UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



      Date of report (Date of earliest event reported):  December 31, 2003



                           WEINGARTEN REALTY INVESTORS
             (Exact name of Registrant as specified in its Charter)

<TABLE>
<CAPTION>


<S>                               <C>                       <C>
              Texas                       1-9876                74-1464203

(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)   (Commission file number)  Identification Number)

</TABLE>




            2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code:  (713) 866-6000


                                 Not applicable
          (Former name or former address, if changed since last report)


<PAGE>



ITEM  2.  ACQUISITION  OR  DISPOSITION  OF  ASSETS

     During  the  year  ended  December  31,  2003,  we  acquired sixteen retail
shopping  centers  and five industrial projects.  Material factors considered in
each of the acquisitions made by us include historical and prospective financial
performance  of  the  center,  credit quality of the tenancy, local and regional
demographics,  location  and competition, ad valorem tax rates, condition of the
property  and  the  related  anticipated level of capital expenditures required.
The  total  investment  in  acquisitions  during 2003 was $414 million.  Audited
financial statements for seven of the properties, Lincoln Place II, Siempre Viva
Business  Park,  Fiesta  Trails,  Highlands  Ranch University Park, Overton Park
Plaza,  West  Jordan  Town  Center  and  Taylorsville Town Center (the "Acquired
Properties"),  are  submitted  in  ITEM 7. below.  Unaudited pro forma financial
information  on  the Acquired Properties and other acquisitions are submitted in
ITEM  7.  below.

ITEM  7.  FINANCIAL  STATEMENTS,  PRO  FORMA  FINANCIAL INFORMATION AND EXHIBITS

     The  following  financial  statements,  pro  forma financial statements and
exhibits  are  filed  as  part  of  this  report:

     (a)  Financial  statements  of  businesses  acquired:

          1.   Lincoln  Place  II

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          2.   Siempre  Viva  Business  Park

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and Certain  Expenses for  the
                       Year  Ended December  31,  2002

               (iii)   Notes to Statement  of  Revenues  and  Certain  Expenses

          3.   Fiesta  Trails

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues and Certain Expenses

          4.   Highlands  Ranch  University  Park

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues and Certain Expenses


                                     Page 2
<PAGE>



          5.   Overton  Park  Plaza

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses for the
                       Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          6.   West  Jordan  Town  Center

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for  the
                       Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          7.   Taylorsville  Town  Center

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for  the
                       Year  Ended December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses


     (b)  Pro Forma Condensed Financial Statement (unaudited) of Weingarten
          Realty Investors,  the  Acquired  Properties  and  Other  Acquisitions

          1.   Pro  Forma  Condensed  Statement  of  Consolidated Income for the
               Year Ended  December  31,  2003

          2.   Pro  Forma  Condensed  Balance  Sheet  as  of  December  31, 2003

          3.   Notes  and  Significant  Assumptions

          4.   Statement  of  Estimated Taxable Operating Results and Cash to be
               Made  Available  by  Operations  for  the  Year  Ended
               December  31,  2003

     (c)  Exhibits:

          Included  herewith  is  Exhibit  No.  23.1,  the  Consent  of
Independent  Registered  Public  Accounting  Firm


                                     Page 3
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses (the "Historical Summary") of Lincoln Place II (the "Property") for the
year  ended  December 31, 2002. This Historical Summary is the responsibility of
the  Property's  management.  Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of  Lincoln  Place II for the year ended December 31,
2002,  in conformity with accounting principles generally accepted in the United
States  of  America.




Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                     Page 4
<PAGE>


<TABLE>
<CAPTION>

                                LINCOLN PLACE II
                   STATEMENT OF REVENUES AND CERTAIN EXPENSES
                      FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $771,668
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .    88,145
                                                                       ---------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   859,813
                                                                       ---------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .    77,244
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .    40,022
                                                                       ---------
              Total Certain Expenses. . . . . . . . . . . . . . . . .   117,266
                                                                       ---------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $742,547
                                                                       =========

See accompanying notes to statement of revenues and certain expenses.
</TABLE>


                                     Page 5
<PAGE>



LINCOLN  PLACE  II
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the  operations  of  Lincoln  Place  II  (the
"Property").  The  development  of  this property was substantially completed in
2002  and  was  purchased by Weingarten Realty Investors (the "Company") on June
24,  2003  from  Lincoln  Place  II,  Inc.  and  Forum  Acquisitions,  Inc. This
acquisition  is  a 168,000 square foot center in Fairview Heights, Illinois, and
is  anchored by Linens N Things, Marshall's, Office Depot, Old Navy, Supermarket
of  Shoes  and  Ultimate  Electronics.  The  Property  was  96.9% occupied as of
December  31,  2002. No single tenant had minimum rentals exceeding 18.3% of the
total  minimum  rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation  -  The  accompanying  Historical  Summary has
been  prepared  for the purpose of complying with the provisions of Article 3.14
of  Regulation  S-X  promulgated  by the Securities and Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs  and  Maintenance  -  expenditures for repairs and maintenance
are expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                     Page 6
<PAGE>

3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $ 2,160,148
         2004               2,160,148
         2005               2,161,836
         2006               2,166,900
         2007               2,135,400
         Thereafter        14,084,572

</TABLE>

The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and tenant reimbursements totaled $88,145 for the year ended December 31, 2002.


                                     Page 7
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary")  of  Siempre  Viva  Business  Park  (the
"Property") for the year ended December 31, 2002. This Historical Summary is the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We conducted our audit in accordance with auditing standards generally
accepted  in  the United States of America. Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of  Siempre  Viva  Business  Park  for the year ended
December  31,  2002, in conformity with accounting principles generally accepted
in  the  United  States  of  America.




Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                     Page 8
<PAGE>



<TABLE>
<CAPTION>

                            SIEMPRE VIVA BUSINESS PARK
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $2,309,467
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     446,314
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   2,755,781
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     191,331
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     174,419
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     365,750
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $2,390,031
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
</TABLE>


                                     Page 9
<PAGE>



SIEMPRE  VIVA  BUSINESS  PARK
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Siempre Viva Business Park (the
"Property").  The  Property  includes  seven  industrial  buildings  aggregating
727,000  square feet that are located in San Diego, California. The Property was
purchased  by  Weingarten  Realty Investors (the "Company") and two wholly-owned
entities of the Company, WRI Siempre Viva 345, LLC and WRI Siempre Viva 7 and 8,
LLC,  on  September  9,  2003 from four different sellers, Siempre Viva Business
Park 2, LLC, Siempre Viva Business Park, LLC, Siempre Viva Business Park 78, LLC
and  Siempre Viva Business Park East, LLC. The Property was 60.1% occupied as of
December  31,  2002,  and  is  anchored  by UPS Supply Chain Solutions, Hitachi,
Triboro  Electric  Company  and  Bose  Corporation. No single tenant had minimum
rentals exceeding 20.4% of the total minimum rentals for the year ended December
31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis  over the life of the lease. All leases have been accounted
for  as  operating leases. Tenant reimbursements represent revenues from tenants
for  reimbursements  of  taxes,  maintenance  expenses  and  insurance, which is
recognized  in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 10
<PAGE>



3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $3,031,707
         2004              3,122,904
         2005              3,212,300
         2006              2,828,305
         2007                772,638
         Thereafter                -

</TABLE>

The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements,  which  totaled  446,314  for the year ended December 31, 2002.


                                    Page 11
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary") of Fiesta Trails (the "Property") for the
year  ended  December 31, 2002. This Historical Summary is the responsibility of
the  Property's  management.  Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We conducted our audit in accordance with auditing standards generally
accepted  in  the United States of America. Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary, of Fiesta Trails for the year ended December 31, 2002,
in conformity with accounting principles generally accepted in the United States
of  America.



Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                    Page 12
<PAGE>



<TABLE>
<CAPTION>

                                  FIESTA TRAILS
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $3,407,424
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     856,345
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   4,263,769
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     454,491
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     534,080
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     988,571
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $3,275,198
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.

