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|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   | 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)                                                                |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |
|                                                                                       |   | Year      Ended December 31, |    |
|                                                                                       |   | 2007                         |    |   | 2006   |   |     | 2005   |   |   | 2004    |   |   | 2003              |    |
| Income      from continuing operations                                                     |   | $                            | 151,219 |   |   | $      | 142,456  |   |   | $      | 127,482 |   |   | $                 | 88,442  |   |   | $ | 84,492 |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Add:                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Portion      of rents representative of the interest factor                                |   |                         | 1,117   |   |   |   | 1,062    |   |   |   | 961     |   |   |              | 963     |   |   |   | 1,030 |   |
| Interest      on indebtedness                                                              |   |                         | 148,829 |   |   |   | 145,374  |   |   |   | 129,160 |   |   |              | 116,142 |   |   |   | 90,214 |   |
| Out-of-market      mortgage adjustment                                                     |   |                         | 6,758   |   |   |   | 7,464    |   |   |   | 7,056   |   |   |              | 5,073   |   |   |   | 975 |   |
| Preferred      Dividends                                                                   |   |                         | 25,375  |   |   |   | 10,101   |   |   |   | 10,101  |   |   |              | 7,470   |   |   |   | 15,912 |   |
|     Income      from continuing operations as adjusted                 |   | $                            | 333,298 |   |   | $      | 306,457  |   |   | $      | 274,760 |   |   | $                 | 218,090 |   |   | $ | 192,623 |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Fixed      charges:                                                                        |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Interest      on indebtedness                                                              |   | $                            | 148,829 |   |   | $      | 145,374  |   |   | $      | 129,160 |   |   | $                 | 116,142 |   |   | $ | 90,214 |   |
| Out-of-market      mortgage adjustment                                                     |   |                         | 6,758   |   |   |   | 7,464    |   |   |   | 7,056   |   |   |              | 5,073   |   |   |   | 975 |   |
| Capitalized      interest                                                                  |   |                         | 25,025  |   |   |   | 7,616    |   |   |   | 2,629   |   |   |              | 4,992   |   |   |   | 6,361 |   |
| Preferred      Dividends                                                                   |   |                         | 25,375  |   |   |   | 10,101   |   |   |   | 10,101  |   |   |              | 7,470   |   |   |   | 15,912 |   |
| Portion      of rents representative of the interest factor                                |   |                         | 1,117   |   |   |   | 1,062    |   |   |   | 961     |   |   |              | 963     |   |   |   | 1,030 |   |
|     Fixed      charges                                                 |   | $                            | 207,104 |   |   | $      | 171,617  |   |   | $      | 149,907 |   |   | $                 | 134,640 |   |   | $ | 114,492 |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| RATIO      OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED      DIVIDENDS         |   |                         | 1.61    |   |   |   | 1.79     |   |   |   | 1.83    |   |   |              | 1.62    |   |   |   | 1.68 |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Net      income available to common shareholders                                           |   | $                            | 212,642 |   |   | $      | 294,909  |   |   | $      | 209,552 |   |   | $                 | 133,911 |   |   | $ | 97,880 |   |
| Depreciation      and amortization                                                         |   |                         | 141,150 |   |   |   | 131,792  |   |   |   | 125,742 |   |   |              | 114,342 |   |   |   | 90,367 |   |
| Gain      on sale of property                                                              |   |                         | (86,076 | )      |   |   | (172,056 | )      |   |   | (87,561 | )      |   |              | (26,316 | ) |   |   | (7,273 | ) |
|     Funds      from operations                                         |   |                         | 267,716 |   |   |   | 254,645  |   |   |   | 247,733 |   |   |              | 221,937 |   |   |   | 180,974 |   |
| Add:                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| Portion      of rents representative of the interest factor                                |   |                         | 1,117   |   |   |   | 1,062    |   |   |   | 961     |   |   |              | 963     |   |   |   | 1,030 |   |
| Preferred      dividends                                                                   |   |                         | 25,375  |   |   |   | 10,101   |   |   |   | 10,101  |   |   |              | 7,470   |   |   |   | 15,912 |   |
| Interest      on indebtedness                                                              |   |                         | 148,829 |   |   |   | 145,374  |   |   |   | 129,160 |   |   |              | 116,142 |   |   |   | 90,214 |   |
| Out-of-market      mortgage adjustment                                                     |   |                         | 6,758   |   |   |   | 7,464    |   |   |   | 7,056   |   |   |              | 5,073   |   |   |   | 975 |   |
|     Funds      from operations as adjusted                             |   | $                            | 449,795 |   |   | $      | 418,646  |   |   | $      | 395,011 |   |   | $                 | 351,585 |   |   | $ | 289,105 |   |
|                                                                                       |   |                         |    |   |   |   |     |   |   |   |    |   |   |              |    |   |   |   |   |   |
| RATIO      OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED      DIVIDENDS |   |                         | 2.17    |   |   |   | 2.44     |   |   |   | 2.64    |   |   |              | 2.61    |   |   |   | 2.53 |   |

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