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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2004 2003 2004 2003
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Net income available to common shareholders. . . . . . . . $ 35,917 $ 21,060 $ 63,060 $ 46,029
Add:
Portion of rents representative of the interest factor . . 196 227 437 463
Interest on indebtedness . . . . . . . . . . . . . . . . . 28,140 21,036 55,873 40,475
Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842
Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662
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Net income as adjusted . . . . . . . . . . . . . . . . $ 65,969 $ 47,577 $ 122,701 $ 97,471
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Fixed charges:
Interest on indebtedness . . . . . . . . . . . . . . . . . $ 28,140 $ 21,036 $ 55,873 $ 40,475
Capitalized interest . . . . . . . . . . . . . . . . . . . 1,364 1,488 2,706 3,304
Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842
Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662
Portion of rents representative of the interest factor . . 196 227 437 463
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Fixed charges. . . . . . . . . . . . . . . . . . . . . $ 31,416 $ 28,005 $ 62,347 $ 54,746
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . 2.10 1.70 1.97 1.78
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Net income available to common shareholders. . . . . . . . $ 35,917 $ 21,060 $ 63,060 $ 46,029
Depreciation and amortization. . . . . . . . . . . . . . . 27,728 21,249 53,139 41,075
(Gain) loss on sale of property. . . . . . . . . . . . . . (13,508) 115 (13,825) (765)
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Funds from operations. . . . . . . . . . . . . . . . . 50,137 42,424 102,374 86,339
Add:
Portion of rents representative of the interest factor . . 196 227 437 463
Preferred dividends. . . . . . . . . . . . . . . . . . . . 1,265 4,920 2,531 9,842
Interest on indebtedness . . . . . . . . . . . . . . . . . 28,140 21,036 55,873 40,475
Amortization of debt cost. . . . . . . . . . . . . . . . . 451 334 800 662
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Funds from operations as adjusted. . . . . . . . . . . $ 80,189 $ 68,941 $ 162,015 $ 137,781
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RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . 2.55 2.46 2.60 2.52
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