WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION

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8-K - FORM 8-K - WEINGARTEN REALTY INVESTORS /TX/	d310256d8k.htm
EX-99.1 - PRESS RELEASE - WEINGARTEN REALTY INVESTORS /TX/	d310256dex991.htm

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Table of Contents	Page No.

Corporate Profile		1

Financial Summary
Condensed Consolidated Statements of Income		3
Condensed Consolidated Balance Sheets		4
Supplemental Financial Data		5
Funds from Operations
Recurring Funds from Operations
Dividends
General and Administrative Expenses
Supplemental Income Statement Detail		6
Rentals, net
Fee Income From Real Estate Joint Ventures and Partnerships
Interest Expense, net
Interest and Other Income, net
Supplemental Analyst Information
Net Operating Income Including Joint Ventures
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Supplemental Balance Sheet Detail		7
Property
Straight Line Rent Receivable
Other Assets, net
Other Liabilities, net
Identified Intangible Assets and Liabilities
Capitalization and Coverage Ratios		8
Common Share Data
Capitalization
Capital Availability
Coverage Ratios
Net Debt to Adjusted EBITDA
Credit Ratings

Investment Activity
New Development Properties		10
Land Held for Development		11
Disposition and Acquisition Summary		12
Property Investment Summary		13

Summary of Debt
Debt Information		15
Outstanding Balance Summary
Fixed vs. Variable Rate Debt
Secured vs. Unsecured Debt
Weighted Average Interest Rates
Schedule of Maturities		16

Joint Ventures
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100%		18
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share		19
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships		20
Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships		21

Portfolio Summary
Tenant Diversification by Percent of Rental Revenues		23
Portfolio Operating Information		24
Lease Expirations
Leasing Activity - Signed Leases
Occupancy
Same Property Net Operating Income Growth
Total Net Operating Income by Geographic Region		25
Average Base Rents by CBSA		26 - 28

Property Listing		30 - 43

Other Topics of Interest
Reconciliation of Impairment Transactions		45
FFO and Recurring FFO Reconciliation		46 - 48
Ground Lease Summary		49
2012 Business Plan Assumptions		50

Corporate Profile

Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2011, we owned or operated under long-term leases, interests in 380 developed income-producing properties and 11 new development properties (including 7 which are income-producing), which are located in 23 states that span the United States from coast to coast. Included in the portfolio are 313 shopping centers, 75 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 45.5 million square feet of leasable area. Our properties were 92.1% leased as of December 31, 2011, and historically our portfolio occupancy rate has never been below 90%.


Corporate Office

2600 Citadel Plaza Drive
P. O. Box 924133
Houston, TX 77292-4133
713-866-6000
www.weingarten.com

Stock Listings

New York Stock Exchange:
Common Shares		WRI
Series D Preferred Shares		WRI-PD
Series E Preferred Shares		WRI-PE
Series F Preferred Shares		WRI-PF
8.1% 2019 Notes		WRD

Forward-Looking Statements

This prospectus supplement and the accompanying prospectus, including documents incorporated by reference, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) changes in expected development activity, (ix) increases in operating costs, (x) tax matters, including failure to qualify as a real estate investment trust, could have adverse consequences and (xi) investments through real estate joint ventures and partnerships involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized.

Non-GAAP Disclosures

Effective the fourth quarter 2011, the National Association of Real Estate Investment Trusts (“NAREIT”) issued updated guidance on funds from operations (“FFO”); and accordingly, we have restated our FFO presentation. FFO is defined as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties and impairment write-downs of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

Page 1

Financial Summary

Weingarten Realty Investors

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2011		2010		2011		2010		2009		2008		2007
Revenues:
Rentals, net	$	132,548	$	131,846	$	526,533	$	521,376	$	534,374	$	558,695	$	529,840
Other		3,362		2,982		15,028		13,708		17,852		13,681		13,072

Total		135,910		134,828		541,561		535,084		552,226		572,376		542,912

Expenses:
Depreciation and amortization		38,425		38,360		152,983		145,893		142,549		145,414		118,635
Operating		26,490		27,703		101,657		102,138		99,540		110,169		96,940
Real estate taxes, net		15,331		15,081		64,243		61,537		67,346		67,307		61,217
Impairment loss		3,101		12,315		58,734		33,317		34,983		52,539
General and administrative		6,589		5,897		25,528		24,993		25,921		25,755		26,975

Total		89,936		99,356		403,145		367,878		370,339		401,184		303,767

Operating Income		45,974		35,472		138,416		167,206		181,887		171,192		239,145
Interest Expense, net		(31,752)		(37,028)		(141,757)		(148,152)		(152,041)		(155,020)		(154,858)
Interest and Other Income, net		2,078		2,920		5,062		9,825		11,425		4,312		8,434
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (a)		3,892		3,568		7,834		12,889		5,548		12,196		19,853
(Loss) Gain on Redemption of Convertible Senior Unsecured Notes								(135)		25,311		12,961
Gain on Land and Merchant Development Sales										18,688		8,407		16,385
(Provision) Benefit for Income Taxes		(170)		(92)		(395)		(180)		(6,269)		10,288		(4,073)

Income from Continuing Operations		20,022		4,840		9,160		41,453		84,549		64,336		124,886

Operating Income (Loss) from Discontinued Operations		2,770		1,853		(4,373)		6,687		9,696		19,539		27,707
Gain on Sale of Property from Discontinued Operations		9,626		196		10,215		1,093		55,765		68,722		83,659

Income from Discontinued Operations		12,396		2,049		5,842		7,780		65,461		88,261		111,366
Gain on Sale of Property		152		1,316		1,737		2,005		25,266		1,998		4,086

Net Income		32,570		8,205		16,739		51,238		175,276		154,595		240,338
Less: Net Income Attributable to Noncontrolling Interests		(1,528)		(1,939)		(1,118)		(5,032)		(4,174)		(8,943)		(10,237)

Net Income Adjusted for Noncontrolling Interests		31,042		6,266		15,621		46,206		171,102		145,652		230,101
Preferred Share Dividends		(8,869)		(8,869)		(35,476)		(35,476)		(35,476)		(34,711)		(25,375)
Redemption Costs of Preferred Shares												(1,850)

Net Income (Loss) Attributable to Common Shareholders	$	22,173	$	(2,603)	$	(19,855)	$	10,730	$	135,626	$	109,091	$	204,726

Earnings Per Common Share-Basic	$	0.18	$	(0.02)	$	(0.17)	$	0.09	$	1.24	$	1.29	$	2.39

Earnings Per Common Share-Diluted	$	0.18	$	(0.02)	$	(0.17)	$	0.09	$	1.23	$	1.28	$	2.35

(a)	See Page 19 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

Page 3

Weingarten Realty Investors

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)


	December 31, 2011		December 31, 2010
ASSETS

Property	$	4,688,526	$	4,777,794
Accumulated Depreciation		(1,059,531)		(971,249)
Property Held for Sale, net		73,241

Property, net		3,702,236		3,806,545

Investment in Real Estate Joint Ventures and Partnerships, net (a)		341,608		347,526

Total		4,043,844		4,154,071

Notes Receivable from Real Estate Joint Ventures and Partnerships		149,204		184,788
Unamortized Debt and Lease Costs, net		115,191		116,437
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $11,301 in 2011 and $10,137 in 2010 )		86,530		95,859
Cash and Cash Equivalents		13,642		23,859
Restricted Deposits and Mortgage Escrows		11,144		10,208
Other, net		168,671		222,633

Total Assets	$	4,588,226	$	4,807,855


LIABILITIES AND EQUITY

Debt, net	$	2,531,837	$	2,589,448
Accounts Payable and Accrued Expenses		124,888		126,767
Other, net		107,919		111,383

Total Liabilities		2,764,644		2,827,598


Commitments and Contingencies

Equity:
Shareholders’ Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000
6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2011 and 2010; liquidation preference $75,000		3		3
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2011 and 2010; liquidation preference $72,500		1		1
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued and outstanding in 2011 and 2010; liquidation preference $350,000		4		4
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 120,844 in 2011 and 120,492 in 2010		3,641		3,630
Accumulated Additional Paid-In Capital		1,983,978		1,969,905
Net Income Less Than Accumulated Dividends		(304,504)		(151,780)
Accumulated Other Comprehensive Loss		(27,743)		(21,774)

Total Shareholders’ Equity		1,655,380		1,799,989
Noncontrolling Interests		168,202		180,268

Total Equity		1,823,582		1,980,257

Total Liabilities and Equity	$	4,588,226	$	4,807,855

(a)	This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 19 for additional information.

Page 4

Weingarten Realty Investors

Supplemental Financial Data

(in thousands, except per share amounts)

		$000,000,000		$000,000,000		$000,000,000		$000,000,000
	Three Months Ended December 31,				Twelve Months Ended December 31,
	2011		2010		2011		2010
Funds from Operations
Numerator:
Net income (loss) attributable to common shareholders	$	22,173	$	(2,603)	$	(19,855)	$	10,730
Depreciation and amortization		37,271		37,944		150,668		143,393
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships		5,605		5,290		22,887		20,085
Impairment of operating properties and real estate equity investments		2,780				28,995		15,948
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships						7,025		115
(Gain) on acquisition						(4,559)
(Gain) on sale of property		(9,717)		(1,494)		(11,846)		(3,069)
(Gain) loss on sale of property of unconsolidated real estate joint ventures and partnerships				(104)		10		(194)

Funds from Operations-Basic		58,112		39,033		173,325		187,008
Funds from operations attributable to operating partnership units

Funds from Operations-Diluted		58,112		39,033		173,325		187,008
Adjustments for Recurring FFO:
Other impairment loss, net of tax		355		12,315		42,417		17,369
Loss on redemption of convertible senior unsecured notes								135
Extinguishment of debt cost, net						2,679
Acquisitions costs		19		241		295		399
Litigation settlement, net of tax						(1,040)

Recurring Funds from Operations-Diluted	$	58,486	$	51,589	$	217,676	$	204,911


Denominator:
Weighted average shares outstanding-Basic		120,422		120,044		120,331		119,935
Effect of dilutive securities:
Share options and awards *		815						845
Operating partnership units

Weighted average shares outstanding-Diluted		121,237		120,044		120,331		120,780


Funds from Operations per Share-Basic	$	0.48	$	0.33	$	1.44	$	1.56

Funds from Operations Per Share-Diluted	$	0.48	$	0.33	$	1.44	$	1.55
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax				0.10		0.36		0.15
Loss on redemption of convertible senior unsecured notes
Extinguishment of debt cost, net						0.02
Acquisitions costs
Litigation settlement, net of tax						(0.01)

Recurring Funds from Operations Per Share-Diluted	$	0.48	$	0.43	$	1.81	$	1.70




Dividends
Common Dividends per Share	$	0.275	$	0.260	$	1.100	$	1.040

Common Dividends Paid as a % of Funds from Operations		57.2%		80.3%		76.7%		66.9%



General and Administrative Expenses
General and Administrative Expenses/Total Revenue		4.8%		4.4%		4.7%		4.7%

General and Administrative Expenses/Total Assets before Depreciation		0.12%		0.10%		0.45%		0.43%


* Due to the net loss attributable to common shareholders for the three months ended December 31, 2010 and the twelve months ended December 31, 2011, share options and awards are anti-dilutive and are excluded from the weighted average share calculations.

Page 5

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)

		$000,000,0000		$000,000,0000		$000,000,0000		$000,000,0000
	Three Months Ended December 31,				Twelve Months Ended December 31,
	2011		2010		2011		2010
Rentals, net
Base minimum rent, net	$	104,852	$	101,745	$	412,448	$	402,524
Straight line rent		1,042		991		4,480		6,923
Over/Under-market rentals, net		253		335		1,207		1,200
Percentage rent		1,811		1,680		5,092		4,975
Tenant reimbursements		24,590		27,095		103,306		105,754

Total	$	132,548	$	131,846	$	526,533	$	521,376



Fee Income from Real Estate Joint Ventures and Partnerships
Recurring	$	1,775	$	1,740	$	6,590	$	6,924
Non-Recurring						86		30

Total	$	1,775	$	1,740	$	6,676	$	6,954



Interest Expense, net
Interest paid or accrued	$	32,962	$	37,730	$	144,913	$	152,165
Over-market mortgage adjustment of acquired properties, net		(366)		(562)		(2,161)		(2,799)
Amortization of convertible bond discount				536		1,334		2,191

Gross interest expense		32,596		37,704		144,086		151,557
Capitalized interest		(844)		(676)		(2,329)		(3,405)

Total	$	31,752	$	37,028	$	141,757	$	148,152



Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	837	$	945	$	3,418	$	4,258
Deferred compensation interest income		917		951		125		1,610
Other		324		1,024		1,519		3,957

Total	$	2,078	$	2,920	$	5,062	$	9,825



Supplemental Analyst Information

Net Operating Income including Joint Ventures
Revenues	$	135,910	$	134,828	$	541,561	$	535,084
Operating expense		(26,490)		(27,703)		(101,657)		(102,138)
Real estate taxes		(15,331)		(15,081)		(64,243)		(61,537)

Total		94,089		92,044		375,661		371,409


Net Operating Income from Discontinued Operations		2,832		3,151		12,566		12,611

Minority Interests Share of Net Operating Income and Other Adjustments		(5,445)		(6,617)		(24,172)		(25,524)

Pro rata Income From Consolidated Ventures		91,476		88,578		364,055		358,496


Pro rata share of Unconsolidated Joint Ventures
Revenues		16,978		16,342		68,426		60,196
Operating expense		(3,121)		(2,970)		(11,742)		(10,469)
Real estate taxes		(1,944)		(1,983)		(8,126)		(7,460)

Total		11,913		11,389		48,558		42,267

Net Operating Income including Joint Ventures	$	103,389	$	99,967	$	412,613	$	400,763



Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships	$	2,858	$	2,323	$	3,514	$	8,109
Intercompany fee income reclass		1,292		1,386		5,088		5,745
Other adjustments		(258)		(141)		(768)		(965)

Equity in earnings of real estate joint ventures and partnerships, net	$	3,892	$	3,568	$	7,834	$	12,889

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)


	December 31,
	2011		2010
Property
Land	$	918,627	$	925,497
Land held for development		124,528		170,213
Land under development		20,281		22,967
Buildings and improvements		3,557,173		3,610,889
Construction in-progress		67,917		48,228

Total	$	4,688,526	$	4,777,794




Straight Line Rent Receivable	$	61,684	$	57,941




Other Assets, net
Notes receivable and mortgage bonds, net	$	40,380	$	76,716
Debt service guaranty asset		74,075		97,000
Non-qualified benefit plan assets		14,697		15,059
Out-of-market rentals, net		5,755		6,318
Deferred income tax asset		11,936		11,869
Interest rate derivative		10,816		7,192
Other		11,012		8,479

Total	$	168,671	$	222,633




Other Liabilities, net
Deferred revenue	$	14,992	$	21,136
Non-qualified benefit plan liabilities		44,523		41,388
Deferred income tax payable		5,320		6,149
Out-of-market rentals, net		13,386		14,083
Interest rate derivative		674		108
Other		29,024		28,519

Total	$	107,919	$	111,383




Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	17,342	$	16,825
Above-market leases - Accumulated Amortization		(11,587)		(10,507)
Below-market assumed Mortgages (included in Debt, net)		5,722		5,722
Below-market assumed Mortgages - Accumulated Amortization		(1,762)		(1,157)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)		74,361		71,272
Valuation of in place leases-Accumulated Amortization		(38,842)		(35,984)

Total	$	45,234	$	46,171


Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	39,399	$	37,668
Below-market leases - Accumulated Amortization		(26,013)		(23,585)
Above-market assumed mortgages (included in Debt, net)		45,670		48,149
Above-market assumed mortgages-Accumulated Amortization		(31,597)		(31,288)

Total	$	27,459	$	30,944

Page 7

Weingarten Realty Investors

Capitalization and Coverage Ratios

(in thousands, except common share data and percentages)

	00000000		00000000		00000000
		December 31,		December 31,
		2011		2010
Common Share Data
Closing Market Price		$	21.82	$	23.76

Dividend Yield			5.04%		4.38%

90-Day, Average Daily Trading Volume			1,089,938		1,109,792


Capitalization (As reported)
Debt		$	2,531,837	$	2,589,448
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares		$	3,029,337	$	3,086,948
Common Shares at Market			2,636,816		2,862,890
Operating Partnership Units at Market			34,563		39,085

Total Market Capitalization		$	5,700,716	$	5,988,923


Debt to Total Market Capitalization			44.4%		43.2%
Debt & Preferred to Total Market Capitalization			53.1%		51.5%

Capitalization (Pro rata)
Debt		$	2,468,738	$	2,521,278
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares		$	2,966,238	$	3,018,778
Common Shares at Market			2,636,816		2,862,890
Operating Partnership Units at Market			34,563		39,085

Total Market Capitalization		$	5,637,617	$	5,920,753


Debt to Total Market Capitalization			43.8%		42.6%
Debt & Preferred to Total Market Capitalization			52.6%		51.0%


Capital Availability
Revolving Credit Facility		$	500,000	$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility			145,000
Outstanding Letters of Credit Under Revolving Facility			3,429		52,401

Unused Portion of Credit Facility		$	351,571	$	447,599



Public Debt Covenant Ratios	Restrictions
Debt to Asset Ratio	Less than 60.0%		44.8%		45.9%
Secured Debt to Asset Ratio	Less than 40.0%		18.1%		19.8%
Fixed Charge Ratio	Greater than 1.5x		2.3x		2.4x
Unencumbered Asset Test	Greater than 100%		256.8%		249.7%


Net Debt to Adjusted EBITDA			6.50x		6.67x

Debt, net of cash and cash equivalents. EBITDA adjusted for gain/loss on sale of real estate and other non-cash items, primarily impairments.

