10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [] to []

Commission file number 1-9876

Weingarten Realty Investors

(Exact name of registrant as specified in its charter)

TEXAS	74-1464203
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas	77292-4133
(Address of principal executive offices)	(Zip Code)

(713) 866-6000

(Registrant's telephone number)

(Former name, former address and former fiscal

year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     YES ý NO¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     YES ý         NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     YES ¨             NO ý

As of April 30, 2013, there were 121,813,812 common shares of beneficial interest of Weingarten Realty Investors, $.03 par value, outstanding.

TABLE OF CONTENTS

PART I.		Financial Information:	Page Number
	Item 1.	Financial Statements (unaudited):
		Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2013 and 2012	3
		Condensed Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012	4
		Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012	5
		Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2013 and 2012	6
		Notes to Condensed Consolidated Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
	Item 4.	Controls and Procedures	40
PART II.		Other Information:
	Item 1.	Legal Proceedings	40
	Item 1A.	Risk Factors	40
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
	Item 3.	Defaults Upon Senior Securities	40
	Item 4.	Mine Safety Disclosures	41
	Item 5.	Other Information	41
	Item 6.	Exhibits	41
Signatures			42
Exhibit Index			43

2

PART I-FINANCIAL INFORMATION

ITEM 1. Financial Statements

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share amounts)

	Three Months Ended March 31,
	2013			2012
Revenues:
Rentals, net	$	129,023		$	116,103
Other	2,658			2,699
Total	131,681			118,802
Expenses:
Depreciation and amortization	39,719			33,231
Operating	25,356			22,419
Real estate taxes, net	15,202			13,810
Impairment loss	56			6,852
General and administrative	6,667			8,307
Total	87,000			84,619
Operating Income	44,681			34,183
Interest Expense, net	(17,952		)	(31,297		)
Interest and Other Income, net	1,826			2,386
Gain on Sale of Real Estate Joint Venture and Partnership Interests	11,509			5,562
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	4,613			4,075
Benefit for Income Taxes	153			22
Income from Continuing Operations	44,830			14,931
Operating (Loss) Income from Discontinued Operations	(155		)	3,633
Gain on Sale of Property from Discontinued Operations	—			3,634
(Loss) Income from Discontinued Operations	(155		)	7,267
Gain on Sale of Property	142			440
Net Income	44,817			22,638
Less: Net Income Attributable to Noncontrolling Interests	(1,467		)	(1,441		)
Net Income Adjusted for Noncontrolling Interests	43,350			21,197
Dividends on Preferred Shares	(7,440		)	(8,869		)
Redemption Costs of Preferred Shares	(2,242		)	—
Net Income Attributable to Common Shareholders	$	33,668		$	12,328
Earnings Per Common Share - Basic:
Income from continuing operations attributable to common shareholders	$	0.28		$	0.04
(Loss) income from discontinued operations	—			0.06
Net income attributable to common shareholders	$	0.28		$	0.10
Earnings Per Common Share - Diluted:
Income from continuing operations attributable to common shareholders	$	0.28		$	0.04
(Loss) income from discontinued operations	—			0.06
Net income attributable to common shareholders	$	0.28		$	0.10
Comprehensive Income:
Net Income	$	44,817		$	22,638
Other Comprehensive Income (Loss):
Net unrealized (loss) gain on derivatives	(2,107		)	16
Amortization of loss on derivatives	656			659
Retirement liability adjustment	365			—
Total	(1,086		)	675
Comprehensive Income	43,731			23,313
Comprehensive Income Attributable to Noncontrolling Interests	(1,467		)	(1,441		)
Comprehensive Income Adjusted for Noncontrolling Interests	$	42,264		$	21,872

See Notes to Condensed Consolidated Financial Statements.

3

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

	March 31, 2013			December 31, 2012
ASSETS
Property	$	4,425,127		$	4,399,850
Accumulated Depreciation	(1,073,361		)	(1,040,839		)
Property, net *	3,351,766			3,359,011
Investment in Real Estate Joint Ventures and Partnerships, net	279,384			289,049
Total	3,631,150			3,648,060
Notes Receivable from Real Estate Joint Ventures and Partnerships	89,013			89,776
Unamortized Debt and Lease Costs, net	137,646			135,783
Accrued Rent and Accounts Receivable (net of allowance for doubtful  accounts of $11,904 in 2013 and $12,127 in 2012) *	70,428			79,540
Cash and Cash Equivalents *	54,800			19,604
Restricted Deposits and Mortgage Escrows	43,535			44,096
Other, net	164,396			167,925
Total Assets	$	4,190,968		$	4,184,784
LIABILITIES AND EQUITY
Debt, net *	$	2,323,620		$	2,204,030
Accounts Payable and Accrued Expenses	87,947			119,699
Other, net	111,661			120,900
Total Liabilities	2,523,228			2,444,629
Commitments and Contingencies	—			—
Equity:
Shareholders’ Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 10,000
6.75% Series D cumulative redeemable preferred shares of beneficial  interest; 100 shares issued; no shares outstanding in 2013 and 100  shares outstanding in 2012; liquidation preference $75,000 in 2012	—			3
6.5% Series F cumulative redeemable preferred shares of beneficial  interest; 140 shares issued and outstanding in 2013 and 2012;  liquidation preference $350,000	4			4
Common Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 275,000; shares issued and outstanding:  121,758 in 2013 and 121,505 in 2012	3,671			3,663
Additional Paid-In Capital	1,868,215			1,934,183
Net Income Less Than Accumulated Dividends	(339,439		)	(335,980		)
Accumulated Other Comprehensive Loss	(25,829		)	(24,743		)
Total Shareholders’ Equity	1,506,622			1,577,130
Noncontrolling Interests	161,118			163,025
Total Equity	1,667,740			1,740,155
Total Liabilities and Equity	$	4,190,968		$	4,184,784
* Consolidated Variable Interest Entities' Assets and Liabilities included in the above balances (See Note 17):
Property, net	$	224,982		$	226,685
Accrued Rent and Accounts Receivable, net	6,504			8,095
Cash and Cash Equivalents	10,317			11,706
Debt, net	275,671			276,420

See Notes to Condensed Consolidated Financial Statements.

4

WEINGARTEN REALTY INVESTORS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
	Three Months Ended March 31,
	2013			2012
Cash Flows from Operating Activities:
Net Income	$	44,817		$	22,638
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,731			38,850
Amortization of deferred financing costs, net	(9,300		)	264
Impairment loss	292			10,023
Equity in earnings of real estate joint ventures and partnerships, net	(4,613		)	(4,075		)
Gain on sale of real estate joint venture and partnership interests	(11,509		)	(5,562		)
Gain on sale of property	(142		)	(4,074		)
Distributions of income from real estate joint ventures and partnerships, net	976			601
Changes in accrued rent and accounts receivable, net	8,256			16,703
Changes in other assets, net	(3,234		)	(5,503		)
Changes in accounts payable, accrued expenses and other liabilities, net	(30,232		)	(27,524		)
Other, net	2,599			2,771
Net cash provided by operating activities	37,641			45,112
Cash Flows from Investing Activities:
Acquisition of real estate and land	(18,880		)	(20,135		)
Development and capital improvements	(14,101		)	(18,633		)
Proceeds from sale of property and real estate equity investments, net	3,914			13,629
Change in restricted deposits and mortgage escrows	561			1,106
Notes receivable from real estate joint ventures and partnerships and other receivables:
Advances	—			(79		)
Collections	3,937			59,897
Real estate joint ventures and partnerships:
Investments	(240		)	(5,518		)
Distributions of capital	14,393			3,347
Net cash (used in) provided by investing activities	(10,416		)	33,614
Cash Flows from Financing Activities:
Proceeds from issuance of debt	298,584			—
Principal payments of debt	(101,643		)	(31,204		)
Changes in unsecured credit facilities	(66,000		)	3,500
Proceeds from issuance of common shares of beneficial interest, net	1,887			458
Repurchase of preferred shares of beneficial interest	(75,000		)	—
Common and preferred dividends paid	(44,122		)	(43,333		)
Debt issuance costs paid	(2,100		)	(70		)
Distributions to noncontrolling interests	(3,858		)	(3,756		)
Other, net	223			61
Net cash provided by (used in) financing activities	7,971			(74,344		)
Net increase in cash and cash equivalents	35,196			4,382
Cash and cash equivalents at January 1	19,604			13,642
Cash and cash equivalents at March 31	$	54,800		$	18,024
Interest paid during the period (net of amount capitalized of $569 and $783, respectively)	$	35,794		$	40,836
Income taxes paid during the period	$	—		$	—

See Notes to Condensed Consolidated Financial Statements.

5

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, except per share amounts)

	Preferred Shares of Beneficial Interest			Common Shares of Beneficial Interest		Additional Paid-In Capital			Net Income Less Than Accumulated Dividends			Accumulated  Other Comprehensive Loss			Noncontrolling Interests			Total
Balance, January 1, 2012	$	8		$	3,641	$	1,983,978		$	(304,504	)	$	(27,743	)	$	168,202		$	1,823,582
Net income									21,197						1,441			22,638
Shares issued under benefit plans				8		4,707												4,715
Dividends declared – common shares (1)									(35,120		)							(35,120		)
Dividends declared – preferred shares (2)									(8,213		)							(8,213		)
Distributions to noncontrolling interests															(3,756		)	(3,756		)
Other comprehensive income												675						675
Other, net						513			(656		)				(119		)	(262		)
Balance , March 31, 2012	$	8		$	3,649	$	1,989,198		$	(327,296	)	$	(27,068	)	$	165,768		$	1,804,259
Balance, January 1, 2013	$	7		$	3,663	$	1,934,183		$	(335,980	)	$	(24,743	)	$	163,025		$	1,740,155
Net income									43,350						1,467			44,817
Redemption of Series D preferred shares	(3		)			(72,755		)	(2,242		)							(75,000		)
Shares issued under benefit plans				8		6,400												6,408
Dividends declared – common shares (1)									(37,127		)							(37,127		)
Dividends declared – preferred shares (2)									(6,995		)							(6,995		)
Distributions to noncontrolling interests															(3,858		)	(3,858		)
Other comprehensive loss												(1,086		)				(1,086		)
Other, net						387			(445		)				484			426
Balance, March 31, 2013	$	4		$	3,671	$	1,868,215		$	(339,439	)	$	(25,829	)	$	161,118		$	1,667,740

_______________

(1) Common dividend per share was $.305 and $.290 for the three months ended March 31, 2013 and 2012, respectively.

(2) Series D preferred dividend per share was $13.08 and $12.66 for the three months ended March 31, 2013 and 2012, respectively. Series E preferred dividend per share was $43.44 for the three months ended March 31, 2012. Series F preferred dividend per share was $40.63 for both the three months ended March 31, 2013 and 2012.

See Notes to Condensed Consolidated Financial Statements.

6

WEINGARTEN REALTY INVESTORS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees for either joint ventures where we are partners or for other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 53.0 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.1% of total rental revenues during the first three months of 2013. Net operating income from continuing operations generated by our properties located in Houston and its surrounding areas was 21.4% of total net operating income from continuing operations for the three months ended March 31, 2013, and an additional 7.6% of net operating income from continuing operations is generated from properties that are located in other parts of Texas.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2012 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	March 31, 2013		December 31, 2012
Restricted cash	$	37,902	$	36,944
Mortgage escrows	5,633		7,152
Total	$	43,535	$	44,096

7

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain and Losses on Cash Flow Hedges			Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	7,489		$	17,254			$	24,743
Amounts reclassified from other comprehensive loss (income)	1,451		(1)	(365		)	(2)	1,086
Net other comprehensive loss (income)	1,451			(365		)		1,086
Balance, March 31, 2013	$	8,940		$	16,889			$	25,829

_______________

(1) This reclassification component is included in interest expense and other liabilities (see Note 7 for additional information).

(2) This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information).

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 for additional information). These items had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

Note 2. Newly Issued Accounting Pronouncements

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU No. 2011-11 are effective for us on January 1, 2013, and are required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures.

In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which amends the scope of ASU No. 2011-11 to apply only to entities with derivatives accounted for in accordance with Accounting Standard Code 815. The provisions of ASU No. 2013-01 are effective for us on January 1, 2013, and are required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if it is required to be reclassified to net income in its entirety. For other reclassified amounts, an entity is required cross-reference to other disclosures that provide additional detail about those amounts. The provisions of ASU No. 2013-02 are effective for us on January 1, 2013, and are to be applied prospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures.

In February 2013, the FASB issued ASU No. 2013-04, "Obligations resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 are effective for us on January 1, 2014, and are required to be applied retrospectively. We do not expect the adoption of this update to have a material impact on our consolidated financial statements.

8

Note 3. Property

Our property consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Land	$	891,897	$	881,156
Land held for development	121,504		121,294
Land under development	5,527		6,155
Buildings and improvements	3,348,093		3,325,793
Construction in-progress	58,106		65,452
Total	$	4,425,127	$	4,399,850

The following carrying charges were capitalized (in thousands):

	Three Months Ended March 31,
	2013		2012
Interest	$	569	$	783
Real estate taxes	63		123
Total	$	632	$	906

During the three months ended March 31, 2013, we acquired one center for approximately $18.0 million.

During the three months ended March 31, 2013, we sold one center. Aggregate gross sales proceeds from this transaction totaled $4.0 million.

9

Note 4. Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 10% to 75% for the 2013 and 2012 periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	March 31, 2013			December 31, 2012
Combined Condensed Balance Sheets
ASSETS
Property	$	1,568,267		$	1,631,694
Accumulated depreciation	(274,214		)	(273,591		)
Property, net	1,294,053			1,358,103
Other assets, net	154,599			161,344
Total	$	1,448,652		$	1,519,447
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net (primarily mortgages payable)	$	466,149		$	468,841
Amounts payable to Weingarten Realty Investors and Affiliates	106,311			109,931
Other liabilities, net	32,762			34,157
Total	605,222			612,929
Accumulated equity	843,430			906,518
Total	$	1,448,652		$	1,519,447

	Three Months Ended March 31,
	2013		2012
Combined Condensed Statements of Operations
Revenues, net	$	42,161	$	49,847
Expenses:
Depreciation and amortization	12,021		16,136
Interest, net	7,545		9,086
Operating	6,154		8,625
Real estate taxes, net	4,583		6,238
General and administrative	286		361
Provision for income taxes	62		73
Impairment loss	1,815		—
Total	32,466		40,519
Operating income	$	9,695	$	9,328

10

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.2 million and $1.6 million at March 31, 2013 and December 31, 2012, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. For the three months ended March 31, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.8 million on various properties that have been marketed and sold during the period. There was no impairment recorded for the three months ended March 31, 2012.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.4 million and $1.7 million for the three months ended March 31, 2013 and 2012, respectively.

During 2013, the final two industrial properties in an unconsolidated joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, two shopping centers were sold, and the gross sales proceeds from the disposition of these four properties totaled $11.7 million.

In August 2012, we acquired a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement for approximately $29.6 million that we had previously accounted for under the equity method and included the assumption of debt of $24.5 million. This transaction resulted in the consolidation of the property in our consolidated financial statements.

During 2012, our interest in 19 industrial properties held in unconsolidated joint ventures, in which we are a partner, were sold through either a direct sale by the joint venture or the sale of our interest. Gross sales proceeds, including the assumption of debt, from these transactions totaled $210.4 million.

In February 2012, we sold a 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt.

Note 5. Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. Notes receivable from these entities bear interest ranging from approximately 2.9% to 10.0% at March 31, 2013 and 2.9% to 16.0% at December 31, 2012. These notes are due at various dates through 2014 and are generally secured by underlying real estate assets.

We believe these notes are fully collectible, and no allowance has been recorded. Interest income recognized on these notes was $.6 million and $.7 million for the three months ended March 31, 2013 and 2012, respectively.

In November 2012, a $16.1 million note matured and is under negotiations for repayment. We believe no loss will be incurred associated with this settlement.

In February 2012, we received $59.2 million in payment of our notes receivable from real estate joint ventures and partnerships, in conjunction with the sale of our 47.8% interest in an unconsolidated real estate joint venture. See Note 15 for additional information.

11

Note 6. Debt

Our debt consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	$	2,227,395	$	2,041,709
Unsecured notes payable under credit facilities	—		66,000
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Industrial revenue bonds payable to 2015 at 2.4%	1,150		1,246
Total	$	2,323,620	$	2,204,030

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	March 31, 2013		December 31, 2012
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,179,715	$	1,992,599
Variable-rate debt	143,905		211,431
Total	$	2,323,620	$	2,204,030
As to collateralization:
Unsecured debt	$	1,438,838	$	1,270,742
Secured debt	884,782		933,288
Total	$	2,323,620	$	2,204,030

Effective September 30, 2011, we entered into an amended and restated $500 million unsecured revolving credit facility. At March 31, 2013, the facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 125 and 25 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the maturity date has been extended to 2017, and we have two consecutive six month extensions available.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity.

12

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	March 31, 2013			December 31, 2012
Unsecured revolving credit facility:
Balance outstanding	$	—		$	30,000
Available balance	497,571			467,571
Letter of credit outstanding under facility	2,429			2,429
Variable interest rate (excluding facility fee)	—		%	1.1		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	—		$	36,000
Variable interest rate	—		%	1.5		%
Both facilities:
Maximum balance outstanding during the period	$	265,500		$	303,100
Weighted average balance	114,956			157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.1		%	1.3		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040, as extended by the Sheridan Redevelopment Agency (“Agency”) in April 2011. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. For both periods ended at March 31, 2013 and December 31, 2012, we had $74.1 million outstanding for the debt service guaranty liability.

On March 22, 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares. In addition, $63.0 million of fixed-rate medium term notes matured during the quarter at a weighted average interest rate of 5.6%.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At March 31, 2013 and December 31, 2012, the carrying value of such assets aggregated $1.5 billion for both periods.

13

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $8.9 million fair value of interest rate contracts, $(2.5) million net premium/(discount) on debt, $1.5 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):

2013 remaining	$	247,465
2014	473,103
2015	274,707
2016	223,198
2017	140,830
2018	63,057
2019 (1)	152,211
2020	2,099
2021	957
2022	303,410
Thereafter	339,312
Total	$	2,220,349

_______________

(1) Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We believe we were in compliance with our public debt and revolving credit facility covenants as of March 31, 2013.

Note 7. Derivatives and Hedging

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
March 31, 2013	Other Assets, net	$	8,938	Other Liabilities, net	$	2,874
December 31, 2012	Other Assets, net	9,926		Other Liabilities, net	768

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The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
March 31, 2013
Assets	$	8,938	$	—	$	8,938	$	(706	)	$	—	$	8,232
Liabilities	2,874		—		2,874		(706		)	—		2,168
December 31, 2012
Assets	9,926		—		9,926		—			—		9,926
Liabilities	768		—		768		—			—		768

Cash Flow Hedges:

As of March 31, 2013 and December 31, 2012, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $26.3 million and $26.5 million, respectively. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

Also, at March 31, 2013, we had three forward-starting contracts with an aggregate notional amount of $150.0 million hedging future fixed-rate debt issuances. These contracts are effective in January 2014, mature in January 2024 and fix the 10-year swap rates at 2.4%.

As of March 31, 2013 and December 31, 2012, the balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $8.9 million and $7.5 million, respectively, and will be reclassified to net interest expense as interest payments are made on our fixed-rate debt. Within the next 12 months, approximately $3.5 million of the balance in accumulated other comprehensive loss is expected to be amortized to net interest expense related to settled interest rate contracts.

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	$	2,107		Interest expense, net	$	(656	)	Interest expense, net	$	—
Three Months Ended March 31, 2012	(16		)	Interest expense, net	(659		)	Interest expense, net	—

Fair Value Hedges:

As of March 31, 2013 and December 31, 2012, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $117.7 million and $118.1 million, respectively, that were designated as fair value hedges and convert fixed interest payments at rates from 4.2% to 7.5% to variable interest payments ranging from .3% to 4.3%. We have determined that our fair value hedges are highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates.

