EXHIBIT 12(B)
Published on July 16, 2002
EXHIBIT 12(b)
RATIOS OF EARNINGS TO FIXED CHARGES
TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
(Dollar amounts in thousands)
Three Months Ended
March 31, Year Ended December 31,
2002 2001 2001 2000 1999 1998 1997
---- ---- ---- ---- ---- ---- ----
Income (loss) before gain or (loss) on sale
of real estate minority interest and
extraordinary items 1,827 1,110 9,492 12,249 17,070 15,109 17,583
Add:
Interest on indebtedness 6,829 7,000 28,506 26,301 23,234 20,952 15,741
Amortization of debt issue costs 300 633 1,628 1,264 1,005 1,076 1,094
Portion of Rent Expense 153 156 606 535 423 240 166
------------------- ----------------------------------------------
Income as adjusted 9,109 8,899 40,232 40,349 41,732 37,377 34,584
------------------- ----------------------------------------------
Fixed Charges
Interest on indebtedness 6,829 7,000 28,506 26,301 23,234 20,952 15,741
Amortization of debt issue costs 300 633 1,628 1,264 1,005 1,076 1,094
Capitalized interest and
amortization
of debt issue costs 82 405 583 1,076 1,298 798 2,008
Portion of Rent Expense 153 156 606 535 423 240 166
------------------- ----------------------------------------------
Total fixed charges 7,364 8,194 31,323 29,176 25,960 23,066 19,009
------------------- ----------------------------------------------
Ratio of earnings to fixed charges 1.24 1.09 1.28 1.38 1.61 1.62 1.82
=================== ==============================================