WEINGARTEN REALTY INVESTORS /TX/
10-Q, 1999-11-02
REAL ESTATE INVESTMENT TRUSTS
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C.  20549
                                    FORM 10-Q
(Mark  One)

[X]     QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR 15(d) OF THE SECURITIES
        EXCHANGE  ACT  OF  1934

                For the quarterly period ended September 30, 1999
                                               ------------------

                                       OR

[   ]     TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE  ACT  OF  1934

   For the transition period from____________________ to ____________________

                          Commission file number 1-9876
                                                 ------

                           WEINGARTEN REALTY INVESTORS
                           ---------------------------
             (Exact name of registrant as specified in its charter)

                        Texas                                   74-1464203
- ----------------------------------------------------------  -------------------
          (State or other jurisdiction of                     (I.R.S. Employer
           incorporation or organization)                    Identification No.)

2600 Citadel Plaza Drive, P.O. Box 924133, Houston, Texas        77292-4133
- ----------------------------------------------------------  -------------------
      (Address of principal executive offices)                   (Zip Code)


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

                  ____________________________________________
                 (Former name, former address and former fiscal
                       year, if changed since last report)


     Indicate  by  check  mark  whether the registrant (1) has filed all reports
required  to  be  filed by Section 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  12  months  (or  for  such shorter period that the
registrant  was required to file such reports), and (2) has been subject to such
filing  requirements  for  the  past  90  days.  Yes   X        No
                                                     -----         -----

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     Indicate  by  check mark whether the registrant has filed all documents and
reports  required  to  be  filed  by  Sections 12, 13 or 15(d) of the Securities
Exchange  Act  of 1934 subsequent to the distribution of securities under a plan
confirmed  by  a  court.   Yes.  No.

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate  the  number  of  shares outstanding of each of the issuer's classes of
common  stock, as of the latest practicable date.  As of November 1, 1999, there
were  26,692,018  common  shares  of  beneficial  interest  of Weingarten Realty
Investors,  $.03  par  value,  outstanding.


<PAGE>

                                     PART 1
                              FINANCIAL INFORMATION

ITEM  1.     CONSOLIDATED  FINANCIAL  STATEMENTS
<TABLE>
<CAPTION>
                                        WEINGARTEN REALTY INVESTORS
                                     STATEMENTS OF CONSOLIDATED INCOME
                                                (UNAUDITED)
                             (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                                                       Three Months Ended       Nine Months Ended
                                                          September 30,           September 30,
                                                     ----------------------  ----------------------
                                                       1999         1998        1999        1998
                                                     ----------  ----------  ----------  ----------
<S>                                                  <C>         <C>         <C>         <C>
Revenues:
  Rentals. . . . . . . . . . . . . . . . . . . . .   $  57,171   $  49,169   $ 165,593   $ 143,192
  Interest:
    Affiliates . . . . . . . . . . . . . . . . . .         529         356       1,627       1,040
    Securities and Other . . . . . . . . . . . . .         125          65         649         143
  Equity in earnings of real estate joint ventures
    and partnerships . . . . . . . . . . . . . . .          43          89         211         275
  Other. . . . . . . . . . . . . . . . . . . . . .         519         276       1,383       1,075
                                                     ----------  ----------  ----------  ----------

       Total . . . . . . . . . . . . . . . . . . .      58,387      49,955     169,463     145,725
                                                     ----------  ----------  ----------  ----------

Expenses:
  Depreciation and amortization. . . . . . . . . .      12,640      10,493      35,804      30,798
  Operating. . . . . . . . . . . . . . . . . . . .       9,026       7,439      26,386      21,727
  Interest . . . . . . . . . . . . . . . . . . . .       8,155       8,479      23,679      24,899
  Ad valorem taxes . . . . . . . . . . . . . . . .       7,146       6,530      20,909      18,588
  General and administrative . . . . . . . . . . .       1,843       1,662       5,633       5,058
                                                     ----------  ----------  ----------  ----------

       Total . . . . . . . . . . . . . . . . . . .      38,810      34,603     112,411     101,070
                                                     ----------  ----------  ----------  ----------

Income from Operations . . . . . . . . . . . . . .      19,577      15,352      57,052      44,655
Gain (Loss) on Sales of Property and Securities. .          (5)        347         (60)        417
                                                     ----------  ----------  ----------  ----------
Income Before Extraordinary Charge . . . . . . . .      19,572      15,699      56,992      45,072
Extraordinary Charge (early retirement of debt). .                                (149)     (1,392)
                                                     ----------  ----------  ----------  ----------
Net Income . . . . . . . . . . . . . . . . . . . .      19,572      15,699      56,843      43,680
Dividends on Preferred Shares. . . . . . . . . . .       5,010       1,395      14,583       3,364
                                                     ----------  ----------  ----------  ----------
Net Income Available to Common Shareholders. . . .   $  14,562   $  14,304   $  42,260   $  40,316
                                                     ==========  ==========  ==========  ==========

Net Income Per Common Share - Basic:
       Income Before Extraordinary Charge. . . . .   $     .55   $     .54   $    1.59   $    1.56
       Extraordinary Charge. . . . . . . . . . . .                                (.01)       (.05)
                                                     ----------  ----------  ----------  ----------
       Net Income. . . . . . . . . . . . . . . . .   $     .55   $     .54   $    1.58   $    1.51
                                                     ==========  ==========  ==========  ==========

Net Income Per Common Share - Diluted:
       Income Before Extraordinary Charge. . . . .   $     .54   $     .53   $    1.58   $    1.55
       Extraordinary Charge. . . . . . . . . . . .                                (.01)       (.05)
                                                     ----------  ----------  ----------  ----------
       Net Income. . . . . . . . . . . . . . . . .   $     .54   $     .53   $    1.57   $    1.50
                                                     ==========  ==========  ==========  ==========
</TABLE>

                         See Notes to Consolidated Financial Statements.

