Regency Centers (REG) 10-K 2015 FY Annual report

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,
		2015		2014		2013		2012		2011
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	$	128,431		158,823		54,282		37,354		32,560
Add: fixed charges		113,697		120,963		119,264		120,534		133,973
Add: distributed income of equity investees		46,646		42,767		45,377		44,809		43,361
Subtract: capitalized interest		(6,740	)	(7,142	)	(6,078	)	(3,686	)	(1,480	)
Subtract: preference security dividend requirements of consolidated subsidiaries		—		—		—		(404	)	(3,725	)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(764	)	(471	)	(323	)	(112	)	(55	)
Total earnings	$	281,270		314,940		212,522		198,495		204,634
Fixed Charges:
Interest expensed and capitalized	$	109,602		116,067		113,799		114,198		124,707
Amortized premiums, discounts and capitalized expenses related to indebtedness		1,350		1,776		2,887		3,292		2,860
Estimate of the interest within rental expense		2,745		3,120		2,577		2,639		2,680
Preference security dividend requirements of consolidated subsidiaries		—		—		—		404		3,725
Total fixed charges	$	113,697		120,963		119,263		120,533		133,972
Ratio of earnings to fixed charges		2.5		2.6		1.8		1.6		1.5

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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,
		2015		2014		2013		2012		2011
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	$	128,431		158,823		54,282		37,354		32,560
Add: fixed charges		134,759		142,025		140,325		143,787		153,647
Add: distributed income of equity investees		46,646		42,767		45,377		44,809		43,361
Subtract: capitalized interest		(6,740	)	(7,142	)	(6,078	)	(3,686	)	(1,480	)
Subtract: preference dividends		(21,062	)	(21,062	)	(21,062	)	(23,658	)	(23,400	)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(764	)	(471	)	(323	)	(112	)	(55	)
Earnings	$	281,270		314,940		212,521		198,494		204,633
Fixed Charges and Preference Dividend Data:
Interest expensed and capitalized	$	109,602		116,067		113,799		114,198		124,707
Amortized premiums, discounts and capitalized expenses related to indebtedness		1,350		1,776		2,887		3,292		2,860
Estimate of the interest within rental expense		2,745		3,120		2,577		2,639		2,680
Preference dividends		21,062		21,062		21,062		23,658		23,400
Total fixed charges and preference dividends	$	134,759		142,025		140,325		143,787		153,647
Ratio of combined fixed charges and preference dividends to earnings		2.1		2.2		1.5		1.4		1.3

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