EX-12.1 3 wri-20131231x10kxexh121.htm EXHIBIT 12.1 WRI-2013.12.31-10K-Exh12.1


EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
 
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) from continuing operations
$
135,372

 
$
60,511

 
$
(12,202
)
 
$
7,179

 
$
27,104

Equity in (earnings) losses of real estate joint ventures
 and partnerships, net
(35,112
)
 
1,558

 
(7,834
)
 
(12,889
)
 
(5,548
)
Provision (benefit) for income taxes
7,051

 
(70
)
 
2

 
(291
)
 
5,871

Gain on sale of property
762

 
1,004

 
1,304

 
2,005

 
24,494

Fixed charges
101,723

 
111,809

 
134,597

 
140,819

 
156,531

Amortization of capitalized interest
2,412

 
2,397

 
2,347

 
2,129

 
1,843

Distributions of income from real estate joint ventures
 and partnerships
3,498

 
3,141

 
2,186

 
1,733

 
2,841

Capitalized interest
(2,403
)
 
(3,125
)
 
(2,329
)
 
(3,405
)
 
(8,716
)
Net income as adjusted
$
213,303

 
$
177,225

 
$
118,071

 
$
137,280

 
$
204,420

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on indebtedness, net
$
97,444

 
$
106,800

 
$
130,478

 
$
135,664

 
$
146,139

Capitalized interest
2,403

 
3,125

 
2,329

 
3,405

 
8,716

Portion of rents representative of the interest factor
1,876

 
1,884

 
1,790

 
1,750

 
1,676

Fixed charges
101,723

 
111,809

 
134,597

 
140,819

 
156,531

Preferred dividends
18,173

 
34,930

 
35,476

 
35,476

 
35,476

Combined fixed charges and preferred dividends
$
119,896

 
$
146,739

 
$
170,073

 
$
176,295

 
$
192,007

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (1)
$
2.10

 
$
1.59

 
$
0.88

 
$
0.97

 
$
1.31

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
   AND PREFERRED DIVIDENDS (2)
$
1.78

 
$
1.21

 
$
0.69

 
$
0.78

 
$
1.06

____________________
(1)
The deficiency for the year ended December 31, 2011 and 2010 is $16.5 million and $3.5 million, respectively, which represents the dollar amount by which the ratio is less than one.
(2)
The deficiency for the year ended December 31, 2011 and 2010 is $52.0 million and $39.0 million, respectively, which represents the dollar amount by which the ratio is less than one.