8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 24, 2018

WEINGARTEN REALTY INVESTORS

(Exact name of registrant as specified in its charter)

Texas	1-9876	74-1464203
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2600 Citadel Plaza Drive, Suite 125, Houston, Texas 77008

(Address of principal executive offices) (Zip Code)

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

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02.    Results of Operations and Financial Condition.

On April 24, 2018, we issued a press release describing our results of operations for the quarter ended March 31, 2018, as well as providing supplemental financial information pertaining to our operations. The press release and supplemental financial information are attached as Exhibit 99.1 to this report.

The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01.    Financial Statements and Exhibits.

99.1 Supplemental Financial Information at March 31, 2018 (including press release dated April 24, 2018).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 25, 2018

WEINGARTEN REALTY INVESTORS
By:	/s/ Joe D. Shafer
	Joe D. Shafer
	Senior Vice President/ Chief Accounting Officer

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INDEX TO EXHIBITS

99.1 Supplemental Financial Information at March 31, 2018 (including press release dated April 24, 2018).

4

EX-99.1

Exhibit 99.1

Table of Contents		Page
Quarterly Earnings Press Release		i - xi
Company Information		1
Financial Summary
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Balance Sheets	4
	Funds From Operations Attributable to Common Shareholders	5
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre	6
	Supplemental Income Statement Detail	7
	Supplemental Balance Sheet Detail	8
	Capitalization and Debt Coverage Ratios	9
	Guidance	10
Investment Activity
	Capital Expenditures	12
	Development and Redevelopment Projects	13
	Land Held for Development	14
	Acquisition and Disposition Summary	15
Summary of Debt
	Debt Information	17
	Debt Information Additional Disclosure	18
	Schedule of Maturities	19
	Schedule of Maturities Additional Disclosure	20
Joint Ventures
	Unconsolidated Joint Venture Financial Statements at 100%	22
	Unconsolidated Joint Venture Financial Statements at Pro rata Share	23
	Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%	24
	Unconsolidated Joint Venture Mortgage Debt Information at 100%	25
	Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure	26
Portfolio Summary
	Tenant Diversification by Percent of Base Minimum Rent	28
	Portfolio Operating Information	29 - 30
	Top 40 Core-Based Statistical Area (CBSA) Ranked by Population	31
Property Listing
	Summary Property Listing	33
	Property Listing	34 - 42
Other Topics of Interest
	Share and Bond Repurchase Program Inception-To-Date	44
	Revenue Classification Changes Impact	45
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 March 31, 2018, we owned or operated under long-term leases, interests in 196 properties which are located in 17 states that span the United States from coast to coast. These properties represent approximately 39.5 million square feet of which our interests in these properties aggregated approximately 25.0 million square feet of leasable area. Our properties were 94.8% leased as of March 31, 2018, 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

REPORTS ANOTHER STRONG QUARTER

HOUSTON, April 24, 2018 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended March 31, 2018. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

First Quarter Operating and Financial Highlights

• Net income attributable to common shareholders (“Net Income”) for the quarter was $1.13 per diluted share (hereinafter “per share”) compared to $0.24 per share in the same quarter of 2017;

• Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.57 per share compared to $0.61 per share a year ago;

• Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.0% over the same quarter of the prior year;

• Occupancy increased to 94.8% from 93.7% at the end of the first quarter of 2017;

• Dispositions for the quarter totaled $268 million; and

• Common shares totaling $13.9 million and unsecured debt totaling $14.3 million were repurchased to-date in 2018.

Financial Results

The Company reported Net Income of $146.8 million or $1.13 per share for the first quarter of 2018, as compared to $30.8 million or $0.24 per share for the same period in 2017. This significant increase was due primarily to higher gains on sales of properties during 2018.

Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $78.3 million or $0.60 per share for the first quarter of 2018 compared to $74.4 million or $0.57 per share for 2017. The increase is primarily due to increased occupancy, increased rental rates and incremental income from our new developments and redevelopments. Also contributing to the increase in NAREIT FFO was reduced interest expense due to the reduction of debt outstanding with disposition proceeds from 2017 and 2018; however, these increases were offset by the reduced operating income from these same property dispositions in both years. Additionally, NAREIT FFO for 2018 included about $0.03 per share of gain on debt extinguishment in the quarter. In 2017, NAREIT FFO included $.04 per share for a lease termination payment and impairments of non-operating

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property, net of the related tax benefit. Core FFO is calculated by deducting from NAREIT FFO the gain on debt extinguishment in 2018 and adding back a lease termination payment and impairments in 2017. Core FFO for the quarter ended March 31, 2018 was $74.7 million or $0.57 per share compared to $79.5 million or $0.61 per share for the same quarter of last year.

Effective this quarter, the Company adopted the new revenue recognition standard, ASU 2014-09, “Revenue from Contracts with Customers”, which resulted in the classification of about $1.1 million of revenue from parking, licensing and occupancy agreements out of Rental Revenue into Other Revenue. As this standard was adopted on a modified retrospective approach, we did not restate the prior year amounts. The detail of the classification adjustments by line item is included on Page 45 of the Supplemental and this impact was adjusted for on Same Property NOI by line item on Page 30.

Reconciliations of Net Income to NAREIT FFO and Core FFO are included herein.

Operating Results

For the period ending March 31, 2018, the Company’s operating highlights were as follows:

	Q1 2018
Occupancy (Signed Basis):
Occupancy - Total	94.8%
Occupancy - Small Shop Spaces	90.4%
Occupancy - Same Property Portfolio	95.4%
Same Property Net Operating Income, with redevelopments	2.0%
Rental Rate Growth - Total:	5.8%
New Leases	4.9%
Renewals	5.9%
Leasing Transactions:
Number of New Leases	75
New Leases - Annualized Revenue (in millions)	$5.3
Number of Renewals	169
Renewals - Annualized Revenue (in millions)	$14.9

A reconciliation of Net Income to SPNOI is included herein.

“We are pleased with our performance as we continue to add quality merchants to our outstanding portfolio of properties. Our occupancy continues to improve, increasing 1.1% over last year to 94.8%. Additionally, as 2.8% of our portfolio has signed leases that have not commenced, we have imbedded growth for the remainder of 2018 which should contribute to meeting our Same Property NOI guidance for the year ,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Portfolio Activity

During the quarter, the Company closed $268 million of dispositions with the sale of eight shopping centers including Moore Plaza in Corpus Christi, Texas, Best in the West and Paradise Marketplace in Las Vegas, Nevada, Millpond Center and Tates Creek Centre in Lexington, Kentucky, Horne Street Market in Fort Worth,

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Texas, Palmilla Center in Avondale, Arizona and a portion of Stoneridge Towne Centre in Moreno Valley, California. The Company also sold two land parcels.

As for acquisitions, the Company purchased a land parcel adjacent to an existing shopping center for $1.3 million during the quarter and will begin construction of a 9,000 square foot multi-tenant building in the next 30 days.

The Company invested $27 million in new developments and redevelopments during the first quarter. Groundbreaking on the Driscoll at River Oaks, a 30-story residential tower to be constructed at the Company’s River Oaks Shopping Center, is expected to occur this summer.

“We are pleased with our solid start to 2018 considering the retail real estate environment. Further, our dispositions reduce our exposure to power centers and to tertiary markets which clearly enhances the overall quality of our portfolio. Our new developments and redevelopments are progressing nicely, which will provide earnings growth going forward,” said Drew Alexander, President and Chief Executive Officer.

Balance Sheet

Proceeds for the Company’s 2017 and 2018 dispositions were used to further enhance its balance sheet. The Company paid down its $200 million term loan in two $100 million tranches, the second of which closed on April 3rd. During the first quarter of 2018, the Company repurchased $13.7 million of its unsecured bonds and $8.1 million of its common shares at an average price of $27.37 per share. Subsequent to quarter-end, the Company repurchased an additional $0.6 million of its unsecured bonds and $5.8 million of its common shares at an average price of $26.89. At quarter-end, Net Debt to Core EBITDAre was a strong 5.1 times and Debt to Total Market Capitalization was 34.6%.

“With the strongest credit metrics we have had in many years, we are poised to take advantage of whatever opportunities may arise, which could include quality acquisitions, additional purchases of our bonds and buying back our stock. Low leverage provides the flexibility to react quickly as market conditions change,” said Steve Richter, Executive Vice President and Chief Financial Officer.

2018 Guidance

As to earnings guidance, we are increasing NAREIT FFO per share to a range of $2.29 to $2.35 and reaffirm Core FFO for the year along with the supporting details as previously provided. All of the details of our guidance are included on page 10 of our Supplemental.

Dividends

The Board of Trust Managers declared a quarterly cash dividend of $0.395 per common share payable on June 15, 2018 to shareholders of record on June 8, 2018.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on April 25, 2018 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 # 45774517). A replay will be available through the Company’s website starting approximately two hours following the live call.

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About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer.  At March 31, 2018, 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 196 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 39.5 million square feet of which our interests in these properties aggregated approximately 25.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

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

Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.

Page iv

Weingarten Realty Investors
(in thousands, except per share amounts)
Financial Statements
		Three Months Ended March 31,
		2018			2017
CONDENSED CONSOLIDATED STATEMENTS OF INCOME		(Unaudited)
Rentals, net		$	128,729		$	140,818
Other Income		3,723			2,845
	Total Revenues	132,452			143,663
Depreciation and Amortization		38,095			42,449
Operating Expense		23,270			29,910
Real Estate Taxes, net		17,639			17,517
Impairment Loss		—			14,986
General and Administrative Expense		5,595			7,384
	Total Expenses	84,599			112,246
Operating Income		47,853			31,417
Interest Expense, net		(14,672		)	(21,082		)
Interest and Other Income/Expense		1,533			1,622
(Provision) Benefit for Income Taxes		(783		)	3,359
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net		5,993			5,317
	Income from Continuing Operations	39,924			20,633
Gain on Sale of Property		109,045			15,763
Net Income		148,969			36,396
Less:	Net Income Attributable to Noncontrolling Interests	(2,145		)	(5,570		)
Net Income Attributable to Common Shareholders -- Basic		$	146,824		$	30,826
Net Income Attributable to Common Shareholders -- Diluted		$	147,352		$	30,826
Earnings Per Common Share -- Basic		$	1.15		$	.24
Earnings Per Common Share -- Diluted		$	1.13		$	.24

Page v

Weingarten Realty Investors
(in thousands)
Financial Statements
		March 31, 2018			December 31, 2017
		(Unaudited)			(Audited)
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
Property		$	4,365,670		$	4,498,859
Accumulated Depreciation		(1,140,653		)	(1,166,126		)
Property Held for Sale, net		—			54,792
Investment in Real Estate Joint Ventures and Partnerships, net		323,590			317,763
Unamortized Lease Costs, net		172,852			181,047
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net		87,091			104,357
Cash and Cash Equivalents		88,238			13,219
Restricted Deposits and Mortgage Escrows		7,395			8,115
Other, net		204,983			184,613
	Total Assets	$	4,109,166		$	4,196,639
LIABILITIES AND EQUITY
Debt, net		$	1,928,570		$	2,081,152
Accounts Payable and Accrued Expenses		88,024			116,463
Other, net		186,229			189,182
	Total Liabilities	2,202,823			2,386,797
Commitments and Contingencies		—			—
EQUITY
Common Shares of Beneficial Interest		3,895			3,897
Additional Paid-In Capital		1,769,306			1,772,066
Net Income Less Than Accumulated Dividends		(35,580		)	(137,065		)
Accumulated Other Comprehensive Loss		(9,694		)	(6,170		)
	Shareholders' Equity	1,727,927			1,632,728
Noncontrolling Interests		178,416			177,114
	Total Liabilities and Equity	$	4,109,166		$	4,196,639

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Non-GAAP Financial Measures

Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations Attributable to Common Shareholders

The National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, 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. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.

Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal 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 NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.

