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) Years Ended December 31, -------------------------------- 1998 1997 1996 --------- --------- --------- Net income available to common shareholders . . . . . . $ 54,484 $ 54,966 $ 53,938 Add: Portion of rents representative of the interest factor. 882 667 605 Interest on indebtedness. . . . . . . . . . . . . . . . 33,654 30,009 21,975 Preferred dividends . . . . . . . . . . . . . . . . . . 5,881 Amortization of debt cost . . . . . . . . . . . . . . . 366 432 355 --------- --------- --------- Net income as adjusted. . . . . . . . . . . . . . . $ 95,267 $ 86,074 $ 76,873 ========= ========= ========= Fixed charges: Interest on indebtedness. . . . . . . . . . . . . . . . $ 33,654 $ 30,009 $ 21,975 Capitalized interest. . . . . . . . . . . . . . . . . . 1,375 812 1,285 Preferred dividends . . . . . . . . . . . . . . . . . . 5,881 Amortization of debt cost . . . . . . . . . . . . . . . 366 432 355 Portion of rents representative of the interest factor. 882 667 605 --------- --------- --------- Fixed charges . . . . . . . . . . . . . . . . . . . $ 42,158 $ 31,920 $ 24,220 ========= ========= ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . 2.26 2.70 3.17 ========= ========= ========= Net income available to common shareholders . . . . . . $ 54,484 $ 54,966 $ 53,938 Depreciation and amortization . . . . . . . . . . . . . 41,580 37,544 33,414 Gain on sales of property and securities. . . . . . . . (885) (3,327) (5,563) Extraordinary charge (early retirement of debt) . . . . 1,392 --------- --------- --------- Funds from operations . . . . . . . . . . . . . . . 96,571 89,183 81,789 Add: Portion of rents representative of the interest factor. 882 667 605 Preferred dividends . . . . . . . . . . . . . . . . . . 5,881 Interest on indebtedness. . . . . . . . . . . . . . . . 33,654 30,009 21,975 Amortization of debt cost . . . . . . . . . . . . . . . 366 432 355 --------- --------- --------- Funds from operations as adjusted . . . . . . . . . $ 137,354 $120,291 $104,724 ========= ========= ========= RATIO OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . 3.26 3.77 4.32 ========= ========= =========