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, | |||||||||||||||
2011 | 2010 (1) | 2009 (1) | 2008 (1) | 2007 (1) | |||||||||||
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 | $ | 42,000 | 12,743 | (10,559 | ) | 114,259 | 161,929 | ||||||||
Add: fixed charges | 153,648 | 158,560 | 157,888 | 159,192 | 146,356 | ||||||||||
Add: distributed income of equity investees | 43,361 | 41,054 | 31,252 | 30,730 | 30,547 | ||||||||||
Subtract: capitalized interest | (1,480 | ) | (5,099 | ) | (19,062 | ) | (36,511 | ) | (35,424 | ) | |||||
Subtract: preferred stock dividends / preferred unit distributions | (23,400 | ) | (23,400 | ) | (23,400 | ) | (23,400 | ) | (23,400 | ) | |||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (55 | ) | (66 | ) | (59 | ) | (41 | ) | (869 | ) | |||||
Earnings | $ | 214,074 | 183,792 | 136,060 | 244,229 | 279,139 | |||||||||
Fixed Charge Data: | |||||||||||||||
Interest expensed and capitalized | $ | 124,707 | 129,837 | 128,551 | 131,009 | 118,987 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,860 | 2,957 | 3,517 | 2,981 | 1,987 | ||||||||||
Estimate of the interest within rental expense | 2,680 | 2,366 | 2,420 | 1,802 | 1,982 | ||||||||||
Preferred stock dividends / preferred unit distributions | 23,400 | 23,400 | 23,400 | 23,400 | 23,400 | ||||||||||
Total fixed charges | $ | 153,647 | 158,560 | 157,888 | 159,192 | 146,356 | |||||||||
Ratio of earnings to fixed charges (2) | 1.4 | 1.2 | 0.9 | (3) | 1.5 | 1.9 |
(1) As further described in Note 7 to Consolidated Financial Statements, historical amounts have been restated to reflect an immaterial adjustment relating to the Company's non-qualified deferred compensation plan.
(2) Historical amounts have been restated to conform to changes made to the 2011 calculation, which exclude from earnings distributions from equity investees for property disposals or refinancing.
(3) The Company's ratio of earnings to fixed charges was deficient in 2009 by $21.8 million, due to significant non-cash charges for impairment of real estate investments recorded in 2009 of $97.5 million,