Document:

ex4_1.htm

    
      

      

    

     

            EXHIBIT
      4.1      

     

    

    DEPOSIT
      AGREEMENT

     

    THIS
      DEPOSIT AGREEMENT, dated as of September 25, 2007, is entered into by and among
      WEINGARTEN REALTY INVESTORS, a Texas real estate investment trust (the
      "Company"), Mellon Investor Services LLC ("MIS"), as Depositary,
      and all holders from time to time of Receipts (as hereinafter defined) issued
      hereunder.

     

    WITNESSETH:

     

    WHEREAS,
      it is desired to provide, as hereinafter set forth in this Deposit Agreement
      for
      the deposit of the Company's Preferred Shares (as hereinafter defined) with
      the
      Depositary for the purposes set forth in this Deposit Agreement and for the
      issuance hereunder of the Receipts evidencing Depositary Shares representing
      a
      fractional interest in the Preferred Shares deposited; and

     

    WHEREAS,
      the Receipts are to be substantially in the form of Exhibit B annexed to
      this Deposit Agreement, with appropriate insertions, modifications and
      omissions, as hereinafter provided in this Deposit Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises contained herein, it is agreed
      by
      and among the parties hereto as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    The
      following definitions shall apply to the respective terms (in the singular
      and
      plural forms of such terms) used in this Deposit Agreement and the
      Receipts:

     

    SECTION
      1.01.  "Amendment
      to the Declaration" shall mean the Statement of Designation to the
      Declaration of Trust of the Company, as amended from time to time, establishing
      the Adjustable Rate Series G Cumulative Redeemable Preferred Shares of the
      Company.

     

    SECTION
      1.02.  "Common
      Shares" shall mean the Company's Common Shares, $0.03 par value per
      share.

     

    SECTION
      1.03.  "Company"
      shall mean Weingarten Realty Investors, a Texas real estate investment trust,
      and its successors.

     

    SECTION
      1.04.  "Declaration
      of Trust" shall mean the Restated Declaration of Trust, as amended from time
      to time, of the Company.

     

    SECTION
      1.05.  "Deposit
      Agreement" shall mean this agreement, as the same may be amended, modified
      or supplemented from time to time.

     

    SECTION
      1.06.  "Depositary"
      shall mean Mellon Investor Services LLC ("MIS") having its principal
      office in the United States.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      1.07.  "Depositary
      Share" shall mean a fractional interest of 1/100 of a Preferred Share
      deposited with the Depositary hereunder and the same proportionate interest
      in
      any and all other property received by the Depositary in respect of such
      Preferred Share and held under this Deposit Agreement, all as evidenced by
      the
      Receipts issued hereunder.  Subject to the terms of this Deposit
      Agreement, each owner of a Depositary Share is entitled, proportionately, to
      all
      the rights, preferences and privileges of the Preferred Share represented by
      such Depositary Share, including the dividend, voting, redemption, conversion
      and liquidation rights contained in the Statement of Designation to the
      Declaration of Trust.

     

    SECTION
      1.08.  "Depositary's
      Agent" shall mean an agent appointed by the Depositary as provided, and for
      the purposes specified, in Section 7.05.

     

    SECTION
      1.09.  "Office"
      shall mean the office of the Depositary at which at any particular time its
      business in respect of matters governed by this Deposit Agreement shall be
      administered, which at the date of this Deposit Agreement is located at Newport
      Office Center VII, 480 Washington Boulevard, Jersey City, NJ 07310.

     

    SECTION
      1.10.  "Preferred
      Shares" shall mean the Company's Adjustable Rate Series G Cumulative
      Redeemable Preferred Shares, $0.03 par value per share, heretofore validly
      issued, fully paid and non-assessable, and as more fully described in Exhibit
      A hereto.

     

    SECTION
      1.11.  "Receipt"
      shall mean a Depositary Receipt issued hereunder to evidence one or more
      Depositary Shares, whether in definitive or temporary form, substantially in
      the
      form set forth as Exhibit B hereto, and as more fully described in
Exhibit A hereto.

     

    SECTION
      1.12.  "record
      date" shall mean the date fixed pursuant to Section 4.04.

     

    SECTION
      1.13.  "record
      holder" or "holder" as applied to a Receipt shall mean the person in whose
      name a Receipt is registered on the books maintained by the Depositary for
      such
      purpose.

     

    SECTION
      1.14.  "Registrar"
      shall mean MIS.

     

    SECTION
      1.15.  "Securities
      Act" shall mean the Securities Act of 1933, as amended.

     

    SECTION
      1.16.  "Transfer
      Agent" shall mean MIS, who has been appointed to transfer the Receipts or
      the deposited Preferred Shares, as the case may be, as herein
      provided.

     

    ARTICLE
      II

    FORM
      OF
      RECEIPTS; DEPOSIT OF PREFERRED SHARES; EXECUTION AND DELIVERY, TRANSFER,
      SURRENDER AND REDEMPTION OF RECEIPTS

     

    SECTION
      2.01.  Form
      and Transferability of Receipts.  (a)  Definitive
      Receipts shall be substantially in the form set forth in Exhibit B
annexed to this Deposit Agreement, with appropriate insertions,
      modifications and omissions, as hereinafter provided.  Pending the
      preparation of definitive Receipts, the Depositary, upon the written order
      of
      the Company, delivered in compliance with Section 2.02, shall execute and
      deliver temporary Receipts which 

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    may
      be
      printed, lithographed, typewritten, mimeographed or otherwise substantially
      of
      the tenor of the definitive Receipts in lieu of which they are issued and with
      such appropriate insertions, omissions, substitutions and other variations
      as
      the persons executing such Receipts may determine, as evidenced by their
      execution of such Receipts.  If temporary Receipts are issued, the
      Company will cause definitive Receipts to be prepared without unreasonable
      delay.  After the preparation of definitive Receipts, the temporary
      Receipts shall be exchangeable for definitive Receipts upon surrender of the
      temporary Receipts at the Office or such other offices, if any, as the
      Depositary may designate, without charge to the holder.  Upon
      surrender for cancellation of any one or more temporary Receipts, the Depositary
      shall execute and deliver in exchange therefor definitive Receipts representing
      the same number of Depositary Shares as represented by the surrendered temporary
      Receipt or Receipts.  Such exchange shall be made at the Company's
      expense and without any charge therefor.  Until so exchanged, the
      temporary Receipts shall in all respects be entitled to the same benefits under
      this Deposit Agreement, and with respect to the Preferred Shares deposited,
      as
      definitive Receipts.

     

    (b)  Receipts
      shall be executed by the Depositary by the manual or facsimile signature of
      a
      duly authorized signatory of the Depositary, provided that if a Registrar
      (other than the Depositary) shall have been appointed then such Receipts shall
      also be countersigned by manual or facsimile signature of a duly authorized
      signatory of the Registrar.  No Receipt shall be entitled to any
      benefits under this Deposit Agreement or be valid or obligatory for any purpose
      unless it shall have been executed as provided in the preceding
      sentence.  The Depositary shall record on its books each Receipt
      executed as provided above and delivered as hereinafter provided.  The
      Company hereby appoints the Depositary to act as the depositary for the Company
      in accordance with the terms and conditions hereof, and the Depositary hereby
      accepts such appointment.

     

    (c)  Except
      as
      the Depositary may otherwise determine, Receipts shall be in denominations
      of
      any number of whole Depositary Shares.  All Receipts shall be dated
      the date of their issuance.

     

    (d)  Receipts
      may be endorsed with or have incorporated in the text thereof such legends
      or
      recitals or changes not inconsistent with the provisions of this Deposit
      Agreement as may be required by the Depositary or required to comply with any
      applicable law or regulation or with the rules and regulations of any securities
      exchange upon which the Preferred Shares, the Depositary Shares or the Receipts
      may be listed or to conform with any usage with respect thereto, or to indicate
      any special limitations or restrictions to which any particular Receipts are
      subject.

     

    (e)  Title
      to
      any Receipt (and the beneficial ownership of the Depositary Shares evidenced
      by
      such Receipt) that is properly endorsed or accompanied by a properly executed
      instrument of transfer or endorsement shall be transferable by delivery with
      the
      same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of
      the
      Depositary as provided in Section 2.04, the Depositary may, notwithstanding
      any
      notice to the contrary, treat the record holder thereof at such time as the
      absolute owner thereof for all purposes, including without limitation, for
      the
      purpose of determining the person entitled to (i) distribution of dividends
      or
      other distributions, (ii) the 

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    exercise
      of any redemption or voting rights or (iii) any notice provided for in this
      Deposit Agreement and for all other purposes.

     

    SECTION
      2.02.  Deposit
      of Preferred Shares; Execution and Delivery of Receipts in Respect
      Thereof.  (a)  Concurrently with the execution of this
      Deposit Agreement, the Company is delivering to the Depositary a certificate
      or
      certificates, registered in the name of the Depositary and evidencing 80,000
      Preferred Shares, properly endorsed or accompanied, if required by the
      Depositary, by a duly executed instrument of transfer or endorsement, in form
      satisfactory to the Depositary, together with (i) all such certifications and
      other documents as may be required by the Depositary in accordance with the
      provisions of this Deposit Agreement and (ii) a written order of the Company
      directing the Depositary to execute and deliver to, or upon the written order
      of, the person or persons stated in such order a Receipt or Receipts for the
      Depositary Shares representing such deposited Preferred Shares.  The
      Depositary acknowledges receipt of the deposited Preferred Shares and related
      documentation and agrees to hold such deposited Preferred Shares in an account
      to be established by the Depositary at the  Office or at such
      other  office as the Depositary shall determine.  The
      Company hereby appoints the Depositary as the Company's Registrar and Transfer
      Agent for the Preferred Shares deposited hereunder, and the Depositary hereby
      accepts such appointment and, as such, will reflect changes in the number of
      deposited Preferred Shares (including any fractional shares) held by it by
      notation, book-entry or other appropriate method.

     

    (b)  If
      required by the Depositary, Preferred Shares presented for deposit by the
      Company at any time, whether or not the register of shareholders of the Company
      is closed, shall also be accompanied by an agreement or assignment, or other
      instrument satisfactory to the Depositary, that will provide for the prompt
      transfer to the Depositary or its nominee of any dividend or any right to
      subscribe for additional Preferred Shares or to receive other property that
      any
      person in whose name the Preferred Shares is or has been registered may
      thereafter receive upon or in respect of such deposited Preferred Shares, or
      in
      lieu thereof such agreement of indemnity or other agreement as shall be
      satisfactory to the Depositary.

     

    (c)  Upon
      receipt by the Depositary of a certificate or certificates for Preferred Shares
      deposited hereunder, together with the other documents specified above, and
      upon
      registering such Preferred Shares in the name of the Depositary, the Depositary,
      subject to the terms and conditions of this Deposit Agreement, shall execute
      and
      deliver to, or upon the order of, the person or persons in the written order
      delivered to the Depositary referred to in the first paragraph of this Section
      2.02, a Receipt or Receipts for the number of whole Depositary Shares
      representing the Preferred Shares so deposited and registered in such name
      or as
      may be requested in writing by such person or persons.  The Depositary
      shall execute and deliver such Receipt or Receipts at the Office, except that,
      at the request, risk and expense of any person requesting such delivery, such
      delivery may be made at such other place as may be designated in writing by
      such
      person.

     

    (d)  Other
      than in the case of splits, combinations or other reclassifications affecting
      the Preferred Shares, or in the case of dividends or other distributions of
      Preferred Shares, if any, there shall be deposited hereunder not more than
      the
      number of Preferred Shares as set forth in a written order delivered by the
      Company, as such may be amended.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (e)  The
      Company shall deliver to the Depositary from time to time such quantities of
      Receipts as the Depositary may request to enable the Depositary to perform
      its
      obligations under this Deposit Agreement.

     

    (f)           The
      Company shall deliver to the Depositary the documentation and notifications
      listed in Exhibit C hereto with respect to the Preferred Shares and the
      Receipts according to the requirements set forth therein.

     

    SECTION
      2.03.  Optional
      Redemption of Preferred Shares For Cash.  (a)  Whenever
      the Company shall elect to redeem deposited Preferred Shares for cash, it shall
      (unless otherwise agreed in writing with the Depositary) give the Depositary
      not
      less than 30 days' prior written notice of the date of such proposed redemption
      and of the number of such Preferred Shares held by the Depositary to be redeemed
      and the applicable redemption price, including the amount, if any, of accrued
      and unpaid dividends to the date of such redemption.  The Depositary
      shall mail, first-class postage prepaid, notice of the redemption of Preferred
      Shares and the proposed simultaneous redemption of the Depositary Shares
      representing the Preferred Shares to be redeemed, not less than 30 and not
      more
      than 60 days prior to the date fixed for redemption of such Preferred Shares
      and
      Depositary Shares (the "cash redemption date"), to the holders of record on
      the
      record date fixed for such redemption pursuant to Section 4.04 of the Receipts
      evidencing the Depositary Shares to be so redeemed, at the addresses of such
      holders as the same appear on the records of the Depositary; but neither failure
      to mail any such notice to one or more such holders nor any defect in any such
      notice shall affect the sufficiency of the proceedings for redemption as to
      other holders.  The Company shall provide the Depositary with such
      notice, and each such notice shall state:  the cash redemption date;
      the cash redemption price; the number of deposited Preferred Shares and
      Depositary Shares to be redeemed; if fewer than all the Depositary Shares held
      by any holder are to be redeemed, the number of such Depositary Shares held
      by
      such holder to be so redeemed; the place or places where Receipts evidencing
      Depositary Shares to be redeemed are to be surrendered for payment of the cash
      redemption price; and that from and after the cash redemption date dividends
      in
      respect of the Preferred Shares represented by the Depositary Shares to be
      redeemed will cease to accrue.  If fewer than all the outstanding
      Depositary Shares are to be redeemed the Depositary Shares to be redeemed shall
      be selected by lot.  In selecting the Depositary Shares to redeemed by
      lot, the Company will conduct a lottery to determine which Depositary Shares
      will be redeemed and will communicate the results of such lottery to the
      Depositary.  The Company shall also cause notice of redemption to be
      published in a newspaper of general circulation in the City of New York at
      least
      once a week for two successive weeks commencing not less than 30 days nor more
      than 60 days prior to the cash redemption date.

     

    (b)  In
      the
      event that notice of redemption has been made as described in Section 2.03(a)
      and the Company shall then have paid in full to the Depositary the cash
      redemption price of the Preferred Shares deposited with the Depositary to be
      redeemed (including any accrued and unpaid dividends to the date of redemption),
      the Depositary shall redeem the number of Depositary Shares representing such
      Preferred Shares so called for redemption by the Company and from and after
      the
      cash redemption date (unless the Company shall have failed to redeem the
      Preferred Shares to be redeemed by it as set forth in the Company's notice
      provided for in Section 2.03(a)), all dividends in respect of the Preferred
      Shares called for redemption shall cease to accrue, the Depositary Shares called
      for redemption 

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    shall
      be
      deemed no longer to be outstanding and all rights of the holders of Receipts
      evidencing such Depositary Shares (except the right to receive the cash
      redemption price and any money or other property to which holders of such
      Receipts were entitled upon such redemption) shall, to the extent of such
      Depositary Shares, cease and terminate.  Upon surrender in accordance
      with said notice of the Receipts evidencing such Depositary Shares (properly
      endorsed or assigned for transfer, if the Depositary shall so require), such
      Depositary Shares shall be redeemed at a cash redemption price of $25.00 per
      Depositary Share plus any other money and other property payable in respect
      of
      such Preferred Shares.

     

    (c)  If
      fewer
      than all of the Depositary Shares evidenced by a Receipt are called for
      redemption, the Depositary will deliver to the holder of such Receipt upon
      its
      surrender to the Depositary, together with payment of the cash redemption price
      for and all other amounts payable in respect of the Depositary Shares called
      for
      redemption, a new Receipt evidencing the Depositary Shares evidenced by such
      prior Receipt and not called for redemption.

     

    SECTION
      2.04.  Registration
      of Transfers of Receipts.  The Company hereby appoints the
      Depositary as the Company's Registrar and Transfer Agent for the Receipts,
      and
      the Depositary hereby accepts such appointment and, as such, shall register
      on
      its books from time to time transfers of Receipts upon any surrender thereof
      by
      the holder in person or by a duly authorized attorney, properly endorsed or
      accompanied by a properly executed instrument of transfer or endorsement,
      together with evidence of the payment of any transfer taxes as may be required
      by law.  Upon such surrender, the Depositary shall execute a new
      Receipt or Receipts and deliver the same to or upon the order of the person
      entitled thereto evidencing the same aggregate number of Depositary Shares
      evidenced by the Receipt or Receipts surrendered.

     

    SECTION
      2.05.  Combinations
      and Split-Ups of Receipts.  Upon surrender of a Receipt or
      Receipts at the Office or such other office as the Depositary may designate
      for
      the purpose of effecting a split-up or combination of Receipts, subject to
      the
      terms and conditions of this Deposit Agreement, the Depositary shall execute
      and
      deliver a new Receipt or Receipts in the authorized denominations requested
      evidencing the same aggregate number of Depositary Shares evidenced by the
      Receipt or Receipts surrendered.

     

    SECTION
      2.06.  Surrender
      of Receipts and Withdrawal of Preferred
      Shares.  (a)  Any holder of a Receipt or Receipts may
      withdraw any or all of the deposited Preferred Shares represented by the
      Depositary Shares evidenced by such Receipt or Receipts and all money and other
      property, if any, represented by such Depositary Shares by surrendering such
      Receipt or Receipts at the Office or at such other office as the Depositary
      may
      designate for such withdrawals, provided that a holder of a Receipt or
      Receipts may not withdraw such Preferred Shares (or money and other property,
      if
      any, represented thereby) which have previously been called for
      redemption.  After such surrender, without unreasonable delay, the
      Depositary shall deliver to such holder, or to the person or persons designated
      by such holder as hereinafter provided, the number of whole or fractional
      Preferred Shares and all such money and other property, if any, represented
      by
      the Depositary Shares evidenced by the Receipt or Receipts so surrendered for
      withdrawal, but holders of such whole or fractional Preferred Shares will not
      thereafter be entitled to deposit such Preferred Shares hereunder or to receive
      Depositary Shares therefor.  If the Receipt or Receipts delivered by
      the holder to the Depositary in connection with such withdrawal shall evidence
      a
      number of Depositary Shares in excess of the number of 

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Depositary
      Shares representing the number of whole or fractional shares of deposited
      Preferred Shares to be withdrawn, the Depositary shall at the same time, in
      addition to such number of whole or fractional Preferred Shares and such money
      and other property, if any, to be withdrawn, deliver to such holder, or (subject
      to Section 2.04) upon his order, a new Receipt or Receipts evidencing such
      excess number of Depositary Shares.  Delivery of such Preferred Shares
      and such money and other property being withdrawn may be made by the delivery
      of
      such certificates, documents of title and other instruments as the Depositary
      may deem appropriate, which, if required by the Depositary, shall be properly
      endorsed or accompanied by proper instruments of transfer.

     

    (b)  If
      the
      deposited Preferred Shares and the money and other property being withdrawn
      are
      to be delivered to a person or persons other than the record holder of the
      Receipt or Receipts being surrendered for withdrawal of Preferred Shares, such
      holder shall execute and deliver to the Depositary a written order so directing
      the Depositary and the Depositary may require that the Receipt or Receipts
      surrendered by such holder for withdrawal of such Preferred Shares be properly
      endorsed in blank or accompanied by a properly executed instrument of transfer
      or endorsement in blank.

     

    (c)  The
      Depositary shall deliver the deposited Preferred Shares and the money and other
      property, if any, represented by the Depositary Shares evidenced by Receipts
      surrendered for withdrawal at the Office, except that, at the request, risk
      and
      expense of the holder surrendering such Receipt or Receipts and for the account
      of the holder thereof, such delivery may be made at such other place as may
      be
      designated by such holder.

     

    SECTION
      2.07.  Limitations
      on Execution and Delivery, Transfer, Split-Up, Combination, Surrender and
      Exchange of Receipts.  (a)  As a condition precedent to
      the execution and delivery, transfer, split-up, combination, surrender or
      exchange of any Receipt, the Depositary, any of the Depositary's Agents or
      the
      Company may require any or all of the following:  (i) payment to it of
      a sum sufficient for the payment (or, in the event that the Depositary or the
      Company shall have made such payment, the reimbursement to it) of any tax or
      other governmental charge with respect thereto (including any such tax or charge
      with respect to the Preferred Shares being deposited or withdrawn); (ii) the
      production of proof satisfactory to it as to the identity and genuineness of
      any
      signature (or the authority of any signature); and (iii) compliance with
      such regulations, if any, as the Depositary or the Company may establish
      consistent with the provisions of this Deposit Agreement as may be required
      by
      any securities exchange upon which the deposited Preferred Shares, the
      Depositary Shares or the Receipts may be included for quotation or
      listed.

