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

Exhibit 99.1

Table of Contents		Page
Quarterly Earnings Press Release		i - v
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
	Capital Expenditures/Redevelopment	11
	New Development Properties	12
	Land Held for Development	13
	Disposition and Acquisition Summary	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 Base Minimum Rent	24
	Portfolio Operating Information	25 - 26
	Total Net Operating Income by Geographic Region	27
Property Listing
	Summary Property Listing	29
	Property Listing	30 - 39
	Ground Lease Commitments	39
Other Topics of Interest
	Portfolio Transformation	41
	Ground Lease Summary	42
Corporate Profile
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2014, we owned or operated under long-term leases, interests in 237 properties which are located in 21 states that span the United States from coast to coast. These properties represent approximately 45.3 million square feet of which our interests in these properties aggregated approximately 27.8 million square feet of leasable area. Our properties were 95.4% leased as of December 31, 2014, 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 COMPLETES STRATEGIC PORTFOLIO TRANSFORMATION AND INCREASES DIVIDEND BY 6.2%

Houston, February 17, 2015 --- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2014.

Operating and Financial Highlights

• Recurring Funds from Operations (“FFO”) was $0.51 per diluted share for the fourth quarter;

• Same Property Net Operating Income (“SPNOI”) increased by 3.6% over the fourth quarter of the prior year and 3.4% over the full year 2013;

• Occupancy improved to 95.4% during the fourth quarter, up from 94.8% in the fourth quarter of last year;

• Acquisitions totaled $44 million for the year;

• Dispositions totaled $166 million for the fourth quarter and $387 million for the year; and

• The Board of Trust Managers increased the common dividend per share 6.2% to $0.345 per quarter or $1.38 on an annualized basis.

Financial Results

The Company reported net income attributable to common shareholders of $87.1 million or $0.70 per diluted share (hereinafter “per share”) for the fourth quarter of 2014, as compared to $47.7 million or $0.38 per share for the same period in 2013. For the full year 2014, the Company reported net income of $279.3 million or $2.25 per share compared to $184.1 million or $1.50 per share for the full year 2013. Included in net income for 2014 were gains on the sale of properties and partnership interests of $1.55 per share compared to $1.25 per share in 2013.

For the current quarter, Reported FFO was $62.5 million or $0.51 per share compared to $51.9 million or $0.42 per share for 2013. Recurring FFO for the fourth quarter of 2014

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was $0.51 per share or $63.1 million. For the same quarter last year, Recurring FFO was $0.48 per share or $59.5 million. This increase in Recurring FFO per share over the prior year was primarily due to the Company’s acquisition and new development programs, increased operating income from the existing portfolio and reduced interest expense due to favorable refinancing transactions. These increases were partially offset by the impact of the Company’s disposition program, which reduced Recurring FFO by $0.05 per share for the quarter compared to last year.

For the full year ended December 31, 2014, Reported FFO was $256.7 million or $2.06 per share compared to $224.5 million or $1.81 per share for 2013. Recurring FFO for 2014 was $255.3 million or $2.05 per share compared to $243.1 million or $1.96 per share for 2013. The increase in Recurring FFO was primarily due to the Company’s acquisition and new development programs, improvements in the existing portfolio and reduced interest expense. These increases were offset by the impact of dispositions, which reduced FFO by $0.14 per share compared to the prior year.

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.

Strategic Transformation

With a very active fourth quarter of disposition activity, the Company completed the strategic portfolio transformation it announced in April of 2011. From the beginning of 2011 through the end of 2014, the Company sold over $1.5 billion of non-core assets and reinvested over $700 million in quality acquisitions and new development projects. The remaining proceeds were used to reduce debt and redeem high cost preferred equity which greatly increased the strength of its balance sheet. The portfolio today is comprised of high growth, quality shopping centers almost exclusively located in the Company’s target markets with very strong demographics.

The Company sold $166.4 million of assets during the fourth quarter. This consisted of 14 non-core shopping centers and four land parcels. For the full year 2014, the Company sold 31 properties and 11 land parcels for $387.4 million. Subsequent to year-end, the Company sold two additional shopping centers for $25.1 million.

In December, the Company acquired Scottsdale Horizon located in North Scottsdale, Arizona for $43.8 million. This asset is anchored by Safeway and CVS Pharmacy and is located in an exceptional trade area that boasts average household incomes in excess of $120,000 and a highly educated population base with 65% of adult residents having a college degree. The 155,000 square foot shopping center is 94% leased. With this acquisition, Weingarten Realty currently owns 16 shopping centers in the greater Phoenix area totaling 1.5 million square feet.

During the quarter, the Company executed a purchase agreement for the retail portion of The Whittaker, an exciting mixed-use development in West Seattle. This six-story infill project is being co-developed with Lennar with the Company’s 63,000 square foot retail portion anchored by a 41,000 square foot Whole Foods. The Company’s estimated

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investment upon completion is $29.1 million. The Company has three additional shopping centers under development that upon completion will represent an investment of $127.5 million with an estimated average return of about 8%. The Company invested $5.0 million in these projects during the quarter and an additional $5.1 million in 13 redevelopment projects currently ongoing.

“The completion of our highly successful portfolio transformation marks an important milestone for our company. The quality and growth potential of our portfolio is outstanding. Combined with a significantly improved balance sheet, we are well positioned to produce consistent growth in Funds from Operations through accretive external growth opportunities and strong operating results, especially since the negative impact of the transformation is behind us ,” said Drew Alexander, President and Chief Executive Officer.

Operating Results

Same Property NOI during the fourth quarter increased by 3.6% versus a year ago. These results are primarily driven by leases that were previously signed and commenced during the quarter. Occupancy increased to 95.4% in the fourth quarter, an increase of 50 basis points over the prior quarter and 60 basis points over the same quarter of 2013. Occupancy of spaces less than 10,000 square feet, often referred to as shop occupancy, increased to 89.8% from 89.0% in the prior year.

The Company produced solid leasing results again during the fourth quarter with 283 new leases and renewals totaling 978,000 square feet and representing $15.9 million of annual revenue. The 283 transactions were comprised of 97 new leases and 186 renewals, representing annual revenues of $5.6 million and $10.3 million, respectively. The average rental rate increase on new leases and renewals signed during the quarter was 11.2% with rental rates on just new leases up a solid 10.4%.

“We are extremely pleased with the Same Property NOI increase of 3.6% for the quarter. With rental rate increases of 11.2%, we are clearly seeing the effect of the ever decreasing inventory of available space and, more importantly, the impact of our portfolio transformation. As further proof of this success, our year-end occupancy of 95.4% is the highest it has been since we took the Company public in 1985,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Balance Sheet

The Company has continued to strengthen its balance sheet this quarter by using disposition proceeds to further reduce debt. Since the beginning of our portfolio transformation in 2011, the Company has reduced Net Debt to EBITDA from 6.67 times to 5.39 times, Net Debt plus Preferreds to EBITDA from 7.96 times to 5.81 times and Debt to Total Market Cap from 43.2% to 30.2% at December 31, 2014.

“In addition to significantly decreasing the leverage on our balance sheet, we have also improved our maturity schedule with maturities in any future year no greater than $305 million and have reduced our average interest rate on nearly $2 billion of debt from 5.75%

iii

on January 1, 2011 to 4.37% at December 31, 2014,” said Steve Richter, Executive Vice President and Chief Financial Officer.

Dividend

On February 16, 2015, the Board of Trust Managers declared an increase in the common dividend to $0.345 per share for the first quarter of 2015. This represents a 6.2% increase, resulting in an annualized dividend of $1.38 per share. The dividend is payable in cash on March 16, 2015 to shareholders of record on March 9, 2015.

The Board of Trust Managers also declared dividends on the Company’s 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) of $0.40625 per share for the quarter payable on March 16, 2015 to shareholders of record on March 9, 2015.

FFO Guidance

The Company’s full year Recurring FFO guidance is in the range of $2.12 to $2.17 per share. Including debt extinguishment costs of approximately $0.05 per share the Company expects to incur during 2015, full year guidance for Reported FFO is in the range of $2.07 to $2.12 per share. Acquisitions are expected to be in the range of $200 to $250 million with dispositions in the range of $125 to $175 million. New development spending is estimated at $50 to $100 million. Please refer to the full list of guidance information found on page 9 of the supplemental package.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on February 17, 2015 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 # 37563657). A replay 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 shopping center owner, manager and developer. At December 31, 2014, 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 237 properties which are located in 21 states spanning the country from coast to coast. These properties represent approximately 45.3 million square feet of which our interests in these properties aggregated approximately 27.8 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

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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.

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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 F Preferred Shares	WRI-PF

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,
	2014			2013			2014			2013			2012			2011			2010
Revenues:
Rentals, net	$	122,730		$	123,460		$	503,128		$	477,340		$	439,993		$	414,656		$	408,159
Other	3,372			2,611			11,278			11,855			11,184			13,638			10,745
Total	126,102			126,071			514,406			489,195			451,177			428,294			418,904
Expenses:
Depreciation and amortization	36,408			39,724			150,356			146,763			127,703			118,890			113,161
Operating	23,329			26,137			95,318			97,099			88,924			81,178			82,137
Real estate taxes, net	14,349			14,819			60,768			57,515			52,066			49,780			47,441
Impairment loss	1,024			—			1,024			2,579			9,585			49,671			33,317
General and administrative	7,023			6,559			24,902			25,371			28,538			25,461			24,926
Total	82,133			87,239			332,368			329,327			306,816			324,980			300,982
Operating Income	43,969			38,832			182,038			159,868			144,361			103,314			117,922
Interest Expense, net	(21,462		)	(27,830		)	(94,725		)	(96,312		)	(106,248		)	(130,298		)	(135,484		)
Interest and Other Income, net	863			1,898			3,756			7,685			6,047			5,059			9,818
Gain on Sale and Acquisition of Real Estate Joint Venture  and Partnership Interests	—			22,071			1,718			33,670			14,203			—			—
Equity in Earnings (Losses) of Real Estate Joint Ventures  and Partnerships, net (a)	5,986			20,645			22,317			35,112			(1,558		)	7,834			12,889
Loss on Redemption of Convertible Senior Unsecured Notes	—			—			—			—			—			—			(135		)
(Provision) Benefit for Income Taxes	(624		)	(7,302		)	1,261			(7,046		)	75			3			297
Income (Loss) from Continuing Operations	28,732			48,314			116,365			132,977			56,880			(14,088		)	5,307
Operating Income from Discontinued Operations	—			2,289			342			12,214			25,918			18,875			42,833
Gain on Sale of Property from Discontinued Operations	—			2,977			44,582			119,203			68,619			10,648			1,093
Income from Discontinued Operations	—			5,266			44,924			131,417			94,537			29,523			43,926
Gain on Sale of Property	74,883			192			146,290			762			1,004			1,304			2,005
Net Income	103,615			53,772			307,579			265,156			152,421			16,739			51,238
Less: Net Income Attributable to Noncontrolling Interests	(14,635		)	(3,838		)	(19,571		)	(44,894		)	(5,781		)	(1,118		)	(5,032		)
Net Income Adjusted for Noncontrolling Interests	88,980			49,934			288,008			220,262			146,640			15,621			46,206
Dividends on Preferred Shares	(2,710		)	(2,710		)	(10,840		)	(18,173		)	(34,930		)	(35,476		)	(35,476		)
Redemption Costs of Preferred Shares	—			—			—			(17,944		)	(2,500		)	—			—
Net Income (Loss) Attributable to Common Shareholders	$	86,270		$	47,224		$	277,168		$	184,145		$	109,210		$	(19,855	)	$	10,730
Earnings Per Common Share - Basic	$	0.71		$	0.39		$	2.28		$	1.52		$	0.90		$	(0.17	)	$	0.09
Earnings Per Common Share - Diluted	$	0.70		$	0.38		$	2.25		$	1.50		$	0.90		$	(0.17	)	$	0.09

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

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Weingarten Realty Investors

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

	December 31,
	2014			2013
ASSETS
Property	$	4,076,094		$	4,289,276
Accumulated Depreciation	(1,028,619		)	(1,058,040		)
Property Held for Sale, net	3,670			122,614
Property, net	3,051,145			3,353,850
Investment in Real Estate Joint Ventures and Partnerships, net (a)	257,156			266,158
Total	3,308,301			3,620,008
Notes Receivable from Real Estate Joint Ventures and Partnerships	—			13,330
Unamortized Debt and Lease Costs, net	141,122			164,828
Accrued Rent and Accounts Receivable (net of allowance for doubtful       accounts of $7,680 in 2014 and $9,386 in 2013)	77,781			82,351
Cash and Cash Equivalents	23,189			91,576
Restricted Deposits and Mortgage Escrows	79,998			4,502
Other, net	183,703			247,334
Total Assets	$	3,814,094		$	4,223,929
LIABILITIES AND EQUITY
Debt, net	$	1,938,188		$	2,299,844
Accounts Payable and Accrued Expenses	112,479			108,535
Other, net	124,484			127,572
Total Liabilities	2,175,151			2,535,951
Commitments and Contingencies	—			—
Equity:
Shareholders' Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 10,000
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 60 shares outstanding in 2014 and 2013; liquidation preference $150,000 in 2014 and 2013	2			2
Common Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 275,000; shares issued and outstanding:  122,489 in 2014 and 121,949 in 2013	3,700			3,683
Additional Paid-In Capital	1,706,880			1,679,229
Net Income Less Than Accumulated Dividends	(212,960		)	(300,537		)
Accumulated Other Comprehensive Loss	(12,436		)	(4,202		)
Total Shareholders' Equity	1,485,186			1,378,175
Noncontrolling Interests	153,757			309,803
Total Equity	1,638,943			1,687,978
Total Liabilities and Equity	$	3,814,094		$	4,223,929

