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

Attached files

file	filename
8-K - FORM 8-K - WEINGARTEN REALTY INVESTORS /TX/	d349685d8k.htm
EX-99.1 - PRESS RELEASED DATED MAY 8, 2012 - WEINGARTEN REALTY INVESTORS /TX/	d349685dex991.htm

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 From Real Estate Joint Ventures and Partnerships
Interest Expense, net
Interest and Other Income, net
Supplemental Analyst Information
Net Operating Income Including Joint Ventures
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Supplemental Balance Sheet Detail		7
Property
Straight Line Rent Receivable
Other Assets, net
Other Liabilities, net
Identified Intangible Assets and Liabilities
Capitalization and Coverage Ratios		8
Common Share Data
Capitalization
Capital Availability
Public Debt Coverage Ratios
Net Debt to Adjusted EBITDA
Credit Ratings

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

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

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

Portfolio Summary
Tenant Diversification by Percent of Rental Revenues		23
Portfolio Operating Information		24
Lease Expirations
Leasing Activity / 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 - 43

Other Topics of Interest
Reconciliation of Impairment Transactions		45
2012 Revised Guidance		46

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 March 31, 2012, we owned or operated under long-term leases, interests in 374 developed income-producing properties and 11 new development properties (including 7 which are income-producing), which are located in 22 states that span the United States from coast to coast. Included in the portfolio are 309 shopping centers, 73 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 44.8 million square feet of leasable area. Our properties were 91.7% leased as of March 31, 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)

		$xxxxxx.xx		$xxxxxx.xx		$xxxxxx.xx		$xxxxxx.xx		$xxxxxx.xx		$xxxxxx.xx
	Three Months Ended March 31,				Twelve Months Ended December 31,
	2012		2011		2011		2010		2009		2008
Revenues:
Rentals, net	$	119,747	$	115,561	$	477,501	$	472,373	$	484,367	$	507,472
Other		2,724		2,546		14,168		12,778		16,439		12,560

Total		122,471		118,107		491,669		485,151		500,806		520,032


Expenses:
Depreciation and amortization		34,377		32,951		134,932		128,448		126,079		129,979
Operating		23,014		21,526		92,594		93,415		90,697		101,282
Real estate taxes, net		14,164		14,285		56,805		54,430		59,889		59,861
Impairment loss		6,852		770		56,406		33,317		34,983		52,539
General and administrative		8,307		6,536		25,478		24,944		25,865		25,666

Total		86,714		76,068		366,215		334,554		337,513		369,327

Operating Income		35,757		42,039		125,454		150,597		163,293		150,705
Interest Expense, net		(31,429)		(36,694)		(141,072)		(147,443)		(151,287)		(154,035)
Interest and Other Income, net		2,386		2,055		5,062		9,825		11,425		4,312
Gain on Sale of Real Estate Joint Venture and Partnership Interests		5,562
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (a)		4,075		3,397		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		8,360
Benefit (Provision) for Income Taxes		22		316		(180)		48		(6,018)		10,509

Income (Loss) from Continuing Operations		16,373		11,113		(2,902)		25,781		66,228		45,008

Operating Income from Discontinued Operations		2,191		5,015		7,689		22,359		28,017		38,867
Gain on Sale of Property from Discontinued Operations		3,634				10,212		1,093		55,762		68,722

Income from Discontinued Operations		5,825		5,015		17,901		23,452		83,779		107,589
Gain on Sale of Property		440		1,060		1,740		2,005		25,269		1,998

Net Income		22,638		17,188		16,739		51,238		175,276		154,595
Less: Net Income Attributable to Noncontrolling Interests		(1,441)		(1,092)		(1,118)		(5,032)		(4,174)		(8,943)

Net Income Adjusted for Noncontrolling Interests		21,197		16,096		15,621		46,206		171,102		145,652
Preferred Share Dividends		(8,869)		(8,869)		(35,476)		(35,476)		(35,476)		(34,711)
Redemption Costs of Preferred Shares												(1,850)

Net Income (Loss) Attributable to Common Shareholders	$	12,328	$	7,227	$	(19,855)	$	10,730	$	135,626	$	109,091

Earnings Per Common Share - Basic	$	0.10	$	0.06	$	(0.17)	$	0.09	$	1.24	$	1.29

Earnings Per Common Share - Diluted	$	0.10	$	0.06	$	(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)

		$xxxxxxxx.xx		$xxxxxxxx.xx
	March 31, 2012		December 31, 2011

ASSETS
Property	$	4,263,222	$	4,688,526
Accumulated Depreciation		(981,443)		(1,059,531)
Property Held for Sale, net		414,413		73,241

Property, net		3,696,192		3,702,236

Investment in Real Estate Joint Ventures and Partnerships, net (a)		338,332		341,608

Total		4,034,524		4,043,844

Notes Receivable from Real Estate Joint Ventures and Partnerships		92,216		149,204
Unamortized Debt and Lease Costs, net		117,346		115,191
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $12,244 in 2012 and $11,301 in 2011)		69,702		86,530
Cash and Cash Equivalents		18,024		13,642
Restricted Deposits and Mortgage Escrows		9,834		11,144
Other, net		170,895		168,671

Total Assets	$	4,512,541	$	4,588,226


LIABILITIES AND EQUITY

Debt, net	$	2,497,561	$	2,531,837
Accounts Payable and Accrued Expenses		95,436		124,888
Other, net		115,285		107,919

Total Liabilities		2,708,282		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: 121,113 in 2012 and 120,844 in 2011		3,649		3,641
Additional Paid-In Capital		1,989,198		1,983,978
Net Income Less Than Accumulated Dividends		(327,296)		(304,504)
Accumulated Other Comprehensive Loss		(27,068)		(27,743)

Total Shareholders’ Equity		1,638,491		1,655,380
Noncontrolling Interests		165,768		168,202

Total Equity		1,804,259		1,823,582

Total Liabilities and Equity	$	4,512,541	$	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)

		$xxxxxx.xx		$xxxxxx.xx
	Three Months Ended March 31,
	2012		2011

Funds from Operations
Numerator:
Net income attributable to common shareholders	$	12,328	$	7,227
Depreciation and amortization		37,619		36,928
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships		5,644		5,964
Impairment of operating properties and real estate equity investments		9,779		762
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships				411
(Gain) on sale of property and interests in real estate equity investments		(9,573)		(1,060)
Loss on sale of property of unconsolidated real estate joint ventures and partnerships				10

Funds from Operations - Basic		55,797		50,242
Funds from operations attributable to operating partnership units

Funds from Operations - Diluted		55,797		50,242
Adjustments for Recurring FFO:
Other impairment loss, net of tax		244		162
Acquisition costs		336		101

Recurring Funds from Operations - Diluted	$	56,377	$	50,505


Denominator:
Weighted average shares outstanding - Basic		120,481		120,142
Effect of dilutive securities:
Share options and awards		960		959
Operating partnership units

Weighted average shares outstanding - Diluted		121,441		121,101


Funds from Operations per Share - Basic	$	0.46	$	0.42

Funds from Operations Per Share - Diluted	$	0.46	$	0.41
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax
Acquisition costs				0.01

Recurring Funds from Operations Per Share - Diluted	$	0.46	$	0.42



Dividends
Common Dividends per Share	$	0.290	$	0.275

Common Dividends Paid as a % of Funds from Operations		62.9%		66.0%



General and Administrative Expenses
General and Administrative Expenses/Total Revenue		6.8%		5.5%

General and Administrative Expenses/Total Assets before Depreciation		0.15%		0.11%

Page 5

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)


	Three Months Ended March 31,
	2012		2011
Rentals, net
Base minimum rent, net	$	94,880	$	90,323
Straight line rent		675		1,829
Over/Under-market rentals, net		160		405
Percentage rent		1,207		1,116
Tenant reimbursements		22,825		21,888

Total	$	119,747	$	115,561



Fee Income from Real Estate Joint Ventures and Partnerships
Recurring	$	1,778	$	1,677
Non-Recurring				54

Total	$	1,778	$	1,731



Interest Expense, net
Interest paid or accrued	$	32,324	$	37,246
Over-market mortgage adjustment of acquired properties, net		(112)		(787)
Amortization of convertible bond discount				572

Gross interest expense		32,212		37,031
Capitalized interest		(783)		(337)

Total	$	31,429	$	36,694



Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	719	$	894
Deferred compensation interest income		1,362		611
Other		305		550

Total	$	2,386	$	2,055



Supplemental Analyst Information

Net Operating Income including Joint Ventures
Revenues	$	122,471	$	118,107
Operating expense		(23,014)		(21,526)
Real estate taxes		(14,164)		(14,285)

Total		85,293		82,296


Net Operating Income from Discontinued Operations		9,997		11,440

Minority Interests Share of Net Operating Income and Other Adjustments		(5,243)		(5,872)

Pro rata Income From Consolidated Ventures		90,047		87,864


Pro rata share of Unconsolidated Joint Ventures
Revenues		16,979		17,188
Operating expense		(2,821)		(2,883)
Real estate taxes		(2,152)		(2,112)

Total		12,006		12,193


Net Operating Income including Joint Ventures	$	102,053	$	100,057



Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships	$	2,907	$	1,973
Intercompany fee income reclass		1,309		1,333
Other adjustments		(141)		91

Equity in earnings of real estate joint ventures and partnerships, net	$	4,075	$	3,397

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)


	March 31, 2012		December 31, 2011
Property
Land	$	854,805	$	918,627
Land held for development		125,435		124,528
Land under development		18,493		20,281
Buildings and improvements		3,201,315		3,557,173
Construction in-progress		63,174		67,917

Total	$	4,263,222	$	4,688,526




Straight Line Rent Receivable	$	62,173	$	61,684



Other Assets, net
Notes receivable and mortgage bonds, net	$	41,488	$	40,380
Debt service guaranty asset		74,075		74,075
Non-qualified benefit plan assets		16,013		14,697
Out-of-market rentals, net		5,404		5,755
Deferred income tax asset		12,008		11,936
Interest rate derivative		10,281		10,816
Other		11,626		11,012

Total	$	170,895	$	168,671



Other Liabilities, net
Deferred revenue	$	14,973	$	14,992
Non-qualified benefit plan liabilities		45,831		44,523
Deferred income tax payable		4,955		5,320
Out-of-market rentals, net		18,113		13,386
Interest rate derivative		653		674
Other		30,760		29,024

Total	$	115,285	$	107,919




Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	17,342	$	17,342
Above-market leases - Accumulated Amortization		(11,938)		(11,587)
Below-market assumed Mortgages (included in Debt, net)		5,722		5,722
Below-market assumed Mortgages - Accumulated Amortization		(1,913)		(1,762)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)		78,482		74,361
Valuation of in place leases - Accumulated Amortization		(40,158)		(38,842)

Total	$	47,537	$	45,234


Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	44,736	$	39,399
Below-market leases - Accumulated Amortization		(26,623)		(26,013)
Above-market assumed mortgages (included in Debt, net)		45,670		45,670
Above-market assumed mortgages - Accumulated Amortization		(31,867)		(31,597)

Total	$	31,916	$	27,459

Page 7

Weingarten Realty Investors

Capitalization and Coverage Ratios

(in thousands, except common share data and percentages)


		March 31, 2012		December 31, 2011
Common Share Data
Closing Market Price		$	26.43	$	21.82

