|                                                                             |   |                                    |    | **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,**          |    |
|                                                                             |   | **2007**                                |    | **2006**                          |   |
| Income                  from continuing operations                               |   | $                                       | 36,985  |                              | $      | 32,592 |   |
|                                                                             |   |                                    |    |                              |   |   |   |
| Add:                                                                             |   |                                    |    |                              |   |   |   |
| Portion                  of rents representative of the interest factor          |   |                                    | 257     |                              |   | 243 |   |
| Interest                  on indebtedness                                        |   |                                    | 36,473  |                              |   | 34,437 |   |
| Out-of-market                  mortgage adjustment                               |   |                                    | 1,770   |                              |   | 1,826 |   |
| Preferred                  Dividends                                             |   |                                    | 4,728   |                              |   | 2,525 |   |
| Net                  income as adjusted                                          |   | $                                       | 80,213  |                              | $      | 71,623 |   |
|                                                                             |   |                                    |    |                              |   |   |   |
| Fixed                  charges:                                                  |   |                                    |    |                              |   |   |   |
| Interest                  on indebtedness                                        |   | $                                       | 36,473  |                              | $      | 34,437 |   |
| Out-of-market                  mortgage adjustment                               |   |                                    | 1,770   |                              |   | 1,826 |   |
| Capitalized                  interest                                            |   |                                    | 5,855   |                              |   | 809 |   |
| Preferred                  Dividends                                             |   |                                    | 4,728   |                              |   | 2,525 |   |
| Portion                  of rents representative of the interest factor          |   |                                    | 257     |                              |   | 243 |   |
| Fixed                  charges                                                   |   | $                                       | 49,083  |                              | $      | 39,840 |   |
|                                                                             |   |                                    |    |                              |   |   |   |
| RATIO                  OF EARNINGS TO COMBINED FIXED CHARGES                     |   |                                    |    |                              |   |   |   |
| CHARGES                  AND PREFERRED DIVIDENDS                                 |   |                                    | 1.63    |                              |   | 1.80 |   |
|                                                                             |   |                                    |    |                              |   |   |   |
|                                                                             |   |                                    |    |                              |   |   |   |
| Net                  income available to common shareholders                     |   | $                                       | 46,657  |                              | $      | 52,084 |   |
| Depreciation                  and amortization                                   |   |                                    | 34,036  |                              |   | 32,449 |   |
| Gain                  on sale of property                                        |   |                                    | (14,945 | )                                 |   | (18,699 | ) |
| Funds                  from operations                                           |   |                                    | 65,748  |                              |   | 65,834 |   |
| Add:                                                                             |   |                                    |    |                              |   |   |   |
| Portion                  of rents representative of the interest factor          |   |                                    | 257     |                              |   | 243 |   |
| Preferred                  dividends                                             |   |                                    | 4,728   |                              |   | 2,525 |   |
| Interest                  on indebtedness                                        |   |                                    | 36,473  |                              |   | 34,437 |   |
| Out-of-market                  mortgage adjustment                               |   |                                    | 1,770   |                              |   | 1,826 |   |
| Funds                  from operations as adjusted                               |   | $                                       | 108,976 |                              | $      | 104,865 |   |
|                                                                             |   |                                    |    |                              |   |   |   |
| RATIO                  OF FUNDS FROM OPERATIONS TO COMBINED                      |   |                                    |    |                              |   |   |   |
| FIXED                  CHARGES AND PREFERRED DIVIDENDS                           |   |                                    | 2.22    |                              |   | 2.63 |   |