EX-12.1 3 doc2.txt
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, ---------------------------------------------------------- 2002 2001 2000 1999 1998 ---------- ---------- ---------- ---------- ---------- Net income available to common shareholders . . . . . . . . . $ 112,111 $ 88,839 $ 58,961 $ 76,537 $ 54,484 Add: Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 65,863 54,473 43,190 32,792 33,338 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359 ---------- ---------- ---------- ---------- ---------- Net income as adjusted. . . . . . . . . . . . . . . . . . $ 199,958 $ 165,327 $ 123,459 $ 130,541 $ 94,920 ========== ========== ========== ========== ========== Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 65,863 $ 54,473 $ 43,190 $ 32,792 $ 33,338 Capitalized interest. . . . . . . . . . . . . . . . . . . . . 9,642 9,698 4,204 3,037 1,375 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359 Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858 ---------- ---------- ---------- ---------- ---------- Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 97,489 $ 86,186 $ 68,702 $ 57,041 $ 41,811 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 2.05 1.92 1.80 2.29 2.27 ========== ========== ========== ========== ========== Net income available to common shareholders . . . . . . . . . $ 112,111 $ 88,839 $ 58,961 $ 76,537 $ 54,484 Depreciation and amortization . . . . . . . . . . . . . . . . 76,855 67,803 55,344 49,256 41,580 Gain on sale of properties and securities . . . . . . . . . . (18,614) (9,795) (382) (20,596) (885) Extraordinary charge (early retirement of debt) . . . . . . . 190 1,392 ---------- ---------- ---------- ---------- ---------- Funds from operations . . . . . . . . . . . . . . . . . . 170,352 146,847 113,923 105,387 96,571 Add: Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 65,863 54,473 43,190 32,792 33,338 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359 ---------- ---------- ---------- ---------- ---------- Funds from operations as adjusted . . . . . . . . . . . . $ 258,199 $ 223,335 $ 178,421 $ 159,391 $ 137,007 ========== ========== ========== ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND REFERRED DIVIDENDS. . . . . . . . . . . . . 2.65 2.59 2.60 2.79 3.28 ========== ========== ========== ========== ==========