10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2014

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [] to []

Commission file number 1-9876

Weingarten Realty Investors

(Exact name of registrant as specified in its charter)

TEXAS	74-1464203
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas	77292-4133
(Address of principal executive offices)	(Zip Code)

(713) 866-6000

(Registrant's telephone number)

(Former name, former address and former fiscal

year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YESý NO¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     YESý NO¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     YES¨ NOý

As of July 31, 2014, there were 122,247,013 common shares of beneficial interest of Weingarten Realty Investors, $.03 par value, outstanding.

TABLE OF CONTENTS

PART I.		Financial Information:	Page Number
	Item 1.	Financial Statements (unaudited):
		Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2014 and 2013	3
		Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2014 and 2013	4
		Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013	5
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013	6
		Condensed Consolidated Statements of Equity for the Six Months Ended June 30, 2014 and 2013	7
		Notes to Condensed Consolidated Financial Statements	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
	Item 4.	Controls and Procedures	39
PART II.		Other Information:
	Item 1.	Legal Proceedings	39
	Item 1A.	Risk Factors	39
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
	Item 3.	Defaults Upon Senior Securities	39
	Item 4.	Mine Safety Disclosures	39
	Item 5.	Other Information	39
	Item 6.	Exhibits	40
Signatures			40
Exhibit Index			41

2

PART I-FINANCIAL INFORMATION

ITEM 1. Financial Statements

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues:
Rentals, net	$	127,791		$	118,292		$	252,424		$	233,519
Other	2,400			3,703			5,359			6,303
Total	130,191			121,995			257,783			239,822
Expenses:
Depreciation and amortization	36,630			35,513			77,254			71,691
Operating	23,920			23,498			48,535			46,532
Real estate taxes, net	16,358			14,376			31,007			27,979
Impairment loss	—			165			—			221
General and administrative	5,820			6,184			11,733			12,848
Total	82,728			79,736			168,529			159,271
Operating Income	47,463			42,259			89,254			80,551
Interest Expense, net	(24,310		)	(27,025		)	(48,890		)	(42,464		)
Interest and Other Income, net	803			2,097			2,797			3,923
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests	1,718			83			1,718			11,592
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	4,048			4,729			8,450			9,342
Benefit (Provision) for Income Taxes	2,081			(147		)	1,601			30
Income from Continuing Operations	31,803			21,996			54,930			62,974
Operating Income from Discontinued Operations	63			3,905			342			7,602
Gain on Sale of Property from Discontinued Operations	3,370			78,012			44,582			78,012
Income from Discontinued Operations	3,433			81,917			44,924			85,614
Gain on Sale of Property	1,748			265			1,911			407
Net Income	36,984			104,178			101,765			148,995
Less: Net Income Attributable to Noncontrolling Interests	(1,588		)	(37,742		)	(3,066		)	(39,209		)
Net Income Adjusted for Noncontrolling Interests	35,396			66,436			98,699			109,786
Dividends on Preferred Shares	(2,710		)	(5,313		)	(5,420		)	(12,753		)
Redemption Costs of Preferred Shares	—			(15,702		)	—			(17,944		)
Net Income Attributable to Common Shareholders	$	32,686		$	45,421		$	93,279		$	79,089
Earnings Per Common Share - Basic:
Income from continuing operations attributable to common shareholders	$	0.24		$	—		$	0.40		$	0.25
Income from discontinued operations	0.03			0.37			0.37			0.40
Net income attributable to common shareholders	$	0.27		$	0.37		$	0.77		$	0.65
Earnings Per Common Share - Diluted:
Income from continuing operations attributable to common shareholders	$	0.24		$	—		$	0.39		$	0.25
Income from discontinued operations	0.03			0.37			0.37			0.40
Net income attributable to common shareholders	$	0.27		$	0.37		$	0.76		$	0.65

See Notes to Condensed Consolidated Financial Statements.

3

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net Income	$	36,984		$	104,178		$	101,765		$	148,995
Other Comprehensive Income:
Net unrealized gain on investments, net of taxes	195			—			252			—
Realized gain on investments	—			—			(38		)	—
Net unrealized gain on derivatives	15			9,135			52			7,028
Amortization of loss on derivatives	403			666			876			1,322
Retirement liability adjustment	96			364			148			729
Total	709			10,165			1,290			9,079
Comprehensive Income	37,693			114,343			103,055			158,074
Comprehensive Income Attributable to Noncontrolling Interests	(1,588		)	(37,742		)	(3,066		)	(39,209		)
Comprehensive Income Adjusted for Noncontrolling Interests	$	36,105		$	76,601		$	99,989		$	118,865

See Notes to Condensed Consolidated Financial Statements.

4

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

	June 30, 2014			December 31, 2013
ASSETS
Property	$	4,241,257		$	4,289,276
Accumulated Depreciation	(1,098,338		)	(1,058,040		)
Property Held for Sale, net	—			122,614
Property, net *	3,142,919			3,353,850
Investment in Real Estate Joint Ventures and Partnerships, net	268,490			266,158
Total	3,411,409			3,620,008
Notes Receivable from Real Estate Joint Ventures and Partnerships	2,652			13,330
Unamortized Debt and Lease Costs, net	144,205			164,828
Accrued Rent and Accounts Receivable (net of allowance for doubtful  accounts of $8,117 in 2014 and $9,386 in 2013) *	77,852			82,351
Cash and Cash Equivalents *	16,035			91,576
Restricted Deposits and Mortgage Escrows	6,711			4,502
Other, net	204,537			247,334
Total Assets	$	3,863,401		$	4,223,929
LIABILITIES AND EQUITY
Debt, net *	$	2,073,465		$	2,299,844
Accounts Payable and Accrued Expenses	100,203			108,535
Other, net	122,720			127,572
Total Liabilities	2,296,388			2,535,951
Commitments and Contingencies	—			—
Equity:
Shareholders’ Equity:
Preferred Shares of Beneficial Interest - par value, $.03 per share;  shares authorized: 10,000
6.5% Series F cumulative redeemable preferred shares of beneficial interest;  140 shares issued; 60 shares outstanding in 2014 and 2013; liquidation  preference $150,000 in 2014 and 2013	2			2
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 122,238 in 2014 and 121,949 in 2013	3,691			3,683
Additional Paid-In Capital	1,697,783			1,679,229
Net Income Less Than Accumulated Dividends	(286,685		)	(300,537		)
Accumulated Other Comprehensive Loss	(2,912		)	(4,202		)
Total Shareholders’ Equity	1,411,879			1,378,175
Noncontrolling Interests	155,134			309,803
Total Equity	1,567,013			1,687,978
Total Liabilities and Equity	$	3,863,401		$	4,223,929
* Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):
Property, net	$	48,455		$	70,734
Accrued Rent and Accounts Receivable, net	2,118			2,855
Cash and Cash Equivalents	6,804			6,548
Debt, net	98,164			109,923

See Notes to Condensed Consolidated Financial Statements.

5

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Six Months Ended June 30,
	2014			2013
Cash Flows from Operating Activities:
Net Income	$	101,765		$	148,995
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	77,514			78,607
Amortization of debt deferred costs and intangibles, net	1,052			(8,747		)
Impairment loss	—			457
Equity in earnings of real estate joint ventures and partnerships, net	(8,450		)	(9,342		)
Gain on sale and acquisition of real estate joint venture and partnership interests	(1,718		)	(11,592		)
Gain on sale of property	(46,493		)	(78,419		)
Distributions of income from real estate joint ventures and partnerships, net	1,503			1,723
Changes in accrued rent and accounts receivable, net	1,345			6,266
Changes in other assets, net	(12,935		)	(12,844		)
Changes in accounts payable, accrued expenses and other liabilities, net	(2,412		)	(7,710		)
Other, net	1,824			3,911
Net cash provided by operating activities	112,995			111,305
Cash Flows from Investing Activities:
Acquisition of real estate and land	—			(54,753		)
Development and capital improvements	(35,774		)	(30,644		)
Proceeds from sale of property and real estate equity investments, net	66,768			155,862
Change in restricted deposits and mortgage escrows	(2,209		)	34,606
Notes receivable from real estate joint ventures and partnerships and other receivables - Advances	—			(289		)
Notes receivable from real estate joint ventures and partnerships and other receivables - Collections	7,633			6,282
Real estate joint ventures and partnerships - Investments	(5,119		)	(17,698		)
Real estate joint ventures and partnerships - Distribution of capital	11,001			19,201
Purchase of investments	(1,250		)	—
Proceeds from investments	50,788			—
Other, net	(11,826		)	(899		)
Net cash provided by investing activities	80,012			111,668
Cash Flows from Financing Activities:
Proceeds from issuance of debt	—			300,584
Principal payments of debt	(334,626		)	(199,672		)
Changes in unsecured credit facilities	152,000			38,500
Proceeds from issuance of common shares of beneficial interest, net	1,137			5,569
Repurchase of preferred shares of beneficial interest	—			(275,000		)
Common and preferred dividends paid	(84,303		)	(86,639		)
Debt issuance costs paid	(273		)	(4,693		)
Distributions to noncontrolling interests	(3,305		)	(8,241		)
Contributions from noncontrolling interests	980			10,182
Other, net	(158		)	207
Net cash used in financing activities	(268,548		)	(219,203		)
Net (decrease) increase in cash and cash equivalents	(75,541		)	3,770
Cash and cash equivalents at January 1	91,576			19,604
Cash and cash equivalents at June 30	$	16,035		$	23,374
Interest paid during the period (net of amount capitalized of $1,410 and $1,104, respectively)	$	45,429		$	52,508
Income taxes paid during the period	$	1,705		$	1,860

See Notes to Condensed Consolidated Financial Statements.

6

WEINGARTEN REALTY INVESTORS

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, except per share amounts)

	Preferred Shares of Beneficial Interest			Common Shares of Beneficial Interest		Additional Paid-In Capital			Net Income Less Than Accumulated Dividends			Accumulated  Other Comprehensive Loss			Noncontrolling Interests			Total
Balance, January 1, 2013	$	7		$	3,663	$	1,934,183		$	(335,980	)	$	(24,743	)	$	163,025		$	1,740,155
Net income									109,786						39,209			148,995
Redemption of preferred shares	(5		)			(257,051		)	(17,944		)							(275,000		)
Shares issued under benefit plans				20		11,335												11,355
Dividends declared – common shares (1)									(74,317		)							(74,317		)
Dividends declared – preferred shares (2)									(12,322		)							(12,322		)
Distributions to noncontrolling interests															(8,241		)	(8,241		)
Contributions from noncontrolling interests															10,182			10,182
Other comprehensive income												9,079						9,079
Other, net						811			(431		)				1,084			1,464
Balance, June 30, 2013	$	2		$	3,683	$	1,689,278		$	(331,208	)	$	(15,664	)	$	205,259		$	1,551,350
Balance, January 1, 2014	$	2		$	3,683	$	1,679,229		$	(300,537	)	$	(4,202	)	$	309,803		$	1,687,978
Net income									98,699						3,066			101,765
Shares issued under benefit plans				8		7,314												7,322
Dividends declared – common shares (1)									(79,427		)							(79,427		)
Dividends declared – preferred shares (2)									(4,876		)							(4,876		)
Distributions to noncontrolling interests															(3,305		)	(3,305		)
Contributions from noncontrolling interests															980			980
Acquisition of noncontrolling interests						11,015									(11,015		)	—
Disposition of noncontrolling interests															(144,263		)	(144,263		)
Other comprehensive income												1,290						1,290
Other, net						225			(544		)				(132		)	(451		)
Balance, June 30, 2014	$	2		$	3,691	$	1,697,783		$	(286,685	)	$	(2,912	)	$	155,134		$	1,567,013

_______________

(1) Common dividend per share was $.65 and $.61 for the six months ended June 30, 2014 and 2013, respectively.

(2) Series D preferred dividend per share was $13.08 for the six months ended June 30, 2013. Series F preferred dividend per share was $81.25 and $78.99 for the six months ended June 30, 2014 and 2013, respectively.

See Notes to Condensed Consolidated Financial Statements.

7

WEINGARTEN REALTY INVESTORS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 48.5 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.6% of total rental revenues during the first six months of 2014. Total revenues less operating expenses and real estate taxes from continuing operations ("net operating income from continuing operations") generated by our properties located in Houston and its surrounding areas was 19.8% of total net operating income from continuing operations for the six months ended June 30, 2014, and an additional 9.7% of net operating income from continuing operations is generated from properties that are located in other parts of Texas.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2013 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	June 30, 2014		December 31, 2013
Restricted cash	$	4,046	$	869
Mortgage escrows	2,665		3,633
Total	$	6,711	$	4,502

8

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2013	$	(340	)		$	(1,233	)		$	5,775			$	4,202
Change excluding amounts reclassified from accumulated other comprehensive loss	(252		)		(52		)		—				(304		)
Amounts reclassified from accumulated other comprehensive loss	38			(1)	(876		)	(2)	(148		)	(3)	(986		)
Net other comprehensive income	(214		)		(928		)		(148		)		(1,290		)
Balance, June 30, 2014	$	(554	)		$	(2,161	)		$	5,627			$	2,912
	Gain on Investments				(Gain) Loss on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	—			$	7,489			$	17,254			$	24,743
Change excluding amounts reclassified from accumulated other comprehensive loss					(7,028		)		—				(7,028		)
Amounts reclassified from accumulated other comprehensive loss					(1,322		)	(2)	(729		)	(3)	(2,051		)
Net other comprehensive income	—				(8,350		)		(729		)		(9,079		)
Balance, June 30, 2013	$	—			$	(861	)		$	16,525			$	15,664

_______________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information).

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Notes 9 and 11 for additional information). These items had no impact on previously reported net income, the consolidated balance sheet or cash flows.

Note 2. Newly Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")No. 2013-04, "Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 were effective for us on January 1, 2014, and were required to be applied retrospectively. The ASU did not materially impact our consolidated financial statements.

In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU amends current GAAP to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for net operating loss or other tax credit carryforwards when settlement is available under the tax law. The provisions of ASU No. 2013-11 were effective for us on January 1, 2014, and were required to be applied to all unrecognized tax benefits in existence. The adoption of this ASU did not materially impact our consolidated financial statements.

9

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the criteria for reporting discontinued operations while enhancing disclosures in this area. The provisions of ASU No. 2014-08 are effective for us prospectively on January 1, 2015; however, early adoption is permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual property disposals no longer qualifying for discontinued operations presentation; thus, the results of these disposals will remain in income from continuing operations and any associated gains are included in gain on sale of property. Properties sold or classified as held for sale prior to April 1, 2014, are not subject to ASU No. 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09 are effective for us on January 1, 2017, and are required to be applied either on a retrospective or a modified retrospective approach. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

Note 3. Property

Our property consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Land	$	832,616	$	854,409
Land held for development	107,583		116,935
Land under development	7,387		4,262
Buildings and improvements	3,213,593		3,238,817
Construction in-progress	80,078		74,853
Total	$	4,241,257	$	4,289,276

During the six months ended June 30, 2014, we sold five centers and other property. Aggregate gross sales proceeds from these transactions approximated $94.9 million and generated gains of approximately $23.2 million.

We classified eight properties as held for sale as of December 31, 2013, totaling $155.0 million before accumulated depreciation. See Note 9 for additional information.

10

Note 4. Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	June 30, 2014			December 31, 2013
Combined Condensed Balance Sheets
ASSETS
Property	$	1,388,611		$	1,401,982
Accumulated depreciation	(275,383		)	(261,454		)
Property, net	1,113,228			1,140,528
Other assets, net	129,982			142,638
Total Assets	$	1,243,210		$	1,283,166
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	418,100		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates	18,966			30,214
Other liabilities, net	27,978			29,711
Total Liabilities	465,044			513,315
Equity	778,166			769,851
Total Liabilities and Equity	$	1,243,210		$	1,283,166

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	37,101	$	41,099	$	74,869	$	83,260
Expenses:
Depreciation and amortization	11,096		11,558		21,013		23,579
Interest, net	5,848		7,415		11,760		14,960
Operating	6,318		7,407		13,134		13,561
Real estate taxes, net	4,566		5,013		9,446		9,596
General and administrative	424		164		530		450
Provision for income taxes	216		86		283		148
Impairment loss	—		13		—		1,828
Total	28,468		31,656		56,166		64,122
Operating income	$	8,633	$	9,443	$	18,703	$	19,138

11

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.0 million and $6.1 million at June 30, 2014 and December 31, 2013, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. There was no impairment charge for the three and the six months ended June 30, 2014. For the three and six months ended June 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $13 thousand and $1.8 million, respectively.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million and $1.4 million for the three months ended June 30, 2014 and 2013, respectively, and $2.4 million and $2.8 million for the six months ended June 30, 2014 and 2013, respectively.

During 2014, we had a partial disposition of a 50% interest at an unconsolidated real estate joint venture for approximately $5.1 million, resulting in a gain on our investment of $1.7 million.

During 2013, the final two industrial properties in an unconsolidated real estate joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, three shopping centers were sold, and our gross sales proceeds from the disposition of these five properties totaled $35.5 million, of which our share of the gain totaled $16.0 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements and two unconsolidated real estate joint ventures that we previously accounted for under the equity method, for approximately $15.7 million, resulting in a gain of $1.9 million.

During 2013, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $41.2 million. We also acquired our partner’s 50% unconsolidated real estate joint venture interest in a California property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.

Note 5. Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. At June 30, 2014, we had one outstanding note receivable from a real estate joint venture, which bore a fixed-rate of interest at 5.7% per year and matures in 2017. At December 31, 2013, various notes receivable from these entities bore interest ranging from approximately 2.9% to 5.7% per year and mature at various dates through 2017. Generally, these notes receivable are secured by underlying real estate assets.

We believe these notes are fully collectible, and therefore no allowance has been recorded. Interest income recognized on these notes was $.1 million and $.6 million for the three months ended June 30, 2014 and 2013, respectively, and $.1 million and $1.3 million for the six months ended June 30, 2014 and 2013, respectively.

In December 2013, we acquired our partner’s 50% unconsolidated joint venture interest in a California property, which includes the settlement of $54.8 million of our notes receivable from real estate joint ventures and partnerships.

Note 6. Debt

Our debt consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Debt payable to 2038 at 2.6% to 8.6%	$	1,826,725	$	2,205,104
Unsecured notes payable under credit facilities	152,000		—
Debt service guaranty liability	73,740		73,740
Obligations under capital leases	21,000		21,000
Total	$	2,073,465	$	2,299,844

12

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	June 30, 2014		December 31, 2013
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,809,524	$	2,136,265
Variable-rate debt	263,941		163,579
Total	$	2,073,465	$	2,299,844
As to collateralization:
Unsecured debt	$	1,398,572	$	1,572,057
Secured debt	674,893		727,787
Total	$	2,073,465	$	2,299,844

We maintain a $500 million unsecured revolving credit facility, which was last amended on April 18, 2013. This facility expires in April 2017, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2014, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	June 30, 2014			December 31, 2013
Unsecured revolving credit facility:
Balance outstanding	$	145,000		$	—
Available balance	351,946			497,821
Letters of credit outstanding under facility	3,054			2,179
Variable interest rate (excluding facility fee)	0.8		%	—		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	7,000		$	—
Variable interest rate	1.3		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	165,900		$	265,500
Weighted average balance	132,764			61,642
Year-to-date weighted average interest rate (excluding facility fee)	0.8		%	1.0		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both June 30, 2014 and December 31, 2013, we had $73.7 million outstanding for the debt service guaranty liability.

