WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.1 - SUPPLEMENTAL FINANCIAL INFORMATION

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8-K - FORM 8-K - WEINGARTEN REALTY INVESTORS /TX/	d428615d8k.htm

LOGO


Table of Contents		Page No.

Quarterly Earnings Press Release		i - iv

Corporate Profile		1

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

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

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

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

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

Property Listing		30 - 41

Other Topics of Interest
Reconciliation of Impairment Transactions		43
Guidance		44

LOGO

2600 Citadel Plaza Drive

P.O. Box 924133

Houston, Texas 77292-4133

NEWS RELEASE

Information: Michelle Wiggs, Phone: (713) 866-6050

WEINGARTEN REALTY INCREASES SAME STORE NET

OPERATING INCOME BY 4.9%

HOUSTON, October 29, 2012 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended September 30, 2012. The supplemental financial package with additional information can be found on the Company’s website under the Investor Relations tab.

Third Quarter Operating and Financial Highlights

Recurring Funds from Operations (“FFO”) for the quarter totaled $56.2 million or $0.46 per diluted share;

Same Property Net Operating Income increased a strong 4.9% over the same quarter of the prior year;

Occupancy of the Company’s retail portfolio increased again this quarter by 1.1% to 93.9% from 92.8% for the third quarter of 2011;

Acquisitions totaling $114 million and dispositions of $89 million were completed during the quarter, and;

Ten-year notes totaling $300 million were sold subsequent to quarter-end at an attractive yield of 3.42%.

Financial Results

The Company reported net income attributable to common shareholders of $31.4 million or $0.26 per diluted share (hereinafter “per share”) for the third quarter of 2012, as compared to a net loss of $42.1 million or $0.35 per share for the same period in 2011. Included in the 2011 operating results were non-cash impairment charges of $0.44 per share. Net income for the nine months ended September 30, 2012 was $66.3 million or $0.54 per share compared to a net loss of $42.0 million or $0.35 per share for 2011. Included in the 2011 operating results were non-cash impairment charges of $0.63 per share.

Reported FFO was $55.1 million or $0.45 per share for the third quarter of 2012 compared to $30.7 million or $0.25 per share for 2011. Excluded from Reported FFO in 2011 were impairments of $0.25 per share as they related to operating properties. Year-to-date, Reported FFO was $165.6 million or $1.36 per share for 2012 compared to $115.2 million or $0.96 per share for 2011.

Recurring FFO for the quarter ended September 30, 2012 was $0.46 per share or $56.2 million. For the same quarter last year, Recurring FFO was $0.47 per share. The $0.01 per share decrease in Recurring FFO over the prior year was primarily due to dispositions

totaling $627 million since September 30, 2011, which includes the sale of the Company’s wholly-owned industrial assets in the second quarter of 2012 totaling $382 million. This reduction was offset by an improvement in operating income from increased occupancy in the existing portfolio, reduced interest expense resulting from refinanced debt maturities and acquisitions totaling $235 million. For the nine months, Recurring FFO was $169.6 million or $1.39 per share for 2012 compared to $159.2 million or $1.32 per share for 2011, a 5.3% increase on a per share basis.

A reconciliation between net income attributable to common shareholders to Reported FFO and Recurring FFO is listed on page 5 of the Company’s supplemental package.

Operating Results

Occupancy of the retail portfolio increased to 93.9% in the third quarter from 93.7% in the prior quarter and by a very strong 1.1% from 92.8% in the third quarter of 2011. Occupancy of small shop space increased by 0.5% from the prior quarter and by an impressive 1.6% from the same quarter of the prior year.

Same Property Net Operating Income (“SPNOI”) for retail properties increased 4.9% primarily due to continued strength in both renewals and new leases and a reduction in merchant fallouts. Year-to-date, SPNOI has increased 4.1%, which ranks at the top of the Company’s shopping center peer group.

The Company produced strong leasing results during the third quarter with 356 new retail leases and renewals, totaling over one million square feet. These transactions were comprised of 152 new leases and 204 renewals, which represent annualized revenues of $5.1 million and $9.8 million, respectively. Year-to-date, the average rental rate increase on retail leases signed was a solid 3.8%.

“Our continued rise in occupancy and excellent Same Property NOI growth is a clear reflection of our best in class operating platform. While economic activity remains sluggish, our local market expertise coupled with our quality portfolio of properties enables us to sustain this improvement in operating results,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Capital Recycling

The Company continued its progress in selling its secondary assets and redeploying that capital into higher quality investments in its target markets. Year-to-date, dispositions have totaled $565 million. During the quarter, the Company sold ten retail assets for $66 million and continued the divestiture of its industrial assets by selling nine properties for $23 million from one of its remaining joint ventures. The Company expects to sell its interest in its other industrial joint venture by year-end. The Company redeployed $114 million with the purchase of two outstanding shopping centers and the opportunistic purchase of its venture partner’s interest in another. The Company purchased Roswell Crossing, a 202,000 square foot shopping center in Roswell, Georgia, an affluent suburb

of Atlanta. Anchored by Trader Joe’s, Walgreens, OfficeMax and PetsMart, the trade area has average household incomes over $128,000 within a three-mile trade area and 66% of the residents are college graduates. The Company also purchased Pike Center, an 81,300 square foot community shopping center in affluent Rockville, Maryland. The center’s demographics boast 145,000 people within three miles and average household incomes of $110,000. Year-to-date, the Company has invested $235 million in quality shopping centers in great markets.

“We have delivered on every facet of the five-year strategic plan we laid out back in 2011. We continue to reduce the size of our secondary portfolio and recycle that capital into outstanding new properties while using some of the proceeds to reduce our leverage. We are not finished repositioning our portfolio, but our progress has been substantial,” said Drew Alexander, President and Chief Executive Officer.

Balance Sheet

On October 9, 2012, the Company closed on the sale of $300 million of 3.375% notes due in October 2022. The notes yield interest at 3.42% and were sold at a discount to par value. The proceeds from the transaction were used to pay down all amounts outstanding under the Company’s $500 million revolving credit facility and to redeem $54 million of its 3.95% Convertible Notes.

Subsequent to this transaction, the Company also called for the redemption of $72.5 million of its 6.95% Series E Preferred Shares.

“The $300 million notes offering was exceptionally well received by the market as the transaction was more than six times over-subscribed with $1.2 billion of demand. The sale of these notes allowed us to lock in very favorable long-term rates for ten years and pay off our revolving credit facility to provide liquidity for future debt maturities and growth opportunities.” said Steve Richter, Executive Vice President and Chief Financial Officer.

Recurring FFO Guidance

With respect to 2012 guidance, the Company once again raised the lower end of guidance for Recurring FFO from $1.78 to $1.84 per share to $1.80 to $1.84 per share and also improved its rental growth assumption from -1% to +2% to +2% to +4%. Recurring FFO guidance for 2013 is a range from $1.84 to $1.90 per share. The Company’s guidance for 2012 and 2013 and assumptions for 2012 are provided in its supplemental package.

iii

Dividends

The Board of Trust Managers declared a common dividend of $0.29 per share for the third quarter of 2012. The dividend is payable in cash on December 14, 2012 to shareholders of record on December 6, 2012.

The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are payable on December 14, 2012 to shareholders of record on December 6, 2012.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on October 29, 2012 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 32594657). A replay will be available through the Company’s website starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2012, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 301 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 295 neighborhood and community shopping centers and 17 other operating properties located in 22 states spanning the country from coast to coast representing approximately 59.8 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

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

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 September 30, 2012, we owned or operated under long-term leases, interests in 301 developed properties and 11 new development properties which are located in 22 states that span the United States from coast to coast. The total number of properties includes 295 neighborhood and community shopping centers and 17 other operating properties. These properties represent approximately 59.8 million square feet of which our interests in these properties aggregated approximately 34.2 million square feet of leasable area. Our properties were 93.6% leased as of September 30, 2012, and historically our portfolio occupancy rate has never been below 90%.


Corporate Office

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

Stock Listings

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

Forward-Looking Statements

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

Non-GAAP Disclosures

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

Page 1

Financial Summary

Weingarten Realty Investors

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,				Twelve Months Ended December 31,
	2012		2011		2012		2011		2011		2010		2009		2008
Revenues:
Rentals, net	$	126,406	$	119,746	$	363,770	$	347,882	$	464,889	$	459,604	$	471,352	$	494,521
Other		3,139		3,123		8,444		11,123		14,094		12,550		16,327		12,472

Total		129,545		122,869		372,214		359,005		478,983		472,154		487,679		506,993

Expenses:
Depreciation and amortization		36,623		33,487		103,909		98,489		131,582		125,364		122,958		126,960
Operating		26,583		22,494		73,088		66,777		90,286		90,987		88,315		98,964
Real estate taxes, net		15,259		14,658		43,557		42,054		55,362		53,062		58,243		58,292
Impairment loss		159		31,658		9,908		51,319		54,420		33,317		34,983		52,539
General and administrative		6,421		5,762		21,105		18,898		25,478		24,944		25,865		25,666

Total		85,045		108,059		251,567		277,537		357,128		327,674		330,364		362,421

Operating Income		44,500		14,810		120,647		81,468		121,855		144,480		157,315		144,572
Interest Expense, net		(28,109)		(35,475)		(88,587)		(108,268)		(139,716)		(145,390)		(149,427)		(152,114)
Interest and Other Income (Loss), net		1,818		(494)		4,786		2,984		5,062		9,823		11,422		4,308
Gain on Sale of Real Estate Joint Venture and Partnership Interests						5,562
Gain on Acquisition		1,869				1,869
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net (a)		4,905		(3,034)		(6,715)		3,942		7,834		12,889		5,548		12,196
(Loss) Gain on Redemption of Convertible Senior Unsecured Notes												(135)		25,311		12,961
Gain on Land and Merchant Development Sales														17,956		8,361
(Provision) Benefit for Income Taxes		(733)		(471)		(462)		67		(137)		92		(5,971)		10,552

Income (Loss) from Continuing Operations		24,250		(24,664)		37,100		(19,807)		(5,102)		21,759		62,154		40,836

Operating Income (Loss) from Discontinued Operations		2,636		(12,272)		9,763		1,802		9,889		26,381		32,091		43,039
Gain on Sale of Property from Discontinued Operations		14,826		586		49,724		586		10,212		1,093		55,956		68,722

Income (Loss) from Discontinued Operations		17,462		(11,686)		59,487		2,388		20,101		27,474		88,047		111,761
Gain on Sale of Property		335		392		859		1,588		1,740		2,005		25,075		1,998

Net Income (Loss)		42,047		(35,958)		97,446		(15,831)		16,739		51,238		175,276		154,595
Less: Net (Income) Loss Attributable to Noncontrolling Interests		(1,774)		2,738		(4,557)		410		(1,118)		(5,032)		(4,174)		(8,943)

Net Income (Loss) Adjusted for Noncontrolling Interests		40,273		(33,220)		92,889		(15,421)		15,621		46,206		171,102		145,652
Preferred Share Dividends		(8,869)		(8,869)		(26,607)		(26,607)		(35,476)		(35,476)		(35,476)		(34,711)
Redemption Costs of Preferred Shares																(1,850)

Net Income (Loss) Attributable to Common Shareholders	$	31,404	$	(42,089)	$	66,282	$	(42,028)	$	(19,855)	$	10,730	$	135,626	$	109,091

Earnings Per Common Share - Basic	$	0.26	$	(0.35)	$	0.55	$	(0.35)	$	(0.17)	$	0.09	$	1.24	$	1.29

Earnings Per Common Share - Diluted	$	0.26	$	(0.35)	$	0.54	$	(0.35)	$	(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)


	September 30,		December 31,
	2012		2011
ASSETS

Property	$	4,392,028	$	4,688,526
Accumulated Depreciation		(1,013,294)		(1,059,531)
Property Held for Sale, net		73,404		73,241

Property, net		3,452,138		3,702,236

Investment in Real Estate Joint Ventures and Partnerships, net (a)		300,471		341,608

Total		3,752,609		4,043,844

Notes Receivable from Real Estate Joint Ventures and Partnerships		90,385		149,204
Unamortized Debt and Lease Costs, net		138,718		115,191
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $11,693 in 2012 and $11,301 in 2011 )		77,741		86,530
Cash and Cash Equivalents		19,089		13,642
Restricted Deposits and Mortgage Escrows		13,813		11,144
Other, net		170,304		168,671

Total Assets	$	4,262,659	$	4,588,226


LIABILITIES AND EQUITY

Debt, net	$	2,227,419	$	2,531,837
Accounts Payable and Accrued Expenses		117,956		124,888
Other, net		120,433		107,919

Total Liabilities		2,465,808		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: 121,350 in 2012 and 120,844 in 2011		3,658		3,641
Additional Paid-In Capital		1,997,230		1,983,978
Net Income Less Than Accumulated Dividends		(343,688)		(304,504)
Accumulated Other Comprehensive Loss		(25,939)		(27,743)

Total Shareholders’ Equity		1,631,269		1,655,380
Noncontrolling Interests		165,582		168,202

Total Equity		1,796,851		1,823,582

Total Liabilities and Equity	$	4,262,659	$	4,588,226

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

Page 4

Weingarten Realty Investors

Supplemental Financial Data

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Funds from Operations
Numerator:
Net income (loss) attributable to common shareholders	$	31,404	$	(42,089)	$	66,282	$	(42,028)
Depreciation and amortization		35,611		38,470		106,551		113,397
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships		5,254		5,689		16,261		17,282
Impairment of operating properties and real estate equity investments		177		24,341		15,007		27,576
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships		57		5,253		19,946		5,664
(Gain) on acquisition		(1,869)				(1,869)		(4,559)
(Gain) on sale of property and interests in real estate equity investments		(15,140)		(979)		(56,047)		(2,129)
(Gain) loss on sale of property of unconsolidated real estate joint ventures and partnerships		(435)				(558)		10

Funds from Operations - Basic		55,059		30,685		165,573		115,213
Funds from operations attributable to operating partnership units