The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

Page vii

NAREIT FFO and Core FFO is calculated as follows (in thousands):

	Three Months Ended March 31,
	2018			2017
	(Unaudited)
Net income attributable to common shareholders	$	146,824		$	30,826
Depreciation and amortization of real estate	37,765			42,188
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships	3,184			3,639
Impairment of operating properties and real estate equity investments	—			12,005
(Gain) on sale of property and interests in real estate equity investments	(109,038		)	(15,748		)
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships	(2,363		)	—
Provision (benefit) for income taxes (1)	161			(2,392		)
Noncontrolling interests and other (2)	1,210			3,369
NAREIT FFO – basic	77,743			73,887
Income attributable to operating partnership units	528			526
NAREIT FFO – diluted	78,271			74,413
Adjustments to Core FFO:
Other impairment loss	—			3,017
Provision (benefit) for income taxes	—			(952		)
(Gain) on extinguishment of debt including related swap activity	(3,557		)	—
Other	—			3,066
Core FFO – diluted	$	74,714		$	79,544
FFO weighted average shares outstanding – basic	127,926			127,610
Effect of dilutive securities:
Share options and awards	781			938
Operating partnership units	1,432			1,462
FFO weighted average shares outstanding – diluted	130,139			130,010
NAREIT FFO per common share – basic	$	.61		$	.58
NAREIT FFO per common share – diluted	$	.60		$	.57
Core FFO per common share – diluted	$	.57		$	.61

______________

(1) The applicable taxes related to gains and impairments of operating properties.

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

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Same Property Net Operating Income

Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.

Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties that have been sold. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:

	Three Months Ended March 31, 2018
Beginning of the period	183
Properties added:
Acquisitions	6
New Developments	1
Redevelopments	2
Properties removed:
Dispositions	(8	)
End of the period	184

Page ix

The Company calculates SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of Net Income Attributable to Common Shareholders to SPNOI is as follows (in thousands):

	Three Months Ended March 31,
	2018			2017
	(Unaudited)
Net income attributable to common shareholders	$	146,824		$	30,826
Add:
Net income attributable to noncontrolling interests	2,145			5,570
Provision (benefit) for income taxes	783			(3,359		)
Interest expense, net	14,672			21,082
Less:
Gain on sale of property	(109,045		)	(15,763		)
Equity in earnings of real estate joint ventures and partnership interests	(5,993		)	(5,317		)
Interest and other income/expense	(1,533		)	(1,622		)
Operating Income	47,853			31,417
Less:
Revenue adjustments (1)	(3,932		)	(4,109		)
Add:
Property management fees	867			926
Depreciation and amortization	38,095			42,449
Impairment loss	—			14,986
General and administrative	5,595			7,384
Acquisition costs	—			1
Other (2)	89			3,117
Net Operating Income	88,567			96,171
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests	(3,892		)	(13,643		)
Add: Pro rata share of unconsolidated entities defined as same property	8,374			8,687
Same Property Net Operating Income	93,049			91,215
Less: Redevelopment Net Operating Income	(7,133		)	(6,693		)
Same Property Net Operating Income excluding Redevelopments	$	85,916		$	84,522

___________________

(1) Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.

(2) Other includes items such as environmental abatement costs, demolition expenses and lease termination fees.

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Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate

NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.

As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.

The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

EBITDAre and Core EBITDAre is calculated as follows (in thousands):

	Three Months Ended March 31,
	2018			2017
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
Net income	$	148,969		$	36,396
Interest expense, net (1)	14,672			21,082
Provision (benefit) for income taxes	783			(3,359		)
Depreciation and amortization of real estate	38,095			42,449
Impairment loss on operating properties and real estate equity investments	—			14,986
Gain on sale of property (2)	(109,045		)	(15,763		)
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3)	2,488			4,881
Total EBITDAre	95,962			100,672
Adjustments for Core EBITDAre:
Other	—			3,068
Total Core EBITDAre	$	95,962		$	103,740

⁽¹⁾ Includes a $3.8 million gain on extinguishment of debt including the related swap activity for the three months ended March 31, 2018.

⁽²⁾ Includes a $2 thousand gain on sale of non-operating assets for the three months ended March 31, 2017.

⁽³⁾ Includes a $.2 million loss on extinguishment of debt for the three months ended March 31, 2018.

Page xi

Weingarten Realty Investors

Company Information

Corporate Office
2600 Citadel Plaza Drive
P. O. Box 924133
Houston, TX 77292-4133
713-866-6000
www.weingarten.com
Stock Listings
New York Stock Exchange:
Common Shares	WRI

Forward-Looking Statements

This supplement, together with other statements and information publicly disseminated by us, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general 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 and changes in LIBOR availability, (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 of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in the tax laws and the 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.

Pro rata Financial Information

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

Page 1

Financial Summary

Weingarten Realty Investors

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

	Three Months Ended March 31,						Twelve Months Ended December 31,
	2018			2017(1)			2017(1)			2016(1)			2015(1)			2014(1)
Revenues:
Rentals, net	$	128,729		$	140,818		$	560,643		$	537,265		$	502,464		$	503,128
Other	3,723			2,845			12,520			12,290			10,380			11,278
Total	132,452			143,663			573,163			549,555			512,844			514,406
Expenses:
Depreciation and amortization	38,095			42,449			167,101			162,535			145,940			150,356
Operating	23,270			29,910			109,310			98,855			94,244			95,318
Real estate taxes, net	17,639			17,517			75,636			66,358			60,289			60,768
Impairment loss	—			14,986			15,257			98			153			1,024
General and administrative	5,595			7,384			28,052			26,607			27,367			25,676
Total	84,599			112,246			395,356			354,453			327,993			333,142
Operating Income	47,853			31,417			177,807			195,102			184,851			181,264
Interest Expense, net	(14,672		)	(21,082		)	(80,326		)	(83,003		)	(87,783		)	(94,725		)
Interest and Other Income / Expense	1,533			1,622			7,532			1,910			4,406			4,530
Gain on Sale and Acquisition of Real Estate Joint Venture  and Partnership Interests	—			—			—			48,322			879			1,718
(Provision) Benefit for Income Taxes	(783		)	3,359			17			(6,856		)	(52		)	1,261
Equity in Earnings of Real Estate Joint Ventures  and Partnerships, net (2)	5,993			5,317			27,074			20,642			19,300			22,317
Income from Continuing Operations	39,924			20,633			132,104			176,117			121,601			116,365
Operating Income from Discontinued Operations	—			—			—			—			—			342
Gain on Sale of Property from Discontinued Operations	—			—			—			—			—			44,582
Income from Discontinued Operations	—			—			—			—			—			44,924
Gain on Sale of Property	109,045			15,763			218,611			100,714			59,621			146,290
Net Income	148,969			36,396			350,715			276,831			181,222			307,579
Less: Net Income Attributable to Noncontrolling Interests	(2,145		)	(5,570		)	(15,441		)	(37,898		)	(6,870		)	(19,571		)
Net Income Adjusted for Noncontrolling Interests	$	146,824		30,826			335,274			238,933			174,352			288,008
Dividends on Preferred Shares	—			—			—			—			(3,830		)	(10,840		)
Redemption Costs of Preferred Shares	—			—			—			—			(9,687		)	—
Net Income Attributable to Common Shareholders	$	146,824		$	30,826		$	335,274		$	238,933		$	160,835		$	277,168
Earnings Per Common Share - Basic	$	1.15		$	0.24		$	2.62		$	1.90		$	1.31		$	2.28
Earnings Per Common Share - Diluted	$	1.13		$	0.24		$	2.60		$	1.87		$	1.29		$	2.25

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

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

Page 3

Weingarten Realty Investors

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

	March 31, 2018			December 31, 2017
ASSETS
Property	$	4,365,670		$	4,498,859
Accumulated Depreciation	(1,140,653		)	(1,166,126		)
Property Held for Sale, net	—			54,792
Property, net	3,225,017			3,387,525
Investment in Real Estate Joint Ventures and Partnerships, net (a)	323,590			317,763
Total	3,548,607			3,705,288
Unamortized Lease Costs, net	172,852			181,047
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of   allowance for doubtful accounts of $9,014 in 2018 and $7,516 in 2017)	87,091			104,357
Cash and Cash Equivalents	88,238			13,219
Restricted Deposits and Mortgage Escrows	7,395			8,115
Other, net	204,983			184,613
Total Assets	$	4,109,166		$	4,196,639
LIABILITIES AND EQUITY
Debt, net	$	1,928,570		$	2,081,152
Accounts Payable and Accrued Expenses	88,024			116,463
Other, net	186,229			189,182
Total Liabilities	2,202,823			2,386,797
Commitments and Contingencies	—			—
Equity:
Shareholders' Equity:
Common Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 275,000; shares issued and outstanding:  128,405 in 2018 and 128,447 in 2017	3,895			3,897
Additional Paid-In Capital	1,769,306			1,772,066
Net Income Less Than Accumulated Dividends	(35,580		)	(137,065		)
Accumulated Other Comprehensive Loss	(9,694		)	(6,170		)
Total Shareholders' Equity	1,727,927			1,632,728
Noncontrolling Interests	178,416			177,114
Total Equity	1,906,343			1,809,842
Total Liabilities and Equity	$	4,109,166		$	4,196,639

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

Page 4

Weingarten Realty Investors

Funds From Operations Attributable to Common Shareholders

(in thousands, except per share amounts)

	Three Months Ended March 31,
	2018			2017
Funds From Operations Attributable to Common Shareholders (NAREIT FFO)
Numerator:
Net income attributable to common shareholders	$	146,824		$	30,826
Depreciation and amortization of real estate	37,765			42,188
Depreciation and amortization of real estate of unconsolidated real estate  joint ventures and partnerships	3,184			3,639
Impairment of operating properties and real estate equity investments	—			12,005
(Gain) on sale of property and interests in real estate equity investments	(109,038		)	(15,748		)
(Gain) on dispositions of unconsolidated real estate  joint ventures and partnerships	(2,363		)	—
Provision (benefit) for income taxes (1)	161			(2,392		)
Noncontrolling interests and other (2)	1,210			3,369
NAREIT FFO - Basic	77,743			73,887
Income attributable to operating partnership units	528			526
NAREIT FFO - Diluted	78,271			74,413
Adjustments for Core FFO:
Other impairment loss	—			3,017
Provision (benefit) for income taxes	—			(952		)
(Gain) on extinguishment of debt including related swap activity	(3,557		)	—
Other	—			3,066
Core FFO - Diluted	$	74,714		$	79,544
Denominator:
FFO weighted average number of common shares outstanding - Basic	127,926			127,610
Effect of dilutive securities:
Share options and awards	781			938
Operating partnership units	1,432			1,462
FFO weighted average number of common shares outstanding - Diluted	130,139			130,010
NAREIT FFO Per Common Share - Basic	$	0.61		$	0.58
NAREIT FFO Per Common Share - Diluted	$	0.60		$	0.57
Adjustments for Core FFO per common share:
Other impairment loss	—			0.02
(Gain) on extinguishment of debt including related swap activity	(0.03		)	—
Other	—			0.02
Core FFO Per Common Share - Diluted	$	0.57		$	0.61

(1) The applicable taxes related to gains and impairments of operating properties.

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

Page 5

Weingarten Realty Investors

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

(in thousands)

	Three Months Ended March 31,						Three Months Ended December 31,
	2018			2017			2017
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
Net income	$	148,969		$	36,396		$	170,653
Interest expense, net (1)	14,672			21,082			18,921
Provision (benefit) for income taxes	783			(3,359		)	2,018
Depreciation and amortization of real estate	38,095			42,449			40,986
Impairment loss on operating properties and real estate equity investments	—			14,986			245
Gain on sale of property (2)	(109,045		)	(15,763		)	(132,045		)
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3)	2,488			4,881			397
Total EBITDAre	95,962			100,672			101,175
Adjustments for Core EBITDAre:
Storm damage costs	—			—			1,018
Recovery of pre-development costs	—			—			(949		)
Severance costs	—			—			1,378
Other	—			3,068			4
Total Core EBITDAre	$	95,962		$	103,740		$	102,626
Net Debt to Core EBITDAre:
Debt	$	1,928,570		$	2,323,447		$	2,081,152
Less: Cash and cash equivalents	(88,238		)	(3,615		)	(13,219		)
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships	100,224			109,326			108,024
Total Net debt	$	1,940,556		$	2,429,158		$	2,175,957
Annualized Core EBITDAre	$	383,848		$	414,960		$	410,504
Net Debt to Core EBITDAre	5.06			5.85			5.30

⁽¹⁾ Includes a $3.8 million gain on extinguishment of debt including related swap activity for the three months ended March 31, 2018.

⁽²⁾ Includes a $2 thousand and $.6 million gain on sale of non-operating assets for the three months ended March 31, 2017 and December 31, 2017, respectively.

⁽³⁾ Includes a $.2 million loss on extinguishment of debt for the three months ended March 31, 2018.

