Weingarten Realty Investors (WRI) 10-K 2013 FY Annual report

EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS

COMPUTATION OF RATIOS

(Amounts in thousands)

	Year Ended December 31,
	2013			2012			2011			2010			2009
Income (loss) from continuing operations	$	135,372		$	60,511		$	(12,202	)	$	7,179		$	27,104
Equity in (earnings) losses of real estate joint ventures  and partnerships, net	(35,112		)	1,558			(7,834		)	(12,889		)	(5,548		)
Provision (benefit) for income taxes	7,051			(70		)	2			(291		)	5,871
Gain on sale of property	762			1,004			1,304			2,005			24,494
Fixed charges	101,723			111,809			134,597			140,819			156,531
Amortization of capitalized interest	2,412			2,397			2,347			2,129			1,843
Distributions of income from real estate joint ventures  and partnerships	3,498			3,141			2,186			1,733			2,841
Capitalized interest	(2,403		)	(3,125		)	(2,329		)	(3,405		)	(8,716		)
Net income as adjusted	$	213,303		$	177,225		$	118,071		$	137,280		$	204,420
Fixed charges:
Interest on indebtedness, net	$	97,444		$	106,800		$	130,478		$	135,664		$	146,139
Capitalized interest	2,403			3,125			2,329			3,405			8,716
Portion of rents representative of the interest factor	1,876			1,884			1,790			1,750			1,676
Fixed charges	101,723			111,809			134,597			140,819			156,531
Preferred dividends	18,173			34,930			35,476			35,476			35,476
Combined fixed charges and preferred dividends	$	119,896		$	146,739		$	170,073		$	176,295		$	192,007
RATIO OF EARNINGS TO FIXED CHARGES (1)	$	2.10		$	1.59		$	0.88		$	0.97		$	1.31
RATIO OF EARNINGS TO COMBINED FIXED CHARGES    AND PREFERRED DIVIDENDS (2)	$	1.78		$	1.21		$	0.69		$	0.78		$	1.06

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(1) The deficiency for the year ended December 31, 2011 and 2010 is $16.5 million and $3.5 million, respectively, which represents the dollar amount by which the ratio is less than one.

(2) The deficiency for the year ended December 31, 2011 and 2010 is $52.0 million and $39.0 million, respectively, which represents the dollar amount by which the ratio is less than one.