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**EXHIBIT      10.38**

**Amendment      No. 1 to the **

**Weingarten      Realty Investors **

**Supplemental      Executive Retirement Plan**

**WHEREAS,      **

**WHEREAS**

**WHEREAS,      **

**WHEREAS,      **

**NOW,      THEREFORE, **

| **1.** | **Section                  4.1 of the Plan is hereby amended as underlined to be and read                  as follows,                  effective with respect to individuals commencing Plan participation                  on and                  January 1, 2007:** |
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| **4.1** | **Vesting                      of Account**.                      A                      Participant's Account shall be 0% vested until a Participant                      has completed                      ten                      (10)                      Vesting Years of Service, at which time his or her Account                      shall be 100%                      vested. |
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| **2.** | **Article                            VI of the Plan is hereby amended to be and read as follows,                            effective                            January 1, 2005 and as otherwise provided                            herein:** |
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**Article      VI - Distributions**

| **6.1** | **Entitlement                to Distribution**.                A                Participant shall be entitled to distribution due to separation from                service on account of death, Disability, Early Retirement, Retirement                or                any other reason, provided the Participant is vested in his                Account. |
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| **6.2** | **Distribution Election. ** |
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| (a)                | General                Rule.                Distribution of the vested balance of a Participant’s Accounts shall be                made in accordance with his or her election which indicates the                Participant’s choice with respect to the form of distribution among the                options available under Section 6.3 hereof. 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                distribution elections must be made at the time the Participant completes                his or her initial Participation Agreement in accordance with Section                2.1. |
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|    | 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 Section 6.4 hereof in accordance                  with                  Section 6.2(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 payment 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 6.2(b). |
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| (b)   | Modification                to the Time or Form of Distribution.                Except as may be permitted under 6.2(a) hereof, any election by a                Participant to modify a previously-filed distribution election or                to                modify the time at which distribution would otherwise commence under                Section 6.4 hereof is ineffective unless all of the following requirements                are satisfied: |
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| (i)                | Such                modification may not be effective for at least twelve (12) months                after                the date on which the modification is                made. |
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| (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. |
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| (iii)                | A                modification related to a 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. |
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| (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. |
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| **6.3** | **Form                of Payment.**A                Participant entitled to distribution shall receive such distribution                in                one of the following forms, as previously elected by the Participant                in                accordance with Section 6.2 and commencing in accordance with Section                6.4:                (i)                a single life annuity; (ii)                a joint and                50%, 75% or 100% survivor annuity; (iii) a ten-year certain and life                annuity; (iv) a five-year certain and life annuity; (v) one lump                sum; and                (vi) annual installments over a period elected by the Participant                (up to                twenty (20) years). If                payment is to be made in the                form of an annuity, the amount payable to a Participant (and if                applicable, the |
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|   | survivor                  annuitant) as an annuity shall be determined, in the sole discretion                  of                  the Administrator,                  by reference to a commercial annuity which could be purchased from                  an insurer with the Participant's vested Account at the time such                  payments                  are                  to commence. Under                  no circumstances shall the Participant have any preferential                  or secured right to or interest in any annuity contract purchased                  from                  an                  insurer by the Employer or Trustee, and the rights of such Participant                  (and if applicable,                  the survivor annuitant) shall remain that of a general                  creditor.                  If                  the Participant has not made a valid election in accordance with                  Section                  6.2 regarding the form of distribution of his Plan benefit, distribution                  shall be made in the form of one lump sum                  payment. |
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| **6.4** | ** Commencement                  of Payment.** |
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| (a)   | For                  purposes of this Section 6.4, the “Earliest Distribution Date” shall mean                  the earliest date on which distribution could be made or commence                  to the                  Participant under the Pension Plan, determined with regard to each                  Participant as of the date the Participant commenced participation                  under                  this Plan, without regard to any applicable amendments to the Pension                  Plan                  effective subsequent to the date the Participant commenced participation                  under this Plan. |
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| (b)   | Effective                      for distributions payable on and after August 4, 2006, subject                      to                      paragraph (c) of this Section 6.4, payment to a Participant                      shall be made                      or commence on the Earliest Distribution Date; provided, however,                      that the                      Participant may elect, in accordance with Section 6.2, to defer                      payment to                      a date subsequent to the Earliest Distribution Date. In the                      case of                      distribution in the event of death, if a Participant previously                      made an                      election as to the time benefits commence following death,                      distribution                      shall be made at the time elected. Effective with respect to                      distributions                      payable on and after January 1, 2005 and prior to August 4,                      2006, subject                      to paragraph (c) of this Section 6.4, payment to a Participant                      shall be                      made or commence as soon as administratively feasible after                      the                      Participant’s death, Disability, separation from service, or Retirement. |
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| (c)   | 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, such Participant’s distribution 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 six (6) months of the                Participant’s separation from service without regard to the foregoing                sentence shall instead be made on the first day of the month following                the                date that is six (6) months from the date on which the Participant                separated from service. |
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| **6.5** | **Minimum                Distribution**.                Notwithstanding                any provision to the contrary, but subject to Section 6.4(c), if                the                balance of a Participant's Account at the time of separation from                service                is less than $50,000, then the Participant shall be paid his |
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|   | or                  her benefits as a single lump sum thirty (30) days following the                  Participant’s separation from                  service. |
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**IN          WITNESS WHEREOF, **

**Weingarten          Realty Investors**

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

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