Exhibit 99.2
Supplemental Financial Information | |||||||||||
March 31, 2007 | |||||||||||
(Unaudited) |
Table of Contents | Page No. | |
Corporate Profile | 1 | |
Statements of Consolidated Income | 2 | |
Consolidated Balance Sheets | 3 | |
Statements of Consolidated Income at Prorata Share | 4 | |
Consolidated Balance Sheets at Prorata Share | 5 | |
Summary Operating Data | 6 - 7 | |
Funds from Operations | ||
Dividends | ||
General and Administrative Expenses | ||
Net Operating Income | ||
Rentals | ||
Interest Expense | ||
Fee Income from Joint Ventures | ||
Property | ||
Joint Venture Reporting | 8 - 11 | |
Financial Statements of Unconsolidated Joint Ventures at 100% | ||
Financial Statements of Unconsolidated Joint Ventures at Prorata Share | ||
Investments in Real Estate Joint Ventures | ||
Debt Information for Real Estate Joint Ventures | ||
Summary Balance Sheet Information | 12 | |
Common Share Data | ||
Capitalization | ||
Capital Availability | ||
Credit Ratings | ||
Debt Information | 13 - 14 | |
Outstanding Balance Summary | ||
Fixed vs Variable Rate Debt | ||
Secured vs Unsecured Debt | ||
Coverage Ratios | ||
Weighted Average Interest Rates | ||
Schedule of Maturities | ||
Other Information | 15 - 16 | |
Tenant Diversification | ||
Lease Expirations | ||
Leasing Production | ||
Average Minimum Rent per Square Foot | ||
Occupancy | ||
Property Information | 17 - 31 | |
Property Investment Summary | ||
Acquisition Summary | ||
Disposition Summary | ||
New Development Summary | ||
Total Operating Income at Prorata Share by Geographic Region | ||
Net Asset Value | ||
Property Listing | ||
This supplemental financial information package contains historical information of the Company. | ||
Certain information contained in this Supplemental Financial Information package includes certain | ||
forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term | ||
that involve a number of risks and uncertainties; however, many factors may materially affect | ||
the actual results, including demand for our properties, changes in rental and occupancy rates, | ||
changes in property operating costs, interest rate fluctuations, and changes in local and general | ||
economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized. |
i
Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act | |||||||||||
that, through its predecessor entity, began the ownership and development of shopping centers and other commercial | |||||||||||
real estate in 1948. As of March 31, 2007, we owned or operated under long-term leases, interests in 373 | |||||||||||
developed income-producing properties and 32 properties that are in various stages of development (including 7 | |||||||||||
which are income-producing), which are located in 22 states that span the United States from coast to coast. Included in the | |||||||||||
portfolio are 336 shopping centers, 67 industrial projects, and 2 office buildings. Our interests in these properties aggregated | |||||||||||
approximately 48.6 million square feet of building area. Our properties were 94.4% leased as of March 31, 2007, and historically | |||||||||||
our portfolio occupancy rate has never been below 90%. | |||||||||||
Corporate Office | |||||||||||
2600 Citadel Plaza Drive | |||||||||||
P. O. Box 924133 | |||||||||||
Houston, TX 77292-4133 | |||||||||||
713-866-6000 | |||||||||||
www.weingarten.com | |||||||||||
Regional Offices | |||||||||||
Atlanta, GA | |||||||||||
Austin, TX | |||||||||||
Dallas, TX | |||||||||||
Denver, CO (Miller Weingarten) | |||||||||||
Ft. Lauderdale, FL | |||||||||||
Las Vegas, NV | |||||||||||
Los Angeles, CA | |||||||||||
Orlando, FL | |||||||||||
Phoenix, AZ | |||||||||||
Raleigh, NC | |||||||||||
Sacramento, CA | |||||||||||
Encino, CA | |||||||||||
Seattle, WA | |||||||||||
Stock Listings | |||||||||||
New York Stock Exchange: | |||||||||||
Common Shares | WRI | ||||||||||
Series D Preferred Shares | WRI-PD | ||||||||||
Series E Preferred Shares | WRI-PE | ||||||||||
Series F Preferred Shares | WRI-PF |
1
Weingarten Realty Investors | ||||||||||||||||||||||||
Statements of Consolidated Income | ||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||
(as reported) | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Rentals | $ | 144,536 | $ | 129,085 | $ | 543,449 | $ | 493,196 | $ | 442,796 | $ | 361,268 | $ | 310,085 | ||||||||||
Other | 2,062 | 2,208 | 6,994 | 6,336 | 8,321 | 6,664 | 4,529 | |||||||||||||||||
Total | 146,598 | 131,293 | 550,443 | 499,532 | 451,117 | 367,932 | 314,614 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Depreciation and amortization | 32,820 | 30,119 | 125,227 | 114,746 | 101,843 | 80,064 | 65,398 | |||||||||||||||||
Operating | 23,711 | 18,454 | 90,206 | 75,276 | 70,424 | 57,250 | 47,985 | |||||||||||||||||
Ad valorem taxes | 16,616 | 15,405 | 64,152 | 57,525 | 50,685 | 41,070 | 37,482 | |||||||||||||||||
General and administrative | 6,609 | 5,355 | 23,801 | 17,379 | 16,122 | 13,820 | 11,148 | |||||||||||||||||
Impairment loss | 3,550 | |||||||||||||||||||||||
Total | 79,756 | 69,333 | 303,386 | 264,926 | 242,624 | 192,204 | 162,013 | |||||||||||||||||
Operating Income | 66,842 | 61,960 | 247,057 | 234,606 | 208,493 | 175,728 | 152,601 | |||||||||||||||||
Interest Expense | (36,473 | ) | (34,437 | ) | (146,943 | ) | (130,761 | ) | (117,096 | ) | (90,269 | ) | (67,171 | ) | ||||||||||
Interest and Other Income | 1,713 | 1,452 | 9,045 | 2,867 | 1,390 | 1,562 | 1,053 | |||||||||||||||||
Loss on Redemption of Preferred Shares | (3,566 | ) | (2,739 | ) | ||||||||||||||||||||
Equity in Earnings of Joint Ventures, net (a) | 3,347 | 4,066 | 14,655 | 6,610 | 5,384 | 4,681 | 3,930 | |||||||||||||||||
Income Allocated to Minority Interests | (1,178 | ) | (1,657 | ) | (6,414 | ) | (6,060 | ) | (4,928 | ) | (2,723 | ) | (3,553 | ) | ||||||||||
Gain on Sale of Properties | 2,059 | 51 | 22,467 | 22,306 | 1,562 | 665 | 188 | |||||||||||||||||
Gain on Land and Merchant Development Sales | 666 | 1,676 | 7,166 | 804 | ||||||||||||||||||||
Benefit (Provision) for Income Taxes | 9 | (519 | ) | (1,366 | ) | |||||||||||||||||||
Income From Continuing Operations | 36,985 | 32,592 | 145,667 | 130,372 | 91,239 | 86,905 | 87,048 | |||||||||||||||||
Operating Income From Discontinued Operations | 1,514 | 4,930 | 13,823 | 23,822 | 25,259 | 23,336 | 25,347 | |||||||||||||||||
Gain on Sale of Properties From Discontinued Operations | 12,886 | 17,087 | 145,520 | 65,459 | 24,883 | 6,039 | 19,472 | |||||||||||||||||
Income From Discontinued Operations | 14,400 | 22,017 | 159,343 | 89,281 | 50,142 | 29,375 | 44,819 | |||||||||||||||||
Net Income | 51,385 | 54,609 | 305,010 | 219,653 | 141,381 | 116,280 | 131,867 | |||||||||||||||||
Preferred Share Dividends | (4,728 | ) | (2,525 | ) | (10,101 | ) | (10,101 | ) | (7,470 | ) | (15,912 | ) | (19,756 | ) | ||||||||||
Redemption Cost of Series A Preferred Shares | (2,488 | ) | ||||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 46,657 | $ | 52,084 | $ | 294,909 | $ | 209,552 | $ | 133,911 | $ | 97,880 | $ | 112,111 | ||||||||||
Net Income Per Common Share - Basic | $ | 0.54 | $ | 0.58 | $ | 3.36 | $ | 2.35 | $ | 1.55 | $ | 1.24 | $ | 1.44 | ||||||||||
Net Income Per Common Share - Diluted | $ | 0.53 | $ | 0.57 | $ | 3.27 | $ | 2.31 | $ | 1.54 | $ | 1.24 | $ | 1.43 | ||||||||||
(a) See Page 8 for the Company's prorata share of the operating results of its unconsolidated joint ventures. |
2
Weingarten Realty Investors | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except per share amounts) | |||||||
(as reported) | |||||||
March 31, | December 31, | ||||||
2007 | 2006 | ||||||
ASSETS | |||||||
Property | $ | 4,546,606 | $ | 4,445,888 | |||
Property Held for Sale | 80,823 | ||||||
Accumulated Depreciation | (722,195 | ) | (707,005 | ) | |||
Property - net | 3,905,234 | 3,738,883 | |||||
Investment in Real Estate Joint Ventures (a) | 255,413 | 203,839 | |||||
Total | 4,160,647 | 3,942,722 | |||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 11,429 | 3,971 | |||||
Unamortized Debt and Lease Costs | 115,131 | 112,873 | |||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful | |||||||
accounts of $6,450 in 2007 and $5,995 in 2006) | 74,208 | 78,893 | |||||
Cash and Cash Equivalents | 35,506 | 71,003 | |||||
Restricted Deposits and Mortgage Escrows | 29,309 | 94,466 | |||||
Other | 91,767 | 71,612 | |||||
Total | $ | 4,517,997 | $ | 4,375,540 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Debt | $ | 2,890,831 | $ | 2,900,952 | |||
Accounts Payable and Accrued Expenses | 91,203 | 132,821 | |||||
Other | 123,990 | 128,306 | |||||
Total | 3,106,024 | 3,162,079 | |||||
Minority Interest | 72,197 | 87,680 | |||||
Commitments and Contingencies | |||||||
Shareholders' Equity: | |||||||
