----

----

**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 September 30, 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, including area                code)**           |

----

| **(Former                name, former address and former fiscal year, if changed since last                report)** |
|----------------------------------------------------------------------------------------------------------------------|

----

| **PART                I-FINANCIAL INFORMATION**                                                               |   |
|---------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| **ITEM                1.  Financial Statements**                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| **WEINGARTEN                REALTY INVESTORS**                                                                |   |
| **CONDENSED                CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE                INCOME**        |   |
| **(Unaudited)**                                                                                               |   |
| **(In                thousands, except per share amounts)**                                                   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|                                                                                                          |   | **September                30,** |   |   | **September                30,** |   |
|                                                                                                          |   | **2007** |   |   | **2006** |   |   | **2007** |   |   | **2006** |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   Rentals                                                                                           |   | $ | 152,045 |   |   | $ | 137,749 |   |   | $ | 436,353 |   |   | $ | 394,277 |   |
|   Other                                                                                             |   |   | 4,565 |   |   |   | 1,294 |   |   |   | 9,766 |   |   |   | 4,719 |   |
|       Total                                                                     |   |   | 156,610 |   |   |   | 139,043 |   |   |   | 446,119 |   |   |   | 398,996 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Depreciation                and amortization                                                      |   |   | 33,882 |   |   |   | 30,886 |   |   |   | 98,042 |   |   |   | 89,834 |   |
|   Operating                                                                                         |   |   | 28,156 |   |   |   | 23,000 |   |   |   | 76,534 |   |   |   | 61,636 |   |
|   Ad                valorem taxes                                                                   |   |   | 20,163 |   |   |   | 18,857 |   |   |   | 53,195 |   |   |   | 49,319 |   |
|   General                and administrative                                                         |   |   | 6,537 |   |   |   | 5,497 |   |   |   | 19,650 |   |   |   | 16,500 |   |
|       Total                                                                     |   |   | 88,738 |   |   |   | 78,240 |   |   |   | 247,421 |   |   |   | 217,289 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                Income                                                                               |   |   | 67,872 |   |   |   | 60,803 |   |   |   | 198,698 |   |   |   | 181,707 |   |
| Interest                Expense                                                                               |   |   | (38,536 | ) |   |   | (37,384 | ) |   |   | (110,384 | ) |   |   | (105,920 | ) |
| Interest                and Other Income                                                                      |   |   | 2,082 |   |   |   | 2,787 |   |   |   | 6,838 |   |   |   | 4,818 |   |
| Equity                  in Earnings of Real Estate Joint Ventures and Partnerships,                  net |   |   | 4,893 |   |   |   | 2,253 |   |   |   | 12,513 |   |   |   | 10,866 |   |
| Income                Allocated to Minority Interests                                                         |   |   | (3,003 | ) |   |   | (1,676 | ) |   |   | (7,678 | ) |   |   | (4,977 | ) |
| Gain                on Sale of Properties                                                                     |   |   | 986 |   |   |   | 26,871 |   |   |   | 3,010 |   |   |   | 26,974 |   |
| Gain                on Land and Merchant Development Sales                                                    |   |   | 4,199 |   |   |   | 4,504 |   |   |   | 8,150 |   |   |   | 6,180 |   |
| Provision                for Income Taxes                                                                     |   |   | (930 | ) |   |   | (1,253 | ) |   |   | (1,933 | ) |   |   | (1,401 | ) |
|       Income                from Continuing Operations                          |   |   | 37,563 |   |   |   | 56,905 |   |   |   | 109,214 |   |   |   | 118,247 |   |
| Operating                Income from Discontinued Operations                                                  |   |   | 416 |   |   |   | 3,456 |   |   |   | 2,527 |   |   |   | 13,796 |   |
| Gain                on Sale of Properties from Discontinued Operations                                        |   |   | 6,284 |   |   |   | 45,388 |   |   |   | 59,684 |   |   |   | 118,581 |   |
|       Income                from Discontinued Operations                        |   |   | 6,700 |   |   |   | 48,844 |   |   |   | 62,211 |   |   |   | 132,377 |   |
| Net                Income                                                                                     |   |   | 44,263 |   |   |   | 105,749 |   |   |   | 171,425 |   |   |   | 250,624 |   |
| Dividends                on Preferred Shares                                                                  |   |   | (5,982 | ) |   |   | (2,526 | ) |   |   | (16,485 | ) |   |   | (7,576 | ) |
| Net                Income Available to Common Shareholders                                                    |   | $ | 38,281 |   |   | $ | 103,223 |   |   | $ | 154,940 |   |   | $ | 243,048 |   |
| Net                Income Per Common Share - Basic:                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income                from Continuing Operations                                                  |   | $ | 0.37 |   |   | $ | 0.63 |   |   | $ | 1.08 |   |   | $ | 1.25 |   |
|   Income                from Discontinued Operations                                                |   |   | 0.08 |   |   |   | 0.56 |   |   |   | 0.72 |   |   |   | 1.50 |   |
|   Net                Income                                                                         |   | $ | 0.45 |   |   | $ | 1.19 |   |   | $ | 1.80 |   |   | $ | 2.75 |   |
| Net                Income Per Common Share - Diluted:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income                from Continuing Operations                                                  |   | $ | 0.37 |   |   | $ | 0.61 |   |   | $ | 1.07 |   |   | $ | 1.24 |   |
|   Income                from Discontinued Operations                                                |   |   | 0.07 |   |   |   | 0.54 |   |   |   | 0.70 |   |   |   | 1.43 |   |
|   Net                Income                                                                         |   | $ | 0.44 |   |   | $ | 1.15 |   |   | $ | 1.77 |   |   | $ | 2.67 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Income                                                                                     |   | $ | 44,263 |   |   | $ | 105,749 |   |   | $ | 171,425 |   |   | $ | 250,624 |   |
| Other                Comprehensive Income:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Unrealized                gain (loss) on derivatives                                              |   |   | (4,243 | ) |   |   | (8,384 | ) |   |   | 254 |   |   |   | (1,913 | ) |
|   Amortization                of loss on derivatives                                                |   |   | 219 |   |   |   | 85 |   |   |   | 658 |   |   |   | 257 |   |
| Other                Comprehensive Income (Loss)                                                              |   |   | (4,024 | ) |   |   | (8,299 | ) |   |   | 912 |   |   |   | (1,656 | ) |
| Comprehensive                Income                                                                           |   | $ | 40,239 |   |   | $ | 97,450 |   |   | $ | 172,337 |   |   | $ | 248,968 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                Notes to Condensed Consolidated Financial Statements.                                      |   |

----

| **WEINGARTEN                  REALTY INVESTORS**                                                                                                     |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CONDENSED                  CONSOLIDATED BALANCE SHEETS**                                                                                           |   |
| **(Unaudited)**                                                                                                                                      |   |
| **(In                  thousands, except per share amounts)**                                                                                        |   |
|                                                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                                                 |   | **September                  30,** |   |   | **December                  31,** |   |
|                                                                                                                                                 |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                 |   |   |   |   |   |   |
| ASSETS                                                                                                                                               |   |   |   |   |   |   |
| Property                                                                                                                                             |   | $ | 4,852,683 |   |   | $ | 4,445,888 |   |
| Accumulated                  Depreciation                                                                                                            |   |   | (750,676 | ) |   |   | (707,005 | ) |
| Property                  Held for Sale, net                                                                                                         |   |   | 6,012 |   |   |   |   |   |
| Property,                  net                                                                                                                       |   |   | 4,108,019 |   |   |   | 3,738,883 |   |
| Investment                  in Real Estate Joint Ventures and Partnerships                                                                           |   |   | 297,397 |   |   |   | 203,839 |   |
| Total                                                                                                                                                |   |   | 4,405,416 |   |   |   | 3,942,722 |   |
| Notes                  Receivable from Real Estate Joint Ventures and                  Partnerships                                                  |   |   | 61,537 |   |   |   | 3,971 |   |
| Unamortized                  Debt and Lease Cost                                                                                                     |   |   | 115,208 |   |   |   | 112,873 |   |
| Accrued                  Rent and Accounts Receivable (net of allowance for doubtful accounts                  of $7,868 in 2007 and $5,995 in 2006) |   |   | 77,811 |   |   |   | 78,893 |   |
| Cash                  and Cash Equivalents                                                                                                           |   |   | 59,815 |   |   |   | 71,003 |   |
| Restricted                  Deposits and Mortgage Escrows                                                                                            |   |   | 28,991 |   |   |   | 94,466 |   |
| Other                                                                                                                                                |   |   | 135,644 |   |   |   | 71,612 |   |
| Total                                                                                                                                                |   | $ | 4,884,422 |   |   | $ | 4,375,540 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY                                                                                                |   |   |   |   |   |   |   |   |
| Debt                                                                                                                                                 |   | $ | 3,055,545 |   |   | $ | 2,942,692 |   |
| Accounts                  Payable and Accrued Expenses                                                                                               |   |   | 139,496 |   |   |   | 132,821 |   |
| Other                                                                                                                                                |   |   | 85,906 |   |   |   | 86,566 |   |
| Total                                                                                                                                                |   |   | 3,280,947 |   |   |   | 3,162,079 |   |
| Minority                  Interest                                                                                                                   |   |   | 96,710 |   |   |   | 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 |   |   |   |   |   |
| Variable-rate                  Series G 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:                                                                          |   |   |   |   |   |   |   |   |
| 85,063                  in 2007 and 85,765 in 2006                                                                                                   |   |   | 2,563 |   |   |   | 2,582 |   |
| Accumulated                  Additional Paid-In Capital                                                                                              |   |   | 1,489,303 |   |   |   | 1,136,481 |   |
| Net                  Income in Excess of (Less Than) Accumulated Dividends                                                                           |   |   | 26,479 |   |   |   | (786 | ) |
| Accumulated                  Other Comprehensive Loss                                                                                                |   |   | (11,588 | ) |   |   | (12,500 | ) |
| Shareholders'                  Equity                                                                                                                |   |   | 1,506,765 |   |   |   | 1,125,781 |   |
| Total                                                                                                                                                |   | $ | 4,884,422 |   |   | $ | 4,375,540 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| See                  Notes to Condensed Consolidated Financial Statements.                                                                           |   |