Funds from Operations - Diluted		55,059		30,685		165,573		115,213
Adjustments for Recurring FFO:
Other impairment loss, net of tax		159		23,048		403		42,062
Extinguishment of debt costs, net				2,429				2,679
Severance costs						2,123
Acquisition costs		981		12		1,473		276
Litigation settlement, net of tax								(1,040)

Recurring Funds from Operations - Diluted	$	56,199	$	56,174	$	169,572	$	159,190


Denominator:
Weighted average shares outstanding - Basic		120,766		120,413		120,637		120,301
Effect of dilutive securities:
Share options and awards		1,078				1,016
Operating partnership units

Weighted average shares outstanding - Diluted		121,844		120,413		121,653		120,301


Funds from Operations per Share - Basic	$	0.46	$	0.25	$	1.37	$	0.96

Funds from Operations Per Share - Diluted	$	0.45	$	0.25	$	1.36	$	0.96
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax				0.20				0.35
Extinguishment of debt costs, net				0.02				0.02
Severance costs						0.02
Acquisition costs		0.01				0.01
Litigation settlement, net of tax								(0.01)

Recurring Funds from Operations Per Share - Diluted	$	0.46	$	0.47	$	1.39	$	1.32



Dividends
Common Dividends per Share	$	0.290	$	0.275	$	0.870	$	0.825

Common Dividends Paid as a % of Funds from Operations		63.9%		108.3%		63.7%		86.5%


General and Administrative Expenses
General and Administrative Expenses/Total Revenue		5.0%		4.7%		5.7%		5.3%

General and Administrative Expenses/Total Assets before Depreciation		0.12%		0.10%		0.40%		0.33%

Page 5

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Rentals, net
Base minimum rent, net	$	98,282	$	91,866	$	284,282	$	270,728
Straight line rent		1,121		844		2,626		3,339
Over/Under-market rentals, net		227		124		495		619
Percentage rent		1,603		1,334		3,850		3,107
Tenant reimbursements		25,173		25,578		72,517		70,089

Total	$	126,406	$	119,746	$	363,770	$	347,882



Fee Income Primarily from Real Estate Joint Ventures and Partnerships
Recurring	$	1,791	$	1,651	$	5,180	$	4,814
Non-Recurring								86

Total	$	1,791	$	1,651	$	5,180	$	4,900



Interest Expense, net
Interest paid or accrued	$	29,166	$	36,430	$	91,681	$	109,962
Over-market mortgage adjustment of acquired properties, net		(257)		(314)		(700)		(1,543)
Amortization of convertible bond discount				190				1,334

Gross interest expense		28,909		36,306		90,981		109,753
Capitalized interest		(800)		(831)		(2,394)		(1,485)

Total	$	28,109	$	35,475	$	88,587	$	108,268



Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	824	$	832	$	2,240	$	2,581
Deferred compensation interest income (expense)		766		(1,560)		1,787		(792)
Other		228		234		759		1,195

Total	$	1,818	$	(494)	$	4,786	$	2,984



Supplemental Analyst Information

Net Operating Income including Joint Ventures
Revenues	$	129,545	$	122,869	$	372,214	$	359,005
Operating expense		(26,583)		(22,494)		(73,088)		(66,777)
Real estate taxes		(15,259)		(14,658)		(43,557)		(42,054)

Total		87,703		85,717		255,569		250,174


Net Operating Income from Discontinued Operations		3,479		13,397		24,753		41,132

Minority Interests Share of Net Operating Income and Other Adjustments		(5,540)		(6,817)		(16,023)		(18,727)


Pro rata Income From Consolidated Ventures		85,642		92,297		264,299		272,579


Pro rata share of Unconsolidated Joint Ventures
Revenues		17,025		17,343		50,786		51,448
Operating expense		(2,940)		(2,886)		(8,563)		(8,621)
Real estate taxes		(2,173)		(2,040)		(6,451)		(6,182)

Total		11,912		12,417		35,772		36,645


Net Operating Income including Joint Ventures	$	97,554	$	104,714	$	300,071	$	309,224



Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net
Net income (loss) from unconsolidated real estate joint ventures and partnerships	$	3,610	$	(3,779)	$	(10,153)	$	656
Intercompany fee income reclass		1,254		1,217		3,785		3,796
Other adjustments		41		(472)		(347)		(510)

Equity in earnings (loss) of real estate joint ventures and partnerships, net	$	4,905	$	(3,034)	$	(6,715)	$	3,942

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)


	September 30,		December 31,
	2012		2011
Property
Land	$	873,448	$	918,627
Land held for development		123,615		124,528
Land under development		16,485		20,281
Buildings and improvements		3,314,307		3,557,173
Construction in-progress		64,173		67,917

Total	$	4,392,028	$	4,688,526



Straight Line Rent Receivable	$	58,539	$	61,684



Other Assets, net
Notes receivable and mortgage bonds, net	$	35,603	$	40,380
Debt service guaranty asset		74,075		74,075
Non-qualified benefit plan assets		16,483		14,697
Out-of-market rentals, net		8,285		5,755
Deferred income tax asset		12,308		11,936
Interest rate derivative		10,852		10,816
Other		12,698		11,012

Total	$	170,304	$	168,671



Other Liabilities, net
Deferred revenue	$	9,139	$	14,992
Non-qualified benefit plan liabilities		47,332		44,523
Deferred income tax payable		4,918		5,320
Out-of-market rentals, net		20,328		13,386
Interest rate derivative		827		674
Other		37,889		29,024

Total	$	120,433	$	107,919



Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	16,769	$	17,342
Above-market leases - Accumulated Amortization		(8,484)		(11,587)
Below-market assumed mortgages (included in Debt, net)		5,722		5,722
Below-market assumed mortgages - Accumulated Amortization		(2,216)		(1,762)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)		107,071		74,361
Valuation of in place leases - Accumulated Amortization		(38,752)		(38,842)

Total	$	80,110	$	45,234


Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	40,314	$	39,399
Below-market leases - Accumulated Amortization		(19,986)		(26,013)
Above-market assumed mortgages (included in Debt, net)		45,350		45,670
Above-market assumed mortgages - Accumulated Amortization		(29,581)		(31,597)

Total	$	36,097	$	27,459

Page 7

Weingarten Realty Investors

Capitalization and Coverage Ratios

(in thousands, except common share data and percentages)


		September 30,		December 31,
		2012		2011
Common Share Data
Closing Market Price		$	28.11	$	21.82

Dividend Yield			4.13%		5.04%

90-Day, Average Daily Trading Volume			705,460		1,089,938


Capitalization (As reported)
Debt		$	2,227,419	$	2,531,837
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares			2,724,919		3,029,337
Common Shares at Market			3,411,149		2,636,816
Operating Partnership Units at Market			44,245		34,563

Total Market Capitalization		$	6,180,313	$	5,700,716


Debt to Total Market Capitalization			36.0%		44.4%
Debt & Preferred to Total Market Capitalization			44.1%		53.1%

Capitalization (Pro rata)
Debt		$	2,154,554	$	2,468,738
Preferred Shares			497,500		497,500

Sub-total Debt & Preferred Shares			2,652,054		2,966,238
Common Shares at Market			3,411,149		2,636,816
Operating Partnership Units at Market			44,245		34,563

Total Market Capitalization		$	6,107,448	$	5,637,617


Debt to Total Market Capitalization			35.3%		43.8%
Debt & Preferred to Total Market Capitalization			43.4%		52.6%


Capital Availability
Revolving Credit Facility		$	500,000	$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility			250,000		145,000
Outstanding Letters of Credit Under Revolving Facility			2,429		3,429

Unused Portion of Credit Facility		$	247,571	$	351,571



Public Debt Covenant Ratios	Restrictions
Debt to Asset Ratio	Less than 60.0%		42.2%		44.8%
Secured Debt to Asset Ratio	Less than 40.0%		18.4%		18.1%
Fixed Charge Ratio	Greater than 1.5x		3.0x		2.3x
Unencumbered Asset Test	Greater than 100%		275.2%		256.8%


Net Debt to Adjusted EBITDA			6.02x		6.50x
Debt, net of cash and cash equivalents. EBITDA adjusted for gain/loss on sale of real estate and other non-cash items, primarily impairments.


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

Page 8

Investment Activity

Weingarten Realty Investors

New Development Properties

As of September 30, 2012

(in thousands at pro rata share, except percentages)


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


	UNDER DEVELOPMENT

	1	Whole Foods @ Carrollwood	Tampa, Florida	Whole Foods		100.0%		37		37		100.0%		100.0%		4,000		7,424		7,952			7,952
	2	Dacula Market	Dacula, Georgia	Kroger#		100.0%		117		24		58.8%		91.5%		442		3,729		4,347			4,347
	3	Surf City Crossing	Surf City (Wilmington), North Carolina	Harris Teeter		100.0%		75		63		93.0%		84.0%		65		8,130		7,277			7,277
	4	Ridgeway Trace Center Phase 2	Memphis, Tennessee	Target #, Sports Authority, Best Buy, PetSmart, Staples		100.0%		80		80		93.9%		93.9%		1,800		23,587		24,594			24,594
	5	North Towne Plaza	Brownsville, Texas	Lowes#		100.0%		153		36		32.2%		84.1%		2,495		7,296		7,878			7,878
	6	Westwood Center	San Antonio, Texas	Wal-Mart #		100.0%		304		69		70.3%		88.5%		391		17,823		16,602			16,602
	7	Tomball Marketplace	Tomball, Texas	Academy#		100.0%		147		62		57.4%		82.1%		383		14,111		15,266			15,266
		Tomball Marketplace Phase 2	Tomball, Texas	Ross, Marshall’s		100.0%		169		100		66.0%		79.8%		2,881		16,205		17,355			17,355

		Total Wholly Owned						1,081		471		73.6%		86.5%	$	12,457	$	98,305	$	101,271		$	101,271			7.0%	$	23,053

	8	300 West*	Salt Lake City, Utah	Target #		31.8%		181		14		100.0%		100.0%		63		3,499		3,555			11,179
	9	Riverpoint at Sheridan	Sheridan (Denver), Colorado	Costco #, Target #, Regal Cinema		50.0%		523		97		77.8%		91.8%		203		38,905		23,635			47,270
	10	Clermont Landing Phase 2*	Clermont, Florida	JC Penney #, Epic Theater #, TJ Maxx, Ross		65.7%		63		23		33.2%		62.6%		12		3,894		4,289			6,528
	11	Hilltop Village Center (4)	Alexandria, Virginia	Wegman’s		100.0%		265		265		67.5%		67.5%		10,594		22,553		64,035			64,035

		Total Joint Venture						1,033		399		71.6%		85.2%	$	10,872	$	68,852	$	95,514		$	129,012			7.5%	$	1,701


		Total 11 Properties Under Development (exclusive of phasing)						2,114		870		72.5%		85.9%	$	23,329	$	167,156	$	196,784		$	230,283			7.2%	$	24,754


								Spent Inception to Date (from above)											$	167,156		$	214,514
								Additional Capital Needed to Complete												53,617			57,113
								Reimbursement of Future Property Sales & Bond Proceeds												(23,989	)		(41,344	)

								Total Estimated Investment											$	196,784		$	230,283


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

Completion ($)	$6,855	$24,754	$9,800 - $11,800	$800 - $3,800	$1,300 - $6,300	$1,900 - $6,900	$3,800 - $8,800	$73,300 - $78,300
Weighted Return (%)	6.0%	6.7%	8.5% - 8.9%	4.9% - 5.4%	7.2% - 7.7%	6.8% - 7.3%	5.3% - 5.8%	7.7% - 8.2%
Net Operating Income	$408	$1,654	$836 - $1,066	$39 - $204	$93 - $482	$129 - $502	$200 - $508	$5,609 - $6,383

*	Unconsolidated Joint Venture

#	Denotes anchors that are not owned by Weingarten.

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

(2)	Net of non-cash impairment charges.

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

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

Note: Phased properties are counted as one property.

Page 10

Weingarten Realty Investors

Land Held for Development

As of September 30, 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%		37.5
Highway 17 and Highway 210, Surf City, NC		100.0%		46.5
FM 2920 and Future 249, Tomball - Houston, TX		100.0%		10.6
Decatur at 215 - Las Vegas, NV		100.0%		16.2
Hwy 85 & Hwy 285, Sheridan, CO		50.0%		18.2
US 77 & FM 802, Brownsville, TX		100.0%		21.0
US Hwy 17 & US Hwy 74/76, Leland, NC		100.0%		12.6
Bear Valley Road at Jess Ranch Parkway (III), Apple Valley, CA		50.0%		10.9
South 300 West & West Paxton Avenue, Salt Lake City, UT		31.8%		4.6
State Hwy 95 & Bullhead Pkwy, Bullhead City, AZ		100.0%		7.2
Belle Terre Pkwy & State Rd 100, Palm Coast, FL		100.0%		6.7
SR 207 & Rolling Hills Drive, St. Augustine, FL		70.0%		5.2
29th St at Nolana Loop, McAllen, TX		50.0%		3.8
Bear Valley Road at Jess Ranch Parkway (II), Apple Valley, CA		50.0%		3.2
Southern Ave & Signal Butte Rd, Mesa, AZ		100.0%		1.5
SEC Poplar Ave at I-240, Memphis, TN		100.0%		1.2

Total New Development Phased Projects				206.9	$	52,241	$	44,285

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%		35.8
SH 281 & Wilderness Oaks, San Antonio, TX		100.0%		29.2
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh, NC		100.0%		11.7
Lon Adams Rd at Tangerine Farms Rd - Marana, AZ		50.0%		9.7
Rock Prairie Rd. at Hwy. 6, College Station, TX		100.0%		9.0
SH 151 & Ingram Rd, San Antonio, TX		66.7%		7.2
Young Pines and Curry Ford Rd, Orlando, FL		100.0%		3.0
Leslie Rd. at Bandera Rd., Helotes, TX		100.0%		1.7
Other (2)		100.0%		41.4

Total Raw Land				429.1	$	83,493	$	62,059

Total Land Held For Development Properties				635.9	$	135,734	$	106,344

(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 $108.9 million of total investment at 100%, $83.0 million at pro rata share.

