Weingarten Realty Investors (WRI) 8-K/A Results of Operations and Financial Condition

Table of Contents		Page
Quarterly Earnings Press Release		i - iv
Company Information		1
Financial Summary
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Balance Sheets	4
	Funds From Operations	5
	Supplemental Income Statement Detail	6
	Supplemental Balance Sheet Detail	7
	Capitalization and Debt Coverage Ratios	8
	Guidance	9
Investment Activity
	New Development Properties	11
	Land Held for Development	12
	Disposition and Acquisition Summary	13
	Capital Expenditures	14
Summary of Debt
	Debt Information	16
	Schedule of Maturities	17
Joint Ventures
	Unconsolidated Joint Venture Financial Statements at 100%	19
	Unconsolidated Joint Venture Financial Statements at Pro rata Share	20
	Investments in Unconsolidated Real Estate Joint Ventures & Partnerships	21
	Unconsolidated Joint Venture Mortgage Debt Information	22
Portfolio Summary
	Tenant Diversification by Percent of Rental Revenues	24
	Portfolio Operating Information	25 - 26
	Total Net Operating Income by Geographic Region	27
Property Listing
	Summary Property Listing	29
	Property Listing	30 - 41
Other Topics of Interest
	Reconciliation of Impairment Transactions	43
	Ground Lease Summary	44
Corporate Profile
Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2012, we owned or operated under long-term leases, interests in 292 developed properties and 2 new development properties which are located in 21 states that span the United States from coast to coast. The total number of properties includes 288 neighborhood and community shopping centers and 6 other operating properties. These properties represent approximately 53.7 million square feet of which our interests in these properties aggregated approximately 31.4 million square feet of leasable area. Our properties were 93.6% leased as of December 31, 2012, and historically our portfolio occupancy rate has never been below 90%.
	www.weingarten.com

2600 Citadel Plaza Drive

P.O. Box 924133

Houston, Texas 77292-4133

NEWS RELEASE

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

WEINGARTEN REALTY INCREASES SAME PROPERTY NOI BY 5.1% AND INCREASES DIVIDEND BY 5.2%

Houston, February 14, 2013 --- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter Operating and Financial Highlights

• Recurring Funds from Operations (“FFO”) was $0.47 per diluted share;

• Same Property Net Operating Income (“NOI”) for retail properties increased by 5.1% over the fourth quarter of the prior year which is the highest reported increase since the fourth quarter of 2005;

• Retail occupancy improved to 93.7% during the fourth quarter, up from 93.0% in the fourth quarter of last year; and

• The Board of Trust Managers increased the common dividend per share 5.2% to $0.305 per quarter or $1.22 on an annualized basis.

Financial Results

The Company reported net income attributable to common shareholders of $42.9 million or $0.35 per diluted share (hereinafter “per share”) for the fourth quarter of 2012, as compared to $22.2 million or $0.18 per share for the same period in 2011. For the full year 2012, the Company reported net income of $109.2 million or $0.90 per share compared to a net loss of $19.9 million or ($0.17) per share for the full year 2011. Included in net income for both 2012 and 2011 were gains on the sale of properties and partnership interests of $0.69 and $0.10 per share, respectively. Included in 2012 and 2011 were non-cash impairments of $0.29 and $0.65, respectively.

For the current quarter, Reported FFO was $57.0 million or $0.46 per share compared to $58.1 million or $0.48 per share for 2011. Reported FFO for 2011 excludes impairments of operating properties of $0.02 per share. Recurring FFO for the fourth quarter of 2012 was $0.47 per share or $58.6 million. For the same quarter last year, Recurring FFO was $0.48 per share or $58.5 million. This decrease in Recurring FFO per share over the prior year was primarily due to the sale of $706.7 million of non-core assets during the year, offset by the Company's acquisition and new development programs, increased operating income from the existing portfolio and reduced interest expense due to favorable refinancing transactions.

i

For the full year ended December 31, 2012, Reported FFO was $222.1 million or $1.83 per share compared to $173.3 million or $1.44 per share for 2011. Reported FFO excludes impairments of operating properties of $0.29 per share in both 2012 and 2011. Recurring FFO for 2012 was $227.7 million or $1.87 per share compared to $217.7 million or $1.81 per share for 2011. Recurring FFO excludes additional impairments of non-operating assets of $0.36 per share in 2011. The increase in Recurring FFO, consistent with the quarter, was primarily due to the Company's acquisition, disposition and new development programs, improvements in the existing portfolio and reduced interest expense.

A reconciliation of net income to both Reported and Recurring FFO is shown on the attached financial statement page and is also shown on page 5 of the supplemental package. The Company has also introduced enhanced disclosure in the supplemental package of Net Debt to Adjusted EBITDA on page 8 and portfolio information found on pages 24-41.

Operating Results

Same Property NOI during the fourth quarter increased by 5.1% versus a year ago. These results are primarily driven by leases that were previously signed but commenced during the quarter. Retail occupancy increased to 93.7% in the fourth quarter from 93.0% in the same quarter of 2011. This increase was slightly muted by the early stabilization of nine new development properties during the quarter. Excluding those nine assets, retail occupancy would have been 93.9%.

The Company produced solid leasing results again during the fourth quarter with 350 new leases and renewals totaling 1.1 million square feet and representing $17 million of annual revenue.  The 350 transactions were comprised of 148 new leases and 202 renewals, representing annual revenues of $6.2 million and $10.8 million, respectively.  The average rental rate increase on new leases and renewals signed during the quarter was a solid 7.1%.

“We are proud of the results our team achieved not only this quarter but throughout the year. The 5.1% increase in Same Property NOI for the quarter was truly outstanding and is a testament to the strength of our quality portfolio and the exceptional efforts of our associates,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Capital Recycling

During the quarter, the Company sold seven retail shopping centers, two industrial properties, its interest in an industrial partnership and a land parcel for a total of $141.6 million. For the year, dispositions totaled $706.7 million, which included the sale of the Company's industrial portfolio as well as the exit from seven non-strategic markets in the retail portfolio. Over the year, the Company redeployed this capital into outstanding new investments. Acquisitions for the year totaled $235.3 million and spending on existing new development projects was an additional $30.2 million for the year.

ii

“With dispositions for the year exceeding $700 million, we generated a significant amount of capital to recycle into higher quality investments in our target markets, and to also materially deleverage our balance sheet,” said Drew Alexander, President and Chief Executive Officer.

Balance Sheet

In October, the Company closed on the sale of $300 million of 3.375% ten-year notes. The notes were sold at a discount to par to yield interest at 3.42%. The proceeds from the transaction were used to pay down all amounts outstanding under the Company's $500 million revolving credit facility and to redeem $54.1 million of its 3.95% Convertible Notes and $72.5 million of its 6.95% Series E Preferred Shares.

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

Dividend

On February 14, 2013, the Board of Trust Managers declared an increase in the common dividend to $0.305 per share for the first quarter of 2013. This represents a 5.2% increase resulting in an annualized dividend of $1.22 per share. The dividend is payable in cash on March 15, 2013 to shareholders of record on March 7, 2013.

The Board of Trust Managers also declared dividends on the Company's preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are also payable on March 15, 2013 to shareholders of record on March 7, 2013.

Recurring FFO Guidance

The Company's full year Recurring FFO guidance remains in the range of $1.84 to $1.90 per share. This guidance assumes the following estimates:

Dispositions	$200 million to $300 million
Acquisitions	$175 million to $225 million
Incremental new development investment	$25 million to $75 million
Same Property NOI	+2% to +3%

Please refer to the full list of guidance information found on page 9 of the supplemental package.

iii

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on February 15, 2013 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company's website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888)-771-4371 (conference ID # 32913536). A replay and will be available through the Company's web site starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer.  At December 31, 2012, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 292 developed income-producing properties and 2 properties under various stages of construction and development. The total number of properties includes 288 neighborhood and community shopping centers and 6 other operating properties located in 21 states spanning the country from coast to coast representing approximately 53.7 million square feet.  To learn more about the Company's operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

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

iv

Weingarten Realty Investors

Company Information

Corporate Office
2600 Citadel Plaza Drive
P. O. Box 924133
Houston, TX 77292-4133
713-866-6000
www.weingarten.com
Stock Listings
New York Stock Exchange:
Common Shares	WRI
Series D Preferred Shares	WRI-PD
Series F Preferred Shares	WRI-PF
8.1% 2019 Notes	WRD

Forward-Looking Statements

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

Non-GAAP Disclosures

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

Page 1

Financial Summary

Weingarten Realty Investors

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011			2010			2009			2008
Revenues:
Rentals, net	$	128,191		$	116,752		$	491,369		$	464,234		$	458,750		$	470,221		$	493,205
Other	3,727			2,977			12,169			14,123			12,534			16,336			12,478
Total	131,918			119,729			503,538			478,357			471,284			486,557			505,683
Expenses:
Depreciation and amortization	37,851			32,844			140,983			131,350			125,302			122,852			126,523
Operating	25,440			23,436			98,426			89,998			90,881			88,205			98,857
Real estate taxes, net	14,363			13,353			58,077			55,522			53,173			58,307			58,376
Impairment loss	—			3,101			9,982			55,574			33,317			34,983			52,539
General and administrative	7,448			6,579			28,554			25,477			24,944			25,862			25,666
Total	85,102			79,313			336,022			357,921			327,617			330,209			361,961
Operating Income	46,816			40,416			167,516			120,436			143,667			156,348			143,722
Interest Expense, net	(27,224		)	(31,449		)	(115,812		)	(139,717		)	(145,391		)	(149,265		)	(151,756		)
Interest and Other Income, net	1,262			2,078			6,048			5,062			9,823			11,422			4,307
Gain on Sale of Real Estate Joint Venture and Partnership Interests	8,641			—			14,203			—			—			—			—
Equity in Earnings (Losses) of Real Estate Joint Ventures     and Partnerships, net (a)	5,157			3,892			(1,558		)	7,834			12,889			5,548			12,196
Gain on Acquisition	—			—			1,869			—			—			—			—
(Loss) Gain on Redemption of Convertible Senior Unsecured Notes	—			—			—			—			(135		)	25,311			12,961
Gain on Land and Merchant Development Sales	—			—			—			—			—			17,956			8,361
Benefit (Provision) for Income Taxes	393			(202		)	(79		)	(146		)	82			(5,980		)	10,542
Income (Loss) from Continuing Operations	35,045			14,735			72,187			(6,531		)	20,935			61,340			40,333
Operating Income from Discontinued Operations	890			8,057			10,611			11,318			27,205			32,905			43,542
Gain on Sale of Property from Discontinued Operations	18,865			9,687			68,589			10,273			1,093			55,956			68,722
Income from Discontinued Operations	19,755			17,744			79,200			21,591			28,298			88,861			112,264
Gain on Sale of Property	175			91			1,034			1,679			2,005			25,075			1,998
Net Income	54,975			32,570			152,421			16,739			51,238			175,276			154,595
Less: Net Income Attributable to Noncontrolling Interests	(1,224		)	(1,528		)	(5,781		)	(1,118		)	(5,032		)	(4,174		)	(8,943		)
Net Income Adjusted for Noncontrolling Interests	53,751			31,042			146,640			15,621			46,206			171,102			145,652
Dividends on Preferred Shares	(8,323		)	(8,869		)	(34,930		)	(35,476		)	(35,476		)	(35,476		)	(34,711		)
Redemption Costs of Preferred Shares	(2,500		)	—			(2,500		)	—			—			—			(1,850		)
Net Income (Loss) Attributable to Common Shareholders	$	42,928		$	22,173		$	109,210		$	(19,855	)	$	10,730		$	135,626		$	109,091
Earnings Per Common Share - Basic	$	0.36		$	0.18		$	0.90		$	(0.17	)	$	0.09		$	1.24		$	1.29
Earnings Per Common Share - Diluted	$	0.35		$	0.18		$	0.90		$	(0.17	)	$	0.09		$	1.23		$	1.28

(a) See Page 20 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

Page 3

Weingarten Realty Investors

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

	December 31,
	2012			2011
ASSETS
Property	$	4,399,850		$	4,688,526
Accumulated Depreciation	(1,040,839		)	(1,059,531		)
Property Held for Sale, net				73,241
Property, net	3,359,011			3,702,236
Investment in Real Estate Joint Ventures and Partnerships, net (a)	289,049			341,608
Total	3,648,060			4,043,844
Notes Receivable from Real Estate Joint Ventures and Partnerships	89,776			149,204
Unamortized Debt and Lease Costs, net	135,783			115,191
Accrued Rent and Accounts Receivable (net of allowance for doubtful       accounts of $12,127 in 2012 and $11,301 in 2011 )	79,540			86,530
Cash and Cash Equivalents	19,604			13,642
Restricted Deposits and Mortgage Escrows	44,096			11,144
Other, net	167,925			168,671
Total Assets	$	4,184,784		$	4,588,226
LIABILITIES AND EQUITY
Debt, net	$	2,204,030		$	2,531,837
Accounts Payable and Accrued Expenses	119,699			124,888
Other, net	120,900			107,919
Total Liabilities	2,444,629			2,764,644
Commitments and Contingencies	—			—
Equity:
Shareholders' Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 10,000
6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2012 and 2011; liquidation preference $75,000	3			3
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued; no shares outstanding in 2012 and 29 shares outstanding in 2011; liquidation preference $72,500 in 2011	—			1
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued and outstanding in 2012 and 2011; liquidation preference $350,000	4			4
Common Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 275,000; shares issued and outstanding:  121,505 in 2012 and 120,844 in 2011	3,663			3,641
Additional Paid-In Capital	1,934,183			1,983,978
Net Income Less Than Accumulated Dividends	(335,980		)	(304,504		)
Accumulated Other Comprehensive Loss	(24,743		)	(27,743		)
Total Shareholders' Equity	1,577,130			1,655,380
Noncontrolling Interests	163,025			168,202
Total Equity	1,740,155			1,823,582
Total Liabilities and Equity	$	4,184,784		$	4,588,226

(a) This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 20 for additional information.

