SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
Savings and Investment Plan
for Employees of Weingarten Realty
(Full title of the plan)
____________________
WEINGARTEN REALTY INVESTORS
(Name and issuer of the securities held pursuant to the plan)
2600 Citadel Plaza Drive
Houston, Texas 77008
(Address of principal executive offices)
<PAGE>
Financial Statements and Exhibits
- ------------------------------------
(a) Financial statements.
(1) Independent Auditors' Report
(2) Statements of Net Assets Available for Benefits as of
December 31, 1997 and 1996
(3) Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1997 and 1996
(4) Notes to Financial Statement
(5) Supplemental Schedules of Assets Held for Investment
Purposes and 5% Reportable Transactions
The financial statements and schedules referred to above have been prepared in
accordance with the regulations of the Employee Retirement Income Security Act
of 1974 as allowed under the Form 11-K financial statement requirements.
(b) Exhibits.
24 -Independent Auditors' Consent
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES OF WEINGARTEN REALTY
By: Weingarten Realty Investors
Date: June 30, 1998 By: Stanford Alexander
------------------------------------
Stanford Alexander, Chairman/
Chief Executive Officer
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Participants of the
Savings and Investment Plan for Employees of Weingarten Realty:
We have audited, in total, the accompanying statements of net assets available
for benefits of the Savings and Investment Plan for Employees of Weingarten
Realty (the "Plan") as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for benefits for the years then
ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in total, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1)
assets held for investment purposes as of December 31, 1997, and (2)
transactions in excess of five percent of the current value of plan assets for
the year ended December 31, 1997, are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental information by fund in the statements
of changes in net assets available for benefits is presented for the purpose
of additional analysis rather than to present changes in net assets available
for benefits of the individual funds. The supplemental schedules and
supplemental information are the responsibility of the Plan's management.
Such supplemental schedules and supplemental information by fund have been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial statements taken
as a whole.
DELOITTE & TOUCHE LLP
Houston, Texas
June 29, 1998
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 1997 AND
1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
1997 1996
---- ----
ASSETS
- ---------------------------------
INVESTMENTS:
Mutual Funds $7,089,705 $5,501,244
Common Stock 942,228 687,903
Participant Loans Receivable 205,463 84,552
---------- ----------
TOTAL INVESTMENTS 8,237,396 6,273,699
---------- ----------
RECEIVABLES:
Contributions 108,097 91,017
Loan Interest 1,761 4,327
---------- ----------
TOTAL RECEIVABLES 109,858 95,344
---------- ----------
CASH 7,067 548
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $8,354,321 $6,369,591
---------- ----------
</TABLE>
See Notes to Financial Statements
<PAGE>
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED
DECEMBER 31, 1997 AND 1996
DECEMBER 31, 1997
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Growth & Aggressive
Stable Intermediate Mixed Income Growth Growth
Asset Bond Investment Equity Equity Equity
--------- -------------- ------------ ----------- ----------- ------------
INVESTMENT INCOME:
Dividends $ 13,575 $ 149,757 $ 202,374 $ 67,472 $ 35,155
Money Market Interest
Participant Loan Interest $ 843 46 2,925 2,384 2,959 1,315
Other 4 (2)
NET APPRECIATION (DEPRECIATION) IN
FAIR VALUE OF INVESTMENTS 45,160 5,147 182,630 125,658 320,134 40,958
CONTRIBUTIONS:
Participating Employees 35,847 11,913 113,055 119,639 108,466 60,797
Employer 14,082 6,066 52,136 57,137 48,766 27,236
BENEFITS PAID TO PARTICIPANTS (27,817) (9,349) (38,999) (40,529) (26,336) (24,924)
PARTICIPANT LOANS (43,307) (2,834) (30,982) (19,771) (23,934) 4,835
