Published on May 7, 2010
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Exhibit 12.1
Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
| Three Months Ended Ended March 31, |
||||||||
| 2010 | 2009 | |||||||
| Earnings before income (losses) from equity investees and noncontrolling interests (1) | $ | 3,071 | $ | 37,365 | ||||
| Add: | ||||||||
| Distributed income of unconsolidated joint ventures | 301 | 168 | ||||||
| Amortization of previously capitalized interest | 120 | 117 | ||||||
| Interest expense | 7,948 | 11,210 | ||||||
| Interest portion of rent expense | 404 | 419 | ||||||
| Earnings available for fixed charges | $ | 11,844 | $ | 49,279 | ||||
| Fixed charges: | ||||||||
| Interest expense | $ | 7,948 | $ | 11,210 | ||||
| Capitalized interest and capitalized amortization of debt issue costs | 209 | 38 | ||||||
| Interest portion of rent expense | 404 | 419 | ||||||
| Total fixed charges | $ | 8,561 | $ | 11,667 | ||||
| Ratio of earnings to fixed charges | 1.4 | 4.2 | ||||||
(1) Earnings before income (losses) from equity investees and noncontrolling interests for the three months ended March 31, 2009 includes a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
| Three Months Ended Ended March 31, |
||||||||
| 2010 | 2009 | |||||||
| Earnings before income (losses) from equity investees and noncontrolling interests (1) | $ | 3,071 | $ | 37,365 | ||||
| Add: | ||||||||
| Distributed income of unconsolidated joint ventures | 301 | 168 | ||||||
| Amortization of previously capitalized interest | 120 | 117 | ||||||
| Interest expense | 7,948 | 11,210 | ||||||
| Interest portion of rent expense | 404 | 419 | ||||||
| Earnings available for fixed charges and preferred dividends | $ | 11,844 | $ | 49,279 | ||||
| Fixed charges: | ||||||||
| Interest expense | $ | 7,948 | $ | 11,210 | ||||
| Capitalized interest and capitalized amortization of debt issue costs | 209 | 38 | ||||||
| Interest portion of rent expense | 404 | 419 | ||||||
| Total fixed charges | $ | 8,561 | $ | 11,667 | ||||
| Preferred dividends | 1,406 | 1,406 | ||||||
| Total fixed charges and preferred dividends | $ | 9,967 | $ | 13,073 | ||||
| Ratio of earnings to fixed charges and preferred dividends | 1.2 | 3.8 | ||||||
(1) Earnings before income (losses) from equity investees and noncontrolling interests for the three months ended March 31, 2009 includes a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.