EX-12.1 6 skt10k12312012ex121.htm EXHIBIT 12.1
Exhibit 12.1
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Share Dividends
(in thousands, except ratios)

| Twelve months ended December 31,
| 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Earnings: |  |  |  |  |  |  |  |  |
Income before equity in losses of unconsolidated joint ventures and noncontrolling interests (1) (2) (3) | $ | 59,771 |  |  | $ | 52,554 |  |  | $ | 38,806 |  |  | $ | 74,221 |  |  | $ | 28,729 |
Add: |  |  |  |  |  |  |  |  |
Distributed income of unconsolidated joint ventures | 1,005 |  |  | 499 |  |  | 653 |  |  | 660 |  |  | 2,366 |
Amortization of capitalized interest | 509 |  |  | 507 |  |  | 492 |  |  | 474 |  |  | 465 |
Interest expense | 49,814 |  |  | 45,382 |  |  | 41,789 |  |  | 37,684 |  |  | 49,628 |
Portion of rent expense - interest factor | 1,908 |  |  | 1,938 |  |  | 1,753 |  |  | 1,743 |  |  | 1,168 |
Total earnings | 113,007 |  |  | 100,880 |  |  | 83,493 |  |  | 114,782 |  |  | 82,356 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense | 49,814 |  |  | 45,382 |  |  | 41,789 |  |  | 37,684 |  |  | 49,628 |
Capitalized interest and capitalized amortization of debt issue costs | 1,233 |  |  | 413 |  |  | 1,527 |  |  | 310 |  |  | 1,811 |
Portion of rent expense - interest factor | 1,908 |  |  | 1,938 |  |  | 1,753 |  |  | 1,743 |  |  | 1,168 |
Total fixed charges | $ | 52,955 |  |  | $ | 47,733 |  |  | $ | 45,069 |  |  | $ | 39,737 |  |  | $ | 52,607 |
Ratio of earnings to fixed charges | 2.1 |  |  | 2.1 |  |  | 1.9 |  |  | 2.9 |  |  | 1.6 |
Earnings: |  |  |  |  |  |  |  |  |
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1) (2) (3) | $ | 59,771 |  |  | $ | 52,554 |  |  | $ | 38,806 |  |  | $ | 74,221 |  |  | $ | 28,729 |
Add: |  |  |  |  |  |  |  |  |
Distributed income of unconsolidated joint ventures | 1,005 |  |  | 499 |  |  | 653 |  |  | 660 |  |  | 2,366 |
Amortization of capitalized interest | 509 |  |  | 507 |  |  | 492 |  |  | 474 |  |  | 465 |
Interest expense | 49,814 |  |  | 45,382 |  |  | 41,789 |  |  | 37,684 |  |  | 49,628 |
Portion of rent expense - interest factor | 1,938 |  |  | 1,938 |  |  | 1,753 |  |  | 1,743 |  |  | 1,168 |
Total Earnings | 113,037 |  |  | 100,880 |  |  | 83,493 |  |  | 114,782 |  |  | 82,356 |
Fixed charges and preferred share dividends: |  |  |  |  |  |  |  |  |
Interest expense | 49,814 |  |  | 45,382 |  |  | 41,789 |  |  | 37,684 |  |  | 49,628 |
Capitalized interest and capitalized amortization of debt issue costs | 1,233 |  |  | 413 |  |  | 1,527 |  |  | 310 |  |  | 1,811 |
Portion of rent expense - interest factor | 1,908 |  |  | 1,938 |  |  | 1,753 |  |  | 1,743 |  |  | 1,168 |
Preferred share dividends | — |  |  | — |  |  | 5,297 |  |  | 5,625 |  |  | 5,625 |
Total combined fixed charges and preferred share dividends | $ | 52,955 |  |  | $ | 47,733 |  |  | $ | 50,366 |  |  | $ | 45,362 |  |  | $ | 58,232 |
Ratio of earnings to combined fixed charges and preferred share dividends | 2.1 |  |  | 2.1 |  |  | 1.7 |  |  | 2.5 |  |  | 1.4 |

(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.