EX-12.1 2 ex12-1.htm EXHIBIT 12.1 Exhibit 12.1

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)


   
Year Ended December 31,
  
   
2004
  
2003
  
2002
  
2001
  
2000
  
                                 
Net income available to common shareholders
  
$
133,911
  
$
97,880
  
$
112,111
  
$
88,839
  
$
58,961
  
                                 
Add:
                                
Portion of rents representative of the interest factor
    
897
    
920
    
912
    
940
    
837
  
Interest on indebtedness
    
115,506
    
88,871
    
65,863
    
54,473
    
43,190
  
Preferred dividends
    
7,470
    
15,912
    
19,756
    
19,703
    
20,040
  
Amortization of debt cost
    
1,656
    
1,508
    
1,316
    
1,372
    
431
  
Net income as adjusted
  
$
259,440
  
$
205,091
  
$
199,958
  
$
165,327
  
$
123,459
  
                                 
Fixed charges:
                                
Interest on indebtedness
  
$
115,506
  
$
88,871
  
$
65,863
  
$
54,473
  
$
43,190
  
Capitalized interest
    
4,992
    
6,361
    
9,642
    
9,698
    
4,204
  
Preferred dividends
    
7,470
    
15,912
    
19,756
    
19,703
    
20,040
  
Amortization of debt cost
    
1,656
    
1,508
    
1,316
    
1,372
    
431
  
Portion of rents representative of the interest factor
    
897
    
920
    
912
    
940
    
837
  
Fixed charges
  
$
130,521
  
$
113,572
  
$
97,489
  
$
86,186
  
$
68,702
  
                                 
RATIO OF EARNINGS TO COMBINED FIXED
                                
CHARGES AND PREFERRED DIVIDENDS
    
1.99
    
1.81
    
2.05
    
1.92
    
1.80
  
                                 
                                 
Net income available to common shareholders
  
$
133,911
  
$
97,880
  
$
112,111
  
$
88,839
  
$
58,961
  
Depreciation and amortization
    
111,809
    
88,853
    
76,855
    
67,803
    
55,344
  
Gain on sale of properties
    
(26,316
)
  
(7,273
)
  
(18,614
)
  
(9,795
)
  
(382
)
Funds from operations
    
219,404
    
179,460
    
170,352
    
146,847
    
113,923
  
Add:
                                
Portion of rents representative of the interest factor
    
897
    
920
    
912
    
940
    
837
  
Preferred dividends
    
7,470
    
15,912
    
19,756
    
19,703
    
20,040
  
Interest on indebtedness
    
115,506
    
88,871
    
65,863
    
54,473
    
43,190
  
Amortization of debt cost
    
1,656
    
1,508
    
1,316
    
1,372
    
431
  
Funds from operations as adjusted
  
$
344,933
  
$
286,671
  
$
258,199
  
$
223,335
  
$
178,421
  
                                 
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
                                
FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.64
    
2.52
    
2.65
    
2.59
    
2.60