Page 4

Weingarten Realty Investors

Funds From Operations

(in thousands, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
Funds from Operations
Numerator:
Net income (loss) attributable to common shareholders	$	42,928		$	22,173		$	109,210		$	(19,855	)
Depreciation and amortization	37,232			37,271			143,783			150,668
Depreciation and amortization of unconsolidated real estate       joint ventures and partnerships	4,694			5,605			20,955			22,887
Impairment of operating properties and real estate equity investments	26			2,780			15,033			28,995
Impairment of operating properties of unconsolidated real estate       joint ventures and partnerships	—			—			19,946			7,025
(Gain) on acquisition	—			—			(1,869		)	(4,559		)
(Gain) on sale of property and interests in real estate equity investments	(27,636		)	(9,717		)	(83,683		)	(11,846		)
(Gain) loss on sale of property of unconsolidated real estate       joint ventures and partnerships	(689		)	—			(1,247		)	10
Funds from Operations - Basic	56,555			58,112			222,128			173,325
Funds from operations attributable to operating partnership units	427			—			—			—
Funds from Operations - Diluted	56,982			58,112			222,128			173,325
Adjustments for Recurring FFO:
Other impairment loss, net of tax	—			355			403			42,417
Extinguishment of debt costs, net	(1,650		)	—			(1,650		)	2,679
Severance costs	702			—			2,825			—
Acquisition costs	21			19			1,494			295
Redemption costs of preferred shares	2,500			—			2,500			—
Litigation settlement, net of tax	—			—			—			(1,040		)
Recurring Funds from Operations - Diluted	$	58,555		$	58,486		$	227,700		$	217,676
Denominator:
Weighted average shares outstanding - Basic	120,871			120,422			120,696			120,331
Effect of dilutive securities:
Share options and awards	1,035			815			1,009			—
Operating partnership units	1,565			—			—			—
Weighted average shares outstanding - Diluted	123,471			121,237			121,705			120,331
Funds from Operations per Share - Basic	$	0.47		$	0.48		$	1.84		$	1.44
Funds from Operations Per Share - Diluted	$	0.46		$	0.48		$	1.83		$	1.44
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax	—			—			—			0.36
Extinguishment of debt costs, net	(0.01		)	—			(0.01		)	0.02
Severance costs	—			—			0.02			—
Acquisition costs	—			—			0.01			—
Redemption costs of preferred shares	0.02			—			0.02			—
Litigation settlement, net of tax	—			—			—			(0.01		)
Recurring Funds from Operations Per Share - Diluted	$	0.47		$	0.48		$	1.87		$	1.81

Page 5

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
Rentals, net
Base minimum rent, net	$	99,825		$	92,361		$	383,505		$	362,570
Straight line rent	651			920			3,235			4,282
Over/Under-market rentals, net	17			178			512			797
Percentage rent	1,712			1,755			5,561			4,860
Tenant reimbursements	25,986			21,538			98,556			91,725
Total	$	128,191		$	116,752		$	491,369		$	464,234
Fee Income Primarily from Real Estate Joint Ventures and Partnerships
Total	$	1,827		$	1,774		$	7,007		$	6,674
Interest Expense, net
Interest paid or accrued	$	29,912		$	32,643		$	121,594		$	142,605
Over-market mortgage adjustment of acquired properties, net	(1,957		)	(350		)	(2,657		)	(1,893		)
Amortization of convertible bond discount	—			—			—			1,334
Gross interest expense	27,955			32,293			118,937			142,046
Capitalized interest	(731		)	(844		)	(3,125		)	(2,329		)
Total	$	27,224		$	31,449		$	115,812		$	139,717
Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	809		$	837		$	3,049		$	3,418
Deferred compensation interest income	265			917			2,052			125
Other	188			324			947			1,519
Total	$	1,262		$	2,078		$	6,048		$	5,062
Supplemental Analyst Information
Net Operating Income including Joint Ventures
Revenues	$	131,918		$	119,729		$	503,538		$	478,357
Operating expense	(25,440		)	(23,436		)	(98,426		)	(89,998		)
Real estate taxes	(14,363		)	(13,353		)	(58,077		)	(55,522		)
Total	92,115			82,940			347,035			332,837
Net Operating Income from Discontinued Operations	1,211			13,981			26,613			55,390
Minority Interests Share of Net Operating Income and Other Adjustments	(4,674		)	(5,445		)	(20,697		)	(24,172		)
Pro rata Income From Consolidated Ventures	88,652			91,476			352,951			364,055
Pro rata share of Unconsolidated Joint Ventures
Revenues	16,188			16,978			66,974			68,426
Operating expense	(3,022		)	(3,121		)	(11,585		)	(11,742		)
Real estate taxes	(1,909		)	(1,944		)	(8,360		)	(8,126		)
Total	11,257			11,913			47,029			48,558
Net Operating Income including Joint Ventures	$	99,909		$	103,389		$	399,980		$	412,613
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net
Net income (loss) from unconsolidated real estate joint ventures and partnerships	$	4,026		$	2,858		$	(6,127	)	$	3,514
Intercompany fee income reclass	1,202			1,292			4,987			5,088
Other adjustments	(71		)	(258		)	(418		)	(768		)
Equity in earnings (loss) of real estate joint ventures and partnerships, net	$	5,157		$	3,892		$	(1,558	)	$	7,834
Dividends
Common Dividends per Share	$	0.290		$	0.275		$	1.160		$	1.100
Common Dividends Paid as a % of Reported Funds from Operations	62.3		%	57.2		%	63.3		%	76.7		%
Common Dividends Paid as a % of Recurring Funds from Operations	60.6		%	56.8		%	61.8		%	61.0		%
General and Administrative Expenses
General and Administrative Expenses/Total Revenue	5.6		%	5.5		%	5.7		%	5.3		%
General and Administrative Expenses/Total Assets before Depreciation	0.14		%	0.12		%	0.55		%	0.45		%

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)

	December 31,
	2012			2011
Property
Land	$	881,156		$	918,627
Land held for development	121,294			124,528
Land under development	6,155			20,281
Buildings and improvements	3,325,793			3,557,173
Construction in-progress	65,452			67,917
Total	$	4,399,850		$	4,688,526
Straight Line Rent Receivable
	$	58,497		$	61,684
Other Assets, net
Notes receivable and mortgage bonds, net	$	36,122		$	40,380
Debt service guaranty asset	74,075			74,075
Non-qualified benefit plan assets	16,027			14,697
Out-of-market rentals, net	7,729			5,755
Deferred income tax asset	11,548			11,936
Interest rate derivative	9,926			10,816
Other	12,498			11,012
Total	$	167,925		$	168,671
Other Liabilities, net
Deferred revenue	$	14,127		$	14,992
Non-qualified benefit plan liabilities	44,348			44,523
Deferred income tax payable	3,497			5,320
Out-of-market rentals, net	18,984			13,386
Interest rate derivative	768			674
Other	39,176			29,024
Total	$	120,900		$	107,919
Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	16,142		$	17,342
Above-market leases - Accumulated Amortization	(8,413		)	(11,587		)
Below-market assumed mortgages (included in Debt, net)	5,722			5,722
Below-market assumed mortgages - Accumulated Amortization	(2,367		)	(1,762		)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)	104,353			74,361
Valuation of in place leases - Accumulated Amortization	(39,665		)	(38,842		)
Total	$	75,772		$	45,234
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	36,517		$	39,399
Below-market leases - Accumulated Amortization	(17,533		)	(26,013		)
Above-market assumed mortgages (included in Debt, net)	42,708			45,670
Above-market assumed mortgages - Accumulated Amortization	(29,176		)	(31,597		)
Total	$	32,516		$	27,459

Page 7

Weingarten Realty Investors

Capitalization and Debt Coverage Ratios

(in thousands, except common share data and percentages)

	December 31,
	2012			2011
Common Share Data
Closing Market Price	$	26.77		$	21.82
90-Day, Average Daily Trading Volume	836,362			1,089,938
Capitalization
Debt	$	2,204,030		$	2,531,837
Preferred Shares	425,000			497,500
Sub-total Debt & Preferred Shares	2,629,030			3,029,337
Common Shares at Market	3,252,689			2,636,816
Operating Partnership Units at Market	41,708			34,563
Total Market Capitalization (As reported)	$	5,923,427		$	5,700,716
Debt to Total Market Capitalization (As reported)	37.2		%	44.4		%
Debt to Total Market Capitalization (Pro rata)	36.3		%	43.8		%
Capital Availability
Revolving Credit Facility	$	500,000		$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility	30,000			145,000
Outstanding Letters of Credit Under Revolving Facility	2,429			3,429
Unused Portion of Credit Facility	$	467,571		$	351,571

Covenant Ratios
	Restrictions
Debt to Asset Ratio (Public)	Less than 60.0%	43.6	%	44.8	%
Debt + Preferred Asset Ratio	None	52.0	%	53.6	%
Secured Debt to Asset Ratio (Public)	Less than 40.0%	18.5	%	18.1	%
Unencumbered Asset Test (Public)	Greater than 150%	250.6	%	256.8	%
Fixed Charge Coverage (Pro rata)	Greater than 1.5x	2.1x		2.0x

Net Debt to Adjusted EBITDA
EBITDA (Current Quarter)	$	119,657		$	102,917
(Gain)\Loss on Sale of Real Estate	(27,681		)	(9,768		)
Ground Rent	500			474
Depreciation included in Discontinued Operations	262			—
Other Non-Recurring Items	26			3,170
Recurring EBITDA	$	92,764		$	96,793
Net Debt (less cash & equivalents)	$	2,184,426		$	2,518,195
Net Debt to Adjusted EBITDA (annualized)	5.89x			6.50x

Credit Ratings
	S&P	Moody's
Senior Debt	BBB	Baa2
Outlook	Stable	Stable

Page 8

Weingarten Realty Investors

Guidance

(in thousands, except share amounts)

2013 Guidance
Recurring FFO Per Diluted Share	$1.84 - $1.90
Portfolio Activity ($ in millions)
Acquisitions	$175 - $225
New Development	$25 - $75
Total	$200 - $300
Dispositions	$200 - $300
Operating Information
Same Property Net Operating Income	+2% to +3%
Signed Occupancy	94% to 95%
Retail Rental Growth	+3% to +6%

Page 9

Investment Activity

Weingarten Realty Investors

New Development Properties

As of December 31, 2012

(in thousands at pro rata share, except percentages)

								Total Square Feet  of Building Area (1)		Percent Leased				Pro Rata Spent Year-To-Date		Pro Rata Spent Inception to Date (2)		Total Estimated Investment (3)								Completions ($)  Year To Date
Center Name		Location	Anchors	WRI Own %				Gross	Net	Net @ 100%		Gross						WRI Costs			Gross Costs			Est. Final ROI %
UNDER DEVELOPMENT
1	Tomball Marketplace	Tomball, TX	Academy#, Kohl's#	100.0	%			147	62	53.5	%	80.5	%	582		14,310		15,351			15,351
	Tomball Marketplace Phase 2	Tomball, TX	Ross, Marshall's	100.0	%			172	104	67.2	%	80.2	%	3,017		16,341		17,991			17,991
	Total Wholly Owned							319	165	62.1	%	80.3	%	$	3,599	$	30,651	$	33,341		$	33,341		7.1	%	$	11,033
2	Hilltop Village Center	Alexandria, VA	Wegman's	100.0	%	(4	)	265	265	67.6	%	67.6	%	15,679		27,638		63,862			63,862
	Total Joint Venture							265	265	67.6	%	67.6	%	$	15,679	$	27,638	$	63,862		$	63,862		8.3	%	$	—
	Total 2 Properties Under Development (exclusive of phasing)							584	430	65.5	%	74.5	%	$	19,278	$	58,290	$	97,203		$	97,203		7.9	%	$	11,033
								Spent Inception to Date (from above)										$	58,290		$	58,290
								Additional Capital Needed to Complete										40,955			40,955
								Reimbursement of Future Property										(2,042		)	(2,042		)
								Total Estimated Investment										$	97,203		$	97,203

	QTR Completed	YTD Completed	1Q'13E	2Q'13E	3Q'13E	4Q'13E	1Q'14E	Remaining Balance
Completion ($)	$1,078	$11,033	$0 - $1,000	$0 - $2,500	$0 - $3,500	$0 - $4,500	$1,100 - $6,300	$59,700 - $64,700
Weighted Return (%)	8.0%	7.1%	0% - 0%	6.8% - 7.3%	6.8% - 7.3%	6.8% - 7.3%	6.8% - 7.3%	8.0% - 8.5%
Net Operating Income	$86	$783	$0	$0 - $182	$0 - $256	$0 - $330	$756 - $445	$4,747 - $5,468

# Denotes anchors that are not owned by Weingarten.

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

excluding square feet owned by other and excluding other possible future building area.

(2) Net of non-cash impairment charges.

(3) Net of anticipated proceeds from land.

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

Note: Phased properties are counted as one property.

Page 11

Weingarten Realty Investors

Land Held for Development

As of December 31, 2012

(in thousands, except acres and percentages)

	Ownership Interest		Gross Acres	Investment (1)
Location				100%		Pro Rata
New Development Phased Projects
US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh, NC	100.0	%	37.5
Highway 17 and Highway 210, Surf City, NC	100.0	%	46.5
FM 2920 and Future 249, Tomball - Houston, TX	100.0	%	10.6
Decatur at 215 - Las Vegas, NV	100.0	%	16.2
Hwy 85 & Hwy 285, Sheridan, CO	50.0	%	18.2
US 77 & FM 802, Brownsville, TX	100.0	%	21.0
US Hwy 17 & US Hwy 74/76, Leland, NC	100.0	%	12.6
Bear Valley Road at Jess Ranch Parkway (III), Apple Valley, CA	50.0	%	10.9
South 300 West & West Paxton Avenue, Salt Lake City, UT	31.8	%	4.6
State Hwy 95 & Bullhead Pkwy, Bullhead City, AZ	100.0	%	7.2
Belle Terre Pkwy & State Rd 100, Palm Coast, FL	100.0	%	6.7
SR 207 & Rolling Hills Drive, St. Augustine, FL	70.0	%	5.2
29th St at Nolana Loop, McAllen, TX	50.0	%	3.8
Bear Valley Road at Jess Ranch Parkway (II), Apple Valley, CA	50.0	%	3.2
Southern Ave & Signal Butte Rd, Mesa, AZ	100.0	%	1.5
SEC Poplar Ave at I-240, Memphis, TN	100.0	%	1.2
Total New Development Phased Projects			206.9	$	52,478	$	44,523
Other Raw Land
FM 1957 (Potranco Rd) and FM 211, San Antonio, TX	50.0	%	198.7
South Fulton Parkway and SH 92, Union City - Atlanta, GA	100.0	%	81.6
Shary Road and US Hwy 83, Mission, TX	50.0	%	35.8
SH 281 & Wilderness Oaks, San Antonio, TX	100.0	%	29.2
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh, NC	100.0	%	11.7
Lon Adams Rd at Tangerine Farms Rd - Marana, AZ	100.0	%	9.7
Rock Prairie Rd. at Hwy. 6, College Station, TX	100.0	%	9.0
SH 151 & Ingram Rd, San Antonio, TX	66.7	%	5.8
Young Pines and Curry Ford Rd, Orlando, FL	100.0	%	3.0
Leslie Rd. at Bandera Rd., Helotes, TX	100.0	%	1.7
Other	100.0	%	38.1
Total Raw Land			424.4	$	81,160	$	60,699
Total Land Held For Development Properties			631.2	$	133,638	$	105,222

(1) Net of impairment and valuation adjustments due to consolidation of joint ventures.

