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, | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
Income from continuing operations | $ | 32,817 | $ | 52,724 | $ | 68,350 | $ | 81,489 | |||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 247 | 233 | 490 | 467 | |||||||||
Interest on indebtedness | 34,741 | 32,287 | 69,178 | 63,323 | |||||||||
Out-of-market mortgage adjustment | 1,826 | 1,870 | 3,652 | 3,363 | |||||||||
Preferred dividends | 2,525 | 2,526 | 5,050 | 5,051 | |||||||||
Net income as adjusted | $ | 72,156 | $ | 89,640 | $ | 146,720 | $ | 153,693 | |||||
Fixed charges: | |||||||||||||
Interest on indebtedness | $ | 34,741 | $ | 32,287 | $ | 69,178 | $ | 63,323 | |||||
Out-of-market mortgage adjustment | 1,826 | 1,870 | 3,652 | 3,363 | |||||||||
Capitalized interest | 1,346 | 957 | 2,155 | 1,657 | |||||||||
Preferred dividends | 2,525 | 2,526 | 5,050 | 5,051 | |||||||||
Portion of rents representative of the interest factor | 247 | 233 | 490 | 467 | |||||||||
Fixed charges | $ | 40,685 | $ | 37,873 | $ | 80,525 | $ | 73,861 | |||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 1.77 | 2.37 | 1.82 | 2.08 | |||||||||
Net income available to common shareholders | $ | 87,741 | $ | 67,679 | $ | 139,825 | $ | 101,716 | |||||
Depreciation and amortization | 31,723 | 30,386 | 63,199 | 59,602 | |||||||||
Gain on sale of property | (58,654 | ) | (35,620 | ) | (77,353 | ) | (39,710 | ) | |||||
Funds from operations | 60,810 | 62,445 | 125,671 | 121,608 | |||||||||
Add: | |||||||||||||
Portion of rents representative of the interest factor | 247 | 233 | 490 | 467 | |||||||||
Preferred dividends | 2,525 | 2,526 | 5,050 | 5,051 | |||||||||
Interest on indebtedness | 34,741 | 32,287 | 69,178 | 63,323 | |||||||||
Out-of-market mortgage adjustment | 1,826 | 1,870 | 3,652 | 3,363 | |||||||||
Funds from operations as adjusted | $ | 100,149 | $ | 99,361 | $ | 204,041 | $ | 193,812 | |||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 2.46 | 2.62 | 2.53 | 2.62 |