----

| **WEINGARTEN                  REALTY INVESTORS**                                                                                      |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|
| **STATEMENTS                  OF CONDENSED CONSOLIDATED CASH FLOWS**                                                                  |   |
| **(Unaudited)**                                                                                                                       |   |
| **(In                  thousands)**                                                                                                   |   |
|                                                                                                                                  |   |   |   |   |   |   |
|                                                                                                                                  |   | **Nine                  Months Ended** |   |
|                                                                                                                                  |   | **September                  30,** |   |
|                                                                                                                                  |   | **2007** |   |   | **2006** |   |
| Cash                  Flows from Operating Activities:                                                                                |   |   |   |   |   |   |
| Net                  Income                                                                                                           |   | $ | 171,425 |   |   | $ | 250,624 |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities:                   |   |   |   |   |   |   |   |   |
| Depreciation                  and amortization                                                                                        |   |   | 100,703 |   |   |   | 98,337 |   |
| Equity                  in earnings of real estate joint ventures and partnerships,                  net                              |   |   | (12,513 | ) |   |   | (10,866 | ) |
| Income                  allocated to minority interests                                                                               |   |   | 7,678 |   |   |   | 4,977 |   |
| Gain                  on land and merchant development sales                                                                          |   |   | (8,150 | ) |   |   | (6,180 | ) |
| Gain                  on sales of properties                                                                                          |   |   | (62,694 | ) |   |   | (145,554 | ) |
| Distributions                  of income from unconsolidated entities                                                                 |   |   | 2,160 |   |   |   | 1,808 |   |
| Changes                  in accrued rent and accounts receivable                                                                      |   |   | (5,336 | ) |   |   | (29,762 | ) |
| Changes                  in other assets                                                                                              |   |   | (24,701 | ) |   |   | (29,121 | ) |
| Changes                  in accounts payable and accrued expenses                                                                     |   |   | (22,199 | ) |   |   | 1,985 |   |
| Other,                  net                                                                                                           |   |   | 590 |   |   |   | 1,403 |   |
| Net                  cash provided by operating activities                                                                            |   |   | 146,963 |   |   |   | 137,651 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Cash                  Flows from Investing Activities:                                                                                |   |   |   |   |   |   |   |   |
| Investment                  in properties                                                                                             |   |   | (634,443 | ) |   |   | (575,035 | ) |
| Proceeds                  from sales and disposition of property, net                                                                 |   |   | 251,417 |   |   |   | 356,053 |   |
| Change                  in restricted deposits and mortgage escrows                                                                   |   |   | 66,086 |   |   |   | (85,984 | ) |
| Mortgage                  bonds and notes receivable:                                                                                 |   |   |   |   |   |   |   |   |
| Advances                                                                                                                              |   |   | (118,163 | ) |   |   | (33,135 | ) |
| Collections                                                                                                                           |   |   | 74,569 |   |   |   | 47,265 |   |
| Real                  estate joint ventures and partnerships:                                                                         |   |   |   |   |   |   |   |   |
| Investments                                                                                                                           |   |   | (72,981 | ) |   |   | (9,165 | ) |
| Distributions                  of capital                                                                                             |   |   | 15,976 |   |   |   | 11,094 |   |
| Net                  cash used in investing activities                                                                                |   |   | (417,539 | ) |   |   | (288,907 | ) |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Cash                  Flows from Financing Activities:                                                                                |   |   |   |   |   |   |   |   |
| Proceeds                  from issuance of:                                                                                           |   |   |   |   |   |   |   |   |
|                       Debt                                                                                        |   |   | 150,092 |   |   |   | 700,782 |   |
| Common                  shares of beneficial interest                                                                                 |   |   | 2,853 |   |   |   | 2,244 |   |
| Preferred                  shares of beneficial interest, net                                                                         |   |   | 387,678 |   |   |   |   |   |
| Purchase                  of marketable securities in connection with the legal defeasance                  of mortgage notes payable |   |   | (21,509 | ) |   |   |   |   |
| Repurchase                  of common shares of beneficial interest, net                                                              |   |   | (53,359 | ) |   |   | (167,573 | ) |
| Principal                  payments of debt                                                                                           |   |   | (62,384 | ) |   |   | (96,414 | ) |
| Common                  and preferred dividends paid                                                                                  |   |   | (144,160 | ) |   |   | (130,677 | ) |
| Debt                  issuance cost paid                                                                                              |   |   | (839 | ) |   |   | (13,535 | ) |
| Other,                  net                                                                                                           |   |   | 1,016 |   |   |   | 775 |   |
| Net                  cash provided by financing activities                                                                            |   |   | 259,388 |   |   |   | 295,602 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Net                  (decrease) increase in cash and cash equivalents                                                                 |   |   | (11,188 | ) |   |   | 144,346 |   |
| Cash                  and cash equivalents at January 1                                                                               |   |   | 71,003 |   |   |   | 42,690 |   |
| Cash                  and cash equivalents at September 30                                                                            |   | $ | 59,815 |   |   | $ | 187,036 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| See                  Notes to Condensed Consolidated Financial Statements.                                                            |   |

----

**WEINGARTEN      REALTY INVESTORS**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note      1.          Interim Financial      Statements**

*Business*

*Basis      of Presentation*

*Restricted      Deposits and Mortgage Escrows*

----

*Per      Share Data*

|                                                                       |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|----------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                       |   | **September                30,**      |   |   | **September                30,**     |   |
|                                                                       |   | **2007**                              |   |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Numerator:                                                                 |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Net                income available to common shareholders – basic   |   | $                                     | 38,281 |   |                                 | $      | 103,223 |   |   | $ | 154,940 |   |   | $ | 243,048 |   |
| Income                attributable to operating partnership units          |   |                                  |   |   |                                 |   | 1,355 |   |   |   | 3,311 |   |   |   | 4,123 |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Net                income available to common shareholders – diluted |   | $                                     | 38,281 |   |                                 | $      | 104,578 |   |   | $ | 158,251 |   |   | $ | 247,171 |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                               |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average shares outstanding – basic           |   |                                  | 85,470 |   |                                 |   | 86,567 |   |   |   | 85,914 |   |   |   | 88,476 |   |
| Effect                of dilutive securities:                              |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Share                options and awards                                    |   |                                  | 994    |   |                                 |   | 905 |   |   |   | 1,193 |   |   |   | 902 |   |
| Operating                partnership units                                 |   |                                  |   |   |                                 |   | 3,138 |   |   |   | 2,303 |   |   |   | 3,150 |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average shares outstanding – diluted         |   |                                  | 86,464 |   |                                 |   | 90,610 |   |   |   | 89,410 |   |   |   | 92,528 |   |

*Cash      Flow Information*

|                                            |   | **Nine                Months Ended** |   |
|-------------------------------------------------|--------|-------------------------------------------|--------|
|                                            |   | **September                30,**          |   |
|                                            |   | **2007**                                  |   |   | **2006** |   |
|                                            |   |                                      |   |   |   |   |
| Debt                                            |   | $                                         | 63,957 |   |   | $ | 76,199 |   |
| Obligations                Under Capital Leases |   |                                      | 12,888 |   |   |   |   |   |
| Minority                Interest                |   |                                      | 27,932 |   |   |   | 15,816 |   |
| Net                Assets and Liabilities       |   |                                      | 13,175 |   |   |   | 22,474 |   |

----

*Reclassifications*

**Note      2.          Newly Adopted      Accounting Pronouncements**

----

**Note      3.          Derivatives and      Hedging**

----

**Note      4.         Debt**

|                                                                     |   | **September                30,** |      |   | **December                31,** |   |
|--------------------------------------------------------------------------|--------|----------------------------------|-----------|--------|---------------------------------|--------|
|                                                                     |   | **2007**                         |      |   | **2006**                        |   |
|                                                                     |   |                             |      |   |                            |   |
| Debt                payable to 2030 at 4.5% to 8.8%                      |   | $                                | 2,873,685 |   |                            | $      | 2,890,545 |   |
| Unsecured                notes payable under revolving credit agreements |   |                             | 135,000   |   |                            |   | 18,000 |   |
| Obligations                under capital leases                          |   |                             | 42,613    |   |                            |   | 29,725 |   |
| Industrial                revenue bonds payable to 2015 at 3.9% to 5.8%  |   |                             | 4,247     |   |                            |   | 4,422 |   |
|                                                                     |   |                             |      |   |                            |   |   |   |
| Total                                                                    |   | $                                | 3,055,545 |   |                            | $      | 2,942,692 |   |

|                                                                                                  |   | **September                  30,** |      |   | **December                  31,** |   |
|-------------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|--------|-----------------------------------|--------|
|                                                                                                  |   | **2007**                           |      |   | **2006**                          |   |
|                                                                                                  |   |                               |      |   |                              |   |
| As                  to interest rate (including the effects of interest rate                  swaps): |   |                               |      |   |                              |   |
| Fixed-rate                  debt                                                                      |   | $                                  | 2,838,414 |   |                              | $      | 2,827,293 |   |
| Variable-rate                  debt                                                                   |   |                               | 217,131   |   |                              |   | 115,399 |   |
|                                                                                                  |   |                               |      |   |                              |   |   |   |
| Total                                                                                                 |   | $                                  | 3,055,545 |   |                              | $      | 2,942,692 |   |
|                                                                                                  |   |                               |      |   |                              |   |   |   |
| As                  to collateralization:                                                             |   |                               |      |   |                              |   |   |   |
| Unsecured                  debt                                                                       |   | $                                  | 1,992,739 |   |                              | $      | 1,910,216 |   |
| Secured                  debt                                                                         |   |                               | 1,062,806 |   |                              |   | 1,032,476 |   |
|                                                                                                  |   |                               |      |   |                              |   |   |   |
| Total                                                                                                 |   | $                                  | 3,055,545 |   |                              | $      | 2,942,692 |   |

----

| 2007       |   | $      | 26,853  |   |
|------------|--------|--------|---------|--------|
| 2008       |   |   | 252,682 |   |
| 2009       |   |   | 113,642 |   |
| 2010       |   |   | 119,330 |   |
| 2011       |   |   | 890,475 |   |
| 2012       |   |   | 333,285 |   |
| 2013       |   |   | 283,581 |   |
| 2014       |   |   | 338,553 |   |
| 2015       |   |   | 205,531 |   |
| Thereafter |   |   | 291,283 |   |

----

**Note      5.          Preferred      Shares**

**Note      6.          Common      Shares**

----

**Note      7.         Property**

|                                      |   | **September                30,** |      |   | **December                31,** |   |
|-------------------------------------------|--------|----------------------------------|-----------|--------|---------------------------------|--------|
|                                      |   | **2007**                         |      |   | **2006**                        |   |
|                                      |   |                             |      |   |                            |   |
| Land                                      |   | $                                | 956,388   |   |                            | $      | 847,295 |   |
| Land                held for development  |   |                             | 19,163    |   |                            |   | 21,405 |   |
| Land                under development     |   |                             | 260,992   |   |                            |   | 146,990 |   |
| Buildings                and improvements |   |                             | 3,475,344 |   |                            |   | 3,339,074 |   |
| Construction                in-progress   |   |                             | 140,796   |   |                            |   | 91,124 |   |
|                                      |   |                             |      |   |                            |   |   |   |
| Total                                     |   | $                                | 4,852,683 |   |                            | $      | 4,445,888 |   |

|                            |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|---------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                            |   | **September                30,**      |   |   | **September                30,**     |   |
|                            |   | **2007**                              |   |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
|                            |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Interest                        |   | $                                     | 6,665  |   |                                 | $      | 2,119 |   |   | $ | 19,156 |   |   | $ | 4,274 |   |
| Ad                valorem taxes |   |                                  | 638    |   |                                 |   | 465 |   |   |   | 1,578 |   |   |   | 511 |   |
|                            |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Total                           |   | $                                     | 7,303  |   |                                 | $      | 2,584 |   |   | $ | 20,734 |   |   | $ | 4,785 |   |

----

**Note      8.          Discontinued      Operations**

**Note      9.          Related      Parties**

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

----

|                                                          |   | **September                30,** |      |   | **December                31,** |   |
|---------------------------------------------------------------|--------|----------------------------------|-----------|--------|---------------------------------|--------|
|                                                          |   | **2007**                         |      |   | **2006**                        |   |
| Combined                Condensed Balance Sheets              |   |                             |      |   |                            |   |
|                                                          |   |                             |      |   |                            |   |
| Property                                                      |   | $                                | 1,650,600 |   |                            | $      | 1,123,600 |   |
| Accumulated                depreciation                       |   |                             | (70,692   | )      |                            |   | (41,305 | ) |
| Property,                net                                  |   |                             | 1,579,908 |   |                            |   | 1,082,295 |   |
|                                                          |   |                             |      |   |                            |   |   |   |
| Other                assets                                   |   |                             | 198,488   |   |                            |   | 118,642 |   |
|                                                          |   |                             |      |   |                            |   |   |   |
| Total                                                         |   | $                                | 1,778,396 |   |                            | $      | 1,200,937 |   |
|                                                          |   |                             |      |   |                            |   |   |   |
| Debt                                                          |   | $                                | 430,513   |   |                            | $      | 328,508 |   |
| Amounts                payable to Weingarten Realty Investors |   |                             | 65,119    |   |                            |   | 22,657 |   |
| Other                liabilities                              |   |                             | 121,219   |   |                            |   | 39,154 |   |
| Accumulated                equity                             |   |                             | 1,161,545 |   |                            |   | 810,618 |   |
|                                                          |   |                             |      |   |                            |   |   |   |
| Total                                                         |   | $                                | 1,778,396 |   |                            | $      | 1,200,937 |   |

