Exhibit 99.1

    2600 Citadel Plaza Drive

    P.O. Box 924133

    Houston, Texas 77292-4133

NEWS RELEASE

Information: Tim Goss, Phone: (713) 866-6050

WEINGARTEN REALTY INCREASES QUARTERLY DIVIDEND

5.5% AND REPORTS FOURTH QUARTER AND

FULL YEAR 2011 RESULTS

Houston, February 29, 2012 — Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2011. The supplemental financial package can be found on the Company’s website under the Investor Relations tab.

Fourth Quarter Operating and Financial Highlights

Financial Results

The Company reported net income attributable to common shareholders of $22.2 million or $0.18 per diluted share (hereinafter “per share”) for the fourth quarter of 2011, as compared to a net loss of $2.6 million or $0.02 per share for the same period in 2010. For the full year 2011, the Company reported a net loss of $19.9 million or $0.17 per share compared to net income of $10.7 million or $0.09 per share for the full year 2010. Included in net income for both 2011 and 2010 were non-cash impairments of $0.65 and $0.28 per share, respectively.

In accordance with the recently clarified definition of FFO issued by the National Association of Real Estate Investment Trusts, FFO excludes the effect of impairments of operating properties. Impairments of non-operating assets such as land held for future development are included in Reported FFO but are excluded in the calculation of Recurring FFO.

For the current quarter, Reported FFO was $58.1 million or $0.48 per share compared to $39.0 million or $0.33 per share for 2010. Reported FFO for 2011 excludes a non-cash impairment of an operating property of $0.02 per share. Recurring FFO for the fourth quarter of 2011 was $0.48 per share or $58.5 million. For the same quarter last year, Recurring FFO was $0.43 per share or $51.6 million which excludes an impairment of a non-operating asset of $.10 per share. This increase in Recurring FFO per share of 11.6% over the prior year was primarily due to the Company’s acquisition and new development programs and reduced interest expense due to favorable refinancing transactions.

For the full year ended December 31, 2011, Reported FFO was $173.3 million or $1.44 per share compared to $187.0 million or $1.55 per share for 2010. Reported FFO excludes impairments of operating properties of $0.30 and $0.13 per share in 2011 and 2010, respectively. Recurring FFO for 2011 was $217.7 million or $1.81 per share compared to $204.9 million or $1.70 per share for 2010. Recurring FFO excludes additional impairments of non-operating assets of $0.36 and $0.15 per share in 2011 and 2010, respectively. The increase in Recurring FFO, consistent with the quarter, was primarily due to the Company’s acquisition and new development programs and reduced interest expense.

A reconciliation of net income to both Reported and Recurring FFO is shown on the attached financial statement page and is also shown on page 5 of the supplemental package. A reconciliation presenting the effects of the clarified NAREIT FFO definition is presented on pages 46-48 of the supplemental package.

Operating Results

Same Property NOI during the fourth quarter increased by 1.4% versus a year ago, with retail properties up 1.8%. These results are primarily driven by leases that were previously signed but commenced during the quarter.

The Company produced strong leasing results again during the fourth quarter with 425 new leases and renewals totaling 1.8 million square feet and representing $20 million of annual revenue. The 425 transactions were comprised of 188 new leases and 237 renewals, representing annual revenues of $8.8 million and $11.2 million, respectively.

Retail occupancy increased to 93.0% in the fourth quarter from 92.8% in the third quarter of 2011. Industrial occupancy increased to 89.5% compared to 87.9% during the third quarter of 2011. Overall, occupancy increased to 92.1% compared to 91.6% during the third quarter of 2011.

“We are proud of the results our team achieved throughout the year. We were especially successful in leasing spaces under 10,000 square feet where we increased retail occupancy by 110 basis points during the year, a definite sign of an improving operating environment and the strength of our quality portfolio,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Capital Recycling

During the quarter, the Company sold five retail shopping centers, an industrial building and several land parcels for a total of $62.0 million. For the year, dispositions totaled $118.5 million and subsequent to quarter-end five other retail properties and two land parcels have been sold for $37.1 million.

The Company redeployed this capital into outstanding new investments. Acquisitions during the year totaled $68.5 million and spending on existing new development projects was an additional $35.2 million. During the quarter, the Company entered into a joint venture to develop a 258,000 square foot shopping center near Alexandria, Virginia anchored by Wegman’s, one the most successful supermarket operators on the East coast. The project is located adjacent to Fort Belvoir, an ever-expanding Army facility just outside the Beltway. The center is nearly 70% pre-leased and represents an estimated final investment of $62 million. The Company also commenced development of two other shopping centers during the year anchored by Kroger and Whole Foods.

“Our ability to execute our disposition plan has allowed us to prune certain lower-tier assets and recycle that capital into higher quality investments in our target markets, further elevating the quality of the Company’s already outstanding portfolio. We are especially pleased with the closing of Hilltop Village Shopping Center as our entry into the dynamic D.C. market,” said Drew Alexander, President and Chief Executive Officer.

Dividend

On February 29, 2012, the Board of Trust Managers declared an increase in the common dividend to $0.29 per share for the first quarter of 2012. This represents a 5.5% increase resulting in an annualized dividend of $1.16 per share. The dividend is payable in cash on March 15, 2012 to shareholders of record on March 12, 2012.

The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) are $0.434375 per share for the same period. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are also payable on March 15, 2012 to shareholders of record on March 12, 2012.

FFO Guidance

The Company issued full year 2012 Recurring FFO guidance in the range of $1.81 to $1.91 per share which assumes $300-$400 million of dispositions and an increase in Same Property NOI of 4-5%. A full listing of guidance and assumptions is included on page 50 of the supplemental package.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on March 1, 2012 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (877) 763-1324 (conference ID # 35296878). A replay and Podcast will be available through the Company’s web site starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At December 31, 2011, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 380 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 313 neighborhood and community shopping centers located in 23 states spanning the country from coast to coast. The Company also owns 75 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At December 31, 2011, the Company’s portfolio of properties was approximately 76.1 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.

Financial Statements

Weingarten Realty Investors

(in thousands, except per share amounts)

Weingarten Realty Investors

Financial Statements

(in thousands)