Page 6

Weingarten Realty Investors

Supplemental Income Statement Detail

(in thousands)

	Three Months Ended March 31,
	2018			2017
Rentals, net
Base minimum rent, net	$	97,265		$	106,841
Straight line rent	1,320			1,623
Over/Under-market rentals, net	766			883
Percentage rent	725			740
Tenant reimbursements	28,653			30,731
Total	$	128,729		$	140,818
Other Revenues
Customer contract revenue	$	2,552		$	—
Outside fee income (1)	—			1,603
Miscellaneous revenue	752			748
Other rental revenues	287			494
Lease cancellation revenue	132			—
Total	$	3,723		$	2,845
Interest Expense, net
Interest paid or accrued	$	19,089		$	21,137
Gain on extinguishment of debt including related swap activity	(3,758		)	—
Amortization of debt deferred costs	936			963
Over/Under-market mortgage adjustment of acquired properties, net	(155		)	(195		)
Gross interest expense	16,112			21,905
Capitalized interest	(1,440		)	(823		)
Total	$	14,672		$	21,082
Interest and Other Income/Expense
Deferred compensation investment income	$	1,093		$	1,676
Pension costs	(104		)	(132		)
Other	544			78
Total	$	1,533		$	1,622
Supplemental Analyst Information
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships	$	6,236		$	4,434
Intercompany fee income reclass	689			671
Other adjustments	(932		)	212
Equity in earnings of real estate joint ventures and partnerships, net	$	5,993		$	5,317
Dividends
Common Dividends per Share	$	0.395		$	0.385
Common Dividends Paid as a % of Reported Funds from Operations - Basic	65.4		%	66.9		%
Common Dividends Paid as a % of Core Funds from Operations - Basic	68.5		%	62.5		%
General and Administrative Expenses
General and Administrative Expenses/Total Revenue	4.2		%	5.1		%
General and Administrative Expenses/Total Assets before Depreciation	0.11		%	0.13		%
Net Operating Income Additional Disclosures
Minority Interests Share of Net Operating Income and Other Adjustments	$	(1,242	)	$	(1,321	)
Pro rata Share of Unconsolidated Joint Ventures
Revenues	13,227			13,524
Operating expense	(2,416		)	(2,407		)
Real estate taxes	(2,010		)	(1,690		)
Net Operating Income from Sold Properties	2,012			12,149

(1) Non-recurring outside fee income for the three months ended March 31, 2017 was $.05 million.

Note:

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

Page 7

Weingarten Realty Investors

Supplemental Balance Sheet Detail

(in thousands)

	March 31, 2018			December 31, 2017
Property
Land	$	991,321		$	1,068,022
Land held for development	66,949			69,205
Land under development	49,000			48,985
Buildings and improvements	3,151,367			3,232,074
Construction in-progress	107,033			80,573
Total	$	4,365,670		$	4,498,859
Straight Line Rent Receivable
	$	61,941		$	62,702
Other Assets, net
Notes receivable and mortgage bonds, net	$	27,048		$	27,063
Debt service guaranty asset	64,145			64,145
Non-qualified benefit plan assets	31,778			31,500
Out-of-market leases, net	21,181			26,834
Investments	11,392			11,695
Deferred income tax asset	7,271			7,587
Interest rate derivative	—			2,035
Unamortized debt costs, net	1,972			2,255
Other	40,196			11,499
Total	$	204,983		$	184,613
Other Liabilities, net
Deferred revenue	$	10,224		$	9,197
Non-qualified benefit plan liabilities	69,458			69,257
Deferred income tax payable	7,539			7,250
Out-of-market leases, net	73,108			77,722
Other	25,900			25,756
Total	$	186,229		$	189,182
Identified Intangible Assets and Liabilities
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	39,305		$	44,231
Above-market leases - Accumulated Amortization	(18,124		)	(17,397		)
In place leases (included in Unamortized Lease Costs, net)	216,240			224,201
In place leases - Accumulated Amortization	(94,377		)	(96,202		)
Total	$	143,044		$	154,833
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	99,117		$	105,794
Below-market leases - Accumulated Amortization	(26,009		)	(28,072		)
Above-market assumed mortgages (included in Debt, net)	3,445			10,063
Above-market assumed mortgages - Accumulated Amortization	(1,414		)	(6,081		)
Total	$	75,139		$	81,704

Page 8

Weingarten Realty Investors

Capitalization and Debt Coverage Ratios

(in thousands, except common share data and percentages)

	March 31, 2018			December 31, 2017
Common Share Data
Closing Market Price	$	28.08		$	32.87
Capitalization
Debt	$	1,928,570		$	2,081,152
Common Shares at Market	3,605,612			4,222,053
Operating Partnership Units at Market	40,211			47,070
Total Market Capitalization (As reported)	$	5,574,393		$	6,350,275
Debt to Total Market Capitalization (As reported)	34.6		%	32.8		%
Debt to Total Market Capitalization (As reported at a constant share price of $32.87)	31.1		%	32.8		%
Debt to Total Market Capitalization (Pro rata)	35.3		%	33.5		%
Capital Availability
Revolving Credit Facility	$	500,000		$	500,000
Less:
Balance Outstanding Under Revolving Credit Facility	—			—
Outstanding Letters of Credit Under Revolving Facility	2,054			6,390
Unused Portion of Credit Facility	$	497,946		$	493,610

Significant Covenant Ratios
	Restrictions
Debt to Asset Ratio (Public)	Less than 60.0%	38.5	%	40.7	%
Secured Debt to Asset Ratio (Public)	Less than 40.0%	7.5	%	8.1	%
Unencumbered Asset Test (Public)	Greater than 150%	283.3	%	264.4	%
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments))	Greater than 1.5x	4.0x		3.9x

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

Note:

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

Page 9

Weingarten Realty Investors

Guidance

2018 Guidance
	Original Guidance	Revised Guidance
Net income attributable to common shareholders	$2.24 - $2.34	$2.26 - $2.34
Depreciation and amortization	1.20 - 1.22	1.20 - 1.22
(Gain) on sale of property and interests in RE equity investments	(1.19) - (1.25)	(1.19) - (1.25)
Noncontrolling interests		0.00 - 0.02
NAREIT FFO - Basic	2.25 - 2.31	2.27 - 2.33
Income attributable to operating partnership units	0.02 - 0.02	0.02 - 0.02
NAREIT FFO Per Common Share - Diluted	$2.27 - $2.33	$2.29 - $2.35
(Gain) on extinguishment of debt	(0.01) - (0.01)	(0.03) - (0.03)
Other	0.01 - 0.01	0.01 - 0.01
Core FFO Per Common Share - Diluted	$2.27 - $2.33	$2.27 - $2.33
Portfolio Activity ($ in millions)
Acquisitions	$50 - $150	$50 - $150
Re / New Development	$125 - $175	$125 - $175
Dispositions	$250 - $450	$250 - $450
Operating Information
Same Property Net Operating Income with redevelopments	+2.5% to +3.5%	+2.5% to +3.5%
Same Property Net Operating Income without redevelopments	+2.0% to +3.0%	+2.0% to +3.0%
Denotes change to guidance

Page 10

Investment Activity

Weingarten Realty Investors

Capital Expenditures

(at pro rata share)

(in thousands)

	Three Months Ended March 31, 2018		Twelve Months Ended December 31, 2017
Acquisitions	$	1,250	$	514,756
New Development	19,396		67,722
Redevelopment	6,798		32,185
Building and Site Improvements	3,755		20,474
Tenant Finish	7,702		24,989
External Leasing Commissions	628		5,429
Capital Expenditures	$	39,529	$	665,555
Note:
Internal Leasing Fees are approximately $2.3 million for the three months ended March 31, 2018 and $9.6 million for the twelve months ended December 31, 2017, respectively.

Note:

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

Page 12

Weingarten Realty Investors

Development and Redevelopment Projects

As of March 31, 2018

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

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

						Estimated Final
			WRI		Percentage	Costs		Total at		Estimated	Occupancy
	Property	Market	Own %	SF	Leased	Incurred to Date		Completion		ROI	Stabilized	Key Tenants / Description
Developments and Large Redevelopments Under Construction (1,2)
	The Whittaker	Seattle, WA	100%	Retail = 63 SF	93.1%	$	27,401	$	31,362		2H18	Whole Foods
	West Alex (3)	Alexandria, VA	100%	Retail = 100 SF	16.3%	89,684		196,897			2H22	Harris Teeter
				Office = 23 SF
				Multifamily = 278 units
	Centro Arlington (4)	Arlington, VA	90%	Retail = 65 SF	14.2%	42,747		135,149			2H20	Harris Teeter
				Multifamily = 366 units
	The Driscoll at River Oaks	Houston, TX	100%	Retail = 11 SF	0.0%	4,897		150,000			2H 21	30-Story Residential High-Rise and
				Multifamily = 318 units								11,000 SF Retail
					14.6%	$	164,729	$	513,408	5.5%
					Placed
Redevelopments Under Construction (2)					in Service
	Sunset Point 19	Clearwater, FL	100%	142	44%	$	11,901	$	23,090		2H 19	Sprouts, Bed Bath & Beyond, DSW
	Winter Park Corners	Orlando, FL	100%	43	—%	689		12,082			1H 19	Sprouts and two new shop space buildings
	The Shoppes at Wilderness Oaks	San Antonio, TX	100%	20	—%	186		7,289			2H 20	20,000 SF multi-tenant building and pads.
	Rock Prairie Marketplace	College Station, TX	100%	28	20%	4,380		6,173			1H 19	Valero gas station, multi-tenant building and pads
	Tomball Marketplace	Houston, TX	100%	27	36%	2,756		5,367			1H 19	Three new shop space buildings
	All other redevelopments < $5 million (9 properties)			74	19%	13,765		24,172			various
					29%	$	33,678	$	78,174	8%-14%
Total Active Development and Redevelopment						$	198,407	$	598,586	6%
	Developments and Large Redevelopments Under Construction completions
				YTD Completed	2Q'18E	3Q ' 18E		4Q ' 18E		1Q ' 19E	2Q ' 19E	Remaining Balance
	Completions ($)			—	—	$0 - $1,500		$800 - $5,800		$0 - $2,500	$0 - $3,000	$428,200 - $433,200
	Weighted Return (%)			—	—	0%		6.4% - 6.9%		0%	6.4% - 6.9%	5.3% - 5.9%
	Net Operating Income (Annualized)			—	—	$0 - $10		$50 - $400		$0 - $10	$0 - $210	$22,800 - $25,630
	Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter):							$	465
	Cash NOI Redevelopments Under Construction (Current Quarter):							$	418
(1)	Large redevelopment is defined where total incremental investment over $50M.
(2)	Redevelopment is defined where GLA is added either through new construction or expansion of an existing space.
(3)	WRI has a profits participation agreeement in which the sourcing developer would receive as much as 30% of the net profits should the internal rate of return exceed 11%.
(4)	WRI will participate in the development of this mixed-use property. WRI will have a 90% equity interest in the property and is committed to fund an additional $89 million in equity and debt.
	Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 13

Weingarten Realty Investors

Land Held for Development

As of March 31, 2018

(in thousands, except acres and percentages)

	Ownership  Interest		Gross  Acres	Investment (1)
Location				100%		Pro Rata
New Development Phased Projects
Highway 17 and Highway 210, Surf City, NC	100.0	%	45.5
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC	100.0	%	22.7
US 77 & FM 802, Brownsville, TX	100.0	%	21.0
Hwy. 85 & Hwy. 285, Sheridan, CO	100.0	%	8.6
US Hwy. 17 & US Hwy. 74/76, Leland, NC	100.0	%	8.3
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
FM 2920 and Future 249, Tomball - Houston, TX	100.0	%	2.2
Total New Development Phased Projects			124.0	$	18,624	$	17,138
Other Raw Land
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX	50.0	%	120.4
South Fulton Parkway and SH 92, Union City - Atlanta, GA	100.0	%	81.6
SH 281 & Wilderness Oaks, San Antonio, TX	100.0	%	29.2
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ	100.0	%	9.7
SH 151 & Ingram Rd., San Antonio, TX	66.7	%	5.8
Rock Prairie Rd. at Hwy. 6, College Station, TX	100.0	%	5.3
Shary Road and US Hwy. 83, Mission, TX	50.0	%	4.0
Leslie Rd. at Bandera Rd., Helotes, TX	100.0	%	1.7
Other	100.0	%	21.4
Total Raw Land			279.1	$	48,351	$	36,214
Total Land Held For Development Properties			403.1	$	66,975	$	53,352

(1) Net of impairment and valuation adjustments.

Notes:

Land costs account for $55.7 million of total investment at 100%, $42.7 million at pro rata share.

