WEINGARTEN REALTY INVESTORS | ||||||||||||||||||||
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||||||
AND PREFERRED DIVIDENDS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Income from continuing operations | $ | 79,511 | $ | 144,012 | $ | 135,989 | $ | 121,273 | $ | 82,340 | ||||||||||
Equity earnings of real estate joint ventures and partnerships, net | (12,196 | ) | (19,853 | ) | (14,655 | ) | (6,610 | ) | (5,384 | ) | ||||||||||
Income allocated to minority interests | 8,943 | 10,237 | 6,414 | 6,060 | 4,928 | |||||||||||||||
(Benefit) provision for income taxes | (10,148 | ) | 4,073 | 1,366 | ||||||||||||||||
Fixed charges | 212,815 | 207,104 | 171,617 | 149,907 | 134,640 | |||||||||||||||
Amortization of capitalized interest | 2,307 | 2,084 | 2,234 | 2,366 | 2,360 | |||||||||||||||
Distributions of income from real estate joint ventures and partnerships | 3,602 | 6,251 | 2,524 | 2,603 | 1,204 | |||||||||||||||
Capitalized interest | (20,290 | ) | (25,025 | ) | (7,616 | ) | (2,629 | ) | (4,992 | ) | ||||||||||
Preferred dividends | (34,711 | ) | (25,375 | ) | (10,101 | ) | (10,101 | ) | (7,470 | ) | ||||||||||
Net income as adjusted | $ | 229,833 | $ | 303,508 | $ | 287,772 | $ | 262,869 | $ | 207,626 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on indebtedness | $ | 148,475 | $ | 148,829 | $ | 145,374 | $ | 129,160 | $ | 116,142 | ||||||||||
Out-of-market mortgage adjustment | 8,007 | 6,758 | 7,464 | 7,056 | 5,073 | |||||||||||||||
Capitalized interest | 20,290 | 25,025 | 7,616 | 2,629 | 4,992 | |||||||||||||||
Preferred dividends | 34,711 | 25,375 | 10,101 | 10,101 | 7,470 | |||||||||||||||
Portion of rents representative of the interest factor | 1,332 | 1,117 | 1,062 | 961 | 963 | |||||||||||||||
Fixed charges | $ | 212,815 | $ | 207,104 | $ | 171,617 | $ | 149,907 | $ | 134,640 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | $ | 1.08 | $ | 1.47 | $ | 1.68 | $ | 1.75 | $ | 1.54 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | $ | 1.29 | $ | 1.67 | $ | 1.78 | $ | 1.88 | $ | 1.63 |
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10-K Filing
Weingarten Realty Investors (WRI) 10-K2008 FY Annual report
Filed: 2 Mar 09, 12:00am