ex12_1.htm

WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
(Amounts in thousands)


	Twelve Months Ended
	December 31,
	2008			2007			2006			2005			2004
Income from continuing operations	$	79,511		$	144,012		$	135,989		$	121,273		$	82,340
Equity earnings of real estate joint ventures and partnerships, net		(12,196	)		(19,853	)		(14,655	)		(6,610	)		(5,384	)
Income allocated to minority interests		8,943			10,237			6,414			6,060			4,928
(Benefit) provision for income taxes		(10,148	)		4,073			1,366
Fixed charges		212,815			207,104			171,617			149,907			134,640
Amortization of capitalized interest		2,307			2,084			2,234			2,366			2,360
Distributions of income from real estate joint ventures and partnerships		3,602			6,251			2,524			2,603			1,204
Capitalized interest		(20,290	)		(25,025	)		(7,616	)		(2,629	)		(4,992	)
Preferred dividends		(34,711	)		(25,375	)		(10,101	)		(10,101	)		(7,470	)
Net income as adjusted	$	229,833		$	303,508		$	287,772		$	262,869		$	207,626

Fixed charges:
Interest on indebtedness	$	148,475		$	148,829		$	145,374		$	129,160		$	116,142
Out-of-market mortgage adjustment		8,007			6,758			7,464			7,056			5,073
Capitalized interest		20,290			25,025			7,616			2,629			4,992
Preferred dividends		34,711			25,375			10,101			10,101			7,470
Portion of rents representative of the interest factor		1,332			1,117			1,062			961			963
Fixed charges	$	212,815		$	207,104		$	171,617		$	149,907		$	134,640

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	1.08		$	1.47		$	1.68		$	1.75		$	1.54


RATIO OF EARNINGS TO FIXED CHARGES	$	1.29		$	1.67		$	1.78		$	1.88		$	1.63