</TABLE>


                                    Page 13
<PAGE>



FIESTA  TRAILS
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Fiesta Trails (the "Property").
The  Property  was purchased by WRI Fiesta Trails, LP on September 30, 2003 from
Fiesta  Trails  Ltd.  and  Fiesta Trails Hilltop Limited Partnership. WRI Fiesta
Trails,  LP  is  owned  by  Weingarten  Realty Investors (the "Company") and WRI
Fiesta Trails Holdings, LLC, which is a wholly-owned entity of the Company. This
acquisition  is  a  312,000  square foot shopping center located in San Antonio,
Texas,  and  is  anchored  by Barnes & Noble, Cost Plus, Marshall's, Office Max,
Regal  Cinema  and Steinmart. The Property was 88.5% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 12.3% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 14
<PAGE>



3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $ 3,365,822
         2004               3,378,710
         2005               3,190,863
         2006               2,661,032
         2007               2,508,209
         Thereafter        14,039,890

</TABLE>

The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based on a percentage of the tenants' sales.  Such
tenant reimbursements and percentage rental income totaled $856,345 and $14,777,
respectively,  for  the  year  ended  December  31,  2002.


                                    Page 15
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary")  of  Highlands Ranch University Park (the
"Property") for the year ended December 31, 2002. This Historical Summary is the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of Highlands Ranch University Park for the year ended
December  31,  2002, in conformity with accounting principles generally accepted
in  the  United  States  of  America.



Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                    Page 16
<PAGE>



<TABLE>
<CAPTION>

                         HIGHLANDS RANCH UNIVERSITY PARK
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $1,675,091
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     301,727
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   1,976,818
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     106,109
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     239,845
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     345,954
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $1,630,864
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.

</TABLE>


                                    Page 17
<PAGE>



HIGHLANDS  RANCH  UNIVERSITY  PARK
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Highlands Ranch University Park
(the "Property"). The Property was purchased by Weingarten Realty Investors (the
"Company"),  through  an investment in a 40%-owned unconsolidated joint venture,
on  October 17, 2003 from Highlands Ranch University Park, LLC. This acquisition
includes  an 88,000 square foot shopping center, and is anchored by Whole Foods,
in Highlands Ranch, Colorado. The Property was 93.1% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 28.8% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 18
<PAGE>

3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $ 1,836,391
         2004               1,883,507
         2005               1,886,472
         2006               1,871,922
         2007               1,202,604
         Thereafter        12,307,420

</TABLE>


The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based on a percentage of the tenants' sales.  Such
tenant reimbursements and percentage rental income totaled $301,727 and $13,693,
respectively,  for  the  year  ended  December  31,  2002.


                                    Page 19
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical Summary") of Overton Park Plaza (the "Property") for
the  year ended December 31, 2002. This Historical Summary is the responsibility
of the Property's management. Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of Overton Park Plaza for the year ended December 31,
2002,  in conformity with accounting principles generally accepted in the United
States  of  America.




Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004



                                    Page 20
<PAGE>



<TABLE>
<CAPTION>

                                OVERTON PARK PLAZA
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $3,589,307
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .   1,262,199
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   4,851,506
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     403,565
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .   1,014,250
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .   1,417,815
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $3,433,691
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
</TABLE>


                                    Page 21
<PAGE>



OVERTON  PARK  PLAZA
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the  operations  of  Overton  Park  Plaza (the
"Property").  The  Property  was  purchased by WRI Overton Plaza, LP, which is a
wholly-owned  entity  of Weingarten Realty Investors (the "Company"), on October
24,  2003  from  Columbia  Regency  Texas  1, L.P. This acquisition is a 351,000
square  foot  shopping  center  located in Fort Worth, Texas, and is anchored by
Albertson's.  The Property was 93.6% occupied as of December 31, 2002. No single
tenant  had  minimum rentals exceeding 9.8% of the total minimum rentals for the
year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 22
<PAGE>



3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $3,781,621
         2004              3,627,754
         2005              3,404,857
         2006              2,629,415
         2007              1,718,994
         Thereafter        4,331,532

</TABLE>

The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and  tenant  reimbursements  totaled  $1,262,199 for the year ended December 31,
2002.


                                    Page 23
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the "Historical Summary") of West Jordan Town Center (the "Property")
for  the  year  ended  December  31,  2002.  This  Historical  Summary  is  the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary, of West Jordan Town Center for the year ended December
31,  2002,  in  conformity  with accounting principles generally accepted in the
United  States  of  America.




Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                    Page 24
<PAGE>



<TABLE>
<CAPTION>

                             WEST JORDAN TOWN CENTER
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $1,928,361
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     498,409
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   2,426,770
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     181,514
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     273,717
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     455,231
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $1,971,539
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
</TABLE>


                                    Page 25
<PAGE>



WEST  JORDAN  TOWN  CENTER
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the operations of West Jordan Town Center (the
"Property").  The  Property  was  acquired  by  Weingarten Realty Investors (the
"Company"),  through  its  interest  in WRI/Utah Properties, LP, on December 19,
2003  from  CPI/West  Jordan  LLC.  This  178,000 square foot shopping center is
located  in  West  Jordan,  Utah,  and is anchored by Albertson's, Office Depot,
Petco and Rite Aid. The Property was 91.1% occupied as of December 31, 2002, and
no  single  tenant  had  minimum  rentals  exceeding  20.8% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 26
<PAGE>



3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $ 1,905,515
         2004               1,883,687
         2005               1,781,968
         2006               1,673,740
         2007               1,675,146
         Thereafter        21,173,079

</TABLE>


The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and  tenant  reimbursements  totaled  $498,409  for  the year ended December 31,
2002.


                                    Page 27
<PAGE>



INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses (the "Historical Summary") of Taylorsville Town Center (the "Property")
for  the  year  ended  December  31,  2002.  This  Historical  Summary  is  the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical Summary, of Taylorsville Town Center for the year ended December
31,  2002,  in  conformity  with accounting principles generally accepted in the
United  States  of  America.



Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004


                                    Page 28
<PAGE>



<TABLE>
<CAPTION>

                             TAYLORSVILLE TOWN CENTER
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002


<S>                                                                    <C>
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  922,019
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     262,224
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   1,184,243
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     120,677
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     115,255
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     235,932
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $  948,311
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
</TABLE>


                                    Page 29
<PAGE>



TAYLORSVILLE  TOWN  CENTER
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002


1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes the operations of Taylorsville Town Center (the
"Property").  The  Property  was  acquired  by  Weingarten Realty Investors (the
"Company"),  through  its  interest  in WRI/Utah Properties, LP, on December 19,
2003  from  CPI/Taylorsville  LP.  The  Property  is a 94,000 square foot retail
center  that  is  located in Taylorsville, Utah, and is anchored by Albertson's,
Blockbuster  and  Rite  Aid.  The Property was 71.2% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 23.6% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.


                                    Page 30
<PAGE>



3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:

<TABLE>
<CAPTION>

<S>                       <C>
         2003             $  902,594
         2004                800,339
         2005                728,034
         2006                662,080
         2007                631,509
         Thereafter        6,316,122

</TABLE>

The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a  percentage of the tenants' sales. No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and tenant reimbursements totaled $262,224 for the year ended December 31, 2002.


                                    Page 31
<PAGE>



                          WEINGARTEN REALTY INVESTORS
              PRO FORMA CONDENSED STATEMENT OF CONSOLIDATED INCOME
                          YEAR ENDED DECEMBER 31, 2003
                                  (Unaudited)

                    (in thousands, except per share amounts)

This unaudited Pro Forma Condensed Statement of Consolidated Income is presented
as if (A) the acquisitions of the acquired properties and (B) the acquisition of
other  properties,  as  set  forth in the Notes and Significant Assumptions, had
occurred  as  of  January  1,  2003.  In  management's  opinion, all adjustments
necessary  to  reflect  the  effects of these transactions have been made.  This
unaudited  Pro  Forma  Condensed  Statement  of  Consolidated  Income  is  not
necessarily  indicative of what actual results of operations would have been had
these transactions occurred on January 1, 2003, nor does it purport to represent
the  results  of  operations  for  future  periods.