Note: Land costs account for $106.6 million of total investment at 100%, $81.2 million at pro rata share.

Page 12

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended December 31, 2012

(in thousands at pro rata share)

Center	City/State	Sq. Ft.  at 100%		Date  Sold		Center	City/State	Sq. Ft.  at 100%		Date  Acquired
Dispositions						Acquisitions
1st Quarter						1st Quarter
River Marketplace *	Lafayette, LA	343		01/06/12		Best Buy at Richmond Square - ground lease	Houston, TX	—		01/06/12
River Pointe - Pad	Conroe, TX	—		01/17/12		Shasta Crossroads *	Redding, CA	76		01/10/12
Mineral Springs Village	Durham, NC	58		01/24/12		I-10 at Wirt - land	Houston, TX	—		01/11/12
Roswell Corners - Pad	Roswell, GA	4		01/27/12		HEB at Dairy Ashford - ground lease	Houston, TX	37		03/06/12
North Main Place	Houston, TX	19		02/02/12		North Triangle Shops - ground lease	Houston, TX	—		03/22/12
Fondren Square	Houston, TX	63		02/10/12
Gardens of Havana *	Aurora, CO	497		02/17/12
Norchester Village	Houston, TX	108		03/01/12
The Promenade	Lewiston, ME	271		03/16/12
Heritage Station - Pad	Wake Forest, NC	—		03/27/12
2nd Quarter						2nd Quarter
Stonecrest Business Center	Houston, TX	111		04/05/12		8000 Sunset Boulevard	Los Angeles, CA	171		06/27/12
Cedar Bayou	La Marque, TX	15		04/09/12
Eastpark - Pad	Houston, TX	—		04/17/12
Phelan West	Beaumont, TX	12		05/14/12
Prien Lake Plaza	Lake Charles, LA	8		05/18/12
Wholly-Owned Industrial Portfolio	Various	9,558		05/24/12
Orleans Station	New Orleans, LA	3		05/25/12
Moore Plaza - Right of Way	Corpus Christi, TX	—		05/28/12
Jess Ranch Phase III - Pad *	Apple Valley, CA	—		05/29/12
Venice Pines	Venice, FL	97		06/07/12
Custer Park	Plano, TX	178		06/15/12
Calder Shopping Center	Beaumont, TX	35		06/18/12
Shoppes at Parkwood Ranch - Pad	Mesa, AZ	—		06/27/12
Kohl's Shopping Center	Topeka, KS	116		06/28/12
3rd Quarter						3rd Quarter
Caveness Farms - Pad	Wake Forest, NC	—		07/17/12		Roswell Crossing	Roswell, GA	202		07/18/12
6845 Crescent Drive *	Norcross, GA	361		07/17/12		University Place TIC Interest	Shreveport, LA	195		08/07/12
Cullen Place	Houston, TX	7		07/23/12		Pike Center	Rockville, MD	81		08/14/12
Studewood Shopping Center	Houston, TX	28		08/02/12
North Sharyland Crossing - Pad *	Mission, TX	—		08/03/12
Fry's Ellsworth Plaza	Mesa, AZ	9		08/27/12
Pitman Corners	Plano, TX	191		08/31/12
Boulveard Marketplace	Midwest City, OK	36		09/05/12
Bayshore Plaza	Pasdena, TX	36		09/14/12
Central Plaza	Lubbock, TX	152		09/21/12
Pinecrest Plaza	Southern Pines, NC	252		09/27/12
Virginia Industrial Portfolio *	Virginia	2,002		09/28/12
Siempre Viva *	San Diego, CA	604		09/28/12
4th Quarter						4th Quarter
Johnston Road Plaza	Charlotte, NC	80		10/23/12		None
Burbank Station	Burbank, IL	301		11/06/12
ANICO Portfolio *	Houston, TX	2,257		11/16/12
West Loop Commerce	Houston, TX	36		12/05/12
Westover Square - Pad	San Antonio, TX	—		12/06/12
Lone Star Pavilions	College Station, TX	132		12/06/12
Southside Industrial Way *	Atlanta, GA	403		12/12/12
Independence Plaza	Mesquite, TX	170		12/21/12
Academy Place	Colorado Springs, CO	261		12/28/12
Unitah Gardens	Colorado Springs, CO	215		12/28/12
South Dade *	Miami, FL	220		12/31/12
				Weighted
		Sales		Sales				Purchase
		Proceeds		Cap				Price		Yield
Total Dispositions		$	706,733	7.80	%	Total Acquisitions		$	235,257	6.30	%

* Unconsolidated real estate joint venture activity

Page 13

Weingarten Realty Investors

Capital Expenditures

(in thousands at pro rata share)

	Acquisitions		New  Development		Major  Repairs		Tenant  Finish		Remodels/  Existing  Development (1)		Outside  Broker Fees		All  Other		Total
Quarter Ended 3/31/2012	$	22,384	$	7,239	$	1,239	$	10,699	$	2,049	$	408	$	272	$	44,290
Quarter Ended 6/30/2012	98,862		9,440		2,126		11,073		3,040		1,595		297		126,433
Quarter Ended 9/30/2012	114,021		6,650		2,233		9,234		3,348		800		653		136,939
Quarter Ended 12/31/2012	—		6,864		6,442		9,683		4,216		1,425		461		29,091
Twelve Months Ended 12/31/2012 (2)	$	235,267	$	30,193	$	12,040	$	40,689	$	12,653	$	4,228	$	1,683	$	336,753
Year Ended 12/31/2011	$	68,900	$	35,225	$	11,646	$	44,351	$	15,578	$	6,637	$	606	$	182,943
Year Ended 12/31/2010	$	193,131	$	16,710	$	13,786	$	29,556	$	14,608	$	5,343	$	1,337	$	274,471
Year Ended 12/31/2009	$	—	$	71,167	$	10,469	$	21,672	$	23,455	$	3,878	$	10,507	$	141,148

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

(2) Internal Leasing Fees are approximately $13.4 million for the twelve months ended December 31, 2012.

Page 14

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)

	December 31,  2012			4th Quarter  Weighted  Average Rate (1)		December 31, 2011			4th Quarter  Weighted  Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	920,963		6.15	%	$	1,009,093		6.29	%
3.95% Convertible Bonds (2)	—					54,105			3.95	%
3.375% 2022 Notes	298,870			3.38	%	—
8.1% 2019 Notes	100,000			8.10	%	100,000			8.10	%
Unsecured Notes Payable (MTN)	721,876			5.45	%	905,470			5.49	%
Term Loan	—					200,000			1.50	%
Revolving Credit Agreements (3)	66,000			1.32	%	166,500			1.26	%
Industrial Revenue Bonds	1,246			2.51	%	1,594			2.57	%
Obligations under Capital Leases	21,000			7.74	%	21,000			7.55	%
Subtotal Consolidated Debt	2,129,955			5.34	%	2,457,762			5.13	%
Debt Service Guarantee Liability (4)	74,075					74,075
Total Consolidated Debt - As Reported	2,204,030			5.34	%	2,531,837			5.13	%
Less: Noncontrolling Interests and Other Adjustments	(261,950		)			(260,031		)
Plus: WRI Share of Unconsolidated Joint Ventures	177,703					196,932
Total Debt - Pro rata Share	$	2,119,783		5.31	%	$	2,468,738		5.10	%
	Debt  Balance			4th Quarter  Weighted  Average Rate (1)		% of Total			Weighted Average Remaining  Life (yrs)
Fixed vs. Variable Rate Debt (at Pro rata Share) (includes the effect of interest rate swaps)
As of December 31, 2012
Fixed-rate debt	$	1,912,230		5.83	%	90.2		%	4.54
Variable-rate debt	207,553			1.95	%	9.8		%	3.18
Total	$	2,119,783		5.31	%	100.0		%	4.41
As of December 31, 2011
Fixed-rate debt	$	1,955,957		5.95	%	79.2		%
Variable-rate debt	512,781			1.88	%	20.8		%
Total	$	2,468,738		5.10	%	100.0		%
Secured vs. Unsecured Debt (at Pro rata Share)
As of December 31, 2012
Secured Debt	$	886,078		6.23	%	41.8		%	3.78
Unsecured Debt	1,233,705			4.42	%	58.2		%	4.86
Total	$	2,119,783		5.31	%	100.0		%	4.41
As of December 31, 2011
Secured Debt	$	994,844		6.28	%	40.3		%
Unsecured Debt	1,473,894			4.28	%	59.7		%
Total	$	2,468,738		5.10	%	100.0		%
	As  Reported			Pro rata  Share
Weighted Average Interest Rates (1)
Three months ended 12/31/12	5.34		%	5.31	%
Twelve months ended 12/31/12	5.21		%	5.18	%
Twelve months ended 12/31/11	5.41		%	5.39	%

(1) Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee, and other loan costs related to financing.

(2) These bonds were called by us and were redeemed on November 8, 2012.

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

The weighted average revolving interest rate with the facility fee is 3.93% and 1.99% for the fourth quarter 2012 and 2011, respectively.

(4) Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.

Page 16

Weingarten Realty Investors

Schedule of Maturities

As of December 31, 2012

(in thousands, except percentages)

	As Reported			Pro rata Share
	Maturities		Weighted  Average Rate (4)	Maturities		Weighted  Average Rate (4)	Floating Rate		Fixed Rate			Secured		Unsecured
2013 (1)	$	349,108	5.72%	$	310,812	5.63%	$	3,097	$	307,715		$	137,221	$	173,591
2014	473,103		5.67%	426,761		5.57%	237		426,524			111,761		315,000
2015	274,707		6.07%	238,697		5.93%	237		238,460			148,697		90,000
2016	223,198		6.31%	240,191		6.13%	7,394		232,797			165,191		75,000
2017	140,830		6.83%	162,806		6.43%			162,806			137,806		25,000
2018	63,057		6.72%	23,833		6.11%			23,833			14,263		9,570
2019 (2)	152,211		7.72%	155,541		7.27%			155,541			55,541		100,000
2020	2,099		6.73%	57,376		5.04%			57,376			57,376
2021	957		6.59%	8,792		5.80%			8,792			8,792
2022	303,410		3.41%	303,992		3.41%			303,992			3,992		300,000
Thereafter	39,312		6.30%	40,193		6.56%			40,193			8,473		31,720
Subtotal	2,021,992			1,968,994			10,965		1,958,029			849,113		1,119,881
Revolving Credit Agreements	66,000		1.26%	66,000		1.26%	66,000							66,000
Other (3)	116,038			84,789			12,534		72,255			36,965		47,824
Swap Maturities:
2014							50,000		(50,000		)
2017							68,054		(68,054		)
Total	$	2,204,030	5.21%	$	2,119,783	5.18%	$	207,553	$	1,912,230		$	886,078	$	1,233,705

(1) Includes $1.2 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. Also includes

$33.4 million mortgage debt which we have elected to pay on the optional prepayment date. This debt was previously included in thereafter.

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

(3) Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, market value of swaps and discounts on notes.

The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.

(4) Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee paid quarterly on total commitment

in arrears, and other loan costs related to financing.

Page 17

Joint Ventures

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Statements at 100%

(in thousands)

	Three Months Ended December 31,				Twelve Months Ended December 31,
Condensed Statements of Income	2012		2011		2012			2011
Revenues:
Base minimum rent, net	$	34,091	$	39,023	$	148,554		$	154,029
Straight line rent	577		270		2,730			2,958
Over/Under-market rentals, net	532		663		1,597			2,157
Percentage rent	383		358		1,091			754
Tenant reimbursements	9,466		9,696		38,762			38,431
Other income	461		893		2,375			7,267
Total	45,510		50,903		195,109			205,596
Expenses:
Depreciation and amortization	12,642		16,408		59,330			67,459
Interest, net	8,488		9,218		35,491			37,612
Operating	8,724		9,462		34,989			36,253
Real estate taxes, net	5,180		5,726		23,899			24,333
General and administrative	100		135		1,106			2,969
Provision for income taxes	67		57		316			343
Impairment loss	—		—		96,781			28,776
Total	35,201		41,006		251,912			197,745
Gain (loss) on sale of property	3,281		—		5,704			(21		)
Net income (loss)	$	13,590	$	9,897	$	(51,099	)	$	7,830
Condensed Balance Sheets
					December 31,
					2012			2011
ASSETS
Property					$	1,631,694		$	2,108,745
Accumulated depreciation					(273,591		)	(296,496		)
Property, net					1,358,103			1,812,249
Other assets, net					161,344			173,130
Total					$	1,519,447		$	1,985,379
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net					$	468,841		$	556,920
Amounts payable to Weingarten Realty Investors and Affiliates					109,931			170,007
Other liabilities, net					34,157			41,907
Total					612,929			768,834
Accumulated equity					906,518			1,216,545
Total					$	1,519,447		$	1,985,379

Page 19

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Statements at Pro rata Share

(in thousands)

	Three Months Ended December 31,				Twelve Months Ended December 31,
Condensed Statements of Income	2012		2011		2012			2011
Revenues:
Base minimum rent, net	$	12,146	$	13,037	$	51,001		$	51,268
Straight line rent	261		201		1,111			1,339
Over/Under-market rentals, net	47		50		(1		)	92
Percentage rent	119		101		350			217
Tenant reimbursements	3,421		3,324		13,661			12,925
Other income	194		265		852			2,585
Total	16,188		16,978		66,974			68,426
Expenses:
Depreciation and amortization	4,694		5,605		20,955			22,887
Interest, net	3,169		3,392		13,050			13,727
Operating	3,022		3,121		11,585			11,742
Real estate taxes, net	1,909		1,944		8,360			8,126
General and administrative	26		38		306			1,244
Provision for income taxes	31		20		146			151
Impairment loss	—		—		19,946			7,025
Total	12,851		14,120		74,348			64,902
Gain (loss) on sale of property	689		—		1,247			(10		)
Net income (loss)	$	4,026	$	2,858	$	(6,127	)	$	3,514
Condensed Balance Sheets
					December 31,
					2012			2011
ASSETS
Property					$	538,629		$	640,569
Accumulated depreciation					(102,704		)	(100,791		)
Property, net					435,925			539,778
Notes receivable from real estate joint ventures and partnerships					5,226			5,399
Unamortized debt and lease costs, net					22,206			25,377
Accrued rent and accounts receivable (net of allowance for doubtful accounts      of $522 in 2012 and $686 in 2011)					18,335			18,332
Cash and cash equivalents					12,915			11,543
Restricted deposits and mortgage escrows					2,605			2,283
Notes receivable and mortgage bonds, net					272			413
Out-of-market rentals, net					2,212			2,622
Other assets, net					2,037			2,190
Total					$	501,733		$	607,937
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net					$	178,683		$	198,087
Amounts payable to Weingarten Realty Investors and Affiliates					50,106			75,036
Accounts payable and accrued expenses					5,917			6,084
Deferred revenue					856			811
Out-of-market rentals, net					3,179			3,940
Interest rate derivative					760			855
Other liabilities, net					921			1,786
Total					240,422			286,599
Accumulated equity					261,311			321,338
Total					$	501,733		$	607,937

