EX-12.1 2 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,
 
 
2016
 
2015
 
2014
 
2013
 
2012
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
$
110,474

 
128,431

 
158,823

 
54,282

 
37,354

Add: fixed charges
 
98,190

 
113,697

 
120,963

 
119,264

 
120,534

Add: distributed income of equity investees
 
50,361

 
46,646

 
42,767

 
45,377

 
44,809

Subtract: capitalized interest
 
(3,482
)
 
(6,740
)
 
(7,142
)
 
(6,078
)
 
(3,686
)
Subtract: preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
—

 
(404
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(301
)
 
(764
)
 
(471
)
 
(323
)
 
(112
)
Total earnings
$
255,242

 
281,270

 
314,940

 
212,522

 
198,495

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
94,018

 
109,602

 
116,067

 
113,799

 
114,198

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,355

 
1,350

 
1,776

 
2,887

 
3,292

Estimate of the interest within rental expense
 
2,817

 
2,745

 
3,120

 
2,577

 
2,639

Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
—

 
404

Total fixed charges
$
98,190

 
113,697

 
120,963

 
119,263

 
120,533

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.6

 
2.5

 
2.6

 
1.8

 
1.6





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,
 
 
2016
 
2015
 
2014
 
2013
 
2012
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
$
110,474

 
128,431

 
158,823

 
54,282

 
37,354

Add: fixed charges
 
119,252

 
134,759

 
142,025

 
140,325

 
143,787

Add: distributed income of equity investees
 
50,361

 
46,646

 
42,767

 
45,377

 
44,809

Subtract: capitalized interest
 
(3,482
)
 
(6,740
)
 
(7,142
)
 
(6,078
)
 
(3,686
)
Subtract: preference dividends
 
(21,062
)
 
(21,062
)
 
(21,062
)
 
(21,062
)
 
(23,658
)
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
 
(301
)
 
(764
)
 
(471
)
 
(323
)
 
(112
)
Earnings
$
255,242

 
281,270

 
314,940

 
212,521

 
198,494

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividend Data:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
94,018

 
109,602

 
116,067

 
113,799

 
114,198

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
1,355

 
1,350

 
1,776

 
2,887

 
3,292

Estimate of the interest within rental expense
 
2,817

 
2,745

 
3,120

 
2,577

 
2,639

Preference dividends
 
21,062

 
21,062

 
21,062

 
21,062

 
23,658

Total fixed charges and preference dividends
$
119,252

 
134,759

 
142,025

 
140,325

 
143,787

 
 
 
 
 
 
 
 
 
 
 
Ratio of combined fixed charges and preference dividends to earnings
 
2.1

 
2.1

 
2.2

 
1.5

 
1.4



2