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A summary of the changes in fair value of our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Gain (Loss) Recognized  in Income
Three Months Ended March 31, 2013
Interest expense, net	$	(987	)	$	987	$	—
Three Months Ended March 31, 2012
Interest expense, net	(530		)	530		—

A summary of our fair value interest rate contract hedges impact on net income is as follows (in thousands):

Derivatives Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain  (Loss) Recognized in Income on Derivative			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	Interest expense, net	$	42		Interest expense, net	$	—
Three Months Ended March 31, 2012	Interest expense, net	(471		)	Interest expense, net	—

Note 8.      Preferred Shares of Beneficial Interest

In April 2003, we issued $75 million of depositary shares with each share representing one-thirtieth of a Series D Cumulative Redeemable Preferred Share. The depositary shares were redeemed on March 18, 2013, at our option, for cash at a redemption price of $25 per depositary share or $75 million, plus accrued and unpaid dividends thereon. Upon the redemption of these shares, the related original issuance costs of $2.2 million were reported as a deduction in arriving at net income attributable to common shareholders. The Series D Preferred Shares paid a 6.75% annual dividend, had a liquidation value of $750 per share and were not convertible or exchangeable for any of our property or securities.

On May 6, 2013, we called a portion of our 6.5% Series F Cumulative Redeemable Preferred Shares with a redemption value of $200 million, which will settle on June 5, 2013.

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Note 9. Impairment

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 19 for additional fair value information) (in thousands):

	Three Months Ended March 31,
	2013		2012
Continuing operations:
Property marketed for sale or sold (1)	$	56	$	244
Investments in real estate joint ventures and partnerships (2)	—		6,608
Total reported in continuing operations	56		6,852
Discontinued operations:
Property held for sale or sold (3)	236		3,171
Total impairment charges	292		10,023
Other financial statement caption impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	363		—
Net impact of impairment charges	$	655	$	10,023

_______________

(1) These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations.

(2) Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures.

(3) Amounts reported were based on third party offers.

Note 10. Discontinued Operations

For the three months ended March 31, 2013, we sold one center located in Florida. No properties were classified as held for sale as of March 31, 2013, as the potential disposition of assets currently being marketed was not deemed probable.

During 2012, we sold 27 shopping centers, 54 industrial properties, and we assigned a 75% interest consolidated joint venture interest to our partner. Of these dispositions, 55 were located in Texas, six each in Florida and Georgia, three in North Carolina, two each in Colorado, Louisiana and Virginia and one each in Arizona, Illinois, Kansas, Maine, Oklahoma and Tennessee. As part of these 2012 dispositions, we sold, in May 2012, a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT.

Included in the Condensed Consolidated Balance Sheet at December 31, 2012 was $4.0 million of property and $.1 million of accumulated depreciation related to the one property that was sold during 2013.

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The operating results of these properties have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Revenues, net	$	119		$	18,848
Depreciation and amortization	(12		)	(5,619		)
Operating expenses	(22		)	(3,296		)
Real estate taxes, net	(4		)	(2,836		)
Impairment loss	(236		)	(3,171		)
General and administrative	—			(14		)
Interest, net	—			(279		)
Operating (loss) income from discontinued operations	(155		)	3,633
Gain on sale of property from discontinued operations	—			3,634
(Loss) income from discontinued operations	$	(155	)	$	7,267

We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.

Note 11. Supplemental Cash Flow Information

Non-cash investing and financing activities are summarized as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Accrued property construction costs	$	5,134		$	6,933
Property acquisitions and investments in unconsolidated real estate joint ventures:
(Decrease) increase in property, net	(1,688		)	1,647
Increase in security deposits	73			—
Sale of property and property interest:
Decrease in property, net	—			(2,855		)
Decrease in real estate joint ventures and partnerships - investments	—			(95		)
Decrease in restricted deposits and mortgage escrows	—			(204		)
Decrease in debt, net due to debt assumption	—			(3,366		)
Decrease in security deposits	—			(11		)
Decrease in noncontrolling interests	—			(95		)

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Note 12. Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted include the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Numerator:
Continuing Operations:
Income from continuing operations	$	44,830		$	14,931
Gain on sale of property	142			440
Net income attributable to noncontrolling interests	(1,467		)	(1,441		)
Dividends on preferred shares	(7,440		)	(8,869		)
Redemption costs of preferred shares	(2,242		)	—
Income from continuing operations attributable to common shareholders – basic and diluted	$	33,823		$	5,061
Discontinued Operations:
(Loss) income from discontinued operations attributable to common shareholders – basic and diluted	$	(155	)	$	7,267
Denominator:
Weighted average shares outstanding - basic	121,058			120,481
Effect of dilutive securities:
Share options and awards	1,165			960
Weighted average shares outstanding - diluted	122,223			121,441

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended March 31,
	2013	2012
Share options (1)	2,313	3,147
Operating partnership units	1,556	1,584
Total anti-dilutive securities	3,869	4,731

_______________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

Note 13. Share Options and Awards

During the first quarter of 2013, we granted restricted share awards incorporating both service-based and two market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

19

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Three Months Ended March 31, 2013
	Minimum		Maximum
Dividend yield	0.0	%	3.9	%
Expected volatility	13.2	%	29.0	%
Expected life (in years)	NA		3
Risk-free interest rate	0.1	%	0.4	%

A summary of the status of unvested restricted share awards for the three months ended March 31, 2013 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2013	496,571		$	23.10
Granted:
Service-based awards	102,456		29.71
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	44,580		31.83
Market-based awards relative to three-year absolute TSR	44,580		37.49
Vested	(81,489	)	19.43
Forfeited	(43	)	27.14
Outstanding, March 31, 2013	606,655		$	26.41

As of March 31, 2013 and December 31, 2012, there was approximately $6.1 million and $4.7 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 2.2 years and 1.9 years, respectively.

Note 14. Employee Benefit Plans

Defined Benefit Plans:

We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012(1)
Service cost	$	426		$	391
Interest cost	513			469
Expected return on plan assets	(814		)	(667		)
Prior service cost	—			(35		)
Recognized loss	425			467
Total	$	550		$	625

__________________

(1) Effective January 1, 2012, our supplemental retirement plans were amended and designated as defined contribution plans. Prior years’ operating results were restated to conform to the current year presentation. This item had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

Subsequent to March 31, 2013 and 2012, we contributed $1.8 million and $2.5 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2013.

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Defined Contribution Plans:

Compensation expense related to our defined contribution plans was $1.0 million for both the three months ended March 31, 2013 and 2012.

Note 15. Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $1.4 million and $1.8 million outstanding as of March 31, 2013 and December 31, 2012, respectively. We also had accounts payable and accrued expenses of $5.9 million and $6.3 million outstanding as of March 31, 2013 and December 31, 2012, respectively. For the three months ended March 31, 2013 and 2012, we recorded joint venture fee income of $1.4 million and $1.7 million, respectively.

In February 2012, we sold our 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt, generating a gain of $3.5 million.

In November 2012, we sold three unconsolidated joint venture interests, ranging from 20% to 50%, in nine industrial properties to our partner with gross sales proceeds totaling $20.9 million, which includes the assumption of our share of debt, generating a gain of $8.6 million.

Note 16. Commitments and Contingencies

As of March 31, 2013, we participate in four real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina, Texas and Utah. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us in exchange for our common shares or an equivalent amount in cash. We may acquire any limited partnership interests that are put to the partnership, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the three months ended March 31, 2013 and 2012. The aggregate redemption value of these interests was approximately $49 million and $42 million as of March 31, 2013 and December 31, 2012, respectively.

We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

During 2011, we filed a lawsuit against our joint venture partner in connection with a development project in Sheridan, Colorado for failure to perform on the joint venture’s past due intercompany note payable to us, which has been eliminated within our consolidated financial statements. We are also involved in one consolidated and two unconsolidated joint ventures with this partner. We are unable to determine the outcome of the lawsuit or its potential effects on our other joint ventures with this partner.

As of March 31, 2013, we have entered into commitments aggregating $91.1 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We are also involved in various matters of litigation arising in the normal course of business. While we are unable to predict with certainty the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

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Note 17. Variable Interest Entities

Consolidated VIEs:

Two of our real estate joint ventures whose activities principally consist of owning and operating 30 neighborhood/community shopping centers, located in Florida, Georgia, North Carolina, Tennessee and Texas, were determined to be VIEs. Based on a financing agreement that is guaranteed solely by us for tax planning purposes at one entity and an agreement providing for guaranteed distributions until certain transactions have settled, in addition to, a loan guaranty provided solely by us at the other entity, we have determined that we are the primary beneficiary in both instances and have consolidated these joint ventures.

A summary of our consolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Maximum Risk of Loss (1)	$	128,473	$	111,305
Assets held by VIEs	250,133		257,374
Assets held as collateral for debt	241,803		246,486

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Restrictions on the use of these assets are significant because they serve as collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required including operating cash shortfalls and unplanned capital expenditures. We have not provided any additional support to the VIEs as of March 31, 2013.

Unconsolidated VIEs:

At March 31, 2013 and December 31, 2012, two unconsolidated real estate joint ventures were determined to be VIEs through the issuance of secured loans, of which $20.8 million of debt associated with a tenancy-in-common arrangement is recorded in our Condensed Consolidated Balance Sheet, since the lenders have the ability to make decisions that could have a significant impact on the success of the entities. A summary of our unconsolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	29,969	$	29,628
Maximum Risk of Loss (2)	32,719		32,990

_______________

(1) The carrying amount of the investments represents our contributions to the real estate joint ventures net of any distributions made and our portion of the equity in earnings of the joint ventures.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required.

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Note 18. Business Combinations

During 2012, we acquired four shopping centers located in California, Georgia, Maryland and Texas, and we consolidated a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement related to a property in Louisiana. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2012
Fair value of our equity interest before acquisition	$	3,825
Fair value of consideration transferred	218,481			(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	195,377
Unamortized debt and lease costs	36,787
Restricted deposits and mortgage escrows	395
Other, net	3,742
Liabilities:
Debt, net	(46,923		)	(2)
Accounts payable and accrued expenses	(2,250		)
Other, net	(5,899		)
Total net assets	$	181,229
Acquisition costs (included in operating expenses)	$	1,391
Gain on acquisition	1,869

_______________

(1) Includes assumption of debt totaling $37.8 million.

(2) Represents the fair value of debt, which includes $6.3 million that was previously recorded.

The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts):

	Three Months Ended March 31,
	Pro Forma 2013(1)		Pro Forma 2012(1)
Revenues	$	131,681	$	123,124
Net income	44,817		22,516
Net income attributable to common shareholders	33,668		12,206
Earnings per share – basic	0.28		0.10
Earnings per share – diluted	0.28		0.10

_______________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Note 19. Fair Value Measurements

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2013
Assets:
Investments in grantor trusts	$	16,267					$	16,267
Derivative instruments:
Interest rate contracts			$	8,938			8,938
Total	$	16,267	$	8,938	$	—	$	25,205
Liabilities:
Derivative instruments:
Interest rate contracts			$	2,874			$	2,874
Deferred compensation plan obligations	$	16,267					16,267
Total	$	16,267	$	2,874	$	—	$	19,141
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2012
Assets:
Investments in grantor trusts	$	16,030					$	16,030
Derivative instruments:
Interest rate contracts			$	9,926			9,926
Total	$	16,030	$	9,926	$	—	$	25,956
Liabilities:
Derivative instruments:
Interest rate contracts			$	768			$	768
Deferred compensation plan obligations	$	16,030					16,030
Total	$	16,030	$	768	$	—	$	16,798

Nonrecurring Fair Value Measurements:

Property Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

24

Investments in Real Estate Joint Ventures and Partnerships Impairments

The fair value of our investment in partially owned real estate joint ventures and partnerships is estimated by management based on a number of factors, including the performance of each investment, the life and other terms of the investment, holding periods, market conditions, cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals and bona fide purchase offers in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. We recognize an impairment loss if we determine the fair value of an investment is less than its carrying amount and that loss in value is other than temporary.

No assets were measured at fair value on a nonrecurring basis at March 31, 2013. Assets measured at fair value on a nonrecurring basis at December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	5,773	$	13,906	$	19,679	$	(2,971	)
Investment in real estate joint ventures and partnerships (3)			24,231				24,231		(6,608		)
Total	$	—	$	30,004	$	13,906	$	43,910	$	(9,579	)

_______________

(1) Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

(3) Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs.

Fair Value Disclosures:

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	89,013	$	92,719	$	89,776	$	93,572
Tax increment revenue bonds	25,850		25,850		26,505		26,505
Debt:
Fixed-rate debt	2,179,715		2,294,471		1,992,599		2,094,122
Variable-rate debt	143,905		155,250		211,431		223,759

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The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2013 and December 31, 2012 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	March 31, 2013		December 31, 2012				Minimum				Maximum
	(in thousands)				Valuation Technique		2013		2012		2013		2012
Property	$	—	$	13,906	Broker valuation estimate	Indicative bid (1)
					Bona fide purchase offers	Contract price (1)
					Discounted cash flows	Discount rate							10.0		%
						Capitalization rate			9.3	%			9.5		%
						Holding period (years)							1
						Expected future inflation rate (2)							3.0		%
						Market rent growth rate (2)							3.0		%
						Expense growth rate (2)							3.0		%
						Vacancy rate (2)							5.0		%
						Renewal rate (2)							75.0		%
						Average market rent rate (2)							$	10.52
						Average leasing cost per square foot (2)							$	16.50
Notes receivable from real estate joint ventures and partnerships	92,719		93,572		Discounted cash flows	Discount rate					2.7	%	3.0		%
Tax increment revenue bonds	25,850		26,505		Discounted cash flows	Discount rate					7.5	%	7.5		%
						Expense growth rate	1.0	%	1.0	%	2.0	%	4.0		%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0		%
Fixed-rate debt	2,294,471		2,094,122		Discounted cash flows	Discount rate	1.5	%	1.1	%	6.0	%	6.5		%
Variable-rate debt	155,250		223,759		Discounted cash flows	Discount rate	2.4	%	1.4	%	5.0	%	5.0		%

_______________

(1) These fair values were developed by third parties, subject to our corroboration for reasonableness.

(2) Only applies to one property valuation.

*****

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ITEM 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report on Form 10-Q, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. As described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto and the comparative summary of selected financial data appearing elsewhere in this report. Historical results and trends which might appear should not be taken as indicative of future operations. Our results of operations and financial condition, as reflected in the accompanying consolidated financial statements and related footnotes, are subject to management’s evaluation and interpretation of business conditions, retailer performance, changing capital market conditions and other factors which could affect the ongoing viability of our tenants.

Executive Overview

Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees for either joint ventures where we are partners or for other outside owners.

We operate a portfolio of rental properties, primarily neighborhood and community shopping centers, totaling approximately 53.0 million square feet of gross leasable area, that is either owned by us or others. We have a diversified tenant base with our largest tenant comprising only 3.1% of total rental revenues during the first three months of 2013.

Our goal is to remain a leader in owning and operating top-tier neighborhood and community shopping centers within the United States. Currently, we are focused on three strategic initiatives: (1) improving operations, (2) recycling capital to improve our portfolio and (3) maintaining a strong, flexible consolidated balance sheet. We believe these initiatives will continue to keep our portfolio of properties in the forefront of being among the strongest in our sector.

Under our capital recycling plan, we continue to dispose of non-core operating properties, which provides capital for growth opportunities and strengthens our operating fundamentals. During the first quarter of 2013, we successfully disposed of real estate assets with aggregate gross sales proceeds totaling $15.7 million, both directly or through our interest in real estate joint ventures or partnerships. This program is ongoing, and we expect to complete dispositions in the range of $200 million to $300 million in 2013. We have approximately $100.1 million of dispositions currently under contracts or letters of intent; however, there are no assurances that these transactions will close.

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As we are generally selling lower tier, non-core assets, potential buyers looking to finance such acquisitions may find access to capital an issue. Even with these conditions, we continue to believe we will successfully execute our disposition plan; although weaknesses in the secured lending markets or a downturn in the economy could impact our ability to execute this plan.

We continue to actively seek acquisitions and new development opportunities to grow our operations. During the first quarter of 2013, we have been able to close on an acquisition totaling $18.0 million. Despite substantial competition for quality opportunities, we will continue to identify select acquisition properties that meet our return hurdles and to actively evaluate other opportunities as they enter the market. For 2013, we expect to invest in acquisitions and new developments in a range similar to our dispositions of $200 million to $300 million.

We strive to maintain a strong, conservative capital structure which provides ready access to a variety of attractive long and short-term capital sources. We carefully balance lower cost short-term financing with long-term liabilities associated with acquired or developed long-term assets. In March 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. This offering allowed us to repay amounts outstanding under our revolving credit facility, which included borrowings used to redeem $75.0 million of our 6.75% Series D Cumulative Redeemable Preferred Shares and $63.0 million of fixed-rate medium term notes.

Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the unsecured revolving credit facility's maturity date has been extended to 2017 with options to extend up to an additional year. These transactions continue to strengthen our consolidated balance sheet and further enhance our access to various sources of capital, while reducing our cost of capital. While the availability of capital has improved over the past year, there can be no assurance that favorable pricing and availability will not deteriorate in the future.

At March 31, 2013, we owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships, a total of 288 developed income-producing properties and two properties under various stages of construction and development. The total number of centers includes 286 neighborhood and community shopping centers and four other operating properties located in 21 states spanning the country from coast to coast.

We also owned interests in 38 parcels of land held for development that totaled approximately 27.5 million square feet at March 31, 2013.

We had approximately 6,800 leases with 4,500 different tenants at March 31, 2013. Leases for our properties range from less than a year for smaller spaces to over 25 years for larger tenants. Rental revenues generally include minimum lease payments, which often increase over the lease term, reimbursements of property operating expenses, including real estate taxes, and additional rent payments based on a percentage of the tenants’ sales. Our anchor tenants are supermarkets, value-oriented apparel/discount stores and other retailers or service providers who generally sell basic necessity-type goods and services. Through this challenging economic environment, we believe the stability of our anchor tenants, combined with convenient locations, attractive and well-maintained properties, high quality retailers and a strong tenant mix, should ensure the long-term success of our merchants and the viability of our portfolio.

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Operational Metrics

In assessing the performance of our centers, management carefully monitors various operating metrics of the portfolio. Below are performance metrics associated with our signed occupancy, same property net operating income ("SPNOI") growth and leasing activity on a pro rata basis.

	March 31,
	2013		2012
Anchor (represents any tenant at least 10,000 square feet)	97.1	%	97.4	%
Non-Anchor	88.2	%	86.8	%
Total Occupancy	93.7	%	91.7	%

	Three Months Ended March 31, 2013
SPNOI Growth (1)	3.9	%

_______________

(1) See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income within this section of Item 2.

	Number of Leases	Square Feet ('000's)	Average New Rent per Square Foot ($)		Average Prior Rent per Square Foot ($)		Average Cost of Tenant Improvements per Square Foot ($)		Change in Base Rent on Cash Basis
Leasing Activity:
Three Months Ended March 31, 2013
New leases (1)	67	146	$	19.67	$	18.94	$	6.79	3.9	%
Renewals	239	994	15.30		14.72		0.07		3.9	%
Not comparable spaces	75	230	—		—		—		—	%
Total	381	1,370	$	15.86	$	15.26	$	0.93	3.9	%

_______________

(1) Average lease commissions per square foot for the three months ended March 31, 2013 were $3.18.

The operating metrics of our portfolio continue to strengthen in 2013 as we focus on increasing occupancy and SPNOI. Our portfolio delivered solid operating results with:

• an increase in occupancy of 2% over the first quarter of 2012 primarily as a result of our disposition program;

• an increase of 1.4% in non-anchor shop (spaces less than 10,000 square feet) occupancy over the first quarter of 2012;

• an increase of 3.9% in SPNOI over 2012; and

• rental rate increases for 2013 of 3.9%.

