EX-12.1 2 wri-20151231x10kxexh121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Income (loss) from continuing operations
$
121,601

 
$
116,365

 
$
132,977

 
$
56,880

 
$
(14,088
)
Equity in (earnings) losses of real estate joint ventures
and partnerships, net
(19,300
)
 
(22,317
)
 
(35,112
)
 
1,558

 
(7,834
)
Provision (benefit) for income taxes
52

 
(1,261
)
 
7,046

 
(75
)
 
(3
)
Gain on sale of property
59,621

 
146,290

 
762

 
1,004

 
1,304

Fixed charges
92,107

 
99,806

 
108,109

 
121,462

 
145,844

Amortization of capitalized interest
2,114

 
2,142

 
2,401

 
2,385

 
2,336

Distributions of income from real estate joint ventures
and partnerships
1,216

 
4,058

 
3,498

 
3,141

 
2,186

Capitalized interest
(3,252
)
 
(3,302
)
 
(2,403
)
 
(3,125
)
 
(2,329
)
Net income as adjusted
$
254,159

 
$
341,781

 
$
217,278

 
$
183,230

 
$
127,416

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on indebtedness, net
$
87,783

 
$
94,744

 
$
103,839

 
$
116,463

 
$
141,736

Capitalized interest
3,252

 
3,302

 
2,403

 
3,125

 
2,329

Portion of rents representative of the interest factor
1,072

 
1,760

 
1,867

 
1,874

 
1,779

Fixed charges
92,107

 
99,806

 
108,109

 
121,462

 
145,844

Preferred dividends
3,830

 
10,840

 
18,173

 
34,930

 
35,476

Combined fixed charges and preferred dividends
$
95,937

 
$
110,646

 
$
126,282

 
$
156,392

 
$
181,320

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (1)
2.76x

 
3.42x

 
2.01x

 
1.51x

 
0.87x

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS (2)
2.65x

 
3.09x

 
1.72x

 
1.17x

 
0.70x

____________________
(1)
The deficiency for the year ended December 31, 2011 is $18.4 million, which represents the dollar amount by which the ratio is less than one.
(2)
The deficiency for the year ended December 31, 2011 is $53.9 million, which represents the dollar amount by which the ratio is less than one.