13

During 2014, $315 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.2%. During 2013, $173.6 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.4% and a $100 million6% secured fixed-rate note payable was repaid prior to maturity.

In October 2013, we issued $250 million of 4.45% senior unsecured notes maturing in 2024. The notes were issued at 99.58% of the principal amount with a yield to maturity of 4.50%. The net proceeds received of $247.3 million were used to reduce all amounts outstanding under our $500 million unsecured revolving credit facility, andthe remainingproceeds were invested in short-term instruments, which were used to pay down future debt maturities and for general business purposes.

In March 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At June 30, 2014 and December 31, 2013, the carrying value of such assets aggregated $1.1 billion and $1.2 billion, respectively.

Scheduled principal payments on our debt (excluding $152.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.8 million fair value of interest rate contracts, $(3.2) million net premium/(discount) on debt, $4.7 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands):

2014 remaining(1)	$	134,159
2015	239,941
2016	249,441
2017	142,032
2018	60,277
2019	53,907
2020	35,363
2021	2,278
2022	304,815
2023	301,937
Thereafter	296,327
Total	$	1,820,477

_______________

(1) Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2014.

Note 7. Derivatives and Hedging

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
June 30, 2014	Other Assets, net	$	4,761	Other Liabilities, net	$	420
December 31, 2013	Other Assets, net	5,282		Other Liabilities, net	476

14

The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014
Assets	$	4,761	$	—	$	4,761	$	—	$	—	$	4,761
Liabilities	420		—		420		—		—		420
December 31, 2013
Assets	5,282		—		5,282		—		—		5,282
Liabilities	476		—		476		—		—		476

Cash Flow Hedges

As of June 30, 2014 and December 31, 2013, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $25.5 million and $25.8 million, respectively. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

During 2013, we settled three forward-starting contracts with an aggregate notional amount of $150 million hedging future fixed-rate debt issuances. These contracts fixed the 10-year swap rates at 2.4%. In connection with the October 2013 issuance of unsecured senior notes, we received $6.1 million associated with the settlement of these contracts resulting in a $5.9 million gain in accumulated other comprehensive loss.

As of June 30, 2014 and December 31, 2013, the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $2.2 million and $1.2 million, respectively, and will be reclassified to net interest expense as interest payments are made on our fixed-rate debt. Within the next 12 months, a loss of approximately $1.9 million in accumulated other comprehensive loss is expected to be amortized to net interest expense related to settled interest rate contracts.

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of  Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended June 30, 2014	$	(15	)	Interest expense, net	$	(403	)	Interest expense, net	$	—
Six Months Ended June 30, 2014	(52		)	Interest expense, net	(876		)	Interest expense, net	—
Three Months Ended June 30, 2013	(9,135		)	Interest expense, net	(666		)	Interest expense, net	—
Six Months Ended June 30, 2013	(7,028		)	Interest expense, net	(1,322		)	Interest expense, net	—

15

Fair Value Hedges

As of June 30, 2014, we had two interest rate contracts, maturing through October 2017, with an aggregate notional amount of $66.0 million that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.2% to 4.3%. As of December 31, 2013, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $116.7 million that were designated as fair value hedges and convert fixed interest payments at rates from 4.2% to 7.5% to variable interest payments ranging from .2% to 4.3%. We have determined that our fair value hedges are highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates.

A summary of the impact on net income for our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements and Accruals on Contracts		Amount of Gain  (Loss) Recognized in Income (1)
Three Months Ended June 30, 2014
Interest expense, net	$	(109	)	$	109	$	529	$	529
Six Months Ended June 30, 2014
Interest expense, net	(518		)	518		1,145		1,145
Three Months Ended June 30, 2013
Interest expense, net	(2,117		)	2,117		2,051		2,051
Six Months Ended June 30, 2013
Interest expense, net	(3,104		)	3,104		1,021		1,021

_______________

(1) No ineffectiveness was recognized during the respective period.

Note 8. Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Six Months Ended June 30,
	2014		2013
Net income adjusted for noncontrolling interests	$	98,699	$	109,786
Transfers from the noncontrolling interests:
Net increase in equity for the acquisition of noncontrolling interests	11,015		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	109,714	$	109,786

Note 9. Discontinued Operations

For the six months ended June 30, 2014, we disposed 12 centers, three in each of Georgia and Texas and two in each of Florida, Louisiana and North Carolina. These dispositions represent the centers that were classified as discontinued operations or held for sale prior to April 1, 2014, the adoption date for the new qualification criteria for discontinued operations (see Note 2 for further information). Since adoption, no other dispositions qualify as discontinued operations under the new guidance.

During 2013, we sold 20 centers, nine in Texas, three in each of Florida and North Carolina, two in New Mexico and one in each of California, Nevada and Tennessee. As of December 31, 2013, we classified as held for sale eight centers that consisted of property and accumulated depreciation totaling $155.0 million and $32.4 million, respectively, with three located in Georgia, two in each of Florida and Texas and one in North Carolina.

Excluding property held for sale at December 31, 2013, our Condensed Consolidated Balance Sheet at December 31, 2013 included $68.6 million of property and $13.2 million of accumulated depreciation related to the four centers that were sold and classified as discontinued operations during 2014.

16

The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues, net	$	107		$	13,043		$	1,062		$	27,016
Depreciation and amortization	—			(3,363		)	(260		)	(6,916		)
Operating expenses	(22		)	(2,353		)	(285		)	(4,697		)
Real estate taxes, net	(16		)	(1,298		)	(136		)	(2,901		)
Impairment loss	—			—			—			(236		)
General and administrative	—			(13		)	(2		)	(16		)
Interest, net	—			(1,991		)	(19		)	(4,504		)
Provision for income taxes	(6		)	(120		)	(18		)	(144		)
Operating income from discontinued operations	63			3,905			342			7,602
Gain on sale of property from discontinued operations	3,370			78,012			44,582			78,012
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614

Note 10. Supplemental Cash Flow Information

Non-cash investing and financing activities are summarized as follows (in thousands):

	Six Months Ended June 30,
	2014			2013
Accrued property construction costs	$	5,284		$	5,864
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	11,015			—
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture	(6,431		)	—
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			18,698
Decrease in notes receivable from real estate joint ventures and partnerships	—			(3,636		)
Decrease in real estate joint ventures and partnerships - investments	—			(50		)
Increase in debt, net	—			21,396
Increase in security deposits	—			129
Sale of property and property interest:
Decrease in property, net	(127,837		)	—
Decrease in real estate joint ventures and partnerships - investments	(17		)	—
Decrease in other, net	(34		)	—
Decrease in debt, net due to debt assumption	(11,069		)	—
Decrease in security deposits	(459		)	—
Decrease in noncontrolling interests	(155,278		)	—

17

Note 11. Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Numerator:
Continuing Operations:
Income from continuing operations	$	31,803		$	21,996		$	54,930		$	62,974
Gain on sale of property	1,748			265			1,911			407
Net income attributable to noncontrolling interests	(1,561		)	(920		)	(3,118		)	(1,993		)
Dividends on preferred shares	(2,710		)	(5,313		)	(5,420		)	(12,753		)
Redemption costs of preferred shares	—			(15,702		)	—			(17,944		)
Income from continuing operations attributable to common shareholders – basic and diluted	$	29,280		$	326		$	48,303		$	30,691
Discontinued Operations:
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614
Net (income) loss attributable to noncontrolling interests	(27		)	(36,822		)	52			(37,216		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	3,406		$	45,095		$	44,976		$	48,398
Denominator:
Weighted average shares outstanding - basic	121,497			121,286			121,449			121,172
Effect of dilutive securities:
Share options and awards	1,337			1,288			1,292			1,223
Weighted average shares outstanding - diluted	122,834			122,574			122,741			122,395

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Share options (1)	1,924	1,219	1,924	1,939
Operating partnership units	1,499	1,555	1,499	1,556
Total anti-dilutive securities	3,423	2,774	3,423	3,495

_______________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

18

Note 12. Share Options and Awards

During 2014, we granted restricted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested restricted share awards are forfeited upon the termination of the participant’s employment with us.

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Six Months Ended June 30, 2014
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility	14.8	%	25.3	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.1	%	0.8	%

A summary of the status of unvested restricted share awards for the six months ended June 30, 2014 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2014	575,167		$	26.54
Granted:
Service-based awards	109,519		30.11
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	49,065		33.88
Market-based awards relative to three-year absolute TSR	49,065		27.63
Trust manager awards	29,043		31.00
Vested	(116,877	)	21.34
Forfeited	(122	)	28.81
Outstanding, June 30, 2014	694,860		$	28.76

As of June 30, 2014 and December 31, 2013, there was approximately $4.1 million and $3.9 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 1.4 years for both periods.

19

Note 13. Employee Benefit Plans

Defined Benefit Plans

We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Service cost	$	252		$	282		$	504		$	708
Interest cost	450			340			900			853
Expected return on plan assets	(740		)	(539		)	(1,480		)	(1,353		)
Recognized loss	96			281			192			706
Total	$	58		$	364		$	116		$	914

For the six months endedJune 30, 2014 and 2013, we contributed $2.1 million and $1.8 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2014.

Defined Contribution Plans

Compensation expense related to our defined contribution plans was $.8 million for both the three months ended June 30, 2014 and 2013, and $1.7 million and $1.8 million for the six months ended June 30, 2014 and 2013, respectively.

Note 14. Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $1.5 million and $1.4 million outstanding as of June 30, 2014 and December 31, 2013, respectively. We also had accounts payable and accrued expenses of $5.3 million and $5.6 million outstanding as of June 30, 2014 and December 31, 2013, respectively. For the three months ended June 30, 2014 and 2013, we recorded joint venture fee income of $1.1 million and $1.4 million, respectively. For the six months ended June 30, 2014 and 2013, we recorded joint venture fee income of $2.4 million and $2.8 million, respectively.

In 2014, we completed the dissolution of our consolidated real estate joint venture with Hines Retail REIT (“Hines”), in which we owned a 30% interest. At December 31, 2013, this joint venture held a portfolio of 13 properties located in Texas, Tennessee, Georgia, Florida and North Carolina with $172.9 million in total assets and $11.1 million of debt, net, which was assumed by Hines. This transaction was completed through the distribution of five properties to us, resulting in an increase to our equity of $11.0 million, and eight properties to Hines. The eight properties distributed to Hines were classified as held for sale at December 31, 2013, and we realized a $23.3 million gain in discontinued operations associated with this transaction.

In 2013, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements to our partner for approximately $8.9 million. Also, we received cash, real property and our partner’s interest in two consolidated joint ventures in exchange for our interest in two unconsolidated joint ventures and the payment of a note receivable (see Note 15 for additional information under Litigation). Furthermore, we acquired our partner’s 50% unconsolidated joint venture interest in a California property.

Note 15. Commitments and Contingencies

Commitments and Contingencies

As of June 30, 2014 and December 31, 2013, we participated in three real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina and Texas. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us in exchange for our common shares or an equivalent amount in cash. We may acquire any limited partnership interests that are put to the partnership, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the six months ended June 30, 2014 or 2013. The aggregate redemption value of these interests was approximately $49 million and $41 million as of June 30, 2014 and December 31, 2013, respectively.

20

As of June 30, 2014, we have entered into commitments aggregating $54.7 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

Litigation

During 2013, we settled a lawsuit we filed in 2011 against our joint venture partner in connection with a development project in Sheridan, Colorado for an alleged failure of our joint venture partner to repay to us an intercompany note payable. Pursuant to the settlement agreement, our $16.1 million note receivable was paid in exchange for cash and real property totaling $19.1 million, receipt of our partner’s interest in two consolidated joint ventures resulting in an increase of approximately $16.2 million in noncontrolling interests and distribution of our interest in two unconsolidated joint ventures with total assets of $23.2 million.

We are also involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

Note 16. Variable Interest Entities

Consolidated VIEs

At June 30, 2014, one of our real estate joint ventures, whose activities primarily consisted of owning and operating 16 neighborhood/community shopping centers located in Texas, was determined to be VIE. During 2014, we completed the dissolution of a real estate joint venture that was previously determined to be a VIE. At December 31, 2013, two of our real estate joint ventures, whose activities primarily consisted of owning and operating 28 neighborhood/community shopping centers located in Florida, Georgia, North Carolina, Tennessee and Texas, were determined to be VIEs. Based on financing agreements that are guaranteed solely by us, we have determined that we are the primary beneficiary in each of the foregoing instances and have consolidated these joint ventures.

A summary of our consolidated VIEs is as follows (in thousands):

	June 30, 2014		December 31, 2013
Maximum Risk of Loss (1)	$	37,178	$	40,471
Assets Held by VIEs	59,955		233,734
Assets Held as Collateral for Debt	57,377		80,137

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Restrictions on the use of these assets are significant because they serve as collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls and unplanned capital expenditures.

21

Unconsolidated VIEs

At June 30, 2014 and December 31, 2013, one unconsolidated real estate joint venture was determined to be a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. A summary of our unconsolidated VIE is as follows (in thousands):

	June 30, 2014		December 31, 2013
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	11,367	$	11,536
Maximum Risk of Loss (2)	11,267		11,542

_______________

(1) The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required.

Note 17. Fair Value Measurements

Recurring Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,093					$	19,093
Investments, mutual funds	8,291						8,291
Derivative instruments:
Interest rate contracts			$	4,761			4,761
Total	$	27,384	$	4,761	$	—	$	32,145
Liabilities:
Derivative instruments:
Interest rate contracts			$	420			$	420
Deferred compensation plan obligations	$	19,093					19,093
Total	$	19,093	$	420	$	—	$	19,513

22

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2013
Assets:
Investments, mutual funds held in a grantor trust	$	18,583					$	18,583
Investments, mutual funds and time deposit	8,408		$	50,034			58,442
Derivative instruments:
Interest rate contracts			5,282				5,282
Total	$	26,991	$	55,316	$	—	$	82,307
Liabilities:
Derivative instruments:
Interest rate contracts			$	476			$	476
Deferred compensation plan obligations	$	18,583					18,583
Total	$	18,583	$	476	$	—	$	19,059

Nonrecurring Fair Value Measurements

Property Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

No assets were measured at fair value on a nonrecurring basis at June 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	3,300	$	8,576	$	11,876	$	(2,358	)
Total	$	—	$	3,300	$	8,576	$	11,876	$	(2,358	)

_______________

(1) Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Fair Value Disclosures

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

23

Schedule of our fair value disclosures is as follows (in thousands):

	June 30, 2014						December 31, 2013
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	2,652			$	2,887	$	13,330	$	13,549
Tax increment revenue bonds (1)	25,392				25,392		25,850		25,850
Investments, held to maturity (2)	1,000		$	997
Debt:
Fixed-rate debt	1,809,524				1,872,191		2,136,265		2,150,891
Variable-rate debt	263,941				272,474		163,579		172,349

_______________

(1) At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2014 and December 31, 2013 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	June 30, 2014		December 31, 2013				Minimum				Maximum
	(in thousands)				Valuation Technique		2014		2013		2014		2013
Property			$	8,576	Broker valuation estimate	Indicative bid
					Bona fide purchase offers	Contract price
Notes receivable from real estate joint ventures and partnerships	$	2,887	13,549		Discounted cash flows	Discount rate					2.3	%	2.7	%
Tax increment revenue bonds	25,392		25,850		Discounted cash flows	Discount rate					7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,872,191		2,150,891		Discounted cash flows	Discount rate	1.1	%	1.3	%	7.6	%	7.4	%
Variable-rate debt	272,474		172,349		Discounted cash flows	Discount rate	.8	%	.8	%	5.0	%	5.0	%

Note 18. Subsequent Events

We received notice in December 2013 from the holder of one of our ground leases in Texas of its intent to exercise its purchase option under the ground lease. This transaction is expected to close in the second half of 2014, will result in the disposition of three properties with total assets approximating $11.0 million at June 30, 2014, and we do not expect any impairment associated with this transaction.

In July 2014, we delivered an irrevocable notice to redeem the remaining $90 million of our 8.1% senior unsecured notes on September 15, 2014, which mature in 2019, and will be funded through our revolving credit facility. The notes will be redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest to the redemption date.

*****

24

ITEM 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report on Form 10-Q, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. As described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto and the comparative summary of selected financial data appearing elsewhere in this report. Historical results and trends which might appear should not be taken as indicative of future operations. Our results of operations and financial condition, as reflected in the accompanying consolidated financial statements and related footnotes, are subject to management’s evaluation and interpretation of business conditions, retailer performance, changing capital market conditions and other factors which could affect the ongoing viability of our tenants.

Executive Overview

Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of rental properties, primarily neighborhood and community shopping centers, totaling approximately 48.5 million square feet of gross leasable area, that is either owned by us or others. We have a diversified tenant base with our largest tenant comprising only 3.6% of total rental revenues during the first six months of 2014.

At June 30, 2014, we owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships, a total of 257 developed income-producing properties and two properties under development, which are located in 21 states spanning the country from coast to coast.

We also owned interests in 34 parcels of land held for development that totaled approximately 25.7 million square feet at June 30, 2014.

We had approximately 6,300 leases with 4,100 different tenants at June 30, 2014. Leases for our properties range from less than a year for smaller spaces to over 25 years for larger tenants. Rental revenues generally include minimum lease payments, which often increase over the lease term, reimbursements of property operating expenses, including real estate taxes, and additional rent payments based on a percentage of the tenants’ sales. Our anchor tenants are supermarkets, value-oriented apparel/discount stores and other retailers or service providers who generally sell basic necessity-type goods and services. We believe the stability of our anchor tenants, combined with convenient locations, attractive and well-maintained properties, high quality retailers and a strong tenant mix, should ensure the long-term success of our merchants and the viability of our portfolio.

25

Our goal is to remain a leader in owning and operating top-tier neighborhood and community shopping centers in certain markets of the United States. To further transform our portfolio, we continue to focus on three strategic initiatives: (1) recycling capital to improve our portfolio, (2) maintaining a strong, flexible consolidated balance sheet and well-managed debt maturity schedule and (3) improving operating performance. We believe these initiatives will keep our portfolio of properties in the forefront of being among the strongest in our sector.

Under our capital recycling plan, we continue to dispose of non-core operating properties, which provides capital for growth opportunities and strengthens our operating fundamentals. During 2014, we successfully disposed of real estate assets with our share of aggregate gross sales proceeds totaling $100.3 million, both directly or through our interest in real estate joint ventures or partnerships. This program is ongoing, and we expect to complete dispositions in the range of $300 million to $400 million in 2014, but we can give no assurances that this will actually occur. We have approximately $230 million of dispositions currently under contracts or letters of intent; however, there are no assurances that these transactions will close. In the event we reach our disposition goal for 2014, this will effectively mark the completion of our portfolio transformation initiative. We will continue to dispose of operating properties going forward, but the magnitude of these dispositions will be significantly reduced when compared to activity over the past four years. Also, we received notice in December 2013 from the holder of one of our ground leases in Texas of its intent to exercise its purchase option under the ground lease. This transaction is expected to close in the second half of 2014 and will result in the disposition of three properties.

