WRI Weingarten Realty Investors

Weingarten Realty Investors Announces Call for Redemption of 7.125% Series B Preferred Shares HOUSTON, Nov. 19 /PRNewswire-FirstCall/ -- Weingarten Realty Investors announced today that it has called for the redemption of its 7.125% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest. The Company will redeem all 3,517,592 of the outstanding Series B Preferred Shares on December 19, 2003 for a redemption price of $25.00 per share, plus $0.02 per share of accrued and unpaid dividends, for an aggregate redemption price of $25.02 per share. Payment of the redemption price will be made through Mellon Investors Services LLC, as redemption agent. Weingarten also announced that the redemption of the Series B Preferred Shares will result in a non-cash charge to net income and FFO (a widely accepted supplemental measure of REIT operating performance) during the fourth quarter of 2003 of $0.055 per common share associated with the write off of the original issuance cost of the Series B Preferred Shares. This non-cash charge, in accordance with the newly adopted EITF Topic No. D-42, "The Effect on the Calculation of Earnings per Share from the Redemption or Induced Conversion of Preferred Stock," has no affect on the Company's on-going operations or cash flows. The Company redeemed its Series A Preferred Shares earlier this year and recognized a similar non-cash charge of $0.046 per common share. FFO for the year ended December 31, 2003, after adjusting for both non- cash charges arising from the redemption of the Series A Preferred Shares and the contemplated redemption of the Series B Preferred Shares totaling $0.101 per common share, is expected to be in the range of $3.30 to $3.36 per common share. Earnings (FFO) guidance before adjustments for these non-cash charges remains unchanged at $3.40 - $3.46 per common share for the year ended December 31, 2003. Weingarten Realty Investors is a Houston, Texas based real estate investment trust with 317 income-producing properties in 18 states that span from coast to coast in the southern half of the United States. Included in the portfolio are 256 neighborhood and community shopping centers, 60 industrial properties and one office building (its corporate office) aggregating approximately 42.2 million square feet. Listed on the New York Stock Exchange, the Company's common shares are traded under the symbol "WRI". For further information on the Company, please visit http://www.weingarten.com/ . 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 as 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. http://www.newscom.com/cgi-bin/prnh/19991216/WRILOGO DATASOURCE: Weingarten Realty Investors CONTACT: Tracy Pursell of Weingarten Realty Investors, +1-713-866-6050 Web site: http://www.weingarten.com/

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