Weingarten Realty Investors /tx/ 8-k (events Or Changes Between Quarterly Reports) 2009-02-24

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 20, 2009

WEINGARTEN REALTY INVESTORS (Exact name of Registrant as specified in its Charter) Texas (State or other jurisdiction of incorporation or organization)

1-9876 (Commission file number)

2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008 (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (713) 866-6000

Not applicable (Former name or former address, if changed since last report)

74-1464203 (I.R.S. Employer Identification Number)

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Item 2.02.

Results of Operations and Financial Condition.

On February 20, 2009, we issued a press release describing our results of operations for the fourth quarter and full year ended December 31, 2008, as well as providing supplemental financial information pertaining to our operations. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2 to this report. The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. Item 9.01.

Financial Statements and Exhibits.

99.1 2008.

Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31,

99.2

Supplemental Financial Information.

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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 24, 2009 WEINGARTEN REALTY INVESTORS

By: /s/ Joe D. Shafer Joe D. Shafer Vice President/Chief Accounting Officer

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INDEX TO EXHIBITS

99.1

Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31, 2008.

99.2

Supplemental Financial Information.

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EXHIBIT 99.1

WEINGARTEN REALTY 2600 Citadel Plaza Drive P.O. Box 924133 Houston, Texas 77292-4133

NEWS RELEASE Information: Kristin Gandy, Director of Investor Relations, Phone: (713) 866-6050

Weingarten Realty Announces Fourth Quarter and Full Year 2008 Results Houston, TX, February 20, 2009: Weingarten Realty (NYSE: WRI) announced today the results of its fourth quarter and full year ended December 31, 2008. As a result of certain non-recurring, non-cash charges the Company reported a net loss to common shareholders for the quarter ended December 31, 2008 totaling $9.7 million, or $0.11 per diluted share, compared to net income available to common shareholders of $58.8 million, or $0.67 per diluted share, for the quarter ended December 31, 2007. Net income available to common shareholders for the year ended December 31, 2008 totaled $115.1 million, or $1.36 per diluted share, compared to net income available to common stockholders of $217.0 million, or $2.44 per diluted share, for the year ended December 31, 2007. Excluding non-recurring items, net income for the quarter would have been $0.47 per diluted share for the quarter and $2.03 per diluted share for the year. Fund from Operations ("FFO"), again considering the non-recurring, non-cash charges for the quarter ended December 31, 2008, totaled $12.5 million, or $0.14 per diluted share compared to $68.3 million, or $0.78 per diluted share for quarter ended December 31, 2007. For the year ended December 31, 2008, FFO totaled $207.1 million, or $2.44 per diluted share compared to $272.1 million or $3.06 per diluted share in 2007. Excluding non-recurring items discussed below, FFO for the quarter would have been $0.72 per diluted share for the quarter and $3.11 per diluted share for the year. Net Income and FFO for both the quarter and the year were negatively affected by non-recurring items totaling $0.58 per diluted share for the quarter and $0.67 per diluted share for the year. The vast majority of these items are non-cash and the details are as follows: • • • •

A non-cash impairment charge in the fourth quarter of $46.1 million, net of taxes, or $0.54 per share, related primarily to land held for future development. Non-cash write-off of predevelopment costs totaling $13.8 million or $0.16 per share for the quarter and $16.8 million or $0.20 per share for the year. Losses on assets held in a grantor trust related to the supplemental executive retirement plan totaling $2.7 million or $0.03 per share for the quarter and $5.1 million or $0.06 per share for the year. Subsequent to year-end, the investments in the plan were sold, thus eliminating any future earnings volatility. A severance charge related to a workforce reduction of $1.5 million or $0.02 per share for the quarter and $2.4 million or $0.03 per share for the year offset by a reduction in accruals for incentive compensation of $3.1 million or $0.04 per share for the quarter and $4.2 million or $0.05 per share for the year.

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• • •

As reported in prior quarters, Hurricane Ike costs totaled $0.02 per share for the year and non-cash write-offs of original issuance costs related to the retirement of the Company’s Preferred G shares also totaled $0.02 per share. A gain of $10.7 million or $0.13 per share in the fourth quarter from the early retirement of a portion of the Company's 3.95% convertible bonds at a discount to par value. Gains on the settlement of an interest rate swap agreement of $2.8 million or $0.03 per share in the second quarter of 2008.

A reconciliation schedule of FFO excluding non-recurring items is included with this earnings press release following the financial statements. The quarter included several highlights, including the following: • • •

In October the Company issued $100 million of new common equity, Received cash of $121.8 million thus far for the ten properties sold in connection with the formation of a joint venture with a subsidiary of the Hines REIT Properties LP., and Stabilized a Super Target anchored new development owned in a 50% joint venture in Florida representing a net investment of $13 million.

Existing Portfolio Overall occupancy for the operating portfolio was 92.6% at the end of the fourth quarter of 2008 compared to 94.4% for the fourth quarter in 2007. Occupancy for the retail properties was 93.0% compared to 94.5% in the third quarter of 2008, while industrial occupancy was 91.6% compared to 91.4% in the previous quarter. For the full year 2008, the Company completed 1,243 new leases and renewals, totaling 6.3 million square feet. The average rental rate for leases that commenced in the fourth quarter increased 9.3% on a same space GAAP basis and 6.8% on a cash basis. Same property net operating income was down 3.5% from the fourth quarter of last year and down 0.4% for the full year 2008 due to increased bad debt expense and retailer fallouts. “The forecast for 2009 remains challenging,” states Johnny Hendrix, Executive Vice President of Asset Management. “However, I am confident that due to the quality of our shopping centers, which are primarily anchored by supermarkets, we will continue to remain resilient. Our very experienced and focused group of associates are executing the basic fundamentals, like cold calling, leasing space, collecting rent, and maintaining our centers every day.” New Development The Company currently has 25 properties under developments and WRI’s pro-rata share represents an investment of $471 million upon completion. From this pipeline we are 2

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projecting that 5 of our 25 projects will be stabilized by the end of 2009, of which one is an industrial project that we feel confident will stabilize by year end, and four shopping centers that are currently 92% leased including tenant owned square footage. At year end, the leasing level of the entire development pipeline inclusive of anchor owned parcels projected to stabilize over the next four years stood at 61%. As of the end of the fourth quarter, WRI had already invested $366 million as its pro-rata share. To complete these projects WRI needs to invest only an additional $105 million which equates to 78% funded. “In the fourth quarter, the company completed one significant development,” said Robert Smith, Senior Vice President and Director of New Development. “Palm Coast Landing at Town Center Phase I a 359,000 square foot power center located in Palm Coast, Florida, is a 50% joint venture and is anchored by a Super Target, Ross, TJ Maxx, Petsmart, Michaels, and Books a Million. Our investment in this center totaled $13 million, has a yield of 9.7%, and a current occupancy level in excess of 97%.” “Likewise we were pleased that for the full year, the company stabilized six projects with a total investment of $90 million and returns averaging 9.1%. Although we did not complete any merchant build transactions in the fourth quarter, our merchant build efforts for the year contributed FFO of $.09 per share after tax,” stated Smith. The Company achieved completions of $146 million for the year, exceeding guidance of $110 - $130 million. The anticipated range for completions in 2009 is estimated at $100 – 130 million. Impairments Given the current economic environment and, more specifically, the depressed state of commercial real estate, the Company performed a review of its operating assets, new development properties, land held for future development and its investments in unconsolidated real estate joint ventures and partnerships for impairment. Based on this analysis, the Company recorded non-cash impairment charges, net of taxes, of $46.1 million or $0.54 per diluted share in the fourth quarter. The impairment charges were almost exclusively on land held for future development. Additionally, in the fourth quarter the Company wrote off predevelopment costs of new development projects it no longer intends to pursue totaling $13.8 million or $0.16 per share. For the full year the write-off totaled $16.8 million or $0.20 per share. These charges are also non-cash in nature. After these charges, the Company has no remaining pursuit costs at risk on its balance sheet. Portfolio Enhancements In November the Company entered into a joint venture with a subsidiary of Hines REIT Properties, LP where they would acquire from the Company a 70% interest in a portfolio of 12 shopping centers. The aggregate transaction price was approximately $271 million. The transaction closed on multiple dates. To date, the joint venture has closed on ten of the properties for approximately $228 million; the purchase of the remaining two 3

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properties will be closed upon finalization of their loan assumptions within the next 30 days. In December this joint venture also completed a $100 million secured financing on the properties. "WRI is extremely pleased to become partners with a world-class organization that also has its deep roots in our wonderful headquarters city of Houston. We believe this transaction will provide stable and growing returns to the joint venture while also meeting our objective of recycling capital, providing liquidity and building our assets under management," stated Drew Alexander, President and CEO of WRI. In November the Company closed the disposition of a non-core property in Louisiana for $30 million. Year-to-date, dispositions excluding sales to joint ventures totaled $144 million, representing ten properties and 1.1 million square feet. These dispositions generated gains on sale of $69 million. There were no acquisitions in the fourth quarter. Balance Sheet Strength In October the Company’s strong balance sheet was further enhanced by the issuance of 3,000,000 common shares of beneficial generating net proceeds of $98.1 million. The proceeds were used to repay indebtedness outstanding under the Company’s revolving credit facility. “We are very pleased to have raised additional common equity in this very challenging financial market. This capital further enhances our liquidity and already strong balance sheet. Debt maturities for 2009 and 2010 are very manageable at $97.0 million and $128 million respectively, and the Company has investment grade credit ratings from both Standard & Poor’s and Moody’s supported by a fixed charge coverage ratio of 2.0x. In addition, we currently have $2.7 billion in unencumbered properties that could be mortgaged should we need to raise additional capital,” stated Steve Richter, Executive Vice President and Chief Financial Officer. Dividends The Board of Trust Managers of Weingarten Realty Investors declared a first quarter dividend of $0.525 per share to holders of record as of March 6, 2009 of its Common Shares of Beneficial Interest. The dividend is to be paid on March 16, 2009. 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 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) are $0.434375 per share for the same period. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share. All preferred share dividends are payable on March 16, 2009 to shareholders of record on March 6, 2009. 4

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In an effort to further enhance our liquidity and equity position, the Board of Trust Manager also approved the issuance of up to $125 million of common shares under a continuous equity issuance program. Outlook “We are in a very challenging economic environment which is impacting our results in the short term. In this environment, we have kept our focus on leasing and maintaining the occupancy of our existing portfolio, completing our existing new development pipeline, deploying our capital wisely and increasing our liquidity. The economic picture does not look promising. However, we all know that we will emerge from this recession. I feel this company is extremely well positioned to perform well despite continued market pressure because we have great Properties, People and basic operating Practices,” said Alexander. “I take comfort in initiatives that have made this company strong for over 60 years now, through both good and difficult times. Weingarten has a truly superior management team, a diversified portfolio that is strategically located primarily in metropolitan areas and over 70% of our net operating income comes from shopping centers that have a supermarket component, the most recession-resilient product type in our sector.” The Company believes FFO will be in the range of $2.30 to $2.60 including gains from merchant development sales of $0.10 per share. Conference Call Information The Company also announced that it will host a live webcast of its quarterly conference call on February 23, 2009 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s Web site at www.weingarten.com. A replay is also available through the Company’s Web site starting approximately two hours following the live call or can be heard by calling 800-642-1687, identification number 81399595 until 11:59 PM Central Time on February 24, 2009. About Weingarten Realty Investors As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948. Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. The Company’s portfolio of 404 properties includes 323 neighborhood and community shopping centers and 81 industrial properties. Including tenant-owned square footage, the Company’s portfolio currently totals approximately 73 million square feet under management. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,300 tenants comprising less than 3% of its rental revenues. 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 5

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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.

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Financial Statements Weingarten Realty Investors (in thousands, except per share amounts)

STATEMENTS OF CONSOLIDATED INCOME AND FUNDS FROM OPERATIONS Rental Income Other Income Total Revenues Depreciation and Amortization Operating Expense Ad Valorem Taxes General and Administrative Expense Impairment Loss Total Expenses Operating Income (Loss) Interest Expense Interest and Other Income, net Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income from Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders--Basic Net Income (Loss) Per Common Share--Basic Net Income (Loss) Available to Common Shareholders--Diluted Net Income (Loss) Per Common Share--Diluted Funds from Operations: Net Income (Loss) Available to Common Shareholders Depreciation and Amortization Depreciation and Amortization of Unconsolidated Joint Ventures Gain on Sale of Properties (Gain) Loss on Sale of Properties of Unconsolidated Joint Ventures Funds from Operations--Basic Funds from Operations Per Common Share--Basic Funds from Operations--Diluted Funds from Operations Per Common Share--Diluted Weighted Average Shares Outstanding--Basic Weighted Average Shares Outstanding--Diluted

CONSOLIDATED BALANCE SHEETS Property Accumulated Depreciation Investment in Real Estate Joint Ventures and Partnerships Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable, net

$

Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) 147,576 $ 146,913 $ 600,918 $ 570,487 3,601 3,570 14,050 13,280 151,177 150,483 614,968 583,767 37,617 32,993 155,912 128,061 38,740 29,384 118,477 103,737 17,107 15,089 73,026 66,649 5,987 7,329 25,761 26,979 52,539 52,539 151,990 84,795 425,715 325,426 (813) 65,688 189,253 258,341 (35,637) (38,646) (148,475) (148,829) 414 1,648 4,334 8,486 10,658 10,658 (3,341) (1,975) 1,897 102 13,139 (15,556) (22) 14,739 14,717 (839) 8,869

7,340 (2,559) 1,076 8,235 (2,140) 40,642 1,975 23,975 25,950 66,592 8,890

$ $ $ $

(9,708) (0.11) (9,708) (0.11)

$ $ $ $

57,702 0.68 58,798 0.67

$ $ $ $

$

(9,708) 35,602 3,200 (16,629) 10 12,475 0.14 12,475 0.14 86,664 86,876

$

57,702 32,923 3,765 (25,065) (2,171) 67,154 0.80 68,250 0.78 84,286 87,379

$

$ $ $ $

$ $ $ $

December 31, December 31, 2008 2007 (Unaudited) (Audited) $ 4,915,472 $ 4,972,344 (812,323) (774,321) 357,634 300,756 232,544 81,818 119,951 114,969 103,873 94,607

$ $ $ $

12,196 (8,943) 1,998 8,342 10,148 79,511 3,448 68,722 72,170 151,681 34,711 1,850 115,120 1.36 115,120 1.36

115,120 150,137 11,898 (70,066) (2) 207,087 2.45 207,087 2.44 84,474 84,917

19,853 (10,237) 4,086 16,385 (4,073) 144,012 10,346 83,659 94,005 238,017 25,375 $ $ $ $

212,642 2.49 217,049 2.44

$

212,642 129,946 11,204 (83,907) (2,169) 267,716 3.13 272,123 3.06 85,504 88,893

$ $ $ $

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Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total Assets

$

Debt Accounts Payable and Accrued Expenses Other Total Liabilities

$

Commitments and Contingencies

58,946 33,252 105,350 5,114,699 3,171,537 179,432 90,461 3,441,430

$ $

65,777 38,884 98,509 4,993,343 3,165,059 155,137 104,439 3,424,635

41,000

Minority Interest Preferred Shares of Beneficial Interest Common Shares of Beneficial Interest Treasury Shares of Beneficial Interest Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Total Shareholders' Equity Total Liabilities and Shareholders' Equity

$

Page 7

204,031

96,885

8 2,625

8 2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343

1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $

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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions

Funds from Operations per Common Share - Diluted as Reported

Three Months Ended December 31, 2008

Twelve Months Ended December 31, 2008

$

$

0.14

2.44

Gain on Redemption of Convertible Senior Unsecured Notes

(0.13)

(0.13)

Impairment Loss, net of taxes

0.54

0.54

Write-off of Predevelopment Costs, net of taxes

0.16

0.20

Reduction of Incentive Compensation Accrual

(0.04)

(0.05)

Gain on Swap Settlement

-

(0.03)

Redemption Costs of Preferred G Shares

-

0.02

Hurricane Ike Costs

-

0.02

Severance Costs

0.02

0.03

Losses on Assets Held in Grantor Trust

0.03

0.06

Adjusted Funds from Operations per Common Share - Diluted

$

0.72

$

3.11

Page 8

EXHIBIT 99.2

Supplemental Financial Information December 31, 2008 (Unaudited)

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Table of Contents Corporate Profile Condensed Consolidated Statements of Income Condensed Consolidated Balance Sheets Summary Operating Data Funds from Operations Dividends General and Administrative Expenses Net Operating Income Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Rentals Interest Expense Fee Income From Real Estate Joint Ventures and Partnerships Property Net Operating Income including Joint Ventures Joint Venture Reporting Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share Investments in Unconsolidated Real Estate Joint Ventures & Partnerships Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships Summary Balance Sheet Information Common Share Data Capitalization Capital Availability Credit Ratings Debt Information Outstanding Balance Summary Fixed vs Variable Rate Debt Secured vs Unsecured Debt Coverage Ratios Weighted Average Interest Rates Schedule of Maturities Other Information Tenant Diversification Lease Expirations Leasing Production Average Minimum Rent per Square Foot Occupancy Property Information Property Investment Summary New Development Properties (by Stabilization) Land Held for Development Acquisition Summary Disposition Summary Total Net Operating Income at Pro rata Share by Geographic Region Average Base Rents by CBSA Property Listing This supplemental financial information package contains historical information of the Company. Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized.

