EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Income (loss) from continuing operations | $ | 72,187 | $ | (6,531 | ) | $ | 20,935 | $ | 61,340 | $ | 40,333 | ||||||||
Equity in losses (earnings) of real estate joint ventures and partnerships, net | 1,558 | (7,834 | ) | (12,889 | ) | (5,548 | ) | (12,196 | ) | ||||||||||
Provision (benefit) for income taxes | 79 | 146 | (82 | ) | 5,980 | (10,542 | ) | ||||||||||||
Gain on sale of property | 1,034 | 1,679 | 2,005 | 25,075 | 1,998 | ||||||||||||||
Fixed charges | 120,821 | 143,836 | 150,546 | 159,657 | 173,375 | ||||||||||||||
Amortization of capitalized interest | 2,510 | 2,464 | 2,248 | 1,957 | 1,899 | ||||||||||||||
Distributions of income from real estate joint ventures and partnerships | 3,141 | 2,186 | 1,733 | 2,841 | 3,602 | ||||||||||||||
Capitalized interest | (3,125 | ) | (2,329 | ) | (3,405 | ) | (8,716 | ) | (20,291 | ) | |||||||||
Net income as adjusted | $ | 198,205 | $ | 133,617 | $ | 161,091 | $ | 242,586 | $ | 178,178 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest on indebtedness, net | $ | 115,812 | $ | 139,717 | $ | 145,391 | $ | 149,265 | $ | 151,756 | |||||||||
Capitalized interest | 3,125 | 2,329 | 3,405 | 8,716 | 20,291 | ||||||||||||||
Portion of rents representative of the interest factor | 1,884 | 1,790 | 1,750 | 1,676 | 1,328 | ||||||||||||||
Fixed charges | 120,821 | 143,836 | 150,546 | 159,657 | 173,375 | ||||||||||||||
Preferred dividends | 34,930 | 35,476 | 35,476 | 35,476 | 34,711 | ||||||||||||||
Combined fixed charges and preferred dividends | $ | 155,751 | $ | 179,312 | $ | 186,022 | $ | 195,133 | $ | 208,086 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES (1) | $ | 1.64 | $ | 0.93 | $ | 1.07 | $ | 1.52 | $ | 1.03 | |||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (2) | $ | 1.27 | $ | 0.75 | $ | 0.87 | $ | 1.24 | $ | 0.86 |
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(1) | The deficiency for the year ended December 31, 2011 is $10.2 million, which represents the dollar amount by which the ratio is less than one. |
(2) | The deficiency for the year ended December 31, 2011, 2010 and 2008 is $45.7 million, $24.9 million and $29.9 million, respectively, which represents the dollar amount by which the ratio is less than one. |