EX-12.1 4 0004.txt COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12.1 ------------
Weingarten Realty Investors Computation of Ratios of Earnings and Funds from Operations to Combined Fixed Charges and Preferred Dividends (Dollar Amounts In Thousands) Twelve Months Ended December 31, ----------------------------------------------------- 2000 1999 1998 1997 1996 --------- --------- --------- --------- --------- Net income available to common shareholders . . . . . . $ 58,961 $ 76,537 $ 54,484 $ 54,966 $ 53,938 Add: Portion of rents representative of the interest factor. 881 1,304 905 689 623 Interest on indebtedness. . . . . . . . . . . . . . . . 45,545 32,941 33,900 30,274 22,219 Preferred dividends . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881 Amortization of debt cost . . . . . . . . . . . . . . . 458 363 380 452 376 --------- --------- --------- --------- --------- Net income as adjusted. . . . . . . . . . . . . . . $125,885 $130,738 $ 95,550 $ 86,381 $ 77,156 ========= ========= ========= ========= ========= Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . $ 45,545 $ 32,941 $ 33,900 $ 30,274 $ 22,219 Capitalized interest. . . . . . . . . . . . . . . . . . 4,204 3,037 1,375 812 1,285 Preferred dividends . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881 Amortization of debt cost . . . . . . . . . . . . . . . 458 363 380 452 376 Portion of rents representative of the interest factor. 881 1,304 905 689 623 --------- --------- --------- --------- --------- Fixed charges . . . . . . . . . . . . . . . . . . . $ 71,128 $ 57,238 $ 42,441 $ 32,227 $ 24,503 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 1.77 2.28 2.25 2.68 3.15 ========= ========= ========= ========= ========= Net income available to common shareholders . . . . . . $ 58,961 $ 76,537 $ 54,484 $ 54,966 $ 53,938 Depreciation and amortization . . . . . . . . . . . . . 55,344 49,256 41,580 37,544 33,414 Gain on sales of property and securities. . . . . . . . (382) (20,596) (885) (3,327) (5,563) Extraordinary charge (early retirement of debt) . . . . 190 1,392 --------- --------- --------- --------- --------- Funds from operations . . . . . . . . . . . . . . . 113,923 105,387 96,571 89,183 81,789 Add: Portion of rents representative of the interest factor. 881 1,304 905 689 623 Preferred dividends . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881 Interest on indebtedness. . . . . . . . . . . . . . . . 45,545 32,941 33,900 30,274 22,219 Amortization of debt cost . . . . . . . . . . . . . . . 458 363 380 452 376 --------- --------- --------- --------- --------- Funds from operations as adjusted . . . . . . . . . $180,847 $159,588 $137,637 $120,598 $105,007 ========= ========= ========= ========= ========= RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . 2.54 2.79 3.24 3.74 4.29 ========= ========= ========= ========= =========