Dividend Yield			4.39%		5.04%

90-Day, Average Daily Trading Volume			952,718		1,089,938


Capitalization (As reported)
Debt		$	2,497,561	$	2,531,837
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares		$	2,995,061	$	3,029,337
Common Shares at Market			3,201,017		2,636,816
Operating Partnership Units at Market			41,812		34,563

Total Market Capitalization		$	6,237,890	$	5,700,716

Debt to Total Market Capitalization			40.0%		44.4%
Debt & Preferred to Total Market Capitalization			48.0%		53.1%

Capitalization (Pro rata)
Debt		$	2,433,426	$	2,468,738
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares		$	2,930,926	$	2,966,238
Common Shares at Market			3,201,017		2,636,816
Operating Partnership Units at Market			41,812		34,563

Total Market Capitalization		$	6,173,755	$	5,637,617

Debt to Total Market Capitalization			39.4%		43.8%
Debt & Preferred to Total Market Capitalization			47.5%		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%		44.6%		44.8%
Secured Debt to Asset Ratio	Less than 40.0%		17.6%		18.1%
Fixed Charge Ratio	Greater than 1.5x		2.6x		2.3x
Unencumbered Asset Test	Greater than 100%		255.3%		256.8%


Net Debt to Adjusted EBITDA			6.62x		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.

	xxxxxxxxxxxxx	xxxxxxxxxxxxx

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 March 31, 2012

(in thousands at pro rata share, except percentages)


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

	UNDER DEVELOPMENT
1	Whole Foods @ Carrollwood (4)	Tampa, Florida	Whole Foods		100.0	%		37		37		100.0	%		100.0	%		1,026		4,451		8,396			8,396
2	Dacula Market	Dacula, Georgia	Kroger#		100.0	%		117		24		47.2	%		89.1	%		126		3,413		4,369			4,369
3	Surf City Crossing	Surf City (Wilmington), North Carolina	Harris Teeter		100.0	%		75		63		92.9	%		83.9	%		39		8,104		7,619			7,619
4	Ridgeway Trace Center Phase 2	Memphis, Tennessee	Target #, Sports Authority, Best Buy, PetSmart, Staples		100.0	%		80		80		88.2	%		88.2	%		899		22,608		25,059			25,059
5	North Towne Plaza	Brownsville, Texas	Lowes#		100.0	%		153		36		32.2	%		84.1	%		2,426		7,226		7,749			7,749
6	Westwood Center	San Antonio, Texas	Wal-Mart #		100.0	%		304		69		64.6	%		87.2	%		150		17,582		16,085			16,085
7	Tomball Marketplace	Tomball, Texas	Academy#		100.0	%		147		62		50.6	%		79.3	%		79		13,808		15,233			15,233
	Tomball Marketplace Phase 2	Tomball, Texas	Ross, Marshall’s		100.0	%		168		100		66.0	%		79.7	%		2,164		15,339		16,842			16,842
	Total Wholly Owned							1,080		471		70.3	%		85.0	%	$	6,909	$	92,530	$	101,353		$	101,353			7.1	%	$	5,065

8	300 West*	Salt Lake City, Utah	Target #		31.8	%		210		23		58.2	%		85.6	%		21		4,514		5,863			18,436
9	Riverpoint at Sheridan	Sheridan (Denver), Colorado	Costco #, Target #, Regal Cinema		50.0	%		513		91		63.0	%		86.8	%		40		38,742		23,287			46,573
10	Clermont Landing Phase 2*	Clermont, Florida	JC Penney #, Epic Theater #, TJ Maxx, Ross		65.7	%		63		23		18.6	%		54.4	%		10		3,892		4,330			6,591
11	Hilltop Village Center (5)	Alexandria, Virginia	Wegman’s		100.0	%		258		258		69.4	%		69.4	%		259		12,218		62,374			62,374
	Total Joint Venture							1,043		396		62.5	%		80.3	%	$	330	$	59,366	$	95,854		$	133,975			7.3	%	$	603

	Total 11 Properties Under Development (exclusive of phasing)							2,124		866		66.1	%		82.7	%	$	7,239	$	151,896	$	197,207		$	235,328			7.2	%	$	5,668

								Spent Inception to Date (from above)													$	151,896		$	201,325
								Additional Capital Needed to Complete														69,888			75,935
								Reimbursement of Future Property Sales & Bond Proceeds														(24,578	)		(41,933	)
								Total Estimated Investment													$	197,207		$	235,328


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

Completion ($)	$5,668	$5,668	$10,700 -$12,700	$5,800 - $8,800	$10,700 - $15,700	$200 - $5,200	$5,100 - $10,100	$2,400 - $7,400	$68,100 - $78,100
Weighted Return (%)	7.3%	7.3%	6.5% - 7.0%	6.2% - 6.7%	8.1% - 8.6%	7.1% - 7.6%	6.9% - 7.4%	6.8% - 7.3%	6.9% - 7.4%
Net Operating Income	$413	$413	$691 - $883	$359 - $589	$870 - $1,355	$14 - $393	$352 - $747	$164 - $542	$4,710 - $5,792

*	Unconsolidated Joint Venture

#	Denotes anchors that are not owned by Weingarten.

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

(2)	Net of non-cash impairment charges.

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

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

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

Note: Phased properties are counted as one property.

Page 10

Weingarten Realty Investors

Land Held for Development

As of March 31, 2012

(in thousands, except acres and percentages)


	Ownership		Gross		Investment (1)
Location	Interest		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%		2.1
SEC Poplar Ave at I-240, Memphis, TN		100.0%		1.2

Total New Development Phased Projects				240.6	$	53,206	$	45,243

Other Raw Land
FM 1957 (Potranco Rd) and FM 211, San Antonio, TX		50.0%		198.7
South Fulton Parkway and SH 92, Union City - Atlanta, TX		100.0%		81.6
Shary Road and US Hwy 83, Mission, TX		50.0%		36.9
SH 281 & Wilderness Oaks, San Antonio, TX		100.0%		29.2
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh, NC		100.0%		11.7
Lon Adams Rd at Tangerine Farms Rd - Marana, AZ		50.0%		9.7
Rock Prairie Rd. at Hwy. 6, College Station, TX		100.0%		9.0
SH 151 & Ingram Rd, San Antonio, TX		66.7%		7.2
Young Pines and Curry Ford Rd, Orlando, FL		100.0%		3.0
Leslie Rd. at Bandera Rd., Helotes, TX		100.0%		1.7
Other (2)		100.0%		39.8

Total Raw Land				428.6	$	81,318	$	60,867

Total Land Held For Development Properties				669.1	$	134,524	$	106,110

(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 $110.0 million of total investment at 100%, $85.1 million at pro rata share.

Page 11

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended March 31, 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

Total Dispositions

47,730

5.80%

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

Total Acquisitions

22,386

7.30%

* 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 (2)	$	22,384	$	7,239	$	1,239	$	10,699	$	2,049	$	408	$	272	$	44,290

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 $4.0 million for the three months ended March 31, 2012.

Page 13

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)


	March 31, 2012		1st Quarter Weighted Average Rate (1)		December 31, 2011		4th Quarter Weighted Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	972,122		6.27%	$	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		904,752		5.49%		905,470		5.49%
Term Loan		200,000		1.54%		200,000		1.50%
Revolving Credit Agreements (3)		170,000		1.27%		166,500		1.26%
Industrial Revenue Bonds		1,507		2.39%		1,594		2.57%
Obligations under Capital Leases		21,000		7.72%		21,000		7.55%

Subtotal Consolidated Debt		2,423,486		5.16%		2,457,762		5.13%
Debt Service Guarantee Liability (4)		74,075				74,075

Total Consolidated Debt - As Reported		2,497,561		5.16%		2,531,837		5.13%
Less: Noncontrolling Interests and Other Adjustments		(260,165)				(260,031)
Plus: WRI Share of Unconsolidated Joint Ventures		196,030				196,932

Total Debt - Pro rata Share	$	2,433,426		5.12%	$	2,468,738		5.10%



	Debt Balance		1st 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 March 31, 2012
Fixed-rate debt	$	1,920,701		5.94%		78.9%		4.61
Variable-rate debt		512,725		1.88%		21.1%		2.69

Total	$	2,433,426		5.12%		100.0%		4.21


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 March 31, 2012
Secured Debt	$	957,280		6.25%		39.3%		4.84
Unsecured Debt		1,476,146		4.34%		60.7%		3.80

Total	$	2,433,426		5.12%		100.0%		4.21


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 03/31/12		5.16%		5.12%
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 2.13% and 1.99% for the first 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 March 31, 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)	$	460,652	3.94%	$	466,316	3.97%	$	203,322	$	262,994	$	83,056	$	383,260
2013		315,211	5.73%		280,013	5.62%		237		279,776		106,422		173,591
2014		473,968	5.72%		429,135	5.62%		237		428,898		114,135		315,000
2015		243,790	6.17%		207,904	5.99%		237		207,667		117,904		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		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		2,210,627			2,174,574			210,802		1,963,772		917,328		1,257,246

Revolving Credit Agreements		170,000	1.27%		170,000	1.27%		170,000						170,000
Other (3)		116,934			88,852			12,930		75,922		39,952		48,900
Swap Maturities:
2014								50,000		(50,000)
2017								68,993		(68,993)

Total	$	2,497,561	5.16%	$	2,433,426	5.12%	$	512,725	$	1,920,701	$	957,280	$	1,476,146

(1)	Includes $1.5 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.

Page 16

Joint Ventures

Weingarten Realty Investors

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

(in thousands)

		kishore kunal P		kishore kunal P
	Three Months Ended March 31,
Condensed Statements of Income	2012		2011

Revenues:
Base minimum rent, net	$	38,098	$	38,310
Straight line rent		703		743
Over/Under-market rentals, net		412		435
Percentage rent		271		128
Tenant reimbursements		9,738		9,444
Other income		625		2,266


Total		49,847		51,326


Expenses:
Depreciation and amortization		16,136		17,631
Interest, net		9,086		9,264
Operating		8,625		8,894
Real estate taxes, net		6,238		6,478
General and administrative		361		1,092
Provision for income taxes		73		85
Impairment loss				2,058


Total		40,519		45,502


Loss on sale of property				(21)


Net income	$	9,328	$	5,803




Condensed Balance Sheets
	March 31, 2012		December 31, 2011
ASSETS

Property	$	2,024,964	$	2,108,745
Accumulated depreciation		(297,029)		(296,496)

Property, net		1,727,935		1,812,249

Other assets, net		170,266		173,130


Total	$	1,898,201	$	1,985,379


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net	$	554,038	$	556,920
Amounts payable to Weingarten Realty Investors and Affiliates		109,599		170,007
Other liabilities, net		41,253		41,907

Total		704,890		768,834


Accumulated equity		1,193,311		1,216,545


Total	$	1,898,201	$	1,985,379

Page 18

Weingarten Realty Investors

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

(in thousands)

		kishore kuna		kishore kuna
	Three Months Ended March 31,
Condensed Statements of Income	2012		2011

Revenues:
Base minimum rent, net	$	13,009	$	12,642
Straight line rent		271		260
Over/Under-market rentals, net		1		45
Percentage rent		98		29
Tenant reimbursements		3,384		3,104
Other income		216		1,108

Total		16,979		17,188


Expenses:
Depreciation and amortization		5,644		5,964
Interest, net		3,331		3,306
Operating		2,821		2,883
Real estate taxes, net		2,152		2,112
General and administrative		92		496
Provision for income taxes		32		33
Impairment loss				411