<PAGE>

<TABLE>
<CAPTION>
                                      WEINGARTEN REALTY INVESTORS
                                      CONSOLIDATED BALANCE SHEETS
                           (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                                                                      September 30,  December 31,
                                                                          1999           1998
                                                                     -------------  -------------
                                                                      (unaudited)
                                ASSETS
<S>                                                                   <C>            <C>
Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 1,468,274    $ 1,294,632
Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . .     (328,876)      (296,989)
                                                                     -------------  -------------
    Property - net . . . . . . . . . . . . . . . . . . . . . . . . .    1,139,398        997,643
Investment in Real Estate Joint Ventures and Partnerships. . . . . .        1,688          2,741
                                                                     -------------  -------------

            Total. . . . . . . . . . . . . . . . . . . . . . . . . .    1,141,086      1,000,384

Mortgage Bonds and Notes Receivable from:
    Affiliate (net of deferred gain of $4,487 in 1999 and 1998). . .       11,960         13,444
    Real Estate Joint Ventures and Partnerships. . . . . . . . . . .       41,968         23,388
Marketable Debt Securities . . . . . . . . . . . . . . . . . . . . .                      14,951
Unamortized Debt and Lease Costs . . . . . . . . . . . . . . . . . .       28,003         25,612
Accrued Rent and Accounts Receivable (net of allowance for doubtful
  accounts of $1,346 in 1999 and $888 in 1998) . . . . . . . . . . .       12,848         15,197
Cash and Cash Equivalents. . . . . . . . . . . . . . . . . . . . . .        3,234          1,672
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       11,039         12,395
                                                                     -------------  -------------

                  Total. . . . . . . . . . . . . . . . . . . . . . .  $ 1,250,138    $ 1,107,043
                                                                     =============  =============

              LIABILITIES AND SHAREHOLDERS' EQUITY

Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   564,296    $   516,366
Accounts Payable and Accrued Expenses. . . . . . . . . . . . . . . .       44,748         49,269
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       10,555          8,229
                                                                     -------------  -------------

            Total. . . . . . . . . . . . . . . . . . . . . . . . . .      619,599        573,864
                                                                     -------------  -------------

Commitments and Contingencies

Shareholders' Equity:
  Preferred Shares of Beneficial Interest - par value, $.03 per share;
   shares authorized: 10,000
    7.44% Series A cumulative redeemable preferred shares of
      beneficial interest;  3,000 shares issued and outstanding;
      liquidation preference $25 per share . . . . . . . . . . . . .           90             90
    7.125% Series B cumulative redeemable preferred shares of
      beneficial interest;  3,600 shares issued and outstanding;
      liquidation preference $25 per share . . . . . . . . . . . . .          108            108
    7.0% Series C cumulative redeemable preferred shares of
      beneficial interest;  2,300 shares issued and outstanding;
      liquidation preference $50 per share . . . . . . . . . . . . .           69
  Common Shares of Beneficial Interest - par value, $.03 per share;
    shares authorized: 150,000; shares issued and outstanding:
    26,692 in 1999 and 26,673 in 1998. . . . . . . . . . . . . . . .          801            800
  Capital Surplus. . . . . . . . . . . . . . . . . . . . . . . . . .      629,509        532,254
  Deferred Compensation Obligation . . . . . . . . . . . . . . . . .          (38)           (73)
                                                                     -------------  -------------
      Shareholders' Equity . . . . . . . . . . . . . . . . . . . . .      630,539        533,179
                                                                     -------------  -------------

                  Total. . . . . . . . . . . . . . . . . . . . . . .  $ 1,250,138    $ 1,107,043
                                                                     =============  =============
</TABLE>

                See Notes to Consolidated Financial Statements.

<PAGE>

<TABLE>
<CAPTION>
                                 WEINGARTEN REALTY INVESTORS
                            STATEMENTS OF CONSOLIDATED CASH FLOWS
                                         (UNAUDITED)
                                    (AMOUNTS IN THOUSANDS)

                                                                 Nine Months Ended
                                                                   September 30,
                                                             -----------------------
                                                                1999         1998
                                                             ----------   ----------
<S>                                                          <C>          <C>
Cash Flows from Operating Activities:
  Net income. . . . . . . . . . . . . . . . . . . . . . . .  $  56,843    $  43,680
  Adjustments to reconcile net income to net cash provided
    by operating activities:
      Depreciation and amortization . . . . . . . . . . . .     35,804       30,798
      Equity in earnings of real estate joint ventures and
        partnerships. . . . . . . . . . . . . . . . . . . .       (211)        (204)
      (Gain) loss on sales of property and securities . . .         60         (418)
      Extraordinary charge (early retirement of debt) . . .        149        1,392
      Changes in accrued rents and accounts receivable. . .      2,603         (560)
      Changes in other assets . . . . . . . . . . . . . . .     (7,542)      (8,125)
      Changes in accounts payable and accrued expenses. . .     (7,208)      (3,362)
      Other, net. . . . . . . . . . . . . . . . . . . . . .        729          394
                                                             ----------   ----------
        Net cash provided by operating activities . . . . .     81,227       63,595
                                                             ----------   ----------

