Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that it has closed on the previously announced sale of its wholly-owned industrial portfolio to DRA Growth and Income Fund VII. The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia. The portfolio is predominately unencumbered, with DRA assuming one secured loan of $4.9 million. The sale price was $382.4 million, representing a capitalization rate of approximately 8%. Weingarten will use the proceeds from this transaction to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan, resulting in a further strengthening of the Company’s balance sheet and providing additional capacity to fund growth opportunities in its core retail markets. “The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry, strong growth potential and strong demographics,” said Drew Alexander, President and Chief Executive Officer. David Luski, President and CEO of DRA Advisors LLC said, "We are pleased to acquire this sizable industrial portfolio featuring solid income returns and value-added upside. This transaction is exemplary of our strategy of collaborating with public REITs who wish to strategically divest assets via outright sale or joint venture.” J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale. About Weingarten Realty Investors Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At March 31, 2012, 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 374 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 309 neighborhood and community shopping centers located in 22 states spanning the country from coast to coast. The Company also owns 73 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At March 31, 2012, the Company operated a portfolio of properties representing approximately 74.1 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com. About DRA Advisors DRA Advisors is an institutional real estate investment organization headquartered in New York specializing in value-added strategies. The firm presently manages over $9 billion in assets, a portfolio of 592 office, retail, industrial, and multifamily properties throughout the United States. DRA's investors include a diverse base of corporate and public pension funds, university endowments, foundations, and insurance companies.