Exhibit 12.1

Regency Centers, L.P.

Ratio of Earnings to Fixed Charges

(amounts in thousands)

	Three Months Ended					Year Ended
	03/31/2005			03/31/2004		2004		2003		2002		2001		2000
Fixed Coverage Ratio:
Continuing Operations (before minority interest)	$	31,990		26,575		134,743		138,719		108,199		108,528		98,121
Add (deduct) tax expense (benefit)		722		251		6,487		2,389		(3,570	)	1,731		1,208
Less: Minority interest (without own fixed charges)		(22	)	(13	)	(64	)	(284	)	(319	)	(323	)	(307	)
Subtract: equity in income of unconsolidated partnerships		(2,391	)	(2,745	)	(10,194	)	(11,276	)	(5,764	)	(3,439	)	(3,139	)
Add: distributions from operations JV’s		3,761		4,644		13,342		8,341		5,522		1,801		—
Add: distributions from investment JV’s		9,814		17,960		47,369		26,902		11,784		15,011		3,110
Add: fixed charges		30,076		31,689		123,732		132,286		133,290		126,554		113,222
Subtract: preferred unit distributions		(5,774	)	(6,478	)	(28,462	)	(34,001	)	(33,475	)	(33,475	)	(29,601	)
Subtract: capitalized interest		(2,721	)	(3,323	)	(11,228	)	(13,106	)	(13,753	)	(21,195	)	(14,553	)
Earnings		65,455		68,560		275,725		249,970		201,914		195,193		168,061
Fixed Charge Data:
Preferred unit distribution		5,774		6,478		28,462		34,001		33,475		33,475		29,601
Interest expense		21,581		21,888		84,042		85,179		86,062		71,884		69,068
Capitalized interest		2,721		3,323		11,228		13,106		13,753		21,195		14,553
Total fixed charges		30,076		31,689		123,732		132,286		133,290		126,554		113,222
Ratio of earnings to fixed charges		2.2		2.2		2.2		1.9		1.5		1.5		1.5