Exhibit 12.1
Regency Centers Corporation
Ratio of Earnings to Fixed Charges
(amounts in thousands)
Three months ended | Year Ended | |||||||||||||||||||||
3/31/2010 | 3/31/2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Fixed Coverage Ratio: | ||||||||||||||||||||||
Continuing operations (before equity in income (loss) of investments in real estate partnerships and noncontrolling interests) | $ | 15,477 | 18,729 | (12,266 | ) | 114,278 | 157,920 | 158,744 | 91,347 | |||||||||||||
Add (subtract): Tax (benefit) expense | 7 | (190 | ) | 1,869 | (1,600 | ) | 4,197 | 11,772 | (536 | ) | ||||||||||||
Less: Non controlling interests (without own fixed charges) | (19 | ) | (23 | ) | (59 | ) | (41 | ) | (869 | ) | (4,752 | ) | (83 | ) | ||||||||
Add: Distributions from operations JV’s | 8,362 | 9,053 | 31,252 | 30,730 | 30,547 | 28,788 | 28,661 | |||||||||||||||
Add: Distributions from investment JV’s | - | 1,920 | 23,548 | 28,923 | 41,372 | 13,452 | 30,918 | |||||||||||||||
Add: Fixed charge | 39,814 | 45,992 | 174,530 | 193,901 | 179,798 | 156,242 | 139,331 | |||||||||||||||
Subtract: Preferred stock dividend | (4,919 | ) | (4,919 | ) | (19,675 | ) | (19,675 | ) | (19,675 | ) | (19,675 | ) | (16,744 | ) | ||||||||
Subtract: Preferred unit distribution | (931 | ) | (931 | ) | (3,725 | ) | (3,725 | ) | (3,725 | ) | (3,725 | ) | (8,105 | ) | ||||||||
Subtract: Capitalized interest | (2,080 | ) | (6,359 | ) | (19,062 | ) | (36,511 | ) | (35,424 | ) | (23,952 | ) | (12,400 | ) | ||||||||
Earnings | $ | 55,710 | 63,272 | 176,413 | 306,280 | 354,141 | 316,894 | 252,389 | ||||||||||||||
Fixed Charge Data: | ||||||||||||||||||||||
Preferred stock dividend | $ | 4,919 | 4,919 | 19,675 | 19,675 | 19,675 | 19,675 | 16,744 | ||||||||||||||
Preferred unit distribution | 931 | 931 | 3,725 | 3,725 | 3,725 | 3,725 | 8,105 | |||||||||||||||
Interest expense | 31,884 | 33,783 | 132,068 | 133,990 | 120,974 | 108,890 | 102,082 | |||||||||||||||
Capitalized interest | 2,080 | 6,359 | 19,062 | 36,511 | 35,424 | 23,952 | 12,400 | |||||||||||||||
Total fixed charge | $ | 39,814 | 45,992 | 174,530 | 193,901 | 179,798 | 156,242 | 139,331 | ||||||||||||||
Ratio of earnings to fixed charges | 1.4 | 1.4 | 1.0 | 1.6 | 2.0 | 2.0 | 1.8 | |||||||||||||||