Exhibit 12.1
Regency Centers Corporation and Regency Centers, L.P. Computation of Ratio of Earnings to Fixed Charges (in thousands)
For the three months ended | For the years ended | |||||||||||||||||||||||
3/31/2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | (30,008 | ) | 110,474 | 128,431 | 158,823 | 54,282 | 37,354 | |||||||||||||||||
Add: fixed charges | 27,205 | 98,190 | 113,697 | 120,963 | 119,264 | 120,534 | ||||||||||||||||||
Add: distributed income of equity investees | 12,784 | 50,361 | 46,646 | 42,767 | 45,377 | 44,809 | ||||||||||||||||||
Subtract: capitalized interest | (1,061 | ) | (3,482 | ) | (6,740 | ) | (7,142 | ) | (6,078 | ) | (3,686 | ) | ||||||||||||
Subtract: Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | (404 | ) | |||||||||||||||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (136 | ) | (301 | ) | (764 | ) | (471 | ) | (323 | ) | (112 | ) | ||||||||||||
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Earnings | 8,784 | 255,242 | 281,270 | 314,940 | 212,522 | 198,495 | ||||||||||||||||||
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Fixed Charge Data: | ||||||||||||||||||||||||
Interest expensed and capitalized | 26,146 | 94,018 | 109,602 | 116,067 | 113,799 | 114,198 | ||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 355 | 1,355 | 1,350 | 1,776 | 2,887 | 3,292 | ||||||||||||||||||
Estimate of the interest within rental expense | 704 | 2,817 | 2,745 | 3,120 | 2,577 | 2,639 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | 404 | ||||||||||||||||||
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Total fixed charges | 27,440 | 98,190 | 113,697 | 120,963 | 119,263 | 120,533 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 0.3 | (1) | 2.6 | 2.5 | 2.6 | 1.8 | 1.6 | |||||||||||||||||
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(1) | The ratio of earnings to fixed charges was deficient for the three months ended March 31, 2017 by $18.4 million in earnings due to additional charges incurred as a result of our merger with Equity One, Inc. |