     

    (b)  The
      deposit of Preferred Shares may be refused, the delivery of Receipts against
      Preferred Shares may be suspended, the transfer of Receipts may be refused,
      and
      the transfer, split-up, combination, surrender, exchange or redemption of
      outstanding Receipts may be suspended (i) during any period when the register
      of
      shareholders of the Company is closed or (ii) if any such action is deemed
      reasonably necessary or advisable by the Depositary, any of the Depositary's
      Agents or the Company at any time or from time to time because of any
      requirement of law or of any government or governmental body or commission,
      or
      under any provision of this Deposit Agreement.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.08.  Lost
      Receipts, etc.  In case any Receipt or Preferred Shares shall be
      mutilated or destroyed or lost or stolen, the Depositary in its discretion
      may
      execute and deliver a Receipt or Preferred Share of like form and tenor in
      exchange and substitution for such mutilated Receipt or in lieu of and in
      substitution for such destroyed, lost or stolen Receipt or Preferred Share,
      provided that the holder thereof provides the Depositary with (i)
      evidence reasonably satisfactory to the Depositary of such destruction, loss
      or
      theft of such Receipt or Preferred Share, of the authenticity thereof and of
      his
      ownership thereof, (ii) a bond of indemnity or other form of indemnity in
      form and substance satisfactory to MIS and (iii) payment of all applicable
      fees.  Such holders may obtain such a bond of indemnity from a surety
      company of the holder's choice, provided the surety company satisfies MIS's
      minimum requirements

     

    SECTION
      2.09.  Cancellation
      and Destruction of Surrendered Receipts.  All Receipts surrendered
      to the Depositary or any Depositary's Agent shall be cancelled by the
      Depositary.  Except as prohibited by applicable law or regulation, the
      Depositary is authorized to destroy such Receipts so cancelled.

     

    ARTICLE
      III

    CERTAIN
      OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     

    SECTION
      3.01.  Filing
      Proofs, Certificates and Other Information.  Any person presenting
      Preferred Shares for deposit or any holder of a Receipt may be required from
      time to time to file such proof of residence or other information, to execute
      such certificates and to make such representations and warranties as the
      Depositary or the Company may reasonably deem necessary or
      proper.  The Depositary or the Company may withhold or delay the
      delivery of any Receipt, the transfer, redemption or exchange of any Receipt,
      the withdrawal of the deposited Preferred Shares represented by the Depositary
      Shares evidenced by any Receipt, the distribution of any dividend or other
      distribution or the sale of any rights or of the proceeds thereof, until such
      proof or other information is filed, such certificates are executed or such
      representations and warranties are made.

     

    SECTION
      3.02.  Payment
      of Fees and Expenses.  Holders of Receipts shall be obligated to
      make payments to the Depositary of certain fees and expenses, as provided in
      Sections 2.08 and 5.07, or provide evidence reasonably satisfactory to the
      Depositary that such fees and expenses have been paid.  Until such
      payment is made, transfer of any Receipt or any withdrawal of the Preferred
      Shares or money or other property, if any, represented by the Depositary Shares
      evidenced by such Receipt may be refused, any dividend or other distribution
      may
      be withheld, and any part or all of the Preferred Shares or other property
      represented by the Depositary Shares evidenced by such Receipt may be sold
      for
      the account of the holder thereof (after attempting by reasonable means to
      notify such holder a reasonable number of days prior to such
      sale).  Any dividend or other distribution so withheld and the
      proceeds of any such sale may be applied to any payment of such fees or
      expenses, the holder of such Receipt remaining liable for any
      deficiency.

     

    SECTION
      3.03.  Representations
      and Warranties as to Preferred Shares.  In the case of the initial
      deposit of the Preferred Shares hereunder, the Company and, in the case of
      subsequent deposits thereof, each person so depositing Preferred Shares under
      this Deposit Agreement shall be deemed thereby to represent and warrant that
      such Preferred Shares and each 

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    certificate
      therefor are valid and that the person making such deposit is duly authorized
      to
      do so.  The Company hereby further represents and warrants that: (a)
      such Preferred Shares, when issued, will be duly authorized, validly issued,
      fully paid and non-assessable; and (b) such Preferred Shares, when issued,
      will
      be duly registered under the Securities Act or will be exempt from such
      registration and will be duly registered under the Securities Exchange Act
      of
      1934, as amended (the "Exchange Act") or will be exempt from such
      registration.  Such representations and warranties shall survive the
      deposit of the Preferred Shares and the issuance of Receipts.

     

    SECTION
      3.04.  Representation
      and Warranties as to Receipts and Depositary Shares.  The Company
      hereby represents and warrants that the Receipts, when issued, will evidence
      legal and valid interests in the Depositary Shares and each Depositary Share
      will represent a legal and valid 1/100 fractional interest in a deposited
      Preferred Share.  The Company hereby further represents and warrants
      that: (a) such Depositary Shares, when issued, will be duly authorized, validly
      issued, fully paid and non-assessable; and (b) such Depositary Shares, when
      issued, will be duly registered under the Securities Act or will be exempt
      from
      such registration and will be duly registered under the Exchange Act or will
      be
      exempt from such registration.  Such representation and warranty shall
      survive the deposit of the Preferred Shares and the issuance of Receipts
      evidencing the Depositary Shares.

     

    SECTION
      3.05.  Other
      Representations and Warranties of the Company.  The Company hereby
      represents and warrants that the execution and delivery of this Deposit
      Agreement, and the issuance and any subsequent transfer of the Preferred Shares
      or Receipts in accordance with this Deposit Agreement, do not and will not
      conflict with, violate, or result in a breach of, the terms, conditions or
      provisions of, or constitute a default under, the charter or the by-laws of
      the
      Company, any law or regulation, any order or decree of any court or public
      authority having jurisdiction, or any mortgage, indenture, contract, agreement
      or undertaking to which the Company is a party or by which it is
      bound.  This Deposit Agreement is enforceable against the Company in
      accordance with its terms, except as may be limited by bankruptcy, insolvency,
      moratorium, reorganization and other similar laws affecting the enforcement
      of
      creditors' rights generally.

     

     

    SECTION
      3.06.  Representations and Warranties of MIS.  MIS
      hereby represents and warrants that:  (a) MIS is, and for the term of
      this Deposit Agreement shall remain, duly registered as a transfer agent under
      the Exchange Act and (b) MIS shall comply with its obligations as a transfer
      agent under the Exchange Act and the rules and regulations
      thereunder.  This Deposit Agreement is enforceable against MIS in
      accordance with its terms, except as may be limited by bankruptcy, insolvency,
      moratorium, reorganization and other similar laws affecting the enforcement
      of
      creditors' rights generally.

     

    

    ARTICLE
      IV

    THE
      PREFERRED SHARES; NOTICES

     

    SECTION
      4.01.  Cash
      Distributions.  Whenever the Depositary shall receive any cash
      dividend or other cash distribution on the deposited Preferred Shares, including
      any cash received upon redemption of any Preferred Shares pursuant to Section
      2.03, the Depositary shall, subject to Section 3.02, distribute to record
      holders of Receipts on the record date fixed pursuant 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    to
      Section 4.04 such amounts of such dividend or distribution as are, as nearly
      as
      practicable, in proportion to the respective numbers of Depositary Shares
      evidenced by the Receipts held by such holders; provided, however,
      that in case the Company or the Depositary shall be required to and shall
      withhold from any cash dividend or other cash distribution in respect of the
      Preferred Shares represented by the Receipts held by any holder an amount on
      account of taxes, the amount made available for distribution or distributed
      in
      respect of Depositary Shares represented by such Receipts subject to such
      withholding shall be reduced accordingly.  The Depositary shall
      distribute or make available for distribution, as the case may be, such amount
      as can be distributed without attributing to any holder of Receipts a fraction
      of one cent, and any balance not so distributable shall be held by the
      Depositary (without liability for interest thereon) and shall be added to and
      be
      treated as part of the next sum received by the Depositary for distribution
      to
      record holders of Receipts then outstanding.  Each holder of a Receipt
      shall provide the Depositary with its certified tax identification number on
      a
      properly completed Form W-8 or W-9, as may be applicable.  Each holder
      of a Receipt acknowledges that, in the event of non-compliance with the
      preceding sentence the Internal Revenue Code of 1986 as amended, may require
      withholding by the Depositary of a portion of any of the distribution to be
      made
      hereunder.

     

    SECTION
      4.02.  Distributions
      Other Than Cash.  Whenever the Depositary shall receive any
      distribution other than cash on the deposited Preferred Shares, the Depositary
      shall, subject to Section 3.02, distribute to record holders of Receipts on
      the
      record date fixed pursuant to Section 4.04 such amounts of the securities or
      property received by it as are, as nearly as practicable, in proportion to
      the
      respective numbers of Depositary Shares evidenced by the Receipts held by such
      holders, in any manner that the Depositary and the Company may deem equitable
      and practicable for accomplishing such distribution.  If, in the
      opinion of the Depositary after consultation with the Company, such distribution
      cannot be made proportionately among such record holders, or if for any other
      reason (including any requirement that the Company or the Depositary withhold
      an
      amount on account of taxes), the Depositary deems, after consultation with
      the
      Company, such distribution not to be feasible, the Depositary may, with the
      written approval of the Company, adopt such method as it deems equitable and
      practicable for the purpose of effecting such distribution, including the sale
      (at public or private sale) of the securities or property thus received, or
      any
      part thereof, at such place or places and upon such terms as it may deem
      proper.  The net proceeds of any such sale shall, subject to Section
      3.02, be distributed or made available for distribution, as the case may be,
      by
      the Depositary to record holders of Receipts as provided by Section 4.01 in
      the
      case of a distribution received in cash.  The Company shall not make
      any distribution of such securities or property to the holders of Receipts
      unless the Company shall have provided to the Depositary an opinion of counsel
      stating that the distribution of such securities or property has been registered
      under the Securities Act or that registration is not required.  The
      Company shall advise the Depositary of the nature of any property, and if the
      Depositary in its reasonable judgment determines that it may incur liability
      by
      reason of being deemed an owner thereof, the Depositary shall have the right
      to
      refuse such property, but the Depositary shall assist the Company in determining
      an appropriate means of distributing such property.

     

    SECTION
      4.03.  Subscription
      Rights, Preferences or Privileges.  (a)  If the Company
      shall at any time offer or cause to be offered to the persons in whose names
      deposited Preferred Shares are registered on the books of the Company any
      rights, preferences or privileges 

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    to
      subscribe for or to purchase any securities or any rights, preferences or
      privileges of any other nature, such rights, preferences or privileges shall
      in
      each such instance be made available by the Depositary to the record holders
      of
      Receipts in such manner as the Company shall instruct (including by the issue
      to
      such record holders of warrants representing such rights, preferences or
      privileges); provided, however, that (a) if at the time of issue
      or offer of any such rights, preferences or privileges the Company determines
      upon advice of its legal counsel that it is not lawful or feasible to make
      such
      rights, preferences or privileges available to the holders of Receipts (by
      the
      issue of warrants or otherwise) or (b) if and to the extent instructed by
      holders of Receipts who do not desire to exercise such rights, preferences
      or
      privileges, the Depositary shall then, if so instructed by the Company, and
      if
      applicable laws or the terms of such rights, preferences or privileges so
      permit, sell such rights, preferences or privileges of such holders at public
      or
      private sale, at such place or places and upon such terms as it may deem
      proper.  The net proceeds of any such sale shall, subject to Section
      3.01 and Section 3.02, be distributed by the Depositary to the record holders
      of
      Receipts entitled thereto as provided by Section 4.01 in the case of a
      distribution received in cash.  The Company shall not make any
      distribution of such rights, preferences or privileges, unless the Company
      shall
      have provided to the Depositary an opinion of counsel stating that the
      distribution of such rights, preferences or privileges has been registered
      under
      the Securities Act or that registration is not required.

     

    (b)  If
      registration under the Securities Act of the securities to which any rights,
      preferences or privileges relate is required in order for holders of Receipts
      to
      be offered or sold the securities to which such rights, preferences or
      privileges relate, the Company agrees that it will promptly notify the
      Depositary of such requirement and will promptly file a registration statement
      pursuant to the Securities Act with respect to such rights, preferences or
      privileges and securities and use its reasonable best efforts and take all
      steps
      available to it to cause such registration statement to become effective
      sufficiently in advance of the expiration of such rights, preferences or
      privileges to enable such holders to exercise such rights, preferences or
      privileges.  In no event shall the Depositary make available to the
      holders of Receipts any right, preference or privilege to subscribe for or
      to
      purchase any securities unless and until such a registration statement shall
      have become effective or unless the offering and sale of such securities to
      such
      holders are exempt from registration under the provisions of the Securities
      Act
      and the Company shall have provided to the Depositary an opinion of counsel
      to
      such effect.

     

    (c)  If
      any
      other action under the law of any jurisdiction or any governmental or
      administrative authorization, consent or permit is required in order for such
      rights, preferences or privileges to be made available to holders of Receipts,
      the Company agrees that it will promptly notify the Depositary of such
      requirement and will to use its reasonable best efforts to take such action
      or
      obtain such authorization, consent or permit sufficiently in advance of the
      expiration of such rights, preferences or privileges to enable such holders
      to
      exercise such rights, preferences or privileges.

     

    The
      Depositary will not be deemed to have any knowledge of any item for which it
      is
      supposed to receive notification under any Section of this Deposit Agreement
      unless and until it has received such notification.

     

    SECTION
      4.04.  Notice
      of Dividends; Fixing of Record Date for Holders of
      Receipts.  Whenever any cash dividend or other cash distribution
      shall become payable, any 

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    distribution
      other than cash shall be made, or any rights, preferences or privileges shall
      at
      any time be offered, with respect to the deposited Preferred Shares, or whenever
      the Depositary shall receive written notice of (i) any meeting at which holders
      of such Preferred Shares are entitled to vote or of which holders of such
      Preferred Shares are entitled to notice or (ii) any election on the part of
      the
      Company to redeem any such Preferred Shares, the Depositary shall in each such
      instance fix a record date (which shall be the same date as the record date
      fixed by the Company with respect to the Preferred Shares) for the determination
      of the holders of Receipts who shall be entitled to receive such dividend,
      distribution, rights, preferences or privileges or the net proceeds of the
      sale
      thereof, to give instructions for the exercise of voting rights at any such
      meeting or to receive notice of such meeting or the determination of which
      Depositary Shares are to be so redeemed.

     

    SECTION
      4.05.  Voting
      Rights.  Upon receipt of written notice of any meeting at which
      the holders of deposited Preferred Shares are entitled to vote, the Depositary
      shall, as soon as practicable thereafter, mail to the record holders of Receipts
      a notice, which shall be provided by the Company and which shall contain (i)
      such information as is contained in such notice of meeting, (ii) a statement
      that the holders of Receipts at the close of business on a specified record
      date
      fixed pursuant to Section 4.04 will be entitled, subject to any applicable
      provision of law, to instruct the Depositary as to the exercise of the voting
      rights pertaining to the amount of Preferred Shares represented by their
      respective Depositary Shares and (iii) a brief statement as to the manner in
      which such instructions may be given.  Upon the written request of a
      holder of a Receipt on such record date, the Depositary shall vote or cause
      to
      be voted the amount of Preferred Shares represented by the Depositary Shares
      evidenced by such Receipt in accordance with the instructions set forth in
      such
      request.  To the extent any such instructions request the voting of a
      fractional interest of a share of deposited Preferred Shares, the Depositary
      shall aggregate such interest with all other fractional interests resulting
      from
      requests with the same voting instructions and shall vote the number of whole
      votes resulting from such aggregation in accordance with the instructions
      received in such requests.  Each Preferred Share is entitled to one
      vote on all matters as to which the Preferred Shares vote and, accordingly,
      each
      Depositary Share is entitled to 1/100 of a vote on such matters.  The
      Company hereby agrees to take all such action that may be deemed necessary
      by
      the Depositary in order to enable the Depositary to vote such Preferred Shares
      or cause such Preferred Shares to be voted.  In the absence of
      specific instructions from the holder of a Receipt, the Depositary will abstain
      from voting (but, at its discretion, not from appearing at any meeting with
      respect to the applicable Preferred Shares unless directed to the contrary
      by
      the record holders of all the related Receipts) to the extent of the Preferred
      Shares represented by the Depositary Shares evidenced by such
      Receipt.  The Depositary shall not be required to exercise discretion
      in voting any Preferred Shares represented by the Depositary Shares evidenced
      by
      such Receipt.

     

    SECTION
      4.06.  Changes
      Affecting Preferred Shares and Reclassifications, Recapitalizations,
      etc.  Upon any change in par or stated value, split-up,
      combination or any other reclassification of Preferred Shares, or upon any
      recapitalization, reorganization, merger or consolidation affecting the Company
      or to which it is a party or sale of all or substantially all of the Company's
      assets, the Depositary shall, upon the written instructions of the Company,
      (i)
      make such adjustments in (a) the fraction of an interest represented by one
      Depositary Share in one Preferred Share and (b) the ratio of the redemption
      price per Depositary Share to the redemption price of a Preferred Share, in
      each
      case to fully reflect the effects of such change in 

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    par
      or
      stated value, split-up, combination or other reclassification, or of such
      recapitalization, reorganization, merger, consolidation or sale and (ii) treat
      any shares or other securities or property (including cash) that shall be
      received by the Depositary in exchange for or upon conversion of or in respect
      of the Preferred Shares as new deposited property under this Deposit Agreement,
      and Receipts then outstanding shall thereafter represent the proportionate
      interests of holders thereof in the new deposited property so received in
      exchange for or upon conversion or in respect of such Preferred
      Shares.  In any such case the Depositary may, in its discretion, with
      the written approval of the Company, execute and deliver additional Receipts,
      or
      may call for the surrender of all outstanding Receipts to be exchanged for
      new
      Receipts specifically describing such new deposited
      property.  Anything to the contrary herein notwithstanding, holders of
      Receipts shall have the right from and after the effective date of any such
      change in par or stated value, split-up, combination or other reclassification
      of the Preferred Shares or any such recapitalization, reorganization, merger
      or
      consolidation or sale of substantially all the assets of the Company to
      surrender such Receipts to the Depositary with instructions to convert, exchange
      or surrender the Preferred Shares represented thereby only into or for, as
      the
      case may be, the kind and amount of shares and other securities and property
      and
      cash into which the deposited Preferred Shares evidenced by such Receipts might
      have been converted or for which such Preferred Shares might have been exchanged
      or surrendered immediately prior to the effective date of such
      transaction.  The Company shall cause an effective provision to be
      made in the corporate charter of the resulting or surviving corporation (if
      other than the Company) for protection of such rights as may be applicable
      upon
      exchange of the deposited Preferred Shares for securities or property or cash
      of
      the surviving corporation in connection with the transactions set forth
      above.  The Company shall cause any such surviving corporation (if
      other than the Company) expressly to assume the obligations of the Company
      hereunder.

     

    SECTION
      4.07.  Inspection
      of Reports.  The Depositary shall make available for inspection by
      holders of Receipts at the Office and at such other places as it may from time
      to time deem advisable during normal business hours any reports and
      communications received from the Company that are both received by the
      Depositary as the holder of deposited Preferred Shares and made generally
      available to the holders of the Preferred Shares.  In addition, the
      Depositary shall transmit certain notices and reports to the holders of Receipts
      as provided in Section 5.05.

     

    SECTION
      4.08.  Lists
      of Receipt Holders.  Promptly upon request from time to time by
      the Company, the Depositary shall furnish to the Company a list, as of a recent
      date specified by the Company, of the names, addresses and holdings of
      Depositary Shares of all persons in whose names Receipts are registered on
      the
      books of the Depositary.

     

    SECTION
      4.09.  Tax
      and Regulatory Compliance.  The Depositary shall be responsible
      for (i) preparation and mailing of 1099 forms for all open and closed accounts,
      (ii) foreign tax withholding, (iii) withholding 31% (or any withholding as
      may be required at the then applicable rate) of dividends from holders of
      Receipts subject to back-up withholding, (iv) mailing W-9 forms to new
      holders of Receipts without a certified taxpayer identification number, (v)
      processing certified W-9 forms, (vi) preparation and filing of state information
      returns and (vii) escheatment services.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.10.  Withholding.  Notwithstanding
      any other provision of this Deposit Agreement, in the event that the Depositary
      determines that any distribution in property is subject to any tax which the
      Depositary is obligated by law to withhold, the Depositary may dispose of all
      or
      a portion of such property in such amounts and in such manner as the Depositary
      deems necessary and practicable to pay such taxes, by public or private sale,
      and the Depositary shall distribute the net proceeds of any such sale or the
      balance of any such property after deduction of such taxes to the holders of
      Receipts entitled thereto in proportion to the number of Depositary Shares
      held
      by them, respectively.

