WRI Weingarten Realty Investors

Weingarten Realty Investors Announces $65 Million Preferred Security Offering HOUSTON, July 6 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) announced today it has priced 2,600,000 depositary shares with an aggregate public offering price of $65 million, each representing a one-one hundredth (1/100) fractional interest in a share of the Company's 6.95% Series E Cumulative Redeemable Preferred Shares. The Company has granted the underwriters an option to purchase up to an additional 390,000 depositary shares to cover over allotments, if any. The depositary shares will pay a 6.95% annual dividend, will have a liquidation preference of $25 per share and are redeemable at Weingarten's election on or after July 8, 2009. The first dividend will be payable on September 15, 2004 and will be prorated based on the settlement date of July 8, 2004. Upon closing, the Company intends to use the net proceeds from the offering to reduce amounts outstanding under its $400 million Credit Agreement, which borrowings were used to fund the Company's acquisition and new development programs. Merrill Lynch, Pierce, Fenner & Smith Incorporated was sole bookrunning manager for the offering. Senior co-managers on the transaction were Citigroup Global Markets Inc., Legg Mason Wood Walker, Incorporated and Wachovia Capital Markets, LLC. Junior co-managers on the transaction were J. J. B. Hilliard, W. L. Lyons, Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc. and Stifel, Nicolaus & Company, Incorporated. 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated at 4 World Financial Center, New York, New York 10080. Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 340 properties in 20 states that span the greater southern part of the United States from coast to coast. Included in the portfolio are 278 neighborhood and community shopping centers and 62 industrial properties aggregating 45.6 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 4,900 tenants comprising less than 3% of rental revenues. 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 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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