Weingarten Realty Increases Quarterly Dividend 5.5% And Reports Fourth Quarter And Full Year 2011 Results

FFO Guidance

The Company issued full year 2012 Recurring FFO guidance in the range of $1.81 to $1.91 per share which assumes $300-$400 million of dispositions and an increase in Same Property NOI of 4-5%. A full listing of guidance and assumptions is included on page 50 of the supplemental package.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on March 1, 2012 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling [phone] (conference ID # 35296878). A replay and Podcast will be available through the Company’s web site starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At December 31, 2011, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 380 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 313 neighborhood and community shopping centers located in 23 states spanning the country from coast to coast. The Company also owns 75 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At December 31, 2011, the Company’s portfolio of properties was approximately 76.1 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.

Financial Statements
Weingarten Realty Investors
(in thousands, except per share amounts)
						Three Months Ended									Twelve Months Ended
						December 31,									December 31,
						2011				2010					2011				2010
CONDENSED CONSOLIDATED STATEMENTS OF INCOME						(Unaudited)									(Unaudited)
Rentals, net						$	132,548			$	131,846				$	526,533			$	521,376
Other Income							3,362				2,982					15,028				13,708
	Total Revenues						135,910				134,828					541,561				535,084
Depreciation and Amortization							38,425				38,360					152,983				145,893
Operating Expense							26,490				27,703					101,657				102,138
Real Estate Taxes, net							15,331				15,081					64,243				61,537
Impairment Loss							3,101				12,315					58,734				33,317
General and Administrative Expense							6,589				5,897					25,528				24,993
	Total Expenses						89,936				99,356					403,145				367,878
Operating Income							45,974				35,472					138,416				167,206
Interest Expense, net							(31,752	)			(37,028	)				(141,757	)			(148,152	)
Interest and Other Income, net							2,078				2,920					5,062				9,825
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net							3,892				3,568					7,834				12,889
Loss on Redemption of Convertible Senior Unsecured Notes																				(135	)
Provision for Income Taxes							(170	)			(92	)				(395	)			(180	)
	Income from Continuing Operations						20,022				4,840					9,160				41,453
Operating Income (Loss) from Discontinued Operations							2,770				1,853					(4,373	)			6,687
Gain on Sale of Property from Discontinued Operations							9,626				196					10,215				1,093
	Income from Discontinued Operations						12,396				2,049					5,842				7,780
Gain on Sale of Property							152				1,316					1,737				2,005
Net Income							32,570				8,205					16,739				51,238
Less:	Net Income Attributable to Noncontrolling Interests						(1,528	)			(1,939	)				(1,118	)			(5,032	)
Net Income Adjusted for Noncontrolling Interests							31,042				6,266					15,621				46,206
Less:	Preferred Share Dividends						(8,869	)			(8,869	)				(35,476	)			(35,476	)
Net Income (Loss) Attributable to Common Shareholders -- Basic						$	22,173			$	(2,603	)			$	(19,855	)		$	10,730
Net Income (Loss) Attributable to Common Shareholders -- Diluted						$	22,173			$	(2,603	)			$	(19,855	)		$	10,730
FUNDS FROM OPERATIONS
Numerator:
	Net Income (Loss) Attributable to Common Shareholders					$	22,173			$	(2,603	)			$	(19,855	)		$	10,730
	Depreciation and Amortization						37,271				37,944					150,668				143,393
	Depreciation and Amortization of Unconsolidated Real Estate
		Joint Ventures and Partnerships					5,605				5,290					22,887				20,085
	Impairment of Operating Properties and Real Estate Equity Investments						2,780									28,995				15,948
	Impairment of Operating Properties of Unconsolidated Real Estate
		Joint Ventures and Partnerships														7,025				115
	(Gain) on Acquisition															(4,559	)
	(Gain) on Sale of Property						(9,717	)			(1,494	)				(11,846	)			(3,069	)
	(Gain) Loss on Sale of Property of Unconsolidated Real Estate
		Joint Ventures and Partnerships									(104	)				10				(194	)
	Funds from Operations -- Basic						58,112				39,033					173,325				187,008
	Funds from Operations Attributable to Operating Partnership Units
	Funds from Operations -- Diluted						58,112				39,033					173,325				187,008
	Adjustments for Recurring FFO:
		Other Impairment Loss, net of tax					355				12,315					42,417				17,369
		Loss on Redemption of Convertible Senior Unsecured Notes																		135
		Extinguishment of Debt Cost, net														2,679
		Acquisitions Costs					19				241					295				399
		Litigation Settlement, net of tax														(1,040	)
	Recurring Funds from Operations -- Diluted					$	58,486			$	51,589				$	217,676			$	204,911
Denominator:
	Weighted Average Shares Outstanding -- Basic						120,422				120,044					120,331				119,935
																120,331
	Weighted Average Shares Outstanding -- Diluted						121,237				120,044					120,331				120,780
PER SHARE DATA
Earnings Per Common Share--Basic						$	0.18			$	(0.02	)			$	(0.17	)		$	0.09
Earnings Per Common Share--Diluted						$	0.18			$	(0.02	)			$	(0.17	)		$	0.09
FFO - Per Diluted Share
	Net Income (Loss) Attributable to Common Shareholders per Share					$	0.18			$	(0.02	)			$	(0.17	)		$	0.09
		Adjustments for Reported FFO:
			Impairment of Operating Properties				0.02									0.30				0.13
			Depreciation, Amortization and Other Adjustments				0.28				0.35					1.31				1.33
	Reported Funds from Operations -- Diluted per Share					$	0.48			$	0.33				$	1.44			$	1.55
		Adjustments for Recurring FFO:
			Other Impairment Loss, net of tax								0.10					0.36				0.15
			All Other Adjustments													0.01
	Recurring Funds from Operations -- Diluted per Share					$	0.48			$	0.43				$	1.81			$	1.70

Weingarten Realty Investors
Financial Statements
(in thousands)
				December 31,					December 31,
				2011					2010
CONDENSED CONSOLIDATED BALANCE SHEETS				(Unaudited)					(Audited)
ASSETS
Property				$	4,688,526				$	4,777,794
Accumulated Depreciation					(1,059,531	)				(971,249	)
Property Held for Sale, net					73,241
Investment in Real Estate Joint Ventures and Partnerships, net					341,608					347,526
Notes Receivable from Real Estate Joint Ventures and Partnerships					149,204					184,788
Unamortized Debt and Lease Costs, net					115,191					116,437
Accrued Rent and Accounts Receivable, net					86,530					95,859
Cash and Cash Equivalents					13,642					23,859
Restricted Deposits and Mortgage Escrows					11,144					10,208
Other, net					168,671					222,633
	Total Assets			$	4,588,226				$	4,807,855
LIABILITIES AND EQUITY
Debt, net				$	2,531,837				$	2,589,448
Accounts Payable and Accrued Expenses					124,888					126,767
Other, net					107,919					111,383
	Total Liabilities				2,764,644					2,827,598
Commitments and Contingencies
EQUITY
Preferred Shares of Beneficial Interest					8					8
Common Shares of Beneficial Interest					3,641					3,630
Accumulated Additional Paid-In Capital					1,983,978					1,969,905
Net Income Less Than Accumulated Dividends					(304,504	)				(151,780	)
Accumulated Other Comprehensive Loss					(27,743	)				(21,774	)
	Shareholders' Equity				1,655,380					1,799,989
Noncontrolling Interests					168,202					180,268
	Total Liabilities and Equity			$	4,588,226				$	4,807,855

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