WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.3

Attached files

file	filename
EX-99.2 - EX-99.2 - WEINGARTEN REALTY INVESTORS /TX/	wri-20210222ex99257260f.htm
EX-99.1 - EX-99.1 - WEINGARTEN REALTY INVESTORS /TX/	wri-20210222ex9915144e1.htm
8-K - 8-K - WEINGARTEN REALTY INVESTORS /TX/	wri-20210222x8k.htm

Exhibit 99.3


Table of Contents		Page

Company Information		1

Financial Summary
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Balance Sheets	4
	Funds From Operations Attributable to Common Shareholders	5
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre	6
	Supplemental Income Statement Detail	7
	Supplemental Balance Sheet Detail	8
	Capitalization and Debt Coverage Ratios	9
	Guidance	10

Investment Activity
	Capital Expenditures	12
	Development and Redevelopment Projects	13
	Land Held for Development	14
	Acquisition and Disposition Summary	15

Summary of Debt
	Debt Information	17
	Debt Information Additional Disclosure	18
	Schedule of Maturities	19
	Schedule of Maturities Additional Disclosure	20

Joint Ventures
	Unconsolidated Joint Venture Financial Information at 100%	22
	Unconsolidated Joint Venture Financial Information at Pro rata Share	23
	Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%	24
	Unconsolidated Joint Venture Mortgage Debt Information at 100%	25
	Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure	26

Portfolio Summary
	Tenant Diversification by Percent of Base Minimum Rent	28
	Portfolio Operating Information	29 - 30
	Top 40 Core-Based Statistical Area (CBSA) Ranked by Population	31

Property Listing
	Summary Property Listing	33
	Property Listing	34 - 38
	Ground Lease Commitments	38

Other Topics of Interest
	Share Repurchase Summary	40
	COVID-19 Impact – Tenant Status	41
	Schedule of Uncollectible Revenue	42
	Ground Lease Summary	43

www.weingarten.com

Weingarten Realty Investors

Company Information

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

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 and regional economic and 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) changes in consumer retail shopping patterns; (v) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability; (vi) changes in governmental laws and regulations; (vii) the level and volatility of interest rates; (viii) the availability of suitable acquisition opportunities; (ix) the ability to dispose of properties; (x) changes in expected development activity; (xi) increases in operating costs; (xii) tax matters, including the effect of changes in tax laws and the failure to qualify as a real estate investment trust; (xiii) technology system failures, disruptions or cybersecurity attacks; (xiv) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor; and (xv) the impact of public health issues, such as the current COVID-19 pandemic, natural disasters or severe weather conditions. Accordingly, there is no assurance that our expectations will be realized.

Pro rata Financial Information

Included herein is certain financial information presented on a pro rata share basis as we believe this information assists users of our financial information in understanding our proportionate economic interest in the operating results of our portfolio of properties. Such amounts include WRI’s proportional share of each financial line item or operational metric for both our consolidated and unconsolidated joint ventures and partnerships. Multiplying a financial statement line item or operational metric of an investee and adding it to WRI’s totals may not accurately depict the legal and economic implications of holding a non-controlling interest in the investee, nor does WRI control any of the investees presented under the equity method of accounting. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Corporate Profile

Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2020, we owned or operated under long-term leases, interests in 159 properties which are located in 15 states that span the United States from coast to coast. These properties represent approximately 30.2 million square feet of which our interests in these properties aggregated approximately 20.7 million square feet of leasable area. Our properties were 92.9% leased as of December 31, 2020 and historically our portfolio occupancy rate has never been below 90%.

Page 1

Financial Summary

Weingarten Realty Investors

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)


	Three Months Ended
	December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019		2018		2017		2016
Revenues:
Rentals, net	$	109,046	$	115,780	$	422,339	$	472,446	$	517,836	$	563,183	$	540,141
Other		3,029		3,685		11,578		14,179		13,311		9,980		9,414
Total Revenues		112,075		119,465		433,917		486,625		531,147		573,163		549,555
Operating Expenses:
Depreciation and amortization		37,701		33,355		149,930		135,674		161,838		167,101		162,535
Operating		25,121		24,693		91,075		94,620		90,554		109,310		98,855
Real estate taxes, net		15,344		13,741		62,564		60,813		69,268		75,636		66,358
Impairment loss		24,109		—		24,153		74		10,120		15,257		98
General and administrative		11,916		9,021		37,388		35,914		25,040		28,052		26,607
Total Operating Expenses		114,191		80,810		365,110		327,095		356,820		395,356		354,453
Other Income (Expense):
Interest expense, net		(15,726)		(13,539)		(61,148)		(57,601)		(63,348)		(80,326)		(83,003)
Interest and other income, net		4,929		3,594		7,143		11,003		2,807		7,532		1,910
Gain on sale of property		33,660		45,951		65,402		189,914		207,865		218,611		100,714
Total Other Income		22,863		36,006		11,397		143,316		147,324		145,817		19,621
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships		20,747		74,661		80,204		302,846		321,651		323,624		214,723
Benefit (Provision) for Income Taxes		259		(358)		(451)		(1,040)		(1,378)		17		(6,856)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net ⁽¹⁾		3,867		2,989		39,206		20,769		25,070		27,074		20,642
Gain on sale and acquisition of real estate joint venture and partnership interests		—		—		—		—		—		—		48,322
Net Income		24,873		77,292		118,959		322,575		345,343		350,715		276,831
Less: Net Income Attributable to Noncontrolling Interests		(1,803)		(2,074)		(6,810)		(7,140)		(17,742)		(15,441)		(37,898)
Net Income Attributable to Common Shareholders	$	23,070	$	75,218	$	112,149	$	315,435	$	327,601	$	335,274	$	238,933
Earnings Per Common Share - Basic	$	0.18	$	0.59	$	0.88	$	2.47	$	2.57	$	2.62	$	1.90
Earnings Per Common Share - Diluted	$	0.18	$	0.58	$	0.88	$	2.44	$	2.55	$	2.60	$	1.87

(1)	See page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

Page 3

Weingarten Realty Investors

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)


	December 31,
	2020		2019
ASSETS
Property	$	4,246,334	$	4,145,249
Accumulated Depreciation		(1,161,970)		(1,110,675)
Property, net		3,084,364		3,034,574
Investment in Real Estate Joint Ventures and Partnerships, net ⁽¹⁾		369,038		427,947
Total		3,453,402		3,462,521

Unamortized Lease Costs, net		174,152		148,479
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net		81,016		83,639
Cash and Cash Equivalents		35,418		41,481
Restricted Deposits and Escrows		12,338		13,810
Other, net		205,074		188,004
Total Assets	$	3,961,400	$	3,937,934

LIABILITIES AND EQUITY
Debt, net	$	1,838,419	$	1,732,338
Accounts Payable and Accrued Expenses		104,990		111,666
Other, net		217,489		217,770
Total Liabilities		2,160,898		2,061,774

Commitments and Contingencies		—		—

Equity:
Shareholders' Equity:
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:127,313 in 2020 and 128,702 in 2019		3,866		3,905
Additional Paid-In Capital		1,755,770		1,779,986
Net Income Less Than Accumulated Dividends		(128,813)		(74,293)
Accumulated Other Comprehensive Loss		(12,050)		(11,283)
Total Shareholders' Equity		1,618,773		1,698,315
Noncontrolling Interests		181,729		177,845
Total Equity		1,800,502		1,876,160
Total Liabilities and Equity	$	3,961,400	$	3,937,934

(1)	This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information.

Page 4

Weingarten Realty Investors

Funds From Operations Attributable to Common Shareholders

(in thousands, except per share amounts)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
Funds From Operations Attributable to Common Shareholders (FFO)
Numerator:
Net income attributable to common shareholders	$	23,070	$	75,218	$	112,149	$	315,435
Depreciation and amortization of real estate		37,579		33,154		149,389		134,772
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships		4,897		3,478		17,251		12,152
Impairment of properties and real estate equity investments		24,109		3,070		24,153		3,144
(Gain) on sale of property, investment securities and interests in real estate equity investments		(33,653)		(45,950)		(65,385)		(190,597)
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships		(18)		—		(23,523)		(1,380)
Provision for income taxes ⁽¹⁾		—		276		2		133
Noncontrolling interests and other ⁽²⁾		(621)		(545)		(1,852)		(2,051)
NAREIT FFO - Basic		55,363		68,701		212,184		271,608
Income attributable to operating partnership units		481		528		1,731		2,112
NAREIT FFO - Diluted		55,844		69,229		213,915		273,720
Adjustments for Core FFO:
Contract terminations		—		—		340		—
Other		—		—		—		10
Core FFO - Diluted	$	55,844	$	69,229	$	214,255	$	273,730

Denominator:
FFO weighted average number of common shares outstanding - Basic		126,795		127,882		127,291		127,842
Effect of dilutive securities:
Share options and awards		858		851		878		842
Operating partnership units		1,432		1,432		1,432		1,432
FFO weighted average number of common shares outstanding - Diluted		129,085		130,165		129,601		130,116

NAREIT FFO Per Common Share - Basic	$	0.44	$	0.54	$	1.67	$	2.12

NAREIT FFO Per Common Share - Diluted	$	0.43	$	0.53	$	1.65	$	2.10

Core FFO Per Common Share - Diluted	$	0.43	$	0.53	$	1.65	$	2.10

(1)	The applicable taxes related to gains and impairments of operating and non-operating real estate assets.

(2)	Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.

Page 5

Weingarten Realty Investors

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre

(in thousands)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
Net income	$	24,873	$	77,292	$	118,959	$	322,575
Interest expense, net		15,726		13,539		61,148		57,601
(Benefit) provision for income taxes		(259)		358		451		1,040
Depreciation and amortization of real estate		37,701		33,355		149,930		135,674
Impairment loss on operating properties and real estate equity investments		24,109		3,070		24,153		3,144
Gain on sale of property and investment securities ⁽¹⁾		(33,661)		(45,950)		(65,401)		(190,653)
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net⁽²⁾		5,661		4,377		(2,745)		14,439
Total EBITDAre		74,150		86,041		286,495		343,820
Adjustments for Core EBITDAre:
Contract terminations		—		—		340		—
Other		—		—		—		10
Total Core EBITDAre	$	74,150	$	86,041	$	286,835	$	343,830

Net Debt to Core EBITDAre:
Debt	$	1,838,419	$	1,732,338
Less: Cash and cash equivalents		(35,418)		(41,481)
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships		45,353		86,840
Total Net Debt	$	1,848,354	$	1,777,697

Annualized Core EBITDAre	$	296,600	$	344,164

Net Debt to Core EBITDAre		6.23		5.17

(1)	Includes a gain on sale of non-operating assets of $.7 million and $.5 million for the twelve months ended December 31, 2020 and 2019, respectively.

(2)	Includes a gain on the sale of operating properties of $23.5 million and $1.1 million for the twelve months ended December 31, 2020 and 2019, respectively. Also includes $.3 million gain on sale of non-operating assets for the twelve months ended December 31, 2019.

