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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, |     |
|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|
|                                                                                                           |   | 2006                                   |     | 2005 |   | 2004 |   | 2003 |   | 2002 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |
| Income                from continuing operations                                                               |   | $                                      | 151,626  |   | $ | 136,173 |   | $ | 96,612 |   | $ | 89,290 |   | $ | 88,510 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Add:                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                          |   |                                   | 1,062    |   |   | 961 |   |   | 963 |   |   | 1,030 |   |   | 914 |   |
| Interest                on indebtedness                                                                        |   |                                   | 146,943  |   |   | 130,761 |   |   | 117,096 |   |   | 90,269 |   |   | 67,171 |   |
| Out-of-market                mortgage adjustment                                                               |   |                                   | 7,335    |   |   | 6,927 |   |   | 4,988 |   |   | 975 |   |   |   |   |
| Preferred                dividends                                                                             |   |                                   | 10,101   |   |   | 10,101 |   |   | 7,470 |   |   | 15,912 |   |   | 19,756 |   |
| Net                income as adjusted                                                                          |   | $                                      | 317,067  |   | $ | 284,923 |   | $ | 227,129 |   | $ | 197,476 |   | $ | 176,351 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed                charges:                                                                                  |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                on indebtedness                                                                        |   | $                                      | 146,943  |   | $ | 130,761 |   | $ | 117,096 |   | $ | 90,269 |   | $ | 67,171 |   |
| Out-of-market                mortgage adjustment                                                               |   |                                   | 7,335    |   |   | 6,927 |   |   | 4,988 |   |   | 975 |   |   |   |   |
| Capitalized                interest                                                                            |   |                                   | 7,616    |   |   | 2,629 |   |   | 4,992 |   |   | 6,361 |   |   | 9,642 |   |
| Preferred                dividends                                                                             |   |                                   | 10,101   |   |   | 10,101 |   |   | 7,470 |   |   | 15,912 |   |   | 19,756 |   |
| Portion                of rents representative of the interest factor                                          |   |                                   | 1,062    |   |   | 961 |   |   | 963 |   |   | 1,030 |   |   | 914 |   |
| Fixed                charges                                                                                   |   | $                                      | 173,057  |   | $ | 151,379 |   | $ | 135,509 |   | $ | 114,547 |   | $ | 97,483 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RATIO                OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED                DIVIDENDS              |   |                                   | 1.83     |   |   | 1.88 |   |   | 1.68 |   |   | 1.72 |   |   | 1.81 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income available to common shareholders                                                     |   | $                                      | 294,909  |   | $ | 209,552 |   | $ | 133,911 |   | $ | 97,880 |   | $ | 112,111 |   |
| Depreciation                and amortization                                                                   |   |                                   | 131,792  |   |   | 125,742 |   |   | 114,342 |   |   | 90,367 |   |   | 78,111 |   |
| Gain                on sale of properties                                                                      |   |                                   | (172,056 | ) |   | (87,561 | ) |   | (26,316 | ) |   | (7,273 | ) |   | (18,614 | ) |
| Funds                from operations                                                                           |   |                                   | 254,645  |   |   | 247,733 |   |   | 221,937 |   |   | 180,974 |   |   | 171,608 |   |
| Add:                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                          |   |                                   | 1,062    |   |   | 961 |   |   | 963 |   |   | 1,030 |   |   | 914 |   |
| Preferred                dividends                                                                             |   |                                   | 10,101   |   |   | 10,101 |   |   | 7,470 |   |   | 15,912 |   |   | 19,756 |   |
| Interest                on indebtedness                                                                        |   |                                   | 146,943  |   |   | 130,761 |   |   | 117,096 |   |   | 90,269 |   |   | 67,171 |   |
| Out-of-market                mortgage adjustment                                                               |   |                                   | 7,335    |   |   | 6,927 |   |   | 4,988 |   |   | 975 |   |   |   |   |
| Funds                from operations as adjusted                                                               |   | $                                      | 420,086  |   | $ | 396,483 |   | $ | 352,454 |   | $ | 289,160 |   | $ | 259,449 |   |
|                                                                                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RATIO                OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED                DIVIDENDS |   |                                   | 2.43     |   |   | 2.62 |   |   | 2.60 |   |   | 2.52 |   |   | 2.66 |   |

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