Page No. 1 2 3 4-6

7 - 10

11

12 - 13

14 - 15

16 - 38

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Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2008, we owned or operated under long-term leases, interests in 374 developed income-producing properties and 30 new development properties (including 14 which are income-producing), which are located in 23 states that span the United States from coast to coast. Included in the portfolio are 323 shopping centers, 78 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 47.6 million square feet of leasable area. Our properties were 92.6% leased as of December 31, 2008, 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 Regional Offices Atlanta, GA Dallas, TX Ft. Lauderdale, FL Las Vegas, NV Los Angeles, CA Orlando, FL Phoenix, AZ Raleigh, NC Sacramento, CA

Stock Listings New York Stock Exchange: Common Shares Series D Preferred Shares Series E Preferred Shares Series F Preferred Shares

WRI WRI-PD WRI-PE WRI-PF

Page 1

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Weingarten Realty Investors Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (as reported)

Three Months Ended December 31, 2008 2007 Revenues: Rentals Other Total

$

Expenses: Depreciation and amortization Operating Ad valorem taxes General and administrative Impairment loss Total Operating Income (Loss) Interest Expense Interest and Other Income, net Loss on Redemption of Preferred Shares Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net (a) Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income From Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders - Basic $ Net Income (Loss) Per Common Share Basic $ Net Income (Loss) Per Common Share Diluted $

147,576 3,601 151,177

$

146,913 3,570 150,483

37,617 38,740 17,107 5,987 52,539 151,990

32,993 29,384 15,089 7,329

(813) (35,637) 414

Twelve Months Ended December 31, 2007 2006 2005

2008

$

600,918 14,050 614,968

$

570,487 13,280 583,767

$

516,669 6,755 523,424

$

467,811 6,163 473,974

2004

$

419,989 8,155 428,144

128,061 103,737 66,649 26,979

117,443 85,722 60,673 23,801

106,949 71,097 54,630 17,379

84,795

155,912 118,477 73,026 25,761 52,539 425,715

325,426

287,639

250,055

65,688 (38,646) 1,648

189,253 (148,475) 4,334

258,341 (148,829) 8,486

235,785 (145,374) 9,044

223,919 (129,160) 2,854

198,641 (116,142) 1,389 (3,566)

5,384 (4,928) 1,562

10,658

95,219 66,606 48,356 16,122 3,200 229,503

10,658

(3,341) (1,975) 1,897

7,340 (2,559) 1,076

12,196 (8,943) 1,998

19,853 (10,237) 4,086

14,655 (6,414) 22,493

6,610 (6,060) 22,306

102 13,139

8,235 (2,140)

8,342 10,148

16,385 (4,073)

7,166 (1,366)

804

(15,556)

40,642

79,511

144,012

135,989

121,273

82,340

(22)

1,975

3,448

10,346

23,527

32,921

34,158

14,739

23,975

68,722

83,659

145,494

65,459

24,883

14,717 (839) (8,869)

25,950 66,592 (8,890)

72,170 151,681 (34,711)

94,005 238,017 (25,375)

169,021 305,010 (10,101)

98,380 219,653 (10,101)

59,041 141,381 (7,470)

(1,850) (9,708) $

57,702

$

115,120

$

212,642

$

294,909

$

209,552

$

133,911

(0.11) $

0.68

$

1.36

$

2.49

$

3.36

$

2.35

$

1.55

(0.11) $

0.67

$

1.36

$

2.44

$

3.27

$

2.31

$

1.54

(a) See Page 7 for the Company's pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

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Page 2

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Weingarten Realty Investors Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (as reported)

December 31, 2008 2007 ASSETS Property Accumulated Depreciation Property, net

$

Investment in Real Estate Joint Ventures and Partnerships (a) Total Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $12,412 in 2008 and $8,721 in 2007) Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total

$

4,915,472 $ (812,323) 4,103,149

4,972,344 (774,321) 4,198,023

357,634 4,460,783

300,756 4,498,779

232,544 119,951

81,818 114,969

103,873 58,946 33,252 105,350 5,114,699

94,607 65,777 38,884 98,509 4,993,343

$

LIABILITIES AND SHAREHOLDERS' EQUITY Debt Accounts Payable and Accrued Expenses Other Total

$

Commitments and Contingencies

3,171,537 179,432 90,461 3,441,430

$

3,165,059 155,137 104,439 3,424,635

41,000

Minority Interest 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 2008 and 2007; liquidation preference $75,000 6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2008 and 2007; liquidation preference $72,500 6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 140 and 80 shares outstanding in 2008 and 2007; liquidation preference $350,000 in 2008 and $200,000 in 2007 Variable-rate Series G cumulative redeemable preferred shares of beneficial interest, 80 shares issued; none in 2008 and 80 shares outstanding in 2007; liquidation preference $200,000 in 2007 Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 87,102 in 2008 and 85,146 in 2007 Treasury Shares of Beneficial Interest - par value, $.03 per share; none in 2008 and 1,370 shares outstanding in 2007 Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Shareholders' Equity Total $

204,031

96,885

3

3

1

1

4

2 2

2,625

1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $

2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343

(a) This represents the Company's investment of its unconsolidated real estate joint ventures and partnerships. See page 7 for additional information.

Page 3

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Weingarten Realty Investors Summary Operating Data (in thousands, except per share amounts)

Three Months Ended December 31, 2008 2007 Funds from Operations Numerator: Net income (loss) available to common shareholders Depreciation and amortization Depreciation and amortization of unconsolidated real estate joint ventures and partnerships Gain on sale of properties (Gain) loss on sale of properties of unconsolidated real estate joint ventures and partnerships Funds from Operations - Basic Funds from operations attributable to operating partnership units Funds from Operations - Diluted

$

$

Denominator: Weighted average shares outstanding - Basic Effect of dilutive securities: Share options and awards Operating partnership units Weighted average shares outstanding - Diluted

(9,708) 35,602

$

Twelve Months Ended December 31, 2008 2007

57,702 32,923

$

115,120 150,137

$

212,642 129,946

3,200 (16,629)

3,765 (25,065)

11,898 (70,066)

11,204 (83,907)

10 12,475

(2,171) 67,154 1,096 68,250

(2) 207,087

(2,169) 267,716 4,407 272,123

12,475

$

$

207,087

$

86,664

84,286

84,474

85,504

212

673 2,420 87,379

443

891 2,498 88,893

86,876

84,917

Funds from Operations per Share - Basic

$

0.14

$

0.80

$

2.45

$

3.13

Funds from Operations Per Share - Diluted

$

0.14

$

0.78

$

2.44

$

3.06

Growth in Funds from Operations per Share - Diluted

Dividends Common Dividends per Share Common Dividends Paid as a % of Funds from Operations

-82.1%

$

0.525

$

0.495

-20.3%

$

2.10

$

1.98

366.4%

61.7%

85.9%

63.2%

4.0%

4.9%

4.2%

4.6%

General and Administrative Expenses/Total Assets before Depreciation

0.10%

0.13%

0.43%

0.47%

Net Operating Income * Same Property NOI Growth: ** Cash Basis Retail Industrial Total

-3.7% -1.6% -3.5%

3.2% 3.4% 3.2%

-0.6% 1.5% -0.4%

2.7% 4.3% 2.8%

General and Administrative Expenses General and Administrative Expenses/Total Revenue

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*

Includes the Company's share of unconsolidated real estate joint ventures and partnerships and excludes its partners' share of consolidated real estate joint ventures and partnerships ("Pro rata Share").

**

Same Property NOI Growth excludes the effect of lease cancellation income and straight-line rent adjustments, but does include provisions for uncollectible amounts and related recoveries.

The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) available to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties, 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.

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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Three Months Ended December 31, 2008 Funds from Operations per Common Share - Diluted as Reported

$

Twelve Months Ended December 31, 2008

0.14

$

2.44

Gain on Redemption of Convertible Senior Unsecured Notes

(0.13)

(0.13)

Impairment Loss, net of taxes

0.54

0.54

Write-off of Predevelopment Costs, net of taxes

0.16

0.20

Reduction of Incentive Compensation Accrual

(0.04)

(0.05)

Gain on Swap Settlement

-

(0.03)

Redemption Costs of Preferred G Shares

-

0.02

Hurricane Ike Costs

-

0.02

Severance Costs

0.02

0.03

Losses on Assets Held in Grantor Trust

0.03

0.06

Adjusted Funds from Operations per Common Share - Diluted

$

Page 5

0.72

$

3.11

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Weingarten Realty Investors Summary Operating Data (continued) (in thousands)

Three Months Ended December 31, 2008 2007 Rentals Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Total

$

$

112,642 1,315 892 1,922 30,805 147,576

$

$

113,098 2,494 899 1,738 28,684 146,913

Twelve Months Ended December 31, 2008 2007 $

$

Three Months Ended December 31, 2008 2007 Interest Expense Interest paid or accrued Over-market mortgage adjustment Gross interest expense Less: Capitalized interest Interest expense

$

$

44,017 (3,466) 40,551 (4,914) 35,637

$

$

46,116 (1,601) 44,515 (5,869) 38,646

$

1,962

$

$

1,962

$

1,967 517 2,484

$

$

437,065 9,463 3,223 6,158 114,578 570,487

Twelve Months Ended December 31, 2008 2007 $

$

Three Months Ended December 31, 2008 2007 Fee Income from Real Estate Joint Ventures and Partnerships Recurring Non-Recurring Total

457,412 10,061 3,487 5,918 124,040 600,918

176,772 (8,007) 168,765 (20,290) 148,475

$

$

180,612 (6,758) 173,854 (25,025) 148,829

Twelve Months Ended December 31, 2008 2007 $ $

7,135 95 7,230

$ $

5,892 2,312 8,204

December 31, 2008 Property Land Land held for development Land under development Buildings and improvements Construction in-progress Total

Net Operating Income including Joint Ventures Revenues Operating expense Ad valorem taxes Total Net Operating Income from Discontinued Operations

$

$

2007

964,982 118,078 101,587 3,488,385 242,440 4,915,472

$

$

974,145 62,033 223,827 3,533,037 179,302 4,972,344

Three Months Ended December 31, 2008

Twelve Months Ended December 31, 2008

$

$

151,177 (38,740) (17,107) 95,330 195

614,968 (118,477) (73,026) 423,465 5,504

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Prorata Share of Unconsolidated Joint Ventures Revenues Operating expense Ad valorem taxes Total

14,258 (7,608) (1,331) 5,319

47,977 (12,981) (5,282) 29,714

Minority Interests Share of Net Operating Income and Other Adjustments

(7,137)

(18,232)

Net Operating Income including Joint Ventures

$

Page 6

93,707

$

440,451

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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% (in thousands)

Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total

$

27,026 708 2,078 413 8,038 7,130 45,393

$

Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total

11,047 5,616 18,446 4,905 4,269 5,151 49,434

Gain on land and merchant development sales Gain (loss) on sale of properties Net income (loss)

(22) (4,063) $

$

29,058 931 1,322 262 7,295 1,727 40,595

Twelve Months Ended December 31, 2008 2007

$

13,278 5,593 6,822 3,479 622

111,678 3,026 5,849 927 30,817 10,440 162,737

$

103,412 4,014 5,057 689 27,483 5,987 146,642

29,794

41,146 20,424 37,592 18,739 6,055 5,151 129,107

101,073

1,295 5,427 17,523

933 13 34,576

1,295 5,422 52,286

$

38,574 23,093 22,396 15,767 1,243

$

December 31, 2008 2007 ASSETS Property Accumulated depreciation Property, net

$

Other assets

1,951,771 $ (129,227) 1,822,544 256,688

Total

1,660,915 (71,998) 1,588,917 238,166

$

2,079,232

$

1,827,083

$

472,486 248,969 149,265 1,208,512

$

378,206 87,191 138,150 1,223,536

$

2,079,232

$

1,827,083

LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Accumulated equity Total

Page 7

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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share (in thousands)

Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total

$

Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total

$

3,200 1,655 7,608 1,331 2,064 2,451 18,309

Gain on land and merchant development sales Gain (loss) on sale of property Net income (loss) **

7,668 229 419 169 2,378 3,395 14,258

$

Twelve Months Ended December 31, 2008 2007

8,446 379 279 89 2,243 632 12,068

$

31,998 977 1,180 335 9,027 4,460 47,977

3,765 1,595 1,965 1,077 194

$

30,810 1,392 1,129 247 8,312 2,408 44,298

11,204 6,951 6,517 4,623 413

8,596

11,898 5,591 12,981 5,282 2,740 2,451 40,943

(10)

647 2,171

402 2

647 2,169

(4,061) $

6,290

$

7,438

29,708

$

17,406

December 31, 2008

2007

ASSETS Property Accumulated depreciation Property, net Other assets Total

$

593,923 $ (48,476) 545,447

456,007 (26,604) 429,403

$

104,439 649,886

$

89,310 518,713

$

164,699

$

115,967

LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Total Accumulated equity Total

Net income from unconsolidated real estate joint ventures and **partnerships Intercompany fee income reclass

117,150 63,320 345,169

40,852 53,315 210,134

304,717

308,579

$

649,886

$

7,438 5,492

$

518,713

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Other adjustments Equity in earnings of real estate joint ventures and partnerships, net

$

(734) 12,196

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.

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Weingarten Realty Investors Investments in Unconsolidated Real Estate Joint Ventures & Partnerships December 31, 2008 (In Thousands)

Weingarten Realty

Joint Venture Partner

Number of Properties

Total GLA

Total Assets $

337,516 170,592 160,464 136,868 160,474

Total Debt

TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment ThirtySix, LP Eagle AN, LP

7 10 8 6 3

1,258 895 1,100 523 715

$

105,124 31,225 69,709 -

12 7

4,068 2,050

230,489 54,091

24,681 35,245

Other Total

29 82

4,088 14,697

828,739 $2,079,232

206,502 $ 472,486

Ownership Interest

Share of Debt

20.0% $ 25.0% 50.0% 20.0% 20.0% 20.0% 20.0%

26,281 15,612 13,942 -

Investment Balance

Equity in Earnings of Unconsolidated JVs

$

$

65,099 13,890 57,087 12,493 30,804

2,823 54 3,042 604 1,338

4,936 7,049

33,967 0

1,059 148

46.9% 96,878 28.3% $ 164,699

144,293 $ 357,634

3,128 12,196

$

Joint Venture Description RETAIL TIAA Florida Retail LLC

Joint venture with an institutional partner, TIAA-CREF Global Real Estate. Retail joint venture with an institutional partner through AEW Capital AEW SPR, LLC 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 INDUSTRIAL BIT Investment ThirtySix, LP Eagle AN, LP

Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust Industrial joint venture with American National Insurance Company

Page 9

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Weingarten Realty Investors Mortgage Debt Information for Unconsolidated Joint Ventures & Partnerships December 31, 2008 (In Thousands) # of Mortgaged Properties

Joint Venture Partner

Mortgage Balance

TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment Thirty-Six, LP Eagle AN, LP

7 2 6 0 4 1

Other

8

Total

28

$

$

Average Interest Rate (1)

Average Remaining Term (yrs)

105,124 31,225 69,709 24,681 35,245

5.7% 6.2% 5.7% 6.4% 8.1%

7.0 12.6 5.2 2.8 1.7

128,730

5.7%

8.3

394,714

6.0%

6.6

Schedule of Maturities At 100% Average Maturities Interest Rate 2008 2009 2010 (1) 2011 2012 2013 2014 2015 2016 2017 Thereafter Total

$

$

44,419 13,341 15,440 47,821 54,226 37,272 99,710 44,540 37,945 394,714

$ 7.5% 7.3% 6.1% 6.1% 5.9% 5.3% 5.7% 5.6% 5.6% 6.0% $

At WRI Share Average Maturities Interest Rate 9,891 6,804 3,088 16,780 12,174 7,874 30,537 19,715 18,972 125,835

(1) All mortgages are fixed rate except for one of the "other" which has a variable rate mortgage ($3.4 million), maturing in 2010

Page 10

7.2% 7.3% 6.1% 5.9% 5.9% 5.3% 5.7% 5.6% 5.6% 5.9%

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Weingarten Realty Investors Summary Balance Sheet Information (in thousands, except common share data and percentages)

December 31, 2008 Common Share Data Closing Market Price

$

20.69

Dividend Yield

December 31, 2007

$

31.44

10.15%

90-Day, Average Daily Trading Volume

6.30%

1,290,339

Capitalization (As reported) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization

$

$

3,171,537 497,500 1,802,140 45,559 5,516,736

Debt to Total Market Capitalization

468,050

$

$

3,165,059 547,500 2,633,917 75,959 6,422,435

57.5%

Capitalization (Pro rata) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization

$

$

3,131,883 497,500 1,802,140 45,559 5,477,082

Debt to Total Market Capitalization

49.3%

$

$

3,242,349 547,500 2,633,917 75,959 6,499,725

57.2%

Capital Availability Unused Portion of $575 MM Revolver Shelf Registration - $1 Billion Effective April 2003 Shelf Registration - $1.5 Billion Effective September 2004 Shelf Registration - $50 Million Effective September 2004 Total

$

$

181,943 181,943

49.9%

$

$

310,793 85,430 1,300,000 50,000 1,746,223

Credit Ratings

S&P

Moody's

Senior Debt Preferred Shares

BBB BB+

Baa2 Baa3

(1)

These shelf registrations have expired. Effective December 8, 2008, an automatic open shelf registration was filed, allowing us to issue various securities over the next three years as determined by the market.

Page 11

(1) (1) (1)

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Weingarten Realty Investors Debt Information (in thousands, except percentages)

December 31, 2008 Outstanding Balance Summary (1) Mortgage Debt 7% 2011 Bonds 3.95% Convertible Bonds (2) Unsecured Notes Payable Revolving Credit Agreements (3) Industrial Revenue Bonds Obligations under Capital Leases Total Debt - As Reported Less: Minority Partners' Interests Plus: WRI Share of Unconsolidated Joint Ventures Total Debt - Pro rata Share

$

$

1,003,709 200,000 537,199 1,014,567 383,000 3,337 29,725 3,171,537 (204,353) 164,699 3,131,883

December 31, 2008

4th Quarter Weighted Average Rate

December 31, 2007

6.37% $ 7.00% 3.95% 5.77% 2.55% 3.44% 5.98% 5.31%

5.31% $

% of Total

1,035,578 200,000 575,000 1,065,867 255,000 3,889 29,725 3,165,059 (38,677) 115,967 3,242,349

December 31, 2007

4th Quarter Weighted Average Rate 7.19% 7.00% 3.95% 5.87% 5.54% 4.92% 6.22% 6.08%

6.06%

% of Total

Fixed vs Variable Rate Debt (at Pro rata Share) (includes the effect of interest rate swaps) Fixed-rate debt Variable-rate debt Total

Secured vs Unsecured Debt (at Pro rata Share) Secured Debt Unsecured Debt Total

Coverage Ratios (at Pro rata Share trailing 4 quarters) Fixed Charge Coverage Interest Coverage Debt Service Coverage

$ $

$ $

2,682,169 449,714 3,131,883

85.6% $ 14.4% 100.0% $

2,919,947 322,402 3,242,349

90.1% 9.9% 100.0%

992,491 2,139,392 3,131,883

31.7% $ 68.3% 100.0% $

1,146,843 2,095,506 3,242,349

35.4% 64.6% 100.0%

1.99x 2.37x 2.31x

As Reported Weighted Average Interest Rates (1) Three months ended 12/31/08 Twelve months ended 12/31/08 Twelve months ended 12/31/07

5.31% 5.54% 6.08%

2.07x 2.29x 2.24x

Pro rata Share 5.31% 5.53% 6.07%

(1) Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing. The convertible bonds mature August 1, 2026 with a five year option to redeem anytime after August 2011 and an initial conversion price (2) of $49.075 per share. Weighted average revolving interest rate excluding the effect of the commitment fee was 2.34% in fourth quarter 2008 and 5.23% in fourth (3) quarter 2007.

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Weingarten Realty Investors Debt Information (in thousands, except percentages)

Schedule of Maturities at December 31, 2008

As Reported Maturities Rate (6) 96,987 6.48% 127,975 6.43% 303,412 6.76% 334,701 5.51% 413,440 5.75% 374,743 5.36% 249,780 6.06% 147,123 6.27% 29,391 6.90% 54,007 8.28% 609,636 4.39% 2,741,195

2009 (1) 2010 (2) 2011 (3) 2012 2013 2014 2015 2016 2017 2018 Thereafter (3) Subtotal Revolvers (4) Other (5) Swap Maturities: 2014 Total

383,000 47,342

$

3,171,537

3.30%

5.54% $

Maturities 99,649 139,391 310,742 338,091 317,278 386,364 217,433 176,995 33,792 33,942 647,864 2,701,541 383,000 47,342

3,131,883

Pro rata Share Rate (6) Floating Rate 6.54% 12,371 6.45% 2,424 6.75% 488 5.53% 679 5.66% 841 5.36% 3,102 5.57% 1,124 5.77% 1,296 6.43% 1,456 5.59% 1,553 4.10% 29,239 54,573 3.30%

5.53% $

Fixed Rate 87,278 136,967 310,254 337,412 316,437 383,262 216,309 175,699 32,336 32,389 618,625 2,646,968

383,000 (37,859)

85,201

50,000

(50,000)

449,714

$

2,682,169

(1) Includes $2.5 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. (2) Includes $9.7 million of MTN's maturing 2028 with 12 and 20 year put options. (3) Thereafter includes $537.2 million of Convertible debt maturing in 2026 which has a 5 year call and put option in 2011. (4) Includes the effect of the commitment fee. (5) Other includes capital leases, FAS 141 adjustment, market value of swaps, and a guarentee for the payment of bonds issued in connection with a project in Denver, Colorado. (6) Interest rates exclude the effects of FAS 141 and loan costs related to financing.

