**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)**

|                                                                                                                   |   | Three                    Months Ended |    |
|------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                                   |   | March                    31,          |    |
|                                                                                                                   |   | 2006                                  |    | 2005 |   |
|                                                                                                                   |   |                                  |    |   |   |
| Income                    from continuing operations                                                                   |   | $                                     | 37,203  |   | $ | 30,487 |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
| Add:                                                                                                                   |   |                                  |    |   |   |   |   |
| Portion                    of rents representative of the interest factor                                              |   |                                  | 243     |   |   | 234 |   |
| Interest                    on indebtedness                                                                            |   |                                  | 34,437  |   |   | 31,036 |   |
| Out-of-market                    mortgage adjustment                                                                   |   |                                  | 1,826   |   |   | 1,493 |   |
| Preferred                    dividends                                                                                 |   |                                  | 2,525   |   |   | 2,525 |   |
| Net                    income as adjusted                                                                              |   | $                                     | 76,234  |   | $ | 65,775 |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
| Fixed                    charges:                                                                                      |   |                                  |    |   |   |   |   |
| Interest                    on indebtedness                                                                            |   | $                                     | 34,437  |   | $ | 31,036 |   |
| Out-of-market                    mortgage adjustment                                                                   |   |                                  | 1,826   |   |   | 1,493 |   |
| Capitalized                    interest                                                                                |   |                                  | 809     |   |   | 700 |   |
| Preferred                    dividends                                                                                 |   |                                  | 2,525   |   |   | 2,525 |   |
| Portion                    of rents representative of the interest factor                                              |   |                                  | 243     |   |   | 234 |   |
| Fixed                    charges                                                                                       |   | $                                     | 39,840  |   | $ | 35,988 |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
| RATIO                    OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED                    DIVIDENDS              |   |                                  | 1.91    |   |   | 1.83 |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
| Net                    income available to common shareholders                                                         |   | $                                     | 52,084  |   | $ | 34,037 |   |
| Depreciation                    and amortization                                                                       |   |                                  | 31,476  |   |   | 29,216 |   |
| Gain                    on sale of properties                                                                          |   |                                  | (18,699 | ) |   | (4,090 | ) |
| Funds                    from operations                                                                               |   |                                  | 64,861  |   |   | 59,163 |   |
| Add:                                                                                                                   |   |                                  |    |   |   |   |   |
| Portion                    of rents representative of the interest factor                                              |   |                                  | 243     |   |   | 234 |   |
| Preferred                    dividends                                                                                 |   |                                  | 2,525   |   |   | 2,525 |   |
| Interest                    on indebtedness                                                                            |   |                                  | 34,437  |   |   | 31,036 |   |
| Out-of-market                    mortgage adjustment                                                                   |   |                                  | 1,826   |   |   | 1,493 |   |
| Funds                    from operations as adjusted                                                                   |   | $                                     | 103,892 |   | $ | 94,451 |   |
|                                                                                                                   |   |                                  |    |   |   |   |   |
| RATIO                    OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED                    DIVIDENDS |   |                                  | 2.61    |   |   | 2.62 |   |