EX-12.1 4 ex-121calculationofratio3.htm EXHIBIT 12.1 Ex-12.1 Calculation of Ratio (3)


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,
 
 
2012
 
2011
 
2010
 
2009
 
2008 
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
$
(7,920
)
 
41,099

 
15,650

 
(14,939
)
 
123,963

Add: fixed charges
 
143,851

 
153,648

 
158,560

 
157,888

 
159,192

Add: distributed income of equity investees
 
44,809

 
43,361

 
41,054

 
31,252

 
30,730

Subtract: capitalized interest
 
(3,686
)
 
(1,480
)
 
(5,099
)
 
(19,062
)
 
(36,511
)
Subtract: preferred stock dividends / preferred unit distributions
 
(23,658
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(112
)
 
(55
)
 
(66
)
 
(59
)
 
(41
)
Earnings
$
153,284

 
213,173

 
186,699

 
131,680

 
253,933

 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Data:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
114,198

 
124,707

 
129,837

 
128,551

 
131,009

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
3,292

 
2,860

 
2,957

 
3,517

 
2,981

Estimate of the interest within rental expense
 
2,702

 
2,680

 
2,366

 
2,420

 
1,802

Preferred stock dividends / preferred unit distributions
 
23,658

 
23,400

 
23,400

 
23,400

 
23,400

Total fixed charges
$
143,850

 
153,647

 
158,560

 
157,888

 
159,192

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.1

 
1.4

 
1.2

 
0.8

(1 
) 
1.6

(1) The Company's ratio of earnings to fixed charges was deficient in 2009 by $26.2 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,