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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)**                                      |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |
|                                                                           |   | **Three                Months Ended** |    |   | **Six                Months Ended** |   |
|                                                                           |   | **June                30,**           |    |   | **June                30,**         |   |
|                                                                           |   | **2007**                              |    |   | **2006**                            |   |    | **2007** |                                      |   | **2006** |   |
| Income                from continuing operations                               |   | $                                     | 35,622  |   |                                | $      | 29,664  |     |                                      | $      | 72,431 |   |   | $ | 62,070 |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Add:                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor          |   |                                  | 283     |   |                                |   | 247     |     |                                      |   | 540 |   |   |   | 490 |   |
| Interest                on indebtedness                                        |   |                                  | 35,653  |   |                                |   | 34,331  |     |                                      |   | 71,719 |   |   |   | 68,361 |   |
| Out-of-market                mortgage adjustment                               |   |                                  | 1,817   |   |                                |   | 1,873   |     |                                      |   | 3,635 |   |   |   | 3,747 |   |
| Preferred                dividends                                             |   |                                  | 5,775   |   |                                |   | 2,525   |     |                                      |   | 10,503 |   |   |   | 5,050 |   |
|     Net                income as adjusted                  |   | $                                     | 79,150  |   |                                | $      | 68,640  |     |                                      | $      | 158,828 |   |   | $ | 139,718 |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Fixed                charges:                                                  |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Interest                on indebtedness                                        |   | $                                     | 35,653  |   |                                | $      | 34,331  |     |                                      | $      | 71,719 |   |   | $ | 68,361 |   |
| Out-of-market                mortgage adjustment                               |   |                                  | 1,817   |   |                                |   | 1,873   |     |                                      |   | 3,635 |   |   |   | 3,747 |   |
| Capitalized                interest                                            |   |                                  | 6,636   |   |                                |   | 1,346   |     |                                      |   | 12,491 |   |   |   | 2,155 |   |
| Preferred                dividends                                             |   |                                  | 5,775   |   |                                |   | 2,525   |     |                                      |   | 10,503 |   |   |   | 5,050 |   |
| Portion                of rents representative of the interest factor          |   |                                  | 283     |   |                                |   | 247     |     |                                      |   | 540 |   |   |   | 490 |   |
|     Fixed                charges                           |   | $                                     | 50,164  |   |                                | $      | 40,322  |     |                                      | $      | 98,888 |   |   | $ | 79,803 |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| RATIO                OF EARNINGS TO COMBINED FIXED CHARGES                     |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| CHARGES                AND PREFERRED DIVIDENDS                                 |   |                                  | 1.58    |   |                                |   | 1.70    |     |                                      |   | 1.61 |   |   |   | 1.75 |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Net                income available to common shareholders                     |   | $                                     | 70,002  |   |                                | $      | 87,741  |     |                                      | $      | 116,659 |   |   | $ | 139,825 |   |
| Depreciation                and amortization                                   |   |                                  | 34,438  |   |                                |   | 32,710  |     |                                      |   | 68,474 |   |   |   | 65,158 |   |
| Gain                on sale of properties                                      |   |                                  | (38,253 | )      |                                |   | (58,654 | )        |                                      |   | (53,198 | ) |   |   | (77,353 | ) |
|     Funds                from operations                   |   |                                  | 66,187  |   |                                |   | 61,797  |     |                                      |   | 131,935 |   |   |   | 127,630 |   |
| Add:                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor          |   |                                  | 283     |   |                                |   | 247     |     |                                      |   | 540 |   |   |   | 490 |   |
| Preferred                dividends                                             |   |                                  | 5,775   |   |                                |   | 2,525   |     |                                      |   | 10,503 |   |   |   | 5,050 |   |
| Interest                on indebtedness                                        |   |                                  | 35,653  |   |                                |   | 34,331  |     |                                      |   | 71,719 |   |   |   | 68,361 |   |
| Out-of-market                mortgage adjustment                               |   |                                  | 1,817   |   |                                |   | 1,873   |     |                                      |   | 3,635 |   |   |   | 3,747 |   |
|     Funds                from operations as adjusted       |   | $                                     | 109,715 |   |                                | $      | 100,773 |     |                                      | $      | 218,332 |   |   | $ | 205,278 |   |
|                                                                           |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| RATIO                OF FUNDS FROM OPERATIONS TO COMBINED                      |   |                                  |    |   |                                |   |    |     |                                      |   |   |   |   |   |   |   |
| FIXED                CHARGES AND PREFERRED DIVIDENDS                           |   |                                  | 2.19    |   |                                |   | 2.50    |     |                                      |   | 2.21 |   |   |   | 2.57 |   |

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