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
  
Nine Months Ended
  
   
September 30,
  
September 30,
  
   
2006
  
2005
  
2006
  
2005
  
                   
Income from continuing operations
  
$
59,346
  
$
29,605
  
$
125,467
  
$
109,131
  
                           
Add:
                          
Portion of rents representative of the interest factor
    
233
    
227
    
723
    
694
  
Interest on indebtedness
    
37,709
    
33,202
    
106,887
    
96,525
  
Out-of-market mortgage adjustment
    
1,883
    
1,749
    
5,534
    
5,112
  
Preferred dividends
    
2,526
    
2,525
    
7,576
    
7,576
  
Net income as adjusted
  
$
101,697
  
$
67,308
  
$
246,187
  
$
219,038
  
                           
Fixed charges:
                          
Interest on indebtedness
  
$
37,709
  
$
33,202
  
$
106,887
  
$
96,525
  
Out-of-market mortgage adjustment
    
1,883
    
1,749
    
5,534
    
5,112
  
Capitalized interest
    
2,119
    
671
    
4,274
    
2,328
  
Preferred dividends
    
2,526
    
2,525
    
7,576
    
7,576
  
Portion of rents representative of the interest factor
    
233
    
227
    
723
    
694
  
Fixed charges
  
$
44,470
  
$
38,374
  
$
124,994
  
$
112,235
  
                           
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.29
    
1.75
    
1.97
    
1.95
  
                           
                           
Net income available to common shareholders
  
$
103,223
  
$
58,958
  
$
243,048
  
$
160,674
  
Depreciation and amortization
    
32,679
    
31,542
    
97,838
    
92,805
  
Gain on sale of property
    
(72,260
)
  
(27,881
)
  
(149,613
)
  
(67,591
)
Funds from operations
    
63,642
    
62,619
    
191,273
    
185,888
  
Add:
                          
Portion of rents representative of the interest factor
    
233
    
227
    
723
    
694
  
Preferred dividends
    
2,526
    
2,525
    
7,576
    
7,576
  
Interest on indebtedness
    
37,709
    
33,202
    
106,887
    
96,525
  
Out-of-market mortgage adjustment
    
1,883
    
1,749
    
5,534
    
5,112
  
Funds from operations as adjusted
  
$
105,993
  
$
100,322
  
$
311,993
  
$
295,795
  
                           
                           
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.38
    
2.61
    
2.50
    
2.64