EX-12.2
Published on March 2, 2018
Exhibit 12.2
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(in thousands, except ratios)
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Earnings: |
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| Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests(1)(2)(3)(4)(5) |
$ | 69,939 | $ | 193,457 | $ | 210,684 | $ | 69,099 | $ | 102,281 | ||||||||||
| Add: |
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| Distributed income of unconsolidated joint ventures |
10,697 | 13,662 | 12,137 | 9,586 | 5,853 | |||||||||||||||
| Amortization of capitalized interest |
762 | 675 | 635 | 517 | 513 | |||||||||||||||
| Interest expense |
64,825 | 60,669 | 54,188 | 57,931 | 51,616 | |||||||||||||||
| Portion of rent expenseinterest factor |
2,335 | 2,299 | 2,261 | 2,119 | 2,078 | |||||||||||||||
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| Total earnings: |
148,558 | 270,762 | 279,905 | 139,252 | 162,341 | |||||||||||||||
| Fixed charges and preferred share dividends |
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| Interest expense |
64,825 | 60,669 | 54,188 | 57,931 | 51,616 | |||||||||||||||
| Capitalized interest and capitalized amortization of debt issue costs |
2,416 | 2,382 | 3,791 | 5,318 | 1,628 | |||||||||||||||
| Portion of rent expenseinterest factor |
2,335 | 2,299 | 2,261 | 2,119 | 2,078 | |||||||||||||||
| Preferred share dividends |
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| Total fixed charges and preferred share dividends |
$ | 69,576 | $ | 65,350 | $ | 60,240 | $ | 65,368 | $ | 55,322 | ||||||||||
| Ratio of earnings to fixed charges and preferred share dividends: |
2.1 | 4.1 | 4.6 | 2.1 | 2.9 | |||||||||||||||
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| (1) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020. |
| (2) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2016, includes a gain on previously held interest in acquired joint ventures of $93.5 million associated with the acquisition of our Savannah and Westgate joint ventures, a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island, and a $1.4 million gain on the sale an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501. |
| (3) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2015, includes a gain of approximately $120.4 million on the sale of our equity interest in the Wisconsin Dells joint venture and on the sale of our Kittery I & II, Tuscola, West Branch and Barstow outlet centers. |
| (4) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2014 includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. |
| (5) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture. |