TANGER FACTORY OUTLET CENTERS, INC - FORM 10-K - EX-12.1 - March 1, 2010

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10-K - TANGER FACTORY OUTLET CENTERS, INCd26177_10k.htm
EX-10.7 - TANGER FACTORY OUTLET CENTERS, INCd26177ex10_7.htm
EX-32.1 - TANGER FACTORY OUTLET CENTERS, INCd26177ex32_1.htm
EX-31.2 - TANGER FACTORY OUTLET CENTERS, INCd26177ex31_2.htm
EX-21.1 - TANGER FACTORY OUTLET CENTERS, INCd26177ex21_1.htm
EX-10.8 - TANGER FACTORY OUTLET CENTERS, INCd26177ex10_8.htm
EX-32.2 - TANGER FACTORY OUTLET CENTERS, INCd26177ex32_2.htm
EX-23.1 - TANGER FACTORY OUTLET CENTERS, INCd26177ex23_1.htm
EX-31.1 - TANGER FACTORY OUTLET CENTERS, INCd26177ex31_1.htm


EXHIBIT 12.1


                                   
  TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES  
           
  Ratio of Earnings to Combined Fixed Charges and Preferred Dividends  
  (in thousands, except ratios)  
           
        12 Months Ended  
        December 31,  
           
        2009     2008     2007     2006     2005  
  Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests, discontinued operations and loss on sale of real estate (1)     69,007     28,866     28,965     27,233     26,152  
  Add:                                
  Distributed income of unconsolidated joint ventures     660     2,366     1,706     906     821  
  Amortization of capitalized interest     474     465     413     360     292  
  Interest expense     37,684     49,628     42,599     40,793     42,926  
  Portion of rent expense — interest factor     1,743     1,168     1,078     986     993  
                                   
  Income as adjusted     109,568     82,493     74,761     70,278     71,184  
                                   
  Fixed Charges                                
  Interest expense     37,684     49,628     42,599     40,793     42,926  
  Capitalized interest and capitalized amortization of debt issue costs     310     1,811     1,857     2,327     711  
  Portion of rent expense — interest factor     1,743     1,168     1,078     986     993  
                                   
  Total fixed charges     39,737     52,607     45,534     44,106     44,630  
                                   
  Ratio of earnings to fixed charges     2.8     1.6     1.6     1.6     1.6  

                                   
  Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests, discontinued operations and loss on sale of real estate     69,007     28,866     28,965     27,233     26,152  
  Add:                                
  Distributed income of unconsolidated joint ventures     660     2,366     1,706     906     821  
  Amortization of capitalized interest     474     465     413     360     292  
  Interest expense     37,684     49,628     42,599     40,793     42,926  
  Portion of rent expense — interest factor     1,743     1,168     1,078     986     993  
                                   
  Income as adjusted     109,568     82,493     74,761     70,278     71,184  
                                   
  Fixed Charges                                
  Interest expense     37,684     49,628     42,599     40,793     42,926  
  Capitalized interest and capitalized amortization of debt issue costs     310     1,811     1,857     2,327     711  
  Portion of rent expense — interest factor     1,743     1,168     1,078     986     993  
  Preferred share dividends     5,625     5,625     5,625     5,433     538  
  Total combined fixed charges and preferred share dividends     45,362     58,232     51,159     49,539     45,168  
  Ratio of earnings to combined fixed charges and preferred share dividends     2.4     1.4     1.5     1.4     1.6  

(1) Earnings before income from unconsolidated joint ventures, noncontrolling interest, discontinued operations and loss on sale of real estate for 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; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and a $5.2 million impairment charge related to a property held and used. For the year ended December 31, 2008, earnings before income from unconsolidated joint ventures and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.

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