Notes:

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

Page 20

Weingarten Realty Investors

Investments in Unconsolidated Real Estate Joint Ventures & Partnerships

December 31, 2012

(in thousands, except number of properties and percentages)

							Weingarten Realty
Joint Venture Partner	Number of  Operating Properties (1)(2)	Total GLA	Total Assets		Total Debt		Ownership  Interest	Share of Debt		Investment  Balance		Equity in Earnings  (Losses) of  Unconsolidated JVs
TIAA Florida Retail LLC	6	1,039	$	255,913			20.0%			$	50,730	$	(2,317	)
Perlmutter SRP, LLC	9	899	134,566		$	102,705	25.0%	$	25,676	4,701		(2,738		)
Collins	8	1,165	147,093		26,260		50.0%	13,130		53,192		2,639
AEW - Institutional Client	6	523	123,145		45,149		20.0%	9,030		14,949		361
BIT Retail	3	722	153,381				20.0%			29,819		1,207
Jamestown	6	1,351	145,134		87,166		20.0%	17,433		11,452		1,365
Fidelis Realty Partners	1	491	143,097		85,802		57.8%	49,551		31,027		1,896
Sleiman Enterprises	3	220	27,429		11,564		50.0%	5,782		11,034		532
Other	22	3,707	389,689		110,195		52.7%	58,081		82,146		(4,504		)
Total	64	10,117	$	1,519,447	$	468,841	35.0%	$	178,683	$	289,049	$	(1,558	)

Joint Venture Description
RETAIL
TIAA Florida Retail LLC	Joint venture with an institutional partner, TIAA-CREF Global Real Estate
Perlmutter SRP, LLC	Retail joint venture with an institutional partner through Perlmutter Investment Company
Collins	Primarily a development joint venture in the Texas Rio Grande Valley
AEW - Institutional Client	Joint venture with an institutional partner through AEW Capital Management
BIT Retail	Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust
Jamestown	Retail joint venture in Florida
Fidelis Realty Partners	Retail joint venture in Texas
Sleiman Enterprises	Retail joint venture in Florida
(1) Excludes land held for development.
(2) Excludes additional consolidated joint ventures such as Hines Retail REIT Holdings and AEW Capital Management.

Page 21

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information

As of December 31, 2012

Balance Summary
		At 100%
Joint Venture Partner	# of Mortgaged  Properties	Mortgage Balance (in thousands) (1)		Average Interest Rate  (2)	Average Remaining Term (yrs)
Perlmutter SRP, LLC	7	$	102,705	5.7%	3.1
Collins	2	26,260		6.2%	8.7
AEW - Institutional Client	4	45,149		5.5%	1.9
Jamestown	6	87,166		5.7%	3.9
Fidelis Realty Partners	1	85,802		4.3%	7.8
Sleiman Enterprises	2	11,564		5.6%	2.7
Other	6	108,846		5.5%	4.1
Total	28	$	467,492	5.4%	3.9

Schedule of Maturities
	At 100%			At WRI Share
	Maturities  (in thousands)   (1)		Weighted  Average Rate (2)	Maturities  (in thousands)   (1)		Weighted  Average Rate  (2)
2013	$	35,115	5.2%	$	16,304	5.0%
2014	108,893		5.2%	25,596		5.1%
2015	40,870		5.0%	10,188		4.9%
2016	97,113		4.9%	25,386		4.8%
2017	56,260		5.1%	25,801		5.1%
2018	5,681		4.9%	3,164		4.9%
2019	5,981		4.9%	3,330		4.9%
2020	92,529		4.9%	55,277		4.9%
2021	15,406		5.5%	7,835		5.4%
2022	1,164		6.4%	582		6.4%
Thereafter	8,480		6.4%	4,240		6.4%
Total	$	467,492		$	177,703

(1) Excludes non-cash debt related items.

(2) Average and weighted average interest rates exclude the effects of ASC 805 “ Business Combinations” and loan costs

related to financing.

Note: All mortgages are fixed rate except for one included in “other”, which has a variable rate mortgage ($3.2 million at 100%) and matures in 2013.

Page 22

Portfolio Summary

Weingarten Realty Investors

Tenant Diversification by Percent of Rental Revenues

as of December 31, 2012

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

Rank	Tenant Name (1)(2)	Credit Ranking  (S&P / Moody's)	# of  Units	% of  Total  Revenue		Total  SF  (in 000's)
1	The Kroger Co.	BBB/Baa2	25	2.26	%	1,216
2	T.J.X. Companies, Inc.	A/A3	39	2.05	%	915
3	Ross Stores, Inc.	BBB+/N/A	38	1.97	%	811
4	Safeway, Inc.	BBB/Baa3	18	1.33	%	754
5	Petsmart, Inc.	BB+/N/A	20	1.22	%	371
6	H E Butt Grocery	N/A/N/A	8	1.07	%	404
7	The Sports Authority	B-/B3	10	1.07	%	345
8	Bed Bath & Beyond, Inc.	BBB+/N/A	22	1.02	%	448
9	Best Buy, Inc.	BB/Baa2	12	0.98	%	314
10	Harris Teeter	N/A/N/A	9	0.94	%	405
11	Office Depot, Inc.	B-/B2	23	0.93	%	404
12	Dollar Tree Stores, Inc.	N/A/N/A	43	0.90	%	375
13	Gap, Inc.	BB+/Baa3	16	0.84	%	198
14	Home Depot, Inc.	A-/A3	4	0.81	%	427
15	24 Hour Fitness Inc.	B/B3	7	0.79	%	179
16	Whole Foods	BBB-/NA	6	0.77	%	224
17	Petco Animal Supplies, Inc.	B/B2	19	0.72	%	214
18	Raley's	N/A/N/A	6	0.67	%	331
19	Publix Super Markets, Inc.	N/A/N/A	19	0.66	%	319
20	Office Max Inc.	B-/B1	11	0.59	%	238
21	Staples	BBB/Baa2	11	0.55	%	218
22	Thrifty Payless, Inc.	N/A/N/A	14	0.54	%	202
23	Academy Sports & Outdoors	N/A/N/A	5	0.52	%	258
24	Subway Real Estate (3)	N/A/N/A	90	0.49	%	91
25	Anna's Linens	N/A/N/A	20	0.49	%	168
	Grand Total		495	24.20	%	9,830

Notes:
	(1	)	Tenant Names:	DBA Names:
			The Kroger Co.	Kroger, Smith's Food, Ralphs, Fry's Food , King Soopers
			T.J.X. Companies, Inc.	T.J. Maxx, Marshalls, Home Goods
			Safeway, Inc.	Safeway, Randalls, Von's
			Bed Bath & Beyond, Inc.	Bed Bath & Beyond, Cost Plus, Buy Buy Baby
			Dollar Tree Stores, Inc.	Dollar Tree, Greenbacks
			Gap, Inc.	Gap, Old Navy, Banana Republic
			Raley's	Raley's, Bel Air Markets
			Thrifty Payless, Inc.	Rite Aid, CVS
	(2	)	Target owns and occupies 31 units not included above.
	(3	)	Subway includes franchised locations.

Page 24

Weingarten Realty Investors

Portfolio Operating Information

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

Leasing Activity / Rent Growth
Signed Leases
	Comparable:						Number of  Leases	Square Feet		New Rent  $/SF		Prior  Rent  $/SF			TI's $/SF		Cash Change  in Base Rent
	All Leases
	Quarter Ended December 31, 2012						263	810,833		$	16.12	$	15.05		$	2.43	7.1	%
	Quarter Ended September 30, 2012						289	785,658		15.98		15.79			2.49		1.2	%
	Quarter Ended June 30, 2012						310	858,787		16.80		16.20			6.06		3.7	%
	Quarter Ended March 31, 2012						346	1,957,596		12.03		11.51			2.16		4.6	%
	Year to Date						1,208	4,412,874		$	14.41	$	13.83		$	3.03	4.2	%
	New Leases
	Quarter Ended December 31, 2012						61	121,689		$	18.04	$	18.04		$	11.87	0.0	%
	Quarter Ended September 30, 2012						83	158,522		16.34		17.01			12.32		(3.9	)%
	Quarter Ended June 30, 2012						89	281,656		15.41		14.70			18.17		4.9	%
	Quarter Ended March 31, 2012						79	330,384		12.87		12.39			12.56		3.9	%
	Year to Date						312	892,251		$	14.99	$	14.71		$	14.19	1.9	%
	Renewals
	Quarter Ended December 31, 2012						202	689,144		$	15.78	$	14.52		$	0.77	8.7	%
	Quarter Ended September 30, 2012						206	627,136		15.89		15.48			0.01		2.6	%
	Quarter Ended June 30, 2012						221	577,131		17.47		16.94			0.15		3.1	%
	Quarter Ended March 31, 2012						267	1,627,212		11.86		11.33			0.05		4.7	%
	Year to Date						896	3,520,623		$	14.27	$	13.61		$	0.20	4.8	%
	Comparable & Non-Comparable:
	Quarter Ended December 31, 2012						350	1,066,286
	Quarter Ended September 30, 2012						364	1,283,009
	Quarter Ended June 30, 2012						396	1,339,962
	Quarter Ended March 31, 2012						409	2,136,071
	Year to Date						1,519	5,825,328
Lease
Expirations(1)
	Anchor Tenants(2)						Non-Anchor Tenants								Total Tenants
Year	Square Feet	Percent of  Total Square  Feet		Revenue(3)	Percent of  Total  Revenue		Square Feet	Percent of  Total Square  Feet		Revenue(3)		Percent of  Total  Revenue			Square Feet		Percent of  Total Square  Feet		Revenue(3)	Percent of  Total  Revenue
2013	1,149	6	%	9,891	5	%	1,625	16	%	34,267		15		%	2,775		10	%	44,158	11	%
2014	2,316	13	%	21,187	11	%	1,670	17	%	35,502		16		%	3,986		14	%	56,689	14	%
2015	2,273	12	%	20,377	11	%	1,780	18	%	38,187		17		%	4,053		14	%	58,564	14	%
2016	2,148	12	%	22,069	12	%	1,557	16	%	34,418		15		%	3,705		13	%	56,487	14	%
2017	2,190	12	%	25,965	14	%	1,418	14	%	33,493		15		%	3,608		13	%	59,459	14	%
2018 - 2022	5,724	31	%	63,983	34	%	1,541	16	%	40,030		18		%	7,264		26	%	104,013	25	%

Note:

(1) Reflects in place leases as of December 31, 2012, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

(3) Revenue only includes minimum base rent.

Page 25

Weingarten Realty Investors

Portfolio Operating Information (continued)

(in thousands at pro rata share, except percentages)

Occupancy
	Quarter Ended
	December 31, 2012		September 30, 2012		June 30, 2012	March 31, 2012		December 31, 2011
Signed Basis
Anchor (1)	97.1%		97.2%		97.3%	97.4%		96.8%
Non-Anchor	88.2%		88.3%		87.8%	86.8%		86.7%
Total Retail	93.7%		93.9%		93.7%	93.4%		93.0%
Other	87.2%		85.9%		86.7%	86.8%		89.5%
Total Signed	93.6%		93.6%		93.4%	91.7%		92.1%
Commenced Basis
Anchor (1)	95.0%		95.1%		95.1%	95.3%		95.5%
Non-Anchor	85.2%		85.3%		84.4%	84.0%		83.9%
Total Retail	91.3%		91.5%		91.0%	91.1%		91.1%
Other	87.2%		82.8%		81.4%	84.0%		84.0%
Total Commenced	91.2%		91.2%		90.6%	89.3%		89.3%
Note:
(1) Anchor tenants represent any tenant at least 10,000 square feet.
Same Property Net Operating Income Growth (1)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2012		2011		% Change	2012		2011		% Change
Retail
Revenues	$	116,746	$	111,275	4.9%	$	454,509	$	437,512	3.9%
Expenses	33,529		32,060		4.6%	128,544		124,761		3.0%
Total Retail	83,217		79,215		5.1%	325,964		312,751		4.2%
Other	51		50		3.0%	205		148		38.3%
Total	$	83,268	$	79,265	5.1%	$	326,169	$	312,899	4.2%
Note:
(1) Same Property NOI Growth includes the Company's share of unconsolidated real estate joint ventures and partnerships and provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and straight-line rent adjustments and is reported on a cash basis.

