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|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   | 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, |    |
|                                                                             |   | 2009                         |    |   | 2008   |   |    | 2007   |   |   | 2006    |   |   | 2005         |    |
| Income      from continuing operations                                           |   | $                            | 91,085  |   |   | $      | 72,258  |   |   | $      | 132,412 |   |   | $            | 107,228 |   |   | $ | 96,306 |   |
| Equity      in earnings of real estate joint ventures and partnerships,      net |   |                         | (5,548  | )      |   |   | (12,196 | )      |   |   | (19,853 | )      |   |         | (14,655 | ) |   |   | (6,610 | ) |
| Provision      (benefit) for income taxes                                        |   |                         | 6,338   |   |   |   | (10,219 | )      |   |   | 4,073   |   |   |         | 1,366   |   |   |   |   |   |
| Gain      on sale of property                                                    |   |                         | 25,266  |   |   |   | 1,998   |   |   |   | 4,086   |   |   |         | 22,493  |   |   |   | 22,306 |   |
| Fixed      charges                                                               |   |                         | 199,078 |   |   |   | 212,651 |   |   |   | 207,765 |   |   |         | 166,831 |   |   |   | 142,256 |   |
| Amortization      of capitalized interest                                        |   |                         | 2,221   |   |   |   | 2,307   |   |   |   | 2,084   |   |   |         | 2,234   |   |   |   | 2,366 |   |
| Distributions      of income from real estate joint ventures and partnerships    |   |                         | 2,841   |   |   |   | 3,602   |   |   |   | 6,251   |   |   |         | 2,524   |   |   |   | 2,603 |   |
| Capitalized      interest                                                        |   |                         | (8,716  | )      |   |   | (20,290 | )      |   |   | (25,025 | )      |   |         | (7,616  | ) |   |   | (2,629 | ) |
| Preferred      dividends                                                         |   |                         | (35,476 | )      |   |   | (34,711 | )      |   |   | (25,375 | )      |   |         | (10,101 | ) |   |   | (10,101 | ) |
|     Net      income as adjusted                              |   | $                            | 277,089 |   |   | $      | 215,400 |   |   | $      | 286,418 |   |   | $            | 270,304 |   |   | $ | 246,497 |   |
|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Fixed      charges:                                                              |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Interest      on indebtedness, net                                               |   | $                            | 153,207 |   |   | $      | 156,318 |   |   | $      | 156,248 |   |   | $            | 148,052 |   |   | $ | 128,565 |   |
| Capitalized      interest                                                        |   |                         | 8,716   |   |   |   | 20,290  |   |   |   | 25,025  |   |   |         | 7,616   |   |   |   | 2,629 |   |
| Preferred      dividends                                                         |   |                         | 35,476  |   |   |   | 34,711  |   |   |   | 25,375  |   |   |         | 10,101  |   |   |   | 10,101 |   |
| Portion      of rents representative of the interest factor                      |   |                         | 1,679   |   |   |   | 1,332   |   |   |   | 1,117   |   |   |         | 1,062   |   |   |   | 961 |   |
|     Fixed      charges                                       |   | $                            | 199,078 |   |   | $      | 212,651 |   |   | $      | 207,765 |   |   | $            | 166,831 |   |   | $ | 142,256 |   |
|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
|                                                                                  |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| RATIO      OF EARNINGS TO COMBINED FIXED CHARGES AND      PREFERRED DIVIDENDS    |   | $                            | 1.39    |   |   | $      | 1.01    |   |   | $      | 1.38    |   |   | $            | 1.62    |   |   | $ | 1.73 |   |
|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| RATIO      OF EARNINGS TO FIXED CHARGES                                          |   | $                            | 1.69    |   |   | $      | 1.21    |   |   | $      | 1.57    |   |   | $            | 1.72    |   |   | $ | 1.87 |   |
|                                                                             |   |                         |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |

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