Filed pursuant to 424(b)(3)
Registration #333-103799
SUPPLEMENT NO. 51
DATED FEBRUARY 8, 2005
TO THE PROSPECTUS DATED SEPTEMBER 15, 2003
OF INLAND WESTERN RETAIL REAL ESTATE TRUST, INC.
We are providing this Supplement No. 51 to you in order to supplement our prospectus. This supplement updates information in the "Real Property Investments" and "Plan of Distribution" sections of our prospectus. This Supplement No. 51 supplements, modifies or supersedes certain information contained in our prospectus, Supplement No. 50 dated February 1, 2005, Supplement No. 49 dated January 25, 2005, Supplement No. 48 dated January 11, 2005, Supplement No. 47 dated January 4, 2005, Supplement No. 46 dated December 29, 2004, Supplement No. 45 dated December 21, 2004, and Supplement No. 44 dated December 16, 2004, (Supplement No. 44 superseded certain information contained in our prospectus and prior supplements dated between October 23, 2003 and December 16, 2004), and must be read in conjunction with our prospectus.
Real Property Investments
The discussion under this section, which starts on page 98 of our prospectus, is modified and supplemented by the following information regarding properties we have acquired or intend to acquire.
Cottage Plaza, Pawtucket, Rhode Island
On February 2, 2005, we purchased a newly constructed shopping center known as Cottage Plaza, containing 83,903 leasable square feet (which includes 6,540 square feet of ground lease space). The center is located at 380 Cottage Street in Pawtucket, Rhode Island.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $23,440,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $279 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
One tenant, Stop and Shop, leases more than 10% of the total gross leasable area of the property. The lease with this tenant requires the tenant to pay base annual rent on a monthly basis as follows:
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| Approximate |
| Per Square |
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| GLA Leased | % of Total | Foot Per | Lease | Term |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Stop and Shop | 65,486 | 78 | 20.00 | 11/04 | 11/24 |
For federal income tax purposes, the depreciable basis in this property will be approximately $17,580,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Cottage Plaza was newly constructed during 2004 and 2005. As of February 1, 2005, this property was 100% leased, with a total 83,903 square feet leased to five tenants and three ground lease tenants. The following table sets forth certain information with respect to those leases:
| Approximate GLA Leased | Lease | Current Annual | Base Rent Per Square Foot |
Lessee | (Sq. Ft.) | Ends | Rent ($) | Per Annum ($) |
Sally Beauty Supplies | 1,600 | 12/08 | 30,960 | 19.35 |
T-Mobile | 1,857 | 12/09 | 38,997 | 21.00 |
Wendy’s Old Fashioned Hamburgers (Ground Lease) * | 3,500 | 12/14 | 55,000 | N/A |
Pepperoni's | 1,920 | 12/14 | 34,200 | 17.81 |
Hollywood Video | 6,500 | 12/15 | 143,000 | 22.00 |
Stop & Shop Gas Station (Ground Lease) | 40 | 11/24 | 25,000 | N/A |
Stop & Shop | 65,486 | 11/24 | 1,309,720 | 20.00 |
Dunkin Donuts (Ground Lease) * | 3,000 | 01/25 | 55,000 | N/A |
* Lease term has not yet commenced but commences upon the tenant's occupancy of their building.
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Magnolia Square, Houma, Louisiana
On February 1, 2005, we purchased a newly constructed shopping center and which is known as Magnolia Square, containing 116,079 gross leasable square feet. The center is located at Martin Luther King Boulevard and Corporate Drive in Houma, Louisiana.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $18,264,000. These amounts may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $157 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
Three tenants, Circuit City, Ross Stores and PETsMART, lease more than 10% of the total gross leasable area of the property. The leases with these tenants require the tenants to pay base annual rent on a monthly basis as follows:
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| Base Rent |
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| Approximate |
| Per Square |
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| GLA Leased | % of Total | Foot Per | Lease | Term |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
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Circuit City | 20,246 | 17 | 13.85 | 10/04 | 01/20 |
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| Base Rent |
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| Approximate |
| Per Square |
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| GLA Leased | % of Total | Foot Per | Lease | Term |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
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Ross Stores | 30,025 | 26 | 9.30 | 09/04 | 01/15 |
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PETsMART | 20,030 | 17 | 12.50 | 10/04 | 03/15 |
For federal income tax purposes, the depreciable basis in this property will be approximately $13,698,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Magnolia Square was newly constructed during 2004. As of February 1, 2005, the property was 97% leased with a total 112,879 square feet leased to 13 tenants. The following table sets forth certain information with respect to those leases:
| Approximate GLA Leased | Lease | Current Annual | Base Rent Per Square Foot |
Lessee | (Sq. Ft.) | Ends | Rent ($) | Per Annum ($) |
Dollar Tree | 10,030 | 09/09 | 72,718 | 7.25 |
Dress Barn | 7,548 | 12/09 | 107,559 | 14.25 |
West Marine | 6,000 | 12/09 | 136,440 | 22.74 |
Oreck Floor Care Center | 1,600 | 12/09 | 24,800 | 15.50 |
Budget Cuts * | 1,600 | 12/09 | 24,800 | 15.50 |
Saigon Restaurant * | 1,600 | 12/09 | 24,800 | 15.50 |
Sally Beauty Supplies | 1,600 | 02/10 | 26,000 | 16.25 |
Chuck E. Cheese | 7,000 | 08/14 | 126,000 | 18.00 |
Ross Dress for Less | 30,025 | 01/15 | 279,221 | 9.30 |
PETsMART | 20,030 | 03/15 | 250,375 | 12.50 |
Circuit City | 20,246 | 01/20 | 280,407 | 13.85 |
Starbucks * | 1,600 | TBD | 41,360 | 25.85 |
Rue 21 * | 4,000 | TBD | 60,000 | 15.00 |
* Lease term information is based on the date the tenant begins occupancy and is not currently available.
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Terminated Contracts
Our Board of Directors previously approved the acquisitions of Thunderbird Crossing in Peoria, Arizona and Shoppes at Warner Robins in Warner Robins, Georgia, each of which was previously disclosed as a probable acquisitions. Based on information received during our due diligence process, we have decided not to pursue the acquisition of these properties and our affiliate has terminated the contract to acquire these properties.
Plan of Distribution
The following new subsection is inserted at the end of this section on page 148 of our prospectus.
Update
The following table updates shares sold in our offerings as of February 4, 2005:
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| Gross | Commission and fees | Net |
| Shares | proceeds ($) | ($) (1) | proceeds ($) |
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From our advisor | 20,000 | 200,000 | - | 200,000 |
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Our offering dated September 15, 2003: | 239,863,193 | 2,398,547,446 | 251,130,343 | 2,147,417,103 |
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Our second offering dated December 21, 2004 | 445,770 | 4,457,702 | 503,962 | 3,953,740 |
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Shares sold pursuant to our distribution reinvestment program | 4,404,878 | 41,846,338 | - | 41,846,338 |
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Shares repurchased pursuant to our share repurchase program | (71,892) | (665,006) | - | (665,006) |
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| 244,661,949 | 2,444,386,480 | 251,6313053 | 2,192,752,175 |
(1) Inland Securities Corporation serves as dealer manager of this offering and is entitled to receive selling commissions and certain other fees, as discussed further in our prospectus.