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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2001 2000 1999
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Net income available to common shareholders . . . . . . . . . $ 88,839 $ 58,961 $ 76,537
Add:
Portion of rents representative of the interest factor. . . . 940 837 1,260
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 54,473 43,190 32,792
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359
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Net income as adjusted. . . . . . . . . . . . . . . . . . $ 165,327 $ 123,459 $ 130,541
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Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 54,473 $ 43,190 $ 32,792
Capitalized interest. . . . . . . . . . . . . . . . . . . . . 9,698 4,204 3,037
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359
Portion of rents representative of the interest factor. . . . 940 837 1,260
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Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 86,186 $ 68,702 $ 57,041
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 1.92 1.80 2.29
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Net income available to common shareholders . . . . . . . . . $ 88,839 $ 58,961 $ 76,537
Depreciation and amortization . . . . . . . . . . . . . . . . 67,803 55,344 49,256
Gain on sales of property . . . . . . . . . . . . . . . . . . (9,795) (382) (20,596)
Extraordinary charge (early retirement of debt) . . . . . . . 190
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Funds from operations . . . . . . . . . . . . . . . . . . 146,847 113,923 105,387
Add:
Portion of rents representative of the interest factor. . . . 940 837 1,260
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,703 20,040 19,593
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 54,473 43,190 32,792
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,372 431 359
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Funds from operations as adjusted . . . . . . . . . . . . $ 223,335 $ 178,421 $ 159,391
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 2.59 2.60 2.79
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