EX-12 3 doc2.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 March 31, --------------------- 2002 2001 --------- --------- Net income available to common shareholders. . . . . . . . . $ 24,478 $ 20,392 Add: Portion of rents representative of the interest factor . . . 228 251 Interest on indebtedness . . . . . . . . . . . . . . . . . . 14,996 10,873 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,939 5,010 Amortization of debt cost. . . . . . . . . . . . . . . . . . 334 313 --------- --------- Net income as adjusted . . . . . . . . . . . . . . . . . $ 44,975 $ 36,839 ========= ========= Fixed charges: Interest on indebtedness . . . . . . . . . . . . . . . . . . $ 14,996 $ 10,873 Capitalized interest . . . . . . . . . . . . . . . . . . . . 2,382 1,981 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,939 5,010 Amortization of debt cost. . . . . . . . . . . . . . . . . . 334 313 Portion of rents representative of the interest factor . . . 228 251 --------- --------- Fixed charges. . . . . . . . . . . . . . . . . . . . . . $ 22,879 $ 18,428 ========= ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . 1.97 2.00 ========= ========= Net income available to common shareholders. . . . . . . . . $ 24,478 $ 20,392 Depreciation and amortization. . . . . . . . . . . . . . . . 17,951 15,673 Gain on sales of property. . . . . . . . . . . . . . . . . . (1,221) (4,310) --------- --------- Funds from operations. . . . . . . . . . . . . . . . . . 41,208 31,755 Add: Portion of rents representative of the interest factor . . . 228 251 Preferred dividends. . . . . . . . . . . . . . . . . . . . . 4,939 5,010 Interest on indebtedness . . . . . . . . . . . . . . . . . . 14,996 10,873 Amortization of debt cost. . . . . . . . . . . . . . . . . . 334 313 --------- --------- Funds from operations as adjusted. . . . . . . . . . . . $ 61,705 $ 48,202 ========= ========= RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . 2.70 2.62 ========= =========