EX-12.1 3 ex-121calculationofratio12.htm CALCULATION OF RATIOS Ex-12.1 Calculation of Ratio 12.31.13


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,
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
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
$
54,282

 
37,354

 
32,560

 
9,029

 
(21,794
)
 
Add: fixed charges
 
119,264

 
120,534

 
133,973

 
138,885

 
138,213

 
Add: distributed income of equity investees
 
45,377

 
44,809

 
43,361

 
41,054

 
31,252

 
Subtract: capitalized interest
 
(6,078
)
 
(3,686
)
 
(1,480
)
 
(5,099
)
 
(19,062
)
 
Subtract: preference security dividend requirements of consolidated subsidiaries
 
—

 
(404
)
 
(3,725
)
 
(3,725
)
 
(3,725
)
 
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(323
)
 
(112
)
 
(55
)
 
(66
)
 
(59
)
 
Total earnings
$
212,522

 
198,495

 
204,634

 
180,078

 
124,825

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
113,799

 
114,198

 
124,707

 
129,837

 
128,551

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
2,887

 
3,292

 
2,860

 
2,957

 
3,517

 
Estimate of the interest within rental expense
 
2,577

 
2,639

 
2,680

 
2,366

 
2,420

 
Preference security dividend requirements of consolidated subsidiaries
 
—

 
404

 
3,725

 
3,725

 
3,725

 
Total fixed charges
$
119,263

 
120,533

 
133,972

 
138,885

 
138,213

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.8

 
1.6

 
1.5

 
1.3

 
0.9

(1) 

(1) The Company's ratio of earnings to fixed charges was deficient in 2009 by $13.4 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,


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,
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
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
$
54,282

 
37,354

 
32,560

 
9,029

 
(21,794
)
 
Add: fixed charges
 
140,325

 
143,787

 
153,647

 
158,560

 
157,888

 
Add: distributed income of equity investees
 
45,377

 
44,809

 
43,361

 
41,054

 
31,252

 
Subtract: capitalized interest
 
(6,078
)
 
(3,686
)
 
(1,480
)
 
(5,099
)
 
(19,062
)
 
Subtract: preference dividends
 
(21,062
)
 
(23,658
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(323
)
 
(112
)
 
(55
)
 
(66
)
 
(59
)
 
Earnings
$
212,521

 
198,494

 
204,633

 
180,078

 
124,825

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividend Data:
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
113,799

 
114,198

 
124,707

 
129,837

 
128,551

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
2,887

 
3,292

 
2,860

 
2,957

 
3,517

 
Estimate of the interest within rental expense
 
2,577

 
2,639

 
2,680

 
2,366

 
2,420

 
Preference dividends
 
21,062

 
23,658

 
23,400

 
23,400

 
23,400

 
Total fixed charges and preference dividends
$
140,325

 
143,787

 
153,647

 
158,560

 
157,888

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of combined fixed charges and preference dividends to earnings
 
1.5

 
1.4

 
1.3

 
1.1

 
0.8

(1) 
(1) The Company's ratio of combined fixed charges and preference dividends to earnings was deficient in 2009 by $33.1 million in earnings, due to significant non-cash charges for impairment of real estate investments of $97.5 million,

2