Regency Centers 8-K Regency Centers Announces the Closing of $300 Million of Senior Unsecured Notes

Exhibit 12.1

Regency Centers Corporation and Regency Centers, L.P. Computation of Ratio of Earnings to Fixed Charges (in thousands)

	For the three months ended			For the years ended
	3/31/2017			2016			2015			2014			2013			2012
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		(30,008	)		110,474			128,431			158,823			54,282			37,354
Add: fixed charges		27,205			98,190			113,697			120,963			119,264			120,534
Add: distributed income of equity investees		12,784			50,361			46,646			42,767			45,377			44,809
Subtract: capitalized interest		(1,061	)		(3,482	)		(6,740	)		(7,142	)		(6,078	)		(3,686	)
Subtract: Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—			(404	)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(136	)		(301	)		(764	)		(471	)		(323	)		(112	)
Earnings		8,784			255,242			281,270			314,940			212,522			198,495
Fixed Charge Data:
Interest expensed and capitalized		26,146			94,018			109,602			116,067			113,799			114,198
Amortized premiums, discounts and capitalized expenses related to indebtedness		355			1,355			1,350			1,776			2,887			3,292
Estimate of the interest within rental expense		704			2,817			2,745			3,120			2,577			2,639
Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—			404
Total fixed charges		27,440			98,190			113,697			120,963			119,263			120,533
Ratio of earnings to fixed charges		0.3	(1)		2.6			2.5			2.6			1.8			1.6

(1) The ratio of earnings to fixed charges was deficient for the three months ended March 31, 2017 by $18.4 million in earnings due to additional charges incurred as a result of our merger with Equity One, Inc.