Exhibit 12.1
Regency Centers, L.P.
Ratio of Earnings to Fixed Charges
(amounts in thousands)
Three Months Ended | Year Ended | |||||||||||||||||||||
03/31/2005 | 03/31/2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Fixed Coverage Ratio: | ||||||||||||||||||||||
Continuing Operations (before minority interest) | $ | 31,990 | 26,575 | 134,743 | 138,719 | 108,199 | 108,528 | 98,121 | ||||||||||||||
Add (deduct) tax expense (benefit) | 722 | 251 | 6,487 | 2,389 | (3,570 | ) | 1,731 | 1,208 | ||||||||||||||
Less: Minority interest (without own fixed charges) | (22 | ) | (13 | ) | (64 | ) | (284 | ) | (319 | ) | (323 | ) | (307 | ) | ||||||||
Subtract: equity in income of unconsolidated partnerships | (2,391 | ) | (2,745 | ) | (10,194 | ) | (11,276 | ) | (5,764 | ) | (3,439 | ) | (3,139 | ) | ||||||||
Add: distributions from operations JV’s | 3,761 | 4,644 | 13,342 | 8,341 | 5,522 | 1,801 | — | |||||||||||||||
Add: distributions from investment JV’s | 9,814 | 17,960 | 47,369 | 26,902 | 11,784 | 15,011 | 3,110 | |||||||||||||||
Add: fixed charges | 30,076 | 31,689 | 123,732 | 132,286 | 133,290 | 126,554 | 113,222 | |||||||||||||||
Subtract: preferred unit distributions | (5,774 | ) | (6,478 | ) | (28,462 | ) | (34,001 | ) | (33,475 | ) | (33,475 | ) | (29,601 | ) | ||||||||
Subtract: capitalized interest | (2,721 | ) | (3,323 | ) | (11,228 | ) | (13,106 | ) | (13,753 | ) | (21,195 | ) | (14,553 | ) | ||||||||
Earnings | 65,455 | 68,560 | 275,725 | 249,970 | 201,914 | 195,193 | 168,061 | |||||||||||||||
Fixed Charge Data: | ||||||||||||||||||||||
Preferred unit distribution | 5,774 | 6,478 | 28,462 | 34,001 | 33,475 | 33,475 | 29,601 | |||||||||||||||
Interest expense | 21,581 | 21,888 | 84,042 | 85,179 | 86,062 | 71,884 | 69,068 | |||||||||||||||
Capitalized interest | 2,721 | 3,323 | 11,228 | 13,106 | 13,753 | 21,195 | 14,553 | |||||||||||||||
Total fixed charges | 30,076 | 31,689 | 123,732 | 132,286 | 133,290 | 126,554 | 113,222 | |||||||||||||||
Ratio of earnings to fixed charges | 2.2 | 2.2 | 2.2 | 1.9 | 1.5 | 1.5 | 1.5 | |||||||||||||||