Total		14,072		15,205


Loss on sale of property				(10)


Net income	$	2,907	$	1,973



Condensed Balance Sheets
	March 31, 2012		December 31, 2011
ASSETS

Property	$	619,774	$	640,569
Accumulated depreciation		(102,260)		(100,791)

Property, net		517,514		539,778
Notes receivable from real estate joint ventures and partnerships		5,357		5,399
Unamortized debt and lease costs, net		24,737		25,377
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $666 in 2012 and $686 in 2011)		15,701		18,332
Cash and cash equivalents		13,467		11,543
Restricted deposits and mortgage escrows		2,268		2,283
Notes receivable and mortgage bonds, net		417		413
Out-of-market rentals, net		2,727		2,622
Other assets, net		2,197		2,190

Total	$	584,385	$	607,937


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net	$	197,141	$	198,087
Amounts payable to Weingarten Realty Investors and Affiliates		50,906		75,036
Accounts payable and accrued expenses		5,825		6,084
Deferred revenue		1,316		811
Out-of-market rentals, net		3,760		3,940
Interest rate derivative		838		855
Other liabilities, net		528		1,786

Total		260,314		286,599


Accumulated equity		324,071		321,338


Total	$	584,385	$	607,937

	kishore kunal	kishore kunal

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

March 31, 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 (Loss) of Unconsolidated JVs

TIAA Florida Retail LLC	7		1,259	$	317,173			20.0%			$	62,442	$	460
AEW SRP, LLC	9		899		147,003	$	103,411	25.0%	$	25,853		7,857		18
Collins	8		1,165		148,644		27,286	50.0%		13,643		54,248		632
AEW - Institutional Client	6		523		124,741		65,535	20.0%		13,107		11,229		69
BIT Retail	3		720		152,237			20.0%				29,764		283
BIT Investment Thirty-Six, LP	12		3,939		201,806		17,651	20.0%		3,530		24,231		141
Eagle AN, LP	9		2,561		68,387		39,694	22.5%		8,919		4,554		81
Jamestown	6		1,351		148,929		89,733	20.0%		17,947		11,770		298
Fidelis Realty Partners	1		491		143,439		87,595	57.8%		50,586		31,294		391
Sleiman Enterprises	3		220		29,016		12,075	50.0%		6,038		11,586		80

Other	21		2,956		416,827		111,057	51.8%		57,518		89,356		1,622


Total	85		16,083	$	1,898,201	$	554,038	28.9%	$	197,141	$	338,332	$	4,075


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 March 31, 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	$	103,411		5.7%	3.8
Collins		2		27,286		6.2%	9.4
AEW - Institutional Client		6		65,535		5.7%	2.0
BIT Investment Thirty-Six, LP		2		17,651		6.6%	0.8
Eagle AN, LP		2		39,694		5.5%	5.0
Jamestown		6		89,733		5.7%	4.0
Fidelis Realty Partners		1		87,595		4.3%	8.6
Sleiman Enterprises		2		12,075		5.6%	3.4
Other		6		109,454		5.5%	4.8


Total		34	$	552,435		5.5%	4.0




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	$	26,834		5.4%	$	7,674	5.3%
2013		55,443		5.2%		19,401	5.1%
2014		116,435		5.3%		27,104	5.1%
2015		41,486		5.0%		10,312	4.9%
2016		97,977		4.9%		25,559	4.8%
2017		57,172		5.1%		25,983	5.1%
2018		6,643		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	$	552,435			$	196,030

(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 3/31/2012


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

1	The Kroger Co.	Kroger, Smith’s Food, Ralphs, Fry’s Food, King Soopers		27		2.25%		1,306

2	T.J.X. Companies, Inc.	T.J. Maxx, Marshalls, Home Goods		38		2.05%		893

3	Ross Stores, Inc.	Ross Dress for Less		37		1.86%		801

4	Safeway, Inc.	Safeway, Randalls, Von’s		18		1.36%		754

5	Petsmart, Inc.			20		1.22%		380

6	The Sports Authority			11		1.12%		388

7	Best Buy, Inc.			13		1.01%		344

8	Office Depot, Inc.			24		0.97%		435

9	H E Butt Grocery			7		0.95%		367

10	Home Depot, Inc.			5		0.95%		535

11	Harris Teeter			9		0.91%		403

12	Dollar Tree Stores, Inc.	Dollar Tree, Greenbacks		44		0.90%		386

13	Gap, Inc.	Gap, Old Navy, Banana Republic		18		0.85%		264

14	24 Hour Fitness Inc.			7		0.79%		179

15	Bed Bath & Beyond, Inc.			19		0.79%		392

16	Petco Animal Supplies, Inc.			21		0.74%		232

17	Whole Foods			6		0.71%		224

18	Publix Super Markets, Inc.			21		0.71%		432

19	Toys ‘R’ Us	Toys R Us, Babies R Us		9		0.67%		321

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

21	Staples			12		0.63%		241

22	Office Max Inc.			11		0.60%		238

23	Barnes & Noble Inc.	Barnes & Noble, Bookstop Booksellers		9		0.58%		202

24	Delhaize Group	Food Lion, Sweet Bay		10		0.58%		365

25	Thrifty Payless, Inc.	Rite Aid		16		0.58%		235


	Total			418		24.42%		10,646

Page 23

Weingarten Realty Investors

Portfolio Operating Information

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

		KISHORE K		KISHORE K		KISHORE K		KISHORE K		KISHORE K		KISHORE K
Lease Expirations As of March 31, 2012	Shopping Center				Industrial				Total
	Percentage of				Percentage of				Percentage of
Year Expiring	Sq. Ft.		Revenue		Sq. Ft.		Revenue		Sq. Ft.		Revenue
2012		5.36%		6.61%		11.11%		11.47%		6.78%		7.12%
2013		13.89%		14.38%		22.91%		23.90%		16.12%		15.38%
2014		14.35%		13.85%		16.69%		15.94%		14.93%		14.07%
2015		13.96%		13.41%		12.71%		12.66%		13.65%		13.33%
2016		13.55%		13.79%		14.58%		14.17%		13.80%		13.83%
2017-2021		28.47%		28.57%		20.12%		20.33%		26.41%		27.71%
2022-2031		9.87%		8.63%		1.88%		1.54%		7.90%		7.89%


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 March 31, 2012
Retail New Leases		71		255	$	15.53	$	14.91	$	15.57		4.1%
Retail Renewals		247		1,243		14.00		13.30		-		5.3%
Industrial		28		459		4.72		4.76		0.57		-0.9%
Not Comparable Spaces		63		178

Total		409		2,135	$	12.02	$	11.51	$	2.16		4.5%

	KISHORE K	KISHORE K	KISHORE K	KISHORE K	KISHORE K

Occupancy	Quarter Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
	2012	2011	2011	2011	2011
Signed Basis
Retail
Mid-Atlantic Region	91.8%	90.8%	90.5%	89.9%	89.7%
Southeast Region	93.4%	93.8%	93.4%	92.0%	92.1%
Western Region	94.2%	94.6%	94.6%	94.5%	94.5%
Mountain Region	92.3%	92.1%	92.4%	93.0%	94.1%
Central Region	94.4%	93.6%	93.3%	92.6%	91.7%

Total Retail	93.4%	93.0%	92.8%	92.4%	92.3%
Industrial	86.8%	89.5%	87.9%	88.0%	87.0%

Total	91.7%	92.1%	91.6%	91.2%	90.9%

Commenced Basis
Retail
Mid-Atlantic Region	90.3%	89.2%	87.8%	88.1%	87.1%
Southeast Region	89.9%	89.9%	89.4%	89.6%	88.5%
Western Region	92.0%	93.4%	90.8%	90.6%	90.5%
Mountain Region	89.3%	90.8%	90.6%	91.1%	92.6%
Central Region	92.5%	91.8%	90.1%	89.0%	88.8%

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

Total	89.3%	89.3%	88.9%	88.7%	88.5%

		KISHORE K		KISHORE K
Same Property Net Operating Income Growth (1) Cash Basis

	Three Months Ended March 31,
	2012		2011
Retail
Central Region		8.0%		-1.1%
Mountain Region		-0.8%		5.2%
Western Region		8.5%		-0.3%
Mid-Atlantic Region		4.2%		-1.0%
Southeast Region		3.0%		-0.1%

Total Retail		4.8%		0.5%
Industrial		-3.1%		-1.1%

Total		4.0%		0.4%

(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)


	Three Months Ended March 31,								Twelve Months Ended December 31,
	2012		%		2011		%		2011		%		2010		%		2009		%		2008		%

*Western Region*
California	$	13,974		13.7%	$	12,826		13.1%	$	53,618		13.2%	$	50,943		13.1%	$	50,136		12.7%	$	51,176		12.1%
Oregon		546		0.5%		314		0.3%		1,349		0.3%		1,345		0.3%		1,342		0.3%		1,385		0.3%
Washington		359		0.4%		356		0.4%		1,978		0.5%		1,171		0.3%		1,124		0.3%		1,193		0.3%

Total Western Region		14,880		14.6%		13,496		13.8%		56,945		14.0%		53,459		13.7%		52,602		13.3%		53,754		12.7%

*Mountain Region*
Nevada	$	7,652		7.5%	$	7,742		7.8%	$	30,525		7.5%	$	30,906		8.0%	$	31,505		8.0%	$	34,360		8.1%
Arizona		6,441		6.3%		6,664		6.8%		25,450		6.3%		24,287		6.2%		26,845		6.8%		26,181		6.2%
Colorado		3,525		3.5%		2,851		2.9%		12,485		3.1%		10,099		2.6%		9,136		2.3%		10,779		2.4%
New Mexico		1,074		1.1%		1,441		1.5%		4,993		1.2%		5,250		1.4%		8,714		2.2%		11,355		2.7%
Utah		892		0.9%		864		0.9%		3,494		0.9%		3,548		0.9%		3,557		0.9%		3,614		0.9%

Total Mountain Region		19,584		19.3%		19,563		19.9%		76,947		19.0%		74,090		19.1%		79,757		20.2%		86,289		20.3%

*Central Region*
Texas	$	31,685		31.1%	$	30,122		30.5%	$	129,540		32.0%	$	121,035		31.1%	$	113,454		28.7%	$	124,407		29.2%
Louisiana		2,077		2.0%		1,923		2.0%		8,272		2.0%		7,715		2.0%		8,363		2.1%		10,907		2.6%
Illinois		764		0.8%		759		0.8%		2,556		0.6%		2,065		0.5%		2,960		0.7%		3,129		0.7%
Arkansas		751		0.7%		273		0.3%		3,106		0.8%		2,732		0.7%		3,048		0.8%		3,006		0.7%
Oklahoma		257		0.3%		248		0.3%		1,083		0.3%		1,034		0.3%		975		0.2%		955		0.2%
Kansas		241		0.2%		271		0.3%		1,061		0.3%		3,019		0.8%		1,875		0.5%		1,949		0.5%
Missouri		199		0.2%		497		0.5%		1,181		0.3%		1,214		0.3%		1,405		0.4%		1,182		0.3%

Total Central Region		35,973		35.3%		34,092		34.7%		146,799		36.3%		138,814		35.7%		132,080		33.4%		145,535		34.2%