As we are generally selling lower tier, non-core assets, potential buyers requiring financing for such acquisitions may find access to capital an issue, especially if long-term rates rise. However, we believe we can continue to successfully execute our capital recycling plan, although a number of factors, including weaknesses in the secured lending markets or a downturn in the economy, could adversely impact our ability to execute this plan.

We continue to actively seek acquisitions and new development opportunities to grow our operations. Despite substantial competition for quality opportunities and the uncertainty of long-term rates, we will continue to identify select acquisition properties that meet our return hurdles and to actively evaluate other opportunities as they enter the market. However, thus far in 2014, we have not been successful in closing any acquisitions. We will continue to focus on identifying new development projects as another source of growth. While the current high land prices combined with potential tenants unwillingness to pay required rents have not produced many viable new projects to date, there has been an increase in general activity and retailer interest, which we believe is a positive trend. During the first six months of 2014, we acquired a new development property in Wake Forest, North Carolina, with our expected investment to be approximately $16 million. Furthermore, subsequent to quarter-end, we have cleared the last hurdles to begin development of a mixed-use development project in Seattle, Washington, with our expected investment to approximate $28 million. For 2014, we expect to invest in acquisitions and new developments in the range of $100 million to $175 million, but we can give no assurances that this will actually occur.

In addition, we continue to look for internal growth opportunities. Currently, we have eight redevelopment projects in which we plan to invest approximately $44 million over the next 24 months. Additionally, in 2014 we completed one redevelopment project which has added approximately 7,200 incremental square feet to our portfolio at an incremental investment of $.6 million. Upon completion, the average projected stabilized return on our incremental investment on these redevelopment projects will range between 10% to 15%.

We strive to maintain a strong, conservative capital structure which provides ready access to a variety of attractive long and short-term capital sources. We carefully balance lower cost short-term financing with long-term liabilities associated with acquired or developed long-term assets. During 2014, we paid down $315 million of medium term notes from the net proceeds of our $250 million issuance in October 2013 of 4.45% senior unsecured notes that had been previously invested in short-term investments of $50 million and cash and cash equivalents. Furthermore, in July 2014, we delivered an irrevocable notice to redeem the remaining $90 million of our 8.1% senior unsecured notes in September 2014, which we will fund through our revolving credit facility. This will further decrease our interest costs by replacing this high-cost debt with much lower-rate debt.

We believe that these transactions should continue to strengthen our consolidated balance sheet and further enhance our access to various sources of capital, while reducing our cost of capital. While the availability of capital has improved over the past few years, there can be no assurance that favorable pricing and availability will not deteriorate in the future. The transformation of our operating portfolio and the continued strengthening of our consolidated balance sheet has been rewarded with a change in outlook to Positive from Stable by Moody’s Investor Services in June 2014.

26

Operational Metrics

In assessing the performance of our centers, management carefully monitors various operating metrics of the portfolio. As a result of our transformation initiative, the operating metrics of our portfolio continue to strengthen in 2014 as we focus on increasing occupancy and same property net operating income ("SPNOI"). Our portfolio delivered solid operating results with:

• improved occupancy to 94.8% for the six months ended June 30, 2014 over the same period of 2013 of 94.2%, primarily as a result of our disposition program and lack of new available retail space in the market;

• an increase of 3.4% in SPNOI for the six months ended June 30, 2014 over the same period of 2013, primarily as a result of continued strong leasing and low tenant fallout; and

• rental rate increases of 10.9% for new leases and 8.9% for renewals during the second quarter of 2014.

Below are performance metrics associated with our signed occupancy, SPNOI growth and leasing activity on a pro rata basis:

	June 30,
	2014		2013
Anchor (space of 10,000 square feet or greater)	98.6	%	97.7	%
Non-Anchor	88.6	%	88.6	%
Total Occupancy	94.8	%	94.2	%

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
SPNOI Growth (1)	3.5	%	3.4	%

_______________

(1) See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income within this section of Item 2.

	Number of Leases	Square Feet ('000's)	Average New Rent per Square Foot ($)		Average Prior Rent per Square Foot ($)		Average Cost of Tenant Improvements per Square Foot ($)		Change in Base Rent on Cash Basis
Leasing Activity:
Three Months Ended June 30, 2014
New leases (1)	54	163	$	18.97	$	17.11	$	19.07	10.9	%
Renewals	180	544	16.84		15.47		0.02		8.9	%
Not comparable spaces	44	133
Total	278	840	$	17.33	$	15.84	$	4.41	9.4	%
Six Months Ended June 30, 2014
New leases (1)	115	280	$	20.02	$	18.44	$	16.75	8.6	%
Renewals	384	1,497	15.08		13.94		0.01		8.2	%
Not comparable spaces	85	299
Total	584	2,076	$	15.86	$	14.64	$	2.64	8.3	%

_______________

(1) Average external lease commissions per square foot for the three and six months ended June 30, 2014 were $4.52 and $5.37, respectively.

27

While we will continue to monitor the economy and the effects on our tenants, we believe the significant diversification of our portfolio, both geographically and by tenant base, and the quality of our portfolio will allow us to further increase occupancy levels slightly as we move through the remainder of 2014, assuming, among other things, no bankruptcies by multiple national or regional tenants. A reduction in quality retail space available contributed to the increase in overall rental rates on a same-space basis as we completed new leases and renewed existing leases. Leasing volume is anticipated to decline as we have less vacant space available for leasing. Our expectation is that SPNOI will average between 2.5% to 3.5% for 2014.

New Development

At June 30, 2014, we had two properties under development. We have funded $52.2 million to date on these projects, and we estimate our aggregate net investment upon completion to be $81.4 million. Overall, the average projected stabilized return on investment for these properties is approximately 8.3% upon completion.

We had approximately $107.6 million in land held for development at June 30, 2014. While we are experiencing a greater interest from retailers and other market participants in our land held for development, opportunities for economically viable developments remain scarce. We intend to continue to pursue additional development and redevelopment opportunities in multiple markets; however, finding the right opportunities remains very challenging.

Acquisitions and Joint Ventures

Acquisitions are a key component of our long-term growth strategy. The availability of quality acquisition opportunities in the market remains sporadic. Competition for the highest quality core properties in our key growth markets is intense, which has in many cases, driven pricing to pre-recession highs. We remain disciplined in approaching these opportunities, pursuing only those that provide appropriate risk-adjusted returns.

Dispositions

Dispositions are also a key component of our ongoing management process where we selectively prune properties from our portfolio that no longer meet our geographic or growth targets. Dispositions provide capital, which may be recycled into properties that are high barrier-to-entry locations within high growth metropolitan markets, and thus have higher long-term growth potential. Additionally, proceeds from dispositions may be used to reduce outstanding debt, further deleveraging our consolidated balance sheet. We expect this transformative initiative will continue to produce a portfolio with higher occupancy rates and stronger revenue growth.

Summary of Critical Accounting Policies

Our discussion and analysis of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

A disclosure of our critical accounting policies which affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements is included in our Annual Report on Form 10-K for the year ended December 31, 2013 in Management’s Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes to our critical accounting policies during 2014. See the Newly Issued Accounting Pronouncements section below for the impact of accounting pronouncements that have been issued, but not yet adopted.

28

Results of Operations

Comparison of the Three Months Ended June 30, 2014 to the Three Months Ended June 30, 2013

The following table is a summary of certain items in income from continuing operations from our Condensed Consolidated Statements of Operations, which we believe represent items that significantly changed during the second quarter of 2014 as compared to the same period in 2013:

	Three Months Ended June 30,
	2014		2013			Change			% Change
Revenues	$	130,191	$	121,995		$	8,196		6.7	%
Depreciation and amortization	36,630		35,513			1,117			3.1
Real estate taxes, net	16,358		14,376			1,982			13.8
Interest expense	24,310		27,025			(2,715		)	(10.0	)
Interest and other income, net	803		2,097			(1,294		)	(61.7	)
Gain on sale and acquisition of real estate joint venture and partnerships interests	1,718		83			1,635			1,969.9
Benefit (provision) for income taxes	2,081		(147		)	2,228			1,515.6

Revenues

The increase in revenues of $8.2 million is primarily attributable to an increase in net rental revenues from acquisitions and new development completions, which contributed $4.8 million, as well as increases in occupancy and rental rates.

Depreciation and Amortization

The increase of $1.1 million in depreciation and amortization is attributable primarily to acquisitions, new development completions and other capital activities.

Real Estate Taxes, net

The increase in real estate taxes, net of $2.0 million is primarily attributable to acquisitions, as well as rate and valuation changes.

Interest Expense, net

Net interest expense decreased $2.7 million or 10.0%. The components of net interest expense were as follows (in thousands):

	Three Months Ended June 30,
	2014			2013
Gross interest expense	$	25,244		$	27,498
Over-market mortgage adjustment	(184		)	62
Capitalized interest	(750		)	(535		)
Total	$	24,310		$	27,025

Gross interest expense totaled $25.2 million during the second quarter of 2014, down $2.3 million or 8.2% from the second quarter of 2013. The decrease in gross interest expense is attributable primarily to a reduction in both the weighted average debt outstanding and interest rates as a result of the repayment of notes through the revolving credit facility, dispositions proceeds and short-term investments from the October 2013 note issuance. In the second quarter of 2014, the weighted average debt outstanding was $2.1 billion at a weighted average interest rate of 4.76% as compared to $2.2 billion outstanding at a weighted average interest rate of 5.07% in the same period of 2013.

29

Interest and Other Income, net

The decrease of $1.3 million in interest and other income, net is attributable primarily to the repayment of various notes receivable in previous periods.

Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests

The increase of $1.6 million is attributable primarily to the gain in the second quarter of 2014 associated with the partial disposition of an unconsolidated real estate joint venture interest.

Benefit (Provision) for Income Taxes

The increase of $2.2 million in the benefit (provision) for income taxes is attributable to the realization of a $2.1 million tax benefit in the second quarter of 2014 associated with the sale of unimproved land in our taxable REIT subsidiary, which was previously impaired.

Comparison of the Six Months Ended June 30, 2014 to the Six Months Ended June 30, 2013

The following table is a summary of certain items in income from continuing operations from our Condensed Consolidated Statements of Operations, which we believe represent items that significantly changed during the first six months of 2014 as compared to the same period in 2013:

	Six Months Ended June 30,
	2014		2013		Change			% Change
Revenues	$	257,783	$	239,822	$	17,961		7.5	%
Depreciation and amortization	77,254		71,691		5,563			7.8
Real estate taxes, net	31,007		27,979		3,028			10.8
General and administrative expenses	11,733		12,848		(1,115		)	(8.7	)
Interest expense, net	48,890		42,464		6,426			15.1
Interest and other income, net	2,797		3,923		(1,126		)	(28.7	)
Gain on sale and acquisition of real estate joint venture and partnerships interests	1,718		11,592		(9,874		)	(85.2	)
Benefit for income taxes	1,601		30		1,571			5,236.7

Revenues

The increase in revenues of $18.0 million is attributable to an increase in net rental revenues from acquisitions and new development completions, which contributed $10.8 million, as well as increases in occupancy and rental rates.

Depreciation and Amortization

The increase of $5.6 million is attributable primarily the acceleration of depreciation totaling $3.6 million in the first quarter of 2014 for a redevelopment project, as well as acquisitions, new development completions and other capital activities.

Real Estate Taxes, net

The increase in real estate taxes, net of $3.0 million is primarily attributable to acquisitions, as well as rate and valuation changes.

General and Administrative Expenses

The decrease in general and administrative expenses of $1.1 million is primarily attributable to a decline in salary costs and benefits associated with a reduction in personnel, as well as a decrease in share-based compensation associated with the retirement of eligible employees.

30

Interest Expense, net

Net interest expense increased $6.4 million or 15.1%. The components of net interest expense were as follows (in thousands):

	Six Months Ended June 30,
	2014			2013
Gross interest expense	$	50,881		$	53,166
Over-market mortgage adjustment	(581		)	(9,598		)
Capitalized interest	(1,410		)	(1,104		)
Total	$	48,890		$	42,464

Gross interest expense totaled $50.9 million during the first six months of 2014, down $2.3 million or 4.3% from the first six months of 2013. The decrease in gross interest expense results from a reduction in interest rates as a result of the repayment of notes through the revolving credit facility, dispositions proceeds and short-term investments from the October 2013 note issuance. In the first six months of 2014, the weighted average debt outstanding was $2.1 billion at a weighted average interest rate of 4.69% as compared to $2.1 billion outstanding at a weighted average interest rate of 5.10% in the same period of 2013. The decrease in the over-market mortgage adjustment of $9.0 million is attributable primarily to a $9.7 million write-off in 2013 of an above-market mortgage intangible from the early payoff of the associated mortgage.

Interest and Other Income, net

The decrease of $1.1 million in interest and other income, net is attributable primarily to the repayment of various notes receivable in previous periods.

Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests

The gain in 2014 is associated with the partial disposition of an unconsolidated real estate joint venture interest, while the gain in 2013 is attributable to the liquidation of an unconsolidated real estate joint venture that owned industrial properties.

Benefit for Income Taxes

The increase of $1.6 million in the benefit for income taxes is attributable to the realization of a $2.1 million tax benefit in the second quarter of 2014 associated with the sale of unimproved land in our taxable REIT subsidiary, which was previously impaired.

Capital Resources and Liquidity

Our primary operating liquidity needs are paying our common and preferred dividends, maintaining and operating our existing properties, paying our debt service costs, excluding debt maturities, and funding capital expenditures. Under our 2014 business plan, cash flows from operating activities are expected to meet these planned capital needs.

The primary sources of capital for funding any debt maturities, acquisitions and new development are our excess cash flow generated by our operating properties; credit facilities; proceeds from both secured and unsecured debt issuances; proceeds from common and preferred equity issuances; and cash generated from the sale of property and the formation of joint ventures. Amounts outstanding under the revolving credit facility are retired as needed with proceeds from the issuance of long-term debt, common and preferred equity, cash generated from the disposition of properties and cash flow generated by our operating properties.

As of June 30, 2014, we had an available borrowing capacity of $351.9 million under our revolving credit facility, and our remaining debt maturities for 2014 total $134.2 million, which includes the announced redemption of $90 million of our 8.1% senior unsecured notes in September 2014. We paid down $315 million of medium term notes during 2014 from the net proceeds of our $250 million issuance in October 2013 of 4.45% senior unsecured notes that previously had been invested in short-term investments of $50 million and cash and cash equivalents.

We believe proceeds from our capital recycling program, combined with our available capacity under the credit facilities, will provide adequate liquidity to fund our capital needs, including acquisitions and new development activities. In the event our capital recycling program does not progress as expected, we believe other debt and equity alternatives are available to us. Although external market conditions are not within our control, we do not currently foresee any reason that would prevent us from entering the capital markets if needed.

31

During 2014, aggregate gross sales proceeds from our dispositions totaled $100.3 million. Operating cash flows from discontinued operations are included in net cash from operating activities in our Condensed Consolidated Statements of Cash Flows, while proceeds from discontinued operations are included as investing activities. At June 30, 2014, discontinued operations represent .9% of our net cash from operating activities, and we expect future net cash from operating activities to decrease accordingly when compared to prior periods.

We have non-recourse debt secured by acquired or developed properties held in several of our real estate joint ventures and partnerships. Off-balance sheet mortgage debt for our unconsolidated real estate joint ventures and partnerships totaled $418.1 million, of which our pro rata ownership is $166.3 million, at June 30, 2014. Scheduled principal mortgage payments on this debt, excluding non-cash related items totaling $1.2 million, at 100% are as follows (in millions):

2014 remaining	$	83.8
2015	31.0
2016	110.9
2017	56.8
2018	6.3
Thereafter	128.1
Total	$	416.9

We hedge the future cash flows of certain debt transactions, as well as changes in the fair value of our debt instruments, principally through interest rate contracts with major financial institutions. We generally have the right to sell or otherwise dispose of our assets except in certain cases where we are required to obtain our joint venture partners’ consent or a third party consent for assets held in special purpose entities, which are 100% owned by us.

Investing Activities

Dispositions

During 2014, we sold five centers and other property, including real estate assets through our interests in unconsolidated real estate joint ventures and partnerships, and we partially disposed of an unconsolidated real estate joint venture interest. Our share of aggregate gross sales proceeds from these transactions totaled $100.3 million and generated gains of approximately $24.9 million.

During 2014, we completed the dissolution of our consolidated real estate joint venture with Hines, in which we owned a 30% interest. This joint venture held a portfolio of 13 centers located in Texas, Tennessee, Georgia, Florida and North Carolina. The transaction was completed through the distribution of five centers to us, resulting in an increase to our equity of $11.0 million, and eight centers to Hines. The centers distributed to Hines were classified as held for sale at December 31, 2013, and we realized a $23.3 million gain in discontinued operations associated with this transaction.

New Development

At June 30, 2014, we had two projects under development with a total square footage of approximately .5 million, of which we have funded $52.2 million to date on these projects. Upon completion, we expect our aggregate net investment in these properties to be $81.4 million.

We have cleared the last hurdles to begin development of a mixed-use development project in Seattle, Washington. This project is expected to add approximately 63,000 leasable square feet to our portfolio upon completion, and our expected total investment is approximately $28 million.

Our new development projects are financed generally under our revolving credit facility, as it is our practice not to use third party construction financing. Management monitors amounts outstanding under our revolving credit facility and periodically pays down such balances using cash generated from operations, from debt issuances, from common and preferred share issuances and from the disposition of properties.

32

Capital Expenditures

Capital expenditures for additions to the existing portfolio, acquisitions, tenant improvements, new development and our share of investments in unconsolidated real estate joint ventures and partnerships are as follows (in thousands):

	Six Months Ended June 30,
	2014		2013
Acquisitions	$	—	$	72,024
Tenant Improvements	9,867		14,626
New Development	14,544		8,595
Capital Improvements	4,408		2,631
Other	7,707		5,508
Total	$	36,526	$	103,384

The decrease in capital expenditures is attributable primarily to a decline in acquisition activity in the first half of 2014 compared to the same period in 2013.

For 2014, we anticipate our acquisitions to total between $50 million and $100 million. We anticipate our 2014 tenant improvement expenditures to be consistent with 2013. Our new development investment for 2014 is estimated to be approximately $50 million to $75 million. For 2014, capital improvement spending is expected to be consistent with 2013 expenditures. No assurances can be provided that our planned capital activities will occur. Further, we have entered into commitments aggregating $54.7 million comprised principally of construction contracts which are generally due in 12 to 36 months and anticipated to be funded under our revolving credit facility.

