REGENCY CENTERS CORP - FORM 8-K - EX-12.1 - RATIO OF FIXED CHARGES - October 6, 2010

Attached files

file filename
8-K - FORM 8-K - REGENCY CENTERS CORPd8k.htm
EX-5.1 - OPINION OF FOLEY & LARDNER LLP - REGENCY CENTERS CORPdex51.htm
EX-1.1 - UNDERWRITING AGREEMENT - REGENCY CENTERS CORPdex11.htm
EX-4.1 - FORM OF GLOBAL NOTE FOR 4.80% NOTES DUE 2021 - REGENCY CENTERS CORPdex41.htm

Exhibit 12.1

Regency Centers Corporation

Ratio of Earnings to Fixed Charges

(amounts in thousands)

 

     Six months ended     Year Ended  
     6/30/2010     6/30/2009     2009     2008     2007     2006     2005  

Fixed Coverage Ratio:

               

Continuing operations (before equity in income (loss) of investments in real estate partnerships and noncontrolling interests)

   $ 26,667      32,039      (12,266 )    114,278      157,920      158,744      91,347   

Add (subtract): Tax (benefit) expense

      81      (190 )    1,869      (1,600 )    4,197      11,772      (536 ) 

Less: Non controlling interests (without own fixed charges)

      (34 )    (44 )    (59 )    (41 )    (869 )    (4,752 )    (83 ) 

Add: Distributions from operations JV’s

      21,694      17,790      31,252      30,730      30,547      28,788      28,661   

Add: Distributions from investment JV’s

      79,600      2,986      23,548      28,923      41,372      13,452      30,918   

Add: Fixed charge

      79,425      89,423      174,530      193,901      179,716      154,884      137,865   

Subtract: Preferred stock dividend

      (9,838 )    (9,838 )    (19,675 )    (19,675 )    (19,675 )    (19,675 )    (16,744 ) 

Subtract: Preferred unit distribution

      (1,862 )    (1,862 )    (3,725 )    (3,725 )    (3,725 )    (3,725 )    (8,105 ) 

Subtract: Capitalized interest

      (3,323 )    (11,918 )    (19,062 )    (36,511 )    (35,424 )    (23,952 )    (12,400 ) 
                                            

Earnings

    $ 192,410      118,386      176,412      306,280      354,059      315,536      250,923   
                                            

Fixed Charge Data:

               

Preferred stock dividend

    $ 9,838      9,838      19,675      19,675      19,675      19,675      16,744   

Preferred unit distribution

      1,862      1,862      3,725      3,725      3,725      3,725      8,105   

Interest expense

      64,402      65,805      132,068      133,990      120,892      107,532      100,616   

Capitalized interest

      3,323      11,918      19,062      36,511      35,424      23,952      12,400   
                                            

Total fixed charge

    $ 79,425      89,423      174,530      193,901      179,716      154,884      137,865   
                                            

Ratio of earnings to fixed charges

      2.4      1.3      1.0      1.6      2.0      2.0      1.8   
                                            

Regency Centers, L.P.

Ratio of Earnings to Fixed Charges

(amounts in thousands)

 

     Six months ended     Year Ended  
     6/30/2010     6/30/2009     2009     2008     2007     2006     2005  

Fixed Coverage Ratio:

               

Continuing operations (before equity in income (loss) of investments in real estate partnerships and noncontrolling interests)

   $ 26,667      32,039      (12,266 )    114,278      157,920      158,744      91,347   

Add (subtract): Tax (benefit) expense

      81      (190 )    1,869      (1,600 )    4,197      11,772      (536 ) 

Less: Non controlling interests (without own fixed charges)

      (34 )    (44 )    (59 )    (41 )    (869 )    (4,752 )    (83 ) 

Add: Distributions from operations JV’s

      21,694      17,790      31,252      30,730      30,547      28,788      28,661   

Add: Distributions from investment JV’s

      79,600      2,986      23,548      28,923      41,372      13,452      30,918   

Add: Fixed charge

      79,425      89,423      174,530      193,901      179,716      154,884      137,865   

Subtract: Preferred unit distribution

      (11,700 )    (11,700 )    (23,400 )    (23,400 )    (23,400 )    (23,400 )    (24,849 ) 

Subtract: Capitalized interest

      (3,323 )    (11,918 )    (19,062 )    (36,511 )    (35,424 )    (23,952 )    (12,400 ) 
                                            

Earnings

    $ 192,410      118,386      176,412      306,280      354,059      315,536      250,923   
                                            

Fixed Charge Data:

               

Preferred unit distribution

    $ 11,700      11,700      23,400      23,400      23,400      23,400      24,849   

Interest expense

      64,402      65,805      132,068      133,990      120,892      107,532      100,616   

Capitalized interest

      3,323      11,918      19,062      36,511      35,424      23,952      12,400   
                                            

Total fixed charge

    $ 79,425      89,423      174,530      193,901      179,716      154,884      137,865   
                                            

Ratio of earnings to fixed charges

      2.4      1.3      1.0      1.6      2.0      2.0      1.8   
                                            

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