Exhibit 12.1
Regency Centers, L.P.
Ratio of Earnings to Fixed Charges
(amounts in thousands)
Three months ended | Year Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
03/31/2007 | 03/31/2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||
Fixed Coverage Ratio: | |||||||||||||||||||||||
Continuing operations (before minority interest) | $ | 58,004 | 40,542 | 165,727 | 107,517 | 121,405 | 124,980 | 104,694 | |||||||||||||||
Add (subtract): Tax (benefit) expense | (1,274 | ) | 2,981 | 11,772 | 494 | 6,487 | 2,389 | (3,570 | ) | ||||||||||||||
Less: Minority interest (without own fixed charges) | (15 | ) | (485 | ) | (4,752 | ) | (83 | ) | (64 | ) | (284 | ) | (319 | ) | |||||||||
Subtract: Equity in income of unconsolidated partnerships | (3,788 | ) | (755 | ) | (2,580 | ) | 2,908 | (10,194 | ) | (11,276 | ) | (5,764 | ) | ||||||||||
Add: Distributions from operations JV's | 8,055 | 8,730 | 28,788 | 28,661 | 13,342 | 8,341 | 5,522 | ||||||||||||||||
Add: Distributions from investment JV's | 2,651 | 0 | 13,452 | 30,918 | 47,369 | 26,902 | 11,784 | ||||||||||||||||
Add: Fixed charge | 32,373 | 30,213 | 131,354 | 126,140 | 122,555 | 131,726 | 135,559 | ||||||||||||||||
Subtract: Preferred unit distributions | (5,850 | ) | (5,850 | ) | (23,400 | ) | (24,849 | ) | (28,462 | ) | (34,001 | ) | (36,333 | ) | |||||||||
Subtract: Capitalized interest | (7,134 | ) | (5,145 | ) | (23,952 | ) | (12,400 | ) | (11,228 | ) | (13,106 | ) | (13,753 | ) | |||||||||
Earnings | $ | 83,022 | 70,231 | 296,409 | 259,306 | 261,210 | 235,671 | 197,820 | |||||||||||||||
Fixed Charge Data: | |||||||||||||||||||||||
Preferred unit distributions | $ | 5,850 | 5,850 | 23,400 | 24,849 | 28,462 | 34,001 | 36,333 | |||||||||||||||
Interest expense | 19,389 | 19,218 | 84,002 | 88,891 | 82,865 | 84,619 | 85,473 | ||||||||||||||||
Capitalized interest | 7,134 | 5,145 | 23,952 | 12,400 | 11,228 | 13,106 | 13,753 | ||||||||||||||||
Total fixed charge | $ | 32,373 | 30,213 | 131,354 | 126,140 | 122,555 | 131,726 | 135,559 | |||||||||||||||
Ratio of earnings to fixed charges | 2.6 | 2.3 | 2.3 | 2.1 | 2.1 | 1.8 | 1.5 | ||||||||||||||||