Capital expenditures for additions described above relate to cash flows from investing activities as follows(in thousands):

	Six Months Ended June 30,
	2014		2013
Acquisition of real estate and land	$	—	$	54,753
Development and capital improvements	35,774		30,644
Real estate joint ventures and partnerships - Investments	752		17,698
Notes receivable from real estate joint ventures and partnerships - Advances for capital expenditures	—		289
Total	$	36,526	$	103,384

Capitalized soft costs, including payroll and other general and administrative costs, interest and real estate taxes, totaled $4.7 million and $4.5 million for the six months ended June 30, 2014 and 2013, respectively.

Financing Activities

Debt

Total debt outstanding was $2.1 billion at June 30, 2014 and included $1.8 billion which bears interest at fixed rates and $263.9 million, including the effect of $66.0 million of interest rate contracts, which bears interest at variable rates. Additionally, of our total debt, $674.9 million was secured by operating properties while the remaining $1.4 billion was unsecured.

At June 30, 2014, we have a $500 million unsecured revolving credit facility which expires in April 2017 and provides borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2014, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million. As of July 31, 2014, we had $140 million outstanding, and the available balance was $356.9 million, net of $3.1 million in outstanding letters of credit.

33

We also have an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity. As of July 31, 2014, we had no amount outstanding under this facility.

For the six months ended June 30, 2014, the maximum balance and weighted average balance outstanding under both facilities combined were $165.9 million and $132.8 million, respectively, at a weighted average interest rate of .8%.

During 2014, we paid down $315 million of medium term notes from the net proceeds of our $250 million issuance in October 2013 of 4.45% senior unsecured notes that had been previously invested in short-term investments of $50 million and cash and cash equivalents. Additionally, in July 2014, we delivered an irrevocable notice to redeem the remaining $90 million of our 8.1% senior unsecured notes in September 2014, which we will fund through our revolving credit facility.

Our five most restrictive covenants include debt to assets, secured debt to assets, fixed charge and unencumbered interest coverage and debt yield ratios. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2014.

Our most restrictive public debt covenant ratios, as defined in our indenture and supplemental indenture agreements, were as follows at June 30, 2014:

Covenant	Restriction	Actual
Debt to Asset Ratio	Less than 60.0%	43.5%
Secured Debt to Asset Ratio	Less than 40.0%	14.2%
Annual Service Charge Ratio	Greater than 1.5	3.2
Unencumbered Asset Test	Greater than 150%	238.8%

At June 30, 2014, we had two interest rate contracts with an aggregate notional amount of $66.0 million that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.2% to 4.3%.

At June 30, 2014, we had three interest rate contracts with an aggregate notional amount of $25.5 million that were designated as cash flow hedges. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

We could be exposed to losses in the event of nonperformance by the counter-parties related to our interest rate contracts; however, management believes such nonperformance is unlikely.

Equity

In February 2014, our Board of Trust Managers approved a 6.6% increase in our quarterly dividend rate for our common shares from $.305 to $.325 per share commencing with the first quarter 2014 distribution. Common and preferred dividends paid totaled $84.3 million during the first six months of 2014. Our dividend payout ratio (as calculated as dividends paid on common shares divided by funds from operations (“FFO”) - basic) for the first six months of 2014 approximated 62.2%, which is inclusive of non-cash transactions.

We have an effective universal shelf registration statement which expires in October 2014. We will continue to closely monitor both the debt and equity markets and carefully consider our available financing alternatives, including both public offerings and private placements.

34

Contractual Obligations

We have debt obligations related to our mortgage loans and unsecured debt, including any draws on our credit facilities. We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. In addition, we have non-cancelable operating leases pertaining to office space from which we conduct our business. The table below excludes obligations related to our new development projects because such amounts are not fixed or determinable, and commitments aggregating $54.7 million comprised principally of construction contracts which are generally due in 12 to 36 months. The following table summarizes our primary contractual obligations as of June 30, 2014 (in thousands):

	Remaining
	2014		2015		2016		2017		2018		Thereafter		Total
Mortgages and Notes Payable (1)
Unsecured Debt	$	133,285	$	130,955	$	115,164	$	58,200	$	210,200	$	1,025,489	$	1,673,293
Secured Debt	62,293		183,308		199,546		135,032		60,065		151,620		791,864
Lease Payments	1,821		3,451		3,334		3,165		3,138		132,090		146,999
Other Obligations (2)	27,441		33,167		50		50		—		—		60,708
Total Contractual Obligations	$	224,840	$	350,881	$	318,094	$	196,447	$	273,403	$	1,309,199	$	2,672,864

_______________

(1) Includes principal and interest with interest on variable-rate debt calculated using rates at June 30, 2014, excluding the effect of interest rate swaps. Also, excludes a $73.7 million debt service guaranty liability.

(2) Other obligations include income and real estate tax payments and commitments associated with our secured debt payments. Contributions to our retirement plan are fully funded for 2014, and therefore, are excluded from the above table.

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls on tax increment revenue bonds issued in connection with the project. The Sheridan Redevelopment Agency issued Series A bonds used for an urban renewal project, of which $73.7 million remain outstanding at June 30, 2014. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040. The debt associated with this guaranty has been recorded in our consolidated financial statements as of June 30, 2014.

Off-Balance Sheet Arrangements

As of June 30, 2014, none of our off-balance sheet arrangements had a material effect on our liquidity or availability of, or requirement for, our capital resources. Letters of credit totaling $3.1 million were outstanding under the revolving credit facility at June 30, 2014.

We have entered into several unconsolidated real estate joint ventures and partnerships. Under many of these agreements, we and our joint venture partners are required to fund operating capital upon shortfalls in working capital. We have also committed to fund the capital requirements of new development joint ventures. As operating manager of most of these entities, we have considered these funding requirements in our business plan.

Reconsideration events, including changes in variable interests, could cause us to consolidate these joint ventures and partnerships. We continuously evaluate these events as we become aware of them. Some triggers to be considered are additional contributions required by each partner and each partner’s ability to make those contributions. Under certain of these circumstances, we may purchase our partner’s interest. Our material unconsolidated real estate joint ventures are with entities which appear sufficiently stable; however, if market conditions were to deteriorate and our partners are unable to meet their commitments, there is a possibility we may have to consolidate these entities. If we were to consolidate all of our unconsolidated real estate joint ventures, we would continue to be in compliance with our debt covenants.

As of June 30, 2014, one unconsolidated real estate joint venture was determined to be a VIE through the issuance of a secured loan, since the lender has the ability to make decisions that could have a significant impact on the profitability of the entity. Our maximum risk of loss associated with this VIE was limited to $11.3 million at June 30, 2014.

35

We have a real estate limited partnership agreement with a foreign institutional investor with a remaining potential obligation to purchase up to $240 million through December 31, 2014. Our ownership in this unconsolidated real estate limited partnership is 51%. To date, one property has been purchased.

Non-GAAP Financial Measures

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our GAAP financial statements in order to evaluate our operating results. We believe these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations

The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition.

We believe FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs.

FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

36

FFO is calculated as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net income attributable to common shareholders	$	32,686		$	45,421		$	93,279		$	79,089
Depreciation and amortization	35,420			37,511			75,140			76,182
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships	3,923			4,434			7,623			8,927
Impairment of operating properties and real estate equity investments	—			165			—			457
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships	—			3			—			366
Gain on sale of property and interests in real estate equity investments	(6,804		)	(41,906		)	(48,175		)	(53,553		)
Gain on dispositions of unconsolidated real estate joint ventures and partnerships	(159		)	—			(168		)	(243		)
Other	(4		)	—			(4		)	—
Funds from operations – basic	65,062			45,628			127,695			111,225
Income attributable to operating partnership units	457			446			913			891
Funds from operations – diluted	$	65,519		$	46,074		$	128,608		$	112,116
Weighted average shares outstanding – basic	121,497			121,286			121,449			121,172
Effect of dilutive securities:
Share options and awards	1,337			1,288			1,292			1,223
Operating partnership units	1,499			1,555			1,499			1,556
Weighted average shares outstanding – diluted (1)	124,333			124,129			124,240			123,951
Funds from operations per share – basic	$	0.54		$	0.38		$	1.05		$	0.92
Funds from operations per share – diluted	$	0.53		$	0.37		$	1.04		$	0.90

______________________

(1) The weighted average common shares used to compute FFO per diluted common share includes operating partnership units that were excluded from the computation of diluted earnings per share. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted common share, but is anti-dilutive for the computation of diluted earnings per share for the periods presented.

Same Property Net Operating Income

We consider SPNOI to be a key indicator of our financial performance as it provides a better indication of the recurring cash return on our properties by excluding certain non-cash revenues and expenses, as well as other infrequent or one-time items. We believe a pro rata basis is the most useful measurement as it provides our proportional share of SPNOI from all owned properties, including our share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI is a widely used measure among REITs, there can be no assurance that SPNOI presented by us is comparable to similarly titled measures of other REITs.

37

Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties classified as discontinued operations. While there is judgment surrounding changes in designations, we move new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in our same property designation is as follows:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Beginning of the period	248		252
Properties added:
Acquisitions	—		4
New Developments	—		4
Redevelopments	—		2
Properties removed:
Dispositions	(3	)	(13	)
Redevelopments	—		(4	)
End of the period	245		245

We calculate SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other nonrecurring items such as lease cancellation income, environmental abatement costs and demolition expenses. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of operating income to SPNOI is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Operating Income	$	47,463		$	42,259		$	89,254		$	80,551
Less:
Revenue adjustments (1)	1,696			3,506			3,140			5,877
Add:
Property management fees	640			696			1,568			1,625
Depreciation and amortization	36,630			35,513			77,254			71,691
Impairment loss	—			165			—			221
General and administrative	5,820			6,184			11,733			12,848
Acquisition costs	2			125			19			356
Other (2)	(103		)	(451		)	396			(227		)
Net Operating Income	88,756			80,985			177,084			161,188
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests	(7,962		)	(3,641		)	(15,888		)	(6,823		)
Add: Pro rata share of unconsolidated entities defined as same property	9,450			9,842			18,671			19,621
Same Property Net Operating Income	$	90,244		$	87,186		$	179,867		$	173,986

_______________

(1) Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.

(2) Other includes items such as environmental abatement costs and demolition expenses.

38

Newly Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09 are effective for us on January 1, 2017, and are required to be applied either on a retrospective or a modified retrospective approach. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk

We use fixed and floating-rate debt to finance our capital requirements. These transactions expose us to market risk related to changes in interest rates. Derivative financial instruments are used to manage a portion of this risk, primarily interest rate contracts with major financial institutions. These agreements expose us to credit risk in the event of non-performance by the counter-parties. We do not engage in the trading of derivative financial instruments in the normal course of business. At June 30, 2014, we had fixed-rate debt of $1.8 billion and variable-rate debt of $263.9 million, after adjusting for the net effect of $66.0 million notional amount of interest rate contracts. In the event interest rates were to increase 100 basis points and holding all other variables constant, annual net income and cash flows for the following year would decrease by approximately $2.6 million associated with our variable-rate debt, including the effect of the interest rate contracts. The effect of the 100 basis points increase would decrease the fair value of our variable-rate and fixed-rate debt by approximately $6.2 million and $102.8 million, respectively.

ITEM 4.    Controls and Procedures

Under the supervision and with the participation of our principal executive officer and principal financial officer, management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of June 30, 2014. Based on that evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were effective as of June 30, 2014.

There has been no change to our internal control over financial reporting during the quarter ended June 30, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

ITEM 1.     Legal Proceedings

We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel believe that when such litigation is resolved, our resulting liability, if any, will not have a material effect on our consolidated financial statements.

ITEM 1A.  Risk Factors

We have no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2013.

ITEM 2.     Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3.     Defaults Upon Senior Securities

None.

ITEM 4.     Mine Safety Disclosures

Not applicable.

ITEM 5.     Other Information

Not applicable.

39

ITEM 6.     Exhibits

The exhibits required by this item are set forth on the Exhibit Index attached hereto.

SIGNATURES

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 thereunto duly authorized.

WEINGARTEN REALTY INVESTORS
(Registrant)
By:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President and Chief Executive Officer
By:	/s/ Joe D. Shafer
	Joe D. Shafer
	Senior Vice President/Chief Accounting Officer
	(Principal Accounting Officer)

DATE: August 7, 2014

40

EXHIBIT INDEX

(a)		Exhibits:
31.1*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
31.2*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
32.1**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
32.2**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
101.INS**	—	XBRL Instance Document
101.SCH**	—	XBRL Taxonomy Extension Schema Document
101.CAL**	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	—	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE**	—	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed with this report.

** Furnished with this report.

41

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Andrew M. Alexander, certify that:

1.I have reviewed this report on Form 10-Q of Weingarten Realty Investors;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

August 7, 2014

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Stephen C. Richter, certify that:

1.I have reviewed this report on Form 10-Q of Weingarten Realty Investors;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

August 7, 2014

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Weingarten Realty Investors (the “Company”) on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew M. Alexander, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

August 7, 2014

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Weingarten Realty Investors (the “Company”) on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen C. Richter, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

August 7, 2014

XML

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule Of Net Periodic Benefit Cost

The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Service cost	$	252		$	282		$	504		$	708
Interest cost	450			340			900			853
Expected return on plan assets	(740		)	(539		)	(1,480		)	(1,353		)
Recognized loss	96			281			192			706
Total	$	58		$	364		$	116		$	914

XML

Debt (Schedule Of Credit Facilities) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Maximum balance outstanding during the period	$ 165,900	$ 265,500
Weighted average balance	132,764	61,642
Year-to-date weighted average interest rate (excluding facility fee)	0.80%	1.00%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	145,000	0
Available balance	351,946	497,821
Letters of credit outstanding under facility	3,054	2,179
Variable interest rate (excluding facility fee)	0.80%	0.00%
Unsecured And Uncommitted Overnight Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	$ 7,000	$ 0
Variable interest rate (excluding facility fee)	1.30%	0.00%

XML

Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013	Dec. 31, 2012
ASSETS
Property	$ 4,241,257		$ 4,289,276
Accumulated depreciation	(1,098,338)		(1,058,040)
Property, net	3,142,919	[1]	3,353,850	[1]
Total Assets	3,863,401		4,223,929
LIABILITIES AND EQUITY
Debt, net	2,073,465	[1]	2,299,844	[1]
Other liabilities, net	122,720		127,572
Total Liabilities	2,296,388		2,535,951
Equity	1,567,013		1,687,978		1,551,350	1,740,155
Total Liabilities and Equity	3,863,401		4,223,929
Unconsolidated Real Estate Joint Ventures [Member]
ASSETS
Property	1,388,611		1,401,982
Accumulated depreciation	(275,383)		(261,454)
Property, net	1,113,228		1,140,528
Other assets, net	129,982		142,638
Total Assets	1,243,210		1,283,166
LIABILITIES AND EQUITY
Debt, net	418,100		453,390
Amounts payable to Weingarten Realty Investors and Affiliates	18,966		30,214
Other liabilities, net	27,978		29,711
Total Liabilities	465,044		513,315
Equity	778,166		769,851
Total Liabilities and Equity	$ 1,243,210		$ 1,283,166

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

XML

Employee Benefit Plans (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]
Defined benefit plan, employer contributions			$ 2.1	$ 1.8
Defined contribution plan, compensation expense	$ 0.8	$ 0.8	$ 1.7	$ 1.8

XML

Debt (Principal Payments Of Debt) (Details) (USD $)				6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013	Jun. 30, 2014 8.1% Senior Unsecured Notes [Member]
Maturities of Long-term Debt [Line Items]
2014 remaining	$ 134,159,000	[1]
2015	239,941,000
2016	249,441,000
2017	142,032,000
2018	60,277,000
2019	53,907,000
2020	35,363,000
2021	2,278,000
2022	304,815,000
2023	301,937,000
Thereafter	296,327,000
Total	1,820,477,000
Unsecured notes payable under credit facilities	152,000,000		0
Obligations under capital leases	21,000,000		21,000,000
Fair value of interest rate contracts	4,800,000
Net premium/(discount) on debt	(3,200,000)
Non-cash debt	4,700,000
Debt service guaranty liability	73,740,000		73,740,000
Senior unsecured notes				$ 90,000,000
Debt stated interest rate				8.10%
Debt maturity date				Sep. 15, 2019
Debt redemption date				Sep. 15, 2014

[1] Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information.

XML

Fair Value Measurements (Assets Measured On Nonrecurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, net	$ 3,353,850	[1]	$ 3,142,919	[1]
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	11,876		0
Total Gains (Losses)	(2,358)	[2]
Nonrecurring [Member] | Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	11,876	[3]
Total Gains (Losses)	(2,358)	[2],[3]
Property, net	14,300
Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,300
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	3,300	[3]
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8,576
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property	$ 8,576	[3]

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

[2] Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us.

[3] In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

XML

Property (Schedule Of Property) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Real Estate [Abstract]
Land	$ 832,616	$ 854,409
Land held for development	107,583	116,935
Land under development	7,387	4,262
Buildings and improvements	3,213,593	3,238,817
Construction in-progress	80,078	74,853
Total	$ 4,241,257	$ 4,289,276

XML

Derivatives And Hedging (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Interest Rate Contracts Reported At Fair Value

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
June 30, 2014	Other Assets, net	$	4,761	Other Liabilities, net	$	420
December 31, 2013	Other Assets, net	5,282		Other Liabilities, net	476

Offsetting Of Derivative Assets And Liabilities

The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014
Assets	$	4,761	$	—	$	4,761	$	—	$	—	$	4,761
Liabilities	420		—		420		—		—		420
December 31, 2013
Assets	5,282		—		5,282		—		—		5,282
Liabilities	476		—		476		—		—		476

Summary Of Cash Flow Interest Rate Contract Hedging Activity

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of  Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended June 30, 2014	$	(15	)	Interest expense, net	$	(403	)	Interest expense, net	$	—
Six Months Ended June 30, 2014	(52		)	Interest expense, net	(876		)	Interest expense, net	—
Three Months Ended June 30, 2013	(9,135		)	Interest expense, net	(666		)	Interest expense, net	—
Six Months Ended June 30, 2013	(7,028		)	Interest expense, net	(1,322		)	Interest expense, net	—

Summary Of Fair Value Interest Rate Contracts Activity

A summary of the impact on net income for our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements and Accruals on Contracts		Amount of Gain  (Loss) Recognized in Income (1)
Three Months Ended June 30, 2014
Interest expense, net	$	(109	)	$	109	$	529	$	529
Six Months Ended June 30, 2014
Interest expense, net	(518		)	518		1,145		1,145
Three Months Ended June 30, 2013
Interest expense, net	(2,117		)	2,117		2,051		2,051
Six Months Ended June 30, 2013
Interest expense, net	(3,104		)	3,104		1,021		1,021

_______________

(1) No ineffectiveness was recognized during the respective period.

XML

Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) (USD $)			6 Months Ended
	Jun. 30, 2014 Tax Increment Revenue Bonds [Member]	Dec. 31, 2013 Tax Increment Revenue Bonds [Member]	Jun. 30, 2014 Investments, Held To Maturity [Member]	Jun. 30, 2014 Carrying Value [Member]	Dec. 31, 2013 Carrying Value [Member]	Jun. 30, 2014 Carrying Value [Member] Fixed-Rate Debt [Member]	Dec. 31, 2013 Carrying Value [Member] Fixed-Rate Debt [Member]	Jun. 30, 2014 Carrying Value [Member] Variable-Rate Debt [Member]	Dec. 31, 2013 Carrying Value [Member] Variable-Rate Debt [Member]	Jun. 30, 2014 Carrying Value [Member] Tax Increment Revenue Bonds [Member]		Dec. 31, 2013 Carrying Value [Member] Tax Increment Revenue Bonds [Member]		Jun. 30, 2014 Carrying Value [Member] Investments, Held To Maturity [Member]		Dec. 31, 2013 Carrying Value [Member] Investments, Held To Maturity [Member]	Jun. 30, 2014 Fair Value [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2013 Fair Value [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Jun. 30, 2014 Fair Value [Member] Fixed-Rate Debt [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2013 Fair Value [Member] Fixed-Rate Debt [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Jun. 30, 2014 Fair Value [Member] Variable-Rate Debt [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2013 Fair Value [Member] Variable-Rate Debt [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Jun. 30, 2014 Fair Value [Member] Tax Increment Revenue Bonds [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]		Dec. 31, 2013 Fair Value [Member] Tax Increment Revenue Bonds [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]		Jun. 30, 2014 Fair Value [Member] Investments, Held To Maturity [Member] Significant Other Observable Inputs (Level 2) [Member]		Jun. 30, 2014 Fair Value [Member] Investments, Held To Maturity [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2013 Fair Value [Member] Investments, Held To Maturity [Member] Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable from real estate joint ventures and partnerships				$ 2,652,000	$ 13,330,000												$ 2,887,000	$ 13,549,000
Investments										25,392,000	[1]	25,850,000	[1]	1,000,000	[2]								25,392,000	[1]	25,850,000	[1]	997,000	[2]
Debt						1,809,524,000	2,136,265,000	263,941,000	163,579,000										1,872,191,000	2,150,891,000	272,474,000	172,349,000
Credit loss recognized	31,000,000	31,000,000
Gross unrealized loss			$ 3,000

[1] At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

[2] Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014.

XML

Commitments And Contingencies (Narrative) (Details) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Long-term Purchase Commitment [Line Items]
Shares issued in exchange of interests	$ 0
Notes receivable from real estate joint ventures and partnerships			16,100,000
Receipt of cash and real property			19,100,000
Increase (decrease) in noncontrolling interests	(11,015,000)	0	16,200,000
Total assets	3,863,401,000		4,223,929,000
DownREIT [Member]
Long-term Purchase Commitment [Line Items]
Number of real estate joint ventures	3		3
Shares issued in exchange of interests	0	0
Aggregate redemption value	49,000,000		41,000,000
Consoldiated Real Estate Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Number of real estate joint ventures			2
Unconsolidated Real Estate Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Number of real estate joint ventures			2
Total assets	1,243,210,000		1,283,166,000
Unconsolidated Real Estate Joint Ventures [Member] | Sheridan, Colorado [Member]
Long-term Purchase Commitment [Line Items]
Total assets			23,200,000
Capital Additions [Member]
Long-term Purchase Commitment [Line Items]
Construction contract, commitment	$ 54,700,000
Capital Additions [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Construction contract, period (in months)	12
Capital Additions [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Construction contract, period (in months)	36

XML

Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative assets	$ 4,761	$ 5,282
Derivative liabilities	420	476
Other Assets, Net [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	4,761	5,282
Other Liabilities, Net [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 420	$ 476

XML

Variable Interest Entities (Summary Of Unconsoldiated Variable Interest Entities) (Details) (Unconsolidated Variable Interest Entities [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net	$ 11,367	[1]	$ 11,536	[1]
Maximum Risk of Loss	$ 11,267	[2]	$ 11,542	[2]

[1] The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture.

[2] The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture.

XML

Subsequent Events (Narrative) (Details) (USD $)	6 Months Ended		1 Months Ended		1 Months Ended	6 Months Ended	1 Months Ended
	Jun. 30, 2014 property	Dec. 31, 2013	Aug. 07, 2014 Subsequent Event [Member] lease	Jun. 30, 2014 Property Subject to Ground Lease [Member]	Aug. 07, 2014 Property Subject to Ground Lease [Member] Subsequent Event [Member] property	Jun. 30, 2014 8.1% Senior Unsecured Notes [Member]	Aug. 07, 2014 8.1% Senior Unsecured Notes [Member] Subsequent Event [Member]
Subsequent Event [Line Items]
Number of ground leases			1
Number of operating properties sold	5				3
Total assets	$ 3,863,401,000	$ 4,223,929,000		$ 11,000,000
Debt stated interest rate						8.10%	8.10%
Debt maturity date						Sep. 15, 2019	Sep. 15, 2019
Senior unsecured notes						$ 90,000,000	$ 90,000,000
Debt redemption date						Sep. 15, 2014	Sep. 15, 2014
Debt redemption price, percentage							100.00%

XML

Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 4,761	$ 5,282
Derivative liabilities	420	476
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,145	82,307
Deferred compensation plan obligations	19,093	18,583
Total	19,513	19,059
Recurring [Member] | Grantor Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	19,093	18,583
Recurring [Member] | Mutual Funds And Time Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	8,291	58,442
Recurring [Member] | Interest Rate Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,761	5,282
Derivative liabilities	420	476
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	27,384	26,991
Deferred compensation plan obligations	19,093	18,583
Total	19,093	18,583
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	19,093	18,583
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds And Time Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	8,291	8,408
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,761	55,316
Total	420	476
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds And Time Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		50,034
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,761	5,282
Derivative liabilities	420	476
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Total	$ 0	$ 0

XML

Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Service cost	$ 252	$ 282	$ 504	$ 708
Interest cost	450	340	900	853
Expected return on plan assets	(740)	(539)	(1,480)	(1,353)
Recognized loss	96	281	192	706
Total	$ 58	$ 364	$ 116	$ 914

XML

Variable Interest Entities

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

Consolidated VIEs

At June 30, 2014, one of our real estate joint ventures, whose activities primarily consisted of owning and operating 16 neighborhood/community shopping centers located in Texas, was determined to be VIE. During 2014, we completed the dissolution of a real estate joint venture that was previously determined to be a VIE. At December 31, 2013, two of our real estate joint ventures, whose activities primarily consisted of owning and operating 28 neighborhood/community shopping centers located in Florida, Georgia, North Carolina, Tennessee and Texas, were determined to be VIEs. Based on financing agreements that are guaranteed solely by us, we have determined that we are the primary beneficiary in each of the foregoing instances and have consolidated these joint ventures.

A summary of our consolidated VIEs is as follows (in thousands):

	June 30, 2014		December 31, 2013
Maximum Risk of Loss (1)	$	37,178	$	40,471
Assets Held by VIEs	59,955		233,734
Assets Held as Collateral for Debt	57,377		80,137

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Restrictions on the use of these assets are significant because they serve as collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls and unplanned capital expenditures.

Unconsolidated VIEs

At June 30, 2014 and December 31, 2013, one unconsolidated real estate joint venture was determined to be a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. A summary of our unconsolidated VIE is as follows (in thousands):

	June 30, 2014		December 31, 2013
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	11,367	$	11,536
Maximum Risk of Loss (2)	11,267		11,542

_______________

(1) The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required.

XML

Notes Receivable From Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Contract	Jun. 30, 2013	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Number of outstanding notes receivable				1
Interest rate on notes receivable - stated				5.70%
Interest rate on notes receivable - range minimum						2.90%
Interest rate on notes receivable - range maximum						5.70%
Notes due through various dates				Mar. 01, 2017		Jun. 30, 2017
Allowance for uncollectible notes receivable	$ 0	$ 0		$ 0		$ 0
Interest income on notes receivable		0.1	0.6	0.1	1.3
Ownership percentage in joint ventures	50.00%					50.00%
Notes receivable settlement	$ 54.8

XML

Summary Of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2014 sqft
Significant Accounting Policies [Line Items]
Date of establishment	1948
Square footage of operating properties	48,500,000
Rental Revenues [Member] | Tenant Base [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk	3.60%
Net Operating Income [Member] | Houston, Texas Geographic Concentration [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk	19.80%
Net Operating Income [Member] | Other Parts of Texas Geographic Concentration [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk	9.70%

XML

Variable Interest Entities (Summary Of Consoldiated Variable Interest Entities) (Details) (Consolidated Variable Interest Entities [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum Risk of Loss	$ 37,178	[1]	$ 40,471	[1]
Assets Held by VIEs	59,955		233,734
Assets Held as Collateral for Debt	$ 57,377		$ 80,137

[1] The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Components of Earnings Per Common Share - Basic and Diluted

Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Numerator:
Continuing Operations:
Income from continuing operations	$	31,803		$	21,996		$	54,930		$	62,974
Gain on sale of property	1,748			265			1,911			407
Net income attributable to noncontrolling interests	(1,561		)	(920		)	(3,118		)	(1,993		)
Dividends on preferred shares	(2,710		)	(5,313		)	(5,420		)	(12,753		)
Redemption costs of preferred shares	—			(15,702		)	—			(17,944		)
Income from continuing operations attributable to common shareholders – basic and diluted	$	29,280		$	326		$	48,303		$	30,691
Discontinued Operations:
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614
Net (income) loss attributable to noncontrolling interests	(27		)	(36,822		)	52			(37,216		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	3,406		$	45,095		$	44,976		$	48,398
Denominator:
Weighted average shares outstanding - basic	121,497			121,286			121,449			121,172
Effect of dilutive securities:
Share options and awards	1,337			1,288			1,292			1,223
Weighted average shares outstanding - diluted	122,834			122,574			122,741			122,395

Schedule Of Anti-Dilutive Securities Of Common Shares

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Share options (1)	1,924	1,219	1,924	1,939
Operating partnership units	1,499	1,555	1,499	1,556
Total anti-dilutive securities	3,423	2,774	3,423	3,495

_______________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

XML

Debt (Schedule Of Debt) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Schedule of Long-term Debt, By Type [Line Items]
Debt payable to 2038 at 2.6% to 8.6%	$ 1,826,725		$ 2,205,104
Unsecured notes payable under credit facilities	152,000		0
Debt service guaranty liability	73,740		73,740
Obligations under capital leases	21,000		21,000
Total	$ 2,073,465	[1]	$ 2,299,844	[1]
Debt Payable To 2038 [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt maturity date	Dec. 23, 2038		Dec. 23, 2038
Debt Payable To 2038 [Member] | Minimum [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt stated interest rate	2.60%		2.60%
Debt Payable To 2038 [Member] | Maximum [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt stated interest rate	8.60%		8.60%

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

XML

Share Options And Awards (Narrative) (Details) (Restricted Shares [Member], USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 4.1	$ 3.9
Weighted average expected amortization period for unrecognized compensation cost (in years)	1 year 5 months	1 year 5 months

XML

Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity)(Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income adjusted for noncontrolling interests	$ 35,396	$ 66,436	$ 98,699	$ 109,786
Transfers from the noncontrolling interests:
Net increase in equity for the acquisition of noncontrolling interests			11,015	0	(16,200)
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests			$ 109,714	$ 109,786

XML

Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013 property jvs
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					50.00%
Net basis differentials for equity method investments	$ 6,000,000		$ 6,000,000		$ 6,100,000
Impairment loss	0	165,000	0	221,000
Management fees revenues, related parties	1,100,000	1,400,000	2,400,000	2,800,000
Gain on sale of real estate joint venture and partnership interests	1,718,000	83,000	1,718,000	11,592,000
Number of operating properties sold			5
Proceeds from sale and disposition of property			94,900,000
Gain on sale of property			23,200,000
Unconsolidated Real Estate Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	50.00%		50.00%		51.00%
Impairment loss	0	13,000	0	1,828,000
Proceeds from sale of unconsolidated real estate joint venture, gross			5,100,000		15,700,000
Gain on sale of real estate joint venture and partnership interests					1,900,000
Number of operating properties sold					5
Proceeds from sale and disposition of property					35,500,000
Gain on sale of property					16,000,000
Number of real estate joint ventures					2
Gross payments to acquire real estate					41,200,000
Unconsolidated Real Estate Joint Ventures [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	20.00%		20.00%		20.00%
Unconsolidated Real Estate Joint Ventures [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	75.00%		75.00%		75.00%
Tenancy In Common [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					10.00%
Number of real estate joint ventures					2
Industrial Properties [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate joint venture and partnership interests					$ 11,500,000
Industrial Properties [Member] | Unconsolidated Real Estate Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of operating properties sold					2
Shopping Centers [Member] | Unconsolidated Real Estate Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of operating properties sold					3

XML

Condensed Consolidated Statements Of Equity (Parenthetical) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Common dividend per share	$ 0.650	$ 0.610
6.75% Series D Preferred Shares [Member]
Preferred dividend per share		$ 13.08
6.5% Series F Preferred Shares [Member]
Preferred dividend per share	$ 81.25	$ 78.99

XML

Discontinued Operations (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014 property	Dec. 31, 2013 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	5
Number of properties held for sale		8
Property held for sale		$ 155.0
Property held for sale, accumulated depreciation		32.4
Gross property included in discontinued operations		68.6
Accumulated depreciation for property included in discontinued operations		$ 13.2
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	12	20
Number of properties held for sale		8
Discontinued Operations [Member] | California [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold		1
Discontinued Operations [Member] | Florida [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	2	3
Number of properties held for sale		2
Discontinued Operations [Member] | Georgia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	3
Number of properties held for sale		3
Discontinued Operations [Member] | Louisiana [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	2
Discontinued Operations [Member] | Nevada [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold		1
Discontinued Operations [Member] | New Mexico [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold		2
Discontinued Operations [Member] | North Carolina [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	2	3
Number of properties held for sale		1
Discontinued Operations [Member] | Tennessee [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold		1
Discontinued Operations [Member] | Texas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	3	9
Number of properties held for sale		2
Discontinued Operations [Member] | Center Sold Not Including Held For Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties sold	4

XML

Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 4,046	$ 869
Mortgage escrows	2,665	3,633
Total	$ 6,711	$ 4,502

XML

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Schedule Of Restricted Deposits And Mortgage Escrows

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	June 30, 2014		December 31, 2013
Restricted cash	$	4,046	$	869
Mortgage escrows	2,665		3,633
Total	$	6,711	$	4,502

Schedule Of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2013	$	(340	)		$	(1,233	)		$	5,775			$	4,202
Change excluding amounts reclassified from accumulated other comprehensive loss	(252		)		(52		)		—				(304		)
Amounts reclassified from accumulated other comprehensive loss	38			(1)	(876		)	(2)	(148		)	(3)	(986		)
Net other comprehensive income	(214		)		(928		)		(148		)		(1,290		)
Balance, June 30, 2014	$	(554	)		$	(2,161	)		$	5,627			$	2,912
	Gain on Investments				(Gain) Loss on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	—			$	7,489			$	17,254			$	24,743
Change excluding amounts reclassified from accumulated other comprehensive loss					(7,028		)		—				(7,028		)
Amounts reclassified from accumulated other comprehensive loss					(1,322		)	(2)	(729		)	(3)	(2,051		)
Net other comprehensive income	—				(8,350		)		(729		)		(9,079		)
Balance, June 30, 2013	$	—			$	(861	)		$	16,525			$	15,664

_______________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information).

XML

Summary Of Significant Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis Of Presentation

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2013 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits And Mortgage Escrows

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Reclassifications

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Notes 9 and 11 for additional information). These items had no impact on previously reported net income, the consolidated balance sheet or cash flows.

XML

Derivatives And Hedging (Narrative) (Details) (USD $)									3 Months Ended		6 Months Ended		12 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2014 Gain (Loss) On Cash Flow Hedges [Member]	Dec. 31, 2013 Gain (Loss) On Cash Flow Hedges [Member]	Jun. 30, 2013 Gain (Loss) On Cash Flow Hedges [Member]	Dec. 31, 2012 Gain (Loss) On Cash Flow Hedges [Member]	Jun. 30, 2014 Interest Rate Contracts [Member] Cash Flow Hedges [Member] contracts	Jun. 30, 2013 Interest Rate Contracts [Member] Cash Flow Hedges [Member]	Jun. 30, 2014 Interest Rate Contracts [Member] Cash Flow Hedges [Member] contracts	Jun. 30, 2013 Interest Rate Contracts [Member] Cash Flow Hedges [Member]	Dec. 31, 2013 Interest Rate Contracts [Member] Cash Flow Hedges [Member] contracts	Jun. 30, 2014 Interest Rate Contracts [Member] Fair Value Hedges [Member] contracts	Dec. 31, 2013 Interest Rate Contracts [Member] Fair Value Hedges [Member] contracts	Dec. 31, 2013 Forward-Starting Contracts [Member] Cash Flow Hedges [Member] contracts
Derivatives, Fair Value [Line Items]
Number of active interest rate contracts held									3		3		3	2	4	3
Notional amount of interest rate fair value hedge derivatives									$ 25,500,000		$ 25,500,000		$ 25,800,000	$ 66,000,000	$ 116,700,000	$ 150,000,000
Derivative, maturity date											Sep. 15, 2017		Sep. 15, 2017	Oct. 15, 2017	Oct. 15, 2017
Derivative, lower fixed interest rate range									2.30%		2.30%		2.30%		4.20%
Derivative, higher fixed interest rate range									5.00%		5.00%		5.00%	7.50%	7.50%
Derivative, lower variable interest rate range														4.20%	0.20%
Derivative, higher variable interest rate range														4.30%	4.30%
Derivative, forward interest rate																2.40%
Cash received on cash flow hedge																6,100,000
Gain on cash flow hedge									(15,000)	(9,135,000)	(52,000)	(7,028,000)				5,900,000
Accumulated other comprehensive loss	(2,912,000)	(4,202,000)	(15,664,000)	(24,743,000)	2,161,000	1,233,000	861,000	(7,489,000)
Cash flow hedge gain (loss) to be amortized within 12 months									$ (1,900,000)		$ (1,900,000)

XML

Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward]
Beginning balance			$ 4,202		$ 24,743
Change excluding amounts reclassified from accumulated other comprehensive loss			(304)		(7,028)
Amounts reclassified from accumulated other comprehensive loss			(986)		(2,051)
Net other comprehensive income	(709)	(10,165)	(1,290)		(9,079)
Ending balance	2,912	15,664	2,912		15,664
Gain On Investments [Member]
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward]
Beginning balance			(340)		0
Change excluding amounts reclassified from accumulated other comprehensive loss			(252)
Amounts reclassified from accumulated other comprehensive loss			38	[1]
Net other comprehensive income			(214)		0
Ending balance	(554)	0	(554)		0
(Gain) Loss On Cash Flow Hedges [Member]
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward]
Beginning balance			(1,233)		7,489
Change excluding amounts reclassified from accumulated other comprehensive loss			(52)		(7,028)
Amounts reclassified from accumulated other comprehensive loss			(876)	[2]	(1,322)	[2]
Net other comprehensive income			(928)		(8,350)
Ending balance	(2,161)	(861)	(2,161)		(861)
Defined Benefit Pension Plan [Member]
(Increase) Decrease In Accumulated Other Comprehensive (Income) Loss [Roll Forward]
Beginning balance			5,775		17,254
Change excluding amounts reclassified from accumulated other comprehensive loss			0		0
Amounts reclassified from accumulated other comprehensive loss			(148)	[3]	(729)	[3]
Net other comprehensive income			(148)		(729)
Ending balance	$ 5,627	$ 16,525	$ 5,627		$ 16,525

[1] This reclassification component is included in interest and other income.

[2] This reclassification component is included in interest expense (see Note 7 for additional information).

[3] This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information).

XML

Property (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Schedule Of Property

Our property consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Land	$	832,616	$	854,409
Land held for development	107,583		116,935
Land under development	7,387		4,262
Buildings and improvements	3,213,593		3,238,817
Construction in-progress	80,078		74,853
Total	$	4,241,257	$	4,289,276

XML

Investment In Real Estate Joint Ventures And Partnerships (Tables)

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Combined Condensed Balance Sheets

Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	June 30, 2014			December 31, 2013
Combined Condensed Balance Sheets
ASSETS
Property	$	1,388,611		$	1,401,982
Accumulated depreciation	(275,383		)	(261,454		)
Property, net	1,113,228			1,140,528
Other assets, net	129,982			142,638
Total Assets	$	1,243,210		$	1,283,166
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	418,100		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates	18,966			30,214
Other liabilities, net	27,978			29,711
Total Liabilities	465,044			513,315
Equity	778,166			769,851
Total Liabilities and Equity	$	1,243,210		$	1,283,166

Schedule Of Combined Condensed Statements Of Operations

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	37,101	$	41,099	$	74,869	$	83,260
Expenses:
Depreciation and amortization	11,096		11,558		21,013		23,579
Interest, net	5,848		7,415		11,760		14,960
Operating	6,318		7,407		13,134		13,561
Real estate taxes, net	4,566		5,013		9,446		9,596
General and administrative	424		164		530		450
Provision for income taxes	216		86		283		148
Impairment loss	—		13		—		1,828
Total	28,468		31,656		56,166		64,122
Operating income	$	8,633	$	9,443	$	18,703	$	19,138

XML

Condensed Consolidated Statements Of Equity (USD $)		Total	Preferred Shares Of Beneficial Interest [Member]	Common Shares Of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Net Income Less Than Accumulated Dividends [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2012		$ 1,740,155,000	$ 7,000	$ 3,663,000	$ 1,934,183,000	$ (335,980,000)	$ (24,743,000)	$ 163,025,000
Increase (Decrease) in Equity [Roll Forward]
Net Income		148,995,000				109,786,000		39,209,000
Redemption of preferred shares		(275,000,000)	(5,000)		(257,051,000)	(17,944,000)
Shares issued under benefit plans		11,355,000		20,000	11,335,000
Dividends declared - common shares	[1]	(74,317,000)				(74,317,000)
Dividends declared - preferred shares	[2]	(12,322,000)				(12,322,000)
Distributions to noncontrolling interests		(8,241,000)						(8,241,000)
Contributions from noncontrolling interests		10,182,000						10,182,000
Other comprehensive income		9,079,000					9,079,000
Other, net		1,464,000			811,000	(431,000)		1,084,000
Balance at Jun. 30, 2013		1,551,350,000	2,000	3,683,000	1,689,278,000	(331,208,000)	(15,664,000)	205,259,000
Balance at Dec. 31, 2013		1,687,978,000	2,000	3,683,000	1,679,229,000	(300,537,000)	(4,202,000)	309,803,000
Increase (Decrease) in Equity [Roll Forward]
Net Income		101,765,000				98,699,000		3,066,000
Shares issued under benefit plans		7,322,000		8,000	7,314,000
Dividends declared - common shares	[1]	(79,427,000)				(79,427,000)
Dividends declared - preferred shares	[2]	(4,876,000)				(4,876,000)
Distributions to noncontrolling interests		(3,305,000)						(3,305,000)
Contributions from noncontrolling interests		980,000						980,000
Acquisition of noncontrolling interests		0			(11,015,000)			(11,015,000)
Disposition of noncontrolling interests		(144,263,000)						(144,263,000)
Other comprehensive income		1,290,000					1,290,000
Other, net		(451,000)			225,000	(544,000)		(132,000)
Balance at Jun. 30, 2014		$ 1,567,013,000	$ 2,000	$ 3,691,000	$ 1,697,783,000	$ (286,685,000)	$ (2,912,000)	$ 155,134,000

[1] Common dividend per share was $.65 and $.61 for the six months ended June 30, 2014 and 2013, respectively.

[2] Series D preferred dividend per share was $13.08 for the six months ended June 30, 2013. Series F preferred dividend per share was $81.25 and $78.99 for the six months ended June 30, 2014 and 2013, respectively.

XML

Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule Of Debt

Our debt consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Debt payable to 2038 at 2.6% to 8.6%	$	1,826,725	$	2,205,104
Unsecured notes payable under credit facilities	152,000		—
Debt service guaranty liability	73,740		73,740
Obligations under capital leases	21,000		21,000
Total	$	2,073,465	$	2,299,844

Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	June 30, 2014		December 31, 2013
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,809,524	$	2,136,265
Variable-rate debt	263,941		163,579
Total	$	2,073,465	$	2,299,844
As to collateralization:
Unsecured debt	$	1,398,572	$	1,572,057
Secured debt	674,893		727,787
Total	$	2,073,465	$	2,299,844

Schedule Of Credit Facilities

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	June 30, 2014			December 31, 2013
Unsecured revolving credit facility:
Balance outstanding	$	145,000		$	—
Available balance	351,946			497,821
Letters of credit outstanding under facility	3,054			2,179
Variable interest rate (excluding facility fee)	0.8		%	—		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	7,000		$	—
Variable interest rate	1.3		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	165,900		$	265,500
Weighted average balance	132,764			61,642
Year-to-date weighted average interest rate (excluding facility fee)	0.8		%	1.0		%

Principal Payments Of Debt

Scheduled principal payments on our debt (excluding $152.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.8 million fair value of interest rate contracts, $(3.2) million net premium/(discount) on debt, $4.7 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands):

2014 remaining(1)	$	134,159
2015	239,941
2016	249,441
2017	142,032
2018	60,277
2019	53,907
2020	35,363
2021	2,278
2022	304,815
2023	301,937
Thereafter	296,327
Total	$	1,820,477

_______________

(1) Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information.

XML

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2014

Consolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our consolidated VIEs is as follows (in thousands):

	June 30, 2014		December 31, 2013
Maximum Risk of Loss (1)	$	37,178	$	40,471
Assets Held by VIEs	59,955		233,734
Assets Held as Collateral for Debt	57,377		80,137

_______________

(1) The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture.

Unconsolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our unconsolidated VIE is as follows (in thousands):

	June 30, 2014		December 31, 2013
Investment in Real Estate Joint Ventures and Partnerships, net (1)	$	11,367	$	11,536
Maximum Risk of Loss (2)	11,267		11,542

_______________

(1) The carrying amount of the investment represents our contributions to the real estate joint venture, net of any distributions made and our portion of the equity in earnings of the joint venture.

(2) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint venture.

XML

Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Schedule of Long-term Debt, By Type [Line Items]
Total	$ 2,073,465	[1]	$ 2,299,844	[1]
As To Interest Rate [Member]
Schedule of Long-term Debt, By Type [Line Items]
Fixed-rate debt	1,809,524		2,136,265
Variable-rate debt	263,941		163,579
Total	2,073,465		2,299,844
As To Collateralization [Member]
Schedule of Long-term Debt, By Type [Line Items]
Unsecured debt	1,398,572		1,572,057
Secured debt	674,893		727,787
Total	$ 2,073,465		$ 2,299,844

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

XML

Related Parties (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 property	Jun. 30, 2013	Dec. 31, 2013 property
Related Party Transaction [Line Items]
Net accounts receivable, related parties	$ 1,500,000		$ 1,500,000		$ 1,400,000
Accounts payable and accrued expenses, related parties	5,300,000		5,300,000		5,600,000
Management fees revenues, related parties	1,100,000	1,400,000	2,400,000	2,800,000
Ownership percentage in joint ventures					50.00%
Total assets	3,863,401,000		3,863,401,000		4,223,929,000
Debt, net	1,820,477,000		1,820,477,000
Increase in equity			11,015,000	0
Number of operating properties sold			5
Number of properties held for sale					8
Gain on sale of property			46,493,000	78,419,000
Hines [Member]
Related Party Transaction [Line Items]
Ownership percentage in joint ventures	30.00%		30.00%
Number of real estate properties	5		5		13
Total assets					172,900,000
Debt, net					11,100,000
Increase in equity			11,000,000
Number of operating properties sold			8
Gain on sale of property			23,300,000
Tenancy In Common [Member]
Related Party Transaction [Line Items]
Ownership percentage in joint ventures					10.00%
Number of real estate joint ventures					2
Gross proceeds, related parties					8,900,000
Consoldiated Real Estate Joint Ventures [Member]
Related Party Transaction [Line Items]
Number of real estate joint ventures					2
Unconsolidated Real Estate Joint Ventures [Member]
Related Party Transaction [Line Items]
Ownership percentage in joint ventures	50.00%		50.00%		51.00%
Total assets	$ 1,243,210,000		$ 1,243,210,000		$ 1,283,166,000
Number of operating properties sold					5
Number of real estate joint ventures					2

XML

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:
Rentals, net	$ 127,791	$ 118,292	$ 252,424	$ 233,519
Other	2,400	3,703	5,359	6,303
Total	130,191	121,995	257,783	239,822
Expenses:
Depreciation and amortization	36,630	35,513	77,254	71,691
Operating	23,920	23,498	48,535	46,532
Real estate taxes, net	16,358	14,376	31,007	27,979
Impairment loss	0	165	0	221
General and administrative	5,820	6,184	11,733	12,848
Total	82,728	79,736	168,529	159,271
Operating Income	47,463	42,259	89,254	80,551
Interest Expense, net	(24,310)	(27,025)	(48,890)	(42,464)
Interest and Other Income, net	803	2,097	2,797	3,923
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests	1,718	83	1,718	11,592
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	4,048	4,729	8,450	9,342
Benefit (Provision) for Income Taxes	2,081	(147)	1,601	30
Income from Continuing Operations	31,803	21,996	54,930	62,974
Operating Income from Discontinued Operations	63	3,905	342	7,602
Gain on Sale of Property from Discontinued Operations	3,370	78,012	44,582	78,012
Income from Discontinued Operations	3,433	81,917	44,924	85,614
Gain on Sale of Property	1,748	265	1,911	407
Net Income	36,984	104,178	101,765	148,995
Less: Net Income Attributable to Noncontrolling Interests	(1,588)	(37,742)	(3,066)	(39,209)
Net Income Adjusted for Noncontrolling Interests	35,396	66,436	98,699	109,786
Dividends on Preferred Shares	(2,710)	(5,313)	(5,420)	(12,753)
Redemption Costs of Preferred Shares	0	(15,702)	0	(17,944)
Net Income Attributable to Common Shareholders	$ 32,686	$ 45,421	$ 93,279	$ 79,089
Earnings Per Common Share - Basic:
Income from continuing operations attributable to common shareholders	$ 0.24	$ 0.00	$ 0.40	$ 0.25
Income from discontinued operations	$ 0.03	$ 0.37	$ 0.37	$ 0.40
Net income attributable to common shareholders	$ 0.27	$ 0.37	$ 0.77	$ 0.65
Earnings Per Common Share - Diluted:
Income from continuing operations attributable to common shareholders	$ 0.24	$ 0.00	$ 0.39	$ 0.25
Income from discontinued operations	$ 0.03	$ 0.37	$ 0.37	$ 0.40
Net income attributable to common shareholders	$ 0.27	$ 0.37	$ 0.76	$ 0.65

XML

Property (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014 property	Dec. 31, 2013 property
Real Estate [Abstract]
Number of operating properties sold	5
Proceeds from sale and disposition of property	$ 94.9
Gain on sale of property	23.2
Number of properties held for sale		8
Property held for sale		$ 155.0

XML

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013
Cash Flows from Operating Activities:
Net Income	$ 101,765		$ 148,995
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	77,514		78,607
Amortization of debt deferred costs and intangibles, net	1,052		(8,747)
Impairment loss	0		457
Equity in earnings of real estate joint ventures and partnerships, net	(8,450)		(9,342)
Gain on sale and acquisition of real estate joint venture and partnership interests	(1,718)		(11,592)
Gain on sale of property	(46,493)		(78,419)
Distributions of income from real estate joint ventures and partnerships, net	1,503		1,723
Changes in accrued rent and accounts receivable, net	1,345		6,266
Changes in other assets, net	(12,935)		(12,844)
Changes in accounts payable, accrued expenses and other liabilities, net	(2,412)		(7,710)
Other, net	1,824		3,911
Net cash provided by operating activities	112,995		111,305
Cash Flows from Investing Activities:
Acquisition of real estate and land	0		(54,753)
Development and capital improvements	(35,774)		(30,644)
Proceeds from sale of property and real estate equity investments, net	66,768		155,862
Change in restricted deposits and mortgage escrows	(2,209)		34,606
Notes receivable from real estate joint ventures and partnerships and other receivables - Advances	0		(289)
Notes receivable from real estate joint ventures and partnerships and other receivables - Collections	7,633		6,282
Real estate joint ventures and partnerships - Investments	(5,119)		(17,698)
Real estate joint ventures and partnerships - Distribution of capital	11,001		19,201
Purchase of investments	(1,250)		0
Proceeds from investments	50,788		0
Other, net	(11,826)		(899)
Net cash provided by investing activities	80,012		111,668
Cash Flows from Financing Activities:
Proceeds from issuance of debt	0		300,584
Principal payments of debt	(334,626)		(199,672)
Changes in unsecured credit facilities	152,000		38,500
Proceeds from issuance of common shares of beneficial interest, net	1,137		5,569
Repurchase of preferred shares of beneficial interest	0		(275,000)
Common and preferred dividends paid	(84,303)		(86,639)
Debt issuance costs paid	(273)		(4,693)
Distributions to noncontrolling interests	(3,305)		(8,241)
Contributions from noncontrolling interests	980		10,182
Other, net	(158)		207
Net cash used in financing activities	(268,548)		(219,203)
Net (decrease) increase in cash and cash equivalents	(75,541)		3,770
Cash and cash equivalents at January 1	91,576	[1]	19,604
Cash and cash equivalents at June 30	16,035	[1]	23,374
Interest paid during the period (net of amount capitalized of $1,410 and $1,104, respectively)	45,429		52,508
Income taxes paid during the period	$ 1,705		$ 1,860

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

XML

Derivatives And Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) (Cash Flow Hedges [Member], Interest Rate Contracts [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)	$ (15)	$ (9,135)	$ (52)	$ (7,028)
Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	(403)	(666)	(876)	(1,322)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 0	$ 0	$ 0	$ 0

XML

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Discontinued Operating Results

The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues, net	$	107		$	13,043		$	1,062		$	27,016
Depreciation and amortization	—			(3,363		)	(260		)	(6,916		)
Operating expenses	(22		)	(2,353		)	(285		)	(4,697		)
Real estate taxes, net	(16		)	(1,298		)	(136		)	(2,901		)
Impairment loss	—			—			—			(236		)
General and administrative	—			(13		)	(2		)	(16		)
Interest, net	—			(1,991		)	(19		)	(4,504		)
Provision for income taxes	(6		)	(120		)	(18		)	(144		)
Operating income from discontinued operations	63			3,905			342			7,602
Gain on sale of property from discontinued operations	3,370			78,012			44,582			78,012
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614

XML

Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Continuing Operations:
Income from continuing operations	$ 31,803	$ 21,996	$ 54,930	$ 62,974
Gain on sale of property	1,748	265	1,911	407
Net income attributable to noncontrolling interests	(1,561)	(920)	(3,118)	(1,993)
Dividends on preferred shares	(2,710)	(5,313)	(5,420)	(12,753)
Redemption costs of preferred shares	0	(15,702)	0	(17,944)
Income from continuing operations attributable to common shareholders – basic and diluted	29,280	326	48,303	30,691
Discontinued Operations:
Income from discontinued operations	3,433	81,917	44,924	85,614
Net (income) loss attributable to noncontrolling interests	(27)	(36,822)	52	(37,216)
Income from discontinued operations attributable to common shareholders - basic and diluted	$ 3,406	$ 45,095	$ 44,976	$ 48,398
Denominator:
Weighted average shares outstanding - basic	121,497	121,286	121,449	121,172
Effect of dilutive securities:
Share options and awards	1,337	1,288	1,292	1,223
Weighted average shares outstanding - diluted	122,834	122,574	122,741	122,395

XML

Employee Benefit Plans

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans

We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Service cost	$	252		$	282		$	504		$	708
Interest cost	450			340			900			853
Expected return on plan assets	(740		)	(539		)	(1,480		)	(1,353		)
Recognized loss	96			281			192			706
Total	$	58		$	364		$	116		$	914

For the six months endedJune 30, 2014 and 2013, we contributed $2.1 million and $1.8 million, respectively, to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2014.

Defined Contribution Plans

Compensation expense related to our defined contribution plans was $.8 million for both the three months ended June 30, 2014 and 2013, and $1.7 million and $1.8 million for the six months ended June 30, 2014 and 2013, respectively.

XML

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2014

Supplemental Cash Flow Elements [Abstract]

Summary Of Non-Cash Investing And Financing Activities

Non-cash investing and financing activities are summarized as follows (in thousands):

	Six Months Ended June 30,
	2014			2013
Accrued property construction costs	$	5,284		$	5,864
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	11,015			—
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture	(6,431		)	—
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			18,698
Decrease in notes receivable from real estate joint ventures and partnerships	—			(3,636		)
Decrease in real estate joint ventures and partnerships - investments	—			(50		)
Increase in debt, net	—			21,396
Increase in security deposits	—			129
Sale of property and property interest:
Decrease in property, net	(127,837		)	—
Decrease in real estate joint ventures and partnerships - investments	(17		)	—
Decrease in other, net	(34		)	—
Decrease in debt, net due to debt assumption	(11,069		)	—
Decrease in security deposits	(459		)	—
Decrease in noncontrolling interests	(155,278		)	—

XML

Commitments And Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Commitments and Contingencies

Commitments and Contingencies

As of June 30, 2014 and December 31, 2013, we participated in three real estate ventures structured as DownREIT partnerships that have properties in Arkansas, California, North Carolina and Texas. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us in exchange for our common shares or an equivalent amount in cash. We may acquire any limited partnership interests that are put to the partnership, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the six months ended June 30, 2014 or 2013. The aggregate redemption value of these interests was approximately $49 million and $41 million as of June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014, we have entered into commitments aggregating $54.7 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

Litigation

During 2013, we settled a lawsuit we filed in 2011 against our joint venture partner in connection with a development project in Sheridan, Colorado for an alleged failure of our joint venture partner to repay to us an intercompany note payable. Pursuant to the settlement agreement, our $16.1 million note receivable was paid in exchange for cash and real property totaling $19.1 million, receipt of our partner’s interest in two consolidated joint ventures resulting in an increase of approximately $16.2 million in noncontrolling interests and distribution of our interest in two unconsolidated joint ventures with total assets of $23.2 million.