     

    ARTICLE
      V

    THE
      DEPOSITARY AND THE COMPANY

     

    SECTION
      5.01.  Maintenance
      of Offices, Agencies and Transfer Books by the Depositary and the
      Registrar.  (a)  The Depositary shall maintain at the
      Office facilities for the execution and delivery, transfer, surrender and
      exchange, split-up, combination and redemption of Receipts and for the deposit
      and withdrawal of Preferred Shares and at the offices of the Depositary's
      Agents, if any, facilities for the delivery, transfer, surrender and exchange,
      split-up, combination and redemption of Receipts and for the deposit and
      withdrawal of Preferred Shares, all in accordance with the provisions of this
      Deposit Agreement.

     

    (b)  The
      Depositary shall keep books at the  Office for the registration and
      transfer of Receipts, which books at all reasonable times shall be open for
      inspection by the record holders of Receipts as provided by applicable
      law.  The Depositary may close such books, at any time or from time to
      time, when deemed expedient by it in connection with the performance of its
      duties hereunder.

     

    (c)  If
      the
      Receipts or the Depositary Shares evidenced thereby or the Preferred Shares
      represented by such Depositary Shares shall be listed on the New York Stock
      Exchange or any other stock exchange, the Depositary may, with the written
      approval of the Company, appoint a Registrar (acceptable to the Company) for
      registration of such Receipts or Depositary Shares in accordance with the
      requirements of such exchange.  Such Registrar (which may be the
      Depositary if so permitted by the requirements of such exchange) may be removed
      and a substitute registrar appointed by the Depositary upon the request or
      with
      the approval of the Company.  If the Receipts, such Depositary Shares
      or such Preferred Shares are listed on one or more other stock exchanges, the
      Depositary will, at the request and expense of the Company, arrange such
      facilities for the delivery, transfer, surrender, redemption and exchange of
      such Receipts, such Depositary Shares or such Preferred Shares as may be
      required by law or applicable stock exchange regulations.

     

    SECTION
      5.02.  Prevention
      or Delay in Performance by the Depositary, the Depositary's Agents, the
      Registrar or the Company.  Neither the Depositary, any
      Depositary's Agent, any Registrar nor the Company shall incur any liability
      to
      any holder of any Receipt, if by reason of any provision of any present or
      future law or regulation thereunder of the United States of America or of any
      other governmental authority or, in the case of the Company, the Depositary,
      the
      Depositary's Agent or the Registrar, by reason of any provision, present or
      future, of the Declaration of Trust or the Amendment to the Declaration or,
      in
      the case of the Company, the Depositary, the Depositary's Agent or the
      Registrar, by reason of any act of God 

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    or
      war or
      other circumstance beyond the control of the relevant party, the Depositary,
      any
      Depositary's Agent, the Registrar or the Company shall be prevented or forbidden
      from doing or performing any act or thing that the terms of this Deposit
      Agreement provide shall be done or performed; nor shall the Depositary, any
      Depositary's Agent, any Registrar or the Company incur any liability to any
      holder of a Receipt by reason of any nonperformance or delay, caused as
      aforesaid, in the performance of any act or thing that the terms of this Deposit
      Agreement provide shall or may be done or performed, or by reason of any
      exercise of, or failure to exercise, any discretion provided for in this Deposit
      Agreement.

     

    SECTION
      5.03.  Obligations
      of the Depositary, the Depositary's Agents, the Registrar and the
      Company.  (a)  Neither the Depositary, any Depositary's
      Agent, any Registrar nor the Company assumes any obligation or shall be subject
      to any liability under this Deposit Agreement or any Receipt to holders of
      Receipts other than from acts or omissions arising out of conduct constituting
      bad faith, gross negligence or willful misconduct (which bad faith, gross
      negligence or willful misconduct must be determined by a final, non-appealable
      order, judgment, decree or ruling of a court of competent jurisdiction) in
      the
      performance of such duties as are specifically set forth in this Deposit
      Agreement.  Any liability of the Depositary, any Depositary's Agent
      and any Registrar shall be limited to the amount of fees paid by the Company,
      hereunder, and in no event shall the Depositary, any Depositary's Agent and
      any
      Registrar be liable for special, indirect, incidental, consequential, punitive
      or exemplary loss or damage of any kind whatsoever ( including but not limited
      to lost profits) even if such entities have been advised of the likelihood
      of
      such damages and regardless of the form of action.

     

    (b)  Neither
      the Depositary, any Depositary's Agent, any Registrar nor the Company shall
      be
      under any obligation to appear in, prosecute or defend any action, suit or
      other
      proceeding with respect to the deposited Preferred Shares, Depositary Shares
      or
      Receipts that in its reasonable opinion may involve it in expense or liability,
      unless indemnity reasonably satisfactory to it against all expense and liability
      be furnished as often as may be required.

     

    (c)  Neither
      the Depositary, any Depositary's Agent, any Registrar nor the Company shall
      be
      liable for any action, or any failure to act by it in reliance upon
      the  advice of legal counsel or accountants, or information provided
      by any person presenting Preferred Shares for deposit, any holder of a Receipt
      or any other person believed by it in good faith to be competent to give such
      information.  The Depositary, any Depositary's Agent, any Registrar
      and the Company may each rely and shall each be protected in acting upon any
      written notice, request, direction or other document believed by it be genuine
      and to have been signed or presented by the proper party or
      parties.

     

    (d)  In
      the
      event the Depositary shall receive conflicting claims, requests or instructions
      from any holders of Receipts, on the one hand, and the Company, on the other
      hand, the Depositary shall be entitled to act on such claims, requests or
      instructions received from the Company and shall be entitled to the full
      indemnification set forth in Section 5.06 hereof in connection with any action
      so taken.

     

    (e)  In
      the
      event any question or dispute arises with respect to the Depositary's duties
      hereunder, the Depositary shall not be required to act or be held liable or
      responsible for its failure or refusal to act until the question or dispute
      has
      been (i) judicially settled (and, if 

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    appropriate,
      the Depositary may file a suit in interpleader or for a declaratory judgment
      for
      such purpose) by final judgment rendered by a court of competent jurisdiction
      that is binding on all parties interested in the matter and is no longer subject
      to review or appeal, or (ii) settled by a written document in form and substance
      satisfactory to the Depositary and executed by the Company.  In
      addition, the Depositary may require for such purpose, but shall not be
      obligated to require, the execution of such written settlement by parties that
      may have an interest in the settlement.

     

    (f)  The
      Depositary shall not be responsible for any failure to carry out any instruction
      to vote any of the deposited Preferred Shares or for the manner or effect of
      any
      such vote made, as long as any such action or non-action does not result from
      bad faith, gross negligence or willful misconduct (which bad faith, gross
      negligence or willful misconduct must be determined by a final, non-appealable
      order, judgment, decree or ruling of a court of competent jurisdiction) of
      the
      Depositary.  The Depositary undertakes, and any Registrar shall be
      required to undertake, to perform such duties and only such duties as are
      specifically set forth in this Deposit Agreement, and no implied covenants
      or
      obligations shall be read into this Agreement or imposed upon the Depositary
      or
      any Registrar.

     

    (g)  The
      Depositary, its parent, affiliate, or subsidiaries, any Depositary's Agent,
      and
      any Registrar may own, buy, sell or deal in any class of securities of the
      Company and its affiliates and in Receipts or Depositary Shares or become
      pecuniarily interested in any transaction in which the Company or its affiliates
      may be interested or contract with or lend money to or otherwise act as fully
      or
      as freely as if it were not the Depositary or the Depositary's Agent
      hereunder.  The Depositary may also act as transfer agent or registrar
      of any of the securities of the Company and its affiliates or act in any other
      capacity for the Company or its affiliates.

     

    (h)  It
      is
      intended that neither the Depositary nor any Depositary's Agent shall be deemed
      to be an "issuer" of the securities under the federal securities laws or
      applicable state securities laws, it being expressly understood and agreed
      that
      the Depositary and any Depositary's Agent are acting only in a ministerial
      capacity as the Company's Depositary for the deposited Preferred Shares;
provided, however, that the Depositary agrees to comply with all
      information reporting and withholding requirements applicable to it under law
      or
      this Deposit Agreement in its capacity as Depositary.

     

    (i)  Neither
      the Depositary (or its officers, directors, employees or agents) nor any
      Depositary's Agent makes any representation or has any responsibility as to
      the
      validity of any registration statement pursuant to which the Depositary Shares
      may be registered under the Securities Act, the deposited Preferred Shares,
      the
      Depositary Shares, the Receipts (except its countersignature thereon) or any
      instruments referred to therein or herein, or as to the correctness of any
      statement made in any such registration statement or herein; provided,
however, that the Depositary is responsible for its representations
      in
      this Deposit Agreement made by it and for the validity of any action taken
      or
      required to be taken by the Depositary in connection with this Deposit
      Agreement.

     

    (j)  The
      Company agrees that it will register the issuance of the Preferred Shares and
      the Depositary Shares to the extent required by applicable securities
      laws.

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (k)  Any
      instructions given by the Company to the Depositary orally shall be confirmed
      in
      writing by the Company as soon as practical.  The Depositary shall not
      be liable for responsible and shall be fully authorized and protected for
      acting, or failing to act, in accordance with any oral instructions that do
      not
      conform with the written confirmation received in accordance with this Section
      5.03(k).

     

    (l)  In
      the
      event the Depositary, the Depositary’s Agent or any Registrar believes any
      ambiguity or uncertainty exists in any notice, instruction, direction, request
      or other communication, paper or document received by it pursuant to this
      Deposit Agreement, the Depositary, the Depositary’s Agent or Registrar shall
      promptly notify the Company of the details of such alleged ambiguity or
      uncertainty, and may, in its sole discretion, refrain from taking any action,
      and the Depositary, the Depositary’s Agent or Registrar shall be fully protected
      and shall incur no liability to any person from refraining from taking such
      action, absent gross negligence or willful misconduct (which gross negligence
      or
      willful misconduct must be determined by a final, non-appealable order,
      judgment, decree or ruling of a court of competent jurisdiction), unless and
      until (i) the rights of all parties have been fully and finally adjudicated
      by a
      court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s Agent
      or Registrar receives written instructions with respect to such matter signed
      by
      the Company that eliminates such ambiguity or uncertainty to the satisfaction
      of
      the Depositary, the Depositary’s Agent or Registrar.

     

    SECTION
      5.03a.  Protections.

     

    Depositary
      hereunder:

     

    (a)           shall
      only act solely as agent for the Company under this Deposit Agreement and owes
      no duties hereunder to any other person;

     

    (b)           shall
      have no duties or obligations other than those specifically set forth herein
      (and no implied duties or obligations), or as may subsequently be agreed to
      in
      writing by the parties;

     

    (c)           shall
      have no obligation to make payment hereunder unless the Company shall have
      provided the necessary federal or other immediately available funds or
      securities or property, as the case may be, to pay in full amounts due and
      payable with respect thereto;

     

    (d)           shall
      not be obligated to take any legal action hereunder; if, however, Depositary
      determines to take any legal action hereunder, and, where the taking of such
      action might in Depositary's judgment subject or expose it to any expense or
      liability, Depositary shall not be required to act unless it shall have been
      furnished with an indemnity satisfactory to it;

     

    (e)           may
      rely on and shall be authorized and protected in acting or failing to act upon
      any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile
      transmission, or other document or security delivered to Depositary and believed
      by Depositary to be genuine and to have been signed by the proper party or
      parties and shall have no responsibility for the accuracy thereof;

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (f)           may
      rely on and shall be authorized and protected in acting or failing to act upon
      the written, telephonic, electronic and oral instructions, with respect to
      any
      matter relating to Depositary's actions as depositary covered by this Agreement
      (or supplementing or qualifying any such actions) of officers of the
      Company;

     

    (g)           may
      consult counsel satisfactory to it, and the advice of such counsel shall be
      full
      and complete authorization and protection in respect of any action taken,
      suffered, or omitted by Depositary hereunder in accordance with the advice
      of
      such counsel;

     

    (h)           shall
      not be called upon at any time to advise any person with respect to the
      Preferred Shares or Receipts; and

     

    (i)           shall
      not be liable or responsible for any recital or statement contained in any
      documents relating hereto or the Preferred Shares or Receipts.

     

    SECTION
      5.04.  Resignation
      and Removal of the Depositary; Appointment of Successor
      Depositary.  The Depositary may at any time resign as Depositary
      hereunder by notice of its election to do so delivered to the Company, such
      resignation to take effect upon the appointment of a successor depositary and
      its acceptance of such appointment as hereinafter provided.  The
      Depositary may at any time be removed by the Company by notice of such removal
      delivered to the Depositary, such removal to take effect upon the appointment
      of
      a successor depositary and its acceptance of such appointment as hereinafter
      provided.

     

    (a)  In
      case
      at any time the Depositary acting hereunder shall resign or be removed, the
      Company shall, within 60 days after the delivery of the notice of resignation
      or
      removal, as the case may be, appoint a successor depositary, which shall be
      a
      bank or trust company having its principal office in the United States of
      America and having a combined capital and surplus of at least
      $50,000,000.  If a successor depositary shall not have been appointed
      in 60 days, the resigning Depositary at the expense of the Company may petition
      a court of competent jurisdiction to appoint a successor
      depositary.  Every successor depositary shall execute and deliver to
      its predecessor and to the Company an instrument in writing accepting its
      appointment hereunder, and thereupon such successor depositary, without any
      further act or deed, shall become fully vested with all the rights, powers,
      duties and obligations of its predecessor and for all purposes shall be the
      Depositary under this Deposit Agreement, and such predecessor, upon payment
      of
      all sums due it and on the written request of the Company, shall promptly
      execute and deliver an instrument transferring to such successor all rights
      and
      powers of such predecessor hereunder, shall duly assign, transfer and deliver
      all rights, title and interest in the deposited Preferred Shares and any moneys
      or property held hereunder to such successor and shall deliver to such successor
      a list of the record holders of all outstanding Receipts.  Any
      successor depositary shall promptly mail notice of its appointment to the record
      holders of Receipts.

     

    (b)  Any
      corporation or association into or with which the Depositary may be merged,
      consolidated or converted shall be the successor of such Depositary without
      the
      execution or filing of any document or any further act.  Such
      successor depositary may execute the Receipts either in the name of the
      predecessor depositary or in the name of the successor depositary.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.05.  Notices,
      Reports and Documents.  The Company agrees that it will deliver to
      the Depositary, and the Depositary will, promptly after receipt thereof,
      transmit to the record holders of Receipts, in each case at the address recorded
      in the Depositary's books, copies of all notices and reports (including
      financial statements) required by law, by the rules of any national securities
      exchange upon which the Preferred Shares, the Depositary Shares or the Receipts
      are included for quotation or listed or pursuant to a written instruction from
      the Company to be furnished by the Company to holders of the deposited Preferred
      Shares and, if requested by the holder of any Receipt, a copy of this Deposit
      Agreement, the form of Receipt, the Declaration of Trust as amended, and the
      form of Preferred Shares.  Such transmission will be at the Company's
      expense and the Company will provide the Depositary with such number of copies
      of such documents as the Depositary may reasonably request.  In
      addition, the Depositary will transmit to the record holders of Receipts at
      the
      Company's expense such other documents as may be requested by the
      Company.

     

    SECTION
      5.06.  Indemnification
      by the Company.  The Company agrees to indemnify the Depositary,
      any Depositary's Agent and any Registrar against, and hold each of them harmless
      from, any loss, liability, damage, costs and expenses (including reasonable
      attorneys' fees) that may arise out of, or in connection with actions taken,
      suffered or omitted by it as Depositary, Depositary's Agent or Registrar,
      respectively, under this Deposit Agreement and the Receipts, except to the
      extent such liability shall have been determined by a court of competent
      jurisdiction by a final non-appealable order, judgment or decree to be a result
      of  the willful misconduct, gross negligence or bad faith on the part
      of any such person or persons.  The obligations of the Company set
      forth in this Section 5.06 shall survive any succession of any Depositary,
      Registrar or Depositary's Agent or termination of this Deposit
      Agreement.

     

    SECTION
      5.07.  Fees,
      Charges and Expenses.  No charges and expenses of the Depositary
      or any Depositary's Agent hereunder shall be payable by any person, except
      as
      provided in this Section 5.07.  The Company shall pay all transfer and
      other taxes and governmental charges arising solely from the existence of this
      Deposit Agreement.  The Company shall also pay all fees and expenses
      of the Depositary in connection with the initial deposit of the Preferred Shares
      and the initial issuance of the Depositary Shares evidenced by the Receipts,
      any
      redemption of the Preferred Shares at the option of the Company and all
      withdrawals of the Preferred Shares by holders of Depositary
      Shares.  All other fees and expenses of the Depositary and any
      Depositary's Agent hereunder and of any Registrar (including, in each case,
      fees
      and expenses of counsel) incident to the performance of their respective
      obligations hereunder including those incurred in the preparation, delivery,
      amendment and execution of this Deposit Agreement will be promptly paid as
      previously agreed between the Depositary and the Company.  The
      Depositary shall present its statement for fees and expenses to the Company
      every quarter or at such other intervals as the Company and the Depositary
      may
      agree.

     

    ARTICLE
      VI

    AMENDMENT
      AND TERMINATION

     

    SECTION
      6.01.  Amendment.  The
      form of the Receipts and any provision of this Deposit Agreement may at any
      time
      and from time to time be amended by agreement between the Company and upon
      the
      delivery of a certificate from an appropriate officer of the Company

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    stating
      that the proposed amendment is in compliance with the terms of this Section
      6.01, the Depositary in any respect that they may deem necessary or desirable;
      provided, however, that no such amendment (other than any change
      in the fees of any Depositary, Registrar or Transfer Agent) which (i) shall
      materially and adversely alter the rights of the holders of Receipts or (ii)
      would be materially and adversely inconsistent with the rights granted to the
      holders of the Preferred Shares pursuant to the Declaration of Trust as amended
      by the Amendment to the Declaration shall be effective unless such amendment
      shall have been approved by the holders of at least a majority of the Depositary
      Shares then outstanding.  In no event shall any amendment impair the
      right, subject to the provisions of Section 2.06 and Section 2.07 and Article
      III, of any holder of any Depositary Shares to surrender the Receipt evidencing
      such Depositary Shares with instructions to the Depositary to deliver to the
      holder the deposited Preferred Shares and all money and other property, if
      any,
      represented thereby, except in order to comply with mandatory provisions of
      applicable law.  Every holder of an outstanding Receipt at the time
      any such amendment becomes effective shall be deemed, by continuing to hold
      such
      Receipt, to consent and agree to such amendment and to be bound by this Deposit
      Agreement as amended thereby.

     

    SECTION
      6.02.  Termination.  (a)  This
      Deposit Agreement may be terminated by the Company upon not less than 30 days'
      prior written notice to the Depositary if (i) such termination is necessary
      to
      preserve the Company's status as a real estate investment trust under the
      Internal Revenue Code of 1986, as amended (or any successor provision), or
      (ii)
      the holders of a majority of the Preferred Shares consent to such termination,
      whereupon the Depositary shall deliver or make available to each holder of
      a
      Receipt, upon surrender of the Receipt held by such holder, such number of
      whole
      or fractional deposited Preferred Shares as are represented by the Depositary
      Shares evidenced by such Depositary Receipt, together with any other property
      held by the Depositary in respect of such Receipt.  In the event that
      this Deposit Agreement is terminated pursuant to clause (i) of the immediately
      preceding sentence, the Company hereby agrees to use its reasonable best efforts
      to list the Preferred Shares issued upon surrender of the Receipt evidencing
      the
      Depositary Shares represented thereby on a national securities
      exchange.  This Deposit Agreement will automatically terminate if (x)
      all outstanding Depositary Shares shall have been redeemed pursuant to Section
      2.03 or (y) there shall have been made a final distribution in respect of the
      deposited Preferred Shares in connection with any liquidation, dissolution
      or
      winding up of the Company and such distribution shall have been distributed
      to
      the holders of Receipts entitled thereto.

     

    (b)  Upon
      the
      termination of this Deposit Agreement, the Company shall be discharged from
      all
      obligations under this Deposit Agreement except for its obligations to the
      Depositary, any Depositary's Agent and any Registrar under Section 5.06 and
      Section 5.07.

     

    ARTICLE
      VII

    MISCELLANEOUS

     

    SECTION
      7.01.  Counterparts.  This
      Deposit Agreement may be executed in any number of counterparts and by each
      of
      the parties hereto on separate counterparts, each of which counterparts, when
      so
      executed and delivered, shall be deemed an original, but all such counterparts
      taken together shall constitute one and the same instrument.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.02.  Exclusive
      Benefits of Parties.  This Deposit Agreement is for the exclusive
      benefit of the parties hereto, and their respective successors hereunder, and
      shall not be deemed to give any legal or equitable right, remedy or claim to
      any
      other person whatsoever.

     

    SECTION
      7.03.  Invalidity
      of Provisions.  In case any one or more of the provisions
      contained in this Deposit Agreement or in the Receipts should be or become
      invalid, illegal or unenforceable in any respect, the validity, legality and
      enforceability of the remaining provisions contained herein or therein shall
      in
      no way be affected, prejudiced or disturbed thereby.

     

    SECTION
      7.04.  Notices.  (a)  Any
      and all notices to be given to the Company hereunder or under the Receipts
      shall
      be in writing and shall be deemed to have been duly given if personally
      delivered or sent by mail, or by telegram or facsimile transmission (once
      receipt of such notice by mail, telegram or facsimile is confirmed by the
      Company), addressed to the Company at:

     

    WEINGARTEN
      REALTY INVESTORS

    2600
      Citadel Plaza Drive

    Suite
      300

    Houston,
      Texas 77008

    Attention:  Corporate
      Secretary

    Telephone
      Number:  (713) 866-6000

    Facsimile:  (713)
      866-6072

    

    or
      at any
      other address of which the Company shall have notified the Depositary in
      writing.

     

    (b)  Any
      notices to be given to the Depositary hereunder or under the Receipts shall
      be
      in writing and shall be deemed to have been duly given if personally delivered
      or sent by mail, or by telegram or telex or telecopier (once receipt of such
      notice by mail, telegram or facsimile is confirmed by the Depositary), addressed
      to the Depositary at the Office to the attention of the Legal Department
      (telephone: (201) 680-2198; facsimile: (201) 680-4610) with a copy
      to:  Mellon Investor Services LLC, 600 North Pearl St., Suite 1010,
      Dallas, TX 75201, Attention: Mona Vorhees (telephone: (214) 922-4436; facsimile:
      (214) 922-4455).

     

    (c)  Any
      notices given to any record holder of a Receipt hereunder or under the Receipts
      shall be in writing and shall be deemed to have been duly given if personally
      delivered or sent by mail, or by telegram or telex or telecopier confirmed
      by
      letter, addressed to such record holder at the address of such record holder
      as
      it appears on the books of the Depositary or, if such holder shall have filed
      with the Depositary in a timely manner a written request that notices intended
      for such holder be mailed to some other address, at the address designated
      in
      such request.

     

    (d)  Delivery
      of a notice to the Company or the Depositary sent by mail, or by telegram or
      telex or telecopier shall be deemed to be effected at the time when verbal
      or
      written confirmation is received by the person or entity delivering such
      notice.  The Depositary or the Company may, however, act upon any
      notice sent by mail, telegram, telex or telecopier received 

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    by
      it
      from the other or from any holder of a Receipt, notwithstanding that such notice
      shall not subsequently be confirmed as aforesaid.

     

    SECTION
      7.05.  Depositary's
      Agents.  The Depositary may from time to time appoint Depositary's
      Agents to act in any respect for the Depositary for the purposes of this Deposit
      Agreement and may at any time appoint additional Depositary's Agents and vary
      or
      terminate the appointment of such Depositary's Agents.  The Depositary
      will notify the Company of any such action.

     

    SECTION
      7.06.  Holders
      of Receipts Are Parties.  The holders of Receipts from time to
      time shall be deemed to be parties to this Deposit Agreement and shall be bound
      by all of the terms and conditions hereof and of the Receipts by acceptance
      of
      delivery thereof.

     

    SECTION
      7.07.  Governing
      Law.  This Deposit Agreement and the Receipts and all rights
      hereunder and thereunder, provisions hereof and thereof shall be governed by,
      and construed in accordance with, the laws of the State of New York without
      regard to conflicts of laws.

     

    SECTION
      7.08.  Inspection
      of Deposit Agreement.  Copies of this Deposit Agreement shall be
      filed with the Depositary and the Depositary's Agents and shall be open to
      inspection during business hours at the Office and the respective offices of
      the
      Depositary's Agents, if any, by any holder of any Receipt.

     

    SECTION
      7.09.  Assignment.  This
      Deposit Agreement may not be assigned, or otherwise transferred, in whole or
      in
      part, by either party without the prior written consent of the other party,
      which the other party will not unreasonably withhold, condition or delay; except
      that consent will not be required for an assignment to an MIS affiliate. Any
      attempted assignment in violation of the foregoing will be void.

     

    SECTION
      7.10.  Headings.  The headings of articles and
      sections in this Deposit Agreement and in the form of the Receipt set forth
      in
Exhibit B hereto have been inserted for convenience only and are not to
      be regarded as a part of this Deposit Agreement or to have any bearing upon
      the
      meaning or interpretation of any provision contained herein or in the
      Receipts.

     

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, Weingarten Realty Investors and Mellon Investor Services LLC
      have duly executed this Deposit Agreement as of the day and year first above
      set
      forth and all holders of Receipts shall become parties hereto by and upon
      acceptance by them of delivery of Receipts issued in accordance with the terms
      hereof.

     

     

    
      

       

      
        	
                WEINGARTEN
                  REALTY INVESTORS

              
	 	 
	
                By:

              	/s/
                Stephen C. Richter
	 	
                Stephen
                  C. Richter

              
	 	Executive
                VP/CFO

      

      

       

      
        	
                MELLON
                  INVESTOR SERVICES LLC

              
	 	 
	
                By:

              	/s/
                Mona Voorhees
	 	
                Authorized
                  Signatory

              
	 	 

      

    

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      A

     

     

    STOCK
      SUBJECT TO THE AGREEMENT

     

    
      
      

      
        	
                
                  Class
                    of Stock

                

              	 	
                
                  Number
                    of Authorized Shares/Receipts

                

              	 	
                
                  Number
                    of Authorized Shares/Receipts Issued and Outstanding (including
                    Treasury
                    Shares/Receipts)

                

              	 	
                
                  Number
                    of Authorized Shares/Receipts Reserved for Future Issuance Under
                    Existing
                    Agreements

                

              
	 	 	 	 	 	 	 
	
                Adjustable
                  Rate Series G Cumulative Redeemable Preferred Shares

              	 	
                80,000

              	 	
                80,000

              	 	
                0

              
	 	 	 	 	 	 	 
	
                Depositary
                  Shares

              	 	
                8,000,000

              	 	
                8,000,000

              	 	
                0

              

      

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

    

    Form
      of Depositary Receipt

    

    

    Attached.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      C

     

    DOCUMENTS
      AND NOTIFICATIONS TO BE DELIVERED TO MIS

     

    Concurrently
      with the execution of this Deposit Agreement, to the extent not previously
      provided by the Company to MIS, the Company shall provide MIS with the
      following:

     

    

    1.                 An
      adequate supply of Preferred Share certificates and Receipts.

     

    2.                 A
      copy of the resolutions adopted by the Board of Trust Managers of the Company
      appointing or authorizing the appointment of MIS as Registrar, Transfer Agent
      and Registrar and Dividend Disbursing Agent for the Preferred Shares and the
      Receipts, duly certified by the Secretary or Assistant Secretary of the Company
      under the corporate seal.

     

    3.                 A
      certificate of the Secretary or an Assistant Secretary of the Company, under
      its
      corporate seal, stating as follows:

     

     

    a)           this
      Deposit Agreement has been executed and delivered pursuant to the authority
      of  the Company's Board of Trust Managers;

     

    b)           the
      attached specimen Preferred Share certificate(s) and Receipt(s) are in
      substantially the form submitted to and approved by the Company's Board of
      Trust
      Managers for current use;

     

    c)           no
      Preferred Shares or Receipts have been reserved for future issuance except
      as
      set forth on the attached list of existing agreements pursuant to which
      Preferred Shares or Receipts have been reserved for future issuance, which
      list
      specifies the number of reserved Preferred Shares and Receipts subject to each
      such existing agreement and the substantive provisions thereof.

     

    d)           no
      Preferred Shares or Receipts are outstanding;

     

    e)           the
      name of each stock exchange upon which any of the Preferred Shares or Receipts
      are listed and the number and identity of the Preferred Shares or Receipts
      so
      listed;

     

    f)           the
      name and address of each co-Transfer Agent, Registrar (other than MIS) or
      co-Registrar for any of the Preferred Shares or Receipts and the extent of
      its
      appointment, or there are no co-Transfer Agents, Registrars (other than MIS)
      or
      co-Registrars for any of the Preferred Shares or Receipts; and

     

    g)           the
      officer(s) of the Company, who executed this Deposit Agreement as well as any
      certificates or papers delivered to MIS pursuant to this Deposit Agreement,
      were
      validly elected or appointed to, and are the incumbents of, the offices they
      purported to hold at the time of such execution and delivery, are authorized
      to
      execute this Deposit Agreement as well as all other certificates or papers
      delivered hereunder, and that their signatures on all such documentation are
      genuine.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Such
      Secretary's certificate shall contain a certificate of an officer of the
      Company, other than the officer executing the Secretary's certificate, stating
      that the person executing the Secretary's certificate was validly elected to,
      and is the Secretary or an Assistant Secretary of the Company and that his
      signature on the certificate is genuine.

     

    

    4.                 Opinion
      of counsel for the Company, addressed to MIS, to the effect that:

     

     

    a)           the
      Preferred Shares and Receipts issued and outstanding on the date hereof have
      been duly authorized, validly issued and are fully paid and are
      non-assessable;

     

    b)           the
      Preferred Shares and Receipts issued and outstanding on the date hereof have
      been duly registered under the Securities Act of 1933, as amended, and such
      registration has become effective, or are exempt from such registration; and
      have been duly registered under the Securities Exchange Act of 1934, as amended,
      or are exempt from such registration; and

     

    c)           the
      execution and delivery of this Deposit Agreement do not and will not conflict
      with, violate, or result in a breach of, the terms, conditions or provisions
      of,
      or constitute a default under, the charter or the by-laws of the Company, any
      law or regulation, any order or decree of any court or public authority having
      jurisdiction, or any mortgage, indenture, contract, agreement or undertaking
      to
      which the Company is a party or by which it is bound and this Agreement is
      enforceable against the Company in accordance with it terms, except as limited
      by bankruptcy, insolvency, moratorium, reorganization and other similar laws
      affecting the enforcement of creditors' rights generally.

    

     

    The
      Company further agrees to deliver an opinion of counsel as provided in this
      Exhibit C, Sections 4(a) and (b), upon any future original issuance of Preferred
      Shares or Receipts for which MIS will act as transfer agent
      hereunder.ex10_1.htm

    
      

      

    

    EXHIBIT
      10.1

    
 

    Up
      to 8,000,000 Shares

     

    

     

    WEINGARTEN
      REALTY INVESTORS

     

    

     

    

     

    Series
      G Depositary Shares

     

    

     

    PURCHASE
      AGREEMENT

     

    September
      24, 2007

    Wachovia
      Investment Holdings, LLC

    301
      South
      College Street, DC-7

    One
      Wachovia Center

    Charlotte,
      North Carolina  28288

    

    Ladies
      and Gentlemen:

    

    Weingarten
      Realty Investors, a Texas real estate investment trust (the “Company”),
      proposes to issue and sell to Wachovia Investment Holdings, LLC, a Delaware
      limited liability company (the “Initial Purchaser”), up to 8,000,000
      Series G Depositary Shares, liquidation preference $25.00 per share (the
“Shares” or the “Series G Depositary Shares”).  Subject
      to the terms and conditions, representations and warranties set forth in this
      Purchase Agreement (this “Agreement”), Wachovia Investment Holdings, LLC
      has agreed to act as the Initial Purchaser in connection with the potential
      offering and sale of the Shares (as defined in Section
      1(a)).

     

    As
      provided in Section 7 of this Agreement, if the
      Company has not issued an irrevocable notice of redemption of the Shares by
      August 25, 2008, the Company shall be obligated to deliver to the Initial
      Purchaser by September 25, 2008 copies of an Offering Memorandum (the
“Offering Memorandum”) describing the Company and the terms of an
      offering of the Shares.  The Offering Memorandum shall be for the use
      of the Initial Purchaser in connection with its solicitation of offers to
      purchase the Shares, including purchases made pursuant to Rule 144A (“Rule
      144A”) under the Securities Act of 1933, as amended (the “Securities
      Act,” which term, as used in this Agreement, includes the rules and
      regulations of the Securities and Exchange Commission (the “Commission”)
      promulgated thereunder).  As used in this Agreement, the term
“Offering Memorandum” shall mean, with respect to any date or time referred to
      in this Agreement, any such Offering Memorandum, as amended or supplemented
      through such date and the Incorporated Documents (as defined in Section 2(B)(f)) in the then-most-recent form
      delivered by the Company to the Initial Purchaser in connection with its
      solicitation of offers to purchase the Shares.  Further, any reference
      to the Offering Memorandum shall be deemed to refer to and include any
      Additional Issuer Information (defined in Section
      7(A)(a)) furnished by the Company prior to the completion of the Initial
      Purchaser’s placement of the Shares to the Subsequent Purchasers (as defined
      below).

     

    As
      provided in Section 7(A) of this Agreement, the
      Company might become obligated to file with the Commission not later than
      September 25, 2008, and have declared 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    effective
      not later than October 27, 2008, a registration statement (the “Resale Shelf
      Registration Statement”) registering the resale of the Shares under the
      Securities Act by the holders, and the holders of the Shares might become
      entitled to the benefits of a related registration rights agreement (the
“Registration Rights Agreement”) to be negotiated between the Company and
      the Initial Purchaser.

     

    All
      references in this Agreement to financial statements and schedules and other
      information which is “contained,” “included” or “stated” in the Offering
      Memorandum (or other references of like import) shall be deemed also to refer
      to
      and include all such financial statements and schedules and other information
      which are incorporated by reference in the Offering Memorandum; and all
      references in this Agreement to amendments or supplements to the Offering
      Memorandum shall be deemed to mean and include the filing of any document under
      the Securities Exchange Act of 1934, as amended (the “Exchange Act,”
which term, as used in this Agreement, includes the rules and regulations
      of the
      Commission promulgated thereunder), which is incorporated by reference in the
      Offering Memorandum.

     

    The
      Shares are being offered and sold to the Initial Purchaser without being
      registered with the Commission under the Securities Act, in reliance upon the
      Section 4(2) private placement exemption therefrom.  The Company
      understands that, at any time on or after March 25, 2008, the Initial Purchaser
      might, but is under no obligation to, make an offering of the Shares on the
      terms and in the manner set forth in this Agreement and agrees that from and
      after such date the Initial Purchaser may resell, subject to the conditions
      set
      forth in this Agreement, all or a portion of the Shares to purchasers as
      described in this Agreement (the “Subsequent Purchasers”).  In
      that case, the Shares may be offered and sold to the Subsequent Purchasers
      without being registered with the Commission under the Securities Act in
      reliance upon exemptions therefrom, including sales to “qualified institutional
      buyers” under Rule 144A, or in transactions not subject
      thereto.  Further, the Company understands that, with respect to an
      offering of Shares at any time on or after March 25, 2008, the Initial Purchaser
      shall be permitted to transfer without restriction the Shares to Wachovia
      Capital Markets, LLC, or another affiliate for the purposes of offering such
      Shares.  From and after any such transfer, references herein to the
“Initial Purchaser” shall be deemed to refer to the Initial Purchaser and/or the
      Initial Purchaser’s transferee as applicable.

     

    The
      Company hereby confirms its agreement with the Initial Purchaser as
      follows:

     

    Section
      1.  Purchase,
      Sale and Delivery of the Shares.

     

    (a)  Purchase
      and Sale.  On the basis of the representations, warranties and
      agreements contained in this Agreement, and upon the terms but subject to the
      conditions set forth in this Agreement, the Initial Purchaser shall purchase
      from the Company, and the Company shall sell to the Initial Purchaser, 8,000,000
      Series G Depositary Shares (the “Shares”) each representing 1/100 of an
      Adjustable Rate Series G Cumulative Redeemable Preferred Share of the Company
      (the “Series G Preferred Shares”) pursuant to a Deposit Agreement in form
      and substance satisfactory to the Initial Purchaser (the “Deposit
      Agreement”) on the Closing Date (as defined in Section 1(c)(i) of this
      

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    Agreement),
      for the consideration specified in Section
      1(b).  On or before the Closing (as defined in Section 1(b)), the Company shall file with the County
      Clerk of Harris County, Texas, the Statement of Designation in the form attached
      hereto as Exhibit A (except for any changes proposed by the Company as
      are approved by the Initial Purchaser in its sole and absolute discretion)
      (the
“Statement”).

     

    (b)  Payment
      of Purchase Price and Delivery of Shares.  The purchase and sale
      of the Shares contemplated by this Agreement shall take place as set forth
      in
      Section 1(b)(i).

     

    (i)  At
      the closing (the “Closing”)
      on the Closing Date (as defined below), in addition to the other deliveries
      required by this Agreement, (x) the Initial Purchaser shall pay to the Company,
      by wire transfer of immediately available funds, $200,000,000.00 (the
“Purchase Price”), and (ii) the Company shall deposit with Mellon
      Investor Services, LLC, as depositary (the “Depositary”), a certificate
      representing 80,000 Series G Preferred Shares and shall deliver to the Initial
      Purchaser Series G Depositary Receipts (the “Depositary Receipts”)
      evidencing 8,000,000 Shares, registered in the name of Wachovia Investment
      Holdings, LLC or such other name(s) as the Initial Purchaser shall have
      specified no less than two business days prior to the Closing.

     

    (c)  Closing
      Date.

     

    (i)  The
      Closing shall take place at the
      offices of Locke, Liddell & Sapp LLP, Dallas, Texas, on September 25, 2007
      at 9:00 a.m. Dallas, Texas time, or such other date and time as is mutually
      agreeable to the Company and the Initial Purchaser (the “Closing
      Date”).

     

    (d)  Fee.

     

    (i)  At
      the Closing, the Company shall pay
      the Initial Purchaser by wire transfer of immediately available funds a fee
      equal to $6,300,000.00, which fee shall be paid other than from the proceeds
      of
      the sale of the Shares.

     

    (e)  Restriction
      on Transfer of Shares.

     

    (i)  Basic
      Restriction.  Until March 25, 2008, the Initial Purchaser shall
      not transfer any of the Shares without the prior written approval of the
      Company, which approval may be withheld in the Company’s sole and absolute
      discretion.  Thereafter, the Initial Purchaser may transfer any or all
      of the Shares without any approval from the Company, subject to the requirements
      of Rule 144A and any other applicable securities laws.

     

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

     

    (ii)  REIT-Related
      Transfer Restrictions.  The Initial Purchaser acknowledges that
      Article XVIII of the Company’s Restated Declaration of Trust (the “Declaration”)
      prohibits certain transfers of Shares in order to preserve the Company’s status
      as a real estate investment trust (“REIT”)  under the Internal
      Revenue Code of 1986, as amended (the “Code”), and that the Company
      intends to disclose such transfer restrictions in the Offering
      Memorandum.

     

    Section
      2.  Representations
      and Warranties.

     

    (A)  Representations
      and Warranties of the Initial Purchaser.  The Initial Purchaser
      represents and warrants to and agrees with the Company as of the date hereof
      and
      as of the Closing Date as follows:

     

    (a)  Organization
      of the Initial Purchaser.  The Initial Purchaser has been
      incorporated and is validly existing as a limited liability company in good
      standing under the laws of Delaware.

     

    (b)  Authorization
      of Transaction.  The Initial Purchaser has, and at the Closing
      Date will have, full entity power to execute and deliver this Agreement and
      to
      perform its obligations hereunder.  This Agreement constitutes the
      valid and legally binding obligation of the Initial Purchaser, enforceable
      in
      accordance with its terms and conditions, subject to (i) the effect of
      bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
      other similar laws now or hereafter in effect relating to or affecting the
      rights and remedies of creditors and (ii) the effect of general principles
      of
      equity, whether enforcement is considered in a proceeding in equity or at law,
      and the discretion of the court before which any proceeding therefor may be
      brought.  The Initial Purchaser need not give any notice to, make any
      filing with, or obtain any authorization, consent, or approval of any government
      or governmental agency in order to consummate the transactions contemplated
      by
      this Agreement, except for such as have been obtained and except for such as
      would not materially impede the transactions contemplated by this
      Agreement.

     

    (c)  Noncontravention.  Neither
      the execution and the delivery of this Agreement, nor the consummation of the
      transactions contemplated hereby, will violate any constitution, statute,
      regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
      restriction of any government, governmental agency, or court to which the
      Initial Purchaser is subject or any provision of its organizational documents,
      except for such violations as would not materially impede the transactions
      contemplated by this Agreement.

     

    (d)  Disclosure
      of Information.  The Initial Purchaser represents that it and its
      representatives have (i) had an opportunity to ask questions and receive answers
      from the Company regarding the terms and conditions of the sale of the Shares
      and the business, properties, prospects and financial condition of the

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    Company
      and (ii) reviewed copies of the SEC Filings (as defined in Section 2(B)(d)).

