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 |
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(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. |