EXHIBIT 4.1


 





[Face of Security]





 





	REGISTERED	PRINCIPAL AMOUNT
	No. 1	$250,000,000
	CUSIP No. 948741 AL7	 







 


WEINGARTEN REALTY INVESTORS


3.850% Note due 2025


 


WEINGARTEN REALTY INVESTORS,
a real estate investment trust organized under the Texas Business Organizations Code (herein referred to as the "Company,"
which term includes an successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of Two Hundred Fifty Million Dollars ($250,000,000)
on June 1, 2025 (the "Stated Maturity Date") or the date fixed for earlier redemption (the "Redemption Date,"
and together with the Stated Maturity Date with respect to principal repayable on such date, the "Maturity Date"), and
to pay interest thereon from May 14, 2015 or from the most recent interest payment date to which interest has been paid or duly
provided for, semi-annually on June 1 and December 1 of each year (each, an "Interest Payment Date"), commencing December
1, 2015, at the rate of 3.850% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture referred to on the reverse
hereof, be paid to the Holder in whose name this Note is registered at the close of business on the regular record date for such
interest, which shall be May 15 or November 15 (whether or not a Business Day) (each, a "Regular Record Date"),
as the case may be, next preceding such Interest Payment Date by transfer of funds to an account maintained by such Holder within
the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder
on such Regular Record Date, and may be paid to the Holder in whose name this Note is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice
whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.


 


The principal of this
Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if the Redemption Date is not an Interest Payment
Date, interest on this Note payable on the Redemption Date will be paid against presentation of this Note at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, currently the office of The Bank
of New York Mellon Trust Company, N.A., Trustee, located at do The Bank of New York Mellon, 101 Barclay Street, New York, New York
10286, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts.


 


Interest payable on
this Note on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be, will include interest
accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided
for (or from and including May 14, 2015, if no interest has been paid on this Note) to but excluding such Interest Payment Date
or the Stated Maturity Date or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity Date or
Redemption Date falls on a day that is not a Business Day, as defined below, principal, premium, if any, and/or interest payable
with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the
next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest
shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption
Date, as the case may be. "Business Day" means any day, other than a Saturday, Sunday or any other day on which banking
institutions in the City of New York are authorized or obligated by law or executive order to close.


 






    	 



    	 



    

 


All payments of principal,
premium, if any, and interest in respect of this Note will be made by the Company in immediately available funds.


 


Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.


 


Unless the Certificate
of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall
not be entitled to any, benefit under the Indenture, or be valid or obligatory for any purpose.


 




    	2



    	 



    

 


IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed under its facsimile corporate seal.


 


Dated: May 14, 2015


 








	(SEAL)	WEINGARTEN REALTY INVESTORS 
	 	 	 	 
	 	By:  		 
	 	 	Name:   	Andrew M. Alexander
	 	 	Title:	Chief Executive Officer and President
	 	 	 	 
	 	By:		 
	 	 	Name:	Stephen C. Richter
	 	 	Title:	Executive Vice President and Chief Financial Officer







 





	Attest:	 
	 	 
	 	 
	Joe D. Shafer, Secretary	 
















 





TRUSTEE'S CERTIFICATE OF AUTHENTICATION


 


This is one of the
Notes of the series designated therein referred to in the within-mentioned Indenture.


 


The Bank of New York Mellon Trust Company,
N.A.,


as Trustee


 





	By:  	 	 
	 	Authorized Signatory	 







 







    	3



    	 



    

 


[Reverse of Security]


 


WEINGARTEN REALTY INVESTORS


 


3.850% Note due 2025


 


This Note is one of
a duly authorized issue of securities of the Company (herein called the "Securities"), issued and to be issued in one
or more series under an Indenture, dated as of May 1, 1995, as amended by the First Supplemental Indenture, dated as of August
2, 2006, and the Second Supplemental Indenture, dated as of October 9, 2012 (herein, as so amended, the "Indenture"),
between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to J.P. Morgan Trust Company, National
Association), as trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture
with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Note is one of the duly authorized series of Securities designated as "3.850% Notes due 2025" (collectively,
the "Notes"), and the aggregate principal amount of the Notes to be issued under such series is limited to $250,000,000
(except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes).


 


If an Event of Default,
as defined in the Indenture, shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the indenture.


 


This Note will not
be subject to any sinking fund and, except in accordance with the provisions of the following paragraphs, will not be redeemable
or repayable prior to the Stated Maturity Date.


 


This Note is subject
to redemption at any time or from time to time prior to maturity, as a whole or in part, at the election of the Company, at a redemption
price equal to the greater of (i) 100% of the principal amount of the Note to be redeemed or (ii) the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the date of redemption
(the "Redemption Date") on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 30 basis points; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but excluding,
the Redemption Date. If this Note is redeemed on or after March 1, 2025, the Company may redeem this Note at a redemption price
equal to 100% of the principal amount of this Note plus accrued and unpaid interest on the principal amount being redeemed to,
but excluding, the Redemption Date.


 


"Treasury Rate"
means, with respect to any redemption date for the notes,


 


		·	the yield, under the heading which represents the average for the immediately preceding week, appearing
in the most recently published statistical release published by the Board of Governors of the Federal Reserve System designated
as "Statistical Release H.15 (519)" or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the maturity date, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or



 






    	 



    	 



    

 


		·	if such release (or any successor release) is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Price (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third business day
preceding the Redemption Date.



 


"Comparable
Treasury Issue" means the United States Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of this Note that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Note.


 


"Independent
Investment Banker" means one of the Reference Treasury Dealers selected by the Company.


 


"Comparable
Treasury Price" means with respect to any Redemption Date (1) the average of four Reference Treasury Dealer Quotations
as determined by the Company for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.


 


"Reference
Treasury Dealer" means (1) Jefferies LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated
and a Primary Treasury Dealer (as defined herein) selected by Wells Fargo Securities, LLC and/or its successors and, (2) at the
Company's option, up to two other primary U.S. Government securities dealers in New York City (each, a "Primary Treasury Dealer"),
provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor
another Primary Treasury Dealer.


 


"Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on
the third business day preceding such Redemption Date.


 






    	2



    	 



    

 


Notice of redemption
will be given by mail to Holders of Securities, not less than 15 nor more than 60 days prior to the Redemption Date, all as provided
in the Indenture.


 


In the event of redemption
of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof
upon the cancellation hereof


 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the
time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority
of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance
by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less
than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive,
on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and other Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Note.


 


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, places and rate,
and in the coin or currency, herein prescribed.


 


This Note is issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


As provided in the
Indenture and subject to certain limitations therein and herein set forth. the transfer of this Note is registrable in the Security
Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any
place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by. or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed b), the Holder hereof
or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.


 


As provided in the
Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder
hereof surrendering the same.


 






    	3



    	 



    

 


No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.


 


Prior to due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 


This Note shall be
subject to all the terms of the Indenture and all of the terms, provisions and conditions of the Indenture shall continue in full
force and effect.


 


THE INDENTURE AND THE
NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED ENTIRELY IN SUCH STATE,


 







    	4



    	 



    

 


ASSIGNMENT FORM


 


FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto


 


 






 


Please insert social security number or other
identifying number of assignee:


 





 



 





Please print or type name and address (including
zip code) of assignee:


 


 






 








 



 





 



 





 



 


the within Note and all
rights thereunder, hereby irrevocably constituting and appointing _________________ attorney to transfer said Note of
Weingarten Realty Investors on the books of Weingarten Realty Investors, with full power of substitution in the premises.


 





 






 





	Dated:  	 	 







 





NOTICE: The signature
to this assignment must correspond with the name as written upon the face of this Note in ever) particular without alteration or
enlargement or any change whatsoever.


 








    	5