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

Attached files

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EX-99.1 - PRESS RELEASE - WEINGARTEN REALTY INVESTORS /TX/	d393431dex991.htm
8-K - FORM 8-K - WEINGARTEN REALTY INVESTORS /TX/	d393431d8k.htm

Exhibit 99.2

LOGO


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 Primarily 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 (Losses) 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
Public Debt Covenant 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 / Rent Growth - 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 - 41

Other Topics of Interest
Reconciliation of Impairment Transactions		43
2012 Revised Guidance		44

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 June 30, 2012, we owned or operated under long-term leases, interests in 316 developed income-producing properties and 11 new development properties (including 7 which are income-producing), which are located in 21 states that span the United States from coast to coast. The total number of properties includes 301 neighborhood and community shopping centers and 26 other operating properties located in 21 states spanning the country from coast to coast. These properties represent approximately 63.8 million square feet of which our interests in these properties aggregated approximately 35.1 million square feet of leasable area. Our properties were 93.4% leased as of June 30, 2012, 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 supplement, together with other statements and information publicly disseminated by us, 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) the ability to dispose properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including failure to qualify as a real estate investment trust, could have adverse consequences and (xii) 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

The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments, plus depreciation and amortization of operating properties and impairment 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 June 30,				Six Months Ended June 30,				Twelve Months Ended December 31,
	2012		2011		2012		2011		2011		2010		2009		2008
Revenues:
Rentals, net	$	123,005	$	117,843	$	241,724	$	232,511	$	473,508	$	467,925	$	479,816	$	502,885
Other		2,615		5,482		5,330		8,020		14,128		12,743		16,401		12,527

Total		125,620		123,325		247,054		240,531		487,636		480,668		496,217		515,412

Expenses:
Depreciation and amortization		34,332		33,457		68,431		66,154		133,887		127,484		125,114		128,996
Operating		24,315		23,646		47,103		44,925		91,594		92,398		89,680		100,337
Real estate taxes, net		14,744		13,736		28,801		27,914		56,386		54,008		59,205		59,260
Impairment loss		4,293		18,891		11,145		19,661		56,406		33,317		34,983		52,539
General and administrative		6,378		6,600		14,684		13,136		25,478		24,944		25,865		25,666

Total		84,062		96,330		170,164		171,790		363,751		332,151		334,847		366,798

Operating Income		41,558		26,995		76,890		68,741		123,885		148,517		161,370		148,614
Interest Expense, net		(29,311)		(37,036)		(60,740)		(73,649)		(140,875)		(147,128)		(151,287)		(154,035)
Interest and Other Income, net		582		1,423		2,968		3,478		5,062		9,823		11,422		4,310
Gain on Sale of Real Estate Joint Venture and Partnership Interests						5,562
Equity in (Losses) Earnings of Real Estate Joint Ventures and Partnerships, net (a)		(15,695)		3,579		(11,620)		6,976		7,834		12,889		5,548		12,196
(Loss) Gain on Redemption of Convertible Senior Unsecured Notes												(135)		25,311		12,961
Gain on Land and Merchant Development Sales														17,956		8,361
Benefit (Provision) for Income Taxes		220		190		242		506		(166)		64		(6,001)		10,524

(Loss) Income from Continuing Operations		(2,646)		(4,849)		13,302		6,052		(4,260)		24,030		64,319		42,931

Operating Income from Discontinued Operations		4,059		7,652		6,675		12,879		9,047		24,110		29,926		40,944
Gain on Sale of Property from Discontinued Operations		31,264				34,898				10,212		1,093		55,956		68,722

Income from Discontinued Operations		35,323		7,652		41,573		12,879		19,259		25,203		85,882		109,666
Gain on Sale of Property		84		136		524		1,196		1,740		2,005		25,075		1,998

Net Income		32,761		2,939		55,399		20,127		16,739		51,238		175,276		154,595
Less: Net Income Attributable to Noncontrolling Interests		(1,342)		(1,236)		(2,783)		(2,328)		(1,118)		(5,032)		(4,174)		(8,943)

Net Income Adjusted for Noncontrolling Interests		31,419		1,703		52,616		17,799		15,621		46,206		171,102		145,652
Preferred Share Dividends		(8,869)		(8,869)		(17,738)		(17,738)		(35,476)		(35,476)		(35,476)		(34,711)
Redemption Costs of Preferred Shares																(1,850)

Net Income (Loss) Attributable to Common Shareholders	$	22,550	$	(7,166)	$	34,878	$	61	$	(19,855)	$	10,730	$	135,626	$	109,091

Earnings Per Common Share - Basic	$	0.19	$	(0.06)	$	0.29	$	—	$	(0.17)	$	0.09	$	1.24	$	1.29

Earnings Per Common Share - Diluted	$	0.19	$	(0.06)	$	0.29	$	—	$	(0.17)	$	0.09	$	1.23	$	1.28

(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)


	June 30, 2012		December 31, 2011
ASSETS

Property	$	4,345,891	$	4,688,526
Accumulated Depreciation		(1,000,138)		(1,059,531)
Property Held for Sale, net		63,747		73,241

Property, net		3,409,500		3,702,236

Investment in Real Estate Joint Ventures and Partnerships, net (a)		317,781		341,608

Total		3,727,281		4,043,844
Notes Receivable from Real Estate Joint Ventures and Partnerships		89,363		149,204
Unamortized Debt and Lease Costs, net		113,578		115,191
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $9,777 in 2012 and $11,301 in 2011 )		71,267		86,530
Cash and Cash Equivalents		15,097		13,642
Restricted Deposits and Mortgage Escrows		33,211		11,144
Other, net		168,356		168,671

Total Assets	$	4,218,153	$	4,588,226


LIABILITIES AND EQUITY

Debt, net	$	2,194,685	$	2,531,837
Accounts Payable and Accrued Expenses		114,660		124,888
Other, net		111,539		107,919

Total Liabilities		2,420,884		2,764,644

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 2012 and 2011; liquidation preference $75,000		3		3
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2012 and 2011; liquidation preference $72,500		1		1
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued and outstanding in 2012 and 2011; liquidation preference $350,000		4		4
Common Shares of Beneficial Interest – par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,249 in 2012 and 120,844 in 2011		3,653		3,641
Additional Paid-In Capital		1,993,351		1,983,978
Net Income Less Than Accumulated Dividends		(339,904)		(304,504)
Accumulated Other Comprehensive Loss		(26,554)		(27,743)

Total Shareholders’ Equity		1,630,554		1,655,380
Noncontrolling Interests		166,715		168,202

Total Equity		1,797,269		1,823,582

Total Liabilities and Equity	$	4,218,153	$	4,588,226

(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)


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Funds from Operations
Numerator:
Net income (loss) attributable to common shareholders	$	22,550		$	(7,166	)	$	34,878		$	61
Depreciation and amortization		33,321			37,999			70,940			74,927
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships		5,363			5,629			11,007			11,593
Impairment of operating properties and real estate equity investments		5,051			2,473			14,830			3,235
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships		19,889						19,889			411
(Gain) on acquisition (due to a business combination and reported in discontinued operations)					(4,559	)					(4,559	)
(Gain) on sale of property and interests in real estate equity investments		(31,334	)		(90	)		(40,907	)		(1,150	)
(Gain) loss on sale of property of unconsolidated real estate joint ventures and partnerships		(123	)					(123	)		10

Funds from Operations - Basic		54,717			34,286			110,514			84,528
Funds from operations attributable to operating partnership units

Funds from Operations - Diluted		54,717			34,286			110,514			84,528
Adjustments for Recurring FFO:
Other impairment loss, net of tax					18,852			244			19,014
Extinguishment of debt costs, net					250						250
Severance costs		2,123						2,123
Acquisition costs		156			163			492			264
Litigation settlement, net of tax					(1,040	)					(1,040	)

Recurring Funds from Operations - Diluted	$	56,996		$	52,511		$	113,373		$	103,016


Denominator:
Weighted average shares outstanding - Basic		120,661			120,345			120,571			120,244
Effect of dilutive securities:
Share options and awards		1,034						991			967
Operating partnership units

Weighted average shares outstanding - Diluted		121,695			120,345			121,562			121,211


Funds from Operations per Share - Basic	$	0.45		$	0.28		$	0.92		$	0.70

Funds from Operations Per Share - Diluted	$	0.45		$	0.28		$	0.91		$	0.70
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax					0.16						0.16
Extinguishment of debt costs, net
Severance costs		0.02						0.02
Acquisition costs
Litigation settlement, net of tax											(0.01	)

Recurring Funds from Operations Per Share - Diluted	$	0.47		$	0.44		$	0.93		$	0.85




Dividends
Common Dividends per Share	$	0.290		$	0.275		$	0.580		$	0.550

Common Dividends Paid as a % of Funds from Operations		64.3	%		96.9	%		63.6	%		78.6	%



General and Administrative Expenses
General and Administrative Expenses/Total Revenue		5.1	%		5.4	%		5.9	%		5.5	%

General and Administrative Expenses/Total Assets before Depreciation		0.12	%		0.11	%		0.28	%		0.23	%

Page 5

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Rentals, net
Base minimum rent, net	$	95,321	$	92,689	$	189,420	$	182,194
Straight line rent		823		716		1,495		2,538
Over/Under-market rentals, net		174		199		334		604
Percentage rent		1,149		786		2,356		1,902
Tenant reimbursements		25,538		23,453		48,119		45,273

Total	$	123,005	$	117,843	$	241,724	$	232,511




Fee Income Primarily from Real Estate Joint Ventures and Partnerships
Recurring	$	1,611	$	1,486	$	3,389	$	3,163
Non-Recurring				32				86

Total	$	1,611	$	1,518	$	3,389	$	3,249




Interest Expense, net
Interest paid or accrued	$	30,472	$	37,354	$	62,796	$	74,519
Over-market mortgage adjustment of acquired properties, net		(350)		(573)		(462)		(1,360)
Amortization of convertible bond discount				572				1,144

Gross interest expense		30,122		37,353		62,334		74,303
Capitalized interest		(811)		(317)		(1,594)		(654)

Total	$	29,311	$	37,036	$	60,740	$	73,649



Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	697	$	855	$	1,416	$	1,749
Deferred compensation interest income (expense)		(341)		157		1,021		768
Other		226		411		531		961

Total	$	582	$	1,423	$	2,968	$	3,478



Supplemental Analyst Information

Net Operating Income including Joint Ventures
Revenues	$	125,620	$	123,325	$	247,054	$	240,531
Operating expense		(24,315)		(23,646)		(47,103)		(44,925)
Real estate taxes		(14,744)		(13,736)		(28,801)		(27,914)

Total		86,561		85,943		171,150		167,692


Net Operating Income from Discontinued Operations		7,288		12,513		17,989		24,500

Minority Interests Share of Net Operating Income and Other Adjustments		(5,239)		(6,038)		(10,482)		(11,910)

Pro rata Income From Consolidated Ventures		88,610		92,418		178,657		180,282


Pro rata share of Unconsolidated Joint Ventures
Revenues		16,782		16,917		33,761		34,105
Operating expense		(2,802)		(2,852)		(5,623)		(5,735)
Real estate taxes		(2,126)		(2,030)		(4,278)		(4,142)

Total		11,854		12,035		23,860		24,228


Net Operating Income including Joint Ventures	$	100,464	$	104,453	$	202,517	$	204,510



Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net
Net (loss) income from unconsolidated real estate joint ventures and partnerships	$	(16,670)	$	2,462	$	(13,763)	$	4,435
Intercompany fee income reclass		1,222		1,246		2,531		2,579
Other adjustments		(247)		(129)		(388)		(38)

Equity in (losses) earnings of real estate joint ventures and partnerships, net	$	(15,695)	$	3,579	$	(11,620)	$	6,976

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)


	June 30, 2012		December 31, 2011
Property
Land	$	870,826	$	918,627
Land held for development		126,616		124,528
Land under development		15,545		20,281
Buildings and improvements		3,267,219		3,557,173
Construction in-progress		65,685		67,917

Total	$	4,345,891	$	4,688,526




Straight Line Rent Receivable	$	58,051	$	61,684




Other Assets, net
Notes receivable and mortgage bonds, net	$	35,744	$	40,380
Debt service guaranty asset		74,075		74,075
Non-qualified benefit plan assets		15,695		14,697
Out-of-market rentals, net		5,466		5,755
Deferred income tax asset		11,970		11,936
Interest rate derivative		10,854		10,816
Other		14,552		11,012

