EX-12.1 5 wri-20161231x10kxexh121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS
(Amounts in thousands)
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Income from continuing operations
$
176,117

 
$
121,601

 
$
116,365

 
$
132,977

 
$
56,880

Equity in (earnings) losses of real estate joint ventures
and partnerships, net
(20,642
)
 
(19,300
)
 
(22,317
)
 
(35,112
)
 
1,558

Provision (benefit) for income taxes
6,856

 
52

 
(1,261
)
 
7,046

 
(75
)
Gain on sale of property
100,714

 
59,621

 
146,290

 
762

 
1,004

Fixed charges
86,646

 
92,107

 
99,806

 
108,109

 
121,462

Amortization of capitalized interest
2,305

 
2,114

 
2,142

 
2,401

 
2,385

Distributions of income from real estate joint ventures
and partnerships
1,149

 
1,216

 
4,058

 
3,498

 
3,141

Capitalized interest
(2,656
)
 
(3,252
)
 
(3,302
)
 
(2,403
)
 
(3,125
)
Net income as adjusted
$
350,489

 
$
254,159

 
$
341,781

 
$
217,278

 
$
183,230

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest on indebtedness, net
$
83,003

 
$
87,783

 
$
94,744

 
$
103,839

 
$
116,463

Capitalized interest
2,656

 
3,252

 
3,302

 
2,403

 
3,125

Portion of rents representative of the interest factor
987

 
1,072

 
1,760

 
1,867

 
1,874

Fixed charges
86,646

 
92,107

 
99,806

 
108,109

 
121,462

Preferred dividends
—

 
3,830

 
10,840

 
18,173

 
34,930

Combined fixed charges and preferred dividends
$
86,646

 
$
95,937

 
$
110,646

 
$
126,282

 
$
156,392

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
4.05x

 
2.76x

 
3.42x

 
2.01x

 
1.51x

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
4.05x

 
2.65x

 
3.09x

 
1.72x

 
1.17x