EX-12.1 3 skt10k12312014ex12110konly.htm EXHIBIT 12.1
Exhibit 12.1
TANGER FACTORY OUTLET CENTERS, INC. 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, noncontrolling interests 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 |  |  | 1,938 |  |  | 1,938 |  |  | 1,753 |
Total Earnings | 139,252 |  |  | 162,341 |  |  | 113,037 |  |  | 100,880 |  |  | 83,493 |
Fixed charges and preferred share dividends: |  |  |  |  |  |  |  |  |
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 share dividends | — |  |  | — |  |  | — |  |  | — |  |  | 5,297 |
Total combined fixed charges and preferred share dividends | $ | 65,368 |  |  | $ | 55,322 |  |  | $ | 52,955 |  |  | $ | 47,733 |  |  | $ | 50,366 |
Ratio of earnings to combined fixed charges and preferred share dividends | 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.