Total	$	168,356	$	168,671




Other Liabilities, net
Deferred revenue	$	12,131	$	14,992
Non-qualified benefit plan liabilities		46,112		44,523
Deferred income tax payable		4,508		5,320
Out-of-market rentals, net		16,970		13,386
Interest rate derivative		783		674
Other		31,035		29,024

Total	$	111,539	$	107,919




Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	16,657	$	17,342
Above-market leases - Accumulated Amortization		(11,191)		(11,587)
Below-market assumed Mortgages (included in Debt, net)		5,722		5,722
Below-market assumed Mortgages - Accumulated Amortization		(2,064)		(1,762)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)		78,815		74,361
Valuation of in place leases - Accumulated Amortization		(36,734)		(38,842)

Total	$	51,205	$	45,234

Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	41,054	$	39,399
Below-market leases - Accumulated Amortization		(24,084)		(26,013)
Above-market assumed mortgages (included in Debt, net)		43,954		45,670
Above-market assumed mortgages - Accumulated Amortization		(30,656)		(31,597)

Total	$	30,268	$	27,459

Page 7

Weingarten Realty Investors

Capitalization and Coverage Ratios

(in thousands, except common share data and percentages)


		June 30, 2012		December 31, 2011
Common Share Data
Closing Market Price		$	26.34	$	21.82

Dividend Yield			4.40%		5.04%

90-Day, Average Daily Trading Volume			909,257		1,089,938




Capitalization (As reported)
Debt		$	2,194,685	$	2,531,837
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares			2,692,185		3,029,337
Common Shares at Market			3,193,699		2,636,816
Operating Partnership Units at Market			41,670		34,563

Total Market Capitalization		$	5,927,554	$	5,700,716


Debt to Total Market Capitalization			37.0%		44.4%
Debt & Preferred to Total Market Capitalization			45.4%		53.1%

Capitalization (Pro rata)
Debt		$	2,130,139	$	2,468,738
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares			2,627,639		2,966,238
Common Shares at Market			3,193,699		2,636,816
Operating Partnership Units at Market			41,670		34,563

Total Market Capitalization		$	5,863,008	$	5,637,617


Debt to Total Market Capitalization			36.3%		43.8%
Debt & Preferred to Total Market Capitalization			44.8%		52.6%



Capital Availability
Revolving Credit Facility		$	500,000	$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility			170,000		145,000
Outstanding Letters of Credit Under Revolving Facility			3,429		3,429

Unused Portion of Credit Facility		$	326,571	$	351,571



Public Debt Covenant Ratios	Restrictions
Debt to Asset Ratio	Less than 60.0%		42.1%		44.8%
Secured Debt to Asset Ratio	Less than 40.0%		17.9%		18.1%
Fixed Charge Ratio	Greater than 1.5x		2.8x		2.3x
Unencumbered Asset Test	Greater than 100%		273.8%		256.8%


Net Debt to Adjusted EBITDA			5.9x		6.50x

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


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 June 30, 2012

(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	Tampa, Florida	Whole Foods		100.0%		37		37		100.0%		100.0%		3,759		7,184		8,163		8,163
2	Dacula Market	Dacula, Georgia	Kroger#		100.0%		117		24		63.8%		92.5%		343		3,630		4,286		4,286
3	Surf City Crossing	Surf City (Wilmington), North Carolina	Harris Teeter		100.0%		75		63		93.0%		84.0%		55		8,120		7,329		7,329
4	Ridgeway Trace Center Phase 2	Memphis, Tennessee	Target #, Sports Authority, Best Buy, PetSmart, Staples		100.0%		80		80		93.9%		93.9%		1,689		23,476		24,542		24,542
5	North Towne Plaza	Brownsville, Texas	Lowes#		100.0%		153		36		32.2%		84.1%		2,495		7,296		7,878		7,878
6	Westwood Center	San Antonio, Texas	Wal-Mart #		100.0%		304		69		70.5%		88.5%		184		17,617		16,141		16,141
7	Tomball Marketplace	Tomball, Texas	Academy#		100.0%		147		62		57.4%		82.1%		241		13,969		15,251		15,251
	Tomball Marketplace Phase 2	Tomball, Texas	Ross, Marshall’s		100.0%		168		100		66.0%		79.7%		2,715		16,039		17,273		17,273

	Total Wholly Owned						1,080		471		73.9%		86.6%	$	11,482	$	97,330	$	100,862	$	100,862		7.1%	$	16,174

8	300 West*	Salt Lake City, Utah	Target #		31.8%		181		14		95.9%		99.0%		46		3,482		3,547		11,154
9	Riverpoint at Sheridan	Sheridan (Denver), Colorado	Costco #, Target #, Regal Cinema		50.0%		516		93		72.5%		90.1%		83		38,785		23,180		46,359
10	Clermont Landing Phase 2*	Clermont, Florida	JC Penney #, Epic Theater #, TJ Maxx, Ross		65.7%		63		23		18.6%		54.4%		12		3,894		4,308		6,557
11	Hilltop Village Center (4)	Alexandria, Virginia	Wegman’s		100.0%		258		258		69.4%		69.4%		5,055		17,015		62,054		62,054

	Total Joint Venture						1,019		388		69.3%		84.2%	$	5,197	$	63,176	$	93,089	$	126,124		7.1%	$	1,726


	Total 11 Properties Under Development (exclusive of phasing)						2,099		859		71.5%		85.4%	$	16,679	$	160,506	$	193,951	$	226,987		7.1%	$	17,900


							Spent Inception to Date (from above)											$	160,506	$	211,015
							Additional Capital Needed to Complete												58,022		57,904
							Reimbursement of Future Property Sales & Bond Proceeds												(24,578)		(41,933)

							Total Estimated Investment											$	193,951	$	226,987


	QTR Completed	YTD Completed	3Q’12E	4Q’12E	1Q’13E	2Q’13E	3Q’13E	4Q’13E	Remaining Balance

Completion ($)	$12,232	$17,900	$5,400 -$7,400	$9,300 - $12,300	$3,900 - $8,900	$6,100 - $11,100	$0 - $4,800	$1,800 - $6,800	$63,200 - $73,200
Weighted Return (%)	6.8%	7.0%	6.1% - 6.6%	8.4% - 8.9%	5.9% - 6.4%	6.8% - 7.3%	7.4% - 7.9%	4.7% - 5.2%	7.3% - 7.8%
Net Operating Income	$833	$1,246	$330 - $490	$777 - $1,089	$232 - $573	$416 - $813	$0 - $379	$85 - $356	$4,600 - $5,694

*	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)	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 June 30, 2012

(in thousands, except acres and percentages)


Location	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	%		18.2
US 77 & FM 802, Brownsville, TX		100.0	%		21.0
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	%		1.5
SEC Poplar Ave at I-240, Memphis, TN		100.0	%		1.2

Total New Development Phased Projects					239.9	$	52,680	$	44,718

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	%		41.4

Total Raw Land					430.2	$	83,389	$	61,967

Total Land Held For Development Properties					670.1	$	136,070	$	106,685

(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 $111.5 million of total investment at 100%, $85.6 million at pro rata share.

Page 11

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended June 30, 2012

(in thousands at pro rata share)

Center

City/State

Sq. Ft. of
Area
at 100%

Date
Sold

Sales
Proceeds

Weighted
Sales
Cap

Dispositions

1st Quarter

River Marketplace *

Lafayette, LA

343

1/06/12

River Pointe - Pad

Conroe, TX

1/17/12

Mineral Springs Village

Durham, NC

1/24/12

Roswell Corners - Pad

Roswell, GA

1/27/12

North Main Place

Houston, TX

2/02/12

Fondren Square

Houston, TX

2/10/12

Gardens of Havana *

Aurora, CO

497

2/17/12

Norchester Village

Houston, TX

108

3/01/12

The Promenade

Lewiston, ME

271

3/16/12

Heritage Station - Pad

Wake Forest, NC

3/27/12

2nd Quarter

Stonecrest Business Center

Houston, TX

111

4/05/12

Cedar Bayou

La Marque, TX

4/09/12

Eastpark - Pad

Houston, TX

4/17/12

Phelan West

Beaumont, TX

5/14/12

Prien Lake Plaza

Lake Charles, LA

5/18/12

Wholly-Owned Industrial Portfolio

Various

9,558

5/24/12

Orleans Station

New Orleans, LA

5/25/12

Moore Plaza - Right of Way

Corpus Christi, TX

5/28/12

Jess Ranch Phase III - Pad *

Apple Valley, CA

5/29/12

Venice Pines

Venice, FL

6/07/12

Custer Park

Plano, TX

178

6/15/12

Calder Shopping Center

Beaumont, TX

6/18/12

Shoppes at Parkwood Ranch - Pad

Mesa, AZ

6/27/12

Kohl’s Shopping Center

Topeka, KS

116

6/28/12

Total Dispositions

476,047

7.60%

Date
Acquired

Purchase Price

Yield

Acquisitions

1st Quarter

Best Buy at Richmond Square - ground lease

Houston, TX

1/06/12

Shasta Crossroads *

Redding, CA

1/10/12

I-10 at Wirt - land

Houston, TX

1/11/12

HEB at Dairy Ashford - ground lease

Houston, TX

3/06/12

North Triangle Shops - ground lease

Houston, TX

3/22/12

2nd Quarter

8000 Sunset Boulevard

Los Angeles, CA

171

6/27/12

Total Acquisitions

121,236

6.40%

* 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 3/31/2012	$	22,384	$	7,239	$	1,239	$	10,699	$	2,049	$	408	$	272	$	44,290
Quarter Ended 6/30/2012		98,862		9,440		2,126		11,073		3,040		1,595		297		126,433

Six Months Ended 06/30/2012 (2)	$	121,246	$	16,679	$	3,365	$	21,772	$	5,089	$	2,003	$	569	$	170,723

Year Ended 12/31/2011	$	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

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

(2) Internal Leasing Fees are approximately $7.1 million for the six months ended June 30, 2012.

Page 13


		Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)


	June 30, 2012		2nd Quarter Weighted Average Rate (1)		December 31, 2011		4th Quarter Weighted Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	925,983		6.20%	$	1,009,093		6.29%
3.95% Convertible Bonds (2)		54,105		3.95%		54,105		3.95%
8.1% 2019 Notes		100,000		8.10%		100,000		8.10%
Unsecured Notes Payable		789,103		5.50%		905,470		5.49%
Term Loan				1.45%		200,000		1.50%
Revolving Credit Agreements (3)		229,000		1.26%		166,500		1.26%
Industrial Revenue Bonds		1,419		2.39%		1,594		2.57%
Obligations under Capital Leases		21,000		7.72%		21,000		7.55%

Subtotal Consolidated Debt		2,120,610		5.11%		2,457,762		5.13%
Debt Service Guarantee Liability (4)		74,075				74,075

Total Consolidated Debt - As Reported		2,194,685		5.11%		2,531,837		5.13%
Less: Noncontrolling Interests and Other Adjustments		(259,578)				(260,031)
Plus: WRI Share of Unconsolidated Joint Ventures		195,032				196,932

Total Debt - Pro rata Share	$	2,130,139		5.08%	$	2,468,738		5.10%


	Debt Balance		2^nd 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 June 30, 2012
Fixed-rate debt	$	1,758,307		5.94%		82.5%		4.49
Variable-rate debt		371,832		1.88%		17.5%		3.90

Total	$	2,130,139		5.08%		100.0%		4.39


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

Total	$	2,468,738		5.10%		100.0%


Secured vs. Unsecured Debt (at Pro rata Share)

As of June 30, 2012
Secured Debt	$	910,052		6.25%		42.7%		4.77
Unsecured Debt		1,220,087		4.34%		57.3%		4.10

Total	$	2,130,139		5.08%		100.0%		4.39


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

Total	$	2,468,738		5.10%		100.0%


	As Reported		Pro rata Share
Weighted Average Interest Rates (1)
Three months ended 06/30/12		5.11%		5.08%
Three months ended 12/31/11		5.13%		5.10%
Twelve months ended 12/31/11		5.41%		5.39%

(1)	Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, 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 25 basis points on the total commitment paid in arrears.