<TABLE>
<CAPTION>

                                                                  Adjustment       Adjustment
                                                                 for Acquired      for Other           Pro
                                                   Historical   Properties(A)   Acquisitions(B)       Forma
                                                   ----------   -------------   ---------------   -------------

<S>                                                <C>           <C>             <C>               <C>
Revenues:
    Rentals. . . . . . . . . . . . . . . . . . . . $ 410,490     $    15,226      $   12,459        $  438,175
    Interest income. . . . . . . . . . . . . . . .     1,594                               8             1,602
    Other. . . . . . . . . . . . . . . . . . . . .     7,076               4              43             7,123
                                                   ----------   -------------   ---------------   -------------
        Total. . . . . . . . . . . . . . . . . . .   419,160          15,230          12,510           446,900
                                                   ----------   -------------   ---------------   -------------

Expenses:
    Depreciation and amortization. . . . . . . . .    94,108           3,748           2,421           100,277
    Interest . . . . . . . . . . . . . . . . . . .    88,871           5,188           3,256            97,315
    Operating. . . . . . . . . . . . . . . . . . .    65,022           1,833           1,968            68,823
    Ad valorem taxes . . . . . . . . . . . . . . .    47,553           2,001           1,414            50,968
    General and administrative . . . . . . . . . .    13,820                                            13,820
    Loss on early redemption of preferred shares .     2,739                                             2,739
                                                   ----------   -------------   ---------------   -------------
            Total. . . . . . . . . . . . . . . . .   312,113          12,770           9,059           333,942
                                                   ----------   -------------   ---------------   -------------

Operating Income . . . . . . . . . . . . . . . . .   107,047           2,460           3,451           112,958
Equity in Earnings of Joint Ventures . . . . . . .     4,743             152                             4,895
Income Allocated to Minority Interests . . . . . .    (2,723)           (195)            (35)           (2,953)
Gain on Sale of Properties . . . . . . . . . . . .       714                                               714
                                                   ----------   -------------   ---------------   -------------

Income Before Discontinued Operations. . . . . . .   109,781           2,417           3,416           115,614
                                                   ----------   -------------   ---------------   -------------
    Operating Income from Discontinued Operations.       460                                               460
    Gain on Sale of Properties . . . . . . . . . .     6,039                                             6,039
                                                   ----------   -------------   ---------------   -------------
            Income from Discontinued Operations. .     6,499                                             6,499
                                                   ----------   -------------   ---------------   -------------

Net Income . . . . . . . . . . . . . . . . . . . . $ 116,280    $      2,417      $    3,416        $  122,113
                                                   ==========   =============   ===============   =============

Net Income Available to Common Shareholders:
    Basic. . . . . . . . . . . . . . . . . . . . . $  97,880    $      2,417      $    3,416        $  103,713
                                                   ==========   =============   ===============   =============
    Diluted. . . . . . . . . . . . . . . . . . . . $ 100,920    $      2,612      $    3,451        $  106,983
                                                   ==========   =============   ===============   =============

Net Income per Common Share - Basic. . . . . . . . $    1.86                                        $     1.97
                                                   ==========                                     =============

Net Income per Common Share - Diluted. . . . . . . $    1.86                                        $     1.96
                                                   ==========                                     =============

Weighted Average Number of Shares Outstanding:
    Basic. . . . . . . . . . . . . . . . . . . . .    52,534                                            52,534
                                                   ==========                                     =============

    Diluted. . . . . . . . . . . . . . . . . . . .    54,383                                            54,481
                                                   ==========                                     =============

</TABLE>


                                    Page 32
<PAGE>



                          WEINGARTEN REALTY INVESTORS
                       PRO FORMA CONDENSED BALANCE SHEET
                            AS OF DECEMBER 31, 2003
                                  (Unaudited)

                                 (in thousands)

This  unaudited  Pro  Forma  Condensed Balance Sheet is presented as if  (A) the
acquisitions  of  the  acquired  properties  and  (B)  the  acquisition of other
properties,  as  set  forth  in Notes (A) and (B), had occurred as of January 1,
2003.  In management's opinion, all adjustments necessary to reflect the effects
of  these  transactions  have  been  made.

<TABLE>
<CAPTION>

                                                                       Adjustment
                                                                          for            Pro
                                                        Historical    Acquisitions      Forma
                                                       ------------  --------------  -----------
<S>                                                    <C>           <C>             <C>
ASSETS:

    Property . . . . . . . . . . . . . . . . . . . . . $ 3,200,091                   $3,200,091
    Accumulated Depreciation . . . . . . . . . . . . .    (527,375)  $      (4,812)    (532,187)
                                                       ------------  --------------  -----------
        Property - net . . . . . . . . . . . . . . . .   2,672,716          (4,812)   2,667,904
    Investment in Real Estate Joint Ventures . . . . .      32,742             152       32,894
                                                       ------------  --------------  -----------
          Total. . . . . . . . . . . . . . . . . . . .   2,705,458          (4,660)   2,700,798

    Notes Receivable from Real Estate Joint
      Ventures and Partnerships. . . . . . . . . . . .      36,825                       36,825
    Unamortized Debt and Lease Costs . . . . . . . . .      70,895          (1,357)      69,538
    Accrued Rent and Accounts Receivable, net. . . . .      43,368                       43,368
    Other. . . . . . . . . . . . . . . . . . . . . . .      67,248           9,591       76,839
                                                       ------------  --------------  -----------

                              Total. . . . . . . . . . $ 2,923,794   $       3,574   $2,927,368
                                                       ============  ==============  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Debt . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,810,706                   $1,810,706
Preferred Shares Subject to Mandatory Redemption, net.     109,364                      109,364
Accounts Payable and Accrued Expenses. . . . . . . . .      79,686                       79,686
Other. . . . . . . . . . . . . . . . . . . . . . . . .      52,671   $      (2,489)      50,182
                                                       ------------  --------------  -----------

          Total. . . . . . . . . . . . . . . . . . . .   2,052,427          (2,489)   2,049,938
                                                       ------------  --------------  -----------

Minority Interest. . . . . . . . . . . . . . . . . . .      49,804             230       50,034
                                                       ------------  --------------  -----------

Shareholders' Equity . . . . . . . . . . . . . . . . .     821,563           5,833      827,396
                                                       ------------  --------------  -----------

                              Total. . . . . . . . . . $ 2,923,794   $       3,574   $2,927,368
                                                       ============  ==============  ===========

</TABLE>


                                    Page 33
<PAGE>



                          WEINGARTEN REALTY INVESTORS
                       NOTES AND SIGNIFICANT ASSUMPTIONS
                          YEAR ENDED DECEMBER 31, 2003
                                  (Unaudited)


(A)     ACQUIRED  PROPERTIES

The aggregate purchase price for the acquisitions described below (the "Acquired
Properties")  was  $213.0  million  and  was allocated among land, buildings and
intangibles,  with the buildings being depreciated over a period of forty years.
These purchases were funded under our revolving credit facility (average rate of
2.34%),  with  the  exception  of $94.4 million of debt (average rate of 4.84%),
which  was  assumed by us.  Pro forma revenues and expenses, other than interest
and  depreciation,  represent the historical amounts of the Acquired Properties.

In June, we purchased Lincoln Place II, a 168,000 square foot shopping center in
Fairview  Heights,  Illinois.  The  center  is  anchored  by  Linens  N  Things,
Marshall's,  Office  Depot,  Old  Navy,  Supermarket  of  Shoes  and  Ultimate
Electronics.

In September, we completed the acquisition of Siempre Viva Business Park located
in  San  Diego, California.  Part of a 1.26 million square foot industrial park,
our  acquisition  included  seven  buildings  totaling 727,000 square feet.  The
property  is 100% leased to tenants such as UPS Supply Chain Solutions, Hitachi,
Triboro  Electric  Company  and  Bose  Corporation.

Also  in  September,  we  acquired  Fiesta Trails Shopping Center located in San
Antonio,  Texas.  The  center  comprises  312,000 square feet and is anchored by
Barnes  &  Noble, Cost Plus, Marshall's, Office Max, Regal Cinema and Steinmart.

In October, we acquired Highlands Ranch University Park through an investment in
a 40% unconsolidated joint venture.  Highland Ranch University Park is an 88,000
square foot shopping center located in Highlands Ranch, Colorado.  The center is
anchored  by  Whole  Foods.

In  October,  we  purchased  Overton  Park Plaza, a 351,000 square foot shopping
center  located  in  Fort  Worth,  Texas.  Overton  Park  Plaza  is  anchored by
Albertson's.

In  December, we acquired two retail centers in Utah. West Jordan Town Center is
a  178,000  square  foot  center located in West Jordan, Utah. Taylorsville Town
Center  is  a  94,000  square  foot  center  located in Taylorsville, Utah. Both
shopping  centers  are  located  in the greater Salt Lake City area suburbs, and
both  are  anchored  by  Albertson's  and  Rite  Aid.

