EX-12.1 3 ex-121calculationofratio.htm Ex-12.1 Calculation of Ratio


Exhibit 12.1


Regency Centers Corporation and Regency Centers, L.P.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)

 
 
Year Ended December 31,
 
 
2011
 
2010 (1)
 
2009 (1)
 
2008 (1)
 
2007 (1)
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
$
42,000

 
12,743

 
(10,559
)
 
114,259

 
161,929

Add: fixed charges
 
153,648

 
158,560

 
157,888

 
159,192

 
146,356

Add: distributed income of equity investees
 
43,361

 
41,054

 
31,252

 
30,730

 
30,547

Subtract: capitalized interest
 
(1,480
)
 
(5,099
)
 
(19,062
)
 
(36,511
)
 
(35,424
)
Subtract: preferred stock dividends / preferred unit distributions
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(55
)
 
(66
)
 
(59
)
 
(41
)
 
(869
)
Earnings
$
214,074

 
183,792

 
136,060

 
244,229

 
279,139

 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Data:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
124,707

 
129,837

 
128,551

 
131,009

 
118,987

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
2,860

 
2,957

 
3,517

 
2,981

 
1,987

Estimate of the interest within rental expense
 
2,680

 
2,366

 
2,420

 
1,802

 
1,982

Preferred stock dividends / preferred unit distributions
 
23,400

 
23,400

 
23,400

 
23,400

 
23,400

Total fixed charges
$
153,647

 
158,560

 
157,888

 
159,192

 
146,356

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
 
1.4

 
1.2

 
0.9

(3) 
1.5

 
1.9

(1) As further described in Note 7 to Consolidated Financial Statements, historical amounts have been restated to reflect an immaterial adjustment relating to the Company's non-qualified deferred compensation plan.
(2) Historical amounts have been restated to conform to changes made to the 2011 calculation, which exclude from earnings distributions from equity investees for property disposals or refinancing.
(3) The Company's ratio of earnings to fixed charges was deficient in 2009 by $21.8 million, due to significant non-cash charges for impairment of real estate investments recorded in 2009 of $97.5 million,