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

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Weingarten Realty Investors

Funds From Operations

(in thousands, except per share amounts)

	Three Months Ended   December 31,						Twelve Months Ended   December 31,
	2014			2013			2014			2013
Funds from Operations
Numerator:
Net income attributable to common shareholders	$	86,270		$	47,224		$	277,168		$	184,145
Depreciation and amortization	35,118			39,805			145,660			152,075
Depreciation and amortization of unconsolidated real estate  joint ventures and partnerships	3,504			4,180			14,793			17,550
Impairment of operating properties and real estate equity investments	895			—			895			457
Impairment of operating properties of unconsolidated real estate  joint ventures and partnerships	305			—			305			366
(Gain) on acquisition including associated real estate equity investment	—			(20,234		)	—			(20,234		)
(Gain) on sale of property and interests in real estate equity investments	(61,733		)	(3,797		)	(179,376		)	(95,675		)
(Gain) on dispositions of unconsolidated real estate  joint ventures and partnerships	(1,895		)	(15,684		)	(4,919		)	(15,951		)
Other	(4		)	(1		)	(8		)	(1		)
Funds from Operations - Basic	62,460			51,493			254,518			222,732
Income attributable to operating partnership units	—			444			2,171			1,780
Funds from Operations - Diluted	62,460			51,937			256,689			224,512
Adjustments for Recurring FFO:
Other impairment loss, net of tax	129			—			129			2,387
Redemption costs of preferred shares	—			—			—			18,131
Write-off of debt costs, net	323			—			2,173			(9,263		)
Acquisition costs	185			128			253			556
Deferred tax benefit, net	—			—			(2,097		)	—
Other, net of tax	—			7,423			(1,862		)	6,750
Recurring Funds from Operations - Diluted	$	63,097		$	59,488		$	255,285		$	243,073
Denominator:
Funds from operations weighted average shares outstanding - Basic	121,706			121,370			121,542			121,269
Effect of dilutive securities:
Share options and awards	1,412			1,149			1,331			1,191
Operating partnership units	—			1,550			1,497			1,554
Funds from operations weighted average shares outstanding - Diluted	123,118			124,069			124,370			124,014
Funds from Operations per Share - Basic	$	0.51		$	0.42		$	2.09		$	1.84
Funds from Operations Per Share - Diluted	$	0.51		$	0.42		$	2.06		$	1.81
Adjustments for Recurring FFO per share:
Other impairment loss, net of tax	—			—			—			0.02
Redemption costs of preferred shares	—			—			—			0.15
Write-off of debt costs, net	—			—			0.02			(0.07		)
Deferred tax benefit, net	—			—			(0.02		)	—
Other, net of tax	—			0.06			(0.01		)	0.05
Recurring Funds from Operations Per Share - Diluted	$	0.51		$	0.48		$	2.05		$	1.96

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Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)

	Three Months Ended   December 31,						Twelve Months Ended   December 31,
	2014			2013			2014			2013
Rentals, net
Base minimum rent, net	$	95,843		$	95,625		$	392,274		$	370,935
Straight line rent	1,393			626			3,152			2,283
Over/Under-market rentals, net	(436		)	125			(1,725		)	741
Percentage rent	1,363			1,330			4,722			4,707
Tenant reimbursements	24,567			25,754			104,705			98,674
Total	$	122,730		$	123,460		$	503,128		$	477,340
Fee Income Primarily from Real Estate Joint Ventures and Partnerships
Recurring	$	1,250		$	1,296		$	5,380		$	5,476
Non-Recurring	46			—			114			1,016
Total	$	1,296		$	1,296		$	5,494		$	6,492
Interest Expense, net
Interest paid or accrued	$	22,713		$	28,516		$	98,973		$	108,333
Over-market mortgage adjustment of acquired properties, net	(181		)	(7		)	(946		)	(9,618		)
Gross interest expense	22,532			28,509			98,027			98,715
Capitalized interest	(1,070		)	(679		)	(3,302		)	(2,403		)
Total	$	21,462		$	27,830		$	94,725		$	96,312
Interest and Other Income, net
Interest income from joint ventures (primarily construction loans)	$	—		$	402		$	122		$	2,225
Deferred compensation interest income	746			1,315			1,726			3,708
Other	117			181			1,908			1,752
Total	$	863		$	1,898		$	3,756		$	7,685
Supplemental Analyst Information
Net Operating Income including Joint Ventures
Revenues	$	126,102		$	126,071		$	514,406		$	489,195
Operating expense	(23,329		)	(26,137		)	(95,318		)	(97,099		)
Real estate taxes	(14,349		)	(14,819		)	(60,768		)	(57,515		)
Total	88,424			85,115			358,320			334,581
Net Operating Income from Discontinued Operations	—			4,989			641			31,228
Minority Interests Share of Net Operating Income and Other Adjustments	(2,758		)	(5,150		)	(11,683		)	(20,197		)
Pro rata Income From Consolidated Ventures	85,666			84,954			347,278			345,612
Pro rata share of Unconsolidated Joint Ventures
Revenues	13,741			15,777			55,986			62,295
Operating expense	(2,710		)	(3,079		)	(9,981		)	(10,916		)
Real estate taxes	(1,657		)	(1,758		)	(6,891		)	(7,157		)
Total	9,374			10,940			39,114			44,222
Net Operating Income including Joint Ventures	$	95,040		$	95,894		$	386,392		$	389,834
Net Operating Income from Sold Properties not in Discontinued Operations	$	1,203		$	5,921		$	18,417		$	23,269
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships	$	5,369		$	19,703		$	19,669		$	30,558
Intercompany fee income reclass	545			963			2,361			4,007
Other adjustments	72			(21		)	287			547
Equity in earnings of real estate joint ventures and partnerships, net	$	5,986		$	20,645		$	22,317		$	35,112
Dividends
Common Dividends per Share	$	0.575		$	0.305		$	1.550		$	1.220
Common Dividends Paid as a % of Reported Funds from Operations - Basic	112.8		%	72.2		%	74.5		%	66.8		%
Common Dividends Paid as a % of Recurring Funds from Operations - Basic	111.6		%	63.0		%	74.9		%	61.6		%
General and Administrative Expenses
General and Administrative Expenses/Total Revenue	5.6		%	5.2		%	4.8		%	5.2		%
General and Administrative Expenses/Total Assets before Depreciation	0.14		%	0.12		%	0.51		%	0.48		%

Page 6

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)

	December 31,
	2014			2013
Property
Land	$	821,614		$	854,409
Land held for development	103,349			116,935
Land under development	24,297			4,262
Buildings and improvements	3,061,616			3,238,817
Construction in-progress	65,218			74,853
Total	$	4,076,094		$	4,289,276
Straight Line Rent Receivable
	$	54,261		$	57,818
Other Assets, net
Notes receivable and mortgage bonds, net	$	30,365		$	32,436
Debt service guaranty asset	72,105			73,740
Non-qualified benefit plan assets	19,866			19,842
Out-of-market rentals, net	26,790			29,810
Investments	10,196			58,443
Deferred income tax asset	12,326			11,147
Interest rate derivative	3,891			5,282
Other	8,164			16,634
Total	$	183,703		$	247,334
Other Liabilities, net
Deferred revenue	$	11,903		$	13,650
Non-qualified benefit plan liabilities	51,634			48,542
Deferred income tax payable	7,970			9,240
Out-of-market rentals, net	23,218			24,901
Interest rate derivative	109			476
Other	29,650			30,763
Total	$	124,484		$	127,572
Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	38,121		$	38,577
Above-market leases - Accumulated Amortization	(11,331		)	(8,767		)
Below-market assumed mortgages (included in Debt, net)	4,713			4,713
Below-market assumed mortgages - Accumulated Amortization	(2,352		)	(1,900		)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)	132,554			140,457
Valuation of in place leases - Accumulated Amortization	(56,571		)	(48,961		)
Total	$	105,134		$	124,119
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	42,830		$	44,086
Below-market leases - Accumulated Amortization	(19,612		)	(19,185		)
Above-market assumed mortgages (included in Debt, net)	34,113			40,465
Above-market assumed mortgages - Accumulated Amortization	(27,411		)	(31,114		)
Total	$	29,920		$	34,252

Page 7

Weingarten Realty Investors

Capitalization and Debt Coverage Ratios

(in thousands, except common share data and percentages)

	December 31,
	2014			2013
Common Share Data
Closing Market Price	$	34.92		$	27.42
90-Day, Average Daily Trading Volume	898,431			696,965
Capitalization
Debt	$	1,938,188		$	2,299,844
Preferred Shares	150,000			150,000
Sub-total Debt & Preferred Shares	2,088,188			2,449,844
Common Shares at Market	4,277,316			3,343,842
Operating Partnership Units at Market	52,066			41,130
Total Market Capitalization (As reported)	$	6,417,570		$	5,834,816
Debt to Total Market Capitalization (As reported)	30.2		%	39.4		%
Debt to Total Market Capitalization (As reported at a constant share price of $27.42)	35.3		%	39.4		%
Debt to Total Market Capitalization (Pro rata)	31.0		%	40.2		%
Capital Availability
Revolving Credit Facility	$	500,000		$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility	189,000			—
Outstanding Letters of Credit Under Revolving Facility	4,223			2,179
Unused Portion of Credit Facility	$	306,777		$	497,821

Covenant Ratios
	Restrictions
Debt to Asset Ratio (Public)	Less than 60.0%	41.7	%	45.2	%
Debt + Preferred to Asset Ratio	None	44.9	%	48.1	%
Secured Debt to Asset Ratio (Public)	Less than 40.0%	12.8	%	14.3	%
Unencumbered Asset Test (Public)	Greater than 150%	253.0	%	228.4	%
Fixed Charge Coverage (Pro rata/Revolver)	Greater than 1.5x	2.8x		2.4x

Net Debt to Adjusted EBITDA
EBITDA (Current Quarter)	$	162,109		$	129,607
Gain on Sale of Real Estate	(74,883		)	(46,054		)
Ground Rent	295			482
Depreciation Included in Discontinued Operations	—			1,039
Other Non-Recurring Items	1,329			—
Recurring EBITDA	$	88,850		$	85,074
Net Debt (less cash & equivalents)	$	1,914,999		$	2,158,268
Net Debt to Adjusted EBITDA (annualized)	5.39x			6.34x

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

Page 8

Weingarten Realty Investors

Guidance

2015 Guidance
	2015
	Guidance
Recurring FFO Per Diluted Share	$2.12 - $2.17
Reported FFO Per Diluted Share	$2.07 - $2.12
Portfolio Activity ($ in millions)
Acquisitions	$200 - $250
New Development	$50 - $100
Dispositions	$125 - $175
Operating Information
Same Property Net Operating Income	+2.5% to +3.5%

Page 9

Investment Activity

Weingarten Realty Investors

Capital Expenditures/Redevelopment

(at pro rata share)

(in thousands)

Capital Summary
		Three Months Ended   December 31, 2014		Twelve Months Ended   December 31, 2014		Twelve Months Ended 12/31/2013 (2)
	Acquisitions	$	43,832	$	43,832	$	174,633
	New Development	5,017		41,635		13,169
	Building and Site Improvements	6,875		15,784		14,220
	Tenant Finish	5,095		23,710		29,907
	Redevelopment (1)	5,066		18,531		16,218
	External Leasing Commissions	857		3,384		3,443
	All Other	686		1,842		3,792
	Capital Expenditures	$	67,428	$	148,719	$	255,381
	Notes:
	(1) Includes costs where additional square footage is added through new construction or expansion of an existing space.
	(2) 2013 costs have been reclassed to show all costs related to redevelopment as a separate category.
	Costs for Jess Ranch and Sheridan have been grossed up to reflect 100% ownership for all of 2013.
	Internal Leasing Fees are approximately $12.1 million and $12.9 million for the twelve months ended December 31, 2014 and 2013, respectively.

Redevelopment
						2014
						Net Cost		Net Costs		Total Estimated
		2014	2015	WRI		Year-To-		Inception-		Investment				Project
	Center Name	SSNOI	SSNOI	Own %		Date		To-Date		WRI Costs		Gross Costs		Description
Active Projects
1	Riverpoint at Sheridan	N	N	100	%	$	4,398	$	6,946	$	13,699	$	13,699	Construct Sportsmans Warehouse, Conn's and shops totaling 8,600 SF on land previously classified as land held for development
2	Decatur 215	N	N	100	%	1,516		2,753		12,945		12,945		Construct Hobby Lobby, two Jr Anchors totaling 35,000 SF and 23,000 SF of shops and restaurants (including Chipotle) on land previously classified as land held for development
3	Brookwood Square Shopping Center	N	N	100	%	5,267		5,307		9,145		9,145		Redevelopment to include LA Fitness and 14,000 SF of shop space
4	Westchase	Y	N	100	%	312		312		8,751		8,751		Redevelopment with Whole Foods and Jr Anchor
5	Humblewood Center	Y	N	100	%	4		4		5,636		5,636		Redevelopment and relocation of Conn's
6	Prospectors Plaza	Y	Y	100	%	3,393		4,707		5,120		5,120		Expansion of shopping center to create a new 25,000 SF store for Ross
7	Shoppes at Memorial Villages	N	N	100	%	419		2,245		3,195		3,195		Redevelopment to construct 33,000 SF multi-tenant building
8	Rock Prairie Marketplace	N	N	100	%	87		87		2,241		2,241		New construction of a 5,000 SF Valero gas station on land previously classified as land held for development
9	Seminole Town Center	Y	Y	100	%	1,235		1,424		2,005		2,005		New construction of 8,500 SF multi-tenant building including Chipotle
10	Independence Plaza	N	Y	100	%	1,319		1,319		1,731		1,731		New construction of 12,100 SF building including Rack Room and OshKosh / Carter's
11	Westhill Village Shopping Center	Y	Y	100	%	64		64		1,216		1,216		New construction of 6,700 SF multi-tenant building
12	Northbrook Center	Y	Y	100	%	41		41		700		700		New construction of free standing building with Starbucks
13	Argyle Village Shopping Center	Y	Y	100	%	387		387		476		476		New construction of 3,000 SF shop space
	Total Redevelopment (1)					$	18,442	$	25,595	$	66,859	$	66,859	70% of total investment estimated to be spent in next 12 months, with balance in next 24 months
Potential Projects										8,000				5 near-term potential projects
	Total Redevelopment Pipeline (2)									$	74,859
Completed Projects
	Atlantic West Shopping Center			50	%	$	89	$	593	$	606	$	1,213	New construction of a 7,200 SF multi-tenant pad building
	Total Completed 2014					$	89	$	593	$	606	$	1,213
	Notes:
	WRI defines redevelopment as projects in which additional GLA is added either through new construction or expansion of an existing space or incremental investment is over $5 million.
	(1) Active projects are expected to generate returns of 10-15% upon completion.
	(2) In addition to the active and potential projects, we have identified 70 long-term projects for potential redevelopment.

