EX-12.1 2 wri2q200410qex12-1.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) Three Months Ended Six Months Ended June 30, June 30, ------------------------ ------------------------- 2004 2003 2004 2003 ---------- --------- ---------- ---------- Net income available to common shareholders. . . . . . . . $ 35,917 $ 21,060 $ 63,060 $ 46,029 Add: Portion of rents representative of the interest factor . . 196 227 437 463 Interest on indebtedness . . . . . . . . . . . . . . . . . 28,140 21,036 55,873 40,475 Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842 Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662 ---------- --------- ---------- ---------- Net income as adjusted . . . . . . . . . . . . . . . . $ 65,969 $ 47,577 $ 122,701 $ 97,471 ========== ========= ========== ========== Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . $ 28,140 $ 21,036 $ 55,873 $ 40,475 Capitalized interest . . . . . . . . . . . . . . . . . . . 1,364 1,488 2,706 3,304 Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842 Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662 Portion of rents representative of the interest factor . . 196 227 437 463 ---------- --------- ---------- ---------- Fixed charges. . . . . . . . . . . . . . . . . . . . . $ 31,416 $ 28,005 $ 62,347 $ 54,746 ========== ========= ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . 2.10 1.70 1.97 1.78 ========== ========= ========== ========== Net income available to common shareholders. . . . . . . . $ 35,917 $ 21,060 $ 63,060 $ 46,029 Depreciation and amortization. . . . . . . . . . . . . . . 27,728 21,249 53,139 41,075 (Gain) loss on sale of property. . . . . . . . . . . . . . (13,508) 115 (13,825) (765) ---------- --------- ---------- ---------- Funds from operations. . . . . . . . . . . . . . . . . 50,137 42,424 102,374 86,339 Add: Portion of rents representative of the interest factor . . 196 227 437 463 Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842 Interest on indebtedness . . . . . . . . . . . . . . . . . 28,140 21,036 55,873 40,475 Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662 ---------- --------- ---------- ---------- Funds from operations as adjusted. . . . . . . . . . . $ 80,189 $ 68,941 $ 162,015 $ 137,781 ========== ========= ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . 2.55 2.46 2.60 2.52 ========== ========= ========== ==========