EX-12.1 17 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)

   
Three Months Ended
  
Six Months Ended
  
   
June 30,
  
June 30,
  
   
2005
  
2004
  
2005
  
2004
  
                           
Net income available to common shareholders
  
$
67,679
  
$
35,917
  
$
101,716
  
$
63,060
  
                           
Add:
                          
Portion of rents representative of the interest factor
    
233
    
196
    
467
    
437
  
Interest on indebtedness
    
31,887
    
28,140
    
62,490
    
55,873
  
Preferred dividends
    
2,526
    
1,265
    
5,051
    
2,531
  
Amortization of debt cost
    
400
    
451
    
833
    
800
  
Net income as adjusted
  
$
102,725
  
$
65,969
  
$
170,557
  
$
122,701
  
                           
Fixed charges and preferred dividends:
                          
Interest on indebtedness
  
$
31,887
  
$
28,140
  
$
62,490
  
$
55,873
  
Capitalized interest
    
957
    
1,364
    
1,657
    
2,706
  
Preferred dividends
    
2,526
    
1,265
    
5,051
    
2,531
  
Amortization of debt cost
    
400
    
451
    
833
    
800
  
Portion of rents representative of the interest factor
    
233
    
196
    
467
    
437
  
Fixed charges and preferred dividends
  
$
36,003
  
$
31,416
  
$
70,498
  
$
62,347
  
                           
RATIO OF EARNINGS TO COMBINED FIXED
                          
CHARGES AND PREFERRED DIVIDENDS
    
2.85
    
2.10
    
2.42
    
1.97
  
                           
                           
Net income available to common shareholders
  
$
67,679
  
$
35,917
  
$
101,716
  
$
63,060
  
Depreciation and amortization
    
30,386
    
27,728
    
59,602
    
53,139
  
Gain on sale of property
    
(35,620
)
  
(13,508
)
  
(39,710
)
  
(13,825
)
Funds from operations
    
62,445
    
50,137
    
121,608
    
102,374
  
Add:
                          
Portion of rents representative of the interest factor
    
233
    
196
    
467
    
437
  
Preferred dividends
    
2,526
    
1,265
    
5,051
    
2,531
  
Interest on indebtedness
    
31,887
    
28,140
    
62,490
    
55,873
  
Amortization of debt cost
    
400
    
451
    
833
    
800
  
Funds from operations as adjusted
  
$
97,491
  
$
80,189
  
$
190,449
  
$
162,015
  
                           
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
                          
FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.71
    
2.55
    
2.70
    
2.60