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): February 22, 2007

WEINGARTEN REALTY INVESTORS

(Exact name of Registrant as specified in its Charter)

Texas	1-9876	74-1464203
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification Number)

2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008

(Address of principal executive offices) (Zip Code)

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

Not applicable

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

Item 2.02.Results of Operations and Financial Condition.

On February 22, 2007, we issued a press release describing our results of operations for the fourth quarter ended December 31, 2006, as well as providing supplemental financial information pertaining to our operations. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2 to this report.

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

Item 9.01.Financial Statements and Exhibits.

99.1Press release dated February 22, 2007, regarding our results of operations for the quarter ended December 31, 2006.

99.2Supplemental Financial Information.

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: February 26, 2007

WEINGARTEN REALTY INVESTORS

By: /s/ Joe D. Shafer

Joe D. Shafer

Vice President/Chief Accounting Officer

3

INDEX TO EXHIBITS

99.1Press release dated February 22, 2007, regarding our results of operations for the quarter ended December 31, 2006.

99.2Supplemental Financial Information.

4

EX-99.1

  NEWS RELEASE 2600 Citadel Plaza Drive P. O. Box 924133 Houston, Texas 77292-4133 Information: Richard Summers (713) 866-6050   Exhibit 99.1

Weingarten Realty Investors Announces 6% FFO Growth for Fourth

Quarter 2006 and Excellent Progress on Strategic Growth Plan

Houston, February 22, 2007 --- Weingarten Realty Investors announced today the results of its fourth quarter and year ended December 31, 2006, which included substantial progress on its long-term growth strategy. The highlights included:

·   Net income available to common shareholders, on a diluted basis, for the fourth quarter of 2006 totaled $53.2 million, or $.59 per share, as compared to $.54 per share for the fourth quarter of 2005, an increase of 9%. For the year ended December 31, 2006, net income was $300.4 million or $3.27 per share compared to $2.31 per share a year earlier, an increase of 42%. The increase over the prior year was primarily the result of strong gains on sales of properties;

·   Funds from operations (FFO), a non-GAAP financial indicator considered one of the most meaningful performance measurements within the REIT industry, on a diluted per share basis, was $.72 for the fourth quarter of 2006 compared to $.68 for the same quarter of the previous year, a 6% increase. For the full year, FFO per share, on a diluted basis, was $2.83 compared to $2.72 a year ago, a 4% increase;

·   The Company purchased ten shopping centers and three industrial projects during the fourth quarter, adding 1.2 million square feet to its portfolio representing a gross investment, including our joint venture partners’ interests, of $402 million. Gross acquisitions for the full year of 2006, including our joint venture partners’ interests, totaled a record $1.0 billion;

·   As previously announced, two new strategic joint ventures were formed in the fourth quarter with two outstanding partners - TIAA-CREF Global Real Estate and AEW Capital Management on behalf of one of its institutional clients;

·   Dispositions of non-core properties for the fourth quarter totaled 688,000 square feet, provided proceeds of $53 million, and generated gains of $27 million. Non-core property dispositions for the full year totaled $316 million and generated gains of $150 million;

·   Merchant development income for the fourth quarter totaled $1.7 million. For the full year, merchant development activities provided $6.9 million (net of tax) or $0.08 of FFO per share;

·   Same-property net operating income increased 4.2% in the fourth quarter with the retail portfolio up 4.3%. During the quarter, the Company completed 283 new leases or renewals totaling 1.6 million square feet with an average rental rate increase of 10.3% on a GAAP basis or 8.2% on a cash basis;

1

·   As previously announced, subsequent to quarter-end, we issued $200 million of 6.50% Series F Cumulative Redeemable Preferred Shares;

·   The Board of Trust Managers increased the cash dividend for 2007 to an annualized $1.98 per common share, up from $1.86 per common share paid in 2006, a 6.5% increase. The first quarter 2007 dividend of $0.495 per common share is payable on March 15, 2007 to shareholders of record on March 8, 2007. This extends the Company’s record of increasing the dividend to 22 consecutive years; and

·   The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) are $0.434375 per share for the same period. Dividends on the newly issued 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) for this quarter are $0.20764 per share, prorated based on the settlement date of January 30, 2007. All preferred share dividends are payable on March 15, 2007 to shareholders of record on March 8, 2007.

Strategic Growth Plan

In the first quarter of 2006, we articulated a new long-term growth strategy with a planned three year implementation. The key elements of this strategy are as follows:

·   A much greater focus on new development, including merchant development, with $300 million in annual new development completions beginning in 2009. Projected returns from our new development pipeline are approximately 9%.

·   Increased use of joint ventures for acquisitions including the recapitalization (or partial sale) of existing assets, which provide the opportunity to further increase returns on investment.

·   Further recycling capital through the active disposition of non-core properties and reinvesting the proceeds into properties with strong barriers to entry within high growth metropolitan markets. This, combined with our continuous focus on our existing assets, produces a higher quality portfolio with higher occupancy rates and stronger internal revenue growth.

During 2006, we made excellent progress in the execution of this long-term growth strategy as described in the following sections on new development, acquisitions and joint ventures, and capital recycling.

2

New Development

Currently the Company has 30 properties in various stages of development, up from 10 properties under development at the end of 2005. We have invested $204 million to-date on these projects and, at completion, we estimate our total investment to be $650 million. These properties are generally slated to open over the next two years with a projected return on investment in excess of 9% when completed.

In addition to these projects, the Company has significantly increased its development pipeline with nine development sites under contract that have a projected final investment of $218 million. In addition to the nine development sites under contract, we have 22 development sites under preliminary pursuit.

Merchant development is a new program in which we develop a project with the objective of selling all or part of it, instead of retaining it in our portfolio on a long-term basis. The Company generated $6.9 million (after-tax) from this program in 2006 adding $0.08 of FFO per share.

“We are making excellent progress in new development including merchant development activities. During 2006, we tripled the number of properties under development and invested $167 million in our new development program. We are confident that we will achieve our goal of $300 million of annual completions beginning in 2009. We are also very pleased to have contributed $0.08 of FFO per share from merchant development activities in the first year of this new program and expect continued strong growth over the next three years,” stated Robert Smith, Senior Vice President and Director of New Development.

Acquisitions and Joint Ventures

In 2006, we completed a record $1.0 billion of acquisitions. Properties acquired in 2006 included 34 shopping centers and 6 industrial properties that added a total of 4.0 million square feet. During 2006, just over half of our acquisitions were through institutional joint ventures.

We formed the following new joint venture partnerships in 2006:

·   We acquired seven neighborhood/community shopping centers in South Florida in a new joint venture with TIAA-CREF Global Real Estate;

·   In partnership with AEW Capital Management, on behalf of its institutional client, we acquired four grocery-anchored centers and two power centers in Oregon and Washington state, marking our entry into two desirable metropolitan markets - Portland, Oregon and Seattle/Tacoma, Washington;

·   We also formed a joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust to acquire and operate industrial properties within target markets across the United States. The partners plan to invest an additional $375 million in total capital over the next two years.

3

“Acquisitions are critical to Weingarten’s growth and a key component of our strategy. However, intense competition for good quality assets has driven asset prices up and returns down. Partnering with institutional investors through joint ventures enables us to acquire high quality assets in our target markets while also meeting our financial return objectives. We benefit from access to lower-cost capital as well as leveraging our expertise to provide fee-based services, such as the acquisition, leasing, and asset management of properties, for these joint ventures,” stated Steve Richter, Executive Vice President and Chief Financial Officer.

Capital Recycling

During 2006, the Company sold 21 shopping centers and four industrial projects representing 3.6 million square feet. Sale proceeds from these dispositions totaled $316 million and generated gains of $150 million. The proceeds from these dispositions, combined with the joint venture program, provided more than 70% of the capital required for the 2006 acquisitions and reduced the need to issue additional common equity.

“Capitalizing on strong demand and favorable prices for real estate assets during 2006, we completed a record level of asset sales. Dispositions are part of an on-going portfolio management process where we prune our portfolio of properties that do not meet our geographic or growth targets and provide capital to recycle into properties that have strong barrier-to-entry locations within high growth metropolitan markets. Over time, this produces a portfolio with higher occupancy rates and stronger internal revenue growth. We are beginning to see the success of this strategy in the strong retail same store net operating income growth of 4.3% for the fourth quarter,” stated Johnny Hendrix, Executive Vice President/Asset Management.

Outlook

“We are making great progress in the implementation of the three year strategic plan we announced one year ago. Our accomplishments, as described above, include a substantial increase in new development, including merchant development activities, record levels of acquisitions and non-core asset dispositions, three new institutional joint venture partnerships that will have a total investment of nearly $1 billion when fully funded, and a significant improvement in the quality of our portfolio, producing stronger internal revenue growth. We delivered good financial performance in 2006 and raised the dividend for 2007 by 6.5%, extending our record of dividend increases to 22 consecutive years. We delivered a total return to shareholders (share price appreciation plus dividends) of 27.5% in 2006 and a compound total annual return of 15.0% for the 21 years since the company’s IPO in 1985. Two-thousand-six was a remarkably successful year in which we created the foundation for future growth while also exceeding our goals for the year.

4

For 2007, we will continue the aggressive implementation of our three year strategic growth plan. We expect to generate FFO per share in the range of $2.98 to $3.04. Our guidance includes the short-term negative FFO impact created by our substantial disposition program as well as the planned contribution of properties to new joint ventures. While these dispositions have a short-term negative FFO impact, it is a key part of this plan and will contribute to much stronger growth and profitability over the long-term. Overall, I am very optimistic about our ability to execute our strategic growth plan and, when fully implemented, to produce strong FFO per share growth,” stated Drew Alexander, President and Chief Executive Officer.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on Friday, February 23, 2007 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s Web site at www.weingarten.com. A replay is also available through the Company’s Web site starting approximately two hours following the live call or can be heard by calling 877-519-4471, identification number 8298578 for the following 24 hours.

About Weingarten Realty Investors

As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors (NYSE:WRI) is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in 22 states that span the United States from coast to coast. The Company’s portfolio of 389 properties includes 322 neighborhood and community shopping centers and 67 industrial properties, aggregating 47.5 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,500 tenants comprising less than 3% of its rental revenues. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their 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.

5

Financial Statements
Weingarten Realty Investors
(in thousands, except per share amounts)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
STATEMENTS OF CONSOLIDATED INCOME AND	2006			2005			2006			2005
FUNDS FROM OPERATIONS	(Unaudited)						(Unaudited)
Rental Income	$	144,380		$	128,799		$	554,361		$	504,034
Other Income		2,227			1,168			7,019			6,367
Total Revenues		146,607			129,967			561,380			510,401
Depreciation and Amortization		33,446			30,914			127,613			117,062
Operating Expense		27,632			21,583			91,422			76,630
Ad Valorem Taxes		14,057			13,606			65,528			58,923
General and Administrative Expense		7,301			4,256			23,801			17,379
Total Expenses		82,436			70,359			308,364			269,994
Operating Income		64,171			59,608			253,016			240,407
Interest Expense		(40,056	)		(34,236	)		(146,943	)		(130,761	)
Interest and Other Income		4,226			1,110			9,045			2,867
Equity in Earnings of Joint Ventures, net		3,789			1,822			14,655			6,610
Income Allocated to Minority Interests		(1,437	)		(1,530	)		(6,414	)		(6,060	)
Gain (Loss) on Sale of Properties		(4,507	)		195			22,467			22,306
Gain on Land and Merchant Development Sales		986			804			7,166			804
Benefit (Provision) for Income Taxes		35						(1,366	)
Income From Continuing Operations		27,207			27,773			151,626			136,173
Operating Income From Discontinued Operations		239			3,853			7,864			18,021
Gain on Sale of Properties From Discontinued Operations		26,940			19,777			145,520			65,459
Income from Discontinued Operations		27,179			23,630			153,384			83,480
Net Income		54,386			51,403			305,010			219,653
Less: Preferred Share Dividends		2,525			2,525			10,101			10,101
Net Income Available to Common Shareholders--Basic	$	51,861		$	48,878		$	294,909		$	209,552
Net Income Per Common Share--Basic	$	0.61		$	0.55		$	3.36		$	2.35
Net Income Available to Common Shareholders--Diluted	$	53,191		$	50,209		$	300,362		$	214,770
Net Income Per Common Share--Diluted	$	0.59		$	0.54		$	3.27		$	2.31
Funds from Operations:
Net Income Available to Common Shareholders	$	51,861		$	48,878		$	294,909		$	209,552
Depreciation and Amortization		32,204			31,976			126,713			122,203
Depreciation and Amortization of Unconsolidated Joint Ventures		1,751			961			5,079			3,539
Gain on Sale of Properties		(22,446	)		(19,976	)		(168,004	)		(87,569	)
(Gain) Loss on Sale of Properties of Unconsolidated Joint Ventures		2			6			(4,052	)		8
Funds from Operations--Basic	$	63,372		$	61,845		$	254,645		$	247,733
Funds from Operations Per Common Share--Basic	$	0.74		$	0.69		$	2.90		$	2.78
Funds from Operations--Diluted	$	64,702		$	63,176		$	260,098		$	252,951
Funds from Operations Per Common Share--Diluted	$	0.72		$	0.68		$	2.83		$	2.72
Weighted Average Shares Outstanding--Basic		85,476			89,336			87,719			89,224
Weighted Average Shares Outstanding--Diluted		89,613			93,327			91,779			93,166
		December 31,			December 31,
		2006			2005
CONSOLIDATED BALANCE SHEETS		(Unaudited)			(Audited)
Property	$	4,445,888		$	4,033,579
Accumulated Depreciation		(707,005	)		(679,642	)
Investment in Real Estate Joint Ventures		203,839			84,348
Notes Receivable from Real Estate Joint Ventures and Partnerships		3,971			42,195
Unamortized Debt and Lease Costs		112,873			95,616
Accrued Rent and Accounts Receivable, net		78,893			60,905
Cash and Cash Equivalents		71,003			42,690
Restricted Deposits and Mortgage Escrows		94,466			11,747
Other		71,612			46,303
Total Assets	$	4,375,540		$	3,737,741
Debt	$	2,900,952		$	2,299,855
Accounts Payable and Accrued Expenses		132,821			102,143
Other		128,306			102,099
Total Liabilities		3,162,079			2,504,097
Minority Interest		87,680			83,358
Preferred Shares of Beneficial Interest		4			4
Common Shares of Beneficial Interest		2,582			2,686
Additional Paid in Capital		1,136,481			1,288,432
Accumulated Dividends in Excess of Net Income		(786	)		(132,786	)
Accumulated Other Comprehensive Loss		(12,500	)		(8,050	)
Total Shareholders' Equity		1,125,781			1,150,286
Total Liabilities and Shareholders' Equity	$	4,375,540		$	3,737,741

6

EX-99.2

EXHIBIT 99.2

Supplemental Financial Information

December 31, 2006

(Unaudited)

Table of Contents		Page No.
Corporate Profile		1
Statements of Consolidated Income		2
Consolidated Balance Sheets		3
Statements of Consolidated Income at Prorata Share		4
Consolidated Balance Sheets at Prorata Share		5
Summary Operating Data		6 - 7
	Funds from Operations
	Dividends
	General and Administrative Expenses
	Net Operating Income
	Rentals
	Interest Expense
	Property
Joint Venture Reporting		8 - 11
	Financial Statements of Unconsolidated Joint Ventures at 100%
	Financial Statements of Unconsolidated Joint Ventures at Prorata Share
	Investments in Real Estate Joint Ventures
	Debt Information for Real Estate Joint Ventures
Summary Balance Sheet Information		12
	Common Share Data
	Capitalization
	Capital Availability
	Credit Ratings
Debt Information		13 - 14
	Outstanding Balance Summary
	Fixed vs Variable Rate Debt
	Secured vs Unsecured Debt
	Coverage Ratios
	Weighted Average Interest Rates
	Schedule of Maturities
Other Information		15 - 16
	Tenant Diversification
	Lease Information
	Leasing Production
	Average Minimum Rent per Square Foot
	Occupancy
Property Information		17 - 32
	Property Investment Summary
	Acquisition Summary
	Disposition Summary
	New Development Summary
	Total Operating Income at Prorata Share by Geographic Region
	Property Listing

This supplemental financial information package contains historical information of the Company.

Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized. 

Corporate Profile
Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act
that, through its predecessor entity, began the ownership and development of shopping centers and other commercial
real estate in 1948. As of December 31, 2006, we owned or operated under long-term leases, interests in 363
developed income-producing properties and 26 properties that are in various stages of development (including 7
which are income-producing), which are located in 22 states that span the United States from coast to coast. Included in the
portfolio are 322 shopping centers and 67 industrial projects. Our interests in these properties aggregated approximately 47.5
million square feet of building area. Our properties were 94.1% leased as of December 31, 2006, and historically our
portfolio occupancy rate has never been below 90%.
Corporate Office
	2600 Citadel Plaza Drive
	P. O. Box 924133
	Houston, TX 77292-4133
	713-866-6000
	www.weingarten.com
Regional Offices
	Atlanta, GA
	Austin, TX
	Dallas, TX
	Denver, CO (Miller Weingarten)
	Ft. Lauderdale, FL
	Las Vegas, NV
	Los Angeles, CA
	Orlando, FL
	Phoenix, AZ
	Raleigh, NC
	Sacramento, CA
	Encino, CA
	Seattle, WA
Stock Listings
New York Stock Exchange:
	Common Shares	WRI
	Series D Preferred Shares	WRI-PD
	Series E Preferred Shares	WRI-PE
	Series F Preferred Shares	WRI-PF

Page 1

Weingarten Realty Investors
Statements of Consolidated Income
(in thousands, except per share amounts)
(as reported)
	Three Months Ended
	December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005			2004			2003			2002
Revenues:
Rentals	$	144,380		$	128,799		$	554,361		$	504,034		$	452,567		$	365,340		$	312,581
Other		2,227			1,168			7,019			6,367			8,347			6,676			4,538
Total		146,607			129,967			561,380			510,401			460,914			372,016			317,119
Expenses:
Depreciation and amortization		33,446			30,914			127,613			117,062			103,870			80,776			65,803
Operating		27,632			21,583			91,422			76,630			71,540			57,709			48,284
Ad valorem taxes		14,057			13,606			65,528			58,923			51,966			41,599			37,821
General and administrative		7,301			4,256			23,801			17,379			16,122			13,820			11,148
Impairment loss														3,550
Total		82,436			70,359			308,364			269,994			247,048			193,904			163,056
Operating Income		64,171			59,608			253,016			240,407			213,866			178,112			154,063
Interest Expense		(40,056	)		(34,236	)		(146,943	)		(130,761	)		(117,096	)		(90,269	)		(67,171	)
Interest and Other Income		4,226			1,110			9,045			2,867			1,390			1,563			1,053
Loss on Redemption of Preferred Shares														(3,566	)		(2,739	)
Equity in Earnings of Joint Ventures, net (a)		3,789			1,822			14,655			6,610			5,384			4,681			3,930
Income Allocated to Minority Interests		(1,437	)		(1,530	)		(6,414	)		(6,060	)		(4,928	)		(2,723	)		(3,553	)
Gain (Loss) on Sale of Properties		(4,507	)		195			22,467			22,306			1,562			665			188
Gain on Land and Merchant Development Sales		986			804			7,166			804
Benefit (Provision) for Income Taxes		35						(1,366	)
Income From Continuing Operations		27,207			27,773			151,626			136,173			96,612			89,290			88,510
Operating Income From Discontinued Operations		239			3,853			7,864			18,021			19,886			20,951			23,885
Gain on Sale of Properties From Discontinued Operations		26,940			19,777			145,520			65,459			24,883			6,039			19,472
Income From Discontinued Operations		27,179			23,630			153,384			83,480			44,769			26,990			43,357
Net Income		54,386			51,403			305,010			219,653			141,381			116,280			131,867
Preferred Share Dividends		(2,525	)		(2,525	)		(10,101	)		(10,101	)		(7,470	)		(15,912	)		(19,756	)
Redemption Cost of Series A Preferred Shares																	(2,488	)
Net Income Available to Common Shareholders	$	51,861		$	48,878		$	294,909		$	209,552		$	133,911		$	97,880		$	112,111
Net Income Per Common Share - Basic	$	0.61		$	0.55		$	3.36		$	2.35		$	1.55		$	1.24		$	1.44
Net Income Per Common Share - Diluted	$	0.59		$	0.54		$	3.27		$	2.31		$	1.54		$	1.24		$	1.43
(a) See Page 8 for the Company's prorata share of the operating results of its unconsolidated joint ventures.

Page 2

Weingarten Realty Investors
Consolidated Balance Sheets
(in thousands, except per share amounts)
(as reported)
	December 31,
	2006			2005
ASSETS
Property	$	4,445,888		$	4,033,579
Accumulated Depreciation		(707,005	)		(679,642	)
Property - net		3,738,883			3,353,937
Investment in Real Estate Joint Ventures (a)		203,839			84,348
Total		3,942,722			3,438,285
Notes Receivable from Real Estate Joint Ventures and Partnerships		3,971			42,195
Unamortized Debt and Lease Costs		112,873			95,616
Accrued Rent and Accounts Receivable (net of allowance for doubtful
accounts of $5,995 in 2006 and $4,673 in 2005)		78,893			60,905
Cash and Cash Equivalents		71,003			42,690
Restricted Deposits and Mortgage Escrows		94,466			11,747
Other		71,612			46,303
Total	$	4,375,540		$	3,737,741
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt	$	2,900,952		$	2,299,855
Accounts Payable and Accrued Expenses		132,821			102,143
Other		128,306			102,099
Total		3,162,079			2,504,097
Minority Interest		87,680			83,358
Commitments and Contingencies
Shareholders' Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;
shares authorized: 10,000
6.75% Series D cumulative redeemable preferred shares of
beneficial interest; 100 shares issued and outstanding
in 2006 and 2005; liquidation preference $75,000		3			3
6.95% Series E cumulative redeemable preferred shares of
beneficial interest; 29 shares issued and outstanding in 2006
and 2005; liquidation preference $72,500		1			1
Common Shares of Beneficial Interest - par value, $.03 per share;
shares authorized: 150,000; shares issued and outstanding:
85,765 in 2006 and 89,403 in 2005		2,582			2,686
Additional Paid in Capital		1,136,481			1,288,432
Accumulated Dividends in Excess of Net Income		(786	)		(132,786	)
Accumulated Other Comprehensive Loss		(12,500	)		(8,050	)
Shareholders' Equity		1,125,781			1,150,286
Total	$	4,375,540		$	3,737,741
(a) This represents the Company's investment of its unconsolidated joint ventures. See page 8 for additional information.

Page 3

Weingarten Realty Investors
Statements of Consolidated Income at Prorata Share
(in thousands, except per share amounts)
	Three Months Ended
	December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005			2004			2003			2002
Revenues:
Rentals	$	147,939		$	130,242		$	563,504		$	508,298		$	454,094		$	365,885		$	317,010
Other		2,333			1,112			7,799			6,529			8,100			6,855			4,640
Total		150,272			131,354			571,303			514,827			462,194			372,740			321,650
Expenses:
Depreciation and amortization		34,239			31,043			129,179			117,171			103,581			79,197			66,011
Operating		27,432			21,541			91,553			76,422			71,413			57,558			48,475
Ad valorem taxes		14,185			13,659			66,079			59,248			52,013			41,755			38,335
General and administrative		7,365			4,263			23,902			17,436			16,125			13,821			11,145
Impairment loss														3,550
Total		83,221			70,506			310,713			270,277			246,682			192,331			163,966
Operating Income		67,051			60,848			260,590			244,550			215,512			180,409			157,684
Interest Expense		(40,652	)		(34,065	)		(147,642	)		(129,790	)		(115,357	)		(89,945	)		(68,981	)
Interest and Other Income		4,921			1,324			10,687			3,640			2,553			3,616			3,265
Loss on Redemption of Preferred Shares														(3,566	)		(2,739	)
Income Allocated to Minority Interests		(1,330	)		(1,331	)		(5,453	)		(5,218	)		(3,990	)		(3,236	)		(3,720	)
Gain (Loss) on Sale of Properties		(4,496	)		193			26,536			22,102			1,460			1,185			262
Gain on Land and Merchant Development Sales		1,678			804			8,274			889
Benefit (Provision) for Income Taxes		35						(1,366	)
Income From Continuing Operations		27,207			27,773			151,626			136,173			96,612			89,290			88,510
Operating Income From Discontinued Operations		239			3,853			7,864			18,021			19,886			20,951			23,885
Gain on Sale of Properties From Discontinued Operations		26,940			19,777			145,520			65,459			24,883			6,039			19,472
Income From Discontinued Operations		27,179			23,630			153,384			83,480			44,769			26,990			43,357
Net Income		54,386			51,403			305,010			219,653			141,381			116,280			131,867
Preferred Share Dividends		(2,525	)		(2,525	)		(10,101	)		(10,101	)		(7,470	)		(15,912	)		(19,756	)
Redemption Cost of Series A Preferred Shares																	(2,488	)
Net Income Available to Common Shareholders	$	51,861		$	48,878		$	294,909		$	209,552		$	133,911		$	97,880		$	112,111
Net Income Per Common Share - Basic	$	0.61		$	0.55		$	3.36		$	2.35		$	1.55		$	1.24		$	1.44
Net Income Per Common Share - Diluted	$	0.59		$	0.54		$	3.27		$	2.31		$	1.54		$	1.24		$	1.43
Note:
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
The Statements of Consolidated Income at Prorata Share include the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100%.

Page 4

Weingarten Realty Investors
Consolidated Balance Sheets at Prorata Share
(in thousands, except per share amounts)
	December 31,
	2006			2005
ASSETS
Property	$	4,610,751		$	4,098,780
Accumulated Depreciation		(707,289	)		(682,102	)
Property - net		3,903,462			3,416,678
Notes Receivable from Real Estate Joint Ventures and Partnerships		54,125			32,958
Unamortized Debt and Lease Costs		118,377			97,387
Accrued Rent and Accounts Receivable (net of allowance for doubtful
accounts of $6,696 in 2006 and $4,977 in 2005)		79,165			59,838
Cash and Cash Equivalents		84,092			54,878
Restricted Deposits and Mortgage Escrows		93,955			11,082
Other		75,858			49,455
Total	$	4,409,034		$	3,722,276
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt	$	2,945,288		$	2,288,145
Accounts Payable and Accrued Expenses		132,991			101,616
Other		126,719			100,826
Total		3,204,998			2,490,587
Minority Interest		78,255			81,403
Commitments and Contingencies
Shareholders' Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;
shares authorized: 10,000
6.75% Series D cumulative redeemable preferred shares of
beneficial interest; 100 shares issued and outstanding
in 2006 and 2005; liquidation preference $75,000		3			3
6.95% Series E cumulative redeemable preferred shares of
beneficial interests; 29 shares issued and outstanding in 2006
and 2005; liquidation preference $72,500		1			1
Common Shares of Beneficial Interest - par value, $.03 per share;
shares authorized: 150,000; shares issued and outstanding:
85,765 in 2006 and 89,403 in 2005		2,582			2,686
Additional Paid in Capital		1,136,481			1,288,432
Retained Earnings		(786	)		(132,786	)
Accumulated Other Comprehensive Loss		(12,500	)		(8,050	)
Shareholders' Equity		1,125,781			1,150,286
Total	$	4,409,034		$	3,722,276
Note:
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
The Consolidated Balance Sheets at Prorata Share include the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100%.

Page 5

Weingarten Realty Investors
Summary Operating Data
(in thousands, except per share amounts)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Funds from Operations
Numerator:
Net income available to common shareholders	$	51,861		$	48,878		$	294,909		$	209,552
Depreciation and amortization		32,204			31,976			126,713			122,203
Depreciation and amortization of unconsolidated joint ventures		1,751			961			5,079			3,539
Gain on sale of properties		(22,446	)		(19,976	)		(168,004	)		(87,569	)
(Gain) loss on sale of properties of unconsolidated joint ventures		2			6			(4,052	)		8
Funds from Operations - Basic		63,372			61,845			254,645			247,733
Funds from operations attributable to operating
partnership units		1,330			1,331			5,453			5,218
Funds from Operations - Diluted	$	64,702		$	63,176		$	260,098		$	252,951
Denominator:
Weighted average shares outstanding - Basic		85,476			89,336			87,719			89,224
Effect of dilutive securities:
Share options and awards		1,055			841			926			860
Operating partnership units		3,082			3,150			3,134			3,082
Weighted average shares outstanding - Diluted		89,613			93,327			91,779			93,166
Funds from Operations per Share - Basic	$	0.74		$	0.69		$	2.90		$	2.78
Funds from Operations Per Share - Diluted	$	0.72		$	0.68		$	2.83		$	2.72
Growth in Funds from Operations per Share - Diluted					5.9	%					4.0	%
Dividends
Common Dividends per Share	$	0.465		$	0.440		$	1.860		$	1.760
Common Dividends Paid as a % of Funds from Operations		62.8	%		63.6	%		64.0	%		63.4	%
General and Administrative Expenses *
General and Administrative Expenses/Total Revenue		4.9	%		3.2	%		4.2	%		3.4	%
General and Administrative Expenses/Total Assets before Depreciation		0.14	%		0.10	%		0.47	%		0.40	%
Net Operating Income *
Same Property NOI Growth: **
Retail		4.3	%		5.2	%		3.5	%		4.4	%
Industrial		2.4	%		7.8	%		2.6	%		3.5	%
Total		4.2	%		5.5	%		3.4	%		4.4	%
*   Includes the Company's share of unconsolidated joint ventures and excludes its partners' share of consolidated joint ventures ("Prorata Share").
** Same Property NOI Growth excludes the effect of lease cancellation income.
The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) available to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties, including our share of unconsolidated partnerships and joint ventures. We calculate FFO in a manner consistent with the NAREIT definition.
We believe FFO is an appropriate supplemental measure of operating performance because it helps investors compare our operating performance relative to other REITs. Management also uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time.
Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs.
FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

Page 6

Weingarten Realty Investors
Summary Operating Data (continued)
(in thousands)
	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Rentals
Base minimum rent, net	$	110,679	$	102,141	$	429,943	$	395,780
Straight line rent		2,610		1,357		7,712		6,919
Over/Under-market rentals, net		457		42		1,311		253
Percentage rent		1,831		1,511		6,086		4,836
Tenant reimbursements		28,803		23,748		109,309		96,246
Total	$	144,380	$	128,799	$	554,361	$	504,034

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Rentals (Prorata Share)
Base minimum rent, net	$	113,476	$	103,289	$	437,060	$	399,264
Straight line rent		2,802		1,481		8,273		7,219
Over/Under-market rentals, net		602		101		1,683		471
Percentage rent		1,857		1,545		6,244		4,947
Tenant reimbursements		29,202		23,826		110,244		96,397
Total	$	147,939	$	130,242	$	563,504	$	508,298

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Interest Expense (Prorata Share)
Interest paid or accrued	$	45,745		$	36,278		$	162,678		$	139,697
Over-market mortgage adjustment		(1,813	)		(1,828	)		(7,387	)		(6,983	)
Gross interest expense		43,932			34,450			155,291			132,714
Less:
Capitalized interest		(3,280	)		(385	)		(7,649	)		(2,924	)
Interest expense, at prorata share	$	40,652		$	34,065		$	147,642		$	129,790

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Fee Income from Joint Ventures	$	1,416	$	357	$	2,500	$	1,330

