EX-23.1 3 doc2.txt
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, 2000 1999 1998 1997 1996 ----------- ----------- ----------- ----------- ----------- Net income available to common shareholders $ 58,961 $ 76,537 $ 54,484 $ 54,966 $ 53,938 Add: Portion of rents representative of the interest factor 837 1,260 861 647 589 Interest on indebtedness 43,190 32,792 33,338 29,695 21,674 Preferred dividends 20,040 19,593 5,881 Amortization of debt cost 431 359 359 419 341 ----------- ----------- ----------- ----------- ----------- Net income as adjusted $ 123,459 $ 130,541 $ 94,923 $ 85,727 $ 76,542 =========== =========== =========== =========== =========== Fixed charges: Interest on indebtedness $ 43,190 $ 32,792 $ 33,338 $ 29,695 $ 21,674 Capitalized interest 4,204 3,037 1,375 812 1,285 Preferred dividends 20,040 19,593 5,881 Amortization of debt cost 431 359 359 419 341 Portion of rents representative of the interest factor 837 1,260 861 647 589 ----------- ----------- ----------- ----------- ----------- Fixed charges $ 68,702 $ 57,041 $ 41,814 $ 31,573 $ 23,889 =========== =========== =========== =========== =========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS 1.80 2.29 2.27 2.72 3.20 =========== =========== =========== =========== =========== Net income available to common shareholders $ 58,961 $ 76,537 $ 54,484 $ 54,966 $ 53,938 Depreciation and amortization 55,344 49,256 41,580 37,544 33,414 Gain on sales of property and securities (382) (20,596) (885) (3,327) (5,563) Extraordinary charge (early retirement of debt) 190 1,392 ----------- ----------- ----------- ----------- ----------- Funds from operations 113,923 105,387 96,571 89,183 81,789 Add: Portion of rents representative of the interest factor 837 1,260 861 647 589 Preferred dividends 20,040 19,593 5,881 Interest on indebtedness 43,190 32,792 33,338 29,695 21,674 Amortization of debt cost 431 359 359 419 341 ----------- ----------- ----------- ----------- ----------- Funds from operations as adjusted $ 178,421 $ 159,391 $ 137,010 $ 119,944 $ 104,393 =========== =========== =========== =========== =========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS 2.60 2.79 3.28 3.80 4.37 =========== =========== =========== =========== ===========