	00000000	00000000	00000000


Credit Ratings		S&P	Moody’s
Senior Debt		BBB	Baa2
Preferred Shares		BB+	Baa3
Outlook		Stable	Stable

Page 8

Investment Activity

Weingarten Realty Investors

New Development Properties

As of December 31, 2011

(in thousands at pro rata share, except percentages)


														Pro Rata		Pro Rata
						Total Square Feet				Percent Leased				Spent		Spent		Total Estimated
				WRI		of Building Area (1)				Net @				Year-To-		Inception		Investment (3)				Est. Final		Completions ($)
	Center Name	Location	Anchors	Own %		Gross		Net		100%		Gross		Date		to Date (2)		WRI Costs		Gross Costs		ROI %		Year To Date


UNDER DEVELOPMENT

1	Whole Foods @ Carrollwood (4)	Tampa, Florida	Whole Foods		100.0%		37		37		100.0%		100.0%		3,409		3,424		8,327		8,327
2	Dacula Market	Dacula, Georgia	Kroger#		100.0%		117		24		33.5%		86.3%		3,426		3,426		4,424		4,424
3	Surf City Crossing	Surf City (Wilmington), North Carolina	Harris Teeter		100.0%		75		63		92.9%		83.9%		1,542		8,064		7,650		7,650
4	Ridgeway Trace Center Phase 2	Memphis, Tennessee	Target #, Sports Authority, Best Buy, PetSmart, Staples		100.0%		80		80		84.5%		84.5%		6,247		21,709		25,044		25,044
5	North Towne Plaza	Brownsville, Texas	Lowes#		100.0%		153		36		32.2%		84.1%		171		4,801		6,332		6,332
6	Westwood Center	San Antonio, Texas	Wal-Mart #		100.0%		304		69		52.2%		84.4%		1,150		17,433		16,150		16,150
7	Tomball Marketplace	Tomball, Texas	Academy#		100.0%		147		62		44.1%		76.5%		231		13,728		15,162		15,162
	Tomball Marketplace Phase 2	Tomball, Texas	Ross, Marshall’s		100.0%		168		100		62.6%		77.7%		6,489		13,175		16,633		16,633

	Total Wholly Owned						1,080		471		65.6%		82.9%	$	22,664	$	85,760	$	99,722	$	99,722		7.1%	$	29,893

8	300 West*	Salt Lake City, Utah	Target #		31.8%		210		23		58.2%		85.6%		436		4,493		5,783		18,187
9	Riverpoint at Sheridan	Sheridan (Denver),Colorado	Costco #, Target #, Regal Cinema		50.0%		502		86		59.9%		86.3%		165		37,827		22,259		44,518
10	Clermont Landing Phase 2*	Clermont, Florida	JC Penney #, Epic Theater #, TJ Maxx, Ross		65.7%		63		23		18.6%		54.4%		-		3,249		4,332		6,594
11	Hilltop Village Center (5)	Alexandria, Virginia	Wegman’s		100.0%		258		258		69.4%		69.4%		11,960		11,960		61,609		61,609

	Total Joint Venture						1,033		390		61.5%		80.0%	$	12,561	$	57,528	$	93,984	$	130,908		7.3%	$	1,426


	Total 11 Properties Under Development (exclusive of phasing)						2,113		861		63.4%		81.5%	$	35,225	$	143,288	$	193,706	$	230,630		7.2%	$	31,319

Spent Inception to Date (from above)

$ 143,288

$ 193,407

Additional Capital Needed to Complete

74,995

79,155

Reimbursement of Future Property Sales & Bond Proceeds

(24,578)

(41,933)

Total Estimated Investment

$ 193,706

$ 230,630


	QTR Completed	YTD Completed	1Q’12E	2Q’12E	3Q’12E	4Q’12E	1Q’13E	2Q’13E	Remaining Balance
Completion ($)	$12,420	$31,319	$7,000 - $9,000	$4,600 - $7,600	$11,100 - $16,100	$4,000 - $9,000	$1,100 - $6,100	$5,100 - $10,100	$72,400 - $82,400
Weighted Return (%)	6.7%	7.0%	7.1% - 7.6%	6.5% - 7.0%	7.7% - 8.2%	7.1% - 7.6%	7.5% - 8.0%	6.9% - 7.4%	7.3% - 7.8%
Net Operating Income	$835	$2,177	$499 - $686	$298 - $530	$851 - $1,316	$285 - $686	$83 - $489	$352 - $747	$5,260 - $6,399

*	Unconsolidated Joint Venture

#	Denotes anchors that are not owned by Weingarten.

(1)	Total Building Area (Gross) square footage reflects 100% ownership including square feet owned by other. WRI’s share of building area (Net) square footage reflects WRI’s ownership percentage

excluding square feet owned by other and excluding other possible future building area.

(2)	Net of non-cash impairment charges.

(3)	Net of anticipated proceeds from land sales and tax incentive financing.

(4)	Whole Foods @ Carrollwood: Lease from Whole Foods is signed.

(5)	Hilltop Village Center: 50/50 Joint Venture with 100% funding by WRI.

Note: Phased properties are counted as one property.

Page 10

Weingarten Realty Investors

Land Held for Development

As of December 31, 2011

(in thousands, except acres and percentages)


	Ownership Interest		Gross Acres		Investment (1)
Location	Ownership Interest		Gross Acres		100%		Pro Rata

New Development Phased Projects
US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh, NC		100.0%		70.6
Highway 17 and Highway 210, Surf City, NC		100.0%		46.5
FM 2920 and Future 249, Tomball - Houston, TX		100.0%		10.6
Decatur at 215 - Las Vegas, NV		100.0%		16.2
Hwy 85 & Hwy 285, Sheridan, CO		50.0%		23.0
US 77 & FM 802, Brownsville, TX		100.0%		21.0
Mississippi at Havana, Aurora–Denver, CO		39.8%		15.4
US Hwy 17 & US Hwy 74/76, Leland, NC		100.0%		12.6
Bear Valley Road at Jess Ranch Parkway (III), Apple Valley, CA		50.0%		10.9
South 300 West & West Paxton Avenue, Salt Lake City, UT		31.8%		4.6
State Hwy 95 & Bullhead Pkwy, Bullhead City, AZ		100.0%		7.2
Belle Terre Pkwy & State Rd 100, Palm Coast, FL		100.0%		6.7
SR 207 & Rolling Hills Drive, St. Augustine, FL		70.0%		5.2
29th St at Nolana Loop, McAllen, TX		50.0%		3.8
Bear Valley Road at Jess Ranch Parkway (II), Apple Valley, CA		50.0%		3.2
Southern Ave & Signal Butte Rd, Mesa, AZ		100.0%		2.1
SEC Poplar Ave at I-240, Memphis, TN		100.0%		1.2

Total New Development Phased Projects				260.8	$	59,380	$	47,893

Other Raw Land
FM 1957 (Potranco Rd) and FM 211, San Antonio, TX		50.0%		198.7
South Fulton Parkway and SH 92, Union City - Atlanta, TX		100.0%		81.6
Shary Road and US Hwy 83, Mission, TX		50.0%		36.9
SH 281 & Wilderness Oaks, San Antonio, TX		100.0%		29.2
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh, NC		100.0%		11.7
Lon Adams Rd at Tangerine Farms Rd - Marana, AZ		50.0%		9.7
Rock Prairie Rd. at Hwy. 6, College Station, TX		100.0%		9.0
SH 151 & Ingram Rd, San Antonio, TX		66.7%		7.2
Young Pines and Curry Ford Rd, Orlando, FL		100.0%		3.0
Leslie Rd. at Bandera Rd., Helotes, TX		100.0%		1.7
Other (2)		100.0%		39.5

Total Raw Land				428.2	$	80,965	$	60,529
Total Land Held For Development Properties				689.0	$	140,345	$	108,422

(1)	Net of impairment adjustments and valuation adjustments due to consolidation of joint ventures.

(2)	Primarily represents land parcels held by WRI for many years that have never been reported as new development assets.

Note: Land costs account for $113.4 million of total investment at 100%, $86.5 million at pro rata share.

Page 11

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended December 31, 2011

(in thousands at pro rata share)

Center

City/State

Sq. Ft. of
Bldg. Area
at 100%

Date
Sold

Sales
Proceeds

Weighted
Sales
Cap

Dispositions

1st Quarter

Paradise Market Place - Pad

Las Vegas, NV

1/25/11

3500 Atlanta Industrial Parkway (vacant)

Atlanta GA

3/31/11

Siempre Viva Building (vacant) *

San Diego, CA

3/31/11

Harrison Pointe Shopping Center - Pad

Cary, NC

3/31/11

2nd Quarter

Tomball Marketplace–Kohl’s Pad

Tomball, TX

4/06/11

Decatur 215 - Winco Pad

Las Vegas, NV

4/13/11

Pavilions at San Mateo - Pad

Albuquerque, NM

4/20/11

Tomball Marketplace - Pad

Tomball, TX

4/20/11

Shawnee Village

Shawnee, KS

132

6/14/11

Rockwall Market Center

Rockwall, TX

209

6/30/11

3rd Quarter

North Towne Plaza - Pad

Brownsville, TX

7/28/11

Southern Pines - Undeveloped Land

Southern Pines, NC

7/28/11

Crestview Building

Houston, TX

8/04/11

Siempre Viva Building (vacant) *

San Diego, CA

8/22/11

Montgomery Plaza - Pad

Conroe, TX

8/31/11

Gillham Circle

Port Arthur, TX

9/20/11

3450 Atlanta Industrial Parkway (vacant)

Atlanta, GA

9/23/11

4th Quarter

Atlanta Industrial Park

Atlanta, GA

316

10/11/11

Westover Square - Pad

San Antonio, TX

10/14/11

Food King Place

Galveston, TX

11/01/11

West Loop Commerce Center - Right of Way

Houston, TX

11/11/11

Island Market Place

Texas City, TX

11/22/11

Little Brier Creek

Raleigh, NC

11/30/11

Coronado Shopping Center

Amarillo, TX

12/02/11

Westwood - Multi - Family Tract

San Antonio, TX

12/21/11

Palm Coast Landing

Palm Coast, FL

167

12/21/11

Total Dispositions

$ 118,526

7.80%

Date
Acquired

Purchase
Price

Yield

Acquisitions

1st Quarter

Promenade 23 (Redevelopment)

Seattle, WA

3/25/11

2nd Quarter

Atlantic West *

Jacksonville, FL

4/01/11

Atlantic North *

Jacksonville, FL

4/01/11

Kernan Village *

Jacksonville, FL

4/01/11

Palm Coast Landing Partnership Interest

Palm Coast, FL

167

4/13/11

Cherry Creek Retail Center

Glendale, CO

6/16/11

3rd Quarter

None

4th Quarter

None

Total Acquisitions

$ 68,482

6.90%

*	Unconsolidated real estate joint venture activity

Page 12

Weingarten Realty Investors

Property Investment Summary

(in thousands at pro rata share)


	Acquisitions		New Development		Major Repairs		Tenant Finish		Remodels/ Existing Development (1)			Outside Broker Fees		All Other		Total
Quarter Ended 3/31/2011	$	18,520	$	1,688	$	1,383	$	9,263	$	2,401		$	1,486	$	106	$	34,847
Quarter Ended 6/30/2011		50,380		5,626		2,266		10,825		4,395			1,678		142		75,312
Quarter Ended 9/30/2011		-		9,067		3,932		12,271		5,911			1,533		135		32,849
Quarter Ended 12/31/2011		-		18,844		4,065		11,992		2,871			1,940		223		39,935

Twelve Months Ended 12/31/2011 (3)	$	68,900	$	35,225	$	11,646	$	44,351	$	15,578		$	6,637	$	606	$	182,943

Year Ended 12/31/2010	$	193,131	$	16,710	$	13,786	$	29,556	$	14,608		$	5,343	$	1,337	$	274,471
Year Ended 12/31/2009	$	-	$	71,167	$	10,469	$	21,672	$	23,455		$	3,878	$	10,507	$	141,148
Year Ended 12/31/2008	$	2,685	$	193,235	$	20,570	$	35,290	$	37,781	(2)	$	6,851	$	8,231	$	304,643

(1) Primarily incremental investment on properties formerly classified as new development.

(2) Includes approximately $12 million for costs incurred in 2008 for new development properties moved to land held for development.

(3) Internal Leasing Fees are approximately $13.6 million for the twelve months ended December 31, 2011.

Page 13

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)


	December 31, 2011		4th Quarter Weighted Average Rate (1)		December 31, 2010		4th Quarter Weighted Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	1,009,093		6.29%	$	1,123,490		6.36%
7% 2011 Bonds						117,670		7.00%
3.95% Convertible Bonds (2)		54,105		3.95%		129,933		3.95%
8.1% 2019 Notes		100,000		8.10%		100,000		8.10%
Unsecured Notes Payable		905,470		5.49%		918,439		5.51%
Term Loan		200,000		1.50%
Revolving Credit Agreements (3)		166,500		1.26%		80,000		1.75%
Industrial Revenue Bonds		1,594		2.57%		1,916		1.38%
Obligations under Capital Leases		21,000		7.55%		21,000		7.44%

Subtotal Consolidated Debt		2,457,762		5.13%		2,492,448		5.72%
Debt Service Guarantee Liability (4)		74,075				97,000

Total Consolidated Debt - As Reported		2,531,837		5.13%		2,589,448		5.72%
Less: Noncontrolling Interests and Other Adjustments		(260,031)				(260,971)
Plus: WRI Share of Unconsolidated Joint Ventures		196,932				192,801

Total Debt - Pro rata Share	$	2,468,738		5.10%	$	2,521,278		5.75%



	Debt Balance		4th Quarter Weighted Average Rate (1)		% of Total		Weighted Average Remaining Life (yrs)
Fixed vs. Variable Rate Debt (at Pro rata Share)
(includes the effect of interest rate swaps)

As of December 31, 2011
Fixed-rate debt	$	1,955,957		5.95%		79.2%		4.71
Variable-rate debt		512,781		1.88%		20.8%		2.90

Total	$	2,468,738		5.10%		100.0%		4.34


As of December 31, 2010
Fixed-rate debt	$	2,267,614		6.05%		89.9%
Variable-rate debt		253,664		3.64%		10.1%

Total	$	2,521,278		5.75%		100.0%



Secured vs. Unsecured Debt (at Pro rata Share)

As of December 31, 2011
Secured Debt	$	994,844		6.28%		40.3%		5.00
Unsecured Debt		1,473,894		4.28%		59.7%		3.89

Total	$	2,468,738		5.10%		100.0%		4.34


As of December 31, 2010
Secured Debt	$	1,119,630		6.43%		44.4%
Unsecured Debt		1,401,648		5.19%		55.6%

Total	$	2,521,278		5.75%		100.0%



	As Reported		Pro rata Share
Weighted Average Interest Rates (1)
Three months ended 12/31/11		5.13%		5.10%
Twelve months ended 12/31/11		5.41%		5.39%
Three months ended 12/31/10		5.72%		5.75%
Twelve months ended 12/31/10		5.73%		5.75%

(1)	Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, discounts on convertible bond repurchases, revolver facility fee, and other loan costs related to financing.

(2)	The convertible bonds, with a remaining face value of $54.1 million, mature August 1, 2026 with an option to redeem anytime after August 2011 and an initial conversion price of $49.075 per share.

(3)

Weighted average revolving interest rate excludes the effect of the facility fee of 50 basis points in 2010 through the 3rd quarter 2011 and 25 basis points in the 4th quarter 2011 on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee is 1.99% and 8.49% for the fourth quarter 2011 and the fourth quarter 2010, respectively.

(4)	Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.

Page 15

Weingarten Realty Investors

Schedule of Maturities

As of December 31, 2011

(in thousands, except percentages)



	As Reported			Pro rata Share
			Weighted			Weighted
	Maturities		Average Rate (4)	Maturities		Average Rate (4)	Floating Rate		Fixed Rate		Secured		Unsecured
2012 (1)	$	495,226	4.02%	$	500,286	4.03%	$	206,025	$	294,261	$	117,026	$	383,260
2013		315,211	5.83%		280,013	5.72%		237		279,776		106,422		173,591
2014		473,968	5.65%		429,135	5.52%		237		428,898		114,135		315,000
2015		245,627	6.28%		209,741	6.02%		237		209,504		119,741		90,000
2016		231,661	6.47%		249,451	6.22%		6,769		242,682		174,451		75,000
2017		142,096	6.85%		164,255	6.37%				164,255		139,255		25,000
2018		64,441	7.18%		25,410	6.35%				25,410		15,840		9,570
2019		153,724	7.94%		157,257	7.31%				157,257		57,257		100,000
2020		3,746	7.60%		64,196	7.21%				64,196		64,196		0
2021		2,763	7.56%		10,599	7.73%				10,599		10,599		0
Thereafter (2)		118,575	5.41%		120,037	5.50%				120,037		34,212		85,825

Subtotal		2,247,038			2,210,380			213,505		1,996,875		953,134		1,257,246

Revolving Credit Agreements		166,500	1.47%		166,500	1.47%		166,500						166,500
Other (3)		118,299			91,858			13,483		78,375		41,710		50,148
Swap Maturities:
2014								50,000		(50,000)
2017								69,293		(69,293)

Total	$	2,531,837	5.41%	$	2,468,738	5.39%	$	512,781	$	1,955,957	$	994,844	$	1,473,894

(1)	Includes $1.8 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender.

(2)	Thereafter includes $54.1 million of convertible bonds maturing in 2026 which have an option to be called by us.

(3)	Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, market value of swaps and discounts on notes. The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.

(4)	Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, discounts on convertible bond repurchases, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing.

