EX-12.1 4 doc4.txt EXHIBIT 12.1 ------------
Weingarten Realty Investors Computation of Ratios of Earnings and Funds from Operations to Combined Fixed Charges and Preferred Dividends (1) (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 ========= ========= ========= ========= ========= ________ (1) The Board of Governors of the National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of property, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, NAREIT recommends that extraordinary items not be considered in arriving at FFO. We calculate FFO in a manner consistent with the NAREIT definition. Most industry analysts and equity REITS, including Weingarten, believe FFO is an alternative measure of performance relative to other REITs. There can be no assurance that FFO presented by Weingarten is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing, or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements, or principal payments on indebtedness.