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 Nine Months Ended
September 30, September 30,
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2003 2002 2003 2002
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Net income available to common shareholders. . . . . . . . . $ 28,381 $ 34,486 $ 74,410 $ 85,359
Add:
Portion of rents representative of the interest factor . . . 233 234 696 695
Interest on indebtedness . . . . . . . . . . . . . . . . . . 22,220 17,062 62,695 48,590
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,804 4,939 14,646 14,817
Amortization of debt cost. . . . . . . . . . . . . . . . . . 335 323 997 971
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Net income as adjusted . . . . . . . . . . . . . . . . . $ 55,973 $ 57,044 $ 153,444 $ 150,432
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Fixed charges:
Interest on indebtedness . . . . . . . . . . . . . . . . . . $ 22,220 $ 17,062 $ 62,695 $ 48,590
Capitalized interest . . . . . . . . . . . . . . . . . . . . 1,499 2,215 4,803 6,946
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,804 4,939 14,646 14,817
Amortization of debt cost. . . . . . . . . . . . . . . . . . 335 323 997 971
Portion of rents representative of the interest factor . . . 233 234 696 695
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Fixed charges. . . . . . . . . . . . . . . . . . . . . . $ 29,091 $ 24,773 $ 83,837 $ 72,019
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . 1.92 2.30 1.83 2.09
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Net income available to common shareholders. . . . . . . . . $ 28,381 $ 34,486 $ 74,410 $ 85,359
Depreciation and amortization. . . . . . . . . . . . . . . . 21,800 19,167 62,875 56,415
Gain on sale of properties . . . . . . . . . . . . . . . . . (3,981) (10,818) (4,746) (15,158)
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Funds from operations. . . . . . . . . . . . . . . . . . 46,200 42,835 132,539 126,616
Add:
Portion of rents representative of the interest factor . . . 233 234 696 695
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,804 4,939 14,646 14,817
Interest on indebtedness . . . . . . . . . . . . . . . . . . 22,220 17,062 62,695 48,590
Amortization of debt cost. . . . . . . . . . . . . . . . . . 335 323 997 971
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Funds from operations as adjusted. . . . . . . . . . . . $ 73,792 $ 65,393 $ 211,573 $ 191,689
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . 2.54 2.64 2.52 2.66
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