----

----

| (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, 2009                                       |
|                                                                                |   |
| 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                                                  |

| TEXAS                                                               |   | 74-1464203                             |
|---------------------------------------------------------------------|--------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer Identification No.) |
|                                                                |   |                                   |
| 2600      Citadel Plaza Drive                                       |   |                                   |
| P.O.      Box 924133                                                |   |                                   |
| Houston,      Texas                                                 |   | 77292-4133                             |
| (Address      of principal executive offices)                       |   | (Zip      Code)                        |
| (713)      866-6000                                                 |
| (Registrant's      telephone number)                                |

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

|                                               | Large      accelerated filer x    | Accelerated      filer ¨         |
|----------------------------------------------------|-----------------------------------|---------------------------------------|
|                                               |                              |                                  |
|                                               | Non-accelerated      filer ¨ | Smaller      reporting company ¨ |
| (Do      not check if a smaller reporting company) |                              |

----

| TABLE OF CONTENTS  |
|--------------------|
|               |   |   |   |
|               |   |   |   |
| PART      I.       |   | Financial      Information: | Page      Number |
|               |   |   |   |
|               | Item 1. | Financial Statements    (unaudited): |   |
|               |   |   |   |
|               |   | Condensed Consolidated Statements of Income and      Comprehensive Income for the Three and Nine Months Ended September 30,      2009 and 2008 | 3 |
|               |   |   |   |
|               |   | Condensed Consolidated Balance Sheets as of September 30,      2009 and December 31, 2008 | 4 |
|               |   |   |   |
|               |   | Condensed Consolidated Statements of Cash Flows for the      Nine Months Ended September 30, 2009 and 2008 | 5 |
|               |   |   |   |
|               |   | Condensed Consolidated Statements of Equity for the Nine      Months Ended September 30, 2009 and 2008 | 6 |
|               |   |   |   |
|               |   | Notes to Condensed Consolidated Financial      Statements | 7 |
|               |   |   |   |
|               | Item 2. | Management’s Discussion and Analysis of Financial Condition      and Results of Operations | 33 |
|               |   |   |   |
|               | Item 3. | Quantitative and Qualitative Disclosures About Market      Risk | 47 |
|               |   |   |   |
|               | Item 4. | Controls and Procedures | 47 |
|               |   |   |   |
|               |   |   |   |
| PART      II.      |   | Other      Information: |   |
|               |   |   |   |
|               | Item 1. | Legal Proceedings | 48 |
|               |   |   |   |
|               | Item 1A. | Risk Factors | 48 |
|               |   |   |   |
|               | Item 2. | Unregistered Sales of Equity Securities and Use of      Proceeds | 50 |
|               |   |   |   |
|               | Item 3. | Defaults Upon Senior Securities | 50 |
|               |   |   |   |
|               | Item 4. | Submission of Matters to a Vote of      Shareholders | 51 |
|               |   |   |   |
|               | Item 5. | Other Information | 51 |
|               |   |   |   |
|               | Item 6. | Exhibits | 51 |
|               |   |   |   |
| Signatures         |   |   | 52 |
|               |   |   |   |
| Exhibit      Index |   | 53 |

----

Table of Contents

| 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, |   |
|                                                                                                                 |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   Rentals,      net                                                                                        |   | $ | 139,636 |   |   | $ | 149,725 |   |   | $ | 422,106 |   |   | $ | 441,288 |   |
|   Other                                                                                                    |   |   | 4,908 |   |   |   | 4,242 |   |   |   | 12,321 |   |   |   | 10,310 |   |
|       Total                                                                            |   |   | 144,544 |   |   |   | 153,967 |   |   |   | 434,427 |   |   |   | 451,598 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Depreciation      and amortization                                                                       |   |   | 37,159 |   |   |   | 35,368 |   |   |   | 112,836 |   |   |   | 115,281 |   |
|   Operating                                                                                                |   |   | 25,733 |   |   |   | 26,045 |   |   |   | 76,014 |   |   |   | 77,151 |   |
|   Ad      valorem taxes, net                                                                               |   |   | 18,275 |   |   |   | 19,967 |   |   |   | 55,012 |   |   |   | 54,620 |   |
|   Impairment      loss                                                                                     |   |   | 32,774 |   |   |   |   |   |   |   | 32,774 |   |   |   |   |   |
|   General      and administrative                                                                          |   |   | 6,178 |   |   |   | 5,816 |   |   |   | 19,198 |   |   |   | 19,774 |   |
|       Total                                                                            |   |   | 120,119 |   |   |   | 87,196 |   |   |   | 295,834 |   |   |   | 266,826 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Income                                                                                                |   |   | 24,425 |   |   |   | 66,771 |   |   |   | 138,593 |   |   |   | 184,772 |   |
| Interest      Expense, net                                                                                           |   |   | (36,431 | ) |   |   | (40,878 | ) |   |   | (115,247 | ) |   |   | (118,724 | ) |
| Interest      and Other Income, net                                                                                  |   |   | 3,596 |   |   |   | 1,171 |   |   |   | 8,504 |   |   |   | 3,919 |   |
| Gain      on Redemption of Convertible Senior Unsecured Notes                                                        |   |   | 16,453 |   |   |   |   |   |   |   | 25,311 |   |   |   |   |   |
| Equity      in (Loss) Earnings of Real Estate Joint Ventures      and Partnerships, net                         |   |   | (4,763 | ) |   |   | 5,151 |   |   |   | 2,783 |   |   |   | 15,537 |   |
| Gain      on Merchant Development Sales                                                                              |   |   | 491 |   |   |   | 1,418 |   |   |   | 18,619 |   |   |   | 8,240 |   |
| Provision      for Income Taxes                                                                                      |   |   | (4,364 | ) |   |   | (701 | ) |   |   | (7,071 | ) |   |   | (2,991 | ) |
|       (Loss)      Income from Continuing Operations                                    |   |   | (593 | ) |   |   | 32,932 |   |   |   | 71,492 |   |   |   | 90,753 |   |
| Operating      (Loss) Income from Discontinued Operations                                                            |   |   | (1,294 | ) |   |   | 2,016 |   |   |   | 1,250 |   |   |   | 8,398 |   |
| Gain      on Sale of Property from Discontinued Operations                                                           |   |   | 398 |   |   |   | 4,520 |   |   |   | 7,385 |   |   |   | 53,983 |   |
|       (Loss)      Income from Discontinued Operations                                  |   |   | (896 | ) |   |   | 6,536 |   |   |   | 8,635 |   |   |   | 62,381 |   |
| Gain      (Loss) on Sale of Property                                                                                 |   |   | 994 |   |   |   | (43 | ) |   |   | 12,374 |   |   |   | 101 |   |
| Net      (Loss) Income                                                                                               |   |   | (495 | ) |   |   | 39,425 |   |   |   | 92,501 |   |   |   | 153,235 |   |
| Less:  Net      Income Attributable to Noncontrolling Interests                                            |   |   | (20 | ) |   |   | (2,515 | ) |   |   | (2,894 | ) |   |   | (6,968 | ) |
| Net      (Loss) Income Adjusted for Noncontrolling Interests                                                         |   |   | (515 | ) |   |   | 36,910 |   |   |   | 89,607 |   |   |   | 146,267 |   |
| Dividends      on Preferred Shares                                                                                   |   |   | (8,869 | ) |   |   | (9,114 | ) |   |   | (26,607 | ) |   |   | (25,842 | ) |
| Redemption      Costs of Preferred Shares                                                                            |   |   |   |   |   |   | (860 | ) |   |   |   |   |   |   | (1,850 | ) |
| Net      (Loss) Income Attributable to Common Shareholders                                                           |   | $ | (9,384 | ) |   | $ | 26,936 |   |   | $ | 63,000 |   |   | $ | 118,575 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Per Common Share - Basic:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (Loss)      income from continuing operations attributable to common      shareholders              |   | $ | (0.07 | ) |   | $ | 0.24 |   |   | $ | 0.51 |   |   | $ | 0.67 |   |
|   (Loss)      income from discontinued operations                                                          |   |   | (0.01 | ) |   |   | 0.08 |   |   |   | 0.08 |   |   |   | 0.75 |   |
|   Net      (loss) income attributable to common shareholders                                               |   | $ | (0.08 | ) |   | $ | 0.32 |   |   | $ | 0.59 |   |   | $ | 1.42 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Per Common Share - Diluted:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (Loss)      income from continuing operations attributable to common      shareholders                   |   | $ | (0.07 | ) |   | $ | 0.24 |   |   | $ | 0.51 |   |   | $ | 0.67 |   |
|   (Loss)      income from discontinued operations                                                          |   |   | (0.01 | ) |   |   | 0.08 |   |   |   | 0.08 |   |   |   | 0.74 |   |
|   Net      (loss) income attributable to common shareholders                                               |   | $ | (0.08 | ) |   | $ | 0.32 |   |   | $ | 0.59 |   |   | $ | 1.41 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      Income:                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (Loss) Income                                                                                               |   | $ | (495 | ) |   | $ | 39,425 |   |   | $ | 92,501 |   |   | $ | 153,235 |   |
| Other      Comprehensive Income (Loss):                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Loss      on derivatives                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (7,204 | ) |
|   Amortization      of loss on derivatives                                                                 |   |   | 620 |   |   |   | 605 |   |   |   | 1,862 |   |   |   | 1,469 |   |
|       Total                                                                            |   |   | 620 |   |   |   | 605 |   |   |   | 1,862 |   |   |   | (5,735 | ) |
| Comprehensive      Income                                                                                            |   |   | 125 |   |   |   | 40,030 |   |   |   | 94,363 |   |   |   | 147,500 |   |
| Comprehensive      Income Attributable to Noncontrolling Interests                                                   |   |   | (20 | ) |   |   | (2,515 | ) |   |   | (2,894 | ) |   |   | (6,968 | ) |
| Comprehensive      Income Adjusted for Noncontrolling Interests                                                      |   | $ | 105 |   |   | $ | 37,515 |   |   | $ | 91,469 |   |   | $ | 140,532 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      Notes to Condensed Consolidated Financial Statements.                                                       |   |