Preferred Shares of Beneficial Interest - par value, $.03 per share; | |||||||
shares authorized: 10,000 | |||||||
6.75% Series D cumulative redeemable preferred shares of | |||||||
beneficial interest; 100 shares issued and outstanding | |||||||
in 2007 and 2006; liquidation preference $75,000 | 3 | 3 | |||||
6.95% Series E cumulative redeemable preferred shares of | |||||||
beneficial interest; 29 shares issued and outstanding in 2007 | |||||||
and 2006; liquidation preference $72,500 | 1 | 1 | |||||
6.5% Series F cumulative redeemable preferred shares of | |||||||
beneficial interests; 80 shares issued and outstanding in 2007; | |||||||
liquidation preference $200,000 | 2 | ||||||
Common Shares of Beneficial Interest - par value, $.03 per share; | |||||||
shares authorized: 150,000; shares issued and outstanding: | |||||||
86,435 in 2007 and 85,765 in 2006 | 2,604 | 2,582 | |||||
Additional Paid in Capital | 1,346,331 | 1,136,481 | |||||
Net Income in Excess (Less Than) Accumulated Dividends | 3,091 | (786 | ) | ||||
Accumulated Other Comprehensive Loss | (12,256 | ) | (12,500 | ) | |||
Shareholders' Equity | 1,339,776 | 1,125,781 | |||||
Total | $ | 4,517,997 | $ | 4,375,540 | |||
�� | |||||||
(a) This represents the Company's investment of its unconsolidated joint ventures. See page 8 for additional information. |
3
Weingarten Realty Investors | ||||||||||||||||||||||
Statements of Consolidated Income at Prorata Share | ||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Revenues: | ||||||||||||||||||||||
Rentals | $ | 149,763 | $ | 130,685 | $ | 552,592 | $ | 497,460 | $ | 444,323 | $ | 361,813 | $ | 314,514 | ||||||||
Other | 2,177 | 2,258 | 7,774 | 6,498 | 8,074 | 6,843 | 4,631 | |||||||||||||||
Total | 151,940 | 132,943 | 560,366 | 503,958 | 452,397 | 368,656 | 319,145 | |||||||||||||||
Expenses: | ||||||||||||||||||||||
Depreciation and amortization | 33,991 | 30,296 | 126,793 | 114,855 | 101,554 | 78,485 | 65,606 | |||||||||||||||
Operating | 23,859 | 18,531 | 90,337 | 75,068 | 70,297 | 57,099 | 48,176 | |||||||||||||||
Ad valorem taxes | 17,333 | 15,519 | 64,703 | 57,850 | 50,732 | 41,226 | 37,996 | |||||||||||||||
General and administrative | 6,619 | 5,367 | 23,902 | 17,436 | 16,125 | 13,821 | 11,145 | |||||||||||||||
Impairment loss | 3,550 | |||||||||||||||||||||
Total | 81,802 | 69,713 | 305,735 | 265,209 | 242,258 | 190,631 | 162,923 | |||||||||||||||
Operating Income | 70,138 | 63,230 | 254,631 | 238,749 | 210,139 | 178,025 | 156,222 | |||||||||||||||
Interest Expense | (37,537 | ) | (34,156 | ) | (147,642 | ) | (129,790 | ) | (115,357 | ) | (89,945 | ) | (68,981 | ) | ||||||||
Interest and Other Income | 2,756 | 1,732 | 10,687 | 3,640 | 2,553 | 3,615 | 3,265 | |||||||||||||||
Loss on Redemption of Preferred Shares | (3,566 | ) | (2,739 | ) | ||||||||||||||||||
Income Allocated to Minority Interests | (1,106 | ) | (1,399 | ) | (5,453 | ) | (5,218 | ) | (3,990 | ) | (3,236 | ) | (3,720 | ) | ||||||||
Gain on Sale of Properties | 2,059 | 1,612 | 26,536 | 22,102 | 1,460 | 1,185 | 262 | |||||||||||||||
Gain on Land and Merchant Development Sales | 666 | 2,092 | 8,274 | 889 | ||||||||||||||||||
Benefit (Provision) for Income Taxes | 9 | (519 | ) | (1,366 | ) | |||||||||||||||||
Income From Continuing Operations | 36,985 | 32,592 | 145,667 | 130,372 | 91,239 | 86,905 | 87,048 | |||||||||||||||
Operating Income From Discontinued Operations | 1,514 | 4,930 | 13,823 | 23,822 | 25,259 | 23,336 | 25,347 | |||||||||||||||
Gain on Sale of Properties From Discontinued Operations | 12,886 | 17,087 | 145,520 | 65,459 | 24,883 | 6,039 | 19,472 | |||||||||||||||
Income From Discontinued Operations | 14,400 | 22,017 | 159,343 | 89,281 | 50,142 | 29,375 | 44,819 | |||||||||||||||
Net Income | 51,385 | 54,609 | 305,010 | 219,653 | 141,381 | 116,280 | 131,867 | |||||||||||||||
Preferred Share Dividends | (4,728 | ) | (2,525 | ) | (10,101 | ) | (10,101 | ) | (7,470 | ) | (15,912 | ) | (19,756 | ) | ||||||||
Redemption Cost of Series A Preferred Shares | (2,488 | ) | ||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 46,657 | $ | 52,084 | $ | 294,909 | $ | 209,552 | $ | 133,911 | $ | 97,880 | $ | 112,111 | ||||||||
Net Income Per Common Share - Basic | $ | 0.54 | $ | 0.58 | $ | 3.36 | $ | 2.35 | $ | 1.55 | $ | 1.24 | $ | 1.44 | ||||||||
Net Income Per Common Share - Diluted | $ | 0.53 | $ | 0.57 | $ | 3.27 | $ | 2.31 | $ | 1.54 | $ | 1.24 | $ | 1.43 | ||||||||
Note: | ||||||||||||||||||||||
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. | ||||||||||||||||||||||
The Statements of Consolidated Income at Prorata Share include the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 81% except for the operations of down-reit partnerships, which are included at 100%. |
4
Weingarten Realty Investors | |||||||||||
Consolidated Balance Sheets at Prorata Share | |||||||||||
(in thousands, except per share amounts) | |||||||||||
March 31, | December 31, | ||||||||||
2007 | 2006 | ||||||||||
ASSETS | |||||||||||
Property | $ | 4,806,980 | $ | 4,610,751 | |||||||
Property Held for Sale | 80,823 | ||||||||||
Accumulated Depreciation | (732,524 | ) | (707,289 | ) | |||||||
Property - net | 4,155,279 | 3,903,462 | |||||||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 46,549 | 54,125 | |||||||||
Unamortized Debt and Lease Costs | 122,912 | 118,377 | |||||||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful | |||||||||||
accounts of $7,181 in 2007 and $6,696 in 2006) | 76,238 | 79,165 | |||||||||
Cash and Cash Equivalents | 47,175 | 84,092 | |||||||||
Restricted Deposits and Mortgage Escrows | 29,997 | 93,955 | |||||||||
Other | 108,502 | 75,858 | |||||||||
Total | $ | 4,586,652 | $ | 4,409,034 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Debt | $ | 2,964,248 | $ | 2,945,288 | |||||||
Accounts Payable and Accrued Expenses | 90,537 | 132,845 | |||||||||
Other | 126,991 | 126,865 | |||||||||
Total | 3,181,776 | 3,204,998 | |||||||||
Minority Interest | 65,100 | 78,255 | |||||||||
Commitments and Contingencies | |||||||||||
Shareholders' Equity: | |||||||||||
Preferred Shares of Beneficial Interest - par value, $.03 per share; | |||||||||||
shares authorized: 10,000 | |||||||||||
6.75% Series D cumulative redeemable preferred shares of | |||||||||||
beneficial interest; 100 shares issued and outstanding | |||||||||||
in 2007 and 2006; liquidation preference $75,000 | 3 | 3 | |||||||||
6.95% Series E cumulative redeemable preferred shares of | |||||||||||
beneficial interests; 29 shares issued and outstanding in 2007 | |||||||||||
and 2006; liquidation preference $72,500 | 1 | 1 | |||||||||
6.5% Series F cumulative redeemable preferred shares of | |||||||||||
beneficial interests; 80 shares issued and outstanding in 2007; | |||||||||||
liquidation preference $200,000 | 2 | ||||||||||
Common Shares of Beneficial Interest - par value, $.03 per share; | |||||||||||
shares authorized: 150,000; shares issued: | |||||||||||
86,435 in 2007 and 85,765 in 2006 | 2,604 | 2,582 | |||||||||
Capital Surplus | 1,346,331 | 1,136,481 | |||||||||
Net Income in Excess (Less Than) Accumulated Dividends | 3,091 | (786 | ) | ||||||||
Accumulated Other Comprehensive Loss | (12,256) | (12,500 | ) | ||||||||
Shareholders' Equity | 1,339,776 | 1,125,781 | |||||||||
Total | $ | 4,586,652 | $ | 4,409,034 | |||||||
Note: | |||||||||||
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. | |||||||||||
The Consolidated Balance Sheets at Prorata Share include the real estate operations of joint ventures at WRI's ownership percentages | |||||||||||
ranging from 20% to 81% except for the operations of down-reit partnerships, which are included at 100%. |
5
Summary Operating Data | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2007 | 2006 | ||||||||||||
Funds from Operations | |||||||||||||
Numerator: | |||||||||||||
Net income available to common shareholders | $ | 46,657 | $ | 52,084 | |||||||||
Depreciation and amortization | 31,979 | 31,431 | |||||||||||
Depreciation and amortization of unconsolidated joint ventures | 2,057 | 1,018 | |||||||||||
Gain on sale of properties | (14,945 | ) | (17,142 | ) | |||||||||
Gain on sale of properties of unconsolidated joint ventures | (1,557 | ) | |||||||||||
Funds from Operations - Basic | 65,748 | 65,834 | |||||||||||
Funds from operations attributable to operating | |||||||||||||
partnership units | 1,106 | 1,399 | |||||||||||
Funds from Operations - Diluted | $ | 66,854 | $ | 67,233 | |||||||||
Denominator: | |||||||||||||
Weighted average shares outstanding - Basic | 86,005 | 89,515 | |||||||||||
Effect of dilutive securities: | |||||||||||||
Share options and awards | 1,123 | 850 | |||||||||||
Operating partnership units | 2,681 | 3,151 | |||||||||||
