EXHIBIT 12.1
Published on August 7, 2009
Exhibit 12.1
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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
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Ratios of Earnings to Fixed Charges
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|||||
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(in thousands, except ratios)
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|||||
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Six Months Ended
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|||||
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Ended June 30
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|||||
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2009
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2008
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||||
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Earnings before income from equity investees (1)
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$ 51,469
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$ 7,064
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|||
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Add :
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|||||
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Distributed income of unconsolidated joint ventures
|
360
|
1,770
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|||
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Amortization of previously capitalized interest
|
234
|
224
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|||
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Interest expense
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20,774
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28,846
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|||
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Interest portion of rent expense
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756
|
591
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|||
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Earnings available for fixed charges
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$ 73,593
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$ 38,495
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Fixed charges:
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|||||
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Interest expense
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$ 20,774
|
$ 28,846
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|||
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Capitalized interest and capitalized amortization of debt issue costs
|
87
|
1,188
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|||
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Interest portion of rent expense
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756
|
591
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|||
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Total fixed charges
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$ 21,617
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$ 30,625
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|||
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Ratio of earnings to fixed charges
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3.4
|
1.3
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(1) Earnings before income from equity investees and noncontrolling interest for the six month 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; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and
a $5.2 million impairment charge related to a property held and used. For the period June 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.
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|
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
|
|||||
|
2009
|
2008
|
||||
|
Earnings before income from equity investees (1)
|
$ 51,469
|
$ 7,064
|
|||
|
Add :
|
|||||
|
Distributed income of unconsolidated joint ventures
|
360
|
1,770
|
|||
|
Amortization of previously capitalized interest
|
234
|
224
|
|||
|
Interest expense
|
20,774
|
28,846
|
|||
|
Interest portion of rent expense
|
756
|
591
|
|||
|
Earnings available for fixed charges and preferred dividends
|
$ 73,593
|
$ 38,495
|
|||
|
Fixed charges:
|
|||||
|
Interest expense
|
$ 20,774
|
$ 28,846
|
|||
|
Capitalized interest and capitalized amortization of debt issue costs
|
87
|
1,188
|
|||
|
Interest portion of rent expense
|
756
|
591
|
|||
|
Total fixed charges
|
$ 21,617
|
$ 30,625
|
|||
|
Preferred dividends
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2,813
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2,813
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|||
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Total fixed charges and preferred dividends
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$ 24,430
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$ 33,438
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Ratio of earnings to fixed charges and preferred dividends
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3.0
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1.2
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(1) Earnings before income from equity investees and noncontrolling interest for the six month 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; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and
a $5.2 million impairment charge related to a property held and used. For the period June 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.
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