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, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Income from continuing operations | $ | 35,622 | $ | 29,664 | $ | 72,431 | $ | 62,070 | ||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 283 | 247 | 540 | 490 | ||||||||||||
Interest on indebtedness | 35,653 | 34,331 | 71,719 | 68,361 | ||||||||||||
Out-of-market mortgage adjustment | 1,817 | 1,873 | 3,635 | 3,747 | ||||||||||||
Preferred dividends | 5,775 | 2,525 | 10,503 | 5,050 | ||||||||||||
Net income as adjusted | $ | 79,150 | $ | 68,640 | $ | 158,828 | $ | 139,718 | ||||||||
Fixed charges: | ||||||||||||||||
Interest on indebtedness | $ | 35,653 | $ | 34,331 | $ | 71,719 | $ | 68,361 | ||||||||
Out-of-market mortgage adjustment | 1,817 | 1,873 | 3,635 | 3,747 | ||||||||||||
Capitalized interest | 6,636 | 1,346 | 12,491 | 2,155 | ||||||||||||
Preferred dividends | 5,775 | 2,525 | 10,503 | 5,050 | ||||||||||||
Portion of rents representative of the interest factor | 283 | 247 | 540 | 490 | ||||||||||||
Fixed charges | $ | 50,164 | $ | 40,322 | $ | 98,888 | $ | 79,803 | ||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||
CHARGES AND PREFERRED DIVIDENDS | 1.58 | 1.70 | 1.61 | 1.75 | ||||||||||||
Net income available to common shareholders | $ | 70,002 | $ | 87,741 | $ | 116,659 | $ | 139,825 | ||||||||
Depreciation and amortization | 34,438 | 32,710 | 68,474 | 65,158 | ||||||||||||
Gain on sale of properties | (38,253 | ) | (58,654 | ) | (53,198 | ) | (77,353 | ) | ||||||||
Funds from operations | 66,187 | 61,797 | 131,935 | 127,630 | ||||||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 283 | 247 | 540 | 490 | ||||||||||||
Preferred dividends | 5,775 | 2,525 | 10,503 | 5,050 | ||||||||||||
Interest on indebtedness | 35,653 | 34,331 | 71,719 | 68,361 | ||||||||||||
Out-of-market mortgage adjustment | 1,817 | 1,873 | 3,635 | 3,747 | ||||||||||||
Funds from operations as adjusted | $ | 109,715 | $ | 100,773 | $ | 218,332 | $ | 205,278 | ||||||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED | ||||||||||||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | 2.19 | 2.50 | 2.21 | 2.57 |
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10-Q Filing
Weingarten Realty Investors (WRI) 10-Q2007 Q2 Quarterly report
Filed: 9 Aug 07, 12:00am