Page 11

Weingarten Realty Investors

New Development Properties

As of December 31, 2014

(at pro rata share)

(in thousands, except percentages)

							Total Square Feet  of Building Area		Percent Leased				Pro Rata  Spent Year-To-Date		Pro Rata  Spent Inception-To-Date		Total Estimated  Investment (2)								Completions ($)  Year-To-Date
	Center Name	Location	Anchors	WRI Own %			Gross (1)	Net	Net @ 100%		Gross						WRI Costs			Gross Costs			Est. Final ROI %
1	Hilltop Village Center	Alexandria, VA	Wegmans	100.0	%	(3)	249	249	94.2	%	94.2	%	$	11,772	$	52,975	$	65,819		$	65,819
2	Nottingham Commons	White Marsh, MD	Meritt Athletic Club (OBO), Petco, TJ Maxx	100.0	%		178	138	24.7	%	41.6	%	22,661		22,661		45,214			45,214
3	The Whittaker (4)	Seattle, WA	Whole Foods	100.0	%		63	63	65.8	%	65.8	%	118		118		29,104			29,104
4	Wake Forest Crossing II	Wake Forest, NC	Kohl's (OBO), TJ Maxx, Michaels	100.0	%		202	108	87.7	%	93.4	%	7,084		7,084		16,459			16,459
	Total 4 Properties Under Development						691	558	72.6	%	77.9	%	$	41,635	$	82,838	$	156,596		$	156,596		7.7	%	$	35,342
							Spent Inception to Date (from above)										$	82,838		$	82,838
							Additional Capital Needed to Complete										79,246			79,246
							Reimbursement of Future Property Sales										(5,488		)	(5,488		)
							Total Estimated Investment Under Development										$	156,596		$	156,596		7.7	%

	QTR Completed	YTD Completed	1Q'15E	2Q'15E	3Q'15E	4Q'15E	1Q'16E	Remaining Balance
Completion ($)	$1,439	$35,342	$0	$12,900 - $15,900	$14,400 - $19,400	$12,200 - $17,200	$2,500 - $7,500	$55,700 - $60,700
Weighted Return (%)	7.0%	8.2%	0.0%	7.8% - 8.3%	8.3% - 8.8%	7.9% - 8.4%	7.7% - 8.2%	7.1% - 7.6%
Net Operating Income (Annualized)	$101	$2,891	$0	$1,010 - $1,325	$1,200 - $1,710	$965 - $1,445	$200 - $600	$4,000 - $4,640

(1) Total gross building area reflects the entire shopping center under development. Includes square footage for any ownership by our partners, buildings owned by others and only the retail area of mixed use projects.

(2) Net of anticipated proceeds from land sales.

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

(4) WRI has committed to purchase the retail portion of a development project in West Seattle contingent on the satisfaction of the developer's delivery obligations.

Page 12

Weingarten Realty Investors

Land Held for Development

As of December 31, 2014

(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 Rd., Wake Forest, 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	%	7.6
Hwy. 85 & Hwy. 285, Sheridan, CO	100.0	%	14.8
US 77 & FM 802, Brownsville, TX	100.0	%	21.0
US Hwy. 17 & US Hwy. 74/76, Leland, NC	100.0	%	12.6
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
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			176.1	$	39,147	$	37,661
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	%	34.9
SH 281 & Wilderness Oaks, San Antonio, TX	100.0	%	29.2
Creedmoor (Hwy. 50) and Crabtree Valley Ave., Raleigh, NC	100.0	%	2.7
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	%	1.9
Leslie Rd. at Bandera Rd., Helotes, TX	100.0	%	1.7
Other	100.0	%	29.3
Total Raw Land			404.5	$	70,762	$	50,962
Total Land Held For Development Properties			580.6	$	109,910	$	88,623

(1) Net of impairment and valuation adjustments.

Notes:

Land costs account for $87.9 million of total investment at 100%, $67.3 million at pro rata share.

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

Page 13

Weingarten Realty Investors

Disposition and Acquisition Summary

For the Period Ended December 31, 2014

(at pro rata share)

(in thousands)

Center

City/State

Sq. Ft.  at 100%

Date  Sold

Center

City/State

Sq. Ft. at 100%

Date Acquired

Dispositions

Acquisitions

1st Quarter

1st Quarter

Town & Country Plaza

Hammond, LA

226

01/03/14

None

University Place

Shreveport, LA

207

01/31/14

Northwest Freeway - Pad

Houston, TX

—

02/11/14

Harrison Pointe

Cary, NC

131

03/11/14

N. Sharyland - Pad *

Mission, TX

—

03/31/14

2nd Quarter

2nd Quarter

Atlantic North *

Jacksonville, FL

68

04/17/14

None

Parliament Square

San Antonio, TX

65

04/25/14

Crabtree Commons - Pad

Raleigh, NC

—

06/04/14

Westwood Center - Pad

San Antonio, TX

—

06/16/14

North Triangle Shops

Houston, TX

16

06/27/14

Ambassador Plaza - Pad

Lafayette, LA

—

06/27/14

3rd Quarter

3rd Quarter

Publix at Laguna Isles

Pembroke Pines, FL

69

07/15/14

None

Lake Washington Crossing*

Melbourne, FL

119

08/15/14

Eastpark Shopping Center - Pad

Houston, TX

—

08/20/14

Phelan West*

Beaumont, TX

24

08/25/14

Arcade Square

Sacramento, CA

76

08/28/14

Parkway Pointe

Cary, NC

80

09/02/14

Tropicana Marketplace - Pad

Las Vegas, NV

—

09/04/14

Crossroads Shopping Center

Vidor, TX

116

09/08/14

Shoppes at Paradise Isle*

Destin, FL

172

09/12/14

Village Arcade

Houston, TX

58

09/16/14

Village Arcade Phase II

Houston, TX

28

09/16/14

Village Arcade Phase III

Houston, TX

107

09/16/14

Westwood Village

Lafayette, LA

138

09/24/14

4th Quarter

4th Quarter

Spring Plaza

Houston, TX

59

10/09/14

Scottsdale Horizon

Scottsdale, AZ

155

12/18/14

Manhattan Place

Harvey, LA

137

10/16/14

Phillips Village

Orlando, FL

66

10/17/14

Shoppes of Port Charlotte - Pad *

Port Charlotte, FL

—

10/17/14

Cypress Station

Houston, TX

144

10/21/14

Shasta Crossroads *

Redding, CA

76

10/22/14

Angelina Village

Lufkin, TX

253

10/23/14

Rose-Rich Shopping Center

Rosenberg, TX

104

10/28/14

Dashwood - Pad

Houston, TX

—

10/29/14

Park Plaza

Lake Charles, LA

179

11/06/14

Westminster Plaza

Westminster, CO

98

11/14/14

Ballwin Plaza

Ballwin, MO

202

11/20/14

Shasta Crossroads

Redding, CA

121

11/25/14

Market at Sharyland - Pad *

Mission, TX

—

11/26/14

Westwood Center

San Antonio, TX

69

12/05/14

Colonial Landing

Orlando, FL

265

12/18/14

Dacula Market

Dacula, GA

25

12/19/14

Roswell Corners - Pad

Roswell, GA

—

12/19/14

Weighed

Sales

Sales

Purchase

Proceeds

Cap

Price

Yield (2)

Total Dispositions

$

387,393

7.92

%

Total Acquisitions

$

43,832

Disposition of Consolidated Joint Venture Interest (1)

Acquisition of Consolidated Joint Venture Interest (1)

Interest

WRI Interest

Effective

Interest

WRI Interest

Effective

Joint Venture Detail

Center

Location

Disposed

Before

After

Date

Joint Venture Detail

Center

Location

Acquired

Before

After

Date

Hines Retail REIT Holdings

Oak Park Village

San Antonio, TX

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Mendenhall Commons

Memphis, TN

70%

30%

100%

01/01/14

Hines Retail REIT Holdings

Champions Village

Houston, TX

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Commons at Dexter Lake

Memphis, TN

70%

30%

100%

01/01/14

Hines Retail REIT Holdings

University Palms

Oviedo, FL

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Commons at Dexter Lake Phase II

Memphis, TN

70%

30%

100%

01/01/14

Hines Retail REIT Holdings

Shoppes at Parkland

Parkland, FL

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Randall’s/Kings Crossing

Houston, TX

70%

30%

100%

01/01/14

Hines Retail REIT Holdings

Sandy Plains Exchange

Marietta, GA

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Bellaire Boulevard

Houston, TX

70%

30%

100%

01/01/14

Hines Retail REIT Holdings

Cherokee Plaza

Atlanta, GA

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Thompson Bridge Commons

Gainesville, GA

30%

30%

0%

01/01/14

Hines Retail REIT Holdings

Heritage Station

Wake Forest, NC

30%

30%

0%

01/01/14

(1) The Joint Venture was dissolved and assets distributed in a non-cash transaction.

(2) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income.

* Unconsolidated real estate joint venture activity.

Page 14

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)

	December 31, 2014			4th Quarter  Weighted  Average Rate (1)		December 31, 2013			4th Quarter  Weighted  Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	577,862		6.03	%	$	712,169		5.70	%
3.5% Notes due 2023	298,800			3.50	%	298,677			3.50	%
3.375% Notes due 2022	299,072			3.38	%	298,969			3.38	%
4.45% Notes due 2024	249,059			4.45	%	248,982			4.45	%
8.1% Notes due 2019	—					100,000			8.10	%
Unsecured Notes Payable (MTN)	231,290			5.84	%	546,307			5.27	%
Revolving Credit Agreements (2)	189,000			0.76	%	—
Obligations under Capital Leases	21,000			7.88	%	21,000			7.84	%
Subtotal Consolidated Debt	1,866,083			4.38	%	2,226,104			4.82	%
Debt Service Guarantee Liability (3)	72,105					73,740
Total Consolidated Debt - As Reported	1,938,188			4.38	%	2,299,844			4.82	%
Less: Noncontrolling Interests and Other Adjustments	(79,592		)			(100,431		)
Plus: WRI Share of Unconsolidated Joint Ventures	155,517					173,472
Total Debt - Pro rata Share	$	2,014,113		4.37	%	$	2,372,885		4.80	%
	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, 2014
Fixed-rate debt	$	1,700,603		4.83	%	84.4		%	6.33
Variable-rate debt	313,510			1.80	%	15.6		%	1.86
Total	$	2,014,113		4.37	%	100.0		%	5.64
As of December 31, 2013
Fixed-rate debt	$	2,201,467		4.89	%	92.8		%
Variable-rate debt	171,418			3.28	%	7.2		%
Total	$	2,372,885		4.80	%	100.0		%
Secured vs. Unsecured Debt (at Pro rata Share)
As of December 31, 2014
Secured Debt	$	670,896		5.90	%	33.3		%	3.35
Unsecured Debt	1,343,217			3.54	%	66.7		%	6.78
Total	$	2,014,113		4.37	%	100.0		%	5.64
As of December 31, 2013
Secured Debt	$	800,828		5.62	%	33.7		%
Unsecured Debt	1,572,057			4.34	%	66.3		%
Total	$	2,372,885		4.80	%	100.0		%
	As  Reported			Pro rata  Share
Weighted Average Interest Rates (1)
Three months ended 12/31/14	4.38		%	4.37	%
Twelve months ended 12/31/14	4.55		%	4.54	%
Three months ended 12/31/13	4.82		%	4.80	%
Twelve months ended 12/31/13	4.94		%	4.91	%

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

(2) Weighted average revolving interest rate excludes the effect of the facility fee of 20 basis points on the total commitment in arrears.

The weighted average revolving interest rate with the facility fee is 1.32% and 10.97% for the fourth quarter 2014 and 2013, respectively.

The December 31, 2014 balance does not reflect funds of $77.4 million held by a qualified intermediary for purchase of replacement property.