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Weingarten Realty Investors Tenant Diversification by Percent of Rental Revenues at Pro rata Share (in thousands, except percentages and # of units)

Rank

Tenant Name

DBA’s

% of Pro rata Rental Revenue

# of Units

Square Feet

1 THE KROGER CO.

Kroger, Smith Food, Ralphs, Fry's Food, King Soopers

30

2.15%

1,504

2 ROSS STORES, INC.

Ross Dress for Less

34

1.60%

749

3 T.J.X. COMPANIES, INC.

T.J. Maxx, Marshalls, Home Goods

32

1.60%

788

7

1.23%

806

23

1.21%

761

19

1.16%

780

7 OFFICE DEPOT, INC.

26

1.06%

525

8 PETSMART, INC.

20

0.97%

364

19

0.91%

297

50

0.86%

239

11

0.77%

232

PETCO ANIMAL SUPPLIES, 12 INC.

22

0.75%

251

13 BED BATH & BEYOND, INC.

19

0.66%

356

14 STAPLES

13

0.63%

282

15 HARRIS TEETER

7

0.63%

323

16 CIRCUIT CITY

6

0.62%

225

11

0.61%

250

6

0.61%

331

19 WHOLE FOODS

6

0.61%

218

20 H E BUTT GROCERY

6

0.61%

291

21 TOYS 'R' US

9

0.57%

312

22 BEST BUY, INC.

10

0.56%

225

23 DOLLAR TREE STORES, INC. Dollar Tree, Greenbacks

30

0.54%

270

WASHINGTON MUTUAL 24 BANK

29

0.53%

104

9

0.46%

335

454

21.91%

10,817

4 HOME DEPOT, INC. PUBLIX SUPER MARKETS, 5 INC. 6 SAFEWAY, INC.

9 GAP, INC.

Safeway, Randalls, Von's

Gap, Old Navy, Banana Republic

10 BLOCKBUSTER VIDEO 11 BARNES & NOBLE INC.

Barnes & Noble, Bookstop Booksellers

17 OFFICE MAX INC. 18 RALEY'S

25 FOOD LION Total

Raley's Bel Air Markets

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Weingarten Realty Investors Leasing Information (in thousands, except percentages and # of units and leases, pro rata share)

Lease Expirations Shopping Center Percentage of Pro rata Sq. Ft. Revenue 8.31% 8.89% 13.24% 14.34% 14.34% 15.32% 11.77% 12.82% 12.97% 13.10% 23.63% 23.15% 15.15% 11.72%

Year Expiring 2009 2010 2011 2012 2013 2014-2018 2019-2028

Industrial Percentage of Pro rata Sq. Ft. Revenue 18.51% 18.14% 19.10% 19.64% 13.87% 15.57% 14.06% 14.15% 14.78% 14.90% 18.79% 16.53% 0.89% 1.07%

Total Percentage of Pro rata Sq. Ft. Revenue 10.87% 9.95% 14.71% 14.95% 14.22% 15.35% 12.34% 12.98% 13.42% 13.30% 22.42% 22.40% 11.57% 10.49%

Leasing Production - New Leases and Renewals Number of Leases

Increase in Base Rent

Square Feet

Three Months Ended December 31, 2008 Retail Industrial Total

290 38 328

1,023 504 1,527

6.6% 7.7% 6.8%

Three Months Ended December 31, 2007 Retail Industrial Total

264 49 313

921 758 1,679

11.4% 9.8% 11.1%

Twelve Months Ended December 31, 2008 Retail Industrial Total

1,065 178 1,243

3,927 2,406 6,333

11.0% 7.4% 10.2%

Twelve Months Ended December 31, 2007 Retail Industrial Total

1,048 213 1,261

4,142 2,865 7,007

11.3% 6.0% 10.3%

Average Minimum Rent per Square Foot

December 31, 2008 Retail Industrial

$ $

13.16 4.98

September 30, 2008 $ $

13.05 4.92

Occupancy December 31, 2008 Shopping Center Portfolio

93.0%

September 30, 2008

94.5%

Quarter Ended June 30, 2008 $ $

12.96 4.91

Quarter Ended June 30, 2008

94.2%

March 31, 2008 $ $

12.73 4.92

March 31, 2008

94.8%

December 31, 2007 $ $

12.57 4.86

December 31, 2007

95.1%

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Industrial Portfolio Total Portfolio

91.6% 92.6%

91.4% 93.7%

91.9% 93.6%

Note: A space is considered occupied upon execution of a lease agreement.

Page 15

90.7% 93.7%

92.0% 94.4%

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Weingarten Realty Investors Property Information (in thousands at pro rata share)

Property Investment Summary

Twelve Months Ended 12/31/2008 Year Ended 12/31/2007 Year Ended 12/31/2006 Year Ended 12/31/2005 Year Ended 12/31/2004

Acquisitions

New Development

$

$

2,685 565,427 602,987 358,990 511,245

Page 16

193,235 218,239 166,999 33,171 37,836

Major Repairs $

20,570 18,236 14,338 12,858 12,265

All Other $

81,302 64,035 32,757 36,791 41,983

Total $

297,791 865,938 817,081 441,810 603,329

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Weingarten Realty Investors New Development Properties (By Stabilization) (in thousands at pro rata share, except percentages)

Center Name Location

Anchors

Palm Coast Landing at Town Center 1 Phase 1* Palm Coast, Florida Target # Raintree Chandler Whole 2 Ranch Center (Phoenix),Arizona Foods The Village at Liberty Lake, Home 3 Liberty Lake* Washington Depot # TSA, HH Greg, Bed Colonial Bath, 4 Landing Orlando, Florida PetSmart Railwood G Global Stainless BTS 5 (industrial)* Houston, Texas Sumotiomo Sharyland Towne HEB, 6 Crossing* Mission, Texas Target # Total 2008 Stabilizations Horne Street 24 Hour 1 Market Ft. Worth, Texas Fitness Market at Kohl's, Sharyland Wal-Mart 2 Place* Mission, Texas # Jess Ranch Marketplace Apple Valley (Los 3 Phase II* Angeles),California Winco # ClayPoint Distribution Park 4 (Industrial) Houston, Texas Pioneer Golf Galaxy, Whole Phillips Foods, 5 Crossing Orlando, Florida Michael's Total 2009 Stabilizations Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 1 Phase 1 Tennessee Authority Riverpoint at Sheridan Sheridan Costco #, 2 Phase 1* (Denver),Colorado Target # Gardens on Havana Aurora Kohl's, 3 Phase 1* (Denver),Colorado Target # Leland (Wilmington),NorthHarris 4 Waterford Carolina Teeter

WRI Own %

Percent Total Square Leased Feet of (1) building Area Net (1) @ (Gross) Net 100% Gross

50.0%

359

80 97.9%

100.0%

140

137 97.2%

50.0%

159

50.0%

267

133 95.2%

50.0%

50.0%

Spent Year-ToSpent Date Inception 2008 to Date

Total Estimated Investment (2) WRI Gross Costs Costs

Est. Final Estim ROI Stab % D

99.1% $

5,429 $ 14,194 $ 12,881 $ 25,763 (4)

97.3%

1,893

29,679

29,679

0 100.0% 100.0%

(175)

0

0

95.2%

1,644

14,635

15,413

30,825

211

105 100.0% 100.0%

5,409

5,409

5,686

11,372

489

178 97.6%

1,006

25,884

25,884

51,767

98.2%

29,679 0 (3)

1,624 634 97.5% 98.2% $ 15,206 $ 89,802 $ 89,543 $149,407 100.0%

47

42 100.0%

89.4%

4,458

9,033

10,614

10,614

50.0%

313

56 84.9%

94.6%

632

2,454

3,031

6,062

50.0%

308

107 90.5%

93.4%

4,197

17,210

19,012

38,025

100.0%

359

359 16.8%

16.8%

12,419

13,355

19,047

19,047

100.0%

146

146 84.9%

84.9%

12,744

26,053

28,007

28,007

1,173 711 59.0% 69.0% $ 34,449 $ 68,105 $ 79,711 $101,754

100.0%

267

129 55.5%

78.4%

6,316

26,624

44,779

44,779

50.0%

519

86 50.9%

80.3%

8,391

17,790

22,507

45,015

39.8%

419

167 77.9%

77.9%

12,473

13,173

17,454

43,866

75.0%

109

66 78.7%

68.8%

3,740

11,607

11,203

14,937

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Westwood 5 Center

Wal-Mart San Antonio, Texas # 100.0% 444 91 5.2% 49.4% Cinemark, Best Buy, Jess Ranch Bed Bath, Marketplace Apple Valley (Los 24 Hour 6 Phase III* Angeles),California Fitness 50.0% 195 97 76.9% 76.9% JC Penney Clermont Clermont #, Epic 7 Landing (Orlando),Florida Theater # 55.0% 367 104 63.6% 79.6% The Shoppes at Parkwood Ranch Phase Mesa Hobby 81 (Phoenix),Arizona Lobby 100.0% 106 93 77.5% 80.3% Mohave Crossroads Bullhead City, Target #, 9 Phase 1 Arizona Kohl's # 100.0% 397 193 77.8% 87.5% Wal-Mart 10 PhillipsVillageOrlando, Florida # 100.0% 286 66 54.4% 89.4% Market at Wal-Mart 11 Nolana* McAllen, Texas # 50.0% 263 24 55.1% 86.1% Total 2010 Stabilizations 3,372 1,116 66.2% 77.2% $ Westover All Pad 1 Square San Antonio, Texas Site 67.0% 60 0 0.0% 0.0% Gardens on Havana Aurora Kohl's, 2 Phase 2* (Denver),Colorado Target # 39.8% 76 30 0.0% 0.0% Conn's, Kohl's #, Best Buy #, Gateway Michaels 3 Station Ft. Worth, Texas #, Ross # 70.0% 256 65 32.1% 75.2% Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 4 Phase 2 Tennessee Authority 100.0% 45 45 0.0% 0.0% Surf City Surf City (Wilmington),NorthHarris 5 Crossing Carolina Teeter 75.0% 101 50 72.6% 52.3% The Shoppes at Parkwood Ranch Phase Mesa Hobby 62 (Phoenix),Arizona Lobby 100.0% 15 15 0.0% 0.0% Epic Village Phase I - St. St. Augustine, Epic 7 Augustine Florida Theatre # 70.0% 98 31 16.3% 62.3% 300 West Town 8 Center* Salt Lake City, UtahTarget # 31.8% 247 26 0.0% 10.9% Total 2011 Stabilizations 896 262 20.4% 37.2% $ Riverpoint at Sheridan Sheridan Costco #, 1 Phase 2* (Denver),Colorado Target # 50.0% 260 130 0.0% 0.0% Palm Coast Landing at Town Center 2 Phase 2* Palm Coast, Florida Target # 50.0% 78 0 0.0% 0.0% Mohave Crossroads Bullhead City, Target #, 3 Phase 2 Arizona Kohl's # 100.0% 31 31 0.0% 0.0% Tomball Tomball Academy 4 Marketplace (Houston),Texas # 100.0% 351 245 14.7% 34.5%

7,909

15,971

16,653

16,653 (4)

13,423

17,429

23,216

46,432

8,460

15,771

19,058

34,651

6,681

10,554

15,878

15,878

26,835

38,913

43,470

43,470

758

13,604

14,823

14,823

475

4,746

4,532

9,064 (4)

95,462 $186,181 $233,574 $329,569 334

2,688

0

0 (3)

2,563

3,329

4,457

11,201

4,351

7,207

10,517

15,024

668

7,771

13,116

13,116

102

4,536

7,025

9,367

414

1,679

3,453

3,453

3,722

3,780

7,277

10,396

4,116

4,209

6,876

21,624

16,270 $ 35,199 $ 52,721 $ 84,181

4,512

13,374

21,100

42,200

3,649

5,133

2,272

4,543 (4)

2,661

4,610

5,526

5,526

5,827

30,480

47,878

47,878

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The Shoppes at Wilderness All Pad 5 Oaks San Antonio, Texas Site North Towne 6 Plaza Brownsville, Texas Lowe's # Total 2012 Stabilizations Total 25 Properties Under Development (exclusive of phasing) Total 30 New Development Properties (exclusive of phasing)

(1) (2) (3) (4)

100.0%

79

44

3.4%

1.9%

11,861

11,861

9,480

75.0%

276

111

0.0%

42.4%

3,337

11,161

18,413

1,075 562

9,480 (4) 24,551

5.2% 22.3% $ 31,847 $ 76,618 $104,668 $134,177

6,517 2,651 47.3% 61.2% $178,029 $366,104 $470,674 $649,681

8.1%

8,141 3,285 59.0% 68.6% $193,235 $455,905 $560,217 $799,088

8.3%

* Unconsolidated Joint Venture # Denotes anchors that are not owned by Weingarten Total Building Area (Gross) square footage reflects 100% ownership including square feet owned by other. WRI's share of building area (Ne square footage reflects WRI's ownership percentage excluding square feet owned by other and excluding other possible future building area Net of expected proceeds not yet received from anchor and pad sales WRI will not have an investment interest after pad sale considerations Total estimated costs are net of land sales Note: Phased projects are counted as one project

Page 17

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Weingarten Realty Investors As of December 31, 2008 in thousands, except acres Land Held for Development Ownership Interest

Location FM 1957 (Potranco Rd) and FM 211, San Antonio (Stevens Ranch) Rock Prairie Rd. at Hwy. 6, College Station South Fulton Parkway and SH 92, Union City - Atlanta US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh Shary Road and US Hwy 83, Mission (North Sharyland) Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh Northwest Freeway at Gessner, Houston * West Loop North at Interstate 10, Houston * Citadel Plaza at 610 North Loop, Houston * US Hwy 15-501 & Bruce Wood Rd., Southern Pines, NC FM 2920 and Future 249, Tomball - Houston Culebra Road and Westwood Loop, San Antonio (Westwood) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch II) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch III) Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland (Waterford) Decatur at 215 - Las Vegas Mississippi at Havana, Aurora (Gardens on Havana) - Denver Lon Adams Rd at Tangerine Farms Rd (Gladden Farms) Tuscan Young Pines and Curry Ford Rd, Orange County, Florida Orlando (Curry Ford) Other * Total Land Held Properties

Gross Acres

Investment 100% Pro Rata

50.0% 100.0% 100.0% 100.0% 50.0% 100.0%

198.7 82.0 81.6 79.9 36.9 13.2

100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

4.9 3.3 3.1 24.0 8.4 9.3

50.0%

3.2

50.0% 75.0% 75.0% 100.0% 39.8%

10.3 36.5 8.3 25.3 9.6

50.0%

10.7

100.0% 100.0%

3.0 32.6 684.9

$

143,197

$

114,232

* Represents land parcels held by WRI for many years that have never been reported as new development assets. Note: Land costs account for $123.4 million of total investment at 100%, $96.0 million at pro rata share.

Acquisitions

Center

City/State

Sq. Ft. of Bldg. Area at 100%

Date Acquired

Wholly-Owned Acquisitions Shopping Centers Kirby Strip Center Joint Venture Acquisitions Shopping Centers

Houston, TX

10

05/27/08

Total Investment

Yield

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Shoppes of Port Charlotte (25%) Grand Total Acquisitions (Y-T-D)

Port Charlotte, FL

4 14

Page 18

01/08/08 $

2,685

6.64%

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Weingarten Realty Investors Disposition Summary (in thousands at pro rata share)

Center

City/State

Sq. Ft. of Bldg. Area at 100%

Date Sold

Sales Proceeds

Weighted Sales Cap

Operating Property Sales Shopping Centers Eastpark Shopping Center Ralph's Center Southcliff Shopping Center Park Terrace Shopping Center Brodie Oaks Northway Shopping Center River Pointe Conn's Building Siegen Plaza Subtotal - Shopping Centers

Houston, TX Redondo Beach, CA Fort Worth, TX De Ridder, LA Austin, TX Houston, TX Conroe, TX Lake Charles, LA Baton Rouge, LA

113 60 116 131 227 217 45 23 156 1,088

2/1/08 3/11/08 4/7/08 5/28/08 6/20/08 6/25/08 7/17/08 8/5/08 11/6/08

59 59

5/8/08

Industrial Wells Branch Corporate Center Subtotal - Industrial

Austin, TX

Total Operating Property Sales (Y-T-D)

1,147

$

Land and Merchant Development Sales Shopping Centers Green Valley Ranch - KFC Eastpark - Land Westwood Center - Firstmark Credit Union Clermont Landing - Red Lobster Clermont Landing - Olive Garden Harrison Pointe Shopping Center Undeveloped Pad Rock Prairie Marketplace - Undeveloped Pad Shoppes of Caverness Farms - Red Robin Waterford Shopping Center Undeveloped Pad US 290 at Gessner - Rudy's BBQ and Country Store Westwood Center - Arby's Bridges at Smoky Hill - Undeveloped Pad Charleston Commons - Bus Turnout Raintree Ranch Shopping Center - Panda Express Westland Fair Shopping Center - Two Tracts Shoppes of Caverness Farms - Chili's Village at Liberty Lake - Washington Federal S & L The Shoppes at Parkwood Ranch Undeveloped Pad Shoppes of Caverness Farms - Texas Roadhouse Surf City Crossing - Undeveloped Pad

Denver, CO Houston, TX

1/9/08 1/31/08

San Antonio, TX Clermont, FL Clermont, FL

3/14/08 4/14/08 4/14/08

Clermont, FL

4/15/08

College Station, TX Wake Forest, NC

5/6/08 5/20/08

Leland, NC

5/27/08

Houston, TX San Antonio, TX Centennial, CO Las Vegas, NV

5/29/08 6/6/08 6/17/08 6/24/08

Chandler, AZ

6/26/08

Las Vegas, NV Wake Forest, NC

7/3/08 7/11/08

Liberty Lake, WA

7/16/08

Mesa, AZ Wake Forest, NC Surf City, NC

8/6/08 9/3/08 9/11/08

144,025

7.75%

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Palm Coast Landing - McDonald's Palm Coast Landing - SunTrust Bank Summerhill Plaza Shopping Center - Two Tracts Kennesaw 75 - Right of Way for Road Widening

Palm Coast, FL Palm Coast, FL

9/17/08 9/22/08

Citrus Heights, CA

11/25/08

Kennesaw, GA

12/2/08

Total Land and Merchant Development Sales (Y-T-D)

$

18,955

Grand Total

$

162,980

Page 19

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Weingarten Realty Investors Total Net Operating Income at Pro rata Share by Geographic Region (1) (in thousands, except percentages)

