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 Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2002 2001 2002 2001 ---------- ---------- ---------- ---------- Net income available to common shareholders . . . . . . . . $ 34,486 $ 22,379 $ 85,359 $ 63,742 Add: Portion of rents representative of the interest factor. . . 234 248 695 719 Interest on indebtedness. . . . . . . . . . . . . . . . . . 17,062 14,677 48,590 40,072 Preferred dividends . . . . . . . . . . . . . . . . . . . . 4,939 5,010 14,817 15,030 Amortization of debt cost . . . . . . . . . . . . . . . . . 323 367 971 929 ---------- ---------- ---------- ---------- Net income as adjusted. . . . . . . . . . . . . . . . . $ 57,044 $ 42,681 $ 150,432 $ 120,492 ========== ========== ========== ========== Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . . . $ 17,062 $ 14,677 $ 48,590 $ 40,072 Capitalized interest. . . . . . . . . . . . . . . . . . . . 2,215 2,680 6,946 7,016 Preferred dividends . . . . . . . . . . . . . . . . . . . . 4,939 5,010 14,817 15,030 Amortization of debt cost . . . . . . . . . . . . . . . . . 323 367 971 929 Portion of rents representative of the interest factor. . . 234 248 695 719 ---------- ---------- ---------- ---------- Fixed charges . . . . . . . . . . . . . . . . . . . . . $ 24,773 $ 22,982 $ 72,019 $ 63,766 ========== ========== ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . 2.30 1.86 2.09 1.89 ========== ========== ========== ========== Net income available to common shareholders . . . . . . . . $ 34,486 $ 22,379 $ 85,359 $ 63,742 Depreciation and amortization . . . . . . . . . . . . . . . 19,167 16,886 56,415 49,273 Gain on sale of properties. . . . . . . . . . . . . . . . . (10,818) (910) (15,158) (5,894) ---------- ---------- ---------- ---------- Funds from operations . . . . . . . . . . . . . . . . . 42,835 38,355 126,616 107,121 Add: Portion of rents representative of the interest factor. . . 234 248 695 719 Preferred dividends . . . . . . . . . . . . . . . . . . . . 4,939 5,010 14,817 15,030 Interest on indebtedness. . . . . . . . . . . . . . . . . . 17,062 14,677 48,590 40,072 Amortization of debt cost . . . . . . . . . . . . . . . . . 323 367 971 929 ---------- ---------- ---------- ---------- Funds from operations as adjusted . . . . . . . . . . . $ 65,393 $ 58,657 $ 191,689 $ 163,871 ========== ========== ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . 2.64 2.55 2.66 2.57 ========== ========== ========== ==========