**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

| **(Mark                One)**                                                                               |
|-------------------------------------------------------------------------------------------------------------|
| **x**                                                                                                       | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|                                                                                                        |   |
| **For                the quarter ended March 31, 2007**                                                     |
|                                                                                                        |   |
| **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)** |   | **(IRS                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)** |
|----------------------------------------------------------------------------------------------------------------------|

----

| **PART                I-FINANCIAL INFORMATION**                                                       |   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| **ITEM                1.   Financial Statements**                                           |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| **WEINGARTEN                REALTY INVESTORS**                                                        |   |   |
| **STATEMENT                OF CONDENSED CONSOLIDATED INCOME AND COMPREHENSIVE                INCOME** |   |   |
| **(Unaudited)**                                                                                       |   |   |
| **(In                thousands, except per share amounts)**                                           |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   | **Three                Months Ended** |   |   |
|                                                                                                  |   |   |   |   |   |   | **March                31,** |   |   |
|                                                                                                  |   |   |   |   |   |   | **2007** |   |   | **2006** |   |   |
| Revenues:                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|  Rentals                                                                                         |   |   |   |   | $ |  144,536 |   | $ |  129,085 |   |   |
|  Other                                                                                           |   |   |   |   |   | 2,062 |   |   | 2,208 |   |   |
|  Total                                                                                           |   |   |   | 146,598 |   |   | 131,293 |   |   |
| Expenses:                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|  Depreciation                and amortization                                                    |   |   |   | 32,820 |   |   | 30,119 |   |   |
|  Operating                                                                                       |   |   |   |   |   | 23,711 |   |   | 18,454 |   |   |
|  Ad                valorem taxes                                                                 |   |   |   | 16,616 |   |   | 15,405 |   |   |
|  General                and administrative                                                       |   |   |   | 6,609 |   |   | 5,355 |   |   |
|  Total                                                                                           |   |   |   | 79,756 |   |   | 69,333 |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                Income                                                                       |   |   |   | 66,842 |   |   | 61,960 |   |   |
| Interest                Expense                                                                       |   |   |   | (36,473 | ) |   | (34,437 | ) |   |
| Interest                and Other Income                                                              |   |   |   | 1,713 |   |   | 1,452 |   |   |
| Equity                in Earnings of Joint Ventures, net                                              |   |   |   | 3,347 |   |   | 4,066 |   |   |
| Income                Allocated to Minority Interests                                                 |   |   |   | (1,178 | ) |   | (1,657 | ) |   |
| Gain                on Sale of Properties                                                             |   |   |   | 2,059 |   |   | 51 |   |   |
| Gain                on Land and Merchant Development Sales                                            |   |   |   | 666 |   |   | 1,676 |   |   |
| Benefit                (Provision) for Income Taxes                                                   |   |   |   | 9 |   |   | (519 | ) |   |
|  Income                from Continuing Operations                                                |   |   |   | 36,985 |   |   | 32,592 |   |   |
| Operating                Income from Discontinued Operations                                          |   |   |   | 1,514 |   |   | 4,930 |   |   |
| Gain                on Sale of Properties from Discontinued Operations                                |   |   | 12,886 |   |   | 17,087 |   |   |
|  Income                from Discontinued Operations                                              |   |   |   | 14,400 |   |   | 22,017 |   |   |
| Net                Income                                                                             |   |   |   |   |   | 51,385 |   |   | 54,609 |   |   |
| Dividends                on Preferred Shares                                                          |   |   |   | (4,728 | ) |   | (2,525 | ) |   |
| Net                Income Available to Common Shareholders                                            |   |   |  $ |  46,657 |   |  $ |  52,084 |   |   |
| Net                Income Per Common Share - Basic:                                                   |   |   |   |   |   |   |   |   |   |
|                  Income from Continuing Operations                                               |   |   |  $ |  0.37 |   |  $ |  0.34 |   |   |
|  Income                from Discontinued Operations                                              |   |   |   | 0.17 |   |   | 0.24 |   |   |
|  Net                Income                                                                       |   |   |  $ | 0.54 |   |  $ |  0.58 |   |   |
| Net                Income Per Common Share - Diluted:                                                 |   |   |   |   |   |   |   |   |   |
|  Income                from Continuing Operations                                                |   |   |  $ |  0.37 |   |  $ |  0.34 |   |   |
|  Income                from Discontinued Operations                                              |   |   |   | 0.16 |   |   | 0.23 |   |   |
|  Net                Income                                                                       |   |   |  $ |  0.53 |   |  $ |  0.57 |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Income                                                                             |   |   |  $ |  51,385 |   |  $ |  54,609 |   |   |
| Other                Comprehensive Income:                                                            |   |   |   |   |   |   |   |   |   |
|  Unrealized                gain on derivatives                                                   |   |   |   | 25 |   |   | 3,751 |   |   |
|  Amortization                of loss on derivatives                                              |   |   |   | 219 |   |   | 86 |   |   |
| Other                Comprehensive Income                                                             |   |   |   | 244 |   |   | 3,837 |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                Income                                                                   |   |   |  $ |  51,629 |   |  $ |  58,446 |   |   |

----

| **WEINGARTEN                  REALTY INVESTORS**                                                                                                                                                                                     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CONDENSED                  CONSOLIDATED BALANCE SHEETS**                                                                                                                                                                           |   |
| **(Unaudited)**                                                                                                                                                                                                                      |   |
| **(In                  thousands, except per share amounts)**                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                 |   |   |   | **March                  31,** |   | **December                  31,** |   |
|                                                                                                                                                                                                                                 |   |   |   | **2007** |   | **2006** |   |
|                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|  ASSETS                                     |   |   |   |   |   |   |   |
| Property                                                                                                                                                                                                                             |   |   |   |   | $ | 4,546,606 |   | $ | 4,445,888 |   |
| Property                  Held for Sale                                                                                                                                                                                              |   |   |   |   |   | 80,823 |   |   |  |   |
| Accumulated                  Depreciation                                                                                                                                                                                            |   |   |   |   |   | (722,195 | ) |   | (707,005 | ) |
| Property                  - net                                                                                                                                                                                                      |   |   |   |   |   | 3,905,234 |   |   | 3,738,883 |   |
| Investment                  in Real Estate Joint Ventures                                                                                                                                                                            |   |   |   |   |   | 255,413 |   |   | 203,839 |   |
| Total                                                                                                                                                                                                                                |   |   |   |   |   | 4,160,647 |   |   | 3,942,722 |   |
| Notes                  Receivable from Real Estate Joint Ventures and                  Partnerships                                                                                                                                  |   | 11,429 |   |   | 3,971 |   |
| Unamortized                  Debt and Lease Cost                                                                                                                                                                                     |   | 115,131 |   |   | 112,873 |   |
| Accrued                  Rent and Accounts Receivable (net of allowance for                  doubtful                                                                                                                                |   |   |   |   |   |   |
| accounts                  of $6,450 in 2007 and $5,995 in 2006)                                                                                                                                                                      |   |   |   |   |   | 74,208 |   |   | 78,893 |   |
| Cash                  and Cash Equivalents                                                                                                                                                                                           |   | 35,506 |   |   | 71,003 |   |
| Restricted                  Deposits and Mortgage Escrows                                                                                                                                                                            |   |   |   |   |   | 29,309 |   |   | 94,466 |   |
| Other                                                                                                                                                                                                                                |   |   |   |   |   | 91,767 |   |   | 71,612 |   |
|  Total                                                                                                                                                                                                                          |   |   |   |   | $ | 4,517,997 |   | $ | 4,375,540 |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY                                                                                                                                                                                |   |   |   |   |   |   |   |
| Debt                                                                                                                                                                                                                                 |   |   |   |   | $ | 2,890,831 |   | $ | 2,900,952 |   |
| Accounts                  Payable and Accrued Expenses                                                                                                                                                                               |   |   |   |   |   | 91,203 |   |   | 132,821 |   |
| Other                                                                                                                                                                                                                                |   |   |   |   |   | 123,990 |   |   | 128,306 |   |
| Total                                                                                                                                                                                                                                |   |   |   |   |   | 3,106,024 |   |   | 3,162,079 |   |
| Minority                  Interest                                                                                                                                                                                                   |   |   |   |   |   | 72,197 |   |   | 87,680 |   |
|                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Commitments                  and Contingencies                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Shareholders'                  Equity:                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
|  Preferred                Shares of Beneficial Interest - par value, $.03 per share;                                                                                                                                            |   |   |   |   |   |   |
| shares                  authorized: 10,000                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| 6.75%                  Series D cumulative redeemable preferred shares of                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| beneficial                  interest; 100 shares issued and outstanding                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| in                  2007 and 2006; liquidation preference $75,000                                                                                                                                                               |   |   |   |   |   | 3 |   |   | 3 |   |
| 6.95%                  Series E cumulative redeemable preferred shares of                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| beneficial                  interest; 29 shares issued and outstanding in 2007                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| and                  2006; liquidation preference $72,500                                                                                                                                                                       |   |   |   |   |   | 1 |   |   | 1 |   |
| 6.5%                  Series F cumulative redeemable preferred shares of                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |
| beneficial                  interest; 80 shares issued and outstanding in 2007;                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |
| liquidation                  preference $200,000                                                                                                                                                                                |   |   |   |   |   | 2 |   |   |  |   |
| Common                  Shares of Beneficial Interest - par value, $.03 per share;                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| shares                  authorized: 150,000; shares issued and outstanding:                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| 86,435                  in 2007 and 85,765 in 2006                                                                                                                                                                                   |   |   |   |   |   | 2,604 |   |   | 2,582 |   |
| Additional                  Paid-In Capital                                                                                                                                                                                          |   |   |   |   |   | 1,346,331 |   |   | 1,136,481 |   |
| Net                  Income in Excess (Less Than) Accumulated Dividends                                                                                                                                                              |   |   |   |   |   | 3,091 |   |   | (786 | ) |
| Accumulated                  Other Comprehensive Loss                                                                                                                                                                                |   |   |   |   |   | (12,256 | ) |   | (12,500 | ) |
| Shareholders'                  Equity                                                                                                                                                                                                |   |   |   |   |   | 1,339,776 |   |   | 1,125,781 |   |
|  Total                                                                                                                                                                                                                          |   |   |   |   | $ | 4,517,997 |   | $ | 4,375,540 |   |

----

| **WEINGARTEN                REALTY INVESTORS**                             |   |
|----------------------------------------------------------------------------|--------|
| **STATEMENTS                OF CONDENSED CONSOLIDATED CASH FLOWS**         |   |
| **(Unaudited)**                                                            |   |
| **(In                thousands)    **                  |
|                                                                       |   |   |   |   |   |
|                                                                       |   | **Three                Months Ended** |   |
|                                                                       |   | **March                31,** |   |
|                                                                       |   | **2007** |   | **2006** |   |
| Cash                Flows from Operating Activities:                       |   |   |   |   |   |
| Net                Income                                                  |   | $ | 51,385 |   | $ | 54,609 |   |
| Adjustments                to reconcile net income to net cash provided by |   |   |   |   |   |   |   |
| operating                activities:                                       |   |   |   |   |   |   |   |
| Depreciation                and amortization                               |   |   | 33,384 |   |   | 32,672 |   |
| Equity                in earnings of joint ventures, net                   |   |   | (3,347 | ) |   | (4,066 | ) |
| Income                allocated to minority interests                      |   |   | 1,178 |   |   | 1,657 |   |
| Gain                on land and merchant development sales                 |   |   | (666 | ) |   | (1,676 | ) |
| Gain                on sales of properties                                 |   |   | (14,945 | ) |   | (17,138 | ) |
| Distributions                of income from unconsolidated entities        |   |   | 1,121 |   |   | 315 |   |
| Changes                in accrued rent and accounts receivable             |   |   | 1,805 |   |   | 12,524 |   |
| Changes                in other assets                                     |   |   | (23,699 | ) |   | (14,245 | ) |
| Changes                in accounts payable and accrued expenses            |   |   | (45,648 | ) |   | (26,997 | ) |
| Other,                net                                                  |   |   | (53 | ) |   | 437 |   |
|  Net                cash provided by operating activities             |   |   | 515 |   |   | 38,092 |   |
|                                                                       |   |   |   |   |   |   |   |
| Cash                Flows from Investing Activities:                       |   |   |   |   |   |   |   |
| Investment                in properties                                    |   |   | (225,656 | ) |   | (59,942 | ) |
| Proceeds                from sales and disposition of property, net        |   |   | 17,848 |   |   | 36,788 |   |
| Change                in restricted deposits and mortgage escrows          |   |   | 64,587 |   |   | (20,132 | ) |
| Mortgage                bonds and notes receivable:                        |   |   |   |   |   |   |   |
| Advances                                                                   |   |   | (18,427 | ) |   | (8,378 | ) |
| Collections                                                                |   |   | 178 |   |   | 1,369 |   |
| Real                estate joint ventures and partnerships:                |   |   |   |   |   |   |   |
| Investments                                                                |   |   | (21,165 | ) |   | (5,925 | ) |
| Distributions                                                              |   |   | 1,612 |   |   | 3,781 |   |
|  Net                cash used in investing activities                 |   |   | (181,023 | ) |   | (52,439 | ) |
|                                                                       |   |   |   |   |   |   |   |
| Cash                Flows from Financing Activities:                       |   |   |   |   |   |   |   |
| Proceeds                from issuance of:                                  |   |   |   |   |   |   |   |
| Debt                                                                       |   |   | 522 |   |   | 56,922 |   |
| Common                shares of beneficial interest                        |   |   | 2,263 |   |   | 7 |   |
| Preferred                shares of beneficial interest                     |   |   | 194,162 |   |   |   |   |
| Principal                payments of debt                                  |   |   | (4,731 | ) |   | (3,897 | ) |
| Common                and preferred dividends paid                         |   |   | (47,508 | ) |   | (44,174 | ) |
| Debt                issuance cost paid                                     |   |   | (140 | ) |   |   |   |
| Other,                net                                                  |   |   | 443 |   |   | 245 |   |
|  Net                cash provided by financing activities             |   |   | 145,011 |   |   | 9,103 |   |
|                                                                       |   |   |   |   |   |   |   |
| Net                decrease in cash and cash equivalents                   |   |   | (35,497 | ) |   | (5,244 | ) |
| Cash                and cash equivalents at January 1                      |   |   | 71,003 |   |   | 42,690 |   |
| Cash                and cash equivalents at March 31                       |   | $ | 35,506 |   | $ | 37,446 |   |

----

**WEINGARTEN      REALTY INVESTORS**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note      1.**
**Interim      Financial Statements**

*Business*

*Basis      of Presentation*

*Revenue      Recognition*

*Partially      Owned Joint Ventures and Partnerships*

----

*Property*

*Interest      Capitalization*

----

*Deferred      Charges*

*Sales      of Real Estate*

*Accrued      Rent and Accounts Receivable*

*Restricted      Deposits and Mortgage Escrows*

*Other      Assets*

----

*Per      Share Data*

|                                                                   |   | **Three                  Months Ended** |   |
|------------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                   |   | **March                  31,**          |   |
|                                                                   |   | **2007**                                |   | **2006** |   |
|                                                                   |   |                                    |   |   |   |
| Numerator:                                                             |   |                                    |   |   |   |
| Net                  income available to common shareholders           |   | $                                       | 46,657 |   | $ | 52,084 |   |
| Income                  attributable to operating partnership units    |   |                                    | 1,106  |   |   | 1,399 |   |
|                                                                   |   |                                    |   |   |   |   |   |
| Net                  income available to common shareholders - diluted |   | $                                       | 47,763 |   | $ | 53,483 |   |
|                                                                   |   |                                    |   |   |   |   |   |
| Denominator:                                                           |   |                                    |   |   |   |   |   |
| Weighted                  average shares outstanding - basic           |   |                                    | 86,005 |   |   | 89,515 |   |
| Effect                  of dilutive securities:                        |   |                                    |   |   |   |   |   |
|  Share                  options and awards                        |   |                                    | 1,123  |   |   | 850 |   |
|  Operating                  partnership units                     |   |                                    | 2,681  |   |   | 3,151 |   |
|                                                                   |   |                                    |   |   |   |   |   |
| Weighted                  average shares outstanding - diluted         |   |                                    | 89,809 |   |   | 93,516 |   |

