Exhibit 12 REGENCY CENTERS CORPORATION Ratio of Earnings to Fixed Charges (amounts in thousands) Six Months Ended For the Years Ended ----------------------- ------------------------------------------------------- 06/30/2004 06/30/2003 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Continuing Operations (before minority interest) 57,441 58,333 143,581 113,853 113,177 102,155 91,339 Less: Minority interest (31) (97) (284) (319) (323) (307) (2,265) Subtract: equity in income of unconsolidated partnerships (4,689) (4,320) (11,276) (5,764) (3,439) (3,139) (4,688) Add: distributions from operations JV's 7,266 4,929 14,760 5,522 1,801 - - Add: distributions from investment JV's 18,108 10,303 20,483 11,784 15,011 3,110 704 Add: fixed charges 60,996 67,718 133,019 136,250 130,276 117,125 84,036 Subtract: preferred unit and stock distributions (12,957) (18,849) (34,001) (36,333) (36,440) (32,418) (14,613) Subtract: capitalized interest (6,504) (6,192) (13,106) (13,753) (21,195) (14,553) (11,029) --------------------- ------------------------------------------------------- Earnings 119,630 111,825 253,176 211,240 198,868 171,973 143,484 --------------------- ------------------------------------------------------- Preferred unit distribution 10,163 17,489 29,826 33,475 33,475 29,601 12,368 Preferred stock dividend 2,794 1,360 4,175 2,858 2,965 2,817 2,245 Interest expense 41,535 42,677 85,912 86,164 72,641 70,154 58,394 Capitalized interest 6,504 6,192 13,106 13,753 21,195 14,553 11,029 --------------------- ------------------------------------------------------- Total fixed charges 60,996 67,718 133,019 136,250 130,276 117,125 84,036 --------------------- ------------------------------------------------------- Ratio of earnings to fixed charges 2.0 1.7 1.9 1.6 1.5 1.5 1.7 ===================== =======================================================