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,
  
   
2005
  
2004
  
2003
  
2002
  
2001
  
                       
Income from continuing operations
  
$
137,420
  
$
97,859
  
$
90,961
  
$
90,277
  
$
85,990
  
                                 
Add:
                                
Portion of rents representative of the interest factor
    
961
    
963
    
1,030
    
914
    
945
  
Interest on indebtedness
    
130,761
    
117,096
    
90,269
    
67,177
    
55,840
  
Out-of-market mortgage adjustment
    
6,927
    
4,988
    
975
              
Preferred dividends
    
10,101
    
7,470
    
15,912
    
19,756
    
19,703
  
Net income as adjusted
  
$
286,170
  
$
228,376
  
$
199,147
  
$
178,124
  
$
162,478
  
                                 
Fixed charges:
                                
Interest on indebtedness
  
$
130,761
  
$
117,096
  
$
90,269
  
$
67,177
  
$
55,840
  
Out-of-market mortgage adjustment
    
6,927
    
4,988
    
975
              
Capitalized interest
    
2,629
    
4,992
    
6,361
    
9,642
    
9,698
  
Preferred dividends
    
10,101
    
7,470
    
15,912
    
19,756
    
19,703
  
Portion of rents representative of the interest factor
    
961
    
963
    
1,030
    
914
    
945
  
Fixed charges
  
$
151,379
  
$
135,509
  
$
114,547
  
$
97,489
  
$
86,186
  
                                 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
1.89
    
1.69
    
1.74
    
1.83
    
1.89
  
                                 
                                 
Net income available to common shareholders
  
$
209,552
  
$
133,911
  
$
97,880
  
$
112,111
  
$
88,839
  
Depreciation and amortization
    
122,277
    
111,809
    
88,853
    
76,855
    
67,803
  
Gain on sale of properties
    
(87,561
)
  
(26,316
)
  
(7,273
)
  
(18,614
)
  
(9,795
)
Funds from operations
    
244,268
    
219,404
    
179,460
    
170,352
    
146,847
  
Add:
                                
Portion of rents representative of the interest factor
    
961
    
963
    
1,030
    
914
    
945
  
Preferred dividends
    
10,101
    
7,470
    
15,912
    
19,756
    
19,703
  
Interest on indebtedness
    
130,761
    
117,096
    
90,269
    
67,177
    
55,840
  
Out-of-market mortgage adjustment
    
6,927
    
4,988
    
975
              
Funds from operations as adjusted
  
$
393,018
  
$
349,921
  
$
287,646
  
$
258,199
  
$
223,335
  
                                 
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.60
    
2.58
    
2.51
    
2.65
    
2.59