Page 16

Joint Ventures

Weingarten Realty Investors

Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100%

(in thousands)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Condensed Statements of Income	2011		2010		2011		2010

Revenues:
Base minimum rent, net	$	39,023	$	37,596	$	154,029	$	142,807
Straight line rent		270		1,156		2,958		3,311
Over/Under-market rentals, net		663		501		2,157		4,121
Percentage rent		358		358		754		903
Tenant reimbursements		9,696		10,235		38,431		37,901
Other income		893		1,194		7,267		4,606

Total		50,903		51,040		205,596		193,649


Expenses:
Depreciation and amortization		16,408		15,996		67,459		61,726
Interest, net		9,218		9,516		37,612		36,270
Operating		9,462		9,585		36,253		34,026
Real estate taxes, net		5,726		6,280		24,333		24,288
General and administrative		135		1,056		2,969		3,927
Provision for income taxes		57		39		343		237
Impairment loss		-		-		28,776		231

Total		41,006		42,472		197,745		160,705


Gain (loss) on sale of property		-		188		(21)		369


Net income	$	9,897	$	8,756	$	7,830	$	33,313




Condensed Balance Sheets

					December 31,
					2011		2010
ASSETS

Property					$	2,108,745	$	2,142,524
Accumulated depreciation						(296,496)		(247,996)

Property, net						1,812,249		1,894,528

Other assets, net						173,130		168,091


Total					$	1,985,379	$	2,062,619


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net					$	556,920	$	552,552
Amounts payable to Weingarten Realty Investors and Affiliates						170,007		202,092
Other liabilities, net						41,907		45,331

Total						768,834		799,975


Accumulated equity						1,216,545		1,262,644


Total					$	1,985,379	$	2,062,619

Page 18

Weingarten Realty Investors

Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share

(in thousands)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Condensed Statements of Income	2011		2010		2011		2010

Revenues:
Base minimum rent, net	$	13,037	$	11,989	$	51,268	$	43,934
Straight line rent		201		400		1,339		1,357
Over/Under-market rentals, net		50		36		92		769
Percentage rent		101		116		217		314
Tenant reimbursements		3,324		3,278		12,925		11,771
Other income		265		523		2,585		2,051

Total		16,978		16,342		68,426		60,196


Expenses:
Depreciation and amortization		5,605		5,290		22,887		20,085
Interest, net		3,392		3,430		13,727		12,338
Operating		3,121		2,970		11,742		10,469
Real estate taxes, net		1,944		1,983		8,126		7,460
General and administrative		38		436		1,244		1,720
Provision for income taxes		20		14		151		94
Impairment loss		-		-		7,025		115

Total		14,120		14,123		64,902		52,281


Gain (loss) on sale of property		-		104		(10)		194


Net income	$	2,858	$	2,323	$	3,514	$	8,109




Condensed Balance Sheets

					December 31,
					2011		2010

ASSETS

Property					$	640,569	$	649,890
Accumulated depreciation						(100,791)		(84,609)

Property, net						539,778		565,281
Notes receivable from real estate joint ventures and partnerships						5,399		5,561
Unamortized debt and lease costs, net						25,377		24,179
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $686 in 2011 and $566 in 2010)						18,332		17,145
Cash and cash equivalents						11,543		9,314
Restricted deposits and mortgage escrows						2,283		3,861
Notes receivable and mortgage bonds, net						413		400
Out-of-market rentals, net						2,622		2,827
Other assets, net						2,190		2,277

Total					$	607,937	$	630,845


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net					$	198,087	$	193,989
Amounts payable to Weingarten Realty Investors and Affiliates						75,036		91,581
Accounts payable and accrued expenses						6,084		5,720
Deferred revenue						811		1,457
Out-of-market rentals, net						3,940		4,750
Interest rate derivative						855		502
Other liabilities, net						1,786		1,374

Total						286,599		299,373


Accumulated equity						321,338		331,472


Total					$	607,937	$	630,845

Notes:

The Consolidated Financial Statements at pro rata share include only the real estate operations of joint ventures and partnerships at WRI’s ownership percentages. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 19

Weingarten Realty Investors

Investments in Unconsolidated Real Estate Joint Ventures & Partnerships

December 31, 2011

(in thousands, except number of properties and percentages)


								Weingarten Realty

Joint Venture Partner	Number of Operating Properties (1)	Total GLA		Total Assets		Total Debt		Ownership Interest		Share of Debt		Investment Balance		Equity in Earnings (Loss) of Unconsolidated JVs

TIAA Florida Retail LLC	7		1,259	$	317,100				20.0%			$	62,556	$	1,679
AEW SRP, LLC	9		899		147,731	$	103,642		25.0%	$	25,911		7,929		(3,144)
Collins	8		1,165		150,210		27,618		50.0%		13,809		54,322		2,527
AEW - Institutional Client	6		523		125,206		65,875		20.0%		13,175		11,325		(1,006)
BIT Retail	3		720		152,727				20.0%				29,797		1,106
BIT Investment Thirty-Six, LP	12		3,939		203,468		17,754		20.0%		3,551		31,082		186
Eagle AN, LP	9		2,560		69,809		39,927		22.5%		8,972		4,650		620
Jamestown	6		1,351		147,510		90,589		20.0%		18,118		11,569		930
Fidelis Realty Partners	1		491		144,944		87,949		57.8%		50,791		31,264		1,856
Sleiman Enterprises	3		220		29,424		12,241		50.0%		6,121		11,980		167

Other	22		3,432		497,249		111,325		51.8%		57,641		85,136		2,912


Total	86		16,559	$	1,985,379	$	556,920		28.8%	$	198,087	$	341,608	$	7,834

Joint Venture Description


RETAIL
TIAA Florida Retail LLC		Joint venture with an institutional partner, TIAA-CREF Global Real Estate
AEW SRP, LLC		Retail joint venture with an institutional partner through AEW Capital Management
Collins		Primarily a development joint venture in the Texas Rio Grande Valley
AEW - Institutional Client		Joint venture with an institutional partner through AEW Capital Management
BIT Retail		Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust
Jamestown		Retail joint venture in Florida
Fidelis Partners Realty		Retail joint venture in Texas
Sleiman Enterprises		Retail joint venture in Florida

INDUSTRIAL
BIT Investment Thirty-Six, LP		Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust
Eagle AN, LP		Industrial joint venture with American National Insurance Company

(1)	Excludes land held for development.

Page 20

Weingarten Realty Investors

Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships

As of December 31, 2011


Balance Summary
Joint Venture Partner	# of Mortgaged Properties		Mortgage Balance (in thousands) (1)		Average Interest Rate (2)		Average Remaining Term (yrs)
AEW SRP, LLC		7	$	103,642		5.7%	4.1
Collins		2		27,618		6.2%	9.7
AEW - Institutional Client		6		65,875		5.7%	2.2
BIT Investment Thirty-Six, LP		2		17,754		6.6%	1.0
Eagle AN, LP		2		39,927		5.5%	5.3
Jamestown		6		90,589		5.7%	4.1
Fidelis Realty Partners		1		87,949		4.3%	8.8
Sleiman Enterprises		2		12,241		5.6%	3.6
Other		6		109,634		5.5%	5.0

Total		34	$	555,229		5.5%	4.2



Schedule of Maturities
	At 100%				At WRI Share
	Maturities (in thousands) (1)		Weighted Average Rate (2)		Maturities (in thousands) (1)		Weighted Average Rate (2)

2012	$	29,628		5.3%	$	8,575	5.1%
2013		55,443		5.2%		19,401	5.1%
2014		116,435		5.3%		27,104	5.1%
2015		41,486		5.0%		10,312	4.9%
2016		97,977		4.9%		25,559	4.8%
2017		57,172		5.1%		25,983	5.1%
2018		6,644		5.0%		3,357	5.0%
2019		6,997		5.0%		3,534	5.0%
2020		118,397		4.9%		60,450	4.9%
2021		15,406		5.5%		7,835	5.4%
Thereafter		9,644		6.4%		4,822	6.4%

Total	$	555,229			$	196,932

(1)	Excludes non-cash debt related items.

(2)	Average and weighted average interest rates exclude the effects of ASC 805 “ Business Combinations” and loan costs related to financing.

Note: All mortgages are fixed rate except for one included in “other”, which has a variable rate mortgage ($3.3 million at 100%) and matures in 2012.

Page 21

Portfolio Summary

Weingarten Realty Investors

Tenant Diversification by Percent of Rental Revenues

(in thousands at pro rata share, except percentages and # of units)

As of 12/31/2011



			# of Units		Rental Revenue		Square Feet
Rank	Tenant Name	DBAs	# of Units		Rental Revenue		Square Feet

1	The Kroger Co.	Kroger, Smith Food, Ralphs, Fry’s Food, King Soopers		27		2.35%		1,306

2	T.J.X. Companies, Inc.	T.J. Maxx, Marshalls, Home Goods		37		1.98%		865

3	Ross Stores, Inc.	Ross Dress for Less		38		1.87%		800

4	Safeway, Inc.	Safeway, Randalls, Von’s		18		1.33%		754

5	Petsmart, Inc.			20		1.23%		380

6	The Sports Authority			10		1.09%		371

7	Office Depot, Inc.			24		0.97%		435

8	H E Butt Grocery			7		0.97%		367

9	Home Depot, Inc.			5		0.93%		535

10	Harris Teeter			9		0.91%		403

11	Gap, Inc.	Gap, Old Navy, Banana Republic		18		0.90%		263

12	Best Buy, Inc.			12		0.89%		285

13	Dollar Tree Stores, Inc.	Dollar Tree, Greenbacks		44		0.87%		385

14	Bed Bath & Beyond, Inc.			19		0.80%		392

15	24 Hour Fitness Inc.			7		0.79%		179

16	Petco Animal Supplies, Inc.			22		0.77%		238

17	Publix Super Markets, Inc.			21		0.72%		432

18	Whole Foods			6		0.71%		224

19	Toys ‘R’ Us	Toys R Us, Babies R Us		9		0.69%		321

20	Staples			13		0.66%		259

21	Raley’s	Raley’s Bel Air Markets		6		0.64%		331

22	Thrifty Payless, Inc.	Rite Aid		17		0.62%		244

23	Office Max Inc.			11		0.62%		238

24	Barnes & Noble Inc.	Barnes & Noble, Bookstop Booksellers		9		0.62%		204

25	Delhaize Group	Food Lion, Sweet Bay		10		0.59%		365



	Total			419		24.51%		10,575

Page 23

Weingarten Realty Investors

Portfolio Operating Information

(in thousands at pro rata share, except percentages and # of units and leases)


Lease Expirations
As of December 31, 2011	Shopping Center				Industrial				Total
	Percentage of				Percentage of				Percentage of
Year Expiring	Sq. Ft.		Revenue		Sq. Ft.		Revenue		Sq. Ft.		Revenue
2012		8.28%		10.00%		15.32%		16.34%		9.96%		10.65%
2013		14.61%		15.24%		23.09%		23.45%		16.63%		16.09%
2014		14.51%		14.11%		17.32%		16.47%		15.17%		14.36%
2015		13.64%		13.15%		13.96%		13.44%		13.71%		13.18%
2016		12.67%		13.28%		14.98%		14.27%		13.21%		13.39%
2017-2021		26.51%		25.71%		15.21%		15.90%		23.78%		24.69%
2022-2031		9.03%		7.63%		0.11%		0.14%		6.89%		6.84%


Leasing Activity
Signed Leases
	Number of Leases		Square Feet		New Rent $PSF		Prior Rent $PSF		TI’s $PSF		Cash Change in Base Rent
Three Months Ended December 31, 2011
Retail New Leases		95		222		$16.70		$18.88		$20.63		-11.5%
Retail Renewals		220		676		15.11		14.76		0.31		2.3%
Industrial		27		281		5.86		5.98		2.46		-2.0%
Not Comparable Spaces		83		584

Total		425		1,763		$13.20		$13.44		$4.64		-1.8%

Twelve Months Ended December 31, 2011
Retail New Leases		386		966		$16.06		$17.21		$14.94		-6.7%
Retail Renewals		911		3,124		14.62		14.35		0.32		1.9%
Industrial		147		1,468		5.36		5.36		1.50		0.1%
Not Comparable Spaces		318		1,549

Total		1,762		7,107		$12.42		$12.47		$3.17		-0.4%


Occupancy	Quarter Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2011		2011		2011		2011		2010
Signed Basis
Retail
Mid-Atlantic Region		90.8%		90.5%		89.9%		89.7%		93.9%
Southeastern Region		93.8%		93.4%		92.0%		92.1%		92.2%
Western Region		94.6%		94.6%		94.5%		94.5%		94.5%
Mountain Region		92.1%		92.4%		93.0%		94.1%		94.3%
Central Region		93.6%		93.3%		92.6%		91.7%		91.8%

Total Retail		93.0%		92.8%		92.4%		92.3%		93.0%
Industrial		89.5%		87.9%		88.0%		87.0%		88.8%

Total		92.1%		91.6%		91.2%		90.9%		91.9%

Commenced Basis
Retail
Mid-Atlantic Region		89.2%		87.8%		88.1%		87.1%		90.4%
Southeastern Region		89.9%		89.4%		89.6%		88.5%		89.2%
Western Region		93.4%		90.8%		90.6%		90.5%		88.9%
Mountain Region		90.8%		90.6%		91.1%		92.6%		92.7%
Central Region		91.8%		90.1%		89.0%		88.8%		88.4%

Total Retail		91.1%		89.8%		89.6%		89.5%		89.8%
Industrial		84.0%		86.4%		86.1%		85.8%		87.4%

Total		89.3%		88.9%		88.7%		88.5%		89.2%


Same Property Net Operating Income Growth (1)
Cash Basis
	Three Months Ended December 31,				Twelve Months Ended December 31,
	2011		2010		2011		2010
Retail
Central Region		4.9%		-0.3%		1.4%		-0.5%
Mountain Region		-2.0%		2.7%		-0.1%		0.4%
Western Region		5.2%		0.2%		2.2%		0.2%
Mid-Atlantic Region		-1.0%		-2.0%		-2.0%		1.5%
Southeast Region		0.3%		1.3%		-0.6%		0.4%

Total Retail		1.8%		0.3%		0.4%		0.2%
Industrial		-2.2%		0.7%		-3.6%		-1.5%

Total		1.4%		0.4%		0.0%		0.0%

(1) Same Property NOI Growth includes the company’s share of unconsolidated real estate joint ventures and partnerships and provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and straight-line rent adjustments.

Page 24

Weingarten Realty Investors

Total Net Operating Income by Geographic Region (1)

(in thousands at pro rata share, except percentages)


	Twelve Months Ended December 31,
	2011		%		2010		%		2009		%		2008		%		2007		%
*Western Region*
California	$	53,618		13.2%	$	50,943		13.1%	$	50,136		12.7%	$	51,176		12.1%	$	50,503		11.3%
Washington		1,978		0.5%		1,171		0.3%		1,124		0.3%		1,193		0.3%		1,295		0.3%
Oregon		1,349		0.3%		1,345		0.3%		1,342		0.3%		1,385		0.3%		929		0.2%

Total Western Region		56,945		14.0%		53,459		13.7%		52,602		13.3%		53,754		12.7%		52,727		11.8%

*Mountain Region*
Nevada	$	30,525		7.5%	$	30,906		8.0%	$	31,505		8.0%	$	34,360		8.1%	$	31,338		7.0%
Arizona		25,450		6.3%		24,287		6.2%		26,845		6.8%		26,181		6.2%		23,192		5.2%
Colorado		12,485		3.1%		10,099		2.6%		9,136		2.3%		10,779		2.4%		12,162		2.7%
New Mexico		4,993		1.2%		5,250		1.4%		8,714		2.2%		11,355		2.7%		10,472		2.3%
Utah		3,494		0.9%		3,548		0.9%		3,557		0.9%		3,614		0.9%		3,545		0.8%

Total Mountain Region		76,947		19.0%		74,090		19.1%		79,757		20.2%		86,289		20.3%		80,709		18.0%

*Central Region*
Texas	$	129,540		32.0%	$	121,035		31.1%	$	113,454		28.7%	$	124,407		29.2%	$	154,800		34.7%
Louisiana		8,272		2.0%		7,715		2.0%		8,363		2.1%		10,907		2.6%		12,831		2.9%
Kansas		3,106		0.8%		3,019		0.8%		1,875		0.5%		1,949		0.5%		1,980		0.4%
Arkansas		2,556		0.6%		2,732		0.7%		3,048		0.8%		3,006		0.7%		3,028		0.7%
Missouri		1,181		0.3%		1,214		0.3%		1,405		0.4%		1,182		0.3%		1,440		0.3%
Oklahoma		1,083		0.3%		1,034		0.3%		975		0.2%		955		0.2%		1,009		0.2%
Illinois		1,061		0.3%		2,065		0.5%		2,960		0.7%		3,129		0.7%		2,378		0.5%

Total Central Region		146,799		36.3%		138,814		35.7%		132,080		33.4%		145,535		34.2%		177,466		39.7%

*Mid Atlantic Region*
North Carolina	$	25,656		6.3%	$	24,869		6.4%	$	25,476		6.5%	$	26,978		6.4%	$	27,027		6.1%
Georgia		19,845		4.9%		21,798		5.6%		22,643		5.7%		25,039		5.9%		23,929		5.4%
Tennessee		7,491		1.8%		6,261		1.6%		5,009		1.3%		7,015		1.6%		6,964		1.6%
Kentucky		6,890		1.7%		7,019		1.8%		6,766		1.7%		6,629		1.6%		6,787		1.5%
Virginia		3,551		0.9%		3,634		0.9%		3,626		0.9%		2,551		0.6%		2,036		0.5%
South Carolina		268		0.1%		285		0.1%		306		0.1%		277		0.1%		287		0.1%
Maine		214		0.1%		321		0.1%		355		0.1%		278		0.1%		381		0.1%

Total Mid Atlantic Region		63,915		15.8%		64,186		16.5%		64,181		16.3%		68,767		16.3%		67,411		15.3%

*Southeast Region*
Florida	$	60,361		14.9%	$	58,135		15.0%	$	66,170		16.8%	$	70,335		16.5%	$	67,400		15.2%

Total Southeast Region		60,361		14.9%		58,135		15.0%		66,170		16.8%		70,335		16.5%		67,400		15.2%

Total Net Operating Income	$	404,967		100.0%	$	388,684		100.0%	$	394,790		100.0%	$	424,681		100.0%	$	445,713		100.0%

(1)

The Net Operating Income at pro rata share includes the real estate operations of joint ventures at WRI’s ownership percentages ranging from 7.8% to 75% except for the operations of down-reit partnerships, which are included at 100%. Net Operating Income excludes the effect of lease cancellation income, straight-line rent adjustments and impairment charges. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 25

Weingarten Realty Investors

Average Base Rents by CBSA

As of 12/31/2011

(in thousands at pro rata share, except per square foot amounts)


	# of Properties						Occupied SF		Annualized Rents		Avg. Base Rents		Occupied SF		Annualized Rents		Avg. Base Rents
	# of Properties		GLA		Total ABR		Greater than 10K SF						Less than 10K SF

Retail

West Region

Los Angeles-Long Beach et al, CA		3		584		$17.48		395		$5,799		$14.66		152		$3,763		$24.81

Madera, CA		1		85		$12.73		52		$522		$10.02		31		$534		$17.29

Modesto, CA		1		79		$15.20		47		$557		$11.74		27		$568		$21.38

Redding, CA		1		121		$16.86		65		$567		$8.79		50		$1,361		$27.33

Riverside et al, CA		5		734		$18.89		389		$5,360		$13.77		264		$6,981		$26.45

Sacramento—Arden et al, CA		5		625		$15.07		128		$784		$6.14		234		$4,664		$19.94

San Diego-Carlsbad et al, CA		3		286		$22.17		162		$2,361		$14.57		103		$3,508		$34.15

San Francisco-Oakland et al, CA		3		442		$21.60		241		$3,733		$15.51		182		$5,387		$29.67

San Jose-Sunnyvale et al, CA		2		145		$21.09		66		$423		$6.43		78		$2,613		$33.42

Santa Cruz-Watsonville, CA		1		150		$14.99		37		$305		$8.14		45		$934		$20.68

Santa Rosa-Petaluma, CA		1		195		$11.33		111		$1,038		$9.38		30		$553		$18.56

Vallejo-Fairfield, CA		3		362		$18.56		121		$1,148		$9.49		165		$4,165		$25.21

California		29		3,809		$18.16		1,814		$22,598		$12.46		1,359		$35,030		$25.77

Portland-Vancouver et al, OR-WA		3		120		$14.16		66		$575		$8.75		46		$1,011		$21.83

Oregon		3		120		$14.16		66		$575		$8.75		46		$1,011		$21.83

Seattle-Tacoma-Bellevue, WA		5		179		$15.58		96		$1,244		$12.94		59		$1,174		$19.86

Washington		5		179		$15.58		96		$1,244		$12.94		59		$1,174		$19.86

Total West Region		37		4,108		$17.91		1,976		$24,417		$12.36		1,465		$37,215		$25.41

Mountain Region

Lake Havasu City-Kingman, AZ		1		183		$14.83		112		$1,425		$12.67		30		$682		$23.07

Phoenix-Mesa-Scottsdale, AZ		17		1,382		$15.63		509		$4,720		$9.27		479		$10,723		$22.39

Tucson, AZ		5		632		$18.25		168		$2,098		$12.51		215		$4,890		$22.73

Arizona		23		2,198		$16.22		789		$8,243		$10.44		724		$16,295		$22.52

Colorado Springs, CO		2		299		$8.71		243		$1,813		$7.46		37		$625		$17.00

Denver-Aurora, CO		11		1,198		$16.45		451		$5,951		$13.20		254		$5,643		$22.20

Colorado		13		1,497		$14.25		694		$7,764		$11.19		291		$6,268		$21.55

Las Vegas-Paradise, NV		13		2,366		$15.29		1,298		$14,441		$11.13		614		$14,801		$24.10