The weighted average revolving interest rate with the facility fee is 1.90% and 1.99% for the second quarter 2012 and the fourth quarter 2011, 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 June 30, 2012

(in thousands, except percentages)



	As Reported			Pro rata Share
	Maturities		Weighted Average Rate (4)	Maturities		Weighted Average Rate (4)	Floating Rate		Fixed Rate		Secured		Unsecured
2012 (1)	$	103,354	6.05%	$	108,663	6.08%	$	3,167	$	105,496	$	41,003	$	67,660
2013		315,056	5.73%		279,857	5.62%		237		279,620		106,266		173,591
2014		473,804	5.72%		428,970	5.62%		237		428,733		113,970		315,000
2015		239,346	6.16%		203,478	5.98%		237		203,241		113,478		90,000
2016		231,661	6.46%		249,451	6.28%		6,769		242,682		174,451		75,000
2017		142,096	7.05%		164,255	6.64%				164,255		139,255		25,000
2018		64,441	7.20%		25,410	6.39%				25,410		15,840		9,570
2019 (5)		153,724	7.94%		157,257	7.45%				157,257		57,257		100,000
2020		3,746	8.49%		64,197	6.02%				64,197		64,197		0
2021		2,763	8.52%		10,599	7.67%				10,599		10,599		0
Thereafter (2)		118,575	6.01%		120,037	5.94%				120,037		34,212		85,825

Subtotal		1,848,566			1,812,174			10,647		1,801,527		870,528		941,646

Revolving Credit Agreements		229,000	1.27%		229,000	1.27%		229,000						229,000
Other (3)		117,119			88,965			13,499		75,466		39,524		49,441
Swap Maturities:
2014								50,000		(50,000)
2017								68,686		(68,686)

Total	$	2,194,685	5.13%	$	2,130,139	5.12%	$	371,832	$	1,758,307	$	910,052	$	1,220,087

(1)	Includes $1.4 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”, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing.

(5)	Includes $100.0 million of 8.1% bonds maturing in 2019 which may be redeemed at our option on or after September 15, 2014.

Page 16

Joint Ventures

Weingarten Realty Investors

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

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
Condensed Statements of Income	2012		2011		2012		2011

Revenues:
Base minimum rent, net	$	38,550	$	38,540	$	76,648	$	76,850
Straight line rent		570		1,053		1,273		1,796
Over/Under-market rentals, net		361		809		773		1,244
Percentage rent		213		205		484		333
Tenant reimbursements		9,521		9,655		19,259		19,099
Other income		811		604		1,436		2,870

Total		50,026		50,866		99,873		102,192


Expenses:
Depreciation and amortization		15,481		16,913		31,617		34,544
Interest, net		8,961		9,573		18,047		18,837
Operating		8,571		8,936		17,196		17,830
Real estate taxes, net		6,159		6,128		12,397		12,606
General and administrative		225		877		586		1,969
Provision for income taxes		95		116		168		201
Impairment loss		96,498				96,498		2,058

Total		135,990		42,543		176,509		88,045


Gain (loss) on sale of property		246				246		(21)


Net (loss) income	$	(85,718)	$	8,323	$	(76,390)	$	14,126




Condensed Balance Sheets
					June 30, 2012		December 31, 2011
ASSETS

Property					$	1,933,796	$	2,108,745
Accumulated depreciation						(310,024)		(296,496)

Property, net						1,623,772		1,812,249

Other assets, net						169,644		173,130

Total					$	1,793,416	$	1,985,379


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net					$	551,012	$	556,920
Amounts payable to Weingarten Realty Investors and Affiliates						106,952		170,007
Other liabilities, net						41,837		41,907

Total						699,801		768,834


Accumulated equity						1,093,615		1,216,545

Total					$	1,793,416	$	1,985,379

Page 18

Weingarten Realty Investors

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

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
Condensed Statements of Income	2012		2011		2012		2011

Revenues:
Base minimum rent, net	$	12,923	$	12,794	$	25,932	$	25,436
Straight line rent		253		536		524		796
Over/Under-market rentals, net		(39)		90		(38)		135
Percentage rent		53		49		151		78
Tenant reimbursements		3,340		3,229		6,724		6,333
Other income		252		219		468		1,327

Total		16,782		16,917		33,761		34,105


Expenses:
Depreciation and amortization		5,363		5,629		11,007		11,593
Interest, net		3,274		3,527		6,605		6,833
Operating		2,802		2,852		5,623		5,735
Real estate taxes, net		2,126		2,030		4,278		4,142
General and administrative		72		357		164		853
Provision for income taxes		49		60		81		93
Impairment loss		19,889				19,889		411

Total		33,575		14,455		47,647		29,660


Gain (loss) on sale of property		123				123		(10)


Net (loss) income	$	(16,670)	$	2,462	$	(13,763)	$	4,435




Condensed Balance Sheets
					June 30, 2012		December 31, 2011
ASSETS

Property					$	601,196	$	640,569
Accumulated depreciation						(106,757)		(100,791)

Property, net						494,439		539,778
Notes receivable from real estate joint ventures and partnerships						5,314		5,399
Unamortized debt and lease costs, net						24,192		25,377
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $708 in 2012 and $686 in 2011)						16,413		18,332
Cash and cash equivalents						12,988		11,543
Restricted deposits and mortgage escrows						1,947		2,283
Notes receivable and mortgage bonds, net						408		413
Out-of-market rentals, net						2,525		2,622
Other assets, net						2,469		2,190

Total					$	560,695	$	607,937


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net					$	196,098	$	198,087
Amounts payable to Weingarten Realty Investors and Affiliates						49,783		75,036
Accounts payable and accrued expenses						6,070		6,084
Deferred revenue						1,330		811
Out-of-market rentals, net						3,597		3,940
Interest rate derivative						848		855
Other liabilities, net						473		1,786

Total						258,199		286,599


Accumulated equity						302,496		321,338


Total					$	560,695	$	607,937

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

June 30, 2012

(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 (Losses) of Unconsolidated JVs

TIAA Florida Retail LLC	7		1,259	$	293,814			20.0%			$	57,699	$	(3,868)
AEW SRP, LLC	9		899		135,627	$	103,180	25.0%	$	25,795		6,456		(2,859)
Collins	8		1,165		147,697		26,950	50.0%		13,475		53,804		1,197
AEW—Institutional Client	6		523		124,108		65,235	20.0%		13,047		11,188		196
BIT Retail	3		722		152,540			20.0%				29,978		616
BIT Investment Thirty-Six, LP	12		3,939		139,817		17,546	20.0%		3,509		12,284		(11,785)
Eagle AN, LP	9		2,561		68,013		39,459	22.5%		8,867		4,428		182
Jamestown	6		1,351		148,943		88,879	20.0%		17,776		11,572		602
Fidelis Realty Partners	1		491		143,243		87,064	57.8%		50,279		31,214		902
Sleiman Enterprises	3		220		28,559		11,907	50.0%		5,954		11,304		154
Other	21		2,951		411,055		110,791	51.8%		57,397		87,854		3,044

Total	85		16,081	$	1,793,416	$	551,012	28.9%	$	196,098	$	317,781	$	(11,620)

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 Realty Partners		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 June 30, 2012

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	$	103,180	5.7%	3.6
Collins	2		26,950	6.2%	9.2
AEW—Institutional Client	6		65,235	5.7%	1.7
BIT Investment Thirty-Six, LP	2		17,546	6.6%	0.5
Eagle AN, LP	2		39,459	5.5%	4.8
Jamestown	6		88,879	5.7%	4.0
Fidelis Realty Partners	1		87,064	4.3%	8.3
Sleiman Enterprises	2		11,907	5.6%	3.2
Other	6		109,276	5.5%	4.5

Total	34	$	549,496	5.5%	3.8

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	$	23,811	5.5%	$	6,658	5.4%
2013		55,439	5.2%		19,401	5.1%
2014		116,430	5.3%		27,104	5.1%
2015		41,579	5.0%		10,330	4.9%
2016		97,977	4.9%		25,559	4.8%
2017		57,172	5.1%		25,983	5.1%
2018		6,643	5.0%		3,356	5.0%
2019		6,996	5.0%		3,533	5.0%
2020		118,399	4.9%		60,451	4.9%
2021		15,406	5.5%		7,835	5.4%
Thereafter		9,644	6.4%		4,822	6.4%

Total	$	549,496		$	195,032

(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 6/30/2012


Rank	Tenant Name	DBAs	# of Units		Rental Revenue			Square Feet

1	The Kroger Co.	Kroger, Smith’s Food, Ralphs, Fry’s Food, King Soopers		27		2.24	%		1,306

2	T.J.X. Companies, Inc.	T.J. Maxx, Marshalls, Home Goods		38		2.04	%		893

3	Ross Stores, Inc.	Ross Dress for Less		39		1.94	%		850

4	Safeway, Inc.	Safeway, Randalls, Von’s		18		1.34	%		754

5	Petsmart, Inc.			20		1.24	%		380

6	The Sports Authority			11		1.13	%		388

7	H E Butt Grocery			8		1.03	%		404

8	Best Buy, Inc.			13		1.02	%		344

9	Bed Bath & Beyond, Inc.	Bed Bath & Beyond, Cost Plus		23		0.99	%		453

10	Home Depot, Inc.			5		0.96	%		535

11	Office Depot, Inc.			24		0.96	%		435

12	Dollar Tree Stores, Inc.	Dollar Tree, Greenbacks		44		0.91	%		386

13	Harris Teeter			9		0.90	%		405

14	Gap, Inc.	Gap, Old Navy, Banana Republic		17		0.88	%		257

15	24 Hour Fitness Inc.			7		0.79	%		179

16	Petco Animal Supplies, Inc.			21		0.75	%		232

17	Whole Foods			6		0.73	%		224

18	Publix Super Markets, Inc.			20		0.65	%		327

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

20	Staples			12		0.62	%		241

21	Office Max Inc.			11		0.61	%		238

22	Toys ‘R’ Us	Toys R Us, Babies R Us		8		0.60	%		281

23	Thrifty Payless, Inc.	Rite Aid		15		0.55	%		212

24	JPMorgan Chase Bank			30		0.53	%		98

25	Barnes & Noble Inc.	Barnes & Noble, Bookstop Booksellers		8		0.50	%		167


	Total			440		24.55	%		10,318

	Note: Target owns and occupies 32 units not included above.

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 June 30, 2012	Shopping Center				Other				Total
	Values				Values				Values
Year Expiring	Sq. Ft.		Revenue		Sq. Ft.		Revenue		Sq. Ft.		Revenue
2012		823	$	15,383		591	$	2,866		1,414	$	18,248
2013		3,847		57,158		1,833		9,173		5,680		66,331
2014		4,028		56,111		1,604		7,388		5,632		63,498
2015		4,047		56,319		1,118		5,647		5,165		61,966
2016		3,823		55,660		1,113		5,156		4,936		60,816
2017-2021		8,605		123,070		1,325		7,489		9,930		130,560
2022-2031		3,110		38,638		42		261		3,152		38,899

Leasing Activity / Rent Growth

Signed Leases


	Number of Leases		Square Feet		New Rent $PSF		Prior Rent $PSF		TI’s $PSF		Cash Change in Base Rent
Three Months Ended June 30, 2012
Retail New Leases		86		219	$	18.74	$	17.81	$	23.25		5.2	%
Retail Renewals		217		572		17.51		16.98		0.15		3.1	%
Other		7		68		4.51		4.46		0.48		1.2	%
Not Comparable Spaces		86		481

Total		396		1,340	$	16.80	$	16.20	$	6.06		3.7	%

	Number of Leases		Square Feet		New Rent $PSF		Prior Rent $PSF		TI’s $PSF		Cash Change in Base Rent
Six Months Ended June 30, 2012
Retail New Leases		157		474	$	17.05	$	16.25	$	19.12		4.9	%
Retail Renewals		464		1,816		15.11		14.46		0.05		4.5	%
Other		35		527		4.69		4.72		0.56		-0.6	%
Not Comparable Spaces		149		660

Total		805		3,477	$	13.49	$	12.94	$	3.35		4.2	%


Occupancy	Quarter Ended
	June 30, 2012	March 31, 2012	December 31, 2011	September 30, 2011	June 30, 2011
Signed Basis
Retail
West Region	94.8%	94.2%	94.6%	94.6%	94.5%
Mountain Region	92.3%	92.3%	92.1%	92.4%	93.0%
Central Region	95.0%	94.4%	93.6%	93.3%	92.6%
Mid-Atlantic Region	92.4%	91.8%	90.8%	90.5%	89.9%
Southeast Region	93.2%	93.4%	93.8%	93.4%	92.0%

Total Retail	93.7%	93.4%	93.0%	92.8%	92.4%
Other	86.7%	86.8%	89.5%	87.9%	88.0%

Total	93.4%	91.7%	92.1%	91.6%	91.2%

Commenced Basis
Retail
West Region	91.5%	92.0%	93.4%	90.8%	90.6%
Mountain Region	89.2%	89.3%	90.8%	90.6%	91.1%
Central Region	93.2%	92.5%	91.8%	90.1%	89.0%
Mid-Atlantic Region	89.8%	90.3%	89.2%	87.8%	88.1%
Southeast Region	89.4%	89.9%	89.9%	89.4%	89.6%

