EX-12.1 2 wri3q2004form10qex12-1.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 Nine Months Ended September 30, September 30, -------------------- ---------------------- 2004 2003 2004 2003 --------- --------- ---------- ---------- Net income available to common shareholders. . . . . . . . $ 28,810 $ 28,381 $ 91,870 $ 74,410 Add: Portion of rents representative of the interest factor . . 222 233 659 696 Interest on indebtedness . . . . . . . . . . . . . . . . . 29,826 22,220 85,699 62,695 Preferred dividends. . . . . . . . . . . . . . . . . . . . 2,428 4,804 4,959 14,646 Amortization of debt cost. . . . . . . . . . . . . . . . . 425 335 1,225 997 --------- --------- ---------- ---------- Net income as adjusted . . . . . . . . . . . . . . . . $ 61,711 $ 55,973 $ 184,412 $ 153,444 ========= ========= ========== ========== Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . $ 29,826 $ 22,220 $ 85,699 $ 62,695 Capitalized interest . . . . . . . . . . . . . . . . . . . 1,096 1,499 3,802 4,803 Preferred dividends. . . . . . . . . . . . . . . . . . . . 2,428 4,804 4,959 14,646 Amortization of debt cost. . . . . . . . . . . . . . . . . 425 335 1,225 997 Portion of rents representative of the interest factor . . 222 233 659 696 --------- --------- ---------- ---------- Fixed charges. . . . . . . . . . . . . . . . . . . . . $ 33,997 $ 29,091 $ 96,344 $ 83,837 ========= ========= ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . 1.82 1.92 1.91 1.83 ========= ========= ========== ========== Net income available to common shareholders. . . . . . . . $ 28,810 $ 28,381 $ 91,870 $ 74,410 Depreciation and amortization. . . . . . . . . . . . . . . 28,807 21,800 81,946 62,875 Gain on sale of property . . . . . . . . . . . . . . . . . (368) (3,981) (14,193) (4,746) --------- --------- ---------- ---------- Funds from operations. . . . . . . . . . . . . . . . . 57,249 46,200 159,623 132,539 Add: Portion of rents representative of the interest factor . . 222 233 659 696 Preferred dividends. . . . . . . . . . . . . . . . . . . . 2,428 4,804 4,959 14,646 Interest on indebtedness . . . . . . . . . . . . . . . . . 29,826 22,220 85,699 62,695 Amortization of debt cost. . . . . . . . . . . . . . . . . 425 335 1,225 997 --------- --------- ---------- ---------- Funds from operations as adjusted. . . . . . . . . . . $ 90,150 $ 73,792 $ 252,165 $ 211,573 ========= ========= ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . 2.65 2.54 2.62 2.52 ========= ========= ========== ==========