Weighted average shares outstanding - Diluted | 89,809 | 93,516 | |||||||||||
Funds from Operations per Share - Basic | $ | 0.76 | $ | 0.74 | |||||||||
Funds from Operations Per Share - Diluted | $ | 0.74 | $ | 0.72 | |||||||||
Growth in Funds from Operations per Share - Diluted | 2.8 | % | |||||||||||
Dividends | |||||||||||||
Common Dividends per Share | $ | 0.495 | $ | 0.465 | |||||||||
Common Dividends Paid as a % of Funds from Operations | 65.1 | % | 63.4 | % | |||||||||
General and Administrative Expenses * | |||||||||||||
General and Administrative Expenses/Total Revenue | 4.4 | % | 4.0 | % | |||||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.12 | % | 0.12 | % | |||||||||
Net Operating Income * | |||||||||||||
Same Property NOI Growth: ** | |||||||||||||
Retail | 3.4 | % | 4.8 | % | |||||||||
Industrial | 2.3 | % | 6.9 | % | |||||||||
Total | 3.3 | % | 4.9 | % | |||||||||
* Includes the Company's share of unconsolidated joint ventures and excludes its partners' share of consolidated joint ventures ("Prorata Share"). | |||||||||||||
** Same Property NOI Growth excludes the effect of lease cancellation income. | |||||||||||||
The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) available to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties, including our share of unconsolidated partnerships and joint ventures. We calculate FFO in a | |||||||||||||
manner consistent with the NAREIT definition. | |||||||||||||
We believe FFO is an appropriate supplemental measure of operating performance because it helps investors compare our operating performance relative to other REITs. Management also uses FFO as a supplemental measure to conduct and evaluate our business because there are certian limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in | |||||||||||||
accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. | |||||||||||||
FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. |
6
Weingarten Realty Investors | |||||||||||
Summary Operating Data (continued) | |||||||||||
(in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2007 | 2006 | ||||||||||
Rentals | |||||||||||
Base minimum rent, net | $ | 111,394 | $ | 102,516 | |||||||
Straight line rent | 2,228 | 1,384 | |||||||||
Over/Under-market rentals, net | 774 | 166 | |||||||||
Percentage rent | 1,812 | 1,372 | |||||||||
Tenant reimbursements | 28,328 | 23,647 | |||||||||
Total | $ | 144,536 | $ | 129,085 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2007 | 2006 | ||||||||||
Rentals (Prorata Share) | |||||||||||
Base minimum rent, net | $ | 115,263 | $ | 103,839 | |||||||
Straight line rent | 2,334 | 1,427 | |||||||||
Over/Under-market rentals, net | 1,028 | 224 | |||||||||
Percentage rent | 1,790 | 1,411 | |||||||||
Tenant reimbursements | 29,348 | 23,784 | |||||||||
Total | $ | 149,763 | $ | 130,685 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2007 | 2006 | ||||||||||
Interest Expense (Prorata Share) | |||||||||||
Interest paid or accrued | $ | 44,877 | $ | 36,878 | |||||||
Over-market mortgage adjustment | (1,783 | ) | (1,839 | ) | |||||||
Gross interest expense | 43,094 | 35,039 | |||||||||
Less: | |||||||||||
Capitalized interest | (5,557 | ) | (883 | ) | |||||||
Interest expense, at prorata share | $ | 37,537 | $ | 34,156 | |||||||
Three Months Ended | |||||||||||
�� | March 31, | ||||||||||
2007 | 2006 | ||||||||||
Fee Income from Joint Ventures | |||||||||||
Recurring | $ | 1,053 | $ | 309 | |||||||
Non-Recurring | 20 | 44 | |||||||||
Total | $ | 1,073 | $ | 353 | |||||||
March 31, | December 31, | ||||||||||
2007 | 2006 | ||||||||||
Property at Prorata Share | |||||||||||
Land | $ | 966,640 | $ | 910,240 | |||||||
Land held for development | 20,126 | 20,078 | |||||||||
Land under development | 193,880 | 142,366 | |||||||||
Buildings and improvements | 3,512,109 | 3,446,226 | |||||||||
Construction in-progress | 114,225 | 91,841 | |||||||||
Total | $ | 4,806,980 | $ | 4,610,751 |
7
Weingarten Realty Investors | |||||||
Financial Statements of Unconsolidated Joint Ventures at 100% | |||||||
(in thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2007 | 2006 | ||||||
Revenues: | $ | 29,346 | $ | 10,569 | |||
Expenses: | |||||||
Depreciation and amortization | 6,511 | 2,436 | |||||
Interest | 5,090 | 2,608 | |||||
Operating | 4,420 | 1,429 | |||||
Ad valorem taxes | 3,810 | 1,078 | |||||
General and administrative | 165 | 121 | |||||
Total | 19,996 | 7,672 | |||||
Gain on land sales | 555 | ||||||
Gain on sale of properties | 2,550 | ||||||
Net income | $ | 9,350 | $ | 6,002 | |||
March 31, | December 31, | ||||||
2007 | 2006 | ||||||
ASSETS | |||||||
Property | $ | 1,145,926 | $ | 1,067,706 | |||
Accumulated depreciation | (48,859 | ) | (39,354 | ) | |||
Property - net | 1,097,067 | 1,028,352 | |||||
Other assets | 102,333 | 115,468 | |||||
Total | $ | 1,199,400 | $ | 1,143,820 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Debt | $ | 330,342 | $ | 327,695 | |||
Amounts payable to WRI | 15,295 | 22,619 | |||||
Other liabilities | 40,268 | 38,405 | |||||
Accumulated equity | 813,495 | 755,101 | |||||
Total | $ | 1,199,400 | $ | 1,143,820 |
8
Weingarten Realty Investors | |||||||
Financial Statements of Unconsolidated Joint Ventures at Prorata Share | |||||||
(in thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2007 | 2006 | ||||||
Revenues: | $ | 9,198 | $ | 4,693 | |||
Expenses: | |||||||
Depreciation and amortization | 2,057 | 1,018 | |||||
Interest | 1,503 | 862 | |||||
Operating | 1,373 | 616 | |||||
Ad valorem taxes | 1,122 | 463 | |||||
General and administrative | 72 | 53 | |||||
Total | 6,127 | 3,012 | |||||
Gain on land and merchant development sales | 416 | ||||||
Gain on sale of property | 1,557 | ||||||
Net Income | $ | 3,071 | $ | 3,654 | |||
March 31, | December 31, | ||||||
2007 | 2006 | ||||||
ASSETS | |||||||
Property | $ | 356,627 | $ | 307,559 | |||
Accumulated Depreciation | (23,216 | ) | (16,869 | ) | |||
Property - net | 333,411 | 290,690 | |||||
Other Assets | 38,641 | 40,159 | |||||
Total | $ | 372,052 | $ | 330,849 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Debt | $ | 97,630 | $ | 97,969 | |||
Amounts Payable to WRI | 5,910 | 7,382 | |||||
Accounts Payable and Accrued Expenses | 10,825 | 10,210 | |||||
Total | 114,365 | 115,561 | |||||
Accumulated Equity | 257,687 | 215,288 | |||||
Total | $ | 372,052 | $ | 330,849 | |||
Notes: | |||||||
The Consolidated Financial Statements at prorata share include only the real estate operations of joint ventures at WRI's ownership percentages. | |||||||
Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
9
Investments in Real Estate Joint Ventures | ||||||||||||||||||
March 31, 2007 | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||
Weingarten Realty | ||||||||||||||||||
Joint Venture Partner | Number of Properties | Total GLA | Total Assets | Total Debt | Ownership Interest | Share of Debt | Investment 3/31/2007 | Equity in Earnings of Unconsolidated JVs (1) | ||||||||||
TIAA Florida Retail LLC | 7 | 1,264 | $ | 350,761 | $ | - | 20.0 | % | $ | - | $ | 65,630 | $ | 840 | ||||
AEW SRP, LLC | 10 | 984 | 201,468 | 120,507 | 26.3 | % | 31,751 | 17,532 | 198 | |||||||||
BIT Investment Thirty-Six, LP | 5 | 2,057 | 126,505 | - | 20.0 | % | - | 17,451 | 336 | |||||||||
Collins | 8 | 1,641 | 131,196 | 12,617 | 50.0 | % | 6,308 | 57,364 | 481 | |||||||||
Eagle AN, LP | 7 | 2,036 | 51,350 | 36,871 | 20.0 | % | 7,374 | - | (6) | |||||||||
AEW - Institutional Client | 6 | 515 | 139,153 | 71,390 | 20.0 | % | 14,278 | 12,213 | 137 | |||||||||
Other | 19 | 2,733 | 198,968 | 88,957 | 42.6 | % | 37,918 | 85,223 | 1,361 | |||||||||
Total | 62 | 11,230 | $ | 1,199,400 | $ | 330,342 | 30.7 | % | $ | 97,630 | $ | 255,413 | $ | 3,347 | ||||
Joint Venture Description | ||||||||||||||||||
TIAA Florida Retail LLC - | Joint venture with an institutional partner, TIAA-CREF Global Real Estate. | |||||||||||||||||
AEW SPR, LLC - | Retail joint venture with an institutional partner through AEW Capital Management | |||||||||||||||||
BIT Investment Thirty-Six, LP - | Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust | |||||||||||||||||
Collins - | Primarily a development joint venture in the Rio Grande valley | |||||||||||||||||
Eagle AN, LP - | Industrial joint venture with American National Insurance Company | |||||||||||||||||
AEW - Institutional Client | Joint venture with an institutional partner through AEW Capital Management | |||||||||||||||||
(1) Ties to consolidated income statement but differs from prorata income statement due to elimination of intercompany interest income/expense and management fees. |
10
Weingarten Realty Investors | |||||||||||||
Debt Information in Real Estate Joint Ventures | |||||||||||||
March 31, 2007 | |||||||||||||