Total Retail	91.0%	91.1%	91.1%	89.8%	89.6%
Other	81.4%	84.0%	84.0%	86.4%	86.1%

Total	90.6%	89.3%	89.3%	88.9%	88.7%

Same Property Net Operating Income Growth (1)

Cash Basis


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
West Region		1.3%		4.0%		4.8%		1.9%
Mountain Region		-1.1%		0.3%		-0.9%		2.0%
Central Region		4.8%		0.4%		6.2%		-0.4%
Mid-Atlantic Region		3.9%		-1.8%		4.0%		-1.4%
Southeast Region		5.1%		-2.2%		4.0%		-1.1%

Total Retail		2.9%		0.2%		3.8%		0.2%
Other		0.5%		-5.0%		-4.6%		-2.5%

Total		2.9%		-0.4%		3.7%		-0.1%

(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)

Six Months Ended June 30,

Twelve Months Ended December 31,

2012

2011

2010

2009

2008

West Region

California

27,696

13.8%

26,466

13.2%

53,618

13.2%

50,943

13.1%

50,136

12.7%

51,176

12.1%

Washington

1,086

0.5%

862

1.4%

1,978

0.5%

1,171

0.3%

1,124

0.3%

1,193

0.3%

Oregon

730

0.4%

685

0.3%

1,349

0.3%

1,345

0.3%

1,342

0.3%

1,385

0.3%

Total West Region

29,513

14.7%

28,013

13.9%

56,945

14.0%

53,459

13.7%

52,602

13.3%

53,754

12.7%

Mountain Region

Nevada

14,936

7.5%

15,488

7.7%

30,525

7.5%

30,906

8.0%

31,505

8.0%

34,360

8.1%

Arizona

12,873

6.4%

12,963

6.5%

25,450

6.3%

24,287

6.2%

26,845

6.8%

26,181

6.2%

Colorado

6,840

3.4%

5,662

2.8%

12,485

3.1%

10,099

2.6%

9,136

2.3%

10,779

2.4%

New Mexico

2,129

1.1%

2,732

1.4%

4,993

1.2%

5,250

1.4%

8,714

2.2%

11,355

2.7%

Utah

1,772

0.9%

1,752

0.9%

3,494

0.9%

3,548

0.9%

3,557

0.9%

3,614

0.9%

Total Mountain Region

38,551

19.3%

38,597

19.3%

76,947

19.0%

74,090

19.1%

79,757

20.2%

86,289

20.3%

Central Region

Texas

61,822

30.9%

62,954

31.4%

129,540

32.0%

121,035

31.1%

113,454

28.7%

124,407

29.2%

Louisiana

4,178

2.1%

3,916

2.0%

8,272

2.0%

7,715

2.0%

8,363

2.1%

10,907

2.6%

Arkansas

1,528

0.8%

1,538

0.8%

3,106

0.8%

2,732

0.7%

3,048

0.8%

3,006

0.7%

Illinois

1,499

0.7%

1,175

0.6%

2,556

0.6%

2,065

0.5%

2,960

0.7%

3,129

0.7%

Oklahoma

531

0.3%

536

0.3%

1,083

0.3%

1,034

0.3%

975

0.2%

955

0.2%

Kansas

479

0.2%

629

0.3%

1,061

0.3%

3,019

0.8%

1,875

0.5%

1,949

0.5%

Missouri

421

0.2%

581

0.3%

1,181

0.3%

1,214

0.3%

1,405

0.4%

1,182

0.3%

Total Central Region

70,457

35.2%

71,330

35.7%

146,799

36.3%

138,814

35.7%

132,080

33.4%

145,535

34.2%

Mid-Atantic Region

North Carolina

13,041

6.5%

12,947

6.4%

25,656

6.3%

24,869

6.4%

25,476

6.5%

26,978

6.4%

Georgia

9,602

4.8%

10,189

5.6%

19,845

4.9%

21,798

5.6%

22,643

5.7%

25,039

5.9%

Tennessee

3,996

2.0%

3,686

1.4%

7,491

1.8%

6,261

1.6%

5,009

1.3%

7,015

1.6%

Kentucky

3,577

1.8%

3,387

1.8%

6,890

1.7%

7,019

1.8%

6,766

1.7%

6,629

1.6%

Virginia

1,525

0.8%

1,763

0.9%

3,551

0.9%

3,634

0.9%

3,626

0.9%

2,551

0.6%

South Carolina

139

0.1%

129

0.1%

268

0.1%

285

0.1%

306

0.1%

277

0.1%

Maine

0.0%

0.1%

214

0.1%

321

0.1%

355

0.1%

278

0.1%

Total Mid-Atlantic Region

31,919

16.0%

32,180

16.1%

63,915

15.8%

64,186

16.5%

64,181

16.3%

68,767

16.3%

Southeast Region

Florida

29,537

14.8%

30,010

15.0%

60,361

14.9%

58,135

15.0%

66,170

16.8%

70,335

16.5%

Total Southeast Region

29,537

14.8%

30,010

15.0%

60,361

14.9%

58,135

15.0%

66,170

16.8%

70,335

16.5%

Total Net Operating Income

199,977

100.0%

200,130

100.0%

404,967

100.0%

388,684

100.0%

394,790

100.0%

424,681

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 10% to 75% except for the operations of downreit 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—Retail

As of 6/30/2012

(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

West Region

Los Angeles-Long Beach et al, CA		4		755		$22.47		497		$10,053		$20.24		180		$5,169		$28.64

Madera, CA		1		85		$12.57		52		$527		$10.13		29		$488		$16.99

Modesto, CA		1		79		$14.85		47		$557		$11.74		22		$470		$21.67

Redding, CA		2		151		$16.28		91		$860		$9.44		53		$1,484		$28.08

Riverside et al, CA		5		732		$19.03		389		$5,400		$13.87		263		$7,010		$26.67

Sacramento-Arden et al, CA		5		625		$15.21		116		$678		$5.85		232		$4,612		$19.89

San Diego-Carlsbad et al, CA		3		286		$22.18		162		$2,361		$14.57		106		$3,579		$33.83

San Francisco-Oakland et al, CA		3		442		$21.70		216		$3,283		$15.23		177		$5,229		$29.59

San Jose-Sunnyvale et al, CA		2		145		$22.55		66		$556		$8.45		78		$2,687		$34.44

Santa Cruz-Watsonville, CA		1		150		$15.36		37		$305		$8.14		44		$946		$21.52

Santa Rosa-Petaluma, CA		1		195		$11.35		135		$1,278		$9.49		35		$653		$18.42

Vallejo-Fairfield, CA		3		362		$18.53		121		$1,148		$9.49		166		$4,163		$25.14


California		31		4,009		$19.17		1,929		$27,007		$14.00		1,384		$36,490		$26.37

Portland-Vancouver et al, OR-WA		3		120		$14.61		66		$575		$8.75		50		$1,117		$22.27


Oregon		3		120		$14.61		66		$575		$8.75		50		$1,117		$22.27

Seattle-Tacoma-Bellevue, WA		5		179		$15.77		96		$1,247		$12.97		59		$1,207		$20.30


Washington		5		179		$15.77		96		$1,247		$12.97		59		$1,207		$20.30


Total West Region		39		4,307		$18.87		2,091		$28,829		$13.79		1,494		$38,814		$25.99

Mountain Region

Lake Havasu City-Kingman, AZ		1		182		$14.23		92		$1,119		$12.15		29		$601		$20.86

Phoenix-Mesa-Scottsdale, AZ		17		1,393		$16.06		465		$4,531		$9.74		510		$11,131		$21.83

Tucson, AZ		5		629		$18.39		168		$2,098		$12.51		213		$4,909		$23.01


Arizona		23		2,204		$16.51		725		$7,748		$10.68		752		$16,641		$22.13

Colorado Springs, CO		2		299		$8.72		243		$1,824		$7.50		38		$632		$16.43

Denver-Aurora, CO		10		878		$16.76		414		$5,584		$13.48		246		$5,484		$22.28


Colorado		12		1,177		$14.36		657		$7,407		$11.27		285		$6,116		$21.49

Las Vegas-Paradise, NV		13		2,366		$15.09		1,288		$14,081		$10.94		615		$14,622		$23.78


Nevada		13		2,366		$15.09		1,288		$14,081		$10.94		615		$14,622		$23.78

Albuquerque, NM		4		435		$14.69		176		$1,600		$9.09		148		$3,165		$21.32


New Mexico		4		435		$14.69		176		$1,600		$9.09		148		$3,165		$21.32

Provo-Orem, UT		1		30		$16.20		12		$165		$13.96		19		$328		$17.62

Salt Lake City, UT		3		286		$13.66		143		$1,580		$11.02		67		$1,300		$19.27


Utah		4		316		$13.98		155		$1,744		$11.24		86		$1,628		$18.92


Total Mountain Region		56		6,498		$15.29		3,001		$32,581		$10.86		1,886		$42,171		$22.36

Central Region

Little Rock-N. Little Rock, AR		3		357		$9.15		297		$2,411		$8.11		40		$680		$16.79


Arkansas		3		357		$9.15		297		$2,411		$8.11		40		$680		$16.79

Chicago et al, IL-IN-WI		1		304		$12.38		161		$1,640		$10.19		31		$741		$23.67


Illinois		1		304		$12.38		161		$1,640		$10.19		31		$741		$23.67

Hammond, LA		1		225		$8.41		48		$207		$4.28		82		$891		$10.84

Lafayette, LA		1		138		$9.83		75		$530		$7.08		62		$816		$13.15

Lake Charles, LA		3		439		$8.54		185		$1,221		$6.59		86		$1,099		$12.72

Monroe, LA		1		141		$5.35		89		$345		$3.87		40		$346		$8.67

Page 26


	# 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

New Orleans-Metairie-Kenner, LA		1		137		$15.05		78		$792		$10.13		58		$1,251		$21.72

Shreveport-Bossier City, LA		1		5		$23.92		0		$0		$0.00		5		$122		$23.92


Louisiana		8		1,085		$9.42		476		$3,095		$6.50		333		$4,526		$13.58

St. Louis, MO-IL		2		229		$8.79		105		$832		$7.90		41		$454		$11.08


Missouri		2		229		$8.79		105		$832		$7.90		41		$454		$11.08

Oklahoma City, OK		2		164		$7.70		104		$570		$5.51		48		$599		$12.42


Oklahoma		2		164		$7.70		104		$570		$5.51		48		$599		$12.42

Amarillo, TX		1		20		$10.17		4		$29		$6.46		4		$53		$14.78

Beaumont-Port Arthur, TX		3		201		$8.19		112		$529		$4.74		74		$988		$13.42

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

College Station-Bryan, TX		1		107		$11.28		86		$954		$11.10		21		$253		$12.05

Corpus Christi, TX		1		372		$13.32		245		$2,312		$9.43		109		$2,405		$22.10

Dallas-Fort Worth-Arlington, TX		8		947		$13.25		488		$5,543		$11.37		275		$4,560		$16.58

Houston-Baytown-Sugar Land, TX		55		5,072		$14.71		2,987		$31,221		$10.45		1,767		$38,724		$21.91

Killeen-Temple-Fort Hood, TX		1		115		$12.15		98		$1,084		$11.04		14		$275		$20.19

Laredo, TX		2		375		$13.88		252		$2,693		$10.70		102		$2,219		$21.70

Lubbock, TX		1		152		$12.59		53		$492		$9.29		27		$511		$19.10

Lufkin, TX		1		248		$9.08		124		$944		$7.60		21		$375		$17.74

McAllen-Edinburg-Pharr, TX		7		494		$13.23		315		$3,500		$11.12		78		$1,702		$21.69

Rio Grande City, TX		1		88		$11.50		76		$804		$10.63		11		$192		$17.47

San Antonio, TX		7		596		$13.05		294		$2,771		$9.42		188		$3,516		$18.74

Tyler, TX		1		60		$7.95		33		$212		$6.35		20		$209		$10.69


Texas		91		8,860		$13.85		5,167		$53,090		$10.27		2,713		$56,046		$20.66


Total Central Region		107		10,999		$13.10		6,310		$61,638		$9.77		3,207		$63,045		$19.66

Mid-Atlantic Region

Atlanta-Sandy Springs et al, GA		15		1,545		$16.23		544		$6,397		$11.76		474		$10,121		$21.36

