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,
	2010			2009			2008			2007			2006
Income from continuing operations	$	48,128		$	91,024		$	72,206		$	132,359		$	107,174
Equity in earnings of real estate joint ventures and partnerships, net		(12,889	)		(5,548	)		(12,196	)		(19,853	)		(14,655	)
Provision (benefit) for income taxes		240			6,337			(10,220	)		4,073			1,366
Gain on sale of property		2,480			25,266			1,998			4,086			22,493
Fixed charges		189,426			199,078			212,651			207,765			166,831
Amortization of capitalized interest		2,435			2,221			2,307			2,084			2,234
Distributions of income from real estate joint ventures and partnerships		1,733			2,841			3,602			6,251			2,524
Capitalized interest		(3,405	)		(8,716	)		(20,290	)		(25,025	)		(7,616	)
Preferred dividends		(35,476	)		(35,476	)		(34,711	)		(25,375	)		(10,101	)
Net income as adjusted	$	192,672		$	277,027		$	215,347		$	286,365		$	270,250
Fixed charges:
Interest on indebtedness, net	$	148,794		$	153,207		$	156,318		$	156,248		$	148,052
Capitalized interest		3,405			8,716			20,290			25,025			7,616
Preferred dividends		35,476			35,476			34,711			25,375			10,101
Portion of rents representative of the interest factor		1,751			1,679			1,332			1,117			1,062
Fixed charges	$	189,426		$	199,078		$	212,651		$	207,765		$	166,831
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	1.02		$	1.39		$	1.01		$	1.38		$	1.62
RATIO OF EARNINGS TO FIXED CHARGES	$	1.25		$	1.69		$	1.21		$	1.57		$	1.72