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Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2020			2019 ⁽¹⁾			2020			2019 ⁽¹⁾
Revenues:
Rentals, net ⁽²⁾
Base minimum rent, net	$	79,617		$	86,103		$	318,885		$	352,764
Straight line rent, net		(198)			774			(10,599)			2,973
Over/under market rental, net		2,282			1,163			7,765			4,594
Percentage rent, net		942			1,336			2,409			4,057
Tenant reimbursements, net		25,841			25,871			102,628			106,197
Other rental revenues		362			353			685			1,141
Lease cancellation revenue		200			180			566			720
Rentals, net		109,046			115,780			422,339			472,446
Other Revenues
Customer contract revenue		2,527			2,724			9,119			10,923
Miscellaneous revenue		502			961			2,459			3,256
Other Revenues		3,029			3,685			11,578			14,179
Total Revenue	$	112,075		$	119,465		$	433,917		$	486,625
Operating Expenses:
Depreciation and Amortization	$	37,701		$	33,355		$	149,930		$	135,674
Operating
Operating Expense		25,121			22,940			91,075			89,882
Deferred Compensation ⁽³⁾		—			1,753			—			4,738
Operating, net		25,121			24,693			91,075			94,620
Real Estate Taxes, net		15,344			13,741			62,564			60,813
Impairment Loss		24,109			—			24,153			74
General and administrative expense
General and administrative expense		8,035			8,144			32,670			33,545
Deferred Compensation ⁽³⁾		3,881			877			4,718			2,369
General and administrative expense, net		11,916			9,021			37,388			35,914
Total Operating Expenses	$	114,191		$	80,810		$	365,110		$	327,095
Other Income (Expense):
Interest Expense, net
Interest paid or accrued	$	(16,599)		$	(16,471)		$	(66,580)		$	(67,993)
Amortization of debt deferred costs		(803)			(839)			(3,174)			(3,521)
Over/under market adjustment of acquired properties, net		136			82			422			327
Capitalized interest		1,540			3,689			8,184			13,586
Interest Expense, net		(15,726)			(13,539)			(61,148)			(57,601)
Interest and Other (Expense) Income, net
Interest and Other Income		1,048			964			2,425			3,896
Deferred Compensation ⁽³⁾		3,881			2,630			4,718			7,107
Interest and Other Income, net		4,929			3,594			7,143			11,003
Gain on Sale of Property		33,660			45,951			65,402			189,914
Total Other (Expense) Income	$	22,863		$	36,006		$	11,397		$	143,316

Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships	$	20,747		$	74,661		$	80,204		$	302,846
Benefit (Provision) for Income Taxes		259			(358)			(451)			(1,040)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated joint ventures and partnerships		3,171			5,204			36,570			20,557
Intercompany fee income reclass		580			684			2,379			2,636
Other adjustments		116			(2,899)			257			(2,424)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net		3,867			2,989			39,206			20,769
Net Income	$	24,873		$	77,292		$	118,959		$	322,575
Less: Net Income Attributable to Noncontrolling Interests		(1,803)			(2,074)			(6,810)			(7,140)
Net Income Attributable to Common Shareholders -- Basic	$	23,070		$	75,218		$	112,149		$	315,435
Net Income Attributable to Common Shareholders -- Diluted	$	23,070		$	75,746		$	112,149		$	317,547

Dividends
Common Dividends per Share	$	0.540		$	0.395		$	1.295		$	1.580
Common Dividends Paid as a % of Core Funds from Operations - Basic		124.4	%		74.0	%		78.1	%		74.8	%

General and Administrative Expense
Gross General and Administrative Expense/Total Revenue		7.2	%		6.8	%		7.5	%		6.9	%

Additional Disclosure for Revenues and Operating Expenses
Minority Interests Share of Revenues and Operating Expenses and Other Adjustments	$	(1,105)		$	(1,549)		$	(4,943)		$	(5,217)

(1)	Reclassification of prior year's amounts were made to conform to current year presentation.

(2)	Rental revenues reduced due to lease related reserves and write-offs. See breakout on p.42.

(3)

Eligible associates of the Company may contribute a portion of their earnings to a Deferred Compensation plan for income tax deferral purposes. The Company does not match or contribute funds to the plan, as it is all the associates' earnings. The asset and corresponding liability along with the related earnings are recorded in the Company financial statements on behalf of the participants. The allocation was modified 1/1/2020 to reflect the current expense classification of the associates in the plan. All changes to the liability are now allocated to General and Administrative Expense with no allocation to Operating Expense.

Page 7

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)


	December 31,
	2020		2019

Property
Land	$	948,622	$	911,521
Land held for development		39,936		40,667
Land under development		19,830		53,076
Buildings and improvements		3,082,509		2,898,867
Construction in-progress		155,437		241,118
Total	$	4,246,334	$	4,145,249

Straight Line Rent Receivable, net
	$	47,622	$	57,976

Other Assets, net
Notes receivable and mortgage bonds, net	$	38,841	$	22,104
Debt service guaranty asset		53,650		57,380
Non-qualified benefit plan assets		43,415		38,381
Out-of-market leases, net		11,326		11,685
Deferred income tax asset		3,761		3,448
Unamortized debt costs, net		2,693		3,487
Right of use assets, net		42,850		43,751
Other		8,538		7,768
Total	$	205,074	$	188,004

Other Liabilities, net
Deferred revenue	$	14,711	$	14,952
Non-qualified benefit plan liabilities		81,811		76,060
Deferred income tax payable		1,761		1,767
Out-of-market leases, net		58,208		62,914
Operating lease liabilities, net		42,888		43,063
Other		18,110		19,014
Total	$	217,489	$	217,770

Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	23,877	$	23,830
Above-market leases - Accumulated Amortization		(12,551)		(12,145)
In place leases (included in Unamortized Lease Costs, net)		235,082		196,207
In place leases - Accumulated Amortization		(102,772)		(92,918)
Total	$	143,636	$	114,974

Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	92,855	$	95,240
Below-market leases - Accumulated Amortization		(34,647)		(32,326)
Above-market assumed mortgages (included in Debt, net)		7,694		3,446
Above-market assumed mortgages - Accumulated Amortization		(2,408)		(1,987)
Total	$	63,494	$	64,373

Page 8

Weingarten Realty Investors

Capitalization and Debt Coverage Ratios

(in thousands, except common share data and percentages)


		December 31,
		2020			2019

Common Share Data
Closing Market Price		$	21.67		$	31.24

Capitalization
Debt		$	1,838,419		$	1,732,338
Common Shares at Market			2,758,873			4,020,650
Operating Partnership Units at Market			31,031			44,736
Total Market Capitalization (As reported)		$	4,628,323		$	5,797,724

Debt to Total Market Capitalization (As reported)			39.7	%		29.9	%
Debt to Total Market Capitalization (As reported at a constant share price of $31.24)			31.4	%		29.9	%
Debt to Total Market Capitalization (Pro rata)			39.8	%		30.5	%

Capital Availability
Revolving Credit Facility		$	500,000		$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility			40,000			—
Outstanding Letters of Credit Under Revolving Facility			1,932			2,054
Unused Portion of Credit Facility		$	458,068		$	497,946

Significant Covenant Ratios
	Restrictions
Debt to Asset Ratio (Public)	Less than 60.0%		37.7	%		35.9	%
Secured Debt to Asset Ratio (Public)	Less than 40.0%		7.1	%		5.8	%
Unencumbered Asset Test (Public)	Greater than 150%		283.7	%		299.7	%
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments))	Greater than 1.5x		3.5x			4.2x

Credit Ratings
		S&P			Moody's
Senior Debt		BBB			Baa1
Outlook		Stable			Stable

Note:

Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 9

Weingarten Realty Investors

Guidance

2021 Guidance



Net income attributable to common shareholders		$0.68 - $0.81
Depreciation and amortization		1.18 - 1.20
(Gain) on sale of property, investment securities and interests in RE equity investments		(0.23) - (0.28)
NAREIT FFO - Basic		1.63 - 1.73
Income attributable to operating partnership units		0.02 - 0.02
NAREIT FFO Per Common Share - Diluted		$1.65 - $1.75
Core FFO Per Common Share - Diluted		$1.65 - $1.75

Portfolio Activity ($ in millions)
Acquisitions		$50 - $100

Dispositions		$100 - $150

Page 10

Investment Activity

Weingarten Realty Investors

Capital Expenditures

(at pro rata share)

(in thousands)


	Three Months Ended		Twelve Months Ended		Twelve Months Ended
	December 31, 2020		December 31, 2020		December 31, 2019
Acquisitions	$	120,627	$	166,627	$	246,447
New Development		7,949		76,011		150,418
Redevelopment		2,526		9,608		22,242
Building and Site Improvements		5,890		19,653		19,926
Tenant Finish		6,921		29,091		36,594
External Leasing Commissions		1,093		3,664		4,340
Capital Expenditures	$	145,006	$	304,654	$	479,967

Note:

Page 12

Weingarten Realty Investors

Development and Redevelopment Projects

As of December 31, 2020

(at pro rata share, except multi-family units)

(in thousands, except percentages and multi-family units)


	Project Description /	Total Cost at		Costs				Estimated/Actual		Stabilized		Percentage
Property	SF	Completion		to Date			CIP ⁽¹⁾	ROI ⁽²⁾		Operations ⁽²⁾		Leased ⁽³⁾		Key Tenants / Description

Developments and Large Redevelopments Under Construction ^(4,5)
West Alex - Alexandria, VA ⁽⁶⁾	Retail = 127 SF	$	200,000	$	192,923	$	32,825					81.9	%	Harris Teeter anticipated opening 2H21
	Multifamily = 278 units											43.2	%	Residential units in lease-up phase

Centro Arlington - Arlington, VA* ⁽⁷⁾	Retail = 65 SF		135,000		129,266		354					97.8	%	Harris Teeter opened 2H19
	Multifamily = 366 units											86.3	%	Residential units in lease-up phase

The Driscoll at River Oaks - Houston, TX	Retail = 11 SF		150,000		122,257		77,274					0.0	%
	Multifamily = 318 units											39.9	%	Residential units in lease-up phase
		$	485,000	$	444,446	$	110,453

Redevelopments Under Construction ⁽⁵⁾
River Point at Sheridan - Denver, CO	53	$	10,988	$	10,988									Burlington, New Shop Space Building, and Pads
Rock Prairie Marketplace - College Station, TX	41		8,812		6,464									Valero, Multi-Tenant Building, and Pads. Increased scope to add more square footage
Wilderness Oaks - San Antonio, TX	20		7,295		9,747									20,000 SF Multi-Tenant Building, and Pads.
Fiesta Trails - San Antonio, TX	20		5,869		3,759									Two New Shop Space Buildings
Tomball Marketplace - Houston, TX	27		5,367		4,569									Three New Shop Space Buildings
All other redevelopments < $5 million (3 projects)	33		9,329		5,374									Two projects ($6M of costs) moved to completed in the quarter
		$	47,660	$	40,901

Completed Redevelopments

		$	42,403	$	42,403			10.8	%

Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter) ⁽⁸⁾:										$	1,308
Cash NOI Redevelopments Under Construction (Current Quarter):										$	459
Cash NOI Redevelopments Completed (Current Quarter):										$	1,026

(1)	Refers to quarter-end Construction-in-Progress balance on a prorata basis.

(2)	Given the recent COVID-19 disruption, the leaseup and stabilization dates of these projects cannot be determined at this time.

(3)	Percentage leased for retail is calculated as square footage for executed leases divided by the gross leasable area. Percentage leased for multifamily is calculated as total units leased divided by total units..

(4)	Large redevelopment is defined where total incremental investment is over $50 million. Impact from COVID-19 may affect estimates in future periods.

(5)	Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. Impact from COVID-19 may affect estimates in future periods.

(6)	Costs do not reflect potential sale of Senior Living Pad.

