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)
	Year Ended December 31,
	2007			2006			2005			2004			2003
Income from continuing operations	$	151,219		$	142,456		$	127,482		$	88,442		$	84,492
Add:
Portion of rents representative of the interest factor		1,117			1,062			961			963			1,030
Interest on indebtedness		148,829			145,374			129,160			116,142			90,214
Out-of-market mortgage adjustment		6,758			7,464			7,056			5,073			975
Preferred Dividends		25,375			10,101			10,101			7,470			15,912
Income from continuing operations as adjusted	$	333,298		$	306,457		$	274,760		$	218,090		$	192,623
Fixed charges:
Interest on indebtedness	$	148,829		$	145,374		$	129,160		$	116,142		$	90,214
Out-of-market mortgage adjustment		6,758			7,464			7,056			5,073			975
Capitalized interest		25,025			7,616			2,629			4,992			6,361
Preferred Dividends		25,375			10,101			10,101			7,470			15,912
Portion of rents representative of the interest factor		1,117			1,062			961			963			1,030
Fixed charges	$	207,104		$	171,617		$	149,907		$	134,640		$	114,492
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		1.61			1.79			1.83			1.62			1.68
Net income available to common shareholders	$	212,642		$	294,909		$	209,552		$	133,911		$	97,880
Depreciation and amortization		141,150			131,792			125,742			114,342			90,367
Gain on sale of property		(86,076	)		(172,056	)		(87,561	)		(26,316	)		(7,273	)
Funds from operations		267,716			254,645			247,733			221,937			180,974
Add:
Portion of rents representative of the interest factor		1,117			1,062			961			963			1,030
Preferred dividends		25,375			10,101			10,101			7,470			15,912
Interest on indebtedness		148,829			145,374			129,160			116,142			90,214
Out-of-market mortgage adjustment		6,758			7,464			7,056			5,073			975
Funds from operations as adjusted	$	449,795		$	418,646		$	395,011		$	351,585		$	289,105
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.17			2.44			2.64			2.61			2.53