*Mid-Atlantic Region*
North Carolina	$	6,587		6.5%	$	6,385		6.4%	$	25,656		6.3%	$	24,869		6.4%	$	25,476		6.5%	$	26,978		6.4%
Georgia		4,976		4.9%		5,302		5.4%		19,845		4.9%		21,798		5.6%		22,643		5.7%		25,039		5.9%
Kentucky		2,045		2.0%		1,791		1.8%		6,890		1.7%		7,019		1.8%		6,766		1.7%		6,629		1.6%
Tennessee		1,779		1.7%		1,671		1.7%		7,491		1.8%		6,261		1.6%		5,009		1.3%		7,015		1.6%
Virginia		895		0.9%		855		0.9%		3,551		0.9%		3,634		0.9%		3,626		0.9%		2,551		0.6%
South Carolina		71		0.1%		63		0.1%		268		0.1%		285		0.1%		306		0.1%		277		0.1%
Maine		41		0.0%		10		0.0%		214		0.1%		321		0.1%		355		0.1%		278		0.1%

Total Mid-Atlantic Region		16,394		16.1%		16,078		16.3%		63,915		15.8%		64,186		16.5%		64,181		16.3%		68,767		16.3%

*Southeast Region*
Florida	$	14,908		14.7%	$	14,987		15.3%	$	60,361		14.9%	$	58,135		15.0%	$	66,170		16.8%	$	70,335		16.5%

Total Southeast Region		14,908		14.7%		14,987		15.3%		60,361		14.9%		58,135		15.0%		66,170		16.8%		70,335		16.5%

Total Net Operating Income	$	101,739		100.0%	$	98,215		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

As of 3/31/2012

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



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

Retail
West Region
Los Angeles-Long Beach et al, CA		3		584		$16.88		395		$5,404		$13.67		156		$3,894		$25.04
Madera, CA		1		85		$12.51		52		$527		$10.13		29		$483		$16.82
Modesto, CA		1		79		$14.99		47		$557		$11.74		22		$479		$22.11
Redding, CA		2		151		$16.05		91		$859		$9.43		53		$1,452		$27.48
Riverside et al, CA		5		734		$18.98		389		$5,400		$13.87		263		$6,976		$26.56
Sacramento—Arden et al, CA		5		625		$15.22		116		$678		$5.85		231		$4,604		$19.92
San Diego-Carlsbad et al, CA		3		286		$22.16		162		$2,361		$14.57		106		$3,578		$33.75
San Francisco-Oakland et al, CA		3		442		$21.72		216		$3,283		$15.23		174		$5,180		$29.78
San Jose-Sunnyvale et al, CA		2		145		$21.13		66		$427		$6.50		72		$2,495		$34.43
Santa Cruz-Watsonville, CA		1		150		$15.32		37		$305		$8.14		44		$942		$21.43
Santa Rosa-Petaluma, CA		1		195		$11.26		135		$1,278		$9.49		34		$617		$18.33
Vallejo-Fair field, CA		3		362		$18.56		121		$1,148		$9.49		164		$4,146		$25.25
California		30		3,840		$17.98		1,828		$22,229		$12.16		1,347		$34,847		$25.87
Portland-Vancouver et al, OR-WA		3		120		$14.16		66		$575		$8.75		46		$1,010		$21.82
Oregon		3		120		$14.16		66		$575		$8.75		46		$1,010		$21.82
Seattle-Tacoma-Bellevue, WA		5		179		$15.77		96		$1,247		$12.97		59		$1,206		$20.28
Washington		5		179		$15.77		96		$1,247		$12.97		59		$1,206		$20.28
Total West Region		38		4,138		$17.75		1,990		$24,050		$12.09		1,453		$37,063		$25.52

Mountain Region
Lake Havasu City-Kingman, AZ		1		183		$14.42		112		$1,425		$12.67		24		$537		$22.76
Phoenix-Mesa-Scottsdale, AZ		17		1,393		$16.08		476		$4,616		$9.69		501		$11,102		$22.14
Tucson, AZ		5		632		$18.31		168		$2,098		$12.51		212		$4,857		$22.89
Arizona		23		2,209		$16.49		757		$8,139		$10.76		737		$16,495		$22.38
Colorado Springs, CO		2		299		$8.87		243		$1,824		$7.50		40		$687		$17.18
Denver-Aurora, CO		10		878		$16.56		414		$5,455		$13.17		240		$5,381		$22.40
Colorado		12		1,177		$14.24		657		$7,279		$11.07		280		$6,067		$21.66
Las Vegas-Paradise, NV		13		2,366		$15.22		1,288		$14,111		$10.96		617		$14,873		$24.10
Nevada		13		2,366		$15.22		1,288		$14,111		$10.96		617		$14,873		$24.10
Albuquerque, NM		4		431		$14.81		176		$1,672		$9.50		148		$3,133		$21.11
New Mexico		4		431		$14.81		176		$1,672		$9.50		148		$3,133		$21.11
Provo-Orem, UT		1		30		$16.08		12		$165		$13.96		18		$317		$17.46
Salt Lake City, UT		3		290		$13.18		156		$1,688		$10.83		73		$1,325		$18.23
Utah		4		320		$13.52		168		$1,852		$11.05		91		$1,642		$18.08
Total Mountain Region		56		6,503		$15.30		3,045		$33,054		$10.85		1,874		$42,211		$22.53

Central Region
Little Rock-N. Little Rock, AR		3		357		$8.88		297		$2,318		$7.80		40		$680		$16.79
Arkansas		3		357		$8.88		297		$2,318		$7.80		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
Topeka, KS		1		116		$10.00		35		$350		$10.00		0		$0		$0.00
Kansas		1		116		$10.00		35		$350		$10.00		0		$0		$0.00
Hammond, LA		1		225		$8.39		48		$207		$4.28		81		$882		$10.83
Lafayette, LA		1		138		$9.80		75		$530		$7.08		62		$811		$13.07
Lake Charles, LA		4		447		$9.14		165		$1,101		$6.68		93		$1,257		$13.49
Monroe, LA		1		141		$5.58		89		$341		$3.82		45		$407		$9.07
New Orleans-Metairie-Kenner, LA		2		140		$14.94		78		$792		$10.13		61		$1,282		$21.15

Page 26


							Occupied		Annualized		Avg. Base		Occupied		Annualized		Avg. Base
	# of Properties						SF		Rents		Rents		SF		Rents		Rents
	# of Properties		GLA		Total ABR		Greater than 10K SF						Less than 10K SF
Shreveport-Bossier City, LA		1		5		$23.92		0		$0		$0.00		5		$122		$23.92
Louisiana		10		1,096		$9.63		456		$2,971		$6.52		347		$4,761		$13.71
St. Louis, MO-IL		2		229		$8.79		105		$832		$7.90		41		$453		$11.07
Missouri		2		229		$8.79		105		$832		$7.90		41		$453		$11.07
Oklahoma City, OK		2		164		$7.58		104		$570		$5.51		48		$581		$12.04
Oklahoma		2		164		$7.58		104		$570		$5.51		48		$581		$12.04
Amarillo, TX		1		20		$10.46		4		$29		$6.46		4		$62		$14.65
Beaumont-Port Arthur, TX		5		248		$8.22		146		$734		$5.02		84		$1,162		$13.77
Brownsville-Harlingen, TX		1		12		$17.78		0		$0		$0.00		4		$64		$17.78
College Station-Bryan, TX		1		107		$10.95		86		$923		$10.74		21		$248		$11.83
Corpus Christi, TX		1		372		$13.48		245		$2,312		$9.43		118		$2,583		$21.92
Dallas-Fort Worth-Arlington, TX		9		1,062		$13.45		493		$5,652		$11.47		356		$5,764		$16.18
Houston-Baytown-Sugar Land, TX		57		5,069		$14.66		2,957		$30,954		$10.47		1,729		$37,750		$21.83
Killeen-Temple-Fort Hood, TX		1		115		$12.15		98		$1,084		$11.04		14		$275		$20.19
Laredo, TX		2		375		$14.51		219		$2,451		$11.17		97		$2,135		$22.06
Lubbock, TX		1		152		$12.59		53		$492		$9.29		27		$511		$19.10
Lufkin, TX		1		248		$9.05		124		$940		$7.57		21		$375		$17.72
McAllen-Edinburg-Pharr, TX		7		494		$13.32		315		$3,500		$11.12		83		$1,795		$21.71
Rio Grande City, TX		1		88		$11.46		76		$804		$10.63		11		$189		$17.16
San Antonio, TX		7		596		$13.05		311		$2,987		$9.59		186		$3,504		$18.85
Tyler, TX		1		60		$7.95		33		$212		$6.35		20		$209		$10.69
Texas		96		9,018		$13.82		5,162		$53,075		$10.28		2,774		$56,627		$20.41
Total Central Region		115		11,284		$13.08		6,319		$61,755		$9.77		3,282		$63,843		$19.45

Mid-Atlantic Region
Atlanta-Sandy Springs et al, GA		15		1,545		$16.24		544		$6,397		$11.76		472		$10,101		$21.39
Gainesville, GA		1		29		$15.86		21		$239		$11.31		8		$219		$28.19
Georgia		16		1,574		$16.23		565		$6,636		$11.74		480		$10,321		$21.50
Lexington-Fayette, KY		3		442		$13.60		218		$2,039		$9.34		163		$3,154		$19.29
Louisville, KY-IN		1		169		$12.18		93		$848		$9.17		69		$1,123		$16.21
Kentucky		4		611		$13.18		311		$2,887		$9.29		233		$4,277		$18.37
Charlotte-Gastonia et al, NC-SC		4		319		$17.03		154		$2,136		$13.91		119		$2,512		$21.05
Durham, NC		5		227		$16.31		83		$1,122		$13.45		71		$1,399		$19.65
Raleigh-Cary, NC		11		1,536		$13.43		573		$5,156		$8.99		441		$8,476		$19.20
Southern Pines-Pinehurst, NC		1		252		$10.03		96		$511		$5.34		74		$1,188		$16.13
Wilmington, NC		2		146		$13.90		49		$464		$9.50		35		$699		$20.06
North Carolina		23		2,481		$13.96		955		$9,389		$9.83		741		$14,274		$19.28
Hilton Head Island-Beaufort, SC		1		22		$14.92		5		$47		$9.00		13		$232		$17.23
South Carolina		1		22		$14.92		5		$47		$9.00		13		$232		$17.23
Memphis, TN-MS-AR		6		573		$13.12		374		$4,113		$10.99		164		$2,947		$18.02
Tennessee		6		573		$13.12		374		$4,113		$10.99		164		$2,947		$18.02
Total Mid-Atlantic Region		50		5,260		$14.35		2,210		$23,072		$10.44		1,630		$32,050		$19.66

Southeast Region
Fort Walton Beach et al, FL		2		70		$14.69		50		$663		$13.19		17		$323		$19.19
Jacksonville, FL		5		434		$11.37		267		$2,432		$9.11		81		$1,526		$18.78
Miami-Fort Lauderdale et al, FL		17		1,110		$15.70		572		$5,924		$10.36		387		$9,130		$23.61
Orlando, FL		14		3,058		$15.33		1,055		$13,008		$12.33		478		$10,494		$21.95
Palm Bay-Melbourne et al, FL		3		182		$11.46		49		$403		$8.28		49		$720		$14.61
Port St. Lucie-Fort Pierce, FL		1		51		$14.00		24		$307		$12.93		5		$92		$19.35
Punta Gorda, FL		2		25		$16.51		15		$224		$14.88		6		$120		$20.74
Sarasota-Bradenton-Venice, FL		1		97		$10.46		46		$324		$7.13		32		$491		$15.14
Tampa-St. Petersburg et al, FL		5		1,098		$13.56		674		$7,429		$11.02		295		$5,721		$19.37
Florida		50		6,126		$14.46		2,752		$30,715		$11.16		1,350		$28,617		$21.19
Total Southeast Region		50		6,126		$14.46		2,752		$30,715		$11.16		1,350		$28,617		$21.19

