Weingarten Realty Investors (WRI) 10-K 2014 FY Annual report

EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS

COMPUTATION OF RATIOS

(Amounts in thousands)

	Year Ended December 31,
	2014			2013			2012			2011			2010
Income (loss) from continuing operations	$	116,365		$	132,977		$	56,880		$	(14,088	)	$	5,307
Equity in (earnings) losses of real estate joint ventures  and partnerships, net	(22,317		)	(35,112		)	1,558			(7,834		)	(12,889		)
(Benefit) provision for income taxes	(1,261		)	7,046			(75		)	(3		)	(297		)
Gain on sale of property	146,290			762			1,004			1,304			2,005
Fixed charges	99,806			108,109			121,462			145,844			153,938
Amortization of capitalized interest	2,142			2,401			2,385			2,336			2,117
Distributions of income from real estate joint ventures  and partnerships	4,058			3,498			3,141			2,186			1,733
Capitalized interest	(3,302		)	(2,403		)	(3,125		)	(2,329		)	(3,405		)
Net income as adjusted	$	341,781		$	217,278		$	183,230		$	127,416		$	148,509
Fixed charges:
Interest on indebtedness, net	$	94,744		$	103,839		$	116,463		$	141,736		$	148,794
Capitalized interest	3,302			2,403			3,125			2,329			3,405
Portion of rents representative of the interest factor	1,760			1,867			1,874			1,779			1,739
Fixed charges	99,806			108,109			121,462			145,844			153,938
Preferred dividends	10,840			18,173			34,930			35,476			35,476
Combined fixed charges and preferred dividends	$	110,646		$	126,282		$	156,392		$	181,320		$	189,414
RATIO OF EARNINGS TO FIXED CHARGES (1)	$	3.42		$	2.01		$	1.51		$	0.87		$	0.96
RATIO OF EARNINGS TO COMBINED FIXED CHARGES    AND PREFERRED DIVIDENDS (2)	$	3.09		$	1.72		$	1.17		$	0.70		$	0.78

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(1) The deficiency for the year ended December 31, 2011 and 2010 is $18.4 million and $5.4 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 $53.9 million and $40.9 million, respectively, which represents the dollar amount by which the ratio is less than one.