EX-12.1 2 exhibit12_1.htm EXHIBIT 12.1 Documents

       
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,
  
   
2007
  
2006
  
Income from continuing operations
  
$
36,985
  
$
32,592
  
               
Add:
              
Portion of rents representative of the interest factor
    
257
   
243
 
Interest on indebtedness
    
36,473
   
34,437
 
Out-of-market mortgage adjustment
    
1,770
   
1,826
 
Preferred Dividends
    
4,728
   
2,525
 
Net income as adjusted
  
$
80,213
  
$
71,623
  
               
Fixed charges:
              
Interest on indebtedness
  
$
36,473
  
$
34,437
  
Out-of-market mortgage adjustment
    
1,770
   
1,826
 
Capitalized interest
    
5,855
   
809
 
Preferred Dividends
    
4,728
   
2,525
 
Portion of rents representative of the interest factor
    
257
   
243
 
Fixed charges
  
$
49,083
  
$
39,840
  
               
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
              
CHARGES AND PREFERRED DIVIDENDS
    
1.63
   
1.80
 
               
               
Net income available to common shareholders
  
$
46,657
  
$
52,084
  
Depreciation and amortization
    
34,036
   
32,449
 
Gain on sale of property
   
(14,945
)
  
(18,699
)
Funds from operations
    
65,748
   
65,834
 
Add:
              
Portion of rents representative of the interest factor
    
257
   
243
 
Preferred dividends
    
4,728
   
2,525
 
Interest on indebtedness
    
36,473
   
34,437
 
Out-of-market mortgage adjustment
    
1,770
   
1,826
 
Funds from operations as adjusted
  
$
108,976
  
$
104,865
  
               
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
              
FIXED CHARGES AND PREFERRED DIVIDENDS
    
2.22
   
2.63