EX-12 2 doc2.txt EXHIBIT 12
WEINGARTEN REALTY INVESTORS COMPUTATION OF RATIOS OF EARNINGS AND FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (AMOUNTS IN THOUSANDS) Three Months Ended March 31, -------------------- 2001 2000 --------- --------- Net income available to common shareholders. . . . . . . . . $ 20,392 $ 14,441 Add: Portion of rents representative of the interest factor . . . 259 229 Interest on indebtedness . . . . . . . . . . . . . . . . . . 12,421 10,143 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 Amortization of debt cost. . . . . . . . . . . . . . . . . . 325 106 --------- --------- Net income as adjusted . . . . . . . . . . . . . . . . . $ 38,407 $ 29,929 ========= ========= Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . . $ 12,421 $ 10,143 Capitalized interest . . . . . . . . . . . . . . . . . . . . 1,981 610 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 Amortization of debt cost. . . . . . . . . . . . . . . . . . 325 106 Portion of rents representative of the interest factor . . . 259 229 --------- --------- Fixed charges. . . . . . . . . . . . . . . . . . . . . . $ 19,996 $ 16,098 ========= ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 1.92 1.86 ========= ========= Net income available to common shareholders. . . . . . . . . $ 20,392 $ 14,441 Depreciation and amortization. . . . . . . . . . . . . . . . 15,673 13,104 Gain on sales of property. . . . . . . . . . . . . . . . . . (4,310) --------- --------- Funds from operations. . . . . . . . . . . . . . . . . . 31,755 27,545 Add: Portion of rents representative of the interest factor . . . 259 229 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 Interest on indebtedness . . . . . . . . . . . . . . . . . . 12,421 10,143 Amortization of debt cost. . . . . . . . . . . . . . . . . . 325 106 --------- --------- Funds from operations as adjusted. . . . . . . . . . . . $ 49,770 $ 43,033 ========= ========= RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . 2.49 2.67 ========= ========= ------------- The Board of Governors of the National Association of Real Estate Investment Trusts defines funds from operations (FFO) 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 appropriate 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.