EX-12.1 4 d404344dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Regency Centers Corporation and Regency Centers, L.P. Computation of Ratio of Earnings to Fixed Charges (in thousands)

 

     For the three
months ended		     For the years ended        
     3/31/2017     2016     2015     2014     2013     2012  

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

      (30,008 )      110,474       128,431       158,823       54,282       37,354  

Add: fixed charges

      27,205       98,190       113,697       120,963       119,264       120,534  

Add: distributed income of equity investees

      12,784       50,361       46,646       42,767       45,377       44,809  

Subtract: capitalized interest

      (1,061 )      (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

      (136 )      (301 )      (764 )      (471 )      (323 )      (112 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

      8,784       255,242       281,270       314,940       212,522       198,495  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charge Data:

             

Interest expensed and capitalized

      26,146       94,018       109,602       116,067       113,799       114,198  

Amortized premiums, discounts and capitalized expenses related to indebtedness

      355       1,355       1,350       1,776       2,887       3,292  

Estimate of the interest within rental expense

      704       2,817       2,745       3,120       2,577       2,639  

Preference security dividend requirements of consolidated subsidiaries

      —         —         —         —         —         404  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      27,440       98,190       113,697       120,963       119,263       120,533  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      0.3 (1)      2.6       2.5       2.6       1.8       1.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The ratio of earnings to fixed charges was deficient for the three months ended March 31, 2017 by $18.4 million in earnings due to additional charges incurred as a result of our merger with Equity One, Inc.