Weingarten Realty Announces Accelerated Recycling Program at Analyst and Investor Day

Weingarten Realty (NYSE: WRI) announced today the successful completion of its Annual Analyst and Investor Day in New York.

The Company’s Senior Management covered a wide variety of topics that included:

Strategic initiatives to accelerate the recycling of $600 million of non-core assets over the next couple of years;
A five-year forecast of operations that will produce solid 5%+ growth in Funds from Operations annually;
Overviews of the Company’s retail and industrial operations; and
Updates on the New Development program and the strong progress associated with the Land Held for Development.

“Our singular focus is on increasing returns for our shareholders. By accelerating the recycling of secondary (or non-core) assets, we will significantly enhance the overall quality of our portfolio which we strongly believe should result in an improved valuation for our common shares,” said Drew Alexander, President and Chief Executive Officer.

Presentation Information

The webcast and presentation materials for the Annual Analyst and Investor Day can be accessed through the Investor Relations home page of the Company’s corporate website www.weingarten.com. A transcript of the presentation will also be available the following day on Thomson’s Street Events. A replay of the webcast will be available two hours after the event concludes.

Acquisitions

During the presentation the Company also announced the closing of two transactions from which Weingarten acquired four retail shopping centers, representing a pro-rata investment of $33 million. The first property is Promenade 23 located in Seattle, WA, which is an infill location with a population density of 149,000 within a three mile radius of the center. The center is anchored by Red Apple Supermarket and is a redevelopment opportunity. The 97,000 square foot project is 91% leased.

In the second transaction, the Company purchased a 50% joint venture interest in three retail shopping centers. These centers are all located at the same intersection in Jacksonville, FL, and consist of the following:

1. Kernan Village is a 269,000 square foot project shadow-anchored by Super Wal-Mart. Other significant tenants include Ross and Petco. The center is currently 100% leased.

2. Atlantic West is a 163,000 square foot project shadow-anchored by Kohl’s. Other significant tenants include TJ Maxx, Shoe Carnival, Dollar Tree and Office Depot. The center is currently 100% leased.

3. Atlantic North is a 67,000 square foot development occupied by Academy Sports and Outdoors. The Company has the right, but not the obligation, to participate in the development of the remaining 50 acres of this center.

“The acquisition market has been very competitive in 2011, we are pleased with the four acquisitions we have completed year-to-date. While we remain disciplined in our acquisition efforts, we are optimistic that we will achieve our 2011 acquisition goal of $125 - $175 million,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Dispositions

The Company also announced the sale of two industrial buildings located in Georgia and California which totaled 116,000 square feet and the closing of a 65,000 square foot tract of land to Kohl’s at Tomball Marketplace, a development property located outside of Houston, TX.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At December 31, 2010, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 383 developed income-producing properties and 9 properties under various stages of construction and development. The total number of properties includes 312 neighborhood and community shopping centers located in 22 states spanning the country from coast to coast. The Company also owns 77 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At December 31, 2010, the Company’s portfolio of properties was approximately 71.5 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

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

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