Weingarten Realty Investors (WRI) 8-K Other Events

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,
	2005			2004			2003			2002			2001
Income from continuing operations	$	148,330		$	107,735		$	100,677		$	100,006		$	95,882
Add:
Portion of rents representative of the interest factor		961			963			1,030			914			945
Interest on indebtedness		130,761			117,096			90,269			67,177			55,840
Out-of-market mortgage adjustment		6,927			4,988			975
Preferred dividends		10,101			7,470			15,912			19,756			19,703
Net income as adjusted	$	297,080		$	238,252		$	208,863		$	187,853		$	172,370
Fixed charges:
Interest on indebtedness	$	130,761		$	117,096		$	90,269		$	67,177		$	55,840
Out-of-market mortgage adjustment		6,927			4,988			975
Capitalized interest		2,629			4,992			6,361			9,642			9,698
Preferred dividends		10,101			7,470			15,912			19,756			19,703
Portion of rents representative of the interest factor		961			963			1,030			914			945
Fixed charges	$	151,379		$	135,509		$	114,547		$	97,489		$	86,186
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		1.96			1.76			1.82			1.93			2.00
Net income available to common shareholders	$	209,552		$	133,911		$	97,880		$	112,111		$	88,839
Depreciation and amortization		122,277			111,809			88,853			76,855			67,803
Gain on sale of properties		(87,561	)		(26,316	)		(7,273	)		(18,614	)		(9,795	)
Funds from operations		244,268			219,404			179,460			170,352			146,847
Add:
Portion of rents representative of the interest factor		961			963			1,030			914			945
Preferred dividends		10,101			7,470			15,912			19,756			19,703
Interest on indebtedness		130,761			117,096			90,269			67,177			55,840
Out-of-market mortgage adjustment		6,927			4,988			975
Funds from operations as adjusted	$	393,018		$	349,921		$	287,646		$	258,199		$	223,335
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.60			2.58			2.51			2.65			2.59