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EXHIBIT12.1

| WEINGARTEN      REALTY INVESTORS                                              |   |
|-------------------------------------------------------------------------------|--------|
| COMPUTATION      OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES              |   |
| AND      PREFERRED DIVIDENDS                                                  |   |
| (Amounts      in thousands)                                                   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   | Twelve      Months Ended |   |
|                                                                          |   | December      31, |   |
|                                                                          |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Income      from continuing operations                                        |   | $ | 79,511 |   |   | $ | 144,012 |   |   | $ | 135,989 |   |   | $ | 121,273 |   |   | $ | 82,340 |   |
| Equity      earnings of real estate joint ventures and partnerships,    net   |   |   | (12,196 | ) |   |   | (19,853 | ) |   |   | (14,655 | ) |   |   | (6,610 | ) |   |   | (5,384 | ) |
| Income      allocated to minority interests                                   |   |   | 8,943 |   |   |   | 10,237 |   |   |   | 6,414 |   |   |   | 6,060 |   |   |   | 4,928 |   |
| (Benefit)      provision for income taxes                                     |   |   | (10,148 | ) |   |   | 4,073 |   |   |   | 1,366 |   |   |   |   |   |   |   |   |   |
| Fixed      charges                                                            |   |   | 212,815 |   |   |   | 207,104 |   |   |   | 171,617 |   |   |   | 149,907 |   |   |   | 134,640 |   |
| Amortization      of capitalized interest                                     |   |   | 2,307 |   |   |   | 2,084 |   |   |   | 2,234 |   |   |   | 2,366 |   |   |   | 2,360 |   |
| Distributions      of income from real estate joint ventures and partnerships |   |   | 3,602 |   |   |   | 6,251 |   |   |   | 2,524 |   |   |   | 2,603 |   |   |   | 1,204 |   |
| Capitalized      interest                                                     |   |   | (20,290 | ) |   |   | (25,025 | ) |   |   | (7,616 | ) |   |   | (2,629 | ) |   |   | (4,992 | ) |
| Preferred      dividends                                                      |   |   | (34,711 | ) |   |   | (25,375 | ) |   |   | (10,101 | ) |   |   | (10,101 | ) |   |   | (7,470 | ) |
|     Net      income as adjusted                           |   | $ | 229,833 |   |   | $ | 303,508 |   |   | $ | 287,772 |   |   | $ | 262,869 |   |   | $ | 207,626 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      charges:                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on indebtedness                                                 |   | $ | 148,475 |   |   | $ | 148,829 |   |   | $ | 145,374 |   |   | $ | 129,160 |   |   | $ | 116,142 |   |
| Out-of-market      mortgage adjustment                                        |   |   | 8,007 |   |   |   | 6,758 |   |   |   | 7,464 |   |   |   | 7,056 |   |   |   | 5,073 |   |
| Capitalized      interest                                                     |   |   | 20,290 |   |   |   | 25,025 |   |   |   | 7,616 |   |   |   | 2,629 |   |   |   | 4,992 |   |
| Preferred      dividends                                                      |   |   | 34,711 |   |   |   | 25,375 |   |   |   | 10,101 |   |   |   | 10,101 |   |   |   | 7,470 |   |
| Portion      of rents representative of the interest factor                   |   |   | 1,332 |   |   |   | 1,117 |   |   |   | 1,062 |   |   |   | 961 |   |   |   | 963 |   |
|     Fixed      charges                                    |   | $ | 212,815 |   |   | $ | 207,104 |   |   | $ | 171,617 |   |   | $ | 149,907 |   |   | $ | 134,640 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RATIO      OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED      DIVIDENDS |   | $ | 1.08 |   |   | $ | 1.47 |   |   | $ | 1.68 |   |   | $ | 1.75 |   |   | $ | 1.54 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RATIO      OF EARNINGS TO FIXED CHARGES                                       |   | $ | 1.29 |   |   | $ | 1.67 |   |   | $ | 1.78 |   |   | $ | 1.88 |   |   | $ | 1.63 |   |

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