Weingarten Realty Investors (WRI) 8-K Other Events

EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

(Amounts in thousands)

	Year Ended December 31,
	2010			2009			2008			2007			2006
Income from continuing operations	$	47,137		$	90,429		$	71,400		$	131,208		$	105,944
Equity in earnings of real estate joint ventures and partnerships, net		(12,889	)		(5,548	)		(12,196	)		(19,853	)		(14,655	)
Provision (benefit) for income taxes		222			6,313			(10,244	)		4,073			1,366
Gain on sale of property		2,284			25,266			1,998			4,086			22,493
Fixed charges		188,962			198,261			211,736			206,751			165,836
Amortization of capitalized interest		2,433			2,157			2,102			1,728			1,701
Distributions of income from real estate joint ventures and partnerships		1,733			2,841			3,602			6,251			2,524
Capitalized interest		(3,405	)		(8,716	)		(20,290	)		(25,025	)		(7,616	)
Preferred dividends		(35,476	)		(35,476	)		(34,711	)		(25,375	)		(10,101	)
Net income as adjusted	$	191,001		$	275,527		$	213,397		$	283,844		$	267,492
Fixed charges:
Interest on indebtedness, net	$	148,330		$	152,390		$	155,405		$	155,234		$	147,057
Capitalized interest		3,405			8,716			20,290			25,025			7,616
Preferred dividends		35,476			35,476			34,711			25,375			10,101
Portion of rents representative of the interest factor		1,751			1,679			1,330			1,117			1,062
Fixed charges	$	188,962		$	198,261		$	211,736		$	206,751		$	165,836
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		1.01			1.39			1.01			1.37			1.61
RATIO OF EARNINGS TO FIXED CHARGES		1.24			1.69			1.21			1.56			1.72