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Table of Contents

| WEINGARTEN      REALTY INVESTORS                                                                                                                                                                                                                                                                                                                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                               |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (In      thousands, except per share amounts)                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | September      30, |   |   | December      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2009 |   |   | 2008 |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| Property                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 4,806,661 |   |   | $ | 4,915,472 |   |
| Accumulated      Depreciation                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (861,547 | ) |   |   | (812,323 | ) |
| Property      Held for Sale, net                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 51,007 |   |   |   |   |   |
| Property,      net                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 3,996,121 |   |   |   | 4,103,149 |   |
| Investment      in Real Estate Joint Ventures and Partnerships, net                                                                                                                                                                                                                                                                                                                                                                 |   |   | 311,353 |   |   |   | 357,634 |   |
|                                     Total                                                                                                                                                                                                                                     |   |   | 4,307,474 |   |   |   | 4,460,783 |   |
| Notes      Receivable from Real Estate Joint Ventures andPartnerships                                                                                                                                                                                                                                                                                                                                                               |   |   | 323,141 |   |   |   | 232,544 |   |
| Unamortized      Debt and Lease Costs, net                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 109,661 |   |   |   | 119,464 |   |
| Accrued      Rent and Accounts Receivable (net of allowance for doubtful accounts      of $9,608 in 2009 and $12,412 in 2008)                                                                                                                                                                                                                                                                                                       |   |   | 84,948 |   |   |   | 103,873 |   |
| Cash      and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 104,694 |   |   |   | 58,946 |   |
| Restricted      Deposits and Mortgage Escrows                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 14,526 |   |   |   | 33,252 |   |
| Other,      net                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 92,854 |   |   |   | 105,350 |   |
|                                                           Total                                                                                                 |   | $ | 5,037,298 |   |   | $ | 5,114,212 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| LIABILITIES      AND EQUITY                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Debt,      net                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $ | 2,724,888 |   |   | $ | 3,148,636 |   |
| Accounts      Payable and Accrued Expenses                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 152,022 |   |   |   | 179,432 |   |
| Other,      net                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 98,791 |   |   |   | 90,461 |   |
|                                     Total                                                                                                                                                                                                                                     |   |   | 2,975,701 |   |   |   | 3,418,529 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| Commitments      and Contingencies                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   | 41,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| Equity:                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| 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      2009 and 2008; liquidation preference$75,000                                                                                                                                                                                                                                                      |   |   | 3 |   |   |   | 3 |   |
| 6.95%      Series E cumulative redeemable preferred shares of beneficial      interest; 29 shares issued and outstanding in 2009 and      2008; liquidation preference $72,500                                                                                                                                                                                                                                                      |   |   | 1 |   |   |   | 1 |   |
| 6.5%      Series F cumulative redeemable preferred shares of beneficial      interest; 140 shares issued and outstanding in 2009 and      2008; liquidation preference $350,000                                                                                                                                                                                                                                                     |   |   | 4 |   |   |   | 4 |   |
| Common      Shares of Beneficial Interest - par value, $.03 per share; shares      authorized: 150,000;         shares issued and outstanding:  119,790      in 2009 and 87,102 in 2008                                                                                                                                                                                                                              |   |   | 3,605 |   |   |   | 2,625 |   |
| Accumulated      Additional Paid-In Capital                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 1,949,308 |   |   |   | 1,514,940 |   |
| Net      Income Less Than Accumulated Dividends                                                                                                                                                                                                                                                                                                                                                                                     |   |   | (80,015 | ) |   |   | (37,245 | ) |
| Accumulated      Other Comprehensive Loss                                                                                                                                                                                                                                                                                                                                                                                           |   |   | (27,814 | ) |   |   | (29,676 | ) |
| Shareholders'      Equity                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 1,845,092 |   |   |   | 1,450,652 |   |
| Noncontrolling      Interests                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 216,505 |   |   |   | 204,031 |   |
|                                                           Total Equity                                                                                          |   |   | 2,061,597 |   |   |   | 1,654,683 |   |
|                                                                      Total |   | $ | 5,037,298 |   |   | $ | 5,114,212 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| See      Notes to Condensed Consolidated Financial Statements.                                                                                                                                                                                                                                                                                                                                                                      |   |

----

Table of Contents

| WEINGARTEN REALTY INVESTORS                                                                                                  |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH      FLOWS                                                                         |   |
| (Unaudited)                                                                                                                  |   |
| (In      thousands)                                                                                                          |   |
|                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                         |   | Nine      Months Ended |   |
|                                                                                                                         |   | September      30, |   |
|                                                                                                                         |   | 2009 |   |   | 2008 |   |
| Cash      Flows from Operating Activities:                                                                                   |   |   |   |   |   |   |
|     Net      Income                                                                                      |   | $ | 92,501 |   |   | $ | 153,235 |   |
|     Adjustments to      reconcile net income to net cash provided by operating      activities:          |   |   |  |   |   |   |  |   |
|        Depreciation      and amortization                                                 |   |   | 115,291 |   |   |   | 120,133 |   |
|        Amortization of      deferred financing costs and debt discounts                   |   |   | 8,741 |   |   |   | 9,899 |   |
|        Impairment      loss                                                               |   |   | 35,889 |   |   |   |   |   |
|        Equity in      earnings of real estate joint ventures and partnerships,    net     |   |   | (2,783 | ) |   |   | (15,537 | ) |
|        Gain on      merchant development sales                                            |   |   | (18,619 | ) |   |   | (8,240 | ) |
|        Gain on sale of      property                                                      |   |   | (19,759 | ) |   |   | (54,084 | ) |
|        Gain on      redemption of convertible senior unsecured notes                      |   |   | (25,311 | ) |   |   |   |   |
|        Distributions      of income from real estate joint ventures and      partnerships |   |   | 1,954 |   |   |   | 2,419 |   |
|        Changes in      accrued rent and accounts receivable, net                          |   |   | 11,200 |   |   |   | (4,829 | ) |
|        Changes in      other assets, net                                                  |   |   | (3,620 | ) |   |   | (21,297 | ) |
|        Changes in      accounts payable and accrued expenses                              |   |   | (14,403 | ) |   |   | (28,385 | ) |
|        Other,      net                                                                    |   |   | 8,156 |   |   |   | 4,209 |   |
|           Net cash      provided by operating activities                   |   |   | 189,237 |   |   |   | 157,523 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Cash      Flows from Investing Activities:                                                                                   |   |   |   |   |   |   |   |   |
|     Investment in      property                                                                          |   |   | (85,693 | ) |   |   | (229,807 | ) |
|     Proceeds from      sale and disposition of property, net                                             |   |   | 121,407 |   |   |   | 190,388 |   |
|     Change      in restricted deposits and mortgage escrows                                              |   |   | 18,726 |   |   |   | 21,049 |   |
|     Notes      receivable from real estate joint ventures and partnerships and      other receivables:   |   |   |   |   |   |   |   |   |
|        Advances                                                                           |   |   | (92,293 | ) |   |   | (109,610 | ) |
|        Collections                                                                        |   |   | 5,555 |   |   |   | 25,161 |   |
|     Real      estate joint ventures and partnerships:                                                    |   |   |   |   |   |   |   |   |
|        Investments                                                                        |   |   | (3,594 | ) |   |   | (4,036 | ) |
|        Distributions      of capital                                                      |   |   | 12,701 |   |   |   | 16,298 |   |
|           Net cash used      in investing activities                       |   |   | (23,191 | ) |   |   | (90,557 | ) |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Cash      Flows from Financing Activities:                                                                                   |   |   |   |   |   |   |   |   |
|     Proceeds from      issuance of:                                                                      |   |   |   |   |   |   |   |   |
|        Debt                                                                               |   |   | 556,040 |   |   |   | 386,660 |   |
|        Common shares      of beneficial interest, net                                     |   |   | 439,097 |   |   |   | 2,786 |   |
|        Preferred      shares of beneficial interest, net                                  |   |   |   |   |   |   | 118,013 |   |
|     Repurchase of      preferred shares of beneficial interest, net                                      |   |   |   |   |   |   | (195,824 | ) |
|     Principal      payments of debt                                                                      |   |   | (971,700 | ) |   |   | (229,370 | ) |
|     Common      and preferred dividends paid                                                             |   |   | (130,409 | ) |   |   | (159,649 | ) |
|     Debt      issuance costs paid                                                                        |   |   | (5,633 | ) |   |   | (958 | ) |
|     Other,      net                                                                                      |   |   | (7,693 | )  |   |   | (1,177 | ) |
|           Net cash used      in financing activities                       |   |   | (120,298 | ) |   |   | (79,519 | ) |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                                                                    |   |   | 45,748 |   |   |   | (12,553 | ) |
| Cash      and cash equivalents at January 1                                                                                  |   |   | 58,946 |   |   |   | 65,777 |   |
| Cash      and cash equivalents at September 30                                                                               |   | $ | 104,694 |   |   | $ | 53,224 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| See      Notes to Condensed Consolidated Financial Statements.                                                               |   |