(7)	WRI has a 90% equity interest in the property and is committed to fund an additional $.4 million in imputed debt.

(8)	NOI Detail: Retail $380 and Residential $928.

* Unconsolidated Joint Venture

Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 13

Weingarten Realty Investors

Land Held for Development

As of December 31, 2020

(in thousands, except acres and percentages)


	Ownership		Gross	Investment ⁽¹⁾
Location	Interest		Acres	100%		Pro Rata
New Development Phased Projects
US 77 & FM 802, Brownsville, TX	100.0	%	21.0
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC	100.0	%	20.9
Highway 17 and Highway 210, Surf City, NC	100.0	%	11.0
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL	100.0	%	6.7
Hwy. 85 & Hwy. 285, Sheridan, CO	100.0	%	3.8
29th St. at Nolana Loop, McAllen, TX	50.0	%	3.8
FM 2920 and Future 249, Tomball - Houston, TX	100.0	%	2.2
SR 207 & Rolling Hills Drive, St. Augustine, FL	70.0	%	1.6
Total New Development Phased Projects			71.0	$	13,245	$	12,174

Other Raw Land
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX	50.0	%	120.4
South Fulton Parkway and SH 92, Union City - Atlanta, GA	100.0	%	22.3
Lon Adams Rd. at Tangerine Farms Rd., Marana - Tucson, AZ	100.0	%	9.7
SH 281 & Wilderness Oaks, San Antonio, TX	100.0	%	9.1
SH 151 & Ingram Rd., San Antonio, TX	66.7	%	5.8
Shary Road and US Hwy. 83, Mission, TX	50.0	%	4.0
Rock Prairie Rd. at Hwy. 6, College Station, TX	100.0	%	3.6
Other	100.0	%	18.7
Total Raw Land			193.6	$	31,979	$	19,734

Total Land Held For Development Properties			264.6	$	45,224	$	31,908

(1) Net of impairment.

Notes:

Land costs account for $37.4 million of total investment at 100%, $24.7 million at pro rata share.

Categorization based upon proximity to development property and does not indicate future development pipeline.

Page 14

Weingarten Realty Investors

Acquisition and Disposition Summary

For the Period Ended December 31, 2020

(at pro rata share)

(in thousands, except percentages)

Sq. Ft.

Date

Purchase

Center

City/State

at 100 %

Acquired

Price ⁽¹⁾

Yield

Acquisitions

1st Quarter

Stevens Creek Corner

San Jose, CA

03/02/20

Village Green Center

Wellington, FL

03/11/20

2nd Quarter

none

3rd Quarter

Camelback Miller Plaza - Building H

Scottsdale, AZ

07/14/20

4th Quarter

1511 Wirt Road

Houston, TX

10/01/20

La Madeleine Pad at Mueller

Austin, TX

12/03/20

Village Plaza at Bunker Hill ⁽³⁾

Houston, TX

208

12/11/20

Total Acquisitions

166,627

4.5

Weighted

Date

Sales

Sold

Price ⁽¹⁾

Cap ⁽²⁾

Dispositions

1st Quarter

Aurora City Place*

Aurora, CO

356

02/13/20

North Park Plaza*

Beaumont, TX

140

02/18/20

Preston Shepard Place*

Plano, TX

362

03/03/20

Market at Westchase

Houston, TX

03/10/20

2nd Quarter

North Sharyland Crossing*

Mission, TX

04/29/20

Bull City Market

Durham, NC

06/18/20

3rd Quarter

West Jordan Town Center

Salt Lake City, UT

182

07/17/20

The Westside Center

Los Angeles, CA

07/21/20

Epic Village Pad

St. Augustine, FL

08/13/20

West Little York at Interstate 45 Land

Houston, TX

N/A

08/20/20

Shoppes of South Semoran

Orlando, FL

104

09/02/20

NWC South Fulton Pkwy Land

Union City, GA

N/A

09/03/20

River Point at Sheridan Land

Denver, CO

N/A

09/09/20

4th Quarter

Overton Park Plaza ⁽³⁾

Fort Worth, TX

353

12/11/20

Galleria Shopping Center

Charlotte, NC

117

12/23/20

Total Dispositions

248,038

6.6

(1) Sales price represents the gross contract price.

(2) Cap rates are based upon underwriting estimates and may be different than current returns.

(3) The Company purchased the remaining 42% of Village Plaza at Bunker Hill center with proceeds from the Company’s simultaneous disposition of Overton Park Plaza.

Note:

Page 15

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)


			4th Quarter				4th Quarter
	December 31,		Weighted		December 31,		Weighted
	2020		Average Rate ⁽¹⁾		2019		Average Rate ⁽¹⁾
Outstanding Balance Summary
Mortgage Debt	$	328,648	4.18	%	$	260,458	4.18	%
3.375% Notes due 2022		299,156	3.38	%		299,031	3.38	%
3.5% Notes due 2023		299,307	3.50	%		299,155	3.50	%
4.45% Notes due 2024		245,859	4.45	%		245,751	4.45	%
3.85% Notes due 2025		239,599	3.85	%		239,418	3.85	%
3.25% Notes due 2026		248,727	3.25	%		248,525	3.25	%
Unsecured Notes Payable (MTN)		66,285	6.70	%		66,285	6.70	%
Revolving Credit Agreements ⁽²⁾		40,000	0.94	%		—
Obligations under Capital Leases		21,696	8.00	%		21,804	8.00	%
Unamortized Loan Costs		(4,508)				(5,469)
Subtotal Consolidated Debt		1,784,769	3.91	%		1,674,958	3.92	%
Debt Service Guarantee Liability ⁽³⁾		53,650				57,380
Total Consolidated Debt - As Reported	$	1,838,419	3.91	%	$	1,732,338	3.92	%


	As
	Reported
Weighted Average Interest Rates ⁽¹⁾
Three months ended 12/31/20	3.91	%
Twelve months ended 12/31/20	3.70	%
Three months ended 12/31/19	3.92	%
Twelve months ended 12/31/19	3.97	%

(1)	Weighted average interest rates exclude revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items.

(2)	Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears.

(3)	Debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado.

Page 17

Weingarten Realty Investors

Debt Information Additional Disclosure

(at pro rata share)

(in thousands, except percentages)


							Weighted
			Weighted				Average
	Debt		Average				Remaining
	Balance		Rate ⁽¹⁾		% of Total		Life (yrs)
Fixed vs. Variable Rate Debt
(includes the effect of interest rate swaps)
As of December 31, 2020
Fixed-rate debt	$	1,806,221	3.89	%	97.8	%	4.12
Variable-rate debt		40,000	0.94	%	2.2	%	3.25
Total	$	1,846,221	3.89	%	100.0	%	4.03

As of December 31, 2019
Fixed-rate debt	$	1,763,485	3.95	%	99.0	%
Variable-rate debt		17,448	3.87	%	1.0	%
Total	$	1,780,933	3.90	%	100.0	%

Secured vs. Unsecured Debt
As of December 31, 2020
Secured Debt	$	357,312	4.15	%	19.4	%	5.90
Unsecured Debt		1,488,909	3.82	%	80.6	%	3.67
Total	$	1,846,221	3.89	%	100.0	%	4.03

As of December 31, 2019
Secured Debt	$	330,171	4.37	%	18.5	%
Unsecured Debt		1,450,762	3.79	%	81.5	%
Total	$	1,780,933	3.90	%	100.0	%


Additional Information	December 31,		December 31,
Reconciling items to pro rata debt	2020		2019
Noncontrolling Interests and Other Adjustments	$	(37,654)	$	(38,460)
WRI Share of Unconsolidated Joint Ventures	$	45,456	$	87,055


Weighted Average Interest Rates ⁽¹⁾
Three months ended 12/31/20	3.89	%
Twelve months ended 12/31/20	3.78	%
Three months ended 12/31/19	3.90	%
Twelve months ended 12/31/19	3.95	%

(1)	Weighted average interest rates exclude revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items.

Note:

Page 18

Weingarten Realty Investors

Schedule of Maturities

As of December 31, 2020

(in thousands, except percentages)


	As Reported
			Weighted
	Maturities		Average Rate ⁽²⁾
2021	$	18,795	4.07	%
2022		308,298	3.40	%
2023		348,207	3.59	%
2024		252,561	4.44	%
2025		294,232	3.93	%
2026		277,733	3.55	%
2027		53,604	5.89	%
2028		92,159	4.53	%
2029		70,304	3.81	%
2030		950	3.66	%
Thereafter		8,569	3.66	%
Subtotal		1,725,412

Revolving Credit Agreements		40,000	1.00	%
Other ⁽¹⁾		73,007
Total	$	1,838,419	3.70	%

(1)	Other includes finance leases, non-cash debt-related items, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado.

(2)	Weighted average interest rates exclude revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items.

Page 19

Weingarten Realty Investors

Schedule of Maturities Additional Disclosure

As of December 31, 2020

(at pro rata share)

(in thousands, except percentages)


			Weighted
	Maturities		Average Rate ⁽²⁾		Floating Rate		Fixed Rate		Secured		Unsecured
2021	$	53,554	4.06	%	$		$	53,554	$	53,554	$	—
2022		308,552	3.40	%				308,552		9,162		299,390
2023		313,214	3.53	%				313,214		13,544		299,670
2024		253,713	4.44	%				253,713		7,513		246,200
2025		295,382	3.94	%				295,382		54,877		240,505
2026		278,623	3.56	%				278,623		5,653		272,970
2027		57,530	5.80	%				57,530		23,785		33,745
2028		92,865	4.54	%				92,865		83,295		9,570
2029		70,304	3.81	%				70,304		70,304		—
2030		950	3.66	%				950		950		—
Thereafter		8,569	3.66	%				8,569		8,569		—
Subtotal		1,733,256				—		1,733,256		331,206		1,402,050

Revolving Credit Agreements		40,000	1.00	%		40,000		—		—		40,000
Other⁽¹⁾		72,965				—		72,965		26,106		46,859
Total	$	1,846,221	3.78	%	$	40,000	$	1,806,221	$	357,312	$	1,488,909

(1)	Other includes finance leases, fair value adjustments, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado.

(2)	Weighted average interest rates exclude the effects of fair value adjustments, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing.