2008

%

2007

Twelve Months Ended December 31, % 2006 % 2005

%

2004

%

Western Region California $ 51,176 Nevada 34,360 Arizona 26,181 Colorado 10,779 New Mexico 11,355 Utah 3,614 Oregon 1,385 Washington 1,193 Total Western Region 140,044

11.8% $ 50,503 7.9% 31,338 6.0% 23,192 2.5% 12,162 2.6% 10,472 0.8% 3,545 0.3% 929 0.3% 1,295 32.2% 133,437

11.3% $ 50,074 7.0% 27,796 5.2% 15,009 2.7% 13,488 2.3% 11,394 0.8% 3,231 0.2% 46 0.3% 251 29.8% 121,289

12.1% $ 47,868 6.7% 25,161 3.6% 14,965 3.3% 11,447 2.8% 10,315 0.8% 2,926 0.0% 0.1% 29.4% 112,683

12.2% $ 42,159 6.4% 19,705 3.8% 13,312 2.9% 10,907 2.6% 8,356 0.7% 2,741 0.0% 0.0% 28.6% 97,179

11.9% 5.5% 3.7% 3.1% 2.3% 0.8% 0.0% 0.0% 27.3%

Central Region Texas Louisiana Kansas Arkansas Mississippi Illinois Missouri Oklahoma Total Central Region

$ 134,805 10,907 1,949 3,006 (0) 3,129 1,182 955 155,934

31.0% $ 154,800 2.5% 12,831 0.4% 1,980 0.7% 3,028 0.0% (0) 0.6% 2,378 0.3% 1,439 0.2% 1,009 35.7% 177,465

34.7% $ 154,473 2.9% 12,754 0.4% 3,714 0.7% 3,505 0.0% (6) 0.5% 2,985 0.3% 2,193 0.2% 3,002 39.7% 182,621

37.4% $ 157,357 3.1% 13,600 0.9% 6,282 0.9% 3,855 0.0% 956 0.7% 2,870 0.5% 2,827 0.7% 3,616 44.2% 191,364

40.0% $ 150,296 3.5% 15,693 1.6% 6,926 1.0% 3,351 0.2% 1,016 0.7% 2,959 0.7% 2,719 0.9% 3,558 48.6% 186,518

42.3% 4.4% 1.9% 0.9% 0.3% 0.8% 0.8% 1.0% 52.4%

Eastern Region Florida North Carolina Virginia South Carolina Georgia Tennessee Kentucky Maine Total Eastern Region

$ 70,335 26,978 2,551 276 25,039 7,015 6,629 278 139,101

16.2% $ 67,400 6.2% 27,027 0.6% 2,036 0.1% 287 5.8% 23,929 1.6% 6,964 1.5% 6,787 0.1% 381 32.1% 134,811

15.1% $ 56,601 6.2% 23,694 0.5% 0.1% 242 5.4% 14,861 1.6% 7,386 1.5% 5,944 0.1% 433 30.5% 109,161

13.7% $ 46,076 5.7% 19,749 0.0% 0.1% 3.6% 12,119 1.8% 5,967 1.4% 4,719 0.1% 538 26.4% 89,167

11.9% $ 40,054 5.0% 14,948 0.0% 0.0% 3.1% 8,483 1.5% 5,777 1.2% 2,179 0.1% 457 22.8% 71,899

11.4% 4.2% 0.0% 0.0% 2.4% 1.6% 0.6% 0.1% 20.3%

Total Net Operating Income

$435,079

100.0% $445,713

100.0% $413,072

100.0% $393,214

100.0% $355,596

100.0%

(1) The Net Operating Income at Pro rata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 7.8% to 81% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest. Net Operating Income excludes the effect of lease cancellation income and straight-line rent adjustments. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 20

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Weingarten Realty Investors Average Base Rents by CBSA As of: 12/31/2008 In Thousands, except per square foot amounts Economics reflect WRI's pro rata ownership interest

Occupied SF

Avg. Base Rents

Annualized Rents

Occupied SF

Avg. Base Rents

Annualized Rents

# of Properties

Total ABR

GLA

Greater than 10K SF

Less than 10K SF

Retail West Region Flagstaff, AZ Lake Havasu CityKingman, AZ Phoenix-Mesa-Scottsdale, AZ Tucson, AZ Arizona Los Angeles-Long Beach et al, CA Madera, CA Modesto, CA Redding, CA Riverside et al, CA Sacramento--Arden et al, CA San Diego-Carlsbad et al, CA San Francisco-Oakland et al, CA San Jose-Sunnyvale et al, CA Santa Cruz-Watsonville, CA Santa Rosa-Petaluma, CA Vallejo-Fairfield, CA California Colorado Springs, CO Denver-Aurora, CO None Colorado Las Vegas-Paradise, NV Nevada Albuquerque, NM Santa Fe, NM New Mexico Portland-Vancouver et al, OR-WA Oregon Provo-Orem, UT Salt Lake City, UT Utah Seattle-Tacoma-Bellevue, WA Washington

Total West Region Central Region

1

166

$

10.39

126

$

1,018

$

8.07

37

$

679

$

18.22

1

149

$

13.85

92

$

995

$

10.82

29

$

682

$

23.38

17 5 24

1,360 729 2,403

$ 14.59 $ 13.40 $ 13.87

700 460 1,378

$ $ $

6,075 4,080 12,167

$ $ $

8.67 8.88 8.83

507 182 756

$ $ $

11,542 4,512 17,416

3 1 1 1 4

584 85 79 121 608

$ $ $ $ $

17.05 12.27 15.19 17.15 18.90

395 52 47 65 293

$ $ $ $ $

5,583 488 515 560 3,411

$ $ $ $ $

14.12 9.37 10.84 8.67 11.65

152 26 30 53 210

$ $ $ $ $

3,748 464 664 1,451 6,095

$ $ $ $ $

24.71 18.18 22.07 27.55 28.99

5

630

$

12.49

330

$

1,751

$

5.30

238

$

5,342

$

22.47

2

157

$

20.70

73

$

739

$

10.16

80

$

2,431

$

30.23

3

447

$

21.48

246

$

3,509

$

14.28

181

$

5,660

$

31.23

2

146

$

18.86

66

$

423

$

6.43

69

$

2,128

$

30.65

1 1 3 27 2 8 1 11 12 12 4 1 5

150 199 364 3,569 297 643 111 1,050 2,746 2,746 502 250 752

$ $ $ $ $ $ $ $ $ $ $ $ $

9.28 13.53 16.91 16.76 9.09 17.24 10.84 13.86 13.37 13.37 15.04 13.92 14.72

93 55 165 1,879 243 259 87 589 1,945 1,945 310 105 416

$ $ $ $ $ $ $ $ $ $ $ $ $

466 393 1,214 19,053 1,843 3,178 640 5,661 18,080 18,080 3,662 1,120 4,782

$ 5.00 $ 7.20 $ 7.37 $ 10.14 $ 7.59 $ 12.26 $ 7.39 $ 9.61 $ 9.30 $ 9.30 $ 11.80 $ 10.62 $ 11.50

47 30 155 1,272 50 252 23 325 691 691 166 86 252

$ $ $ $ $ $ $ $ $ $ $ $ $

836 758 4,190 33,768 817 5,637 546 7,001 17,148 17,148 3,493 1,547 5,040

$ $ $ $ $ $ $ $ $ $ $ $ $

17.74 24.88 27.04 26.55 16.48 22.36 23.90 21.57 24.82 24.82 21.09 17.98 20.02

3 3 1 2 3

120 120 30 276 307

$ 13.09 $ 13.09 $ 15.07 $ 12.42 $ 12.69

66 66 12 175 187

$ $ $ $ $

559 559 158 1,771 1,929

$ 8.51 $ 8.51 $ 13.43 $ 10.11 $ 10.32

46 46 18 84 102

$ $ $ $ $

897 897 287 1,455 1,741

$ 19.69 $ 19.69 $ 16.16 $ 17.24 $ 17.05

4 4

82 82

$ 16.95 $ 16.95

64 64

$ $

938 938

$ 14.72 $ 14.72

15 15

$ $

388 388

$ 26.75 $ 26.75

89

11,029

$ 14.69

6,523

$

63,169

3,457

$

83,399

$ 24.13

$

9.68

$ 22.76 $ 24.81 $ 23.05

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Little Rock-N. Little Rock, AR Arkansas Chicago et al, IL-IN-WI Illinois Kansas City, MO-KS Topeka, KS Kansas Hammond, LA Lafayette, LA

3 3 1 1 1 1 2 1 2

358 358 304 304 135 116 251 226 154

$ 8.74 $ 8.74 $ 11.31 $ 11.31 $ 9.58 $ 11.26 $ 10.44 $ 6.69 $ 9.91

298 298 268 268 76 116 192 135 73

Page 21

$ $ $ $ $ $ $ $ $

2,262 2,262 2,675 2,675 601 1,303 1,904 544 572

$ $ $ $ $ $ $ $ $

7.59 7.59 9.97 9.97 7.89 11.26 9.92 4.02 7.82

48 48 24 24 36 0 36 86 76

$ $ $ $ $ $ $ $ $

758 758 625 625 469 0 469 939 907

$ 15.92 $ 15.92 $ 26.59 $ 26.59 $ 13.20 $ 0.00 $ 13.20 $ 10.88 $ 11.91

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Occupied SF

Avg. Base Rents

Annualized Rents

Occupied SF

Avg. Base Rents

Annualized Rents

# of Properties Lake Charles, LA Monroe, LA New Orleans-MetairieKenner, LA Shreveport-Bossier City, LA Louisiana St. Louis, MO-IL Missouri Oklahoma City, OK Oklahoma Amarillo, TX Beaumont-Port Arthur, TX College Station-Bryan, TX Corpus Christi, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX Killeen-Temple-Fort Hood, TX Laredo, TX Lubbock, TX Lufkin, TX McAllen-Edinburg-Pharr, TX Rio Grande City, TX San Antonio, TX Texarkana, TX-Texarkana, AR Tyler, TX Texas

Total Central Region East Region Fort Walton Beach et al, FL Jacksonville, FL Miami-Fort Lauderdale et al, FL Orlando, FL Palm Bay-Melbourne et al, FL Palm Coast, FL Port St. Lucie-Fort Pierce, FL Punta Gorda, FL Sarasota-BradentonVenice, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Gainesville, GA Georgia

Total ABR

GLA

Greater than 10K SF

Less than 10K SF

4 1

458 141

$ $

7.15 5.47

301 87

$ $

1,609 293

$ $

5.34 3.37

99 50

$ $

1,253 454

$ $

12.62 9.12

1

156

$

14.94

78

$

772

$

9.87

74

$

1,498

$

20.33

1 10 2 2 2 2 3 8 1 2

46 1,183 229 229 172 172 219 413 107 490

$ 16.16 $ 8.63 $ 10.09 $ 10.09 $ 7.62 $ 7.62 $ 10.66 $ 9.21 $ 10.77 $ 12.87

27 701 115 115 107 107 68 159 86 281

$ $ $ $ $ $ $ $ $ $

357 4,146 1,028 1,028 580 580 492 749 923 2,789

$ $ $ $ $ $ $ $ $ $

13.43 5.91 8.93 8.93 5.40 5.40 7.27 4.71 10.74 9.92

14 399 50 50 55 55 125 138 15 191

$ $ $ $ $ $ $ $ $ $

302 5,354 637 637 655 655 1,566 1,990 164 3,283

$ 21.28 $ 13.40 $ 12.79 $ 12.79 $ 11.99 $ 11.99 $ 12.48 $ 14.41 $ 10.95 $ 17.21

9

1,213

$

12.47

635

$

5,942

$

9.36

436

$

7,404

$

16.99

61

4,614

$

13.21

2,586

$

24,182

$

9.35

1,508

$

29,896

$

19.83

1 2 2 1

115 377 182 248

$ $ $ $

11.82 14.04 8.49 6.90

98 260 143 205

$ $ $ $

1,033 3,024 955 1,069

$ $ $ $

10.52 11.65 6.67 5.22

15 100 36 34

$ $ $ $

304 2,024 569 578

$ $ $ $

20.41 20.25 15.68 17.07

7 1 7

475 88 571

$ $ $

11.78 11.31 11.74

372 76 363

$ $ $

3,645 788 3,151

$ $ $

9.81 10.42 8.69

86 12 164

$ $ $

1,751 202 3,031

$ $ $

20.33 16.98 18.50

1 1 107

97 60 9,271

$ 4.32 $ 7.77 $ 12.30

54 33 5,418

$ $ $

173 212 49,126

$ $ $

3.18 6.35 9.07

20 11 2,891

$ $ $

150 132 53,043

$ 7.35 $ 12.11 $ 18.35

127

11,767

$ 11.63

7,100

$

61,722

$

8.69

3,502

$

61,540

$ 17.57

2 1

70 312

$ $

15.67 9.22

51 250

$ $

698 1,847

$ $

13.63 7.38

16 52

$ $

348 937

$ $

22.44 18.13

16 13

2,132 1,652

$ $

14.79 15.56

1,172 1,071

$ $

11,225 13,487

$ $

9.58 12.59

785 433

$ $

17,720 9,916

$ $

22.56 22.89

3 1

182 76

$ $

8.84 16.59

106 53

$ $

618 739

$ $

5.82 13.81

61 13

$ $

865 360

$ $

14.07 28.29

1 2

50 25

$ $

10.51 17.84

37 15

$ $

315 215

$ $

8.51 14.34

5 8

$ $

123 187

$ $

26.54 24.85

1

97

$

10.60

46

$

324

$

7.13

40

$

580

$

14.58

4 44

920 5,517

$ 13.52 $ 14.21

577 3,380

$ $

5,834 35,303

$ 10.10 $ 10.45

305 1,717

$ $

6,089 37,124

$ 19.99 $ 21.63

14 1 15

1,693 93 1,785

$ 13.56 $ 13.36 $ 13.55

1,090 70 1,160

$ $ $

10,859 795 11,654

$ 9.97 $ 11.31 $ 10.05

506 19 524

$ $ $

10,771 394 11,165

$ 21.30 $ 21.07 $ 21.29

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Lexington-Fayette, KY Louisville, KY-IN Kentucky Lewiston-Auburn, ME Maine Charlotte-Gastonia et al, NC-SC Durham, NC Raleigh-Cary, NC Southern Pines-Pinehurst, NC Wilmington, NC North Carolina Hilton Head IslandBeaufort, SC South Carolina

2 1 3 1 1

304 169 473 148 148

$ 13.63 $ 12.04 $ 13.22 $ 4.94 $ 4.94

207 73 280 96 96

$ $ $ $ $

1,837 628 2,464 418 418

$ $ $ $ $

8.88 8.56 8.80 4.36 4.36

191 63 254 27 27

$ $ $ $ $

3,587 1,016 4,602 188 188

$ 18.77 $ 16.07 $ 18.10 $ 7.05 $ 7.05

4 6 13

319 342 1,681

$ $ $

17.23 10.96 11.50

154 172 1,054

$ $ $

2,099 1,512 8,080

$ $ $

13.67 8.78 7.67

128 120 574

$ $ $

2,756 1,688 10,642

$ $ $

1 1 25

250 52 2,645

$ 8.29 $ 11.74 $ 11.79

162 37 1,578

$ $ $

859 300 12,850

$ $ $

5.31 8.20 8.14

72 13 908

$ $ $

1,079 287 16,452

$ 15.02 $ 21.38 $ 18.13

1 1

22 22

$ 15.06 $ 15.06

5 5

$ $

45 45

$ $

8.50 8.50

14 14

$ $

248 248

$ 17.49 $ 17.49

Page 22

21.47 14.11 18.53

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Occupied SF

Avg. Base Rents

Annualized Rents

Occupied SF

Avg. Base Rents

Annualized Rents

# of Properties

Total ABR

GLA

Greater than 10K SF

Less than 10K SF

Memphis, TN-MS-AR Tennessee

6 6

435 435

$ 11.12 $ 11.12

264 264

$ $

2,279 2,279

$ $

8.64 8.64

127 127

$ $

2,067 2,067

$ 16.26 $ 16.26

Total East Region

95

11,025

$ 13.24

6,762

$

65,013

$

9.61

3,571

$

71,846

$ 20.12

311

33,821

$ 13.16

20,386

$ 189,905

$

9.32

10,529

$ 216,785

$ 20.59

West Region San Diego-Carlsbad et al, CA California

1 1

145 145

$ $

7.06 7.06

66 66

$ $

463 463

$ $

6.98 6.98

1 1

$ $

11 11

$ 12.60 $ 12.60

Total West Region

1

145

$

7.06

66

$

463

$

6.98

1

$

11

$ 12.60

6

446

$

9.71

88

$

894

$

10.20

281

$

2,683

$

9.55

Total Retail Industrial

Central Region Austin-Round Rock, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX San Antonio, TX Texas

16

2,454

$

4.78

1,659

$

6,915

$

4.17

547

$

3,640

$

6.65

31 3 56

3,663 545 7,107

$ $ $

5.48 5.93 5.52

2,755 313 4,815

$ $ $

13,851 1,784 23,444

$ $ $

5.03 5.69 4.87

675 185 1,688

$ $ $

4,937 1,175 12,435

$ $ $

7.32 6.33 7.36

Total Central Region

56

7,107

$

5.52

4,815

$

23,444

$

4.87

1,688

$

12,435

$

7.36

2

768

$

4.54

708

$

3,213

$

4.54

0

$

0

$

0.00 5.64 5.64

East Region Lakeland, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Georgia Memphis, TN-MS-AR Tennessee Richmond, VA Virginia

3 5

896 1,665

$ $

4.43 4.48

788 1,495

$ $

3,468 6,682

$ $

4.40 4.47

17 17

$ $

97 97

$ $

10 10 3 3 9 9

1,610 1,610 685 685 861 861

$ $ $ $ $ $

3.75 3.75 2.54 2.54 4.81 4.81

1,216 1,216 520 520 715 715

$ $ $ $ $ $

4,545 4,545 1,322 1,322 3,396 3,396

$ $ $ $ $ $

3.74 3.74 2.54 2.54 4.75 4.75

21 21 1 1 5 5

$ $ $ $ $ $

96 96 3 3 62 62

$ 4.61 $ 4.61 $ 4.55 $ 4.55 $ 13.30 $ 13.30

Total East Region

27

4,820

$

4.06

3,946

$

15,944

$

4.04

43

$

257

$

5.95

Total Industrial

84

12,072

$

4.98

8,827

$

39,851

$

4.51

1,733

$

12,703

$

7.33

Joint venture properties are reflected at WRI's pro rata share Occupied SF based on commenced leases # of properties and GLA differ from property list due to new development properties with no commenced leases and the combining of certain properties on the property list

Page 23

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Weingarten Realty Investors Property Listing at December 31, 2008

ALL PROPERTIES BY STATE Arizona Arkansas California Colorado Florida Georgia Illinois Kansas Kentucky Louisiana Maine Missouri Nevada New Mexico North Carolina Oklahoma Oregon South Carolina Tennessee Texas Utah Virginia Washington Grand Total

Gross Leasable Area Joint Venture Owned Share by Other 1,191,002 859,793 551,304 1,015,334 1,384,863 2,258,243 1,340,913 761,743 716,003 122,454 435,491 781,925 49,461 28,317 625,737 396,750 163,424 742,374 90,927 62,600 64,590 671,047 137,740 5,340,380 3,089,187 60,772 296,357 1,607,139 327,505 198,220 13,734,166 11,637,429

# of Properties 25 3 29 12 50 23 1 2 4 12 1 2 12 6 26 2 3 1 9 163 4 9 5 404

WRI Owned 2,424,408 357,740 3,844,080 1,198,924 7,250,526 3,395,035 303,566 250,855 597,489 1,182,795 148,384 229,232 2,894,975 1,019,480 2,681,112 171,657 119,939 21,530 1,191,269 17,097,880 306,638 860,643 81,877 47,630,034

323

35,249,290

8,448,438

78

12,099,173

5,285,728

3

281,571

Total Retail Total Industrial Total Other

-

11,637,429

Total 3,615,410 357,740 5,255,177 3,599,119 10,846,046 4,872,781 303,566 250,855 719,943 2,400,211 197,845 257,549 3,520,712 1,416,230 3,586,910 171,657 273,466 86,120 2,000,056 25,527,443 663,767 2,467,782 607,602 72,997,987 55,331,515

-

17,384,901

-

281,571

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. (+) Denotes supermarket or discount store offering full service grocery along with general merchandise. NOTE: Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership.

Page 24

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Location

Anchors

WRI Owned %

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

Retail Operating Properties Arizona

Palmilla Center

Dysart Rd. at McDowell Rd., Avondale

University Plaza

Plaza Way at Milton Rd., Flagstaff

Val Vista Towne Center

Warner at Val Vista Rd., Gilbert

Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.) PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond, Dollar Tree Target (O.B.O.), Staples, Ross Dress for Less, Petco Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.) Fry’s Supermarket + (O.B.O.)

75th Ave. at W. Bell Rd., Glendale Broadway Rd. at Fry's Ellsworth Plaza Ellsworth Rd., Mesa Baseline Rd. Monte Vista Village Center at Ellsworth Rd., Mesa Safeway + (O.B.O.) Target (O.B.O.), Bed Power Rd. at McKellips Bath & Beyond, Red Mountain Gateway Rd., Mesa Famous Footwear Fry’s Supermarket +, Camelback at 7th Target (O.B.O.), Camelback Village Square Avenue, Phoenix Office Max Fry’s Supermarket + Baseline Rd. at 51st (O.B.O.), Home Depot Laveen Village Market St., Phoenix (O.B.O.) 35th Avenue at Blockbuster, Fresh N Rancho Encanto Greenway Rd., Phoenix Easy +, Family Dollar 16th Street at Glendale Basha's +, Squaw Peak Plaza Ave., Phoenix Blockbuster Fry’s Supermarket +, 77th St. at McDowell, Dollar Tree, Lowes Fountain Plaza Scottsdale (O.B.O.) Frank Lloyd Wright Blvd and Thompson Peak Parkway, Baja Fresh Mexican Scottsdale Horizon Scottsdale Grill S. McClintock at E. Basha’s +, Ross Basha's Valley Plaza Southern, Tempe Dress for Less Broadway at Rural, Office Max, Ace Broadway Marketplace Tempe Hardware McClintock Dr. at Fry’s Food & Drug +, Pueblo Anozira Guadalupe Rd., Tempe Petco, Dollar Tree Wal-Mart Magee Road and Neighborhood Entrada de Oro Oracle Road, Tucson Market Safeway +, Tanque Verde Rd. and Walgreen's, Ace Madera Village Catalina Hwy, Tucson Hardware Arrowhead Festival S.C.

100.00%

103,568

0

65,574

169,142

100.00%

165,621

0

0

165,621

100.00%

93,372

0

123,000

216,372

100.00%

29,834

0

146,624

176,458

100.00%

9,034

0

64,574

73,608

100.00%

45,751

0

58,400

104,151

100.00%

69,568

0

136,000

205,568

100.00%

134,494

0

100,000

234,494

100.00%

40,025

0

71,619

111,644

100.00%

66,837

0

0

66,837

100.00%

61,060

0

0

61,060

100.00%

102,271

0

165,000

267,271

100.00%

10,337

0

0

10,337

100.00%

145,104

0

0

145,104

100.00%

82,757

0

0

82,757

100.00%

157,309

0

0

157,309

100.00%

88,685

0

20,406

109,091

100.00%

96,732

0

10,594

107,326

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Oracle Wetmore

Oracle Highway and Magee Road, Tucson Wetmore Road and Oracle Highway, Tucson

Shoppes at Bears Path Arizona Total:

Tanque Verde Rd. and Bear Canyon Rd., Tucson # of Properties: 21

Oracle Crossings

Kohl's, Sprouts Farmers Market + Home Depot, Circuit City, PetSmart, Walgreens Osco Drug (O.B.O.), Carondelet Health Care Corp., Leslie Pools

100.00%

243,625

0

10,000

253,625

100.00%

256,093

0

0

256,093

100.00%

43,928 2,046,005

0 0

100.00%

126,904

0

0

126,904

100.00%

178,210

0

0

178,210

100.00%

52,626 357,740

0 0

0 0

52,626 357,740

100.00%

75,500

0

0

75,500

100.00%

162,390

0

0

162,390

100.00%

100,165

0

0

100,165

100.00%

309,098

0

0

309,098

100.00%

90,805

0

0

90,805

100.00%

129,753

0

0

129,753

100.00%

194,601

0

0

194,601

100.00%

85,066

0

0

85,066

100.00%

124,494

0

124,000

248,494

100.00%

78,752

0

0

78,752

100.00%

228,345

0

0

228,345

100.00%

121,334

0

131,468

252,802

100.00%

76,497

0

0

76,497

100.00%

93,398

0

0

93,398

21,851 65,779 993,642 3,039,647

Arkansas Markham Square

Markham West Westgate Arkansas Total:

W. Markham at John Barrow, Little Rock

Burlington Coat Factory Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree

11400 W. Markham, Little Rock Cantrell at Bryant, Little Rock SteinMart # of Properties: 3

California Centerwood Plaza

Southampton Center

580 Market Place

Chino Hills Marketplace Buena Vista Marketplace

El Camino Promenade

Fremont Gateway Plaza Hallmark Town Center

Menifee Town Center Marshalls Plaza Prospectors Plaza

Shasta Crossroads Arcade Square Discovery Plaza

Lakewood Blvd. at Bestway Supermarket Alondra Dr., Bellflower +, Buck-A-Roos Raley’s +, Ace IH-780 at Southampton Hardware, Hollywood Rd., Benecia Video E. Castro Valley at P. W. Supermarkets +, Hwy. I-580, Castro Petco, 24 Hour Valley Fitness Chino Hills Pkwy. at Rite Aid, Von’s +, 24 Pipeline Ave., Chino Hour Fitness, Dollar Hills Tree, Ace Hardware Huntington Dr. at Buena Vista St., Duarte Ralph's + T.J. Maxx, Beverages El Camino Real at Via & More, Staples, Golf Molena, Encinitas Galaxy Raley’s +, NAZ Paseo Padre Pkwy. at Cinema, 24 Hour Walnut Ave., Fremont Fitness W. Cleveland Ave. at Food 4 Less + , Stephanie Ln., Madera Bally’s Ralph's +, Target Antelope Rd. at (O.B.O.), Ross Dress Newport Rd., Menifee for Less McHenry at Sylvan Marshall’s, Dress Ave., Modesto Barn, Guitar Center Missouri Flat Rd. at US SaveMart +, Kmart, Hwy. 50, Placerville Long’s Drug Store Food Maxx +, Target (O.B.O.), Sports Authority (O.B.O.), Churn Creek Rd. at Ashley Furniture Dana Dr., Redding (O.B.O.) Watt Ave. at Whitney Ave., Sacramento Grocery Outlet + W. El Camino Ave. at Bel Air Market +, Truxel Rd., Sacramento Blockbuster

Page 25

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Summerhill Plaza

Valley

Location

Antelope Rd. at Lichen Dr., Sacramento Franklin Boulevard and Mack Road, Sacramento

Anchors

Raley’s +

Westminster Center

Raley's + Safeway +, E. Capital Expressway Walgreen’s, at Silver Creek Blvd., Orchard Supply San Jose (O.B.O.) Tully Rd at Quimby Rd, San Jose Food Maxx +, Petco Safeway + (O.B.O.), Longs Drug Stores Lewelling Blvd. at (O.B.O.), Big Lots, Washington Ave., 99 Cents Only, San Leandro Factory 2 U San Marcos Blvd. at Rancho Santa Fe Rd., Von’s +, 24 Hour San Marcos Fitness San Marcos Blvd. at Rancho Santa Fe Rd., Albertsons + San Marcos (O.B.O.) Stony Point Rd. at Food Maxx +, WalHwy. 12, Santa Rosa Mart Sunset Ave. at State Albertsons +, Rite Hwy. 12, Suisun City Aid Alamo Dr. at Nut Raley’s +, Creek Rd., Vacaville Blockbuster Freedom Blvd. At Rite Aid, Big Lots, Airport Blvd., Safeway +, Ace Watsonville Hardware Albertsons +, Home Westminster Blvd. at Depot, Edward’s Golden West St., Cinema, Rite Aid, Westminster Petco

California Total:

# of Properties: 26

Silver Creek Plaza Tully Corners Shopping Center

Greenhouse Marketplace

Rancho San Marcos Village

San Marcos Plaza Stony Point Plaza Sunset Center Creekside Center

Freedom Centre

WRI Owned %

Foot

WRI

Notes

Owned

Gross Leasable Area Joint Owned Venture by Share

Other

Total

100.00%

133,614

0

0

133,614

100.00%

98,240

0

5,365

103,605

100.00%

134,179

0

65,000

199,179

11,599

104,393

0

115,992

100.00%

152,095

0

86,569

238,664

100.00%

120,829

0

0

120,829

100.00%

35,880

0

45,206

81,086

100.00%

198,528

0

0

198,528

100.00%

85,238

0

0

85,238

100.00%

116,229

0

0

116,229

100.00%

150,241

0

0

150,241

100.00%

417,870

0

0

417,870

10.00%

(1)(3)

3,524,740 104,393 457,608 4,086,741

Colorado

Aurora City Place

Academy Place

Uintah Gardens

PetsMart, Sportsman Warehouse, Barnes & Noble, Ross Dress For Less, Super Target + E. Alameda at I225, (O.B.O.), Pier 1 Aurora Imports Safeway + (O.B.O.), Academy Blvd. at Ross Dress For Union Blvd., Less, Target Colorado Springs (O.B.O.) King Sooper’s +, NEC 19th St. at West Walgreens, Petco, Uintah, Colorado Big 5 Sporting Springs Goods

50.00%

(1)(3)

182,642

182,642

182,000

547,283

100.00%

84,057

0

177,362

261,419

100.00%

212,638

0

0

212,638

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Tower Rd. at 48th Green Valley Ranch Towne Center Ave., Denver

50.00%

(1)(3)

27,503

27,503

58,000

113,006

Lowry Town Center

50.00%

(1)(3)

38,370

38,370

52,700

129,439

51.00%

(1)(3)

137,977

132,566

90,000

360,543

41.00%

(1)(3)

110,940

159,646

125,174

395,760

51.00%

(1)(3)

55,620

53,438

0

109,058

51.00%

(1)(3)

108,186

103,944

174,000

386,130

50.00%

(1)

CityCenter Englewood

Glenwood Meadows Crossing at Stonegate

Thorncreek Crossing

Westminster Plaza Colorado Total:

King Sooper’s + (O.B.O.) Super Target + (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1 2nd Ave. at Lowry Imports, Cost Plus, Ave., Denver Linens ‘N Things Wal-Mart (O.B.O.), Ross Dress for S. Santa Fe at Less, Gart Sports, Hampden Ave., Office Depot, Bally Englewood Total Fitness, Petco Target (O.B.O.), Pier 1 Imports, The Sports Authority, Midland Ave. at W. Bed Bath & Meadows, Glenwood Beyond, Petco, Springs Lowe's Jordon Rd. at Lincoln Ave., Parker King Sooper’s + Super Target + (O.B.O.), Barnes & Noble, Office Max, Washington St. at Michael’s, Pier 1 120th St., Thornton Imports, Cost Plus North Federal Blvd. at 72nd Ave., Safeway +, Westminster Walgreens (O.B.O.) # of Properties: 10

48,521 48,521 56,127 153,169 1,006,454 746,630 915,363 2,668,445

Florida Boca Lyons

Countryside Centre

Sunset 19

Embassy Lakes

Paradise Key at Kelly Plantation

Shoppes at Paradise Isle

Hollywood Hills Plaza

Indian Harbour Place

Argyle Village TJ Maxx Plaza

Glades Rd. at Lyons Rd., Boca Raton US Highway 19 at Countryside Boulevard

Ross Dress for Less, Ethan Allen Publix+ (Vacant), T.J. Maxx, Home Goods Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports US Hwy. 19 at Sunset Authority, Old Pointe Rd., Clearwater Navy Winn Dixie +, Sheraton St. at Hiatus Walgreen’s, Rd., Cooper City Tuesday Morning Publix +, Bed Bath US Highway 98 and & Beyond, Ross, Mid Bay Bridge Rd, Old Navy, Destin SteinMart Best Buy, Michaels, 34940 Emerald Coast Office Depot, Pkwy, Destin PetsMart Hollywood Blvd. at North Park Rd., Publix +, Target, Hollywood CVS/pharmacy East Eau Gallie Boulevard, Indian Harbour Beach Beall's, Publix + Bed Bath & Beyond, Publix +, Blanding at Argyle T.J. Maxx, Babies Forest Blvd., “R” Us, Jo-Ann’s Jacksonville Fabrics, Michael's 117th Avenue at T.J. Maxx, Winn Sunset Blvd., Kendall Dixie + Beall’s Department

100.00%

113,689

0

0

113,689

100.00%

242,123

0

0

242,123

100.00%

275,910

0

0

275,910

100.00%

127,900

0

48,214

176,114

10.00%

(1)(3)

27,178

244,599

0

271,777

25.00%

(1)(3)

42,959

128,878

0

171,837

364,714

0

0

364,714

40,880

122,641

0

163,521

100.00%

312,447

0

0

312,447

100.00%

161,572

0

0

161,572

100.00%

25.00%

(1)(3)

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Largo Mall

Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Ulmerton Rd. at Albertsons + Seminole Ave., Largo (O.B.O.) 100.00%

Page 26

374,007

0

197,631

571,638

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Palm Lakes Plaza

Lake Washington Crossing

Lake Washington Square

Kendall Corners

Location

Atlantic Boulevard and Rock Island Road, Maragate Wickham Rd. at Lake Washington Rd., Melbourne Wickham Rd. at Lake Washington Rd., Melbourne Kendall Drive and SW 127th Avenue, Miami South Dixie Highway and Eureka Drive, Miami S.W. 8th St. at S.W. 137th Ave., Miami E. Commercial Blvd. at Dixie Hwy., Oakland Park

Anchors

WRI Owned %

Foot

WRI

Notes

Owned

Gross Leasable Area Joint Owned Venture by Share

Other

Total

Publix +, CVS/pharmacy

20.00%

(1)(3)

22,750

91,002

0

113,752

Publix +, Beall’s Outlet Stores

25.00%

(1)(3)

29,707

89,121

0

118,828

111,811

0

0

111,811

(1)(3)

19,303

77,212

0

96,515

(1)(3)

43,882

175,530

0

219,412

110,867

0

0

110,867

236,170

0

0

236,170

496,751

0

0

496,751

37,133

148,531

0

185,664

92,328

0

64,627

156,955

65,250

261,000

0

326,250

101,535

0

0

101,535

(1)(3)

77,521 35,297

0 141,189

183,000 0

260,521 176,486

(1)

29,752

69,420

0

99,172

(1)(3)

28,021

112,082

0

140,103

152,052

0

0

152,052

Albertsons +, Tuesday Morning

100.00%

City Furniture 20.00% Publix +, Petco, Chuck E. Cheese, South Dade Bed Bath & Beyond 20.00% Publix +, Tamiami Trail Shops CVS/pharmacy 100.00% Publix +, Petco, Ross Dress for Less, Northridge Anna's Linen 100.00% Staples, Circuit City, Ross Dress for Less, Babies “R” Us, Marshall’s, Old Navy, SteinMart, E. Colonial Dr. at Barnes & Noble, Colonial Plaza Primrose Dr., Orlando Petco 100.00% International Drive and Touchstone Bed Bath & Beyond, International Drive Value Center Drive, Orlando Ross, T.J. Maxx 20.00% Ross Dress for Less, Beall’s Outlet Michigan Ave. at Stores, Dollar Tree, Delaney Ave., Albertsons + Market at Southside Orlando (O.B.O.) 100.00% Publix +(Vacant), Stein Mart, Office Dr. Phillips Boulevard Depot, Home and Sand Lake Road, Goods, Morton's of The Marketplace at Dr. Phillips Orlando Chicago 20.00% Semoran Blvd. at The Shoppes at South Semoran Pershing Ave. Save Rite + 100.00% T.J. Maxx, Petco, Shoe Carnival, SR 50 at Apopka Super Target + Westland Terrace Plaza Vineland Rd., Orlando (O.B.O.) 100.00% Alafaya Square Alafaya Trail, Oviedo Publix + 20.00% Alafaya Trail at McCullough Rd., Publix +, University Palms Oviedo Blockbuster 30.00% East Lake Road and Tampa Road, East Lake Woodlands Palm Harbor Publix +, Walgreens 20.00% Hillsboro Boulevard at State Road #7, BJ's Wholesale Club Shoppes at Parkland Parkland + 100.00%

(1)(3)

(1)(3)

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Shoppes of Port Charlotte

Pines Blvd. at Flamingo Rd., Pembroke Pines University at Pines Blvd., Pembroke Pines Sheridan St. at SW 196th Ave., Pembroke Pines Nob Hill Rd. at Cleary Blvd., Plantation Quesada Avenue and Toledo Blade Boulevard, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte

Marketplace at Seminole Towne Center

Central Florida Greenway and Rinehart Road, Sanford

Flamingo Pines

Pembroke Commons

Publix at Laguna Isles Vizcaya Square

Quesada Commons

Shoppes of Port Charlotte

Pineapple Commons

Sunrise West Shopping Center

Venice Pines

Winter Park Corners Florida Total:

Us Highway 1 and Britt Rd., Stuart West Commercial Drive and NW 91st Avenue, Sunrise Center Rd. at Jacaranda Blvd., Venice Aloma Ave. at Lakemont Ave., Winter Park # of Properties: 39

Publix +, U.S. Post Office, Keiser College 100.00% Publix +, Marshall’s, Office Depot, LA Fitness 100.00%

Publix + Winn Dixie +, Blockbuster

262,761

0

105,350

368,111

314,401

0

0

314,401

100.00%

69,475

0

0

69,475

100.00%

112,410

0

0

112,410

Publix +

25.00%

(1)(3)

14,722

44,168

0

58,890

Chick-Fil-A

25.00%

(1)(3)

978

2,934

0

3,912

Petco 25.00% Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Petco, Cost Plus, Super Target + (O.B.O.) 100.00% Best Buy, Ross, PetsMart, Ashley Furniture 20.00%

(1)(3)

10,253

30,758

0

41,011

308,751

0

185,000

493,751

(1)(3)

49,803

199,211

0

249,014

Publix +

(1)(3)

19,080

57,241

0

76,321

97,303

0

0

97,303

Sweet Bay + Whole Foods Market +, Outback Steakhouse

25.00%

100.00%

100.00%

102,397 0 0 102,397 5,135,843 1,995,517 783,822 7,915,182

Georgia

Lakeside Marketplace

Mansell Crossing

Camp Creek Marketplace II

Cherokee Plaza

Perimeter Village

Publix at Princeton Lakes

Brookwood Square

Ross Dress for Less, Petco, Office Max, Books-A-Million, Cobb Parkway (US Super Target + Hwy 41), Acworth (O.B.O.) 100.00% Ross Dress for Less, North Point Parkway Bed Bath & Beyond, at Mansell Rd Rooms to Go 20.00% Camp Creek Parkway DSW, American and Carmla Drive, Signature, LA Atlanta Fitness 100.00% Peachtree Road and Colonial Drive, Atlanta Kroger + 30.00% WalMart Supercenter +, Ashford-Dunwoody Cost Plus, DSW, Rd Borders 100.00% Carmia Drive and Camp Creek Drive, Atlanta Publix + 100.00% East-West Connector at Austell Rd., Marshall’s, Staples, Austell Home Depot 100.00%

(1)(3)

(1)

147,688

0

174,000

321,688

20,586

82,345

0

102,931

196,283

0

0

196,283

29,566

68,987

0

98,553

387,755

0

0

387,755

68,407

0

0

68,407

253,448

0

0

253,448

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Dallas Commons

US Highway 278 and Nathan Dean Boulevard, Dallas Kroger + (O.B.O.)