(B)     OTHER  ACQUISITIONS

The  aggregate  purchase  price for the acquisitions described below (the "Other
Acquisitions")  was  $200.8  million and was allocated among land, buildings and
intangibles,  with the buildings being depreciated over a period of forty years.
These purchases were funded under our revolving credit facility (average rate of
2.34%)  with  the  exception of $91.7 million of debt (rate of 4.31%), which was
assumed  by  us.  Pro  forma  revenues  and  expenses,  other  than interest and
depreciation,  represent  the  historical  amounts  of  the  Other Acquisitions.

In  January,  we  acquired  the  Sears  Distribution  Center located in Atlanta,
Georgia.  This  403,000  square  foot  property  is  100%  occupied  with  Sears
Logistics  Services  as  the  sole  tenant.

In  February,  we acquired Atlanta Industrial Park.  This seven-building complex
totaled  502,000  square  feet and is also located in Atlanta, Georgia.  Also in


                                    Page 34
<PAGE>



February,  we  completed the acquisition of Rancho San Marcos Village, a 121,000
square  foot  shopping  center  anchored by Von's (Safeway) and 24-Hour Fitness.
This  center  is  located  in  San  Marcos,  California.

In  April,  we  acquired 1801 Massaro Boulevard located in Tampa, Florida.  This
159,000  square  foot distribution/manufacturing facility that is rail served is
100%  occupied.  Also  in  April,  we  acquired Hollywood Hills Plaza, a 365,000
square  foot  shopping  center anchored by Publix, Target and Eckerd Drug.  This
center  is  located  in  Hollywood,  Florida.

In  June,  we completed the acquisition of Tamiami Trail Shops, a 111,000 square
foot  center  located  in  Miami,  Florida.  Publix  and Eckerd Drug anchor this
center.

In  August,  we  acquired  Thousand Oaks Shopping Center located in San Antonio,
Texas.  An HEB Supermarket, Palais Royal and Tuesday Morning anchor this 163,000
square  foot  center.

In  September,  we  acquired  Durham Festival located in Durham, North Carolina.
This  134,000  square  foot  shopping  center  is  anchored  by  Kroger.

In  October,  we  acquired  four  retail properties.  Sandy Plains Exchange is a
73,000 square foot center located in Marietta, Georgia, a suburb of Atlanta, and
is  anchored  by  Publix supermarket.  Westland Terrace in Orlando, Florida is a
68,000 square foot center anchored by a corporate-owned Super Target.  Publix at
Laguna  Isles  is a 69,000 square foot center located in Pembroke Pines, Florida
and  is  anchored  by Publix.  University Palms is a 99,000 square foot shopping
center  anchored  by  Publix  and Blockbuster and is located in Oveido, Florida.

In  December,  Westgate Service Center, located in Houston, Texas, was acquired.
This three-building office service center complex comprises 119,000 square feet.
Also  in  December, we acquired Brookwood Square, a 253,000 square foot shopping
center  anchored  by  Home  Depot,  Staples  and Marshall's, which is located in
Austell,  Georgia,  a  suburb  of  Atlanta.


                                    Page 35
<PAGE>



<TABLE>
<CAPTION>

                           WEINGARTEN REALTY INVESTORS
                STATEMENT OF ESTIMATED TAXABLE OPERATING RESULTS
                   AND CASH TO BE MADE AVAILABLE BY OPERATIONS
                      FOR THE YEAR ENDED DECEMBER 31, 2003
                                   (Unaudited)

                                 (in thousands)

The  following  unaudited statement is a pro forma estimate of taxable operating
results  and cash to be made available by operations for the year ended December
31,  2003.  The  pro  forma  statement  is  based  on  the  Company's historical
operating  results  for the year ended December 31, 2003 adjusted for the effect
of  (A)  the  acquisitions of the acquired properties and (B) the acquisition of
other  properties,  as set forth in the Notes and Significant Assumptions.  This
statement  does  not purport to forecast actual operating results for any future
periods.


<S>                                                             <C>
      Revenue . . . . . . . . . . . . . . . . . . . . . . . . . $ 446,900

      Expenses:

            Depreciation and amortization . . . . . . . . . . .   100,277
            Interest. . . . . . . . . . . . . . . . . . . . . .    97,315
            Operating . . . . . . . . . . . . . . . . . . . . .    68,823
            Ad valorem taxes. . . . . . . . . . . . . . . . . .    50,968
            General and administrative. . . . . . . . . . . . .    13,820
            Loss on early redemption of preferred shares. . . .     2,739
                                                                ----------
                 Total Expenses . . . . . . . . . . . . . . . .   333,942
                                                                ----------

      Operating Income. . . . . . . . . . . . . . . . . . . . .   112,958

      Equity in Earnings of Joint Ventures. . . . . . . . . . .     4,895
      Income Allocated to Minority Interests. . . . . . . . . .    (2,953)
      Gain on Sale of Properties. . . . . . . . . . . . . . . .       714
      Income from Discontinued Operations . . . . . . . . . . .     6,499
                                                                ----------
      Estimated Taxable Operating Income. . . . . . . . . . . .   122,113

      Adjustments:
      Depreciation and amortization . . . . . . . . . . . . . .   100,624
      Loss on early redemption of preferred shares. . . . . . .     2,739
      Equity in earnings of joint ventures. . . . . . . . . . .    (4,895)
      Income allocated to minority interests. . . . . . . . . .     2,953
      Gain on sale of properties. . . . . . . . . . . . . . . .    (6,753)
      Changes in accrued rent and accounts receivable . . . . .    (5,596)
      Changes in other assets . . . . . . . . . . . . . . . . .   (31,579)
      Changes in accounts payable and accrued expenses. . . . .    (3,491)
      Other, net. . . . . . . . . . . . . . . . . . . . . . . .      (490)
                                                                ----------

      Estimated Cash to be Made Available from Operations . . . $ 175,625
                                                                ==========

</TABLE>

(c)  Exhibits

     Exhibit  Number     Description
     ---------------     -----------

           23.1          Consent  of  Deloitte  &  Touche  LLP


                                    Page 36
<PAGE>



                                   SIGNATURE

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.

Date:  July 20, 2004
                                             WEINGARTEN REALTY INVESTORS



                                             By:     /s/     Joe D. Shafer
                                                ------------------------------
                                                Joe D. Shafer
                                                Vice President/Controller
                                                (Principal Accounting Officer)


                                    Page 37
<PAGE>
[{"type": "8-K", "sequence": "1", "filename": "doc1.txt", "secsgml_size_bytes": 77335}]
{"company-data": {"conformed-name": "WEINGARTEN REALTY INVESTORS /TX/", "cik": "0000828916", "assigned-sic": "6798", "irs-number": "741464203", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09876", "film-number": "04922138"}, "business-address": {"street1": "2600 CITADEL PLAZA DR", "street2": "SUITE 300", "city": "HOUSTON", "state": "TX", "zip": "77292", "phone": "7138666000"}, "mail-address": {"street1": "PO BOX 924133", "city": "HOUSTON", "state": "TX", "zip": "77292-4133"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

      Date of report (Date of earliest event reported):  December 31, 2003

                           WEINGARTEN REALTY INVESTORS
             (Exact name of Registrant as specified in its Charter)
Texas                       1-9876                74-1464203

(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)   (Commission file number)  Identification Number)
2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code:  (713) 866-6000

                                 Not applicable
          (Former name or former address, if changed since last report)
ITEM  2.  ACQUISITION  OR  DISPOSITION  OF  ASSETS

     During  the  year  ended  December  31,  2003,  we  acquired sixteen retail
shopping  centers  and five industrial projects.  Material factors considered in
each of the acquisitions made by us include historical and prospective financial
performance  of  the  center,  credit quality of the tenancy, local and regional
demographics,  location  and competition, ad valorem tax rates, condition of the
property  and  the  related  anticipated level of capital expenditures required.
The  total  investment  in  acquisitions  during 2003 was $414 million.  Audited
financial statements for seven of the properties, Lincoln Place II, Siempre Viva
Business  Park,  Fiesta  Trails,  Highlands  Ranch University Park, Overton Park
Plaza,  West  Jordan  Town  Center  and  Taylorsville Town Center (the "Acquired
Properties"),  are  submitted  in  ITEM 7. below.  Unaudited pro forma financial
information  on  the Acquired Properties and other acquisitions are submitted in
ITEM  7.  below.

ITEM  7.  FINANCIAL  STATEMENTS,  PRO  FORMA  FINANCIAL INFORMATION AND EXHIBITS

     The  following  financial  statements,  pro  forma financial statements and
exhibits  are  filed  as  part  of  this  report:

     (a)  Financial  statements  of  businesses  acquired:

          1.   Lincoln  Place  II

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          2.   Siempre  Viva  Business  Park

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and Certain  Expenses for  the
                       Year  Ended December  31,  2002

               (iii)   Notes to Statement  of  Revenues  and  Certain  Expenses

          3.   Fiesta  Trails

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues and Certain Expenses

          4.   Highlands  Ranch  University  Park

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for
                       the  Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues and Certain Expenses

                                     Page 2
5.   Overton  Park  Plaza

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses for the
                       Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          6.   West  Jordan  Town  Center

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for  the
                       Year  Ended  December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

          7.   Taylorsville  Town  Center

               (i)     Independent  Auditors'  Report

               (ii)    Statement  of  Revenues  and  Certain  Expenses  for  the
                       Year  Ended December  31,  2002

               (iii)   Notes  to  Statement  of  Revenues  and  Certain
                       Expenses

     (b)  Pro Forma Condensed Financial Statement (unaudited) of Weingarten
          Realty Investors,  the  Acquired  Properties  and  Other  Acquisitions

          1.   Pro  Forma  Condensed  Statement  of  Consolidated Income for the
               Year Ended  December  31,  2003

          2.   Pro  Forma  Condensed  Balance  Sheet  as  of  December  31, 2003

          3.   Notes  and  Significant  Assumptions

          4.   Statement  of  Estimated Taxable Operating Results and Cash to be
               Made  Available  by  Operations  for  the  Year  Ended
               December  31,  2003

     (c)  Exhibits:

          Included  herewith  is  Exhibit  No.  23.1,  the  Consent  of
Independent  Registered  Public  Accounting  Firm

                                     Page 3
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses (the "Historical Summary") of Lincoln Place II (the "Property") for the
year  ended  December 31, 2002. This Historical Summary is the responsibility of
the  Property's  management.  Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of  Lincoln  Place II for the year ended December 31,
2002,  in conformity with accounting principles generally accepted in the United
States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                     Page 4
LINCOLN PLACE II
                   STATEMENT OF REVENUES AND CERTAIN EXPENSES
                      FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $771,668
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .    88,145
                                                                       ---------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   859,813
                                                                       ---------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .    77,244
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .    40,022
                                                                       ---------
              Total Certain Expenses. . . . . . . . . . . . . . . . .   117,266
                                                                       ---------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $742,547
                                                                       =========

See accompanying notes to statement of revenues and certain expenses.
Page 5
LINCOLN  PLACE  II
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the  operations  of  Lincoln  Place  II  (the
"Property").  The  development  of  this property was substantially completed in
2002  and  was  purchased by Weingarten Realty Investors (the "Company") on June
24,  2003  from  Lincoln  Place  II,  Inc.  and  Forum  Acquisitions,  Inc. This
acquisition  is  a 168,000 square foot center in Fairview Heights, Illinois, and
is  anchored by Linens N Things, Marshall's, Office Depot, Old Navy, Supermarket
of  Shoes  and  Ultimate  Electronics.  The  Property  was  96.9% occupied as of
December  31,  2002. No single tenant had minimum rentals exceeding 18.3% of the
total  minimum  rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation  -  The  accompanying  Historical  Summary has
been  prepared  for the purpose of complying with the provisions of Article 3.14
of  Regulation  S-X  promulgated  by the Securities and Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs  and  Maintenance  -  expenditures for repairs and maintenance
are expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                     Page 6
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $ 2,160,148
         2004               2,160,148
         2005               2,161,836
         2006               2,166,900
         2007               2,135,400
         Thereafter        14,084,572
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and tenant reimbursements totaled $88,145 for the year ended December 31, 2002.

                                     Page 7
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary")  of  Siempre  Viva  Business  Park  (the
"Property") for the year ended December 31, 2002. This Historical Summary is the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We conducted our audit in accordance with auditing standards generally
accepted  in  the United States of America. Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of  Siempre  Viva  Business  Park  for the year ended
December  31,  2002, in conformity with accounting principles generally accepted
in  the  United  States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                     Page 8
SIEMPRE VIVA BUSINESS PARK
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $2,309,467
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     446,314
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   2,755,781
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     191,331
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     174,419
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     365,750
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $2,390,031
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 9
SIEMPRE  VIVA  BUSINESS  PARK
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Siempre Viva Business Park (the
"Property").  The  Property  includes  seven  industrial  buildings  aggregating
727,000  square feet that are located in San Diego, California. The Property was
purchased  by  Weingarten  Realty Investors (the "Company") and two wholly-owned
entities of the Company, WRI Siempre Viva 345, LLC and WRI Siempre Viva 7 and 8,
LLC,  on  September  9,  2003 from four different sellers, Siempre Viva Business
Park 2, LLC, Siempre Viva Business Park, LLC, Siempre Viva Business Park 78, LLC
and  Siempre Viva Business Park East, LLC. The Property was 60.1% occupied as of
December  31,  2002,  and  is  anchored  by UPS Supply Chain Solutions, Hitachi,
Triboro  Electric  Company  and  Bose  Corporation. No single tenant had minimum
rentals exceeding 20.4% of the total minimum rentals for the year ended December
31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis  over the life of the lease. All leases have been accounted
for  as  operating leases. Tenant reimbursements represent revenues from tenants
for  reimbursements  of  taxes,  maintenance  expenses  and  insurance, which is
recognized  in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 10
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $3,031,707
         2004              3,122,904
         2005              3,212,300
         2006              2,828,305
         2007                772,638
         Thereafter                -
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements,  which  totaled  446,314  for the year ended December 31, 2002.

                                    Page 11
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary") of Fiesta Trails (the "Property") for the
year  ended  December 31, 2002. This Historical Summary is the responsibility of
the  Property's  management.  Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We conducted our audit in accordance with auditing standards generally
accepted  in  the United States of America. Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary, of Fiesta Trails for the year ended December 31, 2002,
in conformity with accounting principles generally accepted in the United States
of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                    Page 12
FIESTA TRAILS
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $3,407,424
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     856,345
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   4,263,769
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     454,491
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     534,080
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     988,571
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $3,275,198
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 13
FIESTA  TRAILS
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Fiesta Trails (the "Property").
The  Property  was purchased by WRI Fiesta Trails, LP on September 30, 2003 from
Fiesta  Trails  Ltd.  and  Fiesta Trails Hilltop Limited Partnership. WRI Fiesta
Trails,  LP  is  owned  by  Weingarten  Realty Investors (the "Company") and WRI
Fiesta Trails Holdings, LLC, which is a wholly-owned entity of the Company. This
acquisition  is  a  312,000  square foot shopping center located in San Antonio,
Texas,  and  is  anchored  by Barnes & Noble, Cost Plus, Marshall's, Office Max,
Regal  Cinema  and Steinmart. The Property was 88.5% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 12.3% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 14
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $ 3,365,822
         2004               3,378,710
         2005               3,190,863
         2006               2,661,032
         2007               2,508,209
         Thereafter        14,039,890
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based on a percentage of the tenants' sales.  Such
tenant reimbursements and percentage rental income totaled $856,345 and $14,777,
respectively,  for  the  year  ended  December  31,  2002.

                                    Page 15
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical  Summary")  of  Highlands Ranch University Park (the
"Property") for the year ended December 31, 2002. This Historical Summary is the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of Highlands Ranch University Park for the year ended
December  31,  2002, in conformity with accounting principles generally accepted
in  the  United  States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                    Page 16
HIGHLANDS RANCH UNIVERSITY PARK
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $1,675,091
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     301,727
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   1,976,818
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     106,109
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     239,845
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     345,954
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $1,630,864
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 17
HIGHLANDS  RANCH  UNIVERSITY  PARK
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical Summary") includes the operations of Highlands Ranch University Park
(the "Property"). The Property was purchased by Weingarten Realty Investors (the
"Company"),  through  an investment in a 40%-owned unconsolidated joint venture,
on  October 17, 2003 from Highlands Ranch University Park, LLC. This acquisition
includes  an 88,000 square foot shopping center, and is anchored by Whole Foods,
in Highlands Ranch, Colorado. The Property was 93.1% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 28.8% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 18
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $ 1,836,391
         2004               1,883,507
         2005               1,886,472
         2006               1,871,922
         2007               1,202,604
         Thereafter        12,307,420
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based on a percentage of the tenants' sales.  Such
tenant reimbursements and percentage rental income totaled $301,727 and $13,693,
respectively,  for  the  year  ended  December  31,  2002.

