EX-12.1 6 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,
  
   
2006
  
2005
  
2004
  
2003
  
2002
  
                       
Income from continuing operations
  
$
151,626
  
$
136,173
  
$
96,612
  
$
89,290
  
$
88,510
  
                                 
Add:
                                
Portion of rents representative of the interest factor
    
1,062
    
961
    
963
    
1,030
    
914
  
Interest on indebtedness
    
146,943
    
130,761
    
117,096
    
90,269
    
67,171
  
Out-of-market mortgage adjustment
    
7,335
    
6,927
    
4,988
    
975
        
Preferred dividends
    
10,101
    
10,101
    
7,470
    
15,912
    
19,756
  
Net income as adjusted
  
$
317,067
  
$
284,923
  
$
227,129
  
$
197,476
  
$
176,351
  
                                 
Fixed charges:
                                
Interest on indebtedness
  
$
146,943
  
$
130,761
  
$
117,096
  
$
90,269
  
$
67,171
  
Out-of-market mortgage adjustment
    
7,335
    
6,927
    
4,988
    
975
        
Capitalized interest
    
7,616
    
2,629
    
4,992
    
6,361
    
9,642
  
Preferred dividends
    
10,101
    
10,101
    
7,470
    
15,912
    
19,756
  
Portion of rents representative of the interest factor
    
1,062
    
961
    
963
    
1,030
    
914
  
Fixed charges
  
$
173,057
  
$
151,379
  
$
135,509
  
$
114,547
  
$
97,483
  
                                 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
1.83
    
1.88
    
1.68
    
1.72
    
1.81
  
                                 
                                 
Net income available to common shareholders
  
$
294,909
  
$
209,552
  
$
133,911
  
$
97,880
  
$
112,111
  
Depreciation and amortization
    
131,792
    
125,742
    
114,342
    
90,367
    
78,111
  
Gain on sale of properties
    
(172,056
)
  
(87,561
)
  
(26,316
)
  
(7,273
)
  
(18,614
)
Funds from operations
    
254,645
    
247,733
    
221,937
    
180,974
    
171,608
  
Add:
                                
Portion of rents representative of the interest factor
    
1,062
    
961
    
963
    
1,030
    
914
  
Preferred dividends
    
10,101
    
10,101
    
7,470
    
15,912
    
19,756
  
Interest on indebtedness
    
146,943
    
130,761
    
117,096
    
90,269
    
67,171
  
Out-of-market mortgage adjustment
    
7,335
    
6,927
    
4,988
    
975
        
Funds from operations as adjusted
  
$
420,086
  
$
396,483
  
$
352,454
  
$
289,160
  
$
259,449
  
                                 
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.43
    
2.62
    
2.60
    
2.52
    
2.66