Regency Centers 8-K Entry into a Material Definitive Agreement

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