WRI Weingarten Realty Investors

HOUSTON, Nov. 16 /PRNewswire-FirstCall/ -- Standard & Poor's lowered the rating of Weingarten Realty Investors (NYSE:WRI) Corporate credit rating from A to A- with a stable outlook. The senior unsecured debt was lowered from A to A- and cumulative preferred shares to BBB+ from A-. These investment grade ratings are still among the highest in the real estate investment trust industry. In February 2006, the Company announced a new strategy which includes a significant increase in development, an aggressive acquisition program financed in large part through the use of joint ventures with institutions and private parties, and a disposition program designed to recycle capital by selling non-core properties and reinvesting that capital into high barrier to entry locations within high growth markets. The implementation of this plan involves some additional leverage and an increase in the use of joint ventures but will result in much stronger growth in FFO per share and higher risk adjusted returns on investment. "This one level ratings downgrade was not surprising given this long-term strategy initiative which is designed to produce stronger growth in FFO per share. Management had the option of issuing additional common equity to maintain leverage ratios, but chose not to dilute the interests of existing shareholders. We remain confident in our ability to successfully execute this strategy," stated Steve Richter, Executive Vice President and Chief Financial Officer. As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors (NYSE:WRI) is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in 21 states that span the southern portion of the United States from coast to coast. The Company's portfolio of 373 properties includes 309 neighborhood and community shopping centers and 64 industrial properties, aggregating 47.5 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,400 tenants comprising approximately 3% of its rental revenues. To learn more about the Company's operations and growth strategies, please visit http://www.weingarten.com/ . DATASOURCE: Weingarten Realty Investors CONTACT: Richard Summers of Weingarten Realty Investors, +1-713-866-6050 Web site: http://www.weingarten.com/

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