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)
Three Months Ended Six Months Ended
June 30, June 30,
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2003 2002 2003 2002
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Net income available to common shareholders. . . . . . . . . . . . $ 21,060 $ 26,395 $ 46,029 $ 50,873
Add:
Portion of rents representative of the interest factor . . . . . . 227 233 463 461
Interest on indebtedness . . . . . . . . . . . . . . . . . . . . . 21,036 16,532 40,475 31,528
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . . . 4,920 4,939 9,842 9,878
Amortization of debt cost. . . . . . . . . . . . . . . . . . . . . 334 314 662 648
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Net income as adjusted . . . . . . . . . . . . . . . . . . . . $ 47,577 $ 48,413 $ 97,471 $ 93,388
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Fixed charges:
Interest on indebtedness . . . . . . . . . . . . . . . . . . . . . $ 21,036 $ 16,532 $ 40,475 $ 31,528
Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . 1,488 2,349 3,304 4,731
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . . . 4,920 4,939 9,842 9,878
Amortization of debt cost. . . . . . . . . . . . . . . . . . . . . 334 314 662 648
Portion of rents representative of the interest factor . . . . . . 227 233 463 461
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Fixed charges. . . . . . . . . . . . . . . . . . . . . . . . . $ 28,005 $ 24,367 $ 54,746 $ 47,246
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . . . . 1.70 1.99 1.78 1.98
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Net income available to common shareholders. . . . . . . . . . . . $ 21,060 $ 26,395 $ 46,029 $ 50,873
Depreciation and amortization. . . . . . . . . . . . . . . . . . . 21,249 19,297 41,075 37,248
(Gain) loss on sale of properties. . . . . . . . . . . . . . . . . 115 (3,119) (765) (4,340)
Original issuance costs associated with redeemed
Series A Preferred Shares. . . . . . . . . . . . . . . . . . . . 2,488 2,488
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Funds from operations. . . . . . . . . . . . . . . . . . . . . 44,912 42,573 88,827 83,781
Add:
Portion of rents representative of the interest factor . . . . . . 227 233 463 461
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . . . 4,920 4,939 9,842 9,878
Interest on indebtedness . . . . . . . . . . . . . . . . . . . . . 21,036 16,532 40,475 31,528
Amortization of debt cost. . . . . . . . . . . . . . . . . . . . . 334 314 662 648
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Funds from operations as adjusted. . . . . . . . . . . . . . . $ 71,429 $ 64,591 $ 140,269 $ 126,296
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . 2.55 2.65 2.56 2.67
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