8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 27, 2005

WEINGARTEN REALTY INVESTORS

(Exact name of Registrant as specified in its Charter)

Texas	1-9876	74-1464203
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification Number)

2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (713) 866-6000

Not applicable

(Former name or former address, if changed since last report)

Item 2.02.Results of Operations and Financial Condition.

On July 27, 2005, we issued a press release describing our results of operations for the second quarter ended June 30, 2005, as well as supplemental financial information pertaining to our operations. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2 to this report.

The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01.Financial Statements and Exhibits.

99.1Press release dated July 27, 2005, regarding our results of operations for the quarter ended June 30, 2005.

99.2Supplemental Financial Information.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 29, 2005

WEINGARTEN REALTY INVESTORS

By: /s/ Joe D. Shafer

Joe D. Shafer

Vice President/Controller

3

INDEX TO EXHIBITS

99.1Press release dated July 27, 2005, regarding our results of operations for the quarter ended June 30, 2005.

99.2Supplemental Financial Information.

4

EX-99.1

	2600 Citadel Plaza Drive	Exhibit 99.1
	P.O. Box 924133
	Houston, Texas 77292-4133

NEWS RELEASE	Information: Brook Wootton
	(713) 866-6050

Weingarten Realty Investors Announces Solid Second Quarter 2005 Results Including Record Gains from Property Sales

HOUSTON, July 27 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE: WRI) announced today the strong results of its second quarter ended June 30, 2005.

·   Net income available to common shareholders on a diluted basis increased to $69.0 million, compared to $36.8 million in the second quarter 2004, an increase of 87.5%;

·   Funds from Operations (FFO) on a diluted basis, considered the most meaningful performance measurement within the REIT industry, increased to $64.6 million for the second quarter of 2005 from $51.6 million for the same period in 2004, a 25.2% increase. On a diluted per share basis, FFO increased to $0.69 per share compared to $0.58 per share for the same quarter of the previous year, a 19.0% increase. FFO for 2005 benefited from unusual lease cancellation payments of about $1.8 million while FFO for 2004 included non-cash charges totaling $6.3 million relating to the original issuance costs associated with the redemption of the Company’s Series C Preferred Shares and the impairment of a tract of unimproved land. Excluding these unusual items in both years, FFO for the second quarter of 2005 totaled $62.8 million, or $.67 per common share, as compared to $57.9 million, or $.65 per common share;

·   Rental revenues for the second quarter of 2005 were $133.6 million, up from $119.6 million for the second quarter of 2004, an 11.7% increase;

·   Same property Net Operating Income (NOI) growth for the total portfolio was 4.8%, the highest such increase in at least the last five years;

·   Occupancy of the overall portfolio was reported at 94.2% for the second quarter of 2005;

·   Acquisitions and new developments, year-to-date, added 1.6 million square feet to the portfolio, representing a total investment of $243 million;

·   Dispositions, year-to-date, totaled 1.1 million square feet providing proceeds of $141.4 million, and generating gains of $62.5 million;

·   The Board of Trust Managers declared a dividend of $0.44 per common share for the second quarter of 2005, up from $0.415 per common share in 2004. On an annualized basis, this represents a dividend of $1.76 per common share as compared to $1.66 per common share for the prior year, a 6.0% increase. The dividend is payable on September 15, 2005 to shareholders of record on September 5, 2005; and

·   The Board of Trust Managers also declared dividends on the Company's preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE: WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE: WRIPrE) are $0.434375 per share for the same period. Both preferred share dividends are payable on September 15, 2005 to shareholders of record on September 5, 2005.

In announcing the results for the second quarter, Drew Alexander, President and Chief Executive Officer, indicated the strong performance of its existing portfolio, coupled with the continued strength of the Company’s acquisition and development efforts, has allowed the Company to produce solid year over year results while at the same time completing record levels of dispositions of certain non-core assets.

"Leasing activity remains solid with rental rates up over 8% and same store NOI for the quarter increasing a very strong 4.8%," Alexander stated. "Additionally, our acquisitions team continues to be successful in identifying attractive acquisition opportunities and efficiently moving these prospects to closing. During the second quarter, we purchased eight shopping centers totaling 1.1 million square feet with a combined investment of $167 million and a projected return of approximately 7 1/2%. In addition, we have another $100 million of potential acquisitions under contract, in various stages of due diligence. Naturally, the future market environment for attractive acquisitions will continue to determine the pace that we can execute our on-going program. As always, we take a very disciplined approach to investing our shareholders' money and will only undertake acquisition projects that can deliver long-term returns over our blended cost of capital," Alexander added.

"We were also very successful in accelerating the pace of our dispositions program during the second quarter. During the quarter, we sold four shopping centers, an 80% interest in two additional shopping centers and one industrial building. Subsequent to quarter-end, we sold an additional shopping center. Year-to-date dispositions produced proceeds of $141 million representing 1.1 million square feet," Alexander commented.

Alexander also reported that the Company currently has seven retail development properties in various stages of development. Anchored by market-dominant supermarkets or national discount department stores, these developments will represent an investment of approximately $50 million and will add over 400,000 square feet to the portfolio when completed. The properties are slated to open during the remainder of 2005 and early 2006.

In addition to these projects, the company is seeing a significant increase in the development pipeline. At the present time the company has 15 sites under contract, which will add 2.2 million square feet with an investment value of approximately $225 million when fully developed over the next two to three years.

With respect to the existing portfolio, Alexander noted that the Company completed 336 new leases and renewals totaling 1.7 million square feet during the second quarter 2005, with an average rental rate increase of 8.1% on a same-space basis. Net of capital costs associated with improvements to the leased spaces, rental rates increased 5.1%.

Alexander stated, "Looking ahead, we are very excited about the opportunities to profitably grow the Company during the remainder of 2005. We are focused on maximizing the value of our existing portfolio, completing acquisition and development opportunities, and continuing the accelerated pace of our disposition program. We believe that the recycling of certain assets is an important part of our ongoing strategy."

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on Thursday, July 28, 2005 at 10:00 a.m. Central Time. The webcast can be accessed via the Company's Web site at http://www.weingarten.com. A replay is also available through the Company's Web site starting approximately two hours following the live call or can be heard by calling 877-519-4471, identification number 6215460 for the following 24 hours.

About Weingarten Realty Investors

Weingarten Realty Investors is a Houston, Texas based real estate investment trust with 353 income producing and new development properties in 20 states that span from coast to coast in the southern half of the United States. Included in the portfolio are 294 neighborhood and community shopping centers and 59 industrial properties aggregating 47.0 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the top 10 tenants comprising less than 15% of its rental revenues. Listed on the New York Stock Exchange, the Company's common shares are traded under the symbol "WRI". Additionally, the Company produces and posts on a quarterly basis supplemental financial information on its Web site. For further information on the Company, please visit http://www.weingarten.com.

Forward-Looking Statements

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 that may impact the Company's performance.

Financial Statements
Weingarten Realty Investors
(in thousands, except per share amounts)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
STATEMENTS OF CONSOLIDATED INCOME AND	2005			2004			2005			2004
FUNDS FROM OPERATIONS	(Unaudited)						(Unaudited)
Rental Income	$	133,598		$	119,622		$	264,318		$	232,435
Other Income		3,134			1,483			4,283			3,310
Total Revenues		136,732			121,105			268,601			235,745
Depreciation and Amortization		31,476			28,608			61,858			54,584
Operating Expense		19,298			18,437			38,503			35,181
Ad Valorem Taxes		15,929			14,321			31,759			28,375
General and Administrative Expense		4,522			3,936			8,769			7,962
Impairment Loss					2,700						2,700
Total Expenses		71,225			68,002			140,889			128,802
Operating Income		65,507			53,103			127,712			106,943
Interest Expense		(31,887	)		(28,140	)		(62,490	)		(55,873	)
Loss on Early Redemption of Preferred Shares					(3,566	)					(3,566	)
Equity in Earnings of Joint Ventures		1,619			1,587			2,893			2,816
Income Allocated to Minority Interests		(1,745	)		(975	)		(3,145	)		(1,854	)
Gain on Sale of Properties		22,006			102			21,979			419
Income From Continuing Operations		55,500			22,111			86,949			48,885
Operating Income From Discontinued Operations		878			1,641			1,876			3,276
Gain on Sale of Properties From Discontinued Operations		13,827			13,430			17,942			13,430
Income from Discontinued Operations		14,705			15,071			19,818			16,706
Net Income		70,205			37,182			106,767			65,591
Less: Preferred Dividends		2,526			1,265			5,051			2,531
Net Income Available to Common Shareholders--Basic	$	67,679		$	35,917		$	101,716		$	63,060
Net Income Per Common Share--Basic	$	0.76		$	0.42		$	1.14		$	0.75
Net Income Available to Common Shareholders--Diluted	$	69,018		$	36,783		$	104,289		$	64,751
Net Income Per Common Share--Diluted	$	0.74		$	0.42		$	1.12		$	0.74
Funds from Operations:
Net Income Available to Common Shareholders	$	67,679		$	35,917		$	101,716		$	63,060
Depreciation and Amortization		29,447			27,027			57,759			51,781
Depreciation and Amortization of Unconsolidated Joint Ventures		939			701			1,843			1,358
Gain on Sale of Properties		(35,622	)		(13,508	)		(39,713	)		(13,825	)
Loss on Sale of Properties of Unconsolidated Joint Ventures		2						3
Funds from Operations--Basic	$	62,445		$	50,137		$	121,608		$	102,374
Funds from Operations Per Common Share--Basic	$	0.70		$	0.59		$	1.36		$	1.21
Funds from Operations--Diluted	$	64,606		$	51,645		$	125,842		$	105,212
Funds from Operations Per Common Share--Diluted	$	0.69		$	0.58		$	1.35		$	1.20
Weighted Average Shares Outstanding--Basic		89,178			85,598			89,150			84,371
Weighted Average Shares Outstanding--Diluted		93,170			88,627			93,118			87,451

	June 30,			December 31,
	2005			2004
CONSOLIDATED BALANCE SHEETS	(Unaudited)			(Audited)
Property	$	3,938,800		$	3,751,607
Accumulated Depreciation		(645,883	)		(609,772	)
Investment in Real Estate Joint Ventures		62,149			48,382
Notes Receivable		23,840			16,593
Unamortized Debt and Lease Costs		96,875			91,155
Accrued Rent and Accounts Receivable, net		47,113			57,964
Cash and Cash Equivalents		48,603			45,415
Other Assets		57,475			68,974
Total Assets	$	3,628,972		$	3,470,318
Debt	$	2,221,554		$	2,105,948
Accounts Payable and Accrued Expenses		93,447			99,680
Other		104,538			94,800
Total Liabilities		2,419,539			2,300,428
Minority Interest		86,370			73,930
Preferred Shares of Beneficial Interest		4			4
Common Shares of Beneficial Interest		2,677			2,672
Additional Paid in Capital		1,286,950			1,283,270
Accumulated Dividends in Excess of Net Income		(161,994	)		(185,243	)
Accumulated Other Comprehensive Loss		(4,574	)		(4,743	)
Total Shareholders' Equity		1,123,063			1,095,960
Total Liabilities and Shareholders' Equity	$	3,628,972		$	3,470,318

 

EX-99.2

EXHIBIT 99.2

Supplemental Financial Information

June 30, 2005

(Unaudited)

Table of Contents	Page No.
Corporate Profile	1
Statements of Consolidated Income	2
Consolidated Balance Sheets	3
Statements of Consolidated Income at Prorata Share	4
Consolidated Balance Sheets at Prorata Share	5
Summary Operating Data	6
Funds from Operations
Dividends
General and Administrative Expenses
Net Operating Income
Rentals
Interest Expense
Property
Financial Statements of Unconsolidated Joint Ventures at Prorata Share	8
Summary Balance Sheet Information	9
Common Share Data
Capitalization
Capital Availability
Credit Ratings
Debt Information	10
Outstanding Balance Summary
Fixed vs Variable Rate Debt
Secured vs Unsecured Debt
Coverage Ratios
Weighted Average Interest Rates
Schedule of Maturities
Other Information	12
Tenant Diversification
Lease Expirations
Leasing Production
Average Minimum Rent per Square Foot
Property Information	14
Acquisition Summary
New Development Summary
Property Investment Summary
Disposition Summary
Occupancy
Total Operating Income at Prorata Share by Geographic Region
Property Listing
This supplemental financial information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, and its unaudited quarterly financial statements.
Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized.

Weingarten Realty Investors

Corporate Profile

General Description

Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of June 30, 2005, we owned or operated under long-term leases, interests in 350 developed income-producing properties and three properties that are in various stages of development, which are located in 20 states that span the southern half of the United States from coast to coast. Included in the portfolio are 294 shopping centers and 59 industrial projects. Our interests in these properties aggregated approximately 47.0 million square feet of building area. Our properties were 94.2% leased as of June 30, 2005, and historically our portfolio occupancy rate has never been below 90%.