Note:

Page 20

Joint Ventures

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Information at 100%

(in thousands)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
Condensed Statements of Income
Revenues:
Rentals, net	$	31,265	$	35,513	$	122,322	$	132,544
Other		515		500		2,087		2,714
Total		31,780		36,013		124,409		135,258
Expenses:
Depreciation and amortization		9,504		8,717		35,971		32,126
Interest, net		2,095		2,378		9,175		9,664
Operating		6,623		7,226		24,775		25,046
Real estate taxes, net		3,785		4,122		16,733		18,070
General and administrative		171		129		601		551
Provision for income taxes		21		30		121		133
Total		22,199		22,602		87,376		85,590
Gain on dispositions		35		—		47,002		2,009
Net income	$	9,616	$	13,411	$	84,035	$	51,677

Condensed Balance Sheets					December 31,
					2020		2019
ASSETS
Property					$	1,093,504	$	1,378,328
Accumulated depreciation						(275,802)		(331,856)
Property, net						817,702		1,046,472
Other assets, net						81,285		108,366
Total					$	898,987	$	1,154,838
LIABILITIES AND EQUITY
Debt, net					$	192,674	$	264,782
Amounts payable to Weingarten Realty Investors and Affiliates						9,836		11,972
Other liabilities, net						15,340		25,498
Total						217,850		302,252
Equity						681,137		852,586
Total					$	898,987	$	1,154,838

Supplemental Income Statement Detail	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2020		2019		2020		2019

Rentals, net
Fixed Payments:
Base minimum rent, net	$	23,361	$	26,253	$	93,456	$	99,730
Straight line rent, net		(164)		172		(1,970)		191
Over/Under-market rentals, net		55		119		318		331
Variable Payments:
Percentage rent		138		228		223		383
Tenant reimbursements, net		7,727		8,571		29,716		31,470
Other rental revenues		98		135		367		390
Lease cancellation revenue		50		35		212		49
Total	$	31,265	$	35,513	$	122,322	$	132,544

Note:

The financial information on this page is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 22

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Information

(at pro rata share)

(in thousands)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Condensed Statements of Income	2020		2019		2020		2019
Revenues:
Rentals, net	$	13,094	$	14,084	$	50,692	$	50,741
Other		274		193		1,153		1,375
Total		13,368		14,277		51,845		52,116
Expenses:
Depreciation and amortization		4,949		3,487		17,385		12,161
Interest, net		720		875		3,332		3,594
Operating		2,897		3,072		10,815		9,897
Real estate taxes, net		1,579		1,578		6,978		7,012
General and administrative		60		46		227		211
Provision for income taxes		10		15		61		64
Total		10,215		9,073		38,798		32,939
Gain on dispositions		18		—		23,523		1,380
Net income	$	3,171	$	5,204	$	36,570	$	20,557


Condensed Balance Sheets					December 31,
					2020		2019
ASSETS
Property					$	462,938	$	585,746
Accumulated depreciation						(99,440)		(122,068)
Property, net						363,498		463,678
Notes receivable from real estate joint ventures and partnerships						3,324		3,623
Unamortized lease costs, net						7,937		11,820
Accrued rent, accrued customer contracts and accounts receivable, net						6,351		9,082
Cash and cash equivalents						15,026		17,205
Restricted deposits and mortgage escrows						103		—
Out-of-market leases, net						554		3,139
Other assets, net						1,210		1,822
Total					$	398,003	$	510,369
LIABILITIES AND EQUITY
Debt, net					$	45,353	$	86,840
Amounts payable to Weingarten Realty Investors and Affiliates						4,339		4,887
Accounts payable and accrued expenses						2,629		8,226
Deferred revenue						1,732		1,407
Out-of-market leases, net						2,008		2,584
Interest rate derivative						84		—
Other liabilities, net						224		446
Total						56,369		104,390
Equity						341,634		405,979
Total					$	398,003	$	510,369

Supplemental Income Statement Detail	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2020		2019		2020		2019

Rentals, net
Fixed Payments:
Base minimum rent, net	$	10,116	$	10,447	$	39,130	$	38,170
Straight line rent, net		(49)		142		(477)		82
Over/Under-market rentals, net		13		32		92		47
Variable Payments:
Percentage rent		35		79		72		157
Tenant reimbursements, net		2,917		3,308		11,596		12,089
Other rental revenues		34		59		198		176
Lease cancellation revenue		28		17		81		20
Total	$	13,094	$	14,084	$	50,692	$	50,741

Notes: The above pro rata share information includes only the real estate operations of joint ventures and partnerships at WRI's ownership percentages.

Page 23

Weingarten Realty Investors

Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%

December 31, 2020

(in thousands, except number of properties)


	Number of
	Operating
Joint Venture Partner	Properties ⁽¹⁾⁽²⁾	Total GLA	Total Assets		Total Debt

TIAA Florida Retail LLC	2	431	$	119,775	$	-
Collins	8	1,168		105,962		11,651
AEW - Institutional Client	5	437		98,432		-
BIT Retail	2	359		58,151		-
Jamestown	6	1,217		136,142		169,948
Sleiman Enterprises	2	177		15,455		11,075
Bouwinvest	4	447		213,583		-
Other	2	179		151,487		-

Total	31	4,415	$	898,987	$	192,674

TIAA Florida Retail LLCJoint venture with an institutional partner, TIAA-CREF Global Real Estate

CollinsPrimarily a development joint venture in the Texas Rio Grande Valley

AEW – Institutional ClientJoint venture with an institutional partner through AEW Capital Management

BIT Retail

Joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust

JamestownJoint venture in Florida

Sleiman EnterprisesJoint venture in Florida

BouwinvestJoint venture with West Coast focus

(1) Excludes land held for development.

(2) Excludes additional consolidated joint ventures.

Page 24

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information at 100%

As of December 31, 2020

(in thousands, except number of properties, percentages and term)

Balance Summary


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

Collins	2	$	11,790	6.3	%	4.2
Jamestown	6		170,000	2.7	%	0.3
Sleiman Enterprises	2		11,126	4.2	%	5.5

Total	10	$	192,916	3.0	%	2.1

Schedule of Maturities


			Weighted
	Maturities ⁽¹⁾⁽²⁾		Average Rate

2021	$	173,015	3.6	%
2022		2,069	5.3	%
2023		2,182	5.2	%
2024		2,303	5.2	%
2025		2,302	5.2	%
2026		1,781	5.1	%
2027		7,851	5.3	%
2028		1,413	6.4	%


Total	$	192,916

(1)	Excludes non-cash debt related items.

(2)	Excludes additional consolidated joint ventures such as AEW Capital Management.

Note:

All mortgages are fixed rate.

Page 25

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure

As of December 31, 2020

(at pro rata share)

(in thousands, except percentages)

Schedule of Maturities


			Weighted
	Maturities ⁽¹⁾⁽²⁾		Average Rate

2021	$	35,507	4.1	%
2022		1,034	5.3	%
2023		1,091	5.2	%
2024		1,151	5.2	%
2025		1,151	5.2	%
2026		890	5.1	%
2027		3,926	5.3	%
2028		706	6.4	%


Total	$	45,456

(1) Excludes non-cash debt related items.

(2) Excludes additional consolidated joint ventures such as AEW Capital Management.

Notes:

All mortgages are fixed rate.

Page 26

Portfolio Summary

Weingarten Realty Investors

Tenant Diversification by Percent of Base Minimum Rent

As of December 31, 2020

(at pro rata share)

(in thousands, except percentages and # of units)


					Total		% of			% of
		Credit Ranking		# of	Annualized		Total Annualized		Total	Total
Rank	Tenant Name⁽¹⁾⁽²⁾	(S&P / Moody's)		Units	Base Minimum Rent		Base Minimum Rent		SF	SF

1	The Kroger Co.		BBB/Baa1	19	$	9,880	2.74	%	1,125	5.44	%
2	TJX Companies, Inc.		A/A2	33		9,711	2.69	%	871	4.21	%
3	H-E-B		N/A/N/A	7		7,690	2.13	%	543	2.63	%
4	Whole Foods Market, Inc.		A+/A2	8		7,339	2.03	%	334	1.61	%
5	Ross Stores, Inc.		BBB+/A2	27		7,222	2.00	%	546	2.64	%
6	Albertsons		BB-/Ba3	14		6,168	1.71	%	633	3.06	%
7	Home Depot, Inc.		A/A2	4		5,135	1.42	%	464	2.24	%
8	PetSmart		B-/B2	16		4,986	1.38	%	293	1.42	%
9	Dollar Tree Stores, Inc.		BBB/Baa2	30		3,598	1.00	%	305	1.47	%
10	Bed Bath & Beyond, Inc.		B+/Ba3	13		3,369	0.93	%	292	1.41	%
11	Best Buy, Inc.		BBB/Baa1	6		3,020	0.84	%	179	0.87	%
12	Nordstrom		BB+/Baa3	3		2,690	0.75	%	95	0.46	%
13	Dick's Sporting Goods		N/A/N/A	4		2,662	0.74	%	157	0.76	%
14	Petco Animal Supplies, Inc.		CCC+/Caa1	13		2,615	0.73	%	139	0.67	%
15	Sprouts		N/A/N/A	5		2,615	0.73	%	154	0.74	%
16	Walmart Stores, Inc.		AA/Aa2	5		2,530	0.70	%	395	1.91	%
17	Burlington		BB/Ba2	4		2,513	0.70	%	143	0.69	%
18	Barnes & Noble Inc.		N/A/N/A	5		2,479	0.69	%	141	0.68	%
19	Starbucks Corporation		BBB+/Baa1	31		2,458	0.68	%	53	0.26	%
20	Total Wine & More		N/A/N/A	4		2,340	0.65	%	97	0.47	%
21	Hobby Lobby Stores, Inc.		N/A/N/A	5		2,335	0.65	%	258	1.25	%
22	24 Hour Fitness Inc.		N/A/N/A	3		2,160	0.60	%	76	0.37	%
23	JPMorgan Chase Bank		A+/Aa2	14		2,157	0.60	%	49	0.24	%
24	LA Fitness		CCC+/Caa3	3		2,044	0.57	%	88	0.43	%
25	Five Below		N/A/N/A	13		2,035	0.56	%	100	0.48	%

	Grand Total			289	$	101,751	28.22	%	7,530	36.41	%

(1)	Tenant Names:	DBA Names:
	The Kroger Co.	Kroger (8), Harris Teeter (5), Fry's Food (3), King Soopers (2), Smith's Food (1)
	TJX Companies, Inc.	Marshalls (15), T.J. Maxx (12), Home Goods (6)
	Ross Stores, Inc.	Ross Dress for Less (25), dd's Discounts (2)
	Albertsons	Safeway (8), Randall's (3), Von's (2), Albertsons (1)
	Dollar Tree Stores, Inc.	Dollar Tree (27), Family Dollar (3)
	Bed Bath & Beyond, Inc.	Bed Bath & Beyond (6), Cost Plus (6), buybuy BABY (1)
	Nordstrom	Nordstrom Rack (3)
	Dick's Sporting Goods	Dick's Sporting Goods (3), Golf Galaxy (1)
	Walmart Stores, Inc.	Walmart Neighborhood Market (3), Walmart (1), Walmart Supercenter (1)

(2)	Target owns and occupies 13 units not included above.