Page 27


							Occupied		Annualized		Avg. Base		Occupied		Annualized		Avg. Base
	# of Properties						SF		Rents		Rents		SF		Rents		Rents
	# of Properties		GLA		Total ABR		Greater than 10K SF						Less than 10K SF
Total Retail		309		33,311		$14.53		16,316		$172,646		$10.58		9,589		$203,784		$21.25

Industrial
West Region
San Diego-Carlsbad et al, CA		1		121		$6.27		41		$251		$6.15		1		$14		$9.66
California		1		121		$6.27		41		$251		$6.15		1		$14		$9.66

Total West Region		1		121		$6.27		41		$251		$6.15		1		$14		$9.66

Central Region
Austin-Round Rock, TX		6		428		$9.78		103		$1,089		$10.57		283		$2,685		$9.49
Dallas-Fort Worth-Arlington, TX		16		2,516		$4.67		1,538		$6,521		$4.24		425		$2,648		$6.23
Houston-Baytown-Sugar Land, TX		23		2,885		$5.41		1,889		$9,424		$4.99		310		$2,487		$8.02
San Antonio, TX		4		687		$5.45		390		$2,190		$5.61		206		$1,061		$5.16
Texas		49		6,517		$5.46		3,920		$19,224		$4.90		1,224		$8,881		$7.26

Total Central Region		49		6,517		$5.46		3,920		$19,224		$4.90		1,224		$8,881		$7.26

Mid-Atlantic Region
Atlanta-Sandy Springs et al, GA		7		1,057		$3.51		764		$2,675		$3.50		0		$0		$0.00
Georgia		7		1,057		$3.51		764		$2,675		$3.50		0		$0		$0.00
Memphis, TN-MS-AR		3		685		$2.62		588		$1,537		$2.62		2		$8		$4.25
Tennessee		3		685		$2.62		588		$1,537		$2.62		2		$8		$4.25
Richmond, VA		9		903		$4.60		770		$3,509		$4.56		4		$51		$13.76
Virginia		9		903		$4.60		770		$3,509		$4.56		4		$51		$13.76
Total Mid-Atlantic Region		19		2,645		$3.66		2,121		$7,720		$3.64		6		$59		$10.57

Southeast Region
Lakeland, FL		1		600		$4.22		600		$2,534		$4.22		0		$0		$0.00
Tampa-St. Petersburg et al, FL		3		896		$4.03		680		$2,721		$4.00		17		$91		$5.32
Florida		4		1,496		$4.12		1,280		$5,255		$4.11		17		$91		$5.32

Total Southeast Region		4		1,496		$4.12		1,280		$5,255		$4.11		17		$91		$5.32

Total Industrial		73		10,779		$4.82		7,362		$32,449		$4.41		1,248		$9,045		$7.25

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.

Page 28

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of March 31, 2012


			Gross Leasable Area
ALL PROPERTIES BY STATE	# of Properties		WRI Owned		Joint Venture Share		Owned by Other		Total

Arizona		24		2,230,137		-		1,724,034		3,954,171
Arkansas		3		357,010		-		-		357,010
California		31		3,960,556		879,129		1,229,726		6,069,411
Colorado		12		1,177,074		642,683		1,429,083		3,248,840
Florida		55		7,827,210		3,974,929		1,447,862		13,249,999
Georgia		23		2,751,446		935,166		1,058,578		4,745,190
Illinois		1		303,566		-		-		303,566
Kansas		1		115,716		-		-		115,716
Kentucky		4		610,815		-		127,614		738,429
Louisiana		10		1,137,503		268,491		535,617		1,941,611
Missouri		2		229,282		28,367		-		257,649
Nevada		12		2,365,942		-		1,250,305		3,616,247
New Mexico		4		431,030		-		306,157		737,187
North Carolina		23		2,480,683		181,859		700,600		3,363,142
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		9		1,272,499		677,263		154,340		2,104,102
Texas		146		15,875,916		5,529,980		3,231,450		24,637,347
Utah		4		320,168		89,748		434,465		844,381
Virginia		10		902,881		1,601,942		217,147		2,721,970
Washington		5		178,535		327,497		65,346		571,378

Grand Total		385		44,833,366		15,292,421		13,974,924		74,100,710

Total Retail		309		33,485,217		10,155,934		13,189,599		56,830,749
Total Industrial		73		11,067,864		5,136,487		785,325		16,989,676
Total Other		3		280,285		-		-		280,285

Footnotes for detail property listing

(1)

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

(2)

Denotes property currently under development.

(3)

Denotes properties that are not consolidated for SEC reporting purposes.

(4)

Denotes single tenant retail property.

(+)

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

NOTES:

Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership.

Average Base Rent per Leased SF excludes ground leases.

Page 30

Weingarten Realty Investors

Property Listing

As of March 31, 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	%			183,393		0		213,309		396,702		14.42		84.2	%
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		17.48		97.5	%
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ	Whole Foods +		100.0	%			129,822		0		3,198		133,020		25.28		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		21.09		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		23.39		100.0	%
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0	%			45,751		0		62,800		108,551		22.67		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		17.05		92.3	%
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	Hobby Lobby, Dollar Tree		100.0	%			92,626		0		14,112		106,738		11.14		94.6	%
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Office Max		100.0	%			134,495		0		108,220		242,715		12.51		95.4	%
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		24.42		93.0	%
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ	Fresh N Easy +, Family Dollar, Leon Furniture		100.0	%			66,787		0		5,383		72,170		9.61		98.9	%
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	Sunflower Farmers Market +		100.0	%			60,728		0		0		60,728		24.90		94.1	%
Desert Village	Phoenix-Mesa-Scottsdale, AZ	AJ Fine Foods +, CVS Pharmacy		100.0	%			101,685		0		5,386		107,071		20.71		92.2	%
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.)		100.0	%			113,536		0		192,052		305,588		9.55		93.8	%
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0	%			10,237		0		138,146		148,383		27.53		67.6	%
Basha’s Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	Ross Dress for Less, Anna’s Linens		100.0	%			145,518		0		8,362		153,880		18.54		57.3	%
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	Office Max, Ace Hardware		100.0	%			82,757		0		4,622		87,379		11.10		100.0	%
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ	Fry’s Food & Drug +, Petco, Dollar Tree		100.0	%			157,607		0		0		157,607		14.01		96.1	%
Entrada de Oro	Tucson, AZ	Wal-Mart Neighborhood Market +		100.0	%			88,665		0		20,410		109,075		18.04		95.5	%
Madera Village	Tucson, AZ	Safeway +, Walgreens, Dollar Tree		100.0	%			96,732		0		10,161		106,893		11.57		97.7	%
Oracle Crossings	Tucson, AZ	Sprouts Farmers Market +, Kohl’s, Home Goods		100.0	%			253,163		0		10,000		263,163		17.70		97.0	%
Oracle Wetmore	Tucson, AZ	Home Depot (O.B.O.), PetSmart, Walgreens, Ulta		100.0	%			149,912		0		193,128		343,040		27.17		94.1	%
Shoppes at Bears Path	Tucson, AZ	Osco Drug (O.B.O.)		100.0	%			43,928		0		22,203		66,131		15.26		81.8	%

Arizona Total:	# of Properties: 23							2,209,015		0		1,724,034		3,933,049


Arkansas
Markham Square	Little Rock-N. Little Rock, AR	Burlington Coat Factory, Ross Dress for Less		100.0	%			125,884		0		0		125,884		7.13		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		9.05		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		21.97		98.9	%
Westminster Center	Los Angeles-Long Beach et al, CA	Albertsons +, Rite Aid, Ross Dress for Less, Home Depot, Petco		100.0	%			417,820		0		7,870		425,690		17.03		97.3	%
Hallmark Town Center	Madera, CA	Food 4 Less +, Bally Total Fitness		100.0	%			85,066		0		13,293		98,359		12.51		97.5	%
Marshalls Plaza	Modesto, CA	Marshalls, Dress Barn, Guitar Center		100.0	%			78,752		0		7,200		85,952		14.99		91.8	%
Shasta Crossroads	Redding, CA	Food Maxx +, Target (O.B.O.)		100.0	%			121,183		0		55,683		176,866		17.00		95.4	%

Shasta Crossroads (II)	Redding, CA	Sports Authority		40.0	%	(1)(3)		30,314		45,471		0		75,785		12.20		88.8	%
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		19.10		99.4	%
Jess Ranch Phase III	Riverside et al, CA	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness		50.0	%	(1)(3)		89,794		89,794		5,532		185,121		18.69		93.8	%
Chino Hills Marketplace	Riverside et al, CA	Von’s +, Rite Aid, Dollar Tree, 24 Hour Fitness		100.0	%			311,034		0		0		311,034		19.43		91.1	%
Menifee Town Center	Riverside et al, CA	Ralph’s +, Ross Dress for Less, Dollar Tree		100.0	%			124,431		0		124,303		248,734		15.66		100.0	%

Page 31

Weingarten Realty Investors

Property Listing

As of March 31, 2012


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

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		22.96		83.5	%
Prospectors Plaza	Sacramento--Arden et al, CA	SaveMart +, Kmart, Long’s Drug Store		100.0	%			228,345		0		8,614		236,959		22.60		93.2	%
Arcade Square	Sacramento--Arden et al, CA	Grocery Outlet +		100.0	%			76,497		0		0		76,497		14.47		77.5	%
Discovery Plaza	Sacramento--Arden et al, CA	Bel Air Market +		100.0	%			93,398		0		0		93,398		16.18		90.5	%
Summerhill Plaza	Sacramento--Arden et al, CA	Raley’s +, Dollar Tree		100.0	%			128,880		0		0		128,880		10.84		92.2	%
Valley	Sacramento--Arden et al, CA	Raley’s +		100.0	%			98,240		0		8,765		107,005		17.96		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		23.19		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		18.09		94.1	%
San Marcos Plaza	San Diego-Carlsbad et al, CA	Albertsons + (O.B.O.)		100.0	%			35,880		0		45,206		81,086		31.66		93.9	%
580 Market Place	San Francisco-Oakland et al, CA	Safeway +, 24 Hour Fitness, Petco		100.0	%			100,165		0		0		100,165		30.12		98.6	%
Fremont Gateway Plaza	San Francisco-Oakland et al, CA	Raley’s +, 24 Hour Fitness, Big Cinemas		100.0	%			194,601		0		167,100		361,701		18.87		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		19.58		97.5	%
Silver Creek Plaza	San Jose-Sunnyvale et al, CA	Safeway +, Walgreens, Orchard Supply (O.B.O.)		100.0	%			132,925		0		65,000		197,925		21.33		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		18.84		96.4	%
Freedom Centre	Santa Cruz-Watsonville, CA	Safeway +, Rite Aid, Big Lots, Ace Hardware		100.0	%			150,241		0		0		150,241		15.32		92.1	%
Stony Point Plaza	Santa Rosa-Petaluma, CA	Food Maxx +, Ross Dress for Less, Fallas Paredes		100.0	%			195,129		0		5,442		200,571		11.26		89.1	%
Southampton Center	Vallejo-Fairfield, CA	Raley’s +, Ace Hardware		100.0	%			162,764		0		0		162,764		19.83		97.1	%
Sunset Center	Vallejo-Fairfield, CA	Rite Aid, In-Shape City		100.0	%			85,238		0		13,041		98,279		14.89		90.6	%
Creekside Center	Vallejo-Fairfield, CA	Raley’s +		100.0	%			114,445		0		0		114,445		20.20		97.7	%
California Total:	# of Properties: 30							3,839,676		395,607		1,027,398		5,262,681