Nevada		13		2,366		$15.29		1,298		$14,441		$11.13		614		$14,801		$24.10

Albuquerque, NM		4		431		$14.89		176		$1,672		$9.50		142		$3,064		$21.58

New Mexico		4		431		$14.89		176		$1,672		$9.50		142		$3,064		$21.58

Provo-Orem, UT		1		30		$16.08		12		$165		$13.96		18		$317		$17.46

Salt Lake City, UT		3		290		$13.16		156		$1,688		$10.83		73		$1,321		$18.17

Utah		4		320		$13.50		168		$1,852		$11.05		91		$1,638		$18.03

Total Mountain Region		57		6,812		$15.25		3,125		$33,972		$10.87		1,861		$42,065		$22.60

Central Region

Little Rock-N. Little Rock, AR		3		357		$8.88		297		$2,318		$7.80		40		$679		$16.78

Arkansas		3		357		$8.88		297		$2,318		$7.80		40		$679		$16.78

Chicago et al, IL-IN-WI		1		304		$12.32		161		$1,640		$10.19		29		$705		$23.96

Illinois		1		304		$12.32		161		$1,640		$10.19		29		$705		$23.96

Topeka, KS		1		116		$10.00		35		$350		$10.00		0		$0		$0.00

Kansas		1		116		$10.00		35		$350		$10.00		0		$0		$0.00

Hammond, LA		1		225		$8.48		48		$207		$4.28		85		$925		$10.86

Lafayette, LA		1		138		$9.63		75		$530		$7.08		62		$789		$12.72

Lake Charles, LA		4		447		$9.13		186		$1,279		$6.87		92		$1,262		$13.72

Monroe, LA		1		141		$5.59		89		$341		$3.82		42		$392		$9.35

New Orleans-Metairie-Kenner, LA		2		140		$14.87		78		$792		$10.13		61		$1,272		$20.99

Page 26


	# of						Occupied SF		Annualized Rents		Avg. Base Rents		Occupied SF		Annualized Rents		Avg. Base Rents
	Properties		GLA		Total ABR		Greater than 10K SF						Less than 10K SF

Shreveport-Bossier City, LA		1		5		$23.44		0		$0		$0.00		4		$91		$23.44

Louisiana		10		1,096		$9.58		477		$3,149		$6.60		346		$4,731		$13.69

St. Louis, MO-IL		2		229		$8.91		105		$832		$7.90		44		$501		$11.29

Missouri		2		229		$8.91		105		$832		$7.90		44		$501		$11.29

Oklahoma City, OK		2		164		$7.65		104		$570		$5.51		48		$592		$12.27

Oklahoma		2		164		$7.65		104		$570		$5.51		48		$592		$12.27

Amarillo, TX		1		20		$10.59		4		$29		$6.46		4		$66		$14.72

Beaumont-Port Arthur, TX		5		248		$8.11		146		$734		$5.02		82		$1,120		$13.63

Brownsville-Harlingen, TX		1		12		$17.78		0		$0		$0.00		4		$64		$17.78

College Station-Bryan, TX		1		107		$10.83		86		$923		$10.74		18		$203		$11.30

Corpus Christi, TX		1		372		$13.47		245		$2,312		$9.43		118		$2,581		$21.90

Dallas-Fort Worth-Arlington, TX		9		1,062		$13.42		486		$5,512		$11.34		356		$5,794		$16.26

Houston-Baytown-Sugar Land, TX		59		4,989		$14.85		2,855		$30,109		$10.55		1,701		$37,531		$22.07

Killeen-Temple-Fort Hood, TX		1		115		$12.42		98		$1,084		$11.04		17		$346		$20.36

Laredo, TX		2		375		$14.34		219		$2,451		$11.17		99		$2,109		$21.39

Lubbock, TX		1		152		$12.82		53		$492		$9.29		31		$587		$18.81

Lufkin, TX		1		248		$9.03		124		$940		$7.57		21		$373		$17.61

McAllen-Edinburg-Pharr, TX		7		494		$13.23		315		$3,500		$11.12		78		$1,700		$21.70

Rio Grande City, TX		1		88		$11.38		76		$804		$10.63		10		$176		$16.80

San Antonio, TX		7		596		$12.97		311		$2,987		$9.59		190		$3,515		$18.51

Tyler, TX		1		60		$8.12		33		$212		$6.35		25		$260		$10.51

Texas		98		8,938		$13.90		5,053		$52,089		$10.31		2,755		$56,424		$20.48

Total Central Region		117		11,204		$13.12		6,232		$60,947		$9.78		3,263		$63,633		$19.50

Mid-Atlantic Region

Atlanta-Sandy Springs et al, GA		15		1,568		$16.29		544		$6,503		$11.95		465		$9,945		$21.37

Gainesville, GA		1		29		$15.82		21		$239		$11.31		7		$211		$28.79

Georgia		16		1,596		$16.28		565		$6,741		$11.93		473		$10,156		$21.48

Lexington-Fayette, KY		3		442		$13.48		218		$2,023		$9.27		158		$3,048		$19.30

Louisville, KY-IN		1		169		$12.10		93		$848		$9.17		68		$1,093		$16.10

Kentucky		4		611		$13.07		311		$2,872		$9.24		226		$4,141		$18.34

Lewiston-Auburn, ME		1		128		$5.30		41		$170		$4.17		18		$143		$7.84

Maine		1		128		$5.30		41		$170		$4.17		18		$143		$7.84

Charlotte-Gastonia et al, NC-SC		4		319		$16.85		154		$2,136		$13.91		116		$2,404		$20.74

Durham, NC		6		287		$13.82		108		$1,197		$11.04		88		$1,512		$17.26

Raleigh-Cary, NC		11		1,531		$13.29		605		$5,512		$9.11		450		$8,505		$18.92

Southern Pines-Pinehurst, NC		1		252		$10.99		63		$385		$6.10		71		$1,090		$15.34

Wilmington, NC		2		140		$13.70		49		$464		$9.50		37		$708		$19.29

North Carolina		24		2,529		$13.74		979		$9,693		$9.90		761		$14,219		$18.69

Hilton Head Island-Beaufort, SC		1		22		$14.85		5		$47		$9.00		13		$231		$17.13

South Carolina		1		22		$14.85		5		$47		$9.00		13		$231		$17.13

Memphis, TN-MS-AR		6		573		$12.87		374		$4,113		$10.99		152		$2,658		$17.50

Tennessee		6		573		$12.87		374		$4,113		$10.99		152		$2,658		$17.50

Total Mid-Atlantic Region		52		5,459		$14.08		2,275		$23,637		$10.39		1,643		$31,547		$19.20

Southeast Region

Fort Walton Beach et al, FL		2		70		$14.63		50		$662		$13.17		17		$316		$19.06

Jacksonville, FL		5		433		$11.37		267		$2,432		$9.11		81		$1,528		$18.80

Miami-Fort Lauderdale et al, FL		17		1,110		$15.66		572		$5,926		$10.36		390		$9,141		$23.43

Orlando, FL		14		3,066		$15.13		1,077		$13,110		$12.17		454		$10,066		$22.18

Palm Bay-Melbourne et al, FL		3		182		$11.38		49		$403		$8.28		52		$741		$14.28

Port St. Lucie-Fort Pierce, FL		1		51		$13.98		24		$307		$12.93		5		$91		$19.26

Punta Gorda, FL		2		25		$16.37		15		$215		$14.34		6		$125		$21.64

Sarasota-Bradenton-Venice, FL		1		97		$10.46		46		$324		$7.13		32		$491		$15.14

Tampa-St. Petersburg et al, FL		5		1,097		$13.50		674		$7,352		$10.90		290		$5,669		$19.56

Page 27


	# of Properties						Occupied SF		Annualized Rents		Avg. Base Rents		Occupied SF		Annualized Rents		Avg. Base Rents
	# of Properties		GLA		Total ABR		Greater than 10K SF						Less than 10K SF


Florida		50		6,131		$14.36		2,774		$30,733		$11.08		1,327		$28,168		$21.23

Total Southeast Region		50		6,131		$14.36		2,774		$30,733		$11.08		1,327		$28,168		$21.23


Total Retail		313		33,715		$14.51		16,382		$173,706		$10.60		9,558		$202,628		$21.20

Industrial

West Region

San Diego-Carlsbad et al, CA		1		121		$6.46		34		$217		$6.32		1		$14		$9.66


California		1		121		$6.46		34		$217		$6.32		1		$14		$9.66


Total West Region		1		121		$6.46		34		$217		$6.32		1		$14		$9.66

Central Region

Austin-Round Rock, TX		6		428		$9.72		103		$1,079		$10.47		288		$2,722		$9.46

Dallas-Fort Worth-Arlington, TX		16		2,516		$4.54		1,659		$6,833		$4.12		417		$2,589		$6.21

Houston-Baytown-Sugar Land, TX		26		3,197		$5.61		2,192		$11,394		$5.20		368		$2,955		$8.04

San Antonio, TX		4		687		$5.45		390		$2,184		$5.59		202		$1,044		$5.17


Texas		52		6,828		$5.48		4,344		$21,489		$4.95		1,274		$9,310		$7.31


Total Central Region		52		6,828		$5.48		4,344		$21,489		$4.95		1,274		$9,310		$7.31

Mid-Atlantic Region

Atlanta-Sandy Springs et al, GA		7		1,057		$3.49		772		$2,692		$3.49		0		$0		$0.00


Georgia		7		1,057		$3.49		772		$2,692		$3.49		0		$0		$0.00

Memphis, TN-MS-AR		3		685		$2.62		581		$1,520		$2.62		2		$8		$4.21


Tennessee		3		685		$2.62		581		$1,520		$2.62		2		$8		$4.21

Richmond, VA		9		903		$4.53		764		$3,426		$4.49		4		$52		$13.99


Virginia		9		903		$4.53		764		$3,426		$4.49		4		$52		$13.99


Total Mid-Atlantic Region		19		2,645		$3.63		2,117		$7,639		$3.61		6		$60		$10.72

Southeast Region

Lakeland, FL		1		600		$4.21		600		$2,526		$4.21		0		$0		$0.00

Tampa-St. Petersburg et al, FL		3		896		$4.05		680		$2,731		$4.02		17		$91		$5.32

Florida		4		1,496		$4.12		1,280		$5,257		$4.11		17		$91		$5.32


Total Southeast Region		4		1,496		$4.12		1,280		$5,257		$4.11		17		$91		$5.32


Total Industrial		76		11,091		$4.86		7,774		$34,603		$4.45		1,298		$9,475		$7.30

Joint venture properties are reflected at WRI’s pro rata share.

Occupied SF based on commenced leases.

# of properties and GLA differ from property list due to new development properties with no commenced leases and the combining of certain properties on the property list.

Page 28

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of December 31, 2011


		Gross Leasable Area
ALL PROPERTIES BY STATE	# of Properties	WRI Owned		Joint Venture Share		Owned by Other		Total
Arizona	24		2,219,168		-		1,724,034		3,943,202
Arkansas	3		357,010		-		-		357,010
California	30		3,930,280		833,658		1,305,511		6,069,449
Colorado	13		1,496,552		1,126,115		1,572,780		4,195,447
Florida	55		7,832,936		3,974,438		1,630,862		13,438,234
Georgia	23		2,773,851		935,166		1,054,223		4,763,240
Illinois	1		303,566		-		-		303,566
Kansas	1		115,716		-		-		115,716
Kentucky	4		610,815		-		127,614		738,429
Louisiana	11		1,150,642		423,587		710,317		2,284,546
Maine	1		128,348		42,783		10,807		181,938
Missouri	2		229,282		28,367		-		257,649
Nevada	12		2,365,942		-		1,250,305		3,616,247
New Mexico	4		431,030		-		306,157		737,187
North Carolina	24		2,529,117		181,859		700,600		3,411,576
Oklahoma	2		163,996		-		-		163,996
Oregon	3		119,909		90,927		62,600		273,436
South Carolina	1		21,530		64,590		-		86,120
Tennessee	9		1,272,499		677,263		154,340		2,104,102
Texas	149		16,070,786		5,529,903		3,289,697		24,890,387
Utah	4		320,168		89,748		435,160		845,076
Virginia	10		902,881		1,601,942		217,147		2,721,970
Washington	5		178,535		327,497		65,346		571,378

Grand Total	391		45,524,559		15,927,843		14,617,500		76,069,901

Total Retail	313		33,865,143		10,791,459		13,832,175		58,488,776
Total Industrial	75		11,379,131		5,136,384		785,325		17,300,840
Total Other	3		280,285		-		-		280,285

Footnotes for detail property listing

(1) Denotes partial ownership. The square feet figures represent WRI’s proportionate ownership of the property held by the joint venture or partnership.

(2) Denotes property currently under development.

(3) Denotes properties that are not consolidated for SEC reporting purposes.

(4) Denotes single tenant retail property.

(+) Denotes supermarket or discount store offering full service grocery along with general merchandise.

NOTES:

Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership. Average Base Rent per Leased SF excludes ground leases.

Page 30

Weingarten Realty Investors

Property Listing

As of December 31, 2011


							Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %	Foot Notes			WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Retail
Operating Properties

Arizona

Mohave Crossroads	Lake Havasu City-Kingman, AZ	Target (O.B.O.), Kohls (O.B.O.), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less	100.0%					183,393		0		213,309		396,702		14.83
Palmilla Center	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.), Office Max, PetSmart, Dollar Tree	100.0%					103,568		0		74,651		178,219		17.30
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ	Whole Foods +	100.0%					129,822		0		3,198		133,020		25.85
Arrowhead Festival S.C.	Phoenix-Mesa-Scottsdale, AZ	Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.), Borders (O.B.O.)	100.0%					29,834		0		164,475		194,309		20.80
Fry’s Ellsworth Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.)	100.0%					9,034		0		64,574		73,608		23.20
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)	100.0%					45,751		0		62,800		108,551		22.89
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ	Target (O.B.O.), Bed Bath & Beyond, Famous Footwear	100.0%					69,212		0		129,800		199,012		17.09
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	Hobby Lobby, Dollar Tree	100.0%					92,626		0		14,112		106,738		11.22
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Office Max	100.0%					134,495		0		108,220		242,715		11.96
Laveen Village Market	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.), Home Depot (O.B.O.)	100.0%					40,025		0		279,042		319,067		23.83
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ	Fresh N Easy +, Family Dollar, Leon Furniture	100.0%					66,787		0		5,383		72,170		9.39
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	Sunflower Farmers Market +	100.0%					60,728		0		0		60,728		11.25
Desert Village	Phoenix-Mesa-Scottsdale, AZ	AJ Fine Foods +, CVS Pharmacy	100.0%					101,828		0		5,386		107,214		20.37
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.)	100.0%					102,761		0		192,052		294,813		9.36
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)	100.0%					10,237		0		138,146		148,383		31.40
Basha’s Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	Ross Dress for Less, Anna’s Linens	100.0%					145,518		0		8,362		153,880		18.53
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	Office Max, Ace Hardware	100.0%					82,757		0		4,622		87,379		10.99
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ	Fry’s Food & Drug +, Petco, Dollar Tree	100.0%					157,221		0		0		157,221		13.90
Entrada de Oro	Tucson, AZ	Wal-Mart Neighborhood Market +	100.0%					88,665		0		20,410		109,075		17.91
Madera Village	Tucson, AZ	Safeway +, Walgreens, Dollar Tree	100.0%					96,732		0		10,161		106,893		11.06
Oracle Crossings	Tucson, AZ	Sprouts Farmers Market +, Kohl’s, Home Goods	100.0%					253,163		0		10,000		263,163		17.86
Oracle Wetmore	Tucson, AZ	Home Depot (O.B.O.), PetSmart, Walgreens, Ulta	100.0%					149,961		0		193,128		343,089		27.62
Shoppes at Bears Path	Tucson, AZ	Osco Drug (O.B.O.), Carondelet Health Care Corp., Leslie Pools	100.0%					43,928		0		22,203		66,131		15.21
Arizona Total:	# of Properties: 23							2,198,046		0		1,724,034		3,922,080

Arkansas

Markham Square	Little Rock-N. Little Rock, AR	Burlington Coat Factory, Ross Dress for Less	100.0%					125,884		0		0		125,884		7.13
Markham West	Little Rock-N. Little Rock, AR	Office Depot, Michaels, Academy, Bassett Furniture, Dollar Tree	100.0%					178,500		0		0		178,500		9.91
Westgate	Little Rock-N. Little Rock, AR	SteinMart	100.0%					52,626		0		0		52,626		9.29
Arkansas Total:	# of Properties: 3							357,010		0		0		357,010

California

Centerwood Plaza	Los Angeles-Long Beach et al, CA	Bestway Supermarket +, Buck-A-Roos	100.0%					75,486		0		0		75,486		9.19
Buena Vista Marketplace	Los Angeles-Long Beach et al, CA	Ralph’s +, Dollar Tree	100.0%					90,805		0		24,535		115,340		21.91
Westminster Center	Los Angeles-Long Beach et al, CA	Albertsons +, Rite Aid, Ross Dress for Less, Home Depot, Petco	100.0%					417,820		0		7,870		425,690		17.87
Hallmark Town Center	Madera, CA	Food 4 Less +, Bally Total Fitness	100.0%					85,066		0		13,293		98,359		12.73
Marshalls Plaza	Modesto, CA	Marshalls, Dress Barn, Guitar Center	100.0%					78,752		0		7,200		85,952		15.20
Shasta Crossroads	Redding, CA	Food Maxx +, Target (O.B.O.), Sports Authority (O.B.O.), Ashley Furniture (O.B.O.)	100.0%					121,183		0		131,468		252,651		16.86
Jess Ranch Marketplace	Riverside et al, CA	Winco Foods + (O.B.O.), Burlington Coat Factory, PetSmart, Rite Aid, Big 5	50.0%		(1	)(3)		104,384		104,384		99,170		307,937		19.21
Jess Ranch Phase III	Riverside et al, CA	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness	50.0%		(1	)(3)		89,794		89,794		5,532		185,121		18.25
Chino Hills Marketplace	Riverside et al, CA	Von’s +, Rite Aid, Dollar Tree, 24 Hour Fitness	100.0%					311,034		0		0		311,034		19.25
Menifee Town Center	Riverside et al, CA	Ralph’s +, Ross Dress for Less, Dollar Tree	100.0%					124,431		0		124,303		248,734		15.63
Stoneridge Town Centre	Riverside et al, CA	Super Target + (O.B.O), Best Buy, Office Max, Kohl’s	67.0%		(1	)(3)		104,692		51,565		275,015		431,272		23.12