                                    Page 19
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the  "Historical Summary") of Overton Park Plaza (the "Property") for
the  year ended December 31, 2002. This Historical Summary is the responsibility
of the Property's management. Our responsibility is to express an opinion on the
Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary,  of Overton Park Plaza for the year ended December 31,
2002,  in conformity with accounting principles generally accepted in the United
States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                    Page 20
OVERTON PARK PLAZA
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $3,589,307
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .   1,262,199
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   4,851,506
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     403,565
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .   1,014,250
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .   1,417,815
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $3,433,691
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 21
OVERTON  PARK  PLAZA
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the  operations  of  Overton  Park  Plaza (the
"Property").  The  Property  was  purchased by WRI Overton Plaza, LP, which is a
wholly-owned  entity  of Weingarten Realty Investors (the "Company"), on October
24,  2003  from  Columbia  Regency  Texas  1, L.P. This acquisition is a 351,000
square  foot  shopping  center  located in Fort Worth, Texas, and is anchored by
Albertson's.  The Property was 93.6% occupied as of December 31, 2002. No single
tenant  had  minimum rentals exceeding 9.8% of the total minimum rentals for the
year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 22
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $3,781,621
         2004              3,627,754
         2005              3,404,857
         2006              2,629,415
         2007              1,718,994
         Thereafter        4,331,532
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and  tenant  reimbursements  totaled  $1,262,199 for the year ended December 31,
2002.

                                    Page 23
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses  (the "Historical Summary") of West Jordan Town Center (the "Property")
for  the  year  ended  December  31,  2002.  This  Historical  Summary  is  the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical  Summary, of West Jordan Town Center for the year ended December
31,  2002,  in  conformity  with accounting principles generally accepted in the
United  States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                    Page 24
WEST JORDAN TOWN CENTER
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $1,928,361
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     498,409
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   2,426,770
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     181,514
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     273,717
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     455,231
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $1,971,539
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 25
WEST  JORDAN  TOWN  CENTER
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes  the operations of West Jordan Town Center (the
"Property").  The  Property  was  acquired  by  Weingarten Realty Investors (the
"Company"),  through  its  interest  in WRI/Utah Properties, LP, on December 19,
2003  from  CPI/West  Jordan  LLC.  This  178,000 square foot shopping center is
located  in  West  Jordan,  Utah,  and is anchored by Albertson's, Office Depot,
Petco and Rite Aid. The Property was 91.1% occupied as of December 31, 2002, and
no  single  tenant  had  minimum  rentals  exceeding  20.8% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 26
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $ 1,905,515
         2004               1,883,687
         2005               1,781,968
         2006               1,673,740
         2007               1,675,146
         Thereafter        21,173,079
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a percentage of the tenants' sales.  No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and  tenant  reimbursements  totaled  $498,409  for  the year ended December 31,
2002.

                                    Page 27
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Trust  Managers  and  Shareholders  of
     Weingarten  Realty  Investors:

          We  have  audited  the  accompanying statement of revenues and certain
expenses (the "Historical Summary") of Taylorsville Town Center (the "Property")
for  the  year  ended  December  31,  2002.  This  Historical  Summary  is  the
responsibility of the Property's management. Our responsibility is to express an
opinion  on  the  Historical  Summary  based  on  our  audit.

          We  conducted  our  audit  in  accordance  with the auditing standards
generally accepted in the United States of America. Those standards require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
Historical Summary is free of material misstatement. An audit includes examining
on  a  test  basis,  evidence  supporting  the  amounts  and  disclosures in the
statement.  An  audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
presentation  of  the  Historical  Summary. We believe that our audit provides a
reasonable  basis  for  our  opinion.

          The  accompanying  Historical  Summary was prepared for the purpose of
complying  with  the  rules  and  regulations  of  the  Securities  and Exchange
Commission  (for  inclusion  in  Form  8-K  of  Weingarten  Realty Investors) as
described  in  Note  2  to  the  Historical  Summary and is not intended to be a
complete  presentation  of  the  Property's  revenues  and  expenses.

          In  our  opinion,  the  Historical  Summary  presents  fairly,  in all
material  respects, the revenues and certain expenses, as described in Note 2 to
the  Historical Summary, of Taylorsville Town Center for the year ended December
31,  2002,  in  conformity  with accounting principles generally accepted in the
United  States  of  America.

Deloitte  &  Touche  LLP
Houston,  Texas
May  27,  2004

                                    Page 28
TAYLORSVILLE TOWN CENTER
                    STATEMENT OF REVENUES AND CERTAIN EXPENSES
                       FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUES:
    Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  922,019
    Tenant reimbursements . . . . . . . . . . . . . . . . . . . . . .     262,224
                                                                       -----------
              Total Revenues. . . . . . . . . . . . . . . . . . . . .   1,184,243
                                                                       -----------

CERTAIN EXPENSES:
    Property operating and maintenance. . . . . . . . . . . . . . . .     120,677
    Ad valorem taxes. . . . . . . . . . . . . . . . . . . . . . . . .     115,255
                                                                       -----------
              Total Certain Expenses. . . . . . . . . . . . . . . . .     235,932
                                                                       -----------

EXCESS OF REVENUES OVER CERTAIN EXPENSES. . . . . . . . . . . . . . .  $  948,311
                                                                       ===========

See accompanying notes to statement of revenues and certain expenses.
Page 29
TAYLORSVILLE  TOWN  CENTER
NOTES  TO  STATEMENT  OF  REVENUES  AND  CERTAIN  EXPENSES
FOR  THE  YEAR  ENDED  DECEMBER  31,  2002

1.     ORGANIZATION

          The  accompanying  statement  of  revenues  and  certain expenses (the
"Historical  Summary")  includes the operations of Taylorsville Town Center (the
"Property").  The  Property  was  acquired  by  Weingarten Realty Investors (the
"Company"),  through  its  interest  in WRI/Utah Properties, LP, on December 19,
2003  from  CPI/Taylorsville  LP.  The  Property  is a 94,000 square foot retail
center  that  is  located in Taylorsville, Utah, and is anchored by Albertson's,
Blockbuster  and  Rite  Aid.  The Property was 71.2% occupied as of December 31,
2002.  No single tenant had minimum rentals exceeding 23.6% of the total minimum
rentals  for  the  year  ended  December  31,  2002.

          The  Company  is  a  Texas  real  estate  investment  trust,  which is
primarily  involved  in  the  acquisition,  development,  and management of real
estate, consisting mostly of neighborhood and community shopping centers and, to
a  lesser  extent,  industrial  properties.

2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

          Basis  of  Presentation - The accompanying Historical Summary has been
prepared  for  the  purpose  of complying with the provisions of Article 3.14 of
Regulation  S-X  promulgated  by  the  Securities  and  Exchange Commission (the
"SEC"),  which  requires  certain  information  with  respect  to  real  estate
operations  to  be  included  with  certain filings with the SEC. The Historical
Summary  for  the  year ended December 31, 2002 includes the historical revenues
and  certain  operating  expenses  of  the  Property,  exclusive  of  interest,
management  fees,  corporate  level  general  and  administrative  expenses  and
depreciation  and  amortization,  which  may  not  be  comparable  to the future
operations  of  the  Property.

          Revenue  Recognition  -  Rental  revenue  is generally recognized on a
straight-line  basis over the life of the lease. Rental revenue includes revenue
based  on  a  percentage  of  tenants' sales, which is recognized only after the
tenant  exceeds  their  sales  breakpoint. All leases have been accounted for as
operating  leases.  Tenant  reimbursements  represent  revenues from tenants for
reimbursements of taxes, maintenance expenses and insurance, which is recognized
in  the  period  the  related  expense  is  recorded.