Cash Flows from Investing Activities:
  Investment in properties. . . . . . . . . . . . . . . . .   (150,547)    (103,714)
  Mortgage bonds and notes receivable:
      Advances. . . . . . . . . . . . . . . . . . . . . . .     (6,031)      (7,298)
      Collections . . . . . . . . . . . . . . . . . . . . .      1,284          884
  Proceeds from sales and disposition of property . . . . .          3          371
  Proceeds from marketable debt securities. . . . . . . . .     15,000       12,229
  Real estate joint ventures and partnerships:
      Investments . . . . . . . . . . . . . . . . . . . . .     (1,321)
      Distributions . . . . . . . . . . . . . . . . . . . .        216          279
  Other, net. . . . . . . . . . . . . . . . . . . . . . . .         (7)         241
                                                             ----------   ----------
        Net cash used in investing activities . . . . . . .   (141,403)     (97,008)
                                                             ----------   ----------

Cash Flows from Financing Activities:
  Proceeds from issuance of:
      Debt. . . . . . . . . . . . . . . . . . . . . . . . .    105,658      138,528
      Common shares of beneficial interest. . . . . . . . .        475          124
      Preferred shares of beneficial interest . . . . . . .    111,263       72,512
  Principal payments of debt. . . . . . . . . . . . . . . .    (83,993)    (120,847)
  Common and preferred dividends paid . . . . . . . . . . .    (71,435)     (56,962)
  Other, net. . . . . . . . . . . . . . . . . . . . . . . .       (230)        (245)
                                                             ----------   ----------
        Net cash provided by financing activities . . . . .     61,738       33,110
                                                             ----------   ----------

Net increase/(decrease) in cash and cash equivalents. . . .      1,562         (303)
Cash and cash equivalents at January 1. . . . . . . . . . .      1,672        2,754
                                                             ----------   ----------

Cash and cash equivalents at September 30 . . . . . . . . .  $   3,234    $   2,451
                                                             ==========   ==========
</TABLE>

                 See Notes to Consolidated Financial Statements.

<PAGE>

                           WEINGARTEN REALTY INVESTORS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                             (AMOUNTS IN THOUSANDS)


1.     INTERIM  FINANCIAL  STATEMENTS

The  consolidated  financial  statements  included in this report are unaudited,
except  for  the  balance  sheet as of December 31, 1998.  In the opinion of the
Company,  all  adjustments  necessary  for a fair presentation of such financial
statements  have  been included.  Such adjustments consisted of normal recurring
items.  Interim  results  are  not  necessarily indicative of results for a full
year.

The  consolidated  financial  statements and notes are presented as permitted by
Form  10-Q,  and  do  not  contain certain information included in the Company's
annual  financial  statements  and  notes.

2.     PER  SHARE  DATA

Net  income  per  common share - basic is computed using net income available to
common shareholders and the weighted average shares outstanding.  Net income per
common  share  -  diluted includes the effect of potentially dilutive securities
for  the  periods  indicated,  as  follows  (in  thousands):
<TABLE>
<CAPTION>
                                                         Three Months Ended     Nine Months Ended
                                                            September 30,         September 30,
                                                        --------------------   --------------------
                                                           1999       1998       1999       1998
                                                        ---------  ---------   ---------  ---------
<S>                                                     <C>        <C>         <C>        <C>
Numerator:
Net income available to common shareholders - basic . . $ 14,562   $ 14,304    $ 42,260   $ 40,316
Income attributable to operating partnership units. . .       35          5         111          5
                                                        ---------  ---------   ---------  ---------
Net income available to common shareholders - diluted . $ 14,597   $ 14,309    $ 42,371   $ 40,321
                                                        =========  =========   =========  =========

Denominator:
Weighted average shares outstanding - basic . . . . . .   26,692     26,667      26,688     26,666
Effect of dilutive securities:
    Share options and awards. . . . . . . . . . . . . .       57         65          77        124
    Operating partnership units . . . . . . . . . . . .      142         54         142         44
                                                        ---------  ---------   ---------  ---------
Weighted average shares outstanding - diluted . . . . .   26,891     26,786      26,907     26,834
                                                        =========  =========   =========  =========
</TABLE>

<PAGE>

3.     DEBT

The  Company's  debt  consists  of  the  following  (in  thousands):
<TABLE>
<CAPTION>
                                                     September 30,   December 31,
                                                          1999           1998
                                                     -------------  -------------
<S>                                                  <C>            <C>
Fixed-rate debt payable to 2015 at 6.0% to 10.5% . .   $  423,987     $  404,061
Variable-rate unsecured notes payable to 2000. . . .                      82,000
Notes payable under revolving credit agreements. . .       95,687         10,250
Obligations under capital leases . . . . . . . . . .       36,949         12,467
Industrial revenue bonds to 2015 at 3.8% to 6.2%
    at September 30, 1999. . . . . . . . . . . . . .        6,171          6,262
Other. . . . . . . . . . . . . . . . . . . . . . . .        1,502          1,326
                                                     -------------  -------------

    Total. . . . . . . . . . . . . . . . . . . . . .   $  564,296     $  516,366
                                                     =============  =============
</TABLE>

At  September  30,  1999, the variable interest rate for notes payable under the
$200 million revolving credit agreement was 5.8%, and the variable interest rate
under  the  $20  million  revolving  credit  agreement  was  5.6%.

