**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,     |   |
|                                                                                                           |   | 2006                              |    | 2005                             |   | 2006 |   | 2005 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |
| Income                from continuing operations                                                               |   | $                                 | 59,346  |                             | $      | 29,605 |   | $ | 125,467 |   | $ | 109,131 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Add:                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                          |   |                              | 233     |                             |   | 227 |   |   | 723 |   |   | 694 |   |
| Interest                on indebtedness                                                                        |   |                              | 37,709  |                             |   | 33,202 |   |   | 106,887 |   |   | 96,525 |   |
| Out-of-market                mortgage adjustment                                                               |   |                              | 1,883   |                             |   | 1,749 |   |   | 5,534 |   |   | 5,112 |   |
| Preferred                dividends                                                                             |   |                              | 2,526   |                             |   | 2,525 |   |   | 7,576 |   |   | 7,576 |   |
| Net                income as adjusted                                                                          |   | $                                 | 101,697 |                             | $      | 67,308 |   | $ | 246,187 |   | $ | 219,038 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Fixed                charges:                                                                                  |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Interest                on indebtedness                                                                        |   | $                                 | 37,709  |                             | $      | 33,202 |   | $ | 106,887 |   | $ | 96,525 |   |
| Out-of-market                mortgage adjustment                                                               |   |                              | 1,883   |                             |   | 1,749 |   |   | 5,534 |   |   | 5,112 |   |
| Capitalized                interest                                                                            |   |                              | 2,119   |                             |   | 671 |   |   | 4,274 |   |   | 2,328 |   |
| Preferred                dividends                                                                             |   |                              | 2,526   |                             |   | 2,525 |   |   | 7,576 |   |   | 7,576 |   |
| Portion                of rents representative of the interest factor                                          |   |                              | 233     |                             |   | 227 |   |   | 723 |   |   | 694 |   |
| Fixed                charges                                                                                   |   | $                                 | 44,470  |                             | $      | 38,374 |   | $ | 124,994 |   | $ | 112,235 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| RATIO                OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED                DIVIDENDS              |   |                              | 2.29    |                             |   | 1.75 |   |   | 1.97 |   |   | 1.95 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Net                income available to common shareholders                                                     |   | $                                 | 103,223 |                             | $      | 58,958 |   | $ | 243,048 |   | $ | 160,674 |   |
| Depreciation                and amortization                                                                   |   |                              | 32,679  |                             |   | 31,542 |   |   | 97,838 |   |   | 92,805 |   |
| Gain                on sale of property                                                                        |   |                              | (72,260 | )                                |   | (27,881 | ) |   | (149,613 | ) |   | (67,591 | ) |
| Funds                from operations                                                                           |   |                              | 63,642  |                             |   | 62,619 |   |   | 191,273 |   |   | 185,888 |   |
| Add:                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| Portion                of rents representative of the interest factor                                          |   |                              | 233     |                             |   | 227 |   |   | 723 |   |   | 694 |   |
| Preferred                dividends                                                                             |   |                              | 2,526   |                             |   | 2,525 |   |   | 7,576 |   |   | 7,576 |   |
| Interest                on indebtedness                                                                        |   |                              | 37,709  |                             |   | 33,202 |   |   | 106,887 |   |   | 96,525 |   |
| Out-of-market                mortgage adjustment                                                               |   |                              | 1,883   |                             |   | 1,749 |   |   | 5,534 |   |   | 5,112 |   |
| Funds                from operations as adjusted                                                               |   | $                                 | 105,993 |                             | $      | 100,322 |   | $ | 311,993 |   | $ | 295,795 |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
|                                                                                                           |   |                              |    |                             |   |   |   |   |   |   |   |   |   |
| RATIO                OF FUNDS FROM OPERATIONS TO COMBINED FIXED CHARGES AND PREFERRED                DIVIDENDS |   |                              | 2.38    |                             |   | 2.61 |   |   | 2.50 |   |   | 2.64 |   |