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, | |||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||
Fixed Charge Coverage Ratio: | |||||||||||||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries | $ | 125,992 | 110,474 | 128,431 | 158,823 | 54,282 | |||||||||
Add: fixed charges | 145,638 | 98,190 | 113,697 | 120,963 | 119,264 | ||||||||||
Add: distributed income of equity investees | 53,502 | 50,361 | 46,646 | 42,767 | 45,377 | ||||||||||
Subtract: capitalized interest | (7,946 | ) | (3,482 | ) | (6,740 | ) | (7,142 | ) | (6,078 | ) | |||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (503 | ) | (301 | ) | (764 | ) | (471 | ) | (323 | ) | |||||
Total earnings | $ | 316,683 | 255,242 | 281,270 | 314,940 | 212,522 | |||||||||
Fixed Charges: | |||||||||||||||
Interest expensed and capitalized | $ | 141,291 | 94,018 | 109,602 | 116,067 | 113,799 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,100 | 1,355 | 1,350 | 1,776 | 2,887 | ||||||||||
Estimate of the interest within rental expense | 3,247 | 2,817 | 2,745 | 3,120 | 2,577 | ||||||||||
Total fixed charges | $ | 145,638 | 98,190 | 113,697 | 120,963 | 119,263 | |||||||||
Ratio of earnings to fixed charges | 2.2 | 2.6 | 2.5 | 2.6 | 1.8 |
1
Regency Centers Corporation and Regency Centers, L.P.
Computation of Ratio of Combined Fixed Charges and Preference Dividends to Earnings
(in thousands)
Year Ended December 31, | |||||||||||||||
2107 | 2016 | 2015 | 2014 | 2013 | |||||||||||
Combined Fixed Charges and Preference Dividends Coverage Ratio: | |||||||||||||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries | $ | 125,992 | 110,474 | 128,431 | 158,823 | 54,282 | |||||||||
Add: fixed charges | 150,667 | 119,252 | 134,759 | 142,025 | 140,325 | ||||||||||
Add: distributed income of equity investees | 53,502 | 50,361 | 46,646 | 42,767 | 45,377 | ||||||||||
Subtract: capitalized interest | (7,946 | ) | (3,482 | ) | (6,740 | ) | (7,142 | ) | (6,078 | ) | |||||
Subtract: preference dividends | (5,029 | ) | (21,062 | ) | (21,062 | ) | (21,062 | ) | (21,062 | ) | |||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (503 | ) | (301 | ) | (764 | ) | (471 | ) | (323 | ) | |||||
Earnings | $ | 316,683 | 255,242 | 281,270 | 314,940 | 212,521 | |||||||||
Fixed Charges and Preference Dividend Data: | |||||||||||||||
Interest expensed and capitalized | $ | 141,291 | 94,018 | 109,602 | 116,067 | 113,799 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,100 | 1,355 | 1,350 | 1,776 | 2,887 | ||||||||||
Estimate of the interest within rental expense | 3,249 | 2,817 | 2,745 | 3,120 | 2,577 | ||||||||||
Preference dividends | 5,029 | 21,062 | 21,062 | 21,062 | 21,062 | ||||||||||
Total fixed charges and preference dividends | $ | 150,669 | 119,252 | 134,759 | 142,025 | 140,325 | |||||||||
Ratio of combined fixed charges and preference dividends to earnings | 2.1 | 2.1 | 2.1 | 2.2 | 1.5 |
2