equity in earnings of unconsolidated joint ventures and minority interests			$	18,260,000	$	15,874,000	$	35,411,000	$	14,823,000	$	8,185,000	$	4,345,000	$	7,048,000
Add:
	Distributed income of unconsolidated joint ventures			430,500		404,500		988,500		748,000		360,000		—		—
	Amortization of capitalized interest			137,750		134,930		272,160		266,130		261,900		256,740		240,200
	Interest expense(1)			16,394,599		17,764,578		35,117,327		26,486,266		28,459,805		30,471,907		27,564,868
	Portion of rent expense representative of interest factor			457,899		462,411		936,365		772,417		703,245		699,964		629,085

		Income as adjusted		35,680,748		34,640,419		72,725,352		43,095,813		37,969,950		35,773,611		35,482,153

Fixed Charges
	Interest expense(1)			16,394,599		17,764,578		35,117,327		26,486,266		28,459,805		30,471,907		27,564,868
	Capitalized interest			120,000		130,000		212,000		149,000		180,000		583,000		1,076,000
	Portion of rent expense representative of interest factor			457,899		462,411		936,365		772,417		703,245		699,964		629,085
Preferred share dividends				—		—		—		806,000		1,771,000		1,771,000		1,823,000

	Total combined fixed charges and preferred share dividends		$	16,972,498	$	18,356,989	$	36,265,692	$	28,213,683	$	31,114,050	$	33,525,871	$	31,092,953

Ratio of earnings to combined fixed charges and preferred share dividends				2.1		1.9		2.0		1.5		1.2		1.1		1.1

(1): Includes amortization of debt issue costs of $689,066, $726,531, $1,453,744, $1,306,801, $1,209,469, $1,965,753 and $1,263,848, respectively.