Exhibit 12
Regency Centers LP
Ratio of Earnings to Fixed Charges
(amounts in thousands)
For the years ending December 31,
2002 2001 2000 1999 1998
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Net income preferred minority interest $ 117,381 124,266 108,190 91,585 50,550
Add: minority interest of consolidated partnerships 492 721 2,632 2,855 464
Add: income from discontinued operations 29,415 12,430 11,514 10,527 5,224
Subtract: equity in income of unconsolidated partnerships (5,765) (3,439) (3,139) (4,688) (946)
Add: fixed charges 134,443 129,086 116,125 83,464 35,561
Add: distributions from equity JV's 17,307 16,812 3,110 704 384
Subtract: loss (gain) on sale of operating properties (5,267) (699) (4,507) 233 (10,726)
Add: provision for loss on operating properties 4,369 1,595 12,995 - -
Subtract: preferred unit distribution (33,475) (33,475) (29,601) (12,368) (3,358)
Subtract: capitalized interest (13,753) (21,195) (14,553) (11,029) (3,417)
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Earnings $ 245,147 226,102 202,766 161,283 73,736
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Preferred unit distribution $ 33,475 33,475 29,601 12,368 3,358
Interest expense (including amount of loan costs and
debt premium) 87,215 74,416 71,971 60,067 28,786
Capitalized interest 13,753 21,195 14,553 11,029 3,417
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Total fixed charges $ 134,443 129,086 116,125 83,464 35,561
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Ratio of earnings to fixed charges 1.8 1.7 1.7 1.9 2.1
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