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

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

Page 14

Weingarten Realty Investors

Acquisition and Disposition Summary

For the Period Ended March 31, 2018

(at pro rata share)

(in thousands, except percentages)

Center		City/State	Sq. Ft.  at 100%	Date Acquired	Purchase Price		Yield (1)
Acquisitions
	Roswell Corners Land	Roswell, GA	N/A	03/06/18
	Total Acquisitions				$	1,250	—	%
				Date  Sold	Sales  Proceeds		Weighted  Sales  Cap (2)
Dispositions
	1st Quarter
	League City Plaza ROW	League City, TX	N/A	01/17/18
	Moore Plaza	Corpus Christi, TX	371	01/18/18
	Horne Street Market	Fort Worth, TX	10	01/18/18
	Best in the West	Las Vegas, NV	428	02/09/18
	Tates Creek Centre	Lexington, KY	196	02/09/18
	Millpond Center	Lexington, KY	125	02/09/18
	Auto Zone at Green Valley Ranch	Denver, CO	7	02/21/18
	Paradise Marketplace	Las Vegas, NV	78	02/28/18
	Palmilla Center	Avondale, AZ	104	03/07/18
	Stoneridge Towne Centre* (3)	Moreno Valley, CA	20	03/16/18
Total Dispositions					$	267,883	7.3	%
(1) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income.
(2) Cap rates are based upon underwriting estimates and may be different than current returns.
(3) Partial sale
* Unconsolidated real estate joint venture activity
	Note:
	Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 15

Summary of Debt

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)

	March 31, 2018			4th Quarter Weighted Average Rate (1)		December 31, 2017			4th Quarter Weighted Average Rate (1)
Outstanding Balance Summary
Mortgage Debt	$	353,694		4.45	%	$	393,981		4.56	%
3.375% Notes due 2022	299,131			3.38	%	299,402			3.38	%
3.5% Notes due 2023	299,231			3.50	%	299,196			3.50	%
4.45% Notes due 2024	245,573			4.45	%	249,338			4.45	%
3.85% Notes due 2025	239,119			3.85	%	248,516			3.85	%
3.25% Notes due 2026	248,187			3.25	%	248,140			3.25	%
Term Loan (2)	100,000			2.47	%	200,000			2.47	%
Unsecured Notes Payable (MTN)	66,285			6.70	%	66,285			6.70	%
Revolving Credit Agreements (3)	—					—			2.17	%
Obligations under Capital Leases	21,000			7.98	%	21,000			7.98	%
Unamortized Loan Costs	(7,795		)			(8,851		)
Subtotal Consolidated Debt	1,864,425			3.87	%	2,017,007			3.85	%
Debt Service Guarantee Liability (4)	64,145					64,145
Total Consolidated Debt - As Reported	$	1,928,570		3.87	%	$	2,081,152		3.85	%
	As  Reported
Weighted Average Interest Rates (1)
Three months ended 3/31/18	3.87		%
Three months ended 12/31/17	3.85		%
Twelve months ended 12/31/17	3.80		%

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

(2) Term Loan was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018.

(3) Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee was 4.95% in the fourth quarter 2017. We had no outstanding balances under our revolving credit agreements in the first quarter 2018.

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

Page 17

Weingarten Realty Investors

Debt Information Additional Disclosure

(at pro rata share)

(in thousands, except percentages)

	Debt  Balance			Weighted Average Rate (1)		% of Total		Weighted Average Remaining  Life (yrs)
Fixed vs. Variable Rate Debt (includes the effect of interest rate swaps)
As of March 31, 2018
Fixed-rate debt	$	1,971,836		3.85	%	99.1	%	6.02
Variable-rate debt	17,829			3.30	%	0.9	%	0.25
Total	$	1,989,665		3.85	%	100.0	%	6.01
As of December 31, 2017
Fixed-rate debt	$	2,131,968		3.86	%	99.2	%
Variable-rate debt	17,889			2.43	%	0.8	%
Total	$	2,149,857		3.83	%	100.0	%
Secured vs. Unsecured Debt
As of March 31, 2018
Secured Debt	$	434,710		4.46	%	21.8	%	5.57
Unsecured Debt	1,554,955			3.67	%	78.2	%	6.14
Total	$	1,989,665		3.85	%	100.0	%	6.01
As of December 31, 2017
Secured Debt	$	482,395		4.54	%	22.4	%
Unsecured Debt	1,667,462			3.62	%	77.6	%
Total	$	2,149,857		3.83	%	100.0	%
Additional Information	March 31,					December 31,
Reconciling items to pro rata debt	2018					2017
Noncontrolling Interests and Other Adjustments	(39,287		)			(39,338	)
WRI Share of Unconsolidated Joint Ventures	100,382					108,043
Weighted Average Interest Rates (1)
Three months ended 3/31/18				3.85	%
Three months ended 12/31/17				3.83	%
Twelve months ended 12/31/17				3.78	%

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

Note:

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

Page 18

Weingarten Realty Investors

Schedule of Maturities

As of March 31, 2018

(in thousands, except percentages)

	As Reported
	Maturities		Weighted  Average Rate (2)
2018	$	110,270	5.30%
2019	54,508		4.90%
2020	104,450		2.70%	(3	)
2021	17,553		4.04%
2022	307,314		3.40%
2023	305,694		3.51%
2024	252,154		4.44%
2025	293,807		3.94%
2026	277,291		3.55%
2027	38,288		6.52%
Thereafter	93,024		4.23%
Subtotal	1,854,353
Revolving Credit Agreements	—
Other (1)	74,217
Total	$	1,928,570	3.87%

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

(3) Year 2020 includes the Term Loan ($100 million) which was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018.

Page 19

Weingarten Realty Investors

Schedule of Maturities Additional Disclosure

As of March 31, 2018

(at pro rata share)

(in thousands, except percentages)

	Maturities		Weighted  Average Rate (2)			Floating Rate			Fixed Rate		Secured		Unsecured
2018	$	74,143	5.23%			$	17,829		$	56,314	$	64,573	$	9,570
2019	58,519		4.86%						58,519		58,519		—
2020	152,368		3.22%	(3	)	100,000			52,368		52,368		100,000
2021	53,061		4.06%						53,061		53,061		—
2022	308,348		3.40%						308,348		8,648		299,700
2023	306,785		3.52%						306,785		6,785		300,000
2024	253,305		4.44%						253,305		7,105		246,200
2025	294,958		3.95%						294,958		54,453		240,505
2026	278,182		3.56%						278,182		5,212		272,970
2027	42,213		6.33%						42,213		8,468		33,745
Thereafter	93,730		4.21%						93,730		93,730
Subtotal	1,915,612					117,829			1,797,783		412,922		1,502,690
Revolving Credit Agreements	—					—							—
Other (1)	74,053								74,053		21,788		52,265
Swap Maturities:
2020						(100,000		)	100,000
Total	$	1,989,665	3.85%			$	17,829		$	1,971,836	$	434,710	$	1,554,955

(1) Other includes capital leases, fair value adjustments, debt service guarantee liability, market value of swaps, discounts on notes, and debt issuance costs.

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 fair value adjustments, revolver facility fee paid quarterly on total commitment

in arrears, and other loan costs related to financing.

(3) Year 2020 includes the Term Loan ($100 million) which was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018.

Note:

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

Page 20

Joint Ventures

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Information at 100%

(in thousands)

	Three Months Ended March 31,
Condensed Statements of Income	2018			2017
Revenues:
Base minimum rent, net	$	24,614		$	25,182
Straight line rent	379			56
Over/Under-market rentals, net	109			125
Percentage rent	98			152
Tenant reimbursements	7,962			7,902
Other revenues	724			1,321
Total	33,886			34,738
Expenses:
Depreciation and amortization	8,043			9,013
Interest, net	3,524			2,967
Operating	6,428			6,118
Real estate taxes, net	4,942			4,268
General and administrative	225			368
Provision for income taxes	36			7
Total	23,198			22,741
Gain on dispositions	3,533			—
Net income	$	14,221		$	11,997
Condensed Balance Sheets
	March 31, 2018			December 31, 2017
ASSETS
Property	$	1,244,419		$	1,241,004
Accumulated depreciation	(290,227		)	(285,033		)
Property, net	954,192			955,971
Other assets, net	112,772			115,743
Total	$	1,066,964		$	1,071,714
LIABILITIES AND EQUITY
Debt, net	$	286,259		$	298,124
Amounts payable to Weingarten Realty Investors and Affiliates	12,005			12,017
Other liabilities, net	23,320			24,759
Total	321,584			334,900
Equity	745,380			736,814
Total	$	1,066,964		$	1,071,714

Note:

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

Page 22

Weingarten Realty Investors

Unconsolidated Joint Venture Financial Information

(at pro rata share)

(in thousands)

	Three Months Ended March 31,
Condensed Statements of Income	2018			2017
Revenues:
Base minimum rent, net	$	9,626		$	9,949
Straight line rent	79			(25		)
Over/Under-market rentals, net	21			19
Percentage rent	33			71
Tenant reimbursements	3,084			3,164
Other revenues	384			346
Total	13,227			13,524
Expenses:
Depreciation and amortization	3,184			3,639
Interest, net	1,650			1,241
Operating	2,416			2,407
Real estate taxes, net	2,010			1,690
General and administrative	77			112
Provision for income taxes	17			1
Total	9,354			9,090
Gain on dispositions	2,363			—
Net income	$	6,236		$	4,434
Condensed Balance Sheets
	March 31, 2018			December 31, 2017
ASSETS
Property	$	493,001		$	491,105
Accumulated depreciation	(107,845		)	(106,299		)
Property, net	385,156			384,806
Notes receivable from real estate joint ventures and partnerships	4,098			4,161
Unamortized lease costs, net	13,320			13,954
Accrued rent, accrued customer contracts and accounts receivable (net of allowance for doubtful accounts of $209 in 2018 and $285 in 2017)	8,363			10,814
Cash and cash equivalents	16,770			16,775
Out-of-market leases, net	985			1,074
Other assets, net	2,442			1,947
Total	$	431,134		$	433,531
LIABILITIES AND EQUITY
Debt, net	$	100,224		$	108,024
Amounts payable to Weingarten Realty Investors and Affiliates	5,185			5,154
Accounts payable and accrued expenses	5,572			6,403
Deferred revenue	1,038			939
Out-of-market leases, net	2,976			3,236
Other liabilities, net	390			337
Total	115,385			124,093
Equity	315,749			309,438
Total	$	431,134		$	433,531

Notes:

The above pro rata share information includes 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. See page 1 for information regarding this presentation and the limitations thereof.

Page 23

Weingarten Realty Investors

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

March 31, 2018

(in thousands, except number of properties)

Joint Venture Partner	Number of  Operating Properties (1)(2)	Total GLA	Total Assets		Total Debt
TIAA Florida Retail LLC	2	431	$	124,969	$	—
Collins	8	1,163	115,782		17,365
AEW - Institutional Client	5	437	102,073		—
BIT Retail	3	721	137,414		—
Jamestown	6	1,216	148,896		169,374
Fidelis Realty Partners	1	491	125,253		73,048
Sleiman Enterprises	2	170	17,229		13,264
Bouwinvest	3	359	167,391		—
Other	5	825	127,957		13,208
Total	35	5,813	$	1,066,964	$	286,259

Joint Venture Description
TIAA Florida Retail LLC	Joint venture with an institutional partner, TIAA-CREF Global Real Estate
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 24

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information at 100%

As of March 31, 2018

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

Balance Summary
Joint Venture Partner	# of Mortgaged  Properties (2)	Mortgage Balance (1)(2)		Average Interest Rate	Average Remaining Term (yrs)
Collins	2	$	17,584	6.2%	6.9
Jamestown	6	170,000		2.7%	3.5
Fidelis Realty Partners	1	73,137		4.3%	2.7
Sleiman Enterprises	2	13,344		4.1%	8.2
Other	1	12,961		6.3%	2.5
Total	12	$	287,026	3.5%	4.7

Schedule of Maturities
	Maturities (1)(2)		Weighted Average Rate
2018	$	5,319	4.7%
2019	7,119		4.8%
2020	81,672		4.8%
2021	173,015		3.6%
2022	2,069		5.3%
2023	2,182		5.2%
2024	2,303		5.2%
2025	2,302		5.2%
2026	1,781		5.1%
2027	7,851		5.3%
Thereafter	1,413		6.4%
Total	$	287,026

(1) Excludes non-cash debt related items.

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

Note:

All mortgages are fixed rate.

Page 25

Weingarten Realty Investors

Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure

As of March 31, 2018

(at pro rata share)

(in thousands, except percentages)

Schedule of Maturities
	Maturities (1)(2)		Weighted Average Rate
2018	$	2,998	4.7%
2019	4,011		4.8%
2020	47,917		4.8%
2021	35,507		4.1%
2022	1,034		5.3%
2023	1,091		5.2%
2024	1,151		5.2%
2025	1,151		5.2%
2026	890		5.1%
2027	3,926		5.3%
Thereafter	706		6.4%
Total	$	100,382

(1) Excludes non-cash debt related items.

