WRI Weingarten Realty Investors

Weingarten Realty Investors Announces Fourth Quarter Acquisitions HOUSTON, Dec. 27 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) announced today that the Company completed the acquisition of five shopping centers and one industrial property in the final quarter of 2004, adding 473,800 square feet to the portfolio with a total investment of $60.3 million. On October 27, 2004, Weingarten closed the acquisition of Plaza at Cottonwood, an 84,300 square foot shopping center located at the corner of Coors Bypass Boulevard NW and Seven Bar Loop Road NW in Albuquerque, New Mexico. This shopping center represents Weingarten's sixth Albuquerque investment, is anchored by Petsmart and Staples and is 100% leased. It is adjacent to a Wal-Mart, Home Depot and Walgreen's, and located across the street from Cottonwood Mall, one of the premier shopping centers in Albuquerque. On November 9, 2004, the Company acquired Grayson Commons, located at Grayson Highway and Rosebud Road in Grayson (Atlanta), Georgia. This represents Weingarten's tenth property in the Atlanta market (five shopping centers and five industrial properties, including 3500 Atlanta Industrial Parkway discussed below). Grayson Commons is a 76,600 square foot retail center that is anchored by Kroger and Blockbuster and is 98% occupied. There are also a corporately owned McDonald's and Goodyear Tire Center located in the shopping center. Also on November 9, Weingarten purchased a 50% joint venture interest in the Old Navy Building, a 15,000 square foot property located in McAllen, Texas. This transaction represents Weingarten's fourth acquisition opportunity through its joint venture partnership with Rioco Corporation that was formed earlier this year. On December 3, 2004, Weingarten acquired Lynnwood Collection, an 86,400 square foot shopping center located at the southeast corner of Creedmoor Rd. & Lynn Rd. in Raleigh, North Carolina. Kroger anchors this center, and it is 94% leased. Lynnwood Collection represents WRI's 15th Raleigh area property. The final retail acquisition for 2004 closed on December 21, 2004. Weingarten purchased The Festival on Jefferson Court, a 169,000 square foot shopping center that is anchored by Kroger, Sofa Express and Factory Card Outlet, as well as a corporately owned Petsmart, Applebee's and Red Lobster. This center is located at the northwest corner of Outer Loop and Jefferson Boulevard in Louisville, Kentucky, represents Weingarten's first acquisition in this market, and is currently 90% leased. The industrial property, 3500 Atlanta Industrial Parkway, is a 50,000 square foot facility located just north of US Highway 278 in Atlanta, Georgia. The property is adjacent to two of our existing industrial properties and consists of one industrial tenant, Sanderson Industries, Inc. This transaction closed on October 15, 2004. According to Drew Alexander, President and Chief Executive Officer of Weingarten, "We are pleased with our success in acquiring these great properties, and with our very active and successful 2004 acquisition program. In total we closed 24 transactions adding 3.6 million square feet of excellent assets to our portfolio for a total investment of $512.0 million at an approximately 8% return. Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 352 properties in 20 states that span the greater southern part of the United States from coast to coast. Included in the portfolio are 289 neighborhood and community shopping centers and 63 industrial properties aggregating 46.6 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 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. 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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