Filed pursuant to 424(b)(3)
Registration #333-118860
SUPPLEMENT NO. 22
DATED JUNE 10, 2005
TO THE PROSPECTUS DATED DECEMBER 21, 2004
OF INLAND WESTERN RETAIL REAL ESTATE TRUST, INC.
We are providing this Supplement No. 22 to you in order to supplement our prospectus. This supplement updates information in the "Management", "Real Property Investments" and "Plan of Distribution" sections of our prospectus. This Supplement No. 22 supplements, modifies or supersedes certain information contained in our prospectus, Supplement No. 21 dated June 2, 2005, Supplement No. 20 dated May 25, 2005, Supplement No. 19 dated May 18, 2005, Supplement No. 18 dated May 6, 2005, Supplement No. 17 dated April 22, 2005, Supplement No. 16 dated April 18, 2005, Supplement No. 15 dated April 5, 2005, Supplement No. 14 dated March 28, 2005 and Supplement No. 13 dated March 18, 2005, (Supplement No. 13 superseded certain information contained in our prospectus and prior supplements dated between December 29, 2004 and March 18, 2005), and must be read in conjunction with our prospectus.
Management
Our Directors and Executive Officers
Effective June 7, 2005, the following table sets forth information with respect to our directors and executive officers:
Name | Age | Position and office with us |
Robert D. Parks | 61 | Chairman of the board and affiliated director |
Brenda G. Gujral | 62 | Chief executive officer and affiliated director |
Roberta S. Matlin | 60 | Vice president - administration |
Scott W. Wilton | 44 | Secretary |
Steven P. Grimes | 38 | Treasurer and principal financial officer |
Lori J. Foust | 40 | Principal accounting officer |
Frank A. Catalano, Jr. | 43 | Independent director |
Kenneth H. Beard | 65 | Independent director |
Paul R. Gauvreau | 65 | Independent director |
Gerald M. Gorski | 62 | Independent director |
Barbara A. Murphy | 67 | Independent director |
*As of January 1, 2005
Mr. Robert Parks, our former Chief Executive Officer, will continue to be actively involved in our company, serving as our non-executive Chairman of the Board and as an affiliated director.
Real Property Investments
The discussion under this section, which starts on page 110 of our prospectus, is modified and supplemented by the following information regarding properties we have acquired or intend to acquire.
The following table provides information regarding the properties we have acquired since June 2, 2005, the date of our last supplement, Supplement No. 21. We have purchased these properties from unaffiliated third parties. We purchased these properties with our own funds, unless noted otherwise. However, we expect to place financing on these properties that do not currently have financing at a later date.
Year | Date | Approximate Acquisition Costs Including Expenses | Gross Leasable Area | Physical Occupancy as of 06/01/05 | No. of | ||
Property | Built | Acquired | ($) * | (Sq. Ft.) | (%) | Tenants | Major Tenants ** |
Galvez Shopping Center | 2004 | 05/07/05 | 8,125,000 | 30,197 | 100 | 8 | Pier 1 Imports |
Beachway Plaza | 1984/2004 | 05/08/05 | 17,000,000 | 120,990 | 95 | 19 | Publix |
Southwest Crossing | 1999 | 05/08/05 | 24,900,000 | 113,528 | 99 | 15 | CompUSA |
The Shops at 5 | 2005 | 05/08/05 | 81,500,000 | 469,869 | 89 | 21 | BJ's Wholesale |
* | Our acquisition costs may increase by additional costs, which have not yet been finally determined. We expect any additional costs to be insignificant. |
** | Major tenants include tenants leasing more than 10% of the gross leasable area of the individual property. |
(1) | The initial closing will be for 25,660 gross leasable square feet and the physical occupancy represents the current occupancy of the entire shopping center as if we purchased it completely. The remaining 4,537 gross leasable square feet is expected to close at a later date when tenants have signed their lease, occupies their space and their respective leases have commenced. |
(2) | On June 8, 2005, we obtained financing in the amount of $10,235,450. The loan requires interest only payments at an annual rate of 4.96% and matures July 2010. |
(3) | The initial closing will be for 421,419 gross leasable square feet and the physical occupancy represents the current occupancy of the entire shopping center as if we purchased it completely. The remaining 48,450 gross leasable square feet is expected to close at a later date when tenants have signed their lease, occupies their space and their respective leases have commenced. |
Potential Property Acquisitions
We are currently considering acquiring the property listed below. Our decision to acquire this property will generally depend upon:
- no material adverse change occurring relating to the underlying property, the tenant or in the local economic conditions;
- our receipts of sufficient net proceeds from our offering and financing proceeds to make this acquisition; and
- our receipt of satisfactory due diligence information including appraisal, environmental reports and lease information.
Other properties may be identified in the future that we may acquire before or instead of these underlying property. We cannot guarantee that we will complete this acquisition.
In evaluating this property as a potential acquisition and determining the appropriate amount of consideration to be paid for this property, we have considered a variety of factors including, overall valuation of net rental income, location, demographics, quality of tenant, length of lease, price per square foot, occupancy and the fact that overall rental rate at the shopping center is comparable to market rates. We believe that this property is well located, have acceptable roadway access, is well maintained and have been professionally managed. This property will be subject to competition from similar shopping centers within their market area, and their economic performance could be affected by changes in local economic conditions. We did not consider any other factors materially relevant to our decision to acquire this property.
Year | Approximate Acquisition Costs Including | Gross Leasable Area | Physical Occupancy as of 06/01/05 | No. of | |||
Property | Built | Expenses ($) * | (Sq. Ft.) | (%) | Tenants | Major Tenants** | |
PETsMART Distribution Center | 2004 & 2005 | 40,223,000 | 1,003,350 | 100 | 1 | PETsMART | |
* | Our acquisition costs may increase by additional costs, which have not yet been finally determined. We expect any additional costs to be insignificant. | ||||||
** | Major tenants include tenants leasing more than 10% of the gross leasable area of the individual property. | ||||||
Plan of Distribution
The following new subsection is inserted at the end of this section on page 360 of our prospectus.
Update
The following table updates shares sold in our offering as of June 8, 2005:
Gross | Commission and fees | Net | ||
Shares | proceeds ($) | ($) (1) | proceeds ($) | |
From our advisor | 20,000 | 200,000 | - | 200,000 |
Our offering dated September 15, 2003: | 249,980,000 | 2,499,720,014 | 262,079,815 | 2,237,640,199 |
Our second offering dated December 21, 2004 | 81,080,367 | 810,803,668 | 83,282,433 | 727,521,235 |
Shares sold pursuant to our distribution reinvestment program | 7,748,874 | 73,614,300 | - | 73,614,300 |
Shares repurchased pursuant to our share repurchase program | (301,908) | (2,792,650) | - | (2,792,650) |
338,527,333 | 3,381,545,332 | 345,362,248 | 3,036,183,084 |
- 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.