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 Nine Months Ended
September 30, September 30,
------------------- --------------------
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net income available to common shareholders. . . . . . . . . $ 14,852 $ 14,562 $ 44,261 $ 42,260
Add:
Portion of rents representative of the interest factor . . . 219 363 667 692
Interest on indebtedness . . . . . . . . . . . . . . . . . . 11,626 8,155 32,488 23,679
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583
Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260
--------- --------- ---------- ----------
Net income as adjusted . . . . . . . . . . . . . . . . . $ 31,816 $ 28,176 $ 92,759 $ 81,474
========= ========= ========== ==========
Fixed charges:
Interest on indebtedness . . . . . . . . . . . . . . . . . . $ 11,626 $ 8,155 $ 32,488 $ 23,679
Capitalized interest . . . . . . . . . . . . . . . . . . . . 1,027 890 2,376 2,145
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583
Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260
Portion of rents representative of the interest factor . . . 219 363 667 692
--------- --------- ---------- ----------
Fixed charges. . . . . . . . . . . . . . . . . . . . . . $ 17,991 $ 14,504 $ 50,874 $ 41,359
========= ========= ========== ==========
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . . . . 1.77 1.94 1.82 1.97
========= ========= ========== ==========
Net income available to common shareholders. . . . . . . . . $ 14,852 $ 14,562 $ 44,261 $ 42,260
Depreciation and amortization. . . . . . . . . . . . . . . . 14,032 12,554 40,258 35,544
Loss on sales of property. . . . . . . . . . . . . . . . . . 5 60
Extraordinary charge (early retirement of debt). . . . . . . 149
--------- --------- ---------- ----------
Funds from operations. . . . . . . . . . . . . . . . . . 28,884 27,121 84,519 78,013
Add:
Portion of rents representative of the interest factor . . . 219 363 667 692
Preferred dividends. . . . . . . . . . . . . . . . . . . . . 5,010 5,010 15,030 14,583
Interest on indebtedness . . . . . . . . . . . . . . . . . . 11,626 8,155 32,488 23,679
Amortization of debt cost. . . . . . . . . . . . . . . . . . 109 86 313 260
--------- --------- ---------- ----------
Funds from operations as adjusted. . . . . . . . . . . . $ 45,848 $ 40,735 $ 133,017 $ 117,227
========= ========= ========== ==========
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS. . . . . . . . . . . . 2.55 2.81 2.61 2.83
========= ========= ========== ==========
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