ADMINISTRATIVE FEES 548
FUND TRANSFERS 84,485 (11,727) (789) (65,529) (74,539) 48,239
INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 109,841 12,841 429,733 381,361 422,988 193,611
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 758,913 202,773 1,533,959 1,416,744 1,109,473 413,147
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $868,754 $ 215,614 $ 1,963,692 $1,798,105 $1,532,461 $ 606,758
<S> <C> <C> <C> <C>
Weingarten
International Realty Loan
Equity Common Stock Fund Total
--------------- -------------- -------- -----------
INVESTMENT INCOME:
Dividends $ 10,418 $ 50,184 $ 528,935
Money Market Interest 3,835 3,835
Participant Loan Interest 243 455 11,170
Other 1 48 51
NET APPRECIATION (DEPRECIATION) IN
FAIR VALUE OF INVESTMENTS (6,798) 74,930 787,819
CONTRIBUTIONS:
Participating Employees 25,538 95,074 570,329
Employer 11,771 44,643 261,837
BENEFITS PAID TO PARTICIPANTS (3,763) (8,020) (179,737)
PARTICIPANT LOANS 2,211 (7,129) $120,911
ADMINISTRATIVE FEES (57) 491
FUND TRANSFERS 9,138 10,722
INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 48,759 264,685 120,911 1,984,730
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 152,201 697,829 84,552 6,369,591
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $ 200,960 $ 962,514 $205,463 $8,354,321
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED
DECEMBER 31, 1997 AND 1996 (CONTINUED)
DECEMBER 31, 1996
SUPPLEMENTAL INFORMATION BY FUND
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Growth &
Balanced Equity Fixed Stable Intermediate Mixed Income
Fund Fund Fund Asset Bond Investment Equity
---------- -------- ------- ----------- -------------- ------------ -----------
INVESTMENT INCOME:
Dividends ($735) $ 12,637 $ 66,366 $ 210,845
Money Market Interest $ 5 $ 3 13
Participant Loan Interest $ 68 46 1,459 388
Other 114 50 257 306
NET APPRECIATION (DEPRECIATION) 654 45,756 (7,494) 128,162 83,251
IN FAIR VALUE OF INVESTMENTS
CONTRIBUTIONS:
Participating Employees 61,292 18,629 113,157 111,926
Employer 12,684 6,860 45,665 42,823
BENEFITS PAID TO PARTICIPANTS (2,180) (265,569) (42,841) (69,958) (53,410)
PARTICIPANT LOANS (3,902) (4,651) (32,664) (17,196)
ADMINISTRATIVE FEES (15) (15)
FUND TRANSFERS (478) (345) 68 (121,923) (1,539) (9,868) 64,443
INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENEFITS (488) (357) (2,180) (271,482) (18,303) 242,576 443,376
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 488 357 2,180 1,030,395 221,076 1,291,383 973,368
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $ 758,913 $ 202,773 $ 1,533,959 $1,416,744
<S> <C> <C> <C> <C> <C> <C>
Aggressive Weingarten
Growth Growth International Realty Loan
Equity Equity Equity Common Stock Fund Total
----------- ------------ --------------- -------------- ------- -----------
INVESTMENT INCOME:
Dividends $ 51,849 $ 28,229 $ 3,961 $ 39,054 $ 412,206
Money Market Interest 21
Participant Loan Interest 906 236 29 232 3,362
Other 245 54 39 (479) 586
NET APPRECIATION (DEPRECIATION) 168,916 28,093 9,771 43,965 501,074
IN FAIR VALUE OF INVESTMENTS
CONTRIBUTIONS:
Participating Employees 100,822 51,700 25,194 87,320 570,040
Employer 38,497 19,004 9,563 34,721 209,817
BENEFITS PAID TO PARTICIPANTS (31,951) (8,483) (126) (4,997) (479,515)
PARTICIPANT LOANS (25,119) 1,208 395 (2,623) $84,552
ADMINISTRATIVE FEES (257) (287)
FUND TRANSFERS 7,931 21,791 66,436 (26,516)
INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENEFITS 312,096 141,832 115,262 170,420 84,552 1,217,304
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 797,377 271,315 36,939 527,409 5,152,287
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $1,109,473 $ 413,147 $ 152,201 $ 697,829 $84,552 $6,369,591
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES OF WEINGARTEN REALTY
------------------------------
Notes to Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The general purpose of the Savings and Investment Plan for Employees of
Weingarten Realty (the "Plan") is to provide retirement and other related
benefits for employees of Weingarten Realty Investors ("WRI") and its wholly
owned subsidiary, Weingarten Realty Management Company ("WRMC"), referred to,
collectively, as the "Company".
Basis of Accounting - The financial records of the Plan and the account
- ---------------------
records of participants of the Plan are generally maintained on the cash basis
of accounting. The accompanying financial statements of the Plan are
presented on the accrual basis of accounting; accordingly, memorandum entries
are made to the accounting records to reflect the accrual for dividend and
interest income, contributions by the Company and participants and interest on
loan payments due. Withdrawals of benefits by participants are recorded when
paid.
Investments - Investments are carried at their quoted market value. Average
- -----------
cost is used to determine the cost of investments sold or redeemed.
Valuation of Loans to Participants - The loans to participants are valued
----------------------------------
at cost plus accrued interest which approximates fair value.
Use of Estimates - The preparation of financial statements requires
------------------
management to make use of estimates and assumptions that affect amounts
reported in the financial statements as well as certain disclosures.
Actual results could differ from those estimates.
2. SUMMARY DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA"), as amended, and
regulations promulgated thereunder. The following is a summary of the Plan,
as restated on July 1, 1997. Plan participants should refer to the Plan
document for more complete information.
Eligibility - All employees are eligible to participate in the Plan after
-----------
completing one hour of eligible service and attaining 21 years of age.
Participant Contributions - Participants may contribute 1% to 12% of
--------------------------
their annual paid compensation (as defined in the Plan document) as salary
reduction contributions. Such contributions are generally made through
regular payroll withholdings and reduce the amount of the participant's
compensation that is subject to federal income tax.
Employer Contributions - The Company may make monthly matching
----------------------
contributions to the Plan. The maximum amount of each participant's
salary reduction contribution that is subject to matching is equal to 6%
of the participant's qualified compensation. The employer's matching
contribution is generally allocated to the individual participant's
accounts based on the ratio of the participant's salary reduction
contributions to the total salary reduction contributions made by all
participants during the period. The employer's matching contribution
is directed to the different funds (described under "Investment Options")
using the same ratio as the participants' individual contributions. The
Company may also make discretionary contributions. Discretionary
contributions are allocated to the individual participant based on the
ratio of the participant's compensation to the compensation of all
participants during the year. No discretionary contributions are
invested in Weingarten Realty Common Stock. No discretionary
contributions were madeduring the years ended 1997 and 1996.
<PAGE>
Vesting - Participants are fully vested for all contributions made by them.
For employer contributions and earnings of the Plan, participants vest
as follows:
<TABLE>
<CAPTION>
<S> <C>
Vested
Years of Vesting Service Percentage
- --------------------------------------- ----------
Less than 2 years . . . . . . . . . . . 0
At least 2 years, but less than 3 years 20
At least 3 years, but less than 4 years 40
At least 4 years, but less than 5 years 60
At least 5 years, but less than 6 years 80
6 years or more . . . . . . . . . . . . 100
</TABLE>
Upon death, disability or reaching 65 years of age, a participant becomes
fully vested for all contributions and earnings made on his behalf.
Administration - Plan Administrators, appointed by the Company, are
--------------
responsible for the administrative operations of the Plan and maintaining
the accounting records of the Plan and the participants.
Withdrawals - Upon death, disability or termination from the Company, a
-----------
participant or the beneficiary may withdraw all the participant's vested
interest in the Plan. A participant may withdraw all or a portion of his
nondedu ctible voluntary contributions at the end of the plan year or, in
case of hardship, at times otherwise allowed by the Plan Administrator.
Participants may withdraw all of their vested account balances upon
attaining the age of 59 1/2. Participants who terminate employment
and receive distributions of their vested account balances forfeit the
nonvested portion of their ccounts. Forfeitures during the year are used
to reduce the amount required by the employers' matching contributions.
Participant Loans - Eligible participants may borrow from their fund
------------------
accounts a minimum of $1,000 up to a maximum of the lesser of $50,000
or 50% of their vested account balances. Loan transactions are treated
as a transfer between the investment funds and the loan fund. Loan terms
range from 1 to 5 years, however loans may be made up to 15 years if
related to the purchase of a primary residence. The loans are secured by
the balance in the participant's account and bear interest equal to the
prime rate on the first day of the month that the loan is made, plus 1%.
Principal and interest are paid ratably through monthly payroll deductions.
