EX-12.1 2 ex-121calculationofratio12.htm EXHIBIT 12.1 Ex-12.1 Calculation of Ratio 12.31.14


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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Fixed Charge Coverage Ratio:
 
 
 
 
 
 
 
 
 
 
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries
$
158,823

 
54,282

 
37,354

 
32,560

 
9,029

Add: fixed charges
 
120,963

 
119,264

 
120,534

 
133,973

 
138,885

Add: distributed income of equity investees
 
42,767

 
45,377

 
44,809

 
43,361

 
41,054

Subtract: capitalized interest
 
(7,142
)
 
(6,078
)
 
(3,686
)
 
(1,480
)
 
(5,099
)
Subtract: preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
(404
)
 
(3,725
)
 
(3,725
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(471
)
 
(323
)
 
(112
)
 
(55
)
 
(66
)
Total earnings
$
314,940

 
212,522

 
198,495

 
204,634

 
180,078

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
116,067

 
113,799

 
114,198

 
124,707

 
129,837

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,776

 
2,887

 
3,292

 
2,860

 
2,957

Estimate of the interest within rental expense
 
3,120

 
2,577

 
2,639

 
2,680

 
2,366

Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
404

 
3,725

 
3,725

Total fixed charges
$
120,963

 
119,263

 
120,533

 
133,972

 
138,885

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.6

 
1.8

 
1.6

 
1.5

 
1.3





1



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

 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Combined Fixed Charges and Preference Dividends Coverage Ratio:
 
 
 
 
 
 
 
 
 
 
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries
$
158,823

 
54,282

 
37,354

 
32,560

 
9,029

Add: fixed charges
 
142,025

 
140,325

 
143,787

 
153,647

 
158,560

Add: distributed income of equity investees
 
42,767

 
45,377

 
44,809

 
43,361

 
41,054

Subtract: capitalized interest
 
(7,142
)
 
(6,078
)
 
(3,686
)
 
(1,480
)
 
(5,099
)
Subtract: preference dividends
 
(21,062
)
 
(21,062
)
 
(23,658
)
 
(23,400
)
 
(23,400
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(471
)
 
(323
)
 
(112
)
 
(55
)
 
(66
)
Earnings
$
314,940

 
212,521

 
198,494

 
204,633

 
180,078

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividend Data:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
116,067

 
113,799

 
114,198

 
124,707

 
129,837

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,776

 
2,887

 
3,292

 
2,860

 
2,957

Estimate of the interest within rental expense
 
3,120

 
2,577

 
2,639

 
2,680

 
2,366

Preference dividends
 
21,062

 
21,062

 
23,658

 
23,400

 
23,400

Total fixed charges and preference dividends
$
142,025

 
140,325

 
143,787

 
153,647

 
158,560

 
 
 
 
 
 
 
 
 
 
 
Ratio of combined fixed charges and preference dividends to earnings
 
2.2

 
1.5

 
1.4

 
1.3

 
1.1



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