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Supplemental Financial Information June 30, 2004 (Unaudited)

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Supplemental Financial Information June 30, 2004 (Unaudited) Supplemental Financial Information June 30, 2004 (Unaudited) Table of Contents Page No. Corporate Profile 1 Statements of Consolidated Income 2 Consolidated Balance Sheets 3 Statements of Consolidated Income at Prorata Share 4 Consolidated Balance Sheets at Prorata Share 5 Summary Operating Data 6 Funds from Operations Dividends General and Administrative Expenses Net Operating Income Rentals Interest Expense Property Financial Statements of Unconsolidated Joint Ventures at Prorata Share 8 Summary Balance Sheet Information 9 Common Share Data Capitalization Capital Availability Credit Ratings Debt Information 10 Outstanding Balance Summary Fixed vs Variable Rate Debt Secured vs Unsecured Debt Coverage Ratios Weighted Average Interest Rates Schedule of Maturities Other Information 12 Tenant Diversification Lease Expirations Leasing Production Average Minimum Rent per Square Foot Property Information 14 Acquisition Summary New Development Summary Property Investment Summary Disposition Summary Occupancy Property Listing This supplemental financial information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, and its unaudited quarterly financial statements. Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized. Weingarten Realty Investors Corporate Profile General Description Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of June 30, 2004, we owned or operated under long-term leases, interests in 338 developed income-producing properties and two properties that are currently under development, which are located in 20 states that span the southern half of the United States from coast to coast. Included in the portfolio are 278 shopping centers and 62 industrial projects. Our interests in these properties aggregated approximately 45.0 million square feet of building area. Our properties were 94.2% leased as of June 30, 2004, and historically our portfolio occupancy rate has never been below 90%. Corporate Office 2600 Citadel Plaza Drive P.O. Box 924133 Houston, TX 77292-4133 713-866-6000 www.weingarten.com Regional Offices Austin, TX Los Angeles, CA Dallas, TX Phoenix, AZ Denver, CO (Miller Weingarten) Raleigh, NC Ft. Lauderdale, FL Sacramento, CA Las Vegas, NV Orlando, FL Stock Listings New York Stock Exchange: Common Shares WRI Series C Preferred Shares WRIPrC (Redeemed 04/01/04) Series D Preferred Shares WRIPrD Series E Preferred Shares WRIPrE Page 1 Weingarten Realty Investors Statements of Consolidated Income (in thousands, except per share amounts that are reported on a post-split basis) (As reported in 10-Q) Three Months Ended Six Months Ended June 30, June 30, Twelve Months Ended December 31, 2004 2003 2004 2003 2003 2002 2001 2000 Revenues: Rentals $ 122,224 $ 99,826 $ 237,411 $ 195,411 $ 407,387 $ 353,783 $ 298,580 $ 233,531 Interest income 383 551 659 797 1,587 1,054 1,167 3,538 Other 1,145 1,617 2,713 2,632 7,067 5,138 4,054 2,876 Total 123,752 101,994 240,783 198,840 416,041 359,975 303,801 239,945 Expenses: Depreciation and amortization 29,215 22,312 55,707 43,195 93,382 77,113 65,630 52,047 Interest 28,140 21,036 55,873 40,475 88,871 65,863 54,473 43,190 Operating 18,886 16,073 35,994 30,033 64,608 54,816 46,487 35,798 Ad valorem taxes 14,697 11,312 29,112 22,614 47,129 43,602 37,445 29,959 General and administrative 3,936 3,414 7,962 6,471 13,820 11,148 9,570 8,213 Loss on early redemption of preferred shares 3,566 3,566 2,739 Total 98,440 74,147 188,214 142,788 310,549 252,542 213,605 169,207 Operating Income 25,312 27,847 52,569 56,052 105,492 107,433 90,196 70,738 Equity in Earnings of Joint Ventures (a) 1,651 998 2,937 2,036 4,743 4,043 5,547 4,143 Income Allocated to Minority Interests (975) (837) (1,854) (1,732) (2,723) (3,553) (475) (630) Impairment Loss on Land Held for Development (2,700) (2,700) Gain (Loss) on Sale of Properties 102 (17) 419 (8) 714 188 8,339 382 Income Before Discontinued Operations 23,390 27,991 51,371 56,348 108,226 108,111 103,607 74,633 Operating Income From Discontinued Operations 362 585 790 1,248 2,015 4,284 4,935 4,368 Gain (Loss) on Sale of Properties 13,430 (108) 13,430 763 6,039 19,472 Income From Discontinued Operations 13,792 477 14,220 2,011 8,054 23,756 4,935 4,368 Net Income 37,182 28,468 65,591 58,359 116,280 131,867 108,542 79,001 Less: Preferred Dividends 1,265 4,920 2,531 9,842 15,912 19,756 19,703 20,040 Original Issuance Costs