Page 31

Weingarten Realty Investors

Property Listing

As of December 31, 2011


							Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes		WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Prospectors Plaza	Sacramento-Arden et al, CA	SaveMart +, Kmart, Long’s Drug Store		100.0%				228,345		0		8,614		236,959		23.92
Arcade Square	Sacramento-Arden et al, CA	Grocery Outlet +, Lifestyle Furniture		100.0%				76,497		0		0		76,497		13.54
Discovery Plaza	Sacramento-Arden et al, CA	Bel Air Market +		100.0%				93,398		0		0		93,398		16.00
Summerhill Plaza	Sacramento-Arden et al, CA	Raley’s +, Dollar Tree		100.0%				128,880		0		0		128,880		10.69
Valley	Sacramento-Arden et al, CA	Raley’s +		100.0%				98,240		0		8,765		107,005		17.38
El Camino Promenade	San Diego-Carlsbad et al, CA	T.J. Maxx, Staples, Dollar Tree, Beverages & More		100.0%				129,651		0		0		129,651		23.14
Rancho San Marcos Village	San Diego-Carlsbad et al, CA	Von’s +, 24 Hour Fitness		100.0%				120,829		0		11,860		132,689		18.10
San Marcos Plaza	San Diego-Carlsbad et al, CA	Albertsons + (O.B.O.)		100.0%				35,880		0		45,206		81,086		32.35
580 Market Place	San Francisco-Oakland et al, CA	Safeway +, 24 Hour Fitness, Petco		100.0%				100,165		0		0		100,165		30.17
Fremont Gateway Plaza	San Francisco-Oakland et al, CA	Raley’s +, 24 Hour Fitness, Big Cinemas		100.0%				194,601		0		167,100		361,701		18.95
Greenhouse Marketplace	San Francisco-Oakland et al, CA	Safeway + (O.B.O.), Longs Drug Stores (O.B.O.), Big Lots, 99 Cents Only, Factory 2 U		100.0%				147,063		0		89,769		236,832		19.40
Silver Creek Plaza	San Jose-Sunnyvale et al, CA	Safeway +, Walgreens, Orchard Supply (O.B.O.)		100.0%				132,925		0		65,000		197,925		21.31
Tully Corners Shopping Center	San Jose-Sunnyvale et al, CA	Food Maxx +, Petco		10.0%		(1)(3)		11,599		104,393		0		115,992		18.43
Freedom Centre	Santa Cruz-Watsonville, CA	Safeway +, Rite Aid, Big Lots, Ace Hardware		100.0%				150,241		0		0		150,241		14.99
Stony Point Plaza	Santa Rosa-Petaluma, CA	Food Maxx +, Ross Dress for Less, Fallas Paredes		100.0%				195,192		0		5,442		200,634		11.33
Southampton Center	Vallejo-Fairfield, CA	Raley’s +, Ace Hardware		100.0%				162,764		0		0		162,764		19.91
Sunset Center	Vallejo-Fairfield, CA	Rite Aid, In-Shape City		100.0%				85,238		0		13,041		98,279		14.71
Creekside Center	Vallejo-Fairfield, CA	Raley’s +, Blockbuster		100.0%				114,445		0		0		114,445		20.30
California Total:	# of Properties: 29							3,809,400		350,136		1,103,183		5,262,719

Colorado

Academy Place	Colorado Springs, CO	Safeway + (O.B.O.), Target (O.B.O.), Ross Dress For Less		100.0%				83,878		0		206,586		290,464		11.80
Uintah Gardens	Colorado Springs, CO	King Sooper’s +, Walgreens, Big 5 Sporting Goods, Petco, ARC Thrift		100.0%				214,774		0		0		214,774		7.70
Aurora City Place	Denver-Aurora, CO	Super Target + (O.B.O.), Sports Authority, Barnes & Noble, Ross Dress For Less, PetSmart		50.0%		(1)(3)		180,478		180,478		182,000		542,957		15.97
The Gardens on Havana	Denver-Aurora, CO	Sprouts Farmers Market +, Target (O.B.O.), Kohl’s, Petco, Dick’s Sporting Goods, Toys ‘R’ Us, Office Depot		39.8%		(1)(3)		319,478		483,432		143,697		946,607		15.81
Green Valley Ranch Towne Center	Denver-Aurora, CO	King Sooper’s + (O.B.O.)		50.0%		(1)(3)		28,474		28,474		58,000		114,947		20.99
Lowry Town Center	Denver-Aurora, CO	Albertsons + (O.B.O.)		50.0%		(1)(3)		38,349		38,349		52,700		129,398		25.12
Edgewater Marketplace	Denver-Aurora, CO	King Sooper’s +, Ace Hardware, Target (O.B.O.)		100.0%				145,780		0		126,000		271,780		10.04
CityCenter Englewood	Denver-Aurora, CO	Wal-Mart (O.B.O.), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness		51.0%		(1)(3)		137,346		131,960		90,000		359,305		16.45
Cherry Creek	Denver-Aurora, CO	Sports Authority, PetsMart, Target (O.B.O.)		100.0%				78,148		0		194,523		272,671		24.85
Crossing at Stonegate	Denver-Aurora, CO	King Sooper’s +		51.0%		(1)(3)		55,620		53,438		0		109,058		15.12
Thorncreek Crossing	Denver-Aurora, CO	Sunflower Farmers Market +, Super Target + (O.B.O.), Barnes & Noble, Cost Plus, Michael’s, OfficeMax, Dollar Tree		51.0%		(1)(3)		108,190		103,947		174,000		386,137		14.33
Westminster Plaza	Denver-Aurora, CO	Safeway +, Walgreens (O.B.O.)		50.0%		(1)		48,506		48,506		14,100		111,113		18.43
Colorado Total:	# of Properties: 12							1,439,021		1,068,584		1,241,606		3,749,211

Florida

Paradise Key at Kelly Plantation	Fort Walton Beach et al, FL	Publix +, Bed Bath & Beyond, Ross, Old Navy, SteinMart		10.0%		(1)(3)		27,178		244,599		0		271,777		12.74
Shoppes at Paradise Isle	Fort Walton Beach et al, FL	Big Lots, Best Buy, PetSmart, Office Depot, Michaels		25.0%		(1)(3)		42,917		128,752		0		171,669		15.78
Argyle Village	Jacksonville, FL	Publix +, Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels		100.0%				315,497		0		0		315,497		10.66
Atlantic North	Jacksonville, FL	Academy		50.0%		(1)(3)(4)		33,842		33,842		0		67,685		N/A
Atlantic West	Jacksonville, FL	T.J. Maxx, Office Depot, Dollar Tree, Shoe Carnival, Kohl’s (O.B.O.)		50.0%		(1)(3)		33,736		33,736		96,010		163,481		11.83
Kernan Village	Jacksonville, FL	Walmart (O.B.O.), Ross, Petco		50.0%		(1)(3)		42,652		42,652		203,622		288,925		16.40
Epic Village—St. Augustine	Jacksonville, FL	Epic Theaters (O.B.O.)		70.0%		(1)		7,395		3,170		51,977		62,542		23.81
Boca Lyons	Miami-Fort Lauderdale et al, FL	Ross Dress for Less, Ethan Allen, Deal$		100.0%				117,515		0		0		117,515		19.00
Embassy Lakes	Miami-Fort Lauderdale et al, FL	Winn Dixie +, Tuesday Morning		100.0%				131,723		0		48,214		179,937		12.89
Hollywood Hills Plaza	Miami-Fort Lauderdale et al, FL	Publix +, Target, CVS/pharmacy		20.0%		(1)(3)		72,957		291,828		43,724		408,509		18.03

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						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL	Winn Dixie +, T.J. Maxx, Dollar Tree		100.0%			161,429		0		0		161,429		14.57
Palm Lakes Plaza	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,750		91,002		0		113,752		11.46
Kendall Corners	Miami-Fort Lauderdale et al, FL	Ashley Furniture		20.0%	(1)(3)		19,294		77,178		0		96,472		28.22
South Dade	Miami-Fort Lauderdale et al, FL	Publix +, Bed Bath & Beyond, Petco, Chuck E. Cheese		20.0%	(1)(3)		43,895		175,578		0		219,473		14.32
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,173		88,694		21,697		132,564		14.38
Northridge	Miami-Fort Lauderdale et al, FL	Publix +, Petco, Ross Dress for Less, Dollar Tree, Bally Total Fitness		20.0%	(1)(3)		47,214		188,855		3,028		239,097		16.62
Shoppes at Parkland	Miami-Fort Lauderdale et al, FL	BJ’s Wholesale Club +		30.0%	(1)		43,696		101,956		21,588		167,240		12.51
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Publix +		20.0%	(1)(3)		25,292		101,167		21,976		148,435		17.34
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Wal-Mart Supercenter + (O.B.O.), U.S. Post Office, Florida Technical College		100.0%			139,462		0		127,299		266,761		18.90
Pembroke Commons	Miami-Fort Lauderdale et al, FL	Publix +, Marshalls, Office Depot, LA Fitness, Dollar Tree		20.0%	(1)(3)		60,914		243,658		20,257		324,829		13.36
Publix at Laguna Isles	Miami-Fort Lauderdale et al, FL	Publix +		100.0%			69,475		0		0		69,475		13.97
Vizcaya Square	Miami-Fort Lauderdale et al, FL	Bio Medical		100.0%			112,410		0		0		112,410		14.32
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL	Publix +		25.0%	(1)(3)		19,080		57,241		0		76,321		15.12
Colonial Landing	Orlando, FL	Petsmart, Sports Authority, Bed Bath & Beyond		50.0%	(1)		131,504		131,504		0		263,007		13.18
Colonial Plaza	Orlando, FL	Staples, Ross Dress for Less, Marshalls, Babies “R” Us, Old Navy, SteinMart, Barnes & Noble, Petco, Big Lots, Hobby Lobby		100.0%			502,182		0		0		502,182		13.04
International Drive Value Center	Orlando, FL	Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx		20.0%	(1)(3)		37,133		148,531		0		185,664		7.56
Market at Southside	Orlando, FL	Ross Dress for Less, Beall’s, Dollar Tree		100.0%			95,128		0		64,627		159,755		10.05
Phillips Crossing	Orlando, FL	Whole Foods +, Golf Galaxy, Michaels		100.0%			145,644		0		0		145,644		26.20
Phillips Landing	Orlando, FL	Wal-Mart (O.B.O.), Planet Fitness		100.0%			66,223		0		219,815		286,038		19.16
The Marketplace at Dr. Phillips	Orlando, FL	Stein Mart, Home Goods, Morton’s of Chicago, Office Depot		20.0%	(1)(3)		65,222		260,886		0		326,108		21.20
The Shoppes at South Semoran	Orlando, FL	Dollar Tree		100.0%			101,486		0		0		101,486		15.17
Westland Terrace Plaza	Orlando, FL	Super Target + (O.B.O.), T.J. Maxx, Petco, Shoe Carnival		100.0%			77,521		0		183,000		260,521		12.13
Alafaya Square	Orlando, FL	Publix +		20.0%	(1)(3)		35,297		141,189		0		176,486		12.30
University Palms	Orlando, FL	Publix +		30.0%	(1)		29,752		69,420		5,955		105,127		13.06
Marketplace at Seminole Towne Center	Orlando, FL	Super Target + (O.B.O.), Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco		100.0%			310,049		0		181,913		491,962		14.21
Winter Park Corners	Orlando, FL	Whole Foods Market +		100.0%			102,382		0		0		102,382		19.20
Indian Harbour Place	Palm Bay-Melbourne et al, FL	Publix +, Beall’s		25.0%	(1)(3)		40,880		122,641		0		163,521		11.50
Lake Washington Crossing	Palm Bay-Melbourne et al, FL	Publix +, Famous Labels		25.0%	(1)(3)		29,707		89,121		0		118,828		10.17
Lake Washington Square	Palm Bay-Melbourne et al, FL	Tuesday Morning		100.0%			111,811		0		0		111,811		11.84
Pineapple Commons	Port St. Lucie-Fort Pierce, FL	City Furniture, Ross Dress for Less, Best Buy, PetSmart, Marshalls, CVS (O.B.O)		20.0%	(1)(3)		50,823		203,291		14,354		268,468		13.98
Quesada Commons	Punta Gorda, FL	Publix +		25.0%	(1)(3)		14,722		44,168		0		58,890		13.62
Shoppes of Port Charlotte	Punta Gorda, FL	Chick-Fil-A		25.0%	(1)(3)(4)		980		2,941		0		3,921		N/A
Shoppes of Port Charlotte	Punta Gorda, FL	Petco		25.0%	(1)(3)		10,253		30,758		0		41,011		20.59
Venice Pines	Sarasota-Bradenton-Venice, FL	Sweet Bay +		100.0%			97,303		0		0		97,303		10.46
Countryside Centre	Tampa-St. Petersburg et al, FL	T.J. Maxx, Home Goods, Dick’s Sporting Goods, Ross Dress for Less		100.0%			247,163		0		0		247,163		13.59
Sunset 19	Tampa-St. Petersburg et al, FL	Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy		100.0%			275,910		0		0		275,910		11.80
Largo Mall	Tampa-St. Petersburg et al, FL	Albertsons + (O.B.O.), Beall’s, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, Target (O.B.O.)		100.0%			377,616		0		197,631		575,247		14.82
East Lake Woodlands	Tampa-St. Petersburg et al, FL	Sweetbay +, Walgreens		20.0%	(1)(3)		28,123		112,494		0		140,617		14.13
Palms of Carrollwood	Tampa-St. Petersburg et al, FL	The Fresh Market +, Bed Bath & Beyond		100.0%			167,887		0		0		167,887		13.38
Florida Total:	# of Properties: 48						4,765,197		3,260,852		1,526,687		9,552,734

Georgia

Lakeside Marketplace	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Ross Dress for Less, Petco		100.0%			136,848		0		195,196		332,044		16.19
Mansell Crossing	Atlanta-Sandy Springs et al, GA	buybuy BABY, Ross Dress for Less, Rooms to Go		20.0%	(1)(3)		20,586		82,345		0		102,931		12.46
Camp Creek Marketplace II	Atlanta-Sandy Springs et al, GA	DSW, LA Fitness, Shopper’s World, American Signature		100.0%			196,283		0		31,720		228,003		14.08
Cherokee Plaza	Atlanta-Sandy Springs et al, GA	Kroger +		30.0%	(1)		29,925		69,824		0		99,749		21.28

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								Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes			WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Perimeter Village	Atlanta-Sandy Springs et al, GA	Wal-Mart Supercenter +, Cost Plus World Market, DSW, Hobby Lobby		100.0%					387,755		0		0		387,755		17.89
Publix at Princeton Lakes	Atlanta-Sandy Springs et al, GA	Publix +		20.0%		(1	)(3)		13,681		54,726		3,800		72,207		14.85
Brookwood Square	Atlanta-Sandy Springs et al, GA	Marshalls, Furniture Palace		100.0%					234,501		0		0		234,501		10.49
Dallas Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%					25,158		0		70,104		95,262		22.29
Reynolds Crossing	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%					45,758		0		70,225		115,983		24.62
Grayson Commons	Atlanta-Sandy Springs et al, GA	Kroger +		100.0%					76,611		0		0		76,611		14.28
Sandy Plains Exchange	Atlanta-Sandy Springs et al, GA	Publix +		30.0%		(1	)		21,835		50,949		0		72,784		13.19
Brownsville Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%					27,747		0		54,139		81,886		21.69
Roswell Corners	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Staples, T.J. Maxx,		100.0%					144,834		0		173,535		318,369		16.27
Brookwood Marketplace	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Home Depot, Bed Bath & Beyond, Office Max		100.0%					199,594		0		197,701		397,295		18.26
Thompson Bridge Commons	Gainesville, GA	Kroger +		30.0%		(1	)		28,676		66,911		0		95,587		15.82
Georgia Total:	# of Properties: 15								1,589,792		324,755		796,420		2,710,967

Illinois

Burbank Station	Chicago et al, IL-IN-WI	Food For Less +, Babies “R” Us, AJ Wright, Office Max, The Sports Authority, PetSmart		100.0%					303,566		0		0		303,566		12.32
Illinois Total:	# of Properties: 1								303,566		0		0		303,566

Kansas

Kohl’s	Topeka, KS	Barnes & Noble, Kohl’s		100.0%					115,716		0		0		115,716		10.00
Kansas Total:	# of Properties: 1								115,716		0		0		115,716

Kentucky

Millpond Center	Lexington-Fayette, KY	Kroger +		100.0%					124,567		0		27,000		151,567		10.08
Regency Shopping Centre	Lexington-Fayette, KY	Kroger + (O.B.O.), T.J. Maxx, Michaels		100.0%					142,972		0		46,044		189,016		14.13
Tates Creek	Lexington-Fayette, KY	Kroger +, Rite Aid		100.0%					174,290		0		5,160		179,450		15.16
Festival at Jefferson Court	Louisville, KY-IN	Kroger +, PetSmart (O.B.O.), Staples, Factory Card Outlet		100.0%					168,986		0		49,410		218,396		12.10
Kentucky Total:	# of Properties: 4								610,815		0		127,614		738,429

Louisiana

Town & Country Plaza	Hammond, LA	Winn Dixie +, Office Depot, CVS/pharmacy, Ross Dress for Less		100.0%					224,827		0		0		224,827		8.48
River Marketplace	Lafayette, LA	Super Target + (O.B.O.), Ross Dress for Less, Stage, Cost Plus, Books-A-Million		7.8%		(1	)(3)		13,139		155,096		174,700		342,935		17.32
Westwood Village	Lafayette, LA	Rouses Supermarket +, Stage		100.0%					138,034		0		0		138,034		9.63
14/Park Plaza	Lake Charles, LA	Conn’s, Anna’s Linens, Family Dollar, Citi Trends		100.0%					172,068		0		0		172,068		7.89
K-Mart Plaza	Lake Charles, LA	Albertsons +, Kmart, Dollar Tree		50.0%		(1	)(3)		107,974		107,974		16,442		232,390		8.29
Prien Lake Plaza	Lake Charles, LA	Target (O.B.O.), Marshalls (O.B.O.), Ross Dress for Less (O.B.O.), Bed Bath & Beyond (O.B.O.)		100.0%					8,243		0		205,375		213,618		22.25
Southgate	Lake Charles, LA	Market Basket +, Office Depot, Books-A-Million		100.0%					158,587		0		0		158,587		9.52
Danville Plaza	Monroe, LA	County Market +, Citi Trends, Surplus Warehouse		100.0%					141,218		0		0		141,218		5.59
Manhattan Place	New Orleans-Metairie-Kenner, LA	Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion		100.0%					137,315		0		139,300		276,615		14.94
Orleans Station	New Orleans-Metairie-Kenner, LA	Car Care Center		100.0%		(4	)		3,000		0		0		3,000		N/A
University Place	Shreveport-Bossier City, LA	Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond		100.0%					5,100		0		0		5,100		23.44
University Place	Shreveport-Bossier City, LA	Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond		20.4%		(1	)(3)		41,137		160,517		174,500		376,154		23.29
Louisiana Total:	# of Properties: 11								1,150,642		423,587		710,317		2,284,546

