EXHIBIT 12
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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 Six Months Ended
June 30, June 30,
------------------- --------------------
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net income available to common shareholders . . . . . . . . $ 14,968 $ 14,174 $ 29,409 $ 27,698
Add:
Portion of rents representative of the interest factor. . . 225 363 448 692
Interest on indebtedness. . . . . . . . . . . . . . . . . . 10,668 7,491 20,862 15,524
Preferred dividends . . . . . . . . . . . . . . . . . . . . 5,010 5,010 10,020 9,573
Amortization of debt cost . . . . . . . . . . . . . . . . . 109 80 204 174
--------- --------- --------- ---------
Net income as adjusted. . . . . . . . . . . . . . . . . $ 30,980 $ 27,118 $ 60,943 $ 53,661
========= ========= ========= =========
Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . . $ 10,668 $ 7,491 $ 20,862 $ 15,524
Capitalized interest. . . . . . . . . . . . . . . . . . . . 844 808 1,349 1,255
Preferred dividends . . . . . . . . . . . . . . . . . . . . 5,010 5,010 10,020 9,573
Amortization of debt cost . . . . . . . . . . . . . . . . . 109 80 204 174
Portion of rents representative of the interest factor. . . 225 363 448 692
--------- --------- --------- ---------
Fixed charges . . . . . . . . . . . . . . . . . . . . . $ 16,856 $ 13,752 $ 32,883 $ 27,218
========= ========= ========= =========
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . 1.84 1.97 1.85 1.97
========= ========= ========= =========
Net income available to common shareholders . . . . . . . . $ 14,968 $ 14,174 $ 29,409 $ 27,698
Depreciation and amortization . . . . . . . . . . . . . . . 13,122 11,447 26,226 22,990
Loss on sales of property . . . . . . . . . . . . . . . . . 55 55
Extraordinary charge (early retirement of debt) . . . . . . 149
--------- --------- --------- ---------
Funds from operations . . . . . . . . . . . . . . . . . 28,090 25,676 55,635 50,892
Add:
Portion of rents representative of the interest factor. . . 225 363 448 692
Preferred dividends . . . . . . . . . . . . . . . . . . . . 5,010 5,010 10,020 9,573
Interest on indebtedness. . . . . . . . . . . . . . . . . . 10,668 7,491 20,862 15,524
Amortization of debt cost . . . . . . . . . . . . . . . . . 109 80 204 174
--------- --------- --------- ---------
Funds from operations as adjusted . . . . . . . . . . . $ 44,102 $ 38,620 $ 87,169 $ 76,855
========= ========= ========= =========
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . 2.62 2.81 2.65 2.82
========= ========= ========= =========
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