Page 11

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended September 30, 2012

(in thousands at pro rata share)

Center

City/State

Sq. Ft. of
Area
at 100%

Date
Sold

Sales
Proceeds

Weighted
Sales
Cap

Dispositions

1st Quarter

River Marketplace *

Lafayette, LA

343

1/06/12

River Pointe - Pad

Conroe, TX

1/17/12

Mineral Springs Village

Durham, NC

1/24/12

Roswell Corners - Pad

Roswell, GA

1/27/12

North Main Place

Houston, TX

2/02/12

Fondren Square

Houston, TX

2/10/12

Gardens of Havana *

Aurora, CO

497

2/17/12

Norchester Village

Houston, TX

108

3/01/12

The Promenade

Lewiston, ME

271

3/16/12

Heritage Station - Pad

Wake Forest, NC

3/27/12

2nd Quarter

Stonecrest Business Center

Houston, TX

111

4/05/12

Cedar Bayou

La Marque, TX

4/09/12

Eastpark - Pad

Houston, TX

4/17/12

Phelan West

Beaumont, TX

5/14/12

Prien Lake Plaza

Lake Charles, LA

5/18/12

Wholly-Owned Industrial Portfolio

Various

9,558

5/24/12

Orleans Station

New Orleans, LA

5/25/12

Moore Plaza - Right of Way

Corpus Christi, TX

5/28/12

Jess Ranch Phase III - Pad *

Apple Valley, CA

5/29/12

Venice Pines

Venice, FL

6/07/12

Custer Park

Plano, TX

178

6/15/12

Calder Shopping Center

Beaumont, TX

6/18/12

Shoppes at Parkwood Ranch - Pad

Mesa, AZ

6/27/12

Kohl’s Shopping Center

Topeka, KS

116

6/28/12

3rd Quarter

Caveness Farms - Pad

Wake Forest, NC

7/17/12

6845 Crescent Drive *

Norcross, GA

361

7/17/12

Cullen Place

Houston, TX

7/23/12

Studewood Shopping Center

Houston, TX

8/02/12

North Sharyland Crossing - Pad *

Mission, TX

8/03/12

Fry’s Ellsworth Plaza

Mesa, AZ

8/27/12

Pitman Corners

Plano, TX

191

8/31/12

Boulveard Marketplace

Midwest City, OK

9/05/12

Bayshore Plaza

Pasdena, TX

9/14/12

Central Plaza

Lubbock, TX

152

9/21/12

Pinecrest Plaza

Southern Pines, NC

252

9/27/12

Virginia Industrial Portfolio *

Virginia

2,002

9/28/12

Siempre Viva *

San Diego, CA

604

9/28/12

Total Dispositions

565,164

7.60%

Date

Purchase

Acquired

Price

Yield

Acquisitions

1st Quarter

Best Buy at Richmond Square - ground lease

Houston, TX

1/06/12

Shasta Crossroads *

Redding, CA

1/10/12

I-10 at Wirt - land

Houston, TX

1/11/12

HEB at Dairy Ashford - ground lease

Houston, TX

3/06/12

North Triangle Shops - ground lease

Houston, TX

3/22/12

2nd Quarter

8000 Sunset Boulevard

Los Angeles, CA

171

6/27/12

3rd Quarter

Roswell Crossing

Roswell, GA

202

7/18/12

University Place TIC Interest

Shreveport, LA

195

8/07/12

Pike Center

Rockville, MD

8/14/12

Total Acquisitions

235,257

6.30%

*	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	$	22,384	$	7,239	$	1,239	$	10,699	$	2,049	$	408	$	272	$	44,290
Quarter Ended 6/30/2012		98,862		9,440		2,126		11,073		3,040		1,595		297		126,433
Quarter Ended 9/30/2012		114,021		6,650		2,233		9,234		3,348		800		653		136,939

Nine Months Ended 9/30/2012 (2)	$	235,267	$	23,329	$	5,598	$	31,006	$	8,437	$	2,803	$	1,222	$	307,662

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 $10.0 million for the nine months ended September 30, 2012.

Page 13

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)


	September 30, 2012		3rd Quarter Weighted Average Rate (1)		December 31, 2011		4th Quarter Weighted Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	961,130		6.34%	$	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		765,778		5.48%		905,470		5.49%
Term Loan						200,000		1.50%
Revolving Credit Agreements (3)		250,000		1.23%		166,500		1.26%
Industrial Revenue Bonds		1,331		2.39%		1,594		2.57%
Obligations under Capital Leases		21,000		7.74%		21,000		7.55%

Subtotal Consolidated Debt		2,153,344		5.28%		2,457,762		5.13%
Debt Service Guarantee Liability (4)		74,075				74,075

Total Consolidated Debt - As Reported		2,227,419		5.28%		2,531,837		5.13%
Less: Noncontrolling Interests and Other Adjustments		(260,430)				(260,031)
Plus: WRI Share of Unconsolidated Joint Ventures		187,565				196,932

Total Debt - Pro rata Share	$	2,154,554		5.27%	$	2,468,738		5.10%


	Debt Balance		3rd 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 September 30, 2012
Fixed-rate debt	$	1,762,208		6.01%		81.8%		4.28
Variable-rate debt		392,346		1.79%		18.2%		3.68

Total	$	2,154,554		5.27%		100.0%		4.17


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 September 30, 2012
Secured Debt	$	936,788		6.33%		43.5%		4.48
Unsecured Debt		1,217,766		4.45%		56.5%		3.94

Total	$	2,154,554		5.27%		100.0%		4.17


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 09/30/12		5.28%		5.27%
Nine months ended 9/30/12		5.16%		5.15%
Nine months ended 09/30/11		5.51%		5.50%
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. These bonds were called by us and are expected to be redeemed on November 8, 2012.

(3)	Weighted average revolving interest rate excludes the effect of the facility fee of 25 basis points on the total commitment paid in arrears.

The weighted average revolving interest rate with the facility fee is 1.76% and 1.99% for the third 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 September 30, 2012

(in thousands, except percentages)



	As Reported			Pro rata Share
	Maturities		Weighted Average Rate (5)	Maturities		Weighted Average Rate (5)	Floating Rate		Fixed Rate		Secured		Unsecured
2012 (1) (3)	$	127,624	5.30%	$	129,593	5.31%	$	3,013	$	126,580	$	32,488	$	97,105
2013		315,520	5.72%		276,854	5.61%		237		276,617		103,263		173,591
2014		474,292	5.71%		429,457	5.61%		237		429,220		114,457		315,000
2015		275,999	6.18%		240,144	6.02%		237		239,907		150,144		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 (2)		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		64,470	7.74%		65,932	7.57%				65,932		34,212		31,720

Subtotal		1,856,336			1,813,149			10,493		1,802,656		896,163		916,986

Revolving Credit Agreements		250,000	1.27%		250,000	1.27%		250,000						250,000
Other (4)		121,083			91,405			13,481		77,924		40,625		50,780
Swap Maturities:
2014								50,000		(50,000)
2017								68,372		(68,372)

Total	$	2,227,419	5.16%	$	2,154,554	5.15%	$	392,346	$	1,762,208	$	936,788	$	1,217,766

(1)	Includes $1.3 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender.

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

(3)	Includes $54.1 million of convertible bonds with stated maturity in 2026 which were called by us and are expected to be redeemed on November 8, 2012.

(4)	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.

(5)	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)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Condensed Statements of Income	2012		2011		2012		2011

Revenues:
Base minimum rent, net	$	37,815	$	38,156	$	114,463	$	115,006
Straight line rent		880		892		2,153		2,688
Over/Under-market rentals, net		292		250		1,065		1,494
Percentage rent		224		63		708		396
Tenant reimbursements		10,037		9,636		29,296		28,735
Other income		478		3,504		1,914		6,374

Total		49,726		52,501		149,599		154,693


Expenses:
Depreciation and amortization		15,071		16,507		46,688		51,051
Interest, net		8,956		9,557		27,003		28,394
Operating		9,069		8,961		26,265		26,791
Real estate taxes, net		6,322		6,001		18,719		18,607
General and administrative		420		865		1,006		2,834
Provision for income taxes		81		85		249		286
Impairment loss		283		26,718		96,781		28,776

Total		40,202		68,694		216,711		156,739


Gain (loss) on sale of property		2,177				2,423		(21)


Net income (loss)	$	11,701	$	(16,193)	$	(64,689)	$	(2,067)

Condensed Balance Sheets


	September 30,		December 31,
	2012		2011
ASSETS

Property	$	1,769,303	$	2,108,745
Accumulated depreciation		(295,670)		(296,496)

Property, net		1,473,633		1,812,249

Other assets, net		166,697		173,130


Total	$	1,640,330	$	1,985,379


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net	$	515,978	$	556,920
Amounts payable to Weingarten Realty Investors and Affiliates		109,715		170,007
Other liabilities, net		43,638		41,907

Total		669,331		768,834


Accumulated equity		970,999		1,216,545


Total	$	1,640,330	$	1,985,379

Page 18

Weingarten Realty Investors

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

(in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Condensed Statements of Income	2012		2011		2012		2011

Revenues:
Base minimum rent, net	$	12,923	$	12,795	$	38,855	$	38,231
Straight line rent		326		342		850		1,138
Over/Under-market rentals, net		(10)		(93)		(48)		42
Percentage rent		80		38		231		116
Tenant reimbursements		3,516		3,268		10,240		9,601
Other income		190		993		658		2,320

Total		17,025		17,343		50,786		51,448


Expenses:
Depreciation and amortization		5,254		5,689		16,261		17,282
Interest, net		3,276		3,502		9,881		10,335
Operating		2,940		2,886		8,563		8,621
Real estate taxes, net		2,173		2,040		6,451		6,182
General and administrative		116		353		280		1,206
Provision for income taxes		34		38		115		131
Impairment loss		57		6,614		19,946		7,025

Total		13,850		21,122		61,497		50,782


Gain (loss) on sale of property		435				558		(10)


Net income (loss)	$	3,610	$	(3,779)	$	(10,153)	$	656

Condensed Balance Sheets


	September 30,		December 31,
	2012		2011

ASSETS

Property	$	568,801	$	640,569
Accumulated depreciation		(105,773)		(100,791)

Property, net		463,028		539,778
Notes receivable from real estate joint ventures and partnerships		5,271		5,399
Unamortized debt and lease costs, net		22,969		25,377
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $518 in 2012 and $686 in 2011)		17,569		18,332
Cash and cash equivalents		13,244		11,543
Restricted deposits and mortgage escrows		2,568		2,283
Notes receivable and mortgage bonds, net		312		413
Out-of-market rentals, net		2,349		2,622
Other assets, net		2,167		2,190

Total	$	529,477	$	607,937


LIABILITIES AND SHAREHOLDERS’ EQUITY

Debt, net	$	188,580	$	198,087
Amounts payable to Weingarten Realty Investors and Affiliates		50,251		75,036
Accounts payable and accrued expenses		7,491		6,084
Deferred revenue		907		811
Out-of-market rentals, net		3,432		3,940
Interest rate derivative		850		855
Other liabilities, net		922		1,786

Total		252,433		286,599


Accumulated equity		277,044		321,338


Total	$	529,477	$	607,937

Notes:

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

Page 19

Weingarten Realty Investors

Investments in Unconsolidated Real Estate Joint Ventures & Partnerships

September 30, 2012

(in thousands, except number of properties and percentages)



								Weingarten Realty

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

TIAA Florida Retail LLC	7		1,259	$	294,820			20.0%			$	57,784	$	(3,354)
AEW SRP, LLC	9		899		135,779	$	102,946	25.0%	$	25,737		4,789		(2,819)
Collins	8		1,165		147,232		26,608	50.0%		13,304		53,155		1,868
AEW - Institutional Client	6		523		124,197		50,611	20.0%		10,122		14,065		307
BIT Retail	3		722		153,189			20.0%				29,954		907
BIT Investment Thirty-Six, LP	3		972		24,417			20.0%						(11,346)
Eagle AN, LP	9		2,565		67,898		39,220	22.5%		8,811		4,369		234
Jamestown	6		1,351		146,805		88,028	20.0%		17,606		11,153		977
Fidelis Realty Partners	1		491		143,272		86,347	57.8%		49,865		31,157		1,436
Sleiman Enterprises	3		220		28,168		11,737	50.0%		5,869		11,186		385

Other	20		2,754		374,554		110,482	51.8%		57,267		82,857		4,690


Total	75		12,921	$	1,640,330	$	515,978	31.1%	$	188,580	$	300,471	$	(6,715)

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 September 30, 2012

Balance Summary


Joint Venture Partner	# of Mortgaged Properties	Mortgage Balance (in thousands) (1)		Average Interest Rate (2)	Average Remaining Term (yrs)

AEW SRP, LLC	7	$	102,946	5.7%	3.3
Collins	2		26,608	6.2%	8.9
AEW – Institutional Client	5		50,611	5.6%	1.8
Eagle AN, LP	2		39,220	5.5%	4.5
Jamestown	6		88,028	5.7%	4.0
Fidelis Realty Partners	1		86,347	4.3%	8.1
Sleiman Enterprises	2		11,737	5.6%	2.9
Other	6		109,096	5.5%	4.3


Total	31	$	514,592	5.4%	3.9

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	$	6,181	5.2%	$	2,648	5.1%
2013		38,103	5.2%		15,933	5.1%
2014		116,427	5.3%		27,102	5.1%
2015		41,644	5.0%		10,343	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	$	514,592		$	187,565

(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 ($3.2 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 9/30/2012