Maine

The Promenade	Lewiston-Auburn, ME	Staples, Family Dollar		75.0%		(1	)		128,348		42,783		10,807		181,938		5.30
Maine Total:	# of Properties: 1								128,348		42,783		10,807		181,938

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								Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes			WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Missouri

Ballwin Plaza	St. Louis, MO-IL	Schnucks +, Michaels, Club Fitness		100.0%					200,915		0		0		200,915		9.11
Western Plaza	St. Louis, MO-IL	Value Village		50.0%		(1	)(3)		28,367		28,367		0		56,734		7.44
Missouri Total:	# of Properties: 2								229,282		28,367		0		257,649

Nevada

Eastern Horizon	Las Vegas-Paradise, NV	Trader Joe’s +, Kmart + (O.B.O.)		100.0%					65,848		0		143,879		209,727		20.29
Best in the West	Las Vegas-Paradise, NV	Old Navy, Best Buy, Office Depot, Bed Bath & Beyond, Babies “R” Us, DSW Shoes, PetSmart, Jo-Ann Stores, Sports Authority, Ulta		100.0%					428,067		0		0		428,067		16.19
Charleston Commons	Las Vegas-Paradise, NV	Wal-Mart +, Ross, Office Max, 99 Cents Only, PetSmart		100.0%					332,539		0		29,975		362,514		16.18
College Park S.C.	Las Vegas-Paradise, NV	El Super +, Sav-On Drugs, Anna’s Linens, Factory 2 U		100.0%					167,654		0		27,713		195,367		11.23
Francisco Centre	Las Vegas-Paradise, NV	La Bonita Grocery +, Ross Dress for Less (O.B.O.), Fallas Paredes,		100.0%					116,973		0		31,842		148,815		12.25
Mission Center	Las Vegas-Paradise, NV	Sav-On Drug-CVS (O.B.O.), Albertsons + (O.B.O.), Toys “R” Us, T.J. Maxx		100.0%					152,151		0		60,018		212,169		11.97
Paradise Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Dollar Tree		100.0%					77,597		0		70,495		148,092		16.78
Rainbow Plaza	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%					273,916		0		0		273,916		14.63
Rainbow Plaza, Phase I	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%					136,369		0		0		136,369		14.34
Rancho Towne & Country	Las Vegas-Paradise, NV	Smith’s Food +		100.0%					84,743		0		53,100		137,843		11.68
Tropicana Beltway	Las Vegas-Paradise, NV	Wal-Mart Supercenter + (O.B.O.), Lowe’s (O.B.O.), Ross Dress for Less, Petsmart, Office Depot, Sports Authority		100.0%					246,483		0		371,338		617,821		17.79
Tropicana Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Family Dollar		100.0%					69,475		0		73,168		142,643		17.72
Westland Fair North	Las Vegas-Paradise, NV	Wal-Mart Supercenter + (O.B.O.), Lowe’s (O.B.O.), PetSmart, Office Depot, Michaels, Anna’s Linens		100.0%					214,127		0		388,777		602,904		16.98
Nevada Total:	# of Properties: 12								2,365,942		0		1,250,305		3,616,247

New Mexico

Eastdale	Albuquerque, NM	Albertsons +, Family Dollar		100.0%					119,091		0		0		119,091		7.49
North Towne Plaza	Albuquerque, NM	Whole Foods Market +		100.0%					109,066		0		29,440		138,506		18.34
Pavillions at San Mateo	Albuquerque, NM	Old Navy, Shoe Department, Skechers, Dollar Tree		100.0%					151,160		0		57,531		208,691		20.43
Wyoming Mall	Albuquerque, NM	Wal-Mart Supercenter + (O.B.O.), Dollar Tree		100.0%					51,713		0		219,186		270,899		15.57
New Mexico Total:	# of Properties: 4								431,030		0		306,157		737,187

North Carolina

Galleria	Charlotte-Gastonia et al, NC-SC	Off Broadway Shoes, Wal-Mart (O.B.O.)		100.0%					120,674		0		207,602		328,276		16.43
Johnston Road Plaza	Charlotte-Gastonia et al, NC-SC	Food Lion +		100.0%					79,508		0		0		79,508		15.16
Steele Creek Crossing	Charlotte-Gastonia et al, NC-SC	BI-LO +, Rite Aid		100.0%					77,301		0		0		77,301		16.63
Whitehall Commons	Charlotte-Gastonia et al, NC-SC	Wal-Mart Supercenter + (O.B.O.), BI-LO + (O.B.O.), Lowes (O.B.O.)		100.0%					41,941		0		402,620		444,561		23.36
Chatham Crossing	Durham, NC	Lowes Food +, CVS/pharmacy		25.0%		(1	)(3)		24,039		72,116		0		96,155		13.37
Cole Park Plaza	Durham, NC	Dollar General		25.0%		(1	)(3)		20,564		61,694		0		82,258		9.30
Bull City Market	Durham, NC	Whole Foods Market +		100.0%					40,875		0		0		40,875		18.02
Hope Valley Commons	Durham, NC	Harris Teeter +		100.0%					81,471		0		0		81,471		22.81
Mineral Springs Village	Durham, NC	Carlie C’s IGA +, Rite Aid		100.0%					59,859		0		0		59,859
Ravenstone Commons	Durham, NC	Food Lion +		100.0%					60,424		0		0		60,424		14.84
Capital Square	Raleigh-Cary, NC	Food Lion +		100.0%					143,063		0		0		143,063		7.20
Harrison Pointe	Raleigh-Cary, NC	Harris Teeter +, Staples		100.0%					130,934		0		0		130,934		17.03
High House Crossing	Raleigh-Cary, NC	Harris Teeter +		100.0%					90,155		0		0		90,155		14.19
Northwoods Market	Raleigh-Cary, NC	Food Lion +		100.0%					77,802		0		0		77,802		12.20
Parkway Pointe	Raleigh-Cary, NC	Food Lion +, Rite Aid		100.0%					80,061		0		0		80,061		10.85
Avent Ferry	Raleigh-Cary, NC	Food Lion +, Family Dollar		100.0%					111,622		0		0		111,622		16.81
Falls Pointe	Raleigh-Cary, NC	Harris Teeter +, Kohl’s (O.B.O.)		100.0%					106,981		0		86,350		193,331		17.86
Leesville Town Centre	Raleigh-Cary, NC	Harris Teeter +, Rite Aid		100.0%					114,396		0		0		114,396		20.93

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							Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes		WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Six Forks Station	Raleigh-Cary, NC	Food Lion +,Kmart, Home Depot, Bed Bath & Beyond		100.0%				466,585		0		0		466,585		10.44
Stonehenge Market	Raleigh-Cary, NC	Harris Teeter +, SteinMart, Rite Aid		100.0%				188,521		0		0		188,521		12.26
Heritage Station	Raleigh-Cary, NC	Harris Teeter +		30.0%		(1)		20,592		48,049		4,028		72,669		19.04
Pinecrest Plaza	Southern Pines-Pinehurst, NC	Food Lion +, Michaels, Belk’s, Burke’s Outlet Stores Inc.		100.0%				252,038		0		0		252,038		10.99
Waterford Village	Wilmington, NC	Harris Teeter +		100.0%				83,512		0		0		83,512		19.59
North Carolina Total:	# of Properties: 23							2,472,918		181,859		700,600		3,355,377

Oklahoma

Market Boulevard	Oklahoma City, OK	Rent 1st		100.0%				35,765		0		0		35,765		12.09
Town and Country	Oklahoma City, OK	Office Depot, Big Lots, Westlake Hardware, Aaron Rents		100.0%				128,231		0		0		128,231		6.41
Oklahoma Total:	# of Properties: 2							163,996		0		0		163,996

Oregon

Clackamas Square	Portland-Vancouver et al, OR-WA	Winco Foods + (O.B.O.), T.J. Maxx		20.0%		(1)(3)		14,828		59,311		62,600		136,739		17.43
Oak Grove Market Center	Portland-Vancouver et al, OR-WA	Safeway +		100.0%				97,177		0		0		97,177		12.78
Raleigh Hills Plaza	Portland-Vancouver et al, OR-WA	New Seasons Market +, Walgreens		20.0%		(1)(3)		7,904		31,616		0		39,520		24.40
Oregon Total:	# of Properties: 3							119,909		90,927		62,600		273,436

South Carolina

Fresh Market Shoppes	Hilton Head Island-Beaufort, SC	The Fresh Market +		25.0%		(1)(3)		21,530		64,590		0		86,120		14.85
South Carolina Total:	# of Properties: 1							21,530		64,590		0		86,120

Tennessee

Bartlett Towne Center	Memphis, TN-MS-AR	Kroger +, Petco, Dollar Tree, Shoe Carnival		100.0%				192,624		0		0		192,624		10.89
Commons at Dexter Lake	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%		(1)		50,087		116,871		11,600		178,558		9.09
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%		(1)		18,551		43,287		5,000		66,838		13.05
Highland Square	Memphis, TN-MS-AR	Walgreens		100.0%		(4)		14,490		0		0		14,490		N/A
Mendenhall Commons	Memphis, TN-MS-AR	Kroger +		30.0%		(1)		26,432		61,676		0		88,108		11.46
Summer Center	Memphis, TN-MS-AR	Kroger +, Ross Dress for Less		100.0%				139,021		0		0		139,021		9.68
Tennessee Total:	# of Properties: 5							441,205		221,834		16,600		679,639

Texas

Bell Plaza	Amarillo, TX	United Supermarket +, Dollar Tree		15.0%		(1)		19,595		111,036		0		130,631		10.59
Calder	Beaumont-Port Arthur, TX	Harmony Science Academy		100.0%		(4)		34,641		0		0		34,641		N/A
North Park Plaza	Beaumont-Port Arthur, TX	Target (O.B.O.), Toys “R” Us (O.B.O.)		50.0%		(1)(3)		70,036		70,036		162,534		302,606		13.92
Phelan	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		100.0%				12,000		0		0		12,000		17.22
Phelan West	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		66.7%		(1)(3)		15,552		7,779		58,890		82,221		12.37
Crossroads	Beaumont-Port Arthur, TX	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet		100.0%				115,692		0		0		115,692		4.64
Lone Star Pavilions	College Station-Bryan, TX	Best Buy, Office Depot, Barnes & Noble		100.0%				106,907		0		0		106,907		10.83
Moore Plaza	Corpus Christi, TX	H. E. B. + (O.B.O.), Office Depot, Marshalls, Target (O.B.O.), Old Navy, Hobby Lobby, Steinmart		100.0%				371,650		0		227,972		599,622		13.47
Gateway Station	Dallas-Fort Worth-Arlington, TX	Conn’s		70.0%		(1)		47,950		20,550		0		68,500		10.00
Horne Street Market	Dallas-Fort Worth-Arlington, TX	24 Hour Fitness		100.0%		(4)		42,267		0		0		42,267		N/A
Overton Park Plaza	Dallas-Fort Worth-Arlington, TX	Sprouts Farmers Market +, Sports Authority, PetsMart, T.J. Maxx, Home Depot (O.B.O.), Goody Goody Wines, Anna’s Linens, buybuy BABY		100.0%				355,259		0		110,000		465,259		13.69
Independence Plaza	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Family Dollar, Harbor Freight, Surplus Warehouse		100.0%				170,363		0		0		170,363		11.31
Custer Park	Dallas-Fort Worth-Arlington, TX	Kroger + (O.B.O.)		100.0%				114,489		0		65,084		179,573		14.77
Pitman Corners	Dallas-Fort Worth-Arlington, TX	Albertsons +, Tuesday Morning		100.0%				192,283		0		0		192,283		9.24
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Old Navy, PETCO		20.0%		(1)(3)		72,667		290,670		0		363,337		16.43
Lake Pointe Market Center	Dallas-Fort Worth-Arlington, TX	Tom Thumb + (O.B.O.), Walgreens (O.B.O.)		100.0%				40,513		0		81,176		121,689		21.34
Boswell Towne Center	Dallas-Fort Worth-Arlington, TX	Albertsons + (O.B.O)		100.0%				26,088		0		61,920		88,008		21.41

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Weingarten Realty Investors

Property Listing

As of December 31, 2011


Center	CBSA	Anchors	WRI Owned %		Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Montgomery Plaza	Houston-Baytown-Sugar Land, TX	Academy, Conn’s, 99 Cents Only, Petco, Anna’s Linens, Spec’s		100.0%			300,772		0		22,215		322,987		8.95
Broadway	Houston-Baytown-Sugar Land, TX	Big Lots, Family Dollar		15.0%	(1)		11,191		63,413		0		74,604		6.97
Galveston Place	Houston-Baytown-Sugar Land, TX	Randall’s +, Office Depot, Palais Royal, Spec’s Liquor		100.0%			210,187		0		0		210,187		10.45
10/Federal	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Palais Royal, Citi Trends		15.0%	(1)		19,871		112,601		0		132,472		8.19
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX	PetSmart		100.0%			56,969		0		0		56,969		21.17
Bayshore Plaza	Houston-Baytown-Sugar Land, TX	Fitness Connections (O.B.O.)		100.0%			36,039		0		86,000		122,039		15.72
Bellaire Boulevard	Houston-Baytown-Sugar Land, TX	Randall’s +		30.0%	(1)		10,524		24,557		6,192		41,273		25.50
Braeswood Square	Houston-Baytown-Sugar Land, TX	Belden’s +, Walgreens		100.0%			104,686		0		0		104,686		12.12
Centre at Post Oak	Houston-Baytown-Sugar Land, TX	Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack		100.0%			184,601		0		0		184,601		29.22
Champions Village	Houston-Baytown-Sugar Land, TX	Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble		30.0%	(1)		115,374		269,207		0		384,581		13.06
Cullen Center	Houston-Baytown-Sugar Land, TX	Beauty Supply		100.0%			7,316		0		0		7,316		19.27
Cullen Plaza	Houston-Baytown-Sugar Land, TX	Fiesta +, JPMorgan Chase Bank, Family Dollar		15.0%	(1)		12,678		71,839		0		84,517		9.64
Cypress Pointe	Houston-Baytown-Sugar Land, TX	Kroger +, Office Depot, Babies “R” Us		100.0%			186,399		0		96,660		283,059		9.44
Eastpark	Houston-Baytown-Sugar Land, TX	Jack in the Box, CVS/pharmacy (O.B.O.), US Postal Service (O.B.O.)		100.0%	(4)		1,576		0		0		1,576		N/A
Edgebrook	Houston-Baytown-Sugar Land, TX	Fiesta +, JPMorgan Chase Bank, Family Dollar		15.0%	(1)		11,769		66,691		0		78,460		10.15
Fiesta Village	Houston-Baytown-Sugar Land, TX	Fiesta +		15.0%	(1)		4,537		25,712		0		30,249		8.81
Fondren/West Airport	Houston-Baytown-Sugar Land, TX	El Ahorro +		100.0%			37,717		0		0		37,717		10.85
Glenbrook Square	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		11,684		66,206		0		77,890		9.39
Griggs Road	Houston-Baytown-Sugar Land, TX	Family Dollar, Citi Trends		15.0%	(1)		12,017		68,099		0		80,116		8.34
Harrisburg Plaza	Houston-Baytown-Sugar Land, TX	Fallas Paredes		15.0%	(1)		14,016		79,422		0		93,438		16.95
Heights Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		100.0%			71,777		0		0		71,777		7.84
Humblewood Shopping Plaza	Houston-Baytown-Sugar Land, TX	Kroger +, Conn’s, Walgreens, Michaels (O.B.O.), DSW (O.B.O.)		100.0%			176,673		0		99,000		275,673		13.84
I-45/Telephone Rd. Center	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, FAMSA, Dollar Tree, Fallas Paredes		15.0%	(1)		25,768		146,021		0		171,789		9.95
Jacinto City	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		50.0%	(1)		24,569		24,569		0		49,138		7.10
Kirby Strip Center	Houston-Baytown-Sugar Land, TX	Freebirds Burrito		100.0%			10,000		0		0		10,000		24.79
Lawndale	Houston-Baytown-Sugar Land, TX	LaMichoacana Meat Market +, Family Dollar, 99 Cents Only		15.0%	(1)		7,819		44,308		0		52,127		9.52
Little York Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Fallas Paredes		15.0%	(1)		17,082		96,796		0		113,878		7.94
Lyons Avenue	Houston-Baytown-Sugar Land, TX	Fiesta +, Fallas Paredes		15.0%	(1)		10,144		57,485		0		67,629		7.69
Market at Westchase	Houston-Baytown-Sugar Land, TX	Whole Foods Market +		100.0%			84,081		0		0		84,081		17.52
North Main Square	Houston-Baytown-Sugar Land, TX	O’Reilly Auto Parts		100.0%			18,515		0		0		18,515		8.58
North Oaks	Houston-Baytown-Sugar Land, TX	T.J. Maxx, Staples, Ross Dress for Less, Big Lots, Half Price Books, Anna’s Linens, Hobby Lobby		15.0%	(1)		60,778		344,408		0		405,186		10.52
North Triangle	Houston-Baytown-Sugar Land, TX	CiCi’s Pizza		100.0%			16,060		0		0		16,060		20.67
Northbrook Center	Houston-Baytown-Sugar Land, TX	Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree		100.0%			173,288		0		0		173,288		13.38
Northwest Crossing	Houston-Baytown-Sugar Land, TX	Target (O.B.O.), Marshalls, Best Buy, Dollar Tree, Big Lots		75.0%	(1)(3)		134,692		44,897		120,721		300,310		13.98
Oak Forest	Houston-Baytown-Sugar Land, TX	Kroger +, Ross Dress for Less, Dollar Tree		100.0%			151,324		0		0		151,324		12.23
Orchard Green	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		100.0%			74,983		0		0		74,983		10.84
Randall’s/Cypress Station	Houston-Baytown-Sugar Land, TX	ATI Career Training Center		100.0%			136,891		0		0		136,891		12.50
Randall’s/Kings Crossing	Houston-Baytown-Sugar Land, TX	Randall’s +, CVS/pharmacy		30.0%	(1)		37,919		88,478		0		126,397		15.28
Randall’s/Norchester	Houston-Baytown-Sugar Land, TX	Playa Azul Seafood & Oyster Bar		100.0%			105,076		0		0		105,076		14.07
Richmond Square	Houston-Baytown-Sugar Land, TX	Best Buy (O.B.O.), Cost Plus		100.0%			35,623		0		58,247		93,870		20.77
River Oaks East	Houston-Baytown-Sugar Land, TX	Kroger +		100.0%			71,265		0		0		71,265		27.74
River Oaks West	Houston-Baytown-Sugar Land, TX	Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank		100.0%			248,816		0		0		248,816		27.74
Sheldon Forest North	Houston-Baytown-Sugar Land, TX	Family Dollar		100.0%			22,040		0		0		22,040		8.62
Sheldon Forest South	Houston-Baytown-Sugar Land, TX	Gerland’s +, Burke’s Outlet		50.0%	(1)		37,670		37,670		0		75,340		8.62
Shops at Three Corners	Houston-Baytown-Sugar Land, TX	Fiesta +, Ross Dress for Less, Petsmart, Office Depot, Big Lots		70.0%	(1)		173,060		74,169		25,121		272,350		12.75
Southgate	Houston-Baytown-Sugar Land, TX	Food-A-Rama +, CVS/pharmacy, Family Dollar, Palais Royal		15.0%	(1)		18,789		106,471		0		125,260		9.74
Spring Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		15.0%	(1)		8,875		50,291		0		59,166		8.20
Stella Link	Houston-Baytown-Sugar Land, TX	Sellers Bros.+, Burke’s Outlet, Spec’s Liquor Warehouse		100.0%			70,087		0		0		70,087		8.87
Studemont	Houston-Baytown-Sugar Land, TX	Fiesta +		100.0%	(4)		28,466		0		0		28,466		N/A