	December 31,
	2006		2005
Property at Prorata Share
Land	$	910,240	$	771,903
Land held for development		21,002		20,634
Land under development		141,442		27,591
Buildings and improvements		3,446,226		3,230,342
Construction in-progress		91,841		48,310
Total	$	4,610,751	$	4,098,780

Page 7

Weingarten Realty Investors
Financial Statements of Unconsolidated Joint Ventures at 100%
(in thousands)
	Twelve Months Ended
	December 31,
	2006		2005			2004
Revenues:	$	65,002	$	41,059		$	32,117
Expenses:
Interest		17,398		10,565			7,061
Depreciation and amortization		15,390		9,322			7,203
Operating		8,750		5,480			5,041
Ad valorem taxes		6,187		4,756			3,645
General and administrative		783		301			395
Total		48,508		30,424			23,345
Gain on land sales		1,938		170
Gain (loss) on sale of properties		5,991		(20	)		(182	)
Net income	$	24,423	$	10,785		$	8,590
			December 31,
				2006			2005
ASSETS
Property			$	1,123,600		$	397,689
Accumulated depreciation				(41,305	)		(32,032	)
Property - net				1,082,295			365,657
Other assets				118,642			61,543
Total			$	1,200,937		$	427,200
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt			$	327,695		$	136,182
Amounts payable to WRI				22,657			43,239
Other liabilities				39,967			12,081
Accumulated equity				810,618			235,698
Total			$	1,200,937		$	427,200

Page 8

Weingarten Realty Investors
Financial Statements of Unconsolidated Joint Ventures at Prorata Share
(in thousands)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Revenues:	$	7,542		$	4,423		$	23,043		$	16,262
Expenses:
Interest		1,543			939			5,166			3,175
Depreciation and amortization		1,751			961			5,079			3,539
Operating		1,135			596			3,132			2,190
Ad valorem taxes		530			418			2,121			1,899
General and administrative		104			7			292			83
Total		5,063			2,921			15,790			10,886
Gain on land and merchant development sales		692			-			1,108			85
Gain (loss) on sale of property		(2	)		(6	)		4,052			(8	)
Net Income	$	3,169		$	1,496		$	12,413		$	5,453
							December 31,
								2006			2005
ASSETS
Property							$	307,559		$	147,006
Accumulated Depreciation								(16,869	)		(14,493	)
Property - net								290,690			132,513
Other Assets								40,159			21,839
Total							$	330,849		$	154,352
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt							$	97,969		$	44,544
Amounts Payable to WRI								7,382			16,022
Accounts Payable and Accrued Expenses								10,358			3,706
Total								115,709			64,272
Accumulated Equity								215,140			90,080
Total							$	330,849		$	154,352
Notes:
The Consolidated Financial Statements at prorata share include only the real estate operations of joint ventures at WRI's ownership percentages.
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 9

Weingarten Realty Investors
Investments in Real Estate Joint Ventures
December 31, 2006
(In Thousands)
									Weingarten Realty
Joint Venture Partner	Number of Properties		Total GLA		Total Assets		Total Debt		Ownership Interest			Share of Debt		Investment 12/31/06		Equity in Earnings of Unconsolidated JVs (1)
TIAA Florida Retail LLC		7		1,234	$	361,057	$	-		20.0	%	$	-	$	64,663	$	448
AEW SRP, LLC		8		825		171,791		109,114		26.6	%		29,032		15,430		611
BIT Investment Thirty-Six, LP		5		2,057		127,129				20.0	%				16,233		221
Collins		8		1,641		134,478		12,767		50.0	%		6,383		57,394		2,995
Eagle AN, LP		7		2,036		52,047		37,085		20.0	%		7,417				(13	)
AEW - Institutional Client		6		516		138,588		71,581		20.0	%		14,316		12,074		60
Other		17		2,217		215,846		97,150		42.0	%		40,820		38,045		10,332
Total		58		10,526	$	1,200,937	$	327,695		28.9	%	$	97,969	$	203,839	$	14,655
Joint Venture Description
TIAA Florida Retail LLC -	Joint venture with an institutional partner, TIAA-CREF Global Real Estate.
AEW SPR, LLC -	Retail joint venture with an institutional partner through AEW Capital Management.
BIT Investment Thirty-Six, LP -	Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust.
Collins -	Primarily a development joint venture in the Rio Grande valley.
Eagle AN, LP -	Industrial joint venture with American National Insurance Company.
AEW - Institutional Client	Joint venture with an institutional partner through AEW Capital Management.
(1) Ties to consolidated income statement but differs from prorata income statement due to elimination of intercompany interest income/expense and management fees.

Page 10

Weingarten Realty Investors
Debt Information for Real Estate Joint Ventures
December 31, 2006
(In Thousands)
Joint Venture Partner	Number of Properties		Mortgage Balance		Average Interest Rate (1)			Average Remaining Term (yrs)
TIAA Florida Retail LLC		7	$	-
AEW SRP, LLC		8		109,114		5.7	%		8.1
BIT Investment Thirty-Six, LP		5
Collins		8		12,751		6.0	%		14.7
Eagle AN, LP		7		37,085		8.1	%		3.7
AEW - Institutional Client		6		71,581		5.7	%		7.2
Other		17		96,585		5.7	%		6.9
Total		58	$	327,115		6.0	%		7.6
(1) Only 1 of the 17 "Other" joint ventures has a variable rate mortgage ($3.2 million) - All other mortgages are fixed rate

Page 11

Weingarten Realty Investors
Summary Balance Sheet Information
(in thousands, except common share data and percentages)
	December 31,			December 31,
	2006			2005
Common Share Data
Closing Market Price	$	46.11		$	37.81
Dividend Yield		4.03	%		4.65	%
90-Day Average Trading Volume		340,616			272,770
Capitalization (As reported)
Debt	$	2,900,952		$	2,299,855
Preferred Shares		147,500			147,500
Common Shares at Market		3,954,624			3,380,327
Operating Partnership Units at Market		138,745			119,328
Total Market Capitalization	$	7,141,821		$	5,947,010
Debt to Total Market Capitalization		40.6	%		38.7	%
Capitalization (Prorata)
Debt	$	2,945,288		$	2,288,145
Preferred Shares		147,500			147,500
Common Shares at Market		3,954,624			3,380,327
Operating Partnership Units at Market		138,745			119,328
Total Market Capitalization	$	7,186,157		$	5,935,300
Debt to Total Market Capitalization		41.0	%		38.6	%
Capital Availability
Unused Portion of $400 MM Revolver	$	371,923		$	175,071
Shelf Registration - $1 Billion Effective April 2003		85,430			160,430
Shelf Registration - $1.5 Billion Effective September 2004		1,500,000			1,500,000
Shelf Registration - $50 Million Effective September 2004		50,000			50,000
Total	$	2,007,353		$	1,885,501
Credit Ratings		S&P			Moody's
Senior Debt		A-			Baa1
Preferred Shares		BBB+			Baa2

Page 12

Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
				4th Quarter						4th Quarter
	December 31,			Weighted			December 31,			Weighted
	2006			Average Rate			2005			Average Rate
Outstanding Balance Summary (2)
Mortgage Debt	$	953,938			7.29	%	$	799,603			7.29	%
7% 2011 Bonds		200,000			7.00	%		200,000			7.00	%
3.95% Convertible Bonds (3)		575,000			3.95	%
Unsecured Notes Payable		1,119,867			5.85	%		1,049,867			5.85	%
Revolving Credit Agreements (1)		18,000			5.97	%		210,000			4.71	%
Industrial Revenue Bonds		4,422			5.36	%		6,925			3.68	%
Obligations under Capital Leases		29,725			6.00	%		33,460			5.49	%
Total Debt - As Reported		2,900,952			6.09	%		2,299,855			6.36	%
Less: Minority Partners' Interests		(53,633	)					(56,254	)
Plus: WRI Share of Unconsolidated Joint Ventures		97,969						44,544
Total Debt - Prorata Share	$	2,945,288			6.10	%	$	2,288,145			6.37	%
		December 31,						December 31,
		2006			% of Total			2005			% of Total
Fixed vs Variable Rate Debt (at Prorata Share)
(includes the effect of interest rate swaps)
Fixed-rate debt	$	2,829,344			96.1	%	$	1,973,822			86.3	%
Variable-rate debt		115,944			3.9	%		314,323			13.7	%
Total	$	2,945,288			100.0	%	$	2,288,145			100.0	%
Secured vs Unsecured Debt (at Prorata Share)
Secured Debt	$	1,035,072			35.1	%	$	830,340			36.3	%
Unsecured Debt		1,910,216			64.9	%		1,457,805			63.7	%
Total	$	2,945,288			100.0	%	$	2,288,145			100.0	%
Coverage Ratios (at Prorata Share trailing 4 quarters)
Fixed Charge Coverage		2.37x						2.56x
Interest Coverage		2.45x						2.65x
Debt Service Coverage		2.41x						2.63x
		As			Prorata
		Reported			Share
Weighted Average Interest Rates (2)
Three months ended 12/31/06		6.09	%		6.10	%
Twelve months ended 12/31/06		6.23	%		6.26	%
Twelve months ended 12/31/05		6.32	%		6.33	%

(1)	Weighted average revolving interest rate excluding the effect of the commitment fee was 5.63% in fourth quarter 2006 and 4.26% in fourth quarter 2005.
(2)	Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing.
(3)	The convertible bonds mature August 1, 2026 with a call option anytime after August 2011 and a $49.075 per share coversion rate.

Page 13

Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
Schedule of Maturities at December 31, 2006
	As Reported					Prorata Share
	Maturities		Rate (8)			Maturities		Rate (8)			Floating Rate		Fixed Rate
2007 (1) (2)	$	114,098		6.38	%	$	115,741		6.37	%	$	10,055	$	105,685
2008 (3) (4)		252,768		6.71	%		252,829		6.67	%		429		252,400
2009		113,624		6.51	%		112,903		6.48	%		9,795		103,108
2010		119,310		6.61	%		131,825		6.57	%		550		131,275
2011 (5)		890,450		4.97	%		884,340		4.96	%		-		884,340
2012		308,032		5.75	%		311,146		5.73	%		-		311,146
2013		324,696		5.87	%		289,272		5.73	%		-		289,272
2014		334,466		5.27	%		366,627		5.36	%		2,115		364,512
2015		176,228		6.08	%		184,328		6.00	%		-		184,328
Thereafter		233,284		7.43	%		262,281		7.45	%		-		262,282
Subtotal		2,866,956					2,911,292					22,944		2,888,348
Revolvers (6)		18,000		5.52	%		18,000		5.52	%		18,000
Other (7)		15,996					15,996							15,996
Swap Maturities:
2007												25,000		(25,000	)
2014												50,000		(50,000	)
Total	$	2,900,952		6.23	%	$	2,945,288		6.26	%	$	115,944	$	2,829,344
(1) Includes $3.0 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender.
(2) Includes $25 million of MTN's maturing 2027 with 10 and 20 year put options.
(3) Includes $25 million of MTN's maturing 2028 with 10, 12 and 20 year put options.
(4) Includes prepayment of $121.8 million mortgage.
(5) Includes $575 million of Convertible debt maturing in 2026 with a 5 year call option.
(6) Includes the effect of the commitment fee.
(7) Other includes capital leases and market value of swaps.
(8) Interest rates exclude the effects of FAS 141 and loan costs related to financing.

Page 14

Weingarten Realty Investors
Tenant Diversification by Percent of Rental Revenues at Prorata Share
(in thousands, except percentages and # of units)
				% of Prorata
			# of	Rental	Square
Rank	Tenant Name	DBA’s	Units	Revenue	Feet
1	THE KROGER CO.	Kroger, Dillons, Smith Food, Ralphs, Fry's Food, King Soopers	31	2.74%	1,810
2	T.J.X. COMPANIES, INC.	T.J. Maxx, Marshalls	28	1.61%	785
3	ROSS STORES, INC.	Ross Dress for Less	28	1.39%	695
4	SAFEWAY, INC.	Safeway, Randalls, Von's	17	1.35%	845
5	PUBLIX SUPER MARKETS, INC.		20	1.29%	772
6	OFFICE DEPOT, INC.		25	1.12%	545
7	BLOCKBUSTER VIDEO		57	1.10%	307
8	HOME DEPOT, INC.		6	1.00%	664
9	BARNES & NOBLE INC.	Barnes & Noble, Bookstop Booksellers	12	0.94%	283
10	GAP, INC.	Gap, Old Navy, Banana Republic	19	0.90%	311
11	PETCO ANIMAL SUPPLIES, INC.		20	0.70%	258
12	STAPLES		12	0.65%	319
13	LINENS 'N THINGS, INC.		10	0.65%	273
14	DOLLAR TREE STORES, INC.	Dollar Tree, Greenbacks	32	0.64%	313
15	PETSMART, INC.		13	0.63%	250
16	RALEY'S	Raley's Bel Air Markets	6	0.63%	331
17	OFFICE MAX INC.		13	0.63%	307
18	H E BUTT GROCERY		5	0.62%	302
19	CIRCUIT CITY		8	0.59%	290
20	ACADEMY SPORTS & OUTDOORS		5	0.58%	562
21	HARRIS TEETER		6	0.57%	287
22	TOYS 'R' US		8	0.56%	304
23	STAGE STORES	Beall's, Palais Royal, Stages	20	0.55%	438
24	MOVIE GALLERY, INC.	Movie Gallery, Hollywood Video	23	0.54%	136
25	BED BATH & BEYOND, INC.		14	0.54%	298
	Total		438	22.52%	11,685

Page 15

Weingarten Realty Investors
Leasing Information
(in thousands, except percentages and # of units and leases, prorata share)
Lease Expirations
	Shopping Center						Industrial						Total
	Percentage of						Percentage of						Percentage of
				Prorata						Prorata						Prorata
Year Expiring	Sq. Ft.			Revenue			Sq. Ft.			Revenue			Sq. Ft.			Revenue
2007		8.80	%		9.64	%		17.27	%		19.66	%		10.64	%		10.68	%
2008		11.71	%		11.61	%		23.68	%		24.21	%		14.31	%		12.91	%
2009		12.24	%		12.73	%		19.26	%		18.27	%		13.76	%		13.30	%
2010		12.43	%		13.67	%		11.11	%		11.10	%		12.13	%		13.40	%
2011		12.87	%		14.19	%		7.45	%		8.60	%		11.67	%		13.60	%
2012-2016		25.81	%		24.70	%		21.16	%		18.14	%		24.77	%		24.01	%
2017-2026		15.24	%		12.75	%		0.08	%		0.02	%		12.02	%		11.46	%

Leasing Production - New Leases and Renewals
	Number
	of				Increase
	Leases		Square Feet		in Base Rent
Three Months Ended
December 31, 2006
Retail		234		1,029		9.8	%
Industrial		49		544		0.6	%
Total		283		1,573		8.2	%
Three Months Ended
December 31, 2005
Retail		266		907		6.8	%
Industrial		59		605		-2.9	%
Total		325		1,512		5.1	%
Twelve Months Ended
December 31, 2006
Retail		1,060		3,794		8.6	%
Industrial		204		2,313		2.5	%
Total		1,264		6,107		7.5	%
Twelve Months Ended
December 31, 2005
Retail		1,042		3,973		8.7	%
Industrial		256		2,778		0.2	%
Total		1,298		6,751		7.0	%

Average Minimum Rent per Square Foot
	Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2006			2006			2006			2006			2005
Retail	$	12.12		$	12.10		$	11.69		$	11.50		$	11.38
Industrial	$	4.91		$	4.92		$	4.80		$	4.82		$	4.89
Occupancy	Quarter Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
		2006			2006			2006			2006			2005
Shopping Center Portfolio		95.0	%		95.0	%		95.2	%		94.9	%		94.6	%
Industrial Portfolio		91.2	%		90.4	%		89.5	%		92.9	%		93.1	%
Total Portfolio		94.1	%		94.0	%		93.7	%		94.4	%		94.2	%
Note: A space is considered occupied upon execution of a lease agreement.

Page 16

Weingarten Realty Investors
Property Information
(in thousands at prorata share)
Property Investment Summary
			New		Major		All
	Acquisitions		Development		Repairs		Other		Total
Year Ended 12/31/2006	$	602,987	$	166,999	$	14,338	$	32,757	$	817,081
Year Ended 12/31/2005		358,990		33,171		12,858		36,791		441,810
Year Ended 12/31/2004		511,245		37,836		12,265		41,983		603,329
Year Ended 12/31/2003		413,796		64,011		11,754		39,062		528,623
Year Ended 12/31/2002		247,678		70,325		7,800		27,184		352,987

Page 17

Weingarten Realty Investors
Property Information
(in thousands at prorata share)
Acquisition Summary
		Sq. Ft.	Date	Total
Center	City/State	of Bldg. Area	Acquired	Investment
Wholly-Owned Acquisitions
Shopping Centers
Valley Shopping Center	Sacramento, California	98	04/07/06
Brownsville Commons	Powder Springs (Atlanta), Georgia	28	05/22/06
Shoppes of Parkland	Parkland (Ft. Lauderdale), Florida	146	05/31/06
Freedom Centre	Freedom (San Jose), California	151	06/23/06
Little Brier Creek	Raleigh, North Carolina	17	07/10/06
Mendenhall Commons	Memphis, Tennessee	80	07/19/06
Regency Centre	Lexington, Kentucky	136	07/28/06
Marketplace at Seminole Towne Center	Sanford (Orlando), Florida	309	08/21/06
Brookwood Marketplace	Suwannee (Atlanta), Georgia	166	08/22/06
Camp Creek Marketplace II	Atlanta, Georgia	196	08/22/06
Lakeside Marketplace	Acworth (Atlanta), Georgia	148	08/22/06
Publix at Princeton Lakes	Atlanta, Georgia	68	08/22/06
Dallas Commons	Dallas, Georgia	25	09/14/06
Reynolds Crossing	Duluth (Atlanta), Georgia	46	09/14/06
Galleria	Charlotte, North Carolina	108	12/11/06
Heritage Station (1)	Wake Forest, North Carolina	47	12/15/06
Charleston Commons	Las Vegas, Nevada	338	12/20/06
		2,106
Industrial
McGraw Hill Distribution	DeSoto (Dallas), Texas	418	02/14/06
1855 Dornoch Industrial	San Diego, California	205	06/12/06
1725 Dornoch Industrial	San Diego, California	112	06/12/06
Midpoint I-20 Distribution Center	Arlington (Dallas), Texas	253	10/25/06
Hopewell Industrial Center	Tampa, Florida	224	11/03/06
Freeport Commerce Center	Irving (Dallas), Texas	51	11/29/06
1919 North Loop West (2)	Houston, Texas	140	12/06/06
		1,403
Subtotal - Wholly Owned Acquisitions		3,510
Joint Venture Acquisitions
Shopping Centers
Fresh Market Shoppes	Hilton Head, South Carolina	22	03/07/06
Shoppes at Paradise Isle	Destin, Florida	43	03/31/06
Indian Harbour Place	Indian Harbour Beach, Florida	41	06/22/06
Shoppes of Port Charlotte	Port Charlotte, Florida	10	07/31/06
Quesada Commons	Port Charlotte, Florida	15	07/31/06
Palm Lakes Plaza (3)	Margate (Ft. Lauderdale), Florida	23	09/25/06
Kendall Corners (3)	Miami, Florida	19	09/25/06
International Drive Value Center (3)	Orlando, Florida	37	09/26/06
South Dade Shopping Center (3)	Miami, Florida	44	09/26/06
East Lake Woodlands (3)	Palm Harbor (St. Petersburg), Florida	29	09/26/06
Alafaya Square	Oviedo (Orlando), Florida	35	10/04/06
The Marketplace at Dr. Phillips	Orlando, Florida	66	10/04/06
Meridian Town Center	Puyallup (Tacoma), Washington	16	11/14/06
Mukilteo Speedway Center	Lynnwood (Seattle), Washington	18	11/14/06
Rainier Square Plaza	Seattle, Washington	21	11/14/06
South Hill Center	Puyallup (Tacoma), Washington	27	11/14/06
Clackamas Square	Portland, Oregon	15	11/14/06
Raleigh Hills Plaza	Portland, Oregon	8	11/14/06
		488
Subtotal - Joint Venture Acquisitions		488
Grand Total Acquisitions (Y-T-D)		3,998		$602,987
(1) Purchase of remaining 75% interest of a joint venture, of which we already owned 25%.
(2) Acquired office building adjacent to corporate headquarters, a portion of which will house company personnel.
(3) These five properties were purchased in September 2006 and were contributed to a joint venture in November 2006.

Page 18

Weingarten Realty Investors
Property Information
(in thousands at prorata share)
Disposition Summary
		Sq. Ft.	Date	Sales
Center	City/State	of Bldg. Area	Sold	Proceeds
Operating Property Sales
Wholly-Owned
Shopping Centers
Desert Square	Tuscon, Arizona	100	1/6/06
West State Plaza	Kansas City, Kansas	94	2/13/06
Caprock Shopping Center	Lubbock, Texas	262	3/30/06
Watauga Center	Ft. Worth, Texas	65	5/25/06
Copperfield Village	Houston, Texas	163	6/14/06
Evelyn Hills Shopping Center	Fayetteville, Arkansas	131	6/23/06
Westbrooke Village Shopping Center	Shawnee (Kansas City), Kansas	236	6/30/06
Regency Park	Overland Park (Kansas City), Kansas	202	6/30/06
Pinetree Plaza	Lee's Summit (Kansas City), Missouri	134	6/30/06
Round Rock Town Center	Round Rock (Austin), Texas	42	7/14/06
Geyer Springs	Little Rock, Arkansas	154	7/27/06
Bryant Square Center	Edmond (Oklahoma City), Oklahoma	281	8/31/06
Fondren Southwest	Houston, Texas	268	8/31/06
Windsor Hills Center	Oklahoma City, Oklahoma	204	9/22/06
Spanish Crossroads	Amarillo, Texas	74	10/11/06
Grand Plaza	Amarillo, Texas	158	10/11/06
Valle Del Sol	Albuquerque, New Mexico	108	11/30/06
Carefree Shopping Center	Colorado Springs, Colorado	130	12/19/06
Miracle Corners	Pasadena (Houston), Texas	86	12/20/06
		2,894
Industrial
Thomas St. Warehouse	Memphis, Tennessee	33	3/23/06
Nasa 1 Business Center	Webster (Houston), Texas	112	4/20/06
Walnut Trails Business Park	Dallas, Texas	103	6/28/06
Southwide Warehouses	Memphis, Tennessee	237	7/6/06
Thomas St. Warehouse	Memphis, Tennessee	131	12/29/06
		616
Subtotal - Wholly Owned		3,509
Joint Venture
Shopping Centers
Crosby Shopping Center	Crosby (Houston), Texas	34	3/1/06
Dickinson Village	Dickinson (Houston), Texas	63	4/6/06
		97
Subtotal - Joint Venture		97
Grand Total Operating Property Sales (Y-T-D)		3,607		$316,132
Sales to Joint Venture
Industrial
Siempre Viva Business Park *	San Diego, California	582	9/29/06
Sears Logistics Dist. Center *	Atlanta, Georgia	322	9/29/06
6485 Crescent Drive *	Norcross (Atlanta), Georgia	290	9/29/06
Crowfarn Drive Warehouse *	Memphis, Tennessee	129	9/29/06
Outland Business Center *	Memphis, Tennessee	328	9/29/06
Grand Total Sales To Joint Venture (Y-T-D)		1,651		$98,400
Land and Merchant Development Sales
Laveen Village Marketplace	Phoenix, Arizona		3/17/06
Northwest Crossing Centre	Houston, Texas		3/31/06
Town Center at Timber Springs	Orlando, Florida		9/27/06
Village at Liberty Lake	Liberty Lake (Spokane), Washington		11/15/06
Tomball Marketplace	Tomball (Houston), Texas		12/13/06
Lake Pointe Market Center	Rowlett (Dallas), Texas		12/14/06
Grand Total Land and Merchant Development Sales (Y-T-D)				$19,452
* WRI 20% Ownership

Page 19

Weingarten Realty Investors
Property Information
(in thousands at prorata share, except percentage)
	Properties Currently Under Development
					Total Square Feet			Spent
					of Building Area (1)		Spent	Year-To-	Spent	Total
				Percent		WRI’s	4th Quarter	Date	Inception	Estimated Investment
	Center Name	Location	Anchor	Ownership	Total	Share	2006	2006	To Date	WRI Costs	Gross Costs
1	Glenwood Meadows *	Glenwood Springs (Denver), Colorado	Super Target	41%	403	114	$            301	$         1,592	$  11,176	$      11,260	$         27,463
2	Buckingham Square	Aurora (Denver), Colorado		50%	930	254	-2,681	1,282	1,282	15,572	31,143
3	River Point at Sheridan	Sheridan (Denver), Colorado		50%	780	225	20,640	20,640	20,640	27,352	54,704
4	Village at Liberty Lake *	Liberty Lake (Spokane), Washington	Home Depot	50%	159	11	20	280	885	1,114	2,228
5	Laveen Village Phase II	Phoenix, Arizona	Home Depot	100%	196	57	3,287	9,416	9,836	12,074	12,074
6	Raintree Ranch	Chandler (Phoenix), Arizona	Whole Foods	100%	140	140	414	12,969	13,397	28,761	28,761
7	Jess Ranch Marketplace*	Apple Valley (Los Angeles), California		50%	314	110	272	3,200	3,216	20,453	40,905
8	Starr Plaza *	Rio Grande City, Texas	HEB	50%	180	90	109	4,009	9,932	10,392	20,785
9	Sharyland Towne Crossing *	Mission, Texas	Target/HEB	70%	490	250	1,963	6,235	13,177	35,244	50,348
10	Market at Nolana *	McAllen, Texas	Wal-Mart	50%	263	30	75	2,874	2,877	5,173	10,347
11	North Towne Plaza	Brownsville, Texas		75%	333	162	5,020	5,020	5,020	22,145	29,527
12	Festival Plaza	Helotes (San Antonio), Texas		100%	257	257	769	769	769	13,120	13,120
13	Gateway Station	Burleson (Fort Worth), Texas		50%	100	49	16	1,281	1,281	6,263	12,526
14	Westover Square	San Antonio, Texas		67%	60	0	51	3,052	3,052	3,911	5,838
15	River Pointe Apartments II	Conroe (Houston), Texas	N/A	100%	217	217	2,558	3,559	4,255	14,756	14,756
16	Phillips Landing	Orlando, Florida	Wal-Mart	100%	286	66	1,982	2,462	5,609	14,358	14,358
17	Ridgeway Trace	Memphis, Tennessee		100%	406	255	27,558	27,558	27,558	70,160	70,160
18	Surf City Crossing	Surf City (Wilmington), North Carolina		75%	69	52	3,295	3,295	3,295	6,443	8,590
19	Phillips Crossing	Orlando, Florida	Whole Foods	100%	139	139	1,538	1,613	1,613	23,281	23,281
20	Shoppes at Caveness Farms	Wake Forest (Raleigh), North Carolina		75%	297	223	1,812	12,508	12,823	35,822	47,762
21	Colonial Landing	Orlando, Florida		50%	262	131	1,077	10,979	11,140	14,741	29,481
22	Waterford Village	Leland (Wilmington), North Carolina		75%	110	82	150	1,414	6,372	12,401	16,534
23	Market at Sharyland Place*	Mission, Texas		50%	106	53	1,673	1,679	1,679	2,747	5,494
24	North Sharyland Crossing*	Mission, Texas	Lowe's	50%	306	72	8	39	3,607	9,590	19,182
25	Rock Prairie Marketplace	College Station, Texas	Wal-Mart/Lowe's	100%	554	198	733	12,183	12,532	28,144	28,145
26	Tomball Marketplace	Tomball (Houston), Texas		100%	242	242	1,577	17,092	17,144	39,375	39,375
	Total 26 Properties Under Development as of 12/31/2006				7,598	3,480	$      74,216	$    166,999	$204,168	$    484,652	$       656,887
27	Westwood Center	San Antonio, Texas		100%	243	90				12,989	12,989
28	The Shoppes at Parkwood Ranch	Mesa (Phoenix), Arizona		100%	123	114				19,548	19,548
29	Crabtree Towne Center	Raleigh, North Carolina		100%	256	256				108,336	108,336
30	S. Fulton Town Center	Atlanta, Georgia		50%	487	151				24,443	48,885
	Total 30 Properties Under Development as of 1/12/2007				8,706	4,091	$      74,216	$    166,999	$204,168	$    649,968	$       846,645
	* Unconsolidated Joint Venture
	(1) Total Building Area square footage reflects 100% ownership including square feet that is owned by other. WRI's share of building area square footage reflects WRI's ownership percentage excluding square feet owned by other.

Page 20

Weingarten Realty Investors
Total Operating Income at Prorata Share by Geographic Region (1)
(in thousands, except percentages)
	Twelve Months Ended December 31,												Twelve Months Ended December 31,
	2006			%			2005			%			2004		%			2003			%			2002			%
Western Region
California	$	38,437			14.8	%	$	36,715			15.0	%	$	32,188		14.9	%	$	26,178			14.5	%	$	22,062			14.0	%
Nevada		19,170			7.4	%		16,949			6.9	%		13,208		6.1	%		11,862			6.6	%		12,218			7.7	%
Arizona		10,232			3.9	%		9,926			4.1	%		8,648		4.0	%		8,038			4.5	%		7,220			4.6	%
Colorado		7,679			2.9	%		6,375			2.6	%		6,378		3.0	%		3,483			1.9	%		1,521			1.0	%
New Mexico		6,523			2.5	%		5,445			2.2	%		4,268		2.0	%		3,442			1.9	%		3,301			2.1	%
Utah		2,224			0.9	%		2,014			0.8	%		1,763		0.8	%		(2	)		0.0	%		(3	)		0.0	%
Washington		207			0.1	%		-			0.0	%		-		0.0	%		-			0.0	%		-			0.0	%
Oregon		34			0.0	%		-			0.0	%		-		0.0	%		-			0.0	%		-			0.0	%
Total Western Region		84,506			32.5	%		77,424			31.6	%		66,453		30.8	%		53,001			29.4	%		46,319			29.4	%
Central Region
Texas	$	82,805			31.8	%	$	85,663			35.0	%	$	76,428		35.5	%	$	76,171			42.2	%	$	70,891			45.0	%
Louisiana		7,144			2.7	%		8,673			3.5	%		12,023		5.6	%		6,640			3.7	%		5,204			3.3	%
Illinois		2,402			0.9	%		2,256			0.9	%		2,365		1.1	%		1,502			0.8	%		575			0.4	%
Arkansas		2,183			0.8	%		3,481			1.4	%		1,823		0.8	%		1,288			0.7	%		1,744			1.1	%
Kansas		1,241			0.5	%		1,049			0.4	%		1,548		0.7	%		1,785			1.0	%		1,694			1.1	%
Missouri		1,238			0.5	%		1,334			0.5	%		1,383		0.6	%		1,425			0.8	%		1,423			0.9	%
Oklahoma		513			0.2	%		436			0.2	%		585		0.3	%		540			0.3	%		512			0.3	%
Mississippi		(6	)		0.0	%		(1	)		0.0	%		-		0.0	%		(15	)		0.0	%		(82	)		-0.1	%
Total Central Region		97,520			37.4	%		102,891			41.9	%		96,155		44.6	%		89,336			49.5	%		81,961			52.0	%
Eastern Region
Florida	$	41,807			16.0	%	$	34,016			13.9	%	$	30,223		14.0	%	$	23,811			13.2	%	$	18,052			11.4	%
North Carolina		17,273			6.6	%		14,073			5.8	%		11,038		5.1	%		8,398			4.7	%		6,256			4.0	%
Georgia		9,923			3.8	%		8,041			3.3	%		5,868		2.7	%		2,097			1.2	%		445			0.3	%
Tennessee		5,069			1.9	%		4,313			1.9	%		3,949		1.9	%		3,358			1.8	%		4,486			2.8	%
Kentucky		4,113			1.6	%		3,441			1.5	%		1,507		0.8	%		-			0.0	%		-			0.0	%
Maine		225			0.1	%		351			0.1	%		319		0.1	%		408			0.2	%		165			0.1	%
South Carolina		154			0.1	%		-			0.0	%		-		0.0	%		-			0.0	%		-			0.0	%
Total Eastern Region		78,564			30.1	%		64,235			26.5	%		52,904		24.6	%		38,072			21.1	%		29,404			18.6	%
Total Operating Income	$	260,590			100.0	%	$	244,550			100.0	%	$	215,512		100.0	%	$	180,409			100.0	%	$	157,684			100.0	%
(1) The Operating Income at Prorata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest. Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 21

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Houston and Harris County, Total		5,960,000		844,000	6,804,000
Alabama-Shepherd, S. Shepherd at W. Alabama	Bookstop, PetsMart	56,000		0	56,000
Bayshore Plaza, Spencer Hwy. at Burke Rd.	Fitness Connections (O.B.O.)	36,000		86,000	122,000
Bellaire Boulevard, Bellaire at S. Rice	Randall’s +	35,000		0	35,000
Braeswood Square, N. Braeswood at Chimney Rock	Belden’s +, Walgreen’s	103,000		0	103,000
Centre at Post Oak, Westheimer at Post Oak Blvd.	Marshall’s, Barnes & Noble, Old Navy, Grand Lux Café, Comp USA	184,000		0	184,000
Champions Village, F.M. 1960 at Champions Forest Dr.	Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble	408,000		0	408,000
Crestview, Bissonnet at Wilcrest	Creative Connection	9,000		0	9,000
Cullen Place, Cullen at Reed	C&R Beauty Supply	7,000		0	7,000
Cullen Plaza, Cullen at Wilmington	Fiesta +, Family Dollar, Beauty Empire	85,000		0	85,000
Cypress Pointe, F.M. 1960 at Cypress Station	Kroger +, Office Max, Comp USA, Babies “R” Us	191,000		97,000	288,000
Eastpark, Mesa Rd. at Tidwell	CVS/pharmacy, US Postal Service	113,000		0	113,000
Edgebrook, Edgebrook at Gulf Fwy.	Fiesta +, Bank One, Family Dollar	78,000		0	78,000
Fiesta Village, Quitman at Fulton	Fiesta +	30,000		0	30,000
Fondren/West Airport, Fondren at W. Airport	Save-A-Lot	62,000		0	62,000
Glenbrook Square, Telephone Road	Kroger +, Blockbuster	76,000		0	76,000
Griggs Road, Griggs at Cullen	Family Dollar, Modern City, Citi Trends	80,000		0	80,000
Harrisburg Plaza, Harrisburg at Wayside	Fallas Paredes	93,000		0	93,000
Heights Plaza, 20th St. at Yale	Kroger +, Walgreen’s	72,000		0	72,000
Humblewood Shopping Plaza, Eastex Fwy. at F.M. 1960	Kroger +,Conn’s, Walgreen’s	180,000		99,000	279,000
I-45/Telephone Rd. Center, I-45 at Maxwell Street	Seller Bros. +, Dollar Tree, FAMSA	164,000		0	164,000
Jacinto City, Market at Baca	Seller Bros. +, CVS/pharmacy	25,000	*	25,000	50,000
Landmark, Gessner at Harwin	Family Dollar	56,000		0	56,000
Lawndale, Lawndale at 75th St.	Fiesta +, Family Dollar	54,000		0	54,000
Little York Plaza, Little York at E. Hardy	Seller Bros. +, Dollar General, American Way Thrift Stores	117,000		0	117,000
Lyons Avenue, Lyons at Shotwell	Fiesta +, Fallas Paredes	68,000		0	68,000
Market at Westchase, Westheimer at Wilcrest	Whole Foods Market +	87,000		0	87,000
Northbrook Center, Northwest Fwy. at W. 34th	Randall’s, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree	174,000		0	174,000
North Main Square, Pecore at N. Main	O’Reilly Autoparts	19,000		0	19,000
North Oaks, F.M. 1960 at Veterans Memorial	T.J. Maxx, Ross Dress for Less, Big Lots, DSW, Half Price Books, Anna's Linens, Mardels Christian Bookstore	425,000		0	425,000
North Triangle , I-45 at F.M. 1960	Steak & Ale, CiCi’s Pizza, James Coney Island	16,000		0	16,000
Northway, Northwest Fwy. at 34th	Conn’s, Academy, Office Max, Goodwill	209,000		0	209,000
Northwest Crossing, N.W. Fwy. at Hollister (75%)	Target (O.B.O.), Marshall’s, Babies “R” Us, Best Buy	134,000	* !	165,000	299,000
Oak Forest, W. 43rd at Oak Forest	Kroger +, Palais Royal, Dollar Tree	164,000		0	164,000
Orchard Green, Gulfton at Renwick	Seller Bros. +, Family Dollar	74,000		0	74,000
Randall's /Cypress Station, F.M. 1960 at I-45	David’s Bridal, Randalls	141,000		0	141,000
Randall's /Kings Crossing, Kingwood Dr. at Lake Houston Pkwy.	Randall’s, CVS/pharmacy	128,000		0	128,000
Randall's /Norchester, Grant at Jones	Randall’s +	108,000		0	108,000
Richmond Square, Richmond Ave. at W. Loop 610	Best Buy (O.B.O.), Cost Plus	33,000		58,000	91,000
River Oaks East, W. Gray at Woodhead	Kroger +	71,000		0	71,000
River Oaks West, W. Gray at S. Shepherd	Talbot’s, JoS. A. Bank, Ann Taylor, Gap	235,000		0	235,000
Sheldon Forest North , North, I-10 at Sheldon	Family Dollar	22,000	*	0	22,000
Sheldon Forest South , North, I-10 at Sheldon	Gerland’s +, Burke’s Outlet	38,000	*	38,000	76,000
Shops at Three Corners, S. Main at Old Spanish Trail (70%)	Fiesta +, Office Depot, Big Lots, PetsMart, Ross Dress for Less, Anna’s Linens	176,000	*	76,000	252,000
Southgate, W. Fuqua at Hiram Clark	Food-A-Rama +, Palais Royal, CVS/pharmacy, Family Dollar	125,000		0	125,000
Spring Plaza, Hammerly at Campbell	Seller Bros., Family Dollar	56,000		0	56,000
Steeplechase, Jones Rd. at F.M. 1960	Target (O.B.O.), Palais Royal, 99 Cents Only, Goodwill Industries	193,000		100,000	293,000
Stella Link , Stella Link at S. Braeswood	Seller Bros.+, Spec’s Liquor Warehouse, Burke’s Outlet	68,000		0	68,000
Studemont, Studewood at E. 14th St	Fiesta +	28,000		0	28,000
Ten Blalock Square, I-10 at Blalock	Fiesta	97,000		0	97,000
10/Federal, I-10 at Federal	Citi Trends, Palais Royal, Seller Bros. +	132,000		0	132,000
Village Arcade, University at Kirby	Gap, Talbot’s, Baby Gap, Old Navy	191,000		0	191,000

Page 22

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Houston and Harris County Continued
Westbury Triangle, Chimney Rock at W. Bellfort	99 Cents Only, CVS/pharmacy	67,000		0	67,000
Westchase Center, Westheimer at Wilcrest	Ross Dress for Less, Randall’s, Golfsmith, Palais Royal, Target (O.B.O.), Petco	236,000		100,000	336,000
Westhill Village, Westheimer at Hillcroft	Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens	131,000		0	131,000
Texas (Excluding Houston & Harris Co.), Total		7,296,000		2,332,000	9,628,000
Bell Plaza, 45th Ave. at Bell St., Amarillo	United Supermarket +, Dollar Tree	129,000		0	129,000
Coronado, 34th St. at Wimberly Dr., Amarillo	Blockbuster	48,000		0	48,000
Puckett Plaza, Bell Road, Amarillo	Huneke Furniture, CVS/Pharmacy, Gold's Gym	133,000		0	133,000
Wolflin Village, Wolflin Ave. at Georgia St., Amarillo	Hastings, Talbot’s, Office Depot	193,000		0	193,000
Brodie Oaks, South Lamar Blvd. at Loop 360, Austin	Hobby Lobby (O.B.O.), Toys "R" Us (O.B.O.), Sun Harvest Foods +, Neiman Marcus Last Call	245,000		109,000	354,000
Southrigde Plaza, William Cannon Dr. at S. 1st St., Austin	H. E. B. +, Dollar Tree	143,000		0	143,000
Calder, Calder at 24th St., Beaumont	Vacant	34,000		0	34,000
North Park Plaza, Eastex Fwy. at Dowlen, Beaumont	Target (O.B.O.), Anna’s Linens, Spec’s Liquor Warehouse, David’s Bridal, Toys “R” Us (O.B.O.)	70,000	* !	168,000	238,000
Phelan West, Phelan at 23rd St., Beaumont (67%)	Kroger + (O.B.O.)	16,000	* !	67,000	83,000
Phelan, Phelan at 23rd St, Beaumont	Vacant	12,000		0	12,000
Southgate, Calder Ave. at 6th St., Beaumont	Dollar General	34,000		0	34,000
Westmont, Dowlen at Phelan, Beaumont	CVS/pharmacy, Talbot’s, Ashley Furniture	98,000		0	98,000
North Towne Plaza, U.S. 77 and 83 at SHFM 802, Brownsville (75%)	Vacant	0	#*	0	0
Gateway Station, I-35W and McAlister Rd., Burleson	Vacant	0	# *	0	0
Lone Star Pavilions, Texas at Lincoln Ave., College Station	Best Buy, Office Depot, Barnes & Noble	107,000		0	107,000
Rock Prairie Marketplace, Rock Prairie Rd. at Hwy. 6, College Station	Vacant	0	#	0	0
Montgomery Plaza, Loop 336 West at I-45, Conroe	Academy, Conn’s, Goody’s, 99 Cents Only, Spec’s Liquor Warehouse, Petco, Anna's Linens	317,000		0	317,000
River Pointe, I-45 at Loop 336, Conroe	Kroger + (O.B.O)	45,000		145,000	190,000
Moore Plaza, S. Padre Island Dr. at Staples, Corpus Christi	Office Depot, Marshall’s, H. E. B. + (O.B.O),Target (O.B.O.), Circuit City, Old Navy, Linen’s N Things, Hobby Lobby	373,000		162,000	535,000
Portairs, Ayers St. at Horne Rd., Corpus Christi	CVS /pharmacy, Family Dollar, Beall’s	117,000		0	117,000
Shoppes at Deer Creek, FM 731 at FM 1137, Crowley	Albertsons + (O.B.O.)	23,000		52,000	75,000
Golden Beach Market Place, Golden Triangle Blvd. at N. Beach St., Ft. Worth	Albertsons + (O.B.O.)	31,000		52,000	83,000
Overton Park Plaza, SW Loop 820/Interstate 20 at South Hulen St., Ft. Worth	Sports Authority, Circuit City, PetsMart, Office Depot, T.J. Maxx, Albertsons +, Home Depot (O.B.O.), Anna’s Linens, Ashley Furniture	353,000		110,000	463,000
Southcliff, I-20 at Grandbury Rd., Ft. Worth	Jo-Ann’s Fabrics	116,000		0	116,000
Broadway , Broadway at 59th St., Galveston	Big Lots, Family Dollar	76,000		0	76,000
Galveston Place, Central City Blvd. at 61st St., Galveston	Randall’s, Office Depot, Hastings, Palais Royal	210,000		0	210,000
Food King Place, 25th St. at Avenue P, Galveston	Arlan’s	28,000		0	28,000
Festival Plaza, Helotes, TX	Vacant	0	#	0	0
Killeen Marketplace, 3200 E. Central Texas Expressway, Killeen	Best Buy, Ross Dress for Less, Staples, Home Depot (O.B.O.)	115,000		136,000	251,000
Cedar Bayou, Bayou Rd., La Marque	Dollar General	15,000		31,000	46,000
North Creek Plaza, Del Mar Blvd. at Hwy. I-35, Laredo	Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H.E.B. + (O.B.O.), Marshall’s	245,000		206,000	451,000
Plantation Centre, Del Mar Blvd. at McPherson Rd., Laredo	H.E.B. +, Blockbuster	135,000		0	135,000
League City Plaza, I-45 at F.M. 518, League City	Kroger +, Spec’s Liquor Warehouse	127,000		0	127,000
Central Plaza, Loop 289 at Slide Rd., Lubbock	Bed Bath & Beyond, Old Navy, Staples	151,000		0	151,000
Northtown Plaza, 1st St. at University Plaza, Lubbock	United Supermarket +, Family Dollar	74,000		0	74,000
Town and Country, 4th St. at University, Lubbock	Hasting’s Records & Books	51,000		0	51,000
Angelina Village, Hwy. 59 at Loop 287, Lufkin	Randall’s +, Kmart, Clark’s, Ashley Furniture	257,000		0	257,000
Independence Plaza, Town East Blvd., Mesquite	Sack & Save +, Babies “R” Us	179,000		0	179,000
South 10th St. HEB, S. 10th St. at Houston St., McAllen	H.E.B. +	52,000	* !	52,000	104,000
Las Tiendas Plaza, Expressway 83 at McColl Rd., McAllen	Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Marshall’s, Office Depot	144,000	* !	386,000	530,000
Market at Nolana, Nolana Ave and 29th St., McAllen	Vacant	0	# * !	0	0
Northcross, N. 10th St. at Nolana Loop, McAllen	Barnes & Noble, Blockbuster	38,000	* !	38,000	76,000
Old Navy Building, 1815 10th Street, McAllen	Old Navy	8,000	* !	8,000	16,000
Market at Sharyland Place, U.S. Expressway 83 and Shary Road, Mission	Vacant	0	# * !	0	0
Sharyland Towne Crossing, Shary Rd. at Hwy. 83, Mission (70%)	Target(O.B.O), H.E.B, TJ Maxx, Petco, Office Depot	7,000	* ! #	0	7,000
North Sharyland Crossing, Shary Rd. at North Hwy. 83, Mission	Vacant	0	# * !	0	0
Custer Park, SWC Custer Road at Parker Road, Plano	Kroger + (O.B.O), Dollar General	116,000		65,000	181,000
Pitman Corners, Custer Road at West 15th, Plano	Albertsons +, Tuesday Morning	190,000		0	190,000
Gillham Circle, Gillham Circle at Thomas, Port Arthur	Family Dollar	33,000		0	33,000
Starr Plaza, U.S. Hwy. 83 at Bridge St., Rio Grande City	H.E.B.+, Beall’s, Dollar General	85,000	* ! #	85,000	170,000

Page 23

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Texas (Excluding Houston & Harris Co.) Continued
Rockwall, I-30 at Market Center Street, Rockwall	Office Max, Petco, Pier 1, Ross Dress for Less, Old Navy, Linens ‘N Things, Michael’s	209,000		0	209,000
Plaza, Ave. H at Eighth Street, Rosenberg	Burke’s Outlet, 99 Cents Only, CVS	41,000	*	41,000	82,000
Rose-Rich, U.S. Hwy. 90A at Lane Dr., Rosenberg	Family Dollar, Palais Royal	104,000		0	104,000
Lake Pointe Market Center, Dalrock Rd. at Lakeview Pkwy., Rowlett	Tom Thumb + (O.B.O.), Walgreen’s (O.B.O.)	40,000		81,000	121,000
Boswell Towne Center, Highway 287 at Bailey Boswell Rd., Saginaw	Albertsons + (O.B.O)	26,000		62,000	88,000
Fiesta Trails, I-10 at DeZavala Rd., San Antonio	H. E. B. + (O.B.O), Target (O.B.O.), Barnes & Noble, Cost Plus, Regal Cinema, Marshall’s, Office Max, SteinMart, Petco, Anna’s Linens	312,000		176,000	488,000
Oak Park Village, Nacogdoches at New Braunfels, San Antonio	H. E. B. +	66,000		0	66,000
Parliament Square, W. Ave. at Blanco, San Antonio	Incredible Pizza, Bernina New Home Sewing Center	120,000		0	120,000
Thousand Oaks, Thousand Oaks Dr. at Jones Maltsberger Rd., San Antonio	H. E. B. +, Beall’s, Tuesday Morning	163,000		0	163,000
Valley View, West Ave. at Blanco Rd., San Antonio	Marshall’s, Blockbuster, Dollar Tree	90,000		0	90,000
Westover Square, 151 and Ingram, San Antonio (67%)		0	# *	0	0
First Colony Commons, Hwy. 59 at Williams Trace Blvd., Sugar Land	Babies “R” Us, Conn’s, Michael’s, Office Depot, Home Depot	410,000		0	410,000
Market at Town Center, Town Center Blvd., Sugar Land	Old Navy, Barnes & Noble, Marshall’s, Linens ‘N Things, DSW Shoe Warehouse, Ross Dress for Less, Lane Furniture	345,000		0	345,000
New Boston Road, New Boston at Summerhill, Texarkana	Rehkopf’s Grocery +, CVS/pharmacy, Salvation Army	97,000		0	97,000
Island Market Place, 6th St. at 9th Ave., Texas City	Food King +	27,000		0	27,000
Palmer Plaza, F.M. 1764 at 34th St., Texas City	Randall’s +, Big Lots (O.B.O.), Dollar Tree	97,000		100,000	197,000
Tomball Marketplace, FM 2920 and Future 249, Tomball	Academy, Ltd. (O.B.O.)	0	#	0	0
Broadway, S. Broadway at W. 9th St., Tyler	SteinMart	60,000		0	60,000
Crossroads, I-10 at N. Main, Vidor	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet	116,000		0	116,000
Florida, Total		4,872,000		2,345,000	7,217,000
Boca Lyons, Glades Rd. at Lyons Rd., Boca Raton	Ross Dress for Less, Ethan Allen	117,000		0	117,000
Sunset 19, US Hwy. 19 at Sunset Pointe Rd., Clearwater	Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy	273,000		0	273,000
Embassy Lakes, Sheraton St. at Hiatus Rd., Cooper City	Winn Dixie +, Walgreen’s, Tuesday Morning	132,000		48,000	180,000
Shoppes at Paradise Isle, 34940 Emerald Coast Pkwy, Destin (25%)	Best Buy, Linens N' Things, Michaels, Office Depot, PetsMart	43,000	* !	129,000	172,000
Hollywood Hills Plaza, Hollywood Blvd. at North Park Rd., Hollywood	Publix +, Target, CVS/pharmacy	365,000		0	365,000
Indian Harbour Place, East Eau Gallie Boulevard, Indian Harbour Beach (25%)	Beall's, Publix	41,000	* !	123,000	164,000
Argyle Village, Blanding at Argyle Forest Blvd., Jacksonville	Bed Bath & Beyond, Publix +, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics	305,000		0	305,000
TJ Maxx Plaza, 117th Avenue at Sunset Blvd., Kendall	T.J. Maxx, Winn Dixie +	162,000		0	162,000
Largo Mall, Ulmerton Rd. at Seminole Ave., Largo	Beall’s Department Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Albertsons + (O.B.O.)	378,000		198,000	576,000
Palm Lakes Plaza, Atlantic Boulevard and Rock Island Road, Maragate (20%)	Publix +, CVS/Pharmacy	23,000	* !	91,000	114,000
Lake Washington Crossing, Wickham Rd. at Lake Washington Rd., Melbourne (25%)	Publix +, Beall’s Outlet Stores	30,000	* !	89,000	119,000
Lake Washington Square, Wickham Rd. at Lake Washington Rd., Melbourne	Albertsons +	112,000		0	112,000
Kendall Corners, Kendall Drive and SW 127th Avenue, Miami (20%)	City Furniture	19,000	* !	77,000	96,000
South Dade, South Dixie Highway and Eureka Drive, Miami (20%)	Publix, Petco, Chuck E. Cheese, Bed Bath & Beyond	44,000	* !	176,000	220,000
Tamiami Trail Shops, S.W. 8th St. at S.W. 137th Ave., Miami	Publix +, CVS/pharmacy	111,000		0	111,000
Northridge, E. Commercial Blvd. at Dixie Hwy., Oakland Park	Publix +, Petco, Ross Dress for Less, Anna's Linen	235,000		0	235,000
Colonial Plaza, E. Colonial Dr. at Primrose Dr., Orlando	Staples, Circuit City, Ross Dress for Less, Linens ‘N Things, Babies “R” Us, Marshall’s, Old Navy, SteinMart, Barnes & Noble, Petco	488,000		0	488,000
Colonial Landing, East Colonial Dr. at Maguire Boulevard, Orlando	Bed Bath & Beyond, Petsmart, Jo Ann Fabrics, Sports Authority	133,000	* #	133,000	266,000
International Drive Value Center, International Drive and Touchstone Drive, Orlando (20%)	Bed Bath & Beyond, Ross, TJ Maxx, Old Navy	37,000	* !	149,000	186,000
Market at Southside, Michigan Ave. at Delaney Ave., Orlando	Ross Dress for Less, Beall’s Outlet Stores, Dollar Tree, Albertsons + (O.B.O.)	97,000		65,000	162,000
Phillips Crossing, Interstate 4 and Sand Lake Road, Orlando	Whole Foods	0	#	0	0
Phillips Landing, Turkey Lake Rd., Orlando	Wal-Mart (O.B.O)	0	#	0	0
The Marketplace at Dr. Phillips, Dr. Phillips Boulevard and Sand Lake Road, Orlando (20%)	Albertsons, Stein Mart, Office Depot, Home Goods	66,000	* !	262,000	328,000
Westland Terrace Plaza, SR 50 at Apopka Vineland Rd., Orlando	T.J. Maxx, Petco, Shoe Carnival, Super Target + (O.B.O.)	68,000		183,000	251,000

Page 24

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Florida Continued
Alafaya Square, Alafaya Trail, Oviedo (20%)	Publix	35,000	* !	141,000	176,000
University Palms, Alafaya Trail at McCullough Rd., Oviedo	Publix +, Blockbuster	99,000		0	99,000
East Lake Woodlands, East Lake Road and Tampa Road, Palm Harbor (20%)	Publix, Walgreens	29,000	* !	116,000	145,000
Shoppes at Parkland, Hillsboro Boulevard at State Road #7, Parkland	BJ's Wholesale Club	146,000		0	146,000
Flamingo Pines, Pines Blvd. at Flamingo Rd., Pembroke Pines	Publix +, U.S. Post Office, Keiser College	257,000		105,000	362,000
Pembroke Commons, University at Pines Blvd., Pembroke Pines	Publix +, Marshall’s, Office Depot, LA Fitness	316,000		0	316,000
Publix at Laguna Isles, Sheridan St. at SW 196th Ave., Pembroke Pines	Publix +	69,000		0	69,000
Vizcaya Square, Nob Hill Rd. at Cleary Blvd., Plantation	Winn Dixie +	108,000		0	108,000
Quesada Commons, Quesada Avenue and Toledo Blade Boulevard, Port Charlotte (25%)	Publix	15,000	* !	44,000	59,000
Shoppes of Port Charlotte, Toledo Blade Boulevard and Tamiami Trail, Port Charlotte (25%)	Petco	10,000	* !	31,000	41,000
Marketplace at Seminole Towne Center, Central Florida Greenway and Rinehart Road, Sanford	Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Linens 'N Things, Petco, Cost Plus, Target (O.B.O.)	309,000		185,000	494,000
Venice Pines, Center Rd. at Jacaranda Blvd., Venice	Kash N Karry +	97,000		0	97,000
Winter Park Corners, Aloma Ave. at Lakemont Ave., Winter Park	Whole Foods Market +, Outback Steakhouse	103,000		0	103,000
California, Total		3,556,000		457,000	4,013,000
Jess Ranch Marketplace, Bear Valley Road at Jess Ranch Parkway, Apple Valley	Vacant	0	* ! #	0	0
Centerwood Plaza, Lakewood Blvd. at Alondra Dr., Bellflower	Bestway Supermarket +, Hollywood Video	71,000		0	71,000
Southampton Center, IH-780 at Southampton Rd., Benecia	Raley’s +, Hollywood Video	162,000		0	162,000
580 Market Place, E. Castro Valley at Hwy. I-580, Castro Valley	P. W. Supermarkets +, PETCO	100,000		0	100,000
Chino Hills Marketplace, Chino Hills Pkwy. at Pipeline Ave., Chino Hills	Rite Aid, Von’s +, 24 Hour Fitness, Dollar Tree	320,000		0	320,000
Buena Vista Marketplace, Huntington Dr. at Buena Vista St., Duarte	Ralphs +, Blockbuster	91,000		0	91,000
El Camino Promenade, El Camino Real at Via Molena, Encinitas	T.J. Maxx, AMC Theater, Beverages & More	111,000		0	111,000
Freedom Centre, Freedom Blvd. At Airport Blvd., Watsonville	Rite Aide, Big Lots	151,000		0	151,000
Fremont Gateway Plaza, Paseo Padre Pkwy. at Walnut Ave., Fremont	Raley’s +, NAZ Cinema, 24 Hour Fitness	195,000		0	195,000
Hallmark Town Center, W. Cleveland Ave. at Stephanie Ln., Madera	Food 4 Less + , Bally’s	85,000		0	85,000
Menifee Town Center, Antelope Rd. at Newport Rd., Menifee	Ralphs +, Target (O.B.O.), Ross Dress for Less	124,000		124,000	248,000
Marshalls Plaza, McHenry at Sylvan Ave., Modesto	Marshall’s, Dress Barn, Guitar Center	79,000		0	79,000
Prospectors Plaza, Missouri Flat Rd. at US Hwy. 50, Placerville	Albertsons +, Kmart, Long’s Drug Store	228,000		0	228,000
Shasta Crossroads, Churn Creek Rd. at Dana Dr., Redding	Food Maxx +, Target (O.B.O.), Sport Authority (O.B.O.), Ashley Furniture (O.B.O.)	121,000		131,000	252,000
Ralphs Redondo, Hawthorne Blvd. at 182nd St., Redondo Beach	Ralphs +	67,000		0	67,000
Arcade Square, Watt Ave. at Whitney Ave., Sacramento	Grocery Outlet +, Hollywood Video	76,000		0	76,000
Discovery Plaza, W. El Camino Ave. at Truxel Rd., Sacramento	Bel Air Market +, Blockbuster	93,000		0	93,000
Summerhill Plaza, Antelope Rd. at Lichen Dr., Sacramento	Raley’s +, Blockbuster	134,000		0	134,000
Valley, Franklin Boulevard and Mack Road, Sacramento	Rayley's +, Hollywood Video (O.B.O.)	98,000		5,000	103,000
Silver Creek Plaza, E. Capital Expressway at Silver Creek Blvd., San Jose	Safeway +, Walgreen’s, Orchard Supply (O.B.O.)	131,000		65,000	196,000
Greenhouse Marketplace, Lewelling Blvd. at Washington Ave., San Leandro	Safeway + (O.B.O.), Longs Drug Stores (O.B.O.), Big Lots, 99 Cents Only, Factory 2 U	151,000		87,000	238,000
Rancho San Marcos Village, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos	Von’s + , 24 Hour Fitness	121,000		0	121,000
San Marcos Plaza, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos	Albertsons + (O.B.O.), Blockbuster	36,000		45,000	81,000
Stony Point Plaza, Stony Point Rd. at Hwy. 12, Santa Rosa	Food Maxx +, Hollywood Video	199,000		0	199,000
Sunset Center, Sunset Ave. at State Hwy. 12, Suisun City	Albertsons +, Rite Aid	85,000		0	85,000
Creekside Center, Alamo Dr. at Nut Creek Rd., Vacaville	Raley’s +, Blockbuster	116,000		0	116,000
Westminster Center, Westminster Blvd. at Golden West St., Westminster	Albertsons +, Home Depot, Edward’s Cinema, Rite Aid, Petco	411,000		0	411,000
Louisiana, Total		1,792,000		1,266,000	3,058,000
Seigen Plaza, Siegen Lane at Honore Lane, Baton Rouge	Super Target + (O.B.O.), Ross Dress for Less, Conn’s, Petco	155,000		194,000	349,000
Park Terrace, U.S. Hwy. 171 at Parish, DeRidder	Stage, JC Penney	137,000		0	137,000
Town & Country Plaza, U.S. Hwy. 190 West, Hammond	Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s	227,000		0	227,000
Manhattan Place, Manhattan Blvd. at Gretna Blvd., Harvey	Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion	133,000		125,000	258,000
Ambassador Plaza, Ambassador Caffery at W. Congress, Lafayette	Albertsons + (O.B.O.), Blockbuster	29,000		73,000	102,000
River Marketplace, Ambassador Caffery at Kaliste Saloom, Lafayette (20%)	Ross Dress for Less, Stage, Cost Plus, Super Target + (O.B.O.), Books A Million	34,000	* !	309,000	343,000

