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WEINGARTEN REALTY ANNOUNCES

FIRST QUARTER 2010 RESULTS

Houston, May 6, 2010 --- Weingarten Realty (NYSE: WRI) announced today the results of its first quarter ended March 31, 2010. The supplemental financial package with additional information can be found on the company’s website under the Investor Relations tab.

Financial Results

The Company reported net income attributable to common shareholders of $10.2 million or $0.08 per diluted share for the first quarter of 2010, as compared to $33.1 million or $0.38 per share for the same period in 2009.

Funds from Operations (“FFO”), a widely accepted supplemental measurement of REIT performance, on a diluted per-share basis, totaled $0.41 or $48.9 million for the first quarter of 2010, compared to $0.77 per share or $67.2 million for 2009. The primary factors affecting the quarter’s year-over-year net income and FFO results were the impact of the common equity issuance in April 2009, decreased land and merchant build gains, as well as the effect of 2009 dispositions including contributions to joint ventures.

A reconciliation of net income attributable to common shareholders to funds from operations is included in the financial tables accompanying this press release.

Operating Results

For the quarter, the Company produced strong leasing results with 368 new leases and renewals, totaling 2.1 million square feet and representing $20.6 million of annual revenue. The 368 transactions were comprised of 199 new leases and 169 renewals which represent annual revenue of $8.9 million and $11.7 million, respectively. For leases signed during the quarter, the average rental rate was down 4% on a cash basis.

“We had a great quarter leasing space. We leased eight big boxes during the quarter and leased 92% more retail space compared to the same quarter of 2009. Our associates continue to focus on leasing space and generating revenue, which ultimately builds operating fundamentals,” said Johnny Hendrix, Executive Vice President of Asset Management.

During the first quarter retail occupancy increased to 92.2% compared to fourth quarter 2009 occupancy of 91.8%. Retail occupancy in the first quarter 2010 is the highest it has

been in five consecutive quarters. It should be noted that revenues from retail shopping centers represent approximately 90% of Weingarten’s total revenues. Overall, occupancy for the first quarter was 90.9% compared to 90.8% during the fourth quarter of 2009.

“We are excited to post solid core results for the quarter which is a testament to the quality of our portfolio” stated Drew Alexander, President and Chief Executive Officer.

Same Property Net Operating Income declined 2.6% during the quarter, with retail properties down 2.4% and industrial properties down 4.2%.

Financing

The Company’s financial structure is solid with over $100 million of cash available and the full use of its $500 million revolving credit facility. The excess cash and recently renewed revolver positions the Company well for future growth opportunities.

“Weingarten raised a tremendous amount of capital last year which created capacity for future investment. We feel comfortable with our current balance sheet ratios and look to maintain conservative ratios as we move forward,” said Steve Richter, Executive Vice President and Chief Financial Officer.

Dividend

The Board of Trust Managers declared a common dividend of $0.26 per share during the first quarter of 2010. The dividend is payable in cash on June 15, 2010 to shareholders of record on June 8, 2010.

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. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are also payable on June 15, 2010 to shareholders of record on June 8, 2010.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on May 7, 2010 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s Web site at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (877) 763-1324 (no confirmation code). A replay and Podcast will also be available through the Company’s Web site starting approximately two hours following the live call or can be heard by calling (800) 642-1687, identification number 65069379 until 11:59 PM Central Time on May 10, 2010.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At March 31, 2010, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 376 developed income-producing properties and 10 properties under various stages of construction and development. The total number of properties includes 307 neighborhood and community shopping centers located in 22 states spanning the country from coast to coast. The company also owns 76 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At March 31, 2010, the Company’s portfolio of properties was approximately 70.1 million square feet. To learn more about the Company’s operations and growth strategies, please visit 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
		March 31,
CONDENSED CONSOLIDATED STATEMENTS OF INCOME		2010			2009
AND FUNDS FROM OPERATIONS		(Unaudited)
Rentals, net		$	134,142		$	140,340
Other Income			3,017			4,042
	Total Revenues		137,159			144,382
Depreciation and Amortization			36,153			37,545
Operating Expense			25,986			23,048
Ad Valorem Taxes, net			16,925			17,966
Impairment Loss			236
General and Administrative Expense			6,591			6,000
	Total Expenses		85,891			84,559
Operating Income			51,268			59,823
Interest Expense, net			(37,617	)		(39,439	)
Interest and Other Income, net			2,863			1,263
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net			3,236			3,662
Gain on Land and Merchant Development Sales						14,122
Provision for Income Taxes			(476	)		(4,964	)
	Income from Continuing Operations		19,274			34,467
Operating Income from Discontinued Operations						2,110
Gain on Sale of Property from Discontinued Operations						739
	Income from Discontinued Operations					2,849
Gain on Sale of Property			848			6,494
Net Income			20,122			43,810
Less:	Net Income Attributable to Noncontrolling Interests		(1,014	)		(1,795	)
Net Income Adjusted for Noncontrolling Interests			19,108			42,015
Less:	Preferred Share Dividends		(8,869	)		(8,869	)
Net Income Attributable to Common Shareholders--Basic		$	10,239		$	33,146
Earnings Per Common Share--Basic		$	0.09		$	0.38
Net Income Attributable to Common Shareholders--Diluted		$	10,239		$	33,146
Earnings Per Common Share--Diluted		$	0.08		$	0.38

Funds from Operations:
Net Income Attributable to Common Shareholders		$	10,239		$	33,146
Depreciation and Amortization			34,454			37,163
Depreciation and Amortization of Unconsolidated Joint Ventures			5,023			4,140
Gain on Sale of Property			(843	)		(7,229	)
Loss (Gain) on Sale of Property of Unconsolidated Joint Ventures			2			(4	)
Funds from Operations--Basic		$	48,875		$	67,216
Funds from Operations Per Common Share--Basic		$	0.41		$	0.77
Funds from Operations--Diluted		$	48,875		$	67,216
Funds from Operations Per Common Share--Diluted		$	0.41		$	0.77
Weighted Average Shares Outstanding--Basic			119,779			86,979
Weighted Average Shares Outstanding--Diluted			120,547			87,331

		March 31,			December 31,
			2010			2009
CONDENSED CONSOLIDATED BALANCE SHEETS		(Unaudited)			(Audited)
Property		$	4,616,465		$	4,658,396
Accumulated Depreciation			(879,302	)		(856,281	)
Investment in Real Estate Joint Ventures and Partnerships, net			316,411			315,248
Notes Receivable from Real Estate Joint Ventures and Partnerships			313,438			317,838
Unamortized Debt and Lease Costs, net			106,525			103,396
Accrued Rent and Accounts Receivable, net			72,329			96,372
Cash and Cash Equivalents			122,915			153,584
Restricted Deposits and Mortgage Escrows			9,621			12,778
Other, net			85,359			89,054
	Total Assets	$	4,763,761		$	4,890,385

Debt, net		$	2,480,616		$	2,531,847
Accounts Payable and Accrued Expenses			91,331			137,727
Other, net			106,901			114,155
	Total Liabilities		2,678,848			2,783,729

Commitments and Contingencies


Preferred Shares of Beneficial Interest			8			8
Common Shares of Beneficial Interest			3,617			3,615
Accumulated Additional Paid-In Capital			1,961,459			1,958,975
Net Income Less Than Accumulated Dividends			(58,341	)		(37,350	)
Accumulated Other Comprehensive Loss			(23,249	)		(23,958	)
	Shareholders' Equity		1,883,494			1,901,290
Noncontrolling Interests			201,419			205,366
	Total Liabilities, Shareholders' Equity and Noncontrolling Interests	$	4,763,761		$	4,890,385