EX-12.4 6 d546554dex124.htm EX-12.4 EX-12.4

Exhibit 12.4

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions

(in thousands, except ratios)

 

     2017      2016      2015      2014      2013  

Earnings:

               

Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests(1)(2)(3)(4)(5)

    $ 69,939      $ 193,457      $ 210,684      $ 69,099      $ 102,281  

Add:

               

Distributed income of unconsolidated joint ventures

      10,697        13,662        12,137        9,586        5,853  

Amortization of capitalized interest

      762        675        635        517        513  

Interest expense

      64,825        60,669        54,188        57,931        51,616  

Portion of rent expense—interest factor

      2,335        2,299        2,261        2,119        2,078  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total earnings:

      148,558        270,762        279,905        139,252        162,341  

Fixed charges and preferred unit distributions

               

Interest expense

      64,825        60,669        54,188        57,931        51,616  

Capitalized interest and capitalized amortization of debt issue costs

      2,416        2,382        3,791        5,318        1,628  

Portion of rent expense—interest factor

      2,335        2,299        2,261        2,119        2,078  

Preferred unit distributions

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges and preferred unit distributions

    $ 69,576      $ 65,350      $ 60,240      $ 65,368      $ 55,322  

Ratio of earnings to fixed charges and preferred unit distributions:

      2.1        4.1        4.6        2.1        2.9  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020.
(2) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2016, includes a gain on previously held interest in acquired joint ventures of $93.5 million associated with the acquisition of our Savannah and Westgate joint ventures, a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island, and $1.4 million gain on the sale an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501.
(3) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2015, includes a gain of approximately $120.4 million on the sale of our equity interest in the Wisconsin Dells joint venture and on the sale of our Kittery I & II, Tuscola, West Branch and Barstow outlet centers.
(4) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2014 includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.
(5) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture.