Phoenix Property TourPhoenix Property TourApril 8April 8--9, 20089, 2008

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Safe Harbor StatementSafe Harbor Statement

Management’s intentions, hopes, beliefs, expectations or predictions 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 achievementscould differ materially from those expressed or 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.

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AgendaAgendaStrategic Plan Progress Drew AlexanderNew Development President/CEO

Balance Sheet Strength Steve RichterOperating Portfolio Executive Vice President/CFO

Phoenix Portfolio Chris ByrdRegional Leasing Director

Phoenix Market David DaleidenDirector of Research Strategy

Questions

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Strategic Growth PlanStrategic Growth PlanNew Development

º Completions of $250-$300 millionº Merchant Build Activities

Institutional Joint Venturesº Acquisition Financingº Assets Under Managementº Fee Income

Acquisitionsº Barriers to Entryº Joint Ventures

Asset Managementº Stronger Internal Growthº Dispositions

Achieve 7%Achieve 7%--9% Annual FFO/Share Growth9% Annual FFO/Share Growth

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Strategic Plan Progress: 2006Strategic Plan Progress: 2006--20072007New Development

º 32 projects under development with final investment of $629 million

º Merchant build gains of $.16 per share

º Delivered completions of $96 million in 2007 at a 9.3% yield

Institutional Joint Venturesº Six new joint ventures over the

last two yearsº Assets under management

increased to $2.8 billionº Fee income increased from $1.3

million in 2005 to $8.2 million in 2007

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Strategic Plan Progress: 2006Strategic Plan Progress: 2006--20072007Acquisitions

º Acquisitions of $1.9 billion in 2006-2007

º 90% of acquisitions in eastern and western regions

º 49% of acquisitions through JVs

Asset Managementº Non-core property dispositions

totaling $581 million in 2006-2007º Portfolio diversified geographicallyº Same-store NOI growth averaged

3.2% on a cash basis in 2006-2007

2007 FFO/Share Growth of 8.1%2007 FFO/Share Growth of 8.1%

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• Slowing Economy

• Challenging Credit Market

• Housing Slowdown

2008 Target

FFO per share Growth 5%-7%

New Development Completions $150-$160 million

Merchant Build Gains $.14-$.20 per share

Gross Acquisitions through Joint Ventures $300-$500 million

Non-Core Property Dispositions $200-$250 million

Asset Recapitalization Joint Ventures $250-$350 million

2008 Guidance2008 Guidance

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Key TakeawaysKey Takeaways

• Achieving and exceeding strategic plan goals

• Attractively valued stock

º 11.4X price*/2008 FFO

º 16.0X peer average

º Discount to net asset value

Our peer group includes: Developers Diversified, Equity One, Federal Realty, Kimco and Regency*Reflects closing stock price on April 1, 2008

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New DevelopmentNew Development

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New DevelopmentNew Development

• 32 projects under developmentº Half stabilizing in 2008-2009º Half stabilizing in 2010 & Beyond

• WRI costsº $341 million spent inception to dateº $629 million total estimated investment

• Over 9% projected yield

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Stabilization Date

Number of Projects

%Leased

Spent to Date

(millions)

Final Investment (millions)

Trade Area

Population2008 6 93% $92.1

$78.9$171.0

107,343$103.42009 10 63% $170.4 89,092

$273.8 95,93673%Total 16

16 Projects Stabilizing 200816 Projects Stabilizing 2008--20092009

• 9.5% projected yield

• 16 project completions by the end of 2009:º 9 supermarket anchored

º 7 anchored by national big box retailers

• Limit Development Risk:º Project phasing

º Modest speculative space

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StabilizationDate

Number of Projects

Projects w/ Committed

Anchors

Spent to Date

(millions)

Final Investment (millions)

$128.6 $278.6$35.3$40.9

$354.8

2011 4 2 $21.1 75,6822013 1 - $20.3 34,847

$170.0

Trade Area

Population2010 11 9 145,981

121,46111Total 16

16 Projects Stabilizing 2010 & Beyond16 Projects Stabilizing 2010 & Beyond

• Approximately 9% projected yield

• Anchors include:º 3 major grocers

º 4 Targets

º Kohl’s, Costco, Lowe’s, Conn’s, Academy, 24 Hour Fitness and Bed, Bath & Beyond

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Property Name Anchors Occupancy SquareFootage

2007 ROI

Palmilla CenterAvondale, AZ

Fry’s (OBO), Office Max, PetSmart 98.6% 169,142 11.8% 2001

Fry’s Ellsworth PlazaMesa, AZ Fry’s (OBO) 100% 73,608 13.5% 2002

13.3%

9.8%

14.3%

14.6%

Raintree Ranch CenterChandler, AZ Whole Foods 93.7% 140,109 9.3%* 2008

Total 97.6% 1,020,594 11.3%*

Val Vista Towne CenterGilbert, AZ

Target (OBO), Staples, Ross, Petco 100% 216,372 2001

Red Mountain GatewayMesa, AZ

Target (OBO), BB&B, Famous Footwear 96.6% 205,568 2002

Monte Vista Village CenterMesa, AZ Safeway (OBO) 100% 104,151 2004

Laveen Village MarketPhoenix, AZ Fry’s (OBO) 100% 111,644 2004

Completion Date

*Projected yield; Total includes Raintree Ranch Center’s projected yieldNote: Properties highlighted in yellow are on the property tour

Phoenix New Development PropertiesPhoenix New Development Properties

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Key Takeaways Key Takeaways –– New DevelopmentNew Development

• Strategy is working – Over 9% projected yield

• Long history as a developer

• Risks are well-controlled

• Quality and experience of our professionals

• $250-$300 million in completions in 2009

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Balance SheetBalance SheetStrengthStrength

Operating PortfolioOperating Portfolioby Steve Richterby Steve Richter

Executive Vice President/Executive Vice President/Chief Financial OfficerChief Financial Officer

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Balance Sheet StrengthBalance Sheet Strength

• Investment Grade Ratings:º Moody’s – Baa1

º S&P – BBB+

• Current debt capacity of $925 million after Lone Star Portfolio recapitalization

• Expanded corporate bank facility to $575 million

Pro-Forma YE 2007

Debt to Market Capitalization 48.3%

Debt to Assets at Cost 53.6%

Fixed Charge Coverage 2.0X

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Lone Star Retail Portfolio RecapLone Star Retail Portfolio Recap• Recapitalization of 18 existing WRI properties• Geographic distribution:

º 16 in Houston areaº 2 in other parts of Texas

• Total Gross Investment: $229 million• Cash proceeds to WRI: $214 million• Equity Commitment:

º JV Partner – 85%º WRI – 15%

• Leverage of 65% LTV• $500/sf average annual sales volume for supermarkets• WRI to receive:

º Property management, leasing and asset management feesº Performance enhancement incentives above certain hurdles

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• Cap rate of 7%-7.5%• Average HH income of $53,100 for Trade Areas vs. $69,600 for WRI• Independent supermarket anchors vs. large national/regional retailers• Same-property NOI growth of 2%-2.5% vs. 3% for WRI• Average shop rent of $15.18 vs. $18.77 for WRI’s post-recap Houston portfolio

Pricing/Valuation Pricing/Valuation –– WRI PortfolioWRI Portfolio

Pricing/Valuation Pricing/Valuation –– Lone Star AssetsLone Star Assets

Current ForwardCap Rate

7.1%

Range NAV RangeCap Rate

6.80%-7.25% $39.35 7.6% 7.00%-

8.50%

NAV

6 Analysts* $38.08

*Bank of America, Citigroup, Deutsche Bank, Green Street Advisors, Goldman Sachs and Merrill Lynch

Existing Portfolio Valuation???Existing Portfolio Valuation???

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Significant Joint Venture VolumeSignificant Joint Venture VolumePrivate Investor

Size$500 Million

(Initial Seed of $123 Million)

$150 Million $129 Million $325 Million $92 Million $229 Million

Specified Retail

Portfolio Acquisition

Specified Retail

Portfolio Recap

TexasCalifornia Florida

Specified Retail

Portfolio Acquisition

Florida

Specified Retail

Portfolio Acquisition

Pacific Northwest

Specified Retail

Portfolio Acquisition

FloridaGeorgiaTexas

Program Industrial

Acquisition

National

Type

Geographic Focus

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Operating PortfolioOperating Portfolio

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Sources of NOI Sources of NOI –– Product TypeProduct Type

Junior BoxJunior BoxAnchoredAnchored

4%4%

Power CenterPower Center23%23%

SpecialtySpecialty4%4%

OtherOther2%2%

SupermarketAnchored

67%

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NOI Migration Through YE 2007NOI Migration Through YE 2007

Western Western RegionRegion

34%34%Central Central RegionRegion

32%32%

Eastern Eastern RegionRegion

34%34%

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2.7%2.7% 1.7%1.7% 1.4%1.4% 1.4%1.4% 1.2%1.2%

1.1%1.1% 1.0%1.0% 0.9%0.9% 0.9%0.9% 0.9%0.9%

Top 10 tenants represent only 13.2% of total rental revenuesTop 10 tenants represent only 13.2% of total rental revenues

Strong Diversified PortfolioStrong Diversified Portfolio

66% of rental income is from National and Regional tenants66% of rental income is from National and Regional tenants

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Strong Portfolio PerformanceStrong Portfolio Performance19

8619

8719

8819

8919

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

07Fe

b-08

75%

Occupancy always above 90%Occupancy always above 90%

90%

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Major Market Annual Rents(thousands)

WRI ABR*

Market Average

ABR*

SpreadAmount

Spread %

$18.77**

$21.36

$23.68

$20.80

$21.71

$15.47

$17.82

$20.31

$19.39

+21.3%+$3.30

+$1.97

+$1.32

+$4.34

+$2.80

$22.36

+$0.69

+10.2%

+5.9%

+26.4%

+14.8%

+4.0%

$16.46

$18.91

+$3.62 +21.7%

$17.13

$16.69

Houston, TX $34,538**

Phoenix-Mesa-Scottsdale, AZ $10,897

Raleigh, NC $10,495

Miami-Fort Lauderdale, FL $17,909

Las Vegas, NV $17,308

Atlanta, GA $11,339

Orlando, FL $10,021

Average Base Rents by Major MarketAverage Base Rents by Major Market

Source: Company reports and REIS Inc.*Represents ABRs for units less than 10,000 square feet through 4Q 2007; Market average represents effective rents

for anchored community centers ranging from 100,000 square feet to 350,000 square feet**Figures adjusted for impact of recapitalization of Houston properties via the Lone Star Portfolio

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Total Portfolio Quarterly SameTotal Portfolio Quarterly Same--Store Store NOI Growth NOI Growth –– Cash BasisCash Basis

3.4%

4.3%4.1%

6.2%

4.6%

2.6%2.2%

3.3%3.1% 3.1% 3.1% 3.2%

0%

1%

2%

3%

4%

5%

6%

7%

1Q 2

005

2Q 2

005

3Q 2

005

4Q 2

005

1Q 2

006

2Q 2

006

3Q 2

006

4Q 2

006

1Q 2

007

2Q 2

007

3Q 2

007

4Q 2

007

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Key TakeawaysKey Takeaways

• Strong investment grade credit ratings

• More than adequate capital capacity to fully executestrategic plan

• Operating portfolio produces strong internal growth

• High quality portfolio with above-market average base rent per square foot

• Most diversified tenant base – largest tenant contributes less than 3% of revenue

• 67% supermarket anchored – most resilient in sector

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Phoenix PortfolioPhoenix Portfolioby Chris Byrdby Chris Byrd

Regional Leasing DirectorRegional Leasing Director

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Phoenix Office OverviewPhoenix Office Overview

• First regional office and one of the largest today

• Manages roughly 10 million square feet covering AZ, NM, CO, UT and NV

• Oversees new development, construction, leasing and property management for the entire southwestern region

• Houses 20 employees

• Key personnel:º Development – Tim Frakes, VP/Sr. Regional Director of Development

º Leasing – Alan Houston, VP/Regional Leasing Director

º Construction – George Vesely, Sr. Project Manager

º Leasing – Chris Byrd, Regional Leasing Director

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Geographically WellGeographically Well--Positioned Positioned Phoenix• 15 existing properties• 1,921,184 square feet• 2 new development projects

Tucson• 5 existing properties• 791,214 square feet• 1 new development project

Flagstaff• 1 existing property

Bullhead City• 1 merchant build project

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Property Name Anchors Occupancy SquareFootage

2007ROI

Broadway MarketplaceTempe, AZ

Office Max, Ace Hardware 97.4% 82,757 17.4% Acquired

1993

Arrowhead FestivalGlendale, AZ

Sports Authority, BB&B, Borders (all OBO) 100% 176,458 15.5% Acquired

2001

Laveen Village MarketPhoenix, AZ Fry’s (OBO) 100% 111,644 14.6% Developed

2004

Fry’s Ellsworth PlazaMesa, AZ Fry’s (OBO) 100% 73,608 13.5% Developed

2002

Val Vista Towne CenterGilbert, AZ

Target (OBO), Staples, Ross, Petco 100% 216,372 13.3% Developed

2001

Monte Vista Village CenterMesa, AZ Safeway (OBO) 100% 104,151 14.3% Developed

2004

12.1%

Camelback Village SquarePhoenix, AZ

Fry’s, Target (OBO), Office Max 100% 234,494 11.9% Acquired

1994

Fountain PlazaScottsdale, AZ Fry’s, Dollar Tree 94.0% 102,271 Acquired

1994

Acquisition/Completion

Phoenix Portfolio PropertiesPhoenix Portfolio Properties

Note: Highlighted properties are on the property tour

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Property Name(continued) Anchors Occupancy Square

