EX-12.1 8 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
  
Nine Months Ended
  
   
September 30,
  
September 30,
  
   
2005
  
2004
  
2005
  
2004
  
                           
Net income available to common shareholders
  
$
58,958
  
$
28,810
  
$
160,674
  
$
91,870
  
                           
Add:
                          
Portion of rents representative of the interest factor
    
227
    
222
    
694
    
659
  
Interest on indebtedness
    
32,795
    
29,826
    
95,285
    
85,699
  
Preferred dividends
    
2,525
    
2,428
    
7,576
    
4,959
  
Amortization of debt cost
    
407
    
425
    
1,240
    
1,225
  
Net income as adjusted
  
$
94,912
  
$
61,711
  
$
265,469
  
$
184,412
  
                           
Fixed charges and preferred dividends:
                          
Interest on indebtedness
  
$
32,795
  
$
29,826
  
$
95,285
  
$
85,699
  
Capitalized interest
    
671
    
1,096
    
2,328
    
3,802
  
Preferred dividends
    
2,525
    
2,428
    
7,576
    
4,959
  
Amortization of debt cost
    
407
    
425
    
1,240
    
1,225
  
Portion of rents representative of the interest factor
    
227
    
222
    
694
    
659
  
Fixed charges and preferred dividends
  
$
36,625
  
$
33,997
  
$
107,123
  
$
96,344
  
                           
RATIO OF EARNINGS TO COMBINED FIXED
                          
CHARGES AND PREFERRED DIVIDENDS
    
2.59
    
1.82
    
2.48
    
1.91
  
                           
                           
Net income available to common shareholders
  
$
58,958
  
$
28,810
  
$
160,674
  
$
91,870
  
Depreciation and amortization
    
30,681
    
28,807
    
90,283
    
81,946
  
Gain on sale of property
    
(27,966
)
  
(368
)
  
(67,676
)
  
(14,193
)
Funds from operations
    
61,673
    
57,249
    
183,281
    
159,623
  
Add:
                          
Portion of rents representative of the interest factor
    
227
    
222
    
694
    
659
  
Preferred dividends
    
2,525
    
2,428
    
7,576
    
4,959
  
Interest on indebtedness
    
32,795
    
29,826
    
95,285
    
85,699
  
Amortization of debt cost
    
407
    
425
    
1,240
    
1,225
  
Funds from operations as adjusted
  
$
97,627
  
$
90,150
  
$
288,076
  
$
252,165
  
                           
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
                          
FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.67
    
2.65
    
2.69
    
2.62