EXHIBIT 12
Published on November 6, 2009
Exhibit 12
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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
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|||||
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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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Nine Months Ended
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|||||
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Ended September 30
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|||||
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2009
|
2008
|
||||
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Earnings before income (losses) from equity investees (1)
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$ 55,765
|
$ 17,811
|
|||
|
Add :
|
|||||
|
Distributed income of unconsolidated joint ventures
|
510
|
2,655
|
|||
|
Amortization of previously capitalized interest
|
351
|
348
|
|||
|
Interest expense
|
29,467
|
38,656
|
|||
|
Interest portion of rent expense
|
1,154
|
879
|
|||
|
Earnings available for fixed charges
|
$ 87,247
|
$ 60,349
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|||
|
Fixed charges:
|
|||||
|
Interest expense
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$ 29,467
|
$ 38,656
|
|||
|
Capitalized interest and capitalized amortization of debt issue costs
|
87
|
1,772
|
|||
|
Interest portion of rent expense
|
1,154
|
879
|
|||
|
Total fixed charges
|
$ 30,708
|
$ 41,307
|
|||
|
Ratio of earnings to fixed charges
|
2.8
|
1.5
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|
(1) Earnings before losses from equity investees and noncontrolling interest for the nine months ended September 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 nine months ended September 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)
|
|||||
|
Nine Months Ended
|
|||||
|
Ended September 30
|
|||||
|
2009
|
2008
|
||||
|
Earnings before income (losses) from equity investees (1)
|
$ 55,765
|
$ 17,811
|
|||
|
Add :
|
|||||
|
Distributed income of unconsolidated joint ventures
|
510
|
2,655
|
|||
|
Amortization of previously capitalized interest
|
351
|
348
|
|||
|
Interest expense
|
29,467
|
38,656
|
|||
|
Interest portion of rent expense
|
1,154
|
879
|
|||
|
Earnings available for fixed charges and preferred dividends
|
$ 87,247
|
$ 60,349
|
|||
|
Fixed charges:
|
|||||
|
Interest expense
|
$ 29,467
|
$ 38,656
|
|||
|
Capitalized interest and capitalized amortization of debt issue costs
|
87
|
1,772
|
|||
|
Interest portion of rent expense
|
1,154
|
879
|
|||
|
Total fixed charges
|
$ 30,708
|
$ 41,307
|
|||
|
Preferred dividends
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4,219
|
4,219
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|||
|
Total fixed charges and preferred dividends
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$ 34,927
|
$ 45,526
|
|||
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Ratio of earnings to fixed charges and preferred dividends
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2.5
|
1.3
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(1) Earnings before losses from equity investees and noncontrolling interest for the nine month ended September 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 nine months ended September 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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