EX-12.1 8 doc7.txt COMPUTATION OF FIXED CHARGES RATIOS EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS COMPUTATION OF RATIOS OF EARNINGS AND FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (AMOUNTS IN THOUSANDS) Years Ended December 31, ---------------------------------- 2001 2000 1999 ---------- ---------- ---------- Net income available to common shareholders . . . . . . . . . $ 88,839 $ 58,961 $ 76,537 Add: Portion of rents representative of the interest factor. . . . 940 837 1,260 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 54,473 43,190 32,792 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359 ---------- ---------- ---------- Net income as adjusted. . . . . . . . . . . . . . . . . . $ 165,327 $ 123,459 $ 130,541 ========== ========== ========== Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 54,473 $ 43,190 $ 32,792 Capitalized interest. . . . . . . . . . . . . . . . . . . . . 9,698 4,204 3,037 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359 Portion of rents representative of the interest factor. . . . 940 837 1,260 ---------- ---------- ---------- Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 86,186 $ 68,702 $ 57,041 ========== ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 1.92 1.80 2.29 ========== ========== ========== Net income available to common shareholders . . . . . . . . . $ 88,839 $ 58,961 $ 76,537 Depreciation and amortization . . . . . . . . . . . . . . . . 67,803 55,344 49,256 Gain on sales of property . . . . . . . . . . . . . . . . . . (9,795) (382) (20,596) Extraordinary charge (early retirement of debt) . . . . . . . 190 ---------- ---------- ---------- Funds from operations . . . . . . . . . . . . . . . . . . 146,847 113,923 105,387 Add: Portion of rents representative of the interest factor. . . . 940 837 1,260 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 54,473 43,190 32,792 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359 ---------- ---------- ---------- Funds from operations as adjusted . . . . . . . . . . . . $ 223,335 $ 178,421 $ 159,391 ========== ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 2.59 2.60 2.79 ========== ========== ==========