Page 26

Weingarten Realty Investors

Total Net Operating Income by Geographic Region (1)

(in thousands at pro rata share, except percentages)

	Twelve Months Ended December 31,
	2012		%		2011		%		2010		%		2009		%		2008		%
West Region
California	$	59,163	15.0	%	$	53,618	13.2	%	$	50,943	13.1	%	$	50,136	12.7	%	$	51,176	12.1	%
Washington	2,048		0.5	%	1,978		0.5	%	1,171		0.3	%	1,124		0.3	%	1,193		0.3	%
Oregon	1,528		0.4	%	1,349		0.3	%	1,345		0.3	%	1,342		0.3	%	1,385		0.3	%
Total West Region	62,738		15.9	%	56,945		14.0	%	53,459		13.7	%	52,602		13.3	%	53,754		12.7	%
Mountain Region
Nevada	$	30,094	7.6	%	$	30,525	7.5	%	$	30,906	8.0	%	$	31,505	8.0	%	$	34,360	8.1	%
Arizona	26,032		6.6	%	25,450		6.3	%	24,287		6.2	%	26,845		6.8	%	26,181		6.2	%
Colorado	13,778		3.5	%	12,485		3.1	%	10,099		2.6	%	9,136		2.3	%	10,779		2.4	%
New Mexico	4,622		1.2	%	4,993		1.2	%	5,250		1.4	%	8,714		2.2	%	11,355		2.7	%
Utah	3,556		0.9	%	3,494		0.9	%	3,548		0.9	%	3,557		0.9	%	3,614		0.9	%
Total Mountain Region	78,082		19.8	%	76,947		19.0	%	74,090		19.1	%	79,757		20.2	%	86,289		20.3	%
Central Region
Texas	$	116,645	29.5	%	$	129,540	32.0	%	$	121,035	31.1	%	$	113,454	28.7	%	$	124,407	29.2	%
Louisiana	9,185		2.3	%	8,272		2.0	%	7,715		2.0	%	8,363		2.1	%	10,907		2.6	%
Arkansas	3,089		0.8	%	3,106		0.8	%	2,732		0.7	%	3,048		0.8	%	3,006		0.7	%
Illinois	2,464		0.6	%	2,556		0.6	%	2,065		0.5	%	2,960		0.7	%	3,129		0.7	%
Oklahoma	921		0.2	%	1,083		0.3	%	1,034		0.3	%	975		0.2	%	955		0.2	%
Missouri	852		0.2	%	1,181		0.3	%	1,214		0.3	%	1,405		0.4	%	1,182		0.3	%
Kansas	474		0.1	%	1,061		0.3	%	3,019		0.8	%	1,875		0.5	%	1,949		0.5	%
Total Central Region	133,629		33.7	%	146,799		36.3	%	138,814		35.7	%	132,080		33.4	%	145,535		34.2	%
Mid-Atantic Region
North Carolina	$	25,074	6.3	%	$	25,656	6.3	%	$	24,869	6.4	%	$	25,476	6.5	%	$	26,978	6.4	%
Georgia	19,767		5.0	%	19,845		4.9	%	21,798		5.6	%	22,643		5.7	%	25,039		5.9	%
Tennessee	7,770		2.0	%	7,491		1.8	%	6,261		1.6	%	5,009		1.3	%	7,015		1.6	%
Kentucky	7,050		1.8	%	6,890		1.7	%	7,019		1.8	%	6,766		1.7	%	6,629		1.6	%
Virginia	1,805		0.5	%	3,551		0.9	%	3,634		0.9	%	3,626		0.9	%	2,551		0.6	%
Maryland	1,063		0.3	%	—		0.0	%	—		0.0	%	—		0.0	%	—		0.0	%
South Carolina	265		0.1	%	268		0.1	%	285		0.1	%	306		0.1	%	277		0.1	%
Maine	40		0.0	%	214		0.1	%	321		0.1	%	355		0.1	%	278		0.1	%
Total-Mid Atlantic Region	62,833		16.0	%	63,915		15.8	%	64,186		16.5	%	64,181		16.3	%	68,767		16.3	%
Southeast Region
Florida	$	57,620	14.6	%	$	60,361	14.9	%	$	58,135	15.0	%	$	66,170	16.8	%	$	70,335	16.5	%
Total Southeast Region	57,620		14.6	%	60,361		14.9	%	58,135		15.0	%	66,170		16.8	%	70,335		16.5	%
Total Net Operating Income	$	394,902	100.0	%	$	404,967	100.0	%	$	388,684	100.0	%	$	394,790	100.0	%	$	424,681	100.0	%

(1) The Net Operating Income at pro rata share includes the real estate operations of joint ventures at WRI’s ownership percentages ranging from 10% to 75% except for the operations of downreit partnerships, which

are included at 100%. Net Operating Income excludes the effect of lease cancellation income, straight-line rent adjustments and impairment charges. Pro rata financial information is not, and is not intended to be, a

presentation in accordance with generally accepted accounting principles.

Page 27

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of December 31, 2012

		Gross Leasable Area
ALL PROPERTIES BY STATE	# of   Properties	WRI Owned	Joint Venture   Share	Owned   by Other	Total
Arizona	23	2,217,809	—	1,659,460	3,877,269
Arkansas	3	357,010	—	—	357,010
California	31	4,013,582	398,226	1,046,279	5,458,087
Colorado	10	915,925	681,415	1,224,456	2,821,797
Florida	48	4,762,515	3,143,674	1,513,344	9,419,533
Georgia	17	1,800,571	324,755	893,578	3,018,904
Kentucky	4	629,531	—	127,614	757,145
Louisiana	8	1,286,776	107,974	330,242	1,724,992
Maryland	1	81,336	—	—	81,336
Missouri	2	229,282	28,367	—	257,649
Nevada	12	2,365,942	—	1,252,301	3,618,243
New Mexico	4	434,630	—	306,157	740,787
North Carolina	21	2,155,854	181,859	705,600	3,043,313
Oklahoma	1	128,231	—	—	128,231
Oregon	3	119,871	90,777	62,600	273,248
South Carolina	1	21,530	64,590	—	86,120
Tennessee	8	725,050	677,263	154,340	1,556,653
Texas	87	8,685,345	3,544,194	2,853,164	15,082,704
Utah	4	316,647	90,774	434,465	841,886
Virginia	1	0	—	—	0
Washington	5	178,535	327,497	65,346	571,378
Grand Total	294	31,425,972	9,661,365	12,628,946	53,716,285
Total Retail	288	30,902,663	9,205,936	12,628,946	52,737,547
Total Other	6	523,309	455,429	—	978,738

Footnotes for detail property listing

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

(2) Denotes property currently under development.

(3) Denotes properties that are not consolidated for SEC reporting purposes.

(4) Denotes single tenant retail property.

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

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

Page 29

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Retail
Operating Properties
Arizona
Mohave Crossroads	Lake Havasu City-Kingman, AZ	100.0	%		182,168	395,477	14.42	84.7	%		(Target), (Kohls), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less
Arrowhead Festival S.C.	Phoenix-Mesa-Scottsdale, AZ	100.0	%		29,834	194,309	23.30	100.0	%		(Sports Authority), (Toys “R” Us), (Bed Bath & Beyond)
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	100.0	%		82,757	87,379	12.23	98.8	%		Office Max, Ace Hardware
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	100.0	%		134,495	242,715	12.74	97.0	%	Fry’s Supermarket	Office Max
Desert Village	Phoenix-Mesa-Scottsdale, AZ	100.0	%		101,685	107,071	20.69	96.8	%	AJ Fine Foods	CVS/pharmacy
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		113,536	305,588	8.69	94.3	%	Fry’s Supermarket	Dollar Tree, (Lowes)
Laveen Village Market	Phoenix-Mesa-Scottsdale, AZ	100.0	%		39,763	318,805	24.95	91.0	%	Fry’s Supermarket
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		45,751	108,551	22.65	100.0	%	(Safeway)
Palmilla Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		103,568	178,219	17.59	94.6	%	(Fry’s Supermarket)	Office Max, PetSmart, Dollar Tree
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ	100.0	%		157,607	157,607	13.84	95.7	%	Fry’s Supermarket	Petco, Dollar Tree
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ	100.0	%		129,822	133,020	25.33	94.2	%	Whole Foods
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ	100.0	%		66,787	72,170	10.43	100.0	%	Fresh N Easy	Family Dollar, Leon Furniture
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ	100.0	%		69,212	199,012	14.55	94.4	%		(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	100.0	%		10,237	148,383	28.98	67.6	%	(Safeway)
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		60,728	60,728	17.49	96.6	%	Sprouts Farmers Market
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	100.0	%		92,626	106,738	11.46	92.1	%		Hobby Lobby, Dollar Tree
Valley Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		145,518	153,880	14.79	83.6	%		US Foods, Ross Dress for Less, Anna's Linens
Entrada de Oro	Tucson, AZ	100.0	%		88,665	109,075	16.90	95.5	%	Wal-Mart Neighborhood Market
Madera Village	Tucson, AZ	100.0	%		96,697	106,858	11.69	99.0	%	Safeway	Walgreens, Dollar Tree
Oracle Crossings	Tucson, AZ	100.0	%		251,194	261,194	18.87	100.0	%	Sprouts Farmers Market	Kohl's, Home Goods
Oracle Wetmore	Tucson, AZ	100.0	%		150,109	343,237	25.90	98.7	%		(Home Depot), PetSmart, Walgreens, Ulta
Shoppes at Bears Path	Tucson, AZ	100.0	%		43,928	66,131	15.52	86.8	%		(Osco Drug)
Arizona Total:	# of Properties: 22				2,196,687	3,856,147	16.33	94.6	%
Arkansas
Markham Square	Little Rock-N. Little Rock, AR	100.0	%		125,884	125,884	7.80	93.8	%		Burlington Coat Factory, Ross Dress for Less
Markham West	Little Rock-N. Little Rock, AR	100.0	%		178,500	178,500	9.94	100.0	%		Academy, Office Depot, Michaels, Bassett Furniture, Dollar Tree
Westgate	Little Rock-N. Little Rock, AR	100.0	%		52,626	52,626	10.20	100.0	%		SteinMart
Arkansas Total:	# of Properties: 3				357,010	357,010	9.28	97.8	%
California
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach et al, CA	100.0	%		171,375	171,375	39.00	90.2	%	Trader Joe's	Crunch, Sundance Cinemas
Buena Vista Marketplace	Los Angeles-Long Beach et al, CA	100.0	%		90,805	115,340	22.61	100.0	%	Ralph's	Dollar Tree
Centerwood Plaza	Los Angeles-Long Beach et al, CA	100.0	%		75,486	75,486	9.70	94.8	%	Bestway Supermarket
Westminster Center	Los Angeles-Long Beach et al, CA	100.0	%		417,820	425,690	17.84	97.5	%	Albertsons	Home Depot, Ross Dress for Less, Petco, Rite Aid
Hallmark Town Center	Madera, CA	100.0	%		85,066	98,359	13.02	97.5	%	Food 4 Less	Bally Total Fitness

Page 30

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Marshalls Plaza	Modesto, CA	100.0	%		78,752	85,952	14.92	93.3	%		Marshalls, Dress Barn, Guitar Center
Shasta Crossroads	Redding, CA	100.0	%		121,183	176,866	17.10	95.4	%	Food Maxx	(Target)
Shasta Crossroads (II)	Redding, CA	40.0	%	(1)(3)	30,313	90,663	13.79	100.0	%	Food Maxx	Sports Authority, (Target)
Chino Hills Marketplace	Riverside et al, CA	100.0	%		310,991	310,991	19.71	95.3	%	Von’s	Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace	Riverside et al, CA	50.0	%	(1)(3)	104,384	307,937	19.26	99.4	%	(Winco Foods)	Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Phase III	Riverside et al, CA	50.0	%	(1)(3)	92,414	194,362	18.43	94.9	%	(Winco Foods)	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness
Menifee Town Center	Riverside et al, CA	100.0	%		124,431	248,734	15.82	100.0	%	Ralph's	Ross Dress for Less, Dollar Tree
Stoneridge Town Centre	Riverside et al, CA	67.0	%	(1)(3)	104,692	431,272	22.55	84.6	%	(Super Target)	(Office Max, Kohl's)
Arcade Square	Sacramento--Arden et al, CA	100.0	%		76,497	76,497	13.42	94.3	%	Grocery Outlet
Discovery Plaza	Sacramento--Arden et al, CA	100.0	%		93,398	93,398	16.10	98.7	%	Bel Air Market
Prospectors Plaza	Sacramento--Arden et al, CA	100.0	%		228,345	236,959	22.11	96.5	%	SaveMart	Kmart, Long’s Drug Store
Summerhill Plaza	Sacramento--Arden et al, CA	100.0	%		128,835	128,835	11.25	93.8	%	Raley’s	Dollar Tree
Valley	Sacramento--Arden et al, CA	100.0	%		98,240	107,005	18.43	91.4	%	Raley's
El Camino Promenade	San Diego-Carlsbad et al, CA	100.0	%		129,676	129,676	23.54	98.9	%		T.J. Maxx, Staples
Rancho San Marcos Village	San Diego-Carlsbad et al, CA	100.0	%		120,829	132,689	18.07	95.3	%	Von’s	24 Hour Fitness
San Marcos Plaza	San Diego-Carlsbad et al, CA	100.0	%		35,880	81,086	31.66	97.2	%	(Albertsons)
580 Market Place	San Francisco-Oakland et al, CA	100.0	%		100,165	100,165	29.29	97.5	%	Safeway	24 Hour Fitness, Petco
Fremont Gateway Plaza	San Francisco-Oakland et al, CA	100.0	%		194,601	361,701	19.04	95.7	%	Raley’s	24 Hour Fitness, Big Cinemas
Greenhouse Marketplace	San Francisco-Oakland et al, CA	100.0	%		147,063	236,832	19.06	100.0	%	(Safeway)	(Longs Drug Stores), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U
Silver Creek Plaza	San Jose-Sunnyvale et al, CA	100.0	%		132,925	197,925	22.99	100.0	%	Safeway	Walgreens, (Orchard Supply)
Tully Corners Shopping Center	San Jose-Sunnyvale et al, CA	10.0	%	(1)(3)	11,599	115,992	18.88	96.4	%	Food Maxx	Petco
Freedom Centre	Santa Cruz-Watsonville, CA	100.0	%		150,241	150,241	15.45	91.3	%	Safeway	Rite Aid, Big Lots, Ace Hardware
Stony Point Plaza	Santa Rosa-Petaluma, CA	100.0	%		195,129	200,571	13.69	90.8	%	Food Maxx	Ross Dress for Less, Fallas Paredes
Creekside Center	Vallejo-Fairfield, CA	100.0	%		114,445	114,445	19.73	97.0	%	Raley’s
Southampton Center	Vallejo-Fairfield, CA	100.0	%		162,764	162,764	18.58	95.4	%	Raley’s	Ace Hardware
Sunset Center	Vallejo-Fairfield, CA	100.0	%		85,238	98,279	14.88	92.8	%		Rite Aid, In-Shape City
California Total:	# of Properties: 31				4,013,582	5,458,087	19.17	95.6	%
Colorado
Aurora City Place	Denver-Aurora, CO	50.0	%	(1)(3)	180,478	542,956	16.84	85.6	%	(Super Target)	Sports Authority, Barnes & Noble, Ross Dress For Less, PetSmart
Cherry Creek	Denver-Aurora, CO	100.0	%		78,148	272,671	24.85	100.0	%		Sports Authority, PetsMart, (Target)
CityCenter Englewood	Denver-Aurora, CO	51.0	%	(1)(3)	137,298	359,213	16.07	92.2	%		(Wal-Mart), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness
Crossing at Stonegate	Denver-Aurora, CO	51.0	%	(1)(3)	55,620	109,058	15.06	100.0	%	King Sooper’s
Edgewater Marketplace	Denver-Aurora, CO	100.0	%		144,553	270,553	10.14	99.0	%	King Sooper's	Ace Hardware, (Target)
Green Valley Ranch Towne Center	Denver-Aurora, CO	50.0	%	(1)(3)	28,474	114,947	21.48	82.7	%	(King Sooper’s)
Lowry Town Center	Denver-Aurora, CO	50.0	%	(1)(3)	38,349	129,398	24.99	96.8	%	(Albertsons)
River Point at Sheridan	Denver-Aurora, CO	50.0	%	(1)	96,314	525,761	19.33	83.2	%		(Target), (Costco and Costco Gas Pad), Regal Cinema, Michaels, Tuesday Morning