Investment Options - At December 31, 1995, assets in the Fixed Fund, the
------------------
Balanced Fund and the Equity Fund were allocated into eight new investment
options as directed by participants. A description of the available
investment options follows:
(a) Balanced Fund - a fund of common stocks (excluding WRI stock, except
through shares held in a commingled fund), preferred stocks, bonds,
convertible securities and other similar types of investments,
including mutual funds;
(b) Equity Fund a fund of common stocks (excluding WRI stock, except
through shares held in a commingled fund), and preferred stocks;
(c) Fixed Fund - a fund invested in cash equivalents having ready
marketability, such as U.S. Treasury bills, commercial paper,
guaranteed investment contracts, certificates of deposit and
similar short-term securities;
(d) Stable Asset Fund - a fund invested in the Firstar Institutional
Investors Guaranteed Investment Contract Fund, which invests in
assets such as guaranteed investment contracts and bank investment
contracts;
(e) Intermediate Bond Fund - a fund invested in the Columbia -Fixed
Income Securities Fund, Inc., which invests at least 95% of
assets in investment-grade debt securities such as U.S. government
obligations, including GNMA's and FNMA's;
(f) Mixed Investment Fund - a fund invested in the Dodge & Cox Balanced
Fund, which invests at least 75% in common stocks and convertible
securities with the balance invested in investment-grade fixed
income securities;
(g) Growth and Income Equity Fund - a fund invested in the Mutual Series
Beacon Fund, which invests in common and preferred stocks and
corporate debt securities;
(h) Growth Equity Fund - a fund invested in the Davis New York Venture
Fund, Inc., which invests predominantly in equity securities of
companies with perceived growth potential;
(i) Aggressive Growth Equity Fund - a fund invested in the Royce Premier
Fund, which invests in common stocks and convertible securities in
companies with perceived long-term growth potential;
(j) International Equity Fund - a fund invested in the T. Rowe Price
International Stock Fund, which invests at least 65% in common
stocks of established non-U.S. companies with the balance of
assets invested in preferred stocks and convertible and/or debt
securities of foreign companies;and
(k) Weingarten Realty Common Stock - a fund invested in common shares of
beneficial interest of WRI purchased on the open market.
At December 31, 1997 and 1996, there were 164 and 140 participants,
respectively, who had their contributions allocated as follows:
<TABLE>
<CAPTION>
Number of Participants
December December
<S> <C> <C>
1997 1996
---------------------- --------
Stable Asset Fund. . . . . . . 52 47
Intermediate Bond Fund . . . . 38 41
Mixed Investment Fund. . . . . 106 99
Growth and Income Equity Fund. 99 95
Growth Equity Fund . . . . . . 101 89
Aggressive Growth Equity Fund. 68 60
International Equity Fund. . 44 39
Weingarten Realty Common Stock 69 62
</TABLE>
Amendment or Termination of the Plan - The Plan may be amended or
--------------------------------------
terminated at any time by the Company. No amendment may deprive any
participant (or their beneficiary) of any vested right the participant
may have accrued. If the Plan is terminated, the accounts of all
participants become nonforfeitable and the Plan's assets or cash will be
distributed to the participants so affected.
3. TAX STATUS
The Plan received a favorable ruling dated April 15, 1997 indicating that
the Plan was a qualified plan under Sections 401(a) and 501(a) of the
Internal Revenue Code and, therefore, exempt from income taxes. The Plan
Administrator and outside counsel believe that the Plan, as amended,
qualifies under the meanings of the above-mentioned sections of the
Internal Revenue Code; accordingly, no provision for federal income
taxes is provided in the accompanying financial statements.
<PAGE>
4. INVESTMENTS GREATER THAN FIVE PERCENT OF PLAN ASSETS
The following table presents investments that represent five percent or
more of the Plan's net assets available for benefits at December 31, 1997
and December 31, 1996:
<TABLE>
<CAPTION>
Market Value
December 31,
<S> <C> <C>
1997 1996
------------- --------------
Royce Fund Premier Series . . . . . . . . . $ 593,226 $ 402,422
Weingarten Realty Investors - Common Shares 942,228 687,903
Firstar Institutional Investors GIC Fund. . 860,625 750,554
Davis New York Venture Fund . . . . . . . . 1,508,925 1,089,204
Mutual Series Beacon Fund . . . . . . . . . 1,769,063 1,393,083
Dodge & Cox Balanced Fund . . . . . . . . . 1,947,877 1,518,338
</TABLE>
++++**
<TABLE>
<CAPTION>
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES,
AS OF DECEMBER 31, 1997
<S> <C>
IDENTITY OF ISSUE, BORROWER, ISSUER
ASSETS HELD OR SIMILAR PARTY
- -------------------------------------------------------------- --------------------------------------------
STABLE ASSET. . . . . . . . . . . . . . . . . . . . . . . . . . FIRSTAR INSTITUTIONAL INVESTORS GUARANTEED
INVESTMENT CONTRACT
INTERMEDIATE BOND . . . . . . . . . . . . . . . . . . . . . . . COLUMBIA FIXED-INCOME SECURITIES FUND, INC.
