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<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>doc2.txt
<TEXT>
EXHIBIT 12.1
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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
March 31,
----------------------
2004 2003
--------- ---------
<S> <C> <C>
Net income available to common shareholders . . . . . . . . . $ 27,143 $ 24,969
Add:
Portion of rents representative of the interest factor. . . . 241 236
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 27,733 19,439
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 1,266 4,922
Amortization of debt cost . . . . . . . . . . . . . . . . . . 349 328
--------- ---------
Net income as adjusted. . . . . . . . . . . . . . . . . . $ 56,732 $ 49,894
========= =========
Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . . . $ 27,733 $ 19,439
Capitalized interest. . . . . . . . . . . . . . . . . . . . . 1,342 1,816
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 1,266 4,922
Amortization of debt cost . . . . . . . . . . . . . . . . . . 349 328
Portion of rents representative of the interest factor. . . . 241 236
--------- ---------
Fixed charges . . . . . . . . . . . . . . . . . . . . . . $ 30,931 $ 26,741
========= =========
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . . . 1.83 1.87
========= =========
Net income available to common shareholders . . . . . . . . . $ 27,143 $ 24,969
Depreciation and amortization . . . . . . . . . . . . . . . . 25,411 19,826
Gain on sale of properties. . . . . . . . . . . . . . . . . . (317) (880)
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Funds from operations . . . . . . . . . . . . . . . . . . 52,237 43,915
Add:
Portion of rents representative of the interest factor. . . . 241 236
Preferred dividends . . . . . . . . . . . . . . . . . . . . . 1,266 4,922
Interest on indebtedness. . . . . . . . . . . . . . . . . . . 27,733 19,439
Amortization of debt cost . . . . . . . . . . . . . . . . . . 349 328
--------- ---------
Funds from operations as adjusted . . . . . . . . . . . . $ 81,826 $ 68,840
========= =========
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 2.65 2.57
========= =========
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