Gainesville, GA		1		29		$15.88		21		$239		$11.31		8		$220		$28.26


Georgia		16		1,574		$16.22		565		$6,636		$11.74		482		$10,341		$21.48

Lexington-Fayette, KY		3		442		$13.54		218		$2,043		$9.36		159		$3,069		$19.27

Louisville, KY-IN		1		169		$12.36		93		$848		$9.17		74		$1,206		$16.35


Kentucky		4		611		$13.18		311		$2,891		$9.30		233		$4,275		$18.35

Charlotte-Gastonia et al, NC-SC		4		319		$17.08		154		$2,136		$13.91		126		$2,630		$20.95

Durham, NC		5		227		$16.56		81		$1,110		$13.71		70		$1,386		$19.86

Raleigh-Cary, NC		11		1,536		$13.42		586		$5,320		$9.07		443		$8,496		$19.17

Southern Pines-Pinehurst, NC		1		252		$10.05		96		$511		$5.34		74		$1,192		$16.18

Wilmington, NC		2		146		$13.96		49		$464		$9.50		36		$725		$19.97


North Carolina		23		2,481		$13.99		965		$9,540		$9.88		749		$14,428		$19.27

Hilton Head Island-Beaufort, SC		1		22		$14.79		5		$47		$9.00		13		$223		$17.11


South Carolina		1		22		$14.79		5		$47		$9.00		13		$223		$17.11

Memphis, TN-MS-AR		6		573		$13.17		374		$4,113		$10.99		166		$3,002		$18.09


Tennessee		6		573		$13.17		374		$4,113		$10.99		166		$3,002		$18.09


Total Mid-Atlantic Region		50		5,260		$14.37		2,221		$23,228		$10.46		1,642		$32,270		$19.65

Southeast Region

Fort Walton Beach et al, FL		2		70		$14.69		50		$663		$13.19		17		$323		$19.18

Jacksonville, FL		5		434		$11.26		267		$2,409		$9.03		81		$1,507		$18.65

Miami-Fort Lauderdale et al, FL		17		1,107		$15.61		554		$5,710		$10.31		380		$8,861		$23.33

Orlando, FL		14		3,056		$15.45		1,046		$13,067		$12.49		492		$10,705		$21.75

Palm Bay-Melbourne et al, FL		3		182		$11.41		49		$403		$8.28		49		$711		$14.51

Port St. Lucie-Fort Pierce, FL		1		51		$14.02		24		$307		$12.93		5		$93		$19.52

Punta Gorda, FL		2		25		$16.03		15		$224		$14.88		7		$127		$18.54

Page 27

# of

Properties

Occupied

Annualized
Rents

Avg. Base

Rents

Occupied

Annualized
Rents

Avg. Base

Rents

GLA

Total ABR

Greater than 10K SF

Less than 10K SF

Tampa-St. Petersburg et al, FL

1,098

$13.73

674

$7,573

$11.23

291

$5,684

$19.51

Florida

6,024

$14.59

2,679

$30,357

$11.33

1,321

$28,009

$21.20

Total Southeast Region

6,024

$14.59

2,679

$30,357

$11.33

1,321

$28,009

$21.20

Total

301

33,089

$14.74

16,302

$176,633

$10.84

9,550

$204,308

$21.39

Average base rent per leased SF excludes ground leases.

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.

Excludes remaining industrial properties owned in joint venture partnerships.

Page 28

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of June 30, 2012


			Gross Leasable Area
ALL PROPERTIES BY STATE	# of Properties		WRI Owned		Joint Venture Share		Owned by Other		Total
Arizona		24		2,225,577		-		1,724,034		3,949,611
Arkansas		3		357,010		-		-		357,010
California		32		4,129,888		877,129		1,248,607		6,255,623
Colorado		12		1,177,026		642,637		1,431,042		3,250,707
Florida		49		6,061,898		3,975,402		1,520,916		11,558,215
Georgia		18		1,726,590		935,166		893,578		3,555,334
Illinois		1		303,566		-		-		303,566
Kentucky		4		610,815		-		127,614		738,429
Louisiana		8		1,126,260		268,491		330,242		1,724,993
Missouri		2		229,282		28,367		-		257,649
Nevada		12		2,365,942		-		1,250,305		3,616,247
New Mexico		4		434,630		-		306,157		740,787
North Carolina		23		2,480,683		181,859		705,600		3,368,142
Oklahoma		2		163,996		-		-		163,996
Oregon		3		119,871		90,777		62,600		273,248
South Carolina		1		21,530		64,590		-		86,120
Tennessee		8		701,559		677,263		154,340		1,533,162
Texas		104		9,924,137		5,529,980		2,939,164		18,393,282
Utah		4		316,168		89,748		434,465		840,381
Virginia		8		400,486		1,601,942		217,147		2,219,575
Washington		5		178,535		327,497		65,346		571,378
Grand Total		327		35,055,449		15,290,848		13,411,157		63,757,455
Total Retail		301		33,247,335		10,154,361		12,991,682		56,393,379

Total Other		26		1,808,114		5,136,487		419,475		7,364,076

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 June 30, 2012


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

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%				182,168		0		213,309		395,477		14.23		84.7%
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		17.51		96.3%
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ	Whole Foods +		100.0%				129,822		0		3,198		133,020		25.29		100.0%
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		21.76		100.0%
Fry’s Ellsworth Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.)		100.0%				9,034		0		64,574		73,608		17.49		100.0%
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0%				45,751		0		62,800		108,551		22.62		100.0%
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		15.43		94.4%
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	Hobby Lobby, Dollar Tree		100.0%				92,626		0		14,112		106,738		10.96		90.0%
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Office Max		100.0%				134,495		0		108,220		242,715		12.51		97.0%
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		24.65		96.5%
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ	Fresh N Easy +, Family Dollar, Leon Furniture		100.0%				66,787		0		5,383		72,170		10.02		98.9%
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	Sunflower Farmers Market +		100.0%				60,728		0		0		60,728		23.48		94.1%
Desert Village	Phoenix-Mesa-Scottsdale, AZ	AJ Fine Foods +, CVS Pharmacy		100.0%				101,685		0		5,386		107,071		20.79		93.3%
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.)		100.0%				113,536		0		192,052		305,588		9.45		93.8%
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0%				10,237		0		138,146		148,383		27.68		100.0%
Basha’s Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	Ross Dress for Less, Anna’s Linens		100.0%				145,518		0		8,362		153,880		18.47		57.3%
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	Office Max, Ace Hardware		100.0%				82,757		0		4,622		87,379		10.91		98.4%
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ	Fry’s Food & Drug +, Petco, Dollar Tree		100.0%				157,607		0		0		157,607		13.68		97.1%
Entrada de Oro	Tucson, AZ	Wal-Mart Neighborhood Market +		100.0%				88,665		0		20,410		109,075		17.87		98.2%
Madera Village	Tucson, AZ	Safeway +, Walgreens, Dollar Tree		100.0%				96,732		0		10,161		106,893		11.59		97.7%
Oracle Crossings	Tucson, AZ	Sprouts Farmers Market +, Kohl’s, Home Goods		100.0%				249,631		0		10,000		259,631		17.85		99.3%
Oracle Wetmore	Tucson, AZ	Home Depot (O.B.O.), PetSmart, Walgreens, Ulta		100.0%				150,109		0		193,128		343,237		27.67		93.0%
Shoppes at Bears Path	Tucson, AZ	Osco Drug (O.B.O.)		100.0%				43,928		0		22,203		66,131		15.33		81.8%
Arizona Total:	# of Properties: 23							2,204,455		0		1,724,034		3,928,489

Arkansas

Markham Square	Little Rock-N. Little Rock, AR	Burlington Coat Factory, Ross Dress for Less		100.0%				125,884		0		0		125,884		7.94		90.8%
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		100.0%
Westgate	Little Rock-N. Little Rock, AR	SteinMart		100.0%				52,626		0		0		52,626		9.30		100.0%
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		9.70		100.0%
Buena Vista Marketplace	Los Angeles-Long Beach et al, CA	Ralph’s +, Dollar Tree		100.0%				90,805		0		24,535		115,340		22.21		100.0%
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach et al, CA	Crunch, Sundance Cinemas, Trader Joe’s +		100.0%				171,375		0		0		171,375		38.18		93.5%
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		18.30		97.8%
Hallmark Town Center	Madera, CA	Food 4 Less +, Bally Total Fitness		100.0%				85,066		0		13,293		98,359		12.57		94.9%
Marshalls Plaza	Modesto, CA	Marshalls, Dress Barn, Guitar Center		100.0%				78,752		0		7,200		85,952		14.85		93.3%
Shasta Crossroads	Redding, CA	Food Maxx +, Target (O.B.O.)		100.0%				121,183		0		55,683		176,866		17.27		95.4%
Shasta Crossroads (II)	Redding, CA	Sports Authority		40.0%		(1)(3)		30,314		45,471		14,880		90,665		12.24		95.5%
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		19.19		99.4%
Jess Ranch Phase III	Riverside et al, CA	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness		50.0%		(1)(3)		87,794		87,794		9,533		185,121		18.42		95.3%
Chino Hills Marketplace	Riverside et al, CA	Von’s +, Rite Aid, Dollar Tree, 24 Hour Fitness		100.0%				310,991		0		0		310,991		19.65		93.3%

Page 31

Weingarten Realty Investors

Property Listing

As of June 30, 2012


			Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes			WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
Menifee Town Center	Riverside et al, CA	Ralph’s +, Ross Dress for Less, Dollar Tree		100.0%					124,431		0		124,303		248,734		15.58		100.0%
Stoneridge Town Centre	Riverside et al, CA	Super Target + (O.B.O), Best Buy, Office Max, Kohl’s (O.B.O.)		67.0%		(1	)(3)		104,692		51,565		275,015		431,272		22.88		83.5%
Prospectors Plaza	Sacramento--Arden et al, CA	SaveMart +, Kmart, Long’s Drug Store		100.0%					228,345		0		8,614		236,959		22.64		93.2%
Arcade Square	Sacramento--Arden et al, CA	Grocery Outlet +		100.0%					76,497		0		0		76,497		14.46		94.3%
Discovery Plaza	Sacramento--Arden et al, CA	Bel Air Market +		100.0%					93,398		0		0		93,398		16.04		93.4%
Summerhill Plaza	Sacramento--Arden et al, CA	Raley’s +, Dollar Tree		100.0%					128,880		0		0		128,880		10.89		92.2%
Valley	Sacramento--Arden et al, CA	Raley’s +		100.0%					98,240		0		8,765		107,005		17.99		91.4%
El Camino Promenade	San Diego-Carlsbad et al, CA	T.J. Maxx, Staples, Dollar Tree, Beverages & More		100.0%					129,676		0		0		129,676		23.36		98.9%
Rancho San Marcos Village	San Diego-Carlsbad et al, CA	Von’s +, 24 Hour Fitness		100.0%					120,829		0		11,860		132,689		17.91		93.1%
San Marcos Plaza	San Diego-Carlsbad et al, CA	Albertsons + (O.B.O.)		100.0%					35,880		0		45,206		81,086		31.58		93.9%
580 Market Place	San Francisco-Oakland et al, CA	Safeway +, 24 Hour Fitness, Petco		100.0%					100,165		0		0		100,165		29.70		94.7%
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		19.02		96.5%
Greenhouse Marketplace	San Francisco-Oakland et al, CA	Safeway + (O.B.O.), Longs Drug Stores (O.B.O.), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U		100.0%					147,063		0		89,769		236,832		19.48		98.0%
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		22.86		100.0%
Tully Corners Shopping Center	San Jose-Sunnyvale et al, CA	Food Maxx +, Petco		10.0%		(1	)(3)		11,599		104,393		0		115,992		18.71		95.1%
Freedom Centre	Santa Cruz-Watsonville, CA	Safeway +, Rite Aid, Big Lots, Ace Hardware		100.0%					150,241		0		0		150,241		15.36		91.3%
Stony Point Plaza	Santa Rosa-Petaluma, CA	Food Maxx +, Ross Dress for Less, Fallas Paredes		100.0%					195,129		0		5,442		200,571		11.35		90.8%
Southampton Center	Vallejo-Fairfield, CA	Raley’s +, Ace Hardware		100.0%					162,764		0		0		162,764		19.67		97.1%
Sunset Center	Vallejo-Fairfield, CA	Rite Aid, In-Shape City		100.0%					85,238		0		13,041		98,279		15.02		92.8%
Creekside Center	Vallejo-Fairfield, CA	Raley’s +		100.0%					114,445		0		0		114,445		20.29		97.7%
California Total:	# of Properties: 31								4,009,008		393,607		1,046,279		5,448,893
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		11.55		89.9%
Uintah Gardens	Colorado Springs, CO	King Sooper’s +, Dollar Tree, Ace Hardware, Walgreens, Petco, Family Dollar		100.0%					214,774		0		0		214,774		7.78		100.0%
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		16.69		79.4%
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		17.78		78.0%
Lowry Town Center	Denver-Aurora, CO	Albertsons + (O.B.O.)		50.0%		(1)(3)			38,349		38,349		52,700		129,398		25.36		95.7%
Edgewater Marketplace	Denver-Aurora, CO	King Sooper’s +, Ace Hardware, Target (O.B.O.)		100.0%					145,780		0		126,000		271,780		10.18		92.2%
City Center Englewood	Denver-Aurora, CO	Wal-Mart (O.B.O.), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness		51.0%		(1)(3)			137,298		131,914		90,000		359,213		16.68		94.4%
Cherry Creek	Denver-Aurora, CO	Sports Authority, PetsMart, Target (O.B.O.)		100.0%					78,148		0		194,523		272,671		24.85		100.0%
Crossing at Stonegate	Denver-Aurora, CO	King Sooper’s +		51.0%		(1)(3)			55,620		53,438		0		109,058		15.14		98.3%
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		15.05		98.2%
Westminster Plaza	Denver-Aurora, CO	Safeway +, Walgreens (O.B.O.)		50.0%		(1)			48,506		48,506		14,100		111,113		18.56		92.8%
Colorado Total:	# of Properties: 11								1,119,495		585,106		1,097,909		2,802,512
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		12.86		94.5%
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		15.82		96.7%
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		10.53		91.6%
Atlantic North	Jacksonville, FL	Academy		50.0%		(1)(3)(4)			33,842		33,842		0		67,685		N/A		100.0%
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		100.0%
Kernan Village	Jacksonville, FL	Walmart (O.B.O.), Ross Dress for Less, Petco		50.0%		(1)(3)			42,652		42,652		203,622		288,925		16.45		92.4%
Epic Village—St. Augustine	Jacksonville, FL	Epic Theaters (O.B.O.)		70.0%		(1)			8,542		3,661		51,977		64,180		17.91		86.6%
Boca Lyons	Miami-Fort Lauderdale et al, FL	Ross Dress for Less, Jacob’s Classic Market, Deal$		100.0%					117,515		0		0		117,515		19.88		93.9%
Embassy Lakes	Miami-Fort Lauderdale et al, FL	Winn Dixie +, Tuesday Morning		100.0%					131,723		0		48,214		179,937		13.13		89.2%