MIXED INVESTMENT. . . . . . . . . . . . . . . . . . . . . . . . DODGE & COX BALANCED FUND
GROWTH AND INCOME EQUITY. . . . . . . . . . . . . . . . . . . . MUTUAL SERIES BEACON FUND
GROWTH EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . DAVIS NEW YORK VENTURE FUND, INC.
AGGRESSIVE GROWTH EQUITY. . . . . . . . . . . . . . . . . . . . ROYCE PREMIER FUND
INTERNATIONAL EQUITY. . . . . . . . . . . . . . . . . . . . . . T ROWE PRICE INTERNATIONAL STOCK FUND
WEINGARTEN REALTY . . . . . . . . . . . . . . . . . . . . . . . *WEINGARTEN REALTY INVESTORS
COMMON STOCK
LOAN FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . PARTICIPANT LOANS RECEIVABLE
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES
*PARTY-IN-INTEREST
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES,
AS OF DECEMBER 31, 1997
<S> <C> <C> <C>
DESCRIPTION OF INVESTMENT
INCLUDING MATURITY DATE,
RATE OF INTEREST, COLLATERAL CURRENT
ASSETS HELD AND MATURITY VALUE COST VALUE
- --------------------------------------------------------------- ------------------------------ --------- --------
STABLE ASSET
. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . MUTUAL FUND (45,741.440 UNITS) $ 787,019 $ 860,625
INTERMEDIATE BOND . . . . . . . . . . . . . . . . . . . . . . . MUTUAL FUND (15,926.167 UNITS) 212,787 213,093
MIXED INVESTMENT. . . . . . . . . . . . . . . . . . . . . . . . MUTUAL FUND (29,168.566 UNITS) 1,649,329 1,947,877
GROWTH AND INCOME EQUITY. . . . . . . . . . . . . . . . . . . . MUTUAL FUND (125,287.770 UNITS) 1,636,977 1,769,063
GROWTH EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . MUTUAL FUND (67,573.897 UNITS) 1,070,770 1,508,925
AGGRESSIVE GROWTH EQUITY. . . . . . . . . . . . . . . . . . . . MUTUAL FUND (68,186.852 UNITS) 528,951 593,226
INTERNATIONAL EQUITY. . . . . . . . . . . . . . . . . . . . . . MUTUAL FUND (14,671.833 UNITS) 195,456 196,896
WEINGARTEN REALTY . . . . . . . . . . . . . . . . . . . . . . . COMMON SHARES (21,109 SHARES) 826,084 942,228
COMMON STOCK
LOAN FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . DUE SEMIMONTHLY, BEARING INTEREST AT 205,463 205,463
9.25% TO 9.50%
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES . . . . . . . $7,112,836 $8,237,396
*PARTY-IN-INTEREST
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES,
AS OF DECEMBER 31, 1997 (CONTINUED)
ASSETS ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
- ---------------------------------------------------------------
<S> <C>
IDENTITY OF ISSUE, BORROWER, ISSUER
ASSETS HELD OR SIMILAR PARTY
- --------------------------------------------------------------- -------------------------------------------
STABLE ASSET. . . . . . . . . . . . . . . . . . . . . . . . . . FIRSTAR INSTITUTIONAL INVESTORS GIC FUND
INTERMEDIATE BOND . . . . . . . . . . . . . . . . . . . . . . . COLUMBIA FIXED-INCOME SECURITIES FUND, INC.
MIXED INVESTMENT. . . . . . . . . . . . . . . . . . . . . . . . DODGE & COX BALANCED FUND
GROWTH AND INCOME EQUITY. . . . . . . . . . . . . . . . . . . . MUTUAL SERIES BEACON FUND
GROWTH EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . DAVIS NEW YORK VENTURE FUND, INC.