Page 31

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Thorncreek Crossing	Denver-Aurora, CO	51.0	%	(1)(3)	108,185	386,127	15.34	100.0	%	Sunflower Farmers Market, (Super Target)	Barnes & Noble, Cost Plus, Michael's, OfficeMax, Dollar Tree
Westminster Plaza	Denver-Aurora, CO	50.0	%	(1)	48,506	111,113	17.55	100.0	%	Safeway	(Walgreens)
Colorado Total:	# of Properties: 10				915,925	2,821,797	16.59	93.4	%
Florida
Paradise Key at Kelly Plantation	Fort Walton Beach et al, FL	10.0	%	(1)(3)	27,178	271,777	13.09	94.5	%	Publix	Bed Bath & Beyond, Ross, Old Navy, SteinMart
Shoppes at Paradise Isle	Fort Walton Beach et al, FL	25.0	%	(1)(3)	42,917	171,669	15.84	98.4	%		Big Lots, Best Buy, PetSmart, Office Depot, Michaels
Argyle Village	Jacksonville, FL	100.0	%		315,497	315,497	10.58	92.2	%	Publix	Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels
Atlantic North	Jacksonville, FL	50.0	%	(1)(3)(4)	33,842	67,685	N/A	100.0	%		Academy, (LA Fitness)
Atlantic West	Jacksonville, FL	50.0	%	(1)(3)	33,736	163,481	11.83	100.0	%		T.J. Maxx, Office Depot, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village - St. Augustine	Jacksonville, FL	70.0	%	(1)	8,542	64,180	20.70	86.6	%		(Epic Theaters)
Kernan Village	Jacksonville, FL	50.0	%	(1)(3)	42,579	288,780	16.56	92.6	%	(Wal-Mart Supercenter)	Ross Dress for Less, Petco
Boca Lyons	Miami-Fort Lauderdale et al, FL	100.0	%		117,515	117,515	20.12	96.4	%	Jacob's Classic Market	Ross Dress for Less
Embassy Lakes	Miami-Fort Lauderdale et al, FL	100.0	%		131,723	179,937	13.23	88.2	%	Winn Dixie	Tuesday Morning
Flamingo Pines	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	25,373	148,840	16.70	97.4	%	Publix
Flamingo Pines	Miami-Fort Lauderdale et al, FL	100.0	%		139,462	266,761	20.80	94.3	%	(Wal-Mart Supercenter )	U.S. Post Office, Florida Technical College
Hollywood Hills Plaza	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	72,957	408,509	18.46	98.0	%	Publix	Target, CVS/pharmacy
Kendall Corners	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	19,294	96,472	28.31	92.4	%		Ashley Furniture
Northridge	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	47,214	239,097	16.93	97.6	%	Publix	Petco, Ross Dress for Less, Dollar Tree
Palm Lakes Plaza	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	22,750	113,752	11.39	86.3	%	Publix	CVS/pharmacy
Pembroke Commons	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	60,914	324,829	13.61	99.6	%	Publix	Marshalls, Office Depot, LA Fitness, Dollar Tree
Publix at Laguna Isles	Miami-Fort Lauderdale et al, FL	100.0	%		69,475	69,475	14.17	85.9	%	Publix
Shoppes at Parkland	Miami-Fort Lauderdale et al, FL	30.0	%	(1)	43,663	167,131	12.10	98.6	%	BJ's Wholesale Club
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL	25.0	%	(1)(3)	19,080	76,321	14.35	86.4	%	Publix
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL	20.0	%	(1)(3)	22,173	132,564	14.83	92.5	%	Publix	CVS/pharmacy
TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL	100.0	%		161,429	161,429	15.16	98.2	%	Winn Dixie	T.J. Maxx, Dollar Tree
Vizcaya Square	Miami-Fort Lauderdale et al, FL	100.0	%		110,081	110,081	14.24	93.9	%	Winn Dixie
Alafaya Square	Orlando, FL	20.0	%	(1)(3)	35,297	176,486	11.97	81.9	%	Publix
Clermont Landing	Orlando, FL	65.7	%	(1)(3)	110,396	337,713	16.02	90.7	%		(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Landing	Orlando, FL	50.0	%	(1)	130,112	260,224	13.25	98.4	%		PetSmart, Sports Authority, Bed Bath & Beyond
Colonial Plaza	Orlando, FL	100.0	%		502,182	502,182	13.52	91.7	%		Staples, Ross Dress for Less, Marshalls, Old Navy, SteinMart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
International Drive Value Center	Orlando, FL	20.0	%	(1)(3)	37,133	185,664	9.83	85.4	%		Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx
Market at Southside	Orlando, FL	100.0	%		95,135	159,762	9.87	94.4	%		Ross Dress for Less, Beall’s, Dollar Tree
Marketplace at Seminole Towne Center	Orlando, FL	100.0	%		302,135	484,048	14.46	98.6	%	(Super Target)	Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco
Phillips Crossing	Orlando, FL	100.0	%		145,644	145,644	25.88	100.0	%	Whole Foods	Golf Galaxy, Michaels
Phillips Landing	Orlando, FL	100.0	%		66,223	286,038	18.14	95.5	%	(Wal-Mart Supercenter)	Planet Fitness
The Marketplace at Dr. Phillips	Orlando, FL	20.0	%	(1)(3)	65,218	326,088	20.90	94.6	%	Publix	Stein Mart, Home Goods, Morton's of Chicago, Office Depot

Page 32

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
The Shoppes at South Semoran	Orlando, FL	100.0	%		101,486	101,486	15.82	100.0	%	Wal-Mart Neighborhood Market	Dollar Tree
University Palms	Orlando, FL	30.0	%	(1)	29,752	105,127	13.38	95.9	%	Publix
Westland Terrace Plaza	Orlando, FL	100.0	%		77,521	77,521	12.18	99.7	%		T.J. Maxx, Petco, Shoe Carnival
Winter Park Corners	Orlando, FL	100.0	%		102,382	102,382	19.45	100.0	%	Whole Foods Market
Indian Harbour Place	Palm Bay-Melbourne et al, FL	25.0	%	(1)(3)	40,880	163,521	11.93	100.0	%	Publix	Beall's
Lake Washington Crossing	Palm Bay-Melbourne et al, FL	25.0	%	(1)(3)	29,707	118,828	10.05	74.6	%	Publix
Lake Washington Square	Palm Bay-Melbourne et al, FL	100.0	%		111,835	111,835	11.68	80.1	%		LA Fitness
Pineapple Commons	Port St. Lucie-Fort Pierce, FL	20.0	%	(1)(3)	51,208	270,395	14.47	100.0	%		Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS/pharmacy)
Quesada Commons	Punta Gorda, FL	25.0	%	(1)(3)	14,722	58,890	13.24	97.7	%	Publix	(Walgreens)
Shoppes of Port Charlotte	Punta Gorda, FL	25.0	%	(1)(3)(4)	980	3,921	N/A	100.0	%	(Publix)	Chick-Fil-A, (Walgreens)
Shoppes of Port Charlotte	Punta Gorda, FL	25.0	%	(1)(3)	10,253	41,011	21.17	80.0	%	(Publix)	Petco, (Walgreens)
Countryside Centre	Tampa-St. Petersburg et al, FL	100.0	%		248,367	248,367	13.94	93.3	%		T.J. Maxx, Home Goods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands	Tampa-St. Petersburg et al, FL	20.0	%	(1)(3)	28,109	140,543	14.15	80.7	%	Sweetbay	Walgreens
Largo Mall	Tampa-St. Petersburg et al, FL	100.0	%		377,503	575,134	15.43	93.8	%	(Albertsons)	Beall’s, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Palms of Carrollwood	Tampa-St. Petersburg et al, FL	100.0	%		167,887	167,887	12.86	81.9	%	The Fresh Market	Bed Bath & Beyond
Sunset 19	Tampa-St. Petersburg et al, FL	100.0	%		275,910	275,910	12.50	99.6	%		Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy
Whole Foods @ Carrollwood	Tampa-St. Petersburg et al, FL	100.0	%		37,144	37,144	N/A	N/A		Whole Foods Market
Florida Total:	# of Properties: 48				4,762,515	9,419,533	14.78	94.1	%
Georgia
Brookwood Marketplace	Atlanta-Sandy Springs et al, GA	100.0	%		199,594	397,295	17.96	95.6	%	(Super Target)	Home Depot, Bed Bath & Beyond, Office Max
Brookwood Square	Atlanta-Sandy Springs et al, GA	100.0	%		234,501	234,501	9.26	43.7	%		Marshalls
Brownsville Commons	Atlanta-Sandy Springs et al, GA	100.0	%		27,747	81,886	18.23	84.1	%	(Kroger)
Camp Creek Marketplace II	Atlanta-Sandy Springs et al, GA	100.0	%		196,283	228,003	14.25	100.0	%		DSW, LA Fitness, Shopper's World, American Signature
Cherokee Plaza	Atlanta-Sandy Springs et al, GA	30.0	%	(1)	29,925	99,749	20.87	100.0	%	Kroger
Dacula Marketplace	Atlanta-Sandy Springs et al, GA	100.0	%		24,140	116,943	21.61	58.8	%	(Kroger)
Dallas Commons	Atlanta-Sandy Springs et al, GA	100.0	%		25,158	95,262	22.20	100.0	%	(Kroger)
Grayson Commons	Atlanta-Sandy Springs et al, GA	100.0	%		76,611	76,611	14.43	98.0	%	Kroger
Lakeside Marketplace	Atlanta-Sandy Springs et al, GA	100.0	%		136,848	332,044	15.85	97.3	%	(Super Target)	Ross Dress for Less, Petco
Mansell Crossing	Atlanta-Sandy Springs et al, GA	20.0	%	(1)(3)	20,586	102,931	12.46	100.0	%		buybuy BABY, Ross Dress for Less, Rooms to Go
Perimeter Village	Atlanta-Sandy Springs et al, GA	100.0	%		381,125	381,125	18.39	97.6	%	Wal-Mart Supercenter	Cost Plus World Market, DSW, Hobby Lobby
Publix at Princeton Lakes	Atlanta-Sandy Springs et al, GA	20.0	%	(1)(3)	13,681	72,207	16.30	100.0	%	Publix
Reynolds Crossing	Atlanta-Sandy Springs et al, GA	100.0	%		45,758	115,983	23.57	92.1	%	(Kroger)
Roswell Corners	Atlanta-Sandy Springs et al, GA	100.0	%		136,124	314,014	16.20	95.2	%	(Super Target)	Staples, T.J. Maxx
Roswell Crossing	Atlanta-Sandy Springs et al, GA	100.0	%		201,979	201,979	13.62	90.9	%	Trader Joe's	Office Max, PetsMart, Walgreens
Sandy Plains Exchange	Atlanta-Sandy Springs et al, GA	30.0	%	(1)	21,835	72,784	13.33	94.8	%	Publix
Thompson Bridge Commons	Gainesville, GA	30.0	%	(1)	28,676	95,587	13.41	94.9	%	Kroger

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Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Georgia Total:	# of Properties: 17				1,800,571	3,018,904	15.63	88.9	%
Kentucky
Millpond Center	Lexington-Fayette, KY	100.0	%		124,498	151,498	10.34	90.0	%	Kroger
Regency Shopping Centre	Lexington-Fayette, KY	100.0	%		142,972	189,016	13.55	92.5	%	(Kroger)	T.J. Maxx, Michaels
Tates Creek	Lexington-Fayette, KY	100.0	%		193,075	198,235	12.95	98.6	%	Kroger	Rite Aid
Festival at Jefferson Court	Louisville, KY-IN	100.0	%		168,986	218,396	12.51	99.2	%	Kroger	(PetSmart), Staples, Factory Card Outlet
Kentucky Total:	# of Properties: 4				629,531	757,145	12.46	95.6	%
Louisiana
Town & Country Plaza	Hammond, LA	100.0	%		224,827	224,827	8.38	92.3	%	Winn Dixie	Ross Dress for Less, Office Depot, CVS/pharmacy
Westwood Village	Lafayette, LA	100.0	%		138,034	138,034	9.90	99.2	%	Rouses Supermarket	Stage, CVS
14/Park Plaza	Lake Charles, LA	100.0	%		172,068	172,068	7.69	60.3	%		Conn’s, Anna's Linens, Family Dollar, Citi Trends
K-Mart Plaza	Lake Charles, LA	50.0	%	(1)(3)	107,974	232,390	9.33	100.0	%	Albertsons	Kmart, Dollar Tree
Southgate	Lake Charles, LA	100.0	%		158,587	158,587	9.88	81.7	%	Market Basket	Office Depot, Books-A-Million
Danville Plaza	Monroe, LA	100.0	%		141,218	141,218	5.36	93.0	%	County Market	Citi Trends, Surplus Warehouse
Manhattan Place	New Orleans-Metairie-Kenner, LA	100.0	%		137,315	276,615	15.21	98.9	%		(Target), Ross Dress for Less, Stage, K&G Fashion
University Place	Shreveport-Bossier City, LA	100.0	%		206,753	381,253	16.30	98.5	%	(Super Target)	Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond
Louisiana Total:	# of Properties: 8				1,286,776	1,724,992	10.91	89.9	%
Maryland
Pike Center	Washington, DC-VA-MD-WV	100.0	%		81,336	81,336	53.21	73.9	%		T.G.I. Friday's
Maryland Total:	# of Properties: 1				81,336	81,336	53.21	73.9	%
Missouri
Ballwin Plaza	St. Louis, MO-IL	100.0	%		200,915	200,915	7.99	77.6	%	Schnucks	Michaels
Western Plaza	St. Louis, MO-IL	50.0	%	(1)(3)	28,367	56,734	7.45	100.0	%		Value Village
Missouri Total:	# of Properties: 2				229,282	257,649	7.93	80.3	%
Nevada
Best in the West	Las Vegas-Paradise, NV	100.0	%		428,067	428,067	16.86	94.2	%		Old Navy, Best Buy, Office Depot, Bed Bath & Beyond, Babies "R" Us, DSW Shoes, PetSmart, Jo-Ann Stores, Sports Authority, Ulta
Charleston Commons	Las Vegas-Paradise, NV	100.0	%		332,539	362,514	16.15	97.7	%	Wal-Mart	Ross, Office Max, 99 Cents Only, PetSmart
College Park S.C.	Las Vegas-Paradise, NV	100.0	%		167,654	195,367	10.82	91.1	%	El Super	Sav-On Drugs, Anna's Linens, Factory 2 U
Eastern Horizon	Las Vegas-Paradise, NV	100.0	%		65,848	209,727	20.89	95.4	%	Trader Joe's, (Kmart)
Francisco Centre	Las Vegas-Paradise, NV	100.0	%		116,973	148,815	12.50	92.4	%	La Bonita Grocery	(Ross Dress for Less), Fallas Paredes
Mission Center	Las Vegas-Paradise, NV	100.0	%		152,151	212,169	11.87	90.9	%	(Albertsons)	(Sav-On Drug-CVS), Toys “R” Us, T.J. Maxx
Paradise Marketplace	Las Vegas-Paradise, NV	100.0	%		77,597	148,092	16.67	87.4	%	(Smith’s Food)	Dollar Tree
Rainbow Plaza	Las Vegas-Paradise, NV	100.0	%		273,916	273,916	14.30	84.3	%	Albertsons	JC Penney, Home Depot, 24 Hour Fitness
Rainbow Plaza, Phase I	Las Vegas-Paradise, NV	100.0	%		136,369	136,369	13.29	94.8	%	Albertsons	JC Penney, Home Depot, 24 Hour Fitness
Rancho Towne & Country	Las Vegas-Paradise, NV	100.0	%		84,743	139,839	11.99	98.0	%	Smith’s Food
Tropicana Beltway	Las Vegas-Paradise, NV	100.0	%		246,483	617,821	17.63	92.2	%	(Wal-Mart Supercenter)	(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, Sports Authority, .99 Cents Only