We are also involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

XML

Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) (Restricted Shares [Member])	6 Months Ended
	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	3 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Expected volatility, Minimum	14.80%
Risk-free interest rate, Minimum	0.10%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	4.10%
Expected volatility, Maximum	25.30%
Risk-free interest rate, Maximum	0.80%

XML

Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statement of Cash Flows [Abstract]
Capitalized interest paid	$ 1,410	$ 1,104

XML

Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Net Income	$ 36,984	$ 104,178	$ 101,765	$ 148,995
Other Comprehensive Income:
Net unrealized gain on investments, net of taxes	195	0	252	0
Realized gain on investments	0	0	(38)	0
Net unrealized gain on derivatives	15	9,135	52	7,028
Amortization of loss on derivatives	403	666	876	1,322
Retirement liability adjustment	96	364	148	729
Total	709	10,165	1,290	9,079
Comprehensive Income	37,693	114,343	103,055	158,074
Comprehensive Income Attributable to Noncontrolling Interests	(1,588)	(37,742)	(3,066)	(39,209)
Comprehensive Income Adjusted for Noncontrolling Interests	$ 36,105	$ 76,601	$ 99,989	$ 118,865

XML

Noncontrolling Interests

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Noncontrolling Interests

Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Six Months Ended June 30,
	2014		2013
Net income adjusted for noncontrolling interests	$	98,699	$	109,786
Transfers from the noncontrolling interests:
Net increase in equity for the acquisition of noncontrolling interests	11,015		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	109,714	$	109,786

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014
Entity Registrant Name	WEINGARTEN REALTY INVESTORS /TX/
Entity Central Index Key	0000828916
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		122,247,013

XML

Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

For the six months ended June 30, 2014, we disposed 12 centers, three in each of Georgia and Texas and two in each of Florida, Louisiana and North Carolina. These dispositions represent the centers that were classified as discontinued operations or held for sale prior to April 1, 2014, the adoption date for the new qualification criteria for discontinued operations (see Note 2 for further information). Since adoption, no other dispositions qualify as discontinued operations under the new guidance.

During 2013, we sold 20 centers, nine in Texas, three in each of Florida and North Carolina, two in New Mexico and one in each of California, Nevada and Tennessee. As of December 31, 2013, we classified as held for sale eight centers that consisted of property and accumulated depreciation totaling $155.0 million and $32.4 million, respectively, with three located in Georgia, two in each of Florida and Texas and one in North Carolina.

Excluding property held for sale at December 31, 2013, our Condensed Consolidated Balance Sheet at December 31, 2013 included $68.6 million of property and $13.2 million of accumulated depreciation related to the four centers that were sold and classified as discontinued operations during 2014.

The operating results of these centers have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues, net	$	107		$	13,043		$	1,062		$	27,016
Depreciation and amortization	—			(3,363		)	(260		)	(6,916		)
Operating expenses	(22		)	(2,353		)	(285		)	(4,697		)
Real estate taxes, net	(16		)	(1,298		)	(136		)	(2,901		)
Impairment loss	—			—			—			(236		)
General and administrative	—			(13		)	(2		)	(16		)
Interest, net	—			(1,991		)	(19		)	(4,504		)
Provision for income taxes	(6		)	(120		)	(18		)	(144		)
Operating income from discontinued operations	63			3,905			342			7,602
Gain on sale of property from discontinued operations	3,370			78,012			44,582			78,012
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614

XML

Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	1.10%		1.30%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	7.60%		7.40%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	0.80%		0.80%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	5.00%		5.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Notes Receivable From Real Estate Joint Ventures And Partnerships [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	2.30%		2.70%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Discount Rate	7.50%		7.50%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Expected Future Growth Rate	1.00%		1.00%
Fair Value Input, Expected Future Inflation Rate	1.00%		1.00%
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Input, Expected Future Growth Rate	2.00%		2.00%
Fair Value Input, Expected Future Inflation Rate	2.00%		2.00%
Nonrecurring [Member] | Impaired Property [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Property			$ 11,876	[1]
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Property [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Property			8,576	[1]
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Notes receivable from real estate joint ventures and partnerships	2,887		13,549
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed-Rate Debt [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt	1,872,191		2,150,891
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Variable-Rate Debt [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt	272,474		172,349
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Tax Increment Revenue Bonds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments	$ 25,392	[2]	$ 25,850	[2]

[1] In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

[2] At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

XML

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
ASSETS
Property	$ 4,241,257		$ 4,289,276
Accumulated Depreciation	(1,098,338)		(1,058,040)
Property Held for Sale, net	0		122,614
Property, net	3,142,919	[1]	3,353,850	[1]
Investment in Real Estate Joint Ventures and Partnerships, net	268,490		266,158
Total	3,411,409		3,620,008
Notes Receivable from Real Estate Joint Ventures and Partnerships	2,652		13,330
Unamortized Debt and Lease Costs, net	144,205		164,828
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $8,117 in 2014 and $9,386 in 2013)	77,852	[1]	82,351	[1]
Cash and Cash Equivalents	16,035	[1]	91,576	[1]
Restricted Deposits and Mortgage Escrows	6,711		4,502
Other, net	204,537		247,334
Total Assets	3,863,401		4,223,929
LIABILITIES AND EQUITY
Debt, net	2,073,465	[1]	2,299,844	[1]
Accounts Payable and Accrued Expenses	100,203		108,535
Other, net	122,720		127,572
Total Liabilities	2,296,388		2,535,951
Commitments and Contingencies	0		0
Shareholders' Equity:
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 60 shares outstanding in 2014 and 2013; liquidation preference $150,000 in 2014 and 2013	2		2
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 122,238 in 2014 and 121,949 in 2013	3,691		3,683
Additional Paid-In Capital	1,697,783		1,679,229
Net Income Less Than Accumulated Dividends	(286,685)		(300,537)
Accumulated Other Comprehensive Loss	(2,912)		(4,202)
Total Shareholders' Equity	1,411,879		1,378,175
Noncontrolling Interests	155,134		309,803
Total Equity	1,567,013		1,687,978
Total Liabilities and Equity	3,863,401		4,223,929
Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):
Property, net	48,455		70,734
Accrued Rent and Accounts Receivable, net	2,118		2,855
Cash and Cash Equivalents	6,804		6,548
Debt, net	$ 98,164		$ 109,923

[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances (see Note 16):

XML

Property

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Property

Property

Our property consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Land	$	832,616	$	854,409
Land held for development	107,583		116,935
Land under development	7,387		4,262
Buildings and improvements	3,213,593		3,238,817
Construction in-progress	80,078		74,853
Total	$	4,241,257	$	4,289,276

During the six months ended June 30, 2014, we sold five centers and other property. Aggregate gross sales proceeds from these transactions approximated $94.9 million and generated gains of approximately $23.2 million.

We classified eight properties as held for sale as of December 31, 2013, totaling $155.0 million before accumulated depreciation. See Note 9 for additional information.

XML

Newly Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2014

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Newly Issued Accounting Pronouncements

Newly Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")No. 2013-04, "Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of (1) the amount the reporting entity has agreed to pay in accordance to the arrangement and (2) any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Additional disclosures on the nature and amounts of the obligation will also be required. The provisions of ASU No. 2013-04 were effective for us on January 1, 2014, and were required to be applied retrospectively. The ASU did not materially impact our consolidated financial statements.

In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU amends current GAAP to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for net operating loss or other tax credit carryforwards when settlement is available under the tax law. The provisions of ASU No. 2013-11 were effective for us on January 1, 2014, and were required to be applied to all unrecognized tax benefits in existence. The adoption of this ASU did not materially impact our consolidated financial statements.

In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the criteria for reporting discontinued operations while enhancing disclosures in this area. The provisions of ASU No. 2014-08 are effective for us prospectively on January 1, 2015; however, early adoption is permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual property disposals no longer qualifying for discontinued operations presentation; thus, the results of these disposals will remain in income from continuing operations and any associated gains are included in gain on sale of property. Properties sold or classified as held for sale prior to April 1, 2014, are not subject to ASU No. 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09 are effective for us on January 1, 2017, and are required to be applied either on a retrospective or a modified retrospective approach. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

XML

Related Parties

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Parties

Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $1.5 million and $1.4 million outstanding as of June 30, 2014 and December 31, 2013, respectively. We also had accounts payable and accrued expenses of $5.3 million and $5.6 million outstanding as of June 30, 2014 and December 31, 2013, respectively. For the three months ended June 30, 2014 and 2013, we recorded joint venture fee income of $1.1 million and $1.4 million, respectively. For the six months ended June 30, 2014 and 2013, we recorded joint venture fee income of $2.4 million and $2.8 million, respectively.

In 2014, we completed the dissolution of our consolidated real estate joint venture with Hines Retail REIT (“Hines”), in which we owned a 30% interest. At December 31, 2013, this joint venture held a portfolio of 13 properties located in Texas, Tennessee, Georgia, Florida and North Carolina with $172.9 million in total assets and $11.1 million of debt, net, which was assumed by Hines. This transaction was completed through the distribution of five properties to us, resulting in an increase to our equity of $11.0 million, and eight properties to Hines. The eight properties distributed to Hines were classified as held for sale at December 31, 2013, and we realized a $23.3 million gain in discontinued operations associated with this transaction.

In 2013, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements to our partner for approximately $8.9 million. Also, we received cash, real property and our partner’s interest in two consolidated joint ventures in exchange for our interest in two unconsolidated joint ventures and the payment of a note receivable (see Note 15 for additional information under Litigation). Furthermore, we acquired our partner’s 50% unconsolidated joint venture interest in a California property.

XML

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2014

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Non-cash investing and financing activities are summarized as follows (in thousands):

	Six Months Ended June 30,
	2014			2013
Accrued property construction costs	$	5,284		$	5,864
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	11,015			—
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture	(6,431		)	—
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			18,698
Decrease in notes receivable from real estate joint ventures and partnerships	—			(3,636		)
Decrease in real estate joint ventures and partnerships - investments	—			(50		)
Increase in debt, net	—			21,396
Increase in security deposits	—			129
Sale of property and property interest:
Decrease in property, net	(127,837		)	—
Decrease in real estate joint ventures and partnerships - investments	(17		)	—
Decrease in other, net	(34		)	—
Decrease in debt, net due to debt assumption	(11,069		)	—
Decrease in security deposits	(459		)	—
Decrease in noncontrolling interests	(155,278		)	—

XML

Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt

Debt

Our debt consists of the following (in thousands):

	June 30, 2014		December 31, 2013
Debt payable to 2038 at 2.6% to 8.6%	$	1,826,725	$	2,205,104
Unsecured notes payable under credit facilities	152,000		—
Debt service guaranty liability	73,740		73,740
Obligations under capital leases	21,000		21,000
Total	$	2,073,465	$	2,299,844

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	June 30, 2014		December 31, 2013
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,809,524	$	2,136,265
Variable-rate debt	263,941		163,579
Total	$	2,073,465	$	2,299,844
As to collateralization:
Unsecured debt	$	1,398,572	$	1,572,057
Secured debt	674,893		727,787
Total	$	2,073,465	$	2,299,844

We maintain a $500 million unsecured revolving credit facility, which was last amended on April 18, 2013. This facility expires in April 2017, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2014, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	June 30, 2014			December 31, 2013
Unsecured revolving credit facility:
Balance outstanding	$	145,000		$	—
Available balance	351,946			497,821
Letters of credit outstanding under facility	3,054			2,179
Variable interest rate (excluding facility fee)	0.8		%	—		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	7,000		$	—
Variable interest rate	1.3		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	165,900		$	265,500
Weighted average balance	132,764			61,642
Year-to-date weighted average interest rate (excluding facility fee)	0.8		%	1.0		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both June 30, 2014 and December 31, 2013, we had $73.7 million outstanding for the debt service guaranty liability.

During 2014, $315 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.2%. During 2013, $173.6 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.4% and a $100 million6% secured fixed-rate note payable was repaid prior to maturity.

In October 2013, we issued $250 million of 4.45% senior unsecured notes maturing in 2024. The notes were issued at 99.58% of the principal amount with a yield to maturity of 4.50%. The net proceeds received of $247.3 million were used to reduce all amounts outstanding under our $500 million unsecured revolving credit facility, andthe remainingproceeds were invested in short-term instruments, which were used to pay down future debt maturities and for general business purposes.

In March 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At June 30, 2014 and December 31, 2013, the carrying value of such assets aggregated $1.1 billion and $1.2 billion, respectively.

Scheduled principal payments on our debt (excluding $152.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.8 million fair value of interest rate contracts, $(3.2) million net premium/(discount) on debt, $4.7 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands):

2014 remaining(1)	$	134,159
2015	239,941
2016	249,441
2017	142,032
2018	60,277
2019	53,907
2020	35,363
2021	2,278
2022	304,815
2023	301,937
Thereafter	296,327
Total	$	1,820,477

_______________

(1) Includes $90 million of our 8.1% senior unsecured notes due 2019, which we will redeem at our option in September 2014. See Note 18 for additional information.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2014.

XML

Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity) (Details) (Fair Value Hedges [Member], Interest Rate Contracts [Member], Interest Expense, Net [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Contracts	$ (109)		$ (2,117)		$ (518)		$ (3,104)
Gain (Loss) on Borrowings	109		2,117		518		3,104
Net Settlements and Accruals on Contracts	529		2,051		1,145		1,021
Amount of Gain (Loss) Recognized in Income	$ 529	[1]	$ 2,051	[1]	$ 1,145	[1]	$ 1,021	[1]

[1] No ineffectiveness was recognized during the respective period.

XML

Investment In Real Estate Joint Ventures And Partnerships

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investment In Real Estate Joint Ventures And Partnerships

Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	June 30, 2014			December 31, 2013
Combined Condensed Balance Sheets
ASSETS
Property	$	1,388,611		$	1,401,982
Accumulated depreciation	(275,383		)	(261,454		)
Property, net	1,113,228			1,140,528
Other assets, net	129,982			142,638
Total Assets	$	1,243,210		$	1,283,166
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	418,100		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates	18,966			30,214
Other liabilities, net	27,978			29,711
Total Liabilities	465,044			513,315
Equity	778,166			769,851
Total Liabilities and Equity	$	1,243,210		$	1,283,166

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	37,101	$	41,099	$	74,869	$	83,260
Expenses:
Depreciation and amortization	11,096		11,558		21,013		23,579
Interest, net	5,848		7,415		11,760		14,960
Operating	6,318		7,407		13,134		13,561
Real estate taxes, net	4,566		5,013		9,446		9,596
General and administrative	424		164		530		450
Provision for income taxes	216		86		283		148
Impairment loss	—		13		—		1,828
Total	28,468		31,656		56,166		64,122
Operating income	$	8,633	$	9,443	$	18,703	$	19,138

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.0 million and $6.1 million at June 30, 2014 and December 31, 2013, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. There was no impairment charge for the three and the six months ended June 30, 2014. For the three and six months ended June 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $13 thousand and $1.8 million, respectively.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million and $1.4 million for the three months ended June 30, 2014 and 2013, respectively, and $2.4 million and $2.8 million for the six months ended June 30, 2014 and 2013, respectively.

During 2014, we had a partial disposition of a 50% interest at an unconsolidated real estate joint venture for approximately $5.1 million, resulting in a gain on our investment of $1.7 million.

During 2013, the final two industrial properties in an unconsolidated real estate joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, three shopping centers were sold, and our gross sales proceeds from the disposition of these five properties totaled $35.5 million, of which our share of the gain totaled $16.0 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements and two unconsolidated real estate joint ventures that we previously accounted for under the equity method, for approximately $15.7 million, resulting in a gain of $1.9 million.

During 2013, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $41.2 million. We also acquired our partner’s 50% unconsolidated real estate joint venture interest in a California property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.

XML

Notes Receivable From Real Estate Joint Ventures And Partnerships

6 Months Ended

Jun. 30, 2014

Receivables [Abstract]

Notes Receivable From Real Estate Joint Ventures And Partnerships

Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. At June 30, 2014, we had one outstanding note receivable from a real estate joint venture, which bore a fixed-rate of interest at 5.7% per year and matures in 2017. At December 31, 2013, various notes receivable from these entities bore interest ranging from approximately 2.9% to 5.7% per year and mature at various dates through 2017. Generally, these notes receivable are secured by underlying real estate assets.

We believe these notes are fully collectible, and therefore no allowance has been recorded. Interest income recognized on these notes was $.1 million and $.6 million for the three months ended June 30, 2014 and 2013, respectively, and $.1 million and $1.3 million for the six months ended June 30, 2014 and 2013, respectively.

In December 2013, we acquired our partner’s 50% unconsolidated joint venture interest in a California property, which includes the settlement of $54.8 million of our notes receivable from real estate joint ventures and partnerships.

XML

Derivatives And Hedging

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives And Hedging

Derivatives and Hedging

The fair value of all our interest rate contracts is reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
June 30, 2014	Other Assets, net	$	4,761	Other Liabilities, net	$	420
December 31, 2013	Other Assets, net	5,282		Other Liabilities, net	476

The gross presentation, the effects of offsetting under master netting agreements and the net presentation of our interest rate contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014
Assets	$	4,761	$	—	$	4,761	$	—	$	—	$	4,761
Liabilities	420		—		420		—		—		420
December 31, 2013
Assets	5,282		—		5,282		—		—		5,282
Liabilities	476		—		476		—		—		476

Cash Flow Hedges

As of June 30, 2014 and December 31, 2013, we had three active interest rate contracts designated as cash flow hedges with an aggregate notional amount of $25.5 million and $25.8 million, respectively. These contracts have maturities through September 2017 and either fix or cap interest rates ranging from 2.3% to 5.0%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

During 2013, we settled three forward-starting contracts with an aggregate notional amount of $150 million hedging future fixed-rate debt issuances. These contracts fixed the 10-year swap rates at 2.4%. In connection with the October 2013 issuance of unsecured senior notes, we received $6.1 million associated with the settlement of these contracts resulting in a $5.9 million gain in accumulated other comprehensive loss.

As of June 30, 2014 and December 31, 2013, the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate contracts was $2.2 million and $1.2 million, respectively, and will be reclassified to net interest expense as interest payments are made on our fixed-rate debt. Within the next 12 months, a loss of approximately $1.9 million in accumulated other comprehensive loss is expected to be amortized to net interest expense related to settled interest rate contracts.