Rank	Tenant Name	DBAs	# of Units		Rental Revenue		Square Feet

1	The Kroger Co.	Kroger, Smith’s Food, Ralphs, Fry’s Food, King Soopers		27		2.28%		1,339

2	T.J.X. Companies, Inc.	T.J. Maxx, Marshalls, Home Goods		38		2.01%		893

3	Ross Stores, Inc.	Ross Dress for Less		39		1.93%		850

4	Safeway, Inc.	Safeway, Randalls, Von’s		18		1.35%		754

5	Petsmart, Inc.			21		1.30%		396

6	The Sports Authority			11		1.15%		388

7	Bed Bath & Beyond, Inc.	Bed Bath & Beyond, Cost Plus		24		1.05%		483

8	H E Butt Grocery			8		1.05%		404

9	Best Buy, Inc.			13		1.03%		344

10	Home Depot, Inc.			5		0.97%		535

11	Office Depot, Inc.			24		0.97%		435

12	Harris Teeter			9		0.92%		405

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

14	Gap, Inc.	Gap, Old Navy, Banana Republic		17		0.90%		257

15	24 Hour Fitness Inc.			7		0.80%		179

16	Petco Animal Supplies, Inc.			21		0.74%		232

17	Whole Foods			6		0.74%		224

18	Publix Super Markets, Inc.			20		0.65%		327

19	Office Max Inc.			12		0.65%		262

20	Raley’s	Raley’s, Bel Air Markets		6		0.65%		331

21	Toys ‘R’ Us	Toys R Us, Babies R Us		8		0.61%		281

22	Staples			11		0.57%		218

23	Thrifty Payless, Inc.	Rite Aid		15		0.56%		212

24	JPMorgan Chase Bank			29		0.52%		96

25	Barnes & Noble Inc.	Barnes & Noble		8		0.51%		167


	Total			441		24.85%		10,396

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

Page 23

Weingarten Realty Investors

Portfolio Operating Information

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

Lease Expirations


As of September 30, 2012	Shopping Center				Other				Total
	Values				Values				Values
Year Expiring	Sq. Ft.		Revenue		Sq. Ft.		Revenue		Sq. Ft.		Revenue
2012		337	$	6,844		348	$	1,540		685	$	8,384
2013		3,384		52,302		1,787		8,662		5,172		60,964
2014		4,085		57,966		1,189		5,523		5,274		63,490
2015		4,167		59,170		1,026		5,178		5,193		64,349
2016		3,820		56,934		931		4,194		4,752		61,128
2017-2021		9,335		137,672		1,207		7,025		10,542		144,697
2022-2031		3,444		45,591		42		261		3,486		45,851


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 September 30, 2012
Retail New Leases		82		155	$	16.58	$	17.26	$	12.59		-4.0%
Retail Renewals		204		595		16.53		16.05		0.01		3.0%
Other		3		36		4.39		5.18		-		-15.3%
Not Comparable Spaces		75		497

Total		364		1,283	$	15.98	$	15.79	$	2.49		1.2%

	Number of Leases		Square Feet		New Rent $PSF		Prior Rent $PSF		TI’s $PSF		Cash Change in Base Rent

Nine Months Ended September 30, 2012
Retail New Leases		239		629	$	16.93	$	16.50	$	17.51		2.6%
Retail Renewals		668		2,410		15.46		14.85		0.04		4.1%
Other		38		563		4.67		4.75		0.52		-1.6%
Not Comparable Spaces		224		1,157

Total		1,169		4,759	$	14.03	$	13.56	$	3.16		3.5%


Occupancy	Quarter Ended
	September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011
Signed Basis
Retail
West Region		94.9%		94.8%		94.2%		94.6%		94.6%
Mountain Region		92.6%		92.3%		92.3%		92.1%		92.4%
Central Region		95.2%		95.0%		94.4%		93.6%		93.3%
Mid-Atlantic Region		91.9%		92.4%		91.8%		90.8%		90.5%
Southeast Region		93.9%		93.2%		93.4%		93.8%		93.4%

Total Retail		93.9%		93.7%		93.4%		93.0%		92.8%
Other		85.9%		86.7%		86.8%		89.5%		87.9%

Total		93.6%		93.4%		91.7%		92.1%		91.6%

Commenced Basis
Retail
West Region		92.9%		91.5%		92.0%		93.4%		90.8%
Mountain Region		89.4%		89.2%		89.3%		90.8%		90.6%
Central Region		93.9%		93.2%		92.5%		91.8%		90.1%
Mid-Atlantic Region		89.4%		89.8%		90.3%		89.2%		87.8%
Southeast Region		89.8%		89.4%		89.9%		89.9%		89.4%

Total Retail		91.5%		91.0%		91.1%		91.1%		89.8%
Other		82.8%		81.4%		84.0%		84.0%		86.4%

Total		91.2%		90.6%		89.3%		89.3%		88.9%


Same Property Net Operating Income Growth (1)
Cash Basis

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
West Region		5.9%		0.2%		5.1%		1.3%
Mountain Region		3.2%		-2.3%		0.5%		0.5%
Central Region		6.1%		0.8%		6.1%		0.0%
Mid-Atlantic Region		5.5%		-4.3%		4.6%		-2.4%
Southeast Region		2.8%		-0.5%		3.6%		-0.9%

Total Retail		4.9%		-1.0%		4.1%		-0.2%
Other		7.2%		-6.2%		-1.0%		-3.7%

Total		4.9%		-1.5%		4.1%		-0.6%

(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)


	Nine Months Ended September 30,								Twelve Months Ended December 31,
	2012		%		2011		%		2011		%		2010		%		2009		%		2008		%
*West Region*
California	$	43,107		14.5%	$	40,160		13.3%	$	53,618		13.2%	$	50,943		13.1%	$	50,136		12.7%	$	51,176		12.1%
Washington		1,550		0.5%		1,373		0.5%		1,978		0.5%		1,171		0.3%		1,124		0.3%		1,193		0.3%
Oregon		1,129		0.4%		1,010		0.3%		1,349		0.3%		1,345		0.3%		1,342		0.3%		1,385		0.3%

Total West Region		45,786		15.4%		42,543		14.1%		56,945		14.0%		53,459		13.7%		52,602		13.3%		53,754		12.7%

*Mountain Region*
Nevada	$	22,625		7.6%	$	22,961		7.6%	$	30,525		7.5%	$	30,906		8.0%	$	31,505		8.0%	$	34,360		8.1%
Arizona		19,356		6.5%		19,540		6.4%		25,450		6.3%		24,287		6.2%		26,845		6.8%		26,181		6.2%
Colorado		10,164		3.4%		9,066		3.0%		12,485		3.1%		10,099		2.6%		9,136		2.3%		10,779		2.4%
New Mexico		3,270		1.1%		3,853		1.3%		4,993		1.2%		5,250		1.4%		8,714		2.2%		11,355		2.7%
Utah		2,650		0.9%		2,629		0.9%		3,494		0.9%		3,548		0.9%		3,557		0.9%		3,614		0.9%

Total Mountain Region		58,066		19.5%		58,048		19.2%		76,947		19.0%		74,090		19.1%		79,757		20.2%		86,289		20.3%

*Central Region*
Texas	$	89,271		30.0%	$	95,961		31.6%	$	129,540		32.0%	$	121,035		31.1%	$	113,454		28.7%	$	124,407		29.2%
Louisiana		6,606		2.2%		6,116		2.0%		8,272		2.0%		7,715		2.0%		8,363		2.1%		10,907		2.6%
Arkansas		2,296		0.8%		2,332		0.8%		3,106		0.8%		2,732		0.7%		3,048		0.8%		3,006		0.7%
Illinois		2,309		0.8%		1,856		0.6%		2,556		0.6%		2,065		0.5%		2,960		0.7%		3,129		0.7%
Oklahoma		759		0.3%		807		0.3%		1,083		0.3%		1,034		0.3%		975		0.2%		955		0.2%
Kansas		476		0.2%		826		0.3%		1,061		0.3%		3,019		0.8%		1,875		0.5%		1,949		0.5%
Missouri		650		0.2%		897		0.3%		1,181		0.3%		1,214		0.3%		1,405		0.4%		1,182		0.3%

Total Central Region		102,368		34.5%		108,796		35.9%		146,799		36.3%		138,814		35.7%		132,080		33.4%		145,535		34.2%

*Mid-Atantic Region*
North Carolina	$	19,322		6.5%	$	19,314		6.4%	$	25,656		6.3%	$	24,869		6.4%	$	25,476		6.5%	$	26,978		6.4%
Georgia		14,825		5.0%		15,019		5.0%		19,845		4.9%		21,798		5.6%		22,643		5.7%		25,039		5.9%
Tennessee		5,837		2.0%		5,564		1.8%		7,491		1.8%		6,261		1.6%		5,009		1.3%		7,015		1.6%
Kentucky		5,398		1.8%		5,125		1.7%		6,890		1.7%		7,019		1.8%		6,766		1.7%		6,629		1.6%
Virginia		1,780		0.6%		2,646		0.9%		3,551		0.9%		3,634		0.9%		3,626		0.9%		2,551		0.6%
Maryland		399		0.1%		-		0.0%		-		0.0%		-		0.0%		-		0.0%		-		0.0%
South Carolina		202		0.1%		199		0.1%		268		0.1%		285		0.1%		306		0.1%		277		0.1%
Maine		40		0.0%		155		0.1%		214		0.1%		321		0.1%		355		0.1%		278		0.1%

Total-Mid Atlantic Region		47,803		16.1%		48,021		16.0%		63,915		15.8%		64,186		16.5%		64,181		16.3%		68,767		16.3%

*Southeast Region*
Florida	$	43,284		14.5%	$	45,144		14.8%	$	60,361		14.9%	$	58,135		15.0%	$	66,170		16.8%	$	70,335		16.5%

Total Southeast Region		43,284		14.5%		45,144		14.8%		60,361		14.9%		58,135		15.0%		66,170		16.8%		70,335		16.5%

Total Net Operating Income	$	297,307		100.0%	$	302,553		100.0%	$	404,967		100.0%	$	388,684		100.0%	$	394,790		100.0%	$	424,681		100.0%

(1)

The Net Operating Income at pro rata share includes the real estate operations of joint ventures at WRI’s ownership percentages ranging from 10% to 75% except for the operations of downreit partnerships, which are included at 100%. Net Operating Income excludes the effect of lease cancellation income, straight-line rent adjustments and impairment charges. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 25

Weingarten Realty Investors

Average Base Rents by CBSA - Retail

As of 9/30/2012

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


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


West Region

Los Angeles-Long Beach et al, CA		4		755		$22.63		497		$10,053		$20.24		186		$5,386		$29.03

Madera, CA		1		85		$12.68		52		$527		$10.13		30		$513		$17.11

Modesto, CA		1		79		$14.80		47		$557		$11.74		26		$530		$20.39

Redding, CA		2		151		$16.33		91		$860		$9.44		53		$1,501		$28.07

Riverside et al, CA		5		737		$19.00		389		$5,400		$13.87		267		$7,059		$26.48

Sacramento—Arden et al, CA		5		625		$15.11		116		$678		$5.85		232		$4,582		$19.73

San Diego-Carlsbad et al, CA		3		286		$21.99		162		$2,361		$14.57		99		$3,370		$34.17

San Francisco-Oakland et al, CA		3		442		$21.30		241		$3,693		$15.35		183		$5,331		$29.12

San Jose-Sunnyvale et al, CA		2		145		$22.67		66		$556		$8.45		78		$2,705		$34.67

Santa Cruz-Watsonville, CA		1		150		$15.55		37		$305		$8.14		44		$961		$21.87

Santa Rosa-Petaluma, CA		1		195		$11.39		135		$1,278		$9.49		39		$704		$17.90

Vallejo-Fairfield, CA		3		362		$18.15		121		$1,148		$9.49		163		$4,017		$24.57



California		31		4,014		$19.10		1,954		$27,417		$14.03		1,400		$36,658		$26.18

Portland-Vancouver et al, OR-WA		3		120		$14.66		66		$575		$8.75		49		$1,112		$22.53



Oregon		3		120		$14.66		66		$575		$8.75		49		$1,112		$22.53

Seattle-Tacoma-Bellevue, WA		5		179		$15.91		96		$1,247		$12.97		59		$1,224		$20.67



Washington		5		179		$15.91		96		$1,247		$12.97		59		$1,224		$20.67


Total West Region		39		4,312		$18.82		2,116		$29,239		$13.82		1,509		$38,993		$25.84

Mountain Region

Lake Havasu City-Kingman, AZ		1		182		$13.62		92		$1,119		$12.15		29		$527		$18.29

Phoenix-Mesa-Scottsdale, AZ		16		1,384		$15.90		493		$4,760		$9.65		502		$11,064		$22.04

Tucson, AZ		5		631		$18.49		168		$2,098		$12.51		218		$5,037		$23.09



Arizona		22		2,198		$16.38		753		$7,977		$10.60		749		$16,628		$22.20

Colorado Springs, CO		2		299		$8.78		243		$1,833		$7.54		40		$656		$16.23

Denver-Aurora, CO		10		877		$16.70		409		$5,445		$13.31		247		$5,510		$22.32



Colorado		12		1,176		$14.31		652		$7,277		$11.16		287		$6,166		$21.46

Las Vegas-Paradise, NV		13		2,366		$15.10		1,288		$14,175		$11.01		596		$14,274		$23.95



Nevada		13		2,366		$15.10		1,288		$14,175		$11.01		596		$14,274		$23.95

Albuquerque, NM		4		435		$14.50		199		$1,871		$9.42		152		$3,219		$21.12



New Mexico		4		435		$14.50		199		$1,871		$9.42		152		$3,219		$21.12

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

Salt Lake City, UT		3		286		$14.04		152		$1,805		$11.87		65		$1,241		$19.13



Utah		4		316		$14.31		164		$1,970		$12.02		83		$1,569		$18.80


Total Mountain Region		55		6,490		$15.26		3,055		$33,269		$10.89		1,868		$41,856		$22.40

Central Region

Little Rock-N. Little Rock, AR		3		357		$9.30		297		$2,411		$8.11		43		$757		$17.47



Arkansas		3		357		$9.30		297		$2,411		$8.11		43		$757		$17.47

Chicago et al, IL-IN-WI		1		304		$12.40		161		$1,640		$10.19		31		$745		$23.79



Illinois		1		304		$12.40		161		$1,640		$10.19		31		$745		$23.79

Hammond, LA		1		225		$8.30		48		$207		$4.28		81		$866		$10.71

Lafayette, LA		1		138		$9.84		75		$530		$7.08		62		$817		$13.17

Lake Charles, LA		3		439		$8.79		152		$991		$6.53		86		$1,102		$12.74

Page 26


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


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

New Orleans-Metairie-Kenner, LA		1		137		$15.10		78		$792		$10.13		58		$1,259		$21.85

