EXHIBIT 12.1 | ||||||||||||||||||||
WEINGARTEN REALTY INVESTORS | ||||||||||||||||||||
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||||||
AND PREFERRED DIVIDENDS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income from continuing operations | $ | 145,412 | $ | 137,179 | $ | 122,428 | $ | 83,501 | $ | 77,876 | ||||||||||
Equity earnings of real estate joint ventures and partnerships, net | (19,853 | ) | (14,655 | ) | (6,610 | ) | (5,384 | ) | (4,681 | ) | ||||||||||
Income allocated to minority interests | 10,237 | 6,414 | 6,060 | 4,928 | 2,723 | |||||||||||||||
Provision for income taxes | 4,073 | 1,366 | ||||||||||||||||||
Fixed charges | 207,104 | 171,617 | 149,907 | 134,640 | 114,492 | |||||||||||||||
Amortization of capitalized interest | 2,084 | 2,234 | 2,366 | 2,360 | 1,698 | |||||||||||||||
Distributions of income from real estate joint ventures and partnerships | 6,251 | 2,524 | 2,603 | 1,204 | 1,543 | |||||||||||||||
Capitalized interest | (25,025 | ) | (7,616 | ) | (2,629 | ) | (4,992 | ) | (6,361 | ) | ||||||||||
Preferred dividends | (25,375 | ) | (10,101 | ) | (10,101 | ) | (7,470 | ) | (15,912 | ) | ||||||||||
Net income as adjusted | $ | 304,908 | $ | 288,962 | $ | 264,024 | $ | 208,787 | $ | 171,378 | ||||||||||
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 | ||||||||||||||||||||
1.47 | 1.68 | 1.76 | 1.55 | 1.50 | ||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.68 | 1.79 | 1.89 | 1.64 | 1.74 |
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Filed: 4 Dec 08, 12:00am