(3) 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, 2014

(in thousands, except percentages)

	As Reported			Pro rata Share
	Maturities		Weighted  Average Rate (2)	Maturities		Weighted  Average Rate (2)	Floating Rate		Fixed Rate			Secured		Unsecured
2015	$	225,946	6.02%	$	201,993	5.75%	$	12,597	$	189,396		$	111,993	$	90,000
2016	233,152		6.28%	266,878		6.05%	36,667		230,211			191,878		75,000
2017	139,660		6.74%	164,969		6.38%	3,638		161,331			139,969		25,000
2018	59,945		6.51%	24,071		6.12%			24,071			14,501		9,570
2019	53,556		6.56%	57,183		5.84%			57,183			57,183
2020	34,990		6.31%	90,576		5.21%			90,576			90,576
2021	1,883		6.32%	10,041		5.83%			10,041			10,041
2022	304,397		3.42%	305,315		3.42%			305,315			5,315		300,000
2023	301,494		3.51%	302,462		3.52%			302,462			2,462		300,000
2024	251,588		4.46%	252,611		4.47%			252,611			2,611		250,000
Thereafter	44,309		6.45%	47,581		6.46%			47,581			15,861		31,720
Subtotal	1,650,920			1,723,680			52,902		1,670,778			642,390		1,081,290
Revolving Credit Agreements	189,000		0.80%	189,000		0.80%	189,000							189,000
Other (1)	98,268			101,433			6,329		95,104			28,506		72,927
Swap Maturities:
2017							65,279		(65,279		)
Total	$	1,938,188	4.55%	$	2,014,113	4.54%	$	313,510	$	1,700,603		$	670,896	$	1,343,217

(1) 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.

(2) 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	2014		2013		2014			2013
Revenues:
Base minimum rent, net	$	27,302	$	29,851	$	112,388		$	124,645
Straight line rent	33		788		404			2,111
Over/Under-market rentals, net	210		213		704			719
Percentage rent	398		347		966			1,035
Tenant reimbursements	8,427		8,729		33,108			34,027
Other income	501		1,373		5,731			2,828
Total	36,871		41,301		153,301			165,365
Expenses:
Depreciation and amortization	9,399		10,779		40,235			45,701
Interest, net	4,965		6,696		22,657			28,787
Operating	7,292		8,070		27,365			28,929
Real estate taxes, net	4,335		4,594		18,159			18,929
General and administrative	195		297		916			934
Provision for income taxes	74		67		417			278
Impairment loss	1,526		—		1,526			1,887
Total	27,786		30,503		111,275			125,445
Gain on dispositions	4,953		21,178		12,949			22,502
Net income	$	14,038	$	31,976	$	54,975		$	62,422
Condensed Balance Sheets
					December 31,
					2014			2013
ASSETS
Property					$	1,331,445		$	1,401,982
Accumulated depreciation					(279,067		)	(261,454		)
Property, net					1,052,378			1,140,528
Other assets, net					126,890			142,638
Total					$	1,179,268		$	1,283,166
LIABILITIES AND EQUITY
Debt, net					$	380,816		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates					13,749			30,214
Other liabilities, net					26,226			29,711
Total					420,791			513,315
Equity					758,477			769,851
Total					$	1,179,268		$	1,283,166

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	2014		2013		2014			2013
Revenues:
Base minimum rent, net	$	10,186	$	11,339	$	41,628		$	46,991
Straight line rent	31		306		164			1,010
Over/Under-market rentals, net	55		45		120			(72		)
Percentage rent	131		129		329			399
Tenant reimbursements	3,125		3,255		12,194			12,667
Other income	213		703		1,551			1,300
Total	13,741		15,777		55,986			62,295
Expenses:
Depreciation and amortization	3,504		4,180		14,793			17,550
Interest, net	1,999		2,624		8,729			11,231
Operating	2,710		3,079		9,981			10,916
Real estate taxes, net	1,657		1,758		6,891			7,157
General and administrative	57		85		297			298
Provision for income taxes	35		32		240			141
Impairment loss	305		—		305			395
Total	10,267		11,758		41,236			47,688
Gain on dispositions	1,895		15,684		4,919			15,951
Net income	$	5,369	$	19,703	$	19,669		$	30,558
Condensed Balance Sheets
					December 31,
					2014			2013
ASSETS
Property					$	460,511		$	480,502
Accumulated depreciation					(104,338		)	(97,104		)
Property, net					356,173			383,398
Notes receivable from real estate joint ventures and partnerships					4,900			5,060
Unamortized debt and lease costs, net					17,329			20,263
Accrued rent and accounts receivable (net of allowance for doubtful accounts  of $270 in 2014 and $429 in 2013)					13,376			14,775
Cash and cash equivalents					13,937			14,315
Restricted deposits and mortgage escrows					329			801
Notes receivable and mortgage bonds, net					23			21
Out-of-market rentals, net					1,185			1,758
Other assets, net					1,837			1,846
Total					$	409,089		$	442,237
LIABILITIES AND EQUITY
Debt, net					$	156,243		$	174,303
Amounts payable to Weingarten Realty Investors and Affiliates					5,893			14,575
Accounts payable and accrued expenses					6,234			5,914
Deferred revenue					847			821
Out-of-market rentals, net					2,627			3,145
Interest rate derivative					92			413
Other liabilities, net					545			689
Total					172,481			199,860
Equity					236,608			242,377
Total					$	409,089		$	442,237

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, 2014

(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	4	821	$	201,866	$	—	20.0%	$	—	$	40,156	$	1,542
Perlmutter SRP, LLC	6	523	84,952		68,566		25.0%	17,141		3,069		1,312
Collins	8	1,160	133,090		23,281		50.0%	11,640		48,653		3,569
AEW - Institutional Client	5	434	106,150		13,797		20.0%	2,759		18,068		986
BIT Retail	3	715	151,168		—		20.0%	—		29,345		1,154
Jamestown	6	1,337	140,439		80,215		20.0%	16,043		11,464		1,684
Fidelis Realty Partners	1	491	138,032		81,247		57.8%	46,920		30,838		1,827
Sleiman Enterprises	2	170	18,880		13,826		50.0%	6,913		2,987		385
Bouwinvest	1	163	42,813		—		51.0%	—		21,400		856
Other	11	2,380	161,878		99,884		54.9%	54,826		51,176		9,001
Total	47	8,192	$	1,179,268	$	380,816	37.5%	$	156,243	$	257,156	$	22,317

Joint Venture Description
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
Bouwinvest	Retail joint venture with West Coast focus
(1) Excludes land held for development.
(2) Excludes additional consolidated joint ventures such as AEW Capital Management.

Page 21

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information

As of December 31, 2014

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

Balance Summary
		At 100%
Joint Venture Partner	# of Mortgaged  Properties (2)	Mortgage Balance (1)(2)		Average Interest Rate	Average Remaining Term (yrs)
Perlmutter SRP, LLC	5	$	68,566	5.7%	1.5
Collins	2	23,281		6.0%	10.2
AEW - Institutional Client	1	13,797		5.0%	0.4
Jamestown	6	80,215		5.5%	0.5
Fidelis Realty Partners	1	81,247		4.0%	5.9
Sleiman Enterprises	2	13,826		5.0%	6.5
Other	5	98,776		5.5%	3.3
Total	22	$	379,708	5.2%	3.0

Schedule of Maturities
	At 100%			At WRI Share
	Maturities (1)(2)		Weighted Average Rate	Maturities (1)(2)		Weighted Average Rate
2015	$	77,573	4.0%	$	17,991	4.2%
2016	110,939		4.6%	34,449		4.5%
2017	56,810		5.0%	26,076		5.0%
2018	6,253		4.9%	3,450		4.9%
2019	6,576		4.9%	3,628		4.9%
2020	93,148		4.8%	55,586		4.8%
2021	16,049		5.3%	8,157		5.3%
2022	1,833		5.9%	916		5.9%
2023	1,936		5.9%	968		5.9%
2024	2,046		6.1%	1,023		6.1%
Thereafter	6,545		6.3%	3,273		6.3%
Total	$	379,708		$	155,517

(1) Excludes non-cash debt related items.

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

Note:

All mortgages are fixed rate with the exception of four Jamestown mortgages and two Other mortgages, which are variable rate ($57.1 million and $25.1 million, respectively at 100%) and mature in 2015 and 2016, respectively.

Page 22

Portfolio Summary

Weingarten Realty Investors

Tenant Diversification by Percent of Base Minimum Rent

As of December 31, 2014

(at pro rata share)

(in thousands, except percentages and # of units)

Rank	Tenant Name (1)(2)	Credit Ranking  (S&P / Moody's)	# of  Units	% of  Total  Base Minimum Rent		Total  SF
1	The Kroger Co.	BBB/Baa2	29	3.20	%	1,590
2	T.J.X. Companies, Inc.	A+/A3	40	2.35	%	970
3	Ross Stores, Inc.	A-/A3	36	2.08	%	767
4	H-E-B	N/A/N/A	8	1.62	%	539
5	Petsmart, Inc.	BB+/N/A	20	1.52	%	401
6	Home Depot, Inc.	A/A2	5	1.41	%	541
7	Office Depot, Inc. (5)	B-/B2	26	1.35	%	483
8	Safeway, Inc. (3)	BBB/Baa3	15	1.31	%	693
9	Bed Bath & Beyond, Inc.	A-/Baa1	21	1.25	%	474
10	Best Buy, Inc.	BB/Baa2	10	1.16	%	290
11	The Sports Authority	N/A/N/A	8	1.11	%	307
12	Whole Foods Market, Inc.	BBB-/N/A	7	1.03	%	261
13	Dollar Tree Stores, Inc.	N/A/N/A	39	0.89	%	346
14	Petco Animal Supplies, Inc.	B/B3	20	0.87	%	214
15	24 Hour Fitness Inc.	B/N/A	6	0.84	%	157
16	Gap, Inc.	BBB-/Baa3	12	0.72	%	174
17	Walmart Stores, Inc.	AA/Aa2	5	0.70	%	443
18	Hobby Lobby Stores, Inc.	N/A/N/A	5	0.61	%	305
19	Raley's	N/A/N/A	6	0.61	%	332
20	Starbucks Corporation	A-/A3	44	0.59	%	68
21	Staples, Inc. (5)	BBB-/Baa2	9	0.57	%	191
22	Stein Mart, Inc.	N/A/N/A	11	0.57	%	305
23	JPMorgan Chase Bank	A/A3	26	0.55	%	85
24	Subway (4)	N/A/N/A	73	0.54	%	80
25	Ascena Retail Group	N/A/N/A	24	0.54	%	125
	Grand Total		505	27.98	%	10,141

Notes:
	(1	)	Tenant Names:	DBA Names:
			The Kroger Co.	Kroger (14), Harris Teeter (7), Smith's Food (1), Ralph's (2), Fry's Food (3),
				King Soopers (2)
			T.J.X. Companies, Inc.	T.J. Maxx (14), Marshalls (19), Home Goods (7)
			Ross Stores, Inc.	Ross Dress for Less (34), dd's Discounts (2)
			Safeway, Inc.	Safeway (7), Randalls (5), Vons (3)
			Office Depot, Inc.	Office Depot (17), Office Max (9)
			Bed Bath & Beyond, Inc.	Bed Bath & Beyond (13), Cost Plus (6), buybuy BABY (2)
			Dollar Tree Stores, Inc.	Dollar Tree (37), Greenbacks (1), Deal$ (1)
			Gap, Inc.	Gap (2), Old Navy (10)
			Walmart Stores, Inc.	Walmart (3), Walmart Neighborhood (2)
			Raley's	Raley's (5), Bel Air Markets (1)
			Ascena Retail Group	Lane Bryant (9), Dressbarn (8), Justice (4), Catherines (3)
	(2	)	Target owns and occupies 24 units not included above.
	(3	)	Cerberus completed the acquisition of Safeway subsequent to quarter end. WRI has a total of 21 units representing 1.82% of
			Base Rent Revenue and 941,875 square feet.
	(4	)	Includes franchised locations.
	(5	)	Once Staples completes the acquisition of Office Depot, WRI will have 35 units representing 1.92% of Base Rent Revenue
			and 702,904 square feet.

Page 24

Weingarten Realty Investors

Portfolio Operating Information

(at pro rata share)

(in thousands, except percentages 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		Weighted  Average  Term  (Years)
	All Leases
	Quarter Ended December 31, 2014							240	816		$	15.79	$	14.20		$	2.07	11.2	%
	Quarter Ended September 30, 2014							234	834		17.37		15.38			10.38		12.9	%
	Quarter Ended June 30, 2014							234	707		17.33		15.84			4.41		9.4	%
	Quarter Ended March 31, 2014							265	1,070		14.89		13.85			1.48		7.5	%
	Rolling 12 months							973	3,427		$	16.21	$	14.72		$	4.39	10.1	%
	New Leases
	Quarter Ended December 31, 2014							54	134		$	19.46	$	17.63		$	12.33	10.4	%	6.3
	Quarter Ended September 30, 2014							67	276		17.61		14.64			31.27		20.3	%	9.0
	Quarter Ended June 30, 2014							54	163		18.97		17.11			19.07		10.9	%	8.1
	Quarter Ended March 31, 2014							61	117		21.48		20.29			13.51		5.9	%	5.8
	Rolling 12 months							236	690		$	18.95	$	16.76		$	21.70	13.1	%	7.6
	Renewals
	Quarter Ended December 31, 2014							186	682		$	15.07	$	13.53		$	0.06	11.4	%
	Quarter Ended September 30, 2014							167	558		17.25		15.75			0.05		9.5	%
	Quarter Ended June 30, 2014							180	544		16.84		15.47			0.02		8.9	%
	Quarter Ended March 31, 2014							204	953		14.08		13.06			0.00		7.8	%
	Rolling 12 months							737	2,737		$	15.52	$	14.20		$	0.03	9.3	%
	Comparable & Non-Comparable:
	Quarter Ended December 31, 2014							283	978
	Quarter Ended September 30, 2014							293	1,073
	Quarter Ended June 30, 2014							278	840
	Quarter Ended March 31, 2014							306	1,236
	Rolling 12 months							1,160	4,127
Lease
Expirations(1)
Assumes No Exercise of Renewal Options
	Anchor Tenants(2)							Non-Anchor Tenants								Total Tenants
Year	Square Feet	Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of  Total  Revenue(3)		Square Feet	Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of Total Revenue(3)			Square Feet		Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of Total Revenue(3)
Other(4)	74	0	%	$	12.93	1	%	140	2	%	$	20.17	1		%	214		1	%	$	17.65	1	%
2015	858	5	%	9.30		4	%	1,324	15	%	22.60		14		%	2,182		9	%	17.37		10	%
2016	2,099	12	%	10.61		12	%	1,657	19	%	23.04		18		%	3,756		15	%	16.10		15	%
2017	1,938	12	%	12.19		13	%	1,454	17	%	23.87		16		%	3,392		13	%	17.20		15	%
2018	2,221	13	%	10.81		13	%	1,251	14	%	24.68		15		%	3,471		14	%	15.81		14	%
2019	2,102	12	%	10.38		12	%	1,120	13	%	25.49		14		%	3,222		13	%	15.63		13	%
2020 - 2025	5,617	33	%	11.49		35	%	1,655	19	%	24.91		20		%	7,272		28	%	14.54		27	%
Assumes Exercise of all Renewal Options(5)
	Anchor Tenants(2)							Non-Anchor Tenants								Total Tenants
Year	Square Feet	Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of  Total  Revenue(3)		Square Feet	Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of Total Revenue(3)			Square Feet		Percent of  Total Square  Feet		In Place Min Rent PSF		Percent of Total Revenue(3)
Other(4)	60	0	%	$	13.03	0	%	139	2	%	$	20.18	1		%	199		1	%	$	18.01	1	%
2015	166	1	%	8.17		1	%	853	10	%	22.15		8		%	1,018		4	%	19.87		4	%
2016	527	3	%	12.11		3	%	915	10	%	23.70		9		%	1,442		6	%	19.46		6	%
2017	173	1	%	13.59		1	%	824	9	%	23.95		8		%	998		4	%	22.15		5	%
2018	378	2	%	12.57		2	%	625	7	%	26.06		7		%	1,003		4	%	20.98		5	%
2019	208	1	%	9.83		1	%	658	8	%	25.05		7		%	866		3	%	21.39		4	%
2020 - 2025	2,302	14	%	12.41		13	%	2,402	27	%	26.26		27		%	4,704		19	%	19.48		20	%

Notes:

(1) Reflects in-place leases as of December 31, 2014.

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

(3) Revenue includes minimum base rent only.

(4) Leases currently under month-to-month status or in-process of renewal.

(5) Revenue for leases with future option rent based on fair market value or CPI is reported as of the last year in the current lease term.

Page 25

Weingarten Realty Investors

Portfolio Operating Information (continued)

(at pro rata share)

(in thousands, except percentages)

Occupancy
	Quarter Ended
	December 31, 2014	September 30, 2014	June 30, 2014	March 31, 2014	December 31, 2013
Signed Basis
Anchor (1)	98.9%	98.5%	98.6%	98.3%	98.5%
Non-Anchor	89.8%	89.1%	88.6%	88.3%	89.0%
Total Retail	95.5%	95.0%	94.9%	94.6%	94.9%
Other	87.1%	87.0%	86.7%	84.8%	85.9%
Total Signed	95.4%	94.9%	94.8%	94.5%	94.8%
Commenced Basis
Anchor (1)	97.3%	96.3%	97.5%	97.3%	96.6%
Non-Anchor	87.6%	86.0%	85.2%	85.6%	86.5%
Total Retail	93.7%	92.5%	92.9%	92.9%	92.8%
Other	87.1%	85.7%	86.2%	84.8%	85.9%
Total Commenced	93.7%	92.4%	92.8%	92.8%	92.8%
Same Property (2)
Signed Basis	95.9%	95.8%	95.7%	95.4%	95.6%
Commenced Basis	94.3%	93.8%	94.0%	93.8%	93.7%

Average Base Rents (3)
	Quarter Ended
	December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013
Commenced Basis
Anchor (1)	$	11.85	$	11.72	$	11.61	$	11.53	$	11.49
Non-Anchor	24.00		23.43		23.33		23.17		22.82
Total	$	16.24	$	15.95	$	15.84	$	15.75	$	15.66

Same Property Net Operating Income Growth (4)
	Three Months Ended   December 31,							Twelve Months Ended   December 31,
	2014		2013			% Change		2014		2013		% Change
Revenue
Minimum Rent	$	92,229	$	89,455		3.1	%	$	364,541	$	353,261	3.2	%
Bad Debt (net of recoveries)	202		(335		)	160.3	%	939		766		22.6	%
Percentage Rent	1,062		960			10.6	%	3,232		2,894		11.7	%
Tenant Reimbursements	25,030		24,926			0.4	%	97,936		93,217		5.1	%
Other	1,318		661			99.4	%	3,521		2,714		29.7	%
	119,841		115,667			3.6	%	470,169		452,852		3.8	%
Expenses
Property Operating Expenses	20,612		19,727			4.5	%	77,088		73,981		4.2	%
Real Estate Taxes	13,349		13,056			2.2	%	53,958		50,840		6.1	%
	33,961		32,783			3.6	%	131,046		124,821		5.0	%
Net Operating Income	$	85,880	$	82,884		3.6	%	$	339,123	$	328,031	3.4	%
Notes:
(1) Anchor tenants represent any tenant at least 10,000 square feet.
(2) Same Property Occupancy includes operating centers that have been owned for the same comparable time duration.
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3) Average Base rent per Leased SF excludes ground leases.
(4) Same Property NOI 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⁾ 

(at pro rata share)

(in thousands, except percentages)

	Twelve Months Ended December 31,
	2014		%		2013		%		2012		%		2011		%		2010		%
West Region
California	$	66,510	17.2	%	$	63,885	16.7	%	$	59,163	15.0	%	$	53,618	13.2	%	$	50,943	13.1	%
Washington	2,925		0.8	%	2,547		0.7	%	2,048		0.5	%	1,978		0.5	%	1,171		0.3	%
Oregon	1,513		0.4	%	1,565		0.4	%	1,528		0.4	%	1,349		0.3	%	1,345		0.3	%
Total West Region	70,948		18.4	%	67,997		17.8	%	62,738		15.9	%	56,945		14.0	%	53,459		13.7	%
Mountain Region
Nevada	$	30,238	7.8	%	$	28,334	7.4	%	$	30,094	7.6	%	$	30,525	7.5	%	$	30,906	8.0	%
Arizona	28,804		7.5	%	27,079		7.1	%	26,032		6.6	%	25,450		6.3	%	24,287		6.2	%
Colorado	12,519		3.2	%	11,393		3.0	%	13,778		3.5	%	12,485		3.1	%	10,099		2.6	%
New Mexico	3,033		0.8	%	4,500		1.2	%	4,622		1.2	%	4,993		1.2	%	5,250		1.4	%
Utah	2,808		0.7	%	3,458		0.9	%	3,556		0.9	%	3,494		0.9	%	3,548		0.9	%
Total Mountain Region	77,401		20.0	%	74,764		19.6	%	78,082		19.8	%	76,947		19.0	%	74,090		19.1	%
Central Region
Texas	$	109,843	28.4	%	$	105,849	27.6	%	$	116,645	29.5	%	$	129,540	32.0	%	$	121,035	31.1	%
Louisiana	5,152		1.4	%	10,387		2.7	%	9,185		2.3	%	8,272		2.0	%	7,715		2.0	%
Arkansas	3,132		0.8	%	3,266		0.9	%	3,089		0.8	%	3,106		0.8	%	2,732		0.7	%
Missouri	1,071		0.3	%	1,123		0.3	%	852		0.2	%	1,061		0.3	%	3,019		0.8	%
Oklahoma	632		0.2	%	682		0.2	%	921		0.2	%	1,083		0.3	%	1,034		0.3	%
Illinois	—		0.0	%	—		0.0	%	2,464		0.6	%	2,556		0.6	%	2,065		0.5	%
Kansas	—		0.0	%	—		0.0	%	474		0.1	%	1,181		0.3	%	1,214		0.3	%
Total Central Region	119,830		31.1	%	121,307		31.7	%	133,629		33.7	%	146,799		36.3	%	138,814		35.7	%
Mid-Atlantic Region
North Carolina	$	20,602	5.3	%	$	23,123	6.0	%	$	25,074	6.3	%	$	25,656	6.3	%	$	24,869	6.4	%
Georgia	19,080		4.9	%	20,340		5.3	%	19,767		5.0	%	19,845		4.9	%	21,798		5.6	%
Tennessee	8,152		2.1	%	6,903		1.8	%	7,770		2.0	%	7,491		1.8	%	6,261		1.6	%
Kentucky	7,554		2.0	%	7,324		1.9	%	7,050		1.8	%	6,890		1.7	%	7,019		1.8	%
Maryland	4,025		1.0	%	2,965		0.8	%	1,063		0.3	%	—		0.0	%	—		0.0	%
Virginia	334		0.1	%	273		0.1	%	1,805		0.5	%	3,551		0.9	%	3,634		0.9	%
South Carolina	277		0.1	%	—		0.0	%	265		0.1	%	268		0.1	%	285		0.1	%
Maine	—		0.0	%	—		0.0	%	40		0.0	%	214		0.1	%	321		0.1	%
Total Mid-Atlantic Region	60,023		15.5	%	60,927		15.9	%	62,833		16.0	%	63,915		15.8	%	64,186		16.5	%
Southeast Region
Florida	$	58,029	15.0	%	$	57,443	15.0	%	$	57,620	14.6	%	$	60,361	14.9	%	$	58,135	15.0	%
Total Southeast Region	58,029		15.0	%	57,443		15.0	%	57,620		14.6	%	60,361		14.9	%	58,135		15.0	%
Total Net Operating Income	$	386,231	100.0	%	$	382,438	100.0	%	$	394,902	100.0	%	$	404,967	100.0	%	$	388,684	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 15% 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, 2014

		Gross Leasable Area
ALL PROPERTIES BY STATE	# of   Properties	WRI Owned	Joint Venture   Share	Owned   by Other	Total
Arizona	23	2,361,523	—	1,521,314	3,882,837
Arkansas	3	355,410	—	—	355,410
California	26	3,903,300	52,614	977,435	4,933,349
Colorado	9	999,399	536,519	1,210,338	2,746,258
Florida	35	4,062,693	2,162,553	1,245,682	7,470,927
Georgia	14	1,639,666	137,071	897,237	2,673,974
Kentucky	4	634,305	—	127,614	761,919
Louisiana	3	400,131	107,974	9,200	517,305
Maryland	2	83,050	—	—	83,050
Missouri	1	28,367	28,367	—	56,734
Nevada	12	2,226,845	—	1,591,626	3,818,471
New Mexico	2	231,757	—	27,330	259,087
North Carolina	16	1,787,715	72,116	790,167	2,649,998
Oklahoma	1	128,231	—	—	128,231
Oregon	3	119,871	90,777	66,276	276,924
South Carolina	1	21,674	65,020	—	86,694
Tennessee	5	694,005	—	154,340	848,345
Texas	68	7,494,561	2,536,226	2,545,619	12,576,407
Utah	3	299,556	—	171,650	471,206
Virginia	1	130,876	—	—	130,876
Washington	5	202,372	295,905	65,346	563,623
Total	237	27,805,307	6,085,142	11,401,174	45,291,625

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, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Operating Properties
Arizona
Mohave Crossroads	Lake Havasu City-Kingman, AZ		100.0	%		182,168	395,477	13.49	79.5	%		(Target), (Kohl's), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less
Arcadia Biltmore Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		21,122	21,122	N/A	100.0	%		Weingarten Realty Regional Office, Endurance Rehab
Arrowhead Festival S.C.	Phoenix-Mesa-Scottsdale, AZ		100.0	%		29,834	194,309	24.39	100.0	%		(Sports Authority), (Toys “R” Us), (Bed Bath & Beyond)
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ		100.0	%		82,757	87,379	13.14	89.3	%		Office Max, Ace Hardware
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ		100.0	%		132,731	240,951	13.51	96.9	%	Fry’s Supermarket	Office Max
Desert Village	Phoenix-Mesa-Scottsdale, AZ		100.0	%		101,685	107,071	22.16	95.8	%	AJ Fine Foods	CVS
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		113,536	305,588	9.12	94.9	%	Fry’s Supermarket	Dollar Tree, (Lowe's)
Laveen Village Market	Phoenix-Mesa-Scottsdale, AZ		100.0	%		39,763	318,805	27.67	100.0	%	(Fry’s Supermarket)	(Home Depot)
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		45,751	108,551	23.96	93.3	%	(Safeway)
Palmilla Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		103,568	178,219	18.29	100.0	%	(Fry’s Supermarket)	Office Max, PetSmart, Dollar Tree
Pueblo Anozira	Phoenix-Mesa-Scottsdale, AZ		100.0	%		157,607	157,607	14.84	99.3	%	Fry’s Supermarket	Petco, Dollar Tree
Raintree Ranch	Phoenix-Mesa-Scottsdale, AZ		100.0	%		129,822	133,020	25.83	96.7	%	Whole Foods
Rancho Encanto	Phoenix-Mesa-Scottsdale, AZ		100.0	%		66,787	72,170	17.10	83.6	%		Smart & Final
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ		100.0	%		69,213	199,013	14.71	93.3	%		(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ		100.0	%		155,006	155,006	16.51	93.9	%	Safeway	CVS
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		60,728	60,728	17.64	96.0	%	Sprouts Farmers Market
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ		100.0	%		92,626	106,738	12.28	95.4	%		Hobby Lobby, Dollar Tree
Valley Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		146,226	154,588	11.76	94.7	%	US Foods	Ross Dress for Less
Entrada de Oro	Tucson, AZ		100.0	%		88,665	109,075	17.67	97.7	%	Walmart Neighborhood Market
Madera Village	Tucson, AZ		100.0	%		96,697	106,858	12.30	99.0	%	Safeway	Walgreens, Dollar Tree
Oracle Crossings	Tucson, AZ		100.0	%		251,194	261,194	17.87	99.2	%	Sprouts Farmers Market	Kohl's, Home Goods
Oracle Wetmore	Tucson, AZ		100.0	%		150,109	343,237	24.67	94.2	%		(Home Depot), (Jo Ann Fabric) Cost Plus, PetSmart, Walgreens, Ulta Beauty
Shoppes at Bears Path	Tucson, AZ		100.0	%		43,928	66,131	16.21	77.0	%		(Osco Drug)
Arizona Total:	# of Properties:	23				2,361,523	3,882,837	16.60	94.4	%
Arkansas
Markham Square	Little Rock-N. Little Rock, AR		100.0	%		124,284	124,284	8.25	93.6	%		Burlington Coat Factory, Ross Dress for Less
Markham West	Little Rock-N. Little Rock, AR		100.0	%		178,500	178,500	10.42	100.0	%		Academy, Office Depot, Michaels, Dollar Tree
Westgate	Little Rock-N. Little Rock, AR		100.0	%		52,626	52,626	11.01	99.5	%		Stein Mart
Arkansas Total:	# of Properties:	3				355,410	355,410	9.77	97.7	%
California
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach et al, CA		100.0	%		171,551	171,551	40.04	96.0	%	Trader Joe's	Crunch, Sundance Cinemas, CB2
Buena Vista Marketplace	Los Angeles-Long Beach et al, CA		100.0	%		90,805	90,805	22.99	95.6	%	Ralph's	Dollar Tree
Centerwood Plaza	Los Angeles-Long Beach et al, CA		100.0	%		75,486	75,486	13.77	100.0	%	Superior Grocers	Dollar Tree
Westminster Center	Los Angeles-Long Beach et al, CA		100.0	%		417,567	440,437	18.35	97.4	%	Albertsons	Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness

Page 30

Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Hallmark Town Center	Madera, CA		100.0	%		85,066	98,359	13.22	96.4	%	Food 4 Less	Bally Total Fitness
Marshalls Plaza	Modesto, CA		100.0	%		78,752	85,952	15.16	90.3	%		Marshalls, Dress Barn, Guitar Center
Chino Hills Marketplace	Riverside et al, CA		100.0	%		310,920	310,920	20.29	92.3	%	Von’s	Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace	Riverside et al, CA		100.0	%		208,656	307,826	19.09	97.3	%	(Winco Foods)	Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Phase III	Riverside et al, CA		100.0	%		184,809	194,342	20.98	97.1	%	(Winco Foods)	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness
Menifee Town Center	Riverside et al, CA		100.0	%		124,431	258,734	16.44	99.2	%	Ralph's	Ross Dress for Less, Dollar Tree
Stoneridge Town Centre	Riverside et al, CA		67.0	%	(1)(3)	106,821	434,450	23.37	72.0	%	(Super Target)	(Kohl's)
Discovery Plaza	Sacramento-Arden et al, CA		100.0	%		93,398	93,398	17.09	96.1	%	Bel Air Market
Prospectors Plaza	Sacramento-Arden et al, CA		100.0	%		243,907	252,521	19.48	97.2	%	SaveMart	Kmart, CVS, Ross
Summerhill Plaza	Sacramento-Arden et al, CA		100.0	%		128,835	128,835	11.69	93.8	%	Raley’s	Dollar Tree
Valley	Sacramento-Arden et al, CA		100.0	%		98,240	107,005	17.85	90.0	%	Raley's
El Camino Promenade	San Diego-Carlsbad et al, CA		100.0	%		129,676	129,676	24.17	95.7	%		T.J. Maxx, Staples, Dollar Tree
Rancho San Marcos Village	San Diego-Carlsbad et al, CA		100.0	%		120,368	134,628	19.15	95.9	%	Von’s	24 Hour Fitness
San Marcos Plaza	San Diego-Carlsbad et al, CA		100.0	%		35,880	81,086	32.65	90.1	%	(Albertsons)
580 Market Place	San Francisco-Oakland et al, CA		100.0	%		100,097	100,097	29.65	100.0	%	Safeway	24 Hour Fitness, Petco
Fremont Gateway Plaza	San Francisco-Oakland et al, CA		100.0	%		194,601	368,701	22.61	99.2	%	Raley’s	24 Hour Fitness, (Walgreens)
Greenhouse Marketplace	San Francisco-Oakland et al, CA		100.0	%		146,658	236,427	19.84	94.0	%	(Safeway)	(CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco
Silver Creek Plaza	San Jose-Sunnyvale et al, CA		100.0	%		132,925	202,820	24.04	100.0	%	Safeway	Walgreens, (Orchard Supply)
Freedom Centre	Santa Cruz-Watsonville, CA		100.0	%		150,865	150,865	14.66	100.0	%	Safeway	Rite Aid, Big Lots
Stony Point Plaza	Santa Rosa-Petaluma, CA		100.0	%		194,569	200,011	14.25	100.0	%	Food Maxx	Ross Dress for Less, Fallas Paredes
Creekside Center	Vallejo-Fairfield, CA		100.0	%		115,991	115,991	19.82	91.7	%	Raley’s
Southampton Center	Vallejo-Fairfield, CA		100.0	%		162,426	162,426	19.31	99.2	%	Raley’s	Ace Hardware, Dollar Tree
California Total:	# of Properties:	26				3,903,300	4,933,349	20.25	95.8	%
Colorado
Aurora City Place	Denver-Aurora, CO		50.0	%	(1)(3)	180,478	542,956	15.86	95.8	%	(Super Target)	Sports Authority, Barnes & Noble, Ross Dress For Less, PetSmart
Cherry Creek	Denver-Aurora, CO		100.0	%		78,148	272,658	25.95	100.0	%	(Super Target)	Sports Authority, PetSmart
CityCenter Englewood	Denver-Aurora, CO		51.0	%	(1)(3)	137,242	359,103	16.49	87.1	%		(Walmart), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness
Crossing at Stonegate	Denver-Aurora, CO		51.0	%	(1)(3)	55,632	109,082	15.90	100.0	%	King Sooper’s
Edgewater Marketplace	Denver-Aurora, CO		100.0	%		144,553	270,548	10.63	96.9	%	King Sooper's	Ace Hardware, (Target)
Green Valley Ranch Towne Center	Denver-Aurora, CO		50.0	%	(1)(3)	28,440	114,881	21.29	100.0	%	(King Sooper’s)
Lowry Town Center	Denver-Aurora, CO		50.0	%	(1)(3)	38,349	129,398	26.32	93.4	%	(Albertsons)
River Point at Sheridan	Denver-Aurora, CO		100.0	%		228,372	561,505	14.57	95.3	%		(Target), (Costco), Regal Cinema, Michaels, Conn's
Thorncreek Crossing	Denver-Aurora, CO		51.0	%	(1)(3)	108,185	386,127	16.40	99.4	%	Sprouts, (Super Target)	Barnes & Noble, Cost Plus, Michaels, OfficeMax, Dollar Tree
Colorado Total:	# of Properties:	9				999,399	2,746,258	16.52	95.6	%
Florida
Argyle Village	Jacksonville, FL		100.0	%		315,432	315,432	10.87	92.5	%	Publix	Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels

Page 31

Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Atlantic West	Jacksonville, FL		50.0	%	(1)(3)	42,284	180,578	13.31	100.0	%		T.J. Maxx, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village - St. Augustine	Jacksonville, FL		70.0	%	(1)	8,542	64,180	15.99	78.5	%		(Epic Theaters)
Kernan Village	Jacksonville, FL		50.0	%	(1)(3)	42,579	288,780	16.30	100.0	%	(Walmart Supercenter)	Ross Dress for Less, Petco
Boca Lyons	Miami-Fort Lauderdale et al, FL		100.0	%		117,423	117,423	22.43	96.6	%	4th Generation Market	Ross Dress for Less
Embassy Lakes	Miami-Fort Lauderdale et al, FL		100.0	%		131,723	179,937	13.56	95.8	%	Winn Dixie	Tuesday Morning, Dollar Tree
Flamingo Pines	Miami-Fort Lauderdale et al, FL		100.0	%		139,462	266,761	20.99	95.6	%	(Walmart Supercenter)	U.S. Post Office, Florida Technical College
Flamingo Pines	Miami-Fort Lauderdale et al, FL		20.0	%	(1)(3)	25,373	148,840	17.08	99.2	%	Publix
Hollywood Hills Plaza	Miami-Fort Lauderdale et al, FL		20.0	%	(1)(3)	72,284	405,145	19.71	99.1	%	Publix	Target, CVS
Northridge	Miami-Fort Lauderdale et al, FL		20.0	%	(1)(3)	46,720	236,628	17.53	96.5	%	Publix	Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons	Miami-Fort Lauderdale et al, FL		20.0	%	(1)(3)	59,201	316,262	14.72	99.6	%	Publix	Marshalls, Office Depot, LA Fitness, Dollar Tree
Sunrise West Shopping Center	Miami-Fort Lauderdale et al, FL		25.0	%	(1)(3)	19,080	84,597	13.93	82.4	%	Publix
Tamiami Trail Shops	Miami-Fort Lauderdale et al, FL		20.0	%	(1)(3)	22,173	132,564	15.86	92.1	%	Publix	CVS
TJ Maxx Plaza	Miami-Fort Lauderdale et al, FL		100.0	%		161,429	161,429	16.11	96.6	%	Winn Dixie	T.J. Maxx, Dollar Tree
Vizcaya Square	Miami-Fort Lauderdale et al, FL		100.0	%		110,081	110,081	15.72	96.5	%	Winn Dixie
Sea Ranch Centre	Miami-Fort Lauderdale-Pompano Beach, FL		100.0	%		98,950	98,950	17.03	90.1	%	Publix	CVS, Dollar Tree
Alafaya Square	Orlando, FL		20.0	%	(1)(3)	35,268	176,341	12.52	82.9	%	Publix
Clermont Landing	Orlando, FL		65.1	%	(1)(3)	110,396	339,294	16.56	95.8	%		(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Plaza	Orlando, FL		100.0	%		498,994	498,994	13.92	98.5	%		Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
International Drive Value Center	Orlando, FL		20.0	%	(1)(3)	37,073	185,365	9.17	100.0	%		Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx
Marketplace at Seminole Towne Center	Orlando, FL		100.0	%		318,694	500,607	15.12	98.8	%	(Super Target)	Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco
Phillips Crossing	Orlando, FL		100.0	%		145,644	145,644	27.54	100.0	%	Whole Foods	Golf Galaxy, Michaels
The Marketplace at Dr. Phillips	Orlando, FL		20.0	%	(1)(3)	65,218	326,090	22.66	98.1	%	Publix	Stein Mart, Home Goods, Morton's of Chicago, Office Depot
The Shoppes at South Semoran	Orlando, FL		100.0	%		101,611	101,611	12.09	92.1	%	Walmart Neighborhood Market	Dollar Tree
Winter Park Corners	Orlando, FL		100.0	%		102,382	102,382	20.13	100.0	%	Whole Foods Market
Indian Harbour Place	Palm Bay-Melbourne et al, FL		25.0	%	(1)(3)	40,880	177,471	11.98	94.2	%	Publix	Bealls
Pineapple Commons	Port St. Lucie-Fort Pierce, FL		20.0	%	(1)(3)	50,023	264,468	14.92	100.0	%		Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS)
Quesada Commons	Punta Gorda, FL		25.0	%	(1)(3)	14,722	58,890	13.39	95.4	%	Publix	(Walgreens)
Shoppes of Port Charlotte	Punta Gorda, FL		25.0	%	(1)(3)	10,253	63,108	19.05	90.2	%	(Publix)	Petco, (Walgreens)
Countryside Centre	Tampa-St. Petersburg et al, FL		100.0	%		248,253	248,253	14.43	95.2	%		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)	26,661	133,306	17.86	84.4	%	Walmart Neighborhood Market	Walgreens
Largo Mall	Tampa-St. Petersburg et al, FL		100.0	%		376,957	574,588	16.06	93.1	%	(Albertsons)	Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Palms of Carrollwood	Tampa-St. Petersburg et al, FL		100.0	%		154,118	154,118	13.94	90.1	%	The Fresh Market	Bed Bath & Beyond
Sunset 19	Tampa-St. Petersburg et al, FL		100.0	%		275,910	275,910	12.06	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	%	(4)	36,900	36,900	N/A	100.0	%	Whole Foods Market
Florida Total:	# of Properties:	35				4,062,693	7,470,927	15.63	96.0	%
Georgia
Brookwood Marketplace	Atlanta-Sandy Springs et al, GA		100.0	%		199,594	397,295	18.03	94.5	%	(Super Target)	Home Depot, Bed Bath & Beyond, Office Max