Shreveport-Bossier City, LA		1		207		$15.98		130		$1,714		$13.15		72		$1,522		$21.08



Louisiana		8		1,287		$10.80		573		$4,579		$8.00		399		$5,911		$14.81

St. Louis, MO-IL		2		229		$8.99		105		$832		$7.90		41		$482		$11.78



Missouri		2		229		$8.99		105		$832		$7.90		41		$482		$11.78

Oklahoma City, OK		1		128		$6.47		104		$570		$5.51		15		$197		$13.12



Oklahoma		1		128		$6.47		104		$570		$5.51		15		$197		$13.12

Amarillo, TX		1		20		$10.50		4		$29		$6.46		4		$63		$14.74

Beaumont-Port Arthur, TX		3		201		$8.13		112		$529		$4.74		71		$959		$13.43

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

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

Corpus Christi, TX		1		372		$13.65		245		$2,312		$9.43		117		$2,632		$22.53

Dallas-Fort Worth-Arlington, TX		7		755		$14.35		426		$5,096		$11.97		214		$4,081		$19.10

Houston-Baytown-Sugar Land, TX		54		5,103		$14.81		2,997		$31,544		$10.52		1,728		$38,432		$22.24

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

Laredo, TX		2		375		$14.09		252		$2,693		$10.70		101		$2,274		$22.55

Lufkin, TX		1		248		$9.09		124		$944		$7.60		21		$377		$17.83

McAllen-Edinburg-Pharr, TX		7		494		$13.19		332		$3,689		$11.12		80		$1,739		$21.75

Rio Grande City, TX		1		88		$11.53		76		$804		$10.63		10		$184		$18.23

San Antonio, TX		7		596		$13.14		294		$2,771		$9.42		196		$3,673		$18.71

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



Texas		88		8,548		$14.05		5,080		$52,661		$10.37		2,600		$55,216		$21.23



Total Central Region		103		10,852		$13.33		6,319		$62,693		$9.92		3,130		$63,308		$20.22

Mid-Atlantic Region

Atlanta-Sandy Springs et al, GA		16		1,754		$15.77		669		$7,736		$11.57		533		$11,204		$21.04

Gainesville, GA		1		29		$13.41		21		$239		$11.31		5		$108		$22.70



Georgia		17		1,783		$15.72		690		$7,974		$11.56		537		$11,312		$21.05

Lexington-Fayette, KY		3		461		$12.54		252		$2,043		$8.11		165		$3,180		$19.32

Louisville, KY-IN		1		169		$12.41		93		$848		$9.17		75		$1,232		$16.41



Kentucky		4		630		$12.50		344		$2,891		$8.40		240		$4,412		$18.41

Washington, DC-VA-MD-WV		1		81		$53.22		0		$0		$0.00		60		$3,201		$53.22



Maryland		1		81		$53.22		0		$0		$0.00		60		$3,201		$53.22

Charlotte-Gastonia et al, NC-SC		4		319		$17.15		154		$2,136		$13.91		124		$2,628		$21.16

Durham, NC		5		227		$16.61		81		$1,110		$13.71		72		$1,438		$19.84

Raleigh-Cary, NC		11		1,536		$13.41		586		$5,302		$9.04		439		$8,449		$19.24

Wilmington, NC		2		146		$13.98		49		$464		$9.50		36		$726		$20.01



North Carolina		22		2,229		$14.43		869		$9,011		$10.36		672		$13,241		$19.70

Hilton Head Island-Beaufort, SC		1		22		$14.82		5		$47		$9.00		13		$224		$17.17



South Carolina		1		22		$14.82		5		$47		$9.00		13		$224		$17.17

Memphis, TN-MS-AR		6		573		$13.31		382		$4,171		$10.93		177		$3,268		$18.42



Tennessee		6		573		$13.31		382		$4,171		$10.93		177		$3,268		$18.42



Total Mid-Atlantic Region		51		5,317		$14.98		2,290		$24,095		$10.52		1,700		$35,658		$20.98

Southeast Region

Fort Walton Beach et al, FL		2		70		$14.89		50		$663		$13.19		17		$336		$19.96

Jacksonville, FL		5		434		$11.31		267		$2,409		$9.03		83		$1,542		$18.67

Miami-Fort Lauderdale et al, FL		16		1,107		$15.79		554		$5,710		$10.31		388		$9,157		$23.62

Orlando, FL		14		3,056		$15.58		1,014		$12,827		$12.65		499		$10,756		$21.54

Palm Bay-Melbourne et al, FL		3		182		$11.12		49		$403		$8.28		52		$721		$13.75

Page 27

Occupied

Annualized

Avg. Base

Occupied

Annualized

Avg. Base

# of

Rents

Properties

GLA

Total ABR

Greater than 10K SF

Less than 10K SF

Port St. Lucie-Fort Pierce, FL

$14.45

$348

$13.52

$93

$19.52

Punta Gorda, FL

$16.05

$224

$14.88

$144

$18.25

Tampa-St. Petersburg et al, FL

1,098

$13.87

674

$7,601

$11.27

311

$6,071

$19.52

Florida

6,024

$14.71

2,649

$30,186

$11.39

1,363

$28,819

$21.15

Total Southeast Region

6,024

$14.71

2,649

$30,186

$11.39

1,363

$28,819

$21.15

Total

296

32,996

$14.93

16,429

$179,482

$10.92

9,570

$208,635

$21.80

Average base rent per leased SF excludes ground leases.

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

Occupied SF based on commenced leases.

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

Excludes remaining industrial properties owned in joint venture partnerships.

Page 28

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of September 30, 2012


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

Arizona		23		2,218,633		-		1,659,460		3,878,093
Arkansas		3		357,010		-		-		357,010
California		31		4,013,582		398,226		1,046,279		5,458,087
Colorado		12		1,175,799		642,637		1,431,042		3,249,479
Florida		49		6,061,894		3,975,327		1,520,916		11,558,136
Georgia		18		1,863,542		646,798		893,578		3,403,918
Illinois		1		303,566		-		-		303,566
Kentucky		4		629,590		-		127,614		757,204
Louisiana		8		1,286,776		107,974		330,242		1,724,992
Maryland		1		81,336		-		-		81,336
Missouri		2		229,282		28,367		-		257,649
Nevada		12		2,365,942		-		1,250,305		3,616,247
New Mexico		4		434,630		-		306,157		740,787
North Carolina		22		2,228,545		181,859		705,600		3,116,004
Oklahoma		1		128,231		-		-		128,231
Oregon		3		119,871		90,777		62,600		273,248
South Carolina		1		21,530		64,590		-		86,120
Tennessee		8		701,559		677,263		154,340		1,533,162
Texas		99		9,514,284		5,533,504		2,853,164		17,900,953
Utah		4		316,168		89,748		434,465		840,381
Virginia		1		0		-		-		0
Washington		5		178,535		327,497		65,346		571,378

Grand Total		312		34,230,305		12,764,567		12,841,108		59,835,981

Total Retail		295		33,014,841		9,998,261		12,841,108		55,854,211
Total Other		17		1,215,464		2,766,306		-		3,981,770

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 September 30, 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)		%

Retail
Operating Properties

Arizona
Mohave Crossroads	Lake Havasu City-Kingman, AZ	Target (O.B.O.), Kohls (O.B.O.), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less		100.0%			182,168		0		213,309		395,477		13.62		84.7%
Palmilla Center	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.), Office Max, PetSmart, Dollar Tree		100.0%			103,568		0		74,651		178,219		17.49		93.4%
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ	Whole Foods +		100.0%			129,822		0		3,198		133,020		25.29		100.0%
Arrowhead Festival S.C.	Phoenix-Mesa-Scottsdale, AZ	Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.)		100.0%			29,834		0		164,475		194,309		21.93		100.0%
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0%			45,751		0		62,800		108,551		22.62		100.0%
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ	Target (O.B.O.), Bed Bath & Beyond, Famous Footwear		100.0%			69,212		0		129,800		199,012		15.83		97.4%
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	Hobby Lobby, Dollar Tree		100.0%			92,626		0		14,112		106,738		11.13		92.1%
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Office Max		100.0%			134,495		0		108,220		242,715		12.51		97.0%
Laveen Village Market	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket + (O.B.O.), Home Depot (O.B.O.)		100.0%			40,025		0		279,042		319,067		24.77		96.5%
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ	Fresh N Easy +, Family Dollar, Leon Furniture		100.0%			66,787		0		5,383		72,170		10.42		100.0%
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	Sunflower Farmers Market +		100.0%			60,728		0		0		60,728		24.70		94.1%
Desert Village	Phoenix-Mesa-Scottsdale, AZ	AJ Fine Foods +, CVS/pharmacy		100.0%			101,685		0		5,386		107,071		20.72		93.3%
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.)		100.0%			113,536		0		192,052		305,588		9.45		94.3%
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	Safeway + (O.B.O.)		100.0%			10,237		0		138,146		148,383		27.80		100.0%
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	Office Max, Ace Hardware		100.0%			82,757		0		4,622		87,379		10.11		98.8%
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ	Fry’s Supermarket +, Petco, Dollar Tree		100.0%			157,607		0		0		157,607		13.70		96.5%
Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	Ross Dress for Less, Anna’s Linens		100.0%			145,518		0		8,362		153,880		15.26		57.3%
Entrada de Oro	Tucson, AZ	Wal-Mart Neighborhood Market +		100.0%			88,665		0		20,410		109,075		18.48		98.2%
Madera Village	Tucson, AZ	Safeway +, Walgreens, Dollar Tree		100.0%			96,697		0		10,161		106,858		11.67		99.0%
Oracle Crossings	Tucson, AZ	Sprouts Farmers Market +, Kohl’s, Home Goods		100.0%			251,756		0		10,000		261,756		18.09		99.3%
Oracle Wetmore	Tucson, AZ	Home Depot (O.B.O.), PetSmart, Walgreens, Ulta		100.0%			150,109		0		193,128		343,237		27.45		95.3%
Shoppes at Bears Path	Tucson, AZ	Osco Drug (O.B.O.)		100.0%			43,928		0		22,203		66,131		15.38		81.8%

Arizona Total:	# of Properties: 22						2,197,511		0		1,659,460		3,856,971


Arkansas
Markham Square	Little Rock-N. Little Rock, AR	Burlington Coat Factory, Ross Dress for Less		100.0%			125,884		0		0		125,884		7.94		90.8%
Markham West	Little Rock-N. Little Rock, AR	Office Depot, Michaels, Academy, Bassett Furniture, Dollar Tree		100.0%			178,500		0		0		178,500		9.94		100.0%
Westgate	Little Rock-N. Little Rock, AR	SteinMart		100.0%			52,626		0		0		52,626		10.16		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 +		100.0%			75,486		0		0		75,486		9.70		100.0%
Buena Vista Marketplace	Los Angeles-Long Beach et al, CA	Ralph’s +, Dollar Tree		100.0%			90,805		0		24,535		115,340		22.37		100.0%
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach et al, CA	Trader Joe’s +, Crunch, Sundance Cinemas		100.0%			171,375		0		0		171,375		38.57		93.5%
Westminster Center	Los Angeles-Long Beach et al, CA	Albertsons +, Rite Aid, Ross Dress for Less, Home Depot, Petco		100.0%			417,820		0		7,870		425,690		18.28		97.8%
Hallmark Town Center	Madera, CA	Food 4 Less +, Bally Total Fitness		100.0%			85,066		0		13,293		98,359		12.68		97.5%
Marshalls Plaza	Modesto, CA	Marshalls, Dress Barn, Guitar Center		100.0%			78,752		0		7,200		85,952		14.80		93.3%
Shasta Crossroads	Redding, CA	Food Maxx +, Target (O.B.O.)		100.0%			121,183		0		55,683		176,866		17.29		95.4%
Shasta Crossroads (II)	Redding, CA	Sports Authority		40.0%	(1)(3)		30,313		45,470		14,880		90,663		12.50		100.0%
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		19.26		99.4%
Jess Ranch Phase III	Riverside et al, CA	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness		50.0%	(1)(3)		92,414		92,414		9,533		194,362		18.44		95.8%
Chino Hills Marketplace	Riverside et al, CA	Von’s +, Rite Aid, Dollar Tree, 24 Hour Fitness		100.0%			310,991		0		0		310,991		19.60		92.8%
Menifee Town Center	Riverside et al, CA	Ralph’s +, Ross Dress for Less, Dollar Tree		100.0%			124,431		0		124,303		248,734		15.64		100.0%

Page 31

Weingarten Realty Investors

Property Listing

As of September 30, 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		22.50		83.5%
Prospectors Plaza	Sacramento--Arden et al, CA	SaveMart +, Kmart, Long’s Drug Store		100.0%			228,345		0		8,614		236,959		22.03		93.2%
Arcade Square	Sacramento--Arden et al, CA	Grocery Outlet +		100.0%			76,497		0		0		76,497		14.71		94.3%
Discovery Plaza	Sacramento--Arden et al, CA	Bel Air Market +		100.0%			93,398		0		0		93,398		15.93		93.4%
Summerhill Plaza	Sacramento--Arden et al, CA	Raley’s +, Dollar Tree		100.0%			128,835		0		0		128,835		10.98		93.8%
Valley	Sacramento--Arden et al, CA	Raley’s +		100.0%			98,240		0		8,765		107,005		18.39		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		23.45		97.8%
Rancho San Marcos Village	San Diego-Carlsbad et al, CA	Von’s +, 24 Hour Fitness		100.0%			120,829		0		11,860		132,689		17.92		94.1%
San Marcos Plaza	San Diego-Carlsbad et al, CA	Albertsons + (O.B.O.)		100.0%			35,880		0		45,206		81,086		31.35		100.0%
580 Market Place	San Francisco-Oakland et al, CA	Safeway +, 24 Hour Fitness, Petco		100.0%			100,165		0		0		100,165		29.39		92.2%
Fremont Gateway Plaza	San Francisco-Oakland et al, CA	Raley’s +, 24 Hour Fitness, Big Cinemas		100.0%			194,601		0		167,100		361,701		19.30		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		18.81		100.0%
Silver Creek Plaza	San Jose-Sunnyvale et al, CA	Safeway +, Walgreens, Orchard Supply (O.B.O.)		100.0%			132,925		0		65,000		197,925		23.00		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		18.69		96.4%
Freedom Centre	Santa Cruz-Watsonville, CA	Safeway +, Rite Aid, Big Lots, Ace Hardware		100.0%			150,241		0		0		150,241		15.55		91.3%
Stony Point Plaza	Santa Rosa-Petaluma, CA	Food Maxx +, Ross Dress for Less, Fallas Paredes		100.0%			195,129		0		5,442		200,571		11.39		90.8%
Southampton Center	Vallejo-Fairfield, CA	Raley’s +, Ace Hardware		100.0%			162,764		0		0		162,764		19.19		95.1%
Sunset Center	Vallejo-Fairfield, CA	Rite Aid, In-Shape City		100.0%			85,238		0		13,041		98,279		14.82		92.8%
Creekside Center	Vallejo-Fairfield, CA	Raley’s +		100.0%			114,445		0		0		114,445		20.18		97.0%