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Weingarten Realty Investors

Property Listing

As of June 30, 2012


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
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		17.28		97.6%
TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL	Winn Dixie +, T.J. Maxx, Dollar Tree		100.0%			161,429		0		0		161,429		14.65		96.5%
Palm Lakes Plaza	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,750		91,002		0		113,752		11.39		85.2%
Kendall Corners	Miami-Fort Lauderdale et al, FL	Ashley Furniture		20.0%	(1)(3)		19,294		77,178		0		96,472		28.17		93.5%
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		13.73		92.5%
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,173		88,694		21,697		132,564		15.16		93.4%
Northridge	Miami-Fort Lauderdale et al, FL	Publix +, Petco, Ross Dress for Less, Dollar Tree, LA Fitness		20.0%	(1)(3)		47,214		188,855		3,028		239,097		16.70		97.6%
Shoppes at Parkland	Miami-Fort Lauderdale et al, FL	BJ’s Wholesale Club +		30.0%	(1)		43,716		102,004		21,588		167,308		12.49		94.8%
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Publix +		20.0%	(1)(3)		25,373		101,491		21,976		148,840		16.89		94.7%
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		18.53		94.7%
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		99.2%
Publix at Laguna Isles	Miami-Fort Lauderdale et al, FL	Publix +		100.0%			69,475		0		0		69,475		14.08		81.6%
Vizcaya Square	Miami-Fort Lauderdale et al, FL	Winn Dixie +		100.0%			110,081		0		0		110,081		13.89		93.9%
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL	Publix +		25.0%	(1)(3)		19,080		57,241		0		76,321		14.51		85.8%
Colonial Landing	Orlando, FL	PetSmart, Sports Authority, Bed Bath & Beyond		50.0%	(1)		130,063		130,063		0		260,126		13.35		88.7%
Colonial Plaza	Orlando, FL	Staples, Ross Dress for Less, Marshalls, Old Navy, SteinMart, Barnes & Noble, Petco, Big Lots, Hobby Lobby		100.0%			502,182		0		0		502,182		13.62		91.7%
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		9.23		64.5%
Market at Southside	Orlando, FL	Ross Dress for Less, Beall’s, Dollar Tree		100.0%			95,135		0		64,627		159,762		10.29		97.4%
Phillips Crossing	Orlando, FL	Whole Foods +, Golf Galaxy, Michaels		100.0%			145,644		0		0		145,644		25.87		97.7%
Phillips Landing	Orlando, FL	Wal-Mart (O.B.O.), Planet Fitness		100.0%			66,223		0		219,815		286,038		18.99		87.9%
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		21.06		90.1%
The Shoppes at South Semoran	Orlando, FL	Dollar Tree, Walmart		100.0%			101,486		0		0		101,486		15.33		100.0%
Westland Terrace Plaza	Orlando, FL	T.J. Maxx, Petco, Shoe Carnival		100.0%			77,521		0		0		77,521		10.68		99.7%
Alafaya Square	Orlando, FL	Publix +		20.0%	(1)(3)		35,297		141,189		0		176,486		11.77		83.1%
University Palms	Orlando, FL	Publix +		30.0%	(1)		29,752		69,420		5,955		105,127		13.26		92.7%
Marketplace at Seminole Towne Center	Orlando, FL	Super Target + (O.B.O.), Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco		100.0%			302,135		0		181,913		484,048		14.49		98.7%
Winter Park Corners	Orlando, FL	Whole Foods Market +		100.0%			102,382		0		0		102,382		19.40		91.6%
Indian Harbour Place	Palm Bay-Melbourne et al, FL	Publix +, Beall’s		25.0%	(1)(3)		40,880		122,641		0		163,521		11.84		99.3%
Lake Washington Crossing	Palm Bay-Melbourne et al, FL	Publix +		25.0%	(1)(3)		29,707		89,121		0		118,828		10.10		73.6%
Lake Washington Square	Palm Bay-Melbourne et al, FL	Tuesday Morning		100.0%			111,811		0		0		111,811		11.69		84.4%
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)		51,208		204,833		14,354		270,395		14.02		100.0%
Quesada Commons	Punta Gorda, FL	Publix +		25.0%	(1)(3)		14,722		44,168		0		58,890		13.19		92.9%
Shoppes of Port Charlotte	Punta Gorda, FL	Chick-Fil-A		25.0%	(1)(3)(4)		980		2,941		0		3,921		N/A		100.0%
Shoppes of Port Charlotte	Punta Gorda, FL	Petco		25.0%	(1)(3)		10,253		30,758		0		41,011		19.89		90.2%
Countryside Centre	Tampa-St. Petersburg et al, FL	T.J. Maxx, Home Goods, Dick’s Sporting Goods, Ross Dress for Less		100.0%			248,250		0		0		248,250		13.66		94.0%
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		12.23		100.0%
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%			377,644		0		197,631		575,275		15.16		94.1%
East Lake Woodlands	Tampa-St. Petersburg et al, FL	Sweetbay +, Walgreens		20.0%	(1)(3)		28,123		112,494		0		140,617		14.38		82.6%
Palms of Carrollwood	Tampa-St. Petersburg et al, FL	The Fresh Market +, Bed Bath & Beyond		100.0%			167,887		0		0		167,887		13.11		81.9%

Florida Total:	# of Properties: 47						4,658,965		3,261,816		1,343,687		9,264,467


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		15.77		97.3%
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		100.0%
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		14.20		99.1%
Cherokee Plaza	Atlanta-Sandy Springs et al, GA	Kroger +		30.0%	(1)		29,925		69,824		0		99,749		20.94		100.0%

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Weingarten Realty Investors

Property Listing

As of June 30, 2012


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

Perimeter Village	Atlanta-Sandy Springs et al, GA	Wal-Mart Supercenter +, Cost Plus World Market, DSW, Hobby Lobby		100.0%			374,060		0		0		374,060		18.04		98.9%
Publix at Princeton Lakes	Atlanta-Sandy Springs et al, GA	Publix +		20.0%	(1)(3)		13,681		54,726		3,800		72,207		14.98		97.7%
Brookwood Square	Atlanta-Sandy Springs et al, GA	Marshalls		100.0%			234,501		0		0		234,501		10.81		44.3%
Dallas Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			25,158		0		70,104		95,262		21.96		94.0%
Reynolds Crossing	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			45,758		0		70,225		115,983		24.83		97.4%
Grayson Commons	Atlanta-Sandy Springs et al, GA	Kroger +		100.0%			76,611		0		0		76,611		14.37		94.6%
Sandy Plains Exchange	Atlanta-Sandy Springs et al, GA	Publix +		30.0%	(1)		21,835		50,949		0		72,784		13.32		93.2%
Brownsville Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			27,747		0		54,139		81,886		21.96		57.5%
Roswell Corners	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Staples, T.J. Maxx		100.0%			136,124		0		177,890		314,014		16.31		96.7%
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		17.30		96.4%
Thompson Bridge Commons	Gainesville, GA	Kroger +		30.0%	(1)		28,676		66,911		0		95,587		15.88		93.4%

Georgia Total:	# of Properties: 15						1,567,387		324,755		800,775		2,692,917


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		12.38		98.7%

Illinois Total:	# of Properties: 1						303,566		0		0		303,566


Kentucky
Millpond Center	Lexington-Fayette, KY	Kroger +		100.0%			124,567		0		27,000		151,567		10.26		90.0%
Regency Shopping Centre	Lexington-Fayette, KY	Kroger + (O.B.O.), T.J. Maxx, Michaels		100.0%			142,972		0		46,044		189,016		14.18		89.6%
Tates Creek	Lexington-Fayette, KY	Kroger +, Rite Aid		100.0%			174,290		0		5,160		179,450		15.26		94.9%
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		12.36		99.2%

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		8.41		92.8%
Westwood Village	Lafayette, LA	Rouses Supermarket +, Stage, CVS		100.0%			138,034		0		0		138,034		9.83		99.2%
14/Park Plaza	Lake Charles, LA	Conn’s, Anna’s Linens, Family Dollar, Citi Trends		100.0%			172,068		0		0		172,068		7.35		86.4%
K-Mart Plaza	Lake Charles, LA	Albertsons +, Kmart, Dollar Tree		50.0%	(1)(3)		107,974		107,974		16,442		232,390		8.29		100.0%
Southgate	Lake Charles, LA	Market Basket +, Office Depot, Books-A-Million		100.0%			158,587		0		0		158,587		9.84		81.7%
Danville Plaza	Monroe, LA	County Market +, Citi Trends, Surplus Warehouse		100.0%			141,218		0		0		141,218		5.35		93.0%
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		15.05		98.9%
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		23.92		98.1%
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		98.1%

Louisiana Total:	# of Properties: 8						1,126,260		268,491		330,242		1,724,993


Missouri
Ballwin Plaza	St. Louis, MO-IL	Schnucks +, Michaels, Club Fitness		100.0%			200,915		0		0		200,915		8.98		76.2%
Western Plaza	St. Louis, MO-IL	Value Village		50.0%	(1)(3)		28,367		28,367		0		56,734		7.45		96.5%

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		20.52		100.0%
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		15.86		93.9%
Charleston Commons	Las Vegas-Paradise, NV	Wal-Mart +, Ross, Office Max, 99 Cents Only, PetSmart		100.0%			332,539		0		29,975		362,514		16.28		98.8%
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		10.73		91.1%
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		12.23		92.6%

Page 34

Weingarten Realty Investors

Property Listing

As of June 30, 2012


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
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		11.99		89.0%
Paradise Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Dollar Tree		100.0%			77,597		0		70,495		148,092		16.75		91.4%
Rainbow Plaza	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%			273,916		0		0		273,916		14.53		84.7%
Rainbow Plaza, Phase I	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%			136,369		0		0		136,369		13.41		87.7%
Rancho Towne & Country	Las Vegas-Paradise, NV	Smith’s Food +		100.0%			84,743		0		53,100		137,843		11.83		98.0%
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, .99 Cents Only		100.0%			246,483		0		371,338		617,821		17.66		92.9%
Tropicana Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Family Dollar		100.0%			69,475		0		73,168		142,643		17.87		78.1%
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		16.82		89.1%