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

|                                                        |   | Preferred      Shares of Beneficial Interest |   |   | Common      Shares of Beneficial Interest |   |   | Treasury      Shares of Beneficial Interest |   |   | Accumulated      Additional Paid-In Capital |   |   | Net      Income in Excess of Accumulated Dividends |      |   | Accumulated      Other Comprehensive Loss |   |     | Noncontrolling      Interests |   |   | Total   |   |
|-------------------------------------------------------------|--------|----------------------------------------------|--------|--------|-------------------------------------------|--------|--------|---------------------------------------------|--------|--------|---------------------------------------------|--------|--------|----------------------------------------------------|-----------|--------|-------------------------------------------|--------|----------|-------------------------------|--------|--------|---------|--------|
|                                                        |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |
| Balance,      January 1, 2008                               |   | $                                            | 8      |   |                                      | $      | 2,565  |                                        |   | $      | (41                                         | )      |   | $                                                  | 1,485,496 |   |                                      | $      | 31,639   |                          |   | $      | (15,475 | )      |   | $ | 96,885 |   |   | $ | 1,601,077 |   |
| Net      income                                             |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   | 146,267  |                          |   |   |    |   |   |   | 6,968 |   |   |   | 153,235 |   |
| Issuance      of Series F preferred shares                  |   |                                         | 2      |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               | 116,415   |   |                                      |   | 1,540    |                          |   |   |    |   |   |   |   |   |   |   | 117,957 |   |
| Redemption      of Series G preferred shares                |   |                                         | (2     | )      |                                      |   |   |                                        |   |   |                                        |   |   |                                               | (193,548  | )      |                                      |   | (1,850   | )                             |   |   |    |   |   |   |   |   |   |   | (195,400 | ) |
| Shares      issued in exchange for noncontrolling interests |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               | 368       |   |                                      |   |     |                          |   |   |    |   |   |   | (368 | ) |   |   | - |   |
| Shares      issued under benefit plans                      |   |                                         |   |   |                                      |   | 9      |                                        |   |   |                                        |   |   |                                               | 7,835     |   |                                      |   |     |                          |   |   |    |   |   |   |   |   |   |   | 7,844 |   |
| Dividends      declared – common shares (1)           |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   | (132,267 | )                             |   |   |    |   |   |   |   |   |   |   | (132,267 | ) |
| Dividends      declared – preferred shares (2)        |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   | (27,382  | )                             |   |   |    |   |   |   |   |   |   |   | (27,382 | ) |
| Sale      of properties with noncontrolling interests       |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |   |   | 65,359 |   |   |   | 65,359 |   |
| Treasury      shares cancelled (3)                          |   |                                         |   |   |                                      |   | (41    | )                                           |   |   | 41                                          |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |   |   |   |   |   |   | - |   |
| Distributions      to noncontrolling interests              |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |   |   | (8,349 | ) |   |   | (8,349 | ) |
| Contributions      from noncontrolling interests            |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |   |   | 634 |   |   |   | 634 |   |
| Other      comprehensive loss                               |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   | (5,735  | )      |   |   |   |   |   |   | (5,735 | ) |
| Other,      net                                             |   |                                         |   |   |                                      |   |   |                                        |   |   |                                        |   |   |                                               |      |   |                                      |   |     |                          |   |   |    |   |   |   | (2,599 | ) |   |   | (2,599 | ) |
| Balance,      September 30, 2008                            |   | $                                            | 8      |   |                                      | $      | 2,533  |                                        |   | $      | -                                           |   |   | $                                                  | 1,416,566 |   |                                      | $      | 17,947   |                          |   | $      | (21,210 | )      |   | $ | 158,530 |   |   | $ | 1,574,374 |   |

| (1) | Common      dividends per share were $1.575 for the nine months ended September 30,      2008.                                                                          |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Series      D, E, F and G preferred dividends per share were $37.97, $130.31, $121.88      and $73.73, respectively, for the nine months ended September 30,      2008. |
| (3) | A      total of 1.4 million common shares of beneficial interest were purchased      in 2007 and subsequently retired on January 11,  2008.                             |

|                                                                 |   | Preferred      Shares of Beneficial Interest |   |   | Common      Shares of Beneficial Interest |   |   | Accumulated      Additional Paid-In Capital |   |   | Net      Income Less Than Accumulated Dividends |   |   | Accumulated      Other Comprehensive Loss |     |   | Noncontrolling      Interests |   |    | Total  |   |
|----------------------------------------------------------------------|--------|----------------------------------------------|--------|--------|-------------------------------------------|--------|--------|---------------------------------------------|--------|--------|-------------------------------------------------|--------|--------|-------------------------------------------|----------|--------|-------------------------------|--------|---------|--------|--------|
|                                                                 |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      |     |   |                          |   |    |   |   |
| Balance,      January 1, 2009                                        |   | $                                            | 8      |   |                                      | $      | 2,625  |                                        |   | $      | 1,514,940                                       |   |   | $                                         | (37,245  | )      |                          | $      | (29,676 | )      |   | $ | 204,031 |   |   | $ | 1,654,683 |   |
| Net      income                                                      |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      | 89,607   |   |                          |   |    |   |   |   | 2,894 |   |   |   | 92,501 |   |
| Shares      issued in exchange for noncontrolling interests          |   |                                         |   |   |                                      |   | 6      |                                        |   |   | 6,394                                           |   |   |                                      |     |   |                          |   |    |   |   |   | (6,400 | ) |   |   | - |   |
| Issuance      of common shares                                       |   |                                         |   |   |                                      |   | 966    |                                        |   |   | 438,089                                         |   |   |                                      |     |   |                          |   |    |   |   |   |   |   |   |   | 439,055 |   |
| Shares      issued under benefit plans                               |   |                                         |   |   |                                      |   | 8      |                                        |   |   | 4,043                                           |   |   |                                      |     |   |                          |   |    |   |   |   |   |   |   |   | 4,051 |   |
| Dividends      declared – common shares (1)                    |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      | (105,770 | )      |                          |   |    |   |   |   |   |   |   |   | (105,770 | ) |
| Dividends      declared – preferred shares (2)                 |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      | (24,639  | )      |                          |   |    |   |   |   |   |   |   |   | (24,639 | ) |
| Sale      of properties with noncontrolling interests                |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      |     |   |                          |   |    |   |   |   | 23,521 |   |   |   | 23,521 |   |
| Distributions      to noncontrolling interests                       |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      |     |   |                          |   |    |   |   |   | (12,070 | ) |   |   | (12,070 | ) |
| Contributions      from noncontrolling interests                     |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      |     |   |                          |   |    |   |   |   | 4,518 |   |   |   | 4,518 |   |
| Purchase      and cancellation of convertible senior unsecured notes |   |                                         |   |   |                                      |   |   |                                        |   |   | (16,110                                         | )      |   |                                      |     |   |                          |   |    |   |   |   |   |   |   |   | (16,110 | ) |
| Other      comprehensive income                                      |   |                                         |   |   |                                      |   |   |                                        |   |   |                                            |   |   |                                      |     |   |                          |   | 1,862   |   |   |   |   |   |   |   | 1,862 |   |
| Other,      net                                                      |   |                                         |   |   |                                      |   |   |                                        |   |   | 1,952                                           |   |   |                                      | (1,968   | )      |                          |   |    |   |   |   | 11 |   |   |   | (5 | ) |
| Balance,      September 30, 2009                                     |   | $                                            | 8      |   |                                      | $      | 3,605  |                                        |   | $      | 1,949,308                                       |   |   | $                                         | (80,015  | )      |                          | $      | (27,814 | )      |   | $ | 216,505 |   |   | $ | 2,061,597 |   |

| (1) | Common      dividends per share were $1.025 for the nine months ended September 30,      2009.                                                           |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Series      D, E and F preferred dividends per share were $37.97, $130.31 and $121.88,      respectively, for the nine months ended September 30,  2009. |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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|                                                                                      |   | Three      Months Ended |    |   | Nine      Months Ended |   |
|-------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                                                      |   | September      30,      |    |   | September      30,     |   |
|                                                                                      |   | 2009                    |    |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                                                                      |   |                    |    |   |                   |   |   |   |   |   |   |   |
| Numerator:                                                                                |   |                    |    |   |                   |   |   |   |   |   |   |   |
| Net      (loss) income attributable to common shareholders – basic and      diluted |   | $                       | (9,384  | )      |                   | $      | 26,936 |   |   | $ | 63,000 |   |   | $ | 118,575 |   |
|                                                                                      |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                              |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding – basic                                    |   |                    | 119,384 |   |                   |   | 83,795 |   |   |   | 106,186 |   |   |   | 83,739 |   |
| Effect      of dilutive securities:                                                       |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Share      options and awards                                                             |   |                    |    |   |                   |   | 521 |   |   |   | 559 |   |   |   | 549 |   |
| Operating      partnership units                                                          |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding – diluted                                  |   |                    | 119,384 |   |                   |   | 84,316 |   |   |   | 106,745 |   |   |   | 84,288 |   |

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| Income      Statement Classification        |   | Gain      (Loss) on Swaps |   |   | Gain      (Loss) on Borrowings |   |
|---------------------------------------------|--------|---------------------------|--------|--------|--------------------------------|--------|
|                                        |   |                      |   |   |                           |   |
| Three      Months Ended September 30, 2009: |   |                      |   |   |                           |   |
| Interest      expense, net                  |   | $                         | 150    |   |                           | $      | (150 | ) |
|                                        |   |                      |   |   |                           |   |   |   |
| Nine      Months Ended September 30, 2009:  |   |                      |   |   |                           |   |   |   |
| Interest      expense, net                  |   | $                         | (1,670 | )      |                           | $      | 1,670 |   |

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| Derivatives      Hedging Relationships                |   | Location      of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into      Income |   | Amount      of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into      Income (Effective Portion) |   | Location      of Gain (Loss) Recognized in Income on Derivative |                       | Amount      of Gain (Loss) Recognized in Income on Derivative |   |
|-------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------------------------|---------------------------------------------------------------|--------|
|                                                  |   |                                                                                                 |   |                                                                                                                   |   |                                                            |                       |                                                          |   |
| Three      Months Ended September 30, 2009:           |   |                                                                                                 |   |                                                                                                                   |   |                                                            |                       |                                                          |   |
| Cash      Flow Interest Rate Contracts                |   | Interest      expense, net                                                                           |   | $                                                                                                                      | (620   | )                                                               |                       |                                                          |   |   |
| Fair      Value Interest Rate Contracts               |   |                                                                                                 |   |                                                                                                                   |   |                                                            | Interest      expense, net |                                                          | $      | 150 |   |
|                                                  |   |                                                                                                 |   |                                                                                                                   |   |                                                            |                       |                                                          |   |   |   |
| Nine  Months      Ended September 30, 2009: |   |                                                                                                 |   |                                                                                                                   |   |                                                            |                       |                                                          |   |   |   |
| Cash      Flow Interest Rate Contracts                |   | Interest      expense, net                                                                           |   | $                                                                                                                      | (1,862 | )                                                               |                       |                                                          |   |   |   |
| Fair      Value Interest Rate Contracts               |   |                                                                                                 |   |                                                                                                                   |   |                                                            | Interest      expense, net |                                                          | $      | (1,670 | ) |

|                                                           |   | September      30, |      |   | December      31, |   |
|----------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                           |   | 2009               |      |   | 2008              |   |
|                                                           |   |               |      |   |              |   |
| Debt      payable to 2030 at 4.5% to 8.8%                      |   | $                  | 2,502,032 |   |              | $      | 2,732,574 |   |
| Unsecured      notes payable under revolving credit agreements |   |               | 190,000   |   |              |   | 383,000 |   |
| Obligations      under capital leases                          |   |               | 29,725    |   |              |   | 29,725 |   |
| Industrial      revenue bonds payable to 2015 at 0.5% to 2.4%  |   |               | 3,131     |   |              |   | 3,337 |   |
|                                                           |   |               |      |   |              |   |   |   |
| Total                                                          |   | $                  | 2,724,888 |   |              | $      | 3,148,636 |   |

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|                                                                          |   | September      30, |      |   | December      31, |   |
|-------------------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                                          |   | 2009               |      |   | 2008              |   |
|                                                                          |   |               |      |   |              |   |
| As      to interest rate (including the effects of interest rate      swaps): |   |               |      |   |              |   |
| Fixed-rate      debt                                                          |   | $                  | 2,465,988 |   |              | $      | 2,699,609 |   |
| Variable-rate      debt                                                       |   |               | 258,900   |   |              |   | 449,027 |   |
|                                                                          |   |               |      |   |              |   |   |   |
| Total                                                                         |   | $                  | 2,724,888 |   |              | $      | 3,148,636 |   |
|                                                                          |   |               |      |   |              |   |   |   |
| As      to collateralization:                                                 |   |               |      |   |              |   |   |   |
| Unsecured      debt                                                           |   | $                  | 1,503,897 |   |              | $      | 2,116,491 |   |
| Secured      debt                                                             |   |               | 1,220,991 |   |              |   | 1,032,145 |   |
|                                                                          |   |               |      |   |              |   |   |   |
| Total                                                                         |   | $                  | 2,724,888 |   |              | $      | 3,148,636 |   |

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| 2009      remaining |   | $      | 13,986    |   |
|---------------------|--------|--------|-----------|--------|
| 2010                |   |   | 115,934   |   |
| 2011                |   |   | 219,832   |   |
| 2012                |   |   | 342,592   |   |
| 2013                |   |   | 417,797   |   |
| 2014                |   |   | 384,475   |   |
| 2015                |   |   | 253,992   |   |
| 2016                |   |   | 215,850   |   |
| 2017                |   |   | 119,005   |   |
| 2018                |   |   | 55,040    |   |
| Thereafter          |   |   | 357,932   |   |
| Total               |   | $      | 2,496,435 |   |

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|                            |   | September      30, |      |   | December      31, |   |
|---------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                            |   | 2009               |      |   | 2008              |   |
|                            |   |               |      |   |              |   |
| Land                            |   | $                  | 932,742   |   |              | $      | 964,982 |   |
| Land      held for development  |   |               | 155,116   |   |              |   | 118,078 |   |
| Land      under development     |   |               | 33,606    |   |              |   | 101,587 |   |
| Buildings      and improvements |   |               | 3,529,669 |   |              |   | 3,488,385 |   |
| Construction      in-progress   |   |               | 155,528   |   |              |   | 242,440 |   |
|                            |   |               |      |   |              |   |   |   |
| Total                           |   | $                  | 4,806,661 |   |              | $      | 4,915,472 |   |

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|                  |   | Three      Months Ended |   |   | Nine      Months Ended |   |
|-----------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                  |   | September      30,      |   |   | September      30,     |   |
|                  |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                  |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Interest              |   | $                       | 1,435  |   |                   | $      | 5,236 |   |   | $ | 7,454 |   |   | $ | 15,376 |   |
| Ad      valorem taxes |   |                    | 202    |   |                   |   | 627 |   |   |   | 1,190 |   |   |   | 2,032 |   |
|                  |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                 |   | $                       | 1,637  |   |                   | $      | 5,863 |   |   | $ | 8,644 |   |   | $ | 17,408 |   |

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|                                                |   | September      30, |      |   | December      31, |   |
|-----------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                |   | 2009               |      |   | 2008              |   |
|                                                |   |               |      |   |              |   |
| Combined      Condensed Balance Sheets              |   |               |      |   |              |   |
|                                                |   |               |      |   |              |   |
| Property                                            |   | $                  | 1,970,181 |   |              | $      | 1,951,771 |   |
| Accumulated      depreciation                       |   |               | (160,541  | )      |              |   | (129,227 | ) |
| Property,      net                                  |   |               | 1,809,640 |   |              |   | 1,822,544 |   |
|                                                |   |               |      |   |              |   |   |   |
| Other      assets, net                              |   |               | 234,844   |   |              |   | 256,688 |   |
|                                                |   |               |      |   |              |   |   |   |
| Total                                               |   | $                  | 2,044,484 |   |              | $      | 2,079,232 |   |
|                                                |   |               |      |   |              |   |   |   |
|                                                |   |               |      |   |              |   |   |   |
|                                                |   |               |      |   |              |   |   |   |
| Debt,      net (primarily mortgage payables)        |   | $                  | 438,128   |   |              | $      | 472,486 |   |
| Amounts      payable to Weingarten Realty Investors |   |               | 337,956   |   |              |   | 248,969 |   |
| Other      liabilities, net                         |   |               | 92,216    |   |              |   | 149,265 |   |
| Total                                               |   |               | 868,300   |   |              |   | 870,720 |   |
|                                                |   |               |      |   |              |   |   |   |
| Accumulated      equity                             |   |               | 1,176,184 |   |              |   | 1,208,512 |   |
|                                                |   |               |      |   |              |   |   |   |
| Total                                               |   | $                  | 2,044,484 |   |              | $      | 2,079,232 |   |

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|                                         |   | Three      Months Ended |   |   | Nine      Months Ended |   |
|----------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                         |   | September      30,      |   |   | September      30,     |   |
|                                         |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Combined      Condensed Statements of Income |   |                    |   |   |                   |   |   |   |   |   |   |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Revenues,      net                           |   | $                       | 42,237 |   |                   | $      | 39,021 |   |   | $ | 128,261 |   |   | $ | 117,344 |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                    |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      and amortization           |   |                    | 14,204 |   |                   |   | 10,868 |   |   |   | 40,702 |   |   |   | 30,099 |   |
| Interest,      net                           |   |                    | 7,871  |   |                   |   | 5,491 |   |   |   | 22,470 |   |   |   | 14,808 |   |
| Operating                                    |   |                    | 8,507  |   |                   |   | 6,218 |   |   |   | 23,612 |   |   |   | 19,146 |   |
| Ad      valorem taxes, net                   |   |                    | 5,084  |   |                   |   | 4,480 |   |   |   | 15,915 |   |   |   | 13,834 |   |
| General      and administrative              |   |                    | 1,581  |   |                   |   | 809 |   |   |   | 4,144 |   |   |   | 1,786 |   |
| Impairment      loss                         |   |                    | 6,923  |   |                   |   |   |   |   |   | 6,923 |   |   |   |   |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                        |   |                    | 44,170 |   |                   |   | 27,866 |   |   |   | 113,766 |   |   |   | 79,673 |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Gain      on merchant development sales      |   |                    |   |   |                   |   | 443 |   |   |   |   |   |   |   | 933 |   |
| Gain      (loss) on sale of property         |   |                    |   |   |                   |   | (3 | ) |   |   | 11 |   |   |   | 35 |   |
|                                         |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) income                       |   | $                       | (1,933 | )      |                   | $      | 11,595 |   |   | $ | 14,506 |   |   | $ | 38,639 |   |

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|                                             |   | September      30, |   |   | December      31, |   |
|--------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                             |   | 2009               |   |   | 2008              |   |
|                                             |   |               |   |   |              |   |
| Deferred      tax assets:                        |   |               |   |   |              |   |
| Impairment      loss                             |   | $                  | 13,945 |   |              | $      | 9,936 |   |
| Allowance      on other assets                   |   |               | 1,428  |   |              |   | 1,363 |   |
| Interest      expense                            |   |               | 2,210  |   |              |   | 861 |   |
| Other                                            |   |               | 378    |   |              |   | 174 |   |
|                                             |   |               |   |   |              |   |   |   |
| Total      deferred tax assets                   |   |               | 17,961 |   |              |   | 12,334 |   |
| Valuation      allowance                         |   |               | (9,605 | )      |              |   |   |   |
| Total      deferred tax assets, net of allowance |   | $                  | 8,356  |   |              | $      | 12,334 |   |
|                                             |   |               |   |   |              |   |   |   |
| Deferred      tax liabilities:                   |   |               |   |   |              |   |   |   |
| Straight-line      rentals                       |   | $                  | 464    |   |              | $      | 152 |   |
| Book-tax      basis differential                 |   |               | 3,634  |   |              |   |   |   |
|                                             |   |               |   |   |              |   |   |   |
| Total      deferred tax liabilities              |   | $                  | 4,098  |   |              | $      | 152 |   |
|                                             |   |               |   |   |              |   |   |   |

income in the year the property issold.  Management believes it is more likely than not that a portionof this deferred tax asset will be not be realized and during the third quarterof 2009 established a valuation allowance of $9.6 million. The amount of thedeferred tax asset considered realizable, however, could be reduced if estimatesof future taxable income
 are reduced.

