EX-12.1 3 d26337_ex12-1.htm HTML

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Exhibit 12.1

Ratios of Earnings to Fixed Charges
(in thousands, except ratios)


                 
        Three Months Ended
Ended March 31,		  
        2010     2009  
                 
  Earnings before income (losses) from equity investees and noncontrolling interests (1)   $ 3,071   $ 37,365  
                 
  Add:              
  Distributed income of unconsolidated joint ventures     301     168  
  Amortization of previously capitalized interest     120     117  
  Interest expense     7,948     11,210  
  Interest portion of rent expense     404     419  
                 
  Earnings available for fixed charges   $ 11,844   $ 49,279  
                 
  Fixed charges:              
  Interest expense   $ 7,948   $ 11,210  
  Capitalized interest and capitalized amortization of debt issue costs     209     38  
  Interest portion of rent expense     404     419  
  Total fixed charges   $ 8,561   $ 11,667  
                 
  Ratio of earnings to fixed charges     1.4     4.2  
                 

(1) Earnings before income (losses) from equity investees and noncontrolling interests for the three months ended March 31, 2009 includes a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.


TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)


                 
        Three Months Ended
Ended March 31,		  
        2010     2009  
                 
  Earnings before income (losses) from equity investees and noncontrolling interests (1)   $ 3,071   $ 37,365  
                 
  Add:              
  Distributed income of unconsolidated joint ventures     301     168  
  Amortization of previously capitalized interest     120     117  
  Interest expense     7,948     11,210  
  Interest portion of rent expense     404     419  
                 
  Earnings available for fixed charges and preferred dividends   $ 11,844   $ 49,279  
                 
  Fixed charges:              
  Interest expense   $ 7,948   $ 11,210  
  Capitalized interest and capitalized amortization of debt issue costs     209     38  
  Interest portion of rent expense     404     419  
  Total fixed charges   $ 8,561   $ 11,667  
                 
  Preferred dividends     1,406     1,406  
                 
  Total fixed charges and preferred dividends   $ 9,967   $ 13,073  
                 
  Ratio of earnings to fixed charges and preferred dividends     1.2     3.8  
                 
                 

(1) Earnings before income (losses) from equity investees and noncontrolling interests for the three months ended March 31, 2009 includes a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.