WRI Weingarten Realty Investors

Weingarten Realty Investors Releases Tax Status of 2004 Cash Dividends HOUSTON, Jan. 17 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) released today the Federal income tax treatment of its 2004 cash distributions to holders of its Common Shares of Beneficial Interest, its depositary shares of 6.75% Series D Cumulative Redeemable Preferred Shares and its depositary shares of 6.95% Series E Cumulative Redeemable Preferred Shares. The Company indicated that the dividends shown below related to its common shares reflect a 3 for 2 share split effective March 30, 2004. Distributions on common shares traded under the ticker symbol WRI were as follows: CUSIP Declaration Date Record Date Payable Date Distribution Per Share 948741103 02/20/2004 03/05/2004 03/15/2004 $.415 04/23/2004 06/04/2004 06/15/2004 $.415 07/23/2004 09/03/2004 09/15/2004 $.415 10/22/2004 12/03/2004 12/15/2004 $.415 2004 Total $1.66 Common share distribution characterization is as follows (CUSIP 948741103): Taxable Total Capital Unrecaptured Return of Ordinary Gain Sec. 1250 Gain Capital Dividends Distributions (A) (Non-taxable Distributions) $.3486 $.0368 $.0102 $.0296 $.3486 $.0368 $.0102 $.0296 $.3486 $.0368 $.0102 $.0296 $.3486 $.0368 $.0102 $.0296 Totals $1.3944 $.1472 $.0408 $.1184 (A) Represents additional characterization of, and is a part of, "Total Capital Gain Distributions". Distributions on Weingarten's 7.00% Series C Cumulative Redeemable Preferred Shares (NYSE:WRIPrC) (redeemed on April 1, 2004) were as follows: CUSIP Declaration Date Record Date Payable Date Distribution Per Share 948741400 02/20/2004 03/05/2004 03/15/2004 $.8750 04/23/2004 04/01/2004 04/01/2004 $.1556 2004 Total $1.0306 Series C Preferred Share distribution characterization is as follows (CUSIP 948741400): Taxable Total Capital Unrecaptured Ordinary Gain Sec. 1250 Gain Dividends Distributions (A) $.7974 $.0776 $.0215 $.1418 $.0138 $.0038 Totals $.9392 $.0914 $.0253 (A) Represents additional characterization of, and is a part of, "Total Capital Gain Distributions". Distributions on Weingarten's 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) were as follows: CUSIP Declaration Date Record Date Payable Date Distribution Per Share 948741509 02/20/2004 03/05/2004 03/15/2004 $.4219 04/23/2004 06/04/2004 06/15/2004 $.4219 07/23/2004 09/03/2004 09/15/2004 $.4219 10/22/2004 12/03/2004 12/15/2004 $.4219 2004 Total $1.6876 Series D Preferred Share distribution characterization is as follows (CUSIP 948741509): Taxable Total Capital Unrecaptured Ordinary Gain Sec. 1250 Gain Dividends Distributions (A) $.3845 $.0374 $.0104 $.3845 $.0374 $.0104 $.3845 $.0374 $.0104 $.3845 $.0374 $.0104 Totals $1.538 $.1496 $.0416 (A) Represents additional characterization of, and is a part of, "Total Capital Gain Distributions". Distributions on Weingarten's 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) were as follows: CUSIP Declaration Date Record Date Payable Date Distribution Per Share 948741608 07/23/2004 09/03/2004 09/15/2004 $.3234 10/22/2004 12/03/2004 12/15/2004 $.4344 2004 Total $.7578 Series E Preferred Share distribution characterization is as follows (CUSIP 948741608): Taxable Total Capital Unrecaptured Ordinary Gain Sec. 1250 Gain Dividends Distributions (A) $.2947 $.0287 $.0079 $.3959 $.0385 $.0107 Totals $.6906 $.0672 $.0186 (A) Represents additional characterization of, and is a part of, "Total Capital Gain Distributions". Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of Weingarten Realty Investors cash distributions. For additional information, contact Weingarten's Investor Relations Department. Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 349 properties in 20 states that span the greater southern part of the United States from coast to coast. Included in the portfolio are 288 neighborhood and community shopping centers and 61 industrial properties aggregating 46.2 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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