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						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Income from continuing operations	$	37,563		$	56,905		$	109,214		$	118,247
Add:
Portion of rents representative of the interest factor		288			233			828			723
Interest on indebtedness		38,536			37,384			110,384			105,920
Out-of-market mortgage adjustment		1,568			1,930			5,202			5,677
Preferred dividends		5,982			2,526			16,485			7,576
Net income as adjusted	$	83,937		$	98,978		$	242,113		$	238,143
Fixed charges:
Interest on indebtedness	$	38,536		$	37,384		$	110,384		$	105,920
Out-of-market mortgage adjustment		1,568			1,930			5,202			5,677
Capitalized interest		6,665			2,119			19,156			4,274
Preferred dividends		5,982			2,526			16,485			7,576
Portion of rents representative of the interest factor		288			233			828			723
Fixed charges	$	53,039		$	44,192		$	152,055		$	124,170
RATIO OF EARNINGS TO COMBINED FIXED CHARGES CHARGES AND PREFERRED DIVIDENDS		1.58			2.24			1.59			1.92
Net income available to common shareholders	$	38,281		$	103,223		$	154,940		$	243,048
Depreciation and amortization		35,988			32,679			104,462			97,838
Gain on sale of properties		(5,642	)		(72,260	)		(58,840	)		(149,613	)
Funds from operations		68,627			63,642			200,562			191,273
Add:
Portion of rents representative of the interest factor		288			233			828			723
Preferred dividends		5,982			2,526			16,485			7,576
Interest on indebtedness		38,536			37,384			110,384			105,920
Out-of-market mortgage adjustment		1,568			1,930			5,202			5,677
Funds from operations as adjusted	$	115,001		$	105,715		$	333,461		$	311,169
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.17			2.39			2.19			2.51