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 Six Months Ended June 30, June 30, -------------------- ---------------------- 2002 2001 2002 2001 --------- --------- ---------- ---------- Net income available to common shareholders. . . . . . . . . . $ 26,395 $ 20,971 $ 50,873 $ 41,363 Add: Portion of rents representative of the interest factor . . . . 233 220 461 471 Interest on indebtedness . . . . . . . . . . . . . . . . . . . 16,532 14,522 31,528 25,395 Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 4,939 5,010 9,878 10,020 Amortization of debt cost. . . . . . . . . . . . . . . . . . . 314 249 648 562 --------- --------- ---------- ---------- Net income as adjusted . . . . . . . . . . . . . . . . . . $ 48,413 $ 40,972 $ 93,388 $ 77,811 ========= ========= ========== ========== Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . . . $ 16,532 $ 14,522 $ 31,528 $ 25,395 Capitalized interest . . . . . . . . . . . . . . . . . . . . . 2,349 2,355 4,731 4,336 Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 4,939 5,010 9,878 10,020 Amortization of debt cost. . . . . . . . . . . . . . . . . . . 314 249 648 562 Portion of rents representative of the interest factor . . . . 233 220 461 471 --------- --------- ---------- ---------- Fixed charges. . . . . . . . . . . . . . . . . . . . . . . $ 24,367 $ 22,356 $ 47,246 $ 40,784 ========= ========= ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . . 1.99 1.83 1.98 1.91 ========= ========= ========== ========== Net income available to common shareholders. . . . . . . . . . $ 26,395 $ 20,971 $ 50,873 $ 41,363 Depreciation and amortization. . . . . . . . . . . . . . . . . 19,297 16,714 37,248 32,387 Gain on sale of properties . . . . . . . . . . . . . . . . . . (3,119) (674) (4,340) (4,984) --------- --------- ---------- ---------- Funds from operations. . . . . . . . . . . . . . . . . . . 42,573 37,011 83,781 68,766 Add: Portion of rents representative of the interest factor . . . . 233 220 461 471 Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 4,939 5,010 9,878 10,020 Interest on indebtedness . . . . . . . . . . . . . . . . . . . 16,532 14,522 31,528 25,395 Amortization of debt cost. . . . . . . . . . . . . . . . . . . 314 249 648 562 --------- --------- ---------- ---------- Funds from operations as adjusted. . . . . . . . . . . . . $ 64,591 $ 57,012 $ 126,296 $ 105,214 ========= ========= ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . 2.65 2.55 2.67 2.58 ========= ========= ========== ==========