California Total:	# of Properties: 31						4,013,582		398,226		1,046,279		5,458,087


Colorado
Academy Place	Colorado Springs, CO	Safeway + (O.B.O.), Target (O.B.O.), Ross Dress For Less		100.0%			83,878		0		206,586		290,464		11.57		86.5%
Uintah Gardens	Colorado Springs, CO	King Sooper’s +, Dollar Tree, Ace Hardware, Walgreens, Petco, Family Dollar		100.0%			214,774		0		0		214,774		7.82		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		542,956		16.74		87.4%
Green Valley Ranch Towne Center	Denver-Aurora, CO	King Sooper’s + (O.B.O.)		50.0%	(1)(3)		28,474		28,474		58,000		114,947		17.78		82.7%
Lowry Town Center	Denver-Aurora, CO	Albertsons + (O.B.O.)		50.0%	(1)(3)		38,349		38,349		52,700		129,398		25.51		92.1%
Edgewater Marketplace	Denver-Aurora, CO	King Sooper’s +, Ace Hardware, Target (O.B.O.)		100.0%			144,553		0		126,000		270,553		10.19		98.9%
CityCenter Englewood	Denver-Aurora, CO	Wal-Mart (O.B.O.), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness		51.0%	(1)(3)		137,298		131,914		90,000		359,213		16.15		89.4%
Cherry Creek	Denver-Aurora, CO	Sports Authority, PetsMart, Target (O.B.O.)		100.0%			78,148		0		194,523		272,671		24.85		100.0%
Crossing at Stonegate	Denver-Aurora, CO	King Sooper’s +		51.0%	(1)(3)		55,620		53,438		0		109,058		15.27		100.0%
Thorncreek Crossing	Denver-Aurora, CO	Sunflower Farmers Market +, Super Target + (O.B.O.), Barnes & Noble, Cost Plus, Michael’s, OfficeMax, Dollar Tree		51.0%	(1)(3)		108,190		103,947		174,000		386,137		15.07		100.0%
Westminster Plaza	Denver-Aurora, CO	Safeway +, Walgreens (O.B.O.)		50.0%	(1)		48,506		48,506		14,100		111,113		18.56		98.5%

Colorado Total:	# of Properties: 11						1,118,268		585,106		1,097,909		2,801,284


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		12.89		98.1%
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		16.12		98.4%
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		10.59		92.2%
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	Wal-Mart (O.B.O.), Ross Dress for Less, Petco		50.0%	(1)(3)		42,652		42,652		203,622		288,925		16.49		92.4%
Epic Village - St. Augustine	Jacksonville, FL	Epic Theaters (O.B.O.)		70.0%	(1)		8,542		3,661		51,977		64,180		18.17		86.6%
Boca Lyons	Miami-Fort Lauderdale et al, FL	Jacob’s Classic Market +, Ross Dress for Less		100.0%			117,515		0		0		117,515		20.01		96.4%
Embassy Lakes	Miami-Fort Lauderdale et al, FL	Winn Dixie +, Tuesday Morning		100.0%			131,723		0		48,214		179,937		13.07		89.2%
Hollywood Hills Plaza	Miami-Fort Lauderdale et al, FL	Publix +, Target, CVS/pharmacy		20.0%	(1)(3)		72,957		291,828		43,724		408,509		18.19		97.6%

Page 32

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL	Winn Dixie +, T.J. Maxx, Dollar Tree		100.0%			161,429		0		0		161,429		14.99		98.2%
Palm Lakes Plaza	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,750		91,002		0		113,752		11.50		87.5%
Kendall Corners	Miami-Fort Lauderdale et al, FL	Ashley Furniture		20.0%	(1)(3)		19,294		77,178		0		96,472		28.13		95.9%
South Dade	Miami-Fort Lauderdale et al, FL	Publix +, Bed Bath & Beyond, Petco, Chuck E. Cheese		20.0%	(1)(3)		43,895		175,578		0		219,473		13.80		93.4%
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL	Publix +, CVS/pharmacy		20.0%	(1)(3)		22,173		88,694		21,697		132,564		14.87		92.5%
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		16.91		97.6%
Shoppes at Parkland	Miami-Fort Lauderdale et al, FL	BJ’s Wholesale Club +		30.0%	(1)		43,663		101,880		21,588		167,131		12.60		99.2%
Flamingo Pines	Miami-Fort Lauderdale et al, FL	Publix +		20.0%	(1)(3)		25,373		101,491		21,976		148,840		16.93		95.4%
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		19.10		95.4%
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		13.47		99.2%
Publix at Laguna Isles	Miami-Fort Lauderdale et al, FL	Publix +		100.0%			69,475		0		0		69,475		14.12		83.6%
Vizcaya Square	Miami-Fort Lauderdale et al, FL	Winn Dixie +		100.0%			110,081		0		0		110,081		13.89		92.9%
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL	Publix +		25.0%	(1)(3)		19,080		57,241		0		76,321		14.30		85.8%
Colonial Landing	Orlando, FL	PetSmart, Sports Authority, Bed Bath & Beyond		50.0%	(1)		130,112		130,112		0		260,224		13.35		98.3%
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		13.61		91.4%
International Drive Value Center	Orlando, FL	Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx		20.0%	(1)(3)		37,133		148,531		0		185,664		9.18		69.3%
Market at Southside	Orlando, FL	Ross Dress for Less, Beall’s, Dollar Tree		100.0%			95,135		0		64,627		159,762		10.27		94.4%
Phillips Crossing	Orlando, FL	Whole Foods +, Golf Galaxy, Michaels		100.0%			145,644		0		0		145,644		26.02		97.7%
Phillips Landing	Orlando, FL	Wal-Mart (O.B.O.), Planet Fitness		100.0%			66,223		0		219,815		286,038		19.10		91.0%
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		20.71		92.5%
The Shoppes at South Semoran	Orlando, FL	Wal-Mart Neighborhood Market +, Dollar Tree		100.0%			101,486		0		0		101,486		14.90		100.0%
Westland Terrace Plaza	Orlando, FL	T.J. Maxx, Petco, Shoe Carnival		100.0%			77,521		0		0		77,521		14.05		99.7%
Alafaya Square	Orlando, FL	Publix +		20.0%	(1)(3)		35,297		141,189		0		176,486		12.34		83.3%
University Palms	Orlando, FL	Publix +		30.0%	(1)		29,752		69,420		5,955		105,127		13.34		92.7%
Marketplace at Seminole Towne Center	Orlando, FL	Super Target + (O.B.O.), Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco		100.0%			302,135		0		181,913		484,048		14.44		98.2%
Winter Park Corners	Orlando, FL	Whole Foods Market +		100.0%			102,382		0		0		102,382		19.32		92.7%
Indian Harbour Place	Palm Bay-Melbourne et al, FL	Publix +, Beall’s		25.0%	(1)(3)		40,880		122,641		0		163,521		11.85		99.3%
Lake Washington Crossing	Palm Bay-Melbourne et al, FL	Publix +		25.0%	(1)(3)		29,707		89,121		0		118,828		10.05		74.6%
Lake Washington Square	Palm Bay-Melbourne et al, FL	Tuesday Morning		100.0%			111,835		0		0		111,835		10.95		87.9%
Pineapple Commons	Port St. Lucie-Fort Pierce, FL	Ross Dress for Less, Best Buy, PetSmart, Marshalls, CVS/pharmacy (O.B.O)		20.0%	(1)(3)		51,208		204,833		14,354		270,395		14.45		100.0%
Quesada Commons	Punta Gorda, FL	Publix +		25.0%	(1)(3)		14,722		44,168		0		58,890		13.22		92.9%
Shoppes of Port Charlotte	Punta Gorda, FL	Petco		25.0%	(1)(3)		10,253		30,758		0		41,011		20.23		90.2%
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%
Countryside Centre	Tampa-St. Petersburg et al, FL	T.J. Maxx, Home Goods, Dick’s Sporting Goods, Ross Dress for Less		100.0%			248,367		0		0		248,367		13.67		95.2%
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		12.27		99.6%
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%			377,503		0		197,631		575,134		15.46		94.4%
East Lake Woodlands	Tampa-St. Petersburg et al, FL	Sweetbay +, Walgreens		20.0%	(1)(3)		28,123		112,494		0		140,617		14.17		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		13.31		81.9%

Florida Total:	# of Properties: 47						4,658,961		3,261,741		1,343,687		9,264,388


Georgia
Lakeside Marketplace	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Ross Dress for Less, Petco		100.0%			136,848		0		195,196		332,044		15.77		97.3%
Mansell Crossing	Atlanta-Sandy Springs et al, GA	buybuy BABY, Ross Dress for Less, Rooms to Go		20.0%	(1)(3)		20,586		82,345		0		102,931		12.46		100.0%
Camp Creek Marketplace II	Atlanta-Sandy Springs et al, GA	DSW, LA Fitness, Shopper’s World, American Signature		100.0%			196,283		0		31,720		228,003		14.23		99.1%
Cherokee Plaza	Atlanta-Sandy Springs et al, GA	Kroger +		30.0%	(1)		29,925		69,824		0		99,749		20.63		100.0%

Page 33

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

Perimeter Village	Atlanta-Sandy Springs et al, GA	Wal-Mart Supercenter +, Cost Plus World Market, DSW, Hobby Lobby		100.0%			381,125		0		0		381,125		18.12		97.6%
Publix at Princeton Lakes	Atlanta-Sandy Springs et al, GA	Publix +		20.0%	(1)(3)		13,681		54,726		3,800		72,207		14.98		97.7%
Brookwood Square	Atlanta-Sandy Springs et al, GA	Marshalls		100.0%			234,501		0		0		234,501		10.55		43.7%
Dallas Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			25,158		0		70,104		95,262		22.07		100.0%
Reynolds Crossing	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			45,758		0		70,225		115,983		23.35		92.8%
Grayson Commons	Atlanta-Sandy Springs et al, GA	Kroger +		100.0%			76,611		0		0		76,611		13.94		96.1%
Sandy Plains Exchange	Atlanta-Sandy Springs et al, GA	Publix +		30.0%	(1)		21,835		50,949		0		72,784		13.33		93.2%
Brownsville Commons	Atlanta-Sandy Springs et al, GA	Kroger + (O.B.O.)		100.0%			27,747		0		54,139		81,886		19.52		57.5%
Roswell Corners	Atlanta-Sandy Springs et al, GA	Super Target + (O.B.O.), Staples, T.J. Maxx		100.0%			136,124		0		177,890		314,014		16.35		96.7%
Roswell Crossing	Atlanta-Sandy Springs et al, GA	Trader Joe’s +, Office Max, PetsMart, Walgreens		100.0%			201,979		0		0		201,979		13.59		90.7%
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		17.29		96.4%
Thompson Bridge Commons	Gainesville, GA	Kroger +		30.0%	(1)		28,676		66,911		0		95,587		13.41		94.9%

Georgia Total:	# of Properties: 16						1,776,431		324,755		800,775		2,901,961


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		12.40		98.7%

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


Kentucky
Millpond Center	Lexington-Fayette, KY	Kroger +		100.0%			124,498		0		27,000		151,498		10.29		90.0%
Regency Shopping Centre	Lexington-Fayette, KY	Kroger + (O.B.O.), T.J. Maxx, Michaels		100.0%			142,972		0		46,044		189,016		14.44		93.2%
Tates Creek	Lexington-Fayette, KY	Kroger +, Rite Aid		100.0%			193,134		0		5,160		198,294		12.54		100.0%
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		12.41		99.2%

Kentucky Total:	# of Properties: 4						629,590		0		127,614		757,204


Louisiana
Town & Country Plaza	Hammond, LA	Winn Dixie +, Office Depot, CVS/pharmacy, Ross Dress for Less		100.0%			224,827		0		0		224,827		8.30		92.3%
Westwood Village	Lafayette, LA	Rouses Supermarket +, Stage, CVS		100.0%			138,034		0		0		138,034		9.84		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		7.25		86.4%
K-Mart Plaza	Lake Charles, LA	Albertsons +, Kmart, Dollar Tree		50.0%	(1)(3)		107,974		107,974		16,442		232,390		9.33		100.0%
Southgate	Lake Charles, LA	Market Basket +, Office Depot, Books-A-Million		100.0%			158,587		0		0		158,587		9.85		81.7%
Danville Plaza	Monroe, LA	County Market +, Citi Trends, Surplus Warehouse		100.0%			141,218		0		0		141,218		5.35		93.0%
Manhattan Place	New Orleans-Metairie-Kenner, LA	Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion		100.0%			137,315		0		139,300		276,615		15.10		98.9%
University Place	Shreveport-Bossier City, LA	Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond		100.0%			206,753		0		174,500		381,253		15.98		97.9%

Louisiana Total:	# of Properties: 8						1,286,776		107,974		330,242		1,724,992


Maryland
Pike Center	Washington, DC-VA-MD-WV			100.0%			81,336		0		0		81,336		53.22		73.9%

Maryland Total:	# of Properties: 1						81,336		0		0		81,336


Missouri
Ballwin Plaza	St. Louis, MO-IL	Schnucks +, Michaels		100.0%			200,915		0		0		200,915		9.20		81.7%
Western Plaza	St. Louis, MO-IL	Value Village		50.0%	(1)(3)		28,367		28,367		0		56,734		7.45		96.5%

