Weingarten Realty Investors (WRI) 10-Q 2006 Q2 Quarterly report

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,
	2006			2005			2006			2005
Income from continuing operations	$	32,817		$	52,724		$	68,350		$	81,489
Add:
Portion of rents representative of the interest factor		247			233			490			467
Interest on indebtedness		34,741			32,287			69,178			63,323
Out-of-market mortgage adjustment		1,826			1,870			3,652			3,363
Preferred dividends		2,525			2,526			5,050			5,051
Net income as adjusted	$	72,156		$	89,640		$	146,720		$	153,693
Fixed charges:
Interest on indebtedness	$	34,741		$	32,287		$	69,178		$	63,323
Out-of-market mortgage adjustment		1,826			1,870			3,652			3,363
Capitalized interest		1,346			957			2,155			1,657
Preferred dividends		2,525			2,526			5,050			5,051
Portion of rents representative of the interest factor		247			233			490			467
Fixed charges	$	40,685		$	37,873		$	80,525		$	73,861
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		1.77			2.37			1.82			2.08
Net income available to common shareholders	$	87,741		$	67,679		$	139,825		$	101,716
Depreciation and amortization		31,723			30,386			63,199			59,602
Gain on sale of property		(58,654	)		(35,620	)		(77,353	)		(39,710	)
Funds from operations		60,810			62,445			125,671			121,608
Add:
Portion of rents representative of the interest factor		247			233			490			467
Preferred dividends		2,525			2,526			5,050			5,051
Interest on indebtedness		34,741			32,287			69,178			63,323
Out-of-market mortgage adjustment		1,826			1,870			3,652			3,363
Funds from operations as adjusted	$	100,149		$	99,361		$	204,041		$	193,812
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.46			2.62			2.53			2.62