EX-12.1 2 skt10q6302015ex12110.htm EXHIBIT 12.1 SKT 10Q 6.30.2015 EX 12.1 (10-Q only)
Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
 
Six months ended June 30,
 
2015
 
2014
Earnings:
 
 
 
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)
$
57,156

 
$
31,614

Add:
 
 
 
Distributed income of unconsolidated joint ventures
5,535

 
2,699

Amortization of capitalized interest
298

 
256

Interest expense
26,177

 
29,502

Portion of rent expense - interest factor
1,067

 
1,051

Total earnings
90,233

 
65,122

 
 
 
 
Fixed charges:
 
 
 
Interest expense
26,177

 
29,502

Capitalized interest and capitalized amortization of debt issue costs
2,646

 
2,125

Portion of rent expense - interest factor
1,067

 
1,051

Total fixed charges
$
29,890

 
$
32,678

 
 
 
 
Ratio of earnings to fixed charges
3.0

 
2.0


(1)
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended June 30, 2015, includes a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture.