Filed pursuant to 424(b)(3)
Registration #333-118860
SUPPLEMENT NO. 29
DATED AUGUST 5, 2005
TO THE PROSPECTUS DATED DECEMBER 21, 2004
OF INLAND WESTERN RETAIL REAL ESTATE TRUST, INC.
We are providing this Supplement No. 29 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. 29 supplements, modifies or supersedes certain information contained in our prospectus and Supplement No. 28 dated July 22, 2005, Supplement No. 27 dated July 14, 2005, Supplement No. 26 dated July 8, 2005, Supplement No. 25 dated June 30, 2005, Supplement No. 24 dated June 23, 2005, Supplement No. 23 dated June 16, 2005 (Supplement No. 23 superseded certain information contained in our prospectus and prior supplements dated between December 29, 2004 and June 16, 2005), and must be read in conjunction with our prospectus.
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 July 22, 2005, the date of our last supplement, Supplement No. 28. We have purchased these properties from unaffiliated third parties. We purchased these properties with our own funds and we expect to place financing on the properties at a later date, unless noted otherwise.
Year | Date | Approximate Acquisition Costs Including Expenses | Gross Leasable Area | Physical Occupancy as of 08/01/05 | No. of | ||
Property | Built | Acquired | ($) * | (Sq. Ft.) | (%) | Tenants | Major Tenants ** |
Blue View Corporate Center | 2003/2004 | 07/29/05 | 68,777,000 | 185,171 | 100 | 1 | Computershare Shareholder Services, Inc. |
The Orchard | 2004/2005 | 07/29/05 | 31,451,000 | 222,575 | 75 | 9 | Kohl's |
Raytheon Co. Office | 1984/ | 08/01/05 | 20,069,000 | 105,000 | 100 | 1 | Raytheon Company |
Eckerd Drug Store | 2004 | 08/04/05 | 5,637,000 | 13,824 | 100 | 1 | Eckerd Drug Store |
Eckerd Drug Store | 2004 | 08/04/05 | 5,812,000 | 13,824 | 100 | 1 | Eckerd Drug Store |
Eckerd Drug Store | 2004 | 08/05/05 | 5,654,000 | 13,813 | 100 | 1 | Eckerd Drug Store |
* | 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) | This property is being developed in two phases. The initial closing for a portion of the first phase was for 88,408 gross leasable square feet at a purchase price of approximately $6,280,500. The occupancy percentage represents the estimated occupancy of the entire shopping center as if we purchased it completely based on tenant commitments to rent space. The remaining 78,697 gross leasable square feet of the first phase is expected to close at a later date once the tenants' have commenced their rent payment. The second phase containing 55,470 gross leasable square feet is expected to close at a later date after the development of several tenants' space has been completed by the seller, and the tenants occupy their respective spaces and rent has commenced. |
Potential Property Acquisitions
We are currently considering acquiring the properties listed below. Our decision to acquire these properties will generally depend upon:
- no material adverse change occurring relating to the underlying properties, the tenants or in the local economic conditions;
- our receipts of sufficient net proceeds from our offering and financing proceeds to make these acquisitions; and
- our receipt of satisfactory due diligence information including appraisals, environmental reports and lease information.
Other properties may be identified in the future that we may acquire before or instead of these underlying properties. We cannot guarantee that we will complete these acquisitions.
In evaluating these properties as potential acquisitions and determining the appropriate amount of consideration to be paid for these properties, we have considered a variety of factors including, overall valuation of net rental income, location, demographics, quality of tenants, length of leases, price per square foot, occupancy and the fact that the overall rental rate at the shopping center is comparable to market rates. We believe that these properties are well located, have acceptable roadway access, are well maintained and have been professionally managed. These properties 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 these properties.
Year | Approximate Acquisition Costs Including | Gross Leasable Area | Physical Occupancy as of 08/01/05 | No. of | |||||||||||||
Property | Built | Expenses ($) * | (Sq. Ft.) | (%) | Tenants | Major Tenants | |||||||||||
Riverpark Shopping Center | 2003/2004 - Phase I | 71,012,800 | 308,405 | 100 %-Phase I only | 34 | HEB Grocery Store - Phase I | |||||||||||
Beekman Stop 'N Shop | 1995/ 2005 Renovation | 14,200,000 | 101,600 | 95 | 1 | Stop 'N Shop | |||||||||||
Battle Ridge Pavilion | 1999 | 17,940,000 | 103,517 | 97 | 21 | Kroger | |||||||||||
Colony Square | 1998 | 45,200,000 | 435,249 | 99 | 17 | Finger Furniture | |||||||||||
Hartford Insurance Building | 2005 | 16,294,000 | 97,377 | 100 | 1 | Hartford Fire Insurance | |||||||||||
Stonebridge Plaza | 1997 | 7,275,000 | 33,700 | 100 | 16 | Nelson & Associates | |||||||||||
Lincoln Plaza | 2001/ | 80,508,000 | 536,602 | 87 | 9 | Stop & Shop |
* | Our acquisition costs may increase by additional costs, which have not yet been finally determined. We expect any additional costs to be insignificant. |
(1) | This property is being developed in two phases. The initial closing of the first phase is expected to be for 186,405 gross leasable square feet and the occupancy percentage represents the estimated occupancy of the first phase. The second phase containing 122,000 gross leasable square feet is expected to close at a later date after the development of several tenants' space has been completed by the seller, the tenants occupy their respective spaces and the tenants' have commenced their rent payment. |
(2) | This property is being renovated. The initial closing will be for 75,600 gross leasable square feet plus adjacent land. The remaining 26,000 gross leasable square feet is expected to close at a later date once development has been completed and the tenant has commenced their rent payment. The occupancy percentage represents the estimated occupancy of the entire shopping center as if we purchased it completely. |
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 August 3, 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 | 125,514,757 | 1,255,147,569 | 130,747,182 | 1,124,400,387 |
Shares sold pursuant to our distribution reinvestment program | 8,763,816 | 83,256,249 | - | 83,256,249 |
Shares repurchased pursuant to our share repurchase program | (520,200) | (4,811,848) | - | (4,811,848) |
383,758,373 | 3,833,511,984 | 392,826,997 | 3,440,684,987 |
- 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.
Appendix D
Our Transfer on Death (TOD) form which can be located on page D-1 in the prospectus has been updated to indicate that the states of New York and Texas have amended their statutory laws to accept TOD designations. The TOD designation is still not accepted from residents for the states of Louisiana and North Carolina.