EX-12.1 4 wri-20121231x10kxexh121.htm EXHIBIT 12.1 WRI-2012.12.31-10K-Exh121


EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
 
 
Year Ended December 31,
 
2012
  
2011
  
2010
  
2009
  
2008
Income (loss) from continuing operations
$
72,187

 
$
(6,531
)
 
$
20,935

 
$
61,340

 
$
40,333

Equity in losses (earnings) of real estate joint ventures
 and partnerships, net
1,558

 
(7,834
)
 
(12,889
)
 
(5,548
)
 
(12,196
)
Provision (benefit) for income taxes
79

 
146

 
(82
)
 
5,980

 
(10,542
)
Gain on sale of property
1,034

 
1,679

 
2,005

 
25,075

 
1,998

Fixed charges
120,821

 
143,836

 
150,546

 
159,657

 
173,375

Amortization of capitalized interest
2,510

 
2,464

 
2,248

 
1,957

 
1,899

Distributions of income from real estate joint ventures
 and partnerships
3,141

 
2,186

 
1,733

 
2,841

 
3,602

Capitalized interest
(3,125
)
 
(2,329
)
 
(3,405
)
 
(8,716
)
 
(20,291
)
Net income as adjusted
$
198,205

  
$
133,617

  
$
161,091

  
$
242,586

  
$
178,178

Fixed charges:
 
  
 
  
 
  
 
  
 
Interest on indebtedness, net
$
115,812

 
$
139,717

 
$
145,391

 
$
149,265

 
$
151,756

Capitalized interest
3,125

 
2,329

 
3,405

 
8,716

 
20,291

Portion of rents representative of the interest factor
1,884

 
1,790

 
1,750

 
1,676

 
1,328

Fixed charges
120,821

  
143,836

  
150,546

  
159,657

  
173,375

Preferred dividends
34,930

 
35,476

 
35,476

 
35,476

 
34,711

Combined fixed charges and preferred dividends
$
155,751

 
$
179,312

 
$
186,022

 
$
195,133

 
$
208,086

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (1)
$
1.64

  
$
0.93

  
$
1.07

  
$
1.52

  
$
1.03

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
   AND PREFERRED DIVIDENDS (2)
$
1.27

  
$
0.75

  
$
0.87

  
$
1.24

  
$
0.86

____________________
(1)
The deficiency for the year ended December 31, 2011 is $10.2 million, which represents the dollar amount by which the ratio is less than one.
(2)
The deficiency for the year ended December 31, 2011, 2010 and 2008 is $45.7 million, $24.9 million and $29.9 million, respectively, which represents the dollar amount by which the ratio is less than one.