Regency Centers (REG) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Regency Centers Corporation

Computation of Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	Three Months Ended					Year Ended
	3/31/2005			3/31/2004		2004		2003		2002		2001		2000
Operating Data:
Revenues	$	101,688		92,453		389,679		361,140		337,730		305,349		289,021
Operating expenses		55,164		48,810		212,598		188,316		168,141		157,673		143,635
Other expenses (income)		14,534		17,068		42,338		34,105		61,390		39,148		47,265
Minority interests		2,844		5,515		22,275		32,805		35,798		36,026		34,086
Income from continuing operations		29,146		21,060		112,468		105,914		72,401		72,502		64,035
Income from discontinued operations		9,202		1,757		23,859		24,875		38,123		28,162		23,576
Net income		38,348		22,817		136,327		130,789		110,524		100,664		87,611
Preferred stock dividends		3,662		1,397		8,633		4,175		2,858		2,965		2,817
Net income for common stockholders		34,686		21,420		127,694		126,614		107,666		97,699		84,794
Fixed Coverage Ratio:
Continuing Operations (before MI)		31,990		26,575		134,743		138,719		108,199		108,528		98,121
Add (deduct) tax expense (benefit)		722		251		6,487		2,389		(3,570	)	1,731		1,208
Less: MI (without own fixed charges)		(22	)	(13	)	(64	)	(284	)	(319	)	(323	)	(307	)
Subtract: equity in income of unconsolidated partnerships		(2,391	)	(2,745	)	(10,194	)	(11,276	)	(5,764	)	(3,439	)	(3,139	)
Add: distributions from operations JV’s (CF)		3,761		4,644		13,342		8,341		5,522		1,801		—
Add: distributions from investment JV’s (CF)		9,814		17,960		47,369		26,902		11,784		15,011		3,110
Add: fixed charges		30,076		31,689		123,732		132,286		136,148		129,519		116,039
Subtract: preferred unit and stock distributions		(5,774	)	(6,478	)	(28,462	)	(34,001	)	(36,333	)	(36,440	)	(32,418	)
Subtract: capitalized interest		(2,721	)	(3,323	)	(11,228	)	(13,106	)	(13,753	)	(21,195	)	(14,553	)
Earnings		65,455		68,561		275,725		249,969		201,915		195,193		168,060
Fixed Charge Data:
Preferred unit distribution		2,112		5,081		19,829		29,826		33,475		33,475		29,601
Preferred stock dividend		3,662		1,397		8,633		4,175		2,858		2,965		2,817
Interest expense (per consolidation)		21,581		21,888		84,042		85,179		86,062		71,884		69,068
Capitalized interest (per consolidation or C/F)		2,721		3,323		11,228		13,106		13,753		21,195		14,553
Total fixed charges		30,076		31,689		123,732		132,286		136,148		129,519		116,039
Ratio of earnings to fixed charges		2.2		2.2		2.2		1.9		1.5		1.5		1.4

004.494287.1