TANGER FACTORY OUTLET CENTERS, INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
EX-32.4 - EXHIBIT 32.4 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018ex324.htm
EX-32.3 - EXHIBIT 32.3 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018ex323.htm
EX-32.2 - EXHIBIT 32.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06312018ex322.htm
EX-32.1 - EXHIBIT 32.1 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06312018ex321.htm
EX-31.4 - EXHIBIT 31.4 - TANGER FACTORY OUTLET CENTERS, INC	skt10q063018ex314.htm
EX-31.3 - EXHIBIT 31.3 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018ex313.htm
EX-31.2 - EXHIBIT 31.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06312018ex312.htm
EX-31.1 - EXHIBIT 31.1 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018ex311.htm
EX-12.2 - EXHIBIT 12.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018ex12210-qonly.htm
10-Q - 10-Q - TANGER FACTORY OUTLET CENTERS, INC	skt10q06302018.htm

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,
	2018		2017
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests⁽¹⁾	$	43,575	$	49,769
Add:
Distributed income of unconsolidated joint ventures	4,332		4,952
Amortization of capitalized interest	385		340
Interest expense	31,981		33,007
Portion of rent expense - interest factor	1,189		1,201
Total earnings	81,462		89,269

Fixed charges:
Interest expense	31,981		33,007
Capitalized interest and capitalized amortization of debt issue costs	76		1,247
Portion of rent expense - interest factor	1,189		1,201
Total fixed charges	$	33,246	$	35,455

Ratio of earnings to fixed charges	2.5		2.5

Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests⁽¹⁾	$	43,575	$	49,769
Add:
Distributed income of unconsolidated joint ventures	4,332		4,952
Amortization of capitalized interest	385		340
Interest expense	31,981		33,007
Portion of rent expense - interest factor	1,189		1,201
Total Earnings	81,462		89,269

Fixed charges and preferred share dividends:
Interest expense	31,981		33,007
Capitalized interest and capitalized amortization of debt issue costs	76		1,247
Portion of rent expense - interest factor	1,189		1,201
Preferred share dividends	—		—

Total combined fixed charges and preferred share dividends	$	33,246	$	35,455

Ratio of earnings to combined fixed charges and preferred share dividends	2.5		2.5




(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut for the period ended June 30, 2017.

TANGER FACTORY OUTLET CENTERS, INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 2, 2018