EX-12.1 2 d27002_ex12-1.htm HTML


TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Exhibit 12.1

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

                                   
              Six Months Ended
Ended June 30, 		 
              2010           2009  
                             
  Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                             
  Add:                          
  Distributed income of unconsolidated joint ventures           414           360  
  Amortization of previously capitalized interest           245           234  
  Interest expense           22,041           20,774  
  Interest portion of rent expense           813           756  
                             
  Earnings available for fixed charges         $ 32,027         $ 78,955  
                             
  Fixed charges:                          
  Interest expense         $ 22,041         $ 20,774  
  Capitalized interest and capitalized amortization of debt issue costs           535           87  
  Interest portion of rent expense           813           756  
  Total fixed charges         $ 23,389         $ 21,617  
                             
  Ratio of earnings to fixed charges           1.4           3.7  
                                   
                                   
                                   
  (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and 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)

                             
              Six Months Ended
Ended June 30, 		 
              2010           2009  
                             
  Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                             
  Add:                          
  Distributed income of unconsolidated joint ventures           414           360  
  Amortization of previously capitalized interest           245           234  
  Interest expense           22,041           20,774  
  Interest portion of rent expense           813           756  
                             
  Earnings available for fixed charges and preferred dividends         $ 32,027         $ 78,955  
                             
  Fixed charges:                          
  Interest expense         $ 22,041         $ 20,774  
  Capitalized interest and capitalized amortization of debt issue costs           535           87  
  Interest portion of rent expense           813           756  
  Total fixed charges         $ 23,389         $ 21,617  
                             
  Preferred dividends           2,813           2,813  
                             
  Total fixed charges and preferred dividends         $ 26,202         $ 24,430  
                             
  Ratio of earnings to fixed charges and preferred dividends           1.2           3.2  
                             
     
     
  (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

  

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

                                   
              Six Months Ended
Ended June 30, 		 
              2010           2009  
                             
  Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                             
  Add:                          
  Distributed income of unconsolidated joint ventures           414           360  
  Amortization of previously capitalized interest           245           234  
  Interest expense           22,041           20,774  
  Interest portion of rent expense           813           756  
                             
  Earnings available for fixed charges         $ 32,027         $ 78,955  
                             
  Fixed charges:                          
  Interest expense         $ 22,041         $ 20,774  
  Capitalized interest and capitalized amortization of debt issue costs           535           87  
  Interest portion of rent expense           813           756  
  Total fixed charges         $ 23,389         $ 21,617  
                             
  Ratio of earnings to fixed charges           1.4           3.7  
                                   
                                   
                                   
  (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

  

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

                                   
                    Six Months Ended  
                    Ended June 30,  
                    2010           2009  
                                   
  Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                                   
  Add:                          
  Distributed income of unconsolidated joint ventures           414           360  
  Amortization of previously capitalized interest           245           234  
  Interest expense           22,041           20,774  
  Interest portion of rent expense           813           756  
                                   
  Earnings available for fixed charges and preferred dividends         $ 32,027         $ 78,955  
                                   
  Fixed charges:                          
  Interest expense         $ 22,041         $ 20,774  
  Capitalized interest and capitalized amortization of debt issue costs           535           87  
  Interest portion of rent expense           813           756  
  Total fixed charges         $ 23,389         $ 21,617  
                                   
  Preferred distributions           2,813           2,813  
                                   
  Total fixed charges and preferred distributions         $ 26,202         $ 24,430  
                                   
  Ratio of earnings to fixed charges and preferred distributions           1.2           3.2  
                                   
                                   
                                   
  (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.