EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS OF EARNINGS AND FUNDS FROM OPERATIONS
TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in thousands)
Year Ended December 31, | ||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||
Net income available to common shareholders | $ | 133,911 | $ | 97,880 | $ | 112,111 | $ | 88,839 | $ | 58,961 | ||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 897 | 920 | 912 | 940 | 837 | |||||||||||
Interest on indebtedness | 115,506 | 88,871 | 65,863 | 54,473 | 43,190 | |||||||||||
Preferred dividends | 7,470 | 15,912 | 19,756 | 19,703 | 20,040 | |||||||||||
Amortization of debt cost | 1,656 | 1,508 | 1,316 | 1,372 | 431 | |||||||||||
Net income as adjusted | $ | 259,440 | $ | 205,091 | $ | 199,958 | $ | 165,327 | $ | 123,459 | ||||||
Fixed charges: | ||||||||||||||||
Interest on indebtedness | $ | 115,506 | $ | 88,871 | $ | 65,863 | $ | 54,473 | $ | 43,190 | ||||||
Capitalized interest | 4,992 | 6,361 | 9,642 | 9,698 | 4,204 | |||||||||||
Preferred dividends | 7,470 | 15,912 | 19,756 | 19,703 | 20,040 | |||||||||||
Amortization of debt cost | 1,656 | 1,508 | 1,316 | 1,372 | 431 | |||||||||||
Portion of rents representative of the interest factor | 897 | 920 | 912 | 940 | 837 | |||||||||||
Fixed charges | $ | 130,521 | $ | 113,572 | $ | 97,489 | $ | 86,186 | $ | 68,702 | ||||||
RATIO OF EARNINGS TO COMBINED FIXED | ||||||||||||||||
CHARGES AND PREFERRED DIVIDENDS | 1.99 | 1.81 | 2.05 | 1.92 | 1.80 | |||||||||||
Net income available to common shareholders | $ | 133,911 | $ | 97,880 | $ | 112,111 | $ | 88,839 | $ | 58,961 | ||||||
Depreciation and amortization | 111,809 | 88,853 | 76,855 | 67,803 | 55,344 | |||||||||||
Gain on sale of properties | (26,316 | ) | (7,273 | ) | (18,614 | ) | (9,795 | ) | (382 | ) | ||||||
Funds from operations | 219,404 | 179,460 | 170,352 | 146,847 | 113,923 | |||||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 897 | 920 | 912 | 940 | 837 | |||||||||||
Preferred dividends | 7,470 | 15,912 | 19,756 | 19,703 | 20,040 | |||||||||||
Interest on indebtedness | 115,506 | 88,871 | 65,863 | 54,473 | 43,190 | |||||||||||
Amortization of debt cost | 1,656 | 1,508 | 1,316 | 1,372 | 431 | |||||||||||
Funds from operations as adjusted | $ | 344,933 | $ | 286,671 | $ | 258,199 | $ | 223,335 | $ | 178,421 | ||||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED | ||||||||||||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | 2.64 | 2.52 | 2.65 | 2.59 | 2.60 |