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, | |||||||
2006 | 2005 | ||||||
Income from continuing operations | $ | 37,203 | $ | 30,487 | |||
Add: | |||||||
Portion of rents representative of the interest factor | 243 | 234 | |||||
Interest on indebtedness | 34,437 | 31,036 | |||||
Out-of-market mortgage adjustment | 1,826 | 1,493 | |||||
Preferred dividends | 2,525 | 2,525 | |||||
Net income as adjusted | $ | 76,234 | $ | 65,775 | |||
Fixed charges: | |||||||
Interest on indebtedness | $ | 34,437 | $ | 31,036 | |||
Out-of-market mortgage adjustment | 1,826 | 1,493 | |||||
Capitalized interest | 809 | 700 | |||||
Preferred dividends | 2,525 | 2,525 | |||||
Portion of rents representative of the interest factor | 243 | 234 | |||||
Fixed charges | $ | 39,840 | $ | 35,988 | |||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 1.91 | 1.83 | |||||
Net income available to common shareholders | $ | 52,084 | $ | 34,037 | |||
Depreciation and amortization | 31,476 | 29,216 | |||||
Gain on sale of properties | (18,699 | ) | (4,090 | ) | |||
Funds from operations | 64,861 | 59,163 | |||||
Add: | |||||||
Portion of rents representative of the interest factor | 243 | 234 | |||||
Preferred dividends | 2,525 | 2,525 | |||||
Interest on indebtedness | 34,437 | 31,036 | |||||
Out-of-market mortgage adjustment | 1,826 | 1,493 | |||||
Funds from operations as adjusted | $ | 103,892 | $ | 94,451 | |||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 2.61 | 2.62 |