EX-12 3 doc2.txt EXHIBIT 12
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 Six Months Ended June 30, June 30, ----------------------- --------------------- 2001 2000 2001 2000 ----------- ---------- --------- ---------- Net income available to common shareholders $ 20,971 $ 14,968 $ 41,363 $ 29,409 Add: Portion of rents representative of the interest factor 220 216 471 433 Interest on indebtedness 14,522 10,426 25,395 20,472 Preferred dividends 5,010 5,010 10,020 10,020 Amortization of debt cost 249 116 562 202 ----------- ---------- --------- ---------- Net income as adjusted $ 40,972 $ 30,736 $ 77,811 $ 60,536 =========== ========== ========= ========== Fixed charges: Interest on indebtedness $ 14,522 $ 10,426 $ 25,395 $ 20,472 Capitalized interest 2,355 1,015 4,336 1,625 Preferred dividends 5,010 5,010 10,020 10,020 Amortization of debt cost 249 116 562 202 Portion of rents representative of the interest factor 220 216 471 433 ----------- ---------- --------- ---------- Fixed charges $ 22,356 $ 16,783 $ 40,784 $ 32,752 =========== ========== ========= ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS 1.83 1.83 1.91 1.85 =========== ========== ========= ========== Net income available to common shareholders $ 20,971 $ 14,968 $ 41,363 $ 29,409 Depreciation and amortization 16,714 13,122 32,387 26,226 Gain on sales of property (674) (4,984) ----------- ---------- --------- ---------- Funds from operations 37,011 28,090 68,766 55,635 Add: Portion of rents representative of the interest factor 220 216 471 433 Preferred dividends 5,010 5,010 10,020 10,020 Interest on indebtedness 14,522 10,426 25,395 20,472 Amortization of debt cost 249 116 562 202 ----------- ---------- --------- ---------- Funds from operations as adjusted $ 57,012 $ 43,858 $105,214 $ 86,762 =========== ========== ========= ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS 2.55 2.61 2.58 2.65 =========== ========== ========= ==========