Exhibit 12.1
Regency Centers Corporation and Regency Centers, L.P.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||
Fixed Coverage Ratio: | ||||||||||||||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries | $ | (7,920 | ) | 41,099 | 15,650 | (14,939 | ) | 123,963 | ||||||||
Add: fixed charges | 143,851 | 153,648 | 158,560 | 157,888 | 159,192 | |||||||||||
Add: distributed income of equity investees | 44,809 | 43,361 | 41,054 | 31,252 | 30,730 | |||||||||||
Subtract: capitalized interest | (3,686 | ) | (1,480 | ) | (5,099 | ) | (19,062 | ) | (36,511 | ) | ||||||
Subtract: preferred stock dividends / preferred unit distributions | (23,658 | ) | (23,400 | ) | (23,400 | ) | (23,400 | ) | (23,400 | ) | ||||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (112 | ) | (55 | ) | (66 | ) | (59 | ) | (41 | ) | ||||||
Earnings | $ | 153,284 | 213,173 | 186,699 | 131,680 | 253,933 | ||||||||||
Fixed Charge Data: | ||||||||||||||||
Interest expensed and capitalized | $ | 114,198 | 124,707 | 129,837 | 128,551 | 131,009 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 3,292 | 2,860 | 2,957 | 3,517 | 2,981 | |||||||||||
Estimate of the interest within rental expense | 2,702 | 2,680 | 2,366 | 2,420 | 1,802 | |||||||||||
Preferred stock dividends / preferred unit distributions | 23,658 | 23,400 | 23,400 | 23,400 | 23,400 | |||||||||||
Total fixed charges | $ | 143,850 | 153,647 | 158,560 | 157,888 | 159,192 | ||||||||||
Ratio of earnings to fixed charges | 1.1 | 1.4 | 1.2 | 0.8 | (1 | ) | 1.6 |
(1) The Company's ratio of earnings to fixed charges was deficient in 2009 by $26.2 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,