In  February  1999,  the  Company retired $82 million of variable-rate unsecured
Medium  Term  Notes  resulting  in  an  extraordinary  charge to earnings of $.1
million.

The  Company  has  three interest rate swap contracts with an aggregate notional
amount  of  $40  million.  Such  contracts, which expire through 2004, have been
outstanding  since  their  purchase  in  1992.  The  interest rate swaps have an
effective  interest  rate  of  8.1%.

The  Company's  debt  can  be  summarized  as  follows  (in  thousands):
<TABLE>
<CAPTION>
                                                September 30,  December 31,
                                                     1999          1998
                                                -------------  ------------
<S>                                             <C>            <C>
As to interest rate:
    Fixed-rate debt (including amounts fixed
      through interest rate swaps). . . . . . .  $   488,469    $  444,060
    Variable-rate debt. . . . . . . . . . . . .       75,827        72,306
                                                -------------  ------------

    Total . . . . . . . . . . . . . . . . . . .  $   564,296    $  516,366
                                                =============  ============

As to collateralization:
    Unsecured debt. . . . . . . . . . . . . . .  $   462,721    $  440,433
    Secured debt. . . . . . . . . . . . . . . .      101,575        75,933
                                                -------------  ------------

    Total . . . . . . . . . . . . . . . . . . .  $   564,296    $  516,366
                                                =============  ============
</TABLE>

<PAGE>

4.     PROPERTY

The  Company's  property  consists  of  the  following  (in  thousands):
<TABLE>
<CAPTION>
                                September 30,   December 31,
                                    1999           1998
                               --------------  --------------
<S>                            <C>             <C>
Land . . . . . . . . . . . . .  $    269,751    $    236,221
Land held for development. . .        29,616          30,156
Land under development . . . .        15,025          13,024
Buildings and improvements . .     1,139,769       1,009,166
Construction in-progress . . .        14,113           6,065
                               --------------  --------------

Total. . . . . . . . . . . . .  $  1,468,274    $  1,294,632
                               ==============  ==============
</TABLE>

Interest and ad valorem taxes capitalized to land under development or buildings
under  construction  was  $1.0  million  and  $.4 million for the quarter ending
September  30, 1999 and 1998 and $2.3 and $1.0 million for the nine months ended
September  30,  1999  and  1998.

5.     SEGMENT  INFORMATION

The  operating  segments  presented  are  the  segments of the Company for which
separate  financial  information  is  available  and  operating  performance  is
evaluated  regularly  by senior management in deciding how to allocate resources
and  in  assessing  performance.  The  Company  evaluates the performance of its
operating  segments  based  on  net  operating  income  that is defined as total
revenues  less  operating  expenses  and  ad  valorem  taxes.

The  shopping  center  segment  is  engaged  in the acquisition, development and
management  of  real  estate,  primarily  anchored  neighborhood  and  community
shopping  centers  located  in  Texas,  Louisiana,  Arizona, Nevada, New Mexico,
Oklahoma,  Arkansas,  Kansas, Colorado, Missouri, Illinois, Maine and Tennessee.
The  customer  base  includes  supermarkets,  drugstores and other retailers who
generally  sell  basic  necessity-type  commodities.  The  industrial segment is
engaged  in  the  acquisition, development and management of bulk warehouses and
office/service  centers.  Its  properties  are  located  in  Texas,  Nevada  and
Tennessee,  and  the  customer  base  is  diverse.  Included  in  "Other"  are
corporate-related  items,  insignificant  operations  and  costs  that  are  not
allocated  to  the  reportable  segments.


<PAGE>

Information  concerning  the  Company's  reportable  segments  is as follows (in
thousands):

<TABLE>
<CAPTION>
                             SHOPPING
                              CENTER    INDUSTRIAL    OTHER      TOTAL
                             ---------  ----------  ---------  ----------
<S>                          <C>        <C>         <C>        <C>
Three Months Ended
September 30, 1999:
    Revenues . . . . . . . . $  49,514  $    7,745  $   1,128  $   58,387
    Net operating income . .    35,449       5,538      1,228      42,215
    Total assets . . . . . .   983,697     185,717     80,724   1,250,138

Three Months Ended
September 30, 1998:
    Revenues . . . . . . . . $  44,259  $    4,923  $     773  $   49,955
    Net operating income . .    31,394       3,571      1,021      35,986
    Total assets . . . . . .   872,385     113,737     39,130   1,025,252


Nine Months Ended
September 30, 1999:
    Revenues . . . . . . . . $ 145,587  $   20,391  $   3,485  $  169,463
    Net operating income . .   103,753      14,679      3,736     122,168

