EX-12 2 0002.txt EXHIBIT 12
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, ------------------- -------------------- 2000 1999 2000 1999 --------- --------- --------- --------- Net income available to common shareholders. . . . . . . . . $ 14,852 $ 14,562 $ 44,261 $ 42,260 Add: Portion of rents representative of the interest factor . . . 219 363 667 692 Interest on indebtedness . . . . . . . . . . . . . . . . . . 11,626 8,155 32,488 23,679 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583 Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260 --------- --------- ---------- ---------- Net income as adjusted . . . . . . . . . . . . . . . . . $ 31,816 $ 28,176 $ 92,759 $ 81,474 ========= ========= ========== ========== Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . . $ 11,626 $ 8,155 $ 32,488 $ 23,679 Capitalized interest . . . . . . . . . . . . . . . . . . . . 1,027 890 2,376 2,145 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583 Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260 Portion of rents representative of the interest factor . . . 219 363 667 692 --------- --------- ---------- ---------- Fixed charges. . . . . . . . . . . . . . . . . . . . . . $ 17,991 $ 14,504 $ 50,874 $ 41,359 ========= ========= ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . 1.77 1.94 1.82 1.97 ========= ========= ========== ========== Net income available to common shareholders. . . . . . . . . $ 14,852 $ 14,562 $ 44,261 $ 42,260 Depreciation and amortization. . . . . . . . . . . . . . . . 14,032 12,554 40,258 35,544 Loss on sales of property. . . . . . . . . . . . . . . . . . 5 60 Extraordinary charge (early retirement of debt). . . . . . . 149 --------- --------- ---------- ---------- Funds from operations. . . . . . . . . . . . . . . . . . 28,884 27,121 84,519 78,013 Add: Portion of rents representative of the interest factor . . . 219 363 667 692 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583 Interest on indebtedness . . . . . . . . . . . . . . . . . . 11,626 8,155 32,488 23,679 Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260 --------- --------- ---------- ---------- Funds from operations as adjusted. . . . . . . . . . . . $ 45,848 $ 40,735 $ 133,017 $ 117,227 ========= ========= ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . 2.55 2.81 2.61 2.83 ========= ========= ========== ==========