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Weingarten Realty Investors

Property Listing

As of December 31, 2011


							Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes		WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Ten Blalock Square	Houston-Baytown-Sugar Land, TX	99 Ranch Market +		100.0%				97,277		0		0		97,277		14.83
Village Arcade	Houston-Baytown-Sugar Land, TX	Gap, Baby Gap, Chicos		100.0%				57,203		0		0		57,203		36.44
Village Arcade-Phase II	Houston-Baytown-Sugar Land, TX	Talbots		100.0%				28,371		0		0		28,371		36.44
Village Arcade-Phase III	Houston-Baytown-Sugar Land, TX	Banana Republic, Express, Ann Taylor		100.0%				107,134		0		0		107,134		36.44
Village Plaza at Bunker Hill	Houston-Baytown-Sugar Land, TX	H. E. B. +, Petsmart, Babies “R” Us		57.8%		(1)(3)		283,399		207,335		4,470		495,204		12.59
Westchase Center	Houston-Baytown-Sugar Land, TX	Randall’s+ ,Ross Dress for Less, Golfsmith, Palais Royal, Petco, Target (O.B.O.)		100.0%				231,477		0		99,550		331,027		12.27
Westhill Village	Houston-Baytown-Sugar Land, TX	Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens		100.0%				130,041		0		0		130,041		14.59
Cedar Bayou	Houston-Baytown-Sugar Land, TX	La Marque Fire Dept. (O.B.O.)		100.0%				14,873		0		30,688		45,561
League City Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%		(1)		19,048		107,942		0		126,990		11.83
Rose-Rich	Houston-Baytown-Sugar Land, TX	Family Dollar, Palais Royal		100.0%				100,096		0		0		100,096		9.28
Market at Town Center	Houston-Baytown-Sugar Land, TX	Old Navy, Home Goods, Marshalls, Ross Dress for Less		100.0%				388,255		0		0		388,255		18.64
Palmer Plaza	Houston-Baytown-Sugar Land, TX	Dollar Tree		100.0%				96,526		0		99,980		196,506		9.37
Killeen Marketplace	Killeen-Temple-Fort Hood, TX	Best Buy, Ross Dress for Less, Staples, Home Depot (O.B.O.)		100.0%				115,203		0		135,934		251,137		12.42
North Creek Plaza	Laredo, TX	H. E. B. + (O.B.O.), Target (O.B.O.), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond		100.0%				239,897		0		241,867		481,764		14.92
Plantation Centre	Laredo, TX	H. E. B. +		100.0%				135,468		0		7,642		143,110		13.39
Central Plaza	Lubbock, TX	Bed Bath & Beyond, Old Navy, Staples		100.0%				151,677		0		0		151,677		12.82
Angelina Village	Lufkin, TX	Kmart, Conn’s		100.0%				248,199		0		0		248,199		9.03
Las Tiendas Plaza	McAllen-Edinburg-Pharr, TX	Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Marshalls, Office Depot		50.0%		(1)(3)		143,968		143,968		212,132		500,067		10.33
Market at Nolana	McAllen-Edinburg-Pharr, TX	Wal-Mart (O.B.O.)		50.0%		(1)(3)		20,315		20,315		203,191		243,821		23.51
Northcross	McAllen-Edinburg-Pharr, TX	Barnes & Noble		50.0%		(1)(3)		37,758		37,758		0		75,517		15.82
Old Navy Building	McAllen-Edinburg-Pharr, TX	Old Navy		50.0%		(1)(3)(4)		7,500		7,500		0		15,000		N/A
South 10th St. HEB	McAllen-Edinburg-Pharr, TX	H. E. B. +		50.0%		(1)(3)		51,851		51,851		0		103,702		11.43
Market at Sharyland Place	McAllen-Edinburg-Pharr, TX	Wal-Mart (O.B.O.), Kohl’s, Dollar Tree		50.0%		(1)(3)		56,456		56,456		188,262		301,174		20.79
Sharyland Towne Crossing	McAllen-Edinburg-Pharr, TX	H.E.B. +, Target (O.B.O.), T.J. Maxx, Petco, Office Depot, Ross Dress for Less		50.0%		(1)(3)		176,520		176,520		131,909		484,949		14.09
Starr Plaza	Rio Grande City, TX	H. E. B. +, Beall’s, Dollar General		50.0%		(1)(3)		88,346		88,346		0		176,693		11.38
Fiesta Trails	San Antonio, TX	H. E. B. + (O.B.O.), Target (O.B.O.), Act III Theatres, Marshalls, Office Max, SteinMart, Petco, Anna’s Linens		100.0%				306,370		0		176,000		482,370		14.92
Oak Park Village	San Antonio, TX	H. E. B. +		30.0%		(1)		19,286		45,001		0		64,287		9.47
Parliament Square	San Antonio, TX	Family Dollar, Anytime Fitness, Bernina New Home Sewing Center		100.0%				64,950		0		0		64,950		11.76
Parliament Square II	San Antonio, TX	Incredible Pizza		100.0%		(4)		54,541		0		0		54,541		N/A
Thousand Oaks	San Antonio, TX	H. E. B. +, Beall’s, Tuesday Morning		15.0%		(1)		24,432		138,450		0		162,882		10.46
Valley View	San Antonio, TX	Marshalls, Dollar Tree, Blockbuster		100.0%				91,544		0		0		91,544		10.55
Broadway	Tyler, TX	SteinMart		100.0%				60,400		0		0		60,400		8.12
Texas Total:	# of Properties: 94							8,858,386		3,544,823		2,813,357		15,216,567

Utah

Alpine Valley Center	Provo-Orem, UT	Super Target + (O.B.O.), Old Navy, Justice, Dollar Tree, Office Depot		33.3%		(1)(3)		30,382		60,772		133,500		224,654		16.08
Taylorsville Town Center	Salt Lake City, UT	The Fresh Market + (O.B.O.), Rite Aid		100.0%				94,157		0		40,057		134,214		15.77
West Jordan Town Center	Salt Lake City, UT	Target (O.B.O.), Petco, Office Depot		100.0%				182,099		0		122,800		304,899		12.02
Utah Total:	# of Properties: 3							306,638		60,772		296,357		663,767

Washington

Mukilteo Speedway Center	Seattle-Tacoma-Bellevue, WA	Dollar Tree		20.0%		(1)(3)		18,055		72,218		0		90,273		15.86
Meridian Town Center	Seattle-Tacoma-Bellevue, WA	Safeway + (O.B.O.), Jo-Ann Fabric & Craft Store, Tuesday Morning		20.0%		(1)(3)		15,533		62,133		65,346		143,012		16.39
South Hill Center	Seattle-Tacoma-Bellevue, WA	Bed Bath & Beyond, Ross Dress for Less, Best Buy		20.0%		(1)(3)		26,802		107,208		0		134,010		16.43
Promenade 23	Seattle-Tacoma-Bellevue, WA	Red Apple Grocers +, Walgreens		100.0%				96,660		0		0		96,660		14.40
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA	Safeway +, Ross Dress for Less		20.0%		(1)(3)		21,485		85,938		0		107,423		18.72

Page 38

Weingarten Realty Investors

Property Listing

As of December 31, 2011


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Washington Total:	# of Properties: 5						178,535		327,497		65,346		571,378

Industrial
Operating Properties

California

Siempre Viva Business Park	San Diego-Carlsbad et al, CA	US Joiner LLC (O.B.O), Royal Flavor LLC (O.B.O), Eaton Electric		20.0%	(1)(3)		120,880		483,522		202,328		806,730
California Total:	# of Properties: 1						120,880		483,522		202,328		806,730

Florida

Lakeland Industrial Center	Lakeland, FL	Rooms to Go, Publix, Star Distribution, Chep USA		100.0%			600,000		0		0		600,000
Lakeland Interstate Industrial Park I	Lakeland, FL	Mission Foods		100.0%			168,400		0		0		168,400
1801 Massaro	Tampa-St. Petersburg et al, FL	MiTek Industries, Inc.,		100.0%			159,000		0		0		159,000
Hopewell Industrial Center	Tampa-St. Petersburg et al, FL	Parts Depot, Inc., South Dade Automotive		100.0%			224,483		0		0		224,483
Tampa East Industrial Portfolio	Tampa-St. Petersburg et al, FL	General Electric, Florida Air Conditioning Distrib, HD Supply Plumbing, GE Polymershapes, Creative Recycling Systems		100.0%			512,923		0		0		512,923
Florida Total:	# of Properties: 5						1,664,806		0		0		1,664,806

Georgia

Atlanta Industrial Park	Atlanta-Sandy Springs et al, GA	Atlantic Chemical & Equip		100.0%			120,200		0		0		120,200
Riverview Distribution Center	Atlanta-Sandy Springs et al, GA	Chep USA		100.0%			265,200		0		165,000		430,200
Sears Logistics	Atlanta-Sandy Springs et al, GA	Sears Logistics Services		20.0%	(1)(3)		80,511		322,043		0		402,554
SouthPark 3075	Atlanta-Sandy Springs et al, GA	American Tire Distributors		100.0%			234,525		0		0		234,525
Southside Industrial Parkway	Atlanta-Sandy Springs et al, GA	Mission Produce		100.0%			72,000		0		0		72,000
Westlake 125	Atlanta-Sandy Springs et al, GA	Maxwell Chase Technologies, LLC, Nissei ASB Company, Berlin		100.0%			154,464		0		0		154,464
Kennesaw 75	Atlanta-Sandy Springs et al, GA	Trane, Builders Specialties, LLC		100.0%			178,467		0		0		178,467
6485 Crescent Drive	Atlanta-Sandy Springs et al, GA	Zurn Plumbing Service		20.0%	(1)(3)		72,092		288,368		0		360,460
Georgia Total:	# of Properties: 7						1,177,459		610,411		165,000		1,952,870

Tennessee

Crowfarn Drive Warehouse	Memphis, TN-MS-AR	C.M.I. Freight-Trans Inc., Sergeant’s Pet Care Products Inc.		20.0%	(1)(3)		31,770		127,079		0		158,849
Outland Business Center	Memphis, TN-MS-AR	Vistar Tennessee, Kuehne + Nagel, TricorBraun		20.0%	(1)(3)		82,088		328,350		0		410,438
Southpoint I & II	Memphis, TN-MS-AR	AF Services, Sunnywood Products, Inc., Wynit		100.0%			570,940		0		0		570,940
Tennessee Total:	# of Properties: 3						684,798		455,429		0		1,140,227

Texas

Braker 2 Business Center	Austin-Round Rock, TX	Home Team Pest Defense, MJC Electronics Corporation		100.0%			27,359		0		0		27,359
Corporate Center Park I and II	Austin-Round Rock, TX	Phoenix Lamar Corp, CenTex Independent Electrical, Schindler Elevator		100.0%			120,681		0		0		120,681
Oak Hills Industrial Park	Austin-Round Rock, TX	Terracon, Inc., Illumitex		100.0%			89,858		0		0		89,858
Rutland 10 Business Center	Austin-Round Rock, TX	Media Event Concepts, Inc., Stellar Micro Devices, LMS Fulfillment		100.0%			54,000		0		0		54,000
Southpark A,B,C	Austin-Round Rock, TX	Texas EZ Pawn		100.0%			78,276		0		0		78,276
Southpoint Service Center	Austin-Round Rock, TX	Green Building Energy Services		100.0%			58,297		0		0		58,297
Midpoint I-20 Distribution Center	Dallas-Fort Worth-Arlington, TX	Tred-It Tire & Wheel, Amercian Medical Response, Vic Thompson		100.0%			253,165		0		0		253,165
Randol Mill Place	Dallas-Fort Worth-Arlington, TX	Protech Electronics, Inc., Premier Products		100.0%			54,639		0		0		54,639
1625 Diplomat Drive	Dallas-Fort Worth-Arlington, TX	Rooftop Systems, Inc.		100.0%			106,140		0		0		106,140
Midway Business Center	Dallas-Fort Worth-Arlington, TX	Luxury of Leather, Jet Pay, LLC		100.0%			141,246		0		0		141,246
Manana Office Center	Dallas-Fort Worth-Arlington, TX	Dave & Busters, All-Tex Supply, Lewis-Goetz and Company		100.0%			222,916		0		0		222,916
Newkirk Service Center	Dallas-Fort Worth-Arlington, TX	Restaurant Technologies, Corporate Meeting Services		100.0%			105,892		0		0		105,892
Northeast Crossing Office/Service Center	Dallas-Fort Worth-Arlington, TX	ASCOA - Ambulatory Surgical Center, ABC Home Medical Supply		100.0%			78,700		0		0		78,700
Redbird Distribution Center	Dallas-Fort Worth-Arlington, TX	Consolidated Container Company		100.0%			110,839		0		0		110,839

Page 39

Weingarten Realty Investors

Property Listing

As of December 31, 2011


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Regal Distribution Center	Dallas-Fort Worth-Arlington, TX	General Insulation Company, Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Aero-Med, Ltd.		100.0%			202,559		0		0		202,559
Space Center Industrial Park	Dallas-Fort Worth-Arlington, TX	Facility Interiors, Inc., Wilson Office Interiors		100.0%			264,582		0		0		264,582
McGraw Hill Distribution Center	Dallas-Fort Worth-Arlington, TX	McGraw Hill Companies, Inc.		100.0%			417,938		0		0		417,938
Freeport Commerce Center	Dallas-Fort Worth-Arlington, TX	McGraw Hill Companies, Inc., TKS (U.S.A.), Inc.		100.0%			50,590		0		0		50,590
Central Plano Business Park	Dallas-Fort Worth-Arlington, TX	Underwriters Laboratories, Motion Dynamics		100.0%			137,785		0		0		137,785
Jupiter Business Park	Dallas-Fort Worth-Arlington, TX	Ericsson Radio Systems		100.0%			189,532		0		0		189,532
Jupiter Service Center	Dallas-Fort Worth-Arlington, TX	Interceramic Tile, Gemaire Distributors		100.0%			78,480		0		0		78,480
Sherman Plaza Business Park	Dallas-Fort Worth-Arlington, TX	Weingarten Realty Regional Office, Quadravox, Inc.		100.0%			101,140		0		0		101,140
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Prefco Corp.		100.0%			104,975		0		0		104,975
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Iron Mountain		20.0%	(1)(3)		48,728		194,914		0		243,642
610/288 Business Park	Houston-Baytown-Sugar Land, TX	Dupuy Storage		20.0%	(1)(3)		59,060		236,240		0		295,300
Beltway 8 Business Park	Houston-Baytown-Sugar Land, TX	Premier Home Technology		100.0%			157,498		0		0		157,498
Blankenship Building	Houston-Baytown-Sugar Land, TX	Star Displays		100.0%			59,718		0		0		59,718
Brookhollow Business Center	Houston-Baytown-Sugar Land, TX	YMCA of Greater Houston, Surgeon’s Management, Houston Digital Instruments		100.0%			133,970		0		0		133,970
Claywood Industrial Park	Houston-Baytown-Sugar Land, TX	Pioneer Distribution Center, Packaging Corporation of America		100.0%			376,193		0		200,850		577,043
Crosspoint Warehouse	Houston-Baytown-Sugar Land, TX	Foam Enterprises, LLC		100.0%			72,505		0		0		72,505
Houston Cold Storage Warehouse	Houston-Baytown-Sugar Land, TX	Houston Central Industries, Inc.		100.0%			128,752		0		0		128,752
Kempwood Industrial	Houston-Baytown-Sugar Land, TX	Pioneer Contract Services, Wyatt Field Service Company		20.0%	(1)(3)		43,898		175,591		0		219,489
Kempwood Industrial	Houston-Baytown-Sugar Land, TX	Pioneer Contract Services		100.0%			113,218		0		0		113,218
Lathrop Warehouse	Houston-Baytown-Sugar Land, TX	United D.C., Inc.		20.0%	(1)(3)		50,378		201,512		0		251,890
Navigation Business Park	Houston-Baytown-Sugar Land, TX	Genesis Worldwide Logistics		20.0%	(1)(3)		47,603		190,411		0		238,014
Northway Park II	Houston-Baytown-Sugar Land, TX	Jet Lube, Inc., Lamons Gasket, Custom Polymers		20.0%	(1)(3)		60,715		242,862		0		303,577
Railwood F	Houston-Baytown-Sugar Land, TX	Shell Oil Company		20.0%	(1)(3)		60,000		240,000		0		300,000
Railwood G	Houston-Baytown-Sugar Land, TX	Global Stainless Supply, Inc.		50.0%	(1)(3)		105,425		105,425		0		210,850
Railwood Industrial Park	Houston-Baytown-Sugar Land, TX	Distribution International SW, AJ Logistics.		100.0%			402,680		0		0		402,680
Railwood Industrial Park	Houston-Baytown-Sugar Land, TX	Val-Fit Inc., Georgia Gulf Chemicals & Vinyl		20.0%	(1)(3)		99,531		398,125		0		497,656
Southport Business Park 5	Houston-Baytown-Sugar Land, TX	Surface Preparation - Texas, LLC, Birch Plastics, Soltex Inc.		100.0%			160,029		0		0		160,029
Stonecrest Business Center	Houston-Baytown-Sugar Land, TX	Alpha Omega Caseworks		100.0%			111,036		0		0		111,036
Town & Country Commerce Center	Houston-Baytown-Sugar Land, TX	Arizona Tile, Seitel		100.0%			206,056		0		0		206,056
West 10 Business Center II	Houston-Baytown-Sugar Land, TX	Summers Group, Inc.		100.0%			82,658		0		0		82,658
West Loop Commerce Center	Houston-Baytown-Sugar Land, TX	Goodwill		100.0%			35,886		0		0		35,886
West-10 Business Center	Houston-Baytown-Sugar Land, TX	Network-Interstate Co., Rexel.		100.0%			99,883		0		0		99,883
Westgate Service Center	Houston-Baytown-Sugar Land, TX	Welltec, Inc., 3M Company, CAS Holdings, Inc.		100.0%			124,715		0		0		124,715
Freeport Business Center	Houston-Baytown-Sugar Land, TX	Yokagawa, Life-Tech, PSI Group		100.0%			251,645		0		0		251,645
Crosswinds Distribution Center	San Antonio, TX	American Tile Supply		100.0%			142,403		0		0		142,403
Interwest Business Park	San Antonio, TX	All-American Sports, Gell Service Company, Inc., Goodman Manufacturing Company, L.P.		100.0%			219,244		0		0		219,244
Isom Business Park	San Antonio, TX	Gate Gourmet, Wells Fargo Bank, Colour Solutions		100.0%			175,200		0		0		175,200
O’Connor Road Business Park	San Antonio, TX	Ingersoll Rand, TD Industries		100.0%			150,091		0		0		150,091
Texas Total:	# of Properties: 50						6,828,307		1,985,080		200,850		9,014,237

