EX-12 3 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 Nine Months Ended September 30, September 30, -------------------- ---------------------- 2001 2000 2001 2000 --------- --------- ---------- ---------- Net income available to common shareholders . . . . . . . . . . . .$ 22,379 $ 14,852 $ 63,742 $ 44,261 Add: Portion of rents representative of the interest factor. . . . . . . 248 219 719 652 Interest on indebtedness. . . . . . . . . . . . . . . . . . . . . . 14,677 11,403 40,072 31,875 Preferred dividends . . . . . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 15,030 Amortization of debt cost . . . . . . . . . . . . . . . . . . . . . 367 108 929 310 --------- --------- ---------- ---------- Net income as adjusted. . . . . . . . . . . . . . . . . . . . .$ 42,681 $ 31,592 $ 120,492 $ 92,128 ========= ========= ========== ========== Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . . . . . . .$ 14,677 $ 11,403 $ 40,072 $ 31,875 Capitalized interest. . . . . . . . . . . . . . . . . . . . . . . . 2,680 1,131 7,016 2,756 Preferred dividends . . . . . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 15,030 Amortization of debt cost . . . . . . . . . . . . . . . . . . . . . 367 108 929 310 Portion of rents representative of the interest factor. . . . . . . 248 219 719 652 --------- --------- ---------- ---------- Fixed charges . . . . . . . . . . . . . . . . . . . . . . . . .$ 22,982 $ 17,871 $ 63,766 $ 50,623 ========= ========= ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . . . . 1.86 1.77 1.89 1.82 ========= ========= ========== ========== Net income available to common shareholders . . . . . . . . . . . .$ 22,379 $ 14,852 $ 63,742 $ 44,261 Depreciation and amortization . . . . . . . . . . . . . . . . . . . 16,886 14,032 49,273 40,258 Gain on sales of property . . . . . . . . . . . . . . . . . . . . . (910) (5,894) --------- --------- ---------- ---------- Funds from operations . . . . . . . . . . . . . . . . . . . . . 38,355 28,884 107,121 84,519 Add: Portion of rents representative of the interest factor. . . . . . . 248 219 719 652 Preferred dividends . . . . . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 15,030 Interest on indebtedness. . . . . . . . . . . . . . . . . . . . . . 14,677 11,403 40,072 31,875 Amortization of debt cost . . . . . . . . . . . . . . . . . . . . . 367 108 929 310 --------- --------- ---------- ---------- Funds from operations as adjusted . . . . . . . . . . . . . . .$ 58,657 $ 45,624 $ 163,871 $ 132,386 ========= ========= ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 2.55 2.55 2.57 2.62 ========= ========= ========== ==========