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		7.56		94.5%
North Towne Plaza	Albuquerque, NM	Whole Foods Market +, Home Goods		100.0%			112,666		0		29,440		142,106		19.81		100.0%
Pavillions at San Mateo	Albuquerque, NM	Wal-Mart +, Old Navy, Shoe Department, Skechers, Dollar Tree		100.0%			151,160		0		57,531		208,691		18.68		82.5%
Wyoming Mall	Albuquerque, NM	Wal-Mart Supercenter + (O.B.O.), Dollar Tree		100.0%			51,713		0		219,186		270,899		15.69		100.0%

New Mexico Total:	# of Properties: 4						434,630		0		306,157		740,787


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		16.89		91.8%
Johnston Road Plaza	Charlotte-Gastonia et al, NC-SC	Food Lion +		100.0%			79,508		0		0		79,508		15.19		96.2%
Steele Creek Crossing	Charlotte-Gastonia et al, NC-SC	BI-LO +, Rite Aid		100.0%			77,301		0		0		77,301		16.66		100.0%
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		23.51		95.0%
Chatham Crossing	Durham, NC	Lowes Food +, CVS/pharmacy		25.0%	(1)(3)		24,039		72,116		0		96,155		13.38		91.0%
Cole Park Plaza	Durham, NC	Dollar General		25.0%	(1)(3)		20,564		61,694		0		82,258		10.27		55.8%
Bull City Market	Durham, NC	Whole Foods Market +		100.0%			40,875		0		0		40,875		18.69		90.9%
Hope Valley Commons	Durham, NC	Harris Teeter +		100.0%			81,471		0		0		81,471		22.79		98.3%
Ravenstone Commons	Durham, NC	Food Lion +		100.0%			60,424		0		0		60,424		14.70		89.6%
Capital Square	Raleigh-Cary, NC	Food Lion +		100.0%			143,063		0		0		143,063		7.21		100.0%
Harrison Pointe	Raleigh-Cary, NC	Harris Teeter +, Staples		100.0%			130,934		0		0		130,934		16.77		84.1%
High House Crossing	Raleigh-Cary, NC	Harris Teeter +		100.0%			90,155		0		0		90,155		14.60		93.7%
Northwoods Market	Raleigh-Cary, NC	Wal-Mart +		100.0%			77,802		0		0		77,802		18.19		83.6%
Parkway Pointe	Raleigh-Cary, NC	Food Lion +, Rite Aid		100.0%			80,061		0		0		80,061		10.93		95.3%
Avent Ferry	Raleigh-Cary, NC	Food Lion +, Family Dollar		100.0%			111,622		0		0		111,622		16.86		96.6%
Falls Pointe	Raleigh-Cary, NC	Harris Teeter +, Kohl’s (O.B.O.)		100.0%			112,203		0		86,350		198,553		17.15		91.9%
Leesville Town Centre	Raleigh-Cary, NC	Harris Teeter +, Rite Aid		100.0%			114,396		0		0		114,396		21.56		92.8%
Six Forks Station	Raleigh-Cary, NC	Food Lion +,Kmart, Home Depot, Bed Bath & Beyond		100.0%			466,585		0		0		466,585		10.35		94.2%
Stonehenge Market	Raleigh-Cary, NC	Harris Teeter +, SteinMart, Rite Aid		100.0%			188,521		0		0		188,521		12.32		96.0%
Heritage Station	Raleigh-Cary, NC	Harris Teeter +		30.0%	(1)		20,592		48,049		9,028		77,669		19.09		98.3%
Pinecrest Plaza	Southern Pines-Pinehurst, NC	Food Lion +, Michaels, Belk’s, Burke’s Outlet Stores Inc.		100.0%			252,038		0		0		252,038		10.05		99.0%
Waterford Village	Wilmington, NC	Harris Teeter +		100.0%			89,715		0		0		89,715		20.80		89.9%

North Carolina Total:	# of Properties: 22						2,424,484		181,859		705,600		3,311,943


Oklahoma

Market Boulevard	Oklahoma City, OK			100.0%			35,765		0		0		35,765		12.10		93.0%
Town and Country	Oklahoma City, OK	Office Depot, Big Lots, Westlake Hardware, Aaron Rents		100.0%			128,231		0		0		128,231		6.47		92.4%

Oklahoma Total:	# of Properties: 2						163,996		0		0		163,996


Oregon

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Property Listing

As of June 30, 2012


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
Clackamas Square	Portland-Vancouver et al, OR-WA	Winco Foods + (O.B.O.), T.J. Maxx		20.0%	(1)(3)		14,790		59,161		62,600		136,551		17.10		93.8%
Oak Grove Market Center	Portland-Vancouver et al, OR-WA	Safeway +		100.0%			97,177		0		0		97,177		13.41		96.8%
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		100.0%

Oregon Total:	# of Properties: 3						119,871		90,777		62,600		273,248

South Carolina
Fresh Market Shoppes	Hilton Head Island-Beaufort, SC	The Fresh Market +		25.0%	(1)(3)		21,530		64,590		0		86,120		14.79		87.0%

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		10.91		97.0%
Commons at Dexter Lake	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%	(1)		50,087		116,871		11,600		178,558		8.84		89.8%
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%	(1)		18,551		43,287		5,000		66,838		13.14		80.6%
Highland Square	Memphis, TN-MS-AR	Walgreens		100.0%	(4)		14,490		0		0		14,490		N/A		100.0%
Mendenhall Commons	Memphis, TN-MS-AR	Kroger +		30.0%	(1)		26,432		61,676		0		88,108		11.47		97.8%
Summer Center	Memphis, TN-MS-AR	Kroger +, Ross Dress for Less		100.0%			139,021		0		0		139,021		9.82		95.1%

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		10.17		92.8%
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		91.0%
Phelan West	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		66.7%	(1)(3)		15,552		7,779		58,890		82,221		12.72		100.0%
Crossroads	Beaumont-Port Arthur, TX	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet		100.0%			115,692		0		0		115,692		4.74		98.3%
Lone Star Pavilions	College Station-Bryan, TX	Best Buy, Office Depot, Barnes & Noble		100.0%			106,907		0		0		106,907		11.28		100.0%
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		13.32		98.0%
Gateway Station	Dallas-Fort Worth-Arlington, TX	Conn’s		70.0%	(1)		47,950		20,550		0		68,500		10.00		61.9%
Horne Street Market	Dallas-Fort Worth-Arlington, TX	24 Hour Fitness		100.0%	(4)		42,267		0		0		42,267		N/A		100.0%
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		13.59		89.0%
Independence Plaza	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Family Dollar, Harbor Freight, Surplus Warehouse		100.0%			170,363		0		0		170,363		11.25		90.0%
Pitman Corners	Dallas-Fort Worth-Arlington, TX	Albertsons +, Tuesday Morning		100.0%			192,283		0		0		192,283		9.32		94.4%
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Stein Mart, Nordstrom, Marshalls, Office Depot, PETCO , The Neiman Marcus Group Inc.		20.0%	(1)(3)		72,667		290,670		0		363,337		16.27		86.7%
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		21.70		73.5%
Boswell Towne Center	Dallas-Fort Worth-Arlington, TX	Albertsons + (O.B.O)		100.0%			26,088		0		61,920		88,008		21.79		87.8%
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		8.96		96.2%
Broadway	Houston-Baytown-Sugar Land, TX	Big Lots, Family Dollar		15.0%	(1)		11,191		63,413		0		74,604		6.98		92.1%
Galveston Place	Houston-Baytown-Sugar Land, TX	Randall’s +, Office Depot, Palais Royal, Spec’s Liquor		100.0%			210,187		0		0		210,187		10.34		98.0%
10/Federal	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Palais Royal, Harbor Freight Tools		15.0%	(1)		19,871		112,601		0		132,472		8.20		98.6%
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX	PetSmart, Traders Joe		100.0%			56,969		0		0		56,969		21.17		100.0%
Bayshore Plaza	Houston-Baytown-Sugar Land, TX	Fitness Connections (O.B.O.)		100.0%			36,039		0		86,000		122,039		15.43		54.0%
Bellaire Boulevard	Houston-Baytown-Sugar Land, TX	Randall’s +		30.0%	(1)		10,524		24,557		6,192		41,273		25.46		100.0%
Braeswood Square	Houston-Baytown-Sugar Land, TX	Belden’s +, Walgreens		100.0%			104,686		0		0		104,686		12.15		94.5%
Centre at Post Oak	Houston-Baytown-Sugar Land, TX	Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack		100.0%			183,940		0		0		183,940		29.46		99.1%
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		13.23		94.2%
Cullen Center	Houston-Baytown-Sugar Land, TX	Beauty Supply		100.0%			7,316		0		0		7,316		19.51		100.0%
Cullen Plaza	Houston-Baytown-Sugar Land, TX	Fiesta +, JPMorgan Chase Bank, Family Dollar		15.0%	(1)		12,678		71,839		0		84,517		9.74		100.0%
Cypress Pointe	Houston-Baytown-Sugar Land, TX	Kroger +, Office Depot, Babies “R” Us		100.0%			186,399		0		96,660		283,059		9.53		97.1%
Edgebrook	Houston-Baytown-Sugar Land, TX	Fiesta +, JPMorgan Chase Bank, Family Dollar		15.0%	(1)		11,769		66,691		0		78,460		10.20		100.0%
Fiesta Village	Houston-Baytown-Sugar Land, TX	Fiesta +		15.0%	(1)		4,537		25,712		0		30,249		8.81		100.0%

