Exhibit 12.1

Regency Centers, L.P.

Ratio of Earnings to Fixed Charges

(amounts in thousands)

	Year Ended
	2007			2006		2005		2004		2003
Fixed Coverage Ratio:
Continuing operations (before minority interest)	$	164,465		163,438		110,805		111,206		113,702
Add: Tax expense		3,597		11,772		494		6,487		2,389
Less: Minority interest (without own fixed charges)		(869	)	(4,752	)	(83	)	(64	)	(284	)
(Subtract) add: Equity in (income) loss of unconsolidated partnerships		(18,093	)	(2,580	)	2,908		(10,194	)	(11,276	)
Add: Distributions from operations JV’s		30,547		28,788		28,661		13,342		8,341
Add: Distributions from investment JV’s		41,372		13,452		30,918		47,369		26,902
Add: Fixed charges		141,318		127,122		123,779		119,429		129,369
Subtract: Preferred unit distributions		(23,400	)	(23,400	)	(24,849	)	(28,462	)	(34,001	)
Subtract: Capitalized interest		(35,424	)	(23,952	)	(12,400	)	(11,228	)	(13,106	)
Earnings	$	303,513		289,888		260,233		247,885		222,036
Fixed Charge Data:
Preferred unit distributions	$	23,400		23,400		24,849		28,462		34,001
Interest expense		82,494		79,770		86,530		79,739		82,262
Capitalized interest		35,424		23,952		12,400		11,228		13,106
Total fixed charges	$	141,318		127,122		123,779		119,429		129,369
Ratio of earnings to fixed charges		2.1		2.3		2.1		2.1		1.7