(In Thousands) | |||||||||||||
Joint Venture Partner | Number of Properties | Mortgage Balance | Average Interest Rate (1) | Average Remaining Term (yrs) | |||||||||
TIAA Florida Retail LLC | 7 | ||||||||||||
AEW SRP, LLC | 10 | $ | 120,507 | 5.7 | % | 8.0 | |||||||
BIT Investment Thirty-Six, LP | 5 | ||||||||||||
Collins | 8 | 12,617 | 6.0 | % | 14.3 | ||||||||
Eagle AN, LP | 7 | 36,871 | 8.1 | % | 3.4 | ||||||||
AEW - Institutional Client | 6 | 71,390 | 5.7 | % | 6.9 | ||||||||
Other | 19 | 88,357 | 5.7 | % | 8.1 | ||||||||
Total | 62 | $ | 329,742 | 6.0 | % | 7.8 | |||||||
(1) Only 1 of the 17 "Other" joint ventures has a variable rate mortgage ($3.2 million) - All other mortgages are fixed rate |
11
Weingarten Realty Investors | |||||||
Summary Balance Sheet Information | |||||||
(in thousands, except common share data and percentages) | |||||||
March 31, | December 31, | ||||||
2007 | 2006 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 47.56 | $ | 46.11 | |||
Dividend Yield | 4.16 | % | 4.03 | % | |||
90-Day Average Trading Volume | 440,369 | 340,616 | |||||
Capitalization (As reported) | |||||||
Debt | $ | 2,890,831 | $ | 2,900,952 | |||
Preferred Shares | 347,500 | 147,500 | |||||
Common Shares at Market | 4,110,849 | 3,954,624 | |||||
Operating Partnership Units at Market | 116,522 | 138,745 | |||||
Total Market Capitalization | $ | 7,465,702 | $ | 7,141,821 | |||
Debt to Total Market Capitalization | 38.7 | % | 40.6 | % | |||
Capitalization (Prorata) | |||||||
Debt | $ | 2,964,248 | $ | 2,945,288 | |||
Preferred Shares | 347,500 | 147,500 | |||||
Common Shares at Market | 4,110,849 | 3,954,624 | |||||
Operating Partnership Units at Market | 116,522 | 138,745 | |||||
Total Market Capitalization | $ | 7,539,119 | $ | 7,186,157 | |||
Debt to Total Market Capitalization | 39.3 | % | 41.0 | % | |||
Capital Availability | |||||||
Unused Portion of $400 MM Revolver | $ | 371,743 | $ | 371,923 | |||
Shelf Registration - $1 Billion Effective April 2003 | 85,430 | 85,430 | |||||
Shelf Registration - $1.5 Billion Effective September 2004 | 1,300,000 | 1,500,000 | |||||
Shelf Registration - $50 Million Effective September 2004 | 50,000 | 50,000 | |||||
Total | $ | 1,807,173 | $ | 2,007,353 | |||
Credit Ratings | S&P | Moody's | |||||
Senior Debt | A- | Baa1 | |||||
Preferred Shares | BBB+ | Baa2 |
12
Weingarten Realty Investors | ||||||||||||||||
Debt Information | ||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||
1st Quarter | 4th Quarter | |||||||||||||||
March 31, | Weighted | December 31, | Weighted | |||||||||||||
2007 | Average Rate | 2006 | Average Rate | |||||||||||||
Outstanding Balance Summary (2) | ||||||||||||||||
Mortgage Debt | $ | 943,445 | 6.90 | % | $ | 953,938 | 7.29 | % | ||||||||
7% 2011 Bonds | 200,000 | 7.00 | % | 200,000 | 7.00 | % | ||||||||||
3.95% Convertible Bonds (3) | 575,000 | 3.95 | % | 575,000 | 3.95 | % | ||||||||||
Unsecured Notes Payable | 1,119,867 | 5.85 | % | 1,119,867 | 5.85 | % | ||||||||||
Revolving Credit Agreements (1) | 18,430 | 9.86 | % | 18,000 | 5.97 | % | ||||||||||
Industrial Revenue Bonds | 4,364 | 5.40 | % | 4,422 | 5.36 | % | ||||||||||
Obligations under Capital Leases | 29,725 | 6.21 | % | 29,725 | 6.00 | % | ||||||||||
Total Debt - As Reported | 2,890,831 | 6.02 | % | 2,900,952 | 6.09 | % | ||||||||||
Less: Minority Partners' Interests | (24,213 | ) | (53,633 | ) | ||||||||||||
Plus: WRI Share of Unconsolidated Joint Ventures | 97,630 | 97,969 | ||||||||||||||
Total Debt - Prorata Share | $ | 2,964,248 | 6.03 | % | $ | 2,945,288 | 6.10 | % | ||||||||
March 31, | December 31, | |||||||||||||||
2007 | % of Total | 2006 | % of Total | |||||||||||||
Fixed vs Variable Rate Debt (at Prorata Share) | ||||||||||||||||
(includes the effect of interest rate swaps) | ||||||||||||||||
Fixed-rate debt | $ | 2,847,961 | 96.1 | % | $ | 2,829,344 | 96.1 | % | ||||||||
Variable-rate debt | 116,287 | 3.9 | % | 115,944 | 3.9 | % | ||||||||||
Total | $ | 2,964,248 | 100.0 | % | $ | 2,945,288 | 100.0 | % | ||||||||
Secured vs Unsecured Debt (at Prorata Share) | ||||||||||||||||
Secured Debt | $ | 1,053,368 | 35.5 | % | $ | 1,035,072 | 35.1 | % | ||||||||
Unsecured Debt | 1,910,880 | 64.5 | % | 1,910,216 | 64.9 | % | ||||||||||
Total | $ | 2,964,248 | 100.0 | % | $ | 2,945,288 | 100.0 | % | ||||||||
Coverage Ratios (at Prorata Share trailing 4 quarters) | ||||||||||||||||
Fixed Charge Coverage | 2.26x | 2.37x | ||||||||||||||
Interest Coverage | 2.36x | 2.45x | ||||||||||||||
Debt Service Coverage | 2.32x | 2.41x | ||||||||||||||
As | Prorata | |||||||||||||||
Reported | Share | |||||||||||||||
Weighted Average Interest Rates (2) | ||||||||||||||||
Three months ended 3/31/07 | 6.02 | % | 6.03 | % | ||||||||||||
Twelve months ended 12/31/06 | 6.23 | % | 6.26 | % | ||||||||||||
(1) | Weighted average revolving interest rate excluding the effect of the commitment fee was 5.68% in first quarter 2007and 5.63% in fourth quarter 2006. | |||||||||||||||
(2) | Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing. | |||||||||||||||
(3) | The convertible bonds mature August 1, 2026 with a call option anytime after August 2011 and a $49.05 per share coversion rate. |
13
Weingarten Realty Investors | |||||||||||||||||||
Debt Information | |||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Schedule of Maturities at March 31, 2007 | |||||||||||||||||||
As Reported | Prorata Share | ||||||||||||||||||
Maturities | Rate (8) | Maturities | Rate (8) | Floating Rate | Fixed Rate | ||||||||||||||
2007 (1) (2) | $ | 109,396 | 6.35 | % | $ | 111,348 | 6.33 | % | $ | 9,969 | $ | 101,379 | |||||||
2008 (3) (4) | 252,662 | 6.72 | % | 253,170 | 6.65 | % | 429 | 252,741 | |||||||||||
2009 | 113,510 | 6.52 | % | 113,265 | 6.46 | % | 9,795 | 103,470 | |||||||||||
2010 | 119,188 | 6.62 | % | 132,208 | 6.55 | % | 550 | 131,658 | |||||||||||
2011 (5) | 890,324 | 4.97 | % | 884,747 | 4.95 | % | - | 884,747 | |||||||||||
2012 | 307,900 | 5.56 | % | 311,573 | 5.54 | % | - | 311,573 | |||||||||||
2013 | 302,205 | 5.81 | % | 292,791 | 5.72 | % | - | 292,791 | |||||||||||
2014 | 338,356 | 5.29 | % | 367,874 | 5.36 | % | 2,115 | 365,759 | |||||||||||
2015 | 189,347 | 6.13 | % | 197,447 | 6.03 | % | - | 197,447 | |||||||||||
Thereafter | 233,283 | 7.07 | % | 265,166 | 7.07 | % | - | 265,166 | |||||||||||
Subtotal | 2,856,171 | 2,929,588 | 22,857 | 2,906,731 | |||||||||||||||
Revolvers (6) | 18,430 | 9.86 | % | 18,430 | 9.86 | % | 18,430 | ||||||||||||
Other (7) | 16,230 | 16,230 | 16,230 | ||||||||||||||||
Swap Maturities: | |||||||||||||||||||
2007 | 25,000 | (25,000 | ) | ||||||||||||||||
2014 | 50,000 | (50,000 | ) | ||||||||||||||||
Total | $ | 2,890,831 | 6.02 | % | $ | 2,964,248 | 6.03 | % | $ | 116,287 | $ | 2,847,961 | |||||||
(1) Includes $3.0 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. | |||||||||||||||||||
(2) Includes $25 million of MTN's maturing 2027 with 10 and 20 year put options. | |||||||||||||||||||
(3) Includes $25 million of MTN's maturing 2028 with 10, 12 and 20 year put options. | |||||||||||||||||||
(4) Includes prepayment of $121.8 million mortgage. | |||||||||||||||||||
(5) Includes $575 million of Convertible debt maturing in 2026 with a 5 year call option. | |||||||||||||||||||
(6) Includes the effect of the commitment fee. | |||||||||||||||||||
(7) Other includes capital leases and market value of swaps. | |||||||||||||||||||
(8) Interest rates exclude the effects of FAS 141 and loan costs related to financing. |
14
Tenant Diversification by Percent of Rental Revenues at Prorata Share | ||||||||||
(in thousands, except percentages and # of units) | ||||||||||
% of Prorata | ||||||||||
# of Units | Rental | Square | ||||||||
Rank | Tenant Name | DBA’s | Revenue | Feet | ||||||
1 | THE KROGER CO. | Kroger, Smith Food, Ralphs, Fry's Food, King Soopers | 31 | 2.76% | 1,765 | |||||
2 | T.J.X. COMPANIES, INC. | T.J. Maxx, Marshalls | 29 | 1.67% | 812 | |||||
3 | ROSS STORES, INC. | Ross Dress for Less | 28 | 1.48% | 695 | |||||
4 | SAFEWAY, INC. | Safeway, Randalls, Von's | 19 | 1.44% | 936 | |||||
5 | PUBLIX SUPER MARKETS, INC. | 21 | 1.39% | 783 | ||||||
6 | HOME DEPOT, INC. | 7 | 1.18% | 801 | ||||||
7 | OFFICE DEPOT, INC. | 25 | 1.10% | 533 | ||||||
8 | BLOCKBUSTER VIDEO | 55 | 1.08% | 297 | ||||||
9 | CIRCUIT CITY | 9 | 0.93% | 324 | ||||||
10 | BARNES & NOBLE INC. | Barnes & Noble, Bookstop Booksellers | 12 | 0.93% | 283 | |||||
11 | GAP, INC. | Gap, Old Navy, Banana Republic | 19 | 0.91% | 314 | |||||
12 | PETCO ANIMAL SUPPLIES, INC. | 21 | 0.81% | 264 | ||||||
13 | OFFICE MAX INC. | 13 | 0.76% | 307 | ||||||
14 | PETSMART, INC. | 14 | 0.69% | 277 | ||||||
15 | LINENS 'N THINGS, INC. | 10 | 0.65% | 273 | ||||||
16 | STAPLES | 12 | 0.63% | 319 | ||||||