          Repairs and Maintenance - Expenditures for repairs and maintenance are
expensed  as  incurred.

          Use  of  Estimates  -  The  preparation  of the financial statement in
conformity with accounting principles generally accepted in the United States of
America  requires  the  Property's  management to make estimates and assumptions
that  affect  amounts  reported  in  the  financial statement as well as certain
disclosures.  Actual  results  could  differ  from  those  estimates.

                                    Page 30
3.     RENTALS  UNDER  OPERATING  LEASES

          Future  minimum  rental income from non-cancelable operating leases at
December  31,  2002  is  as  follows:
2003             $  902,594
         2004                800,339
         2005                728,034
         2006                662,080
         2007                631,509
         Thereafter        6,316,122
The  future  minimum  lease  payments  do  not  include  estimates  for  tenant
reimbursements  nor  amounts  based  on  a  percentage of the tenants' sales. No
percentage  rental  income  was recognized for the year ended December 31, 2002,
and tenant reimbursements totaled $262,224 for the year ended December 31, 2002.

                                    Page 31
WEINGARTEN REALTY INVESTORS
              PRO FORMA CONDENSED STATEMENT OF CONSOLIDATED INCOME
                          YEAR ENDED DECEMBER 31, 2003
                                  (Unaudited)

                    (in thousands, except per share amounts)

This unaudited Pro Forma Condensed Statement of Consolidated Income is presented
as if (A) the acquisitions of the acquired properties and (B) the acquisition of
other  properties,  as  set  forth in the Notes and Significant Assumptions, had
occurred  as  of  January  1,  2003.  In  management's  opinion, all adjustments
necessary  to  reflect  the  effects of these transactions have been made.  This
unaudited  Pro  Forma  Condensed  Statement  of  Consolidated  Income  is  not
necessarily  indicative of what actual results of operations would have been had
these transactions occurred on January 1, 2003, nor does it purport to represent
the  results  of  operations  for  future  periods.
Adjustment       Adjustment
                                                                 for Acquired      for Other           Pro
                                                   Historical   Properties(A)   Acquisitions(B)       Forma
                                                   ----------   -------------   ---------------   -------------
Revenues:
    Rentals. . . . . . . . . . . . . . . . . . . . $ 410,490     $    15,226      $   12,459        $  438,175
    Interest income. . . . . . . . . . . . . . . .     1,594                               8             1,602
    Other. . . . . . . . . . . . . . . . . . . . .     7,076               4              43             7,123
                                                   ----------   -------------   ---------------   -------------
        Total. . . . . . . . . . . . . . . . . . .   419,160          15,230          12,510           446,900
                                                   ----------   -------------   ---------------   -------------

Expenses:
    Depreciation and amortization. . . . . . . . .    94,108           3,748           2,421           100,277
    Interest . . . . . . . . . . . . . . . . . . .    88,871           5,188           3,256            97,315
    Operating. . . . . . . . . . . . . . . . . . .    65,022           1,833           1,968            68,823
    Ad valorem taxes . . . . . . . . . . . . . . .    47,553           2,001           1,414            50,968
    General and administrative . . . . . . . . . .    13,820                                            13,820
    Loss on early redemption of preferred shares .     2,739                                             2,739
                                                   ----------   -------------   ---------------   -------------
            Total. . . . . . . . . . . . . . . . .   312,113          12,770           9,059           333,942
                                                   ----------   -------------   ---------------   -------------

Operating Income . . . . . . . . . . . . . . . . .   107,047           2,460           3,451           112,958
Equity in Earnings of Joint Ventures . . . . . . .     4,743             152                             4,895
Income Allocated to Minority Interests . . . . . .    (2,723)           (195)            (35)           (2,953)
Gain on Sale of Properties . . . . . . . . . . . .       714                                               714
                                                   ----------   -------------   ---------------   -------------

Income Before Discontinued Operations. . . . . . .   109,781           2,417           3,416           115,614
                                                   ----------   -------------   ---------------   -------------
    Operating Income from Discontinued Operations.       460                                               460
    Gain on Sale of Properties . . . . . . . . . .     6,039                                             6,039
                                                   ----------   -------------   ---------------   -------------
            Income from Discontinued Operations. .     6,499                                             6,499
                                                   ----------   -------------   ---------------   -------------

Net Income . . . . . . . . . . . . . . . . . . . . $ 116,280    $      2,417      $    3,416        $  122,113
                                                   ==========   =============   ===============   =============

Net Income Available to Common Shareholders:
    Basic. . . . . . . . . . . . . . . . . . . . . $  97,880    $      2,417      $    3,416        $  103,713
                                                   ==========   =============   ===============   =============
    Diluted. . . . . . . . . . . . . . . . . . . . $ 100,920    $      2,612      $    3,451        $  106,983
                                                   ==========   =============   ===============   =============

Net Income per Common Share - Basic. . . . . . . . $    1.86                                        $     1.97
                                                   ==========                                     =============

Net Income per Common Share - Diluted. . . . . . . $    1.86                                        $     1.96
                                                   ==========                                     =============

Weighted Average Number of Shares Outstanding:
    Basic. . . . . . . . . . . . . . . . . . . . .    52,534                                            52,534
                                                   ==========                                     =============

    Diluted. . . . . . . . . . . . . . . . . . . .    54,383                                            54,481
                                                   ==========                                     =============
Page 32
WEINGARTEN REALTY INVESTORS
                       PRO FORMA CONDENSED BALANCE SHEET
                            AS OF DECEMBER 31, 2003
                                  (Unaudited)

                                 (in thousands)

This  unaudited  Pro  Forma  Condensed Balance Sheet is presented as if  (A) the
acquisitions  of  the  acquired  properties  and  (B)  the  acquisition of other
properties,  as  set  forth  in Notes (A) and (B), had occurred as of January 1,
2003.  In management's opinion, all adjustments necessary to reflect the effects
of  these  transactions  have  been  made.
Adjustment
                                                                          for            Pro
                                                        Historical    Acquisitions      Forma
                                                       ------------  --------------  -----------
ASSETS:

    Property . . . . . . . . . . . . . . . . . . . . . $ 3,200,091                   $3,200,091
    Accumulated Depreciation . . . . . . . . . . . . .    (527,375)  $      (4,812)    (532,187)
                                                       ------------  --------------  -----------
        Property - net . . . . . . . . . . . . . . . .   2,672,716          (4,812)   2,667,904
    Investment in Real Estate Joint Ventures . . . . .      32,742             152       32,894
                                                       ------------  --------------  -----------
          Total. . . . . . . . . . . . . . . . . . . .   2,705,458          (4,660)   2,700,798

    Notes Receivable from Real Estate Joint
      Ventures and Partnerships. . . . . . . . . . . .      36,825                       36,825
    Unamortized Debt and Lease Costs . . . . . . . . .      70,895          (1,357)      69,538
    Accrued Rent and Accounts Receivable, net. . . . .      43,368                       43,368
    Other. . . . . . . . . . . . . . . . . . . . . . .      67,248           9,591       76,839
                                                       ------------  --------------  -----------

                              Total. . . . . . . . . . $ 2,923,794   $       3,574   $2,927,368
                                                       ============  ==============  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Debt . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,810,706                   $1,810,706
Preferred Shares Subject to Mandatory Redemption, net.     109,364                      109,364
Accounts Payable and Accrued Expenses. . . . . . . . .      79,686                       79,686
Other. . . . . . . . . . . . . . . . . . . . . . . . .      52,671   $      (2,489)      50,182
                                                       ------------  --------------  -----------

          Total. . . . . . . . . . . . . . . . . . . .   2,052,427          (2,489)   2,049,938
                                                       ------------  --------------  -----------

Minority Interest. . . . . . . . . . . . . . . . . . .      49,804             230       50,034
                                                       ------------  --------------  -----------

Shareholders' Equity . . . . . . . . . . . . . . . . .     821,563           5,833      827,396
                                                       ------------  --------------  -----------

                              Total. . . . . . . . . . $ 2,923,794   $       3,574   $2,927,368
                                                       ============  ==============  ===========
Page 33
WEINGARTEN REALTY INVESTORS
                       NOTES AND SIGNIFICANT ASSUMPTIONS
                          YEAR ENDED DECEMBER 31, 2003
                                  (Unaudited)

(A)     ACQUIRED  PROPERTIES

The aggregate purchase price for the acquisitions described below (the "Acquired
Properties")  was  $213.0  million  and  was allocated among land, buildings and
intangibles,  with the buildings being depreciated over a period of forty years.
These purchases were funded under our revolving credit facility (average rate of
2.34%),  with  the  exception  of $94.4 million of debt (average rate of 4.84%),
which  was  assumed by us.  Pro forma revenues and expenses, other than interest
and  depreciation,  represent the historical amounts of the Acquired Properties.

In June, we purchased Lincoln Place II, a 168,000 square foot shopping center in
Fairview  Heights,  Illinois.  The  center  is  anchored  by  Linens  N  Things,
Marshall's,  Office  Depot,  Old  Navy,  Supermarket  of  Shoes  and  Ultimate
Electronics.

In September, we completed the acquisition of Siempre Viva Business Park located
in  San  Diego, California.  Part of a 1.26 million square foot industrial park,
our  acquisition  included  seven  buildings  totaling 727,000 square feet.  The
property  is 100% leased to tenants such as UPS Supply Chain Solutions, Hitachi,
Triboro  Electric  Company  and  Bose  Corporation.

Also  in  September,  we  acquired  Fiesta Trails Shopping Center located in San
Antonio,  Texas.  The  center  comprises  312,000 square feet and is anchored by
Barnes  &  Noble, Cost Plus, Marshall's, Office Max, Regal Cinema and Steinmart.

In October, we acquired Highlands Ranch University Park through an investment in
a 40% unconsolidated joint venture.  Highland Ranch University Park is an 88,000
square foot shopping center located in Highlands Ranch, Colorado.  The center is
anchored  by  Whole  Foods.

In  October,  we  purchased  Overton  Park Plaza, a 351,000 square foot shopping
center  located  in  Fort  Worth,  Texas.  Overton  Park  Plaza  is  anchored by
Albertson's.

In  December, we acquired two retail centers in Utah. West Jordan Town Center is
a  178,000  square  foot  center located in West Jordan, Utah. Taylorsville Town
Center  is  a  94,000  square  foot  center  located in Taylorsville, Utah. Both
shopping  centers  are  located  in the greater Salt Lake City area suburbs, and
both  are  anchored  by  Albertson's  and  Rite  Aid.

(B)     OTHER  ACQUISITIONS

The  aggregate  purchase  price for the acquisitions described below (the "Other
Acquisitions")  was  $200.8  million and was allocated among land, buildings and
intangibles,  with the buildings being depreciated over a period of forty years.
These purchases were funded under our revolving credit facility (average rate of
2.34%)  with  the  exception of $91.7 million of debt (rate of 4.31%), which was
assumed  by  us.  Pro  forma  revenues  and  expenses,  other  than interest and
depreciation,  represent  the  historical  amounts  of  the  Other Acquisitions.

In  January,  we  acquired  the  Sears  Distribution  Center located in Atlanta,
Georgia.  This  403,000  square  foot  property  is  100%  occupied  with  Sears
Logistics  Services  as  the  sole  tenant.

In  February,  we acquired Atlanta Industrial Park.  This seven-building complex
totaled  502,000  square  feet and is also located in Atlanta, Georgia.  Also in

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February,  we  completed the acquisition of Rancho San Marcos Village, a 121,000
square  foot  shopping  center  anchored by Von's (Safeway) and 24-Hour Fitness.
This  center  is  located  in  San  Marcos,  California.

In  April,  we  acquired 1801 Massaro Boulevard located in Tampa, Florida.  This
159,000  square  foot distribution/manufacturing facility that is rail served is
100%  occupied.  Also  in  April,  we  acquired Hollywood Hills Plaza, a 365,000
square  foot  shopping  center anchored by Publix, Target and Eckerd Drug.  This
center  is  located  in  Hollywood,  Florida.

In  June,  we completed the acquisition of Tamiami Trail Shops, a 111,000 square
foot  center  located  in  Miami,  Florida.  Publix  and Eckerd Drug anchor this
center.

In  August,  we  acquired  Thousand Oaks Shopping Center located in San Antonio,
Texas.  An HEB Supermarket, Palais Royal and Tuesday Morning anchor this 163,000
square  foot  center.

In  September,  we  acquired  Durham Festival located in Durham, North Carolina.
This  134,000  square  foot  shopping  center  is  anchored  by  Kroger.

In  October,  we  acquired  four  retail properties.  Sandy Plains Exchange is a
73,000 square foot center located in Marietta, Georgia, a suburb of Atlanta, and
is  anchored  by  Publix supermarket.  Westland Terrace in Orlando, Florida is a
68,000 square foot center anchored by a corporate-owned Super Target.  Publix at
Laguna  Isles  is a 69,000 square foot center located in Pembroke Pines, Florida
and  is  anchored  by Publix.  University Palms is a 99,000 square foot shopping
center  anchored  by  Publix  and Blockbuster and is located in Oveido, Florida.

In  December,  Westgate Service Center, located in Houston, Texas, was acquired.
This three-building office service center complex comprises 119,000 square feet.
Also  in  December, we acquired Brookwood Square, a 253,000 square foot shopping
center  anchored  by  Home  Depot,  Staples  and Marshall's, which is located in
Austell,  Georgia,  a  suburb  of  Atlanta.

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WEINGARTEN REALTY INVESTORS
                STATEMENT OF ESTIMATED TAXABLE OPERATING RESULTS
                   AND CASH TO BE MADE AVAILABLE BY OPERATIONS
                      FOR THE YEAR ENDED DECEMBER 31, 2003
                                   (Unaudited)

                                 (in thousands)

The  following  unaudited statement is a pro forma estimate of taxable operating
results  and cash to be made available by operations for the year ended December
31,  2003.  The  pro  forma  statement  is  based  on  the  Company's historical
operating  results  for the year ended December 31, 2003 adjusted for the effect
of  (A)  the  acquisitions of the acquired properties and (B) the acquisition of
other  properties,  as set forth in the Notes and Significant Assumptions.  This
statement  does  not purport to forecast actual operating results for any future
periods.
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . $ 446,900

      Expenses:

            Depreciation and amortization . . . . . . . . . . .   100,277
            Interest. . . . . . . . . . . . . . . . . . . . . .    97,315
            Operating . . . . . . . . . . . . . . . . . . . . .    68,823
            Ad valorem taxes. . . . . . . . . . . . . . . . . .    50,968
            General and administrative. . . . . . . . . . . . .    13,820
            Loss on early redemption of preferred shares. . . .     2,739
                                                                ----------
                 Total Expenses . . . . . . . . . . . . . . . .   333,942
                                                                ----------

      Operating Income. . . . . . . . . . . . . . . . . . . . .   112,958

      Equity in Earnings of Joint Ventures. . . . . . . . . . .     4,895
      Income Allocated to Minority Interests. . . . . . . . . .    (2,953)
      Gain on Sale of Properties. . . . . . . . . . . . . . . .       714
      Income from Discontinued Operations . . . . . . . . . . .     6,499
                                                                ----------
      Estimated Taxable Operating Income. . . . . . . . . . . .   122,113

      Adjustments:
      Depreciation and amortization . . . . . . . . . . . . . .   100,624
      Loss on early redemption of preferred shares. . . . . . .     2,739
      Equity in earnings of joint ventures. . . . . . . . . . .    (4,895)
      Income allocated to minority interests. . . . . . . . . .     2,953
      Gain on sale of properties. . . . . . . . . . . . . . . .    (6,753)
      Changes in accrued rent and accounts receivable . . . . .    (5,596)
      Changes in other assets . . . . . . . . . . . . . . . . .   (31,579)
      Changes in accounts payable and accrued expenses. . . . .    (3,491)
      Other, net. . . . . . . . . . . . . . . . . . . . . . . .      (490)
                                                                ----------

      Estimated Cash to be Made Available from Operations . . . $ 175,625
                                                                ==========
(c)  Exhibits

     Exhibit  Number     Description
     ---------------     -----------

           23.1          Consent  of  Deloitte  &  Touche  LLP

                                    Page 36
SIGNATURE

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.

Date:  July 20, 2004
                                             WEINGARTEN REALTY INVESTORS

                                             By:     /s/     Joe D. Shafer
                                                ------------------------------
                                                Joe D. Shafer
                                                Vice President/Controller
                                                (Principal Accounting Officer)

                                    Page 37