EX-12.1 3 ex-121calculationofratio12.htm EXHIBIT 12.1 Exhibit


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,
 
 
2015
 
2014
 
2013
 
2012
 
2011
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
$
128,431

 
158,823

 
54,282

 
37,354

 
32,560

Add: fixed charges
 
113,697

 
120,963

 
119,264

 
120,534

 
133,973

Add: distributed income of equity investees
 
46,646

 
42,767

 
45,377

 
44,809

 
43,361

Subtract: capitalized interest
 
(6,740
)
 
(7,142
)
 
(6,078
)
 
(3,686
)
 
(1,480
)
Subtract: preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
(404
)
 
(3,725
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(764
)
 
(471
)
 
(323
)
 
(112
)
 
(55
)
Total earnings
$
281,270

 
314,940

 
212,522

 
198,495

 
204,634

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
109,602

 
116,067

 
113,799

 
114,198

 
124,707

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,350

 
1,776

 
2,887

 
3,292

 
2,860

Estimate of the interest within rental expense
 
2,745

 
3,120

 
2,577

 
2,639

 
2,680

Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
404

 
3,725

Total fixed charges
$
113,697

 
120,963

 
119,263

 
120,533

 
133,972

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.5

 
2.6

 
1.8

 
1.6

 
1.5





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,
 
 
2015
 
2014
 
2013
 
2012
 
2011
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
$
128,431

 
158,823

 
54,282

 
37,354

 
32,560

Add: fixed charges
 
134,759

 
142,025

 
140,325

 
143,787

 
153,647

Add: distributed income of equity investees
 
46,646

 
42,767

 
45,377

 
44,809

 
43,361

Subtract: capitalized interest
 
(6,740
)
 
(7,142
)
 
(6,078
)
 
(3,686
)
 
(1,480
)
Subtract: preference dividends
 
(21,062
)
 
(21,062
)
 
(21,062
)
 
(23,658
)
 
(23,400
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(764
)
 
(471
)
 
(323
)
 
(112
)
 
(55
)
Earnings
$
281,270

 
314,940

 
212,521

 
198,494

 
204,633

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividend Data:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
109,602

 
116,067

 
113,799

 
114,198

 
124,707

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,350

 
1,776

 
2,887

 
3,292

 
2,860

Estimate of the interest within rental expense
 
2,745

 
3,120

 
2,577

 
2,639

 
2,680

Preference dividends
 
21,062

 
21,062

 
21,062

 
23,658

 
23,400

Total fixed charges and preference dividends
$
134,759

 
142,025

 
140,325

 
143,787

 
153,647

 
 
 
 
 
 
 
 
 
 
 
Ratio of combined fixed charges and preference dividends to earnings
 
2.1

 
2.2

 
1.5

 
1.4

 
1.3



2