Page 25

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Louisiana Continued
Westwood Village, W. Congress at Bertrand, Lafayette	Stage, Graham Central Station, Blockbuster	141,000		0	141,000
Conn's Building, Ryan at 17th St., Lake Charles	Planet Pets	23,000		0	23,000
14/Park Plaza, Hwy. 14 at General Doolittle, Lake Charles	Kroger +, Stage, Conn’s	207,000		0	207,000
K-Mart Plaza, Ryan St., Lake Charles	Albertsons +, Kmart, Stage	105,000	* !	105,000	210,000
Prien Lake Plaza, Prien Lake Rd. at Nelson Rd., Lake Charles	Target (O.B.O.), Marshall’s, Ross Dress for Less, Bed Bath & Beyond	127,000		125,000	252,000
Southgate, Ryan at Eddy, Lake Charles	Market Basket +, Office Depot, Books A Million	171,000		0	171,000
Orleans Station, Paris, Robert E. Lee at Chatham, New Orleans	Vacant	5,000		0	5,000
Danville Plaza, Louisville at 19th, Monroe	County Market +, Citi Trends, Surplus Warehouse	144,000		0	144,000
University Place, 70th St. at Youree Dr., Shreveport (20%)	Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond	41,000	* !	335,000	376,000
Westwood, Jewella at Greenwood, Shreveport	Super 1 Grocery +, Citi Trends	113,000		0	113,000
Nevada, Total		2,751,000		748,000	3,499,000
Eastern Horizon, Eastern Ave. at Horizon Ridge Pkwy., Henderson	Kmart + (O.B.O.)	67,000		144,000	211,000
Best in the West, Rainbow at Lake Mead Rd., Las Vegas	Best Buy, Borders, Bed Bath & Beyond, Babies ‘R’ Us, DSW Shoes, Office Depot, Old Navy, PetsMart, Jo-Ann Stores, The Sports Authority	437,000		0	437,000
Charleston Commons, Charleston and Nellis, Las Vegas	Wal-Mart, Roos, Office Max, 99 Cents Only	338,000		0	338,000
Francisco Centre, E. Desert Inn Rd. at S. Eastern Ave., Las Vegas	Ross Dress for Less (O.B.O.), Sav-On Drug, La Bonita Grocery	116,000		32,000	148,000
Mission Center, Flamingo Rd. at Maryland Pkwy, Las Vegas	Sav-On Drug (O.B.O.), Albertsons + (O.B.O.), Toys “R” Us, T.J. Maxx	152,000		56,000	208,000
Paradise Marketplace, Flamingo Rd. at Sandhill, Las Vegas	Smith’s Food +, Dollar Tree	149,000		0	149,000
Rainbow Plaza, Rainbow Blvd. at Charleston Blvd., Las Vegas	Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness	410,000		0	410,000
Rancho Towne & Country, Rainbow Blvd. at Charleston Blvd., Las Vegas	Smith’s Food +	87,000		0	87,000
Tropicana Beltway, Tropicana Beltway at Fort Apache Rd., Las Vegas	Lowe’s (O.B.O.), Wal-Mart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Cent Only, Sports Authority, Pier 1 Imports	122,000	* !	516,000	638,000
Tropicana Marketplace, Tropicana at Jones Blvd., Las Vegas	Smith’s Food +, Family Dollar	143,000		0	143,000
Westland Fair North, Charleston Blvd. At Decatur Blvd., Las Vegas	Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels	566,000		0	566,000
College Park S.C., E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas	Albertsons +, Sav-On Drug	164,000		0	164,000
North Carolina, Total		2,551,000		815,000	3,366,000
Capital Square, Capital Blvd. at Huntleigh Dr., Cary	Food Lion +	157,000		0	157,000
Harrison Pointe, Harrison Ave. at Maynard Rd., Cary	Harris Teeter +, Staples	124,000		0	124,000
High House Crossing, NC Hwy 55 at Green Level W. Rd., Cary	Harris Teeter +	90,000		0	90,000
Northwoods Market, Maynard Rd. at Harrison Ave., Cary	Food Lion +	78,000		0	78,000
Parkway Pointe, Cory Parkway at S. R. 1011, Cary	Food Lion +, Eckerd’s	80,000		0	80,000
Chatham Crossing, US 15/501 at Plaza Dr., Chapel Hill (25%)	Lowes Food +, CVS/Pharmacy	24,000	* !	72,000	96,000
Galleria, Galleria Boulevard and Sardis Road, Charlotte	Off Broadway Shoes	108,000		208,000	316,000
Johnston Road Plaza, Johnston Rd. at McMullen Creek Pkwy., Charlotte	Food Lion+	80,000		0	80,000
Steele Creek Crossing, York Rd. at Steele Creek Rd., Charlotte	BI-LO +, Eckerd’s	77,000		0	77,000
Whitehall Commons, NWC of Hwy. 49 at I-485, Charlotte	Blockbuster, Wal-Mart Supercenter + (O.B.O.), Lowes (O.B.O.), BI-LO + (O.B.O.)	33,000		403,000	436,000
Bull City Market, Broad St. at West Main St., Durham	Whole Foods Market +	43,000		0	43,000
Durham Festival, Hillsborough Rd. at LaSalle St., Durham	Kroger +	134,000		0	134,000
Mineral Springs Village, Mineral Springs Rd. at Wake Forest Rd., Durham	Food Lion +, Eckerd’s	58,000		0	58,000
Ravenstone Commons, Hwy 98 at Sherron Rd., Durham	Food Lion +, Blockbuster	60,000		0	60,000
Waterford Village, US Hwy 17 & US Hwy 74/76, Leland (75%)	Harris Teeter +	0	# *	0	0
Pinecrest Plaza, Hwy. 15-501 at Morganton Rd., Pinehurst	Food Lion +, Michael’s, Goody’s, Belk’s	250,000		0	250,000
Avent Ferry, Avent Ferry Rd. at Gorman St., Raleigh	Food Lion +	117,000		0	117,000
Falls Pointe, Neuce Rd. at Durant Rd., Raleigh	Harris Teeter +, Kohl’s (O.B.O.)	103,000		86,000	189,000
Leesville Town Centre, Leesville Rd. at Leesville Church Rd., Raleigh	Harris Teeter +	114,000		0	114,000
Lynnwood Collection, Creedmoor Rd at Lynn Road, Raleigh	Kroger +	86,000		0	86,000
Six Forks Station, Six Forks Rd. at Strickland Rd., Raleigh	Kmart, Home Depot, Food Lion +, Bed Bath & Beyond	468,000		0	468,000
Little Brier Creek, Little Brier Creek Lane and Brier Leaf Lane, Raliegh	Lowe's Food, (O.B.O.)	17,000		46,000	63,000
Stonehenge Market, Creedmoor Rd. at Bridgeport Dr., Raleigh	Harris Teeter +, SteinMart, Eckerd’s	188,000		0	188,000
Surf City Crossing, Highway 17 and Highway 210, Surf City (75%)	Vacant	0	* #	0	0
Heritage Station, Forestville Rd. at Rogers Rd., Wake Forest	Harris Teeter +	62,000		0	62,000
The Shoppes at Caveness Farms, Capitol Boulevard and Caveness Farms Avenue, Wake Forest (75%)	Vacant	0	* #	0	0

Page 26

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Arizona, Total		1,305,000		827,000	2,132,000
Palmilla Center, Dysart Rd. at McDowell Rd., Avondale	Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.)	104,000		66,000	170,000
Raintree Ranch, Ray Road at Price Road, Chandler	Whole Foods	0	#	60,000	60,000
University Plaza, Plaza Way at Milton Rd., Flagstaff	PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond	162,000		0	162,000
Val Vista Towne Center, Warner at Val Vista Rd., Gilbert	Target (O.B.O.), Staples, Ross Dress for Less, Petco	93,000		123,000	216,000
Arrowhead Festival S.C., 75th Ave. at W. Bell Rd., Glendale	Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.)	30,000		147,000	177,000
Fry's Ellsworth Plaza, Broadway Rd. at Ellsworth Rd., Mesa	Fry’s Supermarket + (O.B.O.)	9,000		65,000	74,000
Monte Vista Village Center, Baseline Rd. at Ellsworth Rd., Mesa	Safeway + (O.B.O.)	46,000		58,000	104,000
Red Mountain Gateway, Power Rd. at McKellips Rd., Mesa	Target (O.B.O.), Bed Bath & Beyond, Famous Footwear	70,000		136,000	206,000
Camelback Village Square, Camelback at 7th Avenue, Phoenix	Fry’s Supermarket +, Target (O.B.O.), Office Max	135,000		100,000	235,000
Laveen Village Market, Baseline Rd. at 51st St., Phoenix	Fry’s Supermarket + (O.B.O.)	36,000	#	72,000	108,000
Rancho Encanto, 35th Avenue at Greenway Rd., Phoenix	Blockbuster	74,000		0	74,000
Squaw Peak Plaza, 16th Street at Glendale Ave., Phoenix	Basha's, Blockbuster	61,000		0	61,000
Fountain Plaza, 77th St. at McDowell, Scottsdale	Fry’s Supermarket +, Dollar Tree	105,000		0	105,000
Fry's Valley Plaza, S. McClintock at E. Southern, Tempe	Basha’s +	145,000		0	145,000
Broadway Marketplace, Broadway at Rural, Tempe	Office Max, Ace Hardware	83,000		0	83,000
Pueblo Anozira, McClintock Dr. at Guadalupe Rd., Tempe	Fry’s Food & Drug +, Petco, Dollar Tree	152,000		0	152,000
New Mexico, Total		1,076,000		397,000	1,473,000
Eastdale, Candelaria Rd. at Eubank Blvd., Albuquerque	Albertsons +, Family Dollar	118,000		0	118,000
North Towne Plaza, Academy Rd. at Wyoming Blvd., Albuquerque	Whole Foods Market +, Borders	103,000		0	103,000
Pavillions at San Mateo, I-40 at San Mateo, Albuquerque	Comp USA, Old Navy, Shoe Show, Circuit City, Linens ‘N Things	196,000		0	196,000
Plaza at Cottonwood, Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque	Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.)	84,000		334,000	418,000
Wyoming Mall, Academy Rd. at Northeastern, Albuquerque	Walmart (O.B.O)	326,000		0	326,000
De Vargas, N. Guadalupe at Paseo de Peralta, Santa Fe	Albertsons + (O.B.O.), Osco Drugs, Ross Dress for Less, Office Depot, Hastings, United Artists	249,000		63,000	312,000
Colorado, Total		996,000		1,711,000	2,707,000
Aurora City Place, E. Alameda at I225, Aurora	PetsMart, Sportsman Warehouse, Linens ‘N Things, Barnes & Noble, Comp USA, Ross Dress For Less, Super Target + (O.B.O.), Pier 1	173,000	*	355,000	528,000
Bridges at Smoky Hill, Smoky Hill Rd. at S. Picadilly St., Aurora	Rite Aid (O.B.O.)	10,000	*	49,000	59,000
Buckingham Square, Mississippi at Havana, Aurora	Vacant	0	# *	0	0
Academy Place, Academy Blvd. at Union Blvd., Colorado Springs	Safeway (O.B.O.), Ross Dress For Less, Target (O.B.O.)	84,000		177,000	261,000
Uintah Gardens, NEC 19th St. at West Uintah, Colorado Springs	King Sooper’s, Walgreens, Petco	212,000		0	212,000
Green Valley Ranch Towne Center, Tower Rd. at 48th Ave., Denver (37%)	King Sooper’s + (O.B.O.)	17,000	* !	87,000	104,000
Lowry Town Center, 2nd Ave. at Lowry Ave., Denver	Albertsons + (O.B.O.)	39,000	*	92,000	131,000
Gold Creek, Hwy. 86 at Elizabeth St., Elizabeth	Safeway + (O.B.O.)	13,000	*	67,000	80,000
CityCenter Englewood, S. Santa Fe at Hampden Ave., Englewood (51%)	Wal-Mart (O.B.O.), Ross Dress for Less, Gart Sports, Office Depot, Bally Total Fitness, Petco	111,000	*	196,000	307,000
Glenwood Meadows, Midland Ave. at W. Meadows, Glenwood Springs (41%)	Target (O.B.O.), Pier 1, Gart Sports, Bed Bath & Beyond, Petco, Lowe's	92,000	* ! #	258,000	350,000
Highlands Ranch University Park, Highlands Ranch at University Blvd., Highlands Ranch (40%)	Whole Foods Market +	35,000	* !	53,000	88,000
Crossing at Stonegate, Jordon Rd. at Lincoln Ave., Parker (51%)	King Sooper’s	56,000	*	53,000	109,000
River Point at Sheridan, Highway 77 and Highway 88, Sheridan	Vacant	0	# *	0	0
Thorncreek Crossing, Washington St. at 120th St., Thornton (51%)	Target (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1, Cost Plus, Linens ‘N Things	108,000	*	278,000	386,000
Westminster Plaza, North Federal Blvd. at 72nd Ave., Westminster	Safeway + Walgreen (O.B.O.)	46,000	*	46,000	92,000
Kansas, Total		251,000		0	251,000
Shawnee Village, Shawnee Mission Pkwy. at Quivera Rd., Shawnee	Burlington Coat Factory	135,000		0	135,000
Kohl's, Wanamaker Rd. at S.W. 17th St., Topeka	Barnes & Noble, Kohl’s Department Store	116,000		0	116,000
Oklahoma, Total		174,000		0	174,000
Market Boulevard , E. Reno Ave. at N. Douglas Ave., Midwest City	Colortyme	36,000		0	36,000
Town and Country, Reno Ave at North Air Depot, Midwest City	Office Depot, Big Lots, Westlake Hardware	138,000		0	138,000
Arkansas, Total		355,000		0	355,000
Markham Square, W. Markham at John Barrow, Little Rock	Burlington Coat Factory	127,000		0	127,000
Markham West, 11400 W. Markham, Little Rock	Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree	178,000		0	178,000
Westgate, Cantrell at Bryant, Little Rock	SteinMart	50,000		0	50,000

Page 27

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Tennessee, Total		656,000		0	656,000
Bartlett Towne Center, Bartlett Blvd. at Stage Rd., Bartlett	Kroger +, Petco, Dollar Tree, Shoe Carnival	179,000		0	179,000
Mendenhall Commons, South Mendenahall Rd. and Sanderlin Avenue, Memphis	Kroger+	80,000		0	80,000
Commons at Dexter Lake, Dexter at N. Germantown, Memphis	Kroger +, SteinMart, Marshall’s, Samuel's Furniture and Interior	229,000		0	229,000
Highland Square, Summer at Highland, Memphis	Walgreen’s	14,000		0	14,000
Ridgeway Trace, Memphis	Vacant	0	#	0	0
Summer Center, Summer Ave. at Waring Rd., Memphis	Kroger +, Ross Dress for Less	154,000		0	154,000
Missouri, Total		231,000		28,000	259,000
Ballwin Plaza, Manchester Rd. at Vlasis Dr., Ballwin	Schnucks, Michael’s, Sears	203,000		0	203,000
Western Plaza, Hwy 141 at Hwy 30, Fenton	Big Lots	28,000	* !	28,000	56,000
Georgia, Total		1,451,000		716,000	2,167,000
Lakeside Marketplace, Cobb Parkway (US Hwy 41), Acworth	Ross Dress for Less, Circuit City, Petco, Office Max, Books A Million, Target (O.B.O)	148,000		174,000	322,000
Camp Creek Marketplace II, Camp Creek Parkway and Carmla Drive, Atlanta	DSW, American Signature, Circuit City	196,000		0	196,000
Publix at Princeton Lakes, Carmia Drive and Camp Creek Drive, Atlanta	Publix, Hollywood Video	68,000		0	68,000
Brookwood Square, East-West Connector at Austell Rd., Austell	Marshall’s, Staples, Home Depot	253,000		0	253,000
Dallas Commons, US Highway 278 and Nathan Dean Boulevard, Dallas	Kroger (O.B.O.)	25,000		70,000	95,000
Reynolds Crossing, Steve Reynolds and Old North Cross Rd., Duluth	Kroger (O.B.O.)	46,000		70,000	116,000
Thompson Bridge Commons, Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville	Kroger +	78,000		0	78,000
Grayson Commons, Grayson Hwy at Rosebud Rd., Grayson	Kroger +	77,000		0	77,000
Village Shoppes of Sugarloaf, Sugarloaf Pkwy at Five Forks Trickum Rd., Lawrenceville	Publix +	148,000		0	148,000
Sandy Plains Exchange, Sandy Plains at Scufflegrit, Marietta	Publix +	73,000		0	73,000
Brownsville Commons, Brownsville Road and Hiram-Lithia Springs Road, Powder Springs	Kroger (O.B.O.)	28,000		54,000	82,000
Roswell Corners, Woodstock Rd. at Hardscrabble Rd., Roswell	Staples, T.J. Maxx, Super Target + (O.B.O.)	145,000		174,000	319,000
Brookwood Marketplace, Peachtree Parkway at Mathis Airport Rd., Suwannee	Office Max, Home Depot, Target (O.B.O)	166,000		174,000	340,000
Utah, Total		292,000		341,000	633,000
Alpine Valley Center, Main St. at State St., American Fork (33%)	Target (O.B.O.), Old Navy, Pier 1, Dollar Tree, Office Depot	22,000	* !	178,000	200,000
Taylorsville Town Center, West 4700 South at Redwood Rd., Taylorsville	Albertsons + (O.B.O.),Rite Aid	94,000		40,000	134,000
West Jordan Town Center, West 7000 South at S. Redwood Rd., West Jordan	Albertsons + , Office Depot, Target (O.B.O.), Petco, Party City	176,000		123,000	299,000
Illinois, Total		273,000		121,000	394,000
Lincoln Place, Hwy. 59, Fairview Heights	Lowe’s (O.B.O.), Kohl’s Department Store	103,000		121,000	224,000
Lincoln Place II, Route 159 at Hwy. 50, Fairview Heights	Office Depot, Marshall’s, Old Navy, Linens ‘N Things, Ultimate Electronics	170,000		0	170,000
Maine, Total		154,000		51,000	205,000
The Promenade, Essex at Summit, Lewiston (75%)	Staples, Flagship Cinemas	154,000	*	51,000	205,000
Kentucky, Total		607,000		76,000	683,000
Millpond Center, Boston at Man O’War, Lexington	Kroger +	117,000		27,000	144,000
Tates Creek, Tates Creek at Man O’ War, Lexington	Kroger +, Rite Aid	185,000		0	185,000
Regency Shopping Centre, Nicholasville Rd.& West Lowry Lane, Lexington	Kroger+, T.J. Maxx, Michaels	136,000		0	136,000
Festival at Jefferson Court, Outer Loop at Jefferson Blvd., Louisville	Kroger +, PetsMart (O.B.O.), Factory Card Outlet, Sofa Express, AJ Wright (O.B.O.)	169,000		49,000	218,000
Washington, Total		87,000		530,000	617,000
Village at Liberty Lake, E. Country Vista Dr. at N. Liberty Rd., Liberty Lake	Home Depot (O.B.O)	5,000	* ! #	138,000	143,000
Mukilteo Speedway Center, Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood (20%)	Food Emporium, Bartell Drugs	18,000	* !	72,000	90,000
Meridian Town Center, Meridian Avenue East and 132nd Street East, Puyallup (20%)	JoAnn's	16,000	* !	127,000	143,000
South Hill Center, 43rd Avenue Southwest and Meridian Street South, Puyallup (20%)	Best Buy, Bed Bath & Beyond, Ross	27,000	* !	107,000	134,000
Rainer Square Plaza, Rainer Avenue South and South Charleston Street, Seattle (20%)	Safeway, Long's Drugs	21,000	* !	86,000	107,000

