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, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income from continuing operations | $ | 9,160 | $ | 41,453 | $ | 84,549 | $ | 64,336 | $ | 124,886 | ||||||||||
Equity in earnings of real estate joint ventures and partnerships, net | (7,834) | (12,889) | (5,548) | (12,196) | (19,853) | |||||||||||||||
Provision (benefit) for income taxes | 395 | 180 | 6,269 | (10,288) | 4,073 | |||||||||||||||
Gain on sale of property | 1,737 | 2,005 | 25,266 | 1,998 | 4,086 | |||||||||||||||
Fixed charges | 181,354 | 188,764 | 197,891 | 211,332 | 206,353 | |||||||||||||||
Amortization of capitalized interest | 2,618 | 2,398 | 2,120 | 2,082 | 1,716 | |||||||||||||||
Distributions of income from real estate joint ventures and partnerships | 2,186 | 1,733 | 2,841 | 3,602 | 6,251 | |||||||||||||||
Capitalized interest | (2,329) | (3,405) | (8,716) | (20,291) | (25,023) | |||||||||||||||
Preferred dividends | (35,476) | (35,476) | (35,476) | (34,711) | (25,375) | |||||||||||||||
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Net income as adjusted | $ | 151,811 | $ | 184,763 | $ | 269,196 | $ | 205,864 | $ | 277,114 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest on indebtedness, net | $ | 141,757 | $ | 148,152 | $ | 152,041 | $ | 155,020 | $ | 154,858 | ||||||||||
Capitalized interest | 2,329 | 3,405 | 8,716 | 20,291 | 25,023 | |||||||||||||||
Preferred dividends | 35,476 | 35,476 | 35,476 | 34,711 | 25,375 | |||||||||||||||
Portion of rents representative of the interest factor | 1,792 | 1,731 | 1,658 | 1,310 | 1,097 | |||||||||||||||
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Fixed charges | $ | 181,354 | $ | 188,764 | $ | 197,891 | $ | 211,332 | $ | 206,353 | ||||||||||
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | $ | 0.84 | $ | 0.98 | $ | 1.36 | $ | 0.97 | $ | 1.34 | ||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | $ | 1.04 | $ | 1.21 | $ | 1.66 | $ | 1.17 | $ | 1.53 | ||||||||||
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