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		12.12		91.8	%
Uintah Gardens	Colorado Springs, CO	King Sooper’s +, Dollar Tree, Ace Hardware, Walgreens, Petco		100.0	%			214,774		0		0		214,774		7.76		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		15.91		79.0	%
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		21.19		78.0	%
Lowry Town Center	Denver-Aurora, CO	Albertsons + (O.B.O.)		50.0	%	(1)(3)		38,349		38,349		52,700		129,398		25.26		88.6	%
Edgewater Marketplace	Denver-Aurora, CO	King Sooper’s +, Ace Hardware, Target (O.B.O.)		100.0	%			145,780		0		126,000		271,780		10.11		91.3	%
CityCenter Englewood	Denver-Aurora, CO	Wal-Mart (O.B.O.), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness		51.0	%	(1)(3)		137,346		131,960		90,000		359,305		16.51		94.0	%
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		14.97		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		14.82		97.3	%
Westminster Plaza	Denver-Aurora, CO	Safeway +, Walgreens (O.B.O.)		50.0	%	(1)		48,506		48,506		14,100		111,113		18.46		92.8	%
Colorado Total:	# of Properties: 11							1,119,543		585,152		1,097,909		2,802,604

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		12.90		94.1	%
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		15.80		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		10.69		91.7	%
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		16.43		92.4	%
Epic Village - St. Augustine	Jacksonville, FL	Epic Theaters (O.B.O.)		70.0	%	(1)		8,542		3,661		51,977		64,180		20.79		86.6	%
Boca Lyons	Miami-Fort Lauderdale et al, FL	Ross Dress for Less, Ethan Allen, Deal$		100.0	%			117,515		0		0		117,515		18.96		94.6	%
Embassy Lakes	Miami-Fort Lauderdale et al, FL	Winn Dixie +, Tuesday Morning		100.0	%			131,723		0		48,214		179,937		13.09		87.3	%
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		17.98		97.1	%

Page 32

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL	Winn Dixie +, T.J. Maxx, Dollar Tree		100.0%			161,429		0		0		161,429		14.61		97.5%
Palm Lakes Plaza	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,750		91,002		0		113,752		11.52		83.8%
Kendall Corners	Miami-Fort Lauderdale et al, FL	Ashley Furniture		20.0%	(1)(3)		19,294		77,178		0		96,472		28.08		91.8%
South Dade	Miami-Fort Lauderdale et al, FL	Publix +, Bed Bath & Beyond, Petco, Chuck E. Cheese		20.0%	(1)(3)		43,895		175,578		0		219,473		14.41		92.8%
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,173		88,694		21,697		132,564		14.52		91.8%
Northridge	Miami-Fort Lauderdale et al, FL	Publix +, Petco, Ross Dress for Less, Dollar Tree, Bally Total Fitness		20.0%	(1)(3)		47,214		188,855		3,028		239,097		16.66		96.7%
Shoppes at Parkland	Miami-Fort Lauderdale et al, FL	BJ’s Wholesale Club +		30.0%	(1)		43,696		101,956		21,588		167,240		12.49		94.8%
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Publix +		20.0%	(1)(3)		25,292		101,167		21,976		148,435		17.07		98.2%
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Wal-Mart Supercenter + (O.B.O.), U.S. Post Office, Florida Technical College		100.0%			139,462		0		127,299		266,761		18.90		98.2%
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		13.34		98.1%
Publix at Laguna Isles	Miami-Fort Lauderdale et al, FL	Publix +		100.0%			69,475		0		0		69,475		14.03		81.6%
Vizcaya Square	Miami-Fort Lauderdale et al, FL	Winn Dixie +		100.0%			112,410		0		0		112,410		14.33		95.0%
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL	Publix +		25.0%	(1)(3)		19,080		57,241		0		76,321		14.97		89.2%
Colonial Landing	Orlando, FL	PetSmart, Sports Authority, Bed Bath & Beyond		50.0%	(1)		131,504		131,504		0		263,007		13.40		87.7%
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		13.45		99.7%
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		7.56		76.6%
Market at Southside	Orlando, FL	Ross Dress for Less, Beall’s, Dollar Tree		100.0%			95,128		0		64,627		159,755		10.06		97.4%
Phillips Crossing	Orlando, FL	Whole Foods +, Golf Galaxy, Michaels		100.0%			145,644		0		0		145,644		25.98		97.7%
Phillips Landing	Orlando, FL	Wal-Mart (O.B.O.), Planet Fitness		100.0%			66,223		0		219,815		286,038		18.48		87.3%
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		20.96		87.5%
The Shoppes at South Semoran	Orlando, FL	Dollar Tree, Walmart		100.0%			101,486		0		0		101,486		15.06		100.0%
Westland Terrace Plaza	Orlando, FL	T.J. Maxx, Petco, Shoe Carnival		100.0%			77,521		0		0		77,521		11.71		93.9%
Alafaya Square	Orlando, FL	Publix +		20.0%	(1)(3)		35,297		141,189		0		176,486		12.07		82.4%
University Palms	Orlando, FL	Publix +		30.0%	(1)		29,752		69,420		5,955		105,127		13.20		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%			302,110		0		181,913		484,023		14.58		97.3%
Winter Park Corners	Orlando, FL	Whole Foods Market +		100.0%			102,382		0		0		102,382		19.38		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		11.74		99.3%
Lake Washington Crossing	Palm Bay-Melbourne et al, FL	Publix +		25.0%	(1)(3)		29,707		89,121		0		118,828		10.06		75.4%
Lake Washington Square	Palm Bay-Melbourne et al, FL	Tuesday Morning		100.0%			111,811		0		0		111,811		11.99		81.4%
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)		50,823		203,291		14,354		268,468		14.00		98.4%
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		21.62		90.2%
Venice Pines	Sarasota-Bradenton-Venice, FL	Sweet Bay +		100.0%			97,303		0		0		97,303		10.46		80.1%
Countryside Centre	Tampa-St. Petersburg et al, FL	T.J. Maxx, Home Goods, Dick’s Sporting Goods, Ross Dress for Less		100.0%			248,201		0		0		248,201		16.50		92.2%
Sunset 19	Tampa-St. Petersburg et al, FL	Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy		100.0%			275,910		0		0		275,910		11.80		98.6%
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		15.10		93.6%
East Lake Woodlands	Tampa-St. Petersburg et al, FL	Sweetbay +, Walgreens		20.0%	(1)(3)		28,123		112,494		0		140,617		13.91		81.8%
Palms of Carrollwood	Tampa-St. Petersburg et al, FL	The Fresh Market +, Bed Bath & Beyond		100.0%			167,887		0		0		167,887		13.08		81.9%
Florida Total:	# of Properties: 48						4,759,471		3,261,343		1,343,687		9,364,499

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		15.72		94.8%
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		14.14		99.1%
Cherokee Plaza	Atlanta-Sandy Springs et al, GA	Kroger +		30.0%	(1)		29,925		69,824		0		99,749		21.05		85.8%

Page 33

Weingarten Realty Investors

Property Listing

As of March 31, 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		98.1%
Publix at Princeton Lakes	Atlanta-Sandy Springs et al, GA	Publix +		20.0%	(1)(3)		13,681		54,726		3,800		72,207		14.90		89.5%
Brookwood Square	Atlanta-Sandy Springs et al, GA	Marshalls		100.0%			234,501		0		0		234,501		10.78		43.7%
Dallas Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			25,158		0		70,104		95,262		22.84		94.0%
Reynolds Crossing	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			45,758		0		70,225		115,983		24.73		100.0%
Grayson Commons	Atlanta-Sandy Springs et al, GA	Kroger +		100.0%			76,611		0		0		76,611		14.33		94.6%
Sandy Plains Exchange	Atlanta-Sandy Springs et al, GA	Publix +		30.0%	(1)		21,835		50,949		0		72,784		13.24		93.2%
Brownsville Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			27,747		0		54,139		81,886		21.88		45.6%
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		16.23		97.7%
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		17.40		94.9%
Thompson Bridge Commons	Gainesville, GA	Kroger +		30.0%	(1)		28,676		66,911		0		95,587		15.86		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

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

Kentucky
Millpond Center	Lexington-Fayette, KY	Kroger +		100.0%			124,567		0		27,000		151,567		10.08		89.0%
Regency Shopping Centre	Lexington-Fayette, KY	Kroger + (O.B.O.), T.J. Maxx, Michaels		100.0%			142,972		0		46,044		189,016		12.90		87.1%
Tates Creek	Lexington-Fayette, KY	Kroger +, Rite Aid		100.0%			174,290		0		5,160		179,450		15.25		97.4%
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		12.18		98.4%
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		8.39		94.2%
Westwood Village	Lafayette, LA	Rouses Supermarket +, Stage, CVS		100.0%			138,034		0		0		138,034		9.80		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		7.60		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%
Prien Lake Plaza	Lake Charles, LA	Target (O.B.O.), Marshalls (O.B.O.), Ross Dress for Less (O.B.O.), Bed Bath & Beyond (O.B.O.)		100.0%			8,243		0		205,375		213,618		22.25		100.0%
Southgate	Lake Charles, LA	Market Basket +, Office Depot, Books-A-Million		100.0%			158,587		0		0		158,587		9.75		81.7%
Danville Plaza	Monroe, LA	County Market +, Citi Trends, Surplus Warehouse		100.0%			141,218		0		0		141,218		5.58		96.6%
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		15.02		98.9%
Orleans Station	New Orleans-Metairie-Kenner, LA	Car Care Center		100.0%	(4)		3,000		0		0		3,000		N/A		100.0%
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%
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%
Louisiana Total:	# of Properties: 10						1,137,503		268,491		535,617		1,941,611

Missouri
Ballwin Plaza	St. Louis, MO-IL	Schnucks +, Michaels, Club Fitness		100.0%			200,915		0		0		200,915		8.98		76.8%
Western Plaza	St. Louis, MO-IL	Value Village		50.0%	(1)(3)		28,367		28,367		0		56,734		7.44		96.5%
Missouri Total:	# of Properties: 2						229,282		28,367		0		257,649

Nevada

Page 34

Weingarten Realty Investors

Property Listing

As of March 31, 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 %
Eastern Horizon	Las Vegas-Paradise, NV	Trader Joe’s +, Kmart + (O.B.O.)		100.0%			65,848		0		143,879		209,727		20.94		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		16.23		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		10.91		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		12.03		92.6%
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		16.78		93.3%
Rainbow Plaza	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%			273,916		0		0		273,916		14.62		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		14.35		89.7%
Rancho Towne & Country	Las Vegas-Paradise, NV	Smith’s Food +		100.0%			84,743		0		53,100		137,843		11.77		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		17.72		90.2%
Tropicana Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Family Dollar		100.0%			69,475		0		73,168		142,643		17.85		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		16.99		100.0%
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		7.64		94.5%
North Towne Plaza	Albuquerque, NM	Whole Foods Market +, Home Goods		100.0%			109,066		0		29,440		138,506		18.40		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		20.43		82.5%
Wyoming Mall	Albuquerque, NM	Wal-Mart Supercenter + (O.B.O.), Dollar Tree		100.0%			51,713		0		219,186		270,899		15.46		100.0%
New Mexico Total:	# of Properties: 4						431,030		0		306,157		737,187