AGGRESSIVE GROWTH EQUITY. . . . . . . . . . . . . . . . . . . . ROYCE PREMIER FUND
INTERNATIONAL EQUITY. . . . . . . . . . . . . . . . . . . . . . T ROWE PRICE INTERNATIONAL STOCK FUND
WEINGARTEN REALTY . . . . . . . . . . . . . . . . . . . . . . . *WEINGARTEN REALTY INVESTORS
COMMON STOCK
*PARTY-IN-INTEREST
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES,
AS OF DECEMBER 31, 1997 (CONTINUED)
ASSETS ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
- ---------------------------------------------------------------
<S> <C> <C> <C>
DESCRIPTION OF INVESTMENT
INCLUDING MATURITY DATE,
RATE OF INTEREST, COLLATERAL SALE
ASSETS HELD AND MATURITY VALUE C0ST PROCEEDS
- ----------------------------------------------------- ---------------------------- -------- --------
STABLE ASSET. . . . . . . . . . . . . . . . . . . . . MUTUAL FUND $217,936 $153,025
INTERMEDIATE BOND . . . . . . . . . . . . . . . . . . MUTUAL FUND 32,814 24,158
MIXED INVESTMENT. . . . . . . . . . . . . . . . . . . MUTUAL FUND 334,974 88,065
GROWTH AND INCOME EQUITY. . . . . . . . . . . . . . . MUTUAL FUND 429,925 179,603
GROWTH EQUITY . . . . . . . . . . . . . . . . . . . . MUTUAL FUND 267,778 168,191
AGGRESSIVE GROWTH EQUITY. . . . . . . . . . . . . . . MUTUAL FUND 193,401 43,556
INTERNATIONAL EQUITY. . . . . . . . . . . . . . . . . MUTUAL FUND 68,579 12,761
WEINGARTEN REALTY . . . . . . . . . . . . . . . . . . COMMON SHARES 218,108 38,938
COMMON STOCK
*PARTY-IN-INTEREST
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
SAVINGS AND INVESTMENT PLAN FOR EMPLOYEES OF WEINGARTEN REALTY
SUPPLEMENTAL SCHEDULE OF FIVE PERCENT REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
SINGLE TRANSACTIONS INVOLVING AN AMOUNT IN EXCESS OF FIVE PERCENT OF THE CURRENT VALUE OF PLAN ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
(NONE NOTED)
SERIES OF TRANSACTIONS, WHEN AGGREGATED, INVOLVING AN AMOUNT IN EXCESS OF FIVE PERCENT OF THE CURRENT VALUE OF PLAN ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
NUMBER NUMBER TOTAL DOLLAR
OF OF VALUE OF TOTAL DOLLAR NET
IDENTITY OF PARTY INVOLVED . . . . . . . DESCRIPTION OF ASSET PURCHASES SALES PURCHASES VALUE OF SALES
- ---------------------------------------- -------------------- --------- ------------ ------------- ---------------
FIRSTAR INSTITUTIONAL INVESTORS GIC FUND MUTUAL FUND 62 19 $ 217,936 $ 153,025
MUTUAL SERIES BEACON FUND. . . . . . . . MUTUAL FUND 55 29 429,925 179,603
DODGE & COX BALANCED FUND. . . . . . . . MUTUAL FUND 60 29 334,974 88,065
DAVIS NEW YORK VENTURE FUND, INC.. . . . MUTUAL FUND 63 24 267,778 168,191
<S> <C>
IDENTITY OF PARTY INVOLVED . . . . . . . GAIN/(LOSS)
- ---------------------------------------- ------------
FIRSTAR INSTITUTIONAL INVESTORS GIC FUND $ 10,353
MUTUAL SERIES BEACON FUND. . . . . . . . 22,304
DODGE & COX BALANCED FUND. . . . . . . . 13,188
DAVIS NEW YORK VENTURE FUND, INC.. . . . 50,714
</TABLE>
EXHIBIT 24
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Post-Effective Amendment No. 1
to Registration Statement No. 33-25581 of the Savings and Investment Plan for
Employees of Weingarten Realty on Form S-8 of our report dated June 29, 1998,
appearing in this Annual Report on Form 11-K of the Savings and Investment
Plan for Employees of Weingarten Realty for the year ended December 31, 1997.
DELOITTE & TOUCHE LLP
Houston, Texas
June 29, 1998
AS
