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, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries | $ | 54,282 | 37,354 | 32,560 | 9,029 | (21,794 | ) | |||||||||
Add: fixed charges | 119,264 | 120,534 | 133,973 | 138,885 | 138,213 | |||||||||||
Add: distributed income of equity investees | 45,377 | 44,809 | 43,361 | 41,054 | 31,252 | |||||||||||
Subtract: capitalized interest | (6,078 | ) | (3,686 | ) | (1,480 | ) | (5,099 | ) | (19,062 | ) | ||||||
Subtract: preference security dividend requirements of consolidated subsidiaries | — | (404 | ) | (3,725 | ) | (3,725 | ) | (3,725 | ) | |||||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (323 | ) | (112 | ) | (55 | ) | (66 | ) | (59 | ) | ||||||
Total earnings | $ | 212,522 | 198,495 | 204,634 | 180,078 | 124,825 | ||||||||||
Fixed Charges: | ||||||||||||||||
Interest expensed and capitalized | $ | 113,799 | 114,198 | 124,707 | 129,837 | 128,551 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,887 | 3,292 | 2,860 | 2,957 | 3,517 | |||||||||||
Estimate of the interest within rental expense | 2,577 | 2,639 | 2,680 | 2,366 | 2,420 | |||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | 404 | 3,725 | 3,725 | 3,725 | |||||||||||
Total fixed charges | $ | 119,263 | 120,533 | 133,972 | 138,885 | 138,213 | ||||||||||
Ratio of earnings to fixed charges | 1.8 | 1.6 | 1.5 | 1.3 | 0.9 | (1) |
(1) The Company's ratio of earnings to fixed charges was deficient in 2009 by $13.4 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,
1
Regency Centers Corporation and Regency Centers, L.P.
Computation of Ratio of Combined Fixed Charges and Preference Dividends to Earnings
(in thousands)
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
Combined Fixed Charges and Preference Dividends Coverage Ratio: | ||||||||||||||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries | $ | 54,282 | 37,354 | 32,560 | 9,029 | (21,794 | ) | |||||||||
Add: fixed charges | 140,325 | 143,787 | 153,647 | 158,560 | 157,888 | |||||||||||
Add: distributed income of equity investees | 45,377 | 44,809 | 43,361 | 41,054 | 31,252 | |||||||||||
Subtract: capitalized interest | (6,078 | ) | (3,686 | ) | (1,480 | ) | (5,099 | ) | (19,062 | ) | ||||||
Subtract: preference dividends | (21,062 | ) | (23,658 | ) | (23,400 | ) | (23,400 | ) | (23,400 | ) | ||||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (323 | ) | (112 | ) | (55 | ) | (66 | ) | (59 | ) | ||||||
Earnings | $ | 212,521 | 198,494 | 204,633 | 180,078 | 124,825 | ||||||||||
Fixed Charges and Preference Dividend Data: | ||||||||||||||||
Interest expensed and capitalized | $ | 113,799 | 114,198 | 124,707 | 129,837 | 128,551 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,887 | 3,292 | 2,860 | 2,957 | 3,517 | |||||||||||
Estimate of the interest within rental expense | 2,577 | 2,639 | 2,680 | 2,366 | 2,420 | |||||||||||
Preference dividends | 21,062 | 23,658 | 23,400 | 23,400 | 23,400 | |||||||||||
Total fixed charges and preference dividends | $ | 140,325 | 143,787 | 153,647 | 158,560 | 157,888 | ||||||||||
Ratio of combined fixed charges and preference dividends to earnings | 1.5 | 1.4 | 1.3 | 1.1 | 0.8 | (1) |
(1) The Company's ratio of combined fixed charges and preference dividends to earnings was deficient in 2009 by $33.1 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,
2