17 | H E BUTT GROCERY | 5 | 0.63% | 311 | ||||||
18 | BED BATH & BEYOND, INC. | 15 | 0.61% | 313 | ||||||
19 | HARRIS TEETER | 6 | 0.61% | 287 | ||||||
20 | DOLLAR TREE STORES, INC. | Dollar Tree, Greenbacks | 31 | 0.60% | 301 | |||||
21 | RALEY'S | Raley's Bel Air Markets | 6 | 0.58% | 331 | |||||
22 | BEST BUY, INC. | 9 | 0.56% | 221 | ||||||
23 | MOVIE GALLERY, INC. | 23 | 0.56% | 137 | ||||||
24 | STAGE STORES | Beall's, Palais Royal, Stages | 20 | 0.55% | 438 | |||||
25 | TOYS 'R' US | 8 | 0.55% | 304 | ||||||
Total | 448 | 23.65% | 11,626 |
15
Leasing Information | |||||||||||||||||||
(in thousands, except percentages and # of units and leases, prorata share) | |||||||||||||||||||
Lease Expirations | |||||||||||||||||||
Shopping Center | Industrial | Total | |||||||||||||||||
Percentage of | Percentage of | Percentage of | |||||||||||||||||
Prorata | Prorata | Prorata | |||||||||||||||||
Year Expiring | Sq. Ft. | Revenue | Sq. Ft. | Revenue | Sq. Ft. | Revenue | |||||||||||||
2007 | 6.25 | % | 6.71 | % | 12.03 | % | 13.54 | % | 7.50 | % | 7.41 | % | |||||||
2008 | 11.42 | % | 11.35 | % | 23.96 | % | 24.35 | % | 14.14 | % | 12.69 | % | |||||||
2009 | 11.89 | % | 12.49 | % | 19.86 | % | 18.97 | % | 13.61 | % | 13.15 | % | |||||||
2010 | 12.52 | % | 13.78 | % | 13.09 | % | 13.19 | % | 12.62 | % | 13.71 | % | |||||||
2011 | 12.97 | % | 14.30 | % | 8.48 | % | 9.81 | % | 11.97 | % | 13.83 | % | |||||||
2012-2016 | 26.91 | % | 26.17 | % | 22.51 | % | 20.12 | % | 25.92 | % | 25.53 | % | |||||||
2017-2026 | 16.80 | % | 14.32 | % | 0.08 | % | 0.02 | % | 13.27 | % | 12.90 | % | |||||||
Leasing Production - New Leases and Renewals | |||||||||||||||||||
Number | |||||||||||||||||||
of | Increase | ||||||||||||||||||
Leases | Square Feet | in Base Rent | |||||||||||||||||
Three Months Ended | |||||||||||||||||||
March 31, 2007 | |||||||||||||||||||
Retail | 256 | 1,200 | 10.4 | % | |||||||||||||||
Industrial | 48 | 909 | 4.1 | % | |||||||||||||||
Total | 304 | 2,109 | 9.0 | % | |||||||||||||||
Three Months Ended | |||||||||||||||||||
March 31, 2006 | |||||||||||||||||||
Retail | 243 | 940 | 10.9 | % | |||||||||||||||
Industrial | 50 | 908 | 4.1 | % | |||||||||||||||
Total | 293 | 1,848 | 9.5 | % | |||||||||||||||
Average Minimum Rent per Square Foot | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
2007 | 2006 | 2006 | 2006 | 2006 | |||||||||||||||
Retail | $ | 12.14 | $ | 12.12 | $ | 12.10 | $ | 11.69 | $ | 11.50 | |||||||||
Industrial | $ | 4.98 | $ | 4.91 | $ | 4.92 | $ | 4.80 | $ | 4.82 | |||||||||
Occupancy | Quarter Ended | ||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
2007 | 2006 | 2006 | 2006 | 2006 | |||||||||||||||
Shopping Center Portfolio | 95.4 | % | 95.0 | % | 95.0 | % | 95.2 | % | 94.9 | % | |||||||||
Industrial Portfolio | 90.8 | % | 91.2 | % | 90.4 | % | 89.5 | % | 92.9 | % | |||||||||
Total Portfolio | 94.4 | % | 94.1 | % | 94.0 | % | 93.7 | % | 94.4 | % | |||||||||
Note: A space is considered occupied upon execution of a lease agreement. |
16
Property Information | ||||||||||||||||
(in thousands at prorata share) | ||||||||||||||||
Property Investment Summary | ||||||||||||||||
New | Major | All | ||||||||||||||
Acquisitions | Development | Repairs | Other | Total | ||||||||||||
Three Months Ended 03/31/2007 | $ | 192,187 | $ | 68,700 | $ | 1,731 | $ | 15,534 | $ | 278,152 | ||||||
Year Ended 12/31/2006 | 602,987 | 166,999 | 14,338 | 32,757 | 817,081 | |||||||||||
Year Ended 12/31/2005 | 358,990 | 33,171 | 12,858 | 36,791 | 441,810 | |||||||||||
Year Ended 12/31/2004 | 511,245 | 37,836 | 12,265 | 41,983 | 603,329 | |||||||||||
Year Ended 12/31/2003 | 413,796 | 64,011 | 11,754 | 39,062 | 528,623 |
17
Weingarten Realty Investors | ||||||||||||||||
Property Information | ||||||||||||||||
(in thousands at prorata share) | ||||||||||||||||
Acquisition Summary | Sq. Ft. | |||||||||||||||
of Bldg. Area | Date | Total | ||||||||||||||
Center | City/State | at 100% | Acquired | Investment | Yield | |||||||||||
Wholly-Owned Acquisitions | ||||||||||||||||
Shopping Centers | ||||||||||||||||
Scottsdale Horizon | Scottsdale, AZ | 10 | 01/22/07 | |||||||||||||
Entrada De Oro | Tucson, AZ | 89 | 01/22/07 | |||||||||||||
Oracle Crossings | Tucson, AZ | 254 | 01/22/07 | |||||||||||||
Oracle Wetmore | Tucson, AZ | 287 | 01/22/07 | |||||||||||||
Cherokee Plaza | Atlanta, GA | 99 | 01/25/07 | |||||||||||||
Shoppes at Bears Path | Tucson, AZ | 44 | 03/13/07 | |||||||||||||
Madera Village | Tucson, AZ | 97 | 03/13/07 | |||||||||||||
879 | 6.30 | % | ||||||||||||||
Industrial | ||||||||||||||||
Lakeland Interstate Industrial Park I | Lakeland, FL | 168 | 01/11/07 | |||||||||||||
168 | 6.00 | % | ||||||||||||||
Office Buildings | ||||||||||||||||
Arcadia Biltmore Plaza (1) | Phoenix, AZ | 24 | 01/31/07 | |||||||||||||
24 | 5.60 | % | ||||||||||||||
Subtotal - Wholly Owned Acquisitions | 1,071 | |||||||||||||||
Joint Venture Acquisitions | ||||||||||||||||
Shopping Centers | ||||||||||||||||
Sunrise West (25%) | Sunrise, FL | 76 | 01/26/07 | |||||||||||||
Cole Park Plaza (25%) | Chapel Hill, NC | 82 | 02/01/07 | |||||||||||||
159 | 6.60 | % | ||||||||||||||
Subtotal - Joint Venture Acquisitions | 159 | 6.60 | % | |||||||||||||
Grand Total Acquisitions (Y-T-D) | 1,230 | $ | 192,187 | 6.20 | % | |||||||||||
(1) Acquired office building, a portion of which will be use to house company personnel. |
18
Weingarten Realty Investors | ||||||||||
Property Information | ||||||||||
(in thousands at prorata share) | ||||||||||
Disposition Summary | ||||||||||
Sq. Ft. | ||||||||||
of Bldg. Area | Date | Sales | Weighted Sales | |||||||
Center | City/State | at 100% | Sold | Proceeds | Cap | |||||
Operating Property Sales | ||||||||||
Shopping Centers | ||||||||||
Southridge Plaza | Austin, TX | 146 | 3/8/07 | |||||||
Subtotal - Shopping Centers | 146 | 6.94% | ||||||||
Grand Total Operating Property Sales (Y-T-D) | 146 | $ | 17,200 | 6.94% | ||||||
Land and Merchant Development Sales | ||||||||||
Lake Pointe Market Center | Rowlett (Dallas), Texas | 2/2/07 | ||||||||
Boswell Towne Center | Saginaw, Texas | 1/18/07 | ||||||||
Grand Total Land and Merchant Development Sales (Y-T-D) | $ | 1,432 |
19
Weingarten Realty Investors | |||||||||||||||||||||
Properties Currently Under Development | |||||||||||||||||||||
(in thousands at prorata share, except percentage) | |||||||||||||||||||||
Total Square Feet | |||||||||||||||||||||
of Building Area (1) | Spent | Spent | |||||||||||||||||||
Percent | WRI’s | Year-To-Date | Inception | Total Estimated Investment | Est. Final | Estimated | |||||||||||||||
Center Name | Location | Anchor | Ownership | Total | Share | 2007 | To Date | WRI Costs | Gross Costs | ROI % | Stabilization | ||||||||||
1 | Glenwood Meadows * | Glenwood Springs (Denver), Colorado | Target (O.B.O.) | 42% | 403 | 114 | $ 251 | $ 11,518 | $ 11,518 | $ 27,463 | 1Q '08 | ||||||||||
2 | Buckingham Square | Aurora (Denver), Colorado | Target (O.B.O.) | 50% | 930 | 254 | 36 | 1,318 | 15,572 | 31,143 | 2010 | ||||||||||
3 | River Point at Sheridan | Sheridan (Denver), Colorado | Target / Costco | 50% | 780 | 225 | (16,407) | 4,234 | 27,352 | 54,704 | 2009 | ||||||||||
4 | Raintree Ranch | Chandler (Phoenix), Arizona | Whole Foods | 100% | 140 | 140 | 2,938 | 16,088 | 28,799 | 28,799 | 4Q '07 | ||||||||||
Total Western Region | 2,253 | 734 | (13,182) | 33,158 | 83,241 | 142,110 | |||||||||||||||
5 | Starr Plaza * | Rio Grande City, Texas | Beall's / H.E.B | 50% | 185 | 93 | (5) | 10,185 | 10,263 | 20,527 | 3Q '06 | ||||||||||
6 | Sharyland Towne Crossing * | Mission, Texas | Target (O.B.O.) / H.E.B | 50% | 491 | 180 | 1,449 | 14,710 | 25,174 | 50,348 | 4Q '07 | ||||||||||
7 | Market at Nolana * | McAllen, Texas | Wal-Mart (O.B.O.) | 50% | 263 | 30 | 234 | 3,110 | 5,252 | 10,504 | 2008 | ||||||||||
8 | Market at Sharyland Place* | Mission, Texas | Kohl's | 50% | 106 | 53 | (29) | 1,650 | 2,747 | 5,495 | 2Q '08 | ||||||||||
9 | North Sharyland Crossing* | Mission, Texas | 50% | 319 | 159 | 10 | 3,617 | 11,025 | 22,050 | 2008 | |||||||||||
Total Central Region | 1,365 | 515 | 1,659 | 33,272 | 54,462 | 108,924 | |||||||||||||||
10 | Phillips Landing | Orlando, Florida | Wal-Mart (O.B.O.) | 100% | 66 | 66 | 2,582 | 8,206 | 14,475 | 14,475 | 1Q '08 | ||||||||||
11 | Ridgeway Trace | Memphis, Tennessee | Target | 100% | 334 | 196 | 737 | 28,295 | 55,731 | 55,731 | 2010 | ||||||||||
12 | Waterford Village | Leland (Wilmington), North Carolina | Harris Teeter | 75% | 110 | 82 | (135) | 6,238 | 12,432 | 16,576 | 3Q '08 | ||||||||||
13 | S. Fulton Town Center | Atlanta, Georgia | Wal-Mart (O.B.O.) | 50% | 487 | 151 | 9,037 | 9,037 | 24,454 | 48,907 | 2010 | ||||||||||
