Weingarten Realty Investors Closes Acquisition of 19 Supermarket-Anchored Shopping Centers in California

Apr 03, 2001, 01:00 ET from Weingarten Realty Investors

    HOUSTON, April 3 /PRNewswire/ -- Weingarten Realty Investors (NYSE:   WRI)
 announced today that the Company has completed the acquisition of nineteen
 supermarket-anchored shopping centers from Burnham Pacific Properties, Inc.
 (NYSE:   BPP).  The purchase price, unchanged from the original announcement in
 January, was reported at $277.5 million which consisted of $145.5 million cash
 and the assumption by WRI of a loan with a balance of approximately
 $132 million.
     The nineteen properties, which are over 96% leased, are all located in
 California and aggregate approximately 2.5 million square feet.  Specifically,
 the majority of the centers (11) are located in the San Francisco
 Bay/Sacramento area while six are in and around Los Angeles.
     Drew Alexander, President and CEO of WRI, stated, "We were excited in
 January to put this portfolio under contract and after completing our due
 diligence, we are confident that these are excellent supermarket-anchored
 centers which provide an outstanding opportunity to enter the California
 market."
     Weingarten Realty Investors is a Houston, Texas, based real estate
 investment trust with 273 income-producing properties in 15 states, primarily
 in the Southwest.  Included in the portfolio are 216 neighborhood and
 community shopping centers, 55 industrial properties, one apartment complex
 and one office building, aggregating 32.5 million square feet.  The Company's
 common shares are listed on the New York Stock Exchange, trading under the
 symbol, "WRI".
     Statements included herein that state the Company's or Management's
 intentions, hopes, beliefs, expectations or predications of the future are
 "forward-looking" statements within the meaning of the Private Securities
 Litigation Reform Act of 1995 which by their nature, involve known and unknown
 risks and uncertainties.  The Company's actual results, performance or
 achievements could differ materially from those expressed as implied by such
 statements.  Reference is made to the Company's regulatory filings with the
 Securities and Exchange Commission for information or factors which may impact
 the Company's performance.
 
 

SOURCE Weingarten Realty Investors
    HOUSTON, April 3 /PRNewswire/ -- Weingarten Realty Investors (NYSE:   WRI)
 announced today that the Company has completed the acquisition of nineteen
 supermarket-anchored shopping centers from Burnham Pacific Properties, Inc.
 (NYSE:   BPP).  The purchase price, unchanged from the original announcement in
 January, was reported at $277.5 million which consisted of $145.5 million cash
 and the assumption by WRI of a loan with a balance of approximately
 $132 million.
     The nineteen properties, which are over 96% leased, are all located in
 California and aggregate approximately 2.5 million square feet.  Specifically,
 the majority of the centers (11) are located in the San Francisco
 Bay/Sacramento area while six are in and around Los Angeles.
     Drew Alexander, President and CEO of WRI, stated, "We were excited in
 January to put this portfolio under contract and after completing our due
 diligence, we are confident that these are excellent supermarket-anchored
 centers which provide an outstanding opportunity to enter the California
 market."
     Weingarten Realty Investors is a Houston, Texas, based real estate
 investment trust with 273 income-producing properties in 15 states, primarily
 in the Southwest.  Included in the portfolio are 216 neighborhood and
 community shopping centers, 55 industrial properties, one apartment complex
 and one office building, aggregating 32.5 million square feet.  The Company's
 common shares are listed on the New York Stock Exchange, trading under the
 symbol, "WRI".
     Statements included herein that state the Company's or Management's
 intentions, hopes, beliefs, expectations or predications of the future are
 "forward-looking" statements within the meaning of the Private Securities
 Litigation Reform Act of 1995 which by their nature, involve known and unknown
 risks and uncertainties.  The Company's actual results, performance or
 achievements could differ materially from those expressed as implied by such
 statements.  Reference is made to the Company's regulatory filings with the
 Securities and Exchange Commission for information or factors which may impact
 the Company's performance.
 
 SOURCE  Weingarten Realty Investors