EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS

COMPUTATION OF RATIOS

(Amounts in thousands)

	Six Months Ended June 30,						Year Ended December 31,
	2017			2016			2016			2015			2014			2013			2012
Income from continuing operations	$	57,602		$	100,128		$	176,117		$	121,601		$	116,365		$	132,977		$	56,880
Equity in (earnings) losses of real estate joint ventures and partnerships, net		(12,747	)		(10,738	)		(20,642	)		(19,300	)		(22,317	)		(35,112	)		1,558
(Benefit) provision for income taxes		(2,612	)		5,915			6,856			52			(1,261	)		7,046			(75	)
Gain on sale of property		47,987			46,190			100,714			59,621			146,290			762			1,004
Fixed charges		43,964			41,077			86,646			92,107			99,806			108,109			121,462
Amortization of capitalized interest		1,067			1,133			2,305			2,114			2,142			2,401			2,385
Distributions of income from real estate joint ventures and partnerships		667			591			1,149			1,216			4,058			3,498			3,141
Capitalized interest		(1,903	)		(1,137	)		(2,656	)		(3,252	)		(3,302	)		(2,403	)		(3,125	)
Net income as adjusted	$	134,025		$	183,159		$	350,489		$	254,159		$	341,781		$	217,278		$	183,230
Fixed charges:
Interest on indebtedness, net	$	41,555		$	39,449		$	83,003		$	87,783		$	94,744		$	103,839		$	116,463
Capitalized interest		1,903			1,137			2,656			3,252			3,302			2,403			3,125
Portion of rents representative of the interest factor		506			491			987			1,072			1,760			1,867			1,874
Fixed charges	$	43,964		$	41,077		$	86,646		$	92,107		$	99,806		$	108,109		$	121,462
Preferred dividends		—			—			—			3,830			10,840			18,173			34,930
Combined fixed charges and preferred dividends	$	43,964		$	41,077		$	86,646		$	95,937		$	110,646		$	126,282		$	156,392
RATIO OF EARNINGS TO FIXED CHARGES		3.05	x		4.46	x		4.05	x		2.76	x		3.42	x		2.01	x		1.51	x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		3.05	x		4.46	x		4.05	x		2.65	x		3.09	x		1.72	x		1.17	x