     

    (e)  Investment
      Experience.  The Initial Purchaser has substantial experience as
      a purchaser of shares of companies similar to the Company and acknowledges
      that
      it is able to fend for itself, can bear the economic risk of its investment
      and
      could afford a complete loss of such investment, and has such knowledge and
      experience in financial or business matters that it is capable of evaluating
      the
      merits and risks of the investment in the Shares.  The Initial
      Purchaser acknowledges that in purchasing the Shares it must be prepared to
      continue to bear the economic risk of such investment for an indefinite period
      of time because (i) the Shares have not been registered under the Securities
      Act
      and cannot be sold unless they are subsequently registered under the Securities
      Act and applicable state securities laws, or unless exemptions from such
      registrations are available, and (ii) the Shares are subject to the restrictions
      on transfer set forth in Section 1(e) above and in
      Article XVIII of the Declaration.

     

    (f)  Initial
      Purchaser as Qualified Institutional Buyer.  The Initial
      Purchaser represents and warrants to the Company that it is a “qualified
      institutional buyer” within the meaning of Rule 144A under the Securities Act (a
“Qualified Institutional Buyer”) and an “accredited investor” within the
      meaning of Rule 501(a) under the Securities Act (an “Accredited
      Investor”).

     

    (g)  Restricted
      Shares.  The Initial Purchaser understands that the Shares are
      characterized as “restricted shares” under the federal securities laws inasmuch
      as they are being acquired from the Company in a transaction not involving
      a
      public offering and that under such laws and applicable regulations such shares
      may be resold without registration under the Securities Act only in certain
      limited circumstances.

     

    (h)  Legends.  It
      is understood that the certificates evidencing the Shares shall initially bear
      substantially the following legend (in addition to any legend otherwise required
      under applicable federal or state securities laws):

     

    “THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
      LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR
      HYPOTHECATED UNLESS AND UNTIL REGISTERED IN THE ABSENCE OF SUCH REGISTRATION
      OR
      UNLESS SUCH TRANSACTION IS EXEMPT FROM OR NOT SUBJECT TO SUCH REGISTRATION
      REQUIREMENTS.

     

    THE
      HOLDER OF THIS SECURITY, BY ITS ACQUISITION HEREOF, AGREES THAT IT WILL NOT,
      PRIOR TO THE DATE THAT IS TWO YEARS AFTER THE LATER OF THE

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    ORIGINAL
      ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF
      THE
      COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY),
      RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY EXCEPT (a) TO THE
      COMPANY; (b) TO A PERSON THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (A “QIB”),
      IN COMPLIANCE WITH RULE 144A, (c) PURSUANT TO THE EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE AND
      ON
      THE UNDERSTANDING THAT THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL BEFORE
      REGISTERING ANY SUCH TRANSFER ON ITS SHARE TRANSFER RECORDS), (d) PURSUANT
      TO A
      SECURITIES ACT REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE AND
      THAT
      CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR (e) PURSUANT TO
      ANOTHER AVAILABLE EXEMPTION, IF ANY, FROM SUCH REGISTRATION REQUIREMENTS OR
      IN A
      TRANSACTION NOT SUBJECT TO SUCH REGISTRATION REQUIREMENTS; AND AGREES THAT
      IT
      SHALL DELIVER TO EACH PERSON TO WHOM THE SECURITY EVIDENCED HEREBY IS
      TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.”

     

    (B)  Representations
      and Warranties of the Company.  The Company represents and warrants to
      and agrees with the Initial Purchaser as of the date hereof and as of the
      Closing Date (it being understood that such representations, warranties and
      agreements at the Closing Date shall be deemed to relate to the SEC Filings
      as
      amended or supplemented to such time) as follows:

     

    (a)  No
      Registration Required.  Subject to compliance by the Initial
      Purchaser with the representations and warranties set forth in Section 2(A)(e) and (f)
      and Section 8 of this Agreement and with the
      procedures set forth in Section 8 of this Agreement,
      it is not necessary in connection with the offer, sale and delivery of the
      Shares to the Initial Purchaser and to each Subsequent Purchaser in the manner
      contemplated by this Agreement to register the Shares under the Securities
      Act.

     

    (b)  No
      Integration of Offerings or General Solicitation.  The Company
      has not, directly or indirectly, solicited any offer to buy or offered to sell,
      and will not, directly or indirectly, solicit any offer to buy or offer to
      sell,
      in the United States or to any United States citizen or resident, any security
      which is or would be integrated with the sale of the Shares in a manner that
      would require the Shares to be registered under the Securities
      Act.  None of the Company, its affiliates (as 

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    such
      term
      is defined in Rule 501(b) under the Securities Act (each, an
“Affiliate”), or any person acting on its or any of their behalf (other
      than the Initial Purchaser, as to whom the Company makes no representation
      or
      warranty) has engaged or will engage, in connection with the offering of the
      Shares, in any form of general solicitation or general advertising within the
      meaning of Rule 502(c) under the Securities Act with respect to the Shares,
      other than maintaining the effectiveness of the Company’s current shelf
      registration statements.

     

    (c)  Eligibility
      for Resale.  The Shares are eligible for resale pursuant to Rule
      144A and are not of the same class as shares listed on a national securities
      exchange registered under Section 6 of the Exchange Act or quoted in a United
      States automated interdealer quotation system or shares of an open-end
      investment company, unit investment trust or face-amount certificate company
      that is or is required to be registered under Section 8 of the Investment
      Company Act of 1940 (the “Investment Company Act,” which term, as used in
      this Agreement, includes the rules and regulations of the Commission promulgated
      thereunder).

     

    (d)  SEC
      Filings.  The Annual Report of the Company on Form 10-K for the
      year ended December 31, 2006 filed by the Company with the Commission (including
      the portions of the Company’s proxy statement incorporated by reference therein)
      as supplemented by each Quarterly Report of the Company on Form 10-Q, each
      Current Report of the Company on Form 8-K filed or to be filed by the Company
      with the Commission since January 1, 2007, but not including any Current Reports
      on Form 8-K furnished to the Commission pursuant to Item 7.01 or Item 2.02
      (or
      any comparable provisions adopted by the Commission) of Form 8-K (collectively,
      the “SEC Filings”), do not include an untrue statement of any material
      fact or omit to state a material fact necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading.

     

    (e)  The
      Offering Memorandum.  If delivered by the Company to the Initial
      Purchaser, the Offering Memorandum shall not, on the date of its delivery or
      thereafter through the completion of the Initial Purchaser’s placement of the
      Shares, include an untrue statement of a material fact or omit to state a
      material fact necessary in order to make the statements therein, in the light
      of
      the circumstances under which they were made, not misleading;
provided, however, that this representation, warranty and
      agreement shall not apply to any statements in, or omissions from, the Offering
      Memorandum made in reliance upon and in conformity with information furnished
      in
      writing to the Company by the Initial Purchaser expressly for inclusion in
      the
      Offering Memorandum or any amendment or supplement thereto.  The
      Company has not distributed and will not distribute, prior to the earlier of
      the
      Redemption Date (as defined in the Statement) and the completion of the Initial
      Purchaser’s placement of the Shares, any offering material in connection with
      the offering and sale of the Shares other than the Offering
      Memorandum.

     

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (f)  Incorporated
      Documents.  If delivered by the Company to the Initial Purchaser,
      the Offering Memorandum shall incorporate by reference those filings by the
      Company pursuant to the Exchange Act that would be permitted to be incorporated
      by reference in a Registration Statement on Form S-3 filed by the Company
      pursuant to the Securities Act.  Any documents that are incorporated
      or deemed to be incorporated by reference in the Offering Memorandum at the
      time
      they were or hereafter are filed with the Commission (collectively, the
“Incorporated Documents”) complied and will comply in all material
      respects with the requirements of the Exchange Act and, when read together
      with
      the other information in the Offering Memorandum, do not and will not include
      an
      untrue statement of a material fact or omit to state a material fact required
      to
      be stated therein or necessary to make the statements therein, in the light
      of
      the circumstances under which they were made, not misleading.  The
      foregoing representation and warranties in this Section
      2(B)(f) shall not apply to any statements or omissions made in reliance on
      and in conformity with information relating to the Initial Purchaser furnished
      in writing to the Company by the Initial Purchaser expressly for inclusion
      in
      the Offering Memorandum or any amendment or supplement thereto;

     

    (g)  The
      Company is a real estate investment trust duly formed and validly existing
      under
      the laws of the State of Texas, with full power and authority to own, lease
      and
      operate its properties and to conduct its business as described in the SEC
      Filings; the Company is duly qualified to transact business and is in good
      standing in each other jurisdiction in which it owns or leases properties,
      or
      conducts any business, so as to require such qualification, or is subject to
      no
      material liability or disability by reason of the failure to be so qualified
      in
      any such jurisdiction, and holds all authorizations, approvals, orders,
      licenses, certificates and permits from all governmental authorities which
      are
      material to the conduct of its business.

     

    (h)  Each
      subsidiary of the Company has been duly formed and is validly existing as a
      corporation, trust, partnership, limited partnership or limited liability
      company, as the case may be, in good standing under the laws of the jurisdiction
      of its formation, has full power and authority to own, lease and operate its
      properties and to conduct its business as described in the SEC Filings and
      is
      duly qualified to transact business and is in good standing in each jurisdiction
      in which such qualification is required, whether by reason of the ownership
      or
      leasing of property or the conduct of business, except where the failure to
      so
      qualify would not have a material adverse effect or a prospective material
      adverse effect, on the condition, financial or otherwise, or the earnings or
      business affairs of the Company and its subsidiaries considered as one
      enterprise; all of the issued and outstanding capital stock or other ownership
      interests of each such subsidiary has been duly authorized and validly issued,
      is fully paid and non-assessable and is owned by the Company, directly or
      through subsidiaries, free and clear of any security interest, mortgage, pledge,
      lien, encumbrance, claim or equity.

     

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (i)  Neither
      the Company nor any of its subsidiaries has sustained since the date of the
      latest audited financial statements included or incorporated by reference in
      the
      SEC Filings any material loss or interference with its business from fire,
      explosion, flood or other calamity, whether or not covered by insurance, or
      from
      any labor dispute or court or governmental action, order or decree, otherwise
      than as set forth or contemplated in the SEC Filings; and, since the respective
      dates as of which information is given in the SEC Filings, there has not been
      any change in the consolidated capital shares of the Company (except for
      issuances of the Company’s common shares of beneficial interest pursuant to the
      Company’s employee benefit and shares option plans, the Company’s Dividend
      Reinvestment and Share Purchase Plan and exchanges of operating partnership
      units) or any material change in the consolidated debt of the Company or any
      of
      its subsidiaries or any material decrease in consolidated net current assets
      or
      net assets or any material adverse change, or any development involving a
      prospective material adverse change, in or affecting the general affairs,
      management, financial position, shareholders’ equity or results of operations of
      the Company and its subsidiaries, otherwise than as set forth or contemplated
      in
      the SEC Filings, and there has been no material adverse change in the condition,
      financial or otherwise, or in the earnings, business affairs or business
      prospects of the Company and its subsidiaries considered as one enterprise,
      whether or not arising in the ordinary course of business.

     

    (j)  This
      Agreement has been duly and validly authorized, executed and delivered by the
      Company.

     

    (k)  The
      Company has an authorized capitalization as set forth in or incorporated by
      reference in the SEC Filings, and all of the issued capital shares of the
      Company have been duly and validly authorized and issued and are fully paid
      and
      non-assessable.

     

    (l)  The
      Series G Preferred Shares and the Shares have been duly and validly authorized,
      and, when the Series G Preferred Shares are issued and delivered pursuant to
      this Agreement, and when the Series G Preferred Shares have been deposited
      by
      the Company with the Depositary in accordance with the provisions of the Deposit
      Agreement, and the Depositary Receipts have been issued and delivered by the
      Depositary and paid for by the Initial Purchaser pursuant to this Agreement,
      such Series G Preferred Shares will be duly and validly issued and fully paid
      and non-assessable.

     

    (m)  If
      applicable, upon execution and delivery thereof pursuant to the terms of the
      Deposit Agreement, the persons in whose names the Depositary Receipts are
      registered will be entitled to the rights specified therein and in the Deposit
      Agreement, subject to (i) the effect of bankruptcy, insolvency, fraudulent
      conveyance, reorganization, moratorium or other similar laws now or hereafter
      in
      effect relating to or affecting the rights and remedies of creditors and (ii)
      the effect of general principles of equity, whether enforcement is considered
      in
      a 

     

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    proceeding
      in equity or at law, and the discretion of the court before which any proceeding
      therefor may be brought.

     

    (n)  The
      issue
      and sale of the Series G Preferred Shares and the compliance by the Company
      with
      all of the provisions of this Agreement and the Deposit Agreement, and the
      consummation of the transactions herein and therein contemplated will not
      conflict with or result in a breach or violation of any of the terms or
      provisions of, or constitute a default under, any indenture, mortgage, deed
      of
      trust, loan agreement or other agreement or instrument to which the Company
      or
      any of its subsidiaries is a party or by which the Company or any of its
      subsidiaries is bound or to which any of the property or assets of the Company
      or any of its subsidiaries is subject, nor will such action result in any
      violation of the provisions of the declaration of trust or by-laws of the
      Company or any statute or any order, rule or regulation of any court or
      governmental agency or body having jurisdiction over the Company or any of
      its
      subsidiaries or any of their respective properties; and no consent, approval,
      authorization, order, registration or qualification of or with any such court
      or
      governmental agency or body is required for the issue and sale of the Series
      G
      Preferred Shares or the consummation by the Company of the transactions
      contemplated by this Agreement or the Deposit Agreement, except such as have
      been, or will have been prior to the Closing Date, obtained under the Securities
      Act.

     

    (o)  Neither
      the Company nor any of its subsidiaries is in violation of its declaration
      of
      trust, charter or other governing instrument, as applicable, or by-laws or
      in
      default in the performance or observance of any material obligation, agreement,
      covenant or condition contained in any indenture, mortgage, deed of trust,
      loan
      agreement, lease or other agreement or instrument to which it is a party or
      by
      which it or its properties may be bound.

     

    (p)  Other
      than as set forth in the SEC Filings, there are no legal or governmental
      proceedings pending to which the Company or any of its subsidiaries is a party
      or of which any property of the Company or any of its subsidiaries is the
      subject which, if determined adversely to the Company or any of its
      subsidiaries, would individually or in the aggregate have a material adverse
      effect on the current or future consolidated financial position, shareholders’
equity or results of operations of the Company and its subsidiaries; and, to
      the
      best of the Company’s knowledge, no such proceedings are threatened or
      contemplated by governmental authorities or threatened by others.

     

    (q)  The
      consolidated financial statements together with related notes and schedules
      as
      set forth or incorporated by reference in the SEC Filings present fairly the
      financial position and the results of operations of the Company and its
      subsidiaries at the indicated dates and for the indicated
      periods.  Except as otherwise stated in the SEC Filings, such
      financial statements have been prepared in accordance with generally accepted
      accounting principles, applied on a consistent basis; and the supporting
      schedules included in the SEC Filings present fairly the information required
      to
      be stated therein.

     

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    (r)  The
      Company and its subsidiaries have good and marketable title to all real property
      and interests in its real property and good and marketable title to all its
      personal property, in each case free and clear of all pledges, liens,
      encumbrances, claims, security interests and defects, except as are described
      in
      the SEC Filings and except for property owned in the joint ventures,
      partnerships and bankruptcy-remote subsidiaries set forth in Exhibit B
      hereto or such as do not materially affect the value of such property and
      interests in the aggregate and do not interfere with the use made and proposed
      to be made of such property and interests by the Company and its subsidiaries
      taken as a whole; in the case of real property and interests in real property,
      the Company and its subsidiaries have obtained satisfactory confirmation
      (consisting of policies of title insurance or binders therefor or opinions
      of
      counsel based upon the examination of abstracts) confirming, except as is
      otherwise described in the SEC Filings, (a) that the Company and its
      subsidiaries have the foregoing title to such real property and interests in
      real property; provided, however, that in those cases in which such information
      is not current, the Company and its subsidiaries do not have notice of any
      material claim of any sort which has been asserted by anyone adverse to the
      Company’s or its subsidiaries challenging the Company’s or its subsidiaries’
title to such real property and interests in real property, and (b) that the
      instruments securing the indebtedness of third parties to the Company or its
      subsidiaries create valid liens upon the real properties described in such
      instruments enjoying the priorities intended, subject only to exceptions to
      title which have no materially adverse effect on the value of such real
      properties and interests; and any real property and buildings held under lease
      by the Company or its subsidiaries or leased by the Company or its subsidiaries
      to a third party are held or leased by them under valid, binding and enforceable
      leases conforming to the description thereof set forth in the SEC Filings,
      with
      such exceptions as are not material and do not interfere with the use made
      and
      proposed to be made of such property and buildings by the Company or its
      subsidiaries or such third party.

     

    (s)  The
      Company and its subsidiaries have filed all federal, state, local and foreign
      income tax returns which have been required to be filed on or before the due
      date (taking into account all extensions of time to file) and have paid or
      provided for all taxes indicated by said returns and all assessments received
      by
      them to the extent that taxes have become due.

     

    (t)  With
      respect to all tax periods regarding which the Internal Revenue Service is
      or
      will be entitled to assert any claim, the Company has met the requirements
      for
      qualification as a real estate investment trust under Sections 856 through
      860
      of the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s
      present and contemplated operations, assets and income continue to meet such
      requirements.

     

    (u)  The
      Company is not and, after giving effect to the offering and sale of the Series
      G
      Preferred Shares, will not be an “investment company” or an entity “controlled”
by an “investment company,” as such terms are defined in the Investment Company
      Act.

     

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    (v)  Deloitte
      & Touche llp (the “Accountants”), who have audited certain financial
      statements of the Company and its subsidiaries filed with the Commission as
      part
      of, or incorporated by reference in, the SEC Filings, and have audited the
      Company’s internal control over financial reporting and management’s assessment
      thereof are independent public accountants as required by the Securities Act
      and
      the rules and regulations of the Commission promulgated thereunder and the
      Public Company Accounting Oversight Board (United States).

     

    (w)  Although
      the Company is aware of the presence of hazardous substances, hazardous
      materials, toxic substances or waste materials (“Hazardous Materials”) on
      certain of its properties, nothing has come to the attention of the Company
      which, at this time, would lead the Company to believe that the presence of
      such
      Hazardous Materials, when considered in the aggregate, would materially and
      adversely affect the financial condition of the Company.  In
      connection with the construction on or operation and use of the properties
      owned
      or leased by the Company or any of its subsidiaries, the Company represents
      that, as of the date of this Agreement, it has no knowledge of any material
      failure by the Company or any of its subsidiaries to comply with all applicable
      local, state and federal environmental laws, regulations, ordinances and
      administrative and judicial orders relating to the generation, recycling, reuse,
      sale, storage, handling, transport and disposal of any Hazardous
      Materials.

     

    (x)  The
      Company and its subsidiaries carry or are entitled to the benefits of insurance,
      with financially sound and reputable insurers, in such amounts and covering
      such
      risks as is generally maintained by companies of established repute engaged
      in
      the same or similar business, and all such insurance is in full force and
      effect.

     

    (y)  The
      Company has established and maintains “disclosure controls and procedures” (as
      such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that
      (A)
      are designed to ensure that material information relating to the Company,
      including its subsidiaries, is made known to the Company’s Chief Executive
      Officer and its Chief Financial Officer by others within those entities,
      particularly during the periods in which the filings made by the Company with
      the Commission which it may make under Section 13(a), 13(c), 14 or 15(d) of
      the
      Exchange Act are being prepared, (B) have been evaluated by the Chief Executive
      Officer and Chief Financial Officer for effectiveness as of a date within 90
      days prior to the filing of the Company’s most recent annual report filed with
      the Commission, and (C) are effective to perform the functions for which they
      were established.  The Company’s independent accountants and the audit
      committee of the board of trust managers of the Company have been advised of
      (x)
      any significant deficiencies in the design or operation of internal controls
      which could adversely affect the Company’s ability to record, process,
      summarize, and report financial data and (y) any fraud, whether or not material,
      that involves management or other employees who have a role in the Company’s
      internal controls.  Any material weaknesses in internal controls has
      been 

     

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    identified
      for the Company’s independent accountants.  Since the date of the most
      recent evaluation of such disclosure controls and procedures, there have been
      no
      significant changes in internal controls or in other factors that could
      significantly affect internal controls, including any corrective actions with
      regard to significant deficiencies and material weaknesses.

     

    (z)  No
      Limits on Redemption of Shares.  The redemption by the Company of
      the Shares in accordance with the Declaration would not constitute a breach
      or
      violation of, or a default under, or conflict with, or give any other party
      a
      right to terminate any of its obligations under, or result in the acceleration
      of any obligation under, or result in the creation or imposition of any lien,
      charge or encumbrance upon any assets of the Company or any of its subsidiaries
      pursuant to the terms or provisions of the Declaration or Bylaws of the Company,
      the declaration or certificate of incorporation or bylaws or partnership
      agreement or operating agreement of any of the subsidiaries or any material
      contract, lease or other instrument to which the Company or any of the
      subsidiaries is a party or by which any of their property may be bound or any
      judgment, ruling, decree, order, law, statute, rule or regulation of any court
      or other governmental agency or body applicable to the business or properties
      of
      the Company or any of the subsidiaries.