While we will continue to monitor the economy and the effects on our tenants, we believe the significant diversification of our portfolio, both geographically and by tenant base, and the quality of our portfolio will allow us to further increase occupancy levels as we move through 2013, assuming no bankruptcies by multiple national or regional tenants. A stabilization in economic conditions and a reduction in quality retail space available contributed to the increase in overall rental rates on a same-space basis as we completed new leases and renewed existing leases. While we have achieved strong growth in both rental rates and SPNOI during the first quarter of 2013, maintaining this level of positive operating performance through the remainder of 2013 is not assured. Leasing volume is anticipated to decline as we have less vacant space available for leasing and are experiencing reductions in tenant fallout.

New Development

At March 31, 2013, we had two properties in various stages of construction and development. We have funded $61.7 million to date on these projects, and we estimate our aggregate net investment upon completion to be $97.2 million.

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Overall, the average projected stabilized return on investment for these properties is approximately 7.9% upon completion.

We have approximately $121.5 million in land held for development at March 31, 2013. While we are experiencing a greater interest than previous years from retailers and other market participants in our land held for development, opportunities for economically viable developments remain scarce. We continue to pursue additional development and redevelopment opportunities in multiple markets; however, finding the right opportunities remains very challenging.

Acquisitions and Joint Ventures

Acquisitions are a key component of our long-term strategy. The availability of quality acquisition opportunities in the market remains sporadic. Competition for the highest quality core properties is intense which has, in many cases, driven pricing to pre-recession highs. We remain disciplined in approaching these opportunities, pursuing only those that provide appropriate risk-adjusted returns.

Dispositions

Dispositions are also a key component of our ongoing management process where we selectively prune properties from our portfolio that no longer meet our geographic or growth targets. Dispositions provide capital, which may be recycled into properties that have high barrier-to-entry locations within high growth metropolitan markets, and thus have higher long-term growth potential. Additionally, proceeds from dispositions may be used to reduce outstanding debt, further deleveraging our consolidated balance sheet. Over time, we expect this will produce a portfolio with higher occupancy rates and stronger revenue growth.

Summary of Critical Accounting Policies

Our discussion and analysis of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

A disclosure of our critical accounting policies which affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements is included in our Annual Report on Form 10-K for the year ended December 31, 2012 in Management’s Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes to our critical accounting policies during 2013, and there are no accounting pronouncements that have been issued, but not yet adopted, that we believe will have a material impact to our consolidated financial statements.

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Results of Operations

Comparison of the Three Months Ended March 31, 2013 to the Three Months Ended March 31, 2012

The following table is a summary of certain items from our Condensed Consolidated Statements of Operations and Comprehensive Income, which we believe represent items that significantly changed during the first quarter of 2013 as compared to the same period in 2012:

	Three Months Ended March 31,
	2013		2012		Change			% Change
Revenues	$	131,681	$	118,802	$	12,879		10.8	%
Depreciation and amortization	39,719		33,231		6,488			19.5
Operating expenses	25,356		22,419		2,937			13.1
Real estate taxes, net	15,202		13,810		1,392			10.1
Impairment loss	56		6,852		(6,796		)	(99.2	)
General and administrative expenses	6,667		8,307		(1,640		)	(19.7	)
Interest expense, net	17,952		31,297		(13,345		)	(42.6	)
Gain on sale of real estate joint venture and partnerships interests	11,509		5,562		5,947			106.9

Revenues

The increase in revenues of $12.9 million is attributable to an increase in net rental revenues from acquisitions and new development completions, which contributed $6.0 million, as well as increases in occupancy and rental rates.

Depreciation and Amortization

The increase of $6.5 million is attributable primarily to acquisitions, new development completions and other capital activities.

Operating Expenses

The increase in operating expenses of $2.9 million is primarily attributable to operating expenses associated with acquisitions and new development completions, which totaled $.9 million and $.1 million, respectively.

Real Estate Taxes, net

The increase in real estate taxes, net of $1.4 million is primarily attributable to rate and valuation changes, as well as acquisitions and new development completions.

Impairment Loss

The decrease in impairment loss of $6.8 million is primarily attributable to the $6.6 million loss in 2012 associated with an equity interest in an unconsolidated real estate joint venture that owned industrial properties.

General and Administrative Expenses

The decrease in general and administrative expenses of $1.6 million is primarily attributable to a reduction in personnel and a decrease in share-based compensation associated with retirement eligible employees.

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Interest Expense, net

Net interest expense decreased $13.3 million or 42.6%. The components of net interest expense were as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Gross interest expense	$	28,384		$	32,183
Over-market mortgage adjustment	(9,863		)	(103		)
Capitalized interest	(569		)	(783		)
Total	$	17,952		$	31,297

Gross interest expense totaled $28.4 million in the first quarter of 2013, down $3.8 million or 11.8% from the first quarter of 2012. The decrease in gross interest expense results from a reduction in both interest rates and the weighted average debt outstanding as a result of refinancing notes and mortgages through the revolving credit facility by means of proceeds from dispositions and two issuances of 10-year notes each totaling $300 million. In the first quarter of 2013, the weighted average debt outstanding was $2.2 billion at a weighted average interest rate of 5.1% as compared to $2.5 billion outstanding at a weighted average interest rate of 5.2% in 2012. The increase in the over-market mortgage adjustment of $9.8 million is attributable primarily to a $9.7 million write-off of an above-market mortgage intangible from the early payoff of the associated mortgage.

Gain on Sale of Real Estate Joint Venture and Partnership Interests

The gain in the first quarter of 2013 is attributable to the liquidation of an unconsolidated real estate joint venture that owned industrial properties, while the gain in the first quarter of 2012 was associated with the sale of an interest in three unconsolidated real estate joint ventures.

Effects of Inflation

We have structured our leases in such a way as to remain largely unaffected should significant inflation occur. Most of the leases contain percentage rent provisions whereby we receive increased rentals based on the tenants’ gross sales. Many leases provide for increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, many of our leases are for terms of less than 10 years, allowing us to adjust rental rates to changing market conditions when the leases expire. Most of our leases also require the tenants to pay their proportionate share of operating expenses and real estate taxes. As a result of these lease provisions, increases due to inflation, as well as real estate tax rate increases, generally do not have a significant adverse effect upon our operating results as they are absorbed by our tenants. Under the current economic climate, little to no inflation is occurring.

Capital Resources and Liquidity

Our primary liquidity needs are paying our common and preferred dividends, maintaining and operating our existing properties, paying our debt service costs, excluding debt maturities, and funding capital expenditures. Under our 2013 business plan, cash flows from operating activities are expected to meet these planned capital needs.

The primary sources of capital for funding any debt maturities and acquisitions are our credit facilities; proceeds from both secured and unsecured debt issuances; proceeds from common and preferred equity issuances; cash generated from the sale of property and the formation of joint ventures; and cash flow generated by our operating properties. Amounts outstanding under the revolving credit facility are retired as needed with proceeds from the issuance of long-term debt, common and preferred equity, cash generated from the disposition of properties and cash flow generated by our operating properties.

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As of March 31, 2013, we had an available balance of $497.6 million under our revolving credit facility, and our remaining debt maturities for 2013 total $247.5 million. In 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. Proceeds from this offering allowed us to reduce amounts outstanding under our revolving credit facility, which included borrowings used to redeem our 6.75% Series D Cumulative Redeemable Preferred Shares in an amount of $75.0 million and $63.0 million of fixed-rate medium term notes. Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the maturity date has been extended to 2017 with options to extend up to an additional year.

We believe proceeds from our disposition program, combined with our available capacity under the credit facilities, will provide adequate liquidity to fund our capital needs, including acquisitions and new development activities. In the event our disposition program does not progress as expected, we believe other debt and equity alternatives are available to us. Although external market conditions are not within our control, we do not currently foresee any reasons that would prevent us from entering the capital markets if needed.

During 2013, aggregate gross sales proceeds from our dispositions totaled $15.7 million. Operating cash flows from discontinued operations are included in net cash from operating activities in our Condensed Consolidated Statements of Cash Flows, while proceeds from discontinued operations are included as investing activities. At March 31, 2013, discontinued operations represent .2% of our net cash from operating activities, and we would expect future net cash from operating activities to decrease accordingly when compared to prior periods.

We have non-recourse debt secured by acquired or developed properties held in several of our real estate joint ventures and partnerships. Off balance sheet mortgage debt for our unconsolidated real estate joint ventures and partnerships totaled $466.1 million, of which our ownership percentage is $177.7 million at March 31, 2013. Scheduled principal mortgage payments on this debt, excluding non-cash related items totaling $1.3 million, at 100% are as follows (in millions):

2013 remaining	$	32.5
2014	108.9
2015	40.9
2016	97.1
2017	56.3
Thereafter	129.1
Total	$	464.8

We hedge the future cash flows of certain debt transactions, as well as changes in the fair value of our debt instruments, principally through interest rate contracts with major financial institutions. We generally have the right to sell or otherwise dispose of our assets except in certain cases where we are required to obtain our joint venture partners’ consent or a third party consent for assets held in special purpose entities, which are 100% owned by us.

Investing Activities:

Acquisitions

During the first quarter of 2013, we acquired one center for approximately $18.0 million.

Dispositions

During the first quarter of 2013, we sold one center and four real estate assets through our interests in unconsolidated real estate joint ventures and partnerships. Our share of aggregate gross sales proceeds from these transactions totaled $15.7 million and generated gains of $.2 million. Also, we realized an $11.5 million gain associated with the liquidation of an unconsolidated real estate joint venture that owned industrial properties.

New Development

At March 31, 2013, we had two projects under various stages of construction and development with a total square footage of approximately .6 million, of which we have funded $61.7 million to date on these projects. Upon completion, we expect our aggregate net investment in these properties to be $97.2 million.

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Our new development projects are financed initially under our revolving credit facility, as it is our practice not to use third party construction financing. Management monitors amounts outstanding under our revolving credit facility and periodically pays down such balances using cash generated from operations, from debt issuances, from common and preferred share issuances and from the disposition of properties.

Capital Expenditures

Capital expenditures for additions to the existing portfolio, acquisitions, tenant improvements, new development and our share of investments in unconsolidated real estate joint ventures and partnerships are as follows (in thousands):

	Three Months Ended March 31,
	2013		2012
Acquisitions	$	19,299	$	25,377
Tenant Improvements	6,128		9,556
New Development	3,968		5,069
Redevelopment	200		1,131
Other	3,626		3,232
Total	$	33,221	$	44,365

For 2013, we anticipate our acquisitions to total between $175 million and $225 million. We anticipate our 2013 tenant improvement expenditures to be comparable with 2012. Our new development investment for 2013 is estimated to be approximately $25 million to $75 million. Further, we have entered into commitments aggregating $91.1 million comprised principally of construction contracts which are generally due in 12 to 36 months and anticipated to be funded under our revolving credit facility.

Financing Activities:

Debt

Total debt outstanding was $2.3 billion at March 31, 2013 and included $2.2 billion on which interest rates are fixed and $143.9 million, including the effect of $117.7 million of interest rate contracts, which bears interest at variable rates. Additionally, of our total debt, $884.8 million was secured by operating properties while the remaining $1.4 billion was unsecured.

At March 31, 2013, we have a $500 million unsecured revolving credit facility which expires in September 2015 and provides borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 125 and 25 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the maturity date has been extended to 2017 with options to extend up to an additional year. As of April 30, 2013, we had no amounts outstanding, and the available balance was $497.6 million, net of $2.4 million in outstanding letters of credit.

We also have an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity. As of April 30, 2013, we had no amounts outstanding under this facility.

For the three months ended March 31, 2013, the maximum balance and weighted average balance outstanding under both facilities combined were $265.5 million and $115.0 million, respectively, at a weighted average interest rate of 1.1%.

In March 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. This transaction allowed us to reduce amounts outstanding under our revolving credit facility, which included borrowings used to redeem our 6.75% Series D Cumulative Redeemable Preferred Shares in an amount of $75.0 million and $63.0 million of fixed-rate medium term notes.

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Our five most restrictive covenants include debt to assets, secured debt to assets, fixed charge and unencumbered interest coverage and debt yield ratios. We believe we were in full compliance with our public debt and revolving credit facility covenants as of March 31, 2013.

Our most restrictive public debt covenant ratios, as defined in our indenture and supplemental indenture agreements, were as follows at March 31, 2013:

Covenant	Restriction	Actual
Debt to Asset Ratio	Less than 60.0%	45.6%
Secured Debt to Asset Ratio	Less than 40.0%	17.3%
Annual Service Charge Ratio	Greater than 1.5	3.2
Unencumbered Asset Test	Greater than 150%	232.0%

At March 31, 2013, we had four interest rate contracts with an aggregate notional amount of $117.7 million that were designated as fair value hedges and convert fixed interest payments at rates ranging from 4.2% to 7.5% to variable interest payments ranging from .3% to 4.3%.

At March 31, 2013, we had three interest rate contracts with an aggregate notional amount of $26.3 million that were designated as cash flow hedges. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

Also, at March 31, 2013, we had three forward-starting contracts with an aggregate notional amount of $150.0 million hedging future fixed-rate debt issuances. These contracts are effective in January 2014, mature in January 2024 and fix the 10-year swap rates at 2.4%.

We could be exposed to losses in the event of nonperformance by the counter-parties related to our interest rate contracts; however, management believes such nonperformance is unlikely.

Equity

In February 2013, our Board of Trust Managers approved an increase in our quarterly dividend rate for our common shares from $.290 to $.305 per share commencing with the first quarter 2013 distribution. Common and preferred dividends paid totaled $44.1 million during the first quarter of 2013. Our dividend payout ratio (as calculated as dividends paid on common shares divided by funds from operations (“FFO”) - basic) for the first quarter of 2013 was approximately 56.6%, which is inclusive of non-cash transactions including impairment charges and other non-cash items.

In March 2013, we redeemed our 6.75% Series D Cumulative Redeemable Preferred Shares with a redemption value of $75.0 million. The funding of this redemption was under our revolving credit facility.

On May 6, 2013, we called a portion of our 6.5% Series F Cumulative Redeemable Preferred Shares with a redemption value of $200 million, which will settle on June 5, 2013.

We have an effective universal shelf registration statement which expires in October 2014. We will continue to closely monitor both the debt and equity markets and carefully consider our available financing alternatives, including both public offerings and private placements.

35

Contractual Obligations

We have debt obligations related to our mortgage loans and unsecured debt, including any draws on our credit facilities. We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. In addition, we have non-cancelable operating leases pertaining to office space from which we conduct our business. The table below excludes obligations related to our new development projects because such amounts are not fixed or determinable, and commitments aggregating $91.1 million comprised principally of construction contracts which are generally due in 12 to 36 months. The following table summarizes our primary contractual obligations as of March 31, 2013 (in thousands):

	Remaining
	2013		2014		2015		2016		2017		Thereafter		Total
Mortgages and Notes Payable (1)
Unsecured Debt	$	166,348	$	358,059	$	127,930	$	112,139	$	55,175	$	880,321	$	1,699,972
Secured Debt	172,415		202,499		217,287		171,047		130,786		157,038		1,051,072
Lease Payments	2,735		3,403		3,187		3,068		2,890		132,052		147,335
Other Obligations (2)	30,545		33,526		25		25		—		—		64,121
Total Contractual Obligations	$	372,043	$	597,487	$	348,429	$	286,279	$	188,851	$	1,169,411	$	2,962,500

_______________

(1) Includes principal and interest with interest on variable-rate debt calculated using rates at March 31, 2013, excluding the effect of interest rate swaps. Also, excludes a $74.1 million debt service guaranty liability.

(2) Other obligations include income and real estate tax payments, commitments associated with our secured debt and other employee payments. Included in 2013, is the estimated contribution to our retirement plan, which meets or exceeds the minimum statutory funding requirements. See Note 14 for additional information.

Related to our investment in a development project in Sheridan, Colorado, we, our joint venture partner and the joint venture have each provided a guaranty for the payment of any debt service shortfalls on tax increment revenue bonds issued in connection with the project. The Agency issued $74.1 million of Series A bonds used for an urban renewal project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040. The debt associated with this guaranty has been recorded in our consolidated financial statements as of March 31, 2013.

Off Balance Sheet Arrangements

As of March 31, 2013, none of our off balance sheet arrangements had a material effect on our liquidity or availability of, or requirement for, our capital resources. Letters of credit totaling $2.4 million were outstanding under the revolving credit facility at March 31, 2013.

We have entered into several unconsolidated real estate joint ventures and partnerships. Under many of these agreements, we and our joint venture partners are required to fund operating capital upon shortfalls in working capital. We have also committed to fund the capital requirements of new development joint ventures. As operating manager of most of these entities, we have considered these funding requirements in our business plan.

Reconsideration events, including changes in variable interests, could cause us to consolidate these joint ventures and partnerships. We continuously evaluate these events as we become aware of them. Some triggers to be considered are additional contributions required by each partner and each partner’s ability to make those contributions. Under certain of these circumstances, we may purchase our partner’s interest. Our material unconsolidated real estate joint ventures are with entities which appear sufficiently stable; however, if market conditions were to continue to deteriorate and our partners are unable to meet their commitments, there is a possibility we may have to consolidate these entities. If we were to consolidate all of our unconsolidated real estate joint ventures, we would still be in compliance with our debt covenants.

36

As of March 31, 2013, two unconsolidated real estate joint ventures were determined to be VIEs through the issuance of secured loans, since the lenders have the ability to make decisions that could have a significant impact on the profitability of the entities. Our maximum risk of loss associated with these VIEs was limited to $32.7 million at March 31, 2013.

We have a real estate limited partnership agreement with a foreign institutional investor to purchase up to $280 million of retail properties in various states. Our ownership in this unconsolidated real estate limited partnership is 51%. To date, no properties have been purchased.

Non-GAAP Financial Measures

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our GAAP financial statements in order to evaluate our operating results. We believe these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations

The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition.

We believe FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that 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.

37

FFO is calculated as follows (in thousands):

	Three Months Ended March 31,
	2013			2012 (1)
Net income attributable to common shareholders	$	33,668		$	12,328
Depreciation and amortization	38,671			37,619
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships	4,493			5,644
Impairment of operating properties and real estate equity investments	292			9,779
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships	363			—
Gain on sale of property and interests in real estate equity investments	(11,647		)	(9,573		)
Gain on sale of property of unconsolidated real estate joint ventures and partnerships	(243		)	—
Funds from operations – basic	65,597			55,797
Income attributable to operating partnership units	445			431
Funds from operations – diluted	$	66,042		$	56,228
Weighted average shares outstanding – basic	121,058			120,481
Effect of dilutive securities:
Share options and awards	1,165			960
Operating partnership units	1,556			1,584
Weighted average shares outstanding – diluted (2)	123,779			123,025
Funds from operations per share – basic	$	0.54		$	0.46
Funds from operations per share – diluted	$	0.53		$	0.46

______________________

(1) Prior years’ results were restated to conform to the current year presentation by applying NAREIT's methodology regarding operating partnership units.

(2) The weighted average common shares used to compute FFO per diluted common share includes operating partnership units that were excluded from the computation of diluted earnings per share. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted common share, but is anti-dilutive for the computation of diluted earnings per share for the periods presented.

Same Property Net Operating Income

We consider SPNOI to be a key indicator of our financial performance as it provides a better indication of the recurring cash return on our properties by excluding certain non-cash revenues and expenses, as well as other infrequent or one-time items. We believe a pro rata basis is the most useful measurement as it provides our proportional share of SPNOI from all owned properties, including our share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI is a widely used measure among REITs, there can be no assurance that SPNOI presented by us is comparable to similarly titled measures of other REITs.