*Income      Taxes*

----

*Cash      Flow Information*

|                                            |   | **Three                Months Ended** |   |
|-------------------------------------------------|--------|---------------------------------------|--------|
|                                            |   | **March                31,**          |   |
|                                            |   | **2007**                              |   | **2006** |   |
|                                            |   |                                  |   |   |   |
| Debt                                       |   | $                                     | 19,061 |   | $ |  |   |
| Net                Assets and Liabilities  |   |                                  | 3,086  |   |   | 4,652 |   |

*Reclassifications*

**Note      2.**
**Newly      Adopted Accounting Pronouncements**

----

**Note      3.**
**Derivatives      and Hedging**

----

**Note      4.**
**Debt**

|                                                                                 |   | **March                31,** |      | **December                31,** |   |
|--------------------------------------------------------------------------------------|--------|------------------------------|-----------|---------------------------------|--------|
|                                                                                 |   | **2007**                     |      | **2006**                        |   |
|                                                                                 |   |                         |      |                            |   |
| Debt                payable to 2030 at 4.5% to 8.9%                             |   | $                            | 2,838,312 |                            | $      | 2,848,805 |   |
| Unsecured                notes payable under revolving credit agreements        |   |                         | 18,430    |                            |   | 18,000 |   |
| Obligations                under capital leases                                 |   |                         | 29,725    |                            |   | 29,725 |   |
| Industrial                revenue bonds payable to 2015 at 3.7% to 6.19%   |   |                         | 4,364     |                            |   | 4,422 |   |
|                                                                                 |   |                         |      |                            |   |   |   |
| Total                                                                           |   | $                            | 2,890,831 |                            | $      | 2,900,952 |   |

|                                                                                              |   |   |        | **March                31,** |   | **December                31,** |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|------------------------------|--------|---------------------------------|--------|
|                                                                                              |   |   |   | **2007**                     |   |  **2006**                  |   |
|                                                                                              |   |   |   |                         |   |                       |   |
| As                to interest rate (including the effects of interest rate                swaps): |   |   |   |                         |   |                       |   |
| Fixed-rate                debt                                                               |   |   |   |                         | $      | 2,775,091                       |   | $ | 2,785,553 |   |
| Variable-rate                debt                                                            |   |   |   |                         |   | 115,740                         |   |   | 115,399 |   |
|                                                                                              |   |   |   |                         |   |                            |   |   |   |   |
| Total                                                                                        |   |   |   |                         | $      | 2,890,831                       |   | $ | 2,900,952 |   |
|                                                                                              |   |   |   |                         |   |                            |   |   |   |   |
| As                to collateralization:                                                           |   |   |   |                         |   |                            |   |   |   |   |
| Unsecured                debt                                                                |   |   |   |                         | $      | 1,910,880                       |   | $ | 1,910,216 |   |
| Secured                debt                                                                  |   |   |   |                         |   | 979,951                         |   |   | 990,736 |   |
|                                                                                              |   |   |   |                         |   |                            |   |   |   |   |
| Total                                                                                        |   |   |   |                         | $      | 2,890,831                       |   | $ | 2,900,952 |   |

----

| 2007       |   | $      | 109,396 |   |
|------------|--------|--------|---------|--------|
| 2008       |   |   | 252,662 |   |
| 2009       |   |   | 113,510 |   |
| 2010       |   |   | 119,188 |   |
| 2011       |   |   | 890,324 |   |
| 2012       |   |   | 307,900 |   |
| 2013       |   |   | 302,205 |   |
| 2014       |   |   | 338,356 |   |
| 2015       |   |   | 189,347 |   |
| Thereafter |   |   | 233,283 |   |

----

|  | • | during                any calendar quarter beginning after December 31, 2006 (and only                during                such calendar quarter), if, and only if, the closing sale price of                our                common shares for at least 20 trading days (whether or not consecutive)                in                the period of 30 consecutive trading days ending on the last trading                day                of the preceding calendar quarter is greater than 130% of the conversion                price per common share in effect on the applicable trading                day; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | during                the five consecutive trading-day period following any five consecutive                trading-day period in which the trading price of the debentures was                less                than 98% of the product of the closing sale price of our common shares                multiplied by the applicable conversion                rate; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | if                those debentures have been called for redemption, at any time prior                to the                close of business on the third business day prior to the redemption                date; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | if                our common shares are not listed on a U.S. national or regional securities                exchange or quoted on the Nasdaq National Market for 30 consecutive                trading days. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Note      5. **
**Preferred      Shares**

**Note      6.**
**Common      Shares**

----

**Note      7.**
**Property**

|                                            |   | **March                31,** |      | **December                31,** |   |
|-------------------------------------------------|--------|------------------------------|-----------|---------------------------------|--------|
|                                            |   | **2007**                     |      | **2006**                        |   |
|                                            |   |                         |      |                            |   |
| Land                                       |   | $                            | 885,189   |                            | $      | 847,295 |   |
| Land                held for development   |   |                         | 20,125    |                            |   | 21,405 |   |
| Land                under development      |   |                         | 182,199   |                            |   | 146,990 |   |
| Buildings                and improvements  |   |                         | 3,350,066 |                            |   | 3,339,074 |   |
| Construction                in-progress    |   |                         | 109,027   |                            |   | 91,124 |   |
|                                            |   |                         |      |                            |   |   |   |
| Total                                      |   | $                            | 4,546,606 |                            | $      | 4,445,888 |   |

|                                    |   | **Three                  Months Ended** |                     |
|-----------------------------------------|--------|-----------------------------------------|--------------------------|
|                                    |   | **March                  31,**          |                     |
|                                    |   | **2007**                                |                     | **2006** |   |
|                                    |   |                                    |                     |   |   |
| Interest                           |   | $                                       | 5,855                    |   | $ | 809 |   |
| Ad                  valorem taxes  |   |                                    | 505                      |   |   | 31 |   |
|                                    |   |                                    |      |   |   |       |   |
| Total                              |   | $                                       | 6,360                    |   | $ | 840 |   |

**Note      8.**
**Discontinued      Operations**

----

**Note      9. **
**Related      Parties**

**Note      10.**
**Investment      in Real Estate Joint Ventures**

|                                                                |   | **March                31,** |      | **December                31,** |   |
|---------------------------------------------------------------------|--------|------------------------------|-----------|---------------------------------|--------|
|                                                                |   | **2007**                     |      | **2006**                        |   |
|                                                                |   |                         |      |                            |   |
| Combined                Balance Sheets                              |   |                         |      |                            |   |
|                                                                |   |                         |      |                            |   |
| Property                                                       |   | $                            | 1,236,490 |                            | $      | 1,123,600 |   |
| Accumulated                depreciation                        |   |                         | (56,136   | )                               |   | (41,305 | ) |
| Property                - net                                  |   |                         | 1,180,354 |                            |   | 1,082,295 |   |
|                                                                |   |                         |      |                            |   |   |   |
| Other                assets                                    |   |                         | 109,408   |                            |   | 118,642 |   |
|                                                                |   |                         |      |                            |   |   |   |
| Total                                                          |   | $                            | 1,289,762 |                            | $      | 1,200,937 |   |
|                                                                |   |                         |      |                            |   |   |   |
|                                                                |   |                         |      |                            |   |   |   |
|                                                                |   |                         |      |                            |   |   |   |
| Debt                                                           |   | $                            | 330,342   |                            | $      | 327,695 |   |
| Amounts                payable to Weingarten Realty Investors  |   |                         | 15,686    |                            |   | 22,657 |   |
| Other                liabilities                               |   |                         | 42,426    |                            |   | 39,967 |   |
| Accumulated                equity                              |   |                         | 901,308   |                            |   | 810,618 |   |
|                                                                |   |                         |      |                            |   |   |   |
| Total                                                          |   | $                            | 1,289,762 |                            | $      | 1,200,937 |   |

|                                                   |   |   |  **Three                    Months Ended**   |              |
|--------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------------|
|                                                   |   |   |  **March                    31,**            |         |
|                                                   |   |   |                                                        | **2007**     |   |   | **2006** |   |
|                                                   |   |   |                                                        |         |   |   |   |   |
| Combined                    Statements of Income       |   |   |                                                        |         |   |   |   |
|                                                   |   |   |                                                        |         |   |   |   |   |
| Revenues                                          |   |   | $                                                           |  31,219 |   | $ |  11,948 |   |
|                                                   |   |   |                                                        |         |   |   |   |   |
| Expenses:                                              |   |   |                                                        |         |   |   |   |   |
| Interest                                          |   |   |                                                        | 5,090        |   |   | 3,332 |   |
| Depreciation                    and amortization  |   |   |                                                        | 7,003        |   |   | 2,799 |   |
| Operating                                         |   |   |                                                        | 4,615        |   |   | 1,556 |   |
| Ad                    valorem taxes               |   |   |                                                        | 4,055        |   |   | 1,207 |   |
| General                    and administrative     |   |   |                                                   | 165          |   |    | 121 |   |
|                                                   |   |   |                                                        |         |   |   |   |   |
| Total                                             |   |   |                                                   | 20,928       |   |   | 9,015 |   |
|                                                   |   |   |                                                        |         |   |   |   |   |
| Gain                    on land sales             |   |   |                                                        |         |   |   | 555 |   |
| Gain                    on sale of properties     |   |   |                                                   |    |   |   | 2,550 |   |
| Net                    income                     |   |   |  $                                                     | 10,291       |   | $ | 6,038 |   |

----

**Note      11.**
**Income      Tax Considerations **

----

**Note      12.**
**Commitments      and Contingencies**

----

**Note      13.**
**Identified      Intangible Assets and Liabilities**

|                                                                                                    |   | **March                31,** |    | **December                31,** |   |
|---------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                                                                                                    |   | **2007**                     |    | **2006**                        |   |
|                                                                                                    |   |                         |    |                            |   |
| Identified                Intangible Assets:                                                            |   |                         |    |                            |   |
| Above-Market                Leases (included in Other Assets)                                      |   | $                            | 17,193  |                            | $      | 14,686 |   |
| Above-Market                Leases - Accumulated Amortization                                      |   |                         | (5,794  | )                               |   | (5,277 | ) |
| Above-Market                Assumed Mortgages (included in Other Assets)                           |   |                         | 1,657   |                            |   | 1,653 |   |
| Valuation                of In Place Lease (included in Unamortized Debt and Lease                Cost) |   |                         | 57,901  |                            |   | 52,878 |   |
| Valuation                of In Place Lease - Accumulated Amortization                              |   |                         | (18,106 | )                               |   | (16,297 | ) |
|                                                                                                    |   |                         |    |                            |   |   |   |
|                                                                                                    |   | $                            | 52,851  |                            | $      | 47,643 |   |
|                                                                                                    |   |                         |    |                            |   |   |   |
| Identified                Intangible Liabilities (included in Other Liabilities):                       |   |                         |    |                            |   |   |   |
| Below-Market                Leases                                                                 |   | $                            | 29,149  |                            | $      | 24,602 |   |
| Below-Market                Leases - Accumulated Amortization                                      |   |                         | (7,731  | )                               |   | (6,569 | ) |
| Below-Market                Assumed Mortgages                                                      |   |                         | 59,808  |                            |   | 59,863 |   |
| Below-Market                Assumed Mortgages - Accumulated Amortization                           |   |                         | (19,893 | )                               |   | (18,123 | ) |
|                                                                                                    |   |                         |    |                            |   |   |   |
|                                                                                                    |   | $                            | 61,333  |                            | $      | 59,773 |   |

| 2008  |   | $      | 2,001 |   |
|------------|--------|--------|-------|--------|
| 2009  |   |   | 1,710 |   |
| 2010  |   |   | 1,004 |   |
| 2011  |   |   | 413   |   |
| 2012  |   |   | 436   |   |

| 2008  |   | $      | 6,511 |   |
|------------|--------|--------|-------|--------|
| 2009  |   |   | 5,609 |   |
| 2010  |   |   | 4,662 |   |
| 2011  |   |   | 3,618 |   |
| 2012  |   |   | 3,038 |   |

----

| 2008  |   | $      | 6,007 |   |
|------------|--------|--------|-------|--------|
| 2009  |   |   | 4,667 |   |
| 2010  |   |   | 4,015 |   |
| 2011  |   |   | 2,718 |   |
| 2012  |   |   | 1,435 |   |

**Note      14.**
**Share      Options and Awards**

----

|                                            |   | **Three                  Months Ended** |   |
|-------------------------------------------------|--------|-----------------------------------------|--------|
|                                            |   | **March                  31,**          |   |
|                                            |   | **2007**                                |   | **2006** |   |
|                                            |   |                                    |   |   |   |
| Fair                  value per share      |   | $                                       | 4.91   |   | $ | 3.22 |   |
| Dividend                  yield            |   |                                    | 5.7    | % |   | 6.3 | % |
| Expected                  volatility       |   |                                    | 18.2   | % |   | 16.8 | % |
| Expected                  life (in years)  |   |                                    | 5.9    |   |   | 6.7 |   |
| Risk-free                  interest rate   |   |                                    | 4.4    | % |   | 4.4 | % |

|                                              |   |       |      |  **Weighted** |   |
|---------------------------------------------------|--------|------------|-----------|--------------------|--------|
|                                              |   | **Shares** |      | **Average**        |   |
|                                              |   | **Under**  |      | **Exercise**       |   |
|                                              |   | **Option** |      | **Price**          |   |
| Outstanding,                January 1, 2007  |   |       | 3,147,153 |               | $      | 31.99 |   |
| Granted                                      |   |       | 3,121     |               |   | 48.11 |   |
| Forfeited                or expired          |   |       | (10,912   | )                  |   | 37.81 |   |
| Exercised                                    |   |       | (149,665  | )                  |   | 23.77 |   |
| Outstanding,                March 31, 2007   |   |       | 2,989,697 |               | $      | 32.39 |   |

|                                 |   | Outstanding                                 |   | Exercisable               |
|--------------------------------------|--------|---------------------------------------------|--------|---------------------------|
|                                 |   |                                        |   | Weighted                  |   |   |   |   |   |   |   |   |   |   |   | Weighted |   |   |   |
|                                 |   |                                        |   | Average                   |   |   | Weighted |   | Aggregate |   |   |   |   | Weighted |   | Average |   |   | Aggregate |
|                                 |   |                                        |   | Remaining                 |   |   | Average |   | Intrinsic |   |   |   |   | Average |   | Remaining |   |   | Intrinsic |
| Range                of              |   |                                        |   | Contractual               |   |   | Exercise |   | Value |   |   |   |   | Exercise |   | Contractual |   |   | Value |
| Exercise                Prices       |   | Number                                      |   | Life                      |   |   | Price |   | (000’s) |   | Number |   |   | Price |   | Life |   |   | (000’s) |
|                                 |   |                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                 |   |                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $17.89                - $26.83  |   |                    1,160,944 |   | 4.70                years |   |  $ |  21.87 |   |   |   |    751,744 |   |  $ |  21.35 |   | 4.52                years |   |   |   |
|                                 |   |                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $26.84                - $40.26  |   |                    1,291,136 |   | 7.74                years |   |  $ |  35.58 |   |   |   |                   572,101 |   |  $ |  34.28 |   | 7.36                years |   |   |   |
|                                 |   |                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $40.27                - $49.62  |   |                    537,617   |   | 9.67                years |   |  $ |  47.47 |   |   |   |      |   |   |   |   |   |   |   |   |
|                                 |   |                                        |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                           |   | 2,989,697                                   |   | 6.91                years |   |  $ |  32.39 |  $ | 45,354 |   | 1,323,845 |   |  $ |  26.94 |   | 5.75                years |   |  $ |  27,298 |

----

|                                             |   | **Un****vested** |    | **Weighted**                       |   |
|--------------------------------------------------|--------|------------------|---------|------------------------------------|--------|
|                                             |   | **Restricted**   |    | **Average                Grant**   |   |
|                                             |   | **Shares**       |    | **Date                Fair Value** |   |
| Outstanding,                January 1, 2007      |   |             | 172,255 |                               | $      | 40.80 |   |
| Granted                                     |   |             | 812     |                               |   | 49.86 |   |
| Vested                                      |   |             | (320    | )                                  |   | 50.22 |   |
| Forfeited                                   |   |             | (1,170  | )                                  |   | 47.50 |   |
| Outstanding,                March 31, 2007  |   |             | 171,577 |                               | $      | 40.78 |   |

**Note      15.**
**Employee      Benefit Plans**

|                                                |   | **Three                Months Ended** |   |
|-----------------------------------------------------|--------|---------------------------------------|--------|
|                                                |   | **March                31,**          |   |
|                                                |   | **2007**                              |   | **2006** |   |
|                                                |   |                                  |   |   |   |
| Service                cost                    |   | $                                     | 878    |   | $ | 772 |   |
| Interest                cost                   |   |                                  | 563    |   |   | 565 |   |
| Expected                return on plan assets  |   |                                  | (319   | ) |   | (346 | ) |
| Prior                service cost              |   |                                  | (25    | ) |   | (32 | ) |
| Recognized                loss                 |   |                                  | 55     |   |   | 102 |   |
|                                                |   |                                  |   |   |   |   |   |
| Total                                          |   | $                                     | 1,152  |   | $ | 1,061 |   |

----

**Note      16.**
**Segment      Information**

|                                                           |   | **Shopping** |      |           |   |      |   |      |    |
|----------------------------------------------------------------|--------|--------------|-----------|----------------|--------|-----------|--------|-----------|---------|
|                                                           |   | **Center**   |      | **Industrial** |   | **Other** |   | **Total** |    |
|                                                           |   |         |      |           |   |      |   |      |    |
| Three                Months Ended March 31, 2007               |   |         |      |           |   |      |   |      |    |
| Revenues                                                  |   | $            | 132,177   |           | $      | 12,848    |   | $         | 1,573   |   | $ | 146,598 |   |
| Net                operating income                       |   |         | 96,504    |           |   | 9,008     |   |      | 759     |   |   | 106,271 |   |
| Equity                in earnings of joint ventures, net  |   |         | 2,937     |           |   | 350       |   |      | 60      |   |   | 3,347 |   |
| Investment                in real estate joint ventures   |   |         | 225,818   |           |   | 25,082    |   |      | 4,513   |   |   | 255,413 |   |
| Total                assets                               |   |         | 3,669,649 |           |   | 323,164   |   |      | 525,184 |   |   | 4,517,997 |   |
|                                                           |   |         |      |           |   |      |   |      |    |   |   |   |   |
| Three                Months Ended March 31, 2006               |   |         |      |           |   |      |   |      |    |   |   |   |   |
| Revenues                                                  |   | $            | 116,817   |           | $      | 14,102    |   | $         | 374     |   | $ | 131,293 |   |
| Net                operating income                       |   |         | 86,833    |           |   | 10,255    |   |      | 346     |   |   | 97,434 |   |
| Equity                in earnings of joint ventures, net  |   |         | 4,023     |           |   | (4        | )      |      | 47      |   |   | 4,066 |   |
| Investment                in real estate joint ventures   |   |         | 91,917    |           |   | 464       |   |      | 2,219   |   |   | 94,600 |   |
| Total                assets                               |   |         | 3,017,936 |           |   | 376,692   |   |      | 387,640 |   |   | 3,782,268 |   |
|                                                           |   |         |      |           |   |      |   |      |    |   |   |   |   |

----

|                                                         |   | **Three                  Months Ended** |    |
|--------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                         |   | **March                  31,**          |    |
|                                                         |   | **2007**                                |    | **2006** |   |
|                                                         |   |                                    |    |   |   |
| Total                  segment net operating income          |   | $                                       | 106,271 |   | $ | 97,434 |   |
| Depreciation                  and amortization               |   |                                    | (32,820 | ) |   | (30,119 | ) |
| General                  and administrative                  |   |                                    | (6,609  | ) |   | (5,355 | ) |
| Interest                  expense                            |   |                                    | (36,473 | ) |   | (34,437 | ) |
| Interest                  and other income                   |   |                                    | 1,713   |   |   | 1,452 |   |
| Income                  allocated to minority interests      |   |                                    | (1,178  | ) |   | (1,657 | ) |
| Equity                  in earnings of joint ventures, net   |   |                                    | 3,347   |   |   | 4,066 |   |
| Gain                  on land and merchant development sales |   |                                    | 666     |   |   | 1,676 |   |
| Gain                  on sale of properties                  |   |                                    | 2,059   |   |   | 51 |   |
| Benefit                  (provision) for income taxes        |   |                                    | 9       |   |   | (519 | ) |
| Income                  from Continuing Operations           |   | $                                       | 36,985  |   | $ | 32,592 |   |

**Note      17.**
**Subsequent      Events**

----

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

**Forward-Looking      Statements**

**Executive      Overview**

----

| ·   | A                much greater focus on new development, including merchant development,                with $300 million in annual new development completions beginning                in 2009. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increased                use of joint ventures for acquisitions including the recapitalization                (or                partial sale) of existing assets, which provide the opportunity to                further                increase returns on investment through the generation of fee income                from                leasing and management services we will provide to the                venture. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Further                recycling capital through the active disposition of non-core properties                and reinvesting the proceeds into properties with barriers to entry                within                high growth metropolitan markets. This, combined with our continuous                focus                on our assets, produces a higher quality portfolio with higher occupancy                rates and much stronger internal revenue                growth. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**New      Development**

----

**Acquisitions      and Joint Ventures**

**Dispositions**

**Summary      of Critical Accounting Policies**

*Revenue      Recognition*

----

*Partially      Owned Joint Ventures and Partnerships*

*Property*

----

*Interest      Capitalization*

*Deferred      Charges*

*Sales      of Real Estate*

*Accrued      Rent and Accounts Receivable*

*Income      Taxes*

----

**Results      of Operations **

*Revenues*

|                                  |   | **March                31,** |   |
|---------------------------------------|--------|------------------------------|--------|
|                                  |   | **2007**                     |   | **2006** |   |
|                                  |   |                         |   |   |   |
| Shopping                Centers  |   |                         | 95.4   | % |   | 94.9 | % |
| Industrial                       |   |                         | 90.8   | % |   | 92.9 | % |
| Total                            |   |                         | 94.4   | % |   | 94.4 | % |

*Expenses*

*Interest      Expense*

|                                                                        |   | **Three                Months Ended** |   |
|-----------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                        |   | **March                31,**          |   |
|                                                                        |   | **2007**                              |   | **2006** |   |
|                                                                        |   |                                  |   |   |   |
| Gross                interest expense                                  |   | $                                     | 44,098 |   | $ | 37,072 |   |
| Over-market                mortgage adjustment of acquired properties  |   |                                  | (1,770 | ) |   | (1,826 | ) |
| Capitalized                interest                                    |   |                                  | (5,855 | ) |   | (809 | ) |
|                                                                        |   |                                  |   |   |   |   |   |
| Total                                                                  |   | $                                     | 36,473 |   | $ | 34,437 |   |

----

*Interest      and Other Income*

*Equity      in Earnings of Joint Ventures*

*Income      from Discontinued Operations*

**Effects      of Inflation**

**Capital      Resources and Liquidity **

----

***Investing      Activities:***

***Acquisitions***

*Retail      Properties*

*Industrial      Properties.*

***Dispositions***

*Retail      Properties.*

*Industrial      Properties*
*.*

***New      Development and Capital Expenditures***

----

***Financing      Activities:***

***Debt***

----

***Equity***

**Contractual      Obligations **

|                                    |   |   |   | **2007** |   | **2008** |   | **2009** |    | **2010** |   | **2011** |   | **Thereafter** |    | **Total** |   |
|-----------------------------------------|--------|--------|--------|----------|--------|----------|--------|----------|---------|----------|--------|----------|--------|----------------|---------|-----------|--------|
| Mortgages                  and Notes    |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |
| Payable:(1)                             |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |
| Unsecured                  Debt         |   |   |   |     | $      | 179,869  |   | $        | 154,680 |     | $      | 121,802  |   | $              | 138,090 |      | $      | 665,301 |   | $ | 1,207,200 |   | $ | 2,466,942 |   |
| Secured                  Debt           |   |   |   |     |   | 75,154   |   |     | 248,004 |     |   | 131,254  |   |           | 113,479 |      |   | 138,685 |   |   | 606,951 |   |   | 1,313,527 |   |
|                                    |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |   |   |   |   |
| Ground                  Lease Payments  |   | 1,398  |   |     | 1,782  |     |   | 1,737    |    |     | 1,691  |     |   | 1,626          |    |      | 39,459 |   |   | 47,693 |   |
|                                    |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |   |   |   |   |
| Obligations                  to Acquire |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |
| Projects                                |   |   |   |     |   | 49,912   |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |   |   | 49,912 |   |
|                                    |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |   |   |   |   |
| Obligations                  to Develop |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |
| Projects                                |   |   |   |     |   | 192,177  |   |     | 97,977  |     |   | 55,012   |   |           | 58,086  |      |   | 22,960 |   |   |                          |   |   | 426,212 |   |
|                                    |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |   |   |   |   |
| Total                  Contractual      |   |   |   |     |   |     |   |     |    |     |   |     |   |           |    |      |   |   |   |   |   |
| Obligations                             |   |   |   |     | $      | 498,510  |   | $        | 502,443 |     | $      | 309,805  |   | $              | 311,346 |      | $      | 828,572 |   | $ | 1,853,610 |   | $ | 4,304,286 |   |

**(1)**

----

**Funds      from Operations**

|                                                                                                |   | **Three                  Months Ended** |                                                   |
|-----------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------------------------------------------------------|
|                                                                                                |   | **March                  31,**          |                                                   |
|                                                                                                |   | **2007**                                |                                                   | **2006** |   |
|                                                                                                |   |                                    |                                                   |   |   |
| Net                  income available to common shareholders                                        |   | $                                       | 46,657                                                 |   | $ | 52,084 |   |
| Depreciation                  and amortization                                                      |   |                                    | 31,979                                                 |   |   | 31,431 |   |
| Depreciation                  and amortization of unconsolidated joint ventures                     |   |                                    | 2,057                                                  |   |   | 1,018 |   |
| Gain                  on sale of properties                                                         |   |                                    | (14,945                                                | ) |   | (17,142 | ) |
| Gain                  on sale of properties of unconsolidated joint ventures                        |   |                                    |                          |   |   | (1,557 | ) |
| Funds                  from operations                                                              |   |                                    | 65,748                                                 |   |   | 65,834 |   |
| Funds                  from operations attributable to operating partnership                  units |   |                                    | 1,106                                                  |   |   | 1,399 |   |
|                                                                                                |   |                                    |                                                   |   |   |   |   |
| Funds                  from operations assuming conversion of OP units                              |   | $                                       | 66,854                                                 |   | $ | 67,233 |   |
|                                                                                                |   |                                    |                                                   |   |   |   |   |
| Weighted                  average shares outstanding - basic                                        |   |                                    | 86,005                                                 |   |   | 89,515 |   |
| Effect                  of dilutive securities:                                                     |   |                                    |                                                   |   |   |   |   |
| Share                  options and awards                                                           |   |                                    | 1,123                                                  |   |   | 850 |   |
| Operating                  partnership units                                                        |   |                                    | 2,681                                                  |   |   | 3,151 |   |
|                                                                                                |   |                                    |                                                   |   |   |   |   |
| Weighted                  average shares outstanding - diluted                                      |   |                                    | 89,809                                                 |   |   | 93,516 |   |

**Newly      Adopted Accounting Pronouncements**

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**ITEM      3.**
**Quantitative      and Qualitative Disclosures About Market Risk**

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**ITEM      4.**
**Controls      and Procedures**

**PART      II-OTHER INFORMATION**

**ITEM      1.**
**Legal      Proceedings**

**ITEM      1A.**
**Risk      Factors**

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

**ITEM      3.**
**Defaults      Upon Senior Securities**

**ITEM      4.**
**Submission      of Matters to a Vote of Shareholders**

**ITEM      5.**
**Other      Information**

**ITEM      6.**
**Exhibits**

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**SIGNATURES**

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

----

**EXHIBIT      INDEX**

|                        |                                |                                                                                                                                                                                                                                                                                                                                                              |   |
|-----------------------------|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (a)                         |                                | Exhibits:                                                                                                                                                                                                                                                                                                                                                         |   |
|                        |                                |                                                                                                                                                                                                                                                                                                                                                              |   |
| 3.1                         | —                        | Restated                Declaration of Trust (filed as Exhibit 3.1 to WRI's Registration                Statement                on Form 8-A dated January 19, 1999 and incorporated herein by                reference).                                                                                                                                         |
| 3.2                         | —                        | Amendment                of the Restated Declaration of Trust (filed as Exhibit 3.2 to WRI's                Registration Statement on Form 8-A dated January 19, 1999 and incorporated                herein by reference).                                                                                                                                       |
| 3.3                         | —                        | Second                Amendment of the Restated Declaration of Trust (filed as Exhibit                3.3 to                WRI's Registration Statement on Form 8-A dated January 19, 1999 and                incorporated herein by reference).                                                                                                                 |
| 3.4                         | —                        | Third                Amendment of the Restated Declaration of Trust (filed as Exhibit                3.4 to                WRI's Registration Statement on Form 8-A dated January 19, 1999 and                incorporated herein by reference).                                                                                                                  |
| 3.5                         | —                        | Fourth                Amendment of the Restated Declaration of Trust dated April 28, 1999                (filed                as Exhibit 3.5 to WRI's Annual Report on Form 10-K for the year ended                December 31, 2001 and incorporated herein by                reference).                                                                       |
| 3.6                         |                  —  | Fifth                Amendment of the Restated Declaration of Trust dated April 20, 2001                (filed                as Exhibit 3.6 to WRI's Annual Report on Form 10-K for the year ended                December 31, 2001 and incorporated herein by                reference).                                                                        |
| 3.7                         | —                        | Amended                and Restated Bylaws of WRI (filed as Exhibit 99.2 to WRI's Registration                Statement on Form 8-A dated February 23, 1998 and incorporated herein                by                reference).                                                                                                                                  |
| 4.1                         | —                        | Subordinated                Indenture dated as of May 1, 1995 between WRI and Chase Bank of Texas,                National Association (formerly, Texas Commerce Bank National Association)                (filed as Exhibit 4(a) to WRI's Registration Statement on Form S-3                (No.                33-57659) and incorporated herein by reference). |
| 4.2                         | —                        | Subordinated                Indenture dated as of May 1, 1995 between WRI and Chase Bank of Texas,                National Association (formerly, Texas Commerce Bank National Association)                (filed as Exhibit 4(b) to WRI's Registration Statement on Form S-3                (No.                33-57659) and incorporated herein by reference). |
| 4.3                         | —                        | Form                of Fixed Rate Senior Medium Term Note (filed as Exhibit 4.19 to WRI’s                Annual Report on Form 10-K for the year ended December 31, 1998 and                incorporated herein by reference).                                                                                                                              |
| 4.4                         |  —                  | Form                of Floating Rate Senior Medium Term Note (filed as Exhibit 4.20 to                WRI’s                Annual Report on Form 10-K for the year ended December 31, 1998 and                incorporated herein by reference).                                                                                                            |
| 4.5     | —                        | Form                of Fixed Rate Subordinated Medium Term Note (filed as Exhibit 4.21                to                WRI’s Annual Report on Form 10-K for the year ended December 31, 1998                and                incorporated herein by reference).                                                                                          |
| 4.6     | —                        | Form                of Floating Rate Subordinated Medium Term Note (filed as Exhibit                4.22 to                WRI’s Annual Report on Form 10-K for the year ended December 31, 1998                and                incorporated herein by reference).                                                                                       |
| 4.7     | —                        | Statement                of Designation of 6.75% Series D Cumulative Redeemable Preferred                Shares                (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated                April 17, 2003 and incorporated herein by reference).                                                                                 |
| 4.8     | —                        | Statement                of Designation of 6.95% Series E Cumulative Redeemable Preferred                Shares                (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated                July 8, 2004 and incorporated herein by reference).                                                                                   |
| 4.9     | —                        | Statement                of Designation of 6.50% Series F Cumulative Redeemable Preferred                Shares                (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated                January 29, 2007 and incorporated herein by reference).                                                                               |
| 4.10         | —                        | 6.75%                Series D Cumulative Redeemable Preferred Share Certificate (filed                as                Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated April 17,                2003 and incorporated herein by reference).                                                                                                  |
| 4.11              | —                        | 6.95%                Series E Cumulative Redeemable Preferred Share Certificate (filed                as                Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated July 8, 2004                and incorporated herein by                reference).                                                                                     |

----

| 4.12         | —                        | 6.50%                Series F Cumulative Redeemable Preferred Share Certificate (filed                as                Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated January 29,                2007 and incorporated herein by reference).                                                                                                                                                                                                                                       |
|--------------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.13         | —                        | Form                of Receipt for Depositary Shares, each representing 1/30 of a share                of                6.75% Series D Cumulative Redeemable Preferred Shares, par value                $.03 per                share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A                dated April 17, 2003 and incorporated herein by                reference).                                                                                                 |
| 4.14         | —                        | Form                of Receipt for Depositary Shares, each representing 1/100 of a share                of                6.95% Series E Cumulative Redeemable Preferred Shares, par value                $.03 per                share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A                dated July 8, 2004 and incorporated herein by                reference).                                                                                                  |
| 4.15         | —                        | Form                of Receipt for Depositary Shares, each representing 1/100 of a share                of                6.50% Series F Cumulative Redeemable Preferred Shares, par value                $.03 per                share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A                dated January 29, 2007 and incorporated herein by                reference).                                                                                              |
| 4.16         | —                        | Form                of 7% Notes due 2011 (filed as Exhibit 4.17 to WRI’s Annual Report on Form                10-K for the year ended December 31, 2001 and incorporated herein                by                reference).                                                                                                                                                                                                                                                                       |
| 4.17         | —                        | Form                of 3.95% Convertible Senior Notes due 2026 (filed as Exhibit 4.2                to WRI’s                Form 8-K on August 2, 2006 and incorporated herein by                reference).                                                                                                                                                                                                                                                                                       |
| 10.1†  | —                        | 1988                Share Option Plan of WRI, as amended (filed as Exhibit 10.1 to WRI’s                Annual Report on Form 10-K for the year ended December 31, 1990 and                incorporated herein by reference).                                                                                                                                                                                                                                                                      |
| 10.2†  | —                        | The                Savings and Investment Plan for Employees of Weingarten Realty Investors                dated December 17, 2003 (filed as Exhibit 10.34 on WRI’s Annual Report on                Form 10-K for the year ended December 31, 2005 and incorporated herein                by                reference).                                                                                                                                                                            |
| 10.3†  | —                        | The                Savings and Investment Plan for Employees of WRI, as amended (filed                as                Exhibit 4.1 to WRI’s Registration Statement on Form S-8 (No. 33-25581) and                incorporated herein by reference).                                                                                                                                                                                                                                               |
| 10.4†  | —                        | First                Amendment to the Savings and Investment Plan for Employees of Weingarten                Realty Investors dated August 1, 2005 (filed as Exhibit 10.25 on                WRI’s                Form 10-Q for the quarter ended September 30, 2005 and incorporated                herein                by reference).                                                                                                                                                          |
| 10.5†  |                  —  | The                Fifth Amendment to Savings and Investment Plan for Employees of WRI                (filed                as Exhibit 4.1.1 to WRI’s Post-Effective Amendment No. 1 to Registration                Statement on Form S-8 (No. 33-25581) and incorporated herein by                reference).                                                                                                                                                                                     |
| 10.6†  | —                        | Mandatory                Distribution Amendment for the Savings and Investment Plan for Employees                of Weingarten Realty Investors dated August 1, 2005 (filed as Exhibit                10.26 on WRI’s Form 10-Q for the quarter ended September 30, 2005 and                incorporated herein by reference).                                                                                                                                                                      |
| 10.7†  | —                        | The                1993 Incentive Share Plan of WRI (filed as Exhibit 4.1 to WRI’s                Registration Statement on Form S-8 (No. 33-52473) and incorporated                herein                by reference).                                                                                                                                                                                                                                                                           |
| 10.8†  | —                        | 1999                WRI Employee Share Purchase Plan (filed as Exhibit 10.6 to WRI’s Annual                Report on Form 10-K for the year ended December 31, 1999 and incorporated                herein by reference).                                                                                                                                                                                                                                                                          |
| 10.9†  | —                        | 2001                Long Term Incentive Plan (filed as Exhibit 10.7 to WRI’s Annual Report on                Form 10-K for the year ended December 31, 2001 and incorporated herein                by                reference).                                                                                                                                                                                                                                                                   |
| 10.10        | —                        | Master                Promissory Note in the amount of $20,000,000 between WRI, as payee,                and                Chase Bank of Texas, National Association (formerly, Texas Commerce                Bank                National Association), as maker, effective December 30, 1998 (filed                as                Exhibit 4.15 to WRI’s                Annual Report on Form 10-K for the year ended December 31, 1999 and                incorporated herein by reference). |
| 10.11† |  —                  | Weingarten                Realty Retirement Plan restated effective April 1, 2002 (filed as                Exhibit                10.29 on WRI’s Annual Report on Form 10-K for the year ended December 31,                2005 and incorporated herein by reference).                                                                                                                                                                                                                             |
| 10.12† | —                        | First                Amendment to the Weingarten Realty Retirement Plan, dated December                31,                2003 (filed as Exhibit 10.33 on WRI’s Annual Report on Form 10-K for the                year ended December 31, 2005 and incorporated herein by reference).                                                                                                                                                                                                              |
| 10.13† | —                        | First                Amendment to the Weingarten Realty Pension Plan, dated August 1,                2005                (filed as Exhibit 10.27 on WRI’s Form 10-Q for the quarter ended September                30, 2005 and incorporated herein by                reference).                                                                                                                                                                                                                  |

----

| 10.14† | —                        | Mandatory                Distribution Amendment for the Weingarten Realty Retirement Plan                dated                August 1, 2005 (filed as Exhibit 10.28 on WRI’s Form 10-Q for the quarter                ended September 30, 2005 and incorporated herein by                reference).                                                                                                                    |
|--------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.15† | —                        | Weingarten                Realty Investors Supplemental Executive Retirement Plan amended and                restated effective September 1, 2002 (filed as Exhibit 10.10 on WRI’s Form                10-Q for the quarter ended June 30, 2005 and incorporated herein                by                reference).                                                                                                     |
| 10.16† | —                        | First                Amendment to the Weingarten Realty Investors Supplemental Executive                Retirement Plan amended on November 3, 2003 (filed as Exhibit 10.11                on                WRI’s Form 10-Q for the quarter ended June 30, 2005 and incorporated                herein by reference).                                                                                                   |
| 10.17† | —                        | Second                Amendment to the Weingarten Realty Investors Supplemental Executive                Retirement Plan amended October 22, 2004 (filed as Exhibit 10.12                on WRI’s                Form 10-Q for the quarter ended June 30, 2005 and incorporated herein                by                reference).                                                                                      |
| 10.18† | —                        | Third                Amendment to the Weingarten Realty Investors Supplemental Executive                Retirement Plan amended October 22, 2004 (filed as Exhibit 10.13                on WRI’s                Form 10-Q for the quarter ended June 30, 2005 and incorporated herein                by                reference).                                                                                       |
| 10.19† | —                        | Weingarten                Realty Investors Retirement Benefit Restoration Plan adopted effective                September 1, 2002 (filed as Exhibit 10.14 on WRI’s Form 10-Q for the                quarter ended June 30, 2005 and incorporated herein by                reference).                                                                                                                                    |
| 10.20† | —                        | First                Amendment to the Weingarten Realty Investors Retirement Benefit                Restoration Plan amended on November 3, 2003 (filed as Exhibit 10.15                on                WRI’s Form 10-Q for the quarter ended June 30, 2005 and incorporated                herein by reference).                                                                                                      |
| 10.21† | —                        | Second                Amendment to the Weingarten Realty Investors Retirement Benefit                Restoration Plan amended October 22, 2004 (filed as Exhibit 10.16                on WRI’s                Form 10-Q for the quarter ended June 30, 2005 and incorporated herein                by                reference).                                                                                         |
| 10.22† | —                        | Third                Amendment to the Weingarten Realty Pension Plan dated December 23,                2005                (filed as Exhibit 10.30 on WRI’s Annual Report on Form 10-K for the year                ended December 31, 2005 and incorporated herein by                reference).                                                                                                                         |
| 10.23† | —                        | Weingarten                Realty Investors Deferred Compensation Plan amended and restated                as a                separate and independent plan effective September 1, 2002 (filed                as                Exhibit 10.17 on WRI’s Form 10-Q for the quarter ended June 30, 2005 and                incorporated herein by reference).                                                               |
| 10.24† | —                        | Supplement                to the Weingarten Realty Investors Deferred Compensation Plan amended                on                April 25, 2003 (filed as Exhibit 10.18 on WRI’s Form 10-Q for the quarter                ended June 30, 2005 and incorporated herein by                reference).                                                                                                                      |
| 10.25† | —                        | First                Amendment to the Weingarten Realty Investors Deferred Compensation                Plan                amended on November 3, 2003 (filed as Exhibit 10.19 on WRI’s Form 10-Q for                the quarter ended June 30, 2005 and incorporated herein by                reference).                                                                                                               |
| 10.26† | —                        | Second                Amendment to the Weingarten Realty Investors Deferred Compensation                Plan,                as amended, dated October 13, 2005 (filed as Exhibit 10.29 on WRI’s Form                10-Q for the quarter ended September 30, 2005 and incorporated herein                by                reference).                                                                                  |
| 10.27† | —                        | Trust                Under the Weingarten Realty Investors Deferred Compensation Plan                amended                and restated effective October 21, 2003 (filed as Exhibit 10.21 on                WRI’s                Form 10-Q for the quarter ended June 30, 2005 and incorporated herein                by                reference).                                                                    |
| 10.28† | —                        | Fourth                Amendment to the Weingarten Realty Investors Deferred Compensation                Plan,                dated December 23, 2005 (filed as Exhibit 10.31 on WRI’s Annual Report on                Form 10-K for the year ended December 31, 2005 and incorporated herein                by                reference).                                                                                |
| 10.29† | —                        | Trust                Under the Weingarten Realty Investors Retirement Benefit Restoration                Plan                amended and restated effective October 21, 2003 (filed as Exhibit                10.22 on                WRI’s Form 10-Q for the quarter ended June 30, 2005 and incorporated                herein by reference).                                                                          |
| 10.30† |                  —  | Trust                Under the Weingarten Realty Investors Supplemental Executive Retirement                Plan amended and restated effective October 21, 2003 (filed as Exhibit                10.23 on WRI’s Form 10-Q for the quarter ended June 30, 2005 and                incorporated herein by reference).                                                                                                     |
| 10.31† | —                        | First                Amendment to the Trust Under the Weingarten Realty Investors Deferred                Compensation Plan, Supplemental Executive Retirement Plan, and Retirement                Benefit Restoration Plan amended on March 16, 2004 (filed as Exhibit                10.24                on WRI’s Form 10-Q for the quarter ended June 30, 2005 and incorporated                herein by reference). |

----

| 10.32†     | —        | Third                Amendment to the Weingarten Realty Investors Deferred Compensation                Plan                dated August 1, 2005 (filed as Exhibit 10.30 on WRI’s Form 10-Q for the                quarter ended September 30, 2005 and incorporated herein by                reference).                                                                                   |
|------------------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.33            | —        | Amended                and Restated Credit Agreement dated February 22, 2006 among Weingarten                Realty Investors, the Lenders Party Hereto and JPMorgan Chase Bank,                N.A.,                as Administrative Agent (filed as Exhibit 10.32 on WRI’s Form 10-K for the                year ended December 31, 2005 and incorporated by                reference). |
| 10.34†     |  —  | Fifth                Amendment to the Weingarten Realty Investors Deferred Compensation                Plan                (filed as Exhibit 10.34 to WRI’s Form 10-Q for quarter ended June 30, 2006                and incorporated herein by reference).                                                                                                                                |
| 10.35†     | —        | Restatement                of the Weingarten Realty Investors Supplemental Executive Retirement                Plan                dated August 4, 2006                (filed as Exhibit 10.35 to WRI’s Form 10-Q for the quarter ended September                30, 2006 and incorporated herein by reference).                                                                           |
| 10.36†     | —        | Restatement                of the Weingarten Realty Investors Deferred Compensation Plan dated                August                4, 2006                (filed as Exhibit 10.36 to WRI’s Form 10-Q for the quarter ended September                30, 2006 and incorporated herein by reference).                                                                                       |
| 10.37†     | —        | Restatement                of the Weingarten Realty Investors Retirement Benefit Restoration                Plan                dated August 4, 2006                (filed as Exhibit 10.37 to WRI’s Form 10-Q for the quarter ended September                30, 2006 and incorporated herein by reference).                                                                              |
| 10.38†     | —        | Amendment                No. 1 to the Weingarten Realty Investors Supplemental Executive Retirement                Plan dated December 15, 2006 (filed as Exhibit 10.38 on WRI’s Form 10-K                for the year ended December 31, 2006 and incorporated by                reference).                                                                                              |
| 10.39†     | —        | Amendment                No. 1 to the Weingarten Realty Investors Retirement Benefit Restoration                Plan dated December 15, 2006 (filed as Exhibit 10.39 on WRI’s Form 10-K                for the year ended December 31, 2006 and incorporated by                reference).                                                                                                 |
| 10.40†     | —        | Amendment                No. 1 to the Weingarten Realty Investors Deferred Compensation Plan                dated                December 15, 2006 (filed as Exhibit 10.40 on WRI’s Form 10-K for the year                ended December 31, 2006 and incorporated by reference).                                                                                                          |
| 10.41†     | —        | Final                401(k)/401(m) Regulations Amendment dated December 15, 2006 (filed                as                Exhibit 10.41 on WRI’s Form 10-K for the year ended December 31, 2006 and                incorporated by reference).                                                                                                                                              |
| 12.1*            | —        | Computation                of Fixed Charges Ratios.                                                                                                                                                                                                                                                                                                                                              |
| 14.1   | —        | Code                of Ethical Conduct for Senior Financial Officers - Andrew M. Alexander                (filed as Exhibit 14.1 to WRI’s Annual Report on Form 10-K for the year                ended December 31, 2003 and incorporated herein by                reference).                                                                                                             |
| 14.2   | —        | Code                of Ethical Conduct for Senior Financial Officers - Stephen C. Richter                (filed as Exhibit 14.2 to WRI’s Annual Report on Form 10-K for the year                ended December 31, 2003 and incorporated herein by                reference).                                                                                                              |
| 14.3   | —        | Code                of Ethical Conduct for Senior Financial Officers - Joe D. Shafer                (filed as                Exhibit 14.3 to WRI’s Annual Report on Form 10-K for the year ended                December 31, 2003 and incorporated herein by                reference).                                                                                                    |
| 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).                                                                                                                                                                                          |

| * | Filed                with this report. |
|---|----------------------------------------|

| ** | Furnished                with this report. |
|----|--------------------------------------------|

| † | Management                contract or compensation plan or                arrangement. |
|---------|----------------------------------------------------------------------------------------|

----