14 | Phillips Crossing | Orlando, Florida | Whole Foods | 100% | 140 | 140 | (209) | 1,404 | 21,706 | 21,706 | 2008 | ||||||||||
15 | Colonial Landing | Orlando, Florida | PetsMart / Bed, Bath & Beyond | 50% | 265 | 132 | 309 | 11,361 | 14,838 | 29,675 | 2008 | ||||||||||
Total Eastern Region | 1,401 | 768 | 12,321 | 64,541 | 143,635 | 187,070 | |||||||||||||||
Total 15 Properties currently Under Development to be held by WRI | 5,019 | 2,017 | $ 798 | $ 130,971 | $ 281,337 | $ 438,104 | 9.5% | ||||||||||||||
1 | Village at Liberty Lake * | Liberty Lake (Spokane), Washington | Home Depot (O.B.O.) | 50% | 159 | 5 | 13 | 902 | 902 | 902 | 4Q '07 | ||||||||||
2 | Jess Ranch Phase III * | Apple Valley (Los Angeles), California | Best Buy / Bed, Bath & Beyond | 50% | 194 | 97 | 5,112 | 5,112 | 22,181 | 44,361 | 2010 | ||||||||||
3 | Laveen Village Phase II | Phoenix, Arizona | Home Depot (O.B.O.) | 100% | 196 | 57 | 4,018 | 13,532 | 13,532 | 13,532 | 2Q '07 | ||||||||||
4 | The Shoppes at Parkwood Ranch | Mesa (Phoenix), Arizona | Hobby Lobby | 100% | 123 | 114 | 5,814 | 5,814 | 19,553 | 19,553 | 2009 | ||||||||||
5 | Jess Ranch Marketplace* | Apple Valley (Los Angeles), California | Winco (O.B.O.) | 50% | 0 | 107 | 1,571 | 4,771 | 18,164 | 36,328 | 3Q '08 | ||||||||||
Total Western Region | 673 | 379 | 16,528 | 30,131 | 74,332 | 114,677 | |||||||||||||||
6 | North Towne Plaza | Brownsville, Texas | Lowe's (O.B.O.) | 75% | 333 | 162 | 74 | 5,092 | 22,106 | 29,474 | 2010 | ||||||||||
7 | Westwood Center | San Antonio, Texas | 100% | 275 | 96 | 10,780 | 10,780 | 16,323 | 16,323 | 2010 | |||||||||||
8 | Festival Plaza | Helotes (San Antonio), Texas | 100% | 257 | 49 | 38 | 807 | 7,643 | 7,643 | 2010 | |||||||||||
9 | Gateway Station | Burleson (Fort Worth), Texas | Kohl's (O.B.O.) | 70% | 100 | 69 | 45 | 1,326 | 8,932 | 12,760 | 2009 | ||||||||||
10 | Westover Square | San Antonio, Texas | Target (O.B.O.) / Lowe's (O.B.O.) | 67% | 60 | 0 | 6 | 3,058 | 3,911 | 5,838 | 2009 | ||||||||||
11 | River Pointe Apartments II | Conroe (Houston), Texas | N/A | 100% | 217 | 217 | 5,209 | 8,869 | 14,756 | 14,756 | 2009 | ||||||||||
12 | Rock Prairie Marketplace | College Station, Texas | 100% | 554 | 173 | 3,335 | 15,656 | 28,145 | 28,145 | 2011 | |||||||||||
13 | Tomball Marketplace | Tomball (Houston), Texas | Academy (O.B.O.) | 100% | 337 | 242 | 3,796 | 20,888 | 38,952 | 38,952 | 2009 | ||||||||||
Total Central Region | 2,133 | 1,008 | 23,283 | 66,476 | 140,768 | 153,891 | |||||||||||||||
14 | Surf City Crossing | Surf City (Wilmington), North Carolina | Harris Teeter | 100% | 71 | 69 | 95 | 3,389 | 8,612 | 8,612 | 2011 | ||||||||||
15 | Southern Pines | Southern Pines, NC | 100% | 204 | 204 | 8,243 | 8,243 | 34,711 | 34,711 | 2010 | |||||||||||
16 | Shoppes at Caveness Farms (Retail Tracts) | Wake Forest (Raleigh), North Carolina | 100% | 297 | 297 | 434 | 12,940 | 49,536 | 49,536 | 2008 | |||||||||||
17 | Crabtree Towne Center | Raleigh, North Carolina | 100% | 256 | 256 | 19,319 | 19,318 | 108,385 | 108,385 | 2011 | |||||||||||
Total Eastern Region | 828 | 826 | 28,091 | 43,890 | 201,244 | 201,244 | |||||||||||||||
Total 17 proposed merchant build properties currently under development | 3,633 | 2,213 | $ 67,902 | $ 140,497 | $ 416,343 | $ 469,811 | 8.8% | ||||||||||||||
Total 32 properties in various stages of development | 8,652 | 4,230 | $ 68,700 | $ 271,468 | $ 697,680 | $ 907,915 | 9.1% | ||||||||||||||
* Unconsolidated Joint Venture | |||||||||||||||||||||
O.B.O - Owned By Other | |||||||||||||||||||||
(1) Total Building Area square footage reflects 100% ownership including square feet that is owned by other. WRI's share of building area square footage reflects WRI's ownership percentage excluding square feet owned by other. | |||||||||||||||||||||
20
Weingarten Realty Investors | |||||||||||||||||||||||||
Total Operating Income at Prorata Share by Geographic Region (1) | |||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
Three Months Ended March 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
2007 | % | 2006 | % | 2006 | % | 2005 | % | 2004 | % | 2003 | % | ||||||||||||||
Western Region | |||||||||||||||||||||||||
California | $ | 9,506 | 13.6 | % | $ 9,338 | 14.8 | % $ | 38,437 | 15.1 | % $ | 36,715 | 15.4 | % $ | 32,188 | 15.3 | % $ | 26,178 | 14.7 | % | ||||||
Nevada | 5,529 | 7.9 | % | 4,821 | 7.6 | % | 19,170 | 7.5 | % | 16,949 | 7.1 | % | 13,208 | 6.3 | % | 11,862 | 6.7 | % | |||||||
Arizona | 3,341 | 4.8 | % | 2,500 | 4.0 | % | 10,232 | 4.0 | % | 9,926 | 4.2 | % | 8,648 | 4.1 | % | 8,038 | 4.5 | % | |||||||
Colorado | 1,836 | 2.6 | % | 1,724 | 2.7 | % | 7,679 | 3.0 | % | 6,375 | 2.7 | % | 6,378 | 3.0 | % | 3,483 | 2.0 | % | |||||||
New Mexico | 1,573 | 2.2 | % | 1,715 | 2.7 | % | 6,523 | 2.6 | % | 5,445 | 2.3 | % | 4,268 | 2.0 | % | 3,442 | 1.9 | % | |||||||
Utah | 605 | 0.9 | % | 557 | 0.9 | % | 2,224 | 0.9 | % | 2,014 | 0.8 | % | 1,763 | 0.8 | % | (2 | ) | 0.0 | % | ||||||
Washington | 272 | 0.4 | % | (1 | ) | 0.0 | % | 207 | 0.1 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | ||||||
Oregon | 90 | 0.1 | % | - | 0.0 | % | 34 | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||
Total Western Region | 22,752 | 32.5% | 20,654 | 32.7 | % | 84,506 | 33.2 | % | 77,424 | 32.5 | % | 66,453 | 31.5 | % | 53,001 | 29.8 | % | ||||||||
Central Region | |||||||||||||||||||||||||
Texas | $ | 20,734 | 29.6 | % $ | 21,435 | 33.9 | % $ | 79,249 | 31.1 | % $ | 82,122 | 34.4 | % $ | 73,420 | 34.9 | % $ | $ 75,289 | 42.3 | % | ||||||
Louisiana | 2,050 | 2.9 | % | 1,648 | 2.6 | % | 7,144 | 2.8 | % | 8,673 | 3.6 | % | 12,023 | 5.7 | % | 6,640 | 3.7 | % | |||||||
Arkansas | 560 | 0.8 | % | 522 | 0.8 | % | 2,183 | 0.9 | % | 3,481 | 1.5 | % | 1,823 | 0.9 | % | 1,288 | 0.7 | % | |||||||
Kansas | 414 | 0.6 | % | 200 | 0.3 | % | 1,241 | 0.5 | % | 1,049 | 0.4 | % | 1,548 | 0.7 | % | 1,785 | 1.0 | % | |||||||
Missouri | 327 | 0.5 | % | 319 | 0.5 | % | 1,238 | 0.5 | % | 1,334 | 0.6 | % | 1,383 | 0.7 | % | 1,425 | 0.8 | % | |||||||
Oklahoma | 165 | 0.2 | % | 147 | 0.2 | % | 513 | 0.2 | % | 436 | 0.2 | % | 585 | 0.3 | % | 540 | 0.3 | % | |||||||
Mississippi | - | 0.0 | % | (24 | ) | 0.0 | % | (6 | ) | 0.0 | % | (1 | ) | 0.0 | % | - | 0.0 | % | (15 | ) | 0.0 | % | |||
Illinois | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||
Total Central Region | 24,250 | 34.6 | % | 24,247 | 38.3 | % | 91,562 | 36.0 | % | 97,094 | 40.7 | % | 90,782 | 43.2 | % | 86,952 | 48.8 | % | |||||||
Eastern Region | |||||||||||||||||||||||||
Florida | $ | 12,045 | 17.1 | % $ | 9,753 | 15.4 | % $ | 41,807 | 16.3 | % $ | 34,013 | 14.2 | % $ | 30,224 | 14.4 | % $ | $ 23,810 | 13.4 | % | ||||||
North Carolina | 5,037 | 7.1 | % | 4,337 | 6.9 | % | 17,274 | 6.8 | % | 14,074 | 5.9 | % | 11,038 | 5.3 | % | 8,398 | 4.7 | % | |||||||
Georgia | 3,724 | 5.3 | % | 1,965 | 3.1 | % | 9,923 | 3.9 | % | 8,042 | 3.4 | % | 5,868 | 2.8 | % | 2,097 | 1.2 | % | |||||||
Kentucky | 1,131 | 1.6 | % | 931 | 1.5 | % | 4,112 | 1.6 | % | 3,440 | 1.4 | % | 1,507 | 0.7 | % | - | 0.0 | % | |||||||
Tennessee | 1,091 | 1.6 | % | 1,279 | 2.0 | % | 5,069 | 2.0 | % | 4,312 | 1.8 | % | 3,949 | 1.9 | % | 3,358 | 1.9 | % | |||||||
Maine | 60 | 0.1 | % | 51 | 0.1 | % | 224 | 0.1 | % | 350 | 0.1 | % | 318 | 0.2 | % | 409 | 0.2 | % | |||||||
South Carolina | 48 | 0.1 | % | 13 | 0.0 | % | 154 | 0.1 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||
Total Eastern Region | 23,136 | 32.9 | % | 18,329 | 29.0 | % | 78,563 | 30.8 | % | 64,231 | 26.8 | % | 52,904 | 25.3 | % | 38,072 | 21.4 | % | |||||||
Total Operating Income | $ | 70,138 | 100.0 | % $ | 63,230 | 100.0 | % $ | 254,631 | 100.0 | % $ | 238,749 | 100.0 | % $ | 210,139 | 100.0 | % $ | 178,025 | 100.0 | % | ||||||
(1) The Operating Income at Prorata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 20% to 75% except for the operations of down-reit partnerships, which are included at | |||||||||||||||||||||||||
100% with the applicable minority interest. Prorata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
21
Net Asset Value | |||||||||||
(in thousands) except per share amount | |||||||||||
Assumed Capitalization Rate | 6.0% | ||||||||||
Net Operating Income (1) | $ | 446,557 | |||||||||
Market Value: Operating Properties | 7,431,176 | ||||||||||
New Development (2) | 613,854 | ||||||||||
Value of Outside Fee Income (3) | 13,596 | ||||||||||
Value of Interest Income (4) | 55,120 | ||||||||||
Value of Other Assets (5) | 255,807 | ||||||||||
Gross Market Value of Assets | 8,369,552 | ||||||||||
Debt Outstanding | (2,964,248) | ||||||||||
Other Liabilities & Preferred Stock | (463,237) | ||||||||||
Net Market Value of Assets | 4,942,067 | ||||||||||
Weighted Average Shares Outstanding - Diluted | 89,809 | ||||||||||
Net Asset Value per Share | $ | 55.03 | |||||||||