Page 27

100.00%

25,158

0

70,104

95,262

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Reynolds Crossing Thompson Bridge Commons Grayson Commons Sandy Plains Exchange

Brownsville Commons

Roswell Corners

Location Steve Reynolds and Old North Cross Rd., Duluth Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville Grayson Hwy at Rosebud Rd., Grayson Sandy Plains at Scufflegrit, Marietta Brownsville Road and Hiram-Lithia Springs Road, Powder Springs Woodstock Rd. at Hardscrabble Rd., Roswell

Peachtree Parkway at Mathis Airport Rd., Brookwood Marketplace Suwannee Georgia Total: # of Properties: 15

Anchors

WRI Owned %

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

Kroger + (O.B.O.)

100.00%

45,758

0

70,225

115,983

Kroger +

100.00%

92,587

0

0

92,587

Kroger +

100.00%

76,611

0

0

76,611

Publix +

100.00%

72,784

0

0

72,784

Kroger + (O.B.O.) Staples, T.J. Maxx, Super Target + (O.B.O.) Office Max, Home Depot, Bed Bath & Beyond, Super Target + (O.B.O.)

100.00%

27,747

0

54,139

81,886

100.00%

144,964

0

173,535

318,499

100.00%

196,134 1,785,476

0 151,332

100.00%

303,566 303,566

0 0

0 0

303,566 303,566

100.00%

135,139

0

0

135,139

100.00%

115,716 250,855

0 0

0 0

115,716 250,855

Kroger +

100.00%

124,567

0

27,000

151,567

TJ Maxx, Michael's, Kroger (O.B.O)

100.00%

124,486

0

46,044

170,530

100.00%

179,450

0

0

179,450

100.00%

168,986 597,489

0 0

49,410 122,454

218,396 719,943

100.00%

226,102

0

0

226,102

174,000 370,134 716,003 2,652,811

Illinois Burbank Station Illinois Total:

S. Cicero Ave. at W. 78th St. # of Properties: 1

AJ Wright, Babies "R" Us, Food For Less +, Office Max

Kansas Shawnee Village

Kohl's Kansas Total:

Shawnee Mission Pkwy. at Quivera Rd., Shawnee

Burlington Coat Factory Barnes & Noble, Wanamaker Rd. at S.W. Kohl’s Department 17th St., Topeka Store # of Properties: 2

Kentucky Millpond Center Regency Shopping Centre Tates Creek

Festival at Jefferson Court Kentucky Total:

Boston at Man O’War, Lexington Nicholasville Rd.& West Lowry Lane, Lexington Tates Creek at Man O’ War, Lexington

Kroger +, Rite Aid Kroger +, PetsMart (O.B.O.), Factory Card Outer Loop at Jefferson Outlet, AJ Wright Blvd., Louisville (O.B.O.) # of Properties: 4

Louisiana

Town & Country Plaza

U.S. Hwy. 190 West, Hammond

Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s, Books-AMillion, Rent Way

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Manhattan Place Ambassador Plaza

River Marketplace Westwood Village

14/Park Plaza K-Mart Plaza

Prien Lake Plaza

Southgate

Danville Plaza Orleans Station

University Place Louisiana Total:

Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion Albertsons + (O.B.O.), Blockbuster Ross Dress for Less, Stage, Cost Plus, Ambassador Caffery at Super Target + Kaliste Saloom, (O.B.O.), Books A Lafayette Million W. Congress at Stage, Graham Central Bertrand, Lafayette Station Kroger +, Conn’s, Hwy. 14 at General Burke's Outlet, Anna's Doolittle, Lake Charles Linens, Family Dollar Albertsons +, Kmart, Ryan St., Lake Charles Stages Target (O.B.O.), Marshall’s (O.B.O.), Prien Lake Rd. at Ross Dress for Less Nelson Rd., Lake (O.B.O.), Bed Bath & Charles Beyond (O.B.O.) Market Basket +, Ryan at Eddy, Lake Office Depot, BooksCharles A-Million County Market +, Citi Louisville at 19th, Trends, Surplus Monroe Warehouse Paris, Robert E. Lee at Chatham, New Orleans Vacant Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy 70th St. at Youree Dr., (O.B.O), Bed Bath & Shreveport Beyond # of Properties: 12 Manhattan Blvd. at Gretna Blvd., Harvey Ambassador Caffery at W. Congress, Lafayette

100.00%

156,215

0

125,400

281,615

100.00%

0

0

101,950

101,950

13,142

147,100

174,700

334,942

100.00%

141,346

0

0

141,346

100.00%

172,068

0

0

172,068

107,974

107,974

0

215,948

100.00%

7,743

0

205,375

213,118

100.00%

170,588

0

0

170,588

100.00%

141,380

0

0

141,380

100.00%

0

0

0

0

7.80%

50.00%

(1)(3)

(1)(3)

20.40%

(1)(3)

46,237 1,182,795

180,417 435,491

75.00%

(1)

148,384 148,384

49,461 49,461

174,500 401,154 781,925 2,400,211

Maine The Promenade Maine Total:

Essex at Summit, Lewiston # of Properties: 1

Staples, Flagship Cinemas

Missouri

Page 28

0 0

197,845 197,845

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Ballwin Plaza Western Plaza Missouri Total:

Location

Anchors

Manchester Rd. at Vlasis Dr., Ballwin Hwy 141 at Hwy 30, Fenton # of Properties: 2

Schnucks +, Michael’s, Sears O'Reilly Automotive

WRI Owned %

Foot Notes

100.00%

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

200,915

0

0

200,915

28,317 229,232

28,317 28,317

0 0

56,634 257,549

100.00%

66,408

0

143,879

210,287

100.00%

436,814

0

0

436,814

100.00%

338,378

0

0

338,378

100.00%

167,654

0

0

167,654

100.00%

116,973

0

31,842

148,815

100.00%

152,475

0

55,745

208,220

100.00%

148,713

0

0

148,713

100.00%

278,416

0

0

278,416

100.00%

136,369

0

0

136,369

100.00%

87,367

0

0

87,367

100.00%

246,478

0

394,271

640,749

100.00%

142,728

0

0

142,728

50.00%

(1)(3)

Nevada Eastern Horizon

Best in the West

Charleston Commons

College Park S.C.

Francisco Centre

Mission Center Paradise Marketplace

Rainbow Plaza

Rainbow Plaza, Phase I Rancho Towne & Country

Tropicana Beltway Tropicana Marketplace

Eastern Ave. at Horizon Ridge Pkwy., Henderson

Kmart + (O.B.O.) Best Buy, Borders, Bed Bath & Beyond, Babies "R" Us, DSW Shoes, Office Depot, Old Navy, PetsMart, Rainbow at Lake Mead Jo-Ann Stores, The Rd., Las Vegas Sports Authority, Ulta Wal-Mart, Ross, Charleston and Nellis, Office Max, 99 Cents Las Vegas Only, PetsMart E. Lake Mead Blvd. at Albertsons +, Sav-On Civic Ctr. Dr., North Las Drug, Anna's Linens, Vegas Lucky's, Factory 2 U Ross Dress for Less E. Desert Inn Rd. at S. (O.B.O.), Fallas Eastern Ave., Las Paredes , La Bonita Vegas Grocery + Sav-On Drug (O.B.O.), Flamingo Rd. at Albertsons + (O.B.O.), Maryland Pkwy, Las Toys “R” Us, T.J. Vegas Maxx Flamingo Rd. at Smith’s Food +, Dollar Sandhill, Las Vegas Tree Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Rainbow Blvd. at Charleston Blvd., Las Vegas Smith’s Food + Lowe’s (O.B.O.), WalMart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Tropicana Beltway at Cent Only, Sports Fort Apache Rd., Las Authority, Pier 1 Vegas Imports Tropicana at Jones Smith’s Food +, Blvd., Las Vegas Family Dollar

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Westland Fair North Nevada Total:

Charleston Blvd. At Decatur Blvd., Las Vegas # of Properties: 12

Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels, Anna's Linens

100.00%

576,202 2,894,975

0 0

Albertsons +, Family Dollar

100.00%

117,623

0

0

117,623

100.00%

104,034

0

0

104,034

100.00%

195,944

0

0

195,944

100.00%

84,322

0

334,000

418,322

100.00%

267,886

0

0

267,886

100.00%

249,671 1,019,480

0 0

Food Lion + Harris Teeter +, Staples

100.00%

143,063

0

0

143,063

100.00%

130,934

0

0

130,934

Harris Teeter +

100.00%

89,997

0

0

89,997

Food Lion +

100.00%

77,802

0

0

77,802

Food Lion +, Rite-Aid Lowes Food +, CVS/pharmacy

100.00%

80,061

0

0

80,061

25.00%

(1)(3)

24,039

72,116

0

96,155

Dollar General Off Broadway Shoes, Wal-Mart (O.B.O.)

25.00%

(1)(3)

20,564

61,694

0

82,258

100.00%

120,542

0

207,602

328,144

Food Lion+

100.00%

79,508

0

0

79,508

100.00%

77,301

0

0

77,301

100.00%

41,876

0

402,620

444,496

100.00%

42,517

0

0

42,517

100.00%

134,295

0

0

134,295

100.00%

59,859

0

0

59,859

0 576,202 625,737 3,520,712

New Mexico

North Towne Plaza

Candelaria Rd. at Eubank Blvd., Albuquerque Academy Rd. at Wyoming Blvd., Albuquerque

Pavillions at San Mateo

I-40 at San Mateo, Albuquerque

Eastdale

Wyoming Mall

Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque Academy Rd. at Northeastern, Albuquerque

De Vargas New Mexico Total:

N. Guadalupe at Paseo de Peralta, Santa Fe # of Properties: 6

Plaza at Cottonwood

Whole Foods Market +, Borders Old Navy, Shoe Department, Circuit City, Skechers Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.), Party City Wal-Mart Supercenter +, Dollar Tree Albertsons + (O.B.O.), Sav-On (CVS), Ross Dress for Less, Office Depot, Hastings, United Artists

62,750 312,421 396,750 1,416,230

North Carolina Capital Square Harrison Pointe High House Crossing Northwoods Market Parkway Pointe Chatham Crossing Cole Park Plaza Galleria

Johnston Road Plaza Steele Creek Crossing

Whitehall Commons Bull City Market Durham Festival

Mineral Springs Village

Capital Blvd. at Huntleigh Dr., Cary Harrison Ave. at Maynard Rd., Cary NC Hwy 55 at Green Level W. Rd., Cary Maynard Rd. at Harrison Ave., Cary Cory Parkway at S. R. 1011, Cary US 15/501 at Plaza Dr., Chapel Hill US 15/501 and Plaza Dr., Chapel Hill Galleria Boulevard and Sardis Road, Charlotte Johnston Rd. at McMullen Creek Pkwy., Charlotte York Rd. at Steele Creek Rd., Charlotte

BI-LO +, Rite-Aid Blockbuster, WalMart Supercenter + (O.B.O.), Lowes NWC of Hwy. 49 at I(O.B.O.), BI-LO + 485, Charlotte (O.B.O.) Broad St. at West Main Whole Foods Market St., Durham + Hillsborough Rd. at Kroger +, Dollar LaSalle St., Durham General Mineral Springs Rd. at Wake Forest Rd., Durham Food Lion +, Rite-Aid

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Page 29

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Ravenstone Commons

Pinecrest Plaza Avent Ferry Falls Pointe

Leesville Town Centre

Little Brier Creek Lynnwood Collection

Six Forks Station

Stonehenge Market

Heritage Station North Carolina Total:

Location

Hwy 98 at Sherron Rd., Durham Hwy. 15-501 at Morganton Rd., Pinehurst Avent Ferry Rd. at Gorman St., Raleigh Neuce Rd. at Durant Rd., Raleigh Leesville Rd. at Leesville Church Rd., Raleigh Little Brier Creek Lane and Brier Leaf Lane, Raleigh Creedmoor Rd at Lynn Road, Raleigh

Anchors

WRI Owned %

Foot

WRI

Notes

Owned

Gross Leasable Area Joint Owned Venture by Share

Other

Total

Food Lion +, Blockbuster

100.00%

60,424

0

0

60,424

Food Lion +, Michael’s, Goody’s, Belk’s

100.00%

250,140

0

0

250,140

Food Lion +, Family Dollar Harris Teeter +, Kohl’s (O.B.O.)

100.00%

111,650

0

0

111,650

100.00%

106,981

0

86,350

193,331

Harris Teeter +, Rite-Aid

100.00%

112,576

0

0

112,576

Lowe's Food + (O.B.O.)

100.00%

17,209

0

45,802

63,011

100.00%

86,362

0

0

86,362

100.00%

467,270

0

0

467,270

100.00%

188,521

0

0

188,521

Kroger + Kmart, Home Depot, Food Six Forks Rd. at Lion +, Bed Bath & Strickland Rd., Raleigh Beyond, Borders Creedmoor Rd. at Bridgeport Dr., Harris Teeter +, SteinMart, Raleigh Eckerd’s Forestville Rd. at Rogers Rd., Wake Forest Harris Teeter + # of Properties: 24

100.00%

68,778 0 0 68,778 2,592,269 133,810 742,374 3,468,453

Oklahoma Market Boulevard

Town and Country Oklahoma Total:

E. Reno Ave. at N. Douglas Ave., Midwest City Reno Ave at North Air Depot, Midwest City # of Properties: 2

Color Tyme

100.00%

35,765

0

0

35,765

Office Depot, Big Lots, Westlake Hardware

100.00%

135,892 171,657

0 0

0 0

135,892 171,657

14,828

59,311

62,600

136,739

97,207

0

0

97,207

Oregon SE 82nd Avenue and SE Causey Avenue, Clackamas Square Portland SE Mcloughlin Blvd & Oak Grove Market Center Oak Grove Ave SW BeavertonHillsdale Hwy and SW Scholls Ferry Road, Raleigh Hills Plaza Portland Oregon Total: # of Properties: 3

T.J. Maxx, Winco Foods + (O.B.O.) Safeway +

20.00%

(1)(3)

100.00%

Walgreens, New Seasons Market +

20.00%

(1)(3)

7,904 119,939

31,616 90,927

0 62,600

39,520 273,466

The Fresh Market +

25.00%

(1)(3)

21,530 21,530

64,590 64,590

0 0

86,120 86,120

179,364

0

0

179,364

South Carolina Fresh Market Shoppes South Carolina Total:

890 William Hilton Head Pkwy, Hilton Head # of Properties: 1

Tennessee Bartlett Towne Center

Bartlett Blvd. at Stage Kroger +, Petco, Dollar Rd., Bartlett Tree, Shoe Carnival

100.00%

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Dexter at N. Germantown, Commons at Dexter Lake Memphis Dexter at N. Commons at Dexter Lake Germantown, Phase II Memphis Summer at Highland, Highland Square Memphis South Mendenahall Rd. and Sanderlin Mendenhall Commons Avenue, Memphis Summer Ave. at Summer Center Waring Rd., Memphis Tennessee Total: # of Properties: 5

Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Walgreen’s

30.00%

(1)

50,087

116,871

0

166,958

30.00%

(1)

18,461

43,077

0

61,538

14,490

0

0

14,490

23,961

55,910

0

79,871

148,581 0 434,944 215,858

0 0

148,581 650,802

100.00%

Kroger + Kroger +, Ross Dress for Less

30.00%

(1)

100.00%

Texas Bell Plaza Coronado Wolflin Village Calder

North Park Plaza Phelan Phelan West Southgate Westmont Lone Star Pavilions

Montgomery Plaza

45th Ave. at Bell St., Amarillo 34th St. at Wimberly Dr., Amarillo Wolflin Ave. at Georgia St., Amarillo Calder at 24th St., Beaumont Eastex Fwy. at Dowlen, Beaumont Phelan at 23rd St, Beaumont Phelan at 23rd St., Beaumont Calder Ave. at 6th St., Beaumont Dowlen at Phelan, Beaumont Texas at Lincoln Ave., College Station

United Supermarket +, Dollar Tree

19,579

110,950

0

130,529

100.00%

46,829

0

0

46,829

100.00%

153,084

0

0

153,084

Harmony Science Academy 100.00% Target (O.B.O.), Anna’s Linens, David’s Bridal, Toys “R” Us (O.B.O.) 50.00%

34,641

0

0

34,641

70,036

70,036

141,329

281,401

12,000

0

0

12,000

15,552

7,779

58,890

82,221

100.00%

33,555

0

0

33,555

100.00%

98,071

0

0

98,071

100.00%

106,907

0

0

106,907

100.00%

296,837

0

0

296,837

Blockbuster Office Depot, Sheplers Western Wear, Talbots

15.00%

Kroger + (O.B.O.)

100.00%

Kroger + (O.B.O.)

