Exhibit 12(A)
TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in thousands)
Nine Months
Ended Year Ended December 31,
September 30, --------------------------------------------------------------
1997 1996 1995 1994 1993 1992
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Income (loss) before gain on sale of land,
minority interest and extraordinary items $12,191 $16,018 $15,352 $15,147 $ 7,494 $1,991
Add:
Interest on indebtedness 11,419 13,045 10,382 2,108 4,605 5,913
Amortization of debt issue costs 774 953 955 690 808 501
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Income as adjusted $24,384 $30,016 $26,689 $17,945 $12,907 $8,405
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Fixed Charges
Interest on indebtedness $11,419 $13,045 $10,382 $ 2,108 $ 4,605 $5,913
Amortization of debt issue costs 774 953 955 690 808 501
Capitalized interest and amortization
of debt issue costs 1,549 1,116 628 1,481 282 457
Preferred dividends(1) 1,358 2,399 2,903 4,351 191 --
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Total fixed charges $15,100 $17,513 $14,868 $ 8,630 $ 5,886 $6,871
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Ratio of earnings to fixed charges 1.61 1.71 1.80 2.08 2.19 1.22
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(1) Preferred dividends of the Company are equivalent to preferred
distributions of the Operating Partnership.