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, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income from continuing operations | $ | 151,219 | $ | 142,456 | $ | 127,482 | $ | 88,442 | $ | 84,492 | ||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 1,117 | 1,062 | 961 | 963 | 1,030 | |||||||||||||||
Interest on indebtedness | 148,829 | 145,374 | 129,160 | 116,142 | 90,214 | |||||||||||||||
Out-of-market mortgage adjustment | 6,758 | 7,464 | 7,056 | 5,073 | 975 | |||||||||||||||
Preferred Dividends | 25,375 | 10,101 | 10,101 | 7,470 | 15,912 | |||||||||||||||
Income from continuing operations as adjusted | $ | 333,298 | $ | 306,457 | $ | 274,760 | $ | 218,090 | $ | 192,623 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on indebtedness | $ | 148,829 | $ | 145,374 | $ | 129,160 | $ | 116,142 | $ | 90,214 | ||||||||||
Out-of-market mortgage adjustment | 6,758 | 7,464 | 7,056 | 5,073 | 975 | |||||||||||||||
Capitalized interest | 25,025 | 7,616 | 2,629 | 4,992 | 6,361 | |||||||||||||||
Preferred Dividends | 25,375 | 10,101 | 10,101 | 7,470 | 15,912 | |||||||||||||||
Portion of rents representative of the interest factor | 1,117 | 1,062 | 961 | 963 | 1,030 | |||||||||||||||
Fixed charges | $ | 207,104 | $ | 171,617 | $ | 149,907 | $ | 134,640 | $ | 114,492 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 1.61 | 1.79 | 1.83 | 1.62 | 1.68 | |||||||||||||||
Net income available to common shareholders | $ | 212,642 | $ | 294,909 | $ | 209,552 | $ | 133,911 | $ | 97,880 | ||||||||||
Depreciation and amortization | 141,150 | 131,792 | 125,742 | 114,342 | 90,367 | |||||||||||||||
Gain on sale of property | (86,076 | ) | (172,056 | ) | (87,561 | ) | (26,316 | ) | (7,273 | ) | ||||||||||
Funds from operations | 267,716 | 254,645 | 247,733 | 221,937 | 180,974 | |||||||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 1,117 | 1,062 | 961 | 963 | 1,030 | |||||||||||||||
Preferred dividends | 25,375 | 10,101 | 10,101 | 7,470 | 15,912 | |||||||||||||||
Interest on indebtedness | 148,829 | 145,374 | 129,160 | 116,142 | 90,214 | |||||||||||||||
Out-of-market mortgage adjustment | 6,758 | 7,464 | 7,056 | 5,073 | 975 | |||||||||||||||
Funds from operations as adjusted | $ | 449,795 | $ | 418,646 | $ | 395,011 | $ | 351,585 | $ | 289,105 | ||||||||||
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | 2.17 | 2.44 | 2.64 | 2.61 | 2.53 |
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10-K Filing
Weingarten Realty Investors (WRI) 10-K2007 FY Annual report
Filed: 29 Feb 08, 12:00am