**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,         |   |
|                                                                                                               |   | 2006                                |    | 2005                              |   | 2006 |   | 2005 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |
| Income                  from continuing operations                                                                 |   | $                                   | 32,817  |                              | $      | 52,724 |   | $ | 68,350 |   | $ | 81,489 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Add:                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Portion                  of rents representative of the interest factor                                            |   |                                | 247     |                              |   | 233 |   |   | 490 |   |   | 467 |   |
| Interest                  on indebtedness                                                                          |   |                                | 34,741  |                              |   | 32,287 |   |   | 69,178 |   |   | 63,323 |   |
| Out-of-market                  mortgage adjustment                                                                 |   |                                | 1,826   |                              |   | 1,870 |   |   | 3,652 |   |   | 3,363 |   |
| Preferred                  dividends                                                                               |   |                                | 2,525   |                              |   | 2,526 |   |   | 5,050 |   |   | 5,051 |   |
| Net                  income as adjusted                                                                            |   | $                                   | 72,156  |                              | $      | 89,640 |   | $ | 146,720 |   | $ | 153,693 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Fixed                  charges:                                                                                    |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Interest                  on indebtedness                                                                          |   | $                                   | 34,741  |                              | $      | 32,287 |   | $ | 69,178 |   | $ | 63,323 |   |
| Out-of-market                  mortgage adjustment                                                                 |   |                                | 1,826   |                              |   | 1,870 |   |   | 3,652 |   |   | 3,363 |   |
| Capitalized                  interest                                                                              |   |                                | 1,346   |                              |   | 957 |   |   | 2,155 |   |   | 1,657 |   |
| Preferred                  dividends                                                                               |   |                                | 2,525   |                              |   | 2,526 |   |   | 5,050 |   |   | 5,051 |   |
| Portion                  of rents representative of the interest factor                                            |   |                                | 247     |                              |   | 233 |   |   | 490 |   |   | 467 |   |
| Fixed                  charges                                                                                     |   | $                                   | 40,685  |                              | $      | 37,873 |   | $ | 80,525 |   | $ | 73,861 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| RATIO                  OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED                  DIVIDENDS              |   |                                | 1.77    |                              |   | 2.37 |   |   | 1.82 |   |   | 2.08 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Net                  income available to common shareholders                                                       |   | $                                   | 87,741  |                              | $      | 67,679 |   | $ | 139,825 |   | $ | 101,716 |   |
| Depreciation                  and amortization                                                                     |   |                                | 31,723  |                              |   | 30,386 |   |   | 63,199 |   |   | 59,602 |   |
| Gain                  on sale of property                                                                          |   |                                | (58,654 | )                                 |   | (35,620 | ) |   | (77,353 | ) |   | (39,710 | ) |
| Funds                  from operations                                                                             |   |                                | 60,810  |                              |   | 62,445 |   |   | 125,671 |   |   | 121,608 |   |
| Add:                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| Portion                  of rents representative of the interest factor                                            |   |                                | 247     |                              |   | 233 |   |   | 490 |   |   | 467 |   |
| Preferred                  dividends                                                                               |   |                                | 2,525   |                              |   | 2,526 |   |   | 5,050 |   |   | 5,051 |   |
| Interest                  on indebtedness                                                                          |   |                                | 34,741  |                              |   | 32,287 |   |   | 69,178 |   |   | 63,323 |   |
| Out-of-market                  mortgage adjustment                                                                 |   |                                | 1,826   |                              |   | 1,870 |   |   | 3,652 |   |   | 3,363 |   |
| Funds                  from operations as adjusted                                                                 |   | $                                   | 100,149 |                              | $      | 99,361 |   | $ | 204,041 |   | $ | 193,812 |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
|                                                                                                               |   |                                |    |                              |   |   |   |   |   |   |   |   |   |
| RATIO                  OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED                  DIVIDENDS |   |                                | 2.46    |                              |   | 2.62 |   |   | 2.53 |   |   | 2.62 |   |