Exhibit 12.2
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) (2) (3) | $ | 69,099 | $ | 102,281 | $ | 59,771 | $ | 52,554 | $ | 38,806 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 9,586 | 5,853 | 1,005 | 499 | 653 | ||||||||||||||
Amortization of capitalized interest | 517 | 513 | 509 | 507 | 492 | ||||||||||||||
Interest expense | 57,931 | 51,616 | 49,814 | 45,382 | 41,789 | ||||||||||||||
Portion of rent expense - interest factor | 2,119 | 2,078 | 1,908 | 1,938 | 1,753 | ||||||||||||||
Total earnings | 139,252 | 162,341 | 113,007 | 100,880 | 83,493 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 57,931 | 51,616 | 49,814 | 45,382 | 41,789 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 5,318 | 1,628 | 1,233 | 413 | 1,527 | ||||||||||||||
Portion of rent expense - interest factor | 2,119 | 2,078 | 1,908 | 1,938 | 1,753 | ||||||||||||||
Total fixed charges | $ | 65,368 | $ | 55,322 | $ | 52,955 | $ | 47,733 | $ | 45,069 | |||||||||
Ratio of earnings to fixed charges | 2.1 | 2.9 | 2.1 | 2.1 | 1.9 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations (1) (2) (3) | $ | 69,099 | $ | 102,281 | $ | 59,771 | $ | 52,554 | $ | 38,806 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 9,586 | 5,853 | 1,005 | 499 | 653 | ||||||||||||||
Amortization of capitalized interest | 517 | 513 | 509 | 507 | 492 | ||||||||||||||
Interest expense | 57,931 | 51,616 | 49,814 | 45,382 | 41,789 | ||||||||||||||
Portion of rent expense - interest factor | 2,119 | 2,078 | 1,908 | 1,938 | 1,753 | ||||||||||||||
Total earnings | 139,252 | 162,341 | 113,007 | 100,880 | 83,493 | ||||||||||||||
Fixed charges and preferred unit distributions: | |||||||||||||||||||
Interest expense | 57,931 | 51,616 | 49,814 | 45,382 | 41,789 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 5,318 | 1,628 | 1,233 | 413 | 1,527 | ||||||||||||||
Portion of rent expense - interest factor | 2,119 | 2,078 | 1,908 | 1,938 | 1,753 | ||||||||||||||
Preferred unit distributions | — | — | — | — | 5,297 | ||||||||||||||
Total combined fixed charges and preferred unit distributions | $ | 65,368 | $ | 55,322 | $ | 52,955 | $ | 47,733 | $ | 50,366 | |||||||||
Ratio of earnings to combined fixed charges and preferred unit distributions | 2.1 | 2.9 | 2.1 | 2.1 | 1.7 |
(1) | Income before equity in earnings (losses) 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. |
(2) | Income before equity in earnings (losses) 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. |
(3) | The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million. |