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Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Brookwood Square	Atlanta-Sandy Springs et al, GA		100.0	%		181,333	181,333	8.98	86.5	%		Marshalls, LA Fitness
Brownsville Commons	Atlanta-Sandy Springs et al, GA		100.0	%		27,747	81,886	18.98	89.9	%	(Kroger)
Camp Creek Marketplace II	Atlanta-Sandy Springs et al, GA		100.0	%		196,283	228,003	13.97	100.0	%		DSW, LA Fitness, Shopper's World, American Signature
Dallas Commons	Atlanta-Sandy Springs et al, GA		100.0	%		25,158	95,262	23.77	100.0	%	(Kroger)
Grayson Commons	Atlanta-Sandy Springs et al, GA		100.0	%		76,611	76,611	14.50	91.0	%	Kroger
Lakeside Marketplace	Atlanta-Sandy Springs et al, GA		100.0	%		137,693	332,889	16.22	100.0	%	(Super Target)	Ross Dress for Less, Petco
Mansell Crossing	Atlanta-Sandy Springs et al, GA		20.0	%	(1)(3)	20,586	102,931	12.95	100.0	%		buybuy BABY, Ross Dress for Less, Rooms to Go
Perimeter Village	Atlanta-Sandy Springs et al, GA		100.0	%		373,621	373,621	19.34	99.2	%	Walmart 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	16.83	100.0	%	Publix
Reynolds Crossing	Atlanta-Sandy Springs et al, GA		100.0	%		45,758	115,983	25.24	89.4	%	(Kroger)
Roswell Corners	Atlanta-Sandy Springs et al, GA		100.0	%		136,622	318,387	17.02	96.1	%	(Super Target)	Staples, T.J. Maxx
Roswell Crossing	Atlanta-Sandy Springs et al, GA		100.0	%		201,979	201,979	14.27	92.9	%	Trader Joe's	Office Max, PetSmart, Walgreens
Thompson Bridge Commons	Gainesville, GA		100.0	%	(4)	3,000	95,587	N/A	100.0	%	(Kroger)
Georgia Total:	# of Properties:	14				1,639,666	2,673,974	16.00	95.6	%
Kentucky
Millpond Center	Lexington-Fayette, KY		100.0	%		124,498	151,498	10.62	91.2	%	Kroger
Regency Shopping Centre	Lexington-Fayette, KY		100.0	%		142,738	188,782	14.09	87.1	%	(Kroger)	T.J. Maxx, Michaels
Tates Creek	Lexington-Fayette, KY		100.0	%		198,372	203,532	13.77	97.3	%	Kroger	Rite Aid
Festival at Jefferson Court	Louisville, KY-IN		100.0	%		168,697	218,107	12.80	97.6	%	Kroger	(PetSmart), (TJ Maxx), Staples, Party City
Kentucky Total:	# of Properties:	4				634,305	761,919	12.98	93.9	%
Louisiana
K-Mart Plaza	Lake Charles, LA		50.0	%	(1)(3)	107,974	225,148	9.33	100.0	%	Albertsons	Kmart, Dollar Tree, Planet Fitness
Southgate	Lake Charles, LA		100.0	%		155,789	155,789	10.71	83.8	%	Market Basket	Office Depot, Books-A-Million
Danville Plaza	Monroe, LA		100.0	%		136,368	136,368	5.85	96.3	%	County Market	Citi Trends, Surplus Warehouse
Louisiana Total:	# of Properties:	3				400,131	517,305	8.35	92.4	%
Maryland
Pike Center	Washington, DC-VA-MD-WV		100.0	%		80,841	80,841	56.52	100.0	%		T.G.I. Friday's, Ethan Allen, Pier 1
Maryland Total:	# of Properties:	1				80,841	80,841	56.52	100.0	%
Missouri
Western Plaza	St. Louis, MO-IL		50.0	%	(1)(3)	28,367	56,734	7.84	96.5	%		Value Village
Missouri Total:	# of Properties:	1				28,367	56,734	7.84	96.5	%
Nevada
Best in the West	Las Vegas-Paradise, NV		100.0	%		428,066	428,066	16.72	98.6	%		Best Buy, T. J. Maxx, Babies "R" Us, Bed Bath & Beyond, Petsmart, Office Depot
Charleston Commons	Las Vegas-Paradise, NV		100.0	%		332,890	367,544	16.23	99.3	%	Walmart	Ross Dress for Less, Office Max, 99 Cents Only, PetSmart
College Park S.C.	Las Vegas-Paradise, NV		100.0	%		167,654	195,367	12.01	93.9	%	El Super	Factory 2 U, CVS
Decatur 215	Las Vegas-Paradise, NV		100.0	%		14,658	241,700	26.31	100.0	%	(WinCo Foods)	(Target), Hobby Lobby
Eastern Horizon	Las Vegas-Paradise, NV		100.0	%		65,848	353,538	21.06	95.4	%	Trader Joe's, (Kmart)
Francisco Centre	Las Vegas-Paradise, NV		100.0	%		116,973	148,815	11.50	87.2	%	La Bonita Grocery	(Ross Dress for Less), Fallas Paredes

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Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Paradise Marketplace	Las Vegas-Paradise, NV		100.0	%		78,077	152,672	18.42	89.1	%	(Smith’s Food)	Dollar Tree
Rainbow Plaza	Las Vegas-Paradise, NV		100.0	%		273,916	273,916	13.67	97.2	%	Albertsons	Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness
Rainbow Plaza, Phase I	Las Vegas-Paradise, NV		100.0	%		136,339	136,339	13.48	96.9	%	Albertsons	Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness
Rancho Towne & Country	Las Vegas-Paradise, NV		100.0	%		84,711	161,837	12.59	100.0	%	Smith’s Food
Tropicana Beltway	Las Vegas-Paradise, NV		100.0	%		246,483	617,821	18.70	97.6	%	(Walmart Supercenter)	(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, Sports Authority
Tropicana Marketplace	Las Vegas-Paradise, NV		100.0	%		69,475	142,643	19.81	74.9	%	(Smith’s Food)	Family Dollar
Westland Fair North	Las Vegas-Paradise, NV		100.0	%		211,755	598,213	17.18	90.8	%	(Walmart Supercenter)	(Lowe’s), PetSmart, Office Depot, Michaels, Anna's Linens
Nevada Total:	# of Properties:	12				2,226,845	3,818,471	15.85	95.5	%
New Mexico
Eastdale	Albuquerque, NM		100.0	%		119,091	119,091	7.48	91.3	%	Albertsons	Family Dollar
North Towne Plaza	Albuquerque, NM		100.0	%		112,666	139,996	21.51	99.9	%	Whole Foods Market	Home Goods
New Mexico Total:	# of Properties:	2				231,757	259,087	14.62	95.5	%
North Carolina
Galleria	Charlotte-Gastonia et al, NC-SC		100.0	%		120,674	328,276	16.21	95.8	%	(Walmart Supercenter)	Off Broadway Shoes
Whitehall Commons	Charlotte-Gastonia et al, NC-SC		100.0	%		42,183	444,803	24.78	93.2	%	(Walmart Supercenter), (Publix)	(Lowe's)
Bull City Market	Durham, NC		100.0	%		40,875	40,875	18.52	100.0	%	Whole Foods Market
Chatham Crossing	Durham, NC		25.0	%	(1)(3)	24,039	96,155	12.91	88.5	%	Lowes Foods	CVS
Hope Valley Commons	Durham, NC		100.0	%		81,371	81,371	25.12	96.3	%	Harris Teeter
Avent Ferry	Raleigh-Cary, NC		100.0	%		119,652	119,652	18.73	90.4	%	Food Lion	Family Dollar
Capital Square	Raleigh-Cary, NC		100.0	%		143,063	143,063	7.56	100.0	%	Food Lion
Falls Pointe	Raleigh-Cary, NC		100.0	%		112,199	198,549	16.86	98.9	%	Harris Teeter	(Kohl’s)
High House Crossing	Raleigh-Cary, NC		100.0	%		90,155	90,155	15.43	100.0	%	Harris Teeter
Leesville Town Centre	Raleigh-Cary, NC		100.0	%		127,106	127,106	19.50	93.8	%	Harris Teeter	Rite Aid
Northwoods Market	Raleigh-Cary, NC		100.0	%		77,802	77,802	11.74	91.2	%	Walmart Neighborhood Market	Dollar Tree
Six Forks Station	Raleigh-Cary, NC		100.0	%		467,660	467,660	10.68	99.0	%	Food Lion	Kmart, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market	Raleigh-Cary, NC		100.0	%		188,437	188,437	12.74	100.0	%	Harris Teeter	Stein Mart, Rite Aid
Surf City Crossing	Wilmington, NC		100.0	%		63,016	63,016	19.08	91.1	%	Harris Teeter
Waterford Village	Wilmington, NC		100.0	%		89,483	89,483	19.98	98.4	%	Harris Teeter
North Carolina Total:	# of Properties:	15				1,787,715	2,556,403	14.54	97.1	%
Oklahoma
Town and Country	Oklahoma City, OK		100.0	%		128,231	128,231	7.04	91.3	%		Big Lots, Westlake Hardware, Aaron Rents
Oklahoma Total:	# of Properties:	1				128,231	128,231	7.04	91.3	%
Oregon
Clackamas Square	Portland-Vancouver et al, OR-WA		20.0	%	(1)(3)	14,790	140,227	18.54	95.9	%	(Winco Foods)	T.J. Maxx
Oak Grove Market Center	Portland-Vancouver et al, OR-WA		100.0	%		97,177	97,177	13.56	95.2	%	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	276,924	14.92	95.6	%

Page 34

Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
South Carolina
Fresh Market Shoppes	Hilton Head Island-Beaufort, SC		25.0	%	(1)(3)	21,674	86,694	14.99	96.8	%	The Fresh Market	Dollar Tree
South Carolina Total:	# of Properties:	1				21,674	86,694	14.99	96.8	%
Tennessee
Bartlett Towne Center	Memphis, TN-MS-AR		100.0	%		192,624	192,624	11.69	100.0	%	Kroger	Petco, Dollar Tree, Shoe Carnival
Commons at Dexter Lake	Memphis, TN-MS-AR		100.0	%		166,958	178,558	9.47	95.6	%	Kroger	Stein Mart, Marshalls, HomeGoods
Commons at Dexter Lake Phase II	Memphis, TN-MS-AR		100.0	%		61,838	66,838	13.56	84.6	%	Kroger	Stein Mart, Marshalls, HomeGoods
Highland Square	Memphis, TN-MS-AR		100.0	%	(4)	14,490	14,490	N/A	100.0	%		Walgreens
Mendenhall Commons	Memphis, TN-MS-AR		100.0	%		88,108	88,108	11.48	97.4	%	Kroger
Ridgeway Trace	Memphis, TN-MS-AR		100.0	%		169,987	307,727	20.92	94.8	%		(Target), Best Buy, Sports Authority, PetSmart
Tennessee Total:	# of Properties:	5				694,005	848,345	13.48	96.0	%
Texas
Bell Plaza	Amarillo, TX		15.0	%	(1)	19,595	130,631	13.75	82.5	%	United Supermarket	Dollar Tree
Mueller Regional Retail Center	Austin-Round Rock-San Marcos, TX		100.0	%		351,099	351,099	16.38	98.0	%		Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy
North Park Plaza	Beaumont-Port Arthur, TX		50.0	%	(1)(3)	69,963	302,460	14.92	94.0	%		(Target), (Toys “R” Us), Anna's Linens, Spec's, Kirkland's
North Towne Plaza	Brownsville-Harlingen, TX		100.0	%		36,000	153,000	21.50	32.2	%		(Lowe's)
Moore Plaza	Corpus Christi, TX		100.0	%		371,650	599,622	14.37	96.9	%	(H-E-B)	Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Stein Mart
Boswell Towne Center	Dallas-Fort Worth-Arlington, TX		100.0	%		26,088	88,008	24.40	85.5	%	(Albertsons)
Gateway Station	Dallas-Fort Worth-Arlington, TX		70.0	%	(1)	47,852	68,360	11.61	74.8	%		Conn's
Lake Pointe Market Center	Dallas-Fort Worth-Arlington, TX		100.0	%		40,513	121,689	21.75	90.0	%	(Tom Thumb)	(Walgreens)
Overton Park Plaza	Dallas-Fort Worth-Arlington, TX		100.0	%		353,431	463,431	14.46	100.0	%	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)	72,366	361,832	16.23	98.5	%		Babies "R" Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
10/Federal	Houston-Baytown-Sugar Land, TX		15.0	%	(1)	19,871	132,472	8.54	99.2	%	Sellers Bros.	Palais Royal, Harbor Freight Tools
1919 North Loop West	Houston-Baytown-Sugar Land, TX		100.0	%		138,058	138,058	N/A	73.8	%		State of Texas
Alabama-Shepherd	Houston-Baytown-Sugar Land, TX		100.0	%		59,120	59,120	21.85	100.0	%	Trader Joe's	PetSmart
Bellaire Boulevard	Houston-Baytown-Sugar Land, TX		100.0	%		35,081	41,273	28.12	100.0	%	Randall’s
Blalock Market at I-10	Houston-Baytown-Sugar Land, TX		100.0	%		97,277	97,277	16.28	100.0	%	99 Ranch Market
Braeswood Square	Houston-Baytown-Sugar Land, TX		100.0	%		104,778	104,778	12.96	100.0	%	Belden’s	Walgreens
Broadway	Houston-Baytown-Sugar Land, TX		15.0	%	(1)	11,191	74,604	7.81	92.1	%		Big Lots, Family Dollar
Centre at Post Oak	Houston-Baytown-Sugar Land, TX		100.0	%		183,940	183,940	31.17	99.1	%		Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
Citadel Plaza	Houston-Baytown-Sugar Land, TX		100.0	%		121,000	121,000	N/A	100.0	%		Weingarten Realty Investors Corporate Office
Cullen Plaza	Houston-Baytown-Sugar Land, TX		15.0	%	(1)	12,678	84,517	11.29	100.0	%	Fiesta	Family Dollar
Cypress Pointe	Houston-Baytown-Sugar Land, TX		100.0	%		186,721	283,381	9.95	97.6	%	Kroger	Babies “R” Us
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	%		210,370	210,370	10.83	98.6	%	Randall’s	Office Depot, Palais Royal, Spec's
Glenbrook Square	Houston-Baytown-Sugar Land, TX		15.0	%	(1)	11,684	77,890	9.48	93.3	%	Kroger
Griggs Road	Houston-Baytown-Sugar Land, TX		15.0	%	(1)	12,017	80,116	12.60	48.1	%		Family Dollar, Citi Trends