Missouri Total:	# of Properties: 2						229,282		28,367		0		257,649


Nevada
Eastern Horizon	Las Vegas-Paradise, NV	Trader Joe’s +, Kmart + (O.B.O.)		100.0%			65,848		0		143,879		209,727		20.58		95.4%
Best in the West	Las Vegas-Paradise, NV	Old Navy, Best Buy, Office Depot, Bed Bath & Beyond, Babies “R” Us, DSW Shoes, PetSmart, Jo-Ann Stores, Sports Authority, Ulta		100.0%			428,067		0		0		428,067		16.06		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		16.31		98.3%

Page 34

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

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		10.72		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		12.30		91.1%
Mission Center	Las Vegas-Paradise, NV	Albertsons + (O.B.O.), Sav-On Drug-CVS (O.B.O.), Toys “R” Us, T.J. Maxx		100.0%			152,151		0		60,018		212,169		11.82		85.5%
Paradise Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Dollar Tree		100.0%			77,597		0		70,495		148,092		16.58		87.4%
Rainbow Plaza	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%			273,916		0		0		273,916		14.47		84.3%
Rainbow Plaza, Phase I	Las Vegas-Paradise, NV	Albertsons +, JC Penney, Home Depot, 24 Hour Fitness		100.0%			136,369		0		0		136,369		13.10		91.5%
Rancho Towne & Country	Las Vegas-Paradise, NV	Smith’s Food +		100.0%			84,743		0		53,100		137,843		11.86		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		17.70		95.5%
Tropicana Marketplace	Las Vegas-Paradise, NV	Smith’s Food + (O.B.O.), Family Dollar		100.0%			69,475		0		73,168		142,643		17.91		77.7%
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		16.86		89.1%

Nevada Total:	# of Properties: 12						2,365,942		0		1,250,305		3,616,247


New Mexico
Eastdale	Albuquerque, NM	Albertsons +, Family Dollar		100.0%			119,091		0		0		119,091		7.52		98.1%
North Towne Plaza	Albuquerque, NM	Whole Foods Market +, Home Goods		100.0%			112,666		0		29,440		142,106		18.26		100.0%
Pavillions at San Mateo	Albuquerque, NM	Wal-Mart Neighborhood Market +, Old Navy, Shoe Department, Skechers, Dollar Tree		100.0%			151,160		0		57,531		208,691		18.29		83.8%
Wyoming Mall	Albuquerque, NM	Wal-Mart Supercenter + (O.B.O.), Dollar Tree		100.0%			51,713		0		219,186		270,899		16.15		100.0%

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


North Carolina
Galleria	Charlotte-Gastonia et al, NC-SC	Off Broadway Shoes, Wal-Mart (O.B.O.)		100.0%			120,674		0		207,602		328,276		16.92		91.8%
Johnston Road Plaza	Charlotte-Gastonia et al, NC-SC	Food Lion +		100.0%			79,508		0		0		79,508		15.43		96.2%
Steele Creek Crossing	Charlotte-Gastonia et al, NC-SC	BI-LO +, Rite Aid		100.0%			77,301		0		0		77,301		16.69		100.0%
Whitehall Commons	Charlotte-Gastonia et al, NC-SC	Wal-Mart Supercenter + (O.B.O.), BI-LO + (O.B.O.), Lowes (O.B.O.)		100.0%			41,941		0		402,620		444,561		23.71		95.0%
Chatham Crossing	Durham, NC	Lowes Food +, CVS/pharmacy		25.0%	(1)(3)		24,039		72,116		0		96,155		13.39		96.2%
Cole Park Plaza	Durham, NC	Dollar General		25.0%	(1)(3)		20,564		61,694		0		82,258		10.27		55.8%
Bull City Market	Durham, NC	Whole Foods Market +		100.0%			40,875		0		0		40,875		18.71		100.0%
Hope Valley Commons	Durham, NC	Harris Teeter +		100.0%			81,371		0		0		81,371		22.34		98.3%
Ravenstone Commons	Durham, NC	Food Lion +		100.0%			60,424		0		0		60,424		14.74		89.6%
Capital Square	Raleigh-Cary, NC	Food Lion +		100.0%			143,063		0		0		143,063		7.21		100.0%
Harrison Pointe	Raleigh-Cary, NC	Harris Teeter +, Staples		100.0%			130,934		0		0		130,934		15.96		82.1%
High House Crossing	Raleigh-Cary, NC	Harris Teeter +		100.0%			90,155		0		0		90,155		14.32		90.1%
Northwoods Market	Raleigh-Cary, NC	Wal-Mart +		100.0%			77,802		0		0		77,802		18.21		81.7%
Parkway Pointe	Raleigh-Cary, NC	Food Lion +, Rite Aid		100.0%			80,061		0		0		80,061		10.97		95.3%
Avent Ferry	Raleigh-Cary, NC	Food Lion +, Family Dollar		100.0%			111,622		0		0		111,622		16.87		98.8%
Falls Pointe	Raleigh-Cary, NC	Harris Teeter +, Kohl’s (O.B.O.)		100.0%			112,203		0		86,350		198,553		17.16		91.9%
Leesville Town Centre	Raleigh-Cary, NC	Harris Teeter +, Rite Aid		100.0%			114,396		0		0		114,396		21.63		94.2%
Six Forks Station	Raleigh-Cary, NC	Food Lion +, Kmart, Home Depot, Bed Bath & Beyond		100.0%			466,585		0		0		466,585		10.54		94.2%
Stonehenge Market	Raleigh-Cary, NC	Harris Teeter +, SteinMart, Rite Aid		100.0%			188,521		0		0		188,521		12.29		95.5%
Heritage Station	Raleigh-Cary, NC	Harris Teeter +		30.0%	(1)		20,592		48,049		9,028		77,669		19.09		98.3%
Waterford Village	Wilmington, NC	Harris Teeter +		100.0%			89,715		0		0		89,715		20.83		89.9%

North Carolina Total:	# of Properties: 21						2,172,346		181,859		705,600		3,059,805


Oklahoma
Town and Country	Oklahoma City, OK	Office Depot, Big Lots, Westlake Hardware, Aaron Rents		100.0%			128,231		0		0		128,231		6.47		92.4%

Oklahoma Total:	# of Properties: 1						128,231		0		0		128,231

Page 35

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

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		17.19		88.3%
Oak Grove Market Center	Portland-Vancouver et al, OR-WA	Safeway +		100.0%			97,177		0		0		97,177		13.49		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		14.82		85.0%

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		10.97		97.0%
Commons at Dexter Lake	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls, Home Goods		30.0%	(1)		50,087		116,871		11,600		178,558		8.66		89.0%
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR	Kroger +, SteinMart, Marshalls, Home Goods		30.0%	(1)		18,551		43,287		5,000		66,838		13.07		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		11.95		100.0%
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		10.50		98.4%
North Park Plaza	Beaumont-Port Arthur, TX	Target (O.B.O.), Toys “R” Us (O.B.O.)		50.0%	(1)(3)		70,036		70,036		162,534		302,606		13.86		89.4%
Phelan West	Beaumont-Port Arthur, TX	Kroger + (O.B.O.)		66.7%	(1)(3)		15,552		7,779		58,890		82,221		12.76		100.0%
Crossroads	Beaumont-Port Arthur, TX	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet		100.0%			115,692		0		0		115,692		4.78		98.3%
Lone Star Pavilions	College Station-Bryan, TX	Best Buy, Office Depot, Barnes & Noble		100.0%			106,907		0		0		106,907		11.28		100.0%
Moore Plaza	Corpus Christi, TX	H. E. B. + (O.B.O.), Office Depot, Marshalls, Target (O.B.O.), Old Navy, Hobby Lobby, Steinmart		100.0%			371,650		0		227,972		599,622		13.65		98.0%
Gateway Station	Dallas-Fort Worth-Arlington, TX	Conn’s		70.0%	(1)		47,950		20,550		0		68,500		10.95		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		13.56		89.5%
Independence Plaza	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Family Dollar, Harbor Freight, Surplus Warehouse		100.0%			170,363		0		0		170,363		11.28		93.7%
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	Babies “R” Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco		20.0%	(1)(3)		72,667		290,670		0		363,337		16.25		86.3%
Lake Pointe Market Center	Dallas-Fort Worth-Arlington, TX	Tom Thumb + (O.B.O.), Walgreens (O.B.O.)		100.0%			40,513		0		81,176		121,689		21.70		73.5%
Boswell Towne Center	Dallas-Fort Worth-Arlington, TX	Albertsons + (O.B.O)		100.0%			26,088		0		61,920		88,008		21.49		95.7%
Montgomery Plaza	Houston-Baytown-Sugar Land, TX	Academy, Conn’s, 99 Cents Only, Petco, Anna’s Linens, Spec’s Liquor		100.0%			300,772		0		22,215		322,987		8.96		96.2%
Broadway	Houston-Baytown-Sugar Land, TX	Big Lots, Family Dollar		15.0%	(1)		11,191		63,413		0		74,604		6.98		92.1%
Galveston Place	Houston-Baytown-Sugar Land, TX	Randall’s +, Office Depot, Palais Royal, Spec’s Liquor		100.0%			210,537		0		0		210,537		10.41		98.0%
10/Federal	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Palais Royal, Harbor Freight Tools		15.0%	(1)		19,871		112,601		0		132,472		8.27		98.6%
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX	Trader Joe’s +, PetSmart		100.0%			56,969		0		0		56,969		20.87		100.0%
Bellaire Boulevard	Houston-Baytown-Sugar Land, TX	Randall’s +		30.0%	(1)		10,524		24,557		6,192		41,273		25.46		100.0%
Braeswood Square	Houston-Baytown-Sugar Land, TX	Belden’s +, Walgreens		100.0%			104,686		0		0		104,686		12.26		93.9%
Centre at Post Oak	Houston-Baytown-Sugar Land, TX	Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack		100.0%			183,940		0		0		183,940		29.41		99.1%
Champions Village	Houston-Baytown-Sugar Land, TX	Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble		30.0%	(1)		115,320		269,080		0		384,400		13.29		95.9%
Cullen Plaza	Houston-Baytown-Sugar Land, TX	Fiesta +, Family Dollar		15.0%	(1)		12,678		71,839		0		84,517		9.76		100.0%
Cypress Pointe	Houston-Baytown-Sugar Land, TX	Kroger +, Office Depot, Babies “R” Us		100.0%			186,399		0		96,660		283,059		9.53		97.1%
Edgebrook	Houston-Baytown-Sugar Land, TX	Fiesta +, Family Dollar		15.0%	(1)		11,769		66,691		0		78,460		10.20		100.0%
Fiesta Village	Houston-Baytown-Sugar Land, TX	Fiesta +		15.0%	(1)		4,537		25,712		0		30,249		8.81		100.0%
Glenbrook Square	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		11,684		66,206		0		77,890		8.98		92.3%
Griggs Road	Houston-Baytown-Sugar Land, TX	Family Dollar, Citi Trends		15.0%	(1)		12,017		68,099		0		80,116		10.71		51.9%
Harrisburg Plaza	Houston-Baytown-Sugar Land, TX	Fallas Paredes		15.0%	(1)		14,016		79,422		0		93,438		17.50		100.0%
HEB - Dairy Ashford & Memorial	Houston-Baytown-Sugar Land, TX	H.E.B. +		100.0%	(4)		36,874		0		0		36,874		N/A		100.0%

Page 36

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

Heights Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		100.0%			71,777		0		0		71,777		8.35		100.0%
Humblewood Shopping Plaza	Houston-Baytown-Sugar Land, TX	Kroger +, Conn’s, Walgreens, Michaels (O.B.O.), DSW (O.B.O.)		100.0%			180,226		0		99,000		279,226		13.90		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		10.70		99.0%
Kirby Strip Center	Houston-Baytown-Sugar Land, TX	Freebirds Burrito		100.0%			10,000		0		0		10,000		25.03		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		9.97		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		88.3%
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		17.60		91.9%
Market Street Shopping Center	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		50.0%	(1)		24,569		24,569		0		49,138		6.69		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		10.36		92.5%
North Triangle	Houston-Baytown-Sugar Land, TX	CiCi’s Pizza		100.0%			16,060		0		0		16,060		21.74		67.6%
Northbrook Center	Houston-Baytown-Sugar Land, TX	Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree		100.0%			173,288		0		0		173,288		13.46		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		14.17		99.3%
Oak Forest	Houston-Baytown-Sugar Land, TX	Kroger +, Ross Dress for Less, Dollar Tree		100.0%			151,324		0		0		151,324		12.06		99.1%
Orchard Green	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		100.0%			74,983		0		0		74,983		10.88		100.0%
Randall’s/Cypress Station	Houston-Baytown-Sugar Land, TX	David’s Bridal		100.0%			138,749		0		0		138,749		12.74		85.7%
Randall’s/Kings Crossing	Houston-Baytown-Sugar Land, TX	Randall’s +, CVS/pharmacy		30.0%	(1)		37,919		88,478		0		126,397		15.66		100.0%
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		28.52		100.0%
River Oaks West	Houston-Baytown-Sugar Land, TX	Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank		100.0%			248,663		0		0		248,663		28.52		93.9%
Sheldon Forest North	Houston-Baytown-Sugar Land, TX	Family Dollar		100.0%			22,040		0		0		22,040		9.65		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		9.65		100.0%
Shoppes at Memorial Villages	Houston-Baytown-Sugar Land, TX	Rexel		100.0%			182,541		0		0		182,541		7.75		93.1%
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		12.66		97.9%
Southgate	Houston-Baytown-Sugar Land, TX	Food-A-Rama +, CVS/pharmacy, Family Dollar, Palais Royal		15.0%	(1)		18,789		106,471		0		125,260		9.86		95.5%
Spring Plaza	Houston-Baytown-Sugar Land, TX	Sellers Bros. +, Family Dollar		15.0%	(1)		8,875		50,291		0		59,166		8.64		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		9.11		94.4%
Ten Blalock Square	Houston-Baytown-Sugar Land, TX	99 Ranch Market +		100.0%			97,277		0		0		97,277		14.92		100.0%
Village Arcade	Houston-Baytown-Sugar Land, TX	Gap, Baby Gap, Chicos		100.0%			57,203		0		0		57,203		36.96		100.0%
Village Arcade-Phase II	Houston-Baytown-Sugar Land, TX	Talbots		100.0%			28,371		0		0		28,371		36.96		100.0%
Village Arcade-Phase III	Houston-Baytown-Sugar Land, TX	Banana Republic, Express, Ann Taylor		100.0%			107,134		0		0		107,134		36.96		95.8%
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		12.77		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		12.43		96.8%
Westhill Village	Houston-Baytown-Sugar Land, TX	Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens		100.0%			130,041		0		0		130,041		15.07		100.0%
League City Plaza	Houston-Baytown-Sugar Land, TX	Kroger +		15.0%	(1)		19,048		107,942		0		126,990		12.40		96.8%
Rose-Rich	Houston-Baytown-Sugar Land, TX	Family Dollar, Palais Royal		100.0%			102,641		0		0		102,641		9.71		75.2%
Market at Town Center	Houston-Baytown-Sugar Land, TX	Old Navy, Home Goods, Marshalls, Ross Dress for Less		100.0%			388,865		0		0		388,865		18.62		98.3%
Palmer Plaza	Houston-Baytown-Sugar Land, TX	Dollar Tree		100.0%			96,526		0		99,980		196,506		9.31		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		97.0%
North Creek Plaza	Laredo, TX	H. E. B. + (O.B.O.), Target (O.B.O.), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond		100.0%			239,897		0		241,867		481,764		14.16		95.9%
Plantation Centre	Laredo, TX	H. E. B. +		100.0%			135,373		0		7,642		143,015		13.96		100.0%
Angelina Village	Lufkin, TX	Kmart, Conn’s		100.0%			248,199		0		0		248,199		9.09		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		10.23		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		21.97		77.6%
Northcross	McAllen-Edinburg-Pharr, TX	Barnes & Noble		50.0%	(1)(3)		37,732		37,732		0		75,465		16.08		95.9%
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%