Virginia

Enterchange at Northlake A	Richmond, VA	FedEx, Owens & Minor		100.0%			215,077		0		0		215,077
Enterchange at Northlake C	Richmond, VA	Tech Turn, International Paper Company, Kane Distribution Services, Wholesale Millwork		20.0%	(1)(3)		58,623		234,492		217,147		510,262
Enterchange at Meadowville	Richmond, VA	United States Army		20.0%	(1)(3)		45,362		181,447		0		226,809
Enterchange at Walthall A & B	Richmond, VA	Mazda Motors of America, Inc., HCA Va Health System, Xymid LLC		20.0%	(1)(3)		121,336		485,343		0		606,679
Enterchange at Walthall C	Richmond, VA	Hill Phoenix, PSS World Medical		20.0%	(1)(3)		52,384		209,538		0		261,922
Enterchange at Walthall D	Richmond, VA	Saddle Creek, Recall Total Info Manager, Jim’s Formal Wear		100.0%			287,318		0		0		287,318

Page 40

Weingarten Realty Investors

Property Listing

As of December 31, 2011


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

Interport Business Center A	Richmond, VA	Wyeth-Ayerst Pharmaceuticals, Triple Play Services Inc., Anderson News, LLC,		20.0%	(1)(3)		88,204		352,814		0		441,018
Interport Business Center B	Richmond, VA	Mid South Building Supply, Inc., CEVA, BWI Distribution, Inc.		20.0%	(1)(3)		23,600		94,400		0		118,000
Interport Business Center C	Richmond, VA	Sears Home Improvement Products, Inc., Ferguson Enterprise, Inc.		20.0%	(1)(3)		10,977		43,908		0		54,885
Virginia Total:	# of Properties: 9						902,881		1,601,942		217,147		2,721,970

Other
Operating Properties

Arizona
Arcadia Biltmore Plaza	Phoenix-Mesa-Scottsdale, AZ	Endurance Rehab, Weingarten Realty Regional Office		100.0%			21,122		0		0		21,122
Arizona Total:	# of Properties: 1						21,122		0		0		21,122

Texas
1919 North Loop West	Houston-Baytown-Sugar Land, TX	State of Texas, Weingarten Realty Regional Office		100.0%			138,163		0		0		138,163
Citadel Plaza	Houston-Baytown-Sugar Land, TX	Weingarten Realty Investors Corporate Office		100.0%			121,000		0		0		121,000
Texas Total:	# of Properties: 2						259,163		0		0		259,163

Total Operating Properties	# of Properties: 380						43,716,340		15,127,750		13,537,315		72,381,404

New Development

Colorado
River Point at Sheridan	Denver-Aurora, CO			50.0%	(1)(2)		57,531		57,531		331,174		446,236
Colorado Total:	# of Properties: 1						57,531		57,531		331,174		446,236
Florida

Clermont Landing	Orlando, FL			65.7%	(1)(2)(3)		1,366,233		713,586		104,175		2,183,994
Whole Foods @ Carrollwood	Tampa-St. Petersburg et al, FL			100.0%	(2)		36,700		0		0		36,700
Florida Total:	# of Properties: 2						1,402,933		713,586		104,175		2,220,694
Georgia

Dacula Marketplace	Atlanta-Sandy Springs et al, GA			100.0%	(2)		6,600		0		92,803		99,403
Georgia Total:	# of Properties: 1						6,600		0		92,803		99,403
North Carolina

Surf City Crossing	Wilmington, NC			100.0%	(2)		56,199		0		0		56,199
North Carolina Total:	# of Properties: 1						56,199		0		0		56,199
Tennessee

Ridgeway Trace	Memphis, TN-MS-AR			100.0%	(2)		146,496		0		137,740		284,236
Tennessee Total:	# of Properties: 1						146,496		0		137,740		284,236
Texas

North Towne Plaza	Brownsville-Harlingen, TX			100.0%	(2)		11,600		0		117,000		128,600
Tomball Marketplace	Houston-Baytown-Sugar Land, TX			100.0%	(2)		78,250		0		149,485		227,735
Westwood Center	San Antonio, TX			100.0%	(2)		35,080		0		9,005		44,085
Texas Total:	# of Properties: 3						124,930		0		275,490		400,420
Utah

Page 41

Weingarten Realty Investors

Property Listing

As of December 31, 2011


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned%		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)

300 West	Salt Lake City, UT			31.8%	(1)(2)(3)		13,530		28,976		138,803		181,309
Utah Total:	# of Properties: 1						13,530		28,976		138,803		181,309
Virginia

Hilltop Village	Washington-Arlington-Alexandria, DC-VA-MD-WV			100.0%	(1)(2)		0		0		0		0
Virginia Total:	# of Properties: 1						0		0		0		0
Total New Developments	# of Properties: 11						1,808,219		800,093		1,080,185		3,688,497

Unimproved Land
Arizona
Bullhead Parkway at State Route 95, Bullhead City													312,761
Lon Adams Rd at Tangerine Farms Rd, Marana													422,532
Southern Avenue and Signal Butte Road, Mesa													90,605
Arizona Total:													825,898
California
Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley													138,956
Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley													473,497
California Total:													612,453
Colorado
Mississippi at Havana, Aurora													669,953
Highway 85 and Highway 285, Sheridan													1,003,187
Colorado Total:													1,673,140
Florida
Young Pines and Curry Ford Rd, Orange County													132,422
State Road 100 & Belle Terre Parkway, Palm Coast													292,288
SR 207 at Rolling Hills Dr, St. Augustine													228,254
Florida Total:													652,964
Georgia
NWC South Fulton Pkwy. @ Hwy. 92, Union City													3,554,496
Georgia Total:													3,554,496
Louisiana
Ambassador Caffery at W. Congress, Lafayette													34,848
70th St. at Mansfield Rd., Shreveport													41,818
Louisiana Total:													76,666
Nevada
SWC Highway 215 at Decatur, Las Vegas													707,414
Nevada Total:													707,414
North Carolina
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland													549,727
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh													510,959
Highway 17 and Highway 210, Surf City													2,024,233
U.S. Highway 1 at Caveness Farms Rd., Wake Forest													3,074,900
North Carolina Total:													6,159,819
Tennessee
Poplar Avenue and Ridgeway Road, Memphis													53,579
Tennessee Total:													53,579

Page 42

Weingarten Realty Investors

Property Listing

As of December 31, 2011

Gross Leasable Area

Center

CBSA

Anchors

WRI
Owned %

Foot Notes

WRI
Owned

Joint
Venture
Share

Owned by
Other

Total

Average
Base Rent
(ABR)

Texas

U.S. 77 and 83 at SHFM 802, Brownsville

914,723

Rock Prairie Rd. at Hwy. 6, College Station

394,218

River Pointe Drive at Interstate 45, Conroe

118,483

Leslie Rd. at Bandera Rd., Helotes

74,052

Bissonnet at Wilcrest, Houston

40,946

Citadel Plaza at 610 North Loop, Houston

137,214

East Orem, Houston

121,968

Kirkwood at Dashwood Drive, Houston

321,908

Mesa Road at Tidwell, Houston

35,719

Northwest Freeway at Gessner, Houston

117,612

West Little York at Interstate 45, Houston

161,172

West Loop North at Interstate 10, Houston

145,055

Nolana Ave. and 29th St., McAllen

163,350

Shary Rd. at North Hwy. 83, Mission

1,607,364

9th Ave. at 25th St., Port Arthur

243,065

FM 1957 (Potranco Road) and FM 211, San Antonio

8,655,372

SH 151 and Ingram Rd, San Antonio

312,238

US Hwy. 281 at Wilderness Oaks, San Antonio

1,269,774

Highway 3 at Highway 1765, Texas City

200,812

FM 2920 and Highway 249, Tomball

459,776

Texas Total:

15,494,821

Utah

South 300 West & West Paxton Avenue, Salt Lake City

201,683

Utah Total:

201,683

Total Unimproved Land

30,012,933

Page 43

Other Topics of Interest

Weingarten Realty Investors

Reconciliation of Impairment Transactions

(in thousands, except per share amounts)


	Three Months Ended				Twelve Months Ended
	December 31, 2011				December 31, 2011

Summary of Impaired Items (at pro rata) :

Land Held for Development and Undeveloped Land	$	-	$	-	$	21,138	$	0.18

Properties Held for Sale or Sold		111		-		18,449		0.15

Properties Marketed for Sale		2,746		0.02		13,580		0.11

Finite Life Real Estate Joint Ventures		278		0.01		6,533		0.05

Tax Increment Revenue Bonds		-		-		18,737		0.16


Total Impairment Loss	$	3,135	$	0.03	$	78,437	$	0.65




Financial Statement Impact of Impairment Loss:

Impairment Loss	$	3,101	$	0.03	$	58,734	$	0.49

Discontinued Operations		34		-		17,140		0.14

Equity In Loss of Real Estate Joint Ventures and Partnerships, net		-		-		7,022		0.06

Net Loss Attributable to Noncontrolling Interests		-		-		(4,459)		(0.04)


Total Impairment Loss	$	3,135	$	0.03	$	78,437	$	0.65

Note:

For the twelve months ended December 31, 2011, a reclassification to discontinued operations for certain properties has been made to conform to the current year presentation.

Page 45

Weingarten Realty Investors

FFO and Recurring FFO Reconciliation

For the Quarters Ended 2007, 2008, 2009, 2010 AND 2011

(Amounts in thousands, except per share amounts)

During 2011, NAREIT issued new industry guidance for reporting FFO. The following tables provide a reconciliation of FFO as previously reported to FFO as restated.


	2011
	YTD		Q4		Q3		Q2		Q1
Funds from Operations:

Funds from Operations - Basic (as previously reported)	$	141,864	$	55,332	$	1,091	$	36,372	$	49,069
Impairment loss on operating properties		36,020		2,780		29,594		2,473		1,173
(Gain) on acquisition (due to a business combination and reported in discontinued operations)		(4,559)						(4,559)

Restated Funds from Operations - Basic		173,325		58,112		30,685		34,286		50,242
Funds from operations attributable to operating partnership units		-		-		-		-		-

Restated Funds from Operations - Diluted		173,325		58,112		30,685		34,286		50,242

Adjustments for Recurring FFO:
Other impairment loss, net of tax		42,417		355		23,048		18,852		162
Extinguishment of debt cost, net		2,679				2,429		250
Acquisitions costs		295		19		12		163		101
Litigation settlement, net of tax		(1,040)						(1,040)

Recurring Funds from Operations - Diluted	$	217,676	$	58,486	$	56,174	$	52,511	$	50,505


Weighted Average Shares Outstanding - Basic		120,331		120,422		120,413		120,345		120,142
Weighted Average Shares Outstanding - Diluted		120,331		121,237		120,413		120,345		121,101

Restated Funds from Operations per Share - Basic	$	1.44	$	0.48	$	0.25	$	0.28	$	0.42
Restated Funds from Operations per Share - Diluted		1.44		0.48		0.25		0.28		0.41
Recurring Funds from Operations per Share - Diluted		1.81		0.48		0.47		0.44		0.42


	2010
	YTD		Q4		Q3		Q2		Q1
Funds from Operations - Basic (as previously reported)	$	170,945	$	39,033	$	48,566	$	34,471	$	48,875
Impairment loss on operating properties		16,063						15,940		123

Restated Funds from Operations - Basic		187,008		39,033		48,566		50,411		48,998
Funds from operations attributable to operating partnership units		-		-		-		-		-

Restated Funds from Operations - Diluted		187,008		39,033		48,566		50,411		48,998

Adjustments for Recurring FFO:
Other impairment loss, net of tax		17,369		12,315		4,941				113
Impact of financing transactions		135						135
Acquisitions costs		399		241		92		66

Recurring Funds from Operations - Diluted	$	204,911	$	51,589	$	53,599	$	50,612	$	49,111


Weighted Average Shares Outstanding - Basic		119,935		120,044		119,978		119,936		119,779
Weighted Average Shares Outstanding - Diluted		120,780		120,044		120,817		119,936		120,547

Restated Funds from Operations per Share - Basic	$	1.56	$	0.33	$	0.40	$	0.42	$	0.41
Restated Funds from Operations per Share - Diluted		1.55		0.33		0.40		0.42		0.41
Recurring Funds from Operations per Share - Diluted		1.70		0.43		0.44		0.42		0.41

Page 46

Weingarten Realty Investors

FFO and Recurring FFO Reconciliation

For the Quarters Ended 2007, 2008, 2009, 2010 AND 2011

(Amounts in thousands, except per share amounts)


	2009
	YTD		Q4		Q3		Q2		Q1
Funds from Operations - Basic (as previously reported)	$	217,260	$	51,139	$	29,729	$	69,176	$	67,216
Impairment loss on operating properties		6,062		2,947		2,384		731
(Gain) on land and merchant development sales		(18,688)		(69)		(491)		(4,006)		(14,122)

Restated Funds from Operations - Basic		204,634		54,017		31,622		65,901		53,094
Funds from operations attributable to operating partnership units		-		461		-		489		-

Restated Funds from Operations - Diluted		204,634		54,478		31,622		66,390		53,094

Adjustments for Recurring FFO:
Other impairment loss, net of tax		43,020				43,020
Write-off of miscellaneous receivables and predevelopment costs, net of tax		660				660
Impact of financing transactions		(25,311)				(16,453)		(8,858)

Recurring Funds from Operations - Diluted	$	223,003	$	54,478	$	58,849	$	57,532	$	53,094


Weighted Average Shares Outstanding - Basic		109,546		119,515		119,384		111,840		86,979
Weighted Average Shares Outstanding - Diluted		110,178		122,162		119,384		114,428		87,331

Restated Funds from Operations per Share - Basic	$	1.87	$	0.45	$	0.26	$	0.59	$	0.61
Restated Funds from Operations per Share - Diluted		1.86		0.45		0.26		0.58		0.61
Recurring Funds from Operations per Share - Diluted		2.02		0.45		0.49		0.50		0.61


	2008
	YTD		Q4		Q3		Q2		Q1
Funds from Operations-Basic (as previously reported)	$	201,058	$	12,699	$	59,887	$	64,662	$	63,810
Impairment loss on operating properties		1,223		1,223
(Gain) on land and merchant development sales		(7,648)		(47)		(1,361)		(5,573)		(667)

Restated Funds from Operations - Basic		194,633		13,875		58,526		59,089		63,143
Funds from operations attributable to operating partnership units		-		-		-		1,147		-

Restated Funds from Operations - Diluted		194,633		13,875		58,526		60,236		63,143

Adjustments for Recurring FFO:
Other impairment loss, net of tax		44,664		44,664
Write-off of miscellaneous receivables and predevelopment costs, net of tax		15,906		13,570		746		744		846
Impact of financing transactions		(11,111)		(12,961)		860		990
Severance expense		2,372		1,523		171		276		402
Recurring Funds from Operations - Diluted	$	246,464	$	60,671	$	60,303	$	62,246	$	64,391

Weighted Average Shares Outstanding - Basic		84,474		86,664		83,795		83,742		83,679
Weighted Average Shares Outstanding - Diluted		84,917		86,664		84,316		86,766		84,167

Restated Funds from Operations per Share - Basic	$	2.30	$	0.16	$	0.70	$	0.71	$	0.75
Restated Funds from Operations per Share - Diluted		2.29		0.16		0.69		0.69		0.75
Recurring Funds from Operations per Share - Diluted		2.90		0.70		0.72		0.72		0.77

Page 47

Weingarten Realty Investors

FFO and Recurring FFO Reconciliation

For the Quarters Ended 2007, 2008, 2009, 2010 AND 2011

(Amounts in thousands, except per share amounts)

		0000000000		0000000000		0000000000		0000000000		0000000000
	2007
	YTD		Q4		Q3		Q2		Q1

Funds from Operations - Basic (as previously reported)	$	259,800	$	65,135	$	66,628	$	64,231	$	63,806
Impairment loss on operating properties
(Gain) on land and merchant development sales		(15,973)		(7,823)		(4,199)		(3,285)		(666)

Restated Funds from Operations - Basic		243,827		57,312		62,429		60,946		63,140
Funds from operations attributable to operating partnership units		4,407		1,096		-		1,103		1,106

Restated Funds from Operations - Diluted		248,234		58,408		62,429		62,049		64,246

Adjustments for Recurring FFO:
Write-off of miscellaneous receivables and predevelopment costs, net of tax		3,781		2,139		1,336		101		205
Severance expense		166		166

Recurring Funds from Operations - Diluted	$	252,181	$	60,713	$	63,765	$	62,150	$	64,451


Weighted Average Shares Outstanding - Basic		85,504		84,286		85,470		86,274		86,005
Weighted Average Shares Outstanding - Diluted		88,893		87,379		86,464		89,735		89,809

Restated Funds from Operations per Share - Basic	$	2.85	$	0.68	$	0.73	$	0.71	$	0.73
Restated Funds from Operations per Share - Diluted		2.79		0.67		0.72		0.69		0.72
Recurring Funds from Operations per Share - Diluted		2.84		0.69		0.74		0.69		0.72

Page 48

Weingarten Realty Investors

Ground Lease Summary

December 31, 2011

(at pro rata share, in thousands except number of leases and per square foot amounts)


Use Description	Number of Leases	GLA		ABR ($)		ABR PSF ($)

Home Improvement	3		327	$	1,715	$	5.24
Discount Department Store	16		1,149		5,042		4.39
Full-Service Restaurant	52		219		4,035		18.40
Fast Food	73		177		4,139		23.35
Bank	35		93		2,497		26.98
Supermarket	23		894		5,274		5.90
Pharmacy	6		105		838		7.97
Theater	2		76		529		6.98
Gas Station	9		18		812		46.26
Other Hardline Retailers	3		80		426		5.31
Other	16		102		799		7.81



Total	238		3,241	$	26,107	$	8.06

Page 49

Weingarten Realty Investors

2012 Business Plan Assumptions

Finance

•

Recurring FFO Per Diluted Share: $1.81—$1.91

•

No anticipated common or preferred share offerings

•

Annual common share dividend of $1.16 (5.5% increase over 2011)

Investment Activity

•

Acquisitions: $125 million to $175 million, ratably through the year.

•

Dispositions: $300 million to $400 million, ratably through the year.

•

New Development Investment: $75 million to $100 million, ratably through the year.

Operations

•

Same Property Net Operating Income: +4% to +5%

•

Year-end total signed occupancy between 92% and 93%

•

Retail Rental Growth: -1% to +2%

•

Anticipate $2.0 million to $3.0 million of incremental, New Development net operating income to come online in 2012.

Page 50

WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION - March 2, 2012

Attached files

WEINGARTEN REALTY INVESTORS /TX/ Reports