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|                                                                                       |   | September      30, |    |   | December      31, |   |
|--------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                                                                                       |   | 2009               |    |   | 2008              |   |
|                                                                                       |   |               |    |   |              |   |
| Identified      Intangible Assets:                                                         |   |               |    |   |              |   |
| Above-Market      Leases (included in Other Assets, net)                                   |   | $                  | 17,782  |   |              | $      | 17,921 |   |
| Above-Market      Leases – Accumulated Amortization                                  |   |               | (11,203 | )      |              |   | (9,771 | ) |
| Below-Market      Assumed Mortgages (included in Debt, net)                                |   |               | 2,072   |   |              |   | 2,072 |   |
| Below-Market      Assumed Mortgages – Accumulated Amortization                       |   |               | (735    | )      |              |   | (525 | ) |
| Valuation      of In Place Leases (included in Unamortized Debt and Lease Costs,      net) |   |               | 60,916  |   |              |   | 64,027 |   |
| Valuation      of In Place Leases – Accumulated Amortization                         |   |               | (32,703 | )      |              |   | (29,104 | ) |
|                                                                                       |   |               |    |   |              |   |   |   |
|                                                                                       |   | $                  | 36,129  |   |              | $      | 44,620 |   |
|                                                                                       |   |               |    |   |              |   |   |   |
| Identified      Intangible Liabilities:                                                    |   |               |    |   |              |   |   |   |
| Below-Market      Leases (included in Other Liabilities, net)                              |   | $                  | 38,494  |   |              | $      | 38,712 |   |
| Below-Market      Leases – Accumulated Amortization                                  |   |               | (21,641 | )      |              |   | (18,265 | ) |
| Above-Market      Assumed Mortgages (included in Debt, net)                                |   |               | 53,895  |   |              |   | 53,895 |   |
| Above-Market      Assumed Mortgages – Accumulated Amortization                       |   |               | (31,783 | )      |              |   | (28,284 | ) |
|                                                                                       |   |               |    |   |              |   |   |   |
|                                                                                       |   | $                  | 38,965  |   |              | $      | 46,058 |   |

| 2009      remaining |   | $      | 729   |   |
|---------------------|--------|--------|-------|--------|
| 2010                |   |   | 1,858 |   |
| 2011                |   |   | 1,361 |   |
| 2012                |   |   | 1,113 |   |
| 2013                |   |   | 966   |   |

| 2009      remaining |   | $      | 1,591 |   |
|---------------------|--------|--------|-------|--------|
| 2010                |   |   | 5,666 |   |
| 2011                |   |   | 4,416 |   |
| 2012                |   |   | 3,543 |   |
| 2013                |   |   | 2,741 |   |

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| 2009      remaining |   | $      | 1,048 |   |
|---------------------|--------|--------|-------|--------|
| 2010                |   |   | 3,713 |   |
| 2011                |   |   | 2,416 |   |
| 2012                |   |   | 1,242 |   |
| 2013                |   |   | 798   |   |

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|                                    |   | Quoted      Prices in Active Markets for Identical Assets and Liabilities(Level      1) |   |   | Significant      Other Observable Inputs(Level      2) |   | Significant      Unobservable Inputs(Level      3) |   | Fair      Value atSeptember      30, 2009 |   |
|-----------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------|--------|
|                                    |   |                                                                                    |   |   |                                                   |   |                                               |   |                                      |   |
| Assets:                                 |   |                                                                                    |   |   |                                                   |   |                                               |   |                                      |   |
| Derivative      instruments             |   |                                                                                    |   |   | $                                                      | 3,206  |                                               |   |                                      | $      | 3,206 |   |
| Investments      held in grantor trusts |   | $                                                                                       | 13,284 |   |                                                   |   |                                               |   |                                      |   |   | 13,284 |   |
| Total                                   |   | $                                                                                       | 13,284 |   |                                                   | $      | 3,206                                              |   | -                                         |   | $ | 16,490 |   |

|                                    |   | Quoted      Prices in Active Markets for Identical Assets and Liabilities(Level      1) |   |   | Significant      Other Observable Inputs(Level      2) |   | Significant      Unobservable Inputs(Level      3) |   | Fair      Value atDecember      31, 2008 |   |
|-----------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|----------------------------------------------------|--------|------------------------------------------|--------|
|                                    |   |                                                                                    |   |   |                                                   |   |                                               |   |                                     |   |
| Assets:                                 |   |                                                                                    |   |   |                                                   |   |                                               |   |                                     |   |
| Derivative      instruments             |   |                                                                                    |   |   | $                                                      | 4,625  |                                               |   |                                     | $      | 4,625 |   |
| Investments      held in grantor trusts |   | $                                                                                       | 25,595 |   |                                                   |   |                                               |   |                                     |   |   | 25,595 |   |
| Total                                   |   | $                                                                                       | 25,595 |   |                                                   | $      | 4,625                                              |   | -                                        |   | $ | 30,220 |   |

|                        |   | Quoted      Prices in Active Markets for Identical Assets and Liabilities(Level      1) |   |   | Significant      Other Observable Inputs(Level      2) |   |   | Significant      Unobservable Inputs(Level      3) |   |   | Fair      Value at September 30, 2009 |   |   | Total      Gains (Losses) |    |
|-----------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------|---------|
|                        |   |                                                                                    |   |   |                                                   |   |   |                                               |   |   |                                  |   |   |                      |    |
| Property                    |   |                                                                                    |   |   |                                                   |   |   | $                                                  | 97,991 |   |                                  | $      | 97,991 |                      |    | $ | (32,774 | ) |
| Property      Held for Sale |   |                                                                                    |   |   | $                                                      | 22,200 |   |                                               |   |   |                                  |   |   | 22,200                    |    |   |   | (2,379 | ) |
| Total                       |   |                                                                                    | -      |   |                                                   | $      | 22,200 |                                               |   | $      | 97,991                                |   |   | $                         | 120,191 |   |   | $ | (35,153 | ) |

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|                          |   | Nine      Months Ended |   |
|-------------------------------|--------|------------------------|--------|
|                          |   | September      30,     |   |
|                          |   | 2009                   |   |   | 2008 |   |
|                          |   |                   |   |   |   |   |
| Fair      value per share     |   | $                      | 1.99   |   |   | $ | 3.07 |   |
| Dividend      yield           |   |                   | 5.2    | % |   |   | 5.1 | % |
| Expected      volatility      |   |                   | 31.3   | % |   |   | 18.8 | % |
| Expected      life (in years) |   |                   | 6.2    |   |   |   | 6.2 |   |
| Risk-free      interest rate  |   |                   | 1.7    | % |   |   | 2.8 | % |

|                                 |   |   |      |   | Weighted |   |
|--------------------------------------|--------|--------|-----------|--------|----------|--------|
|                                 |   | Shares |      |   | Average  |   |
|                                 |   | Under  |      |   | Exercise |   |
|                                 |   | Option |      |   | Price    |   |
|                                 |   |   |      |   |     |   |
| Outstanding,      January 1, 2009    |   |   | 3,317,655 |   |     | $      | 32.96 |   |
| Granted                              |   |   | 1,182,252 |   |     |   | 11.85 |   |
| Forfeited      or expired            |   |   | (45,456   | )      |     |   | 24.57 |   |
| Outstanding,      September 30, 2009 |   |   | 4,454,451 |   |     | $      | 27.45 |   |

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|                 |                |   | 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) |   |
|                 |                |   |        |      |        |           |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                    | 11.85      - $17.78 |   |        |      | 1,160,530   |           | 9.4      years |   | $ | 11.85 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |                |   |        |      |        |           |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                    | 17.79      - $26.69 |   |        |      | 882,917     |           | 2.3      years |   | $ | 22.11 |   |   |   |   |   |   |   | 822,163 |   |   | $ | 21.93 |   | 2.2      years |   |   |   |   |
|                 |                |   |        |      |        |           |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                    | 26.70      - $40.05 |   |        |      | 1,926,968   |           | 6.5      years |   | $ | 34.25 |   |   |   |   |   |   |   | 1,125,342 |   |   | $ | 34.67 |   | 5.6      years |   |   |   |   |
|                 |                |   |        |      |        |           |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $                    | 40.06      - $49.62 |   |        |      | 484,036     |           | 7.2      years |   | $ | 47.46 |   |   |   |   |   |   |   | 211,367 |   |   | $ | 47.47 |   | 7.2      years |   |   |   |   |
|                 |                |   |        |      |        |           |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                |                |   |        | 4,454,451 |        | 6.5      years |           | $ | 27.45 |   |   | $ | -                |   |   |   | 2,158,872 |   |   | $ | 31.07 |   | 4.5      years |   | $ | -                |   |

|                                 |   | Unvested   |    |   |                 |   |
|--------------------------------------|--------|------------|---------|--------|----------------------|--------|
|                                 |   | Restricted |    |   | Weighted             |   |
|                                 |   | Share      |    |   | Average      Grant   |   |
|                                 |   | Awards     |    |   | Date      Fair Value |   |
|                                 |   |       |    |   |                 |   |
| Outstanding,      January 1, 2009    |   |       | 167,402 |   |                 | $      | 36.54 |   |
| Granted                              |   |       | 288,979 |   |                 |   | 12.20 |   |
| Vested                               |   |       | (56,212 | )      |                 |   | 20.94 |   |
| Forfeited                            |   |       | (5,388  | )      |                 |   | 19.52 |   |
| Outstanding,      September 30, 2009 |   |       | 394,781 |   |                 | $      | 21.18 |   |

|                                |   | Three      Months Ended |   |   | Nine      Months Ended |   |
|-------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                |   | September      30,      |   |   | September      30,     |   |
|                                |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Service      cost                   |   | $                       | 935    |   |                   | $      | 638 |   |   | $ | 2,690 |   |   | $ | 2,176 |   |
| Interest      cost                  |   |                    | 796    |   |                   |   | 730 |   |   |   | 2,219 |   |   |   | 2,425 |   |
| Expected      return on plan assets |   |                    | (331   | )      |                   |   | (469 | ) |   |   | (860 | ) |   |   | (1,420 | ) |
| Prior      service cost             |   |                    | (33    | )      |                   |   | (30 | ) |   |   | (86 | ) |   |   | (91 | ) |
| Recognized      loss (gain)         |   |                    | 286    |   |                   |   | (33 | ) |   |   | 743 |   |   |   | (95 | ) |
|                                |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                               |   | $                       | 1,653  |   |                   | $      | 836 |   |   | $ | 4,706 |   |   | $ | 2,995 |   |

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|                                                                                                                   |   | Nine      Months Ended |   |
|------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|
|                                                                                                                   |   | September      30,     |   |
|                                                                                                                   |   | 2009                   |   |   | 2008 |   |
|                                                                                                                   |   |                   |   |   |   |   |
| Net      income adjusted for noncontrolling interests                                                                  |   | $                      | 89,607 |   |   | $ | 146,267 |   |
| Transfers      from the noncontrolling interests:                                                                      |   |                   |   |   |   |   |   |   |
| Increase      in equity for operating partnership units                                                                |   |                   | 6,400  |   |   |   | 368 |   |
| Change      from net income adjusted for noncontrolling interests and transfers from      the noncontrolling interests |   | $                      | 96,007 |   |   | $ | 146,635 |   |

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|                                                                                                            |   | Shopping |      |   |       |   |    |   |   |   |      |   |
|-----------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|------------|--------|---------|--------|--------|--------|-----------|--------|
|                                                                                                            |   | Center   |      |   | Industrial |   |    | Other  |   |   | Total     |   |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |
| Three      Months Ended September 30, 2009:                                                                     |   |     |      |   |       |   |    |   |   |   |      |   |
|     Revenues                                                                                |   | $        | 129,155   |   |       | $      | 13,619  |   |   | $      | 1,770     |   |   | $ | 144,544 |   |
|     Net      Operating Income (Loss)                                                        |   |     | 91,490    |   |       |   | 9,162   |   |   |   | (116      | )      |   |   | 100,536 |   |
|     Equity      in (Loss) Earnings of Real Estate Joint Ventures and Partnerships,      net |   |     | (4,963    | )      |       |   | 312     |   |   |   | (112      | )      |   |   | (4,763 | ) |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
| Three      Months Ended September 30, 2008:                                                                     |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
|     Revenues                                                                                |   | $        | 137,202   |   |       | $      | 14,611  |   |   | $      | 2,154     |   |   | $ | 153,967 |   |
|     Net      Operating Income                                                               |   |     | 97,281    |   |       |   | 10,358  |   |   |   | 316       |   |   |   | 107,955 |   |
|     Equity      in (Loss) Earnings of Real Estate Joint Ventures and Partnerships,      net |   |     | 4,981     |   |       |   | 265     |   |   |   | (95       | )      |   |   | 5,151 |   |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
| Nine      Months Ended September 30, 2009:                                                                      |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
|     Revenues                                                                                |   | $        | 387,189   |   |       | $      | 41,711  |   |   | $      | 5,527     |   |   | $ | 434,427 |   |
|     Net      Operating Income                                                               |   |     | 274,089   |   |       |   | 28,962  |   |   |   | 350       |   |   |   | 303,401 |   |
|     Equity      in (Loss) Earnings of Real Estate Joint Ventures and Partnerships,      net |   |     | 2,188     |   |       |   | 774     |   |   |   | (179      | )      |   |   | 2,783 |   |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
| Nine      Months Ended September 30, 2008:                                                                      |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
|     Revenues                                                                                |   | $        | 402,860   |   |       | $      | 42,236  |   |   | $      | 6,502     |   |   | $ | 451,598 |   |
|     Net      Operating Income                                                               |   |     | 287,740   |   |       |   | 29,967  |   |   |   | 2,120     |   |   |   | 319,827 |   |
|     Equity      in (Loss) Earnings of Real Estate Joint Ventures and Partnerships,      net |   |     | 14,670    |   |       |   | 971     |   |   |   | (104      | )      |   |   | 15,537 |   |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
| As      of September 30, 2009:                                                                                  |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
|     Investment in      Real Estate Joint Ventures and Partnerships, net                     |   | $        | 272,860   |   |       | $      | 38,493  |   |   | $      | -         |   |   | $ | 311,353 |   |
|     Total      Assets                                                                       |   |     | 3,598,283 |   |       |   | 362,704 |   |   |   | 1,076,311 |   |   |   | 5,037,298 |   |
|                                                                                                            |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
| As      of December 31, 2008:                                                                                   |   |     |      |   |       |   |    |   |   |   |      |   |   |   |   |   |
|     Investment in      Real Estate Joint Ventures and Partnerships, net                     |   | $        | 318,003   |   |       | $      | 39,631  |   |   | $      | -         |   |   | $ | 357,634 |   |
|     Total      Assets                                                                       |   |     | 3,747,037 |   |       |   | 348,691 |   |   |   | 1,018,484 |   |   |   | 5,114,212 |   |

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|                                                                                                                 |   | Three      Months Ended |    |   | Nine      Months Ended |   |
|----------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                                                                                 |   | September      30,      |    |   | September      30,     |   |
|                                                                                                                 |   | 2009                    |    |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                 |   |                    |    |   |                   |   |   |   |   |   |   |   |
| Total      Segment Net Operating Income                                                                              |   | $                       | 100,536 |   |                   | $      | 107,955 |   |   | $ | 303,401 |   |   | $ | 319,827 |   |
|     Depreciation      and Amortization                                                           |   |                    | (37,159 | )      |                   |   | (35,368 | ) |   |   | (112,836 | ) |   |   | (115,281 | ) |
|     Impairment      Loss                                                                         |   |                    | (32,774 | )      |                   |   |   |   |   |   | (32,774 | ) |   |   |   |   |
|     General      and Administrative                                                              |   |                    | (6,178  | )      |                   |   | (5,816 | ) |   |   | (19,198 | ) |   |   | (19,774 | ) |
|     Interest      Expense, net                                                                   |   |                    | (36,431 | )      |                   |   | (40,878 | ) |   |   | (115,247 | ) |   |   | (118,724 | ) |
|     Interest and      Other Income, net                                                          |   |                    | 3,596   |   |                   |   | 1,171 |   |   |   | 8,504 |   |   |   | 3,919 |   |
|     Gain on      Redemption of Convertible Senior UnsecuredNotes                            |   |                    | 16,453  |   |                   |   |   |   |   |   | 25,311 |   |   |   |   |   |
|     Equity      in (Loss) Earnings of Real Estate Joint Ventures and      Partnerships, net |   |                    | (4,763  | )      |                   |   | 5,151 |   |   |   | 2,783 |   |   |   | 15,537 |   |
|     Gain on      Merchant Development Sales                                                      |   |                    | 491     |   |                   |   | 1,418 |   |   |   | 18,619 |   |   |   | 8,240 |   |
|     Provision for      Income Taxes                                                              |   |                    | (4,364  | )      |                   |   | (701 | ) |   |   | (7,071 | ) |   |   | (2,991 | ) |
|                                                                                                                 |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      Income from Continuing Operations                                                                        |   | $                       | (593    | )      |                   | $      | 32,932 |   |   | $ | 71,492 |   |   | $ | 90,753 |   |

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Management's Discussion and Analysis of Financial Condition and Resultsof Operations

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|   | · | We      issued 32.2 million common shares of beneficial interest (“common shares”)      resulting in additional liquidity of $439.1 million.  These      proceeds were used to fund the repurchases through July 2009 of $504.9      million principal of unsecured fixed rate medium term notes, 7% senior      unsecured notes and 3.95% convertible senior unsecured notes,      significantly reducing our debt maturities for the years 2009 through      2011.  Although our 3.95% convertible senior unsecured notes do      not mature until 2026, we believe market conditions make it highly      probable they will be put back to us in2011. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      issued $267.6 million of secured debt, including $26.6 million subsequent      to September 30, 2009. |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | We      issued $100.0 million of unsecured notes  payable. |
|--------|--------|------------------------------------------------------------|

|   | · | We      entered into a joint venture to which we have or will contribute six      properties valued at $160.8 million and to date have received net proceeds      of approximately $85.9 million. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      have sold operating and merchant build properties for approximately      $193.1 million. |
|--------|--------|-------------------------------------------------------------------------------------------------------|

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|                  |   | September      30, |   |
|-----------------------|--------|--------------------|--------|
|                  |   | 2009               |   |   | 2008 |   |
|                  |   |               |   |   |   |   |
| Shopping      Centers |   |               | 92.1   | % |   |   | 94.5 | % |
| Industrial            |   |               | 88.0   | % |   |   | 91.4 | % |
| Total                 |   |               | 91.1   | % |   |   | 93.7 | % |

|                                                        |   | Three      Months Ended |   |
|-------------------------------------------------------------|--------|------------------------------|--------|
|                                                        |   | September      30,           |   |
|                                                        |   | 2009                         |   |   | 2008 |   |
|                                                        |   |                         |   |   |   |   |
| Gross      interest expense                                 |   | $                            | 38,312 |   |   | $ | 45,141 |   |
| Amortization      of convertible bond discount              |   |                         | 538    |   |   |   | 2,162 |   |
| Over-market      mortgage adjustment of acquired properties |   |                         | (984   | ) |   |   | (1,189 | ) |
| Capitalized      interest                                   |   |                         | (1,435 | ) |   |   | (5,236 | ) |
|                                                        |   |                         |   |   |   |   |   |   |
| Total                                                       |   | $                            | 36,431 |   |   | $ | 40,878 |   |

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|                  |   | September      30, |   |
|-----------------------|--------|--------------------|--------|
|                  |   | 2009               |   |   | 2008 |   |
|                  |   |               |   |   |   |   |
| Shopping      Centers |   |               | 92.1   | % |   |   | 94.5 | % |
| Industrial            |   |               | 88.0   | % |   |   | 91.4 | % |
| Total                 |   |               | 91.1   | % |   |   | 93.7 | % |

|                                                        |   | Nine      Months Ended |    |
|-------------------------------------------------------------|--------|------------------------|---------|
|                                                        |   | September      30,     |    |
|                                                        |   | 2009                   |    |   | 2008 |   |
|                                                        |   |                   |    |   |   |   |
| Gross      interest expense                                 |   | $                      | 121,364 |   |   | $ | 132,026 |   |
| Amortization      of convertible bond discount              |   |                   | 4,426   |   |   |   | 6,386 |   |
| Over-market      mortgage adjustment of acquired properties |   |                   | (3,089  | ) |   |   | (4,312 | ) |
| Capitalized      interest                                   |   |                   | (7,454  | ) |   |   | (15,376 | ) |
|                                                        |   |                   |    |   |   |   |   |   |
| Total                                                       |   | $                      | 115,247 |   |   | $ | 118,724 |   |

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| Remaining      2009 |   | $      | 1.6   |   |
|---------------------|--------|--------|-------|--------|
| 2010                |   |   | 47.6  |   |
| 2011                |   |   | 17.5  |   |
| 2012                |   |   | 19.3  |   |
| 2013                |   |   | 47.9  |   |
| 2014                |   |   | 50.7  |   |
| Thereafter          |   |   | 177.8 |   |

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| Covenant                         |   | Restriction           |   | Actual |
|----------------------------------|--------|-----------------------|--------|--------|
| Debt      to Asset Ratio         |   | Less      than 60.0%  |   | 46.3%  |
| Secured      Debt to Asset Ratio |   | Less      than 30.0%  |   | 21.3%  |
| Fixed      Charge Ratio          |   | Greater      than 1.5 |   | 1.94   |
| Unencumbered      Interest Ratio |   | Greater      than 2.0 |   | 3.01   |

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|                                       |   | Remaining |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |
|--------------------------------------------|--------|-----------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|------------|--------|---------|--------|--------|
|                                       |   | 2009      |   |   | 2010   |   |    | 2011   |   |   | 2012    |   |   | 2013   |    |   | Thereafter |   |    | Total  |   |
| Mortgages      and Notes Payable:      (1) |   |      |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |
| Unsecured      Debt                        |   | $         | 24,446 |   |   | $      | 308,207 |   |   | $      | 195,371 |   |   | $      | 255,945 |   |       | $      | 222,398 |   |   | $ | 937,833 |   |   | $ | 1,944,200 |   |
| Secured      Debt                          |   |      | 31,271 |   |   |   | 146,071 |   |   |   | 160,419 |   |   |   | 203,239 |   |       |   | 192,647 |   |   |   | 874,900 |   |   |   | 1,608,547 |   |
|                                       |   |      |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |   |   |   |   |   |   |   |
| Ground      Lease Payments                 |   |      | 892    |   |   |   | 3,528   |   |   |   | 3,439   |   |   |   | 3,251   |   |       |   | 3,222   |   |   |   | 129,400 |   |   |   | 143,732 |   |
|                                       |   |      |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |   |   |   |   |   |   |   |
| Other      Obligations (2)                 |   |      | 37,870 |   |   |   | 33,546  |   |   |   |    |   |   |   |    |   |       |   |    |   |   |   |   |   |   |   | 71,416 |   |
|                                       |   |      |   |   |   |   |    |   |   |   |    |   |   |   |    |   |       |   |    |   |   |   |   |   |   |   |   |   |
| Total      Contractual Obligations    |   | $         | 94,479 |   |   | $      | 491,352 |   |   | $      | 359,229 |   |   | $      | 462,435 |   |       | $      | 418,267 |   |   | $ | 1,942,133 |   |   | $ | 3,767,895 |   |

|   | (1) | Includes      principal and interest with interest on variable-rate debt calculated      using rates at September 30, 2009 excluding the effect of interest rate      swaps, as they are currently in a net receivable  position. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Other      obligations include only 2009 income and ad valorem tax payments,      contributions to our retirement plan and other employee      payments.  Severance and change in control agreements have not      been included as the amounts and payouts are not    anticipated. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                    |   | Three      Months Ended |    |   | Nine      Months Ended |   |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                                                                    |   | September      30,      |    |   | September      30,     |   |
|                                                                                                    |   | 2009                    |    |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                                                                                    |   |                    |    |   |                   |   |   |   |   |   |   |   |
| Net      (loss) income attributable to common shareholders                                              |   | $                       | (9,384  | )      |                   | $      | 26,936 |   |   | $ | 63,000 |   |   | $ | 118,575 |   |
| Depreciation      and amortization                                                                      |   |                    | 35,646  |   |                   |   | 34,282 |   |   |   | 109,446 |   |   |   | 114,535 |   |
| Depreciation      and amortization of unconsolidated real estate joint ventures and      partnerships   |   |                    | 4,850   |   |                   |   | 3,137 |   |   |   | 13,415 |   |   |   | 8,698 |   |
| Gain      on sale of property                                                                           |   |                    | (1,383  | )      |                   |   | (4,470 | ) |   |   | (19,736 | ) |   |   | (53,437 | ) |
| (Gain)      loss on sale of property of unconsolidated real estate joint      ventures and partnerships |   |                    |    |   |                   |   | 2 |   |   |   | (4 | ) |   |   | (12 | ) |
| Funds      from operations                                                                              |   |                    | 29,729  |   |                   |   | 59,887 |   |   |   | 166,121 |   |   |   | 188,359 |   |
| Funds      from operations attributable to operating partnershipunits                                   |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Funds      from operations assuming conversion of OP units                                              |   | $                       | 29,729  |   |                   | $      | 59,887 |   |   | $ | 166,121 |   |   | $ | 188,359 |   |
|                                                                                                    |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding - basic                                                        |   |                    | 119,384 |   |                   |   | 83,795 |   |   |   | 106,186 |   |   |   | 83,739 |   |
| Effect      of dilutive securities:                                                                     |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Share      options and awards                                                                           |   |                    |    |   |                   |   | 521 |   |   |   | 559 |   |   |   | 549 |   |
| Operating      partnership units                                                                        |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding - diluted                                                      |   |                    | 119,384 |   |                   |   | 84,316 |   |   |   | 106,745 |   |   |   | 84,288 |   |

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Quantitative and Qualitative Disclosures About MarketRisk

Controls and Procedures

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Legal Proceedings

Risk Factors

|   | § | The      time remaining to the maturity of thenotes; |
|--------|--------|------------------------------------------------------|

|   | § | Their      subordination to our existing and future  liabilities; |
|--------|--------|-------------------------------------------------------------------|

|   | § | The      outstanding principal amount of the notes;and |
|--------|--------|--------------------------------------------------------|

|   | § | The      level, direction and volatility of market interest rates      generally. |
|--------|--------|-----------------------------------------------------------------------------------|

|   | § | Actual      or anticipated quarterly fluctuations in our operating results and      financial condition; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | § | Changes      in revenues or earnings estimates or publication of research reports and      recommendations by financial analysts or actions taken by rating agencies      with respect to our securities or those of other  REITs; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | The      ability of our tenants to pay rent to us and meet their other obligations      to us under current lease; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | § | Our      ability to re-lease space as leasesexpire; |
|--------|--------|-----------------------------------------------------|

|   | § | Our      ability to refinance our indebtedness as it  matures; |
|--------|--------|----------------------------------------------------------------|

|   | § | Any      changes in our distribution policy; |
|--------|--------|----------------------------------------------|

|   | § | Any      future issuances of equitysecurities; |
|--------|--------|------------------------------------------------|

|   | § | Speculation      in the press or investmentcommunity; |
|--------|--------|-------------------------------------------------------|

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|   | § | Strategic      actions by us or our competitors, such as acquisitions or      restructurings; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | § | General      market conditions and, in particular, developments related to market      conditions for the real estate industry;and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Domestic      and international economic factors unrelated to our      performance. |
|--------|--------|-------------------------------------------------------------------------------------|

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Unregistered Sales of Equity Securities and Use ofProceeds

Defaults Upon Senior Securities

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Submission of Matters to a Vote of Shareholders

