EX-12.1 4 doc3.txt
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) Year Ended December 31, ---------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- ---------- ---------- ---------- ---------- Net income available to common shareholders . . . . . . . . . $ 97,880 $ 112,111 $ 88,839 $ 58,961 $ 76,537 Add: Portion of rents representative of the interest factor. . . . 920 912 940 837 1,260 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 88,871 65,863 54,473 43,190 32,792 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 15,912 19,756 19,703 20,040 19,593 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,508 1,316 1,372 431 359 ---------- ---------- ---------- ---------- ---------- Net income as adjusted. . . . . . . . . . . . . . . . . . $ 205,091 $ 199,958 $ 165,327 $ 123,459 $ 130,541 ========== ========== ========== ========== ========== Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 88,871 $ 65,863 $ 54,473 $ 43,190 $ 32,792 Capitalized interest. . . . . . . . . . . . . . . . . . . . . 6,361 9,642 9,698 4,204 3,037 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 15,912 19,756 19,703 20,040 19,593 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,508 1,316 1,372 431 359 Portion of rents representative of the interest factor. . . . 920 912 940 837 1,260 ---------- ---------- ---------- ---------- ---------- Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 113,572 $ 97,489 $ 86,186 $ 68,702 $ 57,041 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 1.81 2.05 1.92 1.80 2.29 ========== ========== ========== ========== ========== Net income available to common shareholders . . . . . . . . . $ 97,880 $ 112,111 $ 88,839 $ 58,961 $ 76,537 Depreciation and amortization . . . . . . . . . . . . . . . . 88,853 76,855 67,803 55,344 49,256 Gain on sale of properties. . . . . . . . . . . . . . . . . . (7,273) (18,614) (9,795) (382) (20,596) ---------- ---------- ---------- ---------- ---------- Funds from operations . . . . . . . . . . . . . . . . . . 179,460 170,352 146,847 113,923 105,197 Add: Portion of rents representative of the interest factor. . . . 920 912 940 837 1,260 Preferred dividends . . . . . . . . . . . . . . . . . . . . . 15,912 19,756 19,703 20,040 19,593 Interest on indebtedness. . . . . . . . . . . . . . . . . . . 88,871 65,863 54,473 43,190 32,792 Amortization of debt cost . . . . . . . . . . . . . . . . . . 1,508 1,316 1,372 431 359 ---------- ---------- ---------- ---------- ---------- Funds from operations as adjusted . . . . . . . . . . . . $ 286,671 $ 258,199 $ 223,335 $ 178,421 $ 159,201 ========== ========== ========== ========== ========== RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 2.52 2.65 2.59 2.60 2.79 ========== ========== ========== ========== ==========