WRI Weingarten Realty Investors

Weingarten Realty Investors Announces the Acquisition of Three Texas Properties HOUSTON, Aug. 19 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) announced today that the Company has purchased three Texas shopping centers comprising 453,600 square feet and representing an investment of $59.1 million, bringing total 2004 acquisitions to 3.1 million square feet and $449.1 million. North Creek Plaza is a 434,700 square foot community center located at the northeast corner of Del Mar Boulevard and Interstate 35 in Laredo, Texas. Anchored by HEB supermarket and Target, both of which own their locations which represent 189,300 square feet, as well as Bed Bath & Beyond, Marshall's, Old Navy, Best Buy, Pier 1 Imports, Party City and United Artists Theater, the center is currently 97% leased. Plantation Centre is a 134,600 square foot center, also located in Laredo at the northeast corner of Del Mar Boulevard and McPherson Avenue. This center is also anchored by HEB supermarket, and is 97% occupied. The third acquisition, Northtown Plaza is a 73,600 square foot shopping center located at the northeast corner of 1st Street and University Avenue in Lubbock, Texas. The center is 100% occupied, and is anchored by United Supermarket. Northtown Plaza represents WRI's fourth retail property in this market. According to Drew Alexander, President and Chief Executive Officer of Weingarten, "We are pleased with our success in acquiring these three quality shopping centers. The entrance into the rapidly growing Laredo market in south Texas is consistent with our expansion into the Rio Grand Valley market of McAllen, Texas earlier in the year, and we're excited about the growth that we're seeing in these areas." The Company affirms its 2004 Funds From Operations guidance of $2.51 to $2.55 per diluted share, excluding the effect of $.07 per share charges, as discussed during the Company's July 26, 2004 telephone conference regarding its results of operations for the three months ended June 30, 2004. Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 343 properties in 20 states that span the southern part of the United States from coast to coast. Included in the portfolio are 281 neighborhood and community shopping centers and 62 industrial properties aggregating 46.0 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its over 5,000 tenants comprising less than 3% of total rental revenues. 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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