A summary of cash flow interest rate contract hedging activity is as follows (in thousands):

Derivatives Hedging Relationships	Amount of (Gain) Loss  Recognized in Other Comprehensive Income on Derivative  (Effective Portion)			Location of  Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of  Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Three Months Ended June 30, 2014	$	(15	)	Interest expense, net	$	(403	)	Interest expense, net	$	—
Six Months Ended June 30, 2014	(52		)	Interest expense, net	(876		)	Interest expense, net	—
Three Months Ended June 30, 2013	(9,135		)	Interest expense, net	(666		)	Interest expense, net	—
Six Months Ended June 30, 2013	(7,028		)	Interest expense, net	(1,322		)	Interest expense, net	—

Fair Value Hedges

As of June 30, 2014, we had two interest rate contracts, maturing through October 2017, with an aggregate notional amount of $66.0 million that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.2% to 4.3%. As of December 31, 2013, we had four interest rate contracts, maturing through October 2017, with an aggregate notional amount of $116.7 million that were designated as fair value hedges and convert fixed interest payments at rates from 4.2% to 7.5% to variable interest payments ranging from .2% to 4.3%. We have determined that our fair value hedges are highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates.

A summary of the impact on net income for our interest rate contracts is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements and Accruals on Contracts		Amount of Gain  (Loss) Recognized in Income (1)
Three Months Ended June 30, 2014
Interest expense, net	$	(109	)	$	109	$	529	$	529
Six Months Ended June 30, 2014
Interest expense, net	(518		)	518		1,145		1,145
Three Months Ended June 30, 2013
Interest expense, net	(2,117		)	2,117		2,051		2,051
Six Months Ended June 30, 2013
Interest expense, net	(3,104		)	3,104		1,021		1,021

_______________

(1) No ineffectiveness was recognized during the respective period.

XML

Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities)(Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Noncash or Part Noncash Acquisitions [Line Items]
Accrued property construction costs	$ 5,284	$ 5,864
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	11,015	0
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture	(6,431)	0
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Increase in property, net	0	18,698
Decrease in notes receivable from real estate joint ventures and partnerships	0	(3,636)
Decrease in real estate joint ventures and partnerships - investments	0	(50)
Increase in debt, net	0	21,396
Increase in security deposits	0	129
Sale Of Property And Property Interest [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Decrease in property, net	(127,837)	0
Decrease in real estate joint ventures and partnerships - investments	(17)	0
Decrease in other, net	(34)	0
Decrease in debt, net due to debt assumption	(11,069)	0
Decrease in security deposits	(459)	0
Decrease in noncontrolling interests	$ (155,278)	$ 0

XML

Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	3,423		2,774		3,423		3,495
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	1,924	[1]	1,219	[1]	1,924	[1]	1,939	[1]
Operating Partnership Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	1,499		1,555		1,499		1,556

[1] Exclusion results as exercise prices were greater than the average market price for each respective period.

XML

Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]
Revenues, net	$ 107	$ 13,043	$ 1,062	$ 27,016
Depreciation and amortization	0	(3,363)	(260)	(6,916)
Operating expenses	(22)	(2,353)	(285)	(4,697)
Real estate taxes, net	(16)	(1,298)	(136)	(2,901)
Impairment loss	0	0	0	(236)
General and administrative	0	(13)	(2)	(16)
Interest, net	0	(1,991)	(19)	(4,504)
Provision for income taxes	(6)	(120)	(18)	(144)
Operating income from discontinued operations	63	3,905	342	7,602
Gain on sale of property from discontinued operations	3,370	78,012	44,582	78,012
Income from Discontinued Operations	$ 3,433	$ 81,917	$ 44,924	$ 85,614

XML

Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Six Months Ended June 30,
	2014		2013
Net income adjusted for noncontrolling interests	$	98,699	$	109,786
Transfers from the noncontrolling interests:
Net increase in equity for the acquisition of noncontrolling interests	11,015		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	109,714	$	109,786

XML

Debt (Narrative) (Details) (USD $)	6 Months Ended	12 Months Ended	6 Months Ended			6 Months Ended			1 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 Unsecured Revolving Credit Facility [Member] extensions	Oct. 31, 2013 Unsecured Revolving Credit Facility [Member]	Mar. 31, 2013 Unsecured Revolving Credit Facility [Member]	Jun. 30, 2014 Unsecured And Uncommitted Overnight Facility [Member]	Jun. 30, 2014 Debt Service Guaranty [Member]	Dec. 31, 2013 6% Fixed-Rate Note [Member]	Oct. 31, 2013 4.45% Unsecured Senior Notes [Member]	Mar. 31, 2013 3.5% Senior Unsecured Notes [Member]	Mar. 31, 2013 6.75% Series D Preferred Shares [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility			$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 99,000,000
Credit facility effective date			Apr. 18, 2013			May 01, 2010
Credit facility expiration date			Apr. 18, 2017
Credit facility description of extensions			provides for two consecutive six-month extensions upon our request
Number of credit facility 6-month extensions			2
Borrowing margin over LIBOR, basis points			115
Facility fees, basis points			20
Bids amount			250,000,000
Maximum increase in credit facility amount			700,000,000
Fixed interest rate loan period (in days)						30 days
Debt coverage ratio							1.4
Debt maturity date							Jan. 01, 2040		Jan. 15, 2024	Apr. 15, 2023
Debt service guaranty liability	73,740,000	73,740,000
Medium term notes, matured	315,000,000	173,600,000
Debt interest rate during period	5.20%	5.40%
Debt payable	1,826,725,000	2,205,104,000						100,000,000
Senior unsecured notes									250,000,000	300,000,000
Debt stated interest rate								6.00%	4.45%	3.50%
Debt issued at discount									99.58%	99.53%
Debt effective interest rate									4.50%	3.56%
Proceeds from issuance of debt									247,300,000	296,600,000
Preferred shares of beneficial interest; redemption value paid											75,000,000
Preferred shares of beneficial interest; dividend percentage											6.75%
Debt instruments collateral value	$ 1,100,000,000	$ 1,200,000,000

XML

Share Options And Awards

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Options And Awards

Share Options and Awards

During 2014, we granted restricted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested restricted share awards are forfeited upon the termination of the participant’s employment with us.

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Six Months Ended June 30, 2014
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility	14.8	%	25.3	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.1	%	0.8	%

A summary of the status of unvested restricted share awards for the six months ended June 30, 2014 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2014	575,167		$	26.54
Granted:
Service-based awards	109,519		30.11
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	49,065		33.88
Market-based awards relative to three-year absolute TSR	49,065		27.63
Trust manager awards	29,043		31.00
Vested	(116,877	)	21.34
Forfeited	(122	)	28.81
Outstanding, June 30, 2014	694,860		$	28.76

As of June 30, 2014 and December 31, 2013, there was approximately $4.1 million and $3.9 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 1.4 years for both periods.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Recurring Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,093					$	19,093
Investments, mutual funds	8,291						8,291
Derivative instruments:
Interest rate contracts			$	4,761			4,761
Total	$	27,384	$	4,761	$	—	$	32,145
Liabilities:
Derivative instruments:
Interest rate contracts			$	420			$	420
Deferred compensation plan obligations	$	19,093					19,093
Total	$	19,093	$	420	$	—	$	19,513

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2013
Assets:
Investments, mutual funds held in a grantor trust	$	18,583					$	18,583
Investments, mutual funds and time deposit	8,408		$	50,034			58,442
Derivative instruments:
Interest rate contracts			5,282				5,282
Total	$	26,991	$	55,316	$	—	$	82,307
Liabilities:
Derivative instruments:
Interest rate contracts			$	476			$	476
Deferred compensation plan obligations	$	18,583					18,583
Total	$	18,583	$	476	$	—	$	19,059

Nonrecurring Fair Value Measurements

Property Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

No assets were measured at fair value on a nonrecurring basis at June 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	3,300	$	8,576	$	11,876	$	(2,358	)
Total	$	—	$	3,300	$	8,576	$	11,876	$	(2,358	)

_______________

(1) Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Fair Value Disclosures

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):

	June 30, 2014						December 31, 2013
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	2,652			$	2,887	$	13,330	$	13,549
Tax increment revenue bonds (1)	25,392				25,392		25,850		25,850
Investments, held to maturity (2)	1,000		$	997
Debt:
Fixed-rate debt	1,809,524				1,872,191		2,136,265		2,150,891
Variable-rate debt	263,941				272,474		163,579		172,349

_______________

(1) At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2014 and December 31, 2013 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	June 30, 2014		December 31, 2013				Minimum				Maximum
	(in thousands)				Valuation Technique		2014		2013		2014		2013
Property			$	8,576	Broker valuation estimate	Indicative bid
					Bona fide purchase offers	Contract price
Notes receivable from real estate joint ventures and partnerships	$	2,887	13,549		Discounted cash flows	Discount rate					2.3	%	2.7	%
Tax increment revenue bonds	25,392		25,850		Discounted cash flows	Discount rate					7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,872,191		2,150,891		Discounted cash flows	Discount rate	1.1	%	1.3	%	7.6	%	7.4	%
Variable-rate debt	272,474		172,349		Discounted cash flows	Discount rate	.8	%	.8	%	5.0	%	5.0	%

XML

Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of Equity Method Investments [Line Items]
Revenues, net	$ 130,191	$ 121,995	$ 257,783	$ 239,822
Expenses:
Depreciation and amortization	36,630	35,513	77,254	71,691
Interest, net	24,310	27,025	48,890	42,464
Operating	23,920	23,498	48,535	46,532
Real estate taxes, net	16,358	14,376	31,007	27,979
General and administrative	5,820	6,184	11,733	12,848
Provision for income taxes	(2,081)	147	(1,601)	(30)
Impairment loss	0	165	0	221
Operating income	31,803	21,996	54,930	62,974
Unconsolidated Real Estate Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Revenues, net	37,101	41,099	74,869	83,260
Expenses:
Depreciation and amortization	11,096	11,558	21,013	23,579
Interest, net	5,848	7,415	11,760	14,960
Operating	6,318	7,407	13,134	13,561
Real estate taxes, net	4,566	5,013	9,446	9,596
General and administrative	424	164	530	450
Provision for income taxes	216	86	283	148
Impairment loss	0	13	0	1,828
Total	28,468	31,656	56,166	64,122
Operating income	$ 8,633	$ 9,443	$ 18,703	$ 19,138

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,093					$	19,093
Investments, mutual funds	8,291						8,291
Derivative instruments:
Interest rate contracts			$	4,761			4,761
Total	$	27,384	$	4,761	$	—	$	32,145
Liabilities:
Derivative instruments:
Interest rate contracts			$	420			$	420
Deferred compensation plan obligations	$	19,093					19,093
Total	$	19,093	$	420	$	—	$	19,513

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2013
Assets:
Investments, mutual funds held in a grantor trust	$	18,583					$	18,583
Investments, mutual funds and time deposit	8,408		$	50,034			58,442
Derivative instruments:
Interest rate contracts			5,282				5,282
Total	$	26,991	$	55,316	$	—	$	82,307
Liabilities:
Derivative instruments:
Interest rate contracts			$	476			$	476
Deferred compensation plan obligations	$	18,583					18,583
Total	$	18,583	$	476	$	—	$	19,059

Assets Measured On Nonrecurring Basis

No assets were measured at fair value on a nonrecurring basis at June 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	3,300	$	8,576	$	11,876	$	(2,358	)
Total	$	—	$	3,300	$	8,576	$	11,876	$	(2,358	)

_______________

(1) Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):

	June 30, 2014						December 31, 2013
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	2,652			$	2,887	$	13,330	$	13,549
Tax increment revenue bonds (1)	25,392				25,392		25,850		25,850
Investments, held to maturity (2)	1,000		$	997
Debt:
Fixed-rate debt	1,809,524				1,872,191		2,136,265		2,150,891
Variable-rate debt	263,941				272,474		163,579		172,349

_______________

(1) At June 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost and have a gross unrealized loss of $3 thousand as of June 30, 2014.

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2014 and December 31, 2013 reported in the above tables, is as follows:

Description	Fair Value at					Unobservable Inputs	Range
	June 30, 2014		December 31, 2013				Minimum				Maximum
	(in thousands)				Valuation Technique		2014		2013		2014		2013
Property			$	8,576	Broker valuation estimate	Indicative bid
					Bona fide purchase offers	Contract price
Notes receivable from real estate joint ventures and partnerships	$	2,887	13,549		Discounted cash flows	Discount rate					2.3	%	2.7	%
Tax increment revenue bonds	25,392		25,850		Discounted cash flows	Discount rate					7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,872,191		2,150,891		Discounted cash flows	Discount rate	1.1	%	1.3	%	7.6	%	7.4	%
Variable-rate debt	272,474		172,349		Discounted cash flows	Discount rate	.8	%	.8	%	5.0	%	5.0	%

XML

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$ 8,117	$ 9,386
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000
Preferred Shares of Beneficial Interest; par value per share	$ 0.03	$ 0.03
Preferred Shares of Beneficial Interest; shares authorized	10,000	10,000
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 122,238 in 2014 and 121,949 in 2013
Common Shares of Beneficial Interest; par value per share	$ 0.03	$ 0.03
Common Shares of Beneficial Interest; shares authorized	275,000	275,000
Common Shares of Beneficial Interest; shares issued	122,238	121,949
Common Shares of Beneficial Interest; shares outstanding	122,238	121,949
6.5% Series F Preferred Shares [Member]
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000
Preferred Shares of Beneficial Interest; shares issued	140	140
Preferred Shares of Beneficial Interest; shares outstanding	60	60
Preferred Shares of Beneficial Interest; liquidation preference	$ 150,000	$ 150,000
Preferred Shares of Beneficial Interest; dividend percentage	6.50%	6.50%

XML

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 48.5 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.6% of total rental revenues during the first six months of 2014. Total revenues less operating expenses and real estate taxes from continuing operations ("net operating income from continuing operations") generated by our properties located in Houston and its surrounding areas was 19.8% of total net operating income from continuing operations for the six months ended June 30, 2014, and an additional 9.7% of net operating income from continuing operations is generated from properties that are located in other parts of Texas.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2013 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consist of the following (in thousands):

	June 30, 2014		December 31, 2013
Restricted cash	$	4,046	$	869
Mortgage escrows	2,665		3,633
Total	$	6,711	$	4,502

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2013	$	(340	)		$	(1,233	)		$	5,775			$	4,202
Change excluding amounts reclassified from accumulated other comprehensive loss	(252		)		(52		)		—				(304		)
Amounts reclassified from accumulated other comprehensive loss	38			(1)	(876		)	(2)	(148		)	(3)	(986		)
Net other comprehensive income	(214		)		(928		)		(148		)		(1,290		)
Balance, June 30, 2014	$	(554	)		$	(2,161	)		$	5,627			$	2,912
	Gain on Investments				(Gain) Loss on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2012	$	—			$	7,489			$	17,254			$	24,743
Change excluding amounts reclassified from accumulated other comprehensive loss					(7,028		)		—				(7,028		)
Amounts reclassified from accumulated other comprehensive loss					(1,322		)	(2)	(729		)	(3)	(2,051		)
Net other comprehensive income	—				(8,350		)		(729		)		(9,079		)
Balance, June 30, 2013	$	—			$	(861	)		$	16,525			$	15,664

_______________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information).

Reclassifications

The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Notes 9 and 11 for additional information). These items had no impact on previously reported net income, the consolidated balance sheet or cash flows.

XML

Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts Recognized, Assets	$ 4,761	$ 5,282
Gross Amounts Offset in Balance Sheet, Assets	0	0
Net Amounts Presented in Balance Sheet, Assets	4,761	5,282
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Assets	0	0
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Assets	0	0
Net Amount, Assets	4,761	5,282
Gross Amounts Recognized, Liabilities	420	476
Gross Amounts Offset in Balance Sheet, Liabilities	0	0
Net Amounts Presented in Balance Sheet, Liabilities	420	476
Gross Amount Not Offset in Balance Sheet, Financial Instruments, Liabilities	0	0
Gross Amount Not Offset in Balance Sheet, Cash Collateral Received, Liabilities	0	0
Net Amount, Liabilities	$ 420	$ 476

XML

Share Options And Awards (Summary Of The Status Of Unvested Restricted Share Awards) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Outstanding, January 1, 2014	575,167
Unvested Restricted Share Awards, Vested	(116,877)
Unvested Restricted Share Awards, Forfeited	(122)
Unvested Restricted Share Awards, Outstanding, June 30, 2014	694,860
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Outstanding, January 1, 2014	$ 26.54
Weighted Average Grant Date Fair Value, Vested	$ 21.34
Weighted Average Grant Date Fair Value, Forfeited	$ 28.81
Weighted Average Grant Date Fair Value, Outstanding, June 30, 2014	$ 28.76
Service-Based Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	109,519
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 30.11
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	49,065
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 33.88
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	49,065
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 27.63
Trust Manager Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Restricted Share Awards, Granted	29,043
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted	$ 31.00

XML

Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

We received notice in December 2013 from the holder of one of our ground leases in Texas of its intent to exercise its purchase option under the ground lease. This transaction is expected to close in the second half of 2014, will result in the disposition of three properties with total assets approximating $11.0 million at June 30, 2014, and we do not expect any impairment associated with this transaction.

In July 2014, we delivered an irrevocable notice to redeem the remaining $90 million of our 8.1% senior unsecured notes on September 15, 2014, which mature in 2019, and will be funded through our revolving credit facility. The notes will be redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest to the redemption date.

*****

XML

Variable Interest Entities (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2014 jvs property	Dec. 31, 2013 jvs property
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	1	2
Number of neighborhood/community shopping centers	16	28
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures	1	1

XML

Share Options And Awards (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Fair Value Of Market-Based Share Awards Assumptions

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Six Months Ended June 30, 2014
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility	14.8	%	25.3	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.1	%	0.8	%

Summary Of The Status Of Unvested Restricted Share Awards

A summary of the status of unvested restricted share awards for the six months ended June 30, 2014 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2014	575,167		$	26.54
Granted:
Service-based awards	109,519		30.11
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	49,065		33.88
Market-based awards relative to three-year absolute TSR	49,065		27.63
Trust manager awards	29,043		31.00
Vested	(116,877	)	21.34
Forfeited	(122	)	28.81
Outstanding, June 30, 2014	694,860		$	28.76

XML

Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Numerator:
Continuing Operations:
Income from continuing operations	$	31,803		$	21,996		$	54,930		$	62,974
Gain on sale of property	1,748			265			1,911			407
Net income attributable to noncontrolling interests	(1,561		)	(920		)	(3,118		)	(1,993		)
Dividends on preferred shares	(2,710		)	(5,313		)	(5,420		)	(12,753		)
Redemption costs of preferred shares	—			(15,702		)	—			(17,944		)
Income from continuing operations attributable to common shareholders – basic and diluted	$	29,280		$	326		$	48,303		$	30,691
Discontinued Operations:
Income from discontinued operations	$	3,433		$	81,917		$	44,924		$	85,614
Net (income) loss attributable to noncontrolling interests	(27		)	(36,822		)	52			(37,216		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	3,406		$	45,095		$	44,976		$	48,398
Denominator:
Weighted average shares outstanding - basic	121,497			121,286			121,449			121,172
Effect of dilutive securities:
Share options and awards	1,337			1,288			1,292			1,223
Weighted average shares outstanding - diluted	122,834			122,574			122,741			122,395

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Share options (1)	1,924	1,219	1,924	1,939
Operating partnership units	1,499	1,555	1,499	1,556
Total anti-dilutive securities	3,423	2,774	3,423	3,495

_______________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.