Exhibit 12.1
Regency Centers Corporation
Computation of Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Operating Data: | ||||||||||||||||||||||
Revenues | $ | 104,069 | 95,940 | 394,038 | 370,910 | 345,907 | 322,822 | 290,409 | ||||||||||||||
Operating expenses | 58,703 | 52,279 | 213,517 | 203,206 | 181,329 | 161,492 | 151,233 | |||||||||||||||
Other expenses (income) | 3,784 | 13,846 | 69,004 | 41,164 | 33,545 | 60,802 | 38,436 | |||||||||||||||
Minority interests | 2,100 | 2,795 | 10,451 | 22,123 | 32,644 | 35,609 | 35,830 | |||||||||||||||
Income from continuing operations | 39,482 | 27,020 | 101,066 | 104,417 | 98,389 | 64,919 | 64,910 | |||||||||||||||
Income from discontinued operations | 31,293 | 11,328 | 61,581 | 31,910 | 32,400 | 45,605 | 35,754 | |||||||||||||||
Net income | 70,775 | 38,348 | 162,647 | 136,327 | 130,789 | 110,524 | 100,664 | |||||||||||||||
Preferred stock dividends | 4,919 | 3,662 | 16,744 | 8,633 | 4,175 | 2,858 | 2,965 | |||||||||||||||
Net income for common stockholders | 65,856 | 34,666 | 145,903 | 127,694 | 126,614 | 107,666 | 97,699 | |||||||||||||||
Fixed Coverage Ratio: | ||||||||||||||||||||||
Continuing Operations (before MI) | 41,582 | 29,815 | 111,517 | 126,540 | 131,033 | 100,528 | 100,740 | |||||||||||||||
Add (deduct) tax expense (benefit) | 2,981 | 722 | 494 | 6,487 | 2,389 | (3,570 | ) | 1,731 | ||||||||||||||
Less: MI (without own fixed charges) | (485 | ) | (22 | ) | (83 | ) | (64 | ) | (284 | ) | (319 | ) | (323 | ) | ||||||||
Subtract: equity in income of unconsolidated partnerships | (755 | ) | (2,391 | ) | 2,908 | (10,194 | ) | (11,276 | ) | (5,764 | ) | (3,439 | ) | |||||||||
Add: distributions from operations JV’s (CF) | 8,730 | 3,761 | 28,661 | 13,342 | 8,341 | 5,522 | 1,801 | |||||||||||||||
Add: distributions from investment JV’s (CF) | — | 9,814 | 30,918 | 47,369 | 26,902 | 11,784 | 15,011 | |||||||||||||||
Add: fixed charges | 32,050 | 29,369 | 127,035 | 122,557 | 131,726 | 135,559 | 128,807 | |||||||||||||||
Subtract: preferred unit and stock distributions | (5,850 | ) | (5,774 | ) | (24,849 | ) | (28,462 | ) | (34,001 | ) | (36,333 | ) | (36,440 | ) | ||||||||
Subtract: capitalized interest | (5,145 | ) | (2,721 | ) | (12,400 | ) | (11,228 | ) | (13,106 | ) | (13,753 | ) | (21,195 | ) | ||||||||
Earnings | 73,108 | 62,573 | 264,201 | 266,347 | 241,724 | 193,654 | 186,693 | |||||||||||||||
Fixed Charge Data: | ||||||||||||||||||||||
Preferred unit distribution | 931 | 2,112 | 8,105 | 19,829 | 29,826 | 33,475 | 33,475 | |||||||||||||||
Preferred stock dividend | 4,919 | 3,662 | 16,744 | 8,633 | 4,175 | 2,858 | 2,965 | |||||||||||||||
Interest expense (per consolidation) | 21,055 | 20,874 | 89,786 | 82,867 | 84,619 | 85,473 | 71,172 | |||||||||||||||
Capitalized interest (per consolidation or C/F) | 5,145 | 2,721 | 12,400 | 11,228 | 13,106 | 13,753 | 21,195 | |||||||||||||||
Total fixed charges | 32,050 | 29,369 | 127,035 | 122,557 | 131,726 | 135,559 | 128,807 | |||||||||||||||
Ratio of earnings to fixed charges | 2.28 | 2.13 | 2.08 | 2.17 | 1.84 | 1.43 | 1.45 | |||||||||||||||