North Carolina
Galleria	Charlotte-Gastonia et al, NC-SC	Off Broadway Shoes, Wal-Mart (O.B.O.)		100.0%			120,674		0		207,602		328,276		16.82		91.8%
Johnston Road Plaza	Charlotte-Gastonia et al, NC-SC	Food Lion +		100.0%			79,508		0		0		79,508		15.17		96.2%
Steele Creek Crossing	Charlotte-Gastonia et al, NC-SC	BI-LO +, Rite Aid		100.0%			77,301		0		0		77,301		16.63		96.4%
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		23.40		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		9.30		68.1%
Bull City Market	Durham, NC	Whole Foods Market +		100.0%			40,875		0		0		40,875		18.68		90.9%
Hope Valley Commons	Durham, NC	Harris Teeter +		100.0%			81,471		0		0		81,471		22.23		93.4%
Ravenstone Commons	Durham, NC	Food Lion +		100.0%			60,424		0		0		60,424		14.84		91.9%
Capital Square	Raleigh-Cary, NC	Food Lion +		100.0%			143,063		0		0		143,063		7.20		100.0%
Harrison Pointe	Raleigh-Cary, NC	Harris Teeter +, Staples		100.0%			130,934		0		0		130,934		16.90		78.9%
High House Crossing	Raleigh-Cary, NC	Harris Teeter +		100.0%			90,155		0		0		90,155		14.58		93.7%
Northwoods Market	Raleigh-Cary, NC	Food Lion +		100.0%			77,802		0		0		77,802		18.06		83.6%
Parkway Pointe	Raleigh-Cary, NC	Food Lion +, Rite Aid		100.0%			80,061		0		0		80,061		10.92		91.9%
Avent Ferry	Raleigh-Cary, NC	Food Lion +, Family Dollar		100.0%			111,622		0		0		111,622		16.78		97.9%
Falls Pointe	Raleigh-Cary, NC	Harris Teeter +, Kohl’s (O.B.O.)		100.0%			112,203		0		86,350		198,553		16.54		91.9%
Leesville Town Centre	Raleigh-Cary, NC	Harris Teeter +, Rite Aid		100.0%			114,396		0		0		114,396		21.49		90.7%
Six Forks Station	Raleigh-Cary, NC	Food Lion +,Kmart, Home Depot, Bed Bath & Beyond		100.0%			466,585		0		0		466,585		10.44		94.2%
Stonehenge Market	Raleigh-Cary, NC	Harris Teeter +, SteinMart, Rite Aid		100.0%			188,521		0		0		188,521		12.52		97.1%
Heritage Station	Raleigh-Cary, NC	Harris Teeter +		30.0%	(1)		20,592		48,049		4,028		72,669		19.04		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		10.03		99.0%
Waterford Village	Wilmington, NC	Harris Teeter +		100.0%			89,715		0		0		89,715		20.99		88.3%
North Carolina Total:	# of Properties: 22						2,424,484		181,859		700,600		3,306,943

Page 35

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

Oklahoma
Market Boulevard	Oklahoma City, OK			100.0%			35,765		0		0		35,765		12.09		93.0%
Town and Country	Oklahoma City, OK	Office Depot, Big Lots, Westlake Hardware, Aaron Rents		100.0%			128,231		0		0		128,231		6.32		93.4%
Oklahoma Total:	# of Properties: 2						163,996		0		0		163,996

Oregon
Clackamas Square	Portland-Vancouver et al, OR-WA	Winco Foods + (O.B.O.), T.J. Maxx		20.0%	(1)(3)		14,790		59,161		62,600		136,551		17.42		97.6%
Oak Grove Market Center	Portland-Vancouver et al, OR-WA	Safeway +		100.0%			97,177		0		0		97,177		12.77		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		14.92		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		10.90		97.0%
Commons at Dexter Lake	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%	(1)		50,087		116,871		11,600		178,558		9.16		92.1%
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls		30.0%	(1)		18,551		43,287		5,000		66,838		13.08		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		96.4%
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		10.46		96.1%
Calder	Beaumont-Port Arthur, TX	Harmony Science Academy		100.0%	(4)		34,641		0		0		34,641		N/A		100.0%
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		14.01		96.0%
Phelan	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		100.0%			12,000		0		0		12,000		17.22		80.1%
Phelan West	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		66.7%	(1)(3)		15,552		7,779		58,890		82,221		12.37		100.0%
Crossroads	Beaumont-Port Arthur, TX	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet		100.0%			115,692		0		0		115,692		4.69		98.3%
Lone Star Pavilions	College Station-Bryan, TX	Best Buy, Office Depot, Barnes & Noble		100.0%			106,907		0		0		106,907		10.95		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		13.48		97.7%
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		13.71		85.6%
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		91.6%
Custer Park	Dallas-Fort Worth-Arlington, TX	Kroger + (O.B.O.)		100.0%			114,489		0		65,084		179,573		14.86		69.9%
Pitman Corners	Dallas-Fort Worth-Arlington, TX	Albertsons +, Tuesday Morning		100.0%			192,283		0		0		192,283		9.24		94.4%
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Old Navy, PETCO		20.0%	(1)(3)		72,667		290,670		0		363,337		16.85		94.1%
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		21.56		66.7%
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		9.01		96.4%
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		10.47		99.0%
10/Federal	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Palais Royal, Citi Trends		15.0%	(1)		19,871		112,601		0		132,472		8.10		98.6%
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX	PetSmart		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%

Page 36

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

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		12.13		94.5%
Centre at Post Oak	Houston-Baytown-Sugar Land, TX	Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack		100.0%			184,601		0		0		184,601		29.10		87.4%
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		13.18		94.4%
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		9.71		100.0%
Cypress Pointe	Houston-Baytown-Sugar Land, TX	Kroger +, Office Depot, Babies “R” Us		100.0%			186,399		0		96,660		283,059		9.44		97.1%
Eastpark	Houston-Baytown-Sugar Land, TX	Jack in the Box, CVS/pharmacy (O.B.O.), US Postal Service (O.B.O.)		100.0%	(4)		1,576		0		0		1,576		N/A		100.0%
Edgebrook	Houston-Baytown-Sugar Land, TX	Fiesta +, JPMorgan Chase Bank, Family Dollar		15.0%	(1)		11,769		66,691		0		78,460		10.15		100.0%
Fiesta Village	Houston-Baytown-Sugar Land, TX	Fiesta +		15.0%	(1)		4,537		25,712		0		30,249		8.81		100.0%
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		17.05		100.0%
HEB - Dairy Ashford & Memorial	Houston-Baytown-Sugar Land, TX	HEB +		100.0%			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%			176,673		0		99,000		275,673		13.87		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		10.57		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		9.75		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		17.50		96.3%
Market Street Shopping Center	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		50.0%	(1)		24,569		24,569		0		49,138		7.10		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		10.56		92.9%
North Triangle	Houston-Baytown-Sugar Land, TX	CiCi’s Pizza		100.0%			16,060		0		0		16,060		20.67		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		13.41		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		14.05		99.3%
Oak Forest	Houston-Baytown-Sugar Land, TX	Kroger +, Ross Dress for Less, Dollar Tree		100.0%			151,324		0		0		151,324		12.27		97.2%
Orchard Green	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		100.0%			74,983		0		0		74,983		10.85		100.0%
Randall’s/Cypress Station	Houston-Baytown-Sugar Land, TX	ATI Career Training Center		100.0%			136,891		0		0		136,891		12.64		77.1%
Randall’s/Kings Crossing	Houston-Baytown-Sugar Land, TX	Randall’s +, CVS/pharmacy		30.0%	(1)		37,919		88,478		0		126,397		15.33		98.0%
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		27.83		100.0%
River Oaks West	Houston-Baytown-Sugar Land, TX	Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank		100.0%			248,816		0		0		248,816		27.83		91.1%
Sheldon Forest North	Houston-Baytown-Sugar Land, TX	Family Dollar		100.0%			22,040		0		0		22,040		9.48		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		9.48		100.0%
Shoppes at Memorial Villages	Houston-Baytown-Sugar Land, TX			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		12.81		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		9.78		98.5%
Spring Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		15.0%	(1)		8,875		50,291		0		59,166		8.24		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		8.96		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		14.86		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		12.63		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		12.39		96.2%
Westhill Village	Houston-Baytown-Sugar Land, TX	Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens		100.0%			130,041		0		0		130,041		14.54		100.0%

Page 37

Weingarten Realty Investors

Property Listing

As of March 31, 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 %
Cedar Bayou	Houston-Baytown-Sugar Land, TX	La Marque Fire Dept. (O.B.O.)		100.0%			14,873		0		30,688		45,561				0.0%
League City Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		19,048		107,942		0		126,990		12.05		94.3%
Rose-Rich	Houston-Baytown-Sugar Land, TX	Family Dollar, Palais Royal		100.0%			100,096		0		0		100,096		9.33		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		18.60		97.5%
Palmer Plaza	Houston-Baytown-Sugar Land, TX	Dollar Tree		100.0%			96,526		0		99,980		196,506		9.38		91.4%
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		98.9%
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		15.17		97.3%
Plantation Centre	Laredo, TX	H. E. B. +		100.0%			135,463		0		7,642		143,105		13.46		97.1%
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		9.05		91.6%
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		15.92		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		21.13		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		14.24		99.1%
Starr Plaza	Rio Grande City, TX	H. E. B. +, Beall’s, Dollar General		50.0%	(1)(3)		88,346		88,346		0		176,693		11.46		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		15.00		100.0%
Oak Park Village	San Antonio, TX	H. E. B. +		30.0%	(1)		19,286		45,001		0		64,287		9.47		100.0%
Parliament Square	San Antonio, TX	Family Dollar, Anytime Fitness, Bernina New Home Sewing Center		100.0%			64,950		0		0		64,950		11.88		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		10.46		95.9%
Valley View	San Antonio, TX	Marshalls, Dollar Tree		100.0%			91,544		0		0		91,544		10.38		96.0%
Broadway	Tyler, TX	SteinMart		100.0%			60,400		0		0		60,400		7.95		87.6%
Texas Total:	# of Properties: 93						8,974,783		3,544,797		2,755,110		15,274,691

Utah
Alpine Valley Center	Provo-Orem, UT	Super Target + (O.B.O.), Old Navy, Justice, Dollar Tree, Office Depot		33.3%	(1)(3)		30,382		60,772		133,500		224,654		16.08		100.0%
Taylorsville Town Center	Salt Lake City, UT	The Fresh Market + (O.B.O.), Rite Aid		100.0%			94,157		0		40,057		134,214		15.81		93.1%
West Jordan Town Center	Salt Lake City, UT	Target (O.B.O.), Petco, Office Depot		100.0%			182,099		0		122,800		304,899		12.03		95.6%
Utah Total:	# of Properties: 3						306,638		60,772		296,357		663,767

Washington
Mukilteo Speedway Center	Seattle-Tacoma-Bellevue, WA	Dollar Tree		20.0%	(1)(3)		18,055		72,218		0		90,273		17.68		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		16.65		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		14.56		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		18.75		100.0%
Washington Total:	# of Properties: 5						178,535		327,497		65,346		571,378

