EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS OF EARNINGS AND FUNDS FROM OPERATIONS
TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(AMOUNTS IN THOUSANDS)
Years Ended December 31,
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1999 1998 1997
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Net income available to common shareholders . . . . . . . . . . $ 76,537 $ 54,484 $ 54,966
Add:
Portion of rents representative of the interest factor. . . . . 1,281 882 667
Interest on indebtedness. . . . . . . . . . . . . . . . . . . . 33,186 33,654 30,009
Preferred dividends . . . . . . . . . . . . . . . . . . . . . . 19,593 5,881
Amortization of debt cost . . . . . . . . . . . . . . . . . . . 356 366 432
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Net income as adjusted. . . . . . . . . . . . . . . . . . . $ 130,953 $ 95,267 $ 86,074
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Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . . . . $ 33,186 $ 33,654 $ 30,009
Capitalized interest. . . . . . . . . . . . . . . . . . . . . . 2,722 1,375 812
Preferred dividends . . . . . . . . . . . . . . . . . . . . . . 19,593 5,881
Amortization of debt cost . . . . . . . . . . . . . . . . . . . 356 366 432
Portion of rents representative of the interest factor. . . . . 1,281 882 667
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Fixed charges . . . . . . . . . . . . . . . . . . . . . . . $ 57,138 $ 42,158 $ 31,920
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . . 2.29 2.26 2.70
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Net income available to common shareholders . . . . . . . . . . $ 76,537 $ 54,484 $ 54,966
Depreciation and amortization . . . . . . . . . . . . . . . . . 49,256 41,580 37,544
Gain on sales of property and securities. . . . . . . . . . . . (20,596) (885) (3,327)
Extraordinary charge (early retirement of debt) . . . . . . . . 190 1,392
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Funds from operations . . . . . . . . . . . . . . . . . . . 105,387 96,571 89,183
Add:
Portion of rents representative of the interest factor. . . . . 1,281 882 667
Preferred dividends . . . . . . . . . . . . . . . . . . . . . . 19,593 5,881
Interest on indebtedness. . . . . . . . . . . . . . . . . . . . 33,186 33,654 30,009
Amortization of debt cost . . . . . . . . . . . . . . . . . . . 356 366 432
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Funds from operations as adjusted . . . . . . . . . . . . . $ 159,803 $ 137,354 $ 120,291
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . 2.80 3.26 3.77
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