66.70%

Control Fluids

Talbot’s, Blockbuster Best Buy, Office Depot, Barnes & Noble Academy, Conn’s, Goody’s, 99 Cents Only, Loop 336 West at I-45, Petco, Anna's Linens, Conroe Spec's

Page 30

(1)

(1)(3)

(1)(3)

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Moore Plaza Portairs

Overton Park Plaza Broadway Food King Place

Galveston Place 10/Federal Alabama-Shepherd Bayshore Plaza Bellaire Boulevard Braeswood Square

Centre at Post Oak

Champions Village Cullen Place Cullen Plaza

Cypress Pointe

Eastpark

Edgebrook Fiesta Village Fondren/West Airport Glenbrook Square

Griggs Road

Location

Anchors

Office Depot, Marshall’s, H. E. B. +, (O.B.O.), Target (O.B.O.), Circuit City, S. Padre Island Dr. at Old Navy, Hobby Staples, Corpus Christi Lobby Ayers St. at Horne Rd., CVS/pharmacy, Family Corpus Christi Dollar, Beall’s Sports Authority, Circuit City, PetsMart, Office Depot, T.J. SW Loop 820/Interstate Maxx, Albertsons +, 20 at South Hulen St., Home Depot (O.B.O.), Ft. Worth Anna’s Linens Broadway at 59th St., Galveston Big Lots, Family Dollar 25th St. at Avenue P, Galveston Vacant Randall’s +, Office Central City Blvd. at Depot, Spec's Liquor, 61st St., Galveston Palais Royal Citi Trends, Palais I-10 at Federal Royal, Sellers Bros. + S. Shepherd at W. Alabama Bookstop, PetsMart Spencer Hwy. at Burke Fitness Connections Rd. (O.B.O.) Bellaire at S. Rice Randall’s + N. Braeswood at Belden’s +, Chimney Rock Walgreen’s Marshall’s, Barnes & Westheimer at Post Oak Noble, Old Navy, Blvd. Grand Lux Café Randall’s +, SteinMart, Palais F.M. 1960 at Champions Royal, Cost Plus, Forest Dr. Barnes & Noble Kohl's (O.B.O.), Conn Cullen at Reed Appliances Fiesta +, Family Dollar, Cullen at Wilmington Beauty Empire Kroger +, Office Depot, Babies “R” Us, F.M. 1960 at Cypress America's Furniture Station Brands (O.B.O.) Jack in the Box, CVS (O.B.O.), US Postal Mesa Rd. at Tidwell Service (O.B.O.) Fiesta +, JPMorgan Chase Bank, Family Edgebrook at Gulf Fwy. Dollar Quitman at Fulton Fiesta + Fondren at W. Airport Save-A-Lot + Telephone Road Kroger +, Blockbuster Family Dollar, Modern City, Citi Griggs at Cullen Trends

WRI Owned %

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

100.00%

371,668

0

161,909

533,577

100.00%

118,233

0

0

118,233

100.00%

353,302

0

110,000

463,302

11,172

63,305

0

74,477

100.00%

28,062

0

0

28,062

100.00%

210,187

0

0

210,187

19,871

112,601

0

132,472

56,110

0

0

56,110

35,966 10,524

0 24,557

86,000 0

121,966 35,081

100.00%

103,336

0

0

103,336

100.00%

182,070

0

0

182,070

115,134

268,645

0

383,779

7,316

0

0

7,316

12,678

71,839

0

84,517

100.00%

190,704

0

96,660

287,364

100.00%

1,576

0

0

1,576

66,575 25,712 0 65,011

0 0 0 0

78,324 30,249 56,593 76,483

68,097

0

80,114

15.00%

15.00%

(1)

(1)

100.00% 100.00% 30.00%

30.00%

(1)

(1)

100.00% 15.00%

(1)

15.00% 15.00% 100.00% 15.00%

(1) (1) (1)

11,749 4,537 56,593 11,472

15.00%

(1)

12,017

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Harrisburg Plaza Heights Plaza

Humblewood Shopping Plaza I-45/Telephone Rd. Center Jacinto City Kirby Strip Center

Lawndale Little York Plaza Lyons Avenue Market at Westchase North Main Square

North Oaks North Triangle

Northbrook Center

Northwest Crossing Oak Forest Orchard Green Randall's /Cypress Station Randall's /Kings Crossing Randall's /Norchester Richmond Square River Oaks East

River Oaks West Sheldon Forest North Sheldon Forest South

Shops at Three Corners

Harrisburg at Wayside 20th St. at Yale

Fallas Paredes Kroger +, Walgreen’s Kroger +,Conn’s, Walgreen’s, Michael's Eastex Fwy. at F.M. (O.B.O.), DSW 1960 (O.B.O.) Sellers Bros. +, Dollar Tree, FAMSA, Falles I-45 at Maxwell Street Paredes Sellers Bros. +, Market at Baca CVS/pharmacy New Orleans Cajun Kirby Dr, Houston Restaurant Family Dollar, 99 Cents Only, LaMichoacana Meat Lawndale at 75th St. Market Sellers Bros. +, Fallas Little York at E. Hardy Paredes Fiesta +, Fallas Lyons at Shotwell Paredes Whole Foods Market Westheimer at Wilcrest + Pecore at N. Main O’Reilly Autoparts T.J. Maxx, Ross Dress for Less, Staples, Big Lots, DSW, Half Price Books, Anna's Linens, F.M. 1960 at Veterans Hobby Lobby, Memorial Mardels Steak & Ale, CiCi’s I-45 at F.M. 1960 Pizza Randall’s +, Office Depot, Citi Trends, Northwest Fwy. at W. Anna’s Linens, Dollar 34th Tree Target (O.B.O.), Marshall’s, Babies N.W. Fwy. at Hollister “R” Us, Best Buy Kroger +, Palais Royal, W. 43rd at Oak Forest Dollar Tree Sellers Bros. +, Family Gulfton at Renwick Dollar

15.00% 100.00%

F.M. 1960 at I-45 Kingwood Dr. at Lake Houston Pkwy. Grant at Jones Richmond Ave. at W. Loop 610 W. Gray at Woodhead

Randalls + Randall’s +, CVS/pharmacy CVS Best Buy (O.B.O.), Cost Plus Kroger + Talbot’s, JoS. A. Bank, Ann Taylor, W. Gray at S. Shepherd Gap, Barnes & Noble Gerland’s +, Burke’s North, I-10 at Sheldon Outlet North, I-10 at Sheldon Family Dollar Fiesta +, Office Depot, PetsMart, Ross Dress S. Main at Old Spanish for Less, Anna’s Trail Linens, Big Lots

Page 31

(1)

100.00%

14,016 71,777

79,422 0

0 0

93,438 71,777

178,837

0

99,000

277,837

15.00%

(1)

25,891

146,718

0

172,609

50.00%

(1)

24,569

24,569

0

49,138

10,000

0

0

10,000

100.00%

15.00%

(1)

7,819

44,308

0

52,127

15.00%

(1)

17,603

99,750

0

117,353

15.00%

(1)

10,144

57,485

0

67,629

84,084 18,515

0 0

0 0

84,084 18,515

60,710

344,023

0

404,733

100.00%

16,060

0

0

16,060

100.00%

172,479

0

0

172,479

137,507

45,836

120,721

304,064

100.00%

147,674

0

0

147,674

100.00%

74,983

0

0

74,983

100.00%

138,974

0

0

138,974

37,919 107,200

88,478 0

0 0

126,397 107,200

100.00% 100.00%

35,623 71,265

0 0

58,247 0

93,870 71,265

100.00%

255,978

0

0

255,978

100.00% 100.00%

15.00%

75.00%

30.00% 100.00%

(1)

(1)(3)

(1)

100.00% 50.00%

(1)

22,040 37,670

0 37,670

0 0

22,040 75,340

70.00%

(1)

172,990

74,139

0

247,129

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Southgate Spring Plaza

Steeplechase

Stella Link Studemont Ten Blalock Square Village Arcade Village Arcade-Phase II

Village Arcade-Phase III

Westchase Center

Westhill Village

Killeen Marketplace

Cedar Bayou

North Creek Plaza Plantation Centre League City Plaza Central Plaza Town and Country Angelina Village

Las Tiendas Plaza Northcross Old Navy Building

Location

Anchors

Food-A-Rama +, Palais Royal, W. Fuqua at Hiram CVS/pharmacy, Family Clark Dollar Sellers Bros. +, Family Hammerly at Campbell Dollar Palais Royal, 99 Cents Only, Anna's Linens, Jones Rd. at F.M. 1960 Goodwill Industries Seller Bros.+, Spec’s Stella Link at S. Liquor Warehouse, Braeswood Burke’s Outlet Studewood at E. 14th St Fiesta + I-10 at Blalock Vacant University at Kirby Gap, Baby Gap University at Kirby Talbot’s American Eagle Outfitters, Banana University at Kirby Republic, Express Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target Westheimer at Wilcrest (O.B.O.), Petco Ross Dress for Less, Office Depot, 99 Cents Westheimer at Hillcroft Only, Anna’s Linens Best Buy, Ross Dress 3200 E. Central Texas for Less, Staples, Expressway, Killeen Home Depot (O.B.O.) Dollar General, La Marque Fire Dept. Bayou Rd., La Marque (O.B.O.) Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H. E. Del Mar Blvd. at Hwy. B. + (O.B.O.), I-35, Laredo Marshall’s Del Mar Blvd. at McPherson Rd., Laredo H. E. B. +, Blockbuster I-45 at F.M. 518, League Kroger +, Spec’s City Liquor Warehouse Loop 289 at Slide Rd., Bed Bath & Beyond, Lubbock Old Navy, Staples 4th St. at University, Hasting’s Records & Lubbock Books Hwy. 59 at Loop 287, Kmart, Ashley Lufkin Furniture, Conn's Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Expressway 83 at Marshall’s, Office McColl Rd., McAllen Depot N. 10th St. at Nolana Loop, McAllen Barnes & Noble 1815 10th Street, McAllen Old Navy

WRI Owned %

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

15.00%

(1)

18,695

105,939

0

124,634

15.00%

(1)

8,890

50,376

0

59,266

100.00%

194,551

0

99,950

294,501

100.00% 100.00% 100.00% 100.00% 100.00%

96,396 28,466 97,217 57,219 28,371

0 0 0 0 0

0 0 0 0 0

96,396 28,466 97,217 57,219 28,371

100.00%

106,879

0

0

106,879

100.00%

232,994

0

99,550

332,544

100.00%

130,562

0

0

130,562

100.00%

115,203

0

135,934

251,137

100.00%

14,873

0

30,688

45,561

100.00%

242,293

0

206,463

448,756

100.00%

134,919

0

0

134,919

19,048

107,942

0

126,990

100.00%

151,196

0

0

151,196

100.00%

30,743

0

0

30,743

100.00%

248,199

0

0

248,199

15.00%

(1)

50.00%

(1)(3)

143,968

143,968

242,132

530,067

50.00%

(1)(3)

38,196

38,196

0

76,391

50.00%

(1)(3)

7,500

7,500

0

15,000

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South 10th St. HEB Independence Plaza Custer Park Pitman Corners

Preston Shepard Place Gillham Circle

S. 10th St. at Houston St., McAllen Town East Blvd., Mesquite SWC Custer Road at Parker Road, Plano Custer Road at West 15th, Plano

Preston Rd. at Park Blvd. Gillham Circle at Thomas, Port Arthur U.S. Hwy. 83 at Bridge St., Rio Grande City

H. E. B. + Babies “R” Us, Family Dollar Kroger + (O.B.O), Dollar General Albertsons +, Tuesday Morning SteinMart, Old Navy, Office Depot, Marshalls, Babies "R" Us, Borders

Family Dollar H. E. B.+, Beall’s, Starr Plaza Dollar General Office Max, Petco, Ross Dress for Less, I-30 at Market Center Old Navy, Linens ‘N Rockwall Street, Rockwall Things, Michael’s U.S. Hwy. 90A at Lane Family Dollar, Palais Rose-Rich Dr., Rosenberg Royal Tom Thumb + Dalrock Rd. at Lakeview (O.B.O.), Walgreen’s Lake Pointe Market Center Pkwy., Rowlett (O.B.O.) Highway 287 at Bailey Boswell Towne Center Boswell Rd., Saginaw Albertsons + (O.B.O) H. E. B. + (O.B.O.), Target (O.B.O.), Barnes & Noble, Act III Theatres, Marshall’s, Office I-10 at DeZavala Rd., Max, SteinMart, Fiesta Trails San Antonio Petco, Anna’s Linens Nacogdoches at New Oak Park Village Braunfels, San Antonio H. E. B. + Bernina New W. Ave. at Blanco, San Home Sewing Center, Parliament Square Antonio Anytime Fitness W. Ave. at Blanco, San Parliament Square II Antonio Incredible Pizza Thousand Oaks Dr. at Jones Maltsberger Rd., H. E. B. +, Beall’s, Thousand Oaks San Antonio Tuesday Morning Marshall’s, West Ave. at Blanco Blockbuster, Dollar Valley View Rd., San Antonio Tree Old Navy, Home Goods, Marshall’s, DSW Shoe Town Center Blvd., Warehouse, Ross Market at Town Center Sugar Land Dress for Less New Boston at Rehkopf’s Grocery +, New Boston Road Summerhill, Texarkana Salvation Army 6th St. at 9th Ave., Island Market Place Texas City Food King + F.M. 1764 at 34th St., Randall’s +, Big Lots Palmer Plaza Texas City (O.B.O.), Dollar Tree S. Broadway at W. 9th Broadway St., Tyler SteinMart Market Basket +, Beall’s, Baskin’s, Crossroads I-10 at N. Main, Vidor Burke’s Outlet

Page 32

50.00%

51,851

51,851

0

103,702

100.00%

179,182

0

0

179,182

100.00%

115,484

0

65,084

180,568

100.00%

192,283

0

0

192,283

72,667

290,670

0

363,337

33,134

0

0

33,134

88,406

88,406

0

176,812

100.00%

209,051

0

0

209,051

100.00%

103,385

0

0

103,385

100.00%

42,860

0

81,176

124,036

100.00%

26,088

0

61,747

87,835

100.00%

312,370

0

176,000

488,370

19,286

45,001

0

64,287

100.00%

64,950

0

0

64,950

100.00%

54,541

0

0

54,541

24,432

138,450

0

162,882

100.00%

89,859

0

0

89,859

100.00%

375,820

0

0

375,820

100.00%

97,000

0

0

97,000

100.00%

27,277

0

0

27,277

100.00%

96,526

0

99,980

196,506

100.00%

60,400

0

0

60,400

100.00%

115,692

0

0

115,692

20.00%

(1)(3)

(1)(3)

100.00% 50.00%

30.00%

15.00%

(1)(3)

(1)

(1)

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Location

Texas Total:

# of Properties: 99

Anchors

WRI Owned %

Foot Notes

WRI

Gross Leasable Area Joint Venture Owned by

Owned Share Other Total 9,362,617 3,065,804 2,231,460 14,659,879

Utah

Alpine Valley Center

Taylorsville Town Center

West Jordan Town Center Utah Total:

Main St. at State St., American Fork West 4700 South at Redwood Rd., Taylorsville West 7000 South at S. Redwood Rd., West Jordan # of Properties: 3

Super Target + (O.B.O.), Old Navy, Pier 1 Imports, Dollar Tree, Office Depot

33.30%

(1)(3)

Albertsons + (O.B.O.), Rite Aid 100.00% Albertsons +, Office Depot, Target (O.B.O.), Petco 100.00%

30,382

60,772

133,500

224,654

94,157

0

40,057

134,214

182,099 306,638

0 60,772

122,800 296,357

304,899 663,767

Washington

Mukilteo Speedway Center

Meridian Town Center

South Hill Center

Rainer Square Plaza Washington Total:

Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood Meridian Avenue East and 132nd Street East, Puyallup 43rd Avenue Southwest and Meridian Street South, Puyallup Rainer Avenue South and South Charleston Street, Seattle # of Properties: 4

Food Emporium +, Bartell Drugs Jo-Ann Fabric & Craft Store, Safeway + (O.B.O.)

20.00%

(1)(3)

18,055

72,218

0

90,273

20.00%

(1)(3)

15,533

62,133

65,346

143,012

Best Buy, Bed Bath & Beyond, Ross Dress for Less

20.00%

(1)(3)

26,804

107,216

0

134,020

Safeway +

20.00%

(1)(3)

21,485 81,877

85,938 327,505

0 65,346

107,423 474,728

20.00%

(1)(3)

145,353 145,353

581,413 581,413

0 0

726,766 726,766

100.00%

600,000

0

0

600,000

100.00%

168,400

0

0

168,400

Industrial Operating Properties California

Siempre Viva Business Park California Total:

Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., NYK Siempre Viva Rd. at Logistics, Eaton Kerns St., San Diego Corporation # of Properties: 1

Florida

Lakeland Industrial Center

I-4 at County Rd., Lakeland

Interstate Drive and Lakeland Interestate Industrial Kathleen Rd., Park I Lakeland

Rooms to Go, Amware Pallet Services, Publix, Star Distribution Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., Sunrise Medical HHG, Inc.

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Hopewell Industrial Center

1801 Massaro Blvd., Tampa Old Hopewell Boulevard and U.S. Highway 301, Tampa

Tampa East Industrial Portfolio Florida Total:

1841 Massaro Blvd., Tampa # of Properties: 5

1801 Massaro

MiTek Industries, Inc., JK Transportation 100.00% Parts Depot, Inc., American Tire Distributors 100.00% General Electric, Hughes Supply, Interline Brands, GE Polymershapes, Creative Recycling Systems 100.00%

159,000

0

0

159,000

224,483

0

0

224,483

512,923 1,664,806

0 0

0 0

512,923 1,664,806

100.00%

120,200

0

0

120,200

100.00%

382,100

0

0

382,100

100.00%

50,000

0

0

50,000

100.00%

265,200

0

0

265,200

80,511

322,043

0

402,554

100.00%

234,525

0

0

234,525

100.00%

72,000

0

0

72,000

100.00%

154,464

0

0

154,464

100.00%

178,467

0

0

178,467

72,092

288,368

0

360,460

Georgia Atlanta Industrial Georgia Aquarium, Pkwy. at Atlanta Inc., Cardinal Atlanta Industrial Park Industrial Dr., Atlanta Logistics Mgmt Co. Target Container Co., Sanderson Industries, Inc., Recall Secure Atlanta Industrial Destruction Pkwy. at Atlanta Services, Inc., GSC Atlanta Industrial Park II & VI Industrial Dr., Atlanta Packaging Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction Atlanta Industrial Services, Inc., Pkwy. at Atlanta Georgia Aquarium, Atlanta Industrial Parkway Industrial Dr., Atlanta Inc. Fulton Industrial Blvd. at Camp Creek Riverview Distribution Center Parkway CHEP USA 3700 Southside Industrial Way, Sears Logistics Sears Logistics Atlanta Services, Inc. Anvil Block Rd and SouthPark Blvd, American Tire SouthPark 3075 Atlanta Distributors Lowe Supply, Inc., Southside Industrial Mission Produce, Pkwy at Jonesboro Masco Contractor Southside Industrial Parkway Rd., Atlanta Services Maxwell Chase Technologies, LLC, Camp Creek Parkway Nissei ASB and Westlake Company, Berlin Westlake 125 Parkway, Atlanta Packaging Clorox Services 3850-3900 Kennesaw Company, Builders Kennesaw 75 Prkwy, Kennesaw Specialties, LLC Zurn, Pax Industries, Inc., I-85 at Jimmy Carter Prime Choice 6485 Crescent Drive Blvd., Norcross Properties, Inc.