Page 34

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Tropicana Marketplace	Las Vegas-Paradise, NV	100.0	%		69,475	142,643	18.52	80.9	%	(Smith’s Food)	Family Dollar
Westland Fair North	Las Vegas-Paradise, NV	100.0	%		214,127	602,904	17.01	86.9	%	(Wal-Mart Supercenter)	(Lowe’s), PetSmart, Office Depot, Michaels, Anna's Linens
Nevada Total:	# of Properties: 12				2,365,942	3,618,243	15.29	91.7	%
New Mexico
Eastdale	Albuquerque, NM	100.0	%		119,091	119,091	7.64	98.1	%	Albertsons	Family Dollar
North Towne Plaza	Albuquerque, NM	100.0	%		112,666	142,106	19.54	100.0	%	Whole Foods Market	Home Goods
Pavillions at San Mateo	Albuquerque, NM	100.0	%		151,160	208,691	18.83	83.8	%	Wal-Mart Neighborhood Market	Old Navy, Shoe Department, Skechers, Dollar Tree
Wyoming Mall	Albuquerque, NM	100.0	%		51,713	270,899	16.68	100.0	%	(Wal-Mart Supercenter)	Dollar Tree
New Mexico Total:	# of Properties: 4				434,630	740,787	15.17	93.8	%
North Carolina
Galleria	Charlotte-Gastonia et al, NC-SC	100.0	%		120,674	328,276	16.94	91.8	%	(Wal-Mart Supercenter)	Off Broadway Shoes
Steele Creek Crossing	Charlotte-Gastonia et al, NC-SC	100.0	%		77,301	77,301	16.83	98.0	%	BI-LO	Rite Aid
Whitehall Commons	Charlotte-Gastonia et al, NC-SC	100.0	%		41,941	444,561	23.77	95.0	%	(Wal-Mart Supercenter), (BI-LO)	(Lowes)
Bull City Market	Durham, NC	100.0	%		40,875	40,875	18.29	100.0	%	Whole Foods Market
Chatham Crossing	Durham, NC	25.0	%	(1)(3)	24,039	96,155	13.32	96.2	%	Lowes Food	CVS/pharmacy
Cole Park Plaza	Durham, NC	25.0	%	(1)(3)	20,564	82,258	10.36	47.8	%		Dollar General
Hope Valley Commons	Durham, NC	100.0	%		81,371	81,371	22.50	96.5	%	Harris Teeter
Ravenstone Commons	Durham, NC	100.0	%		60,424	60,424	14.82	97.7	%	Food Lion
Avent Ferry	Raleigh-Cary, NC	100.0	%		111,622	111,622	17.16	98.8	%	Food Lion	Family Dollar
Capital Square	Raleigh-Cary, NC	100.0	%		143,063	143,063	7.21	100.0	%	Food Lion
Falls Pointe	Raleigh-Cary, NC	100.0	%		112,203	198,553	17.11	91.9	%	Harris Teeter	(Kohl’s)
Harrison Pointe	Raleigh-Cary, NC	100.0	%		130,934	130,934	17.01	85.3	%	Harris Teeter	Staples
Heritage Station	Raleigh-Cary, NC	30.0	%	(1)	20,592	77,669	19.43	98.3	%	Harris Teeter
High House Crossing	Raleigh-Cary, NC	100.0	%		90,155	90,155	14.30	90.1	%	Harris Teeter
Leesville Town Centre	Raleigh-Cary, NC	100.0	%		114,396	114,396	21.71	95.6	%	Harris Teeter	Rite Aid
Northwoods Market	Raleigh-Cary, NC	100.0	%		77,802	77,802	18.06	81.7	%	Wal-Mart Neighborhood Market
Parkway Pointe	Raleigh-Cary, NC	100.0	%		80,061	80,061	11.07	95.3	%	Food Lion	Rite Aid
Six Forks Station	Raleigh-Cary, NC	100.0	%		466,585	466,585	10.85	94.5	%	Food Lion	Kmart, Home Depot, Bed Bath & Beyond
Stonehenge Market	Raleigh-Cary, NC	100.0	%		188,521	188,521	12.10	92.3	%	Harris Teeter	SteinMart, Rite Aid
Surf City Crossing	Wilmington, NC	100.0	%		63,016	63,016	10.91	93.1	%	Harris Teeter
Waterford Village	Wilmington, NC	100.0	%		89,715	89,715	21.02	89.9	%	Harris Teeter
North Carolina Total:	# of Properties: 21				2,155,854	3,043,313	14.55	93.3	%
Oklahoma
Town and Country	Oklahoma City, OK	100.0	%		128,231	128,231	6.50	91.3	%		Office Depot, Big Lots, Westlake Hardware, Aaron Rents
Oklahoma Total:	# of Properties: 1				128,231	128,231	6.50	91.3	%

Page 35

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Oregon
Clackamas Square	Portland-Vancouver et al, OR-WA	20.0	%	(1)(3)	14,790	136,551	17.27	92.2	%	(Winco Foods)	T.J. Maxx
Oak Grove Market Center	Portland-Vancouver et al, OR-WA	100.0	%		97,177	97,177	13.72	96.8	%	Safeway
Raleigh Hills Plaza	Portland-Vancouver et al, OR-WA	20.0	%	(1)(3)	7,904	39,520	24.40	100.0	%	New Seasons Market	Walgreens
Oregon Total:	# of Properties: 3				119,871	273,248	14.86	96.4	%
South Carolina
Fresh Market Shoppes	Hilton Head Island-Beaufort, SC	25.0	%	(1)(3)	21,530	86,120	14.92	86.7	%	The Fresh Market
South Carolina Total:	# of Properties: 1				21,530	86,120	14.92	86.7	%
Tennessee
Bartlett Towne Center	Memphis, TN-MS-AR	100.0	%		192,624	192,624	11.05	97.0	%	Kroger	Petco, Dollar Tree, Shoe Carnival
Commons at Dexter Lake	Memphis, TN-MS-AR	30.0	%	(1)	50,087	178,558	8.79	89.0	%	Kroger	SteinMart, Marshalls, Home Goods
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR	30.0	%	(1)	18,551	66,838	13.10	80.6	%	Kroger	SteinMart, Marshalls, Home Goods
Highland Square	Memphis, TN-MS-AR	100.0	%	(4)	14,490	14,490	N/A	100.0	%		Walgreens
Mendenhall Commons	Memphis, TN-MS-AR	30.0	%	(1)	26,432	88,108	11.02	98.7	%	Kroger
Ridgeway Trace	Memphis, TN-MS-AR	100.0	%		169,987	307,727	20.76	97.1	%		(Target) Best Buy, Sports Authority, PetSmart, Staples
Summer Center	Memphis, TN-MS-AR	100.0	%		139,021	139,021	9.99	94.8	%	Kroger	Ross Dress for Less
Tennessee Total:	# of Properties: 6				611,192	987,366	13.42	95.5	%
Texas
Bell Plaza	Amarillo, TX	15.0	%	(1)	19,595	130,631	10.62	97.3	%	United Supermarket	Dollar Tree
Crossroads	Beaumont-Port Arthur, TX	100.0	%		115,798	115,798	4.85	98.3	%	Market Basket	Beall’s, Baskin’s, Burke’s Outlet
North Park Plaza	Beaumont-Port Arthur, TX	50.0	%	(1)(3)	70,036	302,606	13.83	89.4	%		(Target), (Toys “R” Us)
Phelan West	Beaumont-Port Arthur, TX	66.7	%	(1)(3)	15,552	82,221	12.81	100.0	%	(Kroger)
North Towne Plaza	Brownsville-Harlingen, TX	100.0	%		36,000	153,000	17.78	32.2	%		(Lowe's)
Moore Plaza	Corpus Christi, TX	100.0	%		371,650	599,622	13.86	98.2	%	(H. E. B.)	Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Steinmart
Boswell Towne Center	Dallas-Fort Worth-Arlington, TX	100.0	%		26,088	88,008	21.18	100.0	%	(Albertsons)
Gateway Station	Dallas-Fort Worth-Arlington, TX	70.0	%	(1)	47,950	68,500	10.95	61.9	%		Conn's
Horne Street Market	Dallas-Fort Worth-Arlington, TX	100.0	%	(4)	42,267	42,267	N/A	100.0	%		24 Hour Fitness
Lake Pointe Market Center	Dallas-Fort Worth-Arlington, TX	100.0	%		40,513	121,689	21.02	73.5	%	(Tom Thumb)	(Walgreens)
Overton Park Plaza	Dallas-Fort Worth-Arlington, TX	100.0	%		355,259	465,259	13.31	90.3	%	Sprouts Farmers Market	Sports Authority, PetsMart, T.J. Maxx, (Home Depot), Goody Goody Wines, Anna’s Linens, buybuy BABY
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	20.0	%	(1)(3)	72,667	363,337	16.34	86.3	%		Babies "R" Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
10/Federal	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	19,871	132,472	8.27	98.6	%	Sellers Bros.	Palais Royal, Harbor Freight Tools
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX	100.0	%		56,969	56,969	20.87	100.0	%	Trader Joe's	PetSmart
Bellaire Boulevard	Houston-Baytown-Sugar Land, TX	30.0	%	(1)	10,524	41,273	26.74	100.0	%	Randall’s
Braeswood Square	Houston-Baytown-Sugar Land, TX	100.0	%		104,686	104,686	12.31	98.4	%	Belden’s	Walgreens
Broadway	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	11,191	74,604	6.98	92.1	%		Big Lots, Family Dollar
Centre at Post Oak	Houston-Baytown-Sugar Land, TX	100.0	%		183,940	183,940	29.59	97.8	%		Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
Champions Village	Houston-Baytown-Sugar Land, TX	30.0	%	(1)	115,320	384,400	13.34	94.3	%	Randall’s	SteinMart, Palais Royal, Cost Plus, Barnes & Noble

Page 36

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Cullen Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	12,678	84,517	9.77	100.0	%	Fiesta	Family Dollar
Cypress Pointe	Houston-Baytown-Sugar Land, TX	100.0	%		186,399	283,059	9.66	97.1	%	Kroger	Babies “R” Us
Edgebrook	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	11,769	78,460	10.23	100.0	%	Fiesta	Family Dollar
Fiesta Village	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	4,537	30,249	8.81	100.0	%	Fiesta
Galveston Place	Houston-Baytown-Sugar Land, TX	100.0	%		210,537	210,537	10.43	98.0	%	Randall’s	Office Depot, Palais Royal, Spec's Liquor
Glenbrook Square	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	11,684	77,890	9.03	92.3	%	Kroger
Griggs Road	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	12,017	80,116	10.74	51.9	%		Family Dollar, Citi Trends
Harrisburg Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	14,016	93,438	17.11	96.6	%		Fallas Paredes
HEB - Dairy Ashford & Memorial	Houston-Baytown-Sugar Land, TX	100.0	%	(4)	36,874	36,874	N/A	100.0	%	H.E.B.
Heights Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		71,777	71,777	8.71	100.0	%	Kroger
Humblewood Shopping Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		180,226	279,226	13.94	100.0	%	Kroger	Conn’s, Walgreens, (Michaels), (DSW)
I-45/Telephone Rd. Center	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	25,768	171,789	10.75	99.0	%	Sellers Bros.	FAMSA, Dollar Tree, Fallas Paredes
Kirby Strip Center	Houston-Baytown-Sugar Land, TX	100.0	%		10,005	10,005	25.21	100.0	%		Freebirds Burrito
Lawndale	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	7,819	52,127	9.97	100.0	%		LaMichoacana Meat Market, Family Dollar, 99 Cents Only
League City Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	19,048	126,990	12.46	96.8	%	Kroger
Little York Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	17,082	113,878	8.72	88.3	%	Sellers Bros.	Fallas Paredes
Lyons Avenue	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	10,144	67,629	7.73	100.0	%	Fiesta	Fallas Paredes
Market at Town Center	Houston-Baytown-Sugar Land, TX	100.0	%		388,865	388,865	18.68	97.9	%		Old Navy, Home Goods, Marshalls, Ross Dress for Less
Market at Westchase	Houston-Baytown-Sugar Land, TX	100.0	%		84,081	84,081	17.60	91.9	%	Whole Foods Market
Market Street Shopping Center	Houston-Baytown-Sugar Land, TX	50.0	%	(1)	24,569	49,138	6.73	100.0	%	Sellers Bros.	Family Dollar
Montgomery Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		300,772	322,987	9.15	96.2	%		Academy, Conn’s, 99 Cents Only, Petco, Anna's Linens, Spec's Liquor
North Oaks	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	60,778	405,186	10.42	94.0	%		T.J. Maxx, Staples, Ross Dress for Less, Big Lots, Half Price Books, Anna's Linens, Hobby Lobby
North Triangle	Houston-Baytown-Sugar Land, TX	100.0	%		16,060	16,060	21.74	67.6	%		CiCi’s Pizza
Northbrook Center	Houston-Baytown-Sugar Land, TX	100.0	%		173,288	173,288	13.60	98.9	%	Randall’s	Office Depot, Citi Trends, Anna’s Linens, Dollar Tree
Northwest Crossing	Houston-Baytown-Sugar Land, TX	75.0	%	(1)(3)	134,692	300,310	14.28	99.3	%		(Target), Marshalls, Best Buy, Dollar Tree, Big Lots
Oak Forest	Houston-Baytown-Sugar Land, TX	100.0	%		151,324	151,324	12.14	99.1	%	Kroger	Ross Dress for Less, Dollar Tree
Orchard Green	Houston-Baytown-Sugar Land, TX	100.0	%		74,983	74,983	10.88	100.0	%	Sellers Bros.	Family Dollar
Palmer Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		96,526	196,506	9.30	84.8	%	(Joe V's Smartshop)	Dollar Tree
Randall's/Cypress Station	Houston-Baytown-Sugar Land, TX	100.0	%		140,624	140,624	12.51	85.0	%		David's Bridal
Randall's/Kings Crossing	Houston-Baytown-Sugar Land, TX	30.0	%	(1)	37,919	126,397	15.86	100.0	%	Randall’s	CVS/pharmacy
Richmond Square	Houston-Baytown-Sugar Land, TX	100.0	%		93,944	93,944	20.77	100.0	%		Best Buy, Cost Plus
River Oaks East	Houston-Baytown-Sugar Land, TX	100.0	%		71,265	71,265	28.88	100.0	%	Kroger
River Oaks West	Houston-Baytown-Sugar Land, TX	100.0	%		248,663	248,663	28.88	96.1	%		Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank
Rose-Rich	Houston-Baytown-Sugar Land, TX	100.0	%		102,641	102,641	9.71	75.2	%		Family Dollar, Palais Royal
Sheldon Forest North	Houston-Baytown-Sugar Land, TX	100.0	%		22,040	22,040	10.23	100.0	%	Gerland’s	Family Dollar
Sheldon Forest South	Houston-Baytown-Sugar Land, TX	50.0	%	(1)	37,670	75,340	10.23	100.0	%	Gerland’s	Burke’s Outlet
Shoppes at Memorial Villages	Houston-Baytown-Sugar Land, TX	100.0	%		182,541	182,541	7.70	89.6	%		Rexel

