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, | ||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||
| Income from continuing operations | $ | 151,626 | $ | 136,173 | $ | 96,612 | $ | 89,290 | $ | 88,510 | ||||||
| Add: | ||||||||||||||||
| Portion of rents representative of the interest factor | 1,062 | 961 | 963 | 1,030 | 914 | |||||||||||
| Interest on indebtedness | 146,943 | 130,761 | 117,096 | 90,269 | 67,171 | |||||||||||
| Out-of-market mortgage adjustment | 7,335 | 6,927 | 4,988 | 975 | ||||||||||||
| Preferred dividends | 10,101 | 10,101 | 7,470 | 15,912 | 19,756 | |||||||||||
| Net income as adjusted | $ | 317,067 | $ | 284,923 | $ | 227,129 | $ | 197,476 | $ | 176,351 | ||||||
| Fixed charges: | ||||||||||||||||
| Interest on indebtedness | $ | 146,943 | $ | 130,761 | $ | 117,096 | $ | 90,269 | $ | 67,171 | ||||||
| Out-of-market mortgage adjustment | 7,335 | 6,927 | 4,988 | 975 | ||||||||||||
| Capitalized interest | 7,616 | 2,629 | 4,992 | 6,361 | 9,642 | |||||||||||
| Preferred dividends | 10,101 | 10,101 | 7,470 | 15,912 | 19,756 | |||||||||||
| Portion of rents representative of the interest factor | 1,062 | 961 | 963 | 1,030 | 914 | |||||||||||
| Fixed charges | $ | 173,057 | $ | 151,379 | $ | 135,509 | $ | 114,547 | $ | 97,483 | ||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 1.83 | 1.88 | 1.68 | 1.72 | 1.81 | |||||||||||
| Net income available to common shareholders | $ | 294,909 | $ | 209,552 | $ | 133,911 | $ | 97,880 | $ | 112,111 | ||||||
| Depreciation and amortization | 131,792 | 125,742 | 114,342 | 90,367 | 78,111 | |||||||||||
| Gain on sale of properties | (172,056 | ) | (87,561 | ) | (26,316 | ) | (7,273 | ) | (18,614 | ) | ||||||
| Funds from operations | 254,645 | 247,733 | 221,937 | 180,974 | 171,608 | |||||||||||
| Add: | ||||||||||||||||
| Portion of rents representative of the interest factor | 1,062 | 961 | 963 | 1,030 | 914 | |||||||||||
| Preferred dividends | 10,101 | 10,101 | 7,470 | 15,912 | 19,756 | |||||||||||
| Interest on indebtedness | 146,943 | 130,761 | 117,096 | 90,269 | 67,171 | |||||||||||
| Out-of-market mortgage adjustment | 7,335 | 6,927 | 4,988 | 975 | ||||||||||||
| Funds from operations as adjusted | $ | 420,086 | $ | 396,483 | $ | 352,454 | $ | 289,160 | $ | 259,449 | ||||||
| RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 2.43 | 2.62 | 2.60 | 2.52 | 2.66 | |||||||||||