Footage2007 ROI

Pueblo AnoziraTempe, AZ Fry’s, Petco, Dollar Tree 100% 157,309 11.8% Acquired

1994

Palmilla CenterAvondale, AZ

Fry’s (OBO), Office Max, PetSmart 98.6% 169,142 11.8% Developed

2001

Squaw Peak PlazaPhoenix, AZ Basha’s 100% 61,060 11.6% Acquired

1994

Basha’s Valley PlazaTempe, AZ Basha’s 81.7% 145,104 10.6% Acquired

1993

Red Mountain GatewayMesa, AZ

Target (OBO), BB&B, Famous Footwear 96.6% 205,568 9.8% Developed

2002

Raintree Ranch CenterChandler, AZ Whole Foods 93.7% 140,109 9.3%* Developed

2008

Scottsdale HorizonScottsdale, AZ

Baja Fresh Mexican Grille 100% 10,337 6.3% Acquired

2007

Rancho EncantoPhoenix, AZ

Fresh & Easy Neighborhood Market 66.5% 70,909 2.6% Acquired

1997

Total 94.5% 2,061,293* 11.4%*

Acquisition/Completion

*Projected yield; Total includes Raintree Ranch Center’s square footage and projected yield

Phoenix Portfolio PropertiesPhoenix Portfolio Properties

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Phoenix MarketPhoenix Marketby David by David DaleidenDaleiden

Director of Research StrategyDirector of Research Strategy

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• Transportation Network

• Phoenix Economic Structure

• Population Base and Growth

• Spending Capacity of Phoenix

• Demographic Layout of Phoenix

• Dynamics of our tour plan

The Story of PhoenixThe Story of Phoenix

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ScottsdaleScottsdale

MesaMesa

GlendaleGlendale

DowntownDowntownPhoenixPhoenix

TempeTempe

ChandlerChandler

SH 1

01

SH 202

SH 101

SH 202

SH 3

03

Phoenix Road Structure

Sun CitySun City

To East ArizonaTo East Arizona

To Flagstaff

To Flagstaff

To Los AngelesTo Los AngelesTo Tucson &

Texas

To Tucson & Texas

SH

51

SH 60

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ScottsdaleScottsdale

MesaMesa

GlendaleGlendale

DowntownDowntownPhoenixPhoenix

TempeTempe

ChandlerChandler

Sun CitySun City

Phoenix Road Structure

Loop 101

Loop

202

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DowntownDowntownPhoenixPhoenix

National Forest

Indian Reservation

Mountains

Federal Land

State Land

Phoenix BarriersPhoenix Barriers

Loop 101

Loop

202

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• Phoenix’s Beginningsº Cotton, Copper, Citrus and Cattle

• Phoenix Todayº Tourism

• 13.5 million visitors per year

• Home to 45 major resorts

º High Tech Manufacturing

º Construction

PhoenixPhoenix’’s Economic Structures Economic Structure

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Phoenix Population GrowthPhoenix Population Growth

Year Population Growth % Growth

1960 726,183 - -

1970 1,039,807 313,624 43.2%

1980 1,599,970 560,163 53.9%

1990 2,238,480 638,510 39.9%

2000 3,251,876 1,013,396 45.3%

2007 4,123,626 871,750 26.8%

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DowntownPhoenix

Phoenix Growth PatternsPhoenix Growth Patterns

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United States Phoenix

Area (Square Miles) 3,009,790 14,605

Ave HH Size 2.7 2.8

% Owner Occupied 63.0% 64.0%

% Renter Occupied 31.0% 29.0%

% Vacant Housing 5.9% 7.3%

Median Age 37.0 35.0

% Age Under 18 24.5% 27.2%

% Age Over 65 13.2% 13.3%

Median HH Income $49,979 $55,421

Average HH Income $66,753 $72,083

% College Graduates 30.8% 30.8%

Demographics & Income CharacteristicsDemographics & Income Characteristics

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Average Income Adjusted forAverage Income Adjusted forCost of Living Cost of Living –– Select Metro AreasSelect Metro Areas

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Housto

n, TX

Atlanta

, GA

Phoen

ix, A

ZChic

ago,

ILSea

ttle, W

ABos

ton, M

A

San F

rancis

co, C

ASan

Dieg

o, CA

New Y

ork, N

Y

AvgAvg HH IncHH Inc

AvgAvg HH Inc HH Inc –– AdjAdj for COLfor COLSource: ACCRA Cost of Living Index

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DowntownDowntownPhoenixPhoenix MesaMesa

ChandlerChandler

ScottsdaleScottsdale

AhwatukeeAhwatukeeTempeTempe

Phoenix Income PatternsPhoenix Income Patterns

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Phoenix Tour RoutePhoenix Tour Route

Phoenix Property TourPhoenix Property TourApril 8April 8--9, 20089, 2008