38

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

	Three Months Ended March 31, 2013
Beginning of the period	261
Properties added:
Acquisitions	7
New Developments	8
Redevelopments	3
Properties removed:
Dispositions	(4	)
Redevelopments	—
End of the period	275

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

	Three Months Ended March 31,
	2013			2012
Operating Income	$	44,681		$	34,183
Less:
Revenue adjustments (1)	948			821
Add:
Property management fees	1,017			905
Depreciation and amortization	39,719			33,231
Impairment loss	56			6,852
General and administrative	6,667			8,307
Acquisition costs	285			336
Other (2)	187			121
Net Operating Income	91,664			83,114
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests	(12,217		)	(6,818		)
Add: Pro rata share of unconsolidated entities defined as same property	10,594			10,397
Same Property Net Operating Income	$	90,041		$	86,693

_______________

(1) Revenue adjustments consist primarily of straight-line rentals and lease cancellation income.

(2) Other includes items such as environmental abatement costs and demolition expenses.

39

Newly Issued Accounting Pronouncements

In February 2013, the FASB issued ASU No. 2013-04, "Obligations resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 are effective for us on January 1, 2014, and are required to be applied retrospectively. We do not expect the adoption of this update to have a material impact on our consolidated financial statements.

ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk

We use fixed and floating-rate debt to finance our capital requirements. These transactions expose us to market risk related to changes in interest rates. Derivative financial instruments are used to manage a portion of this risk, primarily interest rate contracts with major financial institutions. These agreements expose us to credit risk in the event of non-performance by the counter-parties. We do not engage in the trading of derivative financial instruments in the normal course of business. At March 31, 2013, we had fixed-rate debt of $2.2 billion and variable-rate debt of $143.9 million, after adjusting for the net effect of $117.7 million notional amount of interest rate contracts. In the event interest rates were to increase 100 basis points and holding all other variables constant, annual net income and cash flows for the following year would decrease by approximately $1.4 million associated with our variable-rate debt, including the effect of the interest rate contracts. The effect of the 100 basis points increase would decrease the fair value of our variable-rate and fixed-rate debt by approximately $3.7 million and $101.6 million, respectively.

ITEM 4.    Controls and Procedures

Under the supervision and with the participation of our principal executive officer and principal financial officer, management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of March 31, 2013. Based on that evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2013.

There has been no change to our internal control over financial reporting during the quarter ended March 31, 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

ITEM 1.    Legal Proceedings

We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict with certainty the amounts involved, our management and counsel believe that when such litigation is resolved, our resulting liability, if any, will not have a material effect on our consolidated financial statements.

ITEM 1A.  Risk Factors

We have no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2012.

ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3.    Defaults Upon Senior Securities

None.

40

ITEM 4.    Mine Safety Disclosures

Not applicable.

ITEM 5.    Other Information

Not applicable.

ITEM 6.    Exhibits

The exhibits required by this item are set forth on the Exhibit Index attached hereto.

41

SIGNATURES

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 thereunto duly authorized.

WEINGARTEN REALTY INVESTORS
(Registrant)
By:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President and Chief Executive Officer
By:	/s/ Joe D. Shafer
	Joe D. Shafer
	Senior Vice President/Chief Accounting Officer
	(Principal Accounting Officer)

DATE: May 7, 2013

42

EXHIBIT INDEX

(a)		Exhibits:
4.1	—	Form of 3.50% Senior Note due 2023 (filed as Exhibit 4.1 to WRI's Form 8-K on March 22, 2013 and incorporated herein by reference).
10.1*	—	Amendment Agreement dated April 18, 2013 of the Amended and Restated Credit Agreement dated September 30, 2011.
10.2*	—	Fourth Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2013.
31.1*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
31.2*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
32.1**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
32.2**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
101.INS**	—	XBRL Instance Document
101.SCH**	—	XBRL Taxonomy Extension Schema Document
101.CAL**	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	—	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE**	—	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed with this report.

** Furnished with this report.

† Management contract or compensation plan or arrangement.

43

EX-10.1

EXHIBIT 10.1

__________________________________________________________________________________________________

AMENDMENT AGREEMENT

dated as of

April 18, 2013

among

WEINGARTEN REALTY INVESTORS,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

and

BANK OF AMERICA, N.A.,

as Syndication Agent

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

PNC BANK, NATIONAL ASSOCIATION,

REGIONS BANK,

U.S. BANK, NATIONAL ASSOCIATION, and

ROYAL BANK OF CANADA,

as Documentation Agents

and

THE BANK OF NOVA SCOTIA,

as Managing Agent

__________________________________________________________________________________________________

J.P. MORGAN SECURITIES LLC and

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Joint Bookrunners and as Co-Arrangers

AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT, hereinafter referred to as this “Amendment”, dated as of April 18, 2013, is made and entered into by and among WEINGARTEN REALTY INVESTORS, a Texas real estate investment trust (the “Borrower”), the financial institutions (the “Lenders”) signatories hereto, and JPMORGAN CHASE BANK, N.A. (“JPMorgan”), as administrative agent for the Lenders (in such capacity, the “Agent”).

WITNESSETH:

WHEREAS, the Borrower, the Agent and the Lenders have entered into an Amended and Restated Credit Agreement dated as of September 30, 2011 (as amended to the date hereof, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Credit Agreement and the other Loan Documents be amended in certain respects, and the Agent and the Lenders have approved such request;

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and for other good and valuable consideration, the Borrower, the Agent and the Lenders do hereby agree as follows:

Section 1.Capitalized terms used herein that are defined in the Credit Agreement shall have the same meanings when used herein unless otherwise defined herein.

Section 2.The following definitions in Section 1.01 of the Credit Agreement are hereby modified as follows:

(a)The table in the definition of Applicable Rate is hereby deleted and replaced with the following:

Index Debt Ratings:	ABR Spread	Eurodollar Spread	Facility Fee Rate
Category 1 A-/A3 or better	0.0%	0.950%	0.150%
Category 2 BBB+/Baa1	0.050%	1.050%	0.150%
Category 3 BBB/Baa2	0.150%	1.150%	0.200%
Category 4 BBB-/Baa3	0.400%	1.400%	0.300%
Category 5 Worse than BBB-/Baa3	0.725%	1.725%	0.375%

(b)The definition of Maturity Date is hereby amended and restated to read as follows:

“Maturity Date” means April 18, 2017, a the same may be extended in accordance with Section 2.19.

Section 3.The definition of Qualified Real Property is hereby amended to add the following clause (c): “(c) is owned by Borrower, or is owned by a Person that does not have any Indebtedness other than Non-recourse Debt.”

Section 4.Section (a)(ii) of the definition of Value is modified to be seven and one-fourth percent (7.25%) instead of seven and one-half percent (7.50%).

Section 5.The first sentence of Section 2.08(d) of the Credit Agreement is hereby amended to replace the clause “three (3) years after the date of this Agreement” with “April 18, 2016”.

Section 6.Section 2.11(e) of the Credit Agreement is hereby amended and restated to read as follows:

(e)In the event that the Maturity Date is extended in accordance with the terms of Section 2.19, the Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee for each six month extension equal to 0.075% of the aggregate Revolving Credit Exposure on the first effective day of each extension.

Section 7.Section 2.19 of the Credit Agreement is hereby amended and restated to read as follows:

SECTION 2.19Extension.

(a)Subject to the provisions of this Section, the Borrower may extend the Maturity Date two (2) times for six (6) months each time by giving written request therefor (each an “Extension Request”) to the Administrative Agent of the Borrower's desire to extend such term, at least ninety (90) days and no more than one hundred twenty (120) days prior to the then existing Maturity Date.

(b)If the Maturity Date is extended, all of the other terms and conditions of this Agreement and the other Loan Documents (including interest payment dates) shall remain in full force and effect and unmodified, except as expressly provided for herein. The extension of the Maturity Date is subject to the satisfaction of each of the following additional conditions for each six-month extension:

(i)the representations and warranties of each Credit Party set forth in this Agreement or any other Loan Document to which such Credit Party is a signatory shall be true and correct in all material

- 2 -

respects on the date that the Extension Request is given to the Administrative Agent and on the first day of the extension (except to the extent such representations and warranties relate to a specified date);

(ii)no Default or Event of Default has occurred and is continuing on the date on which the Borrower gives the Administrative Agent the Extension Request or on the first day of the extension;

(iii)the Borrower shall be in compliance with all of the financial covenants set forth in Article V hereof both on the date on which the Extension Request is given to the Administrative Agent and on the first day of the extension;

(iv)the Borrower shall have paid to the Administrative Agent all amounts then due and payable to any of the Lenders, the Issuing Bank and the Administrative Agent under the Loan Documents (other than principal and interest to be included in the amounts extended), including the extension fee described in Section 2.11(e) hereof;

(v)the Borrower shall pay for any and all reasonable out-of-pocket costs and expenses, including, reasonable attorneys' fees and disbursements, incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date;

(vi)no change in the business, assets, management, operations or financial condition of any Credit Party shall have occurred since the most recent funding of any Loan, which change, in the judgment of the Administrative Agent, will have or is reasonably likely to have a Material Adverse Effect;

(vii)the Borrower shall execute and deliver to the Administrative Agent such other documents, financial statements, instruments, certificates, opinions of counsel, reports, or amendments to the Loan Documents as the Administrative Agent shall reasonably request regarding the Credit Parties as shall be necessary to effect such extension; and

(viii)a written agreement evidencing the extension is signed by the Administrative Agent, the Lenders, the Credit Parties and any other Person to be charged with compliance therewith, which agreement such parties agree to execute if the extension conditions set forth above have been satisfied.

- 3 -

Section 8.Provisions of the Credit Agreement requiring Guarantors and Guaranties are hereby deleted. The Guaranty dated September 30, 2011 executed by twenty-two (22) Guarantors is hereby cancelled, together with (i) agreement styled “Guaranty (Additional Guarantors)” dated as of September 30, 2011, executed by seven (7) Guarantors, and (ii) the Guaranty dated as of September 30, 2011 executed by WRI Golden State, LLC. Section 5.12 of the Credit Agreement is hereby deleted and replaced with “Intentionally Omitted.”

Section 9.Exhibits C and C-1 of the Credit Agreement are hereby deleted and replaced with “Intentionally Omitted.”

Section 10.The Borrower represents and warrants that the representations and warranties contained in Article III of the Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date. The Borrower hereby certifies that no event has occurred and is continuing which constitutes an Event of Default under the Credit Agreement or which upon the giving of notice or the lapse of time or both would constitute such an Event of Default.

Section 11.Except as expressly amended hereby, the Credit Agreement and the other Loan Documents shall remain in full force and effect. The Credit Agreement, as hereby amended, and all rights and powers created thereby or thereunder and under the other Loan Documents are in all respects ratified and confirmed and remain in full force and effect.

Section 12.The term “Credit Agreement” as used in the Credit Agreement, the other Loan Documents or any other instrument, document or writing furnished to the Agent or the Lenders by the Borrower shall mean the Credit Agreement as hereby amended.

Section 13.This Amendment (a) shall be binding upon the Borrower, the Agent and the Lenders, and their respective successors and assigns (provided, however, no party may assign its rights hereunder except in accordance with the Credit Agreement); (b) may be modified or amended only in accordance with the Credit Agreement; (c) shall be governed by and construed in accordance with the laws of the State of Texas and the United States of America; (d) may be executed in several counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement; and (e) embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.

Section 14.THIS AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES BEFORE OR SUBSTANTIALLY CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF TOGETHER CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

- 4 -

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their respective duly authorized officers, effective as of the date first set forth herein.

BORROWER:

WEINGARTEN REALTY INVESTORS

By: /s/Stephen C. Richter

Name:Stephen C. Richter

Title: EVP/CFO

- 5 -

Signature page to Amendment Agreement with Weingarten Realty Investors

JPMORGAN CHASE BANK, N.A.

as Agent and as a Lender

By: /s/Rita Lai

Name:Rita Lai

Title: Senior Credit Banker

- 6 -

Signature page to Amendment Agreement with Weingarten Realty Investors

BANK OF AMERICA, N.A.

By: /s/Steven P. Renwick

Steven P. Renwick, Senior Vice President

- 7 -

Signature page to Amendment Agreement with Weingarten Realty Investors

ROYAL BANK OF CANADA

By: /s/Joshua Freedman

Joshua Freedman, Authorized Signatory

- 8 -

Signature page to Amendment Agreement with Weingarten Realty Investors

SUMITOMO MITSUI BANKING CORPORATION

By: /s/William G. Karl

Name:William G. Karl

Title:General Manager

- 9 -

Signature page to Amendment Agreement with Weingarten Realty Investors

REGIONS BANK

By: /s/Robert P. MacGregor

Robert P. MacGregor, Senior Vice President

- 10 -

Signature page to Amendment Agreement with Weingarten Realty Investors

THE NORTHERN TRUST COMPANY

By: /s/Blake J. Lunt

Blake J. Lunt, Second Vice President

- 11 -

Signature page to Amendment Agreement with Weingarten Realty Investors

BRANCH BANKING & TRUST COMPANY

By: /s/Steven W. Whitcomb

Name:Steven W.WhitcombTitle: Senior Vice President

- 12 -

Signature page to Amendment Agreement with Weingarten Realty Investors

THE BANK OF NOVA SCOTIA

By: /s/Christopher Usas

Name:Christopher Usas

Title: Director

- 13 -

Signature page to Amendment Agreement with Weingarten Realty Investors

WELLS FARGO BANK, NATIONAL ASSOCIATION

By: /s/J. Derek Evans

J. Derek Evans, Senior Vice President

- 14 -

Signature page to Amendment Agreement with Weingarten Realty Investors

PNC BANK, NATIONAL ASSOCIATION

By: /s/Michael J. Catalano

Name: Michael J. Catalano

Title: Senior Vice President

- 15 -

Signature page to Amendment Agreement with Weingarten Realty Investors

U.S. BANK NATIONAL ASSOCIATION

By: /s/Gregory N. Kaye

Gregory N. Kaye, Senior Vice President

- 16 -

Signature page to Amendment Agreement with Weingarten Realty Investors

CAPITAL ONE, N.A.

By:/s/Frederick H. Denecke

Frederick H. Denecke, Vice President

- 17 -

EXHIBIT A

EXHIBIT C-1

LIST OF GUARANTORS

NONE

EX-10.2

EXHIBIT 10.2

March 11, 2013

FOURTH AMENDMENT TO PROMISSORY NOTE

This Fourth Amendment to Promissory Note (this "Amendment") is to be effective as of the close of business March 11, 2013, or as otherwise stated herein.

WHEREAS, the undersigned are parties to that certain Promissory Note (as the same has been and may be hereafter renewed, amended, modified, or extended, the "Note") dated as of March 12, 2009 in the original amount of $12,910,386.14, made by WEINGARTEN REALTY INVESTORS ("Weingarten"), a Texas real estate investment trust, and payable to the order of RELIANCE TRUST COMPANY, as Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan ("Reliance"); and

WHEREAS, the scheduled maturity date of the Note is March 12, 2013; and

WHEREAS, the parties desire to extend the maturity date under the Note to a date one year from the date of its currently-scheduled maturity; and

WHEREAS, the parties desire to amend the Note to reflect this change and desire to memorialize the outstanding balance due under the Note as of March 11, 2013;

NOW, THEREFORE, it is agreed:

1.    The second paragraph of the Note shall be revised to be and read as follows:

"The entire unpaid balance of the Note, including accrued interest, shall be due and payable March 12, 2014."

2. As of the close of business March 11, 2013, the balance due under the Note, including accrued interest, is $9,827,144.95.

In all other respects, the Note is hereby ratified and confirmed.

This instrument may be executed by the parties individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall together constitute one and the same instrument. Individuals authorized to enter into this amendment on behalf of Weingarten are identified on Exhibit A hereto.

1

RELIANCE TRUST COMPANY
By:	/s/Wade Fox
Its (Title):	Sr. Vice President
Date:	2-5-2013

WEINGARTEN REALTY INVESTORS
By:	/s/Stephen C. Richter
Its (Title):	Executive VP/CFO
Date:	2-1-13

2

Exhibit A

Individuals Authorized to Enter into the Fourth Amendment to Promissory Note on behalf of Weingarten

Andrew M. Alexander

Stephen C. Richter

3

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Andrew M. Alexander, certify that:

1.I have reviewed this report on Form 10-Q of Weingarten Realty Investors;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of trust managers:

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

May 7, 2013

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Stephen C. Richter, certify that:

1.I have reviewed this report on Form 10-Q of Weingarten Realty Investors;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of trust managers:

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

May 7, 2013

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Weingarten Realty Investors (the “Company”) on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew M. Alexander, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

May 7, 2013

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Weingarten Realty Investors (the “Company”) on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen C. Richter, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

May 7, 2013

XML

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule Of Net Periodic Benefit Cost

The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012(1)
Service cost	$	426		$	391
Interest cost	513			469
Expected return on plan assets	(814		)	(667		)
Prior service cost	—			(35		)
Recognized loss	425			467
Total	$	550		$	625

__________________

(1) Effective January 1, 2012, our supplemental retirement plans were amended and designated as defined contribution plans. Prior years’ operating results were restated to conform to the current year presentation. This item had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

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Debt (Schedule Of Debt) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2013		Dec. 31, 2012
Debt Instrument [Line Items]
Unsecured notes payable under credit facilities	$ 0		$ 66,000
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Total	2,323,620	[1]	2,204,030	[1]
Debt Payable To 2038 [Member]
Debt Instrument [Line Items]
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	2,227,395		2,041,709
Debt maturity date	Dec. 23, 2038		Dec. 23, 2038
Debt Payable To 2038 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt stated interest rate	8.60%		8.80%
Debt Payable To 2038 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt stated interest rate	2.60%		2.60%
Industrial Revenue Bonds Payable To 2015 [Member]
Debt Instrument [Line Items]
Industrial revenue bonds payable to 2015 at 2.4%	$ 1,150		$ 1,246
Debt maturity date	Dec. 01, 2015		Dec. 01, 2015
Debt stated interest rate	2.40%		2.40%

[1] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

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Property (Schedule Of Capitalized Expenses) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Real Estate Investment Property [Line Items]
Interest	$ 569	$ 783
Real estate taxes	63	123
Total	$ 632	$ 906

XML

Earnings Per Share (Schedule Of Anti-Dilutive Securities) (Details) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	3,869		4,731
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	2,313	[1]	3,147	[1]
Operating Partnership Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	1,556		1,584

[1] Exclusion results as exercise prices were greater than the average market price for each respective period.

XML

Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
Debt Instrument [Line Items]
Total	$ 2,323,620	[1]	$ 2,204,030	[1]
As To Interest Rate [Member]
Debt Instrument [Line Items]
Fixed-rate debt	2,179,715		1,992,599
Variable-rate debt	143,905		211,431
Total	2,323,620		2,204,030
As To Collateralization [Member]
Debt Instrument [Line Items]
Unsecured debt	1,438,838		1,270,742
Secured debt	884,782		933,288
Total	$ 2,323,620		$ 2,204,030

[1] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

XML

Variable Interest Entities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 jvs
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	2
Debt associated with tenancy-in-common arrangement	$ 20.8
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	2
Number of neighborhood/community shopping centers	30
Through Guaranty On Debt [Member] | Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	1
Through Guaranteed Distributions and Loan Guaranty [Member] | Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	1

XML

Property (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 property
Real Estate Investment Property [Line Items]
Number of operating properties acquired	1
Gross payments to acquire real estate	$ 18.0
Number of operating properties sold	1
Proceeds from sale and disposition of property	$ 4.0

XML

Derivatives And Hedging (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Interest Rate Contracts Reported At Fair Value

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
March 31, 2013	Other Assets, net	$	8,938	Other Liabilities, net	$	2,874
December 31, 2012	Other Assets, net	9,926		Other Liabilities, net	768

Offsetting Of Derivative Assets And Liabilities

The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
March 31, 2013
Assets	$	8,938	$	—	$	8,938	$	(706	)	$	—	$	8,232
Liabilities	2,874		—		2,874		(706		)	—		2,168
December 31, 2012
Assets	9,926		—		9,926		—			—		9,926
Liabilities	768		—		768		—			—		768

Summary Of Cash Flow Interest Rate Contract Hedging Activity

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	$	2,107		Interest expense, net	$	(656	)	Interest expense, net	$	—
Three Months Ended March 31, 2012	(16		)	Interest expense, net	(659		)	Interest expense, net	—

Summary Of Changes In Fair Value Of Interest Rate Contracts

A summary of the changes in fair value of our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Gain (Loss) Recognized  in Income
Three Months Ended March 31, 2013
Interest expense, net	$	(987	)	$	987	$	—
Three Months Ended March 31, 2012
Interest expense, net	(530		)	530		—

Summary Of Fair Value Interest Rate Contract Hedging Activity

A summary of our fair value interest rate contract hedges impact on net income is as follows (in thousands):

Derivatives Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain  (Loss) Recognized in Income on Derivative			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	Interest expense, net	$	42		Interest expense, net	$	—
Three Months Ended March 31, 2012	Interest expense, net	(471		)	Interest expense, net	—

XML

Variable Interest Entities (Summary Of Consoldiated Variable Interest Entities) (Details) (Consolidated Variable Interest Entities [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum Risk of Loss	$ 128,473	[1]	$ 111,305	[1]
Assets held by VIEs	250,133		257,374
Assets held as collateral for debt	$ 241,803		$ 246,486

[1] The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

XML

Share Options And Awards (Status Of Unvested Restricted Share Awards) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Outstanding, January 1, 2013	496,571
Unvested Restricted Share Awards, Vested	(81,489)
Unvested Restricted Share Awards, Forfeited	(43)
Unvested Restricted Share Awards, Outstanding, March 31, 2013	606,655
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Outstanding, January 1, 2013	$ 23.10
Weighted Average Grant Date Fair Value, Vested	$ 19.43
Weighted Average Grant Date Fair Value, Forfeited	$ 27.14
Weighted Average Grant Date Fair Value, Outstanding, March 31, 2013	$ 26.41
Service-Based Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	102,456
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 29.71
Market-Based Share Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	44,580
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 31.83
Market Based Awards Relative To Three Year Absolute Total Shareholder Return [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	44,580
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 37.49

XML

Debt (Principal Payments Of Debt) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Debt Instrument [Line Items]
2013 remaining	$ 247,465,000
2014	473,103,000
2015	274,707,000
2016	223,198,000
2017	140,830,000
2018	63,057,000
2019	152,211,000	[1]
2020	2,099,000
2021	957,000
2022	303,410,000
Thereafter	339,312,000
Total	2,220,349,000
8.1% Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes	$ 100,000,000
Debt stated interest rate	8.10%
Debt maturity date	Sep. 15, 2019
Debt redemption date option	9/15/2014

[1] Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

XML

Related Parties (Narrative) (Details) (USD $)	1 Months Ended		3 Months Ended					1 Months Ended	12 Months Ended
	Nov. 30, 2012 jvs	Feb. 29, 2012	Mar. 31, 2013 property	Mar. 31, 2012	Dec. 31, 2012	Nov. 30, 2012 Minimum [Member]	Nov. 30, 2012 Maximum [Member]	Nov. 30, 2012 Industrial Properties [Member] property	Dec. 31, 2012 Industrial Properties [Member] property
Related Party Transaction [Line Items]
Net accounts receivable, related parties			$ 1,400,000		$ 1,800,000
Accounts payable and accrued expenses, related parties			5,900,000		6,300,000
Management fees revenue, related parties			1,400,000	1,700,000
Ownership percentage in joint ventures		47.80%			75.00%	20.00%	50.00%
Number of real estate joint ventures	3
Number of operating properties sold			1					9	54
Proceeds from sale of unconsolidated real estate joint venture, gross	20,900,000	29,100,000
Gain on sale of real estate joint venture and partnership interests	$ 8,600,000	$ 3,500,000	$ 11,509,000	$ 5,562,000

XML

Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable from real estate joint ventures and partnerships	$ 89,013	$ 89,776
Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable from real estate joint ventures and partnerships, fair value	92,719	93,572
Tax increment revenue bonds, fair value	25,850	26,505
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable from real estate joint ventures and partnerships	89,013	89,776
Tax increment revenue bonds	25,850	26,505
Fixed-rate debt	2,179,715	1,992,599
Variable-rate debt	143,905	211,431
Fixed Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	2,294,471	2,094,122
Variable Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 155,250	$ 223,759

XML

Business Combinations (Narrative) (Details)	3 Months Ended				12 Months Ended
	Mar. 31, 2013 property	Dec. 31, 2012	Feb. 29, 2012	Aug. 06, 2012 Tenancy In Common [Member]	Dec. 31, 2012 Shopping Center [Member] property
Business Acquisition [Line Items]
Number of operating properties acquired	1				4
Ownership percentage in joint ventures		75.00%	47.80%	79.60%

XML

Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Impaired Property [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Property		19,679,000	[1]
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Notes receivable from real estate joint ventures and partnerships	92,719,000	93,572,000
Tax increment revenue bonds	25,850,000	26,505,000
Significant Unobservable Inputs (Level 3) [Member] | Fixed Rate Debt [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt	2,294,471,000	2,094,122,000
Significant Unobservable Inputs (Level 3) [Member] | Variable Rate Debt [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt	155,250,000	223,759,000
Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Property	0	13,906,000	[1]
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed Rate Debt [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	1.50%	1.10%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed Rate Debt [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	6.00%	6.50%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable Rate Debt [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	2.40%	1.40%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable Rate Debt [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	5.00%	5.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Notes Receivable From Real Estate Joint Ventures And Partnerships [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	2.70%	3.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	7.50%	7.50%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Expected Future Inflation Rate	1.00%	1.00%
Fair Value Input, Expected Future Growth Rate	1.00%	1.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Expected Future Inflation Rate	2.00%	2.00%
Fair Value Input, Expected Future Growth Rate	2.00%	4.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate		10.00%
Fair Value Input, Holding Period (Years)		1 year
Fair Value Input, Expected Future Inflation Rate		3.00%	[2]
Fair Value Input, Market Rent Growth Rate		3.00%	[2]
Fair Value Input, Expense Growth Rate		3.00%	[2]
Fair Value Input, Vacancy Rate		5.00%	[2]
Fair Value Input, Renewal Rate		75.00%	[2]
Fair Value Input, Market Rent Rate		10.52	[2]
Fair Value Input, Leasing Costs Per Square Foot		16.50	[2]
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Market Capitalization Rate		9.30%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Impaired Property [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Market Capitalization Rate		9.50%

[1] In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

[2] Only applies to one property valuation.

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Commitments And Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		3 Months Ended
	Nov. 30, 2012 jvs	Mar. 31, 2013 partnerships	Dec. 31, 2012	Mar. 31, 2013 Capital Additions [Member]	Mar. 31, 2013 Capital Additions [Member] Minimum [Member]	Mar. 31, 2013 Capital Additions [Member] Maximum [Member]	Mar. 31, 2013 Noncontrolling Interests [Member]	Mar. 31, 2012 Noncontrolling Interests [Member]	Mar. 31, 2013 Consoldiated Real Estate Joint Ventures [Member] jvs	Mar. 31, 2013 Unconsolidated Real Estate Joint Ventures [Member] jvs
Long-term Purchase Commitment [Line Items]
Number of DownREITS		4
Shares issued in exchange for noncontrolling interests							$ 0	$ 0
Aggregate redemption value of interests		49	42
Number of real estate joint ventures	3								1	2
Construction contract commitment				$ 91.1
Construction contract period, months					12	36

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Share Options And Awards (Narrative) (Details) (Restricted Shares [Member], USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 6.1	$ 4.7
Weighted average expected amortization period for unrecognized compensation cost	2 years 2 months	1 year 11 months

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Variable Interest Entities

3 Months Ended

Mar. 31, 2013

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable Interest Entities

Consolidated VIEs:

Two of our real estate joint ventures whose activities principally consist of owning and operating 30 neighborhood/community shopping centers, located in Florida, Georgia, North Carolina, Tennessee and Texas, were determined to be VIEs. Based on a financing agreement that is guaranteed solely by us for tax planning purposes at one entity and an agreement providing for guaranteed distributions until certain transactions have settled, in addition to, a loan guaranty provided solely by us at the other entity, we have determined that we are the primary beneficiary in both instances and have consolidated these joint ventures.

A summary of our consolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Maximum Risk of Loss (1)	$	128,473	$	111,305
Assets held by VIEs	250,133		257,374
Assets held as collateral for debt	241,803		246,486

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Restrictions on the use of these assets are significant because they serve as collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required including operating cash shortfalls and unplanned capital expenditures. We have not provided any additional support to the VIEs as of March 31, 2013.

Unconsolidated VIEs:

At March 31, 2013 and December 31, 2012, two unconsolidated real estate joint ventures were determined to be VIEs through the issuance of secured loans, of which $20.8 million of debt associated with a tenancy-in-common arrangement is recorded in our Condensed Consolidated Balance Sheet, since the lenders have the ability to make decisions that could have a significant impact on the success of the entities. A summary of our unconsolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	29,969	$	29,628
Maximum Risk of Loss (2)	32,719		32,990

_______________

(1) The carrying amount of the investments represents our contributions to the real estate joint ventures net of any distributions made and our portion of the equity in earnings of the joint ventures.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required.

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Investment In Real Estate Joint Ventures And Partnerships (Combined Condensed Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012		Mar. 31, 2012	Dec. 31, 2011
ASSETS
Property	$ 4,425,127		$ 4,399,850
Accumulated depreciation	(1,073,361)		(1,040,839)
Property, net	3,351,766	[1]	3,359,011	[1]
Total Assets	4,190,968		4,184,784
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net (primarily mortgages payable)	2,323,620	[1]	2,204,030	[1]
Other liabilities, net	111,661		120,900
Total Liabilities	2,523,228		2,444,629
Accumulated equity	1,667,740		1,740,155		1,804,259	1,823,582
Total Liabilities and Equity	4,190,968		4,184,784
Unconsolidated Real Estate Joint Ventures [Member]
ASSETS
Property	1,568,267		1,631,694
Accumulated depreciation	(274,214)		(273,591)
Property, net	1,294,053		1,358,103
Other assets, net	154,599		161,344
Total Assets	1,448,652		1,519,447
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net (primarily mortgages payable)	466,149		468,841
Amounts payable to Weingarten Realty Investors and affiliates	106,311		109,931
Other liabilities, net	32,762		34,157
Total Liabilities	605,222		612,929
Accumulated equity	843,430		906,518
Total Liabilities and Equity	$ 1,448,652		$ 1,519,447

[1] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2013
Assets:
Investments in grantor trusts	$	16,267					$	16,267
Derivative instruments:
Interest rate contracts			$	8,938			8,938
Total	$	16,267	$	8,938	$	—	$	25,205
Liabilities:
Derivative instruments:
Interest rate contracts			$	2,874			$	2,874
Deferred compensation plan obligations	$	16,267					16,267
Total	$	16,267	$	2,874	$	—	$	19,141
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2012
Assets:
Investments in grantor trusts	$	16,030					$	16,030
Derivative instruments:
Interest rate contracts			$	9,926			9,926
Total	$	16,030	$	9,926	$	—	$	25,956
Liabilities:
Derivative instruments:
Interest rate contracts			$	768			$	768
Deferred compensation plan obligations	$	16,030					16,030
Total	$	16,030	$	768	$	—	$	16,798

Assets Measured On Nonrecurring Basis

No assets were measured at fair value on a nonrecurring basis at March 31, 2013. Assets measured at fair value on a nonrecurring basis at December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	5,773	$	13,906	$	19,679	$	(2,971	)
Investment in real estate joint ventures and partnerships (3)			24,231				24,231		(6,608		)
Total	$	—	$	30,004	$	13,906	$	43,910	$	(9,579	)

_______________

(1) Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

(3) Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	89,013	$	92,719	$	89,776	$	93,572
Tax increment revenue bonds	25,850		25,850		26,505		26,505
Debt:
Fixed-rate debt	2,179,715		2,294,471		1,992,599		2,094,122
Variable-rate debt	143,905		155,250		211,431		223,759

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2013 and December 31, 2012 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	March 31, 2013		December 31, 2012				Minimum				Maximum
	(in thousands)				Valuation Technique		2013		2012		2013		2012
Property	$	—	$	13,906	Broker valuation estimate	Indicative bid (1)
					Bona fide purchase offers	Contract price (1)
					Discounted cash flows	Discount rate							10.0		%
						Capitalization rate			9.3	%			9.5		%
						Holding period (years)							1
						Expected future inflation rate (2)							3.0		%
						Market rent growth rate (2)							3.0		%
						Expense growth rate (2)							3.0		%
						Vacancy rate (2)							5.0		%
						Renewal rate (2)							75.0		%
						Average market rent rate (2)							$	10.52
						Average leasing cost per square foot (2)							$	16.50
Notes receivable from real estate joint ventures and partnerships	92,719		93,572		Discounted cash flows	Discount rate					2.7	%	3.0		%
Tax increment revenue bonds	25,850		26,505		Discounted cash flows	Discount rate					7.5	%	7.5		%
						Expense growth rate	1.0	%	1.0	%	2.0	%	4.0		%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0		%
Fixed-rate debt	2,294,471		2,094,122		Discounted cash flows	Discount rate	1.5	%	1.1	%	6.0	%	6.5		%
Variable-rate debt	155,250		223,759		Discounted cash flows	Discount rate	2.4	%	1.4	%	5.0	%	5.0		%

_______________

(1) These fair values were developed by third parties, subject to our corroboration for reasonableness.

(2) Only applies to one property valuation.

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Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 426	$ 391	[1]
Interest cost	513	469	[1]
Expected return on plan assets	(814)	(667)	[1]
Prior service cost	0	(35)	[1]
Recognized loss	425	467	[1]
Total	$ 550	$ 625	[1]

[1] Effective January 1, 2012, our supplemental retirement plans were amended and designated as defined contribution plans. Prior years’ operating results were restated to conform to the current year presentation. This item had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Components of Earnings Per Share - Basic and Diluted

Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Numerator:
Continuing Operations:
Income from continuing operations	$	44,830		$	14,931
Gain on sale of property	142			440
Net income attributable to noncontrolling interests	(1,467		)	(1,441		)
Dividends on preferred shares	(7,440		)	(8,869		)
Redemption costs of preferred shares	(2,242		)	—
Income from continuing operations attributable to common shareholders – basic and diluted	$	33,823		$	5,061
Discontinued Operations:
(Loss) income from discontinued operations attributable to common shareholders – basic and diluted	$	(155	)	$	7,267
Denominator:
Weighted average shares outstanding - basic	121,058			120,481
Effect of dilutive securities:
Share options and awards	1,165			960
Weighted average shares outstanding - diluted	122,223			121,441

Schedule Of Anti-Dilutive Securities

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended March 31,
	2013	2012
Share options (1)	2,313	3,147
Operating partnership units	1,556	1,584
Total anti-dilutive securities	3,869	4,731

_______________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

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Notes Receivable From Real Estate Joint Ventures And Partnerships (Details) (USD $)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 29, 2012	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012	Nov. 30, 2012
Notes Receivable From Real Estate Joint Ventures And Partnerships [Line Items]
Interest rate on notes receivable - range minimum		2.90%		2.90%
Interest rate on notes receivable - range maximum		10.00%		16.00%
Notes receivable due at various dates through		Jun. 30, 2014		Jun. 30, 2014
Allowance for uncollectible notes receivable		$ 0		$ 0
Interest income on notes receivable		600,000	700,000
Notes receivable from real estate joint ventures and partnerships, currently due					16,100,000
Proceeds received for notes receivable	$ 59,200,000	$ 3,937,000	$ 59,897,000
Ownership percentage in joint ventures	47.80%			75.00%

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Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net	$ 119	$ 18,848
Depreciation and amortization	(12)	(5,619)
Operating expenses	(22)	(3,296)
Real estate taxes, net	(4)	(2,836)
Impairment loss	(236)	(3,171)
General and administrative	0	(14)
Interest expense, net	0	(279)
Operating (loss) income from discontinued operations	(155)	3,633
Gain on sale of property from discontinued operations	0	3,634
(Loss) Income from Discontinued Operations	$ (155)	$ 7,267

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Derivatives And Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) (Cash Flow Hedges [Member], Interest Rate Contracts [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)	$ 2,107	$ (16)
Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive into Income (Effective Portion)	(656)	(659)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 0	$ 0

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Property (Schedule Of Property) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Real Estate Investment Property [Line Items]
Land	$ 891,897	$ 881,156
Land held for development	121,504	121,294
Land under development	5,527	6,155
Buildings and improvements	3,348,093	3,325,793
Construction in-progress	58,106	65,452
Total	$ 4,425,127	$ 4,399,850

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Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees for either joint ventures where we are partners or for other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 53.0 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.1% of total rental revenues during the first three months of 2013. Net operating income from continuing operations generated by our properties located in Houston and its surrounding areas was 21.4% of total net operating income from continuing operations for the three months ended March 31, 2013, and an additional 7.6% of net operating income from continuing operations is generated from properties that are located in other parts of Texas.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2012 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	March 31, 2013		December 31, 2012
Restricted cash	$	37,902	$	36,944
Mortgage escrows	5,633		7,152
Total	$	43,535	$	44,096

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain and Losses on Cash Flow Hedges			Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	7,489		$	17,254			$	24,743
Amounts reclassified from other comprehensive loss (income)	1,451		(1)	(365		)	(2)	1,086
Net other comprehensive loss (income)	1,451			(365		)		1,086
Balance, March 31, 2013	$	8,940		$	16,889			$	25,829

_______________

(1) This reclassification component is included in interest expense and other liabilities (see Note 7 for additional information).

(2) This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information).

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 for additional information). These items had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

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Derivatives And Hedging (Summary Of Changes In Fair Value Of Interest Rate Contracts) (Details) (Interest Expense, Net [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Interest Expense, Net [Member]
Derivative [Line Items]
Gain (Loss) on Contracts	$ (987)	$ (530)
Gain (Loss) on Borrowings	987	530
Gain (Loss) Recognized in Income	$ 0	$ 0

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Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2013 sqft
Summary Of Significant Accounting Policies [Line Items]
Date of establishment	1948
Square footage of operating properties	53,000,000
Tenant Base [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentrations of risk	3.10%
Houston Texas Geographic Concentration [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentrations of risk	21.40%
Other Parts of Texas Geographic Concentration [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentrations of risk	7.60%

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Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule Of Restricted Deposits And Mortgage Escrows

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	March 31, 2013		December 31, 2012
Restricted cash	$	37,902	$	36,944
Mortgage escrows	5,633		7,152
Total	$	43,535	$	44,096

Schedule Of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain and Losses on Cash Flow Hedges			Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	7,489		$	17,254			$	24,743
Amounts reclassified from other comprehensive loss (income)	1,451		(1)	(365		)	(2)	1,086
Net other comprehensive loss (income)	1,451			(365		)		1,086
Balance, March 31, 2013	$	8,940		$	16,889			$	25,829

_______________

(1) This reclassification component is included in interest expense and other liabilities (see Note 7 for additional information).

(2) This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information).

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Summary Of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Business

Business

Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees for either joint ventures where we are partners or for other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 53.0 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.1% of total rental revenues during the first three months of 2013. Net operating income from continuing operations generated by our properties located in Houston and its surrounding areas was 21.4% of total net operating income from continuing operations for the three months ended March 31, 2013, and an additional 7.6% of net operating income from continuing operations is generated from properties that are located in other parts of Texas.

Basis Of Presentation

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2012 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits And Mortgage Escrows

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	March 31, 2013		December 31, 2012
Restricted cash	$	37,902	$	36,944
Mortgage escrows	5,633		7,152
Total	$	43,535	$	44,096

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain and Losses on Cash Flow Hedges			Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	7,489		$	17,254			$	24,743
Amounts reclassified from other comprehensive loss (income)	1,451		(1)	(365		)	(2)	1,086
Net other comprehensive loss (income)	1,451			(365		)		1,086
Balance, March 31, 2013	$	8,940		$	16,889			$	25,829

_______________

(1) This reclassification component is included in interest expense and other liabilities (see Note 7 for additional information).

(2) This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information).

Reclassifications

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 for additional information). These items had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

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Debt (Schedule Of Credit Facilities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Line of Credit Facility [Line Items]
Maximum balance outstanding during the period	$ 265,500	$ 303,100
Weighted average balance	114,956	157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.10%	1.30%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	0	30,000
Available balance	497,571	467,571
Letter of credit outstanding under facility	2,429	2,429
Variable interest rate (excluding facility fee)	0.00%	1.10%
Unsecured And Uncommitted Overnight Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	$ 0	$ 36,000
Variable interest rate (excluding facility fee)	0.00%	1.50%

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Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 37,902	$ 36,944
Mortgage escrows	5,633	7,152
Total	$ 43,535	$ 44,096

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Property (Tables)

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Schedule Of Property

Our property consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Land	$	891,897	$	881,156
Land held for development	121,504		121,294
Land under development	5,527		6,155
Buildings and improvements	3,348,093		3,325,793
Construction in-progress	58,106		65,452
Total	$	4,425,127	$	4,399,850

Schedule Of Capitalized Expenses

The following carrying charges were capitalized (in thousands):

	Three Months Ended March 31,
	2013		2012
Interest	$	569	$	783
Real estate taxes	63		123
Total	$	632	$	906

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Investment In Real Estate Joint Ventures And Partnerships (Tables)

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Combined Condensed Balance Sheets

Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	March 31, 2013			December 31, 2012
Combined Condensed Balance Sheets
ASSETS
Property	$	1,568,267		$	1,631,694
Accumulated depreciation	(274,214		)	(273,591		)
Property, net	1,294,053			1,358,103
Other assets, net	154,599			161,344
Total	$	1,448,652		$	1,519,447
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net (primarily mortgages payable)	$	466,149		$	468,841
Amounts payable to Weingarten Realty Investors and Affiliates	106,311			109,931
Other liabilities, net	32,762			34,157
Total	605,222			612,929
Accumulated equity	843,430			906,518
Total	$	1,448,652		$	1,519,447

Combined Condensed Statements Of Operations

	Three Months Ended March 31,
	2013		2012
Combined Condensed Statements of Operations
Revenues, net	$	42,161	$	49,847
Expenses:
Depreciation and amortization	12,021		16,136
Interest, net	7,545		9,086
Operating	6,154		8,625
Real estate taxes, net	4,583		6,238
General and administrative	286		361
Provision for income taxes	62		73
Impairment loss	1,815		—
Total	32,466		40,519
Operating income	$	9,695	$	9,328

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Condensed Consolidated Statements Of Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Common dividend per share	$ 0.305	$ 0.290
6.75% Series D Preferred Shares [Member]
Preferred dividend per share	$ 13.08	$ 12.66
6.95% Series E Preferred Shares [Member]
Preferred dividend per share	$ 0.00	$ 43.44
6.5% Series F Preferred Shares [Member]
Preferred dividend per share	$ 40.63	$ 40.63

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Debt (Tables)

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule Of Debt

Our debt consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	$	2,227,395	$	2,041,709
Unsecured notes payable under credit facilities	—		66,000
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Industrial revenue bonds payable to 2015 at 2.4%	1,150		1,246
Total	$	2,323,620	$	2,204,030

Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	March 31, 2013		December 31, 2012
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,179,715	$	1,992,599
Variable-rate debt	143,905		211,431
Total	$	2,323,620	$	2,204,030
As to collateralization:
Unsecured debt	$	1,438,838	$	1,270,742
Secured debt	884,782		933,288
Total	$	2,323,620	$	2,204,030

Schedule Of Credit Facilities

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	March 31, 2013			December 31, 2012
Unsecured revolving credit facility:
Balance outstanding	$	—		$	30,000
Available balance	497,571			467,571
Letter of credit outstanding under facility	2,429			2,429
Variable interest rate (excluding facility fee)	—		%	1.1		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	—		$	36,000
Variable interest rate	—		%	1.5		%
Both facilities:
Maximum balance outstanding during the period	$	265,500		$	303,100
Weighted average balance	114,956			157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.1		%	1.3		%

Principal Payments Of Debt

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $8.9 million fair value of interest rate contracts, $(2.5) million net premium/(discount) on debt, $1.5 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):

2013 remaining	$	247,465
2014	473,103
2015	274,707
2016	223,198
2017	140,830
2018	63,057
2019 (1)	152,211
2020	2,099
2021	957
2022	303,410
Thereafter	339,312
Total	$	2,220,349

_______________

(1) Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

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Business Combinations (Pro Forma Impact Of Acquisitions) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Business Acquisition [Line Items]
Revenues, Pro Forma	$ 131,681	[1]	$ 123,124	[1]
Net income, Pro Forma	44,817	[1]	22,516	[1]
Net income attributable to common shareholders, Pro Forma	$ 33,668	[1]	$ 12,206	[1]
Earnings per share - basic, Pro Forma	$ 0.28	[1]	$ 0.10	[1]
Earnings per share - diluted, Pro Forma	$ 0.28	[1]	$ 0.10	[1]

[1] There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2013

Consolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our consolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Maximum Risk of Loss (1)	$	128,473	$	111,305
Assets held by VIEs	250,133		257,374
Assets held as collateral for debt	241,803		246,486

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Unconsolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our unconsolidated VIEs is as follows (in thousands):

	March 31, 2013		December 31, 2012
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	29,969	$	29,628
Maximum Risk of Loss (2)	32,719		32,990

_______________

(1) The carrying amount of the investments represents our contributions to the real estate joint ventures net of any distributions made and our portion of the equity in earnings of the joint ventures.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

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Debt (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2003	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Debt service guaranty liability		$ 74,075,000	74,075,000
Medium-term notes, matured		63,000,000
Debt interest rate during period		5.60%
Debt instrument collateral		1,500,000,000	1,500,000,000
Obligations under capital leases		21,000,000	21,000,000
Fair value of interest rate contracts		8,900,000
Debt premium/(discount), net		(2,500,000)
Non-cash debt		1,500,000
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility effective date		Sep. 30, 2011
Maximum borrowing capacity under credit facility		500,000,000
Credit facility expiration date		the facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee.
Borrowing margin over LIBOR		125
Facility fees over LIBOR		25
Bids amount		250,000,000
Maximum increase in credit facility amount		700,000,000
Change in borrowing margin over LIBOR		(10)
Change in credit facility fees over LIBOR		(5)
Number of credit facility 6 month extensions		2
Debt maturity date		Apr. 18, 2017
Unsecured And Uncommitted Overnight Facility [Member]
Debt Instrument [Line Items]
Credit facility effective date		May 01, 2010
Maximum borrowing capacity under credit facility		99,000,000
Fixed interest rate loan period (days)		30
Debt Service Guaranty [Member]
Debt Instrument [Line Items]
Debt Coverage Ratio		1.4
Debt maturity date		Jan. 01, 2040
3.5% Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt maturity date		Apr. 15, 2023
Senior unsecured notes		300,000,000
Debt stated interest rate		3.50%
Debt issued discount rate		99.53%
Debt effective interest rate		3.56%
Proceeds from issuance of debt		296,600,000
Series D Preferred Stock [Member]
Debt Instrument [Line Items]
Preferred Shares of Beneficial Interest; redemption value paid		$ 75,000,000
Preferred Shares of Beneficial Interest; dividend percentage	6.75%	6.75%	6.75%

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Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) (Restricted Shares [Member])	3 Months Ended
	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	3 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Expected volatility, Minimum	13.20%
Risk-free interest rate, Minimum	0.10%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	3.90%
Expected volatility, Maximum	29.00%
Risk-free interest rate, Maximum	0.40%

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Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Rentals, net	$ 129,023	$ 116,103
Other	2,658	2,699
Total	131,681	118,802
Expenses:
Depreciation and amortization	39,719	33,231
Operating	25,356	22,419
Real estate taxes, net	15,202	13,810
Impairment loss	56	6,852
General and administrative	6,667	8,307
Total	87,000	84,619
Operating Income	44,681	34,183
Interest Expense, net	(17,952)	(31,297)
Interest and Other Income, net	1,826	2,386
Gain on Sale of Real Estate Joint Venture and Partnership Interests	11,509	5,562
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	4,613	4,075
Benefit for Income Taxes	153	22
Income from Continuing Operations	44,830	14,931
Operating (Loss) Income from Discontinued Operations	(155)	3,633
Gain on Sale of Property from Discontinued Operations	0	3,634
(Loss) Income from Discontinued Operations	(155)	7,267
Gain on Sale of Property	142	440
Net Income	44,817	22,638
Less: Net Income Attributable to Noncontrolling Interests	(1,467)	(1,441)
Net Income Adjusted for Noncontrolling Interests	43,350	21,197
Dividends on Preferred Shares	(7,440)	(8,869)
Redemption Costs of Preferred Shares	(2,242)	0
Net Income Attributable to Common Shareholders	33,668	12,328
Earnings Per Common Share - Basic:
Income from continuing operations attributable to common shareholders	$ 0.28	$ 0.04
(Loss) income from discontinued operations	$ 0.00	$ 0.06
Net income attributable to common shareholders	$ 0.28	$ 0.10
Earnings Per Common Share - Diluted:
Income from continuing operations attributable to common shareholders	$ 0.28	$ 0.04
(Loss) income from discontinued operations	$ 0.00	$ 0.06
Net income attributable to common shareholders	$ 0.28	$ 0.10
Comprehensive Income:
Net Income	44,817	22,638
Other Comprehensive Income (Loss):
Net unrealized (loss) gain on derivatives	(2,107)	16
Amortization of loss on derivatives	656	659
Retirement liability adjustment	365	0
Total	(1,086)	675
Comprehensive Income	43,731	23,313
Comprehensive Income Attributable to Noncontrolling Interests	(1,467)	(1,441)
Comprehensive Income Adjusted for Noncontrolling Interests	$ 42,264	$ 21,872

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Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward]
Gain And Losses On Cash Flow Hedges - Beginning balance	$ 7,489
Gains And Losses On Cash Flow Hedges - Amounts reclassified from other comprehensive loss (income)	1,451	[1]
Gain And Losses On Cash Flow Hedges - Net other comprensive loss (income)	1,451
Gain And Losses On Cash Flow Hedges - Ending balance	8,940
Defined Benefit Pension Plan - Beginning balance	17,254
Defined Benefit Pension Plan - Amounts reclassified from other comprehensive loss (income)	(365)	[2]
Defined Benefit Pension Plan - Net other comprehensive loss (income)	(365)		0
Defined Benefit Pension Plan - Ending balance	16,889
Total - Beginning balance	24,743
Total - Amounts reclassified from other comprehensive loss (income)	1,086
Total - Net other comprehensive loss (income)	1,086		(675)
Total - Ending balance	$ 25,829

[1] This reclassification component is included in interest expense and other liabilities (see Note 7 for additional information).

[2] This reclassification component is included in the computation of net periodic benefit cost (see Note 14 for additional information).

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Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Capitalized interest paid	$ 569	$ 783

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Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative assets	$ 8,938	$ 9,926
Derivative liabilities	2,874	768
Other Assets, Net [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	8,938	9,926
Other Liabilities, Net [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 2,874	$ 768

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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Discontinued Operating Results

The operating results of these properties have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Revenues, net	$	119		$	18,848
Depreciation and amortization	(12		)	(5,619		)
Operating expenses	(22		)	(3,296		)
Real estate taxes, net	(4		)	(2,836		)
Impairment loss	(236		)	(3,171		)
General and administrative	—			(14		)
Interest, net	—			(279		)
Operating (loss) income from discontinued operations	(155		)	3,633
Gain on sale of property from discontinued operations	—			3,634
(Loss) income from discontinued operations	$	(155	)	$	7,267

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Impairment (Schedule Of Impairment Charges)(Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Asset Impairment [Line Items]
Total reported in continuing operations	$ 56		$ 6,852
Total impairment charges	292		10,023
Equity in earnings of real estate joint ventures and partnerships, net	4,613		4,075
Net loss attributable to noncontrolling interests	1,467		1,441
Net impact of impairment charges	655		10,023
Property Marketed For Sale Or Sold [Member]
Asset Impairment [Line Items]
Impairment losses related to property	56	[1]	244	[1]
Investments In Real Estate Joint Ventures And Partnerships [Member]
Asset Impairment [Line Items]
Impairment losses related to partially owned real estate joint ventures and partnerships	0	[2]	6,608	[2]
Property Held For Sale Or Sold [Member]
Asset Impairment [Line Items]
Impairment losses related to property	236	[3]	3,171	[3]
Impairment Charges At Equity In Earnings Of Real Estate Joint Ventures And Partnerships, Net [Member]
Asset Impairment [Line Items]
Equity in earnings of real estate joint ventures and partnerships, net	$ 363		$ 0

[1] These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations.

[2] Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures.

[3] Amounts reported were based on third party offers.

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans:

We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012(1)
Service cost	$	426		$	391
Interest cost	513			469
Expected return on plan assets	(814		)	(667		)
Prior service cost	—			(35		)
Recognized loss	425			467
Total	$	550		$	625

__________________

(1) Effective January 1, 2012, our supplemental retirement plans were amended and designated as defined contribution plans. Prior years’ operating results were restated to conform to the current year presentation. This item had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows.

Subsequent to March 31, 2013 and 2012, we contributed $1.8 million and $2.5 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2013.

Defined Contribution Plans:

Compensation expense related to our defined contribution plans was $1.0 million for both the three months ended March 31, 2013 and 2012.

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2013

Supplemental Cash Flow Elements [Abstract]

Summary Of Non-Cash Investing And Financing Activities

Non-cash investing and financing activities are summarized as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Accrued property construction costs	$	5,134		$	6,933
Property acquisitions and investments in unconsolidated real estate joint ventures:
(Decrease) increase in property, net	(1,688		)	1,647
Increase in security deposits	73			—
Sale of property and property interest:
Decrease in property, net	—			(2,855		)
Decrease in real estate joint ventures and partnerships - investments	—			(95		)
Decrease in restricted deposits and mortgage escrows	—			(204		)
Decrease in debt, net due to debt assumption	—			(3,366		)
Decrease in security deposits	—			(11		)
Decrease in noncontrolling interests	—			(95		)

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Commitments and Contingencies

As of March 31, 2013, we participate in four real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina, Texas and Utah. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us in exchange for our common shares or an equivalent amount in cash. We may acquire any limited partnership interests that are put to the partnership, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the three months ended March 31, 2013 and 2012. The aggregate redemption value of these interests was approximately $49 million and $42 million as of March 31, 2013 and December 31, 2012, respectively.

We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

During 2011, we filed a lawsuit against our joint venture partner in connection with a development project in Sheridan, Colorado for failure to perform on the joint venture’s past due intercompany note payable to us, which has been eliminated within our consolidated financial statements. We are also involved in one consolidated and two unconsolidated joint ventures with this partner. We are unable to determine the outcome of the lawsuit or its potential effects on our other joint ventures with this partner.

As of March 31, 2013, we have entered into commitments aggregating $91.1 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We are also involved in various matters of litigation arising in the normal course of business. While we are unable to predict with certainty the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

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Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities)(Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Noncash or Part Noncash Acquisitions [Line Items]
Accrued property construction costs	$ 5,134	$ 6,933
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Increase (decrease) in property, net	(1,688)	1,647
Increase (decrease) in security deposits	73	0
Sale Of Property And Property Interest [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Increase (decrease) in property, net	0	(2,855)
Decrease in real estate joint ventures and partnerships - investments	0	(95)
Decrease in restricted deposits and mortgage escrows	0	(204)
Decrease in debt, net due to debt assumption	0	(3,366)
Increase (decrease) in security deposits	0	(11)
Decrease in noncontrolling interests	$ 0	$ (95)

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Condensed Consolidated Statements Of Equity (USD $) In Thousands, unless otherwise specified		Total	Preferred Shares Of Beneficial Interest [Member]	Common Shares Of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Net Income Less Than Accumulated Dividends [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2011		$ 1,823,582	$ 8	$ 3,641	$ 1,983,978	$ (304,504)	$ (27,743)	$ 168,202
Increase (Decrease) in Equity [Roll Forward]
Net Income		22,638				21,197		1,441
Shares issued under benefit plans		4,715		8	4,707
Dividends declared - common shares	[1]	(35,120)				(35,120)
Dividends declared - preferred shares	[2]	(8,213)				(8,213)
Distributions to noncontrolling interests		(3,756)						(3,756)
Other comprehensive income (loss)		675					675
Other, net		(262)			513	(656)		(119)
Balance at Mar. 31, 2012		1,804,259	8	3,649	1,989,198	(327,296)	(27,068)	165,768
Balance at Dec. 31, 2012		1,740,155	7	3,663	1,934,183	(335,980)	(24,743)	163,025
Increase (Decrease) in Equity [Roll Forward]
Net Income		44,817				43,350		1,467
Redemption of Series D preferred shares		(75,000)	(3)		(72,755)	(2,242)
Shares issued under benefit plans		6,408		8	6,400
Dividends declared - common shares	[1]	(37,127)				(37,127)
Dividends declared - preferred shares	[2]	(6,995)				(6,995)
Distributions to noncontrolling interests		(3,858)						(3,858)
Other comprehensive income (loss)		(1,086)					(1,086)
Other, net		426			387	(445)		484
Balance at Mar. 31, 2013		$ 1,667,740	$ 4	$ 3,671	$ 1,868,215	$ (339,439)	$ (25,829)	$ 161,118

[1] Common dividend per share was $.305 and $.290 for the three months ended March 31, 2013 and 2012, respectively.

[2] Series D preferred dividend per share was $13.08 and $12.66 for the three months ended March 31, 2013 and 2012, respectively. Series E preferred dividend per share was $43.44 for the three months ended March 31, 2012. Series F preferred dividend per share was $40.63 for both the three months ended March 31, 2013 and 2012.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
ASSETS
Property	$ 4,425,127		$ 4,399,850
Accumulated Depreciation	(1,073,361)		(1,040,839)
Property, net	3,351,766	[1]	3,359,011	[1]
Investment in Real Estate Joint Ventures and Partnerships, net	279,384		289,049
Total	3,631,150		3,648,060
Notes Receivable from Real Estate Joint Ventures and Partnerships	89,013		89,776
Unamortized Debt and Lease Costs, net	137,646		135,783
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $11,904 in 2013 and $12,127 in 2012)	70,428	[1]	79,540	[1]
Cash and Cash Equivalents	54,800	[1]	19,604	[1]
Restricted Deposits and Mortgage Escrows	43,535		44,096
Other, net	164,396		167,925
Total Assets	4,190,968		4,184,784
LIABILITIES AND EQUITY
Debt, net	2,323,620	[1]	2,204,030	[1]
Accounts Payable and Accrued Expenses	87,947		119,699
Other, net	111,661		120,900
Total Liabilities	2,523,228		2,444,629
Commitments and Contingencies	0		0
Shareholders' Equity:
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,758 in 2013 and 121,505 in 2012	3,671		3,663
Additional Paid-In Capital	1,868,215		1,934,183
Net Income Less Than Accumulated Dividends	(339,439)		(335,980)
Accumulated Other Comprehensive Loss	(25,829)		(24,743)
Total Shareholders' Equity	1,506,622		1,577,130
Noncontrolling Interests	161,118		163,025
Total Equity	1,667,740		1,740,155
Total Liabilities and Equity	4,190,968		4,184,784
Consolidated Variable Interest Entities' Assets and Liabilities included in the above balances (See Note 17):
Property, net	224,982		226,685
Accrued Rent and Accounts Receivable, net	6,504		8,095
Cash and Cash Equivalents	10,317		11,706
Debt, net	$ 275,671		$ 276,420

[1] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

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Impairment

3 Months Ended

Mar. 31, 2013

Asset Impairment Charges [Abstract]

Impairment

Impairment

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 19 for additional fair value information) (in thousands):

	Three Months Ended March 31,
	2013		2012
Continuing operations:
Property marketed for sale or sold (1)	$	56	$	244
Investments in real estate joint ventures and partnerships (2)	—		6,608
Total reported in continuing operations	56		6,852
Discontinued operations:
Property held for sale or sold (3)	236		3,171
Total impairment charges	292		10,023
Other financial statement caption impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	363		—
Net impact of impairment charges	$	655	$	10,023

_______________

(1) These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations.

(2) Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures.

(3) Amounts reported were based on third party offers.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2013	Apr. 30, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2013
Entity Registrant Name	WEINGARTEN REALTY INVESTORS /TX/
Entity Central Index Key	0000828916
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		121,813,812

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Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

For the three months ended March 31, 2013, we sold one center located in Florida. No properties were classified as held for sale as of March 31, 2013, as the potential disposition of assets currently being marketed was not deemed probable.

During 2012, we sold 27 shopping centers, 54 industrial properties, and we assigned a 75% interest consolidated joint venture interest to our partner. Of these dispositions, 55 were located in Texas, six each in Florida and Georgia, three in North Carolina, two each in Colorado, Louisiana and Virginia and one each in Arizona, Illinois, Kansas, Maine, Oklahoma and Tennessee. As part of these 2012 dispositions, we sold, in May 2012, a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT.

Included in the Condensed Consolidated Balance Sheet at December 31, 2012 was $4.0 million of property and $.1 million of accumulated depreciation related to the one property that was sold during 2013.

The operating results of these properties have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Revenues, net	$	119		$	18,848
Depreciation and amortization	(12		)	(5,619		)
Operating expenses	(22		)	(3,296		)
Real estate taxes, net	(4		)	(2,836		)
Impairment loss	(236		)	(3,171		)
General and administrative	—			(14		)
Interest, net	—			(279		)
Operating (loss) income from discontinued operations	(155		)	3,633
Gain on sale of property from discontinued operations	—			3,634
(Loss) income from discontinued operations	$	(155	)	$	7,267

We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.

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Variable Interest Entities (Summary Of Unconsoldiated Variable Interest Entities) (Details) (Unconsolidated Variable Interest Entities [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net	$ 29,969	[1]	$ 29,628	[1]
Maximum Risk of Loss	$ 32,719	[2]	$ 32,990	[2]

[1] The carrying amount of the investments represents our contributions to the real estate joint ventures net of any distributions made and our portion of the equity in earnings of the joint ventures.

[2] The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified			3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2013 6.75% Series D Preferred Shares [Member]	Dec. 31, 2012 6.75% Series D Preferred Shares [Member]	Mar. 31, 2013 6.5% Series F Preferred Shares [Member]	Dec. 31, 2012 6.5% Series F Preferred Shares [Member]
ASSETS
Allowance for doubtful accounts	$ 11,904	$ 12,127
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000
Preferred Shares of Beneficial Interest; par value per share	$ 0.03	$ 0.03
Preferred Shares of Beneficial Interest; shares authorized	10,000	10,000
Preferred Shares of Beneficial Interest; shares issued			100	100	140	140
Preferred Shares of Beneficial Interest; shares outstanding			0	100	140	140
Preferred Shares of Beneficial Interest; liquidation preference			$ 0	$ 75,000	$ 350,000	$ 350,000
Preferred Shares of Beneficial Interest; dividend percentage			6.75%	6.75%	6.50%	6.50%
Common Shares of Beneficial Interest—par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,758 in 2013 and 121,505 in 2012
Common Shares of Beneficial Interest; par value per share	$ 0.03	$ 0.03
Common Shares of Beneficial Interest; shares authorized	275,000	275,000
Common Shares of Beneficial Interest; shares issued	121,758	121,505
Common Shares of Beneficial Interest; shares outstanding	121,758	121,505

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Investment In Real Estate Joint Ventures And Partnerships

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investment In Real Estate Joint Ventures And Partnerships

Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 10% to 75% for the 2013 and 2012 periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	March 31, 2013			December 31, 2012
Combined Condensed Balance Sheets
ASSETS
Property	$	1,568,267		$	1,631,694
Accumulated depreciation	(274,214		)	(273,591		)
Property, net	1,294,053			1,358,103
Other assets, net	154,599			161,344
Total	$	1,448,652		$	1,519,447
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt, net (primarily mortgages payable)	$	466,149		$	468,841
Amounts payable to Weingarten Realty Investors and Affiliates	106,311			109,931
Other liabilities, net	32,762			34,157
Total	605,222			612,929
Accumulated equity	843,430			906,518
Total	$	1,448,652		$	1,519,447

	Three Months Ended March 31,
	2013		2012
Combined Condensed Statements of Operations
Revenues, net	$	42,161	$	49,847
Expenses:
Depreciation and amortization	12,021		16,136
Interest, net	7,545		9,086
Operating	6,154		8,625
Real estate taxes, net	4,583		6,238
General and administrative	286		361
Provision for income taxes	62		73
Impairment loss	1,815		—
Total	32,466		40,519
Operating income	$	9,695	$	9,328

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.2 million and $1.6 million at March 31, 2013 and December 31, 2012, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. For the three months ended March 31, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.8 million on various properties that have been marketed and sold during the period. There was no impairment recorded for the three months ended March 31, 2012.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.4 million and $1.7 million for the three months ended March 31, 2013 and 2012, respectively.

During 2013, the final two industrial properties in an unconsolidated joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, two shopping centers were sold, and the gross sales proceeds from the disposition of these four properties totaled $11.7 million.

In August 2012, we acquired a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement for approximately $29.6 million that we had previously accounted for under the equity method and included the assumption of debt of $24.5 million. This transaction resulted in the consolidation of the property in our consolidated financial statements.

During 2012, our interest in 19 industrial properties held in unconsolidated joint ventures, in which we are a partner, were sold through either a direct sale by the joint venture or the sale of our interest. Gross sales proceeds, including the assumption of debt, from these transactions totaled $210.4 million.

In February 2012, we sold a 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt.

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Property

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Property

Property

Our property consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Land	$	891,897	$	881,156
Land held for development	121,504		121,294
Land under development	5,527		6,155
Buildings and improvements	3,348,093		3,325,793
Construction in-progress	58,106		65,452
Total	$	4,425,127	$	4,399,850

The following carrying charges were capitalized (in thousands):

	Three Months Ended March 31,
	2013		2012
Interest	$	569	$	783
Real estate taxes	63		123
Total	$	632	$	906

During the three months ended March 31, 2013, we acquired one center for approximately $18.0 million.

During the three months ended March 31, 2013, we sold one center. Aggregate gross sales proceeds from this transaction totaled $4.0 million.

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Related Parties

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Parties

Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $1.4 million and $1.8 million outstanding as of March 31, 2013 and December 31, 2012, respectively. We also had accounts payable and accrued expenses of $5.9 million and $6.3 million outstanding as of March 31, 2013 and December 31, 2012, respectively. For the three months ended March 31, 2013 and 2012, we recorded joint venture fee income of $1.4 million and $1.7 million, respectively.

In February 2012, we sold our 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt, generating a gain of $3.5 million.

In November 2012, we sold three unconsolidated joint venture interests, ranging from 20% to 50%, in nine industrial properties to our partner with gross sales proceeds totaling $20.9 million, which includes the assumption of our share of debt, generating a gain of $8.6 million.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2013

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Non-cash investing and financing activities are summarized as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Accrued property construction costs	$	5,134		$	6,933
Property acquisitions and investments in unconsolidated real estate joint ventures:
(Decrease) increase in property, net	(1,688		)	1,647
Increase in security deposits	73			—
Sale of property and property interest:
Decrease in property, net	—			(2,855		)
Decrease in real estate joint ventures and partnerships - investments	—			(95		)
Decrease in restricted deposits and mortgage escrows	—			(204		)
Decrease in debt, net due to debt assumption	—			(3,366		)
Decrease in security deposits	—			(11		)
Decrease in noncontrolling interests	—			(95		)

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Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Fair Value Measurements [Line Items]
Derivative assets	$ 8,938	$ 9,926
Total assets	25,205	25,956
Derivative liabilities	2,874	768
Total liabilities	19,141	16,798
Grantor Trusts [Member]
Fair Value Measurements [Line Items]
Investments in grantor trusts	16,267	16,030
Deferred compensation plan obligations	16,267	16,030
Interest Rate Contracts [Member]
Fair Value Measurements [Line Items]
Derivative assets	8,938	9,926
Derivative liabilities	2,874	768
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value Measurements [Line Items]
Total assets	16,267	16,030
Total liabilities	16,267	16,030
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member]
Fair Value Measurements [Line Items]
Investments in grantor trusts	16,267	16,030
Deferred compensation plan obligations	16,267	16,030
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Line Items]
Total assets	8,938	9,926
Total liabilities	2,874	768
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Fair Value Measurements [Line Items]
Derivative assets	8,938	9,926
Derivative liabilities	2,874	768
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Line Items]
Total assets	0	0
Total liabilities	$ 0	$ 0

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Derivatives And Hedging

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives And Hedging

Derivatives and Hedging

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
March 31, 2013	Other Assets, net	$	8,938	Other Liabilities, net	$	2,874
December 31, 2012	Other Assets, net	9,926		Other Liabilities, net	768

The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
March 31, 2013
Assets	$	8,938	$	—	$	8,938	$	(706	)	$	—	$	8,232
Liabilities	2,874		—		2,874		(706		)	—		2,168
December 31, 2012
Assets	9,926		—		9,926		—			—		9,926
Liabilities	768		—		768		—			—		768

Cash Flow Hedges:

As of March 31, 2013 and December 31, 2012, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $26.3 million and $26.5 million, respectively. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

Also, at March 31, 2013, we had three forward-starting contracts with an aggregate notional amount of $150.0 million hedging future fixed-rate debt issuances. These contracts are effective in January 2014, mature in January 2024 and fix the 10-year swap rates at 2.4%.

As of March 31, 2013 and December 31, 2012, the balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $8.9 million and $7.5 million, respectively, and will be reclassified to net interest expense as interest payments are made on our fixed-rate debt. Within the next 12 months, approximately $3.5 million of the balance in accumulated other comprehensive loss is expected to be amortized to net interest expense related to settled interest rate contracts.

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	$	2,107		Interest expense, net	$	(656	)	Interest expense, net	$	—
Three Months Ended March 31, 2012	(16		)	Interest expense, net	(659		)	Interest expense, net	—

Fair Value Hedges:

As of March 31, 2013 and December 31, 2012, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $117.7 million and $118.1 million, respectively, that were designated as fair value hedges and convert fixed interest payments at rates from 4.2% to 7.5% to variable interest payments ranging from .3% to 4.3%. We have determined that our fair value hedges are highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates.

A summary of the changes in fair value of our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Gain (Loss) Recognized  in Income
Three Months Ended March 31, 2013
Interest expense, net	$	(987	)	$	987	$	—
Three Months Ended March 31, 2012
Interest expense, net	(530		)	530		—

A summary of our fair value interest rate contract hedges impact on net income is as follows (in thousands):

Derivatives Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain  (Loss) Recognized in Income on Derivative			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31, 2013	Interest expense, net	$	42		Interest expense, net	$	—
Three Months Ended March 31, 2012	Interest expense, net	(471		)	Interest expense, net	—

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Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Offsetting Of Derivative Assets And Liabilities [Line Items]
Gross Amounts Recognized, Assets	$ 8,938	$ 9,926
Gross Amounts Offset in Balance Sheet, Assets	0	0
Net Amounts Presented in Balance Sheet, Assets	8,938	9,926
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Assets	(706)	0
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Assets	0	0
Net Amount, Assets	8,232	9,926
Gross Amounts Recognized, Liabilities	2,874	768
Gross Amounts Offset in Balance Sheet, Liabilities	0	0
Net Amounts Presented in Balance Sheet, Liabilities	2,874	768
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Liabilities	(706)	0
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Liabilities	0	0
Net Amount, Liabilities	$ 2,168	$ 768

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Notes Receivable From Real Estate Joint Ventures And Partnerships

3 Months Ended

Mar. 31, 2013

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Notes Receivable From Real Estate Joint Ventures And Partnerships

Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. Notes receivable from these entities bear interest ranging from approximately 2.9% to 10.0% at March 31, 2013 and 2.9% to 16.0% at December 31, 2012. These notes are due at various dates through 2014 and are generally secured by underlying real estate assets.

We believe these notes are fully collectible, and no allowance has been recorded. Interest income recognized on these notes was $.6 million and $.7 million for the three months ended March 31, 2013 and 2012, respectively.

In November 2012, a $16.1 million note matured and is under negotiations for repayment. We believe no loss will be incurred associated with this settlement.

In February 2012, we received $59.2 million in payment of our notes receivable from real estate joint ventures and partnerships, in conjunction with the sale of our 47.8% interest in an unconsolidated real estate joint venture. See Note 15 for additional information.

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Debt

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Debt

Debt

Our debt consists of the following (in thousands):

	March 31, 2013		December 31, 2012
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	$	2,227,395	$	2,041,709
Unsecured notes payable under credit facilities	—		66,000
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Industrial revenue bonds payable to 2015 at 2.4%	1,150		1,246
Total	$	2,323,620	$	2,204,030

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	March 31, 2013		December 31, 2012
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,179,715	$	1,992,599
Variable-rate debt	143,905		211,431
Total	$	2,323,620	$	2,204,030
As to collateralization:
Unsecured debt	$	1,438,838	$	1,270,742
Secured debt	884,782		933,288
Total	$	2,323,620	$	2,204,030

Effective September 30, 2011, we entered into an amended and restated $500 million unsecured revolving credit facility. At March 31, 2013, the facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 125 and 25 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the maturity date has been extended to 2017, and we have two consecutive six month extensions available.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	March 31, 2013			December 31, 2012
Unsecured revolving credit facility:
Balance outstanding	$	—		$	30,000
Available balance	497,571			467,571
Letter of credit outstanding under facility	2,429			2,429
Variable interest rate (excluding facility fee)	—		%	1.1		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	—		$	36,000
Variable interest rate	—		%	1.5		%
Both facilities:
Maximum balance outstanding during the period	$	265,500		$	303,100
Weighted average balance	114,956			157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.1		%	1.3		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040, as extended by the Sheridan Redevelopment Agency (“Agency”) in April 2011. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. For both periods ended at March 31, 2013 and December 31, 2012, we had $74.1 million outstanding for the debt service guaranty liability.

On March 22, 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares. In addition, $63.0 million of fixed-rate medium term notes matured during the quarter at a weighted average interest rate of 5.6%.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At March 31, 2013 and December 31, 2012, the carrying value of such assets aggregated $1.5 billion for both periods.

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $8.9 million fair value of interest rate contracts, $(2.5) million net premium/(discount) on debt, $1.5 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):

2013 remaining	$	247,465
2014	473,103
2015	274,707
2016	223,198
2017	140,830
2018	63,057
2019 (1)	152,211
2020	2,099
2021	957
2022	303,410
Thereafter	339,312
Total	$	2,220,349

_______________

(1) Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We believe we were in compliance with our public debt and revolving credit facility covenants as of March 31, 2013.

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Preferred Shares Of Beneficial Interest

3 Months Ended

Mar. 31, 2013

Class of Stock Disclosures [Abstract]

Preferred Shares Of Beneficial Interest

Preferred Shares of Beneficial Interest

In April 2003, we issued $75 million of depositary shares with each share representing one-thirtieth of a Series D Cumulative Redeemable Preferred Share. The depositary shares were redeemed on March 18, 2013, at our option, for cash at a redemption price of $25 per depositary share or $75 million, plus accrued and unpaid dividends thereon. Upon the redemption of these shares, the related original issuance costs of $2.2 million were reported as a deduction in arriving at net income attributable to common shareholders. The Series D Preferred Shares paid a 6.75% annual dividend, had a liquidation value of $750 per share and were not convertible or exchangeable for any of our property or securities.

On May 6, 2013, we called a portion of our 6.5% Series F Cumulative Redeemable Preferred Shares with a redemption value of $200 million, which will settle on June 5, 2013.

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Preferred Shares Of Beneficial Interest (Narrative) (Details) (USD $)	3 Months Ended		1 Months Ended	3 Months Ended	12 Months Ended	0 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Apr. 30, 2003 Series D Preferred Stock [Member]	Mar. 31, 2013 Series D Preferred Stock [Member]	Dec. 31, 2012 Series D Preferred Stock [Member]	May 06, 2013 6.5% Series F Preferred Shares [Member]	Mar. 31, 2013 6.5% Series F Preferred Shares [Member]	Dec. 31, 2012 6.5% Series F Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Shares of Beneficial Interest; value			$ 75,000,000	$ 0	$ 3,000		$ 4,000	$ 4,000
Preferred Shares of Beneficial Interest; depositary shares, conversion basis			0.0333
Preferred Shares of Beneficial Interest; redemption date				Mar. 18, 2013		Jun. 05, 2013
Preferred Shares of Beneficial Interest; redemption price per depositary share				$ 25
Preferred Shares of Beneficial Interest; redemption value paid				75,000,000		200,000,000
Redemption costs of preferred shares	$ 2,242,000	$ 0		$ 2,200,000
Preferred Shares of Beneficial Interest; dividend percentage			6.75%	6.75%	6.75%	6.50%	6.50%	6.50%
Preferred Shares of Beneficial Interest; liquidation value per share			$ 750

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Fair Value Measurements (Assets Measured On Nonrecurring Basis) (Details) (USD $)	12 Months Ended
	Dec. 31, 2012		Mar. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 43,910,000		$ 0
Total Gains (Losses)	(9,579,000)	[1]
Property, net	3,359,011,000	[2]	3,351,766,000	[2]
Investment in Real Estate Joint Ventures and Partnerships, net	289,049,000		279,384,000
Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	19,679,000	[3]
Total Gains (Losses)	(2,971,000)	[1],[3]
Property, net	22,400,000
Cost to sell property	300,000
Impaired Investment In Real Estate Joint Ventures And Partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in real estate joint ventures and partnerships	24,231,000	[4]
Total Gains (Losses)	(6,608,000)	[1],[4]
Investment in Real Estate Joint Ventures and Partnerships, net	30,800,000
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	30,004,000
Significant Other Observable Inputs (Level 2) [Member] | Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	5,773,000	[3]
Significant Other Observable Inputs (Level 2) [Member] | Impaired Investment In Real Estate Joint Ventures And Partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in real estate joint ventures and partnerships	24,231,000	[4]
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	13,906,000
Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	$ 13,906,000	[3]	$ 0

[1] Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us.

[2] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

[3] In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

[4] Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs.

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Discontinued Operations (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			12 Months Ended	1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2013 property	Dec. 31, 2012	Feb. 29, 2012	Dec. 31, 2012 Shopping Centers [Member] property	Nov. 30, 2012 Industrial Properties [Member] property	Dec. 31, 2012 Industrial Properties [Member] property	May 31, 2012 Wholly-Owned Industrial Properties [Member] property	Dec. 31, 2012 Arizona [Member] property	Dec. 31, 2012 Colorado [Member] property	Mar. 31, 2013 Florida [Member] property	Dec. 31, 2012 Florida [Member] property	Dec. 31, 2012 Georgia [Member] property	Dec. 31, 2012 Illinois [Member] property	Dec. 31, 2012 Kansas [Member] property	Dec. 31, 2012 Louisiana [Member] property	Dec. 31, 2012 Maine [Member] property	Dec. 31, 2012 North Carolina [Member] property	Dec. 31, 2012 Oklahoma [Member] property	Dec. 31, 2012 Tennessee [Member] property	Dec. 31, 2012 Texas [Member] property	Dec. 31, 2012 Virginia [Member] property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	1			27	9	54	52	1	2	1	6	6	1	1	2	1	3	1	1	55	2
Number of properties held for sale	0
Ownership percentage in joint ventures		75.00%	47.80%
Gross property included in discontinued operations		$ 4.0
Accumulated depreciation for property included in discontinued operations		$ 0.1
Interest expense allocated to discontinued operations	We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.