associated with Redeemed Series A Preferred Shares 2,488 2,488 2,488 Net Income Available to Common Shareholders $ 35,917 $ 21,060 $ 63,060 $ 46,029 $ 97,880 $ 112,111 $ 88,839 $ 58,961 Net Income Per Common Share - Basic:$ 0.42 $ 0.27 $ 0.75 $ 0.59 $ 1.24 $ 1.44 $ 1.23 $ 0.98 Net Income Per Common Share - Diluted:$ 0.42 $ 0.27 $ 0.74 $ 0.59 $ 1.24 $ 1.43 $ 1.23 $ 0.98 (a) See Page 8 for the Company's prorata share of the operating results of its unconsolidated joint ventures. Page 2 Weingarten Realty Investors Consolidated Balance Sheets (in thousands, except per share amounts) (As reported in 10-Q) (b) June 30, December 31, 2004 2003 ASSETS Property $ 3,608,809 $ 3,200,091 Accumulated Depreciation (573,048) (527,375) Property - net 3,035,761 2,672,716 Investment in Real Estate Joint Ventures (a) 48,939 35,085 Total 3,084,700 2,707,801 Notes Receivable from Real Estate Joint Ventures and Partnerships 44,892 36,825 Unamortized Debt and Lease Costs 82,935 70,895 Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $4,228 in 2004 and $4,066 in 2003) 38,571 40,325 Cash and Cash Equivalents 42,700 20,255 Other 54,228 46,993 Total$ 3,348,026 $ 2,923,094 LIABILITIES AND SHAREHOLDERS' EQUITY Debt $ 2,202,048 $ 1,810,706 Preferred Shares Subject to Mandatory Redemption, net 109,364 Accounts Payable and Accrued Expenses 82,278 78,986 Other 79,058 52,671 Total 2,363,384 2,051,727 Minority Interest 57,479 49,804 Commitments and Contingencies Shareholders' Equity: Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2004 and 2003; liquidation preference $75,000 90 90 Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 85,608 in 2004 and 81,889 in 2003 2,563 2,488 Capital Surplus 1,111,113 993,570 Accumulated Dividends in Excess of Net Income (182,279) (174,234) Accumulated Other Comprehensive Loss (4,324) (351) Shareholders' Equity 927,163 821,563 Total$ 3,348,026 $ 2,923,094 (a) This represents the Company's investment of its unconsolidated joint ventures. See page 8 for additional information. (b) Certain reclassifications of prior years' amounts have been made to conform with the current year presentation. Page 3 Weingarten Realty Investors Statements of Consolidated Income at Prorata Share (in thousands, except per share amounts that are reported on a post-split basis) Three Months Ended Six Months Ended June 30, June 30, Twelve Months Ended December 31, 2004 2003 2004 2003 2003 2002 2001 2000 Revenues: Rentals $ 122,907 $ 99,827 $ 238,663 $ 195,913 $ 408,517 $ 358,810 $ 305,552 $ 240,139 Interest income 674 1,266 1,238 2,174 3,640 3,266 3,022 5,534 Other 991 1,644 2,615 2,693 7,254 5,250 4,181 2,278 Total 124,572 102,737 242,516 200,780 419,411 367,326 312,755 247,951 Expenses: Depreciation and amortization 28,981 21,919 55,314 42,548 92,085 77,604 66,763 53,323 Interest 27,585 21,248 55,003 41,031 88,572 67,653 56,647 44,406 Operating 18,842 15,970 35,987 29,965 64,574 55,131 47,287 36,706 Ad valorem taxes 14,739 11,339 29,214 22,723 47,392 44,224 38,402 30,750 General and administrative 3,934 3,414 7,969 6,477 13,821 11,145 9,572 8,201 Loss on early redemption of preferred shares 3,566 3,566 2,739 Total 97,647 73,890 187,053 142,744 309,183 255,757 218,671 173,386 Operating Income 26,925 28,847 55,463 58,036 110,228 111,569 94,084 74,565 Income Allocated to Minority Interests (913) (849) (1,787) (1,690) (3,236) (3,720) (272) (314) Impairment Loss on Land Held for Development (2,700) (2,700) Gain (Loss) on Sale of Properties 78 (7) 395 2 1,234 262 9,795 382 Income Before Discontinued Operations 23,390 27,991 51,371 56,348 108,226 108,111 103,607 74,633 Operating Income From Discontinued Operations 362 585 790 1,248 2,015 4,284 4,935 4,368 Gain (Loss) on Sale of Properties 13,430 (108) 13,430 763 6,039 19,472 Income From Discontinued Operations 13,792 477 14,220 2,011 8,054 23,756 4,935 4,368 Net Income 37,182 28,468 65,591 58,359 116,280 131,867 108,542 79,001 Less: Preferred Dividends 1,265 4,920 2,531 9,842 15,912 19,756 19,703 20,040 Original Issuance Costs associated with Redeemed Series A Preferred Shares 2,488 2,488 2,488 Net Income Available to Common Shareholders $ 35,917 $ 21,060 $ 63,060 $ 46,029 $ 97,880 $ 112,111 $ 88,839 $ 58,961 Net Income Per Common Share - Basic:$ 0.42 $ 0.27 $ 0.75 $ 0.59 $ 1.24 $ 1.44 $ 1.23 $ 0.98 Net Income Per Common Share - Diluted:$ 0.42 $ 0.27 $ 0.74 $ 0.59 $ 1.24 $ 1.43 $ 1.23 $ 0.98 Note: The Statement of Consolidated Income and Consolidated Balance Sheets at prorata share include the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest.
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