Note:

Page 28

Weingarten Realty Investors

Portfolio Operating Information

(at pro rata share)

(in thousands, except percentages and leases)

Leasing Activity / Rent Growth

Signed Leases ⁽¹⁾


											Weighted
											Average
	Number of	Square	New Rent		Prior Rent				Cash Change		Term
Comparable:	Leases	Feet	$/SF		$/SF		TI's $/SF		in Base Rent		(Years)
All Leases
Quarter Ended December 31, 2020	146	443	$	28.53	$	27.38	$	17.22	4.2	%
Quarter Ended September 30, 2020	137	690		17.69		16.78		2.94	5.5	%
Quarter Ended June 30, 2020	126	498		20.27		18.90		2.90	7.3	%
Quarter Ended March 31, 2020	178	1,056		18.73		17.04		5.85	9.9	%
Rolling 12 months	587	2,687	$	20.37	$	19.02	$	6.43	7.1	%

New Leases
Quarter Ended December 31, 2020	55	172	$	25.46	$	24.25	$	44.33	5.0	%	8.8
Quarter Ended September 30, 2020	38	102		25.58		23.03		19.84	11.1	%	7.6
Quarter Ended June 30, 2020	17	34		25.05		22.70		42.02	10.3	%	6.8
Quarter Ended March 31, 2020	34	108		26.68		23.38		57.01	14.1	%	7.6
Rolling 12 months	144	416	$	25.77	$	23.60	$	41.43	9.2	%	8.0

Renewals
Quarter Ended December 31, 2020	91	271	$	30.47	$	29.36	$	—	3.8	%
Quarter Ended September 30, 2020	99	588		16.32		15.69		—	4.0	%
Quarter Ended June 30, 2020	109	464		19.92		18.62		—	7.0	%
Quarter Ended March 31, 2020	144	948		17.82		16.31		—	9.3	%
Rolling 12 months	443	2,271	$	19.37	$	18.18	$	—	6.6	%

Comparable & Non-Comparable:
Quarter Ended December 31, 2020	172	541
Quarter Ended September 30, 2020	158	751
Quarter Ended June 30, 2020	136	562
Quarter Ended March 31, 2020	200	1,140
Rolling 12 months	666	2,994

Lease

Expirations ⁽²⁾

Assumes No Exercise of Renewal Options


	Anchor Tenants ⁽³⁾							Non-Anchor Tenants							Total Tenants

		Percent of		In Place		Percent of			Percent of		In Place		Percent of			Percent of		In Place		Percent of
	Square	Total Square		Min Rent		Total		Square	Total Square		Min Rent		Total		Square	Total Square		Min Rent		Total
Year	Feet	Feet		PSF		Revenue (4)		Feet	Feet		PSF		Revenue (4)		Feet	Feet		PSF		Revenue (4)
M-T-M	29	0	%	$	28.93	1	%	187	3	%	$	27.70	3	%	216	1	%	$	27.87	2	%
2021	761	6	%		12.82	6	%	1,021	16	%		29.18	15	%	1,782	10	%		22.20	11	%
2022	1,670	14	%		13.22	14	%	1,013	16	%		30.31	15	%	2,683	15	%		19.67	15	%
2023	1,499	12	%		11.01	10	%	926	15	%		31.43	15	%	2,425	13	%		18.81	13	%
2024	1,966	16	%		12.18	15	%	897	14	%		31.35	14	%	2,863	16	%		18.19	14	%
2025	1,587	13	%		13.14	13	%	796	12	%		32.15	13	%	2,383	13	%		19.49	13	%
2026 - 2031	3,752	31	%		14.35	33	%	1,460	23	%		32.30	24	%	5,212	28	%		19.38	28	%

(1)	Rent growth is on a same space and cash basis. Comparable leases include leases that were executed within two years of the date the prior tenant vacated.

(2)	Reflects in-place leases as of December 31, 2020.

(3)	Anchor tenants represent any tenant at least 10,000 square feet.

(4)	Revenue includes minimum base rent only.

Note:

Page 29

Weingarten Realty Investors

Portfolio Operating Information (continued)

(at pro rata share)

(in thousands, except percentages)


Occupancy
	Quarter Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
Signed Basis
Anchor (1)	95.4	%	96.1	%	95.9	%	96.9	%	97.7	%
Non-Anchor	88.6	%	87.7	%	89.0	%	90.4	%	90.8	%
Total Signed	92.9	%	93.0	%	93.4	%	94.5	%	95.2	%

Commenced Basis
Anchor (1)	94.0	%	94.3	%	94.1	%	95.1	%	96.2	%
Non-Anchor	85.0	%	84.9	%	86.3	%	87.0	%	87.1	%
Total Commenced	90.7	%	90.9	%	91.2	%	92.1	%	92.8	%

Same Property (2)
Signed Basis	93.4	%	93.9	%	94.7	%	95.7	%	96.0	%
Commenced Basis	91.2	%	91.6	%	92.5	%	93.3	%	93.8	%


Average Base Rents (3)
	Quarter Ended
		December 31,		September 30,		June 30,		March 31,		December 31,
		2020		2020		2020		2020		2019
Commenced Basis
Anchor (1)	$	14.25	$	13.97	$	13.92	$	14.03	$	13.93
Non-Anchor		30.00		29.78		29.66		30.43		30.03
Total	$	20.43	$	20.12	$	20.04	$	20.06	$	19.87


Same Property Net Operating Income (4)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2020		2019		% Change		2020		2019		% Change
Revenue (5)
Minimum Rent, net	$	74,826	$	82,669	(9.5)	%	$	309,173	$	327,601	(5.6)	%
Uncollectible Revenue Reserve		730		(177)	(512.4)	%		(7,600)		86	(8,937.2)	%
Percentage Rent		859		1,401	(38.7)	%		2,060		3,943	(47.8)	%
Tenant Reimbursements, net		25,018		25,424	(1.6)	%		97,651		98,968	(1.3)	%
Other		1,389		1,893	(26.6)	%		5,140		7,256	(29.2)	%
	$	102,822	$	111,210	(7.5)	%	$	406,424	$	437,854	(7.2)	%
Expenses
Property Operating Expenses	$	20,350	$	19,936	2.1	%	$	74,385	$	74,940	(0.7)	%
Real Estate Taxes		13,610		12,920	5.3	%		55,650		54,602	1.9	%
		33,960		32,856	3.4	%		130,035		129,542	0.4	%
SPNOI	$	68,862	$	78,354	(12.1)	%	$	276,389	$	308,312	(10.4)	%

(1)	Anchor tenants represent any tenant at least 10,000 square feet.

(2)	Same Property Occupancy includes operating centers that have been owned for the same comparable time duration.

Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.

(3)	Average Base rent per Leased SF excludes ground leases.

(4)	Same Property NOI includes the Company's share of unconsolidated real estate joint ventures and partnerships.

It excludes the effect of lease cancellation income and straight-line rent adjustments and is reported on a cash basis.

(5)	Revenue reduced due to lease related reserves and write-offs. See breakout on p.42.

Note: Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof

Page 30

Weingarten Realty Investors

Top 40 Core-Based Statistical Area (CBSA) Ranked by Population

as of December 31, 2020

(at pro rata share)

(in thousands, except percentages and # of units)


CBSA		Property	Owned	% of		Occupancy
Rank	CBSA	Count	GLA	ABR (1)		%

2	Los Angeles-Long Beach-Anaheim, CA	3	663	4.6	%	95.3	%
5	Houston-The Woodlands-Sugar Land, TX	29	3,365	18.1	%	93.8	%
6	Washington-Arlington-Alexandria, DC-VA-MD-WV	4	523	2.8	%	90.4	%
8	Miami-Fort Lauderdale-West Palm Beach, FL	14	2,103	10.7	%	89.2	%
9	Atlanta-Sandy Springs-Roswell, GA	10	1,245	5.6	%	97.1	%
10	Phoenix-Mesa-Scottsdale, AZ	15	1,506	7.0	%	95.9	%
12	San Francisco-Oakland-Hayward, CA	3	437	3.2	%	95.9	%
13	Riverside-San Bernardino-Ontario, CA	1	311	1.9	%	97.4	%
15	Seattle-Tacoma-Bellevue, WA	7	417	2.7	%	98.1	%
17	San Diego-Carlsbad, CA	3	284	1.6	%	74.3	%
18	Tampa-St. Petersburg-Clearwater, FL	4	912	4.1	%	94.3	%
19	Denver-Aurora-Lakewood, CO	4	666	3.2	%	96.2	%
23	Orlando-Kissimmee-Sanford, FL	5	933	5.0	%	95.4	%
24	San Antonio-New Braunfels, TX	4	473	1.4	%	67.2	%
25	Portland-Vancouver-Hillsboro, OR-WA	2	23	0.1	%	96.0	%
26	Sacramento--Roseville--Arden-Arcade, CA	1	104	0.3	%	87.2	%
28	Austin-Round Rock, TX	1	357	1.8	%	98.5	%
29	Las Vegas-Henderson-Paradise, NV	4	700	2.7	%	98.4	%
36	San Jose-Sunnyvale-Santa Clara, CA	3	507	3.3	%	82.6	%
	Top 40 CBSA's Ranked by Population	117	15,529	80.1	%	92.8	%
	All other CBSA's Ranked by Population	42	5,153	19.9	%	93.1	%
	Grand Total	159	20,682	100.0	%	92.9	%

(1) ABR includes ground leases.

Note:

Page 31

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of December 31, 2020


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

Arizona	19	1,885,544	93,341	884,480	2,863,365
California	17	2,813,281	—	408,931	3,222,212
Colorado	4	666,373	—	513,919	1,180,292
Florida	28	4,399,893	1,608,092	918,898	6,926,883
Georgia	11	1,247,896	180,569	559,234	1,987,699
Kentucky	1	168,697	—	49,410	218,107
Maryland	1	80,869	—	—	80,869
Nevada	4	700,367	—	171,335	871,702
New Mexico	1	118,721	—	27,330	146,051
North Carolina	9	1,400,740	—	86,350	1,487,090
Oregon	2	22,694	90,776	66,276	179,746
Tennessee	4	500,210	—	154,340	654,550
Texas	48	5,817,512	1,429,810	1,861,726	9,109,048
Virginia	3	441,522	7,241	—	448,763
Washington	7	417,389	325,047	65,571	808,007
Total	159	20,681,708	3,734,876	5,767,800	30,184,384

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.

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

(6) River Oaks Shopping Center – West includes The Driscoll at River Oaks which is under development.

( ) Retailers in parenthesis are not a part of the owned property.

Notes: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases.

Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 33


								Average
			Owned		Foot			Base Rent	Occupancy
Center	CBSA		%		Notes	Owned GLA	Total GLA	(ABR)	%		Grocer Anchor	Other Anchors ( ) indicates owned by others
Operating Properties
Arizona
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ		100.0	%		82,757	87,379	14.53	95.9	%		Office Max, Ace Hardware
Camelback Miller Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		150,638	150,638	14.12	93.2	%	Sprouts Farmers Market	T.J. Maxx, PetSmart
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ		100.0	%		132,731	240,951	13.23	95.4	%	Fry’s Supermarket	(LA Fitness)
Desert Village Shopping Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		101,685	107,071	23.50	96.1	%	AJ Fine Foods	CVS
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		112,055	304,107	10.13	95.5	%	Fry’s Supermarket	Dollar Tree, (Lowe's)
Madison Village Marketplace	Phoenix-Mesa-Scottsdale, AZ		100.0	%		90,264	90,264	29.07	97.9	%	Safeway
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		45,751	108,551	23.51	88.2	%		(Wells Fargo)
Phoenix Office Building	Phoenix-Mesa-Scottsdale, AZ		100.0	%		21,088	21,088	N/A	91.3	%		Weingarten Realty Regional Office, Endurance Rehab
Pueblo Anozira Shopping Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		157,532	157,532	16.36	95.2	%	Fry’s Supermarket	Petco, Dollar Tree
Raintree Ranch Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		129,822	133,020	26.06	100.0	%	Whole Foods
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ		100.0	%		75,128	204,928	17.86	97.6	%		(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ		100.0	%		155,046	155,046	33.95	93.5	%	Safeway	CVS
Scottsdale Waterfront	Phoenix-Mesa-Scottsdale, AZ		100.0	%		93,334	93,334	37.80	98.4	%		Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		61,102	61,102	19.85	95.9	%	Sprouts Farmers Market
Summit at Scottsdale	Phoenix-Mesa-Scottsdale, AZ		51.0	%	(1)(3)	97,151	322,992	24.89	100.0	%	Safeway	(Target), CVS, OfficeMax, PetSmart
Entrada de Oro Plaza Shopping Center	Tucson, AZ		100.0	%		88,665	109,075	21.21	96.5	%	Walmart Neighborhood Market
Madera Village Shopping Center	Tucson, AZ		100.0	%		96,697	106,858	12.61	81.0	%	Safeway	Dollar Tree
Oracle Wetmore Shopping Center	Tucson, AZ		100.0	%		150,170	343,298	26.14	99.1	%		(Home Depot), (Nordstrom Rack), Jo-Ann Fabric, Cost Plus World Market, PetSmart, Walgreens, Ulta Beauty
Shoppes at Bears Path	Tucson, AZ		100.0	%		43,928	66,131	18.70	75.4	%		(CVS Drug)
Arizona Total:	# of Properties:	19				1,885,544	2,863,365	20.79	95.0	%
California
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach-Anaheim, CA		100.0	%		169,775	169,775	46.15	96.6	%	Trader Joe's	CVS, Crunch, AMC Theaters, CB2
Centerwood Plaza	Los Angeles-Long Beach-Anaheim, CA		100.0	%		75,486	75,486	15.45	100.0	%	Superior Grocers	Dollar Tree
Westminster Center	Los Angeles-Long Beach-Anaheim, CA		100.0	%		417,567	440,437	20.03	93.8	%	Albertsons	Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree
Chino Hills Marketplace	Riverside-San Bernardino-Ontario, CA		100.0	%		310,722	310,722	22.68	97.4	%	Smart & Final Stores	Dollar Tree, 24 Hour Fitness, Rite Aid
Valley Shopping Center	Sacramento--Roseville--Arden-Arcade, CA		100.0	%		103,791	107,191	12.53	87.2	%	Food 4 Less
El Camino Promenade	San Diego-Carlsbad, CA		100.0	%		128,740	128,740	28.89	66.5	%		T.J. Maxx, Dollar Tree, BevMo
Rancho San Marcos Village	San Diego-Carlsbad, CA		100.0	%		120,160	134,420	21.69	78.4	%
San Marcos Plaza	San Diego-Carlsbad, CA		100.0	%		34,880	80,086	34.82	89.3	%	(Albertsons)
580 Market Place	San Francisco-Oakland-Hayward, CA		100.0	%		100,097	100,097	31.39	97.6	%	Safeway	24 Hour Fitness, Petco
Gateway Plaza	San Francisco-Oakland-Hayward, CA		100.0	%		194,689	352,778	25.98	92.1	%	Raley’s	24 Hour Fitness
Greenhouse Marketplace	San Francisco-Oakland-Hayward, CA		100.0	%		142,598	232,367	25.23	100.0	%	(Safeway)	(CVS), Jo-Ann Fabric, 99 Cents Only, Petco, Factory 2 U
Cambrian Park Plaza	San Jose-Sunnyvale-Santa Clara, CA		100.0	%		171,029	171,029	20.91	53.7	%		BevMo, Dollar Tree
Silver Creek Plaza	San Jose-Sunnyvale-Santa Clara, CA		100.0	%		131,821	201,716	37.01	94.1	%	Sprouts Farmers Market	Walgreens
Stevens Creek Central	San Jose-Sunnyvale-Santa Clara, CA		100.0	%		204,466	204,466	32.41	99.3	%	Safeway	Marshalls, Total Wine, Cost Plus World Market
Freedom Centre	Santa Cruz-Watsonville, CA		100.0	%		150,865	150,865	16.92	98.1	%	Safeway	Rite Aid, Big Lots
Stony Point Plaza	Santa Rosa, CA		100.0	%		194,569	200,011	15.86	100.0	%	Food Maxx	Ross Dress for Less, Fallas Paredes, Dollar Tree
Southampton Center	Vallejo-Fairfield, CA		100.0	%		162,026	162,026	22.51	97.3	%	Raley’s	Ace Hardware, Dollar Tree
California Total:	# of Properties:	17				2,813,281	3,222,212	24.69	91.5	%
Colorado
Crossing at Stonegate	Denver-Aurora-Lakewood, CO		100.0	%		109,079	109,079	19.70	98.8	%	King Sooper’s
Edgewater Marketplace	Denver-Aurora-Lakewood, CO		100.0	%		144,553	270,548	12.40	100.0	%	King Sooper's	Ace Hardware, (Target)
Lowry Town Center	Denver-Aurora-Lakewood, CO		100.0	%		76,725	129,425	32.40	87.2	%	(Safeway)
River Point at Sheridan	Denver-Aurora-Lakewood, CO		100.0	%		336,016	671,240	15.98	95.8	%		(Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart, Burlington
Colorado Total:	# of Properties:	4				666,373	1,180,292	18.04	96.2	%
Florida
Argyle Village Shopping Center	Jacksonville, FL		100.0	%		306,506	306,506	12.42	99.7	%	Publix	Bed Bath & Beyond, T.J. Maxx, Jo-Ann Fabric, Michaels, American Signature Furniture
Atlantic West	Jacksonville, FL		50.0	%	(1)(3)	46,134	188,278	14.38	98.2	%	(Walmart Supercenter)	T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village St. Augustine	Jacksonville, FL		70.0	%	(1)	6,133	60,738	16.05	81.3	%		(Epic Theaters)
Kernan Village	Jacksonville, FL		50.0	%	(1)(3)	42,579	288,780	17.29	100.0	%	(Walmart Supercenter)	Ross Dress for Less, Petco
Boca Lyons Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		117,597	117,597	24.38	94.1	%	Aroma Market & Catering	Ross Dress for Less
Deerfield	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		409,819	415,800	14.15	93.5	%	Publix	T.J. Maxx, Marshalls, YouFit, Ulta Beauty
Embassy Lakes Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		131,751	142,779	19.68	54.7	%		Tuesday Morning, Dollar Tree

Page 34


								Average
			Owned		Foot			Base Rent	Occupancy
Center	CBSA		%		Notes	Owned GLA	Total GLA	(ABR)	%		Grocer Anchor	Other Anchors ( ) indicates owned by others
Flamingo Pines	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	26,333	153,641	20.43	95.8	%	Publix
Hollywood Hills Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	74,609	416,769	22.01	98.7	%	Publix	Target, Chewy.com
Northridge	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	46,935	237,703	19.98	95.5	%	Publix	Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	60,625	323,382	16.80	100.0	%	Publix	Ross Dress for Less, Marshalls, LA Fitness, Dollar Tree
Sea Ranch Centre	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		98,870	98,870	17.38	89.9	%	Publix	CVS, Dollar Tree
Tamiami Trail Shops	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	22,190	132,647	18.94	100.0	%	Publix	CVS
The Palms at Town & County	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		658,342	658,342	25.98	85.4	%	Publix	Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Nordstrom Rack
TJ Maxx Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		161,429	161,429	17.21	94.9	%	Fresco Y Mas	T.J. Maxx, Dollar Tree
Village Green Center	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		70,240	70,240	30.48	95.0	%	Trader Joe's
Vizcaya Square Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		110,081	110,081	17.45	92.2	%	Winn Dixie
Wellington Green Commons	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		114,056	136,556	30.29	96.8	%	Whole Foods Market
Clermont Landing	Orlando-Kissimmee-Sanford, FL		75.0	%	(1)(3)	133,726	347,958	19.62	100.0	%		(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Plaza	Orlando-Kissimmee-Sanford, FL		100.0	%		492,935	492,935	16.67	94.3	%	Sprouts Farmers Market	Hobby Lobby, Ross Dress for Less, Marshalls, Old Navy, Staples, Barnes & Noble, Petco, Big Lots
Phillips Crossing	Orlando-Kissimmee-Sanford, FL		100.0	%		145,644	145,644	30.88	97.5	%	Whole Foods	Golf Galaxy, Michaels
The Marketplace at Dr. Phillips	Orlando-Kissimmee-Sanford, FL		20.0	%	(1)(3)	65,352	326,760	28.22	85.3	%	Publix	HomeGoods, Morton's of Chicago, Office Depot
Winter Park Corners	Orlando-Kissimmee-Sanford, FL		100.0	%		95,211	95,211	30.40	98.1	%	Sprouts Farmers Market
Pineapple Commons	Port St. Lucie, FL		20.0	%	(1)(3)	51,114	269,924	17.82	97.7	%		Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS)
Countryside Centre	Tampa-St. Petersburg-Clearwater, FL		100.0	%		245,958	245,958	15.53	93.3	%		T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands	Tampa-St. Petersburg-Clearwater, FL		20.0	%	(1)(3)	20,886	104,430	14.82	98.6	%	Walmart Neighborhood Market	Walgreens
Largo Mall	Tampa-St. Petersburg-Clearwater, FL		100.0	%		377,019	610,106	18.81	91.0	%	(Publix)	Marshalls, Bealls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Sunset 19 Shopping Center	Tampa-St. Petersburg-Clearwater, FL		100.0	%		267,819	267,819	17.14	99.4	%	Sprouts Farmers Market	Hobby Lobby, Bed Bath & Beyond, Barnes & Noble, Old Navy, Cost Plus World Market
Florida Total:	# of Properties:	28				4,399,893	6,926,883	19.60	92.6	%
Georgia
Brownsville Commons	Atlanta-Sandy Springs-Roswell, GA		100.0	%		27,747	81,913	20.54	89.2	%	(Kroger)
Camp Creek Marketplace II	Atlanta-Sandy Springs-Roswell, GA		100.0	%		196,283	228,003	17.09	100.0	%		Burlington, DSW, LA Fitness, American Signature Furniture
Grayson Commons	Atlanta-Sandy Springs-Roswell, GA		100.0	%		76,581	76,581	16.40	100.0	%	Kroger
Lakeside Marketplace	Atlanta-Sandy Springs-Roswell, GA		100.0	%		137,503	332,699	18.42	95.1	%	(Super Target)	Ross Dress for Less, Petco
Mansell Crossing	Atlanta-Sandy Springs-Roswell, GA		20.0	%	(1)(3)	20,586	102,930	15.07	100.0	%		buybuy BABY, Ross Dress for Less, Party City
North Decatur Station	Atlanta-Sandy Springs-Roswell, GA		51.0	%	(1)(3)	45,277	88,778	31.74	97.5	%	Whole Foods
Perimeter Village	Atlanta-Sandy Springs-Roswell, GA		100.0	%		380,686	380,686	21.43	98.5	%	Walmart Supercenter	Hobby Lobby, Cost Plus World Market, DSW
Publix at Princeton Lakes	Atlanta-Sandy Springs-Roswell, GA		20.0	%	(1)(3)	13,681	72,205	18.36	100.0	%	Publix
Roswell Corners	Atlanta-Sandy Springs-Roswell, GA		100.0	%		145,496	327,261	22.01	95.2	%	(Super Target), Fresh Market	T.J. Maxx
Roswell Crossing Shopping Center	Atlanta-Sandy Springs-Roswell, GA		100.0	%		201,056	201,056	16.78	93.8	%	Trader Joe's	Office Max, PetSmart, Walgreens
Thompson Bridge Commons	Gainesville, GA		100.0	%	(4)	3,000	95,587	N/A	100.0	%	(Kroger)
Georgia Total:	# of Properties:	11				1,247,896	1,987,699	19.28	97.1	%
Kentucky
Festival on Jefferson Court	Louisville/Jefferson County, KY-IN		100.0	%		168,697	218,107	15.62	100.0	%	Kroger	(PetSmart), (T.J. Maxx), Party City
Kentucky Total:	# of Properties:	1				168,697	218,107	15.62	100.0	%
Maryland
Pike Center	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%		80,869	80,869	67.52	66.6	%		DXL Mens Apparel
Maryland Total:	# of Properties:	1				80,869	80,869	67.52	66.6	%
Nevada
Charleston Commons Shopping Center	Las Vegas-Henderson-Paradise, NV		100.0	%		331,740	366,394	19.28	98.3	%	Walmart	Burlington, Ross Dress for Less, 99 Cents Only, PetSmart
College Park Shopping Center	Las Vegas-Henderson-Paradise, NV		100.0	%		167,160	194,873	13.78	98.2	%	El Super	Factory 2 U, CVS
Francisco Center	Las Vegas-Henderson-Paradise, NV		100.0	%		116,756	148,598	13.12	97.5	%	La Bonita Grocery	(Ross Dress for Less), dd's Discount
Rancho Towne & Country	Las Vegas-Henderson-Paradise, NV		100.0	%		84,711	161,837	14.40	100.0	%	Smith’s Food
Nevada Total:	# of Properties:	4				700,367	871,702	15.76	98.4	%
New Mexico
North Towne Plaza	Albuquerque, NM		100.0	%		118,721	146,051	22.56	89.5	%	Whole Foods Market	HomeGoods
New Mexico Total:	# of Properties:	1				118,721	146,051	22.56	89.5	%
North Carolina
Hope Valley Commons	Durham-Chapel Hill, NC		100.0	%		81,327	81,327	29.85	98.5	%	Harris Teeter
Avent Ferry Shopping Center	Raleigh, NC		100.0	%		119,652	119,652	19.02	89.4	%	Food Lion	Family Dollar
Capital Square	Raleigh, NC		100.0	%		143,063	143,063	8.00	100.0	%	Food Lion
Falls Pointe Shopping Center	Raleigh, NC		100.0	%		112,199	198,549	20.10	96.4	%	Harris Teeter	(Kohl’s)
High House Crossing	Raleigh, NC		100.0	%		82,566	82,566	14.78	94.8	%	Lidl
Leesville Towne Centre	Raleigh, NC		100.0	%		127,106	127,106	21.37	97.0	%	Harris Teeter
Northwoods Shopping Center	Raleigh, NC		100.0	%		77,802	77,802	12.07	96.9	%	Walmart Neighborhood Market	Dollar Tree

