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, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
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 | $ | 158,823 | 54,282 | 37,354 | 32,560 | 9,029 | |||||||||
Add: fixed charges | 120,963 | 119,264 | 120,534 | 133,973 | 138,885 | ||||||||||
Add: distributed income of equity investees | 42,767 | 45,377 | 44,809 | 43,361 | 41,054 | ||||||||||
Subtract: capitalized interest | (7,142 | ) | (6,078 | ) | (3,686 | ) | (1,480 | ) | (5,099 | ) | |||||
Subtract: preference security dividend requirements of consolidated subsidiaries | — | — | (404 | ) | (3,725 | ) | (3,725 | ) | |||||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (471 | ) | (323 | ) | (112 | ) | (55 | ) | (66 | ) | |||||
Total earnings | $ | 314,940 | 212,522 | 198,495 | 204,634 | 180,078 | |||||||||
Fixed Charges: | |||||||||||||||
Interest expensed and capitalized | $ | 116,067 | 113,799 | 114,198 | 124,707 | 129,837 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,776 | 2,887 | 3,292 | 2,860 | 2,957 | ||||||||||
Estimate of the interest within rental expense | 3,120 | 2,577 | 2,639 | 2,680 | 2,366 | ||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | 404 | 3,725 | 3,725 | ||||||||||
Total fixed charges | $ | 120,963 | 119,263 | 120,533 | 133,972 | 138,885 | |||||||||
Ratio of earnings to fixed charges | 2.6 | 1.8 | 1.6 | 1.5 | 1.3 |
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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, | |||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
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 | $ | 158,823 | 54,282 | 37,354 | 32,560 | 9,029 | |||||||||
Add: fixed charges | 142,025 | 140,325 | 143,787 | 153,647 | 158,560 | ||||||||||
Add: distributed income of equity investees | 42,767 | 45,377 | 44,809 | 43,361 | 41,054 | ||||||||||
Subtract: capitalized interest | (7,142 | ) | (6,078 | ) | (3,686 | ) | (1,480 | ) | (5,099 | ) | |||||
Subtract: preference dividends | (21,062 | ) | (21,062 | ) | (23,658 | ) | (23,400 | ) | (23,400 | ) | |||||
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (471 | ) | (323 | ) | (112 | ) | (55 | ) | (66 | ) | |||||
Earnings | $ | 314,940 | 212,521 | 198,494 | 204,633 | 180,078 | |||||||||
Fixed Charges and Preference Dividend Data: | |||||||||||||||
Interest expensed and capitalized | $ | 116,067 | 113,799 | 114,198 | 124,707 | 129,837 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,776 | 2,887 | 3,292 | 2,860 | 2,957 | ||||||||||
Estimate of the interest within rental expense | 3,120 | 2,577 | 2,639 | 2,680 | 2,366 | ||||||||||
Preference dividends | 21,062 | 21,062 | 23,658 | 23,400 | 23,400 | ||||||||||
Total fixed charges and preference dividends | $ | 142,025 | 140,325 | 143,787 | 153,647 | 158,560 | |||||||||
Ratio of combined fixed charges and preference dividends to earnings | 2.2 | 1.5 | 1.4 | 1.3 | 1.1 |
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