Current Stock Price (close of business 4/22/2007) | $ 47.85 | ||||||||||
Price / Net Asset Value | 87.0% | ||||||||||
Stock Price Discount | -13.0% | ||||||||||
Region | Weighted Cap Rate | ||||||||||
Western Region | 5.6% | ||||||||||
Central Region | 6.3% | ||||||||||
Eastern Region | 5.9% | ||||||||||
(1) Projected 2007 stabilized/annualized net operating income adjusted for dispositions, new development property not yet stabilized and other real estate assests. Includes prorata portion of joint venture net operating income. | |||||||||||
(2) New developments are valued at the present value of the projected NOI upon completion, capped at 6.0% (assumed market value) less our investment in the development. | |||||||||||
(3) Net of expenses at a 15x multiple | |||||||||||
(4) Valued at a 20% cap rate | |||||||||||
(5) Includes accrued rents, accounts/notes receivables, cash and cash equivalents, unimproved land, other prepaid expense and other assets, all at cost. | |||||||||||
Note: This is a net asset value and not an enterprise value, as we have not placed a value on the "platform". |
22
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Houston and Harris County, Total | 5,960,000 | 184,000 | 660,000 | 6,804,000 | ||||||||||
Alabama-Shepherd, S. Shepherd at W. Alabama | 56,000 | 0 | 0 | 56,000 | ||||||||||
Bayshore Plaza, Spencer Hwy. at Burke Rd. | Fitness Connections (O.B.O.) | 36,000 | 0 | 86,000 | 122,000 | |||||||||
Bellaire Boulevard, Bellaire at S. Rice | Randall’s + | 35,000 | 0 | 0 | 35,000 | |||||||||
Braeswood Square, N. Braeswood at Chimney Rock | Belden’s +, Walgreen’s | 103,000 | 0 | 0 | 103,000 | |||||||||
Centre at Post Oak, Westheimer at Post Oak Blvd. | Marshall’s, Barnes & Noble, Old Navy, Grand Lux Café, Comp USA | 184,000 | 0 | 0 | 184,000 | |||||||||
Champions Village, F.M. 1960 at Champions Forest Dr. | Randall’s, SteinMart, Palais Royal, Cost Plus, Barnes & Noble | 408,000 | 0 | 0 | 408,000 | |||||||||
Crestview, Bissonnet at Wilcrest | Creative Connection | 9,000 | 0 | 0 | 9,000 | |||||||||
Cullen Place, Cullen at Reed | C&R Beauty Supply | 7,000 | 0 | 0 | 7,000 | |||||||||
Cullen Plaza, Cullen at Wilmington | Fiesta +, Family Dollar, Beauty Empire | 85,000 | 0 | 0 | 85,000 | |||||||||
Cypress Pointe, F.M. 1960 at Cypress Station | Kroger +, Office Max, Comp USA, Babies “R” Us | 191,000 | 0 | 97,000 | 288,000 | |||||||||
Eastpark, Mesa Rd. at Tidwell | CVS/pharmacy, US Postal Service | 113,000 | 0 | 0 | 113,000 | |||||||||
Edgebrook, Edgebrook at Gulf Fwy. | Fiesta +, Bank One, Family Dollar | 78,000 | 0 | 0 | 78,000 | |||||||||
Fiesta Village, Quitman at Fulton | Fiesta + | 30,000 | 0 | 0 | 30,000 | |||||||||
Fondren/West Airport, Fondren at W. Airport | Save-A-Lot | 62,000 | 0 | 0 | 62,000 | |||||||||
Glenbrook Square, Telephone Road | Kroger +, Blockbuster | 76,000 | 0 | 0 | 76,000 | |||||||||
Griggs Road, Griggs at Cullen | Family Dollar, Modern City, Citi Trends | 80,000 | 0 | 0 | 80,000 | |||||||||
Harrisburg Plaza, Harrisburg at Wayside | Fallas Paredes | 93,000 | 0 | 0 | 93,000 | |||||||||
Heights Plaza, 20th St. at Yale | Kroger +, Walgreen’s | 72,000 | 0 | 0 | 72,000 | |||||||||
Humblewood Shopping Plaza, Eastex Fwy. at F.M. 1960 | Kroger +,Conn’s, Walgreen’s | 180,000 | 0 | 99,000 | 279,000 | |||||||||
I-45/Telephone Rd. Center, I-45 at Maxwell Street | Seller Bros. +, Dollar Tree, FAMSA | 164,000 | 0 | 0 | 164,000 | |||||||||
Jacinto City, Market at Baca | Seller Bros. +, CVS/pharmacy | (1) | 25,000 | 25,000 | 0 | 50,000 | ||||||||
Landmark, Gessner at Harwin | Family Dollar | 56,000 | 0 | 0 | 56,000 | |||||||||
Lawndale, Lawndale at 75th St. | Family Dollar | 54,000 | 0 | 0 | 54,000 | |||||||||
Little York Plaza, Little York at E. Hardy | Seller Bros. +, Dollar General, American Way Thrift Stores | 117,000 | 0 | 0 | 117,000 | |||||||||
Lyons Avenue, Lyons at Shotwell | Fiesta +, Fallas Paredes | 68,000 | 0 | 0 | 68,000 | |||||||||
Market at Westchase, Westheimer at Wilcrest | Whole Foods Market | 87,000 | 0 | 0 | 87,000 | |||||||||
Northbrook Center, Northwest Fwy. at W. 34th | Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree | 174,000 | 0 | 0 | 174,000 | |||||||||
North Main Square, Pecore at N. Main | O’Reilly Autoparts | 19,000 | 0 | 0 | 19,000 | |||||||||
North Oaks, F.M. 1960 at Veterans Memorial | T.J. Maxx, Ross Dress for Less, Big Lots, DSW, Half Price Books, Anna's Linens, Mardel's Christian Bookstore | 425,000 | 0 | 0 | 425,000 | |||||||||
North Triangle , I-45 at F.M. 1960 | Steak & Ale, CiCi’s Pizza, James Coney Island | 16,000 | 0 | 0 | 16,000 | |||||||||
Northway, Northwest Fwy. at 34th | Conn’s, Academy, Office Max, Goodwill | 209,000 | 0 | 0 | 209,000 | |||||||||
Northwest Crossing, N.W. Fwy. at Hollister (75%) | Target (O.B.O.), Marshall’s, Babies “R” Us, Best Buy | (1) | (3) | 134,000 | 45,000 | 120,000 | 299,000 | |||||||
Oak Forest, W. 43rd at Oak Forest | Kroger +, Palais Royal, Dollar Tree | 164,000 | 0 | 0 | 164,000 | |||||||||
Orchard Green, Gulfton at Renwick | Seller Bros. +, Family Dollar | 74,000 | 0 | 0 | 74,000 | |||||||||
Randall's /Cypress Station, F.M. 1960 at I-45 | David’s Bridal, Randalls | 141,000 | 0 | 0 | 141,000 | |||||||||
Randall's /Kings Crossing, Kingwood Dr. at Lake Houston Pkwy. | Randall’s, CVS/pharmacy | 128,000 | 0 | 0 | 128,000 | |||||||||
Randall's /Norchester, Grant at Jones | Randall’s + | 108,000 | 0 | 0 | 108,000 | |||||||||
Richmond Square, Richmond Ave. at W. Loop 610 | Best Buy (O.B.O.), Cost Plus | 33,000 | 0 | 58,000 | 91,000 | |||||||||
River Oaks East, W. Gray at Woodhead | Kroger + | 71,000 | 0 | 0 | 71,000 | |||||||||
River Oaks West, W. Gray at S. Shepherd | Talbot’s, JoS. A. Bank, Ann Taylor, Gap | 235,000 | 0 | 0 | 235,000 | |||||||||
Sheldon Forest North , North, I-10 at Sheldon | Family Dollar | (1) | 22,000 | 0 | 0 | 22,000 | ||||||||
Sheldon Forest South , North, I-10 at Sheldon | Gerland’s +, Burke’s Outlet | (1) | 38,000 | 38,000 | 0 | 76,000 | ||||||||
Shops at Three Corners, S. Main at Old Spanish Trail (70%) | Fiesta +, Office Depot, Big Lots, PetsMart, Ross Dress for Less, Anna’s Linens | (1) | 176,000 | 76,000 | 0 | 252,000 | ||||||||
Southgate, W. Fuqua at Hiram Clark | Food-A-Rama +, Palais Royal, CVS/pharmacy, Family Dollar | 125,000 | 0 | 0 | 125,000 | |||||||||
Spring Plaza, Hammerly at Campbell | Seller Bros., Family Dollar | 56,000 | 0 | 0 | 56,000 | |||||||||
Steeplechase, Jones Rd. at F.M. 1960 | Palais Royal, 99 Cents Only, Anna's Linens, Goodwill Industries | 193,000 | 0 | 100,000 | 293,000 | |||||||||
Stella Link , Stella Link at S. Braeswood | Seller Bros.+, Spec’s Liquor Warehouse, Burke’s Outlet | 68,000 | 0 | 0 | 68,000 | |||||||||
Studemont, Studewood at E. 14th St | Fiesta + | 28,000 | 0 | 0 | 28,000 | |||||||||
Ten Blalock Square, I-10 at Blalock | Fiesta + | 97,000 | 0 | 0 | 97,000 | |||||||||
10/Federal, I-10 at Federal | Citi Trends, Palais Royal, Seller Bros. + | 132,000 | 0 | 0 | 132,000 | |||||||||
Village Arcade, University at Kirby | Gap, Talbot’s, Baby Gap | 191,000 | 0 | 0 | 191,000 | |||||||||
Westbury Triangle, Chimney Rock at W. Bellfort | 99 Cents Only | 67,000 | 0 | 0 | 67,000 | |||||||||
Westchase Center, Westheimer at Wilcrest | Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target (O.B.O.), Petco | 236,000 | 0 | 100,000 | 336,000 | |||||||||
Westhill Village, Westheimer at Hillcroft | Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens | 131,000 | 0 | 0 | 131,000 | |||||||||
Texas (Excluding Houston & Harris Co.), Total | 7,225,000 | 529,000 | 1,886,000 | 9,640,000 | ||||||||||
Bell Plaza, 45th Ave. at Bell St., Amarillo | United Supermarket +, Dollar Tree | 129,000 | 0 | 0 | 129,000 | |||||||||
Coronado, 34th St. at Wimberly Dr., Amarillo | Blockbuster | 48,000 | 0 | 0 | 48,000 | |||||||||
Puckett Plaza, Bell Road, Amarillo | Huneke Furniture, CVS/Pharmacy, Gold's Gym | 133,000 | 0 | 0 | 133,000 | |||||||||
Wolflin Village, Wolflin Ave. at Georgia St., Amarillo | Hastings, Talbot’s, Office Depot | 193,000 | 0 | 0 | 193,000 | |||||||||
Brodie Oaks, South Lamar Blvd. at Loop 360, Austin | Hobby Lobby (O.B.O.), Toys "R" Us (O.B.O.), Sun Harvest Foods +, Neiman Marcus Last Call | 245,000 | 0 | 109,000 | 354,000 | |||||||||
Calder, Calder at 24th St., Beaumont | Vacant | 34,000 | 0 | 0 | 34,000 | |||||||||
North Park Plaza, Eastex Fwy. at Dowlen, Beaumont | Target (O.B.O.), Anna’s Linens, Spec’s Liquor Warehouse, David’s Bridal, Toys “R” Us (O.B.O.) | (1) | (3) | 70,000 | 70,000 | 98,000 | 238,000 | |||||||
Phelan West, Phelan at 23rd St., Beaumont (67%) | Kroger + (O.B.O.) | (1) | (3) | 16,000 | 8,000 | 59,000 | 83,000 | |||||||
Phelan, Phelan at 23rd St, Beaumont | Vacant | 12,000 | 0 | 0 | 12,000 | |||||||||
