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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2000 1999 1998
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Net income available to common shareholders. . . . . . . . . . $ 58,961 $ 76,537 $ 54,484
Add:
Portion of rents representative of the interest factor . . . . 881 1,304 905
Interest on indebtedness . . . . . . . . . . . . . . . . . . . 45,545 32,941 33,900
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881
Amortization of debt cost. . . . . . . . . . . . . . . . . . . 458 363 380
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Net income as adjusted . . . . . . . . . . . . . . . . . . $ 125,885 $ 130,738 $ 95,550
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Fixed charges:
Interest on indebtedness . . . . . . . . . . . . . . . . . . . $ 45,545 $ 32,941 $ 33,900
Capitalized interest . . . . . . . . . . . . . . . . . . . . . 4,204 3,037 1,375
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881
Amortization of debt cost. . . . . . . . . . . . . . . . . . . 458 363 380
Portion of rents representative of the interest factor . . . . 881 1,304 905
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Fixed charges. . . . . . . . . . . . . . . . . . . . . . . $ 71,128 $ 57,238 $ 42,441
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . . 1.77 2.28 2.25
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Net income available to common shareholders. . . . . . . . . . $ 58,961 $ 76,537 $ 54,484
Depreciation and amortization. . . . . . . . . . . . . . . . . 55,344 49,256 41,580
Gain on sales of property and securities . . . . . . . . . . . (382) (20,596) (885)
Extraordinary charge (early retirement of debt). . . . . . . . 190 1,392
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Funds from operations. . . . . . . . . . . . . . . . . . . 113,923 105,387 96,571
Add:
Portion of rents representative of the interest factor . . . . 881 1,304 905
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . 20,040 19,593 5,881
Interest on indebtedness . . . . . . . . . . . . . . . . . . . 45,545 32,941 33,900
Amortization of debt cost. . . . . . . . . . . . . . . . . . . 458 363 380
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Funds from operations as adjusted. . . . . . . . . . . . . $ 180,847 $ 159,588 $ 137,637
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . 2.54 2.79 3.24
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