     

    (aa)  Certificates
      and Documents.  Any certificate or other document signed by any
      officer or authorized representative of the Company or any subsidiary, and
      delivered to the Initial Purchaser or to counsel for the Initial Purchaser
      in
      connection with the sale of the Shares shall be deemed a representation and
      warranty by such entity, as the case may be, to the Initial Purchaser as to
      the
      matters covered thereby.

     

    (bb)  No
      Brokers.  There are no contracts, agreements or understandings
      between the Company or any of its subsidiaries and any person that would give
      rise to a valid claim against the Company or the Initial Purchaser for a
      brokerage commission, finder’s fee or other like payment in connection with the
      offering, issuance and sale of the Shares, other than the fee payable to the
      Initial Purchaser pursuant to this Agreement.

     

    Section
      3.  Additional
      Covenants of the Company.  The Company further covenants and agrees
      with the Initial Purchaser as follows:

     

    (a)  Future
      Reports to the Initial Purchaser.  For so long as the Shares are
      outstanding and are held by the Initial Purchaser, the Company shall furnish
      to
      Wachovia Investment Holdings, LLC at the address set forth below as soon as
      available, copies of any report or communication of the Company mailed generally
      to holders of its capital shares or debt instruments, except for any such
      reports or communications available through the Commission’s EDGAR
      system.

     

    (b)  No
      Integration.  The Company agrees that it shall not make any offer
      or sale of securities if, as a result of the doctrine of “integration” referred
      to in Rule 502 under the Securities Act, such offer or sale would render
      unavailable 

     

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    (for
      the
      purpose of (i) the sale of the Shares by the Company to the Initial Purchaser
      or
      (ii) the resale of the Shares by the Initial Purchaser to Subsequent Purchasers)
      the exemption from the registration requirements of the Securities Act provided
      by Section 4(2) thereof, including the provisions of Regulation D under the
      Securities Act, or by Rule 144A thereunder or otherwise.

     

    (c)  Due
      Diligence.  In connection with the original placement of the
      Shares, from the date hereof to the Closing Date, the Company agrees that the
      Initial Purchaser and counsel for the Initial Purchaser shall have the right
      to
      make reasonable inquiries into the business of the Company, and the Company
      also
      agrees to provide answers to such inquiries (to the extent that such information
      is available or can be acquired and made available without extraordinary effort
      or expense and to the extent the provision thereof is not prohibited by
      applicable law).

     

    (d)  Investment
      Company Act.  The Company agrees to take such steps as shall be
      necessary to ensure that neither the Company nor any subsidiary shall become
      an
“investment company” within the meaning of such term under the Investment
      Company Act.

     

    (e)  Payment
      of Company Expenses.  The Company agrees to pay all costs, fees
      and expenses incurred in connection with the performance of its obligations
      under this Agreement and in connection with the transactions contemplated by
      this Agreement and by the Offering Memorandum, including, without limitation,
      (i) all expenses incident to the issuance and delivery of the Shares (including
      all printing and engraving costs), (ii) all fees and expenses of the registrar
      and transfer agent of the Shares, (iii) all necessary issue, transfer and other
      stamp taxes in connection with the issuance and sale of the Shares to the
      Initial Purchaser, (iv) all fees and expenses of the Company’s counsel,
      independent public or certified public accountants and other advisors, (v)
      all
      costs and expenses incurred in connection with the preparation, printing,
      filing, shipping and distribution of the Offering Memorandum (including
      financial statements), and all amendments and supplements thereto, (vi) all
      filing fees, attorneys’ fees and expenses reasonably incurred by the Company or
      the Initial Purchaser in connection with qualifying or registering (or obtaining
      exemptions from the qualification or registration of) all or any part of the
      Shares for offer and sale or placement, as the case may be, under the Blue
      Sky
      laws and, if requested by the Initial Purchaser, preparing and printing a “Blue
      Sky Survey” or memorandum, and any supplements thereto, provided that
      in the case of the Initial Purchaser, such filing fees, attorneys’ fees and
      expenses shall not exceed $10,000, and (vii) the fees payable in connection
      with
      the inclusion of the Shares in The PORTAL Market (as hereinafter
      defined).  Except as provided in this Section
      3(e), Section 6 and Section 9 of this Agreement,
      the Initial Purchaser
      shall pay its own expenses.

     

    (f)  Registration
      Rights Agreement.  Unless the Shares have been redeemed, no later
      than September 25, 2008, the Company shall authorize the 

     

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    execution,
      delivery and performance of the Registration Rights Agreement (including
      provisions for Registration Default liquidated damages similar to those set
      forth in Section 7(A)(e) of this
      Agreement).

     

    (g)  No
      Limits on Redemption of Shares.  The Company will not, and will
      cause its subsidiaries not to, amend the Declaration or Bylaws of the Company,
      the declaration of trust or certificate of incorporation or bylaws or
      partnership agreement or operating agreement of any of the subsidiaries or
      amend
      or enter into any contract, lease or other instrument or suffer to exist any
      judgment, ruling, decree, or order of any court or other governmental agency
      or
      body applicable to the Company or any of its subsidiaries that would prohibit
      or
      restrict in any material manner the ability of the Company to redeem the
      Shares.

     

    The
      Initial Purchaser may, in its sole discretion, but shall not be required to,
      waive in writing the performance by the Company of any one or more of the
      foregoing covenants or extend the time for their performance.

     

    Section
      4.  Appointment
      of Wachovia Investment Holdings, LLC, as Initial Dividend Rate Calculation
      Agent.  The initial Dividend Rate Calculation Agent under the
      Statement of Designation for the Company is appointed as follows:

     

    (a)  Appointment
      of Calculation Agent.  Upon the terms and subject to the
      conditions set forth in this Section 4, effective
      from and after each Closing, the Company hereby appoints Wachovia Investment
      Holdings, LLC as its Dividend Rate Calculation Agent under the Statement (in
      such capacity, the “Calculation Agent”), and Wachovia Investment
      Holdings, LLC hereby accepts such appointment.

     

    (b)  Duties
      of Calculation Agent.  In acting under this Section 4, the Calculation Agent shall be obligated
      to
      perform only such duties as are set forth specifically herein and in the
      Statement as duties of the Dividend Rate Calculation Agent.  In acting
      under this Agreement, the Calculation Agent (in its capacity as such) assumes
      no
      obligation towards, or any relationship of agency or trust for or with, the
      holders of the Shares.

     

    (c)  Expenses.  The
      Company shall reimburse the Calculation Agent for all reasonable expenses,
      disbursements and advances incurred or made by the Calculation Agent in
      connection with the services rendered by it as Calculation Agent under this
      Agreement (including reasonable legal fees and expenses) upon receiving an
      accounting therefor from the Calculation Agent; provided,
      however, until March 25, 2008, the Calculation Agent shall pay its expenses
      incurred in its role as Calculation Agent.

     

    (d)  Rights
      and Liabilities of Calculation Agent.  The Calculation Agent
      shall incur no liability for, or in respect of, any action taken, omitted to
      be
      taken or suffered by it in reliance upon any certificate, affidavit,
      instruction, notice, request, direction, order, statement or other paper,
      document or 

     

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    communication
      reasonably believed by it to be genuine and correct.  Any certificate,
      affidavit, instruction, notice, request, direction, order, statement or other
      paper, document or communication from the Company made or given by it and sent,
      delivered or directed to the Calculation Agent under, pursuant to or as
      permitted by any provision of this Agreement shall be sufficient for purposes
      of
      this Agreement if such communication is in writing and signed by any officer
      of
      the Company.  The Calculation Agent may consult with counsel
      satisfactory to it and, as to legal matters,  the opinion of such
      counsel shall constitute full and complete authorization and protection of
      the
      Calculation Agent with respect to any action taken, omitted to be taken or
      suffered by it hereunder in good faith and in accordance with and in reliance
      upon the opinion of such counsel.

     

    (e)  Right
      of Calculation Agent to Own Shares.  The Calculation Agent may
      act as Calculation Agent and it and its officers, employees and shareholders
      may
      become owners of, or acquire any interest in, Series G Preferred Shares, with
      the same rights as if the Calculation Agent were not the Calculation Agent,
      and
      may engage in, or have an interest in, any financial or other transaction with
      the Company or any of its affiliates as if the Calculation Agent were not the
      Calculation Agent hereunder.

     

    (f)  Termination,
      Resignation or Removal of Calculation Agent.  Wachovia Investment
      Holdings, LLC may at any time terminate its agreement to act as Calculation
      Agent by giving no less than 90 days’ written notice to the Company (which
      notice shall specify the date or event upon which such termination is to become
      effective) unless (i) the Company consents in writing to a shorter time or
      (ii)
      such termination is in connection with the sale of the Shares to a party not
      affiliated with the Initial Purchaser, in which case only 30 days’ prior written
      notice shall be required.  The Company may terminate its appointment
      of Wachovia Investment Holdings, LLC as Calculation Agent at any time by giving
      written notice to Wachovia Investment Holdings, LLC and specifying the date
      on
      which the termination shall become effective; provided,
      however, that no termination by the Calculation Agent or by the Company
      shall become effective prior to the date of the appointment of a successor
      Calculation Agent by the Company as provided in Section
      4(g) hereof and the acceptance of such appointment by such successor
      Calculation Agent.  Upon the receipt of written notice from Wachovia
      Investment Holdings, LLC that it will terminate its agreement to act as
      Calculation Agent, the Company shall use its reasonable best efforts to appoint
      a successor Calculation Agent within fifteen (15) days.  If an
      instrument of acceptance by a successor Calculation Agent shall not have been
      delivered to the resigning or terminated Calculation Agent within 30 days after
      the giving of such notice of resignation and the Company shall not have informed
      the Calculation Agent that it does not intend to appoint a successor Calculation
      Agent, the resigning Calculation Agent may petition any court of competent
      jurisdiction for the appointment of a successor Calculation
      Agent.  Upon termination by either party pursuant to the provisions of
      this Section 4(f), the Calculation Agent with
      respect to which this Agreement has been terminated shall be entitled to the
      reimbursement of all reasonable expenses, disbursements and 

     

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    advances
      incurred in connection with the services rendered by it hereunder, as provided
      by Section 4(c) hereof.

     

    (g)  Appointment
      of Successor Calculation Agent.  Any successor Calculation Agent
      appointed by the Company shall execute and deliver to the Calculation Agent
      and
      to the Company an instrument accepting such appointment, and thereupon such
      successor Calculation Agent shall, without any further act or instrument, become
      vested with all the rights, immunities, duties and obligations of the
      Calculation Agent, with like effect as if originally named as Calculation Agent
      hereunder, and the Calculation Agent shall thereupon be obligated to transfer
      and deliver, and such successor Calculation Agent shall be entitled to receive
      and accept copies of any available records maintained by the Calculation Agent
      in connection with the performance of its obligations hereunder.

     

    (h)  Indemnification.  The
      Company shall indemnify and hold harmless the Calculation Agent and its officers
      and employees from and against all actions claims, damages, liabilities, losses
      and expenses (including reasonable legal fees and expenses) relating to or
      arising out of actions or omissions in its capacity as Calculation Agent, except
      actions, claims, damages, liabilities, losses and expenses caused by the gross
      negligence or willful misconduct of the Calculation Agent or its officers or
      employees.  The indemnification provided by this Section 4(g) shall survive the redemption or exchange
      of the Shares and the termination of this Agreement.  The Company will
      not be liable for any settlement of any action or claim effected without its
      written consent.

     

    (i)  Merger,
      Consolidation or Sale of Business by Calculation Agent.  Any
      corporation into which the Calculation Agent may be merged, converted or
      consolidated, or any corporation resulting from any merger, conversion or
      consolidation to which the Calculation Agent may be a party, or any corporation
      to which the Calculation Agent may sell or otherwise transfer all or
      substantially all of its corporate trust business shall, to the extent permitted
      by applicable law, become the Calculation Agent under this Agreement without
      the
      execution of any document or any further act by the parties hereto.

     

    (j)  Consequential
      Damages.  In no event shall the Calculation Agent be liable for
      special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits), even if the Calculation Agent
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action.

     

    Section
      5.  Conditions
      to Closing

     

    (A)  Conditions
      to the Obligations of the Initial Purchaser.  The obligations of the
      Initial Purchaser to purchase and pay for the Shares as provided in this
      Agreement on the Closing Date shall be subject to the accuracy of the
      representations and warranties on the part of the Company as of the date of
      this
      Agreement and the Closing Date, as though then made, and to

     

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    the
      timely performance by the Company of its covenants and other obligations under
      this Agreement to be performed at or prior to such date, and to each of the
      following additional conditions:

     

    (a)  Opinions
      of Company Counsel.  On the Closing Date, the Initial Purchaser
      shall have received the opinion of Locke Liddell & Sapp PLLC, securities and
      tax counsel for the Company, dated the Closing Date, in form and substance
      satisfactory to the Initial Purchaser.

     

    (b)  Company
      Certificate.  On the Closing Date the Initial Purchaser shall
      have received from the Company a certificate, dated the date of its delivery,
      signed by two officers of the Company holding the offices of (x) Chief Executive
      Officer and (y) Chief Financial Officer, or superior officers, in form and
      substance satisfactory to the Initial Purchaser, to the effect
      that:

     

    (i)  Either
      no request for information
      regarding the Shares or this private placement on the part of the staff of
      the
      Commission or any state “Blue Sky” authorities has been received, or if any such
      request has been received, it has been complied with to the satisfaction of
      the
      staff of the Commission or such authorities;

     

    (ii)  Each
      signer of such certificate has carefully examined the SEC Filings and, as of
      the
      date of such certificate, the SEC Filings do not contain any untrue statement
      of
      a material fact or omit to state any material fact required to be stated therein
      or necessary to make the statements therein, in the light of the circumstances
      in which they were made, not misleading.  All documents required to be
      filed under the Exchange Act since January 1, 2007 have been filed as
      required;

     

    (iii)  Each
      of
      the representations and warranties of the Company contained in this Agreement
      was, when originally made, and is, at the time such certificate is delivered,
      true and correct;

     

    (iv)  Each
      of
      the covenants required to be performed by the Company herein on or prior to
      the
      delivery of such certificate has been duly, timely and fully performed in all
      material respects, and each condition herein required to be complied with by
      the
      Company on or prior to the date of such certificate has been duly, timely and
      fully complied with;

     

    (v)  Except
      as
      set forth in the SEC Filings, as contemplated by this Agreement and the
      transactions referred to herein and as relating to or resulting from the
      issuance of the Company’s Series G Preferred Shares for the period from and
      after the date of this Agreement through the date of such certificate, (A)
      the
      Company and its subsidiaries, taken as a whole, have not incurred 

     

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    any
      liabilities or obligations, direct or contingent, or entered into any
      transactions (other than, in each case, in the ordinary course of business
      consistent with past practice), that are material to the Company and its
      subsidiaries, taken as a whole, (B) there has not been any material change
      in the shares of beneficial interest, total debt of the Company and
      (C) there has not been any material adverse change, or any development
      involving a prospective material adverse change, in the financial condition,
      business, prospects, net worth or results of operations of the Company and
      its
      subsidiaries, taken as a whole.

     

    (c)  Other
      Documents.  At the Closing, counsel to the Initial Purchaser
      shall have been furnished with such other documents as such counsel may
      reasonably require in order to evidence the accuracy and completeness of any
      of
      the representations and warranties, or the fulfillment of any of the conditions,
      contained in this Agreement; and all proceedings taken by the Company in
      connection with the issuance and sale of the Shares as contemplated in this
      Agreement shall be satisfactory in form and substance to the Initial Purchaser
      and to counsel to the Initial Purchaser.

     

    (d)  No
      Unmet Commission Requests.  Any request for additional
      information on the part of the staff of the Commission or any state securities
      authorities regarding the Shares or this private placement shall have been
      complied with to the satisfaction of the staff of the Commission or such
      authorities.

     

    (e)  No
      Material Adverse Change.  Except as set forth in the SEC Filings,
      as contemplated by this Agreement and the transactions referred to herein and
      as
      relating to or resulting from the issuance of the Company’s Series G Preferred
      Shares since the date of this Agreement, (i) the Company and its subsidiaries,
      taken as a whole, shall not have incurred any liabilities or obligations, direct
      or contingent, or entered into any transactions (other than, in each case,
      in
      the ordinary course of business consistent with past practice), that are
      material to the Company and its subsidiaries taken as a whole, and (ii) there
      shall not have occurred any material change in the shares of beneficial
      interest, total debt of the Company, (iii) there shall not have occurred any
      material adverse change, or any development involving a prospective material
      adverse change, in the financial condition, business, prospects, net worth
      or
      results of operations of the Company and its subsidiaries, taken as a whole,
      and
      (iv) neither the Company nor any of its subsidiaries shall have sustained any
      material loss or interference with its business or properties from fire,
      explosion, flood or other casualty not covered by insurance if, in the
      reasonable judgment of the Initial Purchaser, any such loss or interference
      causes a material adverse effect.

     

    (f)  No
      Material Litigation Commenced.  Since the respective dates as of
      which information is given in the SEC Filings, there shall have been no
      litigation or other proceeding instituted against the Company or any of its
      

     

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    subsidiaries
      or any of their respective officers, directors or trust managers in their
      capacities as such, before or by any Federal, state or local court, commission,
      regulatory body, administrative agency or other governmental body, domestic
      or
      foreign, in which litigation or proceeding an unfavorable ruling, decision
      or
      finding would be reasonably expected to result in a material adverse
      effect.

     

    All
      such
      opinions, certificates, letters and other documents will be in compliance with
      the provisions hereof only if they are reasonably satisfactory in form and
      substance to the Initial Purchaser and its counsel.  If any condition
      specified in this Section 5(A) shall not have been
      fulfilled when and as required to be fulfilled, this Agreement may be terminated
      by the Initial Purchaser by notice to the Company at any time, and any such
      termination shall be without liability of any party to any other party, except
      that the indemnity and contribution agreements set forth in Section 4(h) and Section
      9 hereof, the provisions concerning payment of expenses under Section 3(e), and Section 6
      and the provisions relating to governing law shall remain in
      effect.

     

    (B)  Conditions
      to the Obligations of the Company.

     

    (a)  The
      obligations of the Company to sell the Shares as provided in this Agreement
      on
      the Closing Date shall be subject to the accuracy of the representations and
      warranties on the part of the Initial Purchaser as of the date of this Agreement
      and as of such Closing Date, as though then made, and to the timely performance
      by the Initial Purchaser of its covenants and other obligations under this
      Agreement to be performed at or prior to such date, and to the condition that
      there shall not be any injunction, judgment, order, decree, ruling or charge
      in
      effect preventing, or any litigation seeking to prevent or interfere with,
      the
      consummation of any of the transactions contemplated by this
      Agreement.

     

    (b)  If
      any
      condition specified in this Section 5(B) shall not
      have been fulfilled when and as required to be fulfilled, this Agreement may
      be
      terminated by the Company by notice to the Initial Purchaser at any time and
      any
      such termination shall be without liability of any party to any other party,
      except that the indemnity and contribution agreements set forth in Section 4(h) and Section
      9 hereof, the provisions concerning payment of expenses under Section 3(e) and Section 6
      and the provisions relating to governing law shall remain in
      effect.

     

    Section
      6.  Reimbursement
      of Initial Purchaser’s Expenses.  The Company agrees to pay the
      reasonable fees and expenses of counsel to the Initial Purchaser in connection
      with all of the transactions contemplated herein.  In addition, if the
      sale to the Initial Purchaser of the Shares on the Closing Date is not
      consummated because of any refusal, inability or failure on the part of the
      Company to perform any agreement herein or to comply with any provision of
      this
      Agreement, the Company agrees to reimburse the Initial Purchaser upon demand
      for
      all reasonable out-of-pocket expenses that shall have been incurred by the
      Initial Purchaser in connection with the proposed purchase and the offering
      and
      sale of the Shares to have been delivered at such Closing Date, including,
      but
      not limited to, fees and disbursements of advisors, travel expenses, postage,
      facsimile and telephone charges.

     

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    Section
      7.  Contingent
      Obligations of the Company if the Company Fails to Issue a Redemption Notice
      for
      the Shares by August 25, 2008.  If by 5:00 p.m. New York time on
      August 25, 2008 the Company has not delivered to the Initial Purchaser an
      irrevocable notice of redemption of all of the Shares with a Redemption Date
      on
      or before September 25, 2008, then the Company shall be obligated as set forth
      below in this Section 7; provided,
      however, that each and every such obligation shall terminate upon the
      redemption of all the Series G Preferred Shares by the Company; provided
      further, however, that such termination shall not relieve the
      Company from any liability for damages suffered by the Initial Purchaser as
      a
      result of any breach of such obligations by the Company prior to such
      termination.  Time shall be of the essence with respect to the
      Company’s compliance with the deadlines set forth in this Section 7.