Industrial
Operating Properties

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

Page 38

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

California Total:	# of Properties: 1						120,880		483,522		202,328		806,730

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

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

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

Texas
Braker 2 Business Center	Austin-Round Rock, TX	Home Team Pest Defense, MJC Electronics Corporation		100.0%			27,359		0		0		27,359
Corporate Center Park I and II	Austin-Round Rock, TX	Phoenix Lamar Corp, CenTex Independent Electrical, Schindler Elevator		100.0%			120,681		0		0		120,681
Oak Hills Industrial Park	Austin-Round Rock, TX	Terracon, Inc., Illumitex		100.0%			89,858		0		0		89,858
Rutland 10 Business Center	Austin-Round Rock, TX	Media Event Concepts, Inc., Stellar Micro Devices, LMS Fulfillment		100.0%			54,000		0		0		54,000
Southpark A,B,C	Austin-Round Rock, TX	Texas EZ Pawn		100.0%			78,276		0		0		78,276
Southpoint Service Center	Austin-Round Rock, TX	Green Building Energy Services		100.0%			58,297		0		0		58,297
Midpoint I-20 Distribution Center	Dallas-Fort Worth-Arlington, TX	Tred-It Tire & Wheel, Amercian Medical Response, Vic Thompson		100.0%			253,165		0		0		253,165
Randol Mill Place	Dallas-Fort Worth-Arlington, TX	Protech Electronics, Inc., Premier Products		100.0%			54,639		0		0		54,639
1625 Diplomat Drive	Dallas-Fort Worth-Arlington, TX	Rooftop Systems, Inc.		100.0%			106,140		0		0		106,140
Midway Business Center	Dallas-Fort Worth-Arlington, TX	Luxury of Leather, Jet Pay, LLC		100.0%			141,246		0		0		141,246
Manana Office Center	Dallas-Fort Worth-Arlington, TX	Dave & Busters, All-Tex Supply, Lewis-Goetz and Company		100.0%			222,916		0		0		222,916
Newkirk Service Center	Dallas-Fort Worth-Arlington, TX	Restaurant Technologies, Corporate Meeting Services		100.0%			105,892		0		0		105,892
Northeast Crossing Office/Service Center	Dallas-Fort Worth-Arlington, TX	ASCOA - Ambulatory Surgical Center, ABC Home Medical Supply, American Collateral Recovery Group		100.0%			78,700		0		0		78,700
Redbird Distribution Center	Dallas-Fort Worth-Arlington, TX	Consolidated Container Company		100.0%			110,839		0		0		110,839
Regal Distribution Center	Dallas-Fort Worth-Arlington, TX	General Insulation Company, Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Aero-Med, Ltd.		100.0%			202,559		0		0		202,559
Space Center Industrial Park	Dallas-Fort Worth-Arlington, TX	NDI Office Furniture, Bauhaus Interiors Group.		100.0%			264,582		0		0		264,582
McGraw Hill Distribution Center	Dallas-Fort Worth-Arlington, TX	McGraw Hill Companies, Inc.		100.0%			417,938		0		0		417,938
Freeport Commerce Center	Dallas-Fort Worth-Arlington, TX	McGraw Hill Companies, Inc., TKS (U.S.A.), Inc.		100.0%			50,590		0		0		50,590
Central Plano Business Park	Dallas-Fort Worth-Arlington, TX	Underwriters Laboratories, Motion Dynamics		100.0%			137,785		0		0		137,785
Jupiter Business Park	Dallas-Fort Worth-Arlington, TX	Ericsson Radio Systems		100.0%			189,532		0		0		189,532

Page 39

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

Jupiter Service Center	Dallas-Fort Worth-Arlington, TX	Interceramic Tile, Gemaire Distributors		100.0%			78,480		0		0		78,480
Sherman Plaza Business Park	Dallas-Fort Worth-Arlington, TX	Quadravox, Inc.		100.0%			101,140		0		0		101,140
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Prefco Corp.		100.0%			104,975		0		0		104,975
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Iron Mountain		20.0%	(1)(3)		48,754		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
Beltway 8 Business Park	Houston-Baytown-Sugar Land, TX	Carrier Enterprise LLC, Southwest Vocational Training.		100.0%			157,498		0		0		157,498
Blankenship Building	Houston-Baytown-Sugar Land, TX	Star Displays		100.0%			59,718		0		0		59,718
Brookhollow Business Center	Houston-Baytown-Sugar Land, TX	YMCA of Greater Houston, Surgeon’s Management, Houston Digital Instruments		100.0%			133,970		0		0		133,970
Claywood Industrial Park	Houston-Baytown-Sugar Land, TX	Pioneer Distribution Center, Packaging Corporation of America, Francesca’s Collections.		100.0%			376,193		0		200,850		577,043
Crosspoint Warehouse	Houston-Baytown-Sugar Land, TX	Foam Enterprises, LLC		100.0%			72,505		0		0		72,505
Kempwood Industrial	Houston-Baytown-Sugar Land, TX	Pioneer Contract Services, Wyatt Field Service Company		20.0%	(1)(3)		43,898		175,591		0		219,489
Kempwood Industrial	Houston-Baytown-Sugar Land, TX	Pioneer Contract Services		100.0%			113,218		0		0		113,218
Lathrop Warehouse	Houston-Baytown-Sugar Land, TX	United D.C., Inc.		20.0%	(1)(3)		50,378		201,512		0		251,890
Navigation Business Park	Houston-Baytown-Sugar Land, TX	Genesis Worldwide Logistics		20.0%	(1)(3)		47,603		190,411		0		238,014
Northway Park II	Houston-Baytown-Sugar Land, TX	Jet Lube, Inc., Lamons Gasket, Custom Polymers		20.0%	(1)(3)		60,715		242,862		0		303,577
Railwood F	Houston-Baytown-Sugar Land, TX	Shell Oil Company		20.0%	(1)(3)		60,000		240,000		0		300,000
Railwood G	Houston-Baytown-Sugar Land, TX	Global Stainless Supply, Inc.		50.0%	(1)(3)		105,425		105,425		0		210,850
Railwood Industrial Park	Houston-Baytown-Sugar Land, TX	Distribution International SW, AJ Logistics.		100.0%			402,680		0		0		402,680
Railwood Industrial Park	Houston-Baytown-Sugar Land, TX	Val-Fit Inc., Georgia Gulf Chemicals & Vinyl		20.0%	(1)(3)		99,531		398,125		0		497,656
Southport Business Park 5	Houston-Baytown-Sugar Land, TX	Surface Preparation - Texas, LLC, Birch Plastics.		100.0%			160,029		0		0		160,029
Stonecrest Business Center	Houston-Baytown-Sugar Land, TX	Alpha Omega Caseworks		100.0%			111,036		0		0		111,036
Town & Country Commerce Center	Houston-Baytown-Sugar Land, TX	Arizona Tile, Seitel		100.0%			206,056		0		0		206,056
West Loop Commerce Center	Houston-Baytown-Sugar Land, TX	Goodwill		100.0%			35,886		0		0		35,886
Westgate Service Center	Houston-Baytown-Sugar Land, TX	Welltec, Inc., 3M Company, CAS Holdings, Inc.		100.0%			124,715		0		0		124,715
Freeport Business Center	Houston-Baytown-Sugar Land, TX	Yokagawa, Life-Tech, PSI Group		100.0%			251,645		0		0		251,645
Crosswinds Distribution Center	San Antonio, TX	American Tile Supply		100.0%			142,403		0		0		142,403
Interwest Business Park	San Antonio, TX	All-American Sports, Gell Service Company, Inc., Goodman Manufacturing Company, L.P.		100.0%			219,244		0		0		219,244
Isom Business Park	San Antonio, TX	Gate Gourmet, Wells Fargo Bank, Colour Solutions		100.0%			175,200		0		0		175,200
O’Connor Road Business Park	San Antonio, TX	Ingersoll Rand, TD Industries		100.0%			150,091		0		0		150,091
Texas Total:	# of Properties: 48						6,517,040		1,985,183		200,850		8,703,073

Virginia
Enterchange at Northlake A	Richmond, VA	FedEx, Owens & Minor		100.0%			215,077		0		0		215,077
Enterchange at Northlake C	Richmond, VA	Tech Turn, International Paper Company, Kane Distribution Services		20.0%	(1)(3)		58,623		234,492		217,147		510,262
Enterchange at Meadowville	Richmond, VA	United States Army		20.0%	(1)(3)		45,362		181,447		0		226,809
Enterchange at Walthall A & B	Richmond, VA	Mazda Motors of America, Inc., HCA Va Health System, Xymid LLC		20.0%	(1)(3)		121,336		485,343		0		606,679
Enterchange at Walthall C	Richmond, VA	Hill Phoenix, PSS World Medical		20.0%	(1)(3)		52,384		209,538		0		261,922
Enterchange at Walthall D	Richmond, VA	Saddle Creek, Recall Total Info Manager, Jim’s Formal Wear		100.0%			287,318		0		0		287,318
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: 9						902,881		1,601,942		217,147		2,721,970

Other

Operating Properties

Arizona

Page 40

Weingarten Realty Investors

Property Listing

As of March 31, 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 %

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

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

Total Operating Properties	# of Properties: 374						43,025,147		14,492,328		12,895,434		70,412,908

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

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

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

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

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

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

Utah
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		1,079,490		3,687,802

Page 41

Weingarten Realty Investors

Property Listing

As of March 31, 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
%

Unimproved Land

Arizona

Bullhead Parkway at State Route 95, Bullhead City

312,761

Lon Adams Rd at Tangerine Farms Rd, Marana

422,532

Southern Avenue and Signal Butte Road, Mesa

90,605

Arizona Total:

825,898

California

Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley

138,956

Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley

473,497

California Total:

612,453

Colorado

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

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

Page 42

Weingarten Realty Investors

Property Listing

As of March 31, 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
%

Mesa Road at Tidwell, Houston

35,719

Northwest Freeway at Gessner, Houston

117,612

West Little York at Interstate 45, Houston

161,172

West Loop North at Interstate 10, Houston

145,055

Nolana Ave. and 29th St., McAllen

163,350

Shary Rd. at North Hwy. 83, Mission

1,607,364

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

243,065

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:

15,549,271

Utah

South 300 West & West Paxton Avenue, Salt Lake City

201,683

Utah Total:

201,683

Total Unimproved Land

29,145,217

Page 43

Other Topics of Interest

Weingarten Realty Investors

Reconciliation of Impairment Transactions

(in thousands, except per share amounts)


	Three Months Ended
	March 31, 2012

Summary of Impaired Items (at pro rata) :

Properties Held for Sale or Sold (1)	$	3,171	$	0.03

Properties Marketed for Sale or Sold		244		-

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


Total Impairment Loss	$	10,023	$	0.08




Financial Statement Impact of Impairment Loss:

Impairment Loss	$	6,852	$	0.05

Discontinued Operations		3,171		0.03


Total Impairment Loss	$	10,023	$	0.08

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

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

Page 45

Weingarten Realty Investors

2012 Revised Guidance


	Original Guidance	Revised Guidance

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

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

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

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

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

Operations

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

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

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

⁽¹⁾	Reflects signed occupancy for the retail portfolio.

Denotes change to original guidance

Page 46

WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION - May 10, 2012

Attached files

WEINGARTEN REALTY INVESTORS /TX/ Reports