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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2002 2001 2000 1999 1998
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Net income available to common shareholders . . . . . . . . . $ 112,111 $ 88,839 $ 58,961 $ 76,537 $ 54,484
Add:
Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 65,863 54,473 43,190 32,792 33,338
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359
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Net income as adjusted. . . . . . . . . . . . . . . . . . $ 199,958 $ 165,327 $ 123,459 $ 130,541 $ 94,920
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Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 65,863 $ 54,473 $ 43,190 $ 32,792 $ 33,338
Capitalized interest. . . . . . . . . . . . . . . . . . . . . 9,642 9,698 4,204 3,037 1,375
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359
Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858
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Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 97,489 $ 86,186 $ 68,702 $ 57,041 $ 41,811
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 2.05 1.92 1.80 2.29 2.27
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Net income available to common shareholders . . . . . . . . . $ 112,111 $ 88,839 $ 58,961 $ 76,537 $ 54,484
Depreciation and amortization . . . . . . . . . . . . . . . . 76,855 67,803 55,344 49,256 41,580
Gain on sale of properties and securities . . . . . . . . . . (18,614) (9,795) (382) (20,596) (885)
Extraordinary charge (early retirement of debt) . . . . . . . 190 1,392
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Funds from operations . . . . . . . . . . . . . . . . . . 170,352 146,847 113,923 105,387 96,571
Add:
Portion of rents representative of the interest factor. . . . 912 940 837 1,260 858
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 19,756 19,703 20,040 19,593 5,881
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 65,863 54,473 43,190 32,792 33,338
Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,316 1,372 431 359 359
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Funds from operations as adjusted . . . . . . . . . . . . $ 258,199 $ 223,335 $ 178,421 $ 159,391 $ 137,007
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND REFERRED DIVIDENDS. . . . . . . . . . . . . 2.65 2.59 2.60 2.79 3.28
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