Page 37

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %			Grocer Anchor	Other Anchors      ( ) indicates owned by others
Shops at Three Corners	Houston-Baytown-Sugar Land, TX	70.0	%	(1)	173,060	272,350	12.68	97.9	%		Fiesta	Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	18,789	125,260	9.98	95.5	%		Food-A-Rama	CVS/pharmacy, Family Dollar, Palais Royal
Spring Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	8,875	59,166	8.75	93.1	%		Sellers Bros.	Family Dollar
Stella Link	Houston-Baytown-Sugar Land, TX	100.0	%		70,087	70,087	9.11	94.4	%		Sellers Bros.	Burke’s Outlet, Spec’s Liquor Warehouse
Ten Blalock Square	Houston-Baytown-Sugar Land, TX	100.0	%		97,277	97,277	15.13	100.0	%		99 Ranch Market
Village Arcade	Houston-Baytown-Sugar Land, TX	100.0	%		57,203	57,203	37.41	100.0	%			Gap, Baby Gap, Chicos
Village Arcade-Phase II	Houston-Baytown-Sugar Land, TX	100.0	%		28,371	28,371	37.41	100.0	%			Talbots
Village Arcade-Phase III	Houston-Baytown-Sugar Land, TX	100.0	%		107,134	107,134	37.41	95.8	%	��		Banana Republic, Express, Ann Taylor
Village Plaza at Bunker Hill	Houston-Baytown-Sugar Land, TX	57.8	%	(1)(3)	283,399	495,204	12.73	97.9	%		H. E. B.	PetSmart, Babies "R" Us, Academy, Tiger Direct
Westchase Center	Houston-Baytown-Sugar Land, TX	100.0	%		231,477	331,027	12.44	97.5	%		Randall's	(Target), Ross Dress for Less, Golfsmith, Palais Royal, Petco
Westhill Village	Houston-Baytown-Sugar Land, TX	100.0	%		130,041	130,041	14.77	100.0	%			Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens
Killeen Marketplace	Killeen-Temple-Fort Hood, TX	100.0	%		115,203	251,137	12.15	97.0	%			Best Buy, Ross Dress for Less, Staples, (Home Depot)
North Creek Plaza	Laredo, TX	100.0	%		239,897	481,764	14.00	95.9	%		(H. E. B.)	(Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond
Plantation Centre	Laredo, TX	100.0	%		135,373	143,015	14.04	100.0	%		H. E. B.
Angelina Village	Lufkin, TX	100.0	%		248,199	248,199	9.09	91.6	%			Kmart, Conn's
Las Tiendas Plaza	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	143,968	500,067	10.53	96.8	%			(Target), (Mervyn’s), Academy, Conn’s, Ross Dress for Less, Marshalls, Office Depot
Market at Nolana	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	20,315	243,821	24.30	74.3	%		(Wal-Mart Supercenter)
Market at Sharyland Place	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	56,456	301,174	17.35	95.6	%			(Wal-Mart), Kohl's, Dollar Tree
Northcross	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	37,732	75,465	16.47	95.1	%			Barnes & Noble
Old Navy Building	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)(4)	7,500	15,000	N/A	100.0	%
Sharyland Towne Crossing	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	176,520	484,949	14.60	99.1	%		H.E.B.	(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
South 10th St. HEB	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	51,851	103,702	11.43	100.0	%		H. E. B.
Starr Plaza	Rio Grande City, TX	50.0	%	(1)(3)	88,346	176,693	11.54	97.0	%		H. E. B.	Beall’s, Dollar General
Fiesta Trails	San Antonio, TX	100.0	%		306,370	482,370	15.19	99.3	%		(H. E. B.)	(Target), Act III Theatres, Marshalls, Office Max, SteinMart, Petco, Anna’s Linens
Oak Park Village	San Antonio, TX	30.0	%	(1)	19,286	64,287	9.54	100.0	%		H. E. B.
Parliament Square	San Antonio, TX	100.0	%		64,950	64,950	11.61	86.8	%			Family Dollar
Parliament Square II	San Antonio, TX	100.0	%	(4)	54,541	54,541	N/A	100.0	%			Incredible Pizza
Thousand Oaks	San Antonio, TX	15.0	%	(1)	24,348	162,322	10.70	95.4	%		H. E. B.	Beall’s, Tuesday Morning
Valley View	San Antonio, TX	100.0	%		91,544	91,544	11.19	95.7	%			Marshalls, Dollar Tree
Westwood Center	San Antonio, TX	100.0	%		68,753	77,758	17.86	70.3	%			(Wal-Mart)
Broadway	Tyler, TX	100.0	%		60,400	60,400	7.95	87.6	%			SteinMart
Texas Total:	# of Properties: 83				8,218,766	14,462,304	14.25	95.2	%
Utah
Alpine Valley Center	Provo-Orem, UT	33.3	%	(1)(3)	30,382	224,654	16.21	100.0	%		(Super Target)	Old Navy, Justice, Dollar Tree, Office Depot
300 West	Salt Lake City, UT	31.8	%	(1)(3)	14,009	182,119	25.46	100.0	%			(Target)
Taylorsville Town Center	Salt Lake City, UT	100.0	%		90,157	130,214	17.21	92.8	%		(The Fresh Market)	Rite Aid

Page 38

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
West Jordan Town Center	Salt Lake City, UT	100.0	%		182,099	304,899	12.11	89.5	%		(Target), Petco, Office Depot
Utah Total:	# of Properties: 4				316,647	841,886	14.30	91.9	%
Washington
Meridian Town Center	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	15,533	143,012	16.33	98.7	%	(Safeway)	Jo-Ann Fabric & Craft Store, Tuesday Morning
Mukilteo Speedway Center	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	18,055	90,273	16.95	27.0	%		Dollar Tree
Promenade 23	Seattle-Tacoma-Bellevue, WA	100.0	%		96,660	96,660	14.98	90.6	%	Red Apple Grocers	Walgreens
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	21,485	107,423	19.06	100.0	%	Safeway	Ross Dress for Less
South Hill Center	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	26,802	134,010	17.22	97.8	%		Bed Bath & Beyond, Ross Dress for Less, Best Buy
Washington Total:	# of Properties: 5				178,535	571,378	16.11	87.1	%
Total Retail Properties	# of Properties: 286				30,824,413	52,505,476	15.14	93.7	%
Other
Operating Properties
Arizona
Arcadia Biltmore Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		21,122	21,122					Endurance Rehab, Weingarten Realty Regional Office
Arizona Total:	# of Properties: 1				21,122	21,122
Tennessee
Crowfarn Drive Warehouse	Memphis, TN-MS-AR	20.0	%	(1)(3)	31,770	158,849					C.M.I. Freight-Trans Inc., Memphis Distribution Services
Outland Business Center	Memphis, TN-MS-AR	20.0	%	(1)(3)	82,088	410,438					Vistar Tennessee, Kuehne + Nagel, TricorBraun
Tennessee Total:	# of Properties: 2				113,858	569,287
Texas
1919 North Loop West	Houston-Baytown-Sugar Land, TX	100.0	%		138,058	138,058					State of Texas
Citadel Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		121,000	121,000					Weingarten Realty Investors Corporate Office
Houston Cold Storage Warehouse	Houston-Baytown-Sugar Land, TX	100.0	%		129,271	129,271					Preferred Freezer Services
Texas Total:	# of Properties: 3				388,329	388,329
Total Other Properties	# of Properties: 6				523,309	978,738
Total Operating Properties	# of Properties: 292				31,347,722	53,484,214
New Development
Texas
Tomball Marketplace	Houston-Baytown-Sugar Land, TX	100.0	%	(2)	78,250	232,071
Texas Total:	# of Properties: 1				78,250	232,071
Virginia
Hilltop Village	Washington, DC-VA-MD-WV	100.0	%	(1)(2)	0	0
Virginia Total:	# of Properties: 1				0	0

Page 39

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %	Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
Total New Developments	# of Properties: 2			78,250	232,071
Unimproved Land					��
Arizona
Bullhead Parkway at State Route 95, Bullhead City					312,761
Lon Adams Rd at Tangerine Farms Rd, Marana					422,532
Southern Avenue and Signal Butte Road, Mesa					63,162
Arizona Total:					798,455
California
Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley					138,956
Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley					473,497
California Total:					612,453
Colorado
Highway 85 and Highway 285, Sheridan					792,792
Colorado Total:					792,792
Florida
Young Pines and Curry Ford Rd, Orange County					132.422
State Road 100 & Belle Terre Parkway, Palm Coast					292,288
SR 207 at Rolling Hills Dr, St. Augustine					228,254
Florida Total:					652,964
Georgia
NWC South Fulton Pkwy. @ Hwy. 92, Union City					3,554,496
Georgia Total:					3,554,496
Louisiana
Ambassador Caffery at W. Congress, Lafayette					34,848
Louisiana Total:					34,848
Nevada
SWC Highway 215 at Decatur, Las Vegas					707,414
Nevada Total:					707,414
North Carolina
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland					549,727
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh					510,959
Highway 17 and Highway 210, Surf City					2,024,233
U.S. Highway 1 at Caveness Farms Rd., Wake Forest					1,637,420
North Carolina Total:					4,722,339
Tennessee
Poplar Avenue and Ridgeway Road, Memphis					53,579
Tennessee Total:					53,579
Texas
U.S. 77 and 83 at SHFM 802, Brownsville					914,723
Rock Prairie Rd. at Hwy. 6, College Station					394,218

Page 40

Weingarten Realty Investors

Property Listing

As of December 31, 2012

Center	CBSA	Owned %	Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
River Pointe Drive at Interstate 45, Conroe					72,745
Leslie Rd. at Bandera Rd., Helotes					74,052
Bissonnet at Wilcrest, Houston					40,946
Citadel Plaza at 610 North Loop, Houston					137,214
East Orem, Houston					121,968
Kirkwood at Dashwood Drive, Houston					321,908
Mesa Road at Tidwell, Houston					105,501
Northwest Freeway at Gessner, Houston					117,612
West Little York at Interstate 45, Houston					161,172
Nolana Ave. and 29th St., McAllen					163,350
Shary Rd. at North Hwy. 83, Mission					1,560,319
9th Ave. at 25th St., Port Arthur					243,065
Gattis School Rd at A.W. Grimes Blvd, Round Rock					100,188
FM 1957 (Potranco Road) and FM 211, San Antonio					8,655,372
SH 151 and Ingram Rd, San Antonio					252,692
US Hwy. 281 at Wilderness Oaks, San Antonio					1,269,774
Highway 3 at Highway 1765, Texas City					200,812
FM 2920 and Highway 249, Tomball					459,776
Texas Total:					15,367,407
Utah
South 300 West & West Paxton Avenue, Salt Lake City					201,683
Utah Total:					201,683
Total Unimproved Land					27,498,430

Page 41

Other Topics of Interest

Weingarten Realty Investors

Reconciliation of Impairment Transactions

(in thousands, except per share amounts)

	Three Months Ended   December 31, 2012				Twelve Months Ended   December 31, 2012 (3)
			Per Share				Per Share
Summary of Impaired Items (at pro rata) :
Properties Held for Sale or Sold (1)	$	26	$	—	$	5,454	$	0.05
Properties Marketed for Sale or Sold	—		—		23,320		0.19
Investments in Real Estate Joint Ventures (2)	—		—		6,608		0.05
Total Impairment Loss	$	26	$	—	$	35,382	$	0.29
Financial Statement Impact of Impairment Loss:
Impairment Loss	$	—	$	—	$	9,982	$	0.08
Discontinued Operations	26		—		5,454		0.05
Equity In Loss of Real Estate Joint Ventures and Partnerships, net	—		—		19,946		0.16
Total Impairment Loss	$	26	$	—	$	35,382	$	0.29

(1) Amounts reported are based on third party offers.

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

(3) For the twelve months ended December 31, 2012, reclassification adjustments for certain properties have been made to conform to the current year presentation.

Page 43

Weingarten Realty Investors

Ground Lease Summary

December 31, 2012

(in thousands, except number of leases and per share amounts)

Use Description	Number  of  Leases	WRI  Share  GLA	WRI  Share  ABR		WRI  Share ABR  $/SF
Home Improvement	2	220	$	781	$	3.55
Discount Department Store	10	836	3,646		4.36
Full-Service Restaurant	52	218	4,105		18.81
Fast Food	68	173	4,063		23.46
Bank	37	95	2,555		27.01
Supermarket	22	865	5,129		5.93
Pharmacy	6	105	838		7.97
Theater	1	56	377		6.74
Gas Station	10	19	963		49.55
Other Hardline Retailers	3	80	426		5.31
Other	18	117	872		7.50
Total	229	2,784	$	23,755	$	8.53

Page 44