Page 33

20.00%

20.00%

(1)(3)

(1)(3)

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Georgia Total:

Location

Anchors

WRI Owned %

Foot Notes

# of Properties: 8

Gross Leasable Area Joint Owned WRI Venture by Owned Share Other Total 1,609,559 610,411 0 2,219,970

Tennessee Crowfarn Drive Warehouse

Outland Business Center

Southpoint I & II Tennessee Total:

Crowfarn Dr. at Getwell Rd., Memphis

Diamond Comic Distributors, Inc, Acorn International 20.00% Vistar Corporation, TricorBraun, Quest Communications Outland Center Dr., Corporation, Kuehne & Memphis Nagel, Inc., Concentra 20.00% Pleasant Hill Rd. at Shelby Dr., AF Services, Sunnywood Memphis Products, Inc., Wynit 100.00% # of Properties: 3

(1)(3)

31,770 127,079

0

158,849

(1)(3)

82,028 328,110

0

410,138

570,940 0 684,738 455,189

0 570,940 0 1,139,927

Texas Midpoint I-20 Distribution Center

New York Avenue and Arbrook Boulevard, Arlington

Corporate Center Park I and II

Randol Mill Road, Arlington Kramer Ln. at Metric Blvd., Austin Putnam Dr. at Research Blvd., Austin

Oak Hills Industrial Park

Industrial Oaks Blvd., Austin

Randol Mill Place

Braker 2 Business Center

Rutland 10 Business Center

Southpark A,B,C

Southpoint Service Center

1625 Diplomat Drive

Midway Business Center

Manana Office Center Newkirk Service Center Northeast Crossing Office/Service Center

Metric Blvd. At Centimeter Circle, Austin East St. Elmo Rd. at Woodward St., Austin Burleson at Promontory Point Dr., Austin SWC Diplomat Dr. at McDaniel Dr., Carrollton Midway at Boyington, Carrollton

I-35 at Manana, Dallas Newkirk near N.W. Hwy., Dallas East N.W. Hwy. at Shiloh, Dallas

DHL, INX International American Institute of Intradermal Cosmetics, Protech Electronics, Inc. Home Team Pest Defense, MJC Electronics Corporation Phoenix – Lamar Corp, Apria Healthcare, Inc., Walgreen Co. Terracon, Inc., Vindicator Technologies, Nanocoolers, Inc. Media Event Concepts, Inc., Technowood, Inc., Aramark, Liant Manufacturing

100.00%

253,165

0

0

253,165

100.00%

54,639

0

0

54,639

100.00%

27,359

0

0

27,359

100.00%

119,452

0

0

119,452

100.00%

89,858

0

0

89,858

100.00%

54,000

0

0

54,000

HJV Associates, Inc., EZ Corp, Inc., Viko Test Lab

100.00%

78,276

0

0

78,276

Browning Construction Co., Ltd.

100.00%

57,667

0

0

57,667

Rooftop Systems, Inc.

100.00%

106,140

0

0

106,140

100.00%

141,246

0

0

141,246

100.00%

223,128

0

0

223,128

100.00%

105,892

0

0

105,892

100.00%

78,700

0

0

78,700

ProSource, Luxury of Leather Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services Applied Industrial Technologies, AWC Capital Title, Garland Surgery Center

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Northwest Crossing Office/Service Center

N.W. Hwy. at Walton Walker, Dallas

Redbird Distribution Center

Joseph Hardin Drive, Dallas

Regal Distribution Center

Leston Avenue, Dallas

Pulaski St. at Irving Blvd., Dallas 420 E. Danieldale McGraw Hill Distribution Center Rd, DeSoto 610 and 11th St. Warehouse Loop 610 at 11th St. Space Center Industrial Park

610 and 11th St. Warehouse 610/288 Business Park

Loop 610 at 11th St. Cannon Street

Beltway 8 Business Park Blankenship Building

Beltway 8 at Petersham Dr. Kempwood Drive

Brookhollow Business Center

Dacoma at Directors Row

Central Park Northwest VI

Central Pkwy. at Dacoma

Central Park Northwest VII Crestview Crosspoint Warehouse Houston Cold Storage Warehouse

Central Pkwy. at Dacoma Bissonnet at Wilcrest Crosspoint 7080 Express Lane

Jester Plaza Office Service Center West T.C. Jester Kempwood Dr. at Kempwood Industrial Blankenship Dr. Kempwood Dr. at Kempwood Industrial Blankenship Dr. Lathrop St. at Lathrop Warehouse Larimer St. Navigation at N. Navigation Business Park York Loop 610 East at Northway Park II Homestead Railwood F Market at U.S. 90

Railwood Industrial Park

Mesa at U.S. 90

Corporate Care, Magnum Cable Corp. Consolidated Container Company; Texwood Industries, L.P. Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Global Industries Southwest Weir’s Furniture Village, Inc., Facility Interiors, Inc. McGraw Hill Companies, Inc. Prefco Corp. Iron Mountain, Luxury Motors Palmer Logistics Weingarten Realty Investors Corporate Office Classic Printers Surgeon's Management, Houston Digital Instruments, Pioneer Contract Services Houston Metallurgical Lab, Inc., Desktop Digital Printing, Inc. Lucent Technologies, Inc., Houston Graduate School of Theology

100.00%

126,984

0

0

126,984

100.00%

110,839

0

0

110,839

100.00%

202,559

0

0

202,559

100.00%

264,582

0

0

264,582

100.00% 100.00%

417,938 104,975

0 0

0 0

417,938 104,975

48,728 194,914 59,085 236,341

0 0

243,642 295,426

20.00% 20.00%

(1)(3) (1)(3)

100.00% 100.00%

157,498 59,729

0 0

0 0

157,498 59,729

100.00%

133,553

0

0

133,553

100.00%

175,348

0

0

175,348

100.00%

103,602

0

0

103,602

100.00% 100.00%

8,970 72,505

0 0

0 0

8,970 72,505

100.00%

128,752

0

0

128,752

100.00%

100,605

0

0

100,605

Pioneer Contract Services 100.00% Pioneer Contract Services, Veritas 20.00%

113,218

0

0

113,218

(1)(3)

43,898 175,591

0

219,489

United D.C., Inc.

20.00%

(1)(3)

50,378 201,512

0

251,890

Packwell, Inc.

20.00%

(1)(3)

47,664 190,657

0

238,321

Jet Lube, Inc. Shell Oil Company SIG Southwest, Global Stainless Supply, Inc., Meridian IQ

20.00% 20.00%

(1)(3) (1)(3)

60,697 242,786 60,000 240,000

0 0

303,483 300,000

0

402,680

Creative Connection Foam Enterprises, LLC. Houston Central Industries, Inc. Corporate Care of Houston, Milwaukee Electric Tool Corporation

Page 34

100.00%

402,680

0

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Railwood Industrial Park

South Loop Business Park

Southport Business Park 5 Southwest Park II Service Center Stonecrest Business Center Town & Country Commerce Center

Location

Anchors

Georgia Gulf, DSC Logistics 20.00% Plastic Plus Awards, Lumber S. Loop at Long Dr. Liquidators 50.00% International Surface Preparation Group, Inc., South Loop 610 Sandvik, Inc. 100.00% Bioassay Rockley Road Laboratory, Inc. 100.00% Aztec Facility Wilcrest at Fallstone Services, Inc. 100.00% Mesa at U.S. 90

Arizona Tile, Seitel Summers Group, West 10 Business Center II Wirt Rd. at I-10 Inc. Inter-Tel West Loop Commerce Center W. Loop N. at I-10 Technologies Aaron’s Office West-10 Business Center Wirt Rd. at I-10 Furniture Welltec, Inc.,Wood Group, 3M, Columbia Park Row Drive at Analytical Services, Westgate Service Center Whiteback Dr. Inc. McGraw Hill Sterling Street and Companies, Inc., Statesman Drive, TKS (U.S.A.), Inc., Freeport Commerce Center Irving Air Tiger Express Klein Rd. at Plano CK Management, Central Plano Business Park Pkwy., Plano Inc., Minarik Corp. Interceramic Tile, Jupiter near Plano Gemaire Jupiter Service Center Pkwy., Plano Distributors Leggett & Platt, Inc., The Volkswagen Store, Sherman at Phillips, Weingarten Sherman Plaza Business Park Richardson regional office All-American Sports, Gell Service Company, Inc., Alamo Downs Goodman Parkway, San Manufacturing Interwest Business Park Antonio Company, L.P. Gate Gourmet, 919-981 Isom Road, Gandi Innovations, Isom Business Park San Antonio Wells Fargo Bank O'Connor O’Connor Road, San Ingersoll Rand, TD Road Business Park Antonio Industries Fairfield Industries, 13215 N. Promenade Yokagawa, Freeport Business Center Blvd., Stafford Gurwitch Industries Texas Total: # of Properties: 50

Virginia

WRI Owned %

I-10 at Beltway 8

Foot

WRI

Notes

Owned

Gross Leasable Area Joint Venture Owned by Share

Other

Total

(1)(3)

99,531

398,125

0

497,656

(1)(3)

46,225

46,225

0

92,450

160,653

0

0

160,653

67,700

0

0

67,700

110,641

0

0

110,641

100.00%

206,000

0

0

206,000

100.00%

82,658

0

0

82,658

100.00%

34,256

0

0

34,256

100.00%

102,087

0

0

102,087

100.00%

119,786

0

0

119,786

100.00%

50,590

0

0

50,590

100.00%

137,785

0

0

137,785

100.00%

78,480

0

0

78,480

100.00%

101,137

0

0

101,137

100.00%

219,244

0

0

219,244

100.00%

175,200

0

0

175,200

100.00%

150,091

0

0

150,091

100.00%

251,385 6,637,758

0 1,926,151

0 0

251,385 8,563,909

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Enterchange at Northlake A

11900-11998 North Lakeridge Parkway, Ashland

Vacant 100.00% Handleman North Lakeridge Company, Parkway & Northlake International Paper, Enterchange at Northlake C Park Dr, Ashland Owens & Minor 20.00% 2101 Bermuda Enterchange at Meadowville Hundred Dr, Chester Vacant 20.00% Mazda Motors of America, Inc., Xymid LLC, Central Enterchange at Walthall A & 1900-1998 Ruffin Mill NationalB Rd, Colonial Heights Gottesman, Inc. 20.00% PSS World 1936-1962 Ruffin Mill Medical, Hill Enterchange at Walthall C Rd, Colonial Heights Phoenix 20.00% 1700-1798 Ruffin Mill Recall, Jim's Formal Enterchange at Walthall D Rd, Colonial Heights Wear 100.00% Anderson News, 4800-4890 Eubank LLC, HD Business Interport Business Center A Road, Richmond LLC, Wyeth 20.00% Mid South Building Supply, Inc., Alcoa, 4700-4790 Eubank EGL Eagle Global Interport Business Center B Road, Richmond Logistics, LP 20.00% Sears Home Improvement 5300-5390 Laburnum Products, Inc., Interport Business Center C Ave, Richmond Ferguson 20.00% Virginia Total: # of Properties: 9

215,077

0

0

215,077

(1)(3)

58,623

234,492

0

293,115

(1)(3)

45,362

181,447

0

226,809

(1)(3)

121,356

485,424

0

606,780

(1)(3)

52,384

209,538

0

261,922

243,782

0

0

243,782

(1)(3)

89,482

357,930

0

447,412

(1)(3)

23,600

94,400

0

118,000

(1)(3)

10,977 860,643

43,908 1,607,139

0 0

54,885 2,467,782

100.00%

21,122 21,122

0 0

0 0

21,122 21,122

100.00%

139,449

0

0

139,449

100.00%

121,000 260,449

0 0

0 0

121,000 260,449

Other Operating Properties Arizona Campbell Ave. at North 36th St., Phoenix # of Properties: 1

Endurance Rehab, Weingarten Realty Regional Office

1919 North Loop West

Hacket Drive at West Loop 610 North

Citadel Plaza Texas Total:

Citadel Plaza Dr. # of Properties: 2

State of Texas, Weingarten Realty Regional Office Weingarten Realty Investors Corporate Office

Total Operating Properties

# of Properties: 374

Arcadia Biltmore Plaza Arizona Total:

Texas

45,458,933 12,650,710 9,191,441 67,301,080

Page 35

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Location

Anchors

WRI Owned %

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total

New Development Arizona Mohave Crossroads Raintree Ranch The Shoppes at Parkwood Ranch Arizona Total:

Bullhead Parkway at State Route 95, Bullhead City Ray Road at Price Road, Chandler Southern Avenue and Signal Butte Road, Mesa # of Properties: 3

100.00%

(2)

148,867

0

197,360

346,227

100.00%

(2)

136,230

0

0

136,230

100.00%

(2)

72,184 357,281

0 0

0 197,360

72,184 554,641

50.00% (1)(2)(3)

99,171

99,171

93,696

292,038

50.00% (1)(2)(3)

74,816 173,987

74,816 173,987

0 93,696

149,632 441,670

50.00% (1)(2)(3)

43,922

43,922

327,000

414,844

39.80% (1)(2)(3)

148,548 192,470

224,782 268,704

142,500 469,500

515,830 930,674

55.00% (1)(2)(3)

65,883

53,904

104,175

223,962

California Bear Valley Road at Jess Ranch Parkway, Jess Ranch Marketplace Apple Valley Bear Valley Road at Jess Ranch Parkway, Jess Ranch Phase III Apple Valley California Total: # of Properties: 2

Colorado Highway 77 and Highway 88, Sheridan Mississippi at Havana, The Gardens on Havana Aurora Colorado Total: # of Properties: 2 River Point at Sheridan

Florida Clermont Landing

Colonial Landing Epic Village - St. Augustine

Palm Coast Center Phillips Crossing Phillips Landing Florida Total:

U.S. 27 & Steve's Road East Colonial Dr. at Maguire Boulevard, Orlando SR 207 at Rolling Hills Dr State Road 100 & Belle Terre Parkway, Palm Coast Interstate 4 and Sand Lake Road, Orlando Turkey Lake Rd., Orlando # of Properties: 6

50.00%

(1)(2)

131,634

131,634

0

263,267

70.00%

(1)(2)

2,544

1,090

53,625

53,625

50.00% (1)(2)(3)

76,098

76,098

179,476

331,671

0

126,808

100.00%

(2)

126,808

0

100.00%

(2)

46,910 449,877

0 262,726

75.00%

(1)(2)

36,567

12,189

0

48,756

75.00%

(1)(2)

52,276 88,843

17,425 29,614

0 0

69,701 118,457

100.00%

(2)

71,587 71,587

0 0

137,740 137,740

209,327 209,327

100.00%

(2)

390,891

0

0

390,891

70.00%

(1)(2)

22,372

9,588

0

31,960

219,815 266,725 557,091 1,266,058

North Carolina Surf City Crossing Waterford Village North Carolina Total:

Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland # of Properties: 2

Tennessee Ridgeway Trace Tennessee Total:

Memphis # of Properties: 1

Texas Claywood Industrial Park Clay at Hollister I-35W and McAlister Gateway Station Rd., Burleson

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Horne Street Market Market at Nolana Market at Sharyland Place North Towne Plaza Railwood G Sharyland Towne Crossing The Shoppes at Wilderness Oaks Tomball Marketplace Westover Square

Westwood Center Texas Total:

I-30 & Horne Street, Fort Worth Nolana Ave and 29th St., McAllen U.S. Expressway 83 and Shary Road, Mission U.S. 77 and 83 at SHFM 802, Brownsville Mesa at U.S. 90 Shary Rd. at Hwy. 83, Mission US Hwy 281 at Wilderness Oaks FM 2920 and Future 249, Tomball 151 and Ingram, San Antonio Culebra Road and Westwood Loop, San Antonio # of Properties: 12

100.00%

Page 36

(2)

42,267

0

0

42,267

50.00% (1)(2)(3)

13,222

13,222

203,818

230,261

50.00% (1)(2)(3)

47,956

47,956

320,000

415,912

75.00% (1)(2) 50.00% (1)(2)(3)

0 105,425

0 105,425

117,000 0

117,000 210,850

50.00% (1)(2)(3)

172,234

172,234

131,909

476,376

100.00%

(2)

0

0

0

0

100.00%

(2)

37,189

0

85,000

122,189

66.70%

(1)(2)

0

0

0

0

100.00%

(2)

5,500 837,056

0 348,425

0 5,500 857,727 2,043,206

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Location

Anchors

WRI Owned %

Foot Notes

Gross Leasable Area Joint Venture Owned by Share Other

WRI Owned

Total

Utah 300 West Retail Center Utah Total:

Paxton Ave and 400 West St # of Properties: 1

31.80% (1)(2)(3)

0 0

0 0

0 0

0 0

50.00% (1)(2)(3)

0 0

0 0

132,874 132,874

132,874 132,874

Washington Village at Liberty Lake Washington Total:

E. Country Vista Dr. at N. Liberty Rd., Liberty Lake # of Properties: 1

Total New Developments

# of Properties: 30

2,171,101 1,083,456 2,445,988 5,696,907

Unimproved Land Arizona Lon Adams Rd at Tangerine Farms Rd, Marana Arizona Total:

464,785 464,785

California Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley California Total:

(1)(3)

139,392

(1)(3)

448,668 588,060

(1)(3)

418,717 418,717

Colorado Mississippi at Havana, Aurora Colorado Total:

Florida Young Pines and Curry Ford Rd, Orange County Florida Total:

132,422 132,422

Georgia NWC South Fulton Parkway @ Hwy 92, Union City Georgia Total:

(1)

3,554,000 3,554,000

Louisiana 70th St. at Mansfield Rd., Shreveport Louisiana Total:

41,704 41,704

Nevada SWC Highway 215 at Decatur, Las Vegas Nevada Total:

1,103,810 1,103,810

North Carolina US Hwy 17 & US Hwy 74/76, Leland

(1)

362,419

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Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh U.S. 15-501 and Bruce Wood Rd, Southern Pines Highway 17 and Highway 210, Surf City U.S. Highway 1 at Caveness Farms Rd., Wake Forest North Carolina Total:

576,000

1,047,000 (1)

1,590,811

3,479,317 7,055,547

Texas Rock Prairie Rd. at Hwy. 6, College Station River Pointe Drive at Interstate 45, Conroe Leslie Rd. at Bandera Rd., Helotes Bissonnet at Wilcrest, Houston Citadel Plaza at 610 North Loop, Houston East Orem

3,570,178 118,483 75,000 84,629 137,000 122,000

Page 37

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Weingarten Realty Investors Property Listing at December 31, 2008

Center

Location

Anchors

WRI Owned %

Kirkwood at Dashwood Drive, Houston Mesa Road at Tidwell, Houston Northwest Freeway at Gessner, Houston West Little York at Interstate 45, Houston West Loop North at Interstate 10, Houston Shary Rd. at North Hwy. 83, Mission Shaver at Southmore, Pasadena 9th Ave. at 25th St., Port Arthur Culebra Road and Westwood Loop, San Antonio FM 1957 (Pontranco Road) and FM 211, San Antonio Highway 3 at Highway 1765, Texas City FM 2920 and Highway 249, Tomball Texas Total:

Foot Notes

WRI Owned

Gross Leasable Area Joint Owned Venture by Share Other

Total 322,000 35,898 213,292 161,000 145,000

(1)(3)

1,607,364 17,000 243,000

403,366

(1)

8,656,243 201,000 363,944 16,476,397

Total Unimproved Land

29,835,442

Page 38