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						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Income from continuing operations	$	35,622		$	29,664		$	72,431		$	62,070
Add:
Portion of rents representative of the interest factor		283			247			540			490
Interest on indebtedness		35,653			34,331			71,719			68,361
Out-of-market mortgage adjustment		1,817			1,873			3,635			3,747
Preferred dividends		5,775			2,525			10,503			5,050
Net income as adjusted	$	79,150		$	68,640		$	158,828		$	139,718
Fixed charges:
Interest on indebtedness	$	35,653		$	34,331		$	71,719		$	68,361
Out-of-market mortgage adjustment		1,817			1,873			3,635			3,747
Capitalized interest		6,636			1,346			12,491			2,155
Preferred dividends		5,775			2,525			10,503			5,050
Portion of rents representative of the interest factor		283			247			540			490
Fixed charges	$	50,164		$	40,322		$	98,888		$	79,803
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
CHARGES AND PREFERRED DIVIDENDS		1.58			1.70			1.61			1.75
Net income available to common shareholders	$	70,002		$	87,741		$	116,659		$	139,825
Depreciation and amortization		34,438			32,710			68,474			65,158
Gain on sale of properties		(38,253	)		(58,654	)		(53,198	)		(77,353	)
Funds from operations		66,187			61,797			131,935			127,630
Add:
Portion of rents representative of the interest factor		283			247			540			490
Preferred dividends		5,775			2,525			10,503			5,050
Interest on indebtedness		35,653			34,331			71,719			68,361
Out-of-market mortgage adjustment		1,817			1,873			3,635			3,747
Funds from operations as adjusted	$	109,715		$	100,773		$	218,332		$	205,278
RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS		2.19			2.50			2.21			2.57