----

----

|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   | **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** |    |   | **Nine                Months Ended** |   |
|                                                                                                               |   | **September                30,**      |    |   | **September                30,**     |   |
|                                                                                                               |   | **2007**                              |    |   | **2006**                             |   |    | **2007** |   |   | **2006**                        |   |
| Income                from continuing operations                                                                   |   | $                                     | 37,563  |   |                                 | $      | 56,905  |     |   | $      | 109,214                         |   |   | $ | 118,247 |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Add:                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                              |   |                                  | 288     |   |                                 |   | 233     |     |   |   | 828                             |   |   |   | 723 |   |
| Interest                on indebtedness                                                                            |   |                                  | 38,536  |   |                                 |   | 37,384  |     |   |   | 110,384                         |   |   |   | 105,920 |   |
| Out-of-market                mortgage adjustment                                                                   |   |                                  | 1,568   |   |                                 |   | 1,930   |     |   |   | 5,202                           |   |   |   | 5,677 |   |
| Preferred                dividends                                                                                 |   |                                  | 5,982   |   |                                 |   | 2,526   |     |   |   | 16,485                          |   |   |   | 7,576 |   |
|     Net                income as adjusted                                                      |   | $                                     | 83,937  |   |                                 | $      | 98,978  |     |   | $      | 242,113                         |   |   | $ | 238,143 |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Fixed                charges:                                                                                      |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Interest                on indebtedness                                                                            |   | $                                     | 38,536  |   |                                 | $      | 37,384  |     |   | $      | 110,384                         |   |   | $ | 105,920 |   |
| Out-of-market                mortgage adjustment                                                                   |   |                                  | 1,568   |   |                                 |   | 1,930   |     |   |   | 5,202                           |   |   |   | 5,677 |   |
| Capitalized                interest                                                                                |   |                                  | 6,665   |   |                                 |   | 2,119   |     |   |   | 19,156                          |   |   |   | 4,274 |   |
| Preferred                dividends                                                                                 |   |                                  | 5,982   |   |                                 |   | 2,526   |     |   |   | 16,485                          |   |   |   | 7,576 |   |
| Portion                of rents representative of the interest factor                                              |   |                                  | 288     |   |                                 |   | 233     |     |   |   | 828                             |   |   |   | 723 |   |
|     Fixed                charges                                                               |   | $                                     | 53,039  |   |                                 | $      | 44,192  |     |   | $      | 152,055                         |   |   | $ | 124,170 |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| RATIO                  OF EARNINGS TO COMBINED FIXED CHARGES CHARGES AND PREFERRED                  DIVIDENDS      |   |                                  | 1.58    |   |                                 |   | 2.24    |     |   |   | 1.59                            |   |   |   | 1.92 |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Net                income available to common shareholders                                                         |   | $                                     | 38,281  |   |                                 | $      | 103,223 |     |   | $      | 154,940                         |   |   | $ | 243,048 |   |
| Depreciation                and amortization                                                                       |   |                                  | 35,988  |   |                                 |   | 32,679  |     |   |   | 104,462                         |   |   |   | 97,838 |   |
| Gain                on sale of properties                                                                          |   |                                  | (5,642  | )      |                                 |   | (72,260 | )        |   |   | (58,840                         | )      |   |   | (149,613 | ) |
|     Funds                from operations                                                       |   |                                  | 68,627  |   |                                 |   | 63,642  |     |   |   | 200,562                         |   |   |   | 191,273 |   |
| Add:                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                              |   |                                  | 288     |   |                                 |   | 233     |     |   |   | 828                             |   |   |   | 723 |   |
| Preferred                dividends                                                                                 |   |                                  | 5,982   |   |                                 |   | 2,526   |     |   |   | 16,485                          |   |   |   | 7,576 |   |
| Interest                on indebtedness                                                                            |   |                                  | 38,536  |   |                                 |   | 37,384  |     |   |   | 110,384                         |   |   |   | 105,920 |   |
| Out-of-market                mortgage adjustment                                                                   |   |                                  | 1,568   |   |                                 |   | 1,930   |     |   |   | 5,202                           |   |   |   | 5,677 |   |
|     Funds                from operations as adjusted                                           |   | $                                     | 115,001 |   |                                 | $      | 105,715 |     |   | $      | 333,461                         |   |   | $ | 311,169 |   |
|                                                                                                               |   |                                  |    |   |                                 |   |    |     |   |   |                            |   |   |   |   |   |
| RATIO                  OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED                  DIVIDENDS |   |                                  | 2.17    |   |                                 |   | 2.39    |     |   |   | 2.19                            |   |   |   | 2.51 |   |

----

----