Pricing Supplement No. 1 Filing under Rule 424(b)(3) Dated October 28, 2003 Registration File No. 333-104560 Cusip # 948 74R CL8 WEINGARTEN REALTY INVESTORS MEDIUM-TERM NOTES, SERIES A Principal amount: $15,000,000 Floating Rate Notes: N/A Interest Rate (if fixed rate): 4.48% Interest rate basis: N/A Stated Maturity: 10/31/10 Paper Rate Specified Currency: U.S. $ Prime Rate Applicable Exchange Rate (if any): LIBOR U.S. $1.00 = N/A Treasury Rate Issue price (as a percentage of CD Rate principal amount): 99.40% Federal Funds Rate Selling Agent's commission (%): .60% Other Purchasing Agent's discount Index Maturity: N/A or commission (%): N/A Spread Multiplier: N/A Settlement date (original Maximum Rate: N/A issue date): 10/31/03 Minimum Rate: N/A Redemption Commencement Initial Interest Rate: N/A Date (if any): N/A Interest Reset Date(s): N/A Interest Determination Date(s): N/A Optional Repayment Date: N/A Calculation Date(s): N/A Cusip # 948 74RCL8 Interest Payment Date (s): 3/15, 9/15 Regular Record Date(s): 3/1, 9/1 Redemption prices (if any): The Redemption Price shall initially be N/A % of the principal amount of such Notes to be redeemed. If such Notes are denominated in other than U.S. dollars, the applicable Foreign Currency Supplement is attached hereto. Additional terms: N/A As of the date of this Pricing Supplement, the aggregate initial public offering price (or its equivalent in other currencies) of the Debt Securities (as defined in the Prospectus) which have been sold (including the Notes to which this Pricing Supplement relates) is $15,000,000. "N/A" as used herein means "Not Applicable." COMMERZBANK CAPITAL MARKETS CORP.