Corporate Office
2600 Citadel Plaza Drive
P. O. box 924133
Houston, TX 77292-4133
713-866-6000
www.weingarten.com
Regional Offices
Atlanta, GA	Ft. Lauderdale, FL	Phoenix, AZ
Austin, TX	Las Vegas, NV	Raleigh, NC
Dallas, TX	Los Angeles, CA	Sacramento, CA
Denver, CO (Miller Weingarten)	Orlando, FL
Stock Listings
New York Stock Exchange:
Common Shares	WRI
Series D Preferred Shares	WRIPrD
Series E Preferred Shares	WRIPrE

Page 1

Weingarten Realty Investors

Statements of Consolidated Income

(in thousands, except per share amounts)

(As reported in 10-Q)

	Three Months Ended						Six Months Ended
	June 30,						June 30,						Twelve Months Ended December 31,
	2005			2004			2005			2004			2004			2003			2002			2001
Revenues:
Rentals	$	133,598		$	119,622		$	264,318		$	232,435		$	485,472		$	397,592		$	344,311		$	289,044
Other		3,134			1,483			4,283			3,310			10,186			8,575			6,121			5,171
Total		136,732			121,105			268,601			235,745			495,658			406,167			350,432			294,215
Expenses:
Depreciation and amortization		31,476			28,608			61,858			54,584			114,357			90,767			74,887			63,383
Operating		19,298			18,437			38,503			35,181			77,193			63,031			53,348			45,119
Ad valorem taxes		15,929			14,321			31,759			28,375			56,350			45,692			42,104			36,011
General and administrative		4,522			3,936			8,769			7,962			16,122			13,820			11,148			9,570
Impairment loss					2,700						2,700			3,550
Total		71,225			68,002			140,889			128,802			267,572			213,310			181,487			154,083
Operating Income		65,507			53,103			127,712			106,943			228,086			192,857			168,945			140,132
Interest Expense		(31,887	)		(28,140	)		(62,490	)		(55,873	)		(115,506	)		(88,871	)		(65,863	)		(54,473	)
Loss on Early Redemption of Preferred Shares					(3,566	)					(3,566	)		(3,566	)		(2,739	)
Equity in Earnings of Joint Ventures (a)		1,619			1,587			2,893			2,816			5,384			4,681			3,930			5,424
Income Allocated to Minority Interests		(1,745	)		(975	)		(3,145	)		(1,854	)		(4,928	)		(2,723	)		(3,553	)		(475	)
Gain on Sale of Properties		22,006			102			21,979			419			1,535			714			188			8,339
Income From Continuing Operations		55,500			22,111			86,949			48,885			111,005			103,919			103,647			98,947
Operating Income From Discontinued Operations		878			1,641			1,876			3,276			5,493			6,322			8,748			9,595
Gain on Sale of Properties From Discontinued Operations		13,827			13,430			17,942			13,430			24,883			6,039			19,472
Income From Discontinued Operations		14,705			15,071			19,818			16,706			30,376			12,361			28,220			9,595
Net Income		70,205			37,182			106,767			65,591			141,381			116,280			131,867			108,542
Less:  Preferred Dividends		2,526			1,265			5,051			2,531			7,470			15,912			19,756			19,703
Original Issuance Costs associated with Redeemed Series A Preferred Shares																	2,488
Net Income Available to Common Shareholders	$	67,679		$	35,917		$	101,716		$	63,060		$	133,911		$	97,880		$	112,111		$	88,839
Net Income Per Common Share - Basic:	$	0.76		$	0.42		$	1.14		$	0.75		$	1.55		$	1.24		$	1.44		$	1.23
Net Income Per Common Share - Diluted:	$	0.74		$	0.42		$	1.12		$	0.74		$	1.54		$	1.24		$	1.43		$	1.23

(a) See Page 8 for the Company’s prorata share of the operating results of its unconsolidated joint ventures.

Page 2

Weingarten Realty Investors

Consolidated Balance Sheets

(in thousands, except per share amounts)

(As reported in 10-Q)

	June 30,			December 31,
	2005			2004
ASSETS
Property	$	3,938,800		$	3,751,607
Accumulated Depreciation		(645,883	)		(609,772	)
Property - net		3,292,917			3,141,835
Investment in Real Estate Joint Ventures (a)		62,149			48,382
Total		3,355,066			3,190,217
Notes Receivable from Real Estate Joint Ventures and Partnerships		23,840			16,593
Unamortized Debt and Lease Costs		96,875			91,155
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $3,961 in 2005 and $4,205 in 2004)		47,113			57,964
Cash and Cash Equivalents		48,603			45,415
Other		57,475			68,974
Total	$	3,628,972		$	3,470,318
LIABILITIES AND SHAREHOLDERS’ EQUITY
Debt	$	2,221,554		$	2,105,948
Accounts Payable and Accrued Expenses		93,447			99,680
Other		104,538			94,800
Total		2,419,539			2,300,428
Minority Interest		86,370			73,930
Commitments and Contingencies
Shareholders’ Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000;
6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2005 and 2004; liquidation preference $75,000		3			3
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2005 and 2004; liquidation preference $72,500		1			1
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 89,215 in 2005 and 89,066 in 2004		2,677			2,672
Additional Paid In Capital		1,286,950			1,283,270
Accumulated Dividends in Excess of Net Income		(161,994	)		(185,243	)
Accumulated Other Comprehensive Loss		(4,574	)		(4,743	)
Shareholders’ Equity		1,123,063			1,095,960
Total	$	3,628,972		$	3,470,318

(a) This represents the Company’s investment of its unconsolidated joint ventures. See page 8 for additional information.

Page 3

Weingarten Realty Investors

Statements of Consolidated Income at Prorata Share (1)

(in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,						Twelve Months Ended December 31,
	2005			2004			2005			2004			2004			2003			2002			2001
Revenues:
Rentals	$	134,764		$	120,068		$	265,989		$	233,237		$	486,997		$	398,137		$	348,740		$	295,485
Other		3,353			1,617			4,821			3,783			11,104			10,807			8,435			7,151
Total		138,117			121,685			270,810			237,020			498,101			408,944			357,175			302,636
Expenses:
Depreciation and amortization		31,585			28,272			61,956			54,004			114,102			89,163			75,115			64,277
Operating		19,363			18,351			38,450			35,090			77,064			62,880			53,539			45,836
Ad valorem taxes		16,023			14,331			31,956			28,411			56,398			45,848			42,618			36,880
General and administrative		4,545			3,934			8,802			7,969			16,125			13,821			11,145			9,572
Impairment loss					2,700						2,700			3,550
Total		71,516			67,588			141,164			128,174			267,239			211,712			182,417			156,565
Operating Income		66,601			54,097			129,646			108,846			230,862			197,232			174,758			146,071
Interest Expense		(31,605	)		(27,585	)		(61,892	)		(55,003	)		(113,734	)		(88,572	)		(67,653	)		(56,647	)
Loss on Early Redemption of Preferred Shares					(3,566	)					(3,566	)		(3,566	)		(2,739	)
Income Allocated to Minority Interests		(1,289	)		(913	)		(2,573	)		(1,787	)		(3,990	)		(3,236	)		(3,720	)		(272	)
Gain on Sale of Properties		21,793			78			21,768			395			1,433			1,234			262			9,795
Income From Continuing Operations		55,500			22,111			86,949			48,885			111,005			103,919			103,647			98,947
Operating Income From Discontinued Operations		878			1,641			1,876			3,276			5,493			6,322			8,748			9,595
Gain on Sale of Properties From Discontinued Operations		13,827			13,430			17,942			13,430			24,883			6,039			19,472
Income From Discontinued Operations		14,705			15,071			19,818			16,706			30,376			12,361			28,220			9,595
Net Income		70,205			37,182			106,767			65,591			141,381			116,280			131,867			108,542
Less:  Preferred Dividends		2,526			1,265			5,051			2,531			7,470			15,912			19,756			19,703
Original Issuance Costs associated with Redeemed Series A Preferred Shares																	2,488
Net Income Available to Common Shareholders	$	67,679		$	35,917		$	101,716		$	63,060		$	133,911		$	97,880		$	112,111		$	88,839
Net Income Per Common Share - Basic:	$	0.76		$	0.42		$	1.14		$	0.75		$	1.55		$	1.24		$	1.44		$	1.23
Net Income Per Common Share - Diluted:	$	0.74		$	0.42		$	1.12		$	0.74		$	1.54		$	1.24		$	1.43		$	1.23

(1)   The Statements of Consolidated Income at Prorata Share include the real estate operations of joint ventures at WRI’s ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest for the items listed above Income From Continuing Operations.

Page 4

Weingarten Realty Investors

Consolidated Balance Sheets at Prorata Share (1)

(in thousands, except per share amounts)

	June 30,			December 31,
	2005			2004
ASSETS
Property	$	3,979,977		$	3,773,614
Accumulated Depreciation		(648,565	)		(613,780	)
Property - net		3,331,412			3,159,834
Notes Receivable from Real Estate Joint Ventures and Partnerships		21,645			22,861
Unamortized Debt and Lease Costs		101,092			94,517
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $3,995 in 2005 and $4,205 in 2004)		46,072			55,703
Cash and Cash Equivalents		50,617			48,050
Other		57,303			66,578
Total	$	3,608,141		$	3,447,543
LIABILITIES AND SHAREHOLDERS’ EQUITY
Debt	$	2,204,581		$	2,088,705
Accounts Payable and Accrued Expenses		93,348			98,411
Other		104,670			95,049
Total		2,402,599			2,282,165
Minority Interest		82,479			69,418
Commitments and Contingencies
Shareholders’ Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000;
6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2005 and 2004; liquidation preference $75,000		3			3
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2005 and 2004; liquidation preference $72,500		1			1
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 89,215 in 2005 and 89,066 in 2004		2,677			2,672
Additional Paid In Capital		1,286,950			1,283,270
Accumulated Dividends in Excess of Net Income		(161,994	)		(185,243	)
Accumulated Other Comprehensive Loss		(4,574	)		(4,743	)
Shareholders’ Equity		1,123,063			1,095,960
Total	$	3,608,141		$	3,447,543

(1) The Consolidated Balance Sheets at Prorata Share include the real estate operations of joint ventures at WRI’s ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest for items listed above Commitments and Contingencies caption.

Page 5

Weingarten Realty Investors

Summary Operating Data

(in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Funds from Operations
Numerator:
Net income available to common shareholders	$	67,679		$	35,917		$	101,716		$	63,060
Depreciation and amortization		29,447			27,027			57,759			51,781
Depreciation and amortization of unconsolidated joint ventures		939			701			1,843			1,358
Gain on sale of properties		(35,622	)		(13,508	)		(39,713	)		(13,825	)
Loss on sale of properties of unconsolidated joint ventures		2						3
Funds from Operations - Basic		62,445			50,137			121,608			102,374
Funds from operations attributable to operating partnership units		2,161			1,508			4,234			2,838
Funds from Operations - Diluted	$	64,606		$	51,645		$	125,842		$	105,212
Denominator:
Weighted average shares outstanding - Basic		89,178			85,598			89,150			84,371
Effect of dilutive securities:
Share options and awards		949			787			943			869
Operating partnership units		3,043			2,242			3,025			2,211
Weighted average shares outstanding - Diluted		93,170			88,627			93,118			87,451
Funds from Operations per Share - Basic	$	0.70		$	0.59		$	1.36		$	1.21
Funds from Operations per Share - Diluted	$	0.69		$	0.58		$	1.35		$	1.20
Growth in Funds from Operations per Share - Diluted					19.0	%					12.5	%
Dividends
Common Dividends per Share	$	0.44		$	0.415		$	0.88		$	0.83
Common Dividends Paid as a % of Funds from Operations		62.9	%		71.0	%		64.5	%		69.5	%
General and Administrative Expenses *
General and Administrative Expenses/Total Revenue		3.3	%		3.2	%		3.3	%		3.4	%
General and Administrative Expenses / Total Assets before Depreciation		0.11	%		0.10	%		0.21	%		0.21	%
Net Operating Income *
Same Property NOI Growth: **
Retail		5.1	%		4.2	%		4.3	%		3.8	%
Industrial		2.9	%		-0.1	%		3.0	%		-2.3	%
Total		4.8	%		3.8	%		4.1	%		3.2	%

*	Includes the Company’s share of unconsolidated joint ventures and excludes its partners’ share of consolidated joint ventures (“Prorata Share”)
**	Same Property NOI Growth excludes the effect of lease cancellation income.