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Weingarten Realty Investors

Property Listing

As of June 30, 2012


						Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %		Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
Glenbrook Square	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		11,684		66,206		0		77,890		9.41		97.3%
Griggs Road	Houston-Baytown-Sugar Land, TX	Family Dollar, Citi Trends		15.0%	(1)		12,017		68,099		0		80,116		8.31		85.8%
Harrisburg Plaza	Houston-Baytown-Sugar Land, TX	Fallas Paredes		15.0%	(1)		14,016		79,422		0		93,438		17.04		100.0%
HEB—Dairy Ashford & Memorial	Houston-Baytown-Sugar Land, TX	HEB +		100.0%	(4)		36,874		0		0		36,874		N/A		100.0%
Heights Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		100.0%			71,777		0		0		71,777		8.35		96.5%
Humblewood Shopping Plaza	Houston-Baytown-Sugar Land, TX	Kroger +, Conn’s, Walgreens, Michaels (O.B.O.), DSW (O.B.O.)		100.0%			180,226		0		99,000		279,226		13.96		100.0%
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		10.63		99.0%
Kirby Strip Center	Houston-Baytown-Sugar Land, TX	Freebirds Burrito		100.0%			10,000		0		0		10,000		24.81		100.0%
Lawndale	Houston-Baytown-Sugar Land, TX	LaMichoacana Meat Market +, Family Dollar, 99 Cents Only		15.0%	(1)		7,819		44,308		0		52,127		9.79		97.0%
Little York Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Fallas Paredes		15.0%	(1)		17,082		96,796		0		113,878		7.99		87.6%
Lyons Avenue	Houston-Baytown-Sugar Land, TX	Fiesta +, Fallas Paredes		15.0%	(1)		10,144		57,485		0		67,629		7.69		100.0%
Market at Westchase	Houston-Baytown-Sugar Land, TX	Whole Foods Market +		100.0%			84,081		0		0		84,081		17.47		94.3%
Market Street Shopping Center	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		50.0%	(1)		24,569		24,569		0		49,138		6.67		100.0%
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		10.47		93.3%
North Triangle	Houston-Baytown-Sugar Land, TX	CiCi’s Pizza		100.0%			16,060		0		0		16,060		21.74		67.6%
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		13.43		98.9%
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		13.99		99.3%
Oak Forest	Houston-Baytown-Sugar Land, TX	Kroger +, Ross Dress for Less, Dollar Tree		100.0%			151,324		0		0		151,324		12.30		99.1%
Orchard Green	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		100.0%			74,983		0		0		74,983		10.60		100.0%
Randall’s/Cypress Station	Houston-Baytown-Sugar Land, TX	ATI Career Training Center		100.0%			136,891		0		0		136,891		12.74		85.5%
Randall’s/Kings Crossing	Houston-Baytown-Sugar Land, TX	Randall’s +, CVS/pharmacy		30.0%	(1)		37,919		88,478		0		126,397		15.43		99.2%
Richmond Square	Houston-Baytown-Sugar Land, TX	Best Buy, Cost Plus		100.0%			93,944		0		0		93,944		20.77		100.0%
River Oaks East	Houston-Baytown-Sugar Land, TX	Kroger +		100.0%			71,265		0		0		71,265		28.23		100.0%
River Oaks West	Houston-Baytown-Sugar Land, TX	Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank		100.0%			248,852		0		0		248,852		28.23		91.9%
Sheldon Forest North	Houston-Baytown-Sugar Land, TX	Family Dollar		100.0%			22,040		0		0		22,040		9.64		100.0%
Sheldon Forest South	Houston-Baytown-Sugar Land, TX	Gerland’s +, Burke’s Outlet		50.0%	(1)		37,670		37,670		0		75,340		9.64		100.0%
Shoppes at Memorial Villages	Houston-Baytown-Sugar Land, TX	Rexel		100.0%			182,541		0		0		182,541		7.72		96.5%
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		12.88		99.2%
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		9.86		98.5%
Spring Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		15.0%	(1)		8,875		50,291		0		59,166		8.05		93.1%
Stella Link	Houston-Baytown-Sugar Land, TX	Sellers Bros.+, Burke’s Outlet, Spec’s Liquor Warehouse		100.0%			70,087		0		0		70,087		8.34		90.9%
Studemont	Houston-Baytown-Sugar Land, TX	Fiesta +		100.0%	(4)		28,466		0		0		28,466		N/A		100.0%
Ten Blalock Square	Houston-Baytown-Sugar Land, TX	99 Ranch Market +		100.0%			97,277		0		0		97,277		15.00		100.0%
Village Arcade	Houston-Baytown-Sugar Land, TX	Gap, Baby Gap, Chicos		100.0%			57,203		0		0		57,203		36.88		100.0%
Village Arcade-Phase II	Houston-Baytown-Sugar Land, TX	Talbots		100.0%			28,371		0		0		28,371		36.88		100.0%
Village Arcade-Phase III	Houston-Baytown-Sugar Land, TX	Banana Republic, Express, Ann Taylor		100.0%			107,134		0		0		107,134		36.88		93.8%
Village Plaza at Bunker Hill	Houston-Baytown-Sugar Land, TX	H. E. B. +, Petsmart, Babies “R” Us, Academy		57.8%	(1)(3)		283,399		207,335		4,470		495,204		12.70		98.4%
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		12.40		96.8%
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		15.06		100.0%
League City Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		19,048		107,942		0		126,990		12.21		96.8%
Rose-Rich	Houston-Baytown-Sugar Land, TX	Family Dollar, Palais Royal		100.0%			100,096		0		0		100,096		9.32		83.7%
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		18.75		97.8%
Palmer Plaza	Houston-Baytown-Sugar Land, TX	Dollar Tree		100.0%			96,526		0		99,980		196,506		9.31		89.9%
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		12.15		97.0%
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		13.87		96.5%
Plantation Centre	Laredo, TX	H. E. B. +		100.0%			135,373		0		7,642		143,015		13.89		98.9%
Central Plaza	Lubbock, TX	Bed Bath & Beyond, Old Navy, Staples		100.0%			151,677		0		0		151,677		12.59		97.1%
Angelina Village	Lufkin, TX	Kmart, Conn’s		100.0%			248,199		0		0		248,199		9.08		91.6%

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Weingarten Realty Investors

Property Listing

As of June 30, 2012


							Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %			Foot Notes	WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)		Occupancy %
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		96.8%
Market at Nolana	McAllen-Edinburg-Pharr, TX	Wal-Mart (O.B.O.)		50.0	%	(1)(3)		20,315		20,315		203,191		243,821		23.60		62.2%
Northcross	McAllen-Edinburg-Pharr, TX	Barnes & Noble		50.0	%	(1)(3)		37,732		37,732		0		75,465		15.98		92.6%
Old Navy Building	McAllen-Edinburg-Pharr, TX	Old Navy		50.0	%	(1)(3)(4)		7,500		7,500		0		15,000		N/A		100.0%
South 10th St. HEB	McAllen-Edinburg-Pharr, TX	H. E. B. +		50.0	%	(1)(3)		51,851		51,851		0		103,702		11.43		100.0%
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		19.05		98.2%
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		14.23		100.0%
Starr Plaza	Rio Grande City, TX	H. E. B. +, Beall’s, Dollar General		50.0	%	(1)(3)		88,346		88,346		0		176,693		11.50		98.0%
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		14.94		100.0%
Oak Park Village	San Antonio, TX	H. E. B. +		30.0	%	(1)		19,286		45,001		0		64,287		9.54		100.0%
Parliament Square	San Antonio, TX	Family Dollar, Bernina New Home Sewing Center		100.0	%			64,950		0		0		64,950		11.60		84.4%
Parliament Square II	San Antonio, TX	Incredible Pizza		100.0	%	(4)		54,541		0		0		54,541		N/A		100.0%
Thousand Oaks	San Antonio, TX	H. E. B. +, Beall’s, Tuesday Morning		15.0	%	(1)		24,432		138,450		0		162,882		10.54		95.9%
Valley View	San Antonio, TX	Marshalls, Dollar Tree		100.0	%			91,544		0		0		91,544		10.43		93.4%
Broadway	Tyler, TX	SteinMart		100.0	%			60,400		0		0		60,400		7.95		87.6%

Texas Total:	# of Properties: 88							8,800,042		3,544,797		2,659,338		15,004,178

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		16.20		100.0%
Taylorsville Town Center	Salt Lake City, UT	The Fresh Market + (O.B.O.), Rite Aid		100.0	%			90,157		0		40,057		130,214		17.10		92.8%
West Jordan Town Center	Salt Lake City, UT	Target (O.B.O.), Petco, Office Depot		100.0	%			182,099		0		122,800		304,899		12.31		88.7%

Utah Total:	# of Properties: 3							302,638		60,772		296,357		659,767

Washington
Mukilteo Speedway Center	Seattle-Tacoma-Bellevue, WA	Dollar Tree		20.0	%	(1)(3)		18,055		72,218		0		90,273		17.27		32.7%
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		16.28		98.7%
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		97.8%
Promenade 23	Seattle-Tacoma-Bellevue, WA	Red Apple Grocers +, Walgreens		100.0	%			96,660		0		0		96,660		14.60		90.1%
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA	Safeway +, Ross Dress for Less		20.0	%	(1)(3)		21,485		85,938		0		107,423		19.02		100.0%

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

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

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

Georgia
Sears Logistics	Atlanta-Sandy Springs et al, GA	Sears Logistics Services		20.0	%	(1)(3)		80,511		322,043		0		402,554
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: 2							152,603		610,411		0		763,014

Tennessee

Page 38

Weingarten Realty Investors

Property Listing

As of June 30, 2012


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

Crowfarn Drive Warehouse	Memphis, TN-MS-AR	C.M.I. Freight-Trans Inc., Sergeant’s Pet Care Products Inc., Memphis Distribution Services		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
Tennessee Total:	# of Properties: 2							113,858		455,429		0		569,287
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
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Iron Mountain		20.0	%	(1)(3)		48,754		195,017		0		243,771
610/288 Business Park	Houston-Baytown-Sugar Land, TX	Dupuy Storage		20.0	%	(1)(3)		59,060		236,240		0		295,300
Citadel Plaza	Houston-Baytown-Sugar Land, TX	Weingarten Realty Investors Corporate Office		100.0	%			121,000		0		0		121,000
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
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	Val-Fit Inc., Georgia Gulf Chemicals & Vinyl		20.0	%	(1)(3)		99,531		398,125		0		497,656
West Loop Commerce Center	Houston-Baytown-Sugar Land, TX	Goodwill		100.0	%			35,886		0		0		35,886
Texas Total:	# of Properties: 13							999,165		1,985,183		0		2,984,348
Virginia
Enterchange at Northlake C	Richmond, VA	Tech Turn, International Paper Company, Kane Distribution Services		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
Interport Business Center A	Richmond, VA	National Delivery Systems, Inc., Riverside Logistics Service, 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: 7							400,486		1,601,942		217,147		2,219,575

Total Operating Properties	# of Properties: 316							33,247,230		14,490,755		12,252,318		59,990,304

New Development

Colorado
River Point at Sheridan	Denver-Aurora, CO			50.0	%	(1)(2)		57,531		57,531		333,133		448,195
Colorado Total:	# of Properties: 1							57,531		57,531		333,133		448,195
Florida
Clermont Landing	Orlando, FL			65.7	%	(1)(2)(3)		1,366,233		713,586		177,229		2,257,048
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		177,229		2,293,748
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

Page 39

Weingarten Realty Investors

Property Listing

As of June 30, 2012


									Gross Leasable Area
Center	CBSA	Anchors	WRI Owned %			Foot Notes			WRI Owned		Joint Venture Share		Owned by Other		Total		Average Base Rent (ABR)	Occupancy %
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		153,821		232,071
Westwood Center	San Antonio, TX			100.0	%		(2	)		35,080		0		9,005		44,085

Texas Total:	# of Properties: 3									124,930		0		279,826		404,756

Utah
300 West	Salt Lake City, UT			31.8	%		(1	)(2)(3)		13,530		28,976		138,108		180,614

Utah Total:	# of Properties: 1									13,530		28,976		138,108		180,614

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		1,158,839		3,767,151

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																63,162

Arizona Total:																798,455

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
Highway 85 and Highway 285, Sheridan																792,792

Colorado Total:																792,792

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

Louisiana Total:																34,848

Nevada
SWC Highway 215 at Decatur, Las Vegas																707,414

Page 40

Weingarten Realty Investors

Property Listing

As of June 30, 2012

Gross Leasable Area

Center

CBSA

Anchors

WRI
Owned %

Foot Notes

WRI
Owned

Joint
Venture
Share

Owned by
Other

Total

Average
Base Rent
(ABR)

Occupancy
%

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

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

72,745

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

105,501

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

Gattis School Rd at A.W. Grimes Blvd, Round Rock

100,188

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:

15,619,053

Utah

South 300 West & West Paxton Avenue, Salt Lake City

201,683

Utah Total:

201,683

Total Unimproved Land

29,187,556

Page 41

Other Topics of Interest

Weingarten Realty Investors

Reconciliation of Impairment Transactions

(in thousands, except per share amounts)


	Three Months Ended June 30, 2012				Six Months Ended June 30, 2012 (3)
Summary of Impaired Items (at pro rata) :

Properties Held for Sale or Sold (1)	$	758	$	0.01	$	3,929	$	0.03

Properties Marketed for Sale or Sold		24,182		0.19		24,426		0.20

Investments in Real Estate Joint Ventures (2)		-		-		6,608		0.05


Total Impairment Loss	$	24,940	$	0.20	$	34,963	$	0.28


Financial Statement Impact of Impairment Loss:

Impairment Loss	$	4,293	$	0.03	$	11,145	$	0.09

Discontinued Operations		758		0.01		3,929		0.03

Equity In Losses of Real Estate Joint Ventures and Partnerships, net		19,889		0.16		19,889		0.16


Total Impairment Loss	$	24,940	$	0.20	$	34,963	$	0.28

(1)	Amounts reported are due to properties under contract.

(2)	Amounts reported were based on current indications of value.

(3)

In the first quarter of 2012, we recorded an impairment of our equity method investment in our industrial joint venture totaling $6.6 million based upon our intent to sell or assign our joint venture interest. During the second quarter, it was determined that we would sell the real estate in multiple transactions instead of selling our joint venture interest which required us to re-evaluate impairment at the property level, resulting in an additional impairment of $12.1 million. However, upon the sale of the properties, we will recognize a gain of approximately $12 million.

Page 43

Weingarten Realty Investors

2012 Revised Guidance


	Original Guidance	Q112 Revised Guidance	Q212 Revised Guidance

Recurring FFO Per Diluted Share	$1.81 - $1.91	$1.76 - $1.84	$1.78 - $1.84

Investment Activity
Acquisitions:	$125M -$175M	$125M -$175M	$200M -$250M

Dispositions:
Industrial		$420M -$430M	$420M -$430M
Retail		$150M -$250M	$150M -$250M

Total	$300M -$400M	$570M -$680M	$570M -$680M

New Development Investment:	$75M -$100M	$75M - $100M	$75M -$100M

Operations

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

Signed Occupancy:	92% - 93%	93% - 94%⁽¹⁾	93% - 94%⁽¹⁾

Retail Rental Growth:	-1% to +2%	-1% to +2%	-1% to +2%

⁽¹⁾	Reflects signed occupancy for the retail portfolio.

Denotes change to original guidance

Page 44

WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION - August 9, 2012

Attached files

WEINGARTEN REALTY INVESTORS /TX/ Reports