Page 35


								Average
			Owned		Foot			Base Rent	Occupancy
Center	CBSA		%		Notes	Owned GLA	Total GLA	(ABR)	%		Grocer Anchor	Other Anchors ( ) indicates owned by others
Six Forks Shopping Center	Raleigh, NC		100.0	%		468,402	468,402	13.21	98.9	%	Food Lion	Target, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market	Raleigh, NC		100.0	%		188,623	188,623	16.15	77.3	%	Harris Teeter	Walgreens
North Carolina Total:	# of Properties:	9				1,400,740	1,487,090	15.62	94.5	%
Oregon
Clackamas Square	Portland-Vancouver-Hillsboro, OR-WA		20.0	%	(1)(3)	14,790	140,226	19.87	93.9	%	(Winco Foods)	T.J. Maxx
Raleigh Hills Plaza	Portland-Vancouver-Hillsboro, OR-WA		20.0	%	(1)(3)	7,904	39,520	29.69	100.0	%	New Seasons Market	Walgreens
Oregon Total:	# of Properties:	2				22,694	179,746	23.57	96.0	%
Tennessee
Highland Square	Memphis, TN-MS-AR		100.0	%	(4)	14,490	14,490	N/A	100.0	%
Mendenhall Commons	Memphis, TN-MS-AR		100.0	%		88,108	88,108	12.76	100.0	%	Kroger
Ridgeway Trace	Memphis, TN-MS-AR		100.0	%		168,816	306,556	23.90	94.4	%		(Target), Best Buy, PetSmart, REI
The Commons at Dexter Lake	Memphis, TN-MS-AR		100.0	%		228,796	245,396	12.20	82.4	%	Kroger	Marshalls, HomeGoods
Tennessee Total:	# of Properties:	4				500,210	654,550	16.48	90.0	%
Texas
Mueller Regional Retail Center	Austin-Round Rock, TX		100.0	%		357,186	357,186	18.09	98.5	%		Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine, Staples
North Towne Plaza	Brownsville-Harlingen, TX		100.0	%		27,846	144,846	N/A	—	%		(Lowe's)
Rock Prairie Marketplace	College Station-Bryan, TX		100.0	%		18,163	18,163	25.41	100.0	%
10-Federal Shopping Center	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	19,743	131,620	10.69	94.3	%	Sellers Bros.	Harbor Freight Tools, dd's Discount
Alabama Shepherd Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		59,120	59,120	22.14	100.0	%	Trader Joe's	PetSmart
Baybrook Gateway	Houston-The Woodlands-Sugar Land, TX		100.0	%		241,149	241,149	17.22	100.0	%		Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels, I-Tile
Bellaire Blvd. Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		37,699	43,891	8.77	100.0	%	Randall’s
Blalock Market at I-10	Houston-The Woodlands-Sugar Land, TX		100.0	%		97,277	97,277	18.29	100.0	%	99 Ranch Market
Citadel Building	Houston-The Woodlands-Sugar Land, TX		100.0	%		121,000	121,000	N/A	100.0	%		Weingarten Realty Investors Corporate Office
Galveston Place	Houston-The Woodlands-Sugar Land, TX		100.0	%		210,102	210,102	12.86	81.4	%	Randall’s	Office Depot, Spec's
Griggs Road Shopping Center	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	12,014	80,093	10.09	100.0	%		Family Dollar, Citi Trends
Harrisburg Plaza	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	14,043	93,620	21.25	96.3	%		dd's Discount
HEB - Dairy Ashford & Memorial	Houston-The Woodlands-Sugar Land, TX		100.0	%	(4)	36,874	36,874	N/A	100.0	%		H-E-B Fulfillment Center
Heights Plaza Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		71,277	71,277	9.73	100.0	%	Kroger	Goodwill
I45/Telephone Rd.	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	25,881	172,540	11.72	98.6	%	Sellers Bros.	Famsa, Harbor Freight Tools
Kings Crossing	Houston-The Woodlands-Sugar Land, TX		100.0	%		126,397	126,397	18.59	98.0	%		CVS
League City Plaza	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	19,416	129,440	13.65	79.1	%		Crunch Fitness, Spec’s, Northern Tool & Equipment Co.
Oak Forest Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		157,822	157,822	18.52	96.6	%	Kroger	Ross Dress for Less, Dollar Tree, PetSmart
Richmond Square	Houston-The Woodlands-Sugar Land, TX		100.0	%		92,657	92,657	30.37	95.5	%		Best Buy, Cost Plus World Market
River Oaks Shopping Center - East	Houston-The Woodlands-Sugar Land, TX		100.0	%		71,265	71,265	14.41	98.0	%	Kroger
River Oaks Shopping Center - West	Houston-The Woodlands-Sugar Land, TX		100.0	%	(6)	229,960	229,960	44.64	89.7	%	Kroger	Barnes & Noble, Talbots, Ann Taylor, JoS. A. Bank
Shoppes at Memorial Villages	Houston-The Woodlands-Sugar Land, TX		100.0	%		166,777	166,777	19.34	93.3	%		Gulf Coast Veterinary Specialists
Shops at Kirby Drive	Houston-The Woodlands-Sugar Land, TX		100.0	%		10,000	55,460	36.95	100.0	%
Shops at Three Corners	Houston-The Woodlands-Sugar Land, TX		70.0	%	(1)	176,380	282,613	15.84	100.0	%	Fiesta	Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate Shopping Center	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	18,668	124,453	17.59	96.3	%	Food-A-Rama	CVS, Family Dollar, dd's Discount
The Centre at Post Oak	Houston-The Woodlands-Sugar Land, TX		100.0	%		183,940	183,940	39.89	97.0	%		Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
The Shops at Hilshire Village	Houston-The Woodlands-Sugar Land, TX		100.0	%		119,009	119,009	16.04	97.6	%	Kroger	Walgreens
Tomball Marketplace	Houston-The Woodlands-Sugar Land, TX		100.0	%		168,724	326,545	20.27	83.6	%		(Academy), (Kohl's), Ross Dress For Less, Marshalls
Village Plaza at Bunker Hill	Houston-The Woodlands-Sugar Land, TX		100.0	%		491,686	491,686	26.69	97.5	%	H-E-B	PetSmart, Academy, Nordstrom Rack, Burlington, Ross Dress for Less
West Gray	Houston-The Woodlands-Sugar Land, TX		100.0	%		36,900	36,900	27.43	68.8	%
Westchase Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		218,756	347,475	18.37	78.2	%	Whole Foods Market	(Target), Ross Dress for Less, Petco
Westhill Village Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		130,851	130,851	19.21	93.8	%		Ross Dress for Less, Office Depot, 99 Cents Only
Independence Plaza	Laredo, TX		100.0	%		347,339	347,339	14.65	99.4	%	H-E-B	T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza	Laredo, TX		100.0	%		242,290	484,157	15.29	91.7	%	(H-E-B)	(Target), Marshalls, Old Navy, Best Buy, HomeGoods
Plantation Centre	Laredo, TX		100.0	%		136,487	144,129	18.06	99.0	%	H-E-B
Las Tiendas Plaza	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	143,976	500,084	13.22	86.2	%		(Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot, (HomeGoods), (Forever 21)
Market at Nolana	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	20,569	245,057	22.42	89.1	%	(Walmart Supercenter)
Market at Sharyland Place	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	53,956	301,174	19.45	95.4	%	(Walmart Supercenter)	Kohl's, Dollar Tree
McAllen Center	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	51,851	103,702	N/A	100.0	%		Xtreme Jump
Northcross	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	37,383	74,766	19.29	89.8	%		Barnes & Noble
Old Navy Building	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)(4)	7,500	15,000	N/A	100.0	%		Old Navy

Page 36


								Average
			Owned		Foot			Base Rent	Occupancy
Center	CBSA		%		Notes	Owned GLA	Total GLA	(ABR)	%		Grocer Anchor	Other Anchors ( ) indicates owned by others
Sharyland Towne Crossing	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	180,444	492,797	15.79	96.9	%	H-E-B	(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
Trenton Crossing	McAllen-Edinburg-Mission, TX		100.0	%		265,760	570,921	13.94	76.7	%		(Target), (Kohl's), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart
Starr Plaza	Rio Grande City, TX		50.0	%	(1)(3)	88,347	176,694	15.45	73.3	%	H-E-B
Fiesta Trails	San Antonio-New Braunfels, TX		100.0	%		418,020	498,020	15.13	66.7	%	(H-E-B)	Marshalls, Bob Mills Furniture, Petco
Stevens Ranch	San Antonio-New Braunfels, TX		50.0	%	(1)	10,656	21,312	30.22	88.5	%	(H-E-B)
The Shoppes at Wilderness Oaks	San Antonio-New Braunfels, TX		100.0	%		20,081	20,081	28.48	48.8	%
Thousand Oaks Shopping Center	San Antonio-New Braunfels, TX		15.0	%	(1)	24,271	161,807	13.23	81.3	%	H-E-B	Tuesday Morning
Texas Total:	# of Properties:	48				5,817,512	9,109,048	19.62	90.7	%
Virginia
Hilltop Village Center	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%	(5)	250,811	250,811	36.61	98.0	%	Wegmans	L.A. Fitness
Virginia Total:	# of Properties:	1				250,811	250,811	36.61	98.0	%
Washington
2200 Westlake	Seattle-Tacoma-Bellevue, WA		69.4	%	(1)(3)	60,366	87,014	38.90	98.5	%	Whole Foods
Covington Esplanade	Seattle-Tacoma-Bellevue, WA		100.0	%		187,388	187,388	34.56	96.6	%		The Home Depot
Meridian Town Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	15,533	143,236	18.48	100.0	%	(Safeway)	Jo-Ann Fabric, Tuesday Morning
Queen Anne Marketplace	Seattle-Tacoma-Bellevue, WA		51.0	%	(1)(3)	41,290	80,961	35.86	100.0	%	Metropolitan Market	Bartell's Drug
Rainier Square Plaza	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	22,347	111,735	21.90	97.1	%	Safeway	Ross Dress for Less
South Hill Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	26,802	134,010	17.17	100.0	%		Bed Bath & Beyond, Ross Dress for Less, Best Buy
The Whittaker	Seattle-Tacoma-Bellevue, WA		100.0	%		63,663	63,663	36.01	100.0	%	Whole Foods
Washington Total:	# of Properties:	7				417,389	808,007	32.47	98.1	%
Total Operating Properties	# of Properties:	157				20,490,997	29,986,432	20.43	92.9	%