Page 6

Weingarten Realty Investors

Summary Operating Data (continued)

(in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
Rentals (As Reported in 10-Q)
Base minimum rent, net	$	105,161	$	93,745	$	207,691	$	182,565
Straight line rent		1,896		1,689		3,823		3,031
Over/Under-market rentals, net		94		9		77
Percentage rent		1,271		1,174		2,338		2,536
Tenant reimbursements		25,176		23,005		50,389		44,303
Total	$	133,598	$	119,622	$	264,318	$	232,435

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
Rentals (Prorata Share)
Base minimum rent, net	$	105,995	$	94,281	$	209,040	$	183,452
Straight line rent		1,953		1,662		3,920		2,989
Over/Under-market rentals, net		149		50		179		41
Percentage rent		1,314		1,171		2,386		2,544
Tenant reimbursements		25,353		22,904		50,464		44,211
Total	$	134,764	$	120,068	$	265,989	$	233,237

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Interest Expense (Prorata Share)
Interest paid or accrued	$	34,503		$	30,261		$	67,034		$	58,116
Interest on preferred shares subject to mandatory redemption					22						2,007
Over-market mortgage adjustment		(1,884	)		(1,243	)		(3,391	)		(2,326	)
Gross interest expense		32,619			29,040			63,643			57,797
Less:
Capitalized interest		(1,014	)		(1,455	)		(1,751	)		(2,794	)
Interest expense, at prorata share	$	31,605		$	27,585		$	61,892		$	55,003

	June 30,		December 31,
	2005		2004
Property at Prorata Share
Land	$	748,244	$	719,029
Land held for development		18,722		20,697
Land under development		19,851		19,325
Buildings and improvements		3,117,664		2,945,067
Construction in-progress		50,832		64,785
Property held for sale		24,664		4,711
Total	$	3,979,977	$	3,773,614

Page 7

Weingarten Realty Investors

Financial Statements of Unconsolidated Joint Ventures at Prorata Share

(in thousands)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2005			2004		2005			2004
Revenues:	$	4,053		$	3,555	$	7,739		$	6,709
Expenses:
Depreciation and amortization		975			726		1,904			1,388
Operating		542			483		1,066			961
Interest		755			390		1,372			955
Ad valorem taxes		455			396		940			784
General and administrative		41			17		54			43
Total		2,768			2,012		5,336			4,131
Loss on sale of property		(2	)				(3	)
Net income	$	1,283		$	1,543	$	2,400		$	2,578

	June 30,			December 31,
	2005			2004
ASSETS
Property	$	122,874		$	104,494
Accumulated Depreciation		(13,128	)		(12,931	)
Property - net		109,746			91,563
Unamortized Debt and Lease Costs		4,293			3,509
Accrued Rent and Accounts Receivable		1,008			728
Cash and Cash Equivalents		4,197			4,161
Other		1,771			693
Total	$	121,015		$	100,654
LIABILITIES AND SHAREHOLDERS’ EQUITY
Debt	$	39,654		$	39,774
Amounts Payable to WRI		8,880			6,273
Accounts Payable and Accrued Expenses		1,317			1,686
Other		1,709			1,386
Total		51,560			49,119
Accumulated Equity		69,455			51,535
Total	$	121,015		$	100,654

Notes: The Consolidated Financial Statements at prorata share include only the real estate operations of joint ventures at WRI’s ownership percentages.

Page 8

Weingarten Realty Investors

Summary Balance Sheet Information

(in thousands, except common share data and percentages)

	June 30,		December 31,
	2005		2004
Common Share Data
Closing Market Price	$	39.22	$	40.10
Dividend Yield		4.49%		4.14%
90-Day Average Trading Volume		267,556		341,800
Capitalization (As reported)
Debt	$	2,221,554	$	2,105,948
Preferred Shares		147,500		147,500
Common Shares at Market		3,499,012		3,571,547
Operating Partnership Units at Market		122,719		119,979
Total Market Capitalization	$	5,990,785	$	5,944,974
Debt to Total Market Capitalization		37.1%		35.4%
Capitalization (Prorata)
Debt	$	2,204,581	$	2,088,705
Preferred Shares		147,500		147,500
Common Shares at Market		3,499,012		3,571,547
Operating Partnership Units at Market		122,719		119,979
Total Market Capitalization	$	5,973,812	$	5,927,731
Debt to Total Market Capitalization		36.9%		35.2%
Capital Availability
Unused Portion of $400 MM Revolver	$	277,201	$	323,371
Shelf Registration - $1 Billion		160,430		160,430
Shelf Registration - $1.5 Billion		1,500,000		1,500,000
Shelf Registration - $50 Million		50,000		50,000
Total	$	1,987,631	$	2,033,801
Credit Ratings		S&P		Moody’s
Senior Debt		A		A3
Preferred Shares		A-		baa1

Page 9

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)

				2nd Quarter					4th Quarter
	June 30,			Weighted		December 31,			Weighted
	2005			Average Rate		2004			Average Rate
Outstanding Balance Summary
Mortgage Debt	$	808,033			7.31%	$	685,461			7.28%
7% 2011 Bonds		200,000			7.00%		200,000			7.00%
Unsecured Notes Payable		1,064,867			5.86%		1,102,367			5.89%
Revolving Credit Agreements (1)		107,870			3.91%		61,700			5.55%
Industrial Revenue Bonds		7,324			3.42%		7,422			3.06%
Obligations under Capital Leases		33,460			5.39%		48,998			5.62%
Total Debt - As Reported		2,221,554			6.25%		2,105,948			6.29%
Less: Minority Partners’ Interests		(56,627	)				(57,017	)
Plus: WRI Share of Unconsolidated Joint Ventures		39,654					39,774
Total Debt - Prorata Share	$	2,204,581			6.25%	$	2,088,705			6.29%

	June 30,					December 31,
	2005		% of Total			2004		% of Total
Fixed vs Variable Rate Debt
(at Prorata Share)
(includes the effect of interest rate swaps)
Fixed-rate debt	$	1,976,940		89.7	%	$	1,869,590		89.5	%
Variable-rate debt		227,641		10.3	%		219,115		10.5	%
Total	$	2,204,581		100.0	%	$	2,088,705		100.0	%
Secured vs Unsecured Debt
(at Prorata Share)
Secured Debt	$	831,236		37.7	%	$	724,201		34.7	%
Unsecured Debt		1,373,345		62.3	%		1,364,504		65.3	%
Total	$	2,204,581		100.0	%	$	2,088,705		100.0	%
Coverage Ratios (at Prorata Share trailing 4 quarters)
Fixed Charge Coverage		2.60x					2.61x
Interest Coverage		2.75x					2.77x
Debt Service Coverage		2.71x					2.70x

	As		Prorata
	Reported		Share
Weighted Average Interest Rates
Three months ended 06/30/05		6.25%		6.25%
Twelve months ended 12/31/04		6.07%		6.07%

(1) Weighted average revolving interest rate excluding the effect of the commitment fee was 2.52% in fourth quarter 2004 and 3.23% in second quarter 2005.

Page 10

Weingarten Realty Investors

Debt Information

(in thousands, except percentages)

Schedule of Maturities at June 30, 2005

	As Reported				Prorata Share
	Maturities		Rate		Maturities		Rate		Floating Rate		Fixed Rate
2005 (1)	$	39,201		6.84%	$	39,006		6.85%	$	3,678	$	35,328
2006 (2)		62,332		6.26%		63,415		6.25%		7,782		55,633
2007 (3)		102,916		6.52%		102,327		6.52%		422		101,905
2008		235,378		7.03%		234,766		7.06%		429		234,337
2009		102,556		7.79%		100,987		7.84%		9,795		91,192
2010		113,915		6.85%		125,814		6.89%		550		125,264
2011		326,127		6.98%		317,268		7.00%				317,268
2012		299,696		5.89%		298,884		5.91%				298,884
2013		277,368		6.17%		239,631		5.86%				239,631
2014		330,450		5.30%		352,343		5.44%		2,115		350,228
2015		112,256		5.94%		113,550		5.96%				113,550
Thereafter		92,235		7.79%		89,466		7.79%				89,466
Subtotal		2,094,430				2,077,457				24,771		2,052,686
Revolvers (4)		107,870		3.91%		107,870		3.91%		107,870
Other (5)		19,254				19,254						19,254
Swap Maturities:
2005										15,000		(15,000	)
2006										5,000		(5,000	)
2007										25,000		(25,000	)
2014										50,000		(50,000	)
Total	$	2,221,554		6.25%	$	2,204,581		6.25%	$	227,641	$	1,976,940

(1)	Includes $3.3 million of amortizing industrial revenue bonds with a final maturity date of 2016 that are currently callable by the lender.
(2)	Includes $7 million of MTN’s maturing 2026 with a 10 year put option and $25 million of MTN’s maturing 2028 with 7 ½, 12 and 20 year put options.
(3)	Includes $25 million of MTN’s maturing 2027 with 10 and 20 year put options.
(4)	Includes the effect of the commitment fee.
(5)	Other includes capital leases and market value of swaps.

Page 11

Weingarten Realty Investors

Tenant Diversification by Percent of Rental Revenues at Prorata Share

(in thousands, except percentages and # of units and leases)

				% of Prorata	Square
Rank	Tenant Name	DBA’s	# of Units	Rental Revenue	Feet
1	The Kroger Co.	Kroger, Dillons, Smith’s Food, Ralphs, Fry’s Foods, King Soopers	31	2.87%	1,708
2	Safeway, Inc.	Safeway, Randall’s, Von’s, Tom Thumb	19	1.71%	994
3	T.J.X. Companies, Inc.	T.J. Maxx, Marshall’s	25	1.53%	731
4	Ross Stores, Inc.	Ross Dress For Less	26	1.46%	699
5	Home Depot, Inc.		7	1.18%	733
6	Publix Super Markets, Inc.		11	1.15%	601
7	Blockbuster Video		59	1.14%	322
8	Office Depot, Inc.		22	1.13%	528
9	Albertsons, Inc.	Albertsons, Sav-On	17	1.11%	677
10	Barnes & Noble Inc.	Barnes & Noble, Bookstop Booksellers	12	0.97%	283
11	Gap, Inc.	Gap, Old Navy, Banana Republic	19	0.94%	323
12	H E Butt Grocery		6	0.73%	336
13	Staples, Inc.		12	0.67%	319
14	Stage Stores	Beall’s, Palais Royal, Stages	23	0.64%	546
15	Linens ‘ n Things, Inc.		8	0.63%	238
16	Raley’s	Raley’s, Bel Air Markets	5	0.61%	277
17	Grocers Supply Co. Inc.	Fiesta	9	0.60%	352
18	Petsmart, Inc.		11	0.59%	219
19	Office Max, Inc.		10	0.59%	237
20	Toys ‘R’ Us	Toys ‘R’ Us, Babies ‘R’ Us	8	0.59%	304
21	Hollywood Entertainment	Hollywood Video	21	0.57%	140
22	Petco Animal Supplies, Inc.		15	0.57%	215
23	Harris Teeter		6	0.56%	248
24	Stein Mart, Inc.		10	0.55%	371
25	Dollar Tree Stores, Inc.	Dollar Tree, Greenbacks	31	0.50%	331
	Total		423	23.59%	11,732

Page 12

Weingarten Realty Investors

Leasing Information

(in thousands, except percentages and # of units and leases, prorata share)

Lease Expirations
	Shopping Center						Industrial						Total
	Percentage of						Percentage of						Percentage of
				Prorata						Prorata						Prorata
Year Expiring	Sq. Ft.			Revenue			Sq. Ft.			Revenue			Sq. Ft.			Revenue
2005		4.41	%		4.97	%		12.92	%		11.51	%		6.12	%		5.62	%
2006		11.71	%		12.54	%		20.61	%		21.42	%		13.50	%		13.42	%
2007		12.36	%		13.21	%		26.75	%		25.82	%		15.26	%		14.47	%
2008		11.36	%		11.82	%		16.64	%		18.53	%		12.43	%		12.49	%
2009		11.25	%		11.57	%		6.46	%		7.93	%		10.29	%		11.20	%
2010-2014		31.20	%		30.69	%		16.59	%		14.66	%		28.26	%		29.09	%
2015-2024		16.42	%		14.17	%		0.04	%		0.13	%		13.12	%		12.78	%

Leasing Production
	Number							Increase in
	of		Square		Increase in			Base Rent
	Leases		Feet		Base Rent			After Capital
Three Months Ended
June 30, 2005
Retail		281		1,104		9.9	%		6.5	%
Industrial		55		619		-1.3	%		-2.3	%
Total		336		1,723		8.1	%		5.1	%
Three Months Ended
June 30, 2004
Retail		287		1,126		6.7	%		3.1	%
Industrial		67		523		-4.4	%		-6.6	%
Total		354		1,649		4.5	%		1.3	%
Six Months Ended
June 30, 2005
Retail		502		2,039		10.3	%		7.3	%
Industrial		130		1,452		0.0	%		-1.6	%
Total		632		3,491		8.0	%		5.2	%
Six Months Ended
June 30, 2004
Retail		505		1,756		8.1	%		5.3	%
Industrial		113		866		-3.1	%		-5.7	%
Total		618		2,622		6.2	%		3.4	%

Average Minimum Rent per Square Foot
	Quarter Ended		Quarter Ended		Quarter Ended
	June 30, 2005		March 31, 2005		December 31, 2005
Retail	$	11.27	$	11.17	$	11.01
Industrial	$	4.87	$	4.88	$	4.70

Page 13

Weingarten Realty Investors

Property Information

(in thousands)

Acquisition Summary
		Sq. Ft.	Date	Total
Center	City/State	of Bldg. Area	Acquired	Investment
Flamingo Pines Shopping Center	Pembroke Pines, Florida	257	01/28/05
Kennesaw 75 Business Park	Kennesaw, Georgia	178	02/23/05
Ravenstone Commons Shopping Center	Durham, North Carolina	60	03/22/05
Pinecrest Plaza	Pinehurst, North Carolina	250	04/06/05
Thompson Bridge Commons	Gainesville, Georgia	78	04/26/05
Best in the West Shopping Center	Las Vegas, Nevada	437	04/28/05
Lake Washington Crossing	Melbourne, Florida	30	05/20/05
Marshall’s Plaza	Modesto, California	79	05/31/05
Bull City Market	Durham, North Carolina	43	06/09/05
Johnston Road Plaza	Charlotte, North Carolina	80	06/09/05
Steele Creek Crossing	Charlotte, North Carolina	77	06/09/05
Total		1,569		$ 232,584

New Development Summary
			Total Square Feet
			of Building Area				Spent		Spent		Spent		Estimated
					WRI’s		Thru		2nd Quarter		Inception		Final
Center Name	Location		Total		Share		03/31/2005		2005		To Date		Investment		Anchor
Currently Under Development:
Developments Commenced Prior to 2005
Laveen Village Marketplace		Laveen, Arizona		112		40	$	5,369	$	210	$	5,579	$	6,453		Fry’s
Heritage Station		Wake Forest, North Carolina		69		17		1,490		135		1,625		1,625		Harris Teeter
Waterford Village		Leland, North Carolina		100		75		4,553		151		4,704		10,040		Harris Teeter
Alpine Valley Center		American Fork, Utah		241		33		2,987		129		3,116		4,003		Target
Glenwood Meadows		Glenwood Springs, Colorado		403		114		3,064		1,265		4,329		11,215		Target
Sub-total of 5 Properties Commenced Prior to 2005				925		279	$	17,463	$	1,890	$	19,353	$	33,336
Developments Commenced During 2005
Starr Plaza		McAllen, Texas		180		90	$	2,650	$	984	$	3,634	$	10,116		H.E.B.
Town Center at Timber Springs		Orlando, Florida		75		35				1,921		1,921		6,894		Wal-Mart
Sub-total 2 Development Properties Commenced During 2005				255		125		2,650		2,905		5,555		17,010
Total 7 Properties Under Development				1,180		404		20,113		4,795		24,908		50,346
New Development on Existing Properties								872		1,302		2,174
Total New Development				1,180		404	$	20,985	$	6,097	$	27,082	$	50,346

Notes: The investment spent to date of $27.1 million includes $6.9 million, representing 58,000 square feet, that has been completed and transferred to income producing assets.

Page 14

Weingarten Realty Investors

Property Information (continued)

(in thousands at prorata share, except percentage)

Property Investment Summary
			New		Major		All
	Acquisitions		Development		Repairs		Other		Total
Six Months Ended 06/30/2005	$	232,584	$	10,638	$	5,090	$	17,901	$	266,213
Year Ended 12/31/2004		511,245		37,836		12,265		41,983		603,329
Year Ended 12/31/2003		413,796		64,011		11,754		39,062		528,623
Year Ended 12/31/2002		247,678		70,325		7,800		27,184		352,987
Year Ended 12/31/2001		518,557		88,372		7,515		18,498		632,942

Disposition Summary
			Sq. Ft.		Date		Sales
Center	City/State		of Bldg. Area		Sold		Proceeds
Bellfort Shopping Center		Houston, Texas		48		01/05/05
Mainland Mall		Texas City, Texas		69		03/04/05
Caprock Shopping Center-M. Ward's Building		Lubbock, Texas		113		03/18/05
East Sahara Service Center		Las Vegas, Nevada		66		03/24/05
University Place *		Shreveport, Louisiana		161		04/15/05
River Marketplace *		Lafayette, Louisiana		134		04/15/05
Walnut Creek Office Park		Austin, Texas		34		04/15/05
Bingle Shopping Center		Houston, Texas		46		05/05/05
McDermott Commons Shopping Center		Allen, Texas		56		05/23/05
Cypress Village		Cypress, Texas		25		06/01/05
Murphy Crossing Shopping Center		Murphy, Texas		46		06/23/05
				798			$	99,116

Note: * Reflects sale of 80% interest in each center.

Occupancy
	June 30,	March 31,	December 31,	September 30,	June 30,
	2005	2005	2004	2004	2004
Shopping Center Portfolio	94.8%	95.1%	94.8%	95.0%	94.7%
Industrial Portfolio	91.9%	89.5%	92.6%	91.5%	92.7%
Total Portfolio	94.2%	93.9%	94.3%	94.2%	94.2%

Note: A space is considered occupied upon execution of a lease agreement.

Page 15

Weingarten Realty Investors

Total Operating Income at Prorata Share by Geographic Region (1)

(in thousands, except percentages)

	Six Months Ended June 30,						Twelve Months Ended December 31,
	2005		%	2004		%	2004		%	2003		%	2002		%	2001		%
Texas	$	47,567	36.7%	$	39,235	36.0%	$	83,395	36.2%	$	84,030	42.4%	$	78,820	44.9%	$	77,073	52.9%
California		18,050	13.9%		15,398	14.1%		32,206	14.0%		26,190	13.3%		22,139	12.7%		17,149	11.7%
Florida		16,853	13.0%		14,752	13.6%		30,225	13.1%		23,810	12.1%		18,128	10.4%		8,056	5.5%
Nevada		8,018	6.2%		6,406	5.9%		13,358	5.8%		12,132	6.2%		12,504	7.2%		10,879	7.4%
North Carolina		6,448	5.0%		5,554	5.1%		11,040	4.8%		8,401	4.3%		6,256	3.6%		290	0.2%
Arizona		5,097	3.9%		4,449	4.1%		9,020	3.9%		8,492	4.3%		7,746	4.4%		7,155	4.9%
Georgia		3,956	3.1%		2,208	2.0%		5,866	2.5%		2,086	1.1%		445	0.3%		51	0.0%
Louisiana		3,847	3.0%		4,122	3.8%		12,119	5.2%		6,527	3.3%		5,198	3.0%		3,608	2.5%
Colorado		3,330	2.6%		3,466	3.2%		6,997	3.0%		4,318	2.2%		2,165	1.2%		1,781	1.2%
New Mexico		3,113	2.4%		2,244	2.1%		4,998	2.2%		4,143	2.1%		3,990	2.3%		4,399	3.0%
Arkansas		2,889	2.2%		1,279	1.2%		2,296	1.0%		1,486	0.8%		2,220	1.3%		2,381	1.6%
Other		10,478	8.0%		9,733	8.9%		19,342	8.3%		15,617	7.9%		15,147	8.7%		13,249	9.1%
Total Operating  Income	$	129,646	100.0%	$	108,846	100.0%	$	230,862	100.0%	$	197,232	100.0%	$	174,758	100.0%	$	146,071	100.0%

(1) The Operating Income at Prorata Share includes the real estate operations of joint ventures at WRI’s ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest.

 

Page 16

Property Listing		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Houston and Harris County, Total		6,522,000		963,000	7,485,000
Alabama-Shepherd, S. Shepherd at W. Alabama	Bookstop, PetsMart	56,000		0	56,000
Bayshore Plaza, Spencer Hwy. at Burke Rd.	Fashion Bug	36,000		86,000	122,000
Bellaire Boulevard, Bellaire at S. Rice	Randall’s +	35,000		0	35,000
Braeswood Square, N. Braeswood at Chimney Rock	Belden’s +, Walgreen’s	103,000		0	103,000
Centre at Post Oak, Westheimer at Post Oak Blvd.	Marshall’s, Barnes & Noble, Old Navy, Grand Lux Café	184,000		0	184,000
Champions Village, F.M. 1960 at Champions Forest Dr.	Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble	408,000		0	408,000
Copperfield Village, Hwy. 6 at F.M. 529	Randall’s +, Ross Dress for Less	163,000		0	163,000
Crestview, Bissonnet at Wilcrest	Creative Connection	9,000		0	9,000
Crosby, F.M. 2100 at Kenning Road (61%)	Kroger +, Family Dollar	36,000	*	23,000	59,000
Cullen Place, Cullen at Reed	C&R Beauty Supply	7,000		0	7,000
Cullen Plaza, Cullen at Wilmington	Fiesta +, Family Dollar	83,000		0	83,000
Cypress Pointe, F.M. 1960 at Cypress Station	Kroger +, Office Max, Comp USA, Babies “R” Us	191,000		97,000	288,000
Eastpark, Mesa Rd. at Tidwell	CVS/pharmacy	140,000		0	140,000
Edgebrook, Edgebrook at Gulf Fwy.	Fiesta +	78,000		0	78,000
Fiesta Village, Quitman at Fulton	Fiesta +	30,000		0	30,000
Fondren Southwest Village, Fondren at W. Bellfort	Fiesta +, Palais Royal, Anna’s Linens, Dollar Tree	269,000		0	269,000
Fondren/West Airport, Fondren at W. Airport	Ace Cash Express, $1.00 Store	62,000		0	62,000
Glenbrook Square, Telephone Road	Kroger +	76,000		0	76,000
Griggs Road, Griggs at Cullen	Family Dollar, Modern City, Citi Trends, Wyatt’s Cafeteria	81,000		0	81,000
Harrisburg Plaza, Harrisburg at Wayside	Fallas Paredes	95,000		0	95,000
Heights Plaza, 20th St. at Yale	Kroger +, Walgreen’s	72,000		0	72,000
Humblewood Shopping Plaza, Eastex Fwy. at F.M. 1960	Kroger +,Conn’s	180,000		99,000	279,000
I-45/Telephone Rd. Center, I-45 at Maxwell Street	Seller Bros. +, Dollar Tree, Best Price, FAMSA	178,000		0	178,000
Jacinto City, Market at Baca	Seller Bros. +, CVS/pharmacy	24,000	*	24,000	48,000
Landmark, Gessner at Harwin	Family Dollar	56,000		0	56,000
Lawndale, Lawndale at 75th St.	Fiesta +, Family Dollar	53,000		0	53,000
Little York Plaza, Little York at E. Hardy	Seller Bros. +, Dollar General, American Way Thrift Stores	118,000		0	118,000
Lyons Avenue, Lyons at Shotwell	Fiesta +, Fallas Paredes	68,000		0	68,000
Market at Westchase, Westheimer at Wilcrest	Whole Foods Market +	87,000		0	87,000
Miracle Corners, S. Shaver at Southmore	Fallas Paredes, Family Thrift	86,000		0	86,000
Northbrook, Northwest Fwy. at W. 34th	Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree	175,000		0	175,000
North Main Square, Pecore at N. Main	O’Reilly Autoparts	18,000		0	18,000
North Oaks, F.M. 1960 at Veterans Memorial	Target (O.B.O.), T.J. Maxx, Old Navy, Ross Dress for Less	322,000		100,000	422,000
North Triangle, I-45 at F.M. 1960	Steak & Ale, CiCi’s Pizza, James Coney Island	16,000		0	16,000
Northway, Northwest Fwy. at 34th	Conn’s, Academy, Office Max	209,000		0	209,000
Northwest Crossing, N.W. Fwy. at Hollister (75%)	Target (O.B.O.), Marshall’s, Babies “R” Us	137,000	*	162,000	299,000
Oak Forest, W. 43rd at Oak Forest	Kroger +, Palais Royal, Dollar Tree	164,000		0	164,000
Orchard Green, Gulfton at Renwick	Seller Bros. +, Family Dollar	74,000		0	74,000
Randall’s/Cypress Station, F.M. 1960 at I-45	David’s Bridal	141,000		0	141,000
Randall’s/Kings Crossing, Kingwood Dr. at Lake Houston Pkwy.	Randall’s +, CVS/pharmacy	128,000		0	128,000
Randall’s/Norchester, Grant at Jones	Randall’s +	108,000		0	108,000
Richmond Square, Richmond Ave. at W. Loop 610	Best Buy (O.B.O.), Cost Plus	33,000		58,000	91,000
River Oaks, East, W. Gray at Woodhead	Kroger +	71,000		0	71,000
River Oaks, West, W. Gray at S. Shepherd	Talbot’s, JoS. A. Bank, Ann Taylor, Gap	235,000		0	235,000
Sheldon Forest, North, I-10 at Sheldon	Family Dollar	22,000		0	22,000
Sheldon Forest, South, I-10 at Sheldon	Gerland’s +, Burke’s Outlet	38,000	*	38,000	76,000
Shops at Three Corners, S. Main at Old Spanish Trail (70%)	Fiesta +, Office Depot, Big Lots, PetsMart, Ross Dress for Less, Anna’s Linens	176,000	*	76,000	252,000
Southgate, W. Fuqua at Hiram Clark	Food-A-Rama +, Palais Royal, CVS/pharmacy	126,000		0	126,000
Spring Plaza, Hammerly at Campbell	Seller Bros. +, Family Dollar	56,000		0	56,000
Steeplechase, Jones Rd. at F.M. 1960	Target (O.B.O.), Palais Royal, T.J. Maxx	193,000		100,000	293,000
Stella Link, Stella Link at S. Braeswood	Seller Bros.+, Spec’s Liquor Warehouse, Burke’s Outlet	67,000		0	67,000
Studemont, Studewood at E. 14th St	Fiesta +	28,000		0	28,000
Ten Blalock Square, I-10 at Blalock	Fiesta +	97,000		0	97,000
10/Federal, I-10 at Federal	Citi Trends, Palais Royal	132,000		0	132,000
The Village Arcade, University at Kirby	Gap, Talbot’s, Eddie Bauer, Baby Gap, Old Navy	191,000		0	191,000
West Junction, Hwy. 6 at Keith Harrow Dr.	99 Cents Only	67,000		0	67,000
Westbury Triangle, Chimney Rock at W. Bellfort	99 Cents Only, CVS/pharmacy	67,000		0	67,000

Page 17

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Houston and Harris County, (Cont’d)
Westchase, Westheimer at Wilcrest	Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target (O.B.O.), Old Navy	236,000		100,000	336,000
Westhill Village, Westheimer at Hillcroft	Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens	131,000		0	131,000
Texas (Excluding Houston & Harris Co.), Total		8,345,000		2,796,000	11,141,000
Bell Plaza, 45th Ave. at Bell St., Amarillo	United Supermarket +, Dollar Tree	129,000		0	129,000
Coronado, S.W. 34th St. at Wimberly Dr., Amarillo	Blockbuster	49,000		0	49,000
Grand Plaza, Interstate Hwy 40 at Grand Ave., Amarillo	United Supermarket +, Big Lots, Beall’s	157,000		0	157,000
Puckett Plaza, Bell Road, Amarillo	Sav-On Office Supplies, Huneke Furniture	133,000		0	133,000
Spanish Crossroads, Bell St. at Atkinsen St., Amarillo	Big Lots, Dollar General	74,000		0	74,000
Wolflin Village, Wolflin Ave. at Georgia St., Amarillo	Hastings, Talbot’s, Office Depot	193,000		0	193,000
Brodie Oaks, South Lamar Blvd. at Loop 360, Austin	Mervyn’s (O.B.O.), Toys “R” Us (O.B.O.), Sun Harvest Foods +, Neiman Marcus Last Call	245,000		109,000	354,000
Southridge Plaza, William Cannon Dr. at S. 1st St., Austin	H. E. B. +, Dollar Tree	143,000		0	143,000
Calder, Calder at 24th St., Beaumont	Market Basket +	34,000		0	34,000
North Park Plaza, Eastex Fwy. at Dowlen, Beaumont	Target (O.B.O.), Anna’s Linens, Spec’s Liquor Warehouse, David’s Bridal, Toys “R” Us (O.B.O.)	70,000	*	168,000	238,000
Phelan West, Phelan at 23rd St., Beaumont (67%)	Kroger + (O.B.O.)	16,000	*	67,000	83,000
Phelan, Phelan at 23rd St, Beaumont	Hallmark Gold Crown	12,000		0	12,000
Southgate, Calder Ave. at 6th St., Beaumont	Dollar General	34,000		0	34,000
Westmont, Dowlen at Phelan, Beaumont	CVS/pharmacy, Talbot’s, Ashley Furniture	98,000		0	98,000
Lone Star Pavilions, Texas. at Lincoln Ave., College Station	Best Buy, Office Depot, Barnes & Noble	107,000		0	107,000
Montgomery Plaza, Loop 336 West at I-45, Conroe	Academy, Conn’s, Goody’s, 99 Cents Only, Spec’s Liquor Warehouse, Petco	317,000		0	317,000
River Pointe, I-45 at Loop 336, Conroe	Kroger + (O.B.O)	46,000		145,000	191,000
Moore Plaza, S. Padre Island Dr. at Staples, Corpus Christi	Office Depot, Marshall’s, H. E. B. + (O.B.O), Target (O.B.O.), Circuit City, Old Navy, Linen’s N Things	373,000		162,000	535,000
Portairs, Ayers St. at Horne Rd., Corpus Christi	CVS /pharmacy, Family Dollar, Beall’s	118,000		0	118,000
Shoppes at Deer Creek, FM 731 at FM 1137, Crowley	Albertsons + (O.B.O.)	20,000		52,000	72,000
Dickinson, I-45 at F.M. 517, Dickinson (72%)	Kroger +	55,000	*	21,000	76,000
Coronado Hills, Mesa at Balboa, El Paso	Big 8 Foods +, Dollar Tree, Auto Zone	127,000		2,000	129,000
Golden Beach Market Place, Golden Triangle Blvd. at N. Beach St., Ft. Worth	Albertsons + (O.B.O.)	31,000		52,000	83,000
Overton Park Plaza, SW Loop 820/Interstate 20 at South Hulen St., Ft. Worth	Oshman’s Sporting Goods, Circuit City, PetsMart, Office Depot, T.J. Maxx, Albertsons +, Home Depot (O.B.O.), Anna’s Linens	353,000		110,000	463,000
Southcliff, I-20 at Grandbury Rd., Ft. Worth	Jo-Ann’s Fabrics	116,000		0	116,000
Broadway, Broadway at 59th St., Galveston	Big Lots, Family Dollar	76,000		0	76,000
Galveston Place, Central City Blvd. at 61st St., Galveston	Randall’s +, Office Depot, Hastings, Palais Royal	210,000		0	210,000
Food King Place, 25th St. at Avenue P, Galveston	Arlan’s +	28,000		0	28,000
Killeen Marketplace, 3200 E. Central Texas Expressway, Killeen	Best Buy, Ross Dress for Less, Staples, Home Depot (O.B.O.)	115,000		136,000	251,000
Cedar Bayou, Bayou Rd., La Marque	Dollar General	15,000		31,000	46,000
North Creek Plaza, Del Mar Blvd. and Hwy. I-35, Laredo	Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H.E.B. + (O.B.O.), Marshall’s	245,000		206,000	451,000
Plantation Centre, Del Mar Blvd. and McPherson Rd., Laredo	H.E.B. +, Blockbuster	135,000		0	135,000
League City Plaza, I-45 at F.M. 518, League City	Kroger +. Spec’s Liquor Warehouse	112,000		0	112,000
Caprock Center, 50th at Boston Ave., Lubbock	Dunlap’s, Beall’s, Dollar Tree	262,000		0	262,000
Central Plaza, Loop 289 at Slide Rd., Lubbock	Bed Bath & Beyond, Old Navy, Staples	152,000		0	152,000
Northtown Plaza, 1st St. and University Plaza, Lubbock	United Supermarket +, Family Dollar	74,000		0	74,000
Town & Country, 4th St. at University, Lubbock	Hasting’s Records & Books	50,000		0	50,000
Angelina Village, Hwy. 59 at Loop 287, Lufkin	Randall’s +, Kmart, Clark’s	257,000		0	257,000
Independence Plaza, Town East Blvd., Mesquite	Sack & Save +, Babies “R” Us	179,000		0	179,000
H.E.B. Center, S. 10th St. and Houston St., McAllen	H.E.B. +	52,000	*	52,000	104,000
Las Tiendas Plaza, Expressway 83 and McColl Rd., McAllen	Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Marshall’s, Office Depot	144,000	*	386,000	530,000
Northcross, N. 10th St. and Nolana Loop, McAllen	Barnes & Noble, Blockbuster	38,000	*	38,000	76,000
Old Navy Building, 1815 10th Street, McAllen	Old Navy	8,000	*	7,000	15,000
McKinney Centre, US Hwy 380 at U.S.Hwy 75, McKinney	Albertsons + (O.B.O.), Target (O.B.O.)	7,000		154,000	161,000
Custer Park, SWC Custer Road at Parker Road, Plano	Kroger + (O.B.O), Dollar General	116,000		65,000	181,000
Pitman Corners, Custer Road at West 15th, Plano	Albertsons +	190,000		0	190,000
Gillham Circle, Gillham Circle at Thomas, Port Arthur	Market Basket +, Family Dollar	33,000		0	33,000
Village, 9th Ave. at 25th St., Port Arthur	Vacant	52,000		0	52,000
Porterwood, Eastex Fwy. at F.M. 1314, Porter	Big Lots, 99 Cents Only	99,000		63,000	162,000
Starr Plaza, U.S. Hwy 83 at Bridge St., Rio Grande City (45%)	H.E.B.+, Beall’s	26,000	*	32,000	58,000
Rockwall, I-30 at Market Center Street, Rockwall	Office Max, Petco, Pier 1, Ross Dress for Less, Old Navy, Linens ‘N Things	209,000		0	209,000

Page 18

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Texas (Excluding Houston & Harris Co.), (Cont’d)
Plaza, Ave. H at Eighth Street, Rosenberg	Burke’s Outlet, 99 Cents Only, CVS/pharmacy	41,000	*	41,000	82,000
Rose-Rich, U.S. Hwy. 90A at Lane Dr., Rosenberg	Family Dollar, Palais Royal	104,000		0	104,000
Round Rock Towne Ctr., Gattis School Rd. at A. W. Grimes Blvd., Round Rock	Randall’s + (O.B.O.)	24,000		59,000	83,000
Lake Pointe Market Center, Dalrock Rd. at Lakeview Pkwy., Rowlett	Tom Thumb + (O.B.O.), Walgreen’s (O.B.O.)	40,000		81,000	121,000
Boswell Towne Center, Highway 287 at Bailey Boswell Rd., Saginaw	Albertsons + (O.B.O)	26,000		62,000	88,000
Fiesta Trails, I-10 at DeZavala Rd., San Antonio	H. E. B. + (O.B.O), Target (O.B.O.), Barnes & Noble, Cost Plus, Regal Cinema, Marshall’s, Office Max, SteinMart, Petco, Anna’s Linens	312,000		176,000	488,000
Oak Park Village, Nacogdoches at New Braunfels, San Antonio	H. E. B. +	65,000		0	65,000
Parliament Square, W. Ave. at Blanco, San Antonio	Spectrum	65,000		55,000	120,000
Thousand Oaks, Thousand Oaks Dr. at Jones Maltsberger Rd., San Antonio	H. E. B. +, Beall’s, Tuesday Morning	163,000		0	163,000
Valley View, West Ave. at Blanco Rd., San Antonio	Marshall’s, Blockbuster, Dollar Tree	90,000		0	90,000
First Colony Commons, Hwy. 59 at Williams Trace Blvd., Sugar Land	Babies “R” Us, Conn’s, Michael’s, Office Depot, Home Depot	410,000		0	410,000
Market at Town Center, Town Center Blvd., Sugar Land	Old Navy, Barnes & Noble, Marshall’s, Linens ‘N Things, DSW Shoe Warehouse, Ross Dress for Less, Lane Furniture	345,000		0	345,000
Williams Trace, Hwy. 6 at Williams Trace, Sugar Land	Randall’s +, Walgreen’s, Palais Royal, Petco, Dollar Tree	263,000		103,000	366,000
New Boston Road, New Boston at Summerhill, Texarkana	Rehkopf’s Grocery +, CVS/pharmacy	97,000		0	97,000
Island Market Place, 6th St. at 9th Ave., Texas City	Food King +	27,000		0	27,000
Palmer Plaza, F.M. 1764 at 34th St., Texas City	Randall’s +(Vacant), Big Lots (O.B.O.)	97,000		100,000	197,000
Broadway, S. Broadway at W. 9th St., Tyler	SteinMart	60,000		0	60,000
Crossroads, I-10 at N. Main, Vidor	Market Basket +, Beall’s, Baskin’s, Burke’s Outlet	116,000		0	116,000
Watauga Towne Center, Hwy. 377 at Bursey Rd., Watauga	Albertsons + (O.B.O.)	66,000		61,000	127,000
Florida, Total		3,921,000		688,000	4,609,000
Boca Lyons, Glades Rd. at Lyons Rd., Boca Raton	Ross Dress for Less, Ethan Allen	117,000		0	117,000
Sunset 19, US Hwy. 19 at Sunset Pointe Rd., Clearwater	Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy	273,000		0	273,000
Embassy Lakes, Sheraton St. at Hiatus Rd., Cooper City	Winn Dixie +, Walgreen’s, Tuesday Morning	132,000		48,000	180,000
Hollywood Hills Plaza, Hollywood Blvd. at North Park Rd., Hollywood	Publix +, Target, CVS/pharmacy	365,000		0	365,000
Argyle Village, Blanding at Argyle Forest Blvd., Jacksonville	Bed Bath & Beyond, Publix +, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics	305,000		0	305,000
T.J. Maxx Plaza, 117th Avenue and Sunset Blvd., Kendall	T.J. Maxx, Winn Dixie +	162,000		0	162,000
Largo Mall, Ulmerton Rd. at Seminole Ave., Largo	Beall’s Department Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Albertsons + (O.B.O.)	378,000		198,000	576,000
Lake Washington Crossing, Wickham Rd. at Lake Washington Rd., Melbourne (25%)	Publix +, Beall’s Outlet Stores	30,000	*	89,000	119,000
Lake Washington Square, Wickham Rd. at Lake Washington Rd., Melbourne	Albertsons +	112,000		0	112,000
Tamiami Trail Shops, S.W. 8th St. at S.W. 137th Ave., Miami	Publix +, CVS/pharmacy	111,000		0	111,000
Northridge, E. Commercial Blvd. at Dixie Hwy., Oakland Park	Publix +, Petco, Ross Dress for Less	234,000		0	234,000
Colonial Plaza, E. Colonial Dr. at Primrose Dr., Orlando	Staples, Circuit City, Ross Dress for Less, Linens ‘N Things, Babies “R” Us, Marshall’s, Old Navy, SteinMart, Barnes & Noble, Petco	488,000		0	488,000
Market at Southside, Michigan Ave. at Delaney Ave., Orlando	Ross Dress for Less, Beall’s Outlet Stores, Dollar Tree, Albertsons + (O.B.O.)	97,000		65,000	162,000
Town Center at Timber Springs, Timber Springs Blvd. at Avalon Blvd., Orlando	Wal-Mart Neighborhood Market + (O.B.O.)	0	#	0	0
Westland Terrace Plaza, SR 50 at Apopka Vineland Rd., Orlando	T.J. Maxx, Petco, Shoe Carnival, Super Target + (O.B.O.)	68,000		183,000	251,000
University Palms, Alafaya Trail at McCullough Rd., Oviedo	Publix +, Blockbuster	99,000		0	99,000
Flamingo Pines, Pines Blvd. at Flamingo Rd., Pembroke Pines	Publix +, U.S. Post Office, Keiser College	257,000		105,000	362,000
Pembroke Commons, University at Pines Blvd., Pembroke Pines	Publix +, Marshall’s, Office Depot, LA Fitness	316,000		0	316,000
Publix at Laguna Isles, Sheridan St. at SW 196th Ave., Pembroke Pines	Publix +	69,000		0	69,000
Vizcaya Square, Nob Hill Rd. at Cleary Blvd., Plantation	Winn Dixie +	108,000		0	108,000
Venice Pines Plaza, Center Rd. at Jacaranda Blvd., Venice	Kash N Karry +	97,000		0	97,000
Winter Park Corners, Aloma Ave. at Lakemont Ave., Winter Park	Whole Foods Market +, Outback Steakhouse	103,000		0	103,000
California, Total		3,273,000		521,000	3,794,000
Centerwood Plaza, Lakewood Blvd. at Alondra Dr., Bellflower	Bestway Supermarket +	71,000		0	71,000
Southampton Center, IH-780 at Southampton Rd., Benecia	Raley’s +	162,000		0	162,000
580 Marketplace, E. Castro Valley at Hwy. I-580, Castro Valley	P. W. Supermarkets +	100,000		0	100,000
Chino Hills Marketplace, Chino Hills Pkwy. at Pipeline Ave., Chino Hills	Rite Aid, Von’s +, 24 Hour Fitness, Dollar Tree	320,000		0	320,000

Page 19

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
California, (Cont’d.)
Buena Vista Marketplace, Huntington Dr. at Buena Vista St., Duarte	Ralphs +	91,000		0	91,000
El Camino Promenade, El Camino Real at Via Molena, Encinitas	T.J. Maxx, AMC Theater, Beverages & More	111,000		0	111,000
Fremont Gateway Plaza, Paseo Padre Pkwy. at Walnut Ave., Fremont	Raley’s +, NAZ Cinema, 24 Hour Fitness	195,000		0	195,000
Hallmark Town Center, W. Cleveland Ave. at Stephanie Ln., Madera	Food 4 Less + , Bally’s	85,000		0	85,000
Menifee Town Center, Antelope Rd. at Newport Rd., Menifee	Ralphs +, Target (O.B.O.), Ross Dress for Less	90,000		124,000	214,000
Marshall’s Plaza, McHenry at Sylvan Ave., Modesto	Marshall’s, Dress Barn	79,000		0	79,000
Prospectors Plaza, Missouri Flat Rd. at US Hwy. 50, Placerville	Albertsons +, Kmart, Long’s	228,000		0	228,000
Shasta Crossroads, Churn Creek Rd. at Dana Dr., Redding	Food Maxx +, Target (O.B.O.), Winco (O.B.O.)	121,000		200,000	321,000
Ralphs Redondo, Hawthorne Blvd. at 182nd St., Redondo Beach	Ralphs +	67,000		0	67,000
Arcade Square, Watt Ave. at Whitney Ave., Sacramento	Grocery Outlet +, Hollywood Video	76,000		0	76,000
Discovery Plaza, W. El Camino Ave. at Truxel Rd., Sacramento	Bel Air Market +	93,000		0	93,000
Summerhill Plaza, Antelope Rd. at Lichen Dr., Sacramento	Raley’s +	134,000		0	134,000
Silver Creek Plaza, E. Capital Expressway at Silver Creek Blvd., San Jose	Safeway +, Walgreen’s, Orchard Supply (O.B.O.)	131,000		65,000	196,000
Greenhouse Marketplace, Lewelling Blvd. at Washington Ave., San Leandro	Safeway + (O.B.O.), Longs Drug Stores (O.B.O.), Big Lots, 99 Cents Only, Factory 2 U	151,000		87,000	238,000
Rancho San Marcos Village, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos	Von’s + , 24 Hour Fitness	121,000		0	121,000
San Marcos Plaza, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos	Albertsons + (O.B.O.)	36,000		45,000	81,000
Stony Point Plaza, Stony Point Rd. at Hwy. 12, Santa Rosa	Food Maxx +, Wal-Mart	199,000		0	199,000
Sunset Center, Sunset Ave. at State Hwy. 12, Suisun City	Albertsons +, Rite Aid	85,000		0	85,000
Creekside Center, Alamo Dr. at Nut Creek Rd., Vacaville	Raley’s +	116,000		0	116,000
Westminster Center, Westminster Blvd. at Golden West St., Westminster	Albertsons +, Home Depot, Edward’s Cinema, Rite Aid, Petco	411,000		0	411,000
Louisiana, Total		1,855,000		1,274,000	3,129,000
Siegen Plaza, Siegen Lane at Honore Lane, Baton Rouge	Super Target + (O.B.O.), Ross Dress for Less, Conn’s, Petco	156,000		194,000	350,000
Park Terrace, U.S. Hwy. 171 at Parish, DeRidder	Stage, JC Penney, Dollar General	137,000		0	137,000
Town & Country Plaza, U.S. Hwy. 190 West, Hammond	Winn Dixie +, Anna’s Linens, Office Depot, CVS/pharmacy, Goody’s	215,000		0	215,000
Manhattan Place, Manhattan Blvd. at Gretna Blvd., Harvey	Target (O.B.O.), Ross Dress for Less, Stage	133,000		125,000	258,000
Ambassador Plaza, Ambassador Caffery at W. Congress, Lafayette	Albertsons + (O.B.O.), Blockbuster	29,000		73,000	102,000
River Marketplace, Ambassador Caffery at Kaliste Saloom, Lafayette (20%)	Ross Dress for Less, Stage, Cost Plus, Super Target + (O.B.O.)	33,000	*	303,000	336,000
Westwood Village, W. Congress at Bertrand, Lafayette	Stage, Graham Central Station, Blockbuster	141,000		0	141,000
Conn’s Building, Ryan at 17th St., Lake Charles	Planet Pets	23,000		0	23,000
14/Park Plaza, Hwy. 14 at General Doolittle, Lake Charles	Kroger + Stage, Conn’s	207,000		0	207,000
Kmart Plaza, Ryan St., Lake Charles	Albertsons +, Kmart, Stage	105,000	*	105,000	210,000
Prien Lake Plaza, Prien Lake Rd. at Nelson Rd., Lake Charles	Target (O.B.O.), Marshall’s, Ross Dress for Less, Bed Bath & Beyond	129,000		125,000	254,000
Southgate, Ryan at Eddy, Lake Charles	Market Basket +, Office Depot, SteinMart, Books A Million	171,000		0	171,000
Orleans Station, Paris, Robert E. Lee at Chatham, New Orleans	Exxon	5,000		0	5,000
Danville Plaza, Louisville at 19th, Monroe	County Market +, Citi Trends	144,000		0	144,000
Southgate, 70th at Mansfield, Shreveport	Rite Aid (O.B.O.), JMart, Family Dollar	73,000		16,000	89,000
University Place, 70th St. at Youree Dr., Shreveport (20%)	Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond	41,000	*	333,000	374,000
Westwood, Jewella at Greenwood, Shreveport	Super 1 Grocery +, Citi Trends	113,000		0	113,000
Nevada, Total		2,413,000		747,000	3,160,000
Eastern Horizon, Eastern Ave. at Horizon Ridge Pkwy., Henderson	Kmart + (O.B.O.)	67,000		144,000	211,000
Best in the West Shopping Center, Rainbow at Lake Mead Rd., Las Vegas	Best Buy, Borders, Bed Bath & Beyond, Babies ‘R’ Us, DSW Shoes, Office Depot, Old Navy, PetsMart	437,000		0	437,000
Francisco Centre, E. Desert Inn Rd. at S. Eastern Ave., Las Vegas	Ross Dress for Less (O.B.O.), Sav-On Drug	116,000		32,000	148,000
Mission Center, Flamingo Rd. at Maryland Pkwy, Las Vegas	Sav-On Drug (O.B.O.), Albertsons + (O.B.O.), Toys “R” Us, T.J. Maxx	152,000		55,000	207,000
Paradise Marketplace, Flamingo Rd. at Sandhill, Las Vegas	Smith’s Food +, Dollar Tree	149,000		0	149,000
Rainbow Plaza, Rainbow Blvd. at Charleston Blvd., Las Vegas	Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness	410,000		0	410,000
Rancho Towne & Country, Rancho Dr. at Charleston Blvd., Las Vegas	Smith’s Food +	87,000		0	87,000
Tropicana Beltway S. C., Tropicana Beltway at Fort Apache Rd., Las Vegas	Lowe’s (O.B.O.), Wal-Mart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Cent Only	122,000	*	516,000	638,000
Tropicana Marketplace, Tropicana at Jones Blvd., Las Vegas	Smith’s Food +, Family Dollar, Sports Authority	143,000		0	143,000
Westland Fair, Charleston Blvd. At Decatur Blvd., Las Vegas	Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels	566,000		0	566,000
College Park, E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas	Albertsons +, Sav-On Drug	164,000		0	164,000

Page 20

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
North Carolina, Total		2,322,000		131,000	2,453,000
Capital Square, Capital Blvd. at Huntleigh Dr., Cary	Food Lion +	157,000		0	157,000
Harrison Pointe Center, Harrison Ave. at Maynard Rd., Cary	Harris Teeter +, Staples	124,000		0	124,000
High House Crossing, NC Hwy 55 at Green Level W. Rd., Cary	Harris Teeter +	90,000		0	90,000
Northwoods Market, Maynard Rd. at Harrison Ave., Cary	Food Lion +	78,000		0	78,000
Parkway Pointe, Cory Parkway at S. R. 1011, Cary	Food Lion +, Eckerd’s	80,000		0	80,000
Johnston Road Plaza, Johnston Rd. at McMullen Creek Pkwy., Charlotte	Food Lion+	80,000		0	80,000
Steele Creek Crossing, York Rd. at Steele Creek Rd., Charlotte	BI-LO +, Eckerd’s	77,000		0	77,000
Bull City Market, Broad St. at West Main St., Durham	Whole Foods Market +	43,000		0	43,000
Durham Festival, Hillsborough Rd. at LaSalle St., Durham	Kroger +	134,000		0	134,000
Mineral Springs Village, Mineral Springs Rd. at Wake Forest Rd., Durham	Food Lion +, Eckerd’s	58,000		0	58,000
Ravenstone Commons, Hwy 98 at Sherron Rd., Durham	Food Lion +, Blockbuster	60,000		0	60,000
Waterford Village, US Hwy 17 & US Hwy 74/76, Leland (75%)	Harris Teeter +	0	# *	0	0
Pinecrest Plaza, Hwy. 15-501 at Morganton Rd., Pinehurst	Food Lion +, Michael’s, Goody’s, Belk’s	250,000		0	250,000
Avent Ferry, Avent Ferry Rd. at Gorman St., Raleigh	Food Lion +	117,000		0	117,000
Falls Pointe, Neuce Rd. at Durant Rd., Raleigh	Harris Teeter +, Kohl’s (O.B.O.)	103,000		86,000	189,000
Leesville Town Centre, Leesville Rd. at Leesville Church Rd., Raleigh	Harris Teeter +	114,000		0	114,000
Lynnwood Collection, Creedmoor Rd at Lynn Road, Raleigh	Kroger +	86,000		0	86,000
Six Forks Station, Six Forks Rd. at Strickland Rd., Raleigh	Kmart, Home Depot, Food Lion +, Bed Bath & Beyond	468,000		0	468,000
Stonehenge Market, Creedmoor Rd. at Bridgeport Dr., Raleigh	Harris Teeter +, SteinMart, Eckerd’s	188,000		0	188,000
Heritage Station, Forestville Rd. and Rogers Rd., Wake Forest (25%)	Harris Teeter +	15,000	*	45,000	60,000
Arizona, Total		1,390,000		766,000	2,156,000
Palmilla Center, Dysart Rd. at McDowell Rd., Avondale	Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.)	104,000		65,000	169,000
University Plaza, Plaza Way at Milton Rd., Flagstaff	PetsMart, Safeway +, Ross Dress for Less	162,000		0	162,000
Val Vista Towne Center, Warner at Val Vista Rd., Gilbert	Target (O.B.O.), Staples, Ross Dress for Less, Petco	93,000		123,000	216,000
Arrowhead Festival, 75th Ave. at W. Bell Rd., Glendale	Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.)	30,000		147,000	177,000
Fry’s Ellsworth Plaza, Broadway Rd. at Ellsworth Rd., Mesa	Fry’s Supermarket + (O.B.O.)	9,000		65,000	74,000
Monte Vista Village Center, Baseline Rd. at Ellsworth Rd., Mesa	Safeway + (O.B.O.)	40,000		58,000	98,000
Red Mountain Gateway, Power Rd. at McKellips Rd., Mesa	Target (O.B.O.), Bed Bath & Beyond, Famous Footwear	70,000		136,000	206,000
Camelback Village Square, Camelback at 7th Avenue, Phoenix	Fry’s Supermarket +, Target (O.B.O.), Office Max	135,000		100,000	235,000
Laveen Village Market, Baseline Rd. at 51st St., Phoenix	Fry’s Supermarket + (O.B.O.)	30,000		72,000	102,000
Rancho Encanto, 35th Avenue at Greenway Rd., Phoenix	Berean Christian Bookstore, Blockbuster	71,000		0	71,000
Squaw Peak Plaza, 16th Street at Glendale Ave., Phoenix	Basha’s +	61,000		0	61,000
Fountain Plaza, 77th St. at McDowell, Scottsdale	Fry’s Supermarket +, Dollar Tree	105,000		0	105,000
Basha Valley Plaza, S. McClintock at E. Southern, Tempe	Basha’s +	145,000		0	145,000
Broadway Marketplace, Broadway at Rural, Tempe	Office Max, Ace Hardware	83,000		0	83,000
Pueblo Anozira, McClintock Dr. at Guadalupe Rd., Tempe	Fry’s Food & Drug +, Petco, Dollar Tree	152,000		0	152,000
Desert Square Shopping Center, Golf Links at Kolb, Tucson	99 Cents Only	100,000		0	100,000
New Mexico, Total		1,182,000		397,000	1,579,000
Eastdale, Candelaria Rd. at Eubank Blvd., Albuquerque	Albertsons +, Family Dollar	118,000		0	118,000
North Towne Plaza, Academy Rd. at Wyoming Blvd., Albuquerque	Whole Foods Market +, Borders	103,000		0	103,000
Pavilions at San Mateo, I-40 at San Mateo, Albuquerque	Comp USA, Old Navy, Shoe Show, Circuit City, Linens ‘N Things	196,000		0	196,000
Plaza at Cottonwood, Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque	Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.)	84,000		334,000	418,000
Valle del Sol, Isleta Blvd. at Rio Bravo, Albuquerque	Albertsons +, Walgreen’s	106,000		0	106,000
Wyoming Mall, Academy Rd. at Northeastern, Albuquerque	John Brooks Grocery +	326,000		0	326,000
DeVargas, N. Guadalupe at Paseo de Peralta, Santa Fe	Albertsons + (O.B.O.), Osco Drugs, Ross Dress for Less, Office Depot, Hastings, United Artists	249,000		63,000	312,000
Colorado, Total		922,000		1,385,000	2,307,000
Aurora City Place, E. Alameda at I225, Aurora	PetsMart, Sportsman Warehouse, Linens ‘N Things, Barnes & Noble, Comp USA, Ross Dress For Less, Super Target + (O.B.O.)	173,000	*	355,000	528,000
Bridges at Smoky Hill, Smoky Hill Rd. at S. Picadilly St., Aurora	Rite Aid (O.B.O.)	10,000	*	49,000	59,000
Academy Place, Academy Blvd. at Union Blvd., Colorado Springs	Safeway + (O.B.O.), Ross Dress For Less (O.B.O.), Target (O.B.O.)	84,000		177,000	261,000
Carefree, Academy Blvd. at N. Carefree Circle, Colorado Springs	Safeway +	127,000		0	127,000
Green Valley Ranch Towne Center, Tower Rd. at 48th Ave., Denver (37%)	King Sooper’s + (O.B.O.)	25,000	*	101,000	126,000
Lowry Town Center, 2nd Ave. at Lowry Ave., Denver	Albertsons + (O.B.O.)	39,000	*	92,000	131,000
Gold Creek Center, Hwy. 86 at Elizabeth St., Elizabeth	Safeway + (O.B.O.)	13,000	*	67,000	80,000
City Center Englewood, S. Santa Fe at Hampden Ave., Englewood	Wal-Mart (O.B.O.), Ross Dress for Less, Gart Sports, Office Depot, Bally Total Fitness	219,000		90,000	309,000
Glenwood Meadows, Midland Ave. and W. Meadows, Glenwood Springs (41%)	Target (O.B.O.), Pier 1, Gart Sports, Bed Bath & Beyond, Petco	0	# *	0	0

Page 21

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
Colorado, (Cont’d)
University Park, Highlands Ranch at University Blvd., Highlands Ranch (40%)	Whole Foods Market +	35,000	*	53,000	88,000
Crossing at Stonegate, Jordon Rd. at Lincoln Ave., Parker (38%)	King Sooper’s +	45,000	*	75,000	120,000
Thorncreek Crossing, Washington St. at 120th St., Thornton	Target (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1, Cost Plus, Linens ‘N Things	106,000	*	280,000	386,000
Westminster Plaza, North Federal Blvd. at 72nd Ave., Westminster	Safeway +	46,000	*	46,000	92,000
Kansas, Total		784,000		46,000	830,000
West State Plaza, State Ave. at 78th St., Kansas City	Big Lots, Westlake Hardware, Dollar General	94,000		0	94,000
Regency Park, 93rd St. at Metcalf Ave., Overland Park	Marshall’s, Borders, Old Navy	202,000		46,000	248,000
Westbrooke Village, Quivira Rd. at 75th St., Shawnee	Dillon’s +, DSW Shoe Warehouse, K & G Menstore	237,000		0	237,000
Shawnee Village, Shawnee Mission Pkwy. at Quivera Rd., Shawnee	Vacant	135,000		0	135,000
Kohl’s, Wanamaker Rd. at S.W. 17th St., Topeka	Barnes & Noble, Kohl’s Department Store	116,000		0	116,000
Oklahoma, Total		654,000		48,000	702,000
Bryant Square, Bryant Ave. at 2nd St., Edmond	Bed Bath & Beyond, SteinMart, Ross Dress for Less	282,000		0	282,000
Market Boulevard, E. Reno Ave. at N. Douglas Ave., Midwest City	Blockbuster	36,000		0	36,000
Town & Country, Reno Ave at North Air Depot, Midwest City	Office Depot, Big Lots, Westlake Hardware	138,000		0	138,000
Windsor Hills Center, Meridian at Windsor Place, Oklahoma City	Big Lots, Crest Foods + (O.B.O.)	198,000		48,000	246,000
Arkansas, Total		679,000		27,000	706,000
Evelyn Hills, College Ave. at Abshier, Fayetteville	Ozark Natural Foods +	155,000		0	155,000
Broadway Plaza, Broadway at W. Roosevelt, Little Rock.	Hair Plus Beauty Supply, Alp’s + (O.B.O.)	16,000		27,000	43,000
Geyer Springs, Geyer Springs at Baseline, Little Rock	Budget Saver +, Citi Trends	153,000		0	153,000
Markham Square, W. Markham at John Barrow, Little Rock	Burlington Coat Factory	127,000		0	127,000
Markham West, 11400 W. Markham, Little Rock	Office Depot, Michael’s, SteinMart, Academy, Bassett Furniture, Dollar Tree	178,000		0	178,000
Westgate, Cantrell at Bryant, Little Rock	SteinMart	50,000		0	50,000
Tennessee, Total		514,000		0	514,000
Bartlett Towne Center, Bartlett Blvd. at Stage Rd., Memphis	Kroger +, Petco, Dollar Tree, Shoe Carnival	179,000		0	179,000
Commons at Dexter Lake, Dexter at N. Germantown, Memphis	Kroger +, SteinMart	167,000		0	167,000
Highland Square, Summer at Highland, Memphis	Walgreen’s	14,000		0	14,000
Summer Center, Summer Ave. at Waring Rd., Memphis	Kroger +	154,000		0	154,000
Missouri, Total		366,000		28,000	394,000
Ballwin Plaza, Manchester Rd. at Vlasis Dr., Ballwin	Schnucks +, Michael’s	203,000		0	203,000
Western Plaza, Hwy 141 at Hwy 30, Fenton	Big Lots	28,000	*	28,000	56,000
PineTree Plaza, U.S. Hwy. 50 at Hwy. 291, Lee’s Summit	Price Chopper +, Brook Mays Music Co.	135,000		0	135,000
Georgia, Total		774,000		174,000	948,000
Brookwood Square, East-West Connector and Austell Rd., Austell	Marshall’s, Staples, Home Depot	253,000		0	253,000
Thompson Bridge Commons, Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville	Kroger +	78,000		0	78,000
Grayson Commons Shopping Center, Grayson Hwy at Rosebud Rd., Grayson	Kroger +	77,000		0	77,000
Village Shoppes of Sugarloaf, Sugarloaf Pkwy and Five Forks Trickum Rd., Lawrenceville	Publix +	148,000		0	148,000
Sandy Plains Exchange, Sandy Plains at Scufflegrit, Marietta	Publix +	73,000		0	73,000
Roswell Corners, Woodstock Rd. and Hardscrabble Rd., Roswell	Staples, T.J. Maxx, Super Target + (O.B.O.)	145,000		174,000	319,000
Utah, Total		283,000		330,000	613,000
Alpine Valley Center, Main St. at State St., American Fork (33%)	Target (O.B.O.), Old Navy, Pier 1	13,000	*	167,000	180,000
Taylorsville Town Center, West 4700 South at Redwood Rd., Taylorsville	Albertsons + (O.B.O.),Rite Aid	94,000		40,000	134,000
West Jordan Town Center, West 7000 South at S. Redwood Rd., West Jordan	Albertsons + , Office Depot, Target (O.B.O.), Petco, Party City	176,000		123,000	299,000
Illinois, Total		273,000		121,000	394,000
Lincoln Place Centre, Hwy. 59, Fairview Heights	Lowe’s (O.B.O.), Kohl’s Department Store	103,000		121,000	224,000
Lincoln Place II, Route 159 at Hwy. 50, Fairview Heights	Office Depot, Marshall’s, Old Navy, Linens ‘N Things	170,000		0	170,000
Maine, Total		148,000		49,000	197,000
The Promenade, Essex at Summit, Lewiston (75%)	Staples, Flagship Cinemas	148,000	*	49,000	197,000
Kentucky, Total		354,000		49,000	403,000
Tates Creek, Tates Creek at Man O’ War, Lexington	Kroger +, Rite Aid , Do It Best Hardware	185,000		0	185,000
Festival at Jefferson Court, Outer Loop at Jefferson Blvd., Louisville	Kroger +, PetsMart (O.B.O.), Factory Card Outlet, Sofa Express, AJ Wright (O.B.O.)	169,000		49,000	218,000
Mississippi, Total		117,000		0	117,000
Southaven Commons, Goodman Rd. at Swinnea Rd., Southaven	Schnuck’s +	117,000		0	117,000

Page 22

		Gross Leasable Area
		WRI		Others
Center and Location	Anchors	Owned		(O.B.O.)	Total
INDUSTRIAL
Houston and Harris County, Total		3,296,000		1,916,000	5,212,000
Beltway 8 Business Park, Beltway 8 at Petersham Dr.	Nomadic Display, Terminix	158,000		0	158,000
Blankenship Building, Kempwood Drive	Classic Printers	59,000		0	59,000
Brookhollow Business Center, Dacoma at Directors Row	Bristol Babcock	133,000		0	133,000
Central Park Northwest VI, Central Pkwy. at Dacoma	Houston Metallurgical Lab, Inc.	175,000		0	175,000
Central Park Northwest VII, Central Pkwy. at Dacoma	Lucent Technologies, Inc.	103,000		0	103,000
Claywood Industrial Park, Clay at Hollister	Vacant	330,000		0	330,000
Crosspoint Warehouse, Crosspoint	Foam Enterprises, LLC.	73,000		0	73,000
Jester Plaza, West T.C. Jester	Corporate Care of Houston	101,000		0	101,000
Kempwood Industrial, Kempwood Dr. at Blankenship Dr.	Pioneer Contract Services	113,000		0	113,000
Kempwood Industrial, Kempwood Dr. at Blankenship Dr. (20%)	Pioneer Contract Services	42,000	*	165,000	207,000
Lathrop Warehouse, Lathrop St. at Larimer St. (20%)	United D.C., Inc.	51,000	*	202,000	253,000
Nasa One Business Center, Nasa Road One at Hwy. 3	Brinks, Devoe Paint	112,000		0	112,000
Navigation Business Park, Navigation at N. York (20%)	Packwell Inc.	47,000	*	191,000	238,000
Northway Park II, Loop 610 East at Homestead (20%)	Jet Lube, Inc.	61,000	*	242,000	303,000
Railwood F, Market at U.S. 90 (20%)	Shell Oil Company	60,000	*	240,000	300,000
Railwood Industrial Park, Mesa at U.S. 90	Distribution International, Sumitomo, Advo Systems	616,000		0	616,000
Railwood Industrial Park, Mesa at U.S. 90 (20%)	The Home Depot, Inc.	99,000	*	399,000	498,000
South Loop Business Park, S. Loop at Long Dr. (50%)	All Current Electric	46,000	*	46,000	92,000
Southport Business Park 5, South Loop 610	USF Surface Preparation	161,000		0	161,000
Southwest Park II, Rockley Road	Bioassay Laboratory, Inc.	68,000		0	68,000
Stonecrest Business Center, Wilcrest at Fallstone	Rentokil, Inc.	111,000		0	111,000
West-10 Business Center, Wirt Rd. at I-10	Aaron’s Office Furniture	129,000		0	129,000
West-10 Business Center II, Wirt Rd. at I-10	Summers Group, Inc.	83,000		0	83,000
Westgate Service Center, Park Row Drive at Whiteback Dr.	Mattress Expo, Solartron	119,000		0	119,000
West Loop Commerce Center, W. Loop N. at I-10	Inter-Tel Technologies	34,000		0	34,000
610 and 11th St. Warehouse, Loop 610 at 11th St.	Prefco Corp., Houston Central Industries, Inc.	105,000		0	105,000
610 and 11th St. Warehouse, Loop 610 at 11th St. (20%)	Iron Mountain, Stone Container	48,000	*	195,000	243,000
610/288 Business Park, Cannon Street (20%)	Houston Distribution Services	59,000	*	236,000	295,000
Texas (excluding Houston & Harris Co.), Total		2,635,000		0	2,635,000
Randol Mill Place, Randol Mill Road, Arlington	Premier Products	55,000		0	55,000
Braker 2 Business Center, Kramer Ln. at Metric Blvd., Austin	LaCoste & Romberg	27,000		0	27,000
Corporate Center I & II, Putnam Dr. at Research Blvd., Austin	Phoenix - Lamar Corp	117,000		0	117,000
Oak Hill Business Park, Industrial Oaks Blvd., Austin	Terracon, Inc.	90,000		0	90,000
Rutland 10 Business Center, Metric Blvd. At Centimeter Circle, Austin	Minimax, Media Event Concepts, Inc.	54,000		0	54,000
Southpark A,B,C., East St. Elmo Rd. at Woodward St., Austin	Viko Test Lab	78,000		0	78,000
Southpoint Service Center, Burleson at Promontory Point Dr., Austin	K & S Interconnect	54,000		0	54,000
Wells Branch Corporate Center, Wells Branch Pkwy., Austin	Lifetouch Studios	59,000		0	59,000
Midway Business Center, Midway at Boyington, Carrollton	ProSource	142,000		0	142,000
Manana Office Center, I-35 at Manana, Dallas	Omega Environmental Technologies, Nordstrom, Inc.	223,000		0	223,000
Newkirk Service Center, Newkirk near N.W. Hwy., Dallas	Tri-Ed Distribution, Inc., Applied Industrial Technologies Tx, L.P.	106,000		0	106,000
Northaven Business Center, Northaven Rd., Dallas	SESCO, Inc.	151,000		0	151,000
Northeast Crossing Off/Svc Ctr., East N.W. Hwy. at Shiloh, Dallas	Reunion Title, Manufactured Valve Products	79,000		0	79,000
Northwest Crossing Off/Svc Ctr., N.W. Hwy. at Walton Walker, Dallas	Corvette World	127,000		0	127,000
Redbird Distribution Center, Joseph Hardin Drive, Dallas	Reid Plastics, Inc. Texwood Industries, L.P.	111,000		0	111,000
Regal Distribution Center, Leston Avenue, Dallas	Document Management Systems, BKM Total Office of Texas, L.P.	203,000		0	203,000
Space Center Industrial Park, Pulaski St. at Irving Blvd., Dallas	Weir’s Furniture Village, Facility Interiors, Inc.	265,000		0	265,000
Walnut Trails Business Park, Walnut Hill Lane, Dallas	Flores Events	103,000		0	103,000
DFW-Port America, Port America Place, Grapevine	Team Air Express	45,000		0	45,000
Jupiter Service Center, Jupiter near Plano Pkwy., Plano	Interceramic Tile & Stone Gallery	78,000		0	78,000
Sherman Plaza Business Park, Sherman at Phillips, Richardson	Leggett & Platt, Inc., The Volkswagen Store	100,000		0	100,000
Interwest Business Park, Alamo Downs Parkway, San Antonio	All-American Sports	218,000		0	218,000
O’Connor Road Business Park, O’Connor Road, San Antonio	Ingersoll Rand	150,000		0	150,000
Georgia, Total		1,568,000		0	1,568,000
Atlanta Industrial Park, Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta	Target Container Co., Sanderson Industries, Inc.	552,000		0	552,000
Sears Logistics, 3700 Southside Industrial Way, Atlanta	Sears Logistics Services, Inc.	403,000		0	403,000
Southside Industrial Parkway, Southside Industrial Pkwy and Jonesboro Rd., Atlanta	Lowe Supply, Inc., Mission Produce, Masco Contractor Services	72,000		0	72,000
Kennesaw 75, 3850-3900 Kennesaw Prkwy, Kennesaw	American Hotel Register Co., Clorox Services Company	178,000		0	178,000
6485 Crescent Dr., I-85 at Jimmy Carter Blvd., Norcross	The Home Depot, Inc., Zurn	363,000		0	363,000
Tennessee, Total		972,000		0	972,000
Crowfarn Drive Warehouse, Crowfarn Dr. at Getwell Rd., Memphis	Integris Metals	161,000		0	161,000
Outland Business Center, Outland Center Dr., Memphis	International Multifoods, TricorBraun, KMN Modern Farm Equipment, Inc.	410,000		0	410,000
Southwide Warehouses #2-#4, Federal Compress Ind. Pk., Memphis	Federal Express	236,000		0	236,000
Thomas Street Warehouse, N. Thomas Street, Memphis	Partners Distribution, Inc.	165,000		0	165,000

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		Gross Leasable Area
		WRI	Others
Center and Location	Anchors	Owned	(O.B.O.)	Total
INDUSTRIAL, (Cont’d)
Florida, Total		759,000	0	759,000
Lakeland Industrial Ctr., I-4 at County Rd., Lakeland	Rooms to Go, Amware Pallet Services, Publix	600,000	0	600,000
1801 Massaro, 1801 Massaro Blvd., Tampa	MiTek Industries, Inc., Parksite, Inc.	159,000	0	159,000
California, Total		727,000	0	727,000
Siempre Viva Business Park, Siempre Viva Rd. at Kerns St., San Diego	Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., Air Tiger	727,000	0	727,000
UNIMPROVED LAND
Houston & Harris County, Total		2,423,000		2,423,000
Bissonnet at Wilcrest		196,000		196,000
Citadel Plaza at 610 N. Loop		137,000		137,000
East Orem		122,000		122,000
Kirkwood at Dashwood Dr.		322,000		322,000
Mesa Rd. at Tidwell		901,000		901,000
Northwest Fwy. at Gessner		422,000		422,000
S. Shaver St.		17,000		17,000
W. Little York at Interstate 45		161,000		161,000
W. Loop N. at I-10		145,000		145,000
Texas (excluding Houston & Harris Co.), Total		792,000		792,000
River Pointe Dr. at I-45, Conroe		590,000		590,000
Hwy. 3 at Hwy. 1765, Texas City		202,000		202,000
Louisiana, Total		462,000		462,000
U.S. Hwy. 171 at Parish, DeRidder		462,000		462,000

			OWNED BY
	NUMBER OF	WRI	OTHERS	TOTAL
ALL PROPERTIES-BY LOCATION	PROPERTIES	OWNED	(O.B.O.)	SQ FTG
Grand Total	353	47,048,000	12,456,000	59,504,000
Houston & Harris County	82	9,818,000	2,879,000	12,697,000
Texas (excluding Houston & Harris County)	92	10,980,000	2,796,000	13,776,000
Florida	24	4,680,000	688,000	5,368,000
California	25	4,000,000	521,000	4,521,000
Louisiana	17	1,855,000	1,274,000	3,129,000
Nevada	11	2,413,000	747,000	3,160,000
North Carolina	20	2,322,000	131,000	2,453,000
Georgia	11	2,342,000	174,000	2,516,000
Tennessee	8	1,486,000	0	1,486,000
Arizona	16	1,390,000	766,000	2,156,000
New Mexico	7	1,182,000	397,000	1,579,000
Kansas	5	784,000	46,000	830,000
Oklahoma	4	654,000	48,000	702,000
Arkansas	6	679,000	27,000	706,000
Colorado	13	922,000	1,385,000	2,307,000
Missouri	3	366,000	28,000	394,000
Utah	3	283,000	330,000	613,000
Illinois	2	273,000	121,000	394,000
Maine	1	148,000	49,000	197,000
Kentucky	2	354,000	49,000	403,000
Mississippi	1	117,000	0	117,000
ALL PROPERTIES-BY CLASSIFICATION
Grand Total	353	47,048,000	12,456,000	59,504,000
Shopping Centers	294	37,091,000	10,540,000	47,631,000
Industrial	59	9,957,000	1,916,000	11,873,000

Notes:	*	Denotes partial ownership. WRI's interest is 50% except where noted. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership.
	+	Denotes supermarket or discount store offering full service grocery along with general merchandise.
	#	Denotes property under development that does not currently have rental income on-line.
Owned by Others ("O.B.O.") includes buildings owned entirely by another non-WRI legal entity and the proportionate ownership of WRI's partner(s) in various joint ventures and partnerships.

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