EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
Six Months Ended June 30 | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 54,930 | $ | 62,974 | $ | 135,372 | $ | 60,511 | $ | (12,202 | ) | $ | 7,179 | $ | 27,104 | |||||||||||||
Equity in (earnings) losses of real estate joint ventures and partnerships, net | (8,450 | ) | (9,342 | ) | (35,112 | ) | 1,558 | (7,834 | ) | (12,889 | ) | (5,548 | ) | |||||||||||||||
Provision (benefit) for income taxes | (1,601 | ) | (30 | ) | 7,051 | (70 | ) | 2 | (291 | ) | 5,871 | |||||||||||||||||
Gain on sale of property | 1,911 | 407 | 762 | 1,004 | 1,304 | 2,005 | 24,494 | |||||||||||||||||||||
Fixed charges | 51,283 | 44,534 | 101,723 | 111,809 | 134,597 | 140,819 | 156,531 | |||||||||||||||||||||
Amortization of capitalized interest | 1,074 | 1,223 | 2,412 | 2,397 | 2,347 | 2,129 | 1,843 | |||||||||||||||||||||
Distributions of income from real estate joint ventures and partnerships | 1,503 | 1,723 | 3,498 | 3,141 | 2,186 | 1,733 | 2,841 | |||||||||||||||||||||
Capitalized interest | (1,410 | ) | (1,104 | ) | (2,403 | ) | (3,125 | ) | (2,329 | ) | (3,405 | ) | (8,716 | ) | ||||||||||||||
Net income as adjusted | $ | 99,240 | $ | 100,385 | $ | 213,303 | $ | 177,225 | $ | 118,071 | $ | 137,280 | $ | 204,420 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest on indebtedness, net | $ | 48,890 | $ | 42,464 | $ | 97,444 | $ | 106,800 | $ | 130,478 | $ | 135,664 | $ | 146,139 | ||||||||||||||
Capitalized interest | 1,410 | 1,104 | 2,403 | 3,125 | 2,329 | 3,405 | 8,716 | |||||||||||||||||||||
Portion of rents representative of the interest factor | 983 | 966 | 1,876 | 1,884 | 1,790 | 1,750 | 1,676 | |||||||||||||||||||||
Fixed charges | $ | 51,283 | $ | 44,534 | $ | 101,723 | $ | 111,809 | $ | 134,597 | $ | 140,819 | $ | 156,531 | ||||||||||||||
Preferred dividends | 5,420 | 12,753 | 18,173 | 34,930 | 35,476 | 35,476 | 35,476 | |||||||||||||||||||||
Combined fixed charges and preferred dividends | $ | 56,703 | $ | 57,287 | $ | 119,896 | $ | 146,739 | $ | 170,073 | $ | 176,295 | $ | 192,007 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (1) | 1.94 | 2.25 | 2.10 | 1.59 | 0.88 | 0.97 | 1.31 | |||||||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (2) | 1.75 | 1.75 | 1.78 | 1.21 | 0.69 | 0.78 | 1.06 |
____________
(1) The deficiency for the year ended December 31, 2011 and 2010 is $16.5 million and $3.5 million, respectively, which represents the dollar amount by which the ratio is less than one.
(2) The deficiency for the year ended December 31, 2011 and 2010 is $52.0 million and $39.0 million, respectively, which represents the dollar amount by which the ratio is less than one.