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**EXHIBIT      10.40**

**Amendment      No. 1 to the **

**Weingarten      Realty Investors **

**Deferred      Compensation Plan**

**WHEREAS**

**WHEREAS**

**NOW      THEREFORE**

**1.**
**Article      I of the Plan is hereby amended by deleting Sections 1.14 and 1.15 therefrom      in      their entirety. **

**2.**
**Article      VII of the Plan is hereby amended to be and read as follows, effective January      1, 2005:**

**Article      VII - **
**Distributions**

**7.1**
**Distribution      Election**

| (a)   | General              Rule.              Distribution of the Participant’s Accounts shall be made in accordance              with the Participant’s election with respect to the form of payment. The              Participant may make a separate election as to the form of distribution              in              the event of death and the time at which distribution is to commence              following death. Such elections shall be made by the Participant at              the              time the Participant makes his or her initial Deferral Election. A              Participant may modify his or her previously-made elections relating              to              the form of distribution and may modify the time at which distribution              would otherwise commence under Sections 7.2 or 7.3 hereof in accordance              with Section 7.1(b). Notwithstanding the preceding, if an Eligible              Employee is participating in the Plan in 2005 or 2006 and has not              previously designated the form of distribution of his or her Accounts              or              desires to modify a previously-filed distribution election, he or she              must              make or modify such an election, as the case may be, and file it with              the              Administrator on or before December 31, 2006; provided, however, that              a              Participant may not file a modified distribution election in 2006 that              has              the effect of deferring payment of amounts the Participant would otherwise              receive in 2006 or cause payments to be made in 2006 that would otherwise              be made subsequent to 2006. The elections referred to in the immediately              preceding sentence shall not be required to meet the requirements of              Section 7.1(b). If the Administrator separately accounts for Deferrals              in              each Plan Year, the Participant may make separate distribution elections              with respect to each Plan Year’s Deferral Election, in which case each              separate distribution election shall be effective with respect to the              Deferrals to which the election relates. |
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| (b)   | Modification              To Distribution Date or Form of Payment.              Except as may be permitted in Section 7.1(a) hereof, any election by              a              Participant to modify a previously-filed distribution election or to              modify the time distribution would otherwise commence under Section              7.2 or              7.3 hereof is ineffective unless all of the following requirements              are              satisfied: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Such              modification may not be effective for at least twelve (12) months after              the date on which the modification is filed with the              Administrator. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Except              in the case of modifications relating to distributions on account of              death              or Disability, the modification must provide that payment will not              commence for at least five (5) years from the date payment would otherwise              have been made or commenced. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | A              modification related to distribution to be made at a specified time              or              under a fixed schedule may not be made less than twelve (12) months              prior              to the date of the first otherwise scheduled payment. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Such              modification may not permit acceleration of the time or schedule of              any              payment under the Plan, except as may be permitted pursuant to applicable              Treasury Regulations. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Distribution              to Key Employees.              Notwithstanding anything contained herein to the contrary, if a              Participant is a Key Employee and separates from service for a reason              other than death or Disability, distribution of such Participant’s              Accounts may not commence earlier than six (6) months from the date              of his              or her separation from service. Any payment that would have been made              within the first six months following the date on which the Participant              separated from service without regard to this subsection (c) shall              be made              on the first day of the month following the date that is six months              following the date on which the Participant separated from              service. |
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**7.2**
**Payment      of Retirement, Education, and Fixed Period Accounts**

| (a)   | Retirement              Accounts. |
|-----------------|-----------------------------------|

| (i)   | *Form              of Payment*.              Retirement Accounts are payable in one of the following forms, as elected              by the Participant: (i) in a lump sum payment or (ii) in annual              installments over a period of up to twenty (20) years. If the Participant              has not made a valid election as to the form of payment of his Retirement              Account, payment shall be made in one lump              sum. |
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| (ii)   | *Commencement              of Payment*.              Retirement Account payments shall be made or commence as of the first              day              of the month immediately following the month in which the Participant              Retires (or as soon as administratively feasible thereafter); provided,              however, that the Participant may elect, in accordance with Section              7.1(b), to defer payment to a later date. If an installment form of              distribution is elected, annual installment payments subsequent to              the              first payment shall be made on each succeeding anniversary of the date              the              first payment was made. |
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| (b)   | Education              Accounts. |
|-----------------|----------------------------------|

| Year                1 | 25%                of the account balance            |
|-----------------------|------------------------------------------------------|
| Year                2 | 33%                of the remaining account balance  |
| Year                3 | 50%                of the remaining account balance  |
| Year                4 | 100%                of the remaining account balance |

|   | (c)   | Fixed                Period Accounts.                Fixed Period Account distributions shall be paid in one lump sum                payment                on January 1 (or as soon as administratively feasible thereafter)                of the                calendar year designated by the Participant on his or her Deferral                Election; provided, however, that the Participant may elect, in accordance                with Section 7.1(b), to defer payment to a later date. |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**7.3**
**Payment      upon Death, Disability or Termination for Reason Other Than      Retirement**

| (a)   | General              Rule.              Payment of a Participant’s Account(s) shall be made or commence in              accordance with this Section 7.3 if payment has not been made or commenced              under Section 7.2 at the time the Participant separates from service              due              to death, Disability, or any other reason other than              Retirement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Form              of Payment.              The Participant’s vested Account(s) are payable under this Section 7.3 in              one of the following forms, as elected by the Participant: (i) in a              lump              sum payment or (ii) in annual installments over a period of up to twenty              (20) years. If the Participant has not made a valid election as to              the              form of payment, payment shall be made in one lump sum. |
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| (c)   | Commencement              of Distribution.              Payment under this Section 7.3 shall commence as of the first day of              the              month (or as soon as administratively feasible thereafter) following              the              month in which the Participant dies, separates from service due to              Disability, or separates from service for any other reason other than              Retirement; provided, however, that the Participant may elect, in              accordance with Section 7.1(b), to defer payment to a later date. If              an              installment form of distribution is elected, annual installment payments              subsequent to the first payment shall be made on each succeeding              anniversary of the date the first payment was              made. |
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**7.4**
**Minimum      Distribution**

| (a)   | Subject              to Section 7.1(c) but notwithstanding any other provision in the Plan              to              the contrary, if the balance of a Participant’s Account upon his              separation from service is less than $50,000, the Participant shall              be              paid such balance on the first of the month following the month in              which              the Participant separates from service. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Subject              to Section 7.1(c), if the balance in a Participant’s Education Account is              less than $4,000 at the time the first scheduled payment from such              Account              would otherwise be made, the Participant shall be paid such balance              as a              single lump sum on the date the first scheduled payment would have              otherwise been made. |
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**WEINGARTEN      REALTY INVESTORS**

| By:                         | /s/                Stephen C. Richter  |
|-----------------------------|----------------------------------------|
|                        |                                   |
| Its                (Title): | Chief                Financial Officer |

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