EX-12 7 dkm316f.txt EXHIBIT 12.1 =- RATIO STATEMENT 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 60,997 67,889 133,480 133,705 132,051 118,942 85,709 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 119,631 111,996 253,637 208,695 200,643 173,790 145,157 ---------------------- ------------------------------------------------------- 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 41,536 42,848 86,373 83,619 74,416 71,971 60,067 Capitalized interest 6,504 6,192 13,106 13,753 21,195 14,553 11,029 ---------------------- ------------------------------------------------------- Total fixed charges 60,997 67,889 133,480 133,705 132,051 118,942 85,709 ---------------------- ------------------------------------------------------- Ratio of earnings to fixed charges 2.0 1.6 1.9 1.6 1.5 1.5 1.7 ====================== =======================================================