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

Notes:

All mortgages are fixed rate.

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

Page 26

Portfolio Summary

Weingarten Realty Investors

Tenant Diversification by Percent of Base Minimum Rent

As of March 31, 2018

(at pro rata share)

(in thousands, except percentages and # of units)

Rank	Tenant Name (1)(2)	Credit Ranking  (S&P / Moody's)	# of  Units	Total Annualized Base Minimum Rent		% of  Total Annualized  Base Minimum Rent		Total  SF	% of Total  SF
1	TJX Companies, Inc.	A+/A2	38	$	9,973	2.42	%	986	3.94	%
2	The Kroger Co.	BBB/Baa1	22	9,966		2.42	%	1,230	4.91	%
3	Ross Stores, Inc.	A-/A3	32	8,442		2.05	%	691	2.76	%
4	Whole Foods Market, Inc.	A+/Baa1	8	7,294		1.77	%	347	1.39	%
5	H-E-B	N/A/N/A	8	7,171		1.74	%	540	2.16	%
6	Petsmart, Inc.	CCC+/B2	21	6,519		1.58	%	388	1.55	%
7	Albertsons	N/A/N/A	14	5,484		1.33	%	637	2.54	%
8	Bed Bath & Beyond, Inc.	BBB/Baa2	18	5,476		1.33	%	433	1.73	%
9	24 Hour Fitness Inc.	B/B2	7	4,747		1.15	%	197	0.79	%
10	Home Depot, Inc.	A/A2	4	4,700		1.14	%	435	1.74	%
11	Office Depot, Inc.	B/B1	20	4,398		1.07	%	363	1.45	%
12	Dollar Tree Stores, Inc.	BBB-/Baa3	37	4,129		1.00	%	374	1.49	%
13	Best Buy, Inc.	BBB/Baa1	8	3,908		0.95	%	239	0.96	%
14	Petco Animal Supplies, Inc.	B-/B2	16	3,384		0.82	%	180	0.72	%
15	Hobby Lobby Stores, Inc.	N/A/N/A	7	3,291		0.80	%	368	1.47	%
16	Walmart Stores, Inc.	AA/Aa2	6	3,035		0.74	%	453	1.81	%
17	Starbucks Corporation	A-/A3	39	2,657		0.64	%	63	0.25	%
18	Dick's Sporting Goods	N/A/N/A	4	2,631		0.64	%	133	0.53	%
19	Barnes & Noble Inc.	N/A/N/A	6	2,592		0.63	%	153	0.61	%
20	JPMorgan Chase Bank	A+/Aa3	21	2,517		0.61	%	77	0.31	%
21	Gap, Inc.	BB+/Baa2	8	2,431		0.59	%	118	0.47	%
22	Michaels Stores, Inc.	N/A/Ba2	11	2,377		0.58	%	193	0.77	%
23	Nordstrom Rack	BBB+/Baa1	4	2,366		0.57	%	90	0.36	%
24	Party City	B+/Ba3	15	2,307		0.56	%	155	0.62	%
25	Ascena Retail Group	B/Ba3	20	2,285		0.55	%	103	0.41	%
	Grand Total		394	$	114,080	27.68	%	8,946	35.74	%

	(1	)	Tenant Names:	DBA Names:
			TJX Companies, Inc.	Marshalls (17), T.J. Maxx (14), Home Goods (7)
			The Kroger Co.	Kroger (9), Harris Teeter (6), Fry's Food (3), King Soopers (2), Ralph's (1), Smith's Food (1)
			Ross Stores, Inc.	Ross Dress for Less (29), dd's Discounts (3)
			Albertsons	Safeway (6), Randall's (4), Albertsons (2), Von's (2)
			Bed Bath & Beyond, Inc.	Bed Bath & Beyond (10), Cost Plus (6), buybuy BABY (2)
			Office Depot, Inc.	Office Depot (12), Office Max (8)
			Dollar Tree Stores, Inc.	Dollar Tree (32), Family Dollar (5)
			Walmart Stores, Inc.	Walmart Neighborhood Market (3), Walmart (2), Walmart Supercenter (1)
			Dick's Sporting Goods	Golf Galaxy (2), Dick's Sporting Goods (2)
			Gap, Inc.	Old Navy (7), Gap (1)
			Michaels Stores, Inc.	Michaels (9), Aaron Brothers (2)
			Ascena Retail Group	Lane Bryant (8), Dressbarn (7), Justice (2), AnnTaylor (1), Catherines (1), Loft (1)
	(2	)	Target owns and occupies 23 units not included above.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

Page 28

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 March 31, 2018							216	986		$	18.14	$	17.16		$	4.92	5.8	%
	Quarter Ended December 31, 2017							215	681		20.90		19.26			5.77		8.6	%
	Quarter Ended September 30, 2017							192	720		20.55		17.63			11.10		16.6	%
	Quarter Ended June 30, 2017							224	838		19.89		17.55			9.24		13.4	%
	Rolling 12 months							847	3,225		$	19.72	$	17.81		$	7.60	10.7	%
	New Leases
	Quarter Ended March 31, 2018							47	120		$	24.87	$	23.70		$	39.86	4.9	%	7.6
	Quarter Ended December 31, 2017							56	107		31.37		26.76			36.74		17.2	%	6.3
	Quarter Ended September 30, 2017							42	195		21.00		16.22			40.89		29.5	%	8.4
	Quarter Ended June 30, 2017							42	144		23.17		16.16			53.83		43.4	%	8.4
	Rolling 12 months							187	566		$	24.33	$	19.78		$	43.19	23.0	%	7.8
	Renewals
	Quarter Ended March 31, 2018							169	866		$	17.21	$	16.25		$	0.07	5.9	%
	Quarter Ended December 31, 2017							159	574		18.95		17.86			—		6.1	%
	Quarter Ended September 30, 2017							150	525		20.39		18.15			—		12.3	%
	Quarter Ended June 30, 2017							182	694		19.21		17.84			—		7.7	%
	Rolling 12 months							660	2,659		$	18.74	$	17.39		$	0.02	7.8	%
	Comparable & Non-Comparable:
	Quarter Ended March 31, 2018							244	1,088
	Quarter Ended December 31, 2017							247	768
	Quarter Ended September 30, 2017							229	888
	Quarter Ended June 30, 2017							264	1,067
	Rolling 12 months							984	3,811
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)
M-T-M	35	0	%	$	11.78	0	%	123	2	%	$	25.54	1		%	158		1	%	$	22.51	1	%
2018	682	5	%	11.15		4	%	764	10	%	27.69		9		%	1,446		6	%	19.89		7	%
2019	1,751	12	%	11.05		11	%	1,213	15	%	27.61		15		%	2,964		13	%	17.83		13	%
2020	1,948	13	%	12.04		13	%	1,223	16	%	28.34		15		%	3,171		14	%	18.33		14	%
2021	1,840	13	%	10.75		11	%	1,342	17	%	27.68		17		%	3,182		14	%	17.89		14	%
2022	2,169	15	%	13.19		16	%	1,060	13	%	29.11		14		%	3,229		14	%	18.41		15	%
2023 - 2028	5,378	37	%	12.93		39	%	2,013	26	%	28.92		26		%	7,391		33	%	17.29		32	%

(1) Reflects in-place leases as of March 31, 2018.

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

(3) Revenue includes minimum base rent only.

Note:

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

Page 29

Weingarten Realty Investors

Portfolio Operating Information (continued)

(at pro rata share)

(in thousands, except percentages)

Occupancy
	Quarter Ended
	March 31, 2018	December 31, 2017	September 30, 2017	June 30, 2017	March 31, 2017
Signed Basis
Anchor (1)	97.5%	97.3%	97.7%	96.9%	95.7%
Non-Anchor	90.4%	90.5%	90.4%	90.7%	90.5%
Total Retail	94.9%	94.8%	95.0%	94.6%	93.8%
Other	86.8%	88.4%	84.6%	84.7%	87.7%
Total Signed	94.8%	94.8%	94.8%	94.5%	93.7%
Commenced Basis
Anchor (1)	95.0%	94.7%	95.0%	94.2%	94.4%
Non-Anchor	87.2%	87.4%	87.7%	87.9%	87.7%
Total Retail	92.1%	92.0%	92.3%	91.9%	91.9%
Other	85.9%	82.7%	84.3%	84.5%	87.5%
Total Commenced	92.0%	91.9%	92.2%	91.8%	91.8%
Same Property (2)
Signed Basis	95.4%	95.4%	95.4%	95.4%	95.0%
Commenced Basis	92.9%	92.9%	93.3%	92.9%	93.4%

Average Base Rents (3)
	Quarter Ended
	March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Commenced Basis
Anchor (1)	$	13.29	$	13.23	$	13.13	$	12.94	$	12.90
Non-Anchor	28.33		28.09		27.87		27.49		27.24
Total	$	18.90	$	18.69	$	18.58	$	18.37	$	18.22

Same Property Net Operating Income Growth (4)
	Three Months Ended    March 31,
	2018		2017			% Change
Revenue
Minimum Rent (6)	$	99,787	$	97,704		2.1	%
Bad Debt (net of recoveries)	178		(476		)	-137.4	%
Percentage Rent	742		765			-3.0	%
Tenant Reimbursements	29,762		27,793			7.1	%
Other (6)	1,632		2,147			-24.0	%
	132,101		127,933			3.3	%
Expenses
Property Operating Expenses	20,865		20,573			1.4	%
Real Estate Taxes	18,187		16,145			12.6	%
	39,052		36,718			6.4	%
SPNOI	93,049		91,215			2.0	%
Redevelopment NOI (5)	7,133		6,693			6.6	%
SPNOI (Excl. Redevelopment)	$	85,916	$	84,522		1.6	%

(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.

(5) Redevelopments refer to Page 13.

(6) Prior year amounts of $1.1 million have been reclassified between Minimum Rent and Other to reflect current year presentation.

Note:

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

Page 30

Weingarten Realty Investors

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

as of March 31, 2018

(at pro rata share)

(in thousands, except percentages and # of units)

CBSA		Property	Owned	% of		Occupancy
Rank	CBSA	Count	GLA	ABR (1)		%
2	Los Angeles-Long Beach-Anaheim, CA	4	699	4.5	%	98.2	%
4	Dallas-Fort Worth-Arlington, TX	2	425	1.7	%	95.2	%
5	Houston-The Woodlands-Sugar Land, TX	35	3,755	15.1	%	94.9	%
6	Washington-Arlington-Alexandria, DC-VA-MD-WV	4	332	2.7	%	100.0	%
8	Miami-Fort Lauderdale-West Palm Beach, FL	13	2,027	8.9	%	93.4	%
9	Atlanta-Sandy Springs-Roswell, GA	12	1,463	5.4	%	98.1	%
11	Phoenix-Mesa-Scottsdale, AZ	15	1,399	5.7	%	94.4	%
12	San Francisco-Oakland-Hayward, CA	3	442	2.7	%	98.0	%
13	Riverside-San Bernardino-Ontario, CA	5	922	4.4	%	95.6	%
15	Seattle-Tacoma-Bellevue, WA	6	219	1.1	%	98.2	%
17	San Diego-Carlsbad, CA	3	286	1.8	%	97.1	%
18	Tampa-St. Petersburg-Clearwater, FL	4	900	3.4	%	97.9	%
19	Denver-Aurora-Lakewood, CO	7	1,093	4.2	%	91.9	%
21	Baltimore-Columbia-Towson, MD	1	131	0.9	%	100.0	%
22	Charlotte-Concord-Gastonia, NC-SC	1	117	0.3	%	77.5	%
23	Orlando-Kissimmee-Sanford, FL	7	1,347	5.9	%	98.9	%
24	San Antonio-New Braunfels, TX	4	575	1.4	%	95.1	%
25	Portland-Vancouver-Hillsboro, OR-WA	3	120	0.3	%	51.1	%
27	Sacramento--Roseville--Arden-Arcade, CA	2	348	0.8	%	90.5	%
29	Las Vegas-Henderson-Paradise, NV	9	1,422	5.5	%	96.0	%
32	Austin-Round Rock, TX	1	351	1.5	%	98.8	%
36	San Jose-Sunnyvale-Santa Clara, CA	2	303	1.4	%	72.6	%
	Top 40 CBSA's Ranked by Population	143	18,676	79.6	%	95.0	%
	All other CBSA's Ranked by Population	53	6,333	20.4	%	94.2	%
	Grand Total	196	25,009	100.0	%	94.8	%
	(1) ABR includes ground leases

Note:

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

Page 31

Property Listing

Weingarten Realty Investors

Summary Property Listing

As of March 31, 2018

		Gross Leasable Area
ALL PROPERTIES BY STATE	# of   Properties	WRI Owned	Joint Venture   Share	Owned   by Other	Total
Arizona	20	2,029,538	93,342	1,191,034	3,313,914
Arkansas	1	180,200	—	—	180,200
California	23	3,623,495	45,902	955,895	4,625,292
Colorado	7	1,093,033	180,478	980,429	2,253,940
Florida	29	4,725,374	1,602,068	1,100,811	7,428,253
Georgia	13	1,466,105	137,070	897,264	2,500,439
Kentucky	2	311,479	—	95,454	406,933
Maryland	2	212,111	—	—	212,111
Nevada	9	1,421,798	—	1,522,171	2,943,969
New Mexico	1	117,466	—	27,330	144,796
North Carolina	14	1,752,017	—	575,414	2,327,431
Oregon	3	119,871	90,777	66,276	276,924
Tennessee	4	507,878	—	154,340	662,218
Texas	58	6,796,719	2,056,519	2,209,715	11,062,953
Utah	1	182,099	—	122,800	304,899
Virginia	3	250,811	—	—	250,811
Washington	6	218,661	325,256	65,571	609,488
Total	196	25,008,655	4,531,412	9,964,504	39,504,571

Footnotes for detail property listing

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

(2) Denotes property currently under development.

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

(4) Denotes single tenant retail property.

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

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

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

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

Page 33

Weingarten Realty Investors

Property Listing

As of March 31, 2018

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
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ		100.0	%		82,757	87,379	15.10	91.9	%		Office Max, Ace Hardware
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ		100.0	%		132,731	240,951	13.18	95.4	%	Fry’s Supermarket	Office Max
Desert Village Shopping Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		101,685	107,071	23.12	96.1	%	AJ Fine Foods	CVS
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		113,536	305,588	9.19	90.6	%	Fry’s Supermarket	Dollar Tree, (Lowe's)
Laveen Village Marketplace	Phoenix-Mesa-Scottsdale, AZ		100.0	%		39,763	318,805	30.16	100.0	%	(Fry’s Supermarket)	(Home Depot)
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		45,751	108,551	24.80	85.1	%	(Safeway)
Phoenix Office Building	Phoenix-Mesa-Scottsdale, AZ		100.0	%		21,122	21,122	N/A	92.8	%		Weingarten Realty Regional Office, Endurance Rehab
Pueblo Anozira Shopping Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		157,607	157,607	15.57	95.3	%	Fry’s Supermarket	Petco, Dollar Tree
Raintree Ranch Center	Phoenix-Mesa-Scottsdale, AZ		100.0	%		129,822	133,020	28.15	88.0	%	Whole Foods
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ		100.0	%		75,213	205,013	17.54	94.9	%		(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ		100.0	%		155,093	155,093	18.86	98.3	%	Safeway	CVS
Scottsdale Waterfront	Phoenix-Mesa-Scottsdale, AZ		100.0	%		93,334	93,334	35.36	100.0	%		Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ		100.0	%		60,713	60,713	19.22	96.6	%	Sprouts Farmers Market
Summit at Scottsdale	Phoenix-Mesa-Scottsdale, AZ		51.0	%	(1)(3)	97,151	322,993	17.54	96.8	%	Safeway	(Target), CVS, OfficeMax, PetSmart
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ		100.0	%		92,626	110,138	12.45	90.6	%		Hobby Lobby, Dollar Tree
Entrada de Oro Plaza Shopping Center	Tucson, AZ		100.0	%		88,665	109,075	20.27	97.7	%	Walmart Neighborhood Market
Madera Village Shopping Center	Tucson, AZ		100.0	%		96,697	106,858	12.66	98.1	%	Safeway	Dollar Tree
Oracle Crossings	Tucson, AZ		100.0	%		251,194	261,194	18.45	98.2	%	Sprouts Farmers Market	Kohl's, HomeGoods
Oracle Wetmore Shopping Center	Tucson, AZ		100.0	%		150,150	343,278	25.70	98.7	%		(Home Depot), (Nordstrom Rack), Jo Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty
Shoppes at Bears Path	Tucson, AZ		100.0	%		43,928	66,131	17.48	80.7	%		(CVS Drug)
Arizona Total:	# of Properties:	20				2,029,538	3,313,914	19.12	95.2	%
Arkansas
Markham West Shopping Center	Little Rock-North Little Rock-Conway, AR		100.0	%		180,200	180,200	11.42	100.0	%		Academy, Office Depot, Michaels, Dollar Tree
Arkansas Total:	# of Properties:	1				180,200	180,200	11.42	100.0	%
California
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach-Anaheim, CA		100.0	%		169,775	169,775	43.73	100.0	%	Trader Joe's	CVS, Crunch, AMC Theaters, CB2
Centerwood Plaza	Los Angeles-Long Beach-Anaheim, CA		100.0	%		75,486	75,486	15.34	100.0	%	Superior Grocers	Dollar Tree
The Westside Center	Los Angeles-Long Beach-Anaheim, CA		100.0	%		36,540	36,540	44.63	86.8	%		Guitar Center
Westminster Center	Los Angeles-Long Beach-Anaheim, CA		100.0	%		417,567	440,437	19.68	98.1	%	Albertsons	Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness
Chino Hills Marketplace	Riverside-San Bernardino-Ontario, CA		100.0	%		310,913	310,913	22.16	98.9	%	Smart & Final Stores	Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace	Riverside-San Bernardino-Ontario, CA		100.0	%		208,656	307,826	20.23	97.2	%	(Winco Foods)	Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Marketplace Phase III	Riverside-San Bernardino-Ontario, CA		100.0	%		184,809	194,342	21.14	97.0	%	(Winco Foods)	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness

Page 34

Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Menifee Town Center	Riverside-San Bernardino-Ontario, CA		100.0	%		124,431	258,734	17.59	97.1	%	Ralph's	Ross Dress for Less, Dollar Tree
Stoneridge Town Centre	Riverside-San Bernardino-Ontario, CA		67.0	%	(1)(3)	93,195	434,441	18.16	76.1	%	(Super Target)	(Kohl's), Best Buy
Prospector's Plaza	Sacramento--Roseville--Arden-Arcade, CA		100.0	%		243,910	252,524	20.41	91.2	%	SaveMart	Kmart, CVS, Ross Dress for Less
Valley Shopping Center	Sacramento--Roseville--Arden-Arcade, CA		100.0	%		103,791	107,191	12.53	88.7	%	Food 4 Less
El Camino Promenade	San Diego-Carlsbad, CA		100.0	%		129,676	129,676	28.67	99.0	%		T.J. Maxx, Staples, Dollar Tree, BevMo
Rancho San Marcos Village	San Diego-Carlsbad, CA		100.0	%		120,160	134,420	19.54	96.0	%	Vons	24 Hour Fitness
San Marcos Plaza	San Diego-Carlsbad, CA		100.0	%		35,880	81,086	34.78	94.1	%	(Albertsons)
580 Market Place	San Francisco-Oakland-Hayward, CA		100.0	%		100,097	100,097	31.17	100.0	%	Safeway	24 Hour Fitness, Petco
Gateway Plaza	San Francisco-Oakland-Hayward, CA		100.0	%		194,689	352,778	23.99	98.2	%	Raley’s	24 Hour Fitness
Greenhouse Marketplace	San Francisco-Oakland-Hayward, CA		100.0	%		147,095	236,864	24.38	96.2	%	(Safeway)	(CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco
Cambrian Park Plaza	San Jose-Sunnyvale-Santa Clara, CA		100.0	%		170,449	170,449	23.43	59.0	%		Beverages & More, Dollar Tree
Silver Creek Plaza	San Jose-Sunnyvale-Santa Clara, CA		100.0	%		132,925	202,820	40.06	90.1	%	Sprouts Farmers Market	Walgreens, (Orchard Supply)
Freedom Centre	Santa Cruz-Watsonville, CA		100.0	%		150,865	150,865	15.64	97.3	%	Safeway	Rite Aid, Big Lots
Stony Point Plaza	Santa Rosa, CA		100.0	%		194,569	200,011	15.82	98.3	%	Food Maxx	Ross Dress for Less, Fallas Paredes
Creekside Center	Vallejo-Fairfield, CA		100.0	%		115,991	115,991	21.75	98.3	%	Raley’s
Southampton Center	Vallejo-Fairfield, CA		100.0	%		162,026	162,026	20.96	99.2	%	Raley’s	Ace Hardware, Dollar Tree
California Total:	# of Properties:	23				3,623,495	4,625,292	23.08	94.6	%
Colorado
Aurora City Place	Denver-Aurora-Lakewood, CO		50.0	%	(1)(3)	180,478	542,956	16.79	82.4	%	(Super Target)	Barnes & Noble, Ross Dress For Less, PetSmart, Michael's, Conn's
Cherry Creek Retail Center	Denver-Aurora-Lakewood, CO		100.0	%		78,148	272,658	27.10	100.0	%	(Super Target)	PetSmart, Bed Bath & Beyond
CityCenter Englewood	Denver-Aurora-Lakewood, CO		100.0	%		217,255	307,255	16.66	80.4	%		(Walmart), Ross Dress for Less, Petco, Office Depot, 24 Hour Fitness
Crossing at Stonegate	Denver-Aurora-Lakewood, CO		100.0	%		109,080	109,080	17.89	100.0	%	King Sooper’s
Edgewater Marketplace	Denver-Aurora-Lakewood, CO		100.0	%		144,553	270,548	12.46	98.6	%	King Sooper's	Ace Hardware, (Target)
Lowry Town Center	Denver-Aurora-Lakewood, CO		100.0	%		75,017	127,717	29.24	95.3	%	(Safeway)
River Point at Sheridan	Denver-Aurora-Lakewood, CO		100.0	%		288,502	623,726	15.85	97.1	%		(Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart
Colorado Total:	# of Properties:	7				1,093,033	2,253,940	17.99	91.9	%
Florida
Argyle Village Shopping Center	Jacksonville, FL		100.0	%		306,461	306,461	11.45	96.6	%	Publix	Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels
Atlantic West	Jacksonville, FL		50.0	%	(1)(3)	42,284	180,578	12.45	100.0	%	(Walmart Supercenter)	T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village St. Augustine	Jacksonville, FL		70.0	%	(1)	8,542	64,180	15.65	86.6	%		(Epic Theaters)
Kernan Village	Jacksonville, FL		50.0	%	(1)(3)	42,579	288,780	17.22	100.0	%	(Walmart Supercenter)	Ross Dress for Less, Petco
Boca Lyons Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		117,423	117,423	23.34	92.1	%	Aroma Market & Catering	Ross Dress for Less
Deerfield	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		398,961	404,942	13.51	91.6	%	Publix	T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta
Embassy Lakes Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		131,723	142,751	14.77	93.6	%	Winn Dixie	Tuesday Morning, Dollar Tree
Flamingo Pines	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	25,373	148,840	19.18	97.9	%	Publix
Hollywood Hills Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	74,609	416,767	28.09	98.7	%	Publix	Target

