WRI Weingarten Realty Investors

HOUSTON, Jan. 23 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) announced today that it has priced 8,000,000 depositary shares with an aggregate public offering price of $200 million, each representing a one-one hundredth (1/100) fractional interest in a share of the Company's 6.50% Series F Cumulative Redeemable Preferred Shares. The depositary shares will pay an annual dividend equal to 6.50% of their liquidation preference of $25 per share, and are redeemable at Weingarten's election on or after January 30, 2012. The first dividend will be payable on March 15, 2007 and will be prorated based on the settlement date of January 30, 2007. Upon closing, the Company intends to use the net proceeds from the offering to repay amounts outstanding under its credit facilities, which are among the primary sources of financing for its on-going acquisition and new development programs. Any additional net proceeds will be used for general business purposes. Wachovia Securities was the sole bookrunning manager for the offering. Senior co-managers on the transaction were Citigroup and Merrill Lynch & Co. Junior co-managers on the transaction were RBC Capital Markets, Stifel Nicolaus, and J.J.B. Hilliard, W.L. Lyons, Inc. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. A written prospectus meeting the requirements of the Securities Act of 1933, as amended, may be obtained from Wachovia Securities, ATTN: Prospectus Department, 8739 Research Drive, Charlotte, North Carolina 28262, or by calling toll free 866-289-1262. As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors (NYSE:WRI) is focused on actively developing, acquiring, and intensively managing properties in 22 states that span the United States from coast to coast. The Company's portfolio of 386 properties includes 320 neighborhood and community shopping centers and 66 industrial properties, aggregating 47.3 million square feet. Statements included herein that state the Company's or Management's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 which, by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance, or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors which may impact the Company's performance. 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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