EXHIBIT 12.1
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges and Preferred Share Dividends
(in thousands, except ratios)
2009 2008 2007 2006 Earnings: & nbsp; $ 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 $ 39,7 37 $ 52,607 $ 45,534 $ 44,106 Ratio of earnings to fixed charges 1.9 2.9 1.6 1.6 1.6 Earnings: $ 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 share dividends: &nb sp; 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 & nbsp; 1,743 1,168 1,078 986 Preferred share dividends 5,297 5,625 5,625 5,625 5,433 Total combined fixed charges and preferred share dividends $ 50,366 $ 45,362 $ 58,232 $ 51,159 $ 49,539 Ratio of earnings to combined fixed charges and preferred share dividends 1.7 2.5 1.4 1.5 1.4
12 Months Ended December 31, | ||||||||||||||||||||
2010 |
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)
(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.