Page 35

Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Northridge	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	46,720	236,628	18.93	94.9	%	Publix	Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	60,684	323,679	15.45	97.2	%	Publix	Marshalls, Office Depot, LA Fitness, Dollar Tree
Sea Ranch Centre	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		99,029	99,029	18.02	89.1	%	Publix	CVS, Dollar Tree
Tamiami Trail Shops	Miami-Fort Lauderdale-West Palm Beach, FL		20.0	%	(1)(3)	22,173	132,564	17.78	99.0	%	Publix	CVS
The Palms at Town & County	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		657,652	657,652	23.28	94.1	%	Publix	Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Toys R Us, 24 Hour Fitness, Nordstrom Rack, CVS
TJ Maxx Plaza	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		161,429	161,429	17.55	94.0	%	Fresco Y Mas	T.J. Maxx, Dollar Tree
Vizcaya Square Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		110,081	110,081	16.85	95.8	%	Winn Dixie
Wellington Green Commons	Miami-Fort Lauderdale-West Palm Beach, FL		100.0	%		121,354	143,854	28.53	88.4	%	Whole Foods Market
Clermont Landing	Orlando-Kissimmee-Sanford, FL		75.0	%	(1)(3)	138,571	354,418	18.08	96.0	%		(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Plaza	Orlando-Kissimmee-Sanford, FL		100.0	%		497,693	497,693	15.80	99.3	%		Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
Marketplace at Seminole Towne	Orlando-Kissimmee-Sanford, FL		100.0	%		315,040	496,953	16.41	99.5	%	(Super Target)	Marshalls, Ross Dress for Less, Old Navy, Petco
Phillips Crossing	Orlando-Kissimmee-Sanford, FL		100.0	%		145,644	145,644	29.14	98.6	%	Whole Foods	Golf Galaxy, Michaels
Shoppes of South Semoran	Orlando-Kissimmee-Sanford, FL		100.0	%		101,611	101,611	12.74	98.2	%	Walmart Neighborhood Market	Dollar Tree
The Marketplace at Dr. Phillips	Orlando-Kissimmee-Sanford, FL		20.0	%	(1)(3)	65,374	326,868	24.95	98.0	%	Publix	Stein Mart, HomeGoods, Morton's of Chicago, Office Depot
Winter Park Corners	Orlando-Kissimmee-Sanford, FL		100.0	%		83,161	83,161	30.81	100.0	%	Sprouts Farmers Market
Pineapple Commons	Port St. Lucie, FL		20.0	%	(1)(3)	51,019	269,451	16.71	98.9	%		Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS)
Countryside Centre	Tampa-St. Petersburg-Clearwater, FL		100.0	%		245,958	245,958	15.10	97.5	%		T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands	Tampa-St. Petersburg-Clearwater, FL		20.0	%	(1)(3)	20,886	104,431	14.10	97.7	%	Walmart Neighborhood Market	Walgreens
Largo Mall	Tampa-St. Petersburg-Clearwater, FL		100.0	%		377,019	610,106	18.27	98.4	%	(Safeway)	Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Sunset 19 Shopping Center	Tampa-St. Petersburg-Clearwater, FL		100.0	%		256,321	256,321	15.59	97.5	%		Bed Bath & Beyond, Barnes & Noble, Old Navy, Hobby Lobby, Cost Plus World Market
Florida Total:	# of Properties:	29				4,725,374	7,428,253	18.08	96.2	%
Georgia
Brookwood Marketplace	Atlanta-Sandy Springs-Roswell, GA		100.0	%		199,594	397,295	19.06	100.0	%	(Super Target)	Home Depot, Bed Bath & Beyond, Office Max
Brownsville Commons	Atlanta-Sandy Springs-Roswell, GA		100.0	%		27,747	81,913	21.95	68.3	%	(Kroger)
Camp Creek Marketplace II	Atlanta-Sandy Springs-Roswell, GA		100.0	%		196,283	228,003	15.43	100.0	%		DSW, LA Fitness, Shopper's World, American Signature
Dallas Commons Shopping Center	Atlanta-Sandy Springs-Roswell, GA		100.0	%		25,158	95,262	26.07	100.0	%	(Kroger)
Grayson Commons	Atlanta-Sandy Springs-Roswell, GA		100.0	%		76,611	76,611	15.34	100.0	%	Kroger
Lakeside Marketplace	Atlanta-Sandy Springs-Roswell, GA		100.0	%		137,693	332,889	16.64	93.3	%	(Super Target)	Ross Dress for Less, Petco
Mansell Crossing	Atlanta-Sandy Springs-Roswell, GA		20.0	%	(1)(3)	20,586	102,931	14.76	100.0	%		buybuy BABY, Ross Dress for Less, Party City
Perimeter Village	Atlanta-Sandy Springs-Roswell, GA		100.0	%		381,738	381,738	20.18	98.1	%	Walmart Supercenter	Cost Plus World Market, DSW, Hobby Lobby
Publix at Princeton Lakes	Atlanta-Sandy Springs-Roswell, GA		20.0	%	(1)(3)	13,681	72,207	17.10	100.0	%	Publix
Reynolds Crossing	Atlanta-Sandy Springs-Roswell, GA		100.0	%		45,758	115,983	27.78	100.0	%	(Kroger)
Roswell Corners	Atlanta-Sandy Springs-Roswell, GA		100.0	%		136,496	318,261	20.14	100.0	%	(Super Target), Fresh Market	T.J. Maxx
Roswell Crossing Shopping Center	Atlanta-Sandy Springs-Roswell, GA		100.0	%		201,759	201,759	16.09	98.4	%	Trader Joe's	Office Max, PetSmart, Walgreens

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Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Thompson Bridge Commons	Gainesville, GA		100.0	%	(4)	3,000	95,587	N/A	100.0	%	(Kroger)
Georgia Total:	# of Properties:	13				1,466,105	2,500,439	18.06	98.1	%
Kentucky
Regency Centre	Lexington-Fayette, KY		100.0	%		142,782	188,826	14.92	96.4	%	(Kroger)	T.J. Maxx, Michaels
Festival on Jefferson Court	Louisville/Jefferson County, KY-IN		100.0	%		168,697	218,107	14.42	94.6	%	Kroger	(PetSmart), (T.J. Maxx), Staples, Party City
Kentucky Total:	# of Properties:	2				311,479	406,933	14.65	95.4	%
Maryland
Nottingham Commons	Baltimore-Columbia-Towson, MD		100.0	%		131,270	131,270	28.40	100.0	%	MOM's Organic Market	T.J. Maxx, DSW, Petco
Pike Center	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%		80,841	80,841	61.01	100.0	%		Pier 1, DXL Mens Apparel
Maryland Total:	# of Properties:	2				212,111	212,111	41.08	100.0	%
Nevada
Charleston Commons Shopping Center	Las Vegas-Henderson-Paradise, NV		100.0	%		332,298	366,952	18.23	98.8	%	Walmart	Ross Dress for Less, Office Max, 99 Cents Only, PetSmart
College Park Shopping Center	Las Vegas-Henderson-Paradise, NV		100.0	%		167,654	195,367	13.04	95.1	%	El Super	Factory 2 U, CVS
Decatur 215	Las Vegas-Henderson-Paradise, NV		100.0	%		126,678	353,720	16.99	100.0	%	(WinCo Foods)	(Target), Hobby Lobby, Ross Dress for Less
Eastern Commons	Las Vegas-Henderson-Paradise, NV		100.0	%		65,817	356,673	23.67	95.4	%	Trader Joe's
Francisco Center	Las Vegas-Henderson-Paradise, NV		100.0	%		116,973	148,815	12.11	90.4	%	La Bonita Grocery	(Ross Dress for Less)
Rancho Towne & Country	Las Vegas-Henderson-Paradise, NV		100.0	%		84,711	161,837	13.57	100.0	%	Smith’s Food
Tropicana Beltway Center	Las Vegas-Henderson-Paradise, NV		100.0	%		246,483	617,821	18.83	100.0	%	(Walmart Supercenter)	(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only
Tropicana Marketplace	Las Vegas-Henderson-Paradise, NV		100.0	%		69,429	144,571	21.18	84.9	%	(Smith’s Food)	Family Dollar
Westland Fair	Las Vegas-Henderson-Paradise, NV		100.0	%		211,755	598,213	17.94	90.3	%	(Walmart Supercenter)	(Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final
Nevada Total:	# of Properties:	9				1,421,798	2,943,969	17.06	96.0	%
New Mexico
North Towne Plaza	Albuquerque, NM		100.0	%		117,466	144,796	22.57	97.2	%	Whole Foods Market	HomeGoods
New Mexico Total:	# of Properties:	1				117,466	144,796	22.57	97.2	%
North Carolina
Galleria Shopping Center	Charlotte-Concord-Gastonia, NC-SC		100.0	%		117,102	324,704	19.22	77.5	%	(Walmart Supercenter)
Bull City Market	Durham-Chapel Hill, NC		100.0	%		40,875	40,875	19.43	96.2	%	Whole Foods Market
Hope Valley Commons	Durham-Chapel Hill, NC		100.0	%		81,371	81,371	27.84	98.4	%	Harris Teeter
Avent Ferry Shopping Center	Raleigh, NC		100.0	%		119,652	119,652	18.11	91.9	%	Food Lion	Family Dollar
Capital Square	Raleigh, NC		100.0	%		143,063	143,063	7.23	96.6	%	Food Lion
Falls Pointe Shopping Center	Raleigh, NC		100.0	%		112,199	198,549	18.01	98.2	%	Harris Teeter	(Kohl’s)
High House Crossing	Raleigh, NC		100.0	%		90,155	90,155	17.30	49.6	%
Leesville Towne Centre	Raleigh, NC		100.0	%		127,106	127,106	19.52	100.0	%	Harris Teeter	Rite Aid

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Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Northwoods Shopping Center	Raleigh, NC		100.0	%		77,803	77,803	12.02	98.2	%	Walmart Neighborhood Market	Dollar Tree
Six Forks Shopping Center	Raleigh, NC		100.0	%		468,414	468,414	11.58	99.9	%	Food Lion	Kmart, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market	Raleigh, NC		100.0	%		188,437	188,437	14.82	94.7	%	Harris Teeter	Stein Mart, Rite Aid
Wake Forest Crossing II	Raleigh, NC		100.0	%		14,575	296,037	25.20	100.0	%	(Lowes Foods)	(Kohl's), (T.J. Maxx), (Michaels), (Ross Dress for Less), (Petco)
Surf City Crossing	Wilmington, NC		100.0	%		63,016	63,016	22.05	91.2	%	Harris Teeter
Waterford Village	Wilmington, NC		100.0	%		108,249	108,249	21.92	87.6	%	Harris Teeter
North Carolina Total:	# of Properties:	14				1,752,017	2,327,431	15.43	93.0	%
Oregon
Clackamas Square	Portland-Vancouver-Hillsboro, OR-WA		20.0	%	(1)(3)	14,790	140,227	18.81	94.3	%	(Winco Foods)	T.J. Maxx
Oak Grove Market Center	Portland-Vancouver-Hillsboro, OR-WA		100.0	%		97,177	97,177	24.62	40.6	%
Raleigh Hills Plaza	Portland-Vancouver-Hillsboro, OR-WA		20.0	%	(1)(3)	7,904	39,520	26.09	100.0	%	New Seasons Market	Walgreens
Oregon Total:	# of Properties:	3				119,871	276,924	23.49	51.1	%
Tennessee
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	12.14	98.7	%	Kroger
Ridgeway Trace	Memphis, TN-MS-AR		100.0	%		176,484	314,224	25.68	87.2	%		(Target), Best Buy, PetSmart
The Commons at Dexter Lake	Memphis, TN-MS-AR		100.0	%		228,796	245,396	11.00	93.6	%	Kroger	Stein Mart, Marshalls, HomeGoods
Tennessee Total:	# of Properties:	4				507,878	662,218	15.53	92.5	%
Texas
Mueller Regional Retail Center	Austin-Round Rock, TX		100.0	%		351,099	351,099	17.30	98.8	%		Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy
North Park Plaza	Beaumont-Port Arthur, TX		50.0	%	(1)(3)	69,963	281,255	18.07	89.7	%		(Target), (Toys “R” Us), Spec's, Kirkland's
North Towne Plaza	Brownsville-Harlingen, TX		100.0	%		28,000	145,000	N/A	N/A			(Lowe's)
Rock Prairie Marketplace	College Station-Bryan, TX		100.0	%		18,163	18,163	N/A	31.6	%
Overton Park Plaza	Dallas-Fort Worth-Arlington, TX		100.0	%		352,150	462,150	16.00	100.0	%	Sprouts Farmers Market	PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, buybuy BABY
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX		20.0	%	(1)(3)	72,667	363,337	20.16	72.0	%		Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
10-Federal Shopping Center	Houston-The Woodlands-Sugar Land, TX		15.0	%	(1)	19,871	132,472	9.25	100.0	%	Sellers Bros.	Palais Royal, Harbor Freight Tools
1919 North Loop West	Houston-The Woodlands-Sugar Land, TX		100.0	%		138,028	138,028	N/A	81.2	%		State of Texas
Alabama Shepherd Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		59,120	59,120	23.14	100.0	%	Trader Joe's	PetSmart
Baybrook Gateway	Houston-The Woodlands-Sugar Land, TX		100.0	%		237,195	237,195	18.28	86.3	%		Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels
Bellaire Blvd. Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		37,699	43,891	33.82	100.0	%	Randall’s
Blalock Market at I-10	Houston-The Woodlands-Sugar Land, TX		100.0	%		97,277	97,277	16.78	98.8	%	99 Ranch Market
Braeswood Square Shopping Center	Houston-The Woodlands-Sugar Land, TX		100.0	%		99,078	99,078	14.29	100.0	%	Belden’s	Walgreens

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Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA	Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
Citadel Building	Houston-The Woodlands-Sugar Land, TX	100.0	%		121,000	121,000	N/A	100.0	%		Weingarten Realty Investors Corporate Office
Cullen Plaza Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	12,678	84,517	12.18	100.0	%	Fiesta	Family Dollar
Cypress Pointe	Houston-The Woodlands-Sugar Land, TX	100.0	%		186,721	283,381	10.06	97.6	%	Kroger	Babies “R” Us
Galveston Place	Houston-The Woodlands-Sugar Land, TX	100.0	%		210,370	210,370	11.72	97.3	%	Randall’s	Office Depot, Palais Royal, Spec's
Griggs Road Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	12,014	80,091	8.77	89.6	%		Family Dollar, Citi Trends
Harrisburg Plaza	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	14,016	93,438	21.01	91.9	%		dd's Discount
HEB - Dairy Ashford & Memorial	Houston-The Woodlands-Sugar Land, TX	100.0	%	(4)	36,874	36,874	N/A	100.0	%	H-E-B
Heights Plaza Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		71,277	71,277	9.67	100.0	%	Kroger	Goodwill
I45/Telephone Rd.	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	25,740	171,599	12.92	97.5	%	Sellers Bros.	Famsa, Fallas Paredes, Harbor Freight Tools
League City Plaza	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	19,425	129,500	13.00	92.4	%		Spec’s
Market at Westchase Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		84,084	84,084	25.55	64.7	%
Northbrook Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		174,181	174,181	16.88	90.9	%	Randall’s	Office Depot, Dollar Tree
Oak Forest Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		157,669	157,669	18.31	96.7	%	Kroger	Ross Dress for Less, Dollar Tree, PetSmart
Randalls Center/Kings Crossing	Houston-The Woodlands-Sugar Land, TX	100.0	%		126,997	126,997	18.36	98.1	%	Randall’s	CVS
Richmond Square	Houston-The Woodlands-Sugar Land, TX	100.0	%		92,657	92,657	27.77	100.0	%		Best Buy, Cost Plus
River Oaks Shopping Center - East	Houston-The Woodlands-Sugar Land, TX	100.0	%		71,265	71,265	14.66	100.0	%	Kroger
River Oaks Shopping Center - West	Houston-The Woodlands-Sugar Land, TX	100.0	%		229,633	229,633	38.70	90.0	%	Kroger	Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank
Shoppes at Memorial Villages	Houston-The Woodlands-Sugar Land, TX	100.0	%		185,974	185,974	19.52	93.1	%		Gulf Coast Veterinary Specialists
Shops at Kirby Drive	Houston-The Woodlands-Sugar Land, TX	100.0	%		10,000	55,460	35.44	100.0	%		(Toys R Us), Freebirds Burrito
Shops at Three Corners	Houston-The Woodlands-Sugar Land, TX	70.0	%	(1)	172,873	277,603	15.08	100.0	%	Fiesta	Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	18,668	124,454	11.70	94.4	%	Food-A-Rama	CVS, Family Dollar, Palais Royal
Stella Link Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		21,605	21,605	9.77	100.0	%		Spec’s
The Centre at Post Oak	Houston-The Woodlands-Sugar Land, TX	100.0	%		183,940	183,940	36.86	99.0	%		Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
Tomball Marketplace	Houston-The Woodlands-Sugar Land, TX	100.0	%		153,999	311,820	19.34	94.6	%		(Academy), (Kohl's), Ross Dress For Less, Marshalls
Village Plaza at Bunker Hill	Houston-The Woodlands-Sugar Land, TX	57.8	%	(1)(3)	283,341	490,634	24.72	99.8	%	H-E-B	PetSmart, Babies "R" Us, Academy, Nordstrom Rack
West Gray	Houston-The Woodlands-Sugar Land, TX	100.0	%		37,278	37,278	26.48	64.5	%		Pier 1
Westchase Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		221,601	350,320	17.32	100.0	%	Whole Foods Market	(Target), Ross Dress for Less, Palais Royal, Petco
Westhill Village Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		130,851	130,851	18.77	98.5	%		Ross Dress for Less, Office Depot, 99 Cents Only
Independence Plaza	Laredo, TX	100.0	%		347,302	347,302	14.36	100.0	%	H-E-B	T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza	Laredo, TX	100.0	%		243,596	485,463	15.15	97.5	%	(H-E-B)	(Target), Marshalls, Old Navy, Best Buy
Plantation Centre	Laredo, TX	100.0	%		135,373	143,015	16.85	97.4	%	H-E-B
Las Tiendas Plaza	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	143,976	500,084	12.46	100.0	%		(Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot
Market at Nolana	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	20,342	244,602	23.44	65.8	%	(Walmart Supercenter)
Market at Sharyland Place	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	53,956	301,174	18.41	95.4	%	(Walmart Supercenter)	Kohl's, Dollar Tree

Page 39

Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %		Grocer Anchor	Other Anchors      ( ) indicates owned by others
North Sharyland Crossing	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)(4)	1,788	3,575	N/A	100.0	%
Northcross	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	37,644	75,288	19.18	93.6	%		Barnes & Noble
Old Navy Building	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)(4)	7,500	15,000	N/A	100.0	%		Old Navy
Sharyland Towne Crossing	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	177,908	487,724	15.77	95.0	%	H-E-B	(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
South 10th St. HEB	McAllen-Edinburg-Mission, TX		50.0	%	(1)(3)	51,851	103,702	13.64	100.0	%	H-E-B
Trenton Crossing	McAllen-Edinburg-Mission, TX		100.0	%		264,720	569,881	12.75	88.8	%		(Target), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart
Starr Plaza	Rio Grande City, TX		50.0	%	(1)(3)	88,347	176,693	14.35	98.0	%	H-E-B	Bealls
Fiesta Trails	San Antonio-New Braunfels, TX		100.0	%		405,370	485,370	16.72	96.0	%	(H-E-B)	Act III Theatres, Marshalls, Stein Mart, Petco
Parliament Square II	San Antonio-New Braunfels, TX		100.0	%	(4)	54,541	54,541	N/A	100.0	%		Incredible Pizza
Thousand Oaks Shopping Center	San Antonio-New Braunfels, TX		15.0	%	(1)	24,271	161,806	11.76	94.7	%	H-E-B	Bealls, Tuesday Morning
Valley View Shopping Center	San Antonio-New Braunfels, TX		100.0	%		91,196	91,196	10.90	88.3	%		Marshalls, Dollar Tree
Texas Total:	# of Properties:	58				6,796,719	11,062,953	17.87	94.8	%
Utah
West Jordan Town Center	Salt Lake City, UT		100.0	%		182,099	304,899	12.81	63.9	%		(Target), Petco
Utah Total:	# of Properties:	1				182,099	304,899	12.81	63.9	%
Virginia
Hilltop Village Center	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%	(5)	250,811	250,811	33.92	100.0	%	Wegmans	L.A. Fitness
Virginia Total:	# of Properties:	1	100.0	%		250,811	250,811	33.92	100.0	%
Washington
2200 Westlake	Seattle-Tacoma-Bellevue, WA		69.4	%	(1)(3)	60,366	87,014	37.75	97.9	%	Whole Foods
Meridian Town Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	15,533	143,237	17.01	97.2	%	(Safeway)	Jo-Ann Fabric & Craft Store, Tuesday Morning
Queen Anne Marketplace	Seattle-Tacoma-Bellevue, WA		51.0	%	(1)(3)	41,506	81,385	30.66	97.7	%	Metropolitan Market	Bartell's Drug
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	22,347	111,736	20.30	100.0	%	Safeway	Ross Dress for Less
South Hill Center	Seattle-Tacoma-Bellevue, WA		20.0	%	(1)(3)	26,802	134,010	16.76	98.9	%		Bed Bath & Beyond, Ross Dress for Less, Best Buy
Washington Total:	# of Properties:	5				166,555	557,382	28.38	98.2	%
Total Operating Properties	# of Properties:	193				24,956,549	39,452,465	18.90	94.8	%

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Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA		Owned  %		Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
New Development
Virginia
Centro Arlington	Washington-Arlington-Alexandria, DC-VA-MD-WV		90.0	%	(1)(2)(3)	—	—			Harris Teeter
West Alex	Washington-Arlington-Alexandria, DC-VA-MD-WV		100.0	%	(2)	—	—			Harris Teeter
Virginia Total:	# of Properties:	2				—	—
Washington
The Whittaker	Seattle-Tacoma-Bellevue, WA		100.0	%	(2)	52,106	52,106
Washington Total:	# of Properties:	1				52,106	52,106
Total New Developments	# of Properties:	3				52,106	52,106
Operating & New Development Properties	# of Properties:	196				25,008,655	39,504,571
Unimproved Land
Arizona
Lon Adams Rd. at Tangerine Farms Rd., Marana							422,532
Arizona Total:							422,532
Colorado
Highway 85 and Highway 285, Sheridan							377,491
Colorado Total:							377,491
Florida
SR 207 at Rolling Hills Dr., St. Augustine							228,254
State Road 100 & Belle Terre Parkway, Palm Coast							292,288
Florida Total:							520,542
Georgia
NWC South Fulton Pkwy. @ Hwy. 92, Union City							3,554,496
Georgia Total:							3,554,496
North Carolina
Highway 17 and Highway 210, Surf City							1,983,287
U.S. Highway 1 at Caveness Farms Rd., Wake Forest							992,123
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland							362,419
North Carolina Total:							3,337,829
Texas
9th Ave. at 25th St., Port Arthur							243,065
Bissonnet at Wilcrest, Houston							40,946
Culebra Road and Westwood Loop, San Antonio							60,984
East Orem, Houston							121,968

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Weingarten Realty Investors

Property Listing

As of March 31, 2018

Center	CBSA	Owned  %	Foot Notes	Owned GLA	Total GLA	Average Base Rent  (ABR)	Occupancy %	Grocer Anchor	Other Anchors      ( ) indicates owned by others
FM 1957 (Potranco Road) and FM 211, San Antonio					5,245,321
FM 2920 and Highway 249, Tomball					95,832
Gattis School Rd. at A.W. Grimes Blvd., Round Rock					57,499
Highway 3 at Highway 1765, Texas City					200,812
Leslie Rd. at Bandera Rd., Helotes					74,052
Nolana Ave. and 29th St., McAllen					163,350
Northwest Freeway at Gessner, Houston					43,396
Rock Prairie Rd. at Hwy. 6, College Station					229,561
SH 151 and Ingram Rd., San Antonio					252,692
Shary Rd. at North Hwy. 83, Mission					172,498
U.S. 77 and 83 at SHFM 802, Brownsville					914,723
US Hwy. 281 at Wilderness Oaks, San Antonio					1,269,774
West Little York at Interstate 45, Houston					161,172
Texas Total:					9,347,644
Total Unimproved Land					17,560,534

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Other Topics of Interest

Weingarten Realty Investors

Share and Bond Repurchase Program Inception-To-Date

as of April 23, 2018

(in thousands, except share prices)

Share Repurchase Program
	# of Shares	Avg. Share Price	Gross Purchase
Q1 2018	296	$27.37	$8,099
Subsequent to QE	216	26.89	5,802
YTD 2018	512	$27.17	$13,901

Bond Repurchase Program
	Period	Principal Amount
3.85% Notes due 6/1/2025	Q1	$9,437
4.45% Notes due 1/15/2024	Q1	3,940
3.375% Notes due 10/15/2022	Q1	301
Total Q1 2018		$13,678
3.375% Notes due 10/15/2022	Subsequent to QE	$310
3.5% Notes due 4/15/2023	Subsequent to QE	330
Total Subsequent to QE		$640
Total YTD 2018		$14,318

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Weingarten Realty Investors

Revenue Classification Changes Impact

(in thousands)

	Three Months Ended															For the Year Ended
	March 31, 2018			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2017
Financial Statement Impact of Revenue Classification Changes
Rental Revenues:
BMR	$	(1,020	)	$	(1,136	)	$	(1,161	)	$	(1,337	)	$	(1,362	)	$	(4,996	)
Other rental income	(68		)	(74		)	(58		)	(74		)	(72		)	(278		)
Other
Customer contract revenues	2,552			2,600			2,707			2,712			3,103			11,122
Property management fee income	(1,714		)	(1,603		)	(1,694		)	(1,594		)	(1,917		)	(6,808		)
Miscellaneous revenues	250			213			206			293			248			960
Net Revenue Changes	$	—		$	—		$	—		$	—		$	—		$	—
Note: All amounts have been estimated for material changes due to the implementation of Financial Accounting Standards Board's Accounting Standard Update No. 2014-09, "Revenue from Contracts with Customers."
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.

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