EXHIBIT 12.2

 

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges and Preferred Unit Distributions

(in thousands, except ratios)

						12 Months Ended December 31,
		2010				2009				2008				2007				2006
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations (1)		$	38,806			$	74,221			$	28,729			$	28,535			$	26,775
Add:
Distributed income of unconsolidated joint ventures		653				660				2,366				1,706				906
Amortization of capitalized interest		492				474				465				413				360
Interest expense		41,789				37,684				49,628				42,599				40,793
Portion of rent expense - interest factor		1,753				1,743				1,168				1,078				986
Total earnings		83,493				114,782				82,356				74,331				69,820
Fixed charges:
Interest expense		41,789				37,684				49,628				42,599				40,793
Capitalized interest and capitalized amortization of debt issue costs		1,527				310				1,811				1,857				2,327
Portion of rent expense - interest factor		1,753				1,743				1,168				1,078				986
Total fixed charges		$	45,069			$	39,737			$	52,607			$	45,534			$	44,106
Ratio of earnings to fixed charges		1.9				2.9				1.6				1.6				1.6
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations (1)		$	38,806			$	74,221			$	28,729			$	28,535			$	26,775
Add:
Distributed income of unconsolidated joint ventures		653				660				2,366				1,706				906
Amortization of capitalized interest		492				474				465				413				360
Interest expense		41,789				37,684				49,628				42,599				40,793
Portion of rent expense - interest factor		1,753				1,743				1,168				1,078				986
Total earnings		83,493				114,782				82,356				74,331				69,820
Fixed charges and preferred unit distributions:
Interest expense		41,789				37,684				49,628				42,599				40,793
Capitalized interest and capitalized amortization of debt issue costs		1,527				310				1,811				1,857				2,327
Portion of rent expense - interest factor		1,753				1,743				1,168				1,078				986
Preferred unit distributions		5,297				5,625				5,625				5,625				5,433
Total combined fixed charges and preferred unit distributions		$	50,366			$	45,362			$	58,232			$	51,159			$	49,539
Ratio of earnings to combined fixed charges and preferred unit distributions		1.7				2.5				1.4				1.5				1.4

 

(1) The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million.

 

(2) The year ended December 31, 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.

 

(3) The year ended December 31, 2008 includes a loss on termination of derivatives of $8.9 million.