Other Information

Exhibits

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SIGNATURES

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

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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 byreference).                                                                                                                                                                                                                                                |
| 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 byreference).                                                                                                                                                                                                                                                 |
| 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    | — | Form      of Indenture between Weingarten Realty Investors and The Bank of New York      Mellon Trust Company, N.A. (successor in interest to JPMorgan Chase Bank,      National Association, formerly Texas Commerce Bank National Association,      between WRI and Chase Bank of Texas, National Association (filed as      Exhibit 4(a) to WRI's Registration Statement on Form S-3 (No. 33-57659)      dated February 10, 1995 and incorporated herein by    reference). |
| 4.2    | — | Form      of Indenture between Weingarten Realty Investors and The Bank of New York      Mellon Trust Company, N.A. (successor in interest to JPMorgan Chase Bank,      National Association, formerly Texas Commerce Bank National Association,      between WRI and Chase Bank of Texas, National Association (filed as      Exhibit 4(b) to WRI's Registration Statement on Form S-3 (No. 33-57659)      and incorporated herein by reference).                            |
| 4.3    | — | Form      of Fixed Rate Senior Medium Term Note (filed as Exhibit 4.19 to WRI’s      Annual Report on Form 10-K for the year ended December 31, 1998 and      incorporated herein by reference).                                                                                                                                                                                                                                                                        |
| 4.4    | — | Form      of Floating Rate Senior Medium Term Note (filed as Exhibit 4.20 to WRI’s      Annual Report on Form 10-K for the year ended December 31, 1998 and      incorporated herein by reference).                                                                                                                                                                                                                                                                     |
| 4.5    | — | Form      of Fixed Rate Subordinated Medium Term Note (filed as Exhibit 4.21 to      WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and      incorporated herein by reference).                                                                                                                                                                                                                                                                  |
| 4.6    | — | Form      of Floating Rate Subordinated Medium Term Note (filed as Exhibit 4.22 to      WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and      incorporated herein by reference).                                                                                                                                                                                                                                                               |
| 4.7    | — | Statement      of Designation of 6.75% Series D Cumulative Redeemable Preferred Shares      (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated      April 17, 2003 and incorporated herein by reference).                                                                                                                                                                                                                                          |
| 4.8    | — | Statement      of Designation of 6.95% Series E Cumulative Redeemable Preferred Shares      (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated      July 8, 2004 and incorporated herein by reference).                                                                                                                                                                                                                                            |
| 4.9    | — | Statement      of Designation of 6.50% Series F Cumulative Redeemable Preferred Shares      (filed as Exhibit 3.1 to WRI’s Registration Statement on Form 8-A dated      January 29, 2007 and incorporated herein by reference).                                                                                                                                                                                                                                        |
| 4.10   | — | 6.75%      Series D Cumulative Redeemable Preferred Share Certificate (filed as      Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated April 17,      2003 and incorporated herein byreference).                                                                                                                                                                                                                                                            |

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| 4.11         | — | 6.95%      Series E Cumulative Redeemable Preferred Share Certificate (filed as      Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated July 8, 2004      and incorporated herein by reference).                                                                                                                                                                          |
|--------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.12         | — | 6.50%      Series F Cumulative Redeemable Preferred Share Certificate (filed as      Exhibit 4.2 to WRI’s Registration Statement on Form 8-A dated January 29,      2007 and incorporated herein by reference).                                                                                                                                                                      |   |
| 4.13         | — | Form      of Receipt for Depositary Shares, each representing 1/30 of a share of      6.75% Series D Cumulative Redeemable Preferred Shares, par value $.03 per      share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A      dated April 17, 2003 and incorporated herein byreference).                                                                         |   |
| 4.14         | — | Form      of Receipt for Depositary Shares, each representing 1/100 of a share of      6.95% Series E Cumulative Redeemable Preferred Shares, par value $.03 per      share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A      dated July 8, 2004 and incorporated herein by reference).                                                                         |   |
| 4.15         | — | Form      of Receipt for Depositary Shares, each representing 1/100 of a share of      6.50% Series F Cumulative Redeemable Preferred Shares, par value $.03 per      share (filed as Exhibit 4.3 to WRI’s Registration Statement on Form 8-A      dated January 29, 2007 and incorporated herein by    reference).                                                                  |   |
| 4.16         | — | Form      of 7% Notes due 2011 (filed as Exhibit 4.17 to WRI’s Annual Report on Form      10-K for the year ended December 31, 2001 and incorporated herein by      reference).                                                                                                                                                                                                      |   |
| 4.17         | — | Form      of 3.95% Convertible Senior Notes due 2026 (filed as Exhibit 4.2 to WRI’s      Form 8-K on August 2, 2006 and incorporated herein by      reference).                                                                                                                                                                                                                      |   |
| 4.18         |    | Form      of 8.10% Note due 2019 (filed as Exhibit 4.1 to WRI’s Current Report on      Form 8-K dated August 14, 2009 and incorporated herein by      reference).                                                                                                                                                                                                                    |   |
| 10.1†  | — | 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).                                                                                                                                                                                                          |   |
| 10.2†  | — | 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).                                                                                                                                                                                          |   |
| 10.3†  | — | 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).                                                                                                                                                                                                  |   |
| 10.4         | — | 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). |   |
| 10.5†  | — | 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).                                                                                                                                                            |   |
| 10.6†  | — | 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).                                                                                                                                        |   |
| 10.7†  | — | 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).                                                                                                                                                                |
| 10.8†  | — | 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).                                                                                                                                       |
| 10.9†  | — | 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).                                                                                                                        |
| 10.10† | — | 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).                                                                                                                      |
| 10.11† | — | 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).                                                                                                                        |

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| 10.12† | — | 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).                                                                                            |
|--------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.13† | — | 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).                                                                                                           |
| 10.14† | — | 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).                                                                                            |
| 10.15† | — | 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).                                                                                              |
| 10.16† | — | 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).                                                                                                                 |
| 10.17† | — | 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).                                                                    |
| 10.18† | — | 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).                                                                                                                |
| 10.19† | — | 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).                                                                                                     |
| 10.20† | — | 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).                                                                                       |
| 10.21† | — | 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).                                                                                        |
| 10.22† | — | 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).                                                                                     |
| 10.23† | — | 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).                                                                               |
| 10.24† | — | 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).                                                                            |
| 10.25† | — | 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). |
| 10.26† | — | 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).                                                                                                       |
| 10.27        | — | 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 herein by      reference).                        |
| 10.28        | — | Amendment      Agreement dated November 7, 2007 to the Amended and Restated Credit      Agreement (filed as Exhibit 10.34 on WRI’s Form 10-Q for the quarter ended      September 30, 2007 and incorporated herein by  reference).                                                                                                                      |
| 10.29† | — | 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 byreference).                                                                                                                                           |

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| 10.30† | — | 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).    |
|--------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.31† | — | 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).                    |
| 10.32† | — | 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).       |
| 10.33† | — | 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 herein by      reference). |
| 10.34† | — | 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 herein by      reference).    |
| 10.35† | — | 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 herein by    reference).               |
| 10.36† | — | Amendment      No. 2 to the Weingarten Realty Investors Retirement Benefit Restoration      Plan dated November 9, 2007 (filed as Exhibit 10.43 on WRI’s Form 10-K for      the year ended December 31, 2007 and incorporated herein by      reference).     |
| 10.37† | — | Amendment      No. 2 to the Weingarten Realty Investors Deferred Compensation Plan dated      November 9, 2007 (filed as Exhibit 10.44 on WRI’s Form 10-K for the year      ended December 31, 2007 and incorporated herein by    reference).                |
| 10.38† | — | Amendment      No. 2 to the Weingarten Realty Investors Supplemental Executive Retirement      Plan dated November 9, 2007 (filed as Exhibit 10.45 on WRI’s Form 10-K for      the year ended December 31, 2007 and incorporated herein by      reference).  |
| 10.39† | — | Severance      Benefit and Stay Pay Bonus Plan dated September 20, 2007 (filed as Exhibit      10.46 on WRI’s Form 10-K for the year ended December 31, 2007 and      incorporated herein by reference).                                                     |
| 10.40† | — | 2007      Reduction in Force Severance Pay Plan dated November 6, 2007 (filed as      Exhibit 10.47 on WRI’s Form 10-K for the year ended December 31, 2007 and      incorporated herein by reference).                                                      |
| 10.41† | — | Fifth      Amendment to the Weingarten Realty Retirement Plan, dated August 1, 2008      (filed as Exhibit 10.48 on WRI’s Form 10-Q for the quarter ended September      30, 2008 and incorporated herein by reference).                                     |
| 10.42† | — | Amendment      No. 3 to the Weingarten Realty Investors Retirement Benefit Restoration      Plan dated November 17, 2008 (filed as Exhibit 10.1 on WRI’s Form 8-K on      December 4, 2008 and incorporated herein by reference).                            |
| 10.43† | — | Amendment      No. 3 to the Weingarten Realty Investors Deferred Compensation Plan dated      November 17, 2008 (filed as Exhibit 10.2 on WRI’s Form 8-K on December 4,      2008 and incorporated herein by reference).                                     |
| 10.44† | — | Amendment      No. 3 to the Weingarten Realty Investors Supplemental Executive Retirement      Plan dated November 17, 2008 (filed as Exhibit 10.3 on WRI’s Form 8-K on      December 4, 2008 and incorporated herein by reference).                         |
| 10.45† | — | Amendment      No. 1 to the Weingarten Realty Investors 2001 Long Term Incentive Plan      dated November 17, 2008 (filed as Exhibit 10.4 on WRI’s Form 8-K on      December 4, 2008 and incorporated herein by reference).                                  |
| 10.46† | — | Severance      and Change to Control Agreement for Johnny Hendrix dated November 11, 1998      (filed as Exhibit 10.54 on WRI’s Form 10-K for the year ended December 31,      2008 and incorporated herein by reference).                                   |
| 10.47† | — | Severance      and Change to Control Agreement for Steven C. Richter dated November 11,      1998 (filed as Exhibit 10.54 on WRI’s Form 10-K for the year ended      December 31, 2008 and incorporated herein byreference).                                 |
| 10.48† | — | Amendment      No. 1 to Severance and Change to Control Agreement for Johnny Hendrix      dated December 20, 2008 (filed as Exhibit 10.54 on WRI’s Form 10-K for the      year ended December 31, 2008 and incorporated herein by      reference).           |

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Table of Contents

| 10.49† | — | Amendment      No. 1 to Severance and Change to Control Agreement for Steven Richter      dated December 31, 2008 (filed as Exhibit 10.54 on WRI’s Form 10-K for the      year ended December 31, 2008 and incorporated herein by      reference).                                                                                                                                       |
|--------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.50† |    | Promissory      Note with Reliance Trust Company, Trustee of the Trust under the      Weingarten Realty Investors Deferred Compensation Plan, Supplemental      Executive Retirement Plan and Retirement Benefit Restoration Plan dated      March 12, 2009 (filed as Exhibit 10.57 on WRI’s Form 10-Q for the quarter      ended March 31, 2009 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 orarrangement. |
|---------|--------------------------------------------------------------|

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