WRI Weingarten Realty Investors

Weingarten Realty Investors Announces the Completion of Three Retail Acquisitions HOUSTON, Feb. 11 /PRNewswire-FirstCall/ -- Weingarten Realty Investors announced today that the Company has purchased three supermarket- anchored shopping centers comprising 389,500 square feet and representing a total investment of $71.5 million. Greenhouse Marketplace, located at the northeast corner of Lewelling Blvd. and Washington Ave. in San Leandro, California, in the San Francisco Bay Area is a 151,400 square foot shopping center that is currently over 95% leased. Anchors include 99 cents only, Factory 2-U and Big Lots. Also part of the center are Safeway and Long's Drugs, which are owned by others. Leesville Shopping Center is located in Raleigh, NorthCarolina at the northeast corner of Leesville Road and Leesville Church Road. This 114,400 square foot shopping center is 100% leased and is anchored by Harris Teeter, the number one supermarket operator in the region, and Blockbuster. Harrison PointCenter is a 123,700 square foot center also anchored by Harris Teeter and Staples, and is located at the northwest corner of Harrison Avenue and Maynard Road in Cary, North Carolina (a suburb of Raleigh). Phase II of this center is currently under construction, with completion scheduled for later this year. These two properties were acquired from Bob Hughes and Associates and related partnerships in the Raleigh-Durham market. These transactions utilized a DownREIT structure whereby WRI issued DownREIT Operating Partnership units that are convertible into WRI common shares, in addition to some assumed debt and cash payments made to certain partners. According to Drew Alexander, President and Chief Executive Officer of Weingarten, "We are pleasedwith our success in acquiring these three quality shopping centers, and with the momentum of our acquisitions program so far in 2004. Our pipeline currently has nearly $300 million of promising acquisition candidates, and we believe that we are well-positioned for an outstanding 2004." Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 324 income-producing properties in 19 states that span the southern part of the United States from coast to coast. Included inthe portfolio are 263 neighborhood and community shopping centers and 61 industrial properties aggregating 43.5 million square feet. The Company's common shares are listed on the New York Stock Exchange, trading under the symbol "WRI". Please visit Weingarten's website at 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 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. 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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