EXHIBIT 12.1
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
(Amounts in thousands)
	Year Ended December 31,
	2007			2006			2005			2004			2003
Income from continuing operations	$	145,412		$	137,179		$	122,428		$	83,501		$	77,876
Equity earnings of real estate joint ventures and partnerships, net		(19,853	)		(14,655	)		(6,610	)		(5,384	)		(4,681	)
Income allocated to minority interests		10,237			6,414			6,060			4,928			2,723
Provision for income taxes		4,073			1,366
Fixed charges		207,104			171,617			149,907			134,640			114,492
Amortization of capitalized interest		2,084			2,234			2,366			2,360			1,698
Distributions of income from real estate joint ventures and partnerships		6,251			2,524			2,603			1,204			1,543
Capitalized interest		(25,025	)		(7,616	)		(2,629	)		(4,992	)		(6,361	)
Preferred dividends		(25,375	)		(10,101	)		(10,101	)		(7,470	)		(15,912	)
Net income as adjusted	$	304,908		$	288,962		$	264,024		$	208,787		$	171,378
Fixed charges:
Interest on indebtedness	$	148,829		$	145,374		$	129,160		$	116,142		$	90,214
Out-of-market mortgage adjustment		6,758			7,464			7,056			5,073			975
Capitalized interest		25,025			7,616			2,629			4,992			6,361
Preferred dividends		25,375			10,101			10,101			7,470			15,912
Portion of rents representative of the interest factor		1,117			1,062			961			963			1,030
Fixed charges	$	207,104		$	171,617		$	149,907		$	134,640		$	114,492
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		1.47			1.68			1.76			1.55			1.50
RATIO OF EARNINGS TO FIXED CHARGES		1.68			1.79			1.89			1.64			1.74