EXHIBIT 12.1


                          WEINGARTEN REALTY INVESTORS
                      COMPUTATION OF FIXED CHARGES RATIOS



     The following table sets forth the Company's consolidated ratios of
earnings to fixed charges and of funds from operations before interest expense
to fixed charges for the periods shown:



                                   YEARS ENDED DECEMBER 31,
                               ---------------------------------
                               1990   1991   1992   1993   1994
                               -----  -----  -----  -----  -----
                                            
Ratio of Earnings to Fixed
 Charges.....................  1.68x  1.72x  1.89x  3.94x  4.16x
 
Ratio of Funds from
 Operations Before Interest
 Expense to Fixed
 Charges.....................  2.42x  2.52x  2.82x  5.83x  6.10x


     The ratios of earnings to fixed charges were computed by dividing earnings
by fixed charges.  The ratios of funds from operations before interest expense
to fixed charges were computed by dividing funds from operations before interest
expense by fixed charges.  For these purposes, earnings is defined as income
before extraordinary charge plus fixed charges (excluding interest costs
capitalized).  Funds from operations before interest expense is defined as net
income plus depreciation and amortization and extraordinary charge, less gains
(loss) on sales of property and securities plus interest on indebtedness.  Fixed
charges consist of interest on indebtedness (including interest costs
capitalized), amortization of debt costs and the portion of rent expense
representing an interest factor.