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)
Three months ended | |||||||
March 31, | |||||||
2005 | 2004 | ||||||
Net income available to common shareholders | $ | 34,037 | $ | 27,143 | |||
Add: | |||||||
Portion of rents representative of the interest factor | 234 | 241 | |||||
Interest on indebtedness | 30,603 | 27,733 | |||||
Preferred dividends | 2,525 | 1,266 | |||||
Amortization of debt cost | 433 | 349 | |||||
Net income as adjusted | $ | 67,832 | $ | 56,732 | |||
Fixed charges and preferred dividends: | |||||||
Interest on indebtedness | $ | 30,603 | $ | 27,733 | |||
Capitalized interest | 700 | 1,342 | |||||
Preferred dividends | 2,525 | 1,266 | |||||
Amortization of debt cost | 433 | 349 | |||||
Portion of rents representative of the interest factor | 234 | 241 | |||||
Fixed charges and preferred dividends | $ | 34,495 | $ | 30,931 | |||
RATIO OF EARNINGS TO COMBINED FIXED | |||||||
CHARGES AND PREFERRED DIVIDENDS | 1.97 | 1.83 | |||||
Net income available to common shareholders | $ | 34,037 | $ | 27,143 | |||
Depreciation and amortization | 29,216 | 25,411 | |||||
Gain on sale of properties | (4,090 | ) | (317 | ) | |||
Funds from operations | 59,163 | 52,237 | |||||
Add: | |||||||
Portion of rents representative of the interest factor | 234 | 241 | |||||
Preferred dividends | 2,525 | 1,266 | |||||
Interest on indebtedness | 30,603 | 27,733 | |||||
Amortization of debt cost | 433 | 349 | |||||
Funds from operations as adjusted | $ | 92,958 | $ | 81,826 | |||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED | |||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | 2.69 | 2.65 |