Weingarten Realty Investors (WRI) 10-Q 2006 Q3 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						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Income from continuing operations	$	59,346		$	29,605		$	125,467		$	109,131
Add:
Portion of rents representative of the interest factor		233			227			723			694
Interest on indebtedness		37,709			33,202			106,887			96,525
Out-of-market mortgage adjustment		1,883			1,749			5,534			5,112
Preferred dividends		2,526			2,525			7,576			7,576
Net income as adjusted	$	101,697		$	67,308		$	246,187		$	219,038
Fixed charges:
Interest on indebtedness	$	37,709		$	33,202		$	106,887		$	96,525
Out-of-market mortgage adjustment		1,883			1,749			5,534			5,112
Capitalized interest		2,119			671			4,274			2,328
Preferred dividends		2,526			2,525			7,576			7,576
Portion of rents representative of the interest factor		233			227			723			694
Fixed charges	$	44,470		$	38,374		$	124,994		$	112,235
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.29			1.75			1.97			1.95
Net income available to common shareholders	$	103,223		$	58,958		$	243,048		$	160,674
Depreciation and amortization		32,679			31,542			97,838			92,805
Gain on sale of property		(72,260	)		(27,881	)		(149,613	)		(67,591	)
Funds from operations		63,642			62,619			191,273			185,888
Add:
Portion of rents representative of the interest factor		233			227			723			694
Preferred dividends		2,526			2,525			7,576			7,576
Interest on indebtedness		37,709			33,202			106,887			96,525
Out-of-market mortgage adjustment		1,883			1,749			5,534			5,112
Funds from operations as adjusted	$	105,993		$	100,322		$	311,993		$	295,795
RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		2.38			2.61			2.50			2.64