TANGER PROPERTIES LTD PARTNERSHIP /NC/ - FORM 10-Q - EX-12 - EXHIBIT 12 - November 12, 2009

Attached files

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10-Q - TPLP 10-Q - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009.htm
EX-31.1 - EXHIBIT 31.1 - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009ex31-1.htm
EX-31.2 - EXHIBIT 31.2 - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009ex31-2.htm
EX-32.1 - EXHIBIT 32.1 - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009ex32-1.htm
EX-32.2 - EXHIBIT 32.2 - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009ex32-2.htm
EX-10.15A - EXHIBIT 10.15A - TANGER PROPERTIES LTD PARTNERSHIP /NC/tplp10q11062009ex10-15a.htm
Exhibit 12


TANGER PROPERTIES AND SUBSIDIARIES
         
 
Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
           
     
Nine Months Ended
     
Ended September 30
     
2009
  
2008
           
Earnings before income (losses) from equity investees (1)
  
 $    55,765
  
 $    17,811
           
Add :
        
Distributed income of unconsolidated joint ventures
  
       510
  
       2,655
Amortization of previously capitalized interest
  
          351
  
          348
Interest expense
  
       29,467
  
       38,656
Interest portion of rent expense
  
  1,154
  
  879
           
Earnings available for fixed charges
  
 $  87,247
  
 $  60,349
           
Fixed charges:
        
     Interest expense
  
 $    29,467
  
 $    38,656
     Capitalized interest and capitalized amortization of debt issue costs
  
             87
  
          1,772
     Interest portion of rent expense
  
          1,154
  
          879
           Total fixed charges
  
 $    30,708
  
 $    41,307
           
Ratio of earnings to fixed charges
  
              2.8
  
              1.5
           
           
           
 (1) Earnings before losses from equity investees and noncontrolling interest for the nine months ended September 30, 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 nine months ended September 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.
 


 


 
 
 


 
TANGER PROPERTIES AND SUBSIDIARIES
           
Ratios of Earnings to Combined Fixed Charges  and Preferred Distributions
(in thousands, except ratios)
           
     
Nine Months Ended
     
Ended September 30
     
2009
  
2008
           
Earnings before income (losses) from equity investees (1)
  
 $    55,765
  
 $    17,811
           
Add :
        
Distributed income of unconsolidated joint ventures
  
       510
  
      2,655
Amortization of previously capitalized interest
  
          351
  
          348
Interest expense
  
       29,467
  
       38,656
Interest portion of rent expense
  
  1,154
  
  879
           
Earnings available for fixed charges and preferred distributions
  
 $  87,247
  
 $  60,349
           
Fixed charges:
        
Interest expense
  
 $    29,467
  
 $    38,656
Capitalized interest and capitalized amortization of debt issue costs
  
          87
  
          1,772
Interest portion of rent expense
  
          1,154
  
          879
           Total fixed charges
  
 $    30,708
  
 $    41,307
           
Preferred dividends
  
          4,219
  
          4,219
           
Total fixed charges and preferred distributions
  
 $    34,927
  
 $    45,526
           
Ratio of earnings to fixed charges and preferred distributions
  
              2.5
  
              1.3
           
           
           
 (1) Earnings before losses from equity investees and noncontrolling interest for the nine month ended September 30, 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 nine months ended September 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.