EX-12.1 6 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
 

 
                             
                               
WEINGARTEN REALTY INVESTORS
  
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
  
AND PREFERRED DIVIDENDS
  
(Amounts in thousands)
  
                               
                               
       
   
Year Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Income from continuing operations
   $ 91,085     $ 72,258     $ 132,412     $ 107,228     $ 96,306  
Equity in earnings of real estate joint ventures and partnerships, net
     (5,548 )     (12,196 )     (19,853 )     (14,655 )     (6,610 )
Provision (benefit) for income taxes
     6,338       (10,219 )     4,073       1,366          
Gain on sale of property
     25,266       1,998       4,086       22,493       22,306  
Fixed charges
     199,078       212,651       207,765       166,831       142,256  
Amortization of capitalized interest
     2,221       2,307       2,084       2,234       2,366  
Distributions of income from real estate joint ventures and partnerships
     2,841       3,602       6,251       2,524       2,603  
Capitalized interest
     (8,716 )     (20,290 )     (25,025 )     (7,616 )     (2,629 )
Preferred dividends
     (35,476 )     (34,711 )     (25,375 )     (10,101 )     (10,101 )
    Net income as adjusted
   $ 277,089     $ 215,400     $ 286,418     $ 270,304     $ 246,497  
                                         
Fixed charges:
                                        
Interest on indebtedness, net
   $ 153,207     $ 156,318     $ 156,248     $ 148,052     $ 128,565  
Capitalized interest
     8,716       20,290       25,025       7,616       2,629  
Preferred dividends
     35,476       34,711       25,375       10,101       10,101  
Portion of rents representative of the interest factor
     1,679       1,332       1,117       1,062       961  
    Fixed charges
   $ 199,078     $ 212,651     $ 207,765     $ 166,831     $ 142,256  
                                         
                                       
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
   $ 1.39     $ 1.01     $ 1.38     $ 1.62     $ 1.73  
                                         
                                         
RATIO OF EARNINGS TO FIXED CHARGES
   $ 1.69     $ 1.21     $ 1.57     $ 1.72     $ 1.87