EXHIBIT 12.1

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,
	2005			2004
Net income available to common shareholders	$	34,037		$	27,143
Add:
Portion of rents representative of the interest factor		234			241
Interest on indebtedness		30,603			27,733
Preferred dividends		2,525			1,266
Amortization of debt cost		433			349
Net income as adjusted	$	67,832		$	56,732
Fixed charges and preferred dividends:
Interest on indebtedness	$	30,603		$	27,733
Capitalized interest		700			1,342
Preferred dividends		2,525			1,266
Amortization of debt cost		433			349
Portion of rents representative of the interest factor		234			241
Fixed charges and preferred dividends	$	34,495		$	30,931
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS		1.97			1.83
Net income available to common shareholders	$	34,037		$	27,143
Depreciation and amortization		29,216			25,411
Gain on sale of properties		(4,090	)		(317	)
Funds from operations		59,163			52,237
Add:
Portion of rents representative of the interest factor		234			241
Preferred dividends		2,525			1,266
Interest on indebtedness		30,603			27,733
Amortization of debt cost		433			349
Funds from operations as adjusted	$	92,958		$	81,826
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS		2.69			2.65