New Development
Virginia
Centro Arlington	Washington-Arlington-Alexandria, DC-VA-MD-WV		90.0	%	(1)(2)(3)	65,172	72,413				Harris Teeter
West Alex	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%	(2)	125,539	125,539				Harris Teeter
Virginia Total:	# of Properties:	2				190,711	197,952
Total New Developments	# of Properties:	2				190,711	197,952
Operating & New Development Properties	# of Properties:	159				20,681,708	30,184,384

Page 37


						Average
		Owned	Foot			Base Rent	Occupancy
Center	CBSA	%	Notes	Owned GLA	Total GLA	(ABR)	%	Grocer Anchor	Other Anchors ( ) indicates owned by others
Unimproved Land
Arizona
Lon Adams Rd. at Tangerine Farms Rd., Marana					422,532
Arizona Total:					422,532
Colorado
Highway 85 and Highway 285, Sheridan					165,964
Colorado Total:					165,964
Florida
SR 207 at Rolling Hills Dr., St. Augustine					69,696
State Road 100 & Belle Terre Parkway, Palm Coast					292,288
Florida Total:					361,984
Georgia
NWC South Fulton Pkwy. @ Hwy. 92, Union City					970,604
Georgia Total:					970,604
North Carolina
Capital Blvd & Stadium Drive, Wake Forest					95,354
Highway 17 and Highway 210, Surf City					477,810
U.S. Highway 1 at Caveness Farms Rd., Wake Forest					911,929
North Carolina Total:					1,485,093
Texas
9th Ave. at 25th St., Port Arthur					243,065
Culebra Road and Westwood Loop, San Antonio					60,984
East Orem, Houston					121,968
FM 1957 (Potranco Road) and FM 211, San Antonio					5,245,321
FM 2920 and Highway 249, Tomball					95,832
Gattis School Rd. at A.W. Grimes Blvd., Round Rock					47,437
Highway 3 at Highway 1765, Texas City					200,812
Nolana Ave. and 29th St., McAllen					163,350
Northwest Freeway at Gessner, Houston					43,396
Rock Prairie Rd. at Hwy. 6, College Station					157,687
SH 151 and Ingram Rd., San Antonio					252,692
Shary Rd. at North Hwy. 83, Mission					172,498
U.S. 77 and 83 at SHFM 802, Brownsville					914,723
US Hwy. 281 at Wilderness Oaks, San Antonio					396,962
Texas Total:					8,116,727
Total Unimproved Land					11,522,904


Center	Property Covered	Max Possible Term
Ground Lease Commitments
Blalock Market at I-10	Entire Center	3/31/2039
Camelback Village Square	Entire Center	6/30/2094
Highland Square	Entire Center	10/31/2044
Phillips Crossing	Entire Center	12/31/2085
River Point at Sheridan	Part of Center	11/27/2086
Rock Prairie	Part of Center	12/31/2081
Shoppes at Memorial Villages	Part of Center	5/31/2043
Six Forks Station	Entire Center	6/30/2063
Pike Center ⁽¹⁾	Entire Center	5/31/2059

(1) Project subject to a ground lease with WRI's option to purchase
This list excludes one ground lease where we only lease parking area.

Page 38

Other Topics of Interest

Weingarten Realty Investors

Share Repurchase Summary

As of December 31, 2020

(in thousands, except share prices)


Quarter	# of Shares	Avg. Share Price		Gross Purchase
Q1 2020	847	$	21.47	$	18,194
Q2 2020	-		-		-
Q3 2020	-		-		-
Q4 2020	832		16.66		13,863
YTD 2020	1,679	$	19.09	$	32,057

Page 40

Weingarten Realty Investors

COVID-19 Impact – Tenant Status

As of February 12, 2021

(at pro rata share)


	Percent of Annualized Base Rent⁽¹⁾		Q3 Cash Payments Received⁽²⁾		Q4 Cash Payments Received⁽²⁾		January Cash Payments Received⁽²⁾
Essential & Restaurants
Supermarkets	14	%	100	%	100	%	99	%
Quick Service Restaurants	10	%	91	%	90	%	90	%
Full Service Restaurants	9	%	84	%	84	%	85	%
Medical	6	%	99	%	99	%	99	%
Auto and Other Essentials	5	%	94	%	94	%	92	%
Pet Stores and Services	4	%	100	%	100	%	100	%
Bank / Financial Service	4	%	100	%	100	%	100	%
General Merchandise (Dollar Stores)	2	%	99	%	99	%	98	%
Home Improvement	2	%	100	%	100	%	99	%
Sporting Goods	2	%	93	%	100	%	99	%
Drugstores	2	%	98	%	98	%	97	%
Liquor and Wine	1	%	100	%	100	%	100	%
Electronics	1	%	100	%	100	%	100	%
Office	1	%	99	%	100	%	98	%
Total Essential	63	%	95	%	96	%	95	%

Non-essential
Services	11	%	94	%	94	%	90	%
Discount Apparel	8	%	85	%	89	%	97	%
Home Furnishings	4	%	95	%	98	%	99	%
Health Club	3	%	75	%	76	%	61	%
Some Apparel	3	%	89	%	93	%	94	%
Craft	2	%	99	%	97	%	97	%
Beauty Supplies	1	%	97	%	98	%	97	%
Recreation/Entertainment	1	%	91	%	87	%	85	%
Movie Theaters	1	%	12	%	29	%	30	%
Footwear	1	%	97	%	100	%	97	%
Books	1	%	100	%	100	%	100	%
Party Supplies	1	%	80	%	99	%	100	%
Other	0	%	95	%	93	%	91	%
Total Non-Essential	37	%	89	%	91	%	90	%

Cash Collected	100	%	93	%	94	%	93	%

Signed Deferrals			4	%	2	%	1	%
Abatements			1	%	1	%	1	%
Cash Collected + Deferral and Abatements			98	%	97	%	95	%

Tenant Size

	Percent of Annualized Base Rent⁽¹⁾		Q3 Cash Payments Received⁽²⁾		Q4 Cash Payments Received⁽²⁾		January Cash Payments Received⁽²⁾
Anchors (> 10K SF)	45	%	94	%	95	%	95	%
Mid Tier (5K - 10K SF)	13	%	91	%	91	%	93	%
National / Regional Small Shops (<5K SF)	23	%	95	%	96	%	95	%
Local Small Shops (<5K SF)	19	%	89	%	90	%	87	%
Cash Collected	100	%	93	%	94	%	93	%

Business Type⁽³⁾

	Percent of Annualized Base Rent⁽¹⁾		Q3 Cash Payments Received⁽²⁾		Q4 Cash Payments Received⁽²⁾		January Cash Payments Received⁽²⁾
Essential & Restaurants	63	%	95	%	96	%	95	%
Non-essential	37	%	89	%	91	%	90	%
Cash Collected	100	%	93	%	94	%	93	%

(1) Commenced occupancy as of December 31, 2020.
(2) Based upon information as of February 12, 2021.
(3) Definitions can vary by location. This represents the definition of a majority of the municipalities in which centers are located.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 41

Weingarten Realty Investors

Schedule of Uncollectible Revenue⁽¹⁾

(in thousands)


Uncollectible Revenue (Contra Revenue)/Recoveries included in Supplemental Income Statement Detail (page 7) (as Reported)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2020		2019		$ Change		2020		2019		$ Change

Base Minimum Rent and Tenant Reimbursements, net	$	(3,015)	$	(364)	$	(2,651)	$	(21,072)	$	74	$	(21,146)
Straight Line Rent, net		(2,926)		(371)		(2,555)		(15,043)		(642)		(14,401)
Percentage Rent, net		—		(145)		145		—		(145)		145
Impact to Rentals, net	$	(5,941)	$	(880)	$	(5,061)	$	(36,115)	$	(713)	$	(35,402)

Impact from Cash Basis Tenants	$	792	$	—	$	792	$	(2,804)	$	—	$	(2,804)


Uncollectible Revenue (Contra Revenue)/Recoveries (at Prorata Share)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2020		2019		$ Change		2020		2019		$ Change

Base Minimum Rent and Tenant Reimbursements, net	$	(3,154)	$	(436)	$	(2,718)	$	(22,321)	$	53	$	(22,374)
Straight Line Rent, net		(2,980)		(374)		(2,606)		(15,475)		(695)		(14,780)
Percentage Rent, net		(1)		(136)		135		(1)		(145)		144
Impact to Rentals, net	$	(6,135)	$	(946)	$	(5,189)	$	(37,797)	$	(787)	$	(37,010)

Impact from Cash Basis Tenants	$	778	$	—	$	778	$	(3,155)	$	—	$	(3,155)


Same Property Net Operating Income - Uncollectible Revenue (Contra Revenue)/Recoveries (page 30) (at Prorata Share)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2020		2019		$ Change		2020		2019		$ Change

Minimum Rent and Tenant Reimbursements, net	$	(3,683)	$	—	$	(3,683)	$	(14,437)	$	—	$	(14,437)
Uncollectible Revenue Reserve		730		(177)		907		(7,600)		86		(7,686)
Impact to SPNOI	$	(2,953)	$	(177)	$	(2,776)	$	(22,037)	$	86	$	(22,123)

Impact from Cash Basis Tenants	$	930	$	—	$	930	$	(1,976)	$	—	$	(1,976)

(1) - Uncollectible revenues includes both lease related reserves and write-offs.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 42

Weingarten Realty Investors

Ground Lease Summary

December 31, 2020

(at pro rata share)

(in thousands, except number of leases)


	Number
	of				ABR
Use Description	Leases	GLA	ABR		$/SF

Home Improvement	2	248	$	1,154	$	4.65
Discount Department Store	9	648		3,997		6.17
Full-Service Restaurant	25	127		2,789		21.96
Fast Food	46	134		4,343		32.41
Bank	29	98		4,564		46.57
Supermarket	13	716		6,420		8.97
Pharmacy	6	79		847		10.72
Theater	1	55		102		1.85
Gas Station	16	37		1,649		44.57
Other	14	170		3,521		20.71

Total	161	2,312	$	29,386	$	12.71

Notes:

Page 43

WEINGARTEN REALTY INVESTORS /TX/ - FORM 8-K - EX-99.3 - February 23, 2021

Attached files

WEINGARTEN REALTY INVESTORS /TX/ Reports