|                                                       |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                                       |   | **September                30,**      |   |   | **September                30,**     |   |
|                                                       |   | **2007**                              |   |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
| Combined                Condensed Statements of Income     |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
|                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Revenues                                                   |   | $                                     | 39,561 |   |                                 | $      | 15,721 |   |   | $ | 106,047 |   |   | $ | 41,236 |   |
|                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                  |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                and amortization               |   |                                  | 9,760  |   |                                 |   | 3,556 |   |   |   | 25,296 |   |   |   | 9,527 |   |
| Interest                                                   |   |                                  | 7,014  |   |                                 |   | 4,617 |   |   |   | 17,500 |   |   |   | 12,076 |   |
| Operating                                                  |   |                                  | 5,786  |   |                                 |   | 1,900 |   |   |   | 15,574 |   |   |   | 5,193 |   |
| Ad                valorem taxes                            |   |                                  | 3,955  |   |                                 |   | 1,840 |   |   |   | 12,288 |   |   |   | 4,426 |   |
| General                and administrative                  |   |                                  | 276    |   |                                 |   | 156 |   |   |   | 621 |   |   |   | 415 |   |
|                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                      |   |                                  | 26,791 |   |                                 |   | 12,069 |   |   |   | 71,279 |   |   |   | 31,637 |   |
|                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Gain                on land and merchant development sales |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   | 555 |   |
| Gain                (loss) on sale of properties           |   |                                  | (5     | )      |                                 |   | 1 |   |   |   | (5 | ) |   |   | 5,993 |   |
|                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Net                Income                                  |   | $                                     | 12,765 |   |                                 | $      | 3,653 |   |   | $ | 34,763 |   |   | $ | 16,147 |   |

----

**Note      11.         Income Tax      Considerations**

----

** **

**Note      12.         Commitments and      Contingencies**

----

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

|                                                                                                     |   | **September                30,** |    |   | **December                31,** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|--------|---------------------------------|--------|
|                                                                                                     |   | **2007**                         |    |   | **2006**                        |   |
|                                                                                                     |   |                             |    |   |                            |   |
| Identified                Intangible Assets:                                                             |   |                             |    |   |                            |   |
| Above-Market                Leases (included in Other Assets)                                            |   | $                                | 18,544  |   |                            | $      | 14,686 |   |
| Above-Market                Leases – Accumulated Amortization                                      |   |                             | (6,749  | )      |                            |   | (5,277 | ) |
| Above-Market                Assumed Mortgages (included in Other Assets)                                 |   |                             | 2,072   |   |                            |   | 1,653 |   |
| Above-Market                Assumed Mortgages – Accumulated Amortization                           |   |                             | (176    | )      |                            |   |   |   |
| Valuation                of In Place Leases (included in Unamortized Debt and Lease                Cost) |   |                             | 59,589  |   |                            |   | 52,878 |   |
| Valuation                of In Place Leases – Accumulated Amortization                             |   |                             | (20,632 | )      |                            |   | (16,297 | ) |
|                                                                                                     |   |                             |    |   |                            |   |   |   |
|                                                                                                     |   | $                                | 52,648  |   |                            | $      | 47,643 |   |
|                                                                                                     |   |                             |    |   |                            |   |   |   |
| Identified                Intangible Liabilities:                                                        |   |                             |    |   |                            |   |   |   |
| Below-Market                Leases (included in Other Liabilities)                                       |   | $                                | 38,497  |   |                            | $      | 24,602 |   |
| Below-Market                Leases – Accumulated Amortization                                      |   |                             | (10,425 | )      |                            |   | (6,569 | ) |
| Below-Market                Assumed Mortgages (included in Debt)                                         |   |                             | 58,963  |   |                            |   | 59,863 |   |
| Below-Market                Assumed Mortgages – Accumulated Amortization                           |   |                             | (23,040 | )      |                            |   | (18,123 | ) |
|                                                                                                     |   |                             |    |   |                            |   |   |   |
|                                                                                                     |   | $                                | 63,995  |   |                            | $      | 59,773 |   |

| 2008 |   | $      | 3,322 |   |
|------|--------|--------|-------|--------|
| 2009 |   |   | 2,713 |   |
| 2010 |   |   | 1,899 |   |
| 2011 |   |   | 1,328 |   |
| 2012 |   |   | 1,061 |   |

| 2008 |   | $      | 7,123 |   |
|------|--------|--------|-------|--------|
| 2009 |   |   | 6,191 |   |
| 2010 |   |   | 5,170 |   |
| 2011 |   |   | 3,990 |   |
| 2012 |   |   | 3,197 |   |

----

| 2008 |   | $      | 5,858 |   |
|------|--------|--------|-------|--------|
| 2009 |   |   | 4,518 |   |
| 2010 |   |   | 3,866 |   |
| 2011 |   |   | 2,569 |   |
| 2012 |   |   | 1,397 |   |

**Note      14.         Share Options and      Awards**

----

|                                    |   | **Nine                Months Ended**    |   |
|-----------------------------------------|--------|--------------------------------------------------------|--------|
|                                    |   | **September                30,**        |   |
|                                    |   | **2007**                                               |   |   | **2006** |   |
|                                    |   |                                                   |   |   |   |   |
| Fair                value per share     |   | $                                                      | 4.96   |   |   | $ | 3.22 |   |
| Dividend                yield           |   |                                                   | 5.7    | % |   |   | 6.3 | % |
| Expected                volatility      |   |                                                   | 18.2   | % |   |   | 16.9 | % |
| 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                                        |   |       | 4,621     |   |         |   | 48.25 |   |
| Forfeited                or expired            |   |       | (54,779   | )      |         |   | 35.99 |   |
| Exercised                                      |   |       | (183,321  | )      |         |   | 24.05 |   |
| Outstanding,                September 30, 2007 |   |       | 2,913,674 |   |         | $      | 32.44 |   |

----

|                           |                          |   | 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 |   |        |      | 1,124,327   |                      | 4.21                years |   | $ | 21.89 |   |   |   |   |   |   |   | 734,750 |   |   | $ | 21.34 |   | 4.01                years |   |   |   |   |
|                           |                          |   |        |      |        |                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                              | 26.84                - $40.26 |   |        |      | 1,266,527   |                      | 7.24                years |   | $ | 35.59 |   |   |   |   |   |   |   | 560,136 |   |   | $ | 34.32 |   | 6.86                years |   |   |   |   |
|                           |                          |   |        |      |        |                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                              | 40.27                - $49.62 |   |        |      | 522,820     |                      | 9.17                years |   | $ | 47.47 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |                          |   |        |      |        |                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                          |                          |   |        | 2,913,674 |        | 6.42                years |                      | $ | 32.44 |   |   | $ | 26,281 |   |   |   | 1,294,886 |   |   | $ | 26.95 |   | 5.24                years |   | $ | 18,786 |   |

|                                           |   | **Unvested**   |    |   | **Weighted**                       |   |
|------------------------------------------------|--------|----------------|---------|--------|------------------------------------|--------|
|                                           |   | **Restricted** |    |   | **Average                Grant**   |   |
|                                           |   | **Shares**     |    |   | **Date                Fair Value** |   |
|                                           |   |           |    |   |                               |   |
| Outstanding,                January 1, 2007    |   |           | 172,255 |   |                               | $      | 40.80 |   |
| Granted                                        |   |           | 10,412  |   |                               |   | 48.43 |   |
| Vested                                         |   |           | (9,920  | )      |                               |   | 48.37 |   |
| Forfeited                                      |   |           | (7,041  | )      |                               |   | 42.38 |   |
| Outstanding,                September 30, 2007 |   |           | 165,706 |   |                               | $      | 40.75 |   |

**Note      15.         Employee Benefit      Plans**

|                                          |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|-----------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                          |   | **September                30,**      |   |   | **September                30,**     |   |
|                                          |   | **2007**                              |   |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
|                                          |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Service                cost                   |   | $                                     | 1,004  |   |                                 | $      | 772 |   |   | $ | 2,844 |   |   | $ | 2,316 |   |
| Interest                cost                  |   |                                  | 666    |   |                                 |   | 565 |   |   |   | 1,860 |   |   |   | 1,695 |   |
| Expected                return on plan assets |   |                                  | (403   | )      |                                 |   | (346 | ) |   |   | (1,097 | ) |   |   | (1,038 | ) |
| Prior                service cost             |   |                                  | (32    | )      |                                 |   | (32 | ) |   |   | (86 | ) |   |   | (96 | ) |
| Recognized                loss                |   |                                  | 73     |   |                                 |   | 102 |   |   |   | 195 |   |   |   | 306 |   |
|                                          |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Total                                         |   | $                                     | 1,308  |   |                                 | $      | 1,061 |   |   | $ | 3,716 |   |   | $ | 3,183 |   |

----

**Note      16.         Segment      Information**

----

|                                                                                                 |   | **Shopping** |      |   |           |   |    |      |   |   |      |   |
|------------------------------------------------------------------------------------------------------|--------|--------------|-----------|--------|----------------|--------|---------|-----------|--------|--------|-----------|--------|
|                                                                                                 |   | **Center**   |      |   | **Industrial** |   |    | **Other** |   |   | **Total** |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |
| Three                Months Ended September 30, 2007:                                                |   |         |      |   |           |   |    |      |   |   |      |   |
| Revenues                                                                                             |   | $            | 139,200   |   |           | $      | 14,177  |      |   | $      | 3,233     |   |   | $ | 156,610 |   |
| Net                Operating Income                                                                  |   |         | 97,099    |   |           |   | 9,616   |      |   |   | 1,576     |   |   |   | 108,291 |   |
| Equity                in Earnings of Real Estate Joint Ventures and Partnerships,                net |   |         | 4,572     |   |           |   | 262     |      |   |   | 59        |   |   |   | 4,893 |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Three                Months Ended September 30, 2006:                                                |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Revenues                                                                                             |   | $            | 124,599   |   |           | $      | 14,167  |      |   | $      | 277       |   |   | $ | 139,043 |   |
| Net                Operating Income (Loss)                                                           |   |         | 88,753    |   |           |   | 9,337   |      |   |   | (904      | )      |   |   | 97,186 |   |
| Equity                in Earnings of Real Estate Joint Ventures and Partnerships,                net |   |         | 2,069     |   |           |   | 39      |      |   |   | 145       |   |   |   | 2,253 |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Nine                Months Ended September 30, 2007:                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Revenues                                                                                             |   | $            | 398,694   |   |           | $      | 40,071  |      |   | $      | 7,354     |   |   | $ | 446,119 |   |
| Net                Operating Income                                                                  |   |         | 285,591   |   |           |   | 27,551  |      |   |   | 3,248     |   |   |   | 316,390 |   |
| Equity                in Earnings of Real Estate Joint Ventures and Partnerships,                net |   |         | 11,294    |   |           |   | 1,055   |      |   |   | 164       |   |   |   | 12,513 |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Nine                Months Ended September 30, 2006:                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Revenues                                                                                             |   | $            | 355,491   |   |           | $      | 42,287  |      |   | $      | 1,218     |   |   | $ | 398,996 |   |
| Net                Operating Income (Loss)                                                           |   |         | 258,966   |   |           |   | 29,413  |      |   |   | (338      | )      |   |   | 288,041 |   |
| Equity                in Earnings of Real Estate Joint Ventures and Partnerships,                net |   |         | 10,502    |   |           |   | 84      |      |   |   | 280       |   |   |   | 10,866 |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| As                of September 30, 2007:                                                             |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Investment                in Real Estate Joint Ventures and Partnerships                             |   | $            | 257,728   |   |           | $      | 35,374  |      |   | $      | 4,295     |   |   | $ | 297,397 |   |
| Total                Assets                                                                          |   |         | 3,829,842 |   |           |   | 354,390 |      |   |   | 700,190   |   |   |   | 4,884,422 |   |
|                                                                                                 |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| As                of December 31, 2006:                                                              |   |         |      |   |           |   |    |      |   |   |      |   |   |   |   |   |
| Investment                in Real Estate Joint Ventures and Partnerships                             |   | $            | 174,587   |   |           | $      | 25,156  |      |   | $      | 4,096     |   |   | $ | 203,839 |   |
| Total                Assets                                                                          |   |         | 3,517,733 |   |           |   | 324,343 |      |   |   | 533,464   |   |   |   | 4,375,540 |   |

|                                                                                                          |   | **Three                Months Ended** |    |   | **Nine                Months Ended** |   |
|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|--------------------------------------|--------|
|                                                                                                          |   | **September                30,**      |    |   | **September                30,**     |   |
|                                                                                                          |   | **2007**                              |    |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
|                                                                                                          |   |                                  |    |   |                                 |   |   |   |   |   |   |   |
| Total                Segment Net Operating Income                                                             |   | $                                     | 108,291 |   |                                 | $      | 97,186 |   |   | $ | 316,390 |   |   | $ | 288,041 |   |
| Depreciation                and Amortization                                                                  |   |                                  | (33,882 | )      |                                 |   | (30,886 | ) |   |   | (98,042 | ) |   |   | (89,834 | ) |
| General                and Administrative                                                                     |   |                                  | (6,537  | )      |                                 |   | (5,497 | ) |   |   | (19,650 | ) |   |   | (16,500 | ) |
| Interest                Expense                                                                               |   |                                  | (38,536 | )      |                                 |   | (37,384 | ) |   |   | (110,384 | ) |   |   | (105,920 | ) |
| Interest                and Other Income                                                                      |   |                                  | 2,082   |   |                                 |   | 2,787 |   |   |   | 6,838 |   |   |   | 4,818 |   |
| Equity                  in Earnings of Real Estate Joint Ventures and Partnerships,                  net |   |                                  | 4,893   |   |                                 |   | 2,253 |   |   |   | 12,513 |   |   |   | 10,866 |   |
| Income                Allocated to Minority Interests                                                         |   |                                  | (3,003  | )      |                                 |   | (1,676 | ) |   |   | (7,678 | ) |   |   | (4,977 | ) |
| Gain                on Land and Merchant Development Sales                                                    |   |                                  | 4,199   |   |                                 |   | 4,504 |   |   |   | 8,150 |   |   |   | 6,180 |   |
| Gain                on Sale of Properties                                                                     |   |                                  | 986     |   |                                 |   | 26,871 |   |   |   | 3,010 |   |   |   | 26,974 |   |
| Provision                for Income Taxes                                                                     |   |                                  | (930    | )      |                                 |   | (1,253 | ) |   |   | (1,933 | ) |   |   | (1,401 | ) |
|                                                                                                          |   |                                  |    |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Income                from Continuing Operations                                                              |   | $                                     | 37,563  |   |                                 | $      | 56,905 |   |   | $ | 109,214 |   |   | $ | 118,247 |   |

----

**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**

----

**Results      of Operations**

*Revenues*

|                            |   | **September                30,** |   |
|---------------------------------|--------|----------------------------------|--------|
|                            |   | **2007**                         |   |   | **2006** |   |
|                            |   |                             |   |   |   |   |
| Shopping                Centers |   |                             | 95.2   | % |   |   | 95.0 | % |
| Industrial                      |   |                             | 94.5   | % |   |   | 90.4 | % |
| Total                           |   |                             | 95.1   | % |   |   | 94.0 | % |

*Expenses*

----

*Interest      Expense*

|                                                                   |   | **Three                Months Ended** |   |
|------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                   |   | **September                30,**      |   |
|                                                                   |   | **2007**                              |   |   | **2006** |   |
|                                                                   |   |                                  |   |   |   |   |
| Gross                interest expense                                  |   | $                                     | 46,769 |   |   | $ | 41,433 |   |
| Out-of-market                mortgage adjustment of acquired mortgages |   |                                  | (1,568 | ) |   |   | (1,930 | ) |
| Capitalized                interest                                    |   |                                  | (6,665 | ) |   |   | (2,119 | ) |
|                                                                   |   |                                  |   |   |   |   |   |   |
| Total                                                                  |   | $                                     | 38,536 |   |   | $ | 37,384 |   |

*Equity      in Earnings of Real Estate Joint Ventures and Partnerships,      net*

*Income      Allocated to Minority Interests*

*Gain      on Sale of Properties*

*.*

*Income      from Discontinued Operations*

----

**Results      of Operations**

*Revenues*

|                            |   | **September                30,** |   |
|---------------------------------|--------|----------------------------------|--------|
|                            |   | **2007**                         |   |   | **2006** |   |
|                            |   |                             |   |   |   |   |
| Shopping                Centers |   |                             | 95.2   | % |   |   | 95.0 | % |
| Industrial                      |   |                             | 94.5   | % |   |   | 90.4 | % |
| Total                           |   |                             | 95.1   | % |   |   | 94.0 | % |

*Expenses*

*Interest      Expense*

|                                                                   |   | **Nine                Months Ended** |    |
|------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                   |   | **September                30,**     |    |
|                                                                   |   | **2007**                             |    |   | **2006** |   |
|                                                                   |   |                                 |    |   |   |   |
| Gross                interest expense                                  |   | $                                    | 134,742 |   |   | $ | 115,871 |   |
| Out-of-market                mortgage adjustment of acquired mortgages |   |                                 | (5,202  | ) |   |   | (5,677 | ) |
| Capitalized                interest                                    |   |                                 | (19,156 | ) |   |   | (4,274 | ) |
|                                                                   |   |                                 |    |   |   |   |   |   |
| Total                                                                  |   | $                                    | 110,384 |   |   | $ | 105,920 |   |

----

*Interest      and Other Income*

*Equity      in Earnings of Real Estate Joint Ventures and Partnerships,      net*

*Income      Allocated to Minority Interests*

*Gain      on Sale of Properties*

*.*

*Gain      on Land and Merchant Development Sales*

*Income      from Discontinued Operations*

**Effects      of Inflation**

----

**Capital      Resources and Liquidity**

***Investing      Activities:***

***Acquisitions***

*Retail      Properties*

----

*Industrial      Properties.*

***Dispositions***

*Retail      Properties.*

----

*Industrial      Properties.*

*Merchant      Development 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         |   | $        | 193,314 |   |     | $      | 156,400 |     |   | $      | 123,522  |   |   | $        | 139,810 |   |           | $      | 667,021 |      |   | $ | 1,246,602 |   |   | $ | 2,526,669 |   |
| Secured                  Debt           |   |     | 21,798  |   |     |   | 248,947 |     |   |   | 132,189  |   |   |     | 114,412 |   |           |   | 139,618 |      |   |   | 704,415 |   |   |   | 1,361,379 |   |
|                                    |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Ground                  Lease Payments  |   |     | 493     |   |     |   | 2,435   |     |   |   | 2,961    |   |   |     | 2,917   |   |           |   | 2,862   |      |   |   | 116,389 |   |   |   | 128,057 |   |
|                                    |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Obligations                  to Acquire |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Projects                                |   |     | 22,700  |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   | 22,700 |   |
|                                    |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Obligations                  to Develop |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Projects                                |   |     | 38,629  |   |     |   | 147,996 |     |   |   | 133,304  |   |   |     | 91,164  |   |           |   | 21,396  |      |   |   | 1,391 |   |   |   | 433,880 |   |
|                                    |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Total                  Contractual      |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |
| Obligations                             |   | $        | 276,934 |   |     | $      | 555,778 |     |   | $      | 391,976  |   |   | $        | 348,303 |   |           | $      | 830,897 |      |   | $ | 2,068,797 |   |   | $ | 4,472,685 |   |
|                                    |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |           |   |    |      |   |   |   |   |   |   |   |   |

**(1)**

----

**Funds      from Operations**

|                                                                                                                              |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                                                                              |   | **September                30,**      |   |   | **September                30,**     |   |
|                                                                                                                              |   | **2007**                              |   |   | **2006**                             |   |   | **2007** |   |   | **2006** |   |
|                                                                                                                              |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Net                income available to common shareholders                                                                        |   | $                                     | 38,281 |   |                                 | $      | 103,223 |   |   | $ | 154,940 |   |   | $ | 243,048 |   |
| Depreciation                and amortization                                                                                      |   |                                  | 33,142 |   |                                 |   | 31,475 |   |   |   | 97,023 |   |   |   | 94,510 |   |
| Depreciation                  and amortization of unconsolidated real estate joint ventures and                  partnerships     |   |                                  | 2,846  |   |                                 |   | 1,204 |   |   |   | 7,439 |   |   |   | 3,328 |   |
| Gain                on sale of properties                                                                                         |   |                                  | (5,644 | )      |                                 |   | (72,260 | ) |   |   | (58,842 | ) |   |   | (145,559 | ) |
| (Gain)                  loss on sale of properties of unconsolidated real estate joint                  ventures and partnerships |   |                                  | 2      |   |                                 |   |   |   |   |   | 2 |   |   |   | (4,054 | ) |
| Funds                from operations                                                                                              |   |                                  | 68,627 |   |                                 |   | 63,642 |   |   |   | 200,562 |   |   |   | 191,273 |   |
| Funds                from operations attributable to operating partnership                units                                   |   |                                  |   |   |                                 |   | 1,355 |   |   |   | 3,311 |   |   |   | 4,123 |   |
|                                                                                                                              |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Funds                from operations assuming conversion of OP units                                                              |   | $                                     | 68,627 |   |                                 | $      | 64,997 |   |   | $ | 203,873 |   |   | $ | 195,396 |   |
|                                                                                                                              |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average shares outstanding - basic                                                                        |   |                                  | 85,470 |   |                                 |   | 86,567 |   |   |   | 85,914 |   |   |   | 88,476 |   |
| Effect                of dilutive securities:                                                                                     |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Share                options and awards                                                                                           |   |                                  | 994    |   |                                 |   | 905 |   |   |   | 1,193 |   |   |   | 902 |   |
| Operating                partnership units                                                                                        |   |                                  |   |   |                                 |   | 3,138 |   |   |   | 2,303 |   |   |   | 3,150 |   |
|                                                                                                                              |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average shares outstanding - diluted                                                                      |   |                                  | 86,464 |   |                                 |   | 90,610 |   |   |   | 89,410 |   |   |   | 92,528 |   |

----

**Newly      Adopted Accounting Pronouncements**

----

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

**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**

|                                               | **(a)**                        | **(b)**                        | **(c)**                                                                                                         | **(d)**                                                                                                |
|----------------------------------------------------|--------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|
|                                               | **Total**                      | **Average**                    | **Total                  Number of**                                                                            | **Maximum                  Dollar**                                                                    |
|                                               | **Number**                     | **Price**                      | **Shares                  Purchased**                                                                           | **Value                  of Shares that**                                                              |
|                                               | **of                  Shares** | **Paid                  per**  | **as                  Part of Publicly**                                                                        | **May                  Yet be Purchased**                                                              |
| **Period**                                         | **Purchased**                  | **Share**                      | **Announced                  Program**                                                                          | **Under                  the Program**                                                                 |
| August                  1, 2007 to August 31, 2007 |  1,412,424                |  $   37.75 |                  1,412,424 |  $              246,682,813 |

**ITEM      3.                      Defaults      Upon Senior Securities**

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

**ITEM      5.                      Other      Information**

**ITEM      6.                      Exhibits**

----

**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).                                                                                                                                  |
| 3.8    | — | Amendment                of Bylaws-Direct Registration System, Section 7.2(a) dated May 3,                2007 (filed as Exhibit 3.8 to WRI’s Form 10-Q for the quarter ended June                30, 2007 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   | — | Statement                of Designation of Adjustable Rate Series G Cumulative Redeemable                Preferred                Shares (filed as Exhibit 3.1 to WRI’s Form 8-K dated September 25, 2007                and incorporated herein by reference).                                                                                             |
| 4.11   | — | 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).                                                                                   |

----

| 4.12        | — | 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).                                                                                                                                                                                                                            |
|-------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.13        | — | 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).                                                                                                                                                                                                                        |   |
| 4.14        | — | 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).                                                                                  |   |
| 4.15        | — | 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).                                                                                                  |   |
| 4.16        | — | 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).                                                                               |   |
| 4.17        | — | Purchase                Agreement for Depositary Shares, each representing 1/100 of a share                of                Adjustable Rate Series G Cumulative Redeemable Preferred Shares,                par value                $.03 per share (filed as Exhibit 10.1 to WRI’s Form 8-K dated September                25, 2007 and incorporated herein by reference).                                                                                                        |   |
| 4.18        | — | 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).                                                                                                                                                                                                                                                        |   |
| 4.19        | — | 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*       | — | Amendment                Agreement dated November 7, 2007 to the                Amended and Restated Credit Agreement.                                                                                                                                                                                                                                                                                                         |
| 10.35† | — | 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).                                                                                                                                                              |
| 10.36† | — | 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).                                                                                                         |
| 10.37† | — | 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).                                                                                                                     |
| 10.38† | — | 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).                                                                                                            |
| 10.39† | — | 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).                                                                                                                       |
| 10.40† | — | 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).                                                                                                                          |
| 10.41† | — | 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).                                                                                                                    |
| 10.42† | — | 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. |
|---------|----------------------------------------------------------------------------------------|

----

----