Page 28

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Oregon Total		23,000		154,000	177,000
Clackamas Square, SE 82nd Avenue and SE Causey Avenue, Portland (20%)	TJ Maxx	15,000	* !	122,000	137,000
Raleigh Hills Plaza, SW Beaverton-Hillsdale Hwy and SW Scholls Ferry Road, Portland (20%)	Walgreens, New Seasons Market	8,000	* !	32,000	40,000
South Carolina, Total		22,000		65,000	87,000
Fresh Market Shoppes, 890 William Hilton Head Pkwy, Hilton Head (25%)	The Fresh Market +	22,000	* !	65,000	87,000
INDUSTRIAL
Houston and Harris County, Total		3,326,000		1,916,000	5,242,000
1919 North Loop West, Hacket Drive at West Loop 610 North	State of Texas	140,000		0	140,000
Beltway 8 Business Park, Beltway 8 at Petersham Dr.	Terminix, Carrier Sales and Distribution, Select Floors	158,000		0	158,000
Blankenship Building, Kempwood Drive	Classic Printers	59,000		0	59,000
Brookhollow Business Center, Dacoma at Directors Row	Bristol Babcock, Harris County Appraisal District, Surgeon's Management	133,000		0	133,000
Central Park Northwest VI, Central Pkwy. at Dacoma	Houston Metallurgical Lab, Inc.	175,000		0	175,000
Central Park Northwest VII, Central Pkwy. at Dacoma	Lucent Technologies, Inc.	103,000		0	103,000
Claywood Industrial Park, Clay at Hollister	Academy, Ltd.	330,000		0	330,000
Crosspoint Warehouse, Crosspoint	Foam Enterprises, LLC.	73,000		0	73,000
Jester Plaza Office Service Center, West T.C. Jester	Corporate Care of Houston, Milwaukee Electric Tool Corporation	101,000		0	101,000
Kempwood Industrial, Kempwood Dr. at Blankenship Dr.	Pioneer Contract Services	113,000		0	113,000
Kempwood Industrial, Kempwood Dr. at Blankenship Dr. (20%)	Pioneer Contract Services, Veritas	41,000	* !	166,000	207,000
Lathrop Warehouse, Lathrop St. at Larimer St. (20%)	United D.C., Inc.	51,000	* !	202,000	253,000
Navigation Business Park, Navigation at N. York (20%)	Packwell, Inc.	48,000	* !	190,000	238,000
Northway Park II, Loop 610 East at Homestead (20%)	Jet Lube, Inc.	61,000	* !	243,000	304,000
Railwood F, Market at U.S. 90 (20%)	Shell Oil Company	60,000	* !	240,000	300,000
Railwood Industrial Park, Mesa at U.S. 90	Distribution International, Global Stainless Supply, Inc., Houston Central Industries, Inc., Smart Transportation Services	616,000		0	616,000
Railwood Industrial Park, Mesa at U.S. 90 (20%)	Bison Building Materials	100,000	* !	398,000	498,000
South Loop Business Park, S. Loop at Long Dr.	Plastic Plus Awards, Lumber Liquidators	46,000	* !	46,000	92,000
Southport Business Park 5, South Loop 610	International Surface Preparation Group, Inc.	161,000		0	161,000
Southwest Park II Service Center, Rockley Road	Bioassay Laboratory, Inc.	68,000		0	68,000
Stonecrest Business Center, Wilcrest at Fallstone	Rentokil, Inc.	111,000		0	111,000
West-10 Business Center, Wirt Rd. at I-10	Aaron’s Office Furniture	129,000		0	129,000
West 10 Business Center II, Wirt Rd. at I-10	Summers Group, Inc.	83,000		0	83,000
Westgate Service Center, Park Row Drive at Whiteback Dr.	Welltec, Inc., Solartron	119,000		0	119,000
West Loop Commerce Center, W. Loop N. at I-10	Inter-Tel Technologies	34,000		0	34,000
610 and 11th St. Warehouse, Loop 610 at 11th St.	Prefco Corp.	105,000		0	105,000
610 and 11th St. Warehouse, Loop 610 at 11th St. (20%)	Iron Mountain, Stone Container	49,000	* !	195,000	244,000
610/288 Business Park , Cannon Street (20%)	Packwell, Inc.	59,000	* !	236,000	295,000
Texas (excluding Houston & Harris Co.), Total		3,879,000		0	3,879,000
Midpoint I-20 Distribution Center, New York Avenue and Arbrook Boulevard, Arlington	Airborne Express, INX International	253,000		0	253,000
Randol Mill Place, Randol Mill Road, Arlington	American Institute of Intradermal Cosmetics, Becker-Parkin Dental Supply Company, Inc.	55,000		0	55,000
Braker 2 Business Center, Kramer Ln. at Metric Blvd., Austin	Digital Transaction Group, Inc.	27,000		0	27,000
Corporate Center Park I and II, Putnam Dr. at Research Blvd., Austin	Phoenix - Lamar Corp, Apria Healthcare, Inc.	117,000		0	117,000
Oak Hills Industrial Park, Industrial Oaks Blvd., Austin	Terracon, Inc., Nanocoolers, Inc.	90,000		0	90,000
Rutland 10 Business Center, Metric Blvd. At Centimeter Circle, Austin	Minimax, Media Event Concepts, Inc.	54,000		0	54,000
Southpark A,B,C, East St. Elmo Rd. at Woodward St., Austin	HJV Associates, Inc.	78,000		0	78,000
Southpoint Service Center, Burleson at Promontory Point Dr., Austin	Browning Construction Co., Ltd., The Closet Factory	54,000		0	54,000
Wells Branch Corporate Center, Wells Branch Pkwy., Austin	RDA Promart	59,000		0	59,000
1625 Diplomat Drive, SWC Diplomat Dr. at McDaniel Dr., Carrollton	Rooftop Systems, Inc.	106,000		0	106,000
Midway Business Center, Midway at Boyington, Carrollton	ProSource, Luxury of Leather, Hale Engineering	141,000		0	141,000
Manana Office Center, I-35 at Manana, Dallas	Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services	223,000		0	223,000
Newkirk Service Center, Newkirk near N.W. Hwy., Dallas	Tri-Ed Distribution, Inc., AWC	106,000		0	106,000
Northaven Business Center, Northaven Rd., Dallas	Dillon Gage, Quality Conservation Services, Inc.	151,000		0	151,000
Northeast Crossing Office/Service Center, East N.W. Hwy. at Shiloh, Dallas	Capital Title	79,000		0	79,000
Northwest Crossing Office/Service Center, N.W. Hwy. at Walton Walker, Dallas	Corvette World	127,000		0	127,000
Redbird Distribution Center, Joseph Hardin Drive, Dallas	Reid Plastics, Inc. Texwood Industries, L.P.	111,000		0	111,000

Page 29

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Texas (excluding Houston & Harris Co.) Continued
Regal Distribution Center, Leston Avenue, Dallas	Document Management Systems, BKM Total Office of Texas, L.P., Global Industries Southwest	203,000		0	203,000
Space Center Industrial Park, Pulaski St. at Irving Blvd., Dallas	Weir’s Furniture Village, Furniture Marketing Group	265,000		0	265,000
McGraw Hill Distribution Center, 420 E. Danieldale Rd, DeSoto	McGraw Hill	418,000		0	418,000
Freeport Commerce Center, Sterling Street and Statesman Drive, Irving	McGraw Hill	51,000		0	51,000
Central Plano Business Park, Klein Rd. at Plano Pkwy., Plano	CK Management, Inc., Minarik Corp.	138,000		0	138,000
Jupiter Service Center, Jupiter near Plano Pkwy., Plano	Interceramic Tile, Germaire Distributors	78,000		0	78,000
Sherman Plaza Business Park, Sherman at Phillips, Richardson	Leggett & Platt, Inc., The Volkswagen Store	101,000		0	101,000
Interwest Business Park, Alamo Downs Parkway, San Antonio	All-American Sports	218,000		0	218,000
Isom Business Park, 919-981 Isom Road, San Antonio	Gandi Innovations, Wells Fargo Bank	175,000		0	175,000
O'Connor Road Business Park, O’Connor Road, San Antonio	Ingersoll Rand	150,000		0	150,000
Freeport Business Center, 13215 N. Promenade Blvd., Stafford	Fairfield Industries, Applera Corporation, Gurtwitch Products	251,000		0	251,000
Georgia, Total		956,000		612,000	1,568,000
Atlanta Industrial Park II & VI, Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta	Target Container Co., Sanderson Industries, Inc.	552,000		0	552,000
Sears Logistics, 3700 Southside Industrial Way, Atlanta (20%)	Sears Logistics Services, Inc.	81,000	* !	322,000	403,000
Southside Industrial Parkway, Southside Industrial Pkwy at Jonesboro Rd., Atlanta	Lowe Supply, Inc., Mission Produce, Masco Contractor Services	72,000		0	72,000
Kennesaw 75, 3850-3900 Kennesaw Prkwy, Kennesaw	American Hotel Register Co., Clorox Services Company	178,000		0	178,000
6485 Crescent Drive, I-85 at Jimmy Carter Blvd., Norcross (20%)	Zurn, Pax Industries, Inc.	73,000	* !	290,000	363,000
Tennessee, Total		685,000		457,000	1,142,000
Crowfarn Drive Warehouse, Crowfarn Dr. at Getwell Rd., Memphis (20%)	Integris Metals	32,000	* !	129,000	161,000
Outland Business Center, Outland Center Dr., Memphis (20%)	Vistar Corporation, TricorBraun, Quest Communications Corporation	82,000	* !	328,000	410,000
Southpoint I & II, Pleasant Hill Rd. at Shelby Dr., Memphis	AF Services, Sunnywood Products, Inc., Constar	571,000		0	571,000
Florida, Total		1,496,000		0	1,496,000
Lakeland Industrial Center, I-4 at County Rd., Lakeland	Rooms to Go, Amware Pallet Services, Publix	600,000		0	600,000
1801 Massaro, 1801 Massaro Blvd., Tampa	MiTek Industries, Inc., Parksite, Inc.	159,000		0	159,000
Hopewell Industrial Center, Old Hopewell Boulevard and U.S. Highway 301, Tampa	Parts Depot, Inc., American Tire Distributors	224,000		0	224,000
Tampa East Industrial Portfolio, 1841 Massaro Blvd., Tampa	General Electric, Hughes Supply, Interline Brands, GE Polymershapes	513,000		0	513,000
California, Total		462,000		581,000	1,043,000
1725 Dornoch, Donroch Court, San Diego	Vacant	112,000		0	112,000
1855 Dornoch, Donroch Court, San Diego	Vacant	205,000		0	205,000
Siempre Viva Business Park, Siempre Viva Rd. at Kerns St., San Diego (20%)	Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., New Wave Logistics (USA) Inc.	145,000	* !	581,000	726,000

Page 30

Weingarten Realty Investors
Property Listing at December 31, 2006
		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
UNIMPROVED LAND
Houston & Harris County, Total		2,402,000			2,402,000
Bissonnet at Wilcrest		175,000			175,000
Citadel Plaza at 610 North Loop		137,000			137,000
East Orem		122,000			122,000
Kirkwood at Dashwood Drive		322,000			322,000
Mesa Road at Tidwell		901,000			901,000
Northwest Freeway at Gessner		422,000			422,000
Redman at West Denham		17,000			17,000
West Little York at Interstate 45		161,000			161,000
West Loop North at Interstate 10		145,000			145,000
Texas (excluding Houston & Harris Co.), Total		1,121,000			1,121,000
River Pointe Drive at Interstate 45, Conroe		590,000	#		590,000
NEC of US Hwy 380 & Hwy 75, McKinney		87,000			87,000
9th Ave. at 25th St., Port Arthur		243,000			243,000
Highway 3 at Highway 1765, Texas City		201,000			201,000
Louisiana, Total		462,000			462,000
U.S. Highway 171 at Parish, DeRidder		462,000			462,000
North Carolina, Total		1,750,000			1,750,000
The Shoppes at Caveness Farms		1,750,000			1,750,000

Page 31

Weingarten Realty Investors
Property Listing at December 31, 2006
					OWNED BY
			NUMBER OF	WRI	OTHERS	TOTAL
ALL PROPERTIES-BY LOCATION			PROPERTIES	OWNED	(O.B.O.)	SQ FTG
Grand Total			389	47,535,000	17,390,000	64,925,000
Texas (excluding Houston and Harris County)			96	11,175,000	2,332,000	13,507,000
Houston & Harris County			77	9,286,000	2,760,000	12,046,000
Florida			41	6,368,000	2,345,000	8,713,000
California			30	4,018,000	1,038,000	5,056,000
North Carolina			26	2,551,000	815,000	3,366,000
Louisiana			16	1,792,000	1,266,000	3,058,000
Arizona			16	1,305,000	827,000	2,132,000
Colorado			15	996,000	1,711,000	2,707,000
Georgia			18	2,407,000	1,328,000	3,735,000
Nevada			12	2,751,000	748,000	3,499,000
Tennessee			9	1,341,000	457,000	1,798,000
New Mexico			6	1,076,000	397,000	1,473,000
Oklahoma			2	174,000	-	174,000
Arkansas			3	355,000	-	355,000
Utah			3	292,000	341,000	633,000
Kentucky			4	607,000	76,000	683,000
Kansas			2	251,000	-	251,000
Missouri			2	231,000	28,000	259,000
Illinois			2	273,000	121,000	394,000
Maine			1	154,000	51,000	205,000
Washington			5	87,000	530,000	617,000
South Carolina			1	22,000	65,000	87,000
Oregon			2	23,000	154,000	177,000
ALL PROPERTIES-BY CLASSIFICATION
Grand Total			389	47,535,000	17,390,000	64,925,000
Shopping Centers			322	36,731,000	13,824,000	50,555,000
Industrial			67	10,804,000	3,566,000	14,370,000
Notes:	*	Denotes partial ownership. WRI's interest is 50% except where noted. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership.
	+	Denotes supermarket or discount store offering full service grocery along with general merchandise.
	#	Denotes property under development.
	!	Denotes properties that are not consolidated for SEC reporting purposes.
Owned by Others ("O.B.O.") includes buildings owned entirely by another non-WRI legal entity and the proportionate ownership of WRI's partner(s) in various joint ventures and partnerships.

Page 32