Exhibit 12.1
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Year ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests (1) (2) (3) | $ | 193,457 | $ | 210,684 | $ | 69,099 | $ | 102,281 | $ | 59,771 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 13,662 | 12,137 | 9,586 | 5,853 | 1,005 | ||||||||||||||
Amortization of capitalized interest | 675 | 635 | 517 | 513 | 509 | ||||||||||||||
Interest expense | 60,669 | 54,188 | 57,931 | 51,616 | 49,814 | ||||||||||||||
Portion of rent expense - interest factor | 2,299 | 2,261 | 2,119 | 2,078 | 1,908 | ||||||||||||||
Total earnings | 270,762 | 279,905 | 139,252 | 162,341 | 113,007 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 60,669 | 54,188 | 57,931 | 51,616 | 49,814 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 2,382 | 3,791 | 5,318 | 1,628 | 1,233 | ||||||||||||||
Portion of rent expense - interest factor | 2,299 | 2,261 | 2,119 | 2,078 | 1,908 | ||||||||||||||
Total fixed charges | $ | 65,350 | $ | 60,240 | $ | 65,368 | $ | 55,322 | $ | 52,955 | |||||||||
Ratio of earnings to fixed charges | 4.1 | 4.6 | 2.1 | 2.9 | 2.1 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests(1) (2) (3) | $ | 193,457 | $ | 210,684 | $ | 69,099 | $ | 102,281 | $ | 59,771 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 13,662 | 12,137 | 9,586 | 5,853 | 1,005 | ||||||||||||||
Amortization of capitalized interest | 675 | 635 | 517 | 513 | 509 | ||||||||||||||
Interest expense | 60,669 | 54,188 | 57,931 | 51,616 | 49,814 | ||||||||||||||
Portion of rent expense - interest factor | 2,299 | 2,261 | 2,119 | 2,078 | 1,908 | ||||||||||||||
Total Earnings | 270,762 | 279,905 | 139,252 | 162,341 | 113,007 | ||||||||||||||
Fixed charges and preferred share dividends: | |||||||||||||||||||
Interest expense | 60,669 | 54,188 | 57,931 | 51,616 | 49,814 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 2,382 | 3,791 | 5,318 | 1,628 | 1,233 | ||||||||||||||
Portion of rent expense - interest factor | 2,299 | 2,261 | 2,119 | 2,078 | 1,908 | ||||||||||||||
Total combined fixed charges and preferred share dividends | $ | 65,350 | $ | 60,240 | $ | 65,368 | $ | 55,322 | $ | 52,955 | |||||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 4.1 | 4.6 | 2.1 | 2.9 | 2.1 |
(1) | 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. |
(2) | 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. |
(3) | 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. |
(4) | 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. |