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 | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Net income available to common shareholders | $ | 58,958 | $ | 28,810 | $ | 160,674 | $ | 91,870 | |||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 227 | 222 | 694 | 659 | |||||||||
Interest on indebtedness | 32,795 | 29,826 | 95,285 | 85,699 | |||||||||
Preferred dividends | 2,525 | 2,428 | 7,576 | 4,959 | |||||||||
Amortization of debt cost | 407 | 425 | 1,240 | 1,225 | |||||||||
Net income as adjusted | $ | 94,912 | $ | 61,711 | $ | 265,469 | $ | 184,412 | |||||
Fixed charges and preferred dividends: | |||||||||||||
Interest on indebtedness | $ | 32,795 | $ | 29,826 | $ | 95,285 | $ | 85,699 | |||||
Capitalized interest | 671 | 1,096 | 2,328 | 3,802 | |||||||||
Preferred dividends | 2,525 | 2,428 | 7,576 | 4,959 | |||||||||
Amortization of debt cost | 407 | 425 | 1,240 | 1,225 | |||||||||
Portion of rents representative of the interest factor | 227 | 222 | 694 | 659 | |||||||||
Fixed charges and preferred dividends | $ | 36,625 | $ | 33,997 | $ | 107,123 | $ | 96,344 | |||||
RATIO OF EARNINGS TO COMBINED FIXED | |||||||||||||
CHARGES AND PREFERRED DIVIDENDS | 2.59 | 1.82 | 2.48 | 1.91 | |||||||||
Net income available to common shareholders | $ | 58,958 | $ | 28,810 | $ | 160,674 | $ | 91,870 | |||||
Depreciation and amortization | 30,681 | 28,807 | 90,283 | 81,946 | |||||||||
Gain on sale of property | (27,966 | ) | (368 | ) | (67,676 | ) | (14,193 | ) | |||||
Funds from operations | 61,673 | 57,249 | 183,281 | 159,623 | |||||||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 227 | 222 | 694 | 659 | |||||||||
Preferred dividends | 2,525 | 2,428 | 7,576 | 4,959 | |||||||||
Interest on indebtedness | 32,795 | 29,826 | 95,285 | 85,699 | |||||||||
Amortization of debt cost | 407 | 425 | 1,240 | 1,225 | |||||||||
Funds from operations as adjusted | $ | 97,627 | $ | 90,150 | $ | 288,076 | $ | 252,165 | |||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED | |||||||||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | 2.67 | 2.65 | 2.69 | 2.62 |