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 | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Net income available to common shareholders | $ | 67,679 | $ | 35,917 | $ | 101,716 | $ | 63,060 | |||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 233 | 196 | 467 | 437 | |||||||||
Interest on indebtedness | 31,887 | 28,140 | 62,490 | 55,873 | |||||||||
Preferred dividends | 2,526 | 1,265 | 5,051 | 2,531 | |||||||||
Amortization of debt cost | 400 | 451 | 833 | 800 | |||||||||
Net income as adjusted | $ | 102,725 | $ | 65,969 | $ | 170,557 | $ | 122,701 | |||||
Fixed charges and preferred dividends: | |||||||||||||
Interest on indebtedness | $ | 31,887 | $ | 28,140 | $ | 62,490 | $ | 55,873 | |||||
Capitalized interest | 957 | 1,364 | 1,657 | 2,706 | |||||||||
Preferred dividends | 2,526 | 1,265 | 5,051 | 2,531 | |||||||||
Amortization of debt cost | 400 | 451 | 833 | 800 | |||||||||
Portion of rents representative of the interest factor | 233 | 196 | 467 | 437 | |||||||||
Fixed charges and preferred dividends | $ | 36,003 | $ | 31,416 | $ | 70,498 | $ | 62,347 | |||||
RATIO OF EARNINGS TO COMBINED FIXED | |||||||||||||
CHARGES AND PREFERRED DIVIDENDS | 2.85 | 2.10 | 2.42 | 1.97 | |||||||||
Net income available to common shareholders | $ | 67,679 | $ | 35,917 | $ | 101,716 | $ | 63,060 | |||||
Depreciation and amortization | 30,386 | 27,728 | 59,602 | 53,139 | |||||||||
Gain on sale of property | (35,620 | ) | (13,508 | ) | (39,710 | ) | (13,825 | ) | |||||
Funds from operations | 62,445 | 50,137 | 121,608 | 102,374 | |||||||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 233 | 196 | 467 | 437 | |||||||||
Preferred dividends | 2,526 | 1,265 | 5,051 | 2,531 | |||||||||
Interest on indebtedness | 31,887 | 28,140 | 62,490 | 55,873 | |||||||||
Amortization of debt cost | 400 | 451 | 833 | 800 | |||||||||
Funds from operations as adjusted | $ | 97,491 | $ | 80,189 | $ | 190,449 | $ | 162,015 | |||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED | |||||||||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | 2.71 | 2.55 | 2.70 | 2.60 |