Page 35

Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA	Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Harrisburg Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	14,016	93,438	18.55	91.3	%		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	%		71,277	71,277	8.89	100.0	%	Kroger
Humblewood Shopping Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		180,226	279,226	14.79	100.0	%		Conn’s, Walgreens, (Michaels), (DSW)
I-45/Telephone Rd. Center	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	25,740	171,599	11.39	100.0	%	Sellers Bros.	Famsa, Dollar Tree, Fallas Paredes
Lawndale	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	7,819	52,127	10.67	97.0	%		LaMichoacana Meat Market, Family Dollar, 99 Cents Only
League City Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	19,048	126,990	12.87	94.4	%	Kroger
Little York Plaza	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	17,082	113,878	9.58	85.1	%	Sellers Bros.	Fallas Paredes
Lyons Avenue	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	10,144	67,629	7.93	100.0	%	Fiesta	Fallas Paredes
Market at Town Center	Houston-Baytown-Sugar Land, TX	100.0	%		388,865	388,865	19.51	97.9	%		Old Navy, Home Goods, Marshalls, Ross Dress for Less, Nordstrom Rack, Saks Fifth Avenue OFF 5TH
Market at Westchase	Houston-Baytown-Sugar Land, TX	100.0	%		84,084	84,084	19.32	90.5	%	Whole Foods Market
Northbrook Center	Houston-Baytown-Sugar Land, TX	100.0	%		173,288	173,288	14.24	97.4	%	Randall’s	Office Depot, Citi Trends, Anna’s Linens, Dollar Tree
Oak Forest	Houston-Baytown-Sugar Land, TX	100.0	%		151,324	151,324	13.55	98.0	%	Kroger	Ross Dress for Less, Dollar Tree, Petsmart
Palmer Plaza	Houston-Baytown-Sugar Land, TX	100.0	%		95,251	195,231	9.62	91.2	%		Dollar Tree
Randall's/Kings Crossing	Houston-Baytown-Sugar Land, TX	100.0	%		126,397	126,397	16.71	100.0	%	Randall’s	CVS
Richmond Square	Houston-Baytown-Sugar Land, TX	100.0	%		92,356	92,356	21.54	100.0	%		Best Buy, Cost Plus
River Oaks East	Houston-Baytown-Sugar Land, TX	100.0	%		71,265	71,265	29.83	100.0	%	Kroger
River Oaks West	Houston-Baytown-Sugar Land, TX	100.0	%		247,673	247,673	29.83	94.8	%	Kroger	Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank
Shoppes at Memorial Villages	Houston-Baytown-Sugar Land, TX	100.0	%		184,354	184,354	9.46	93.7	%		Rexel
Shops at Kirby Drive	Houston-Baytown-Sugar Land, TX	100.0	%		10,000	10,000	30.08	100.0	%		Freebirds Burrito
Shops at Three Corners	Houston-Baytown-Sugar Land, TX	70.0	%	(1)	173,060	277,871	13.55	100.0	%	Fiesta	Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate	Houston-Baytown-Sugar Land, TX	15.0	%	(1)	18,789	125,260	10.31	94.6	%	Food-A-Rama	CVS, Family Dollar, Palais Royal
Stella Link	Houston-Baytown-Sugar Land, TX	100.0	%		70,087	70,087	9.41	70.7	%	Sellers Bros.	Spec’s
Tomball Marketplace	Houston-Baytown-Sugar Land, TX	100.0	%		141,036	298,857	16.41	89.2	%		(Academy), (Kohl's), Ross Dress For Less, Marshalls
Village Plaza at Bunker Hill	Houston-Baytown-Sugar Land, TX	57.8	%	(1)(3)	283,399	490,734	23.79	99.8	%	H-E-B	PetSmart, Babies "R" Us, Academy, Nordstrom Rack
Westchase Center	Houston-Baytown-Sugar Land, TX	100.0	%		232,074	360,793	15.46	87.0	%	Whole Foods Market	(Target), Ross Dress for Less, Golfsmith, Palais Royal, Petco
Westhill Village	Houston-Baytown-Sugar Land, TX	100.0	%		128,791	128,791	15.26	92.0	%		Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens
Independence Plaza	Laredo, TX	100.0	%		347,302	347,302	12.88	97.5	%	H-E-B	TJ Maxx, Ross, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza	Laredo, TX	100.0	%		243,596	485,463	14.34	97.8	%	(H-E-B)	(Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond
Plantation Centre	Laredo, TX	100.0	%		135,373	143,015	15.90	100.0	%	H-E-B
Las Tiendas Plaza	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	143,968	500,067	10.69	98.9	%		(Target), 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	22.63	81.3	%	(Walmart Supercenter)
Market at Sharyland Place	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	53,956	301,174	19.67	95.4	%	(Walmart Supercenter)	Kohl's, Dollar Tree
Northcross	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	37,432	74,865	17.18	93.5	%		Barnes & Noble
Old Navy Building	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)(4)	7,500	15,000	N/A	100.0	%		Old Navy
Sharyland Towne Crossing	McAllen-Edinburg-Pharr, TX	50.0	%	(1)(3)	176,520	484,949	15.01	97.6	%	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	12.49	100.0	%	H-E-B
Starr Plaza	Rio Grande City, TX	50.0	%	(1)(3)	88,346	176,693	11.95	99.0	%	H-E-B	Bealls

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Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA		Owned %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Fiesta Trails	San Antonio, TX		100.0	%		306,370	482,370	15.23	95.6	%	(H-E-B)	(Target), Act III Theatres, Marshalls, Office Max, Stein Mart, Petco, Anna’s Linens
Parliament Square II	San Antonio, TX		100.0	%	(4)	54,541	54,541	8.71	100.0	%		Incredible Pizza
Thousand Oaks	San Antonio, TX		15.0	%	(1)	24,301	162,009	11.04	96.5	%	H-E-B	Bealls, Tuesday Morning
Valley View	San Antonio, TX		100.0	%		91,544	91,544	11.47	90.1	%		Marshalls, Dollar Tree
Broadway	Tyler, TX		100.0	%		60,447	60,447	7.94	85.4	%		Stein Mart
Texas Total:	# of Properties:	68				7,494,561	12,576,407	16.33	95.7	%
Utah
DDS Office Building	Salt Lake City, UT		100.0	%		27,300	27,300	N/A	100.0	%
Taylorsville Town Center	Salt Lake City, UT		100.0	%		90,157	139,007	17.52	97.5	%	The Fresh Market	Rite Aid
West Jordan Town Center	Salt Lake City, UT		100.0	%		182,099	304,899	12.12	64.7	%		(Target), Petco
Utah Total:	# of Properties:	3				299,556	471,206	15.38	77.8	%
Washington
Meridian Town Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	15,533	143,012	16.91	98.7	%	(Safeway)	Jo-Ann Fabric & Craft Store, Tuesday Morning
Promenade 23	Seattle-Tacoma-Bellevue, WA		100.0	%		96,860	96,860	16.39	91.4	%	Red Apple Grocers	Walgreens
Queen Anne Marketplace	Seattle-Tacoma-Bellevue, WA		51.0	%	(1)(3)	41,506	81,385	25.53	98.4	%	Metropolitan Market	Bartell's Drug
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	21,671	108,356	19.85	100.0	%	Safeway	Ross Dress for Less
South Hill Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	26,802	134,010	16.60	96.3	%		Bed Bath & Beyond, Ross Dress for Less, Best Buy
Washington Total:	# of Properties:	5				202,372	563,623	18.79	95.0	%
Total Operating Properties	# of Properties:	234				27,672,222	45,064,945
New Development
Maryland
Nottingham Commons	Baltimore-Towson, MD		100.0	%	(2)	2,209	2,209
Maryland Total:	# of Properties:	1				2,209	2,209
North Carolina
Wake Forest Crossing II	Raleigh-Cary, NC		100.0	%	(2)	—	93,595
North Carolina Total:	# of Properties:	1				—	93,595
Virginia
Hilltop Village	Washington, DC-VA-MD-WV		100.0	%	(1)(2)	130,876	130,876
Virginia Total:	# of Properties:	1				130,876	130,876
Total New Developments	# of Properties:	3				133,085	226,680
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

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Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA	Owned %	Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
Colorado
Highway 85 and Highway 285, Sheridan					642,946
Colorado Total:					642,946
Florida
Young Pines and Curry Ford Rd., Orange County					82,764
State Road 100 & Belle Terre Parkway, Palm Coast					292,288
SR 207 at Rolling Hills Dr., St. Augustine					228,254
Florida Total:					603,306
Georgia
NWC South Fulton Pkwy. @ Hwy. 92, Union City					3,554,496
Georgia Total:					3,554,496
Nevada
SWC Highway 215 at Decatur, Las Vegas					328,340
Nevada Total:					328,340
North Carolina
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland					549,727
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh					118,483
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:					4,329,863
Tennessee
Poplar Avenue and Ridgeway Road, Memphis					53,579
Tennessee Total:					53,579
Texas
Culebra Road and Westwood Loop, San Antonio					60,984
U.S. 77 and 83 at SHFM 802, Brownsville					914,723
Rock Prairie Rd. at Hwy. 6, College Station					388,120
I-30 & Horne Street, Ft Worth					58,370
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
Mesa Road at Tidwell, Houston					75,009
Northwest Freeway at Gessner, Houston					179,903
West Little York at Interstate 45, Houston					161,172
Nolana Ave. and 29th St., McAllen					163,350
Shary Rd. at North Hwy. 83, Mission					1,521,986
9th Ave. at 25th St., Port Arthur					243,065

Page 38

Weingarten Realty Investors

Property Listing

As of December 31, 2014

Center	CBSA	Owned %	Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
Gattis School Rd. at A.W. Grimes Blvd., Round Rock					57,499
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:					15,036,787
Total Unimproved Land					25,347,772

Center	Property Covered	Note
Ground Lease Commitments
Blalock Market at I-10	Entire Center	Ground Lessor has option to terminate with one year's notice at market price
Braeswood Square	Entire Center	Project subject to a ground lease with economic term through 2026
Parliament Square II	Entire Center	Project subject to a ground lease with economic term greater than 2030
Danville Plaza	Entire Center	Project subject to a ground lease with economic term greater than 2030
Shoppes at Memorial Villages	Part of Center	Project subject to a ground lease with economic term greater than 2030
Highland Square	Entire Center	Project subject to a ground lease with economic term greater than 2030
Discovery Plaza	Entire Center	Project subject to a ground lease with economic term greater than 2030
Six Forks Station	Entire Center	Project subject to a ground lease with economic term greater than 2030
Taylorsville Town Center	Part of Center	Project subject to a ground lease with economic term greater than 2030
Town and Country	Entire Center	Project subject to a ground lease with economic term greater than 2030
Phillips Crossing	Entire Center	Project subject to a ground lease with economic term greater than 2030
Camelback Village Square	Entire Center	Project subject to a ground lease with economic term greater than 2030
River Point at Sheridan	Part of Center	Project subject to a ground lease with economic term greater than 2030
Pike Center	Entire Center	Project subject to a ground lease with WRI option to purchase

Page 39

Other Topics of Interest

Weingarten Realty Investors

Portfolio Transformation

As of December 31, 2014

(at pro rata share)

(in thousands, except percentages and # of units)

					% Increase	% Increase
	1/1/2011	Acquisitions (2)	Dispositions (2)	12/31/2014	2011 - 4Q'14	Acq vs Disp
# of Properties	312	19	97	234
GLA SF	32,800	3,300	8,600	27,500
Average Base Rent PSF	$13.60	$19.80	$11.62	$16.24	19%	70%
Average HH Income (1)	$80	$96	$76	$83	4%	26%
Households (1)	39	59	36	43	10%	64%
Population (1)	103	132	91	109	6%	45%
College Graduates (1)	37.0%	58.5%	38.8%	43.0%	16%	51%
Grocer Sales PSF	$460	$700	$417	$564	22%	68%
Volume		$522,000	$1,498,000
Notes:
Excludes non-retail properties except in volume
(1) Weighted by ABR
(2) As of 12/31/14

Page 41

Weingarten Realty Investors

Ground Lease Summary

December 31, 2014

(at pro rata share)

(in thousands, except number of leases)

Use Description	Number of Leases	GLA	ABR		ABR $/SF
Home Improvement	2	220	$	799	$	3.64
Discount Department Store	9	756	3,505		4.64
Full-Service Restaurant	50	228	4,429		19.38
Fast Food	57	161	4,320		26.90
Bank	35	103	3,155		30.54
Supermarket	18	903	6,931		7.67
Pharmacy	6	105	838		7.97
Theater	1	56	377		6.74
Gas Station	8	17	916		54.42
Other Hardline Retailers	2	59	330		5.60
Other	15	152	1,598		10.54
Total	203	2,760	$	27,199	$	9.86

Page 42