Nine Months Ended
September 30, 1998:
    Revenues . . . . . . . . $ 130,168  $   13,189  $   2,368  $  145,725
    Net operating income . .    93,135       9,574      2,701     105,410
</TABLE>

Net  operating  income  reconciles  to  income  from  operations as shown on the
Statements  of  Consolidated  Income  as  follows  (in  thousands):
<TABLE>
<CAPTION>
                                         Three Months Ended        Nine Months Ended
                                            September 30,            September 30,
                                        --------------------    ----------------------
                                           1999       1998         1999         1998
                                        ---------  ---------    ----------  ----------
<S>                                     <C>        <C>          <C>         <C>
Total segment net operating income . .  $ 42,215   $ 35,986     $ 122,168   $ 105,410
Less:
    Depreciation and amortization. . .    12,640     10,493        35,804      30,798
    Interest . . . . . . . . . . . . .     8,155      8,479        23,679      24,899
    General and administrative . . . .     1,843      1,662         5,633       5,058
                                        ---------  ---------    ----------  ----------
Income from operations . . . . . . . .  $ 19,577   $ 15,352     $  57,052   $  44,655
                                        =========  =========    ==========  ==========
</TABLE>

Equity  in  earnings  of real estate joint ventures and partnerships as shown on
the  Statements of Consolidated Income and the corresponding investment balances
relate  exclusively  to  the  shopping  center  segment.

<PAGE>
PART  I
                              FINANCIAL INFORMATION

ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS

The  following  discussion  should  be read in conjunction with the consolidated
financial  statements  and notes thereto and the comparative summary of selected
financial  data  appearing  elsewhere  in  this  report.  Historical results and
trends  which  might  appear  should  not  be  taken  as  indicative  of  future
operations.

Weingarten Realty Investors owned and operated 184 anchored shopping centers, 50
industrial  properties,  one  office  building  and  one  apartment  complex  at
September  30, 1999.  Of the Company's 236 developed properties, 179 are located
in  Texas (including 101 in Houston and Harris County).  The Company's remaining
properties  are  located  in  Louisiana (11), Arizona (11), Nevada (8), Arkansas
(6),  New  Mexico  (5),  Oklahoma  (4), Tennessee (4), Kansas (3), Colorado (2),
Missouri  (1), Illinois (1), and Maine (1).  The Company has nearly 4,200 leases
and  3,200  different  tenants.  Leases  for the Company's properties range from
less  than a year for smaller spaces to over 25 years for larger tenants; leases
generally  include  minimum lease payments and contingent rentals for payment of
taxes,  insurance and maintenance and for an amount based on a percentage of the
tenants'  sales.  The majority of the Company's anchor tenants are supermarkets,
drugstores  and other retailers which generally sell basic necessity-type items.

CAPITAL  RESOURCES  AND  LIQUIDITY

The  Company anticipates that cash flows from operating activities will continue
to  provide  adequate  capital for all dividend payments in accordance with REIT
requirements,  and  that  cash  on  hand,  borrowings  under its existing credit
facilities, issuance of unsecured debt and the use of project financing, as well
as  other  debt  and  equity alternatives, will provide the necessary capital to
achieve  growth.  Cash  flow  from  operating  activities  as  reported  in  the
Statements  of  Consolidated  Cash  Flows  was  $81.2 million for the first nine
months  of  1999  as compared to $63.6 million for the same period of 1998.  The
increase  was  due  primarily  to  the Company's acquisition and new development
programs  and  improvements  in  the  performance  of  its existing portfolio of
properties.

The  Company's  Board of Trust Managers approved a quarterly dividend per common
share  of  $.71  for  the third quarter.  The Company's dividend payout ratio on
common  equity  was 73% and 74% for the third quarters of 1999 and 1998 based on
funds  from  operations  for  the  applicable  period.

The  Company  invested  an  additional  $50.7  million  in the portfolio through
acquisitions  and  new  development.  Acquisitions  during  the quarter added .9
million  square  feet  to  the  portfolio,  representing  an investment of $39.5
million.  The  Company  acquired  its  joint venture partner's 77% interest in a
245,000 square foot shopping center in Santa Fe, New Mexico and executed a lease
on  six  industrial projects that has been recorded as a capital lease.  The six
office/distribution  facilities in Dallas, Texas totaled 755,000 square feet and
were  89%  occupied  when  acquired.  With the addition of these facilities, the
Company  owns seven retail and fourteen industrial properties in the Dallas/Fort
Worth  metroplex  totaling  2.3 million square feet of building space.  Three of
the  seven retail centers are currently under construction with anchor retailers
in  place.

With  respect  to  new development, the Company acquired land for two additional
development  projects  in  Louisiana and Arizona.  The Company currently has ten
retail  centers  and one industrial facility under construction.  These projects
will  total  about  700,000  square  feet  upon completion and will represent an
investment of approximately $62 million.  At the end of August, construction was
completed  on  the 260-unit luxury apartment complex, representing an investment
of  about  $14  million.  The Company views this development as an opportunistic
use  of  land inventory rather than a programmed expansion into the multi-family
sector.  At  quarter-end,  the  complex  was  78%  leased.

<PAGE>

Total debt outstanding increased to $564.3 million at quarter-end from $516.4 at
December 31, 1998.  This increase was primarily due to acquisitions in the first
nine months of this year and the Company's ongoing development and redevelopment
efforts,  offset  by  the  retirement  of  debt  with  the $111.3 million of net
proceeds from the Company's first quarter preferred share offering.  Included in
total  debt outstanding of $564.3 at September 30, 1999 is floating-rate debt of
$75.8  million,  after  recognizing  the  offsetting  effect  of  $40 million of
interest  rate  swaps.  Additionally, our exposure to interest rate increases is
further  reduced  by  $9.6  of floating-rate notes receivable from various joint
venture  partners.  The Company's debt to total capitalization is a conservative
30.6%  and the interest coverage and the fixed charge coverage ratios are 4.3 to
1  and  2.9  to 1, respectively, for the four quarters ended September 30, 1999.

In  July  1999,  the  Company  issued  $20 million of ten-year 7.35% fixed-rate,
unsecured  Medium Term Notes.  Including the effect of a loss of $1.2 million on
the  sale  of Treasury locks which were designated as a hedge against the future
issuance  of  fixed-rate  notes,  the  effective  interest  rate  is  8.2%.

During  the  second  quarter,  the Company announced that it was negotiating the
sale  of  130 acres of unimproved land at Railwood, the Company's master-planned
industrial  park,  and an 80% interest in nearly two million square feet of bulk
warehouse facilities.  The Company will continue to provide leasing and property
management  services  for  the  improved properties and also retain the right to
develop  the  unimproved  land  in  joint  ventures  with  the  purchaser.  This
transaction  is  expected  to  close  in  the  fourth quarter and the total cash
proceeds  to  the  Company  are  projected to be approximately $59 million.  The
effect of this transaction on funds from operations will be neutral in 1999, but
will  be  accretive  over  the  long-term  as  the  proceeds  are  reinvested.

FUNDS  FROM  OPERATIONS

The  Company  considers  funds from operations to be an alternate measure of the
performance of an equity REIT since such measure does not recognize depreciation
and  amortization  of  real  estate  assets  as  operating expenses.  Management
believes  that  reductions  for  these  charges are not meaningful in evaluating
income-producing  real  estate,  which  historically  has  not depreciated.  The
National  Association  of  Real  Estate  Investment  Trusts  defines  funds from
operations  as  net  income  plus  depreciation  and amortization of real estate
assets, less gains and losses on sales of properties and securities.  Funds from
operations does not represent cash flows from operations as defined by generally
accepted accounting principles and should not be considered as an alternative to
net  income  as  an  indicator of the Company's operating performance or to cash
flows  from  operations  as  a  measure  of  liquidity.

Funds  from operations increased to $27.1 million for the third quarter of 1999,
as  compared  to $24.4 million for the same period of 1998.  For the nine months
ended  September 30, 1999, funds from operations increased to $78.0 million from
$71.8  million.  These increases primarily relate to the impact of the Company's
acquisitions  and,  to  a  lesser  degree,  new  development and activity at its
existing  properties.

RESULTS  OF  OPERATIONS
THREE  MONTHS  ENDED  SEPTEMBER  30,  1999

Net  income  available  to  common  shareholders increased to $14.6 million from
$14.3 million for the third quarter of 1999 as compared with the same quarter of
1998.  Net  income per common share-basic increased to $.55 in 1999 from $.54 in
1998,  while  net  income  per share-diluted also increased to $.54 in 1999 from
$.53  in  1998.

Rental  revenues  were  $57.2  million  in 1999, as compared to $49.2 million in
1998,  representing  an  increase  of approximately $8.0 million or 16.3%.  This
increase  relates  primarily  to  acquisitions  and,  to  a  lesser  degree, new
development and activity at the Company's existing properties.  Occupancy of the
Company's retail and industrial properties was 92.1% and 93.9%, respectively, at
the  end  of  the  third  quarter  of  1999  as  compared  to  93.2%  and 92.6%,
respectively, at September 30, 1998.  Occupancy of the Company's total portfolio
was  92.7%  at  September  30, 1999 as compared to 93.1% at the end of the third
quarter  of  the  prior year.  During the first nine months of 1999, the Company
completed  633  renewals  or leases comprising 3.4 million square feet of space.
Rental  rates  increased  an average of 9.6% over the rates charged to the prior
tenants.  Net  of  capital  costs for tenant improvements, the increase averaged
6.4%.  Retail  sales  on  a  same-store  basis  increased by 2.1% based on sales
reported  during  the  last  twelve  months.

<PAGE>

Gross  interest  costs,  before  capitalization  of  interest,  increased by $.2
million  from  $8.8  million in the third quarter of 1998 to $9.0 million in the
third  quarter  of  1999.  The  increase was due primarily to an increase in the
average  debt  outstanding between periods from $500.3 million in 1998 to $512.5
million  in  1999.  The  average  interest rate remained unchanged at 7.1%.  The
amount  of  interest capitalized during the period increased from $.4 million in
1998  to  $.9  million  in  1999 due to an increase in new development activity.

The  increases  in  depreciation  and  amortization,  operating  expenses and ad
valorem  taxes  were  primarily  the result of the Company's acquisition and new
development  programs.

NINE  MONTHS  ENDED  SEPTEMBER  30,  1999

Net  income  available to common shareholders increased by $2.0 million to $42.3
million  for the first nine months of 1999 from $40.3 million for the comparable
period  in  1998.  Net  income per common share-basic increased to $1.58 in 1999
from  $1.51  in  1998,  while net income per share-diluted increased to $1.57 in
1999  from  $1.50  in 1998.  Included in net income for 1998 is an extraordinary
loss  of  $1.4  million,  or  $.05  per  share, on the early retirement of debt.

Rental  revenues increased 15.6% to $165.6 million, compared with $143.2 million
for  the  same  period  of  the  prior year.  This increase relates primarily to
acquisitions  and,  to  a  lesser  degree,  new  development and activity at the
Company's  existing  properties.

Gross  interest  costs,  before  capitalization  of  interest,  decreased by $.1
million  to $25.8 million in the first nine months of 1999 from $25.9 million in
the  same period of 1998.  The average interest rate remained unchanged at 7.1%.
The amount of interest capitalized during the period increased from $1.0 million
in  1998 to $2.1 million in 1999 due to an increase in new development activity.

General and administrative expenses increased by $.5 million to $5.6 million for
the  first  nine  months  of 1999 from $5.1 million for the comparable period of
1998.  The  increase is due to the Company's adoption of the new Emerging Issues
Task  Force Consensus decision which provides that internal costs of identifying
and acquiring operating property incurred subsequent to March 19, 1998 should be
expensed.  Also,  contributing  to  the  increase  is  an  increase  in staffing
necessitated  by  the  growth  in  the  portfolio.

The  increases  in  depreciation  and  amortization,  operating  expenses and ad
valorem  taxes  were  primarily  the result of the Company's acquisition and new
development  programs.

YEAR  2000  COMPLIANCE

Many  currently  installed  computer  systems and software products are coded to
accept  only  two-digit  entries in the date code field.  These date code fields
will  need  to  be amended to allow the system to distinguish 21st century dates
from  the 20th century dates.  The use of software and computer systems that are
not  Year  2000  compliant  could  result  in system failures or miscalculations
causing  disruptions  of  operations, including, among other things, a temporary
inability to process transactions or engage in normal business activities.  As a
result, many companies' software and computer systems may need to be upgraded or
replaced  in  order  to  comply  with  Year  2000  requirements.

The  Company  has completed a review of its software and hardware and determined
that all mission-critical systems are Year 2000 compliant.  Non-mission critical
software  and  hardware  have also been reviewed, and the Company has identified
certain  personal  computers,  local  area  networks  and file servers which are
scheduled  for  upgrades  or  replacement  as  part  of  the  Company's  ongoing
maintenance  of  its  information  system  technology.  The  Company  has  also
completed  a  review  of  Year 2000 issues not related to information technology
including,  but  not limited to, the use of imbedded chips or internal clocks in
machinery  or  equipment.  As the Company owns primarily single-story industrial
buildings and neighborhood retail centers without enclosed common areas, the use
of  this  technology is very limited and, accordingly, the Company believes that
it  is  Year 2000 compliant.  The Company has no incremental costs in addressing
these  Year  2000  issues.

The  Company has communicated with its major tenants, financial institutions and
utility  companies to determine the extent to which the Company is vulnerable to
third  parties'  failures  to  resolve  their  Year  2000  issues.  Based on the
representations  received from these third parties, the Company does not believe
this  represents  a material risk to the Company.  Nevertheless, the Company has
no  guarantee that such third party systems will operate as represented.  In the
event  significant  systems  of  one of these third parties fails, the operating
results  and  financial  condition  of  the Company could be adversely effected.

Based  on the Company's assessment of the readiness of its own systems and those
of significant third parties, it has not deemed it necessary to develop a formal
contingency  plan.  In  the  event additional information comes to the Company's
attention  which  would change its current assessment, it will consider the need
for  a  contingency  plan  at  that  time.

<PAGE>

                                     PART II
                                OTHER INFORMATION

ITEM 6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

         (a)  Exhibits (numbered in accordance with Item 601 of Regulation S-K)

              (12)  A statement of computation of ratios of earnings and funds
                    from operations to  combined fixed  charges and  preferred
                    dividends.

              (27)  Article  5  Financial Data Schedule (EDGAR  filing only).


         (b)  Reports  on  Form  8-K

              A  Form  8-K,  dated  August  13,  1999,  was  filed  to report
              significant acquisitions in response to  Item  2., Acquisitions
              or  Disposition of Assets and  Item 7.,  Financial  Statements,
              Pro  Forma  Financial  Information and Exhibits.



<PAGE>

                                   SIGNATURES



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  thereunto  duly  authorized.



                                               WEINGARTEN  REALTY  INVESTORS
                                               -----------------------------
                                                      (Registrant)



                                               BY:  /s/  Stanford  Alexander
                                               -----------------------------
                                                   Stanford  Alexander
                                            Chairman/Chief  Executive  Officer
                                              (Principal  Executive  Officer)



                                               BY:  /s/  Stephen  C.  Richter
                                               -----------------------------
                                                    Stephen  C.  Richter
                                              Senior  Vice  President/Financial
                                                Administration  and  Treasurer
                                               (Principal  Accounting  Officer)


DATE:     November  2,  1999
          ------------------


                                                                      EXHIBIT 12
<TABLE>
<CAPTION>
                                              WEINGARTEN REALTY INVESTORS
                              COMPUTATION OF RATIOS OF EARNINGS AND FUNDS FROM OPERATIONS
                                   TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
                                                (AMOUNTS IN THOUSANDS)

                                                            Three Months Ended        Nine Months Ended
                                                              September 30,             September 30,
                                                          ----------------------    ----------------------
                                                             1999        1998          1999       1998
                                                          ----------  ----------    ----------  ----------
<S>                                                       <C>         <C>           <C>         <C>
Net income available to common shareholders . . . . . . . $  14,562   $  14,304     $  42,260   $  40,316

Add:
Portion of rents representative of the interest factor. .       363         207           692         609
Interest on indebtedness. . . . . . . . . . . . . . . . .     8,155       8,479        23,679      24,899
Preferred dividends . . . . . . . . . . . . . . . . . . .     5,010       1,395        14,583       3,364
Amortization of debt cost . . . . . . . . . . . . . . . .        86          87           260         279
                                                          ----------  ----------    ----------  ----------
    Net income as adjusted. . . . . . . . . . . . . . . . $  28,176   $  24,472     $  81,474   $  69,467
                                                          ==========  ==========    ==========  ==========

Fixed charges:
Interest on indebtedness. . . . . . . . . . . . . . . . . $   8,155   $   8,479     $  23,679   $  24,899
Capitalized interest. . . . . . . . . . . . . . . . . . .       890         361         2,145       1,010
Preferred dividends . . . . . . . . . . . . . . . . . . .     5,010       1,395        14,583       3,364
Amortization of debt cost . . . . . . . . . . . . . . . .        86          87           260         279
Portion of rents representative of the interest factor. .       363         207           692         609
                                                          ----------  ----------    ----------  ----------
    Fixed charges . . . . . . . . . . . . . . . . . . . . $  14,504   $  10,529     $  41,359   $  30,161
                                                          ==========  ==========    ==========  ==========

RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . .      1.94        2.32          1.97        2.30
                                                          ==========  ==========    ==========  ==========


Net income available to common shareholders . . . . . . . $  14,562   $  14,304     $  42,260   $  40,316
Depreciation and amortization . . . . . . . . . . . . . .    12,554      10,406        35,544      30,519
(Gain) loss on sales of property and securities . . . . .         5        (347)           60        (417)
Extraordinary charge (early retirement of debt) . . . . .                                 149       1,392
                                                          ----------  ----------    ----------  ----------
    Funds from operations . . . . . . . . . . . . . . . .    27,121      24,363        78,013      71,810
Add:
Portion of rents representative of the interest factor. .       363         207           692         609
Preferred dividends . . . . . . . . . . . . . . . . . . .     5,010       1,395        14,583       3,364
Interest on indebtedness. . . . . . . . . . . . . . . . .     8,155       8,479        23,679      24,899
Amortization of debt cost . . . . . . . . . . . . . . . .        86          87           260         279
                                                          ----------  ----------    ----------  ----------
    Funds from operations as adjusted . . . . . . . . . . $  40,735   $  34,531     $ 117,227   $ 100,961
                                                          ==========  ==========    ==========  ==========

RATIO OF FUNDS FROM OPERATIONS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . .      2.81        3.28          2.83        3.35
                                                          ==========  ==========    ==========  ==========
</TABLE>


<TABLE> <S> <C>

<ARTICLE>  5
<LEGEND>
THIS  SCHEDULE  CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WEINGARTEN
REALTY  INVESTORS' QUARTERLY  REPORT  FOR THE  PERIOD ENDED  SEPTEMBER 30, 1999.
</LEGEND>
<MULTIPLIER> 1

<S>                                     <C>
<PERIOD-TYPE>                           9-MOS
<FISCAL-YEAR-END>                       DEC-31-1999
<PERIOD-START>                          JAN-01-1999
<PERIOD-END>                            SEP-30-1999
<CASH>                                        3234
<SECURITIES>                                     0
<RECEIVABLES>                                14194
<ALLOWANCES>                                  1346
<INVENTORY>                                      0
<CURRENT-ASSETS>                                 0
<PP&E>                                     1468274
<DEPRECIATION>                              328876
<TOTAL-ASSETS>                             1250138
<CURRENT-LIABILITIES>                            0
<BONDS>                                          0
<COMMON>                                       801
                            0
                                    267
<OTHER-SE>                                  629471
<TOTAL-LIABILITY-AND-EQUITY>               1250138
<SALES>                                          0
<TOTAL-REVENUES>                            169463
<CGS>                                            0
<TOTAL-COSTS>                                47295
<OTHER-EXPENSES>                             41437
<LOSS-PROVISION>                                 0
<INTEREST-EXPENSE>                           23679
<INCOME-PRETAX>                              57052
<INCOME-TAX>                                     0
<INCOME-CONTINUING>                          57052
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                149
<CHANGES>                                        0
<NET-INCOME>                                 56843
<EPS-BASIC>                                 1.58
<EPS-DILUTED>                                 1.57


</TABLE>


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