EX-12.1 3 wri-20141231x10kxexh121.htm EXHIBIT 12.1 WRI-2014.12.31-10K-Exh12.1


EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Income (loss) from continuing operations
$
116,365

 
$
132,977

 
$
56,880

 
$
(14,088
)
 
$
5,307

Equity in (earnings) losses of real estate joint ventures
 and partnerships, net
(22,317
)
 
(35,112
)
 
1,558

 
(7,834
)
 
(12,889
)
(Benefit) provision for income taxes
(1,261
)
 
7,046

 
(75
)
 
(3
)
 
(297
)
Gain on sale of property
146,290

 
762

 
1,004

 
1,304

 
2,005

Fixed charges
99,806

 
108,109

 
121,462

 
145,844

 
153,938

Amortization of capitalized interest
2,142

 
2,401

 
2,385

 
2,336

 
2,117

Distributions of income from real estate joint ventures
 and partnerships
4,058

 
3,498

 
3,141

 
2,186

 
1,733

Capitalized interest
(3,302
)
 
(2,403
)
 
(3,125
)
 
(2,329
)
 
(3,405
)
Net income as adjusted
$
341,781

 
$
217,278

 
$
183,230

 
$
127,416

 
$
148,509

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on indebtedness, net
$
94,744

 
$
103,839

 
$
116,463

 
$
141,736

 
$
148,794

Capitalized interest
3,302

 
2,403

 
3,125

 
2,329

 
3,405

Portion of rents representative of the interest factor
1,760

 
1,867

 
1,874

 
1,779

 
1,739

Fixed charges
99,806

 
108,109

 
121,462

 
145,844

 
153,938

Preferred dividends
10,840

 
18,173

 
34,930

 
35,476

 
35,476

Combined fixed charges and preferred dividends
$
110,646

 
$
126,282

 
$
156,392

 
$
181,320

 
$
189,414

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (1)
$
3.42

 
$
2.01

 
$
1.51

 
$
0.87

 
$
0.96

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
   AND PREFERRED DIVIDENDS (2)
$
3.09

 
$
1.72

 
$
1.17

 
$
0.70

 
$
0.78

____________________
(1)
The deficiency for the year ended December 31, 2011 and 2010 is $18.4 million and $5.4 million, respectively, which represents the dollar amount by which the ratio is less than one.
(2)
The deficiency for the year ended December 31, 2011 and 2010 is $53.9 million and $40.9 million, respectively, which represents the dollar amount by which the ratio is less than one.