EX-12.1 2 ex-121calculationofratio12.htm EXHIBIT 12.1
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 |

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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,
|  | 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 |

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