     

    (A)  Creating
      a Marketable Security.

     

    (a)  Additional
      Issuer Information.  In order to render the Shares eligible for
      resale pursuant to Rule 144A under the Securities Act for the benefit of holders
      and beneficial owners from time to time of the Shares, the Company shall furnish
      at its expense upon request, while any of the Shares remain outstanding, to
      any
      holder of Shares or prospective purchasers of Shares the information specified
      in Rule 144A(d)(4) (such information, whether made available to holders or
      prospective purchasers or furnished to the Commission, is herein referred to
      as
“Additional Issuer Information”), unless the Company is then subject to
      Section 13 or 15(d) of the Exchange Act or exempt from reporting pursuant to
      Rule 12g3-2(b) of the Exchange Act.

     

    (b)  Offering
      Memorandum.  The Company shall prepare an Offering Memorandum of
      the sort customary in Rule 144A offerings (including all disclosures required
      by
      Rule 144A) for use by the Initial Purchaser in connection with resale of the
      Shares to Subsequent Purchasers, which shall be in final form no later than
      September 25, 2008.  The Offering Memorandum shall also disclose the
      REIT-related transfer limitations referred to in Section
      1(e) of this Agreement and other restrictions on transfer contained in the
      Declaration.  The Company agrees to furnish to the Initial Purchaser,
      without charge, as many copies of the Offering Memorandum and any amendments
      and
      supplements thereto as the Initial Purchaser shall reasonably request from
      time
      to time for use in connection with resales of the Shares.

     

    (c)  Resale
      Shelf Registration Statement.  If the Shares have not been
      redeemed, the Company shall, no later than September 25, 2008, file with the
      Commission the Resale Shelf Registration Statement, including a prospectus
      for
      use by the holders of the Shares, as selling shareholders of their Shares,
      and
      shall use its reasonable best efforts to have the Resale Shelf Registration
      Statement and a companion Form 8-A registration statement, if any, for the
      Shares declared effective no later October 27, 2008 and thereafter to keep
      such
      registrations continuously effective with respect to the Shares other than
      (i) Shares that have been exchanged or disposed of pursuant to the Resale
      Shelf Registration Statement, (ii)  Shares that are eligible to be sold
      pursuant to Rule 144(k) (or any similar provision then in force, but not Rule
      144A) under the Securities Act and 

     

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    (iii) 
      Shares that have ceased to be outstanding.  To the extent they are
      eligible, the Company shall use its reasonable best efforts to list the Shares
      on the New York Stock Exchange (“NYSE”) commencing upon the effective
      date of such Form 8-A.

     

    (d)  Registration
      Rights Agreement.  The Company shall in good faith negotiate with
      the Initial Purchaser and no later than September 25, 2008 shall sign the
      Registration Rights Agreement for the benefit of the holders of the Shares
      from
      time to time.  The Registration Rights Agreement may provide
      additional terms regarding the Resale Shelf Registration
      Statement.  The Registration Rights Agreement shall require the
      Company, upon the request of 20% in interest of the holders of the Shares,
      to
      file a demand registration statement (the “Demand Registration Statement”
and, together with the Resale Registration Statement, the “Registration
      Statements”) in connection with an underwritten offering of the Shares,
provided that the Company shall not be required to file more than one
      such demand registration.  In such underwritten offering, the Company
      and the Initial Purchaser shall cause its officers, attorneys and auditors
      to
      supply customary certificates, opinions and comfort letters at the
      closing.  The Registration Rights Agreement shall include customary
      indemnification and contribution agreements by each the Company and the Initial
      Purchaser for the benefit of each other under both Registration
      Statements.

     

    (e)  Liquidated
      Damages.  If the Shares have not been redeemed and (i) the Resale
      Shelf Registration Statement has not been filed with the Commission by September
      25, 2008, (ii) by October 27, 2008 such Resale Shelf Registration Statement
      has
      not been declared effective by the Commission, or (iii) after the Resale Shelf
      Registration Statement has been declared effective, it ceases to be effective
      or
      otherwise becomes unusable by the holders of Shares who are selling shareholders
      thereunder for any reason, and the aggregate number of calendar days in any
      consecutive twelve (12) month period for which the Resale Shelf Registration
      Statement shall not be usable exceeds 30 days in the aggregate (each such event
      referred to in clauses (i) through (iii), inclusive, a “Registration
      Default”), a cash payment which the Company acknowledges shall constitute
      liquidated damages for any such Registration Default (a “Default
      Payment”) shall be payable quarterly in arrears on each Dividend Payment
      Date (as defined in the Statement) to all record holders of the Shares other
      than (i) shares that have been exchanged or disposed of pursuant to the
      Resale Shelf Registration Statement, (ii)  Shares that are eligible to be
      sold pursuant to Rule 144(k) (or any similar provision then in force, but not
      Rule 144A) under the Securities Act and (iii)  Shares that have ceased to
      be outstanding (in addition to any regular distribution accruing or payable
      on
      such Shares) and will accrue beginning on (and including) the date on which
      any
      such Registration Default shall occur and ending on (but excluding) the date
      on
      which all Registration Defaults have been cured.  Default Payments
      shall accrue at a rate of $0.25 (equivalent to 1.00% of the $25.00 liquidation
      preference) per annum per Share.  The Company shall cause the Default
      Payments to be paid on the regular Dividend Payment Date, whether or

     

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    not
      the
      Company shall have declared a dividend or other distribution on the Shares
      for
      such quarter.

     

    The
      parties to this Agreement agree that the record holders of the Shares may suffer
      damages in the event that a Registration Default has occurred and is continuing,
      and that it would not be possible to ascertain the amount of such
      damages.  The parties to this Agreement further agree that the Default
      Payments shall be liquidated damages provided for in this Section 7(A)(e) of this Agreement and constitute a
      reasonable estimate of the damages that may be incurred by the holders by reason
      of a Registration Default.

     

    (f)  DTC
      Eligibility.  No later than September 25, 2008, the Company shall
      cause the Shares to be eligible for clearance and settlement through the
      facilities of The Depository Trust Company, including, if necessary and to
      the
      extent appropriate for a security intended to be traded under Rule 144A and
      to
      the extent allowed by applicable law, removal of the legends referred to in
Section 2(A)(h).

     

    (g)  PORTAL
      Market Inclusion.  Upon the request of the Initial Purchaser, the
      Company shall use its reasonable best efforts to cause the Shares to be eligible
      for trading in the Private Offering, Resales and Trading through Automated
      Linkages Market of the National Association of Securities Dealers, Inc. (the
      “PORTAL Market”).

     

    (h)  Ratings.  The
      Company shall use its commercially reasonable efforts to cause the Rating
      Agencies to issue ratings with respect to the Shares not later than September
      25, 2008, or as soon thereafter as practicable.

     

    (i)  Initial
      Purchaser’s Review of Final Offering Memorandum and Proposed Amendments and
      Supplements.  Prior to the delivery of any proposed Offering
      Memorandum or any proposed amendment or supplement thereto by the Company to
      the
      Initial Purchaser, the Company shall furnish to the Initial Purchaser for review
      a copy of such proposed Offering Memorandum or proposed amendment or supplement
      thereto, as the case may be, prior to printing such Offering Memorandum or
      any
      such amendment or supplement thereto, and the Company shall not print the
      Offering Memorandum or issue any proposed amendment or supplement containing
      any
      provision to which the Initial Purchaser or its counsel reasonably objects
      (with
      reasonable prior notice in writing to the Company).

     

    (j)  Amendments
      and Supplements to the Offering Memorandum, Registration Statements and Other
      Securities Law Matters.

     

    (i)  If,
      prior to the completion of the
      placement of the Shares by the Initial Purchaser with the Subsequent Purchasers,
      any event shall have occurred or condition exists as a result of which the
      Offering Memorandum or either Registration Statement, in each case 

     

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    as
      then
      amended or supplemented, would include an untrue statement of a material fact
      or
      omit to state any material fact necessary in order to make the statements
      therein, in the light of the circumstances under which they were made when
      such
      document is delivered, not misleading, or if in the reasonable opinion of
      counsel for the Initial Purchaser it is otherwise necessary to amend or
      supplement the Offering Memorandum or either Registration Statement to comply
      with applicable law, the Company agrees promptly to prepare (subject to this
Section 7(A)), file with the Commission (with respect
      to any Registration Statement amendment or any documents incorporated by
      reference) and furnish at its own expense to the Initial Purchaser, such number
      of copies of amendments or supplements to the Offering Memorandum or a
      Registration Statement, as the case may be, as are reasonably requested by
      the
      Initial Purchaser containing such information as is necessary so that the
      statements therein as so amended or supplemented will not, in the light of
      the
      circumstances when such document is delivered to a purchaser, be misleading
      or
      so that such document, as amended or supplemented, will comply with applicable
      law.

     

    (ii)  Following
      the effectiveness of either Registration Statement and for so long as the Shares
      are outstanding if, in the judgment of the Initial Purchaser, the Initial
      Purchaser or any of its Affiliates is required to deliver a prospectus in
      connection with sales of, or market-making activities with respect to, the
      Shares, the Company agrees (A) periodically to amend the applicable Registration
      Statement so that the information contained therein complies with the
      requirements of Section 10(a) of the Securities Act, (B) to amend the applicable
      registration statement or supplement the related prospectus or the documents
      incorporated therein when necessary to reflect any material changes in the
      information provided therein so that the registration statement and the
      prospectus will not contain any untrue statement of a material fact or omit
      to
      state any material fact necessary in order to make the statements therein,
      in
      the light of the circumstances existing as of the date the prospectus is so
      delivered, not misleading and (C) to provide the Initial Purchaser with copies
      of each amendment or supplement filed and such other documents as the Initial
      Purchaser may reasonably request.

     

    (iii)  The
      Company hereby expressly acknowledges that the indemnification and contribution
      provisions of Section 9 of this Agreement are
      specifically applicable and relate to each offering memorandum, registration
      statement, prospectus, amendment or supplement referred to in this Section 7(A).

     

    (k)  Blue
      Sky Compliance.  The Company (i) shall cooperate with the Initial
      Purchaser and counsel for the Initial Purchaser to qualify or register the
      

     

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    Shares
      for sale under (or obtain exemptions from the application of) the Blue Sky
      or
      state or other securities laws of those jurisdictions (both domestic and
      foreign) as may be designated by the Initial Purchaser or its counsel, (ii)
      shall comply with such laws and (iii) shall continue such qualifications,
      registrations and exemptions in effect so long as required for the Initial
      Purchaser’s placement of the Shares to the Subsequent Purchasers;
provided, however, that the Company shall not be required to
      qualify as a foreign corporation or to take any action that would subject it
      to
      general service of process in any such jurisdiction where it is not presently
      qualified or where it would be subject to taxation as a foreign corporation;
      and
provided, further, that the Company may require that offers
      and sales in one or more jurisdictions must be made through brokers licensed
      in
      that jurisdiction.  The Company will advise the Initial Purchaser
      promptly of its knowledge of the suspension of the qualification or registration
      of (or any such exemption relating to) the Shares for offering, sale or trading
      in any jurisdiction or any initiation or threat of any proceeding for any such
      purpose, and, in the event of the issuance of any order suspending such
      qualification, registration or exemption, the Company shall use its best efforts
      to obtain the withdrawal thereof at the earliest possible moment.

     

    (l)  Exchange
      Act Filings.  Prior to the completion of the placement of the
      Shares by the Initial Purchaser with the Subsequent Purchasers, the Company
      shall file, on a timely basis, with the Commission and the NYSE all reports
      and
      documents required to be filed under Section 13 or 15(d) of the Exchange
      Act.

     

    (B)  Offering
      Commencement Date/Customary Rule 144A Deliveries.  If the Company
      fails to redeem all the Shares on or before September 25, 2008, then the Company
      shall deliver, and shall cause its attorneys, accountants and officers, as
      applicable, to deliver the following documents to the Initial Purchaser at
      the
      offices of Hunton & Williams LLP, Richmond, Virginia no later than 5:00 p.m.
      New York time on September 25, 2008, (the “Offering Commencement
      Date”).

     

    (a)  Opinions
      of Counsel.  On the Offering Commencement Date, the Initial
      Purchaser shall receive the corporate and federal income tax opinions of Locke
      Liddell & Sapp, securities and tax counsel for the Company, each dated the
      date of its delivery, in substantially the form set forth in Exhibit
      C.

     

    (b)  Accountant’s
      Comfort Letter.  On the Offering Commencement Date, the Initial
      Purchaser shall receive from the Accountants (who shall be independent public
      accountants within the meaning of Regulation S-X under the Securities Act and
      the Exchange Act) a letter dated as of such date addressed to the Initial
      Purchaser, containing statements and information of the type ordinarily included
      in an accountants’ “comfort letter” to underwriters of public offerings,
      delivered according to Statement of Auditing Standards No. 72 (or any successor
      bulletin), with respect to the audited, unaudited and pro forma, if any,
      financial statements and certain financial information contained, or
      incorporated by reference, in the Offering Memorandum in form and substance
      reasonably satisfactory to the Initial Purchaser.

     

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    (c)  Officers’
      Certificate.  On the Offering Commencement Date, the Initial
      Purchaser shall receive from the Company a certificate, dated the date of its
      delivery, signed by each of the Chief Executive Officer and the Chief Financial
      Officer of the Company, in form and substance satisfactory to the Initial
      Purchaser, to the effect that:

     

    (i)  Any
      request for information regarding
      the Shares or the Rule 144A offering on the part of the staff of the Commission
      or any such authorities has been complied with to the satisfaction of the staff
      of the Commission or such authorities;

     

    (ii)  Each
      signer of such certificate has carefully examined the Offering Memorandum (which
      term includes the Incorporated Documents) and (A) as of the date of such
      certificate, such documents, taken together, do not include an untrue statement
      of any material fact or omit to state a material fact necessary in order to
      make
      the statements therein, in the light of the circumstances under which they
      were
      made, not misleading and (B) no event has occurred as a result of which it
      would
      be necessary to amend or supplement the Offering Memorandum in order to make
      the
      statements therein not untrue or misleading in any material
      respect.  All documents required to be filed under the Exchange Act
      since January 1, 2007 have been filed as required;

     

    (iii)  Each
      of
      the representations and warranties of the Company contained in this Agreement
      was, when originally made, and is, at the time such certificate is delivered,
      true and correct in all material respects;

     

    (iv)  Each
      of
      the covenants required to be performed by the Company herein on or prior to
      the
      delivery of such certificate has been duly, timely and fully performed in all
      material respects, and each condition herein required to be complied with by
      the
      Company on or prior to the date of such certificate has been duly, timely and
      fully complied with;

     

    (v)  Except
      as
      set forth in the SEC Filings, as contemplated by this Agreement and the
      transactions referred to herein and as relating to or resulting from the
      issuance of the Company’s Series G Preferred Shares for the period from and
      after the date of this Agreement through the date of such certificate, (A)
      the
      Company and its subsidiaries, taken as a whole, have not incurred any
      liabilities or obligations, direct or contingent, or entered into any
      transactions (other than, in each case, in the ordinary course of business
      consistent with past practice), that are material to the Company and its
      subsidiaries, taken as a whole, (B) there has not occurred any material
      change in the shares of beneficial interest, total

     

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

    debt
      of
      the Company and (C) there has not occurred any material adverse change, or
      any development involving a prospective material adverse change, in the
      financial condition, business, prospects, net worth or results of operations
      of
      the Company and its subsidiaries, taken as a whole.

     

    (vi)  Other
      Documents.  On the Offering Commencement Date, counsel to the
      Initial Purchaser shall be furnished with such other documents as such counsel
      may reasonably require in order to evidence the accuracy and completeness of
      any
      of the representations and warranties, or the fulfillment of any of the
      conditions, contained in this Agreement.

     

    All
      such
      opinions, certificates, letters and other documents will be in compliance with
      the provisions hereof only if they are reasonably satisfactory in form and
      substance to the Initial Purchaser and its counsel.  The Initial
      Purchaser may, in its sole discretion, but shall not be required to, waive
      in
      writing the performance by the Company of any one or more of the foregoing
      covenants or extend the time for their performance.

     

    Section
      8.  Offer,
      Sale and Resale Procedures.  The Initial Purchaser and the Company
      hereby establish and agree to observe the following procedures in connection
      with the offer and sale of the Shares:

     

    (a)  Offers
      and Sales only to Qualified Institutional Buyers or Institutional Accredited
      Investors.  Offers and sales of the Shares will be made only by
      the Initial Purchaser or Affiliates thereof qualified or registered to do so
      in
      the jurisdictions in which such offers or sales are made.  Each such
      offer or sale shall be made only:

     

    (i)  to
      persons whom the offeror or seller,
      or any person acting on behalf of them, reasonably believes to be qualified
      institutional buyers (as defined in Rule 144A under the Securities Act);
      or

     

    (ii)  to
      a
      limited number of other institutional accredited investors (as such term is
      defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
      Act) that the offeror or seller reasonably believes to be and, with respect
      to
      sales and deliveries, that are Accredited Investors (“Institutional
      Accredited Investors”).

     

    (b)  No
      General Solicitation.  The Shares will be offered by approaching
      prospective Subsequent Purchasers on an individual basis.  No general
      solicitation or general advertising (within the meaning of Rule 502(c) under
      the
      Securities Act) will be used in connection with the offering of the
      Shares.

     

    (c)  Purchases
      by Non-Bank Fiduciaries.  In the case of a non-bank Subsequent
      Purchaser of Shares acting as a fiduciary for one or more third parties,

     

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    in
      connection with an offer and sale to such purchaser pursuant to Section 8(a) above, each third party shall, in the
      reasonable judgment of the Initial Purchaser, be a Qualified Institutional
      Buyer.

     

    (d)  Rule
      144A Reliance and Restrictions on Transfer.  The Offering
      Memorandum shall make prospective offerees aware of the reliance by the offeror
      and/or seller on the exemption provided by Rule 144A and shall provide that
      investors that acquire any Shares shall be deemed to have agreed that such
      Shares may only be resold or otherwise transferred if such Shares are registered
      for sale under the Securities Act, or pursuant to an available exemption from
      the registration requirements of the Securities Act (including Rule 144A),
      or in
      a transaction not otherwise subject to the Securities Act.

     

    (e)  No
      Liability of Initial Purchaser Following the Sale of the
      Shares.  Following the sale of the Shares by the Initial
      Purchaser to Subsequent Purchasers pursuant to the terms of this Agreement,
      the
      Initial Purchaser shall not be liable or responsible to the Company for any
      losses, damages or liabilities suffered or incurred by the Company including
      any
      losses, damages or liabilities under the Securities Act, arising from or
      relating to any subsequent resale or transfer of any Shares other than by the
      Initial Purchaser.

     

    Section
      9.  Indemnification
      and Contribution.

     

    The
      Company agrees to indemnify and hold harmless the Initial Purchaser, its
      officers and directors, and each person, if any, who controls the Initial
      Purchaser within the meaning or either Section 15 of the Securities Act or
      Section 20 of the Exchange Act, from and against any and all losses, claims,
      damages and liabilities (including without limitation the legal fees and other
      expenses incurred in connection with any suit, action or proceeding or any
      claim
      asserted) caused by any untrue statement or alleged untrue statement of a
      material fact contained in any Offering Memorandum (as amended or supplemented
      if the Company shall have furnished any amendments or supplements thereto),
      or
      caused by any omission or alleged omission to state therein a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances under which they were made, not misleading except
      insofar as such losses, claims, damages or liabilities are caused by any untrue
      statement or omission or alleged untrue statement or omission made in reliance
      upon and in conformity with information relating to the Initial Purchaser
      furnished to the Company in writing by the Initial Purchaser expressly for
      use
      therein.  The foregoing indemnity agreement shall be in addition to
      any liability which the Company may otherwise have.

     

    The
      Initial Purchaser agrees to indemnify and hold harmless the Company and the
      Company’s officers and trust managers and each person who controls the Company
      within the meaning of Section 15 of the Securities Act and Section 20 of the
      Exchange Act, to the same extent as the foregoing indemnity from the Company
      to
      the Initial Purchaser, but only with reference to information relating to the
      Initial Purchaser furnished to the Company in writing by the Initial Purchaser
      expressly for use in the Offering Memorandum or any amendment or supplement
      thereto.  Notwithstanding the preceding, in no case shall the Initial
      Purchaser be 

     

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    liable
      or
      responsible for any amount in excess of the fee specified in Section 1(d) received by such Initial Purchaser in
      connection with the purchase of the Shares pursuant to this
      Agreement.

     

    If
      any
      suit, action, proceeding (including any governmental or regulatory
      investigation), claim or demand shall be brought or asserted against any person
      in respect of which indemnity may be sought pursuant to either of the two
      preceding paragraphs, such person (the “Indemnified Person”) shall
      promptly notify the person against whom such indemnity may be sought (the
“Indemnifying Person”) in writing, and the Indemnifying Person, upon
      request of the Indemnified Person, shall retain counsel reasonably satisfactory
      to the Indemnified Person to represent the Indemnified Person and any others
      the
      Indemnifying Person may designate in such proceeding and shall pay the fees
      and
      expenses of such counsel related to such proceeding.  In any such
      proceeding, any Indemnified Person shall have the right to retain its own
      counsel, but the fees and expenses of such counsel shall be at the expense
      of
      such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
      Person shall have mutually agreed to the contrary, (ii) the Indemnifying Person
      has failed within a reasonable time to retain counsel reasonably satisfactory
      to
      the Indemnified Person or (iii) the named parties in any such proceeding
      (including any impleaded parties) include both the Indemnifying Person and
      the
      Indemnified Person and representation of both parties by the same counsel would
      be inappropriate due to actual or potential differing interests between
      them.  It is understood that the Indemnifying Person shall not, in
      connection with any proceeding or related proceeding in the same jurisdiction,
      be liable for the fees and expenses of more than one separate firm (in addition
      to any local counsel) for all Indemnified Persons, and that all such fees and
      expenses shall be reimbursed as they are incurred.  Any such separate
      firm for the Initial Purchaser and such control persons of Initial Purchaser
      shall be designated in writing by Wachovia Capital Markets, LLC and any such
      separate firm for the Company, their directors, their officers and such control
      persons of the Company or authorized representatives shall be designated in
      writing by the Company.  The Indemnifying Person shall not be liable
      for any settlement of any proceeding effected without its written consent,
      but
      if settled with such consent or if there be a final judgment for the plaintiff,
      the Indemnifying Person agrees to indemnify any Indemnified Person from and
      against any loss or liability by reason of such settlement or
      judgment.  Notwithstanding the foregoing sentence, if at any time an
      Indemnified Person shall have requested an Indemnifying Person to reimburse
      the
      Indemnified Person for fees and expenses of counsel as contemplated by the
      third
      sentence of this paragraph, the Indemnifying Person agrees that it shall be
      liable for any settlement of any proceeding effected without its written consent
      if (i) such settlement is entered into more than 30 days after receipt by such
      Indemnifying Person of the aforesaid request and (ii) such Indemnifying
      Person shall not have reimbursed the Indemnified Person in accordance with
      such
      request prior to the date of such settlement.  If it is ultimately
      determined that an Indemnified Person was not entitled to indemnification
      hereunder, such Indemnified Person shall be responsible for repaying or
      reimbursing the Indemnifying Person for any amounts so paid or incurred by
      such
      Indemnifying Person pursuant to this paragraph.  No Indemnifying
      Person shall, without the prior written consent of the Indemnified Person,
      effect any settlement of any pending or threatened proceeding in respect of
      which any Indemnified Person is or could have been a party and indemnity could
      have been sought hereunder by such Indemnified Person, unless such settlement
      (i) includes an unconditional release of such Indemnified Person from all
      liability on claims that are the subject matter of such proceeding and (ii)
      does
      not include a statement as to, or an admission of, fault, culpability or a
      failure to act by or on behalf of an Indemnified Person.  In no event
      shall any Indemnifying Person have any 

     

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    liability
      or responsibility in respect of the settlement or compromise of, or consent
      to
      the entry of any judgment with respect to any pending or threatened action
      or
      claim effected without its prior written consent.

     

    If
      the
      indemnification provided for in the first and second paragraphs of this Section 9 is unavailable or insufficient to hold
      harmless an Indemnified Person in respect of any losses, claims, damages or
      liabilities referred to therein, then each Indemnifying Person under such
      paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall
      contribute to the amount paid or payable by such Indemnified Person as a result
      of such losses, claims, damages or liabilities (a) in such proportion as is
      appropriate to reflect the relative benefits received by the Company on the
      one
      hand and the Initial Purchaser on the other hand from the offering of the Shares
      or (b) if the allocation provided by clause (a) above is not permitted by
      applicable law, in such proportion as is appropriate to reflect not only the
      relative benefits referred to in clause (a) above but also the relative fault
      of
      the Company on the one hand and the Initial Purchaser on the other in connection
      with the statements or omissions that resulted in such losses, claims, damages
      or liabilities, as well as any other relevant equitable
      considerations.  The relative benefits received by the Company on the
      one hand and the Initial Purchaser on the other shall be deemed to be in the
      same respective proportions as the net proceeds from the offering of such Shares
      (before deducting expenses other than fees payable pursuant to Section 1(d) herein) received by the Company and the
      total underwriting discounts and the commissions received by the Initial
      Purchaser bear to the aggregate public offering price of the
      Shares.  The relative fault of the Company on the one hand and the
      Initial Purchaser on the other shall be determined by reference to, among other
      things, whether the untrue or alleged untrue statement of a material fact or
      the
      omission or alleged omission to state a material fact relates to information
      supplied by the Company on the one hand or by the Initial Purchaser on the
      other
      and the parties’ relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.

     

    The
      Company and the Initial Purchaser agree that it would not be just and equitable
      if contribution  pursuant to this Section
      9 were determined by pro rata allocation or by any other method of
      allocation that does not take account of the equitable considerations referred
      to in the immediately preceding paragraph.  The amount paid or payable
      by an Indemnified Person as a result of the losses, claims, damages and
      liabilities referred to in the immediately preceding paragraph shall be deemed
      to include, subject to the limitations set forth above, any legal or other
      expenses incurred by such Indemnified Person in connection with investigating
      or
      defending any such action or claim.  Notwithstanding the provisions of
      this Section 9, in no event shall the Initial
      Purchaser be required to contribute any amount in excess of the fee, specified
      in Section 1(d), received by the Initial Purchaser
      in connection with the purchase of the Shares pursuant to this
      Agreement.  No person guilty of fraudulent misrepresentation (within
      the meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent
      misrepresentation.

     

    The
      remedies provided for in this Section 9 are not
      exclusive and shall not limit any rights or remedies which may otherwise be
      available to any indemnified party at law or in equity.

     

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    The
      indemnity and contribution agreements contained in this Section 9 and the representations, warranties and
      covenants of the Company and the Initial Purchaser set forth in this Agreement
      shall remain operative and in full force and effect regardless of (a) any
      termination of this Agreement, (b) any investigation made by or on behalf of
      the
      Initial Purchaser or any person controlling the Initial Purchaser or by or
      on
      behalf of the Company, its officers or directors or any other person controlling
      the Company and (c) acceptance of and payment for any of the
      Shares.

     

    Section
      10.  Representations
      and Agreements to Survive Delivery.  The agreements set forth in Section 6, Section 7, Section
      8 and Section 9
      shall remain operative and in full force and effect, regardless of any
      investigation made by or on behalf of the Initial Purchasers or any controlling
      person of the Initial Purchaser, or by or on behalf of the Company or of any
      of
      its subsidiaries, and shall survive delivery of and payment for the
      Shares.

     

    Section
      11.  Notices.  All
      notices or communications hereunder shall be in writing and shall be mailed,
      delivered or telecopied and confirmed (including confirmation by email if so
      indicated):

     

    (a)  if
      to the
      Company, to:

     

    Weingarten
      Realty Investors

    2600
      Citadel Plaza Drive

    P.O.
      Box
      924133

    Houston,
      Texas  77292-4133

    Attention:  Chief
      Executive Officer

    Telecopy:  (713)
      866-6072

    E-mail:  dalexander@weingarten.com

    

    with
      a copy to:

    

    Locke
      Liddell & Sapp

    2200
      Ross
      Avenue,

    Suite
      2200

    Dallas,
      Texas  75201-6776

    Attention:  Gina
      Belts, Esq.

    Telecopy:  (214)
      740-8000

    E-mail:  gbetts@lockeliddell.com

    

    (b)  and
      if to
      the Initial Purchaser to:

     

    Wachovia
      Investment Holdings, LLC

    301
      South
      College Street, DC-7

    One
      Wachovia Center

    Charlotte,
      North Carolina  28288

    Attention:  Ms.
      Teresa Hee

    Telecopy:  (704)
      383-9165

    E-Mail:  teresa.hee@wachovia.com

     

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    

    with
      a copy to:

    

    Hunton
      & Williams LLP

    Riverfront
      Plaza, East Tower

    951
      East
      Byrd Street

    Richmond,
      Virginia  23219-4074

    Attention:  James
      S. Seevers, Jr., Esq.

    Telecopy:  (804)
      788-8200

    E-Mail:
      jseevers@hunton.com

    

    Any
      party
      to this Agreement may change such address for notices by sending to the other
      parties to this Agreement written notice of a new address for such
      purpose.

     

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    Section
      12.  Parties.  This
      Agreement shall inure to the benefit of and be binding upon the Initial
      Purchaser and the Company and their respective successors.  Nothing
      expressed or mentioned in this Agreement is intended, or shall be construed,
      to
      give any person, firm or corporation, other than the parties hereto and their
      respective successors and the controlling persons and officers, trust managers
      and directors referred to in Section 4(h) and Section 9 hereof and their
      heirs and legal
      representatives, any legal or equitable right, remedy or claim under or in
      respect of this Agreement or any provision herein contained.  This
      Agreement and all conditions and provisions hereof are intended to be for the
      sole and exclusive benefit of the parties hereto and respective successors
      and
      said controlling persons and officers, trust managers and directors and their
      heirs and legal representatives, and for the benefit of no other person, firm
      or
      corporation.  No purchaser of Shares shall be deemed to be a successor
      by reason merely of such purchase.

     

    Section
      13.  Governing
      Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF NEW YORK.

     

    Section
      14.  Counterparts.  This
      Agreement may be executed in one or more counterparts, signature pages may
      be
      detached from such separately executed counterparts and reattached to other
      counterparts and, in each such case, the executed counterparts hereof shall
      constitute a single instrument.  Signature pages may be delivered by
      telecopy.

     

    Section
      15.  Enforceability.  In
      case any provision of this Agreement shall be invalid, illegal or unenforceable,
      the validity, legality and enforceability of the remaining provisions shall
      not
      in any way be affected or impaired thereby.

     

    Section
      16.  Waiver
      of
      Rights to Trial by Jury.  The Company and the Initial Purchaser each
      hereby irrevocably waive any right they may have to a trial by jury in respect
      of any claim based upon or arising out of this Agreement or the transactions
      contemplated hereby.

     

    Section
      17.  Amendments
      and Modifications.  This Agreement may not be amended or otherwise
      modified or any provision hereof waived except by an instrument in writing
      signed by the Initial Purchaser and the Company.

     

    [SIGNATURE
      PAGE FOLLOWS.]

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    

     

    If
      the
      foregoing correctly sets forth the understanding between the Company and the
      Initial Purchaser, please so indicate in the space provided below for that
      purpose, whereupon this letter shall constitute a binding agreement between
      the
      Initial Purchaser and the Company.

     

    

     

    
      	
              WEINGARTEN
                REALTY INVESTORS

            
	
              By:

            	 /s/
              Stephen C. Richter
	 	
              Name:

            	 Stephen
              C. Richter
	 	
              Title:

            	 Executive
              VP/CFO

    

    

     

    
      	
              ACCEPTED
                as of the date first written above:

            
	
              WACHOVIA
                INVESTMENT HOLDINGS, LLC

            
	
              By:

            	 /s/
              Cathy Casey
	
              Name:

            	 Cathy
              Casey
	
              Title

            	 Managing
              Director

    

    

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    State
      of
      Designations

    

    [attached]

    

    

    

    
      
              

                 
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    
      	
              
                Entity

              

            	 	
              
                Type

              

            	 	
              
                Ownership

              

            
	
              AN/WRI
                DEVCO #1, Ltd. (3)

            	 	
              Limited
                Partnership

            	 	
              20%

            
	
              AN/WRI
                Partnership, Ltd. (2)

            	 	
              Limited
                Partnership

            	 	
              20%

            
	
              Cumberland
                Potranco Joint Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Eastex
                Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Fenton
                Market Place Venture (3)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              GDC
                River Hill Tower, LLC (15)

            	 	
              Limited
                Liability Company

            	 	
              51%

            
	
              GVR
                SPE I LLC (18)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              Heritage
                HT #1, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              Jacinto
                City, Ltd. (1)

            	 	
              Limited
                Partnership

            	 	
              50%

            
	
              Main/O.S.T.,
                Ltd. (1)

            	 	
              Limited
                Partnership

            	 	
              70%

            
	
              Markham
                West Shopping Center, L.P. (1)

            	 	
              Limited
                Partnership

            	 	
              99.5%

            
	
              NOBSIL,
                L.L.C. (3)

            	 	
              Limited
                Liability Company

            	 	
              75%

            
	
              North
                Towne Plaza Joint Venture (1)

            	 	
              Joint
                Venture

            	 	
              75%

            
	
              Northwest
                Hollister Venture (1)

            	 	
              Joint
                Venture

            	 	
              75%

            
	
              Palm
                Coast Center, LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              Phelan
                Boulevard Venture (1)

            	 	
              Joint
                Venture

            	 	
              67%

            
	
              RGC
                Starr Retail, Ltd. (3)

            	 	
              Limited
                Partnership

            	 	
              45%

            
	
              Sheldon
                Center, Ltd. (1)

            	 	
              Limited
                Partnership

            	 	
              50%

            
	
              South
                Loop-Long Wayside Company (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Strategic
                Retail Partners, L.L.C. (3)

            	 	
              Limited
                Liability Company

            	 	
              40%

            
	
              Strategic
                Retail Partners II, L.L.C. (16)

            	 	
              Limited
                Liability Company

            	 	
              25%

            
	
              SPM/WRI
                College Station, L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              SPM/WRI
                Rockwall, L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              S/W
                Albuquerque, L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              Utah-WRI
                Holdings, L.L.C. (12)

            	 	
              Limited
                Liability Company

            	 	
              20%

            
	
              Weingarten
                – Fulton, LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              81.3%

            
	
              Weingarten
                1815 S. 10th JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Herndon Plaza JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Hughes Waterford Venture (1)

            	 	
              Joint
                Venture

            	 	
              75%

            
	
              Weingarten
                I-4 Clermont Landing TRS, LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              55%

            
	
              Weingarten
                I-4 Clermont Landing, LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              55%

            
	
              Weingarten
                Las Tiendas Joint Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Maya Tropicana, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              Weingarten
                Miller Buckingham LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              Weingarten
                Miller Aurora II, LLC (18)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              Weingarten
                Miller Glenwood, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              41%

            
	
              Weingarten
                Miller Sheridan LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              Weingarten
                Newquist, LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              Weingarten
                Miller Lowry II, LLC (18)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              Weingarten
                Nolana JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Northcross Joint Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Nostat, Inc. (10)

            	 	
              Corporate
                Subsidiary

            	 	
              100%

            
	
              Weingarten
                Shary Crossing JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Shary North JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Shary South JV (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten
                Tenth-Jackson West Joint Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten/Bridges
                at Smoky Hill (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten/Finger
                Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              Weingarten/Miller/American
                Fork LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              33%

            
	
              Weingarten/Miller/GVR
                LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              36.9%

            
	
              Weingarten/Monvis
                LLC (1)

            	 	
              Limited
                Liability Company

            	 	
              70%

            
	
              WNI/Tennessee,
                L.P. (8)

            	 	
              Limited
                Partnership

            	 	
              100%

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Entity

            	 	
              Type

            	 	
              Ownership

            
	
              WRI
                151 Ingram LP (1)

            	 	
              Limited
                Partnership

            	 	
              66.7%

            
	
              WRI
                Alliance Riley Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              WRI
                Alliance Riley Venture III (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              WRI
                Best in the West, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Brookwood Square, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Charleston Commons, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Cottonwood, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Countryside Centre, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                El Camino, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Fiesta Trails, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Flamingo Pines, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Freedom Centre, L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Galleria, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Gateway Station, LP (1)

            	 	
              Limited
                Partnership

            	 	
              70%

            
	
              WRI
                Golden State, LLC (4)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Greenhouse LP (3)

            	 	
              Limited
                Partnership

            	 	
              99%

            
	
              WRI
                Hopewell, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Johnston Road Plaza, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              99%

            
	
              WRI
                Kennesaw, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Laguna Isles, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Lakeland, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                LLA Venture (1)

            	 	
              Joint
                Venture

            	 	
              50%

            
	
              WRI
                Madera Village, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Marshalls Plaza, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                North American Properties, L.P (17)

            	 	
              Limited
                Partnership

            	 	
              98%

            
	
              WRI
                Northtown I, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Northtown II, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Oak Grove Market Center, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Overton Plaza, LP (3)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Parkland, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Pinecrest Plaza, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Ravenstone, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Regency Centre, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                River Marketplace, LLC (9)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Roswell Corners LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Sandy Plains, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Shoppes at Bears Path, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Shoppes of South Semoran, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Steele Creek, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              99%

            
	
              WRI
                Strom, L.P. (1)

            	 	
              Limited
                Partnership

            	 	
              100%

            
	
              WRI
                Thompson Bridge, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                Trautmann, L.P. (7)

            	 	
              Limited
                Partnership

            	 	
              99%

            
	
              WRI
                Uintah Gardens, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                University Place, LLC (9)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI
                West Jordan LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              99%

            
	
              WRIJV,
                LP (14)

            	 	
              Limited
                Partnership

            	 	
              20%

            
	
              WRI/Atlanta
                Park, L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              99%

            
	
              WRI/BIT
                Retail JV, LP (13)

            	 	
              Limited
                Partnership

            	 	
              20%

            
	
              WRI/Chino
                Hills, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI/Falls
                Pointe, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI/High
                House LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              68%

            
	
              WRI/Hollywood
                Hills, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI/Miller
                Westminster I, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              50%

            
	
              WRI/Pitman
                Corners, Inc. (5)

            	 	
              Corporate
                Subsidiary

            	 	
              100%

            
	
              WRI/Raleigh
                L.P. (6)

            	 	
              Limited
                Partnership

            	 	
              68%

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Entity

            	 	
              Type

            	 	
              Ownership

            
	
              WRI/Rancho
                San Marcos, LLC (3)

            	 	
              Limited
                Liability Company

            	 	
              100%

            
	
              WRI/Utah
                Properties L.P. (3)

            	 	
              Limited
                Partnership

            	 	
              99%

            
	
              WT
                Florida Ventures, LLC (11)

            	 	
              Limited
                Liability Company

            	 	
              20%

            
	 	 	 	 	 

    

    
      	
               

            	
              Footnotes:

            

    

     

    
      	
              (1)

            	
              Entity
                is a joint venture, limited partnership or limited liability company
                that
                owns a single real estate asset.

            

    

     

    
      	
              (2)

            	
              Entity
                is a limited partnership that owns seven industrial properties, which
                are
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (3)

            	
              Entity
                is a joint venture, limited partnership or limited liability company
                that
                owns a single real estate asset that is collateral for borrowings
                from a
                third party.

            

    

     

    
      	
              (4)

            	
              Entity
                is a limited liability company that owns 19 retail properties, which
                are
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (5)

            	
              Entity
                is a corporate subsidiary that owns a single real estate asset, which
                is
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (6)

            	
              Entity
                is a limited partnership that owns nine properties of which three
                properties serve as collateral for borrowings from a third
                party.

            

    

     

    
      	
              (7)

            	
              Entity
                is a limited partnership that owns two properties that serve as collateral
                for borrowings from a third party.

            

    

     

    
      	
              (8)

            	
              Entity
                is a limited partnership that owns six properties of which one serves
                as
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (9)

            	
              Entity
                is a limited liability company with a 20% interest in a tenancy-in-common
                arrangement which holds a property that serves as collateral for
                a
                borrowing from a third party.

            

    

     

    
      	
              (10)

            	
              Entity
                is a corporate subsidiary that owns 54 properties of which four properties
                serve as collateral for borrowings from a third
                party.

            

    

     

    
      	
              (11)

            	
              Entity
                is a limited liability company that owns seven
                properties.

            

    

     

    
      	
              (12)

            	
              Entity
                is a limited liability company that owns six properties, which serve
                as
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (13)

            	
              Entity
                is a limited partnership that owns three
                properties.

            

    

     

    
      	
              (14)

            	
              Entity
                is a limited partnership that owns 12 properties of which four properties
                serve as collateral for borrowings from a third
                party.

            

    

     

    
      	
              (15)

            	
              Entity
                is a limited liability company that owns three properties, which
                serve as
                collateral for borrowings from a third
                party.

            

    

     

    
      	
              (16)

            	
              Entity
                is a limited liability company that owns nine properties of which
                eight
                properties serve as collateral for borrowings from a third
                party.

            

    

     

    
      	
              (17)

            	
              Entity
                is a limited partnership that owns six properties of which five properties
                serve as collateral for borrowings from a third
                party.

            

    

     

    
      	
              (18)

            	
              Entity
                is a limited liability company with a 50% interest in a tenancy-in-common
                arrangement which holds a property that serves as collateral for
                a
                borrowing from a third party.

            

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    Form
      of
      Legal Opinion

    

    [attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]