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)
Year Ended December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||
Income from continuing operations | $ | 137,420 | $ | 97,859 | $ | 90,961 | $ | 90,277 | $ | 85,990 | ||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 961 | 963 | 1,030 | 914 | 945 | |||||||||||
Interest on indebtedness | 130,761 | 117,096 | 90,269 | 67,177 | 55,840 | |||||||||||
Out-of-market mortgage adjustment | 6,927 | 4,988 | 975 | |||||||||||||
Preferred dividends | 10,101 | 7,470 | 15,912 | 19,756 | 19,703 | |||||||||||
Net income as adjusted | $ | 286,170 | $ | 228,376 | $ | 199,147 | $ | 178,124 | $ | 162,478 | ||||||
Fixed charges: | ||||||||||||||||
Interest on indebtedness | $ | 130,761 | $ | 117,096 | $ | 90,269 | $ | 67,177 | $ | 55,840 | ||||||
Out-of-market mortgage adjustment | 6,927 | 4,988 | 975 | |||||||||||||
Capitalized interest | 2,629 | 4,992 | 6,361 | 9,642 | 9,698 | |||||||||||
Preferred dividends | 10,101 | 7,470 | 15,912 | 19,756 | 19,703 | |||||||||||
Portion of rents representative of the interest factor | 961 | 963 | 1,030 | 914 | 945 | |||||||||||
Fixed charges | $ | 151,379 | $ | 135,509 | $ | 114,547 | $ | 97,489 | $ | 86,186 | ||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 1.89 | 1.69 | 1.74 | 1.83 | 1.89 | |||||||||||
Net income available to common shareholders | $ | 209,552 | $ | 133,911 | $ | 97,880 | $ | 112,111 | $ | 88,839 | ||||||
Depreciation and amortization | 122,277 | 111,809 | 88,853 | 76,855 | 67,803 | |||||||||||
Gain on sale of properties | (87,561 | ) | (26,316 | ) | (7,273 | ) | (18,614 | ) | (9,795 | ) | ||||||
Funds from operations | 244,268 | 219,404 | 179,460 | 170,352 | 146,847 | |||||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 961 | 963 | 1,030 | 914 | 945 | |||||||||||
Preferred dividends | 10,101 | 7,470 | 15,912 | 19,756 | 19,703 | |||||||||||
Interest on indebtedness | 130,761 | 117,096 | 90,269 | 67,177 | 55,840 | |||||||||||
Out-of-market mortgage adjustment | 6,927 | 4,988 | 975 | |||||||||||||
Funds from operations as adjusted | $ | 393,018 | $ | 349,921 | $ | 287,646 | $ | 258,199 | $ | 223,335 | ||||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 2.60 | 2.58 | 2.51 | 2.65 | 2.59 |