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Derivatives And Hedging (Summary Of Fair Value Interest Rate Contract Hedging Activity) (Details) (Interest Rate Contracts [Member], Fair Value Hedges [Member], Interest Expense, Net [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	$ 42	$ (471)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 0	$ 0

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Impairment (Tables)

3 Months Ended

Mar. 31, 2013

Asset Impairment Charges [Abstract]

Schedule Of Impairment Charges

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 19 for additional fair value information) (in thousands):

	Three Months Ended March 31,
	2013		2012
Continuing operations:
Property marketed for sale or sold (1)	$	56	$	244
Investments in real estate joint ventures and partnerships (2)	—		6,608
Total reported in continuing operations	56		6,852
Discontinued operations:
Property held for sale or sold (3)	236		3,171
Total impairment charges	292		10,023
Other financial statement caption impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	363		—
Net impact of impairment charges	$	655	$	10,023

_______________

(1) These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations.

(2) Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures.

(3) Amounts reported were based on third party offers.

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Investment In Real Estate Joint Ventures And Partnerships (Combined Condensed Statements Of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Investment In Real Estate Joint Ventures And Partnerships [Line Items]
Revenues, net	$ 131,681	$ 118,802
Expenses:
Depreciation and amortization	39,719	33,231
Interest, net	17,952	31,297
Operating	25,356	22,419
Real estate taxes, net	15,202	13,810
General and administrative	6,667	8,307
Provision for income taxes	(153)	(22)
Impairment loss	56	6,852
Total	87,000	84,619
Operating income	44,830	14,931
Unconsolidated Real Estate Joint Ventures [Member]
Investment In Real Estate Joint Ventures And Partnerships [Line Items]
Revenues, net	42,161	49,847
Expenses:
Depreciation and amortization	12,021	16,136
Interest, net	7,545	9,086
Operating	6,154	8,625
Real estate taxes, net	4,583	6,238
General and administrative	286	361
Provision for income taxes	62	73
Impairment loss	1,815	0
Total	32,466	40,519
Operating income	$ 9,695	$ 9,328

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Share Options And Awards

3 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Options And Awards

Share Options and Awards

During the first quarter of 2013, we granted restricted share awards incorporating both service-based and two market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Three Months Ended March 31, 2013
	Minimum		Maximum
Dividend yield	0.0	%	3.9	%
Expected volatility	13.2	%	29.0	%
Expected life (in years)	NA		3
Risk-free interest rate	0.1	%	0.4	%

A summary of the status of unvested restricted share awards for the three months ended March 31, 2013 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2013	496,571		$	23.10
Granted:
Service-based awards	102,456		29.71
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	44,580		31.83
Market-based awards relative to three-year absolute TSR	44,580		37.49
Vested	(81,489	)	19.43
Forfeited	(43	)	27.14
Outstanding, March 31, 2013	606,655		$	26.41

As of March 31, 2013 and December 31, 2012, there was approximately $6.1 million and $4.7 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 2.2 years and 1.9 years, respectively.

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Business Combinations

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Business Combinations

Business Combinations

During 2012, we acquired four shopping centers located in California, Georgia, Maryland and Texas, and we consolidated a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement related to a property in Louisiana. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2012
Fair value of our equity interest before acquisition	$	3,825
Fair value of consideration transferred	218,481			(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	195,377
Unamortized debt and lease costs	36,787
Restricted deposits and mortgage escrows	395
Other, net	3,742
Liabilities:
Debt, net	(46,923		)	(2)
Accounts payable and accrued expenses	(2,250		)
Other, net	(5,899		)
Total net assets	$	181,229
Acquisition costs (included in operating expenses)	$	1,391
Gain on acquisition	1,869

_______________

(1) Includes assumption of debt totaling $37.8 million.

(2) Represents the fair value of debt, which includes $6.3 million that was previously recorded.

The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts):

	Three Months Ended March 31,
	Pro Forma 2013(1)		Pro Forma 2012(1)
Revenues	$	131,681	$	123,124
Net income	44,817		22,516
Net income attributable to common shareholders	33,668		12,206
Earnings per share – basic	0.28		0.10
Earnings per share – diluted	0.28		0.10

_______________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $)	1 Months Ended		3 Months Ended					3 Months Ended						0 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended
	Nov. 30, 2012	Feb. 29, 2012	Mar. 31, 2013 property	Mar. 31, 2012	Dec. 31, 2012	Nov. 30, 2012 Minimum [Member]	Nov. 30, 2012 Maximum [Member]	Mar. 31, 2013 Unconsolidated Real Estate Joint Ventures [Member] property	Mar. 31, 2012 Unconsolidated Real Estate Joint Ventures [Member]	Mar. 31, 2013 Unconsolidated Real Estate Joint Ventures [Member] Minimum [Member]	Dec. 31, 2012 Unconsolidated Real Estate Joint Ventures [Member] Minimum [Member]	Mar. 31, 2013 Unconsolidated Real Estate Joint Ventures [Member] Maximum [Member]	Dec. 31, 2012 Unconsolidated Real Estate Joint Ventures [Member] Maximum [Member]	Aug. 06, 2012 Tenancy In Common [Member]	Mar. 31, 2013 Industrial Properties [Member] Unconsolidated Real Estate Joint Ventures [Member] property	Dec. 31, 2012 Industrial Properties [Member] Unconsolidated Real Estate Joint Ventures [Member] property	Mar. 31, 2013 Shopping Centers [Member] Unconsolidated Real Estate Joint Ventures [Member] property
Investment In Real Estate Joint Ventures And Partnerships [Line Items]
Ownership percentage in joint ventures		47.80%			75.00%	20.00%	50.00%			10.00%	10.00%	75.00%	75.00%	79.60%
Net basis differentials for investments			$ 6,200,000		$ 1,600,000
Impairment loss			56,000	6,852,000				1,815,000	0
Management fees revenue, related parties			1,400,000	1,700,000
Number of operating properties sold			1					4							2	19	2
Gain on sale of real estate joint venture and partnership interests	8,600,000	3,500,000	11,509,000	5,562,000											11,500,000
Proceeds from sale of real estate properties and joint venture interests																210,400,000
Acquisition of unconsolidated real estate joint venture interests														29,600,000
Assumption of debt														24,500,000
Proceeds from sale of unconsolidated real estate joint venture, gross	$ 20,900,000	$ 29,100,000						$ 11,700,000

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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Transactions Related To Acquisitions

The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2012
Fair value of our equity interest before acquisition	$	3,825
Fair value of consideration transferred	218,481			(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	195,377
Unamortized debt and lease costs	36,787
Restricted deposits and mortgage escrows	395
Other, net	3,742
Liabilities:
Debt, net	(46,923		)	(2)
Accounts payable and accrued expenses	(2,250		)
Other, net	(5,899		)
Total net assets	$	181,229
Acquisition costs (included in operating expenses)	$	1,391
Gain on acquisition	1,869

_______________

(1) Includes assumption of debt totaling $37.8 million.

(2) Represents the fair value of debt, which includes $6.3 million that was previously recorded.

Pro Forma Impact Of Acquisitions

The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts):

	Three Months Ended March 31,
	Pro Forma 2013(1)		Pro Forma 2012(1)
Revenues	$	131,681	$	123,124
Net income	44,817		22,516
Net income attributable to common shareholders	33,668		12,206
Earnings per share – basic	0.28		0.10
Earnings per share – diluted	0.28		0.10

_______________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Cash Flows from Operating Activities:
Net Income	$ 44,817		$ 22,638
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,731		38,850
Amortization of deferred financing costs, net	(9,300)		264
Impairment loss	292		10,023
Equity in earnings of real estate joint ventures and partnerships, net	(4,613)		(4,075)
Gain on sale of real estate joint venture and partnership interests	(11,509)		(5,562)
Gain on sale of property	(142)		(4,074)
Distributions of income from real estate joint ventures and partnerships, net	976		601
Changes in accrued rent and accounts receivable, net	8,256		16,703
Changes in other assets, net	(3,234)		(5,503)
Changes in accounts payable, accrued expenses and other liabilities, net	(30,232)		(27,524)
Other, net	2,599		2,771
Net cash provided by operating activities	37,641		45,112
Cash Flows from Investing Activities:
Acquisition of real estate and land	(18,880)		(20,135)
Development and capital improvements	(14,101)		(18,633)
Proceeds from sale of property and real estate equity investments, net	3,914		13,629
Change in restricted deposits and mortgage escrows	561		1,106
Notes receivable from real estate joint ventures and partnerships and other receivables:
Advances	0		(79)
Collections	3,937		59,897
Real estate joint ventures and partnerships:
Investments	(240)		(5,518)
Distributions of capital	14,393		3,347
Net cash (used in) provided by investing activities	(10,416)		33,614
Cash Flows from Financing Activities:
Proceeds from the issuance of debt	298,584		0
Principal payments of debt	(101,643)		(31,204)
Changes in unsecured credit facilities	(66,000)		3,500
Proceeds from the issuance of common shares of beneficial interest, net	1,887		458
Repurchase of preferred shares of beneficial interest	(75,000)		0
Common and preferred dividends paid	(44,122)		(43,333)
Debt issuance costs paid	(2,100)		(70)
Distributions to noncontrolling interests	(3,858)		(3,756)
Other, net	223		61
Net cash provided by (used in) financing activities	7,971		(74,344)
Net increase in cash and cash equivalents	35,196		4,382
Cash and cash equivalents at January 1	19,604	[1]	13,642
Cash and cash equivalents at March 31	54,800	[1]	18,024
Interest paid during the period (net of amount capitalized of $569 and $783 respectively)	35,794		40,836
Income taxes paid during the period	$ 0		$ 0

[1] Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17):

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Newly Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2013

Newly Issued Accounting Pronouncements [Abstract]

Newly Issued Accounting Pronouncements

Newly Issued Accounting Pronouncements

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU No. 2011-11 are effective for us on January 1, 2013, and are required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures.

In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which amends the scope of ASU No. 2011-11 to apply only to entities with derivatives accounted for in accordance with Accounting Standard Code 815. The provisions of ASU No. 2013-01 are effective for us on January 1, 2013, and are required to be applied retrospectively. The adoption of this ASU did not materially impact our consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if it is required to be reclassified to net income in its entirety. For other reclassified amounts, an entity is required cross-reference to other disclosures that provide additional detail about those amounts. The provisions of ASU No. 2013-02 are effective for us on January 1, 2013, and are to be applied prospectively. The adoption of this ASU did not materially impact our consolidated financial statements, but required additional disclosures.

In February 2013, the FASB issued ASU No. 2013-04, "Obligations resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 are effective for us on January 1, 2014, and are required to be applied retrospectively. We do not expect the adoption of this update to have a material impact on our consolidated financial statements.

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Derivatives And Hedging (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013 contracts	Dec. 31, 2012 contracts
Derivative [Line Items]
Accumulated loss from derivative instruments	$ 8,940,000	$ 7,489,000
Interest Rate Contracts [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Number of active interest rate contracts held	3	3
Notional amount of interest rate cash flow hedge derivatives	26,300,000	26,500,000
Derivative, maturity date	Sep. 15, 2017	Sep. 15, 2017
Derivative, lower fixed interest rate range	2.30%	2.30%
Derivative, higher fixed interest rate range	5.00%	5.00%
Cash flow hedge gain (loss) to be amortized within 12 months	(3,500,000)
Interest Rate Contracts [Member] | Fair Value Hedges [Member]
Derivative [Line Items]
Number of active interest rate contracts held	4	4
Notional amount of interest rate fair value hedge derivatives	117,700,000	118,100,000
Derivative, maturity date	Oct. 15, 2017	Oct. 15, 2017
Derivative, lower fixed interest rate range	4.20%	4.20%
Derivative, higher fixed interest rate range	7.50%	7.50%
Derivative, lower variable interest rate range	0.30%	0.30%
Derivative, higher variable interest rate range	4.30%	4.30%
Forward-Starting Contracts [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Number of active interest rate contracts held	3
Notional amount of interest rate cash flow hedge derivatives	$ 150,000,000
Derivative, effective date	Jan. 15, 2014
Derivative, maturity date	Jan. 15, 2024
Derivative, fixed interest rate	2.40%

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Business Combinations (Transactions Related to Acquisitions) (Details) (USD $)	12 Months Ended
	Dec. 31, 2012
Business Acquisition [Line Items]
Fair value of our equity interest before acquisition	$ 3,825,000
Fair value of consideration transferred	218,481,000	[1]
Assets:
Property	195,377,000
Unamortized debt and lease costs	36,787,000
Restricted deposits and mortgage escrows	395,000
Other, net	3,742,000
Liabilities:
Debt, net	(46,923,000)	[2]
Accounts payable and accrued expenses	(2,250,000)
Other, net	(5,899,000)
Total net assets	181,229,000
Acquisition costs (included in operating expenses)	1,391,000
Gain on acquisition	1,869,000
Debt assumption	37,800,000
Debt previously recorded	$ 6,300,000

[1] Includes assumption of debt totaling $37.8 million.

[2] Represents the fair value of debt, which includes $6.3 million that was previously recorded.

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Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Continuing Operations:
Income from continuing operations	$ 44,830	$ 14,931
Gain on sale of property	142	440
Net income attributable to noncontrolling interests	(1,467)	(1,441)
Dividends on preferred shares	(7,440)	(8,869)
Redemption costs of preferred shares	(2,242)	0
Income from continuing operations attributable to common shareholders – basic and diluted	33,823	5,061
Discontinued Operations:
(Loss) income from discontinued operations attributable to common shareholders - basic and diluted	$ (155)	$ 7,267
Denominator:
Weighted average shares outstanding - basic	121,058	120,481
Effect of dilutive securities:
Share options and awards	1,165	960
Weighted average shares outstanding - diluted	122,223	121,441

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Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2013
Assets:
Investments in grantor trusts	$	16,267					$	16,267
Derivative instruments:
Interest rate contracts			$	8,938			8,938
Total	$	16,267	$	8,938	$	—	$	25,205
Liabilities:
Derivative instruments:
Interest rate contracts			$	2,874			$	2,874
Deferred compensation plan obligations	$	16,267					16,267
Total	$	16,267	$	2,874	$	—	$	19,141
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2012
Assets:
Investments in grantor trusts	$	16,030					$	16,030
Derivative instruments:
Interest rate contracts			$	9,926			9,926
Total	$	16,030	$	9,926	$	—	$	25,956
Liabilities:
Derivative instruments:
Interest rate contracts			$	768			$	768
Deferred compensation plan obligations	$	16,030					16,030
Total	$	16,030	$	768	$	—	$	16,798

Nonrecurring Fair Value Measurements:

Property Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

Investments in Real Estate Joint Ventures and Partnerships Impairments

The fair value of our investment in partially owned real estate joint ventures and partnerships is estimated by management based on a number of factors, including the performance of each investment, the life and other terms of the investment, holding periods, market conditions, cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals and bona fide purchase offers in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. We recognize an impairment loss if we determine the fair value of an investment is less than its carrying amount and that loss in value is other than temporary.

No assets were measured at fair value on a nonrecurring basis at March 31, 2013. Assets measured at fair value on a nonrecurring basis at December 31, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	5,773	$	13,906	$	19,679	$	(2,971	)
Investment in real estate joint ventures and partnerships (3)			24,231				24,231		(6,608		)
Total	$	—	$	30,004	$	13,906	$	43,910	$	(9,579	)

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(1) Total gains (losses) are reflected throughout 2012 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $22.4 million was written down to a fair value of $19.7 million less costs to sell of $.3 million, resulting in a loss of $3.0 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

(3) Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs.

Fair Value Disclosures:

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	89,013	$	92,719	$	89,776	$	93,572
Tax increment revenue bonds	25,850		25,850		26,505		26,505
Debt:
Fixed-rate debt	2,179,715		2,294,471		1,992,599		2,094,122
Variable-rate debt	143,905		155,250		211,431		223,759

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2013 and December 31, 2012 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	March 31, 2013		December 31, 2012				Minimum				Maximum
	(in thousands)				Valuation Technique		2013		2012		2013		2012
Property	$	—	$	13,906	Broker valuation estimate	Indicative bid (1)
					Bona fide purchase offers	Contract price (1)
					Discounted cash flows	Discount rate							10.0		%
						Capitalization rate			9.3	%			9.5		%
						Holding period (years)							1
						Expected future inflation rate (2)							3.0		%
						Market rent growth rate (2)							3.0		%
						Expense growth rate (2)							3.0		%
						Vacancy rate (2)							5.0		%
						Renewal rate (2)							75.0		%
						Average market rent rate (2)							$	10.52
						Average leasing cost per square foot (2)							$	16.50
Notes receivable from real estate joint ventures and partnerships	92,719		93,572		Discounted cash flows	Discount rate					2.7	%	3.0		%
Tax increment revenue bonds	25,850		26,505		Discounted cash flows	Discount rate					7.5	%	7.5		%
						Expense growth rate	1.0	%	1.0	%	2.0	%	4.0		%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0		%
Fixed-rate debt	2,294,471		2,094,122		Discounted cash flows	Discount rate	1.5	%	1.1	%	6.0	%	6.5		%
Variable-rate debt	155,250		223,759		Discounted cash flows	Discount rate	2.4	%	1.4	%	5.0	%	5.0		%

_______________

(1) These fair values were developed by third parties, subject to our corroboration for reasonableness.

(2) Only applies to one property valuation.

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Employee Benefit Plans Employee Benefit Plans (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, employer contributions	$ 1.8	$ 2.5
Defined contribution plan, compensation expense	$ 1.0	$ 1.0

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Share Options And Awards (Tables)

3 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Fair Value Of Market-Based Share Awards Assumptions

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Three Months Ended March 31, 2013
	Minimum		Maximum
Dividend yield	0.0	%	3.9	%
Expected volatility	13.2	%	29.0	%
Expected life (in years)	NA		3
Risk-free interest rate	0.1	%	0.4	%

Status Of Unvested Restricted Share Awards

A summary of the status of unvested restricted share awards for the three months ended March 31, 2013 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2013	496,571		$	23.10
Granted:
Service-based awards	102,456		29.71
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	44,580		31.83
Market-based awards relative to three-year absolute TSR	44,580		37.49
Vested	(81,489	)	19.43
Forfeited	(43	)	27.14
Outstanding, March 31, 2013	606,655		$	26.41

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Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted include the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,
	2013			2012
Numerator:
Continuing Operations:
Income from continuing operations	$	44,830		$	14,931
Gain on sale of property	142			440
Net income attributable to noncontrolling interests	(1,467		)	(1,441		)
Dividends on preferred shares	(7,440		)	(8,869		)
Redemption costs of preferred shares	(2,242		)	—
Income from continuing operations attributable to common shareholders – basic and diluted	$	33,823		$	5,061
Discontinued Operations:
(Loss) income from discontinued operations attributable to common shareholders – basic and diluted	$	(155	)	$	7,267
Denominator:
Weighted average shares outstanding - basic	121,058			120,481
Effect of dilutive securities:
Share options and awards	1,165			960
Weighted average shares outstanding - diluted	122,223			121,441

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended March 31,
	2013	2012
Share options (1)	2,313	3,147
Operating partnership units	1,556	1,584
Total anti-dilutive securities	3,869	4,731

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(1) Exclusion results as exercise prices were greater than the average market price for each respective period.