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)




   
Three Months Ended
  
   
March 31,
  
   
2006
  
2005
  
           
Income from continuing operations
  
$
37,203
  
$
30,487
  
               
Add:
              
Portion of rents representative of the interest factor
    
243
    
234
  
Interest on indebtedness
    
34,437
    
31,036
  
Out-of-market mortgage adjustment
    
1,826
    
1,493
  
Preferred dividends
    
2,525
    
2,525
  
Net income as adjusted
  
$
76,234
  
$
65,775
  
               
Fixed charges:
              
Interest on indebtedness
  
$
34,437
  
$
31,036
  
Out-of-market mortgage adjustment
    
1,826
    
1,493
  
Capitalized interest
    
809
    
700
  
Preferred dividends
    
2,525
    
2,525
  
Portion of rents representative of the interest factor
    
243
    
234
  
Fixed charges
  
$
39,840
  
$
35,988
  
               
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
1.91
    
1.83
  
               
               
Net income available to common shareholders
  
$
52,084
  
$
34,037
  
Depreciation and amortization
    
31,476
    
29,216
  
Gain on sale of properties
    
(18,699
)
  
(4,090
)
Funds from operations
    
64,861
    
59,163
  
Add:
              
Portion of rents representative of the interest factor
    
243
    
234
  
Preferred dividends
    
2,525
    
2,525
  
Interest on indebtedness
    
34,437
    
31,036
  
Out-of-market mortgage adjustment
    
1,826
    
1,493
  
Funds from operations as adjusted
  
$
103,892
  
$
94,451
  
               
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.61
    
2.62