Page 37

Weingarten Realty Investors

Property Listing

As of September 30, 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)		%

Market at Sharyland Place	McAllen-Edinburg-Pharr, TX	Wal-Mart (O.B.O.), Kohl’s, Dollar Tree		50.0%	(1)(3)		56,456		56,456		188,262		301,174		19.05		98.2%
Sharyland Towne Crossing	McAllen-Edinburg-Pharr, TX	H.E.B. +, Target (O.B.O.), T.J. Maxx, Petco, Office Depot, Ross Dress for Less		50.0%	(1)(3)		176,520		176,520		131,909		484,949		14.48		100.0%
Starr Plaza	Rio Grande City, TX	H. E. B. +, Beall’s, Dollar General		50.0%	(1)(3)		88,346		88,346		0		176,693		11.53		97.0%
Fiesta Trails	San Antonio, TX	H. E. B. + (O.B.O.), Target (O.B.O.), Act III Theatres, Marshalls, Office Max, SteinMart, Petco, Anna’s Linens		100.0%			306,370		0		176,000		482,370		14.96		99.3%
Oak Park Village	San Antonio, TX	H. E. B. +		30.0%	(1)		19,286		45,001		0		64,287		9.54		100.0%
Parliament Square	San Antonio, TX	Family Dollar		100.0%			64,950		0		0		64,950		11.66		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		10.49		95.0%
Valley View	San Antonio, TX	Marshalls, Dollar Tree		100.0%			91,544		0		0		91,544		10.59		93.4%
Broadway	Tyler, TX	SteinMart		100.0%			60,400		0		0		60,400		7.95		87.6%

Texas Total:	# of Properties: 83						8,389,381		3,544,670		2,573,338		14,507,390


Utah
Alpine Valley Center	Provo-Orem, UT	Super Target + (O.B.O.), Old Navy, Justice, Dollar Tree, Office Depot		33.3%	(1)(3)		30,382		60,772		133,500		224,654		16.20		100.0%
Taylorsville Town Center	Salt Lake City, UT	The Fresh Market + (O.B.O.), Rite Aid		100.0%			90,157		0		40,057		130,214		17.20		92.8%
West Jordan Town Center	Salt Lake City, UT	Target (O.B.O.), Petco, Office Depot		100.0%			182,099		0		122,800		304,899		12.10		88.0%

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


Washington
Mukilteo Speedway Center	Seattle-Tacoma-Bellevue, WA	Dollar Tree		20.0%	(1)(3)		18,055		72,218		0		90,273		16.60		31.3%
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		16.33		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		16.49		97.8%
Promenade 23	Seattle-Tacoma-Bellevue, WA	Red Apple Grocers +, Walgreens		100.0%			96,660		0		0		96,660		14.86		90.1%
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA	Safeway +, Ross Dress for Less		20.0%	(1)(3)		21,485		85,938		0		107,423		19.02		100.0%

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


Other
Operating Properties

Arizona
Arcadia Biltmore Plaza	Phoenix-Mesa-Scottsdale, AZ	Endurance Rehab, Weingarten Realty Regional Office		100.0%			21,122		0		0		21,122

Arizona Total:	# of Properties: 1						21,122		0		0		21,122


Georgia
Sears Logistics	Atlanta-Sandy Springs et al, GA	Vacant		20.0%	(1)(3)		80,511		322,043		0		402,554

Georgia Total:	# of Properties: 1						80,511		322,043		0		402,554


Tennessee
Crowfarn Drive Warehouse	Memphis, TN-MS-AR	C.M.I. Freight-Trans Inc., Memphis Distribution Services		20.0%	(1)(3)		31,770		127,079		0		158,849
Outland Business Center	Memphis, TN-MS-AR	Vistar Tennessee, Kuehne + Nagel, TricorBraun		20.0%	(1)(3)		82,088		328,350		0		410,438

Tennessee Total:	# of Properties: 2						113,858		455,429		0		569,287


Texas
1919 North Loop West	Houston-Baytown-Sugar Land, TX	State of Texas		100.0%			138,058		0		0		138,058
610 and 11th St. Warehouse	Houston-Baytown-Sugar Land, TX	Iron Mountain		20.0%	(1)(3)		48,754		195,017		0		243,771
610/288 Business Park	Houston-Baytown-Sugar Land, TX	Dupuy Storage		20.0%	(1)(3)		59,060		236,240		0		295,300
Citadel Plaza	Houston-Baytown-Sugar Land, TX	Weingarten Realty Investors Corporate Office		100.0%			121,000		0		0		121,000
Houston Cold Storage Warehouse	Houston-Baytown-Sugar Land, TX	Preferred Freezer Services		100.0%			128,752		0		0		128,752

Page 38

Weingarten Realty Investors

Property Listing

As of September 30, 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)	%

Kempwood Industrial	Houston-Baytown-Sugar Land, TX	Pioneer Contract Services, Wyatt Field Service Company, Omron Oilfield & Marine		20.0%	(1)(3)		44,721		178,882		0		223,603
Lathrop Warehouse	Houston-Baytown-Sugar Land, TX	Palmer Distribution		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)		47,693		190,771		0		238,464
Northway Park II	Houston-Baytown-Sugar Land, TX	Jet Lube, Inc., Lamons Gasket, Custom Polymers		20.0%	(1)(3)		60,715		242,862		0		303,577
Railwood F	Houston-Baytown-Sugar Land, TX	Shell Oil Company		20.0%	(1)(3)		60,000		240,000		0		300,000
Railwood G	Houston-Baytown-Sugar Land, TX	Global Stainless Supply, Inc.		50.0%	(1)(3)		105,425		105,425		0		210,850
Railwood Industrial Park	Houston-Baytown-Sugar Land, TX	Val-Fit Inc., Georgia Gulf Chemicals & Vinyl		20.0%	(1)(3)		99,531		398,125		0		497,656
West Loop Commerce Center	Houston-Baytown-Sugar Land, TX	Goodwill		100.0%			35,886		0		0		35,886

Texas Total:	# of Properties: 13						999,973		1,988,834		0		2,988,807


Total Operating Properties	# of Properties: 301						32,422,086		11,964,474		11,682,269		56,068,830

New Development
Colorado
River Point at Sheridan	Denver-Aurora, CO			50.0%	(1)(2)		57,531		57,531		333,133		448,195

Colorado Total:	# of Properties: 1						57,531		57,531		333,133		448,195


Florida
Clermont Landing	Orlando, FL			65.7%	(1)(2)(3)		1,366,233		713,586		177,229		2,257,048
Whole Foods @ Carrollwood	Tampa-St. Petersburg et al, FL			100.0%	(2)		36,700		0		0		36,700

Florida Total:	# of Properties: 2						1,402,933		713,586		177,229		2,293,748


Georgia
Dacula Marketplace	Atlanta-Sandy Springs et al, GA			100.0%	(2)		6,600		0		92,803		99,403

Georgia Total:	# of Properties: 1						6,600		0		92,803		99,403


North Carolina
Surf City Crossing	Wilmington, NC			100.0%	(2)		56,199		0		0		56,199

North Carolina Total:	# of Properties: 1						56,199		0		0		56,199


Tennessee
Ridgeway Trace	Memphis, TN-MS-AR			100.0%	(2)		146,496		0		137,740		284,236

Tennessee Total:	# of Properties: 1						146,496		0		137,740		284,236


Texas
North Towne Plaza	Brownsville-Harlingen, TX			100.0%	(2)		11,600		0		117,000		128,600
Tomball Marketplace	Houston-Baytown-Sugar Land, TX			100.0%	(2)		78,250		0		153,821		232,071
Westwood Center	San Antonio, TX			100.0%	(2)		35,080		0		9,005		44,085

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


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

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

Page 39

Weingarten Realty Investors

Property Listing

As of September 30, 2012

Gross Leasable Area

Joint

Average

WRI

Venture

Owned by

Base Rent

Occupancy

Center

CBSA

Anchors

Owned %

Foot Notes

Owned

Share

Other

Total

(ABR)

Virginia

Hilltop Village

Washington, DC-VA-MD-WV

100.0%

(1)(2)

Virginia Total:

# of Properties: 1

Total New Developments

# of Properties: 11

1,808,219

800,093

1,158,839

3,767,151

Unimproved Land

Arizona

Bullhead Parkway at State Route 95, Bullhead City

312,761

Lon Adams Rd at Tangerine Farms Rd, Marana

422,532

Southern Avenue and Signal Butte Road, Mesa

63,162

Arizona Total:

798,455

California

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

138,956

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

473,497

California Total:

612,453

Colorado

Highway 85 and Highway 285, Sheridan

792,792

Colorado Total:

792,792

Florida

Young Pines and Curry Ford Rd, Orange County

132,422

State Road 100 & Belle Terre Parkway, Palm Coast

292,288

SR 207 at Rolling Hills Dr, St. Augustine

228,254

Florida Total:

652,964

Georgia

NWC South Fulton Pkwy. @ Hwy. 92, Union City

3,554,496

Georgia Total:

3,554,496

Louisiana

Ambassador Caffery at W. Congress, Lafayette

34,848

Louisiana Total:

34,848

Nevada

SWC Highway 215 at Decatur, Las Vegas

707,414

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

1,637,420

North Carolina Total:

4,722,339

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

Page 40

Weingarten Realty Investors

Property Listing

As of September 30, 2012

Gross Leasable Area

Joint

Average

WRI

Venture

Owned by

Base Rent

Occupancy

Center

CBSA

Anchors

Owned %

Foot Notes

Owned

Share

Other

Total

(ABR)

River Pointe Drive at Interstate 45, Conroe

72,745

Leslie Rd. at Bandera Rd., Helotes

74,052

Bissonnet at Wilcrest, Houston

40,946

Citadel Plaza at 610 North Loop, Houston

137,214

East Orem, Houston

121,968

Kirkwood at Dashwood Drive, Houston

321,908

Mesa Road at Tidwell, Houston

105,501

Northwest Freeway at Gessner, Houston

117,612

West Little York at Interstate 45, Houston

161,172

West Loop North at Interstate 10, Houston

145,055

Nolana Ave. and 29th St., McAllen

163,350

Shary Rd. at North Hwy. 83, Mission

1,560,319

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:

15,572,008

Utah

South 300 West & West Paxton Avenue, Salt Lake City

201,683

Utah Total:

201,683

Total Unimproved Land

27,703,031

Page 41

Other Topics of Interest

Weingarten Realty Investors

Reconciliation of Impairment Transactions

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30, 2012				September 30, 2012 (3)

Summary of Impaired Items (at pro rata) :

Properties Held for Sale or Sold (1)	$	177	$	-	$	5,502	$	0.05

Properties Marketed for Sale or Sold		216		-		23,246		0.19

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


Total Impairment Loss	$	393	$	-	$	35,356	$	0.29




Financial Statement Impact of Impairment Loss:

Impairment Loss	$	159	$	-	$	9,908	$	0.08

Discontinued Operations		177		-		5,502		0.05

Equity In Loss of Real Estate Joint Ventures and Partnerships, net		57		-		19,946		0.16


Total Impairment Loss	$	393	$	-	$	35,356	$	0.29

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

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

(3)	For the nine months ended September 30, 2012, a reclassification for certain properties to discontinued operations has been made to conform to the current year presentation.

Page 43

Weingarten Realty Investors

Guidance

2012 Guidance


	2012	2012
	Previous Guidance	Updated Guidance

Recurring FFO Per Diluted Share	$1.78 - $1.84	$1.80 - $1.84

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

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

Total	$570M -$680M	$570M - $680M

New Development Investment:	$75M - $100M	$35M - $60M

Operations

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

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

Retail Rental Growth:	-1% to +2%	+2% to +4%

2013 Guidance


		2013
		Guidance
Recurring FFO Per Diluted Share		$1.84 -$1.90

Assumes acquisitions and dispositions will be capital neutral.

⁽¹⁾	Reflects signed occupancy for the retail portfolio.


Denotes change to original guidance

Page 44

WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.1 - SUPPLEMENTAL FINANCIAL INFORMATION - October 30, 2012

Attached files

WEINGARTEN REALTY INVESTORS /TX/ Reports