Southgate, Calder Ave. at 6th St., Beaumont | Dollar General | 34,000 | 0 | 0 | 34,000 | |||||||||
Westmont, Dowlen at Phelan, Beaumont | Talbot’s, Ashley Furniture | 98,000 | 0 | 0 | 98,000 | |||||||||
North Towne Plaza, U.S. 77 and 83 at SHFM 802, Brownsville (75%) | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Gateway Station, I-35W and McAlister Rd., Burleson (70%) | Vacant | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Lone Star Pavilions, Texas at Lincoln Ave., College Station | Best Buy, Office Depot, Barnes & Noble | 107,000 | 0 | 0 | 107,000 | |||||||||
Rock Prairie Marketplace, Rock Prairie Rd. at Hwy. 6, College Station | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Montgomery Plaza, Loop 336 West at I-45, Conroe | Academy, Conn’s, Goody’s, 99 Cents Only, Spec’s Liquor Warehouse, Petco, Anna's Linens | 317,000 | 0 | 0 | 317,000 | |||||||||
River Pointe, I-45 at Loop 336, Conroe | Kroger + (O.B.O), Incredible Pizza (O.B.O.) | (2) | 45,000 | 0 | 145,000 | 190,000 |
23
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Texas (Excluding Houston & Harris Co.) Continued | ||||||||||||||
Moore Plaza, S. Padre Island Dr. at Staples, Corpus Christi | Office Depot, Marshall’s, H. E. B. + (O.B.O),Target (O.B.O.), Circuit City, Old Navy, Linen’s N Things, Hobby Lobby | 373,000 | 0 | 162,000 | 535,000 | |||||||||
Portairs, Ayers St. at Horne Rd., Corpus Christi | CVS /pharmacy, Family Dollar, Beall’s | 117,000 | 0 | 0 | 117,000 | |||||||||
Shoppes at Deer Creek, FM 731 at FM 1137, Crowley | Albertsons + (O.B.O.) | 23,000 | 0 | 52,000 | 75,000 | |||||||||
Golden Beach Market Place, Golden Triangle Blvd. at N. Beach St., Ft. Worth | Albertsons + (O.B.O.) | 31,000 | 0 | 52,000 | 83,000 | |||||||||
Overton Park Plaza, SW Loop 820/Interstate 20 at South Hulen St., Ft. Worth | Sports Authority, Circuit City, PetsMart, Office Depot, T.J. Maxx, Albertsons +, Home Depot (O.B.O.), Anna’s Linens, Ashley Furniture | 353,000 | 0 | 110,000 | 463,000 | |||||||||
Southcliff, I-20 at Grandbury Rd., Ft. Worth | Jo-Ann’s Fabrics | 116,000 | 0 | 0 | 116,000 | |||||||||
Broadway , Broadway at 59th St., Galveston | Big Lots, Family Dollar | 76,000 | 0 | 0 | 76,000 | |||||||||
Galveston Place, Central City Blvd. at 61st St., Galveston | Randall’s +, Office Depot, Hastings, Palais Royal | 210,000 | 0 | 0 | 210,000 | |||||||||
Food King Place, 25th St. at Avenue P, Galveston | Arlan’s | 28,000 | 0 | 0 | 28,000 | |||||||||
Festival Plaza, Helotes, TX | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Killeen Marketplace, 3200 E. Central Texas Expressway, Killeen | Best Buy, Ross Dress for Less, Staples, Home Depot (O.B.O.) | 115,000 | 0 | 136,000 | 251,000 | |||||||||
Cedar Bayou, Bayou Rd., La Marque | Dollar General | 15,000 | 0 | 31,000 | 46,000 | |||||||||
North Creek Plaza, Del Mar Blvd. at Hwy. I-35, Laredo | Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H.E.B. + (O.B.O.), Marshall’s | 245,000 | 0 | 206,000 | 451,000 | |||||||||
Plantation Centre, Del Mar Blvd. at McPherson Rd., Laredo | H.E.B. +, Blockbuster | 135,000 | 0 | 0 | 135,000 | |||||||||
League City Plaza, I-45 at F.M. 518, League City | Kroger +, Spec’s Liquor Warehouse | 127,000 | 0 | 0 | 127,000 | |||||||||
Central Plaza, Loop 289 at Slide Rd., Lubbock | Bed Bath & Beyond, Old Navy, Staples | 151,000 | 0 | 0 | 151,000 | |||||||||
Northtown Plaza, 1st St. at University Plaza, Lubbock | United Supermarket +, Family Dollar | 74,000 | 0 | 0 | 74,000 | |||||||||
Town and Country, 4th St. at University, Lubbock | Hasting’s Records & Books | 51,000 | 0 | 0 | 51,000 | |||||||||
Angelina Village, Hwy. 59 at Loop 287, Lufkin | Randall’s +, Kmart, Clark’s, Ashley Furniture | 257,000 | 0 | 0 | 257,000 | |||||||||
Independence Plaza, Town East Blvd., Mesquite | Sack & Save +, Babies “R” Us | 179,000 | 0 | 0 | 179,000 | |||||||||
South 10th St. HEB, S. 10th St. at Houston St., McAllen | H.E.B. + | (1) | (3) | 52,000 | 52,000 | 0 | 104,000 | |||||||
Las Tiendas Plaza, Expressway 83 at McColl Rd., McAllen | Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Marshall’s, Office Depot | (1) | (3) | 144,000 | 144,000 | 242,000 | 530,000 | |||||||
Market at Nolana, Nolana Ave and 29th St., McAllen | Vacant | (1) | (2) | (3) | 0 | 0 | 0 | 0 | ||||||
Northcross, N. 10th St. at Nolana Loop, McAllen | Barnes & Noble, Blockbuster | (1) | (3) | 38,000 | 38,000 | 0 | 76,000 | |||||||
Old Navy Building, 1815 10th Street, McAllen | Old Navy | (1) | (3) | 8,000 | 8,000 | 0 | 16,000 | |||||||
Market at Sharyland Place, U.S. Expressway 83 and Shary Road, Mission | Vacant | (1) | (2) | (3) | 0 | 0 | 0 | 0 | ||||||
Sharyland Towne Crossing, Shary Rd. at Hwy. 83, Mission | Target(O.B.O), H.E.B, TJ Maxx, Petco, Office Depot | (1) | (2) | (3) | 81,000 | 81,000 | 0 | 162,000 | ||||||
North Sharyland Crossing, Shary Rd. at North Hwy. 83, Mission | Vacant | (1) | (2) | (3) | 0 | 0 | 0 | 0 | ||||||
Custer Park, SWC Custer Road at Parker Road, Plano | Kroger + (O.B.O), Dollar General | 116,000 | 0 | 65,000 | 181,000 | |||||||||
Pitman Corners, Custer Road at West 15th, Plano | Albertsons +, Tuesday Morning | 190,000 | 0 | 0 | 190,000 | |||||||||
Gillham Circle, Gillham Circle at Thomas, Port Arthur | Family Dollar | 33,000 | 0 | 0 | 33,000 | |||||||||
Starr Plaza, U.S. Hwy. 83 at Bridge St., Rio Grande City | H.E.B.+, Beall’s, Dollar General | (1) | (2) | (3) | 87,000 | 87,000 | 0 | 174,000 | ||||||
Rockwall, I-30 at Market Center Street, Rockwall | Office Max, Petco, Pier 1, Ross Dress for Less, Old Navy, Linens ‘N Things, Michael’s | 209,000 | 0 | 0 | 209,000 | |||||||||
Plaza, Ave. H at Eighth Street, Rosenberg | Burke’s Outlet, 99 Cents Only, CVS | (1) | 41,000 | 41,000 | 0 | 82,000 | ||||||||
Rose-Rich, U.S. Hwy. 90A at Lane Dr., Rosenberg | Family Dollar, Palais Royal | 104,000 | 0 | 0 | 104,000 | |||||||||
Lake Pointe Market Center, Dalrock Rd. at Lakeview Pkwy., Rowlett | Tom Thumb + (O.B.O.), Walgreen’s (O.B.O.) | 38,000 | 0 | 81,000 | 119,000 | |||||||||
Boswell Towne Center, Highway 287 at Bailey Boswell Rd., Saginaw | Albertsons + (O.B.O) | 24,000 | 0 | 62,000 | 86,000 | |||||||||
Fiesta Trails, I-10 at DeZavala Rd., San Antonio | H. E. B. (O.B.O), Target (O.B.O.), Barnes & Noble, Cost Plus, Regal Cinema, Marshall’s, Office Max, SteinMart, Petco, Anna’s Linens | 312,000 | 0 | 176,000 | 488,000 | |||||||||
Oak Park Village, Nacogdoches at New Braunfels, San Antonio | H. E. B. | 66,000 | 0 | 0 | 66,000 | |||||||||
Parliament Square, W. Ave. at Blanco, San Antonio | Incredible Pizza, Bernina New Home Sewing Center | 120,000 | 0 | 0 | 120,000 | |||||||||
Thousand Oaks, Thousand Oaks Dr. at Jones Maltsberger Rd., San Antonio | H. E. B., Beall’s, Tuesday Morning | 163,000 | 0 | 0 | 163,000 | |||||||||
Valley View, West Ave. at Blanco Rd., San Antonio | Marshall’s, Blockbuster, Dollar Tree | 90,000 | 0 | 0 | 90,000 | |||||||||
Westover Square, 151 and Ingram, San Antonio (67%) | Vacant | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Westwood Center, Culebra Road and Westwood Loop, San Antonio | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
First Colony Commons, Hwy. 59 at Williams Trace Blvd., Sugar Land | Babies “R” Us, Conn’s, Michael’s, Office Depot, Home Depot | 410,000 | 0 | 0 | 410,000 | |||||||||
Market at Town Center, Town Center Blvd., Sugar Land | Old Navy, Barnes & Noble, Marshall’s, Linens ‘N Things, DSW Shoe Warehouse, Ross Dress for Less, Lane Furniture | 345,000 | 0 | 0 | 345,000 | |||||||||
New Boston Road, New Boston at Summerhill, Texarkana | Rehkopf’s Grocery +, CVS/pharmacy, Salvation Army | 97,000 | 0 | 0 | 97,000 | |||||||||
Island Market Place, 6th St. at 9th Ave., Texas City | Food King | 27,000 | 0 | 0 | 27,000 | |||||||||
Palmer Plaza, F.M. 1764 at 34th St., Texas City | Randall’s +, Big Lots (O.B.O.), Dollar Tree | 97,000 | 0 | 100,000 | 197,000 | |||||||||
Tomball Marketplace, FM 2920 and Future 249, Tomball | Academy, Ltd. (O.B.O.) | (2) | 0 | 0 | 0 | 0 | ||||||||
Broadway, S. Broadway at W. 9th St., Tyler | SteinMart | 60,000 | 0 | 0 | 60,000 | |||||||||
Crossroads, I-10 at N. Main, Vidor | Market Basket +, Beall’s, Baskin’s, Burke’s Outlet | 116,000 | 0 | 0 | 116,000 | |||||||||
Florida, Total | 4,891,000 | 1,618,000 | 784,000 | 7,293,000 | ||||||||||
Boca Lyons, Glades Rd. at Lyons Rd., Boca Raton | Ross Dress for Less, Ethan Allen | 117,000 | 0 | 0 | 117,000 | |||||||||
Sunset 19, US Hwy. 19 at Sunset Pointe Rd., Clearwater | Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy | 273,000 | 0 | 0 | 273,000 | |||||||||
Embassy Lakes, Sheraton St. at Hiatus Rd., Cooper City | Winn Dixie +, Walgreen’s, Tuesday Morning | 132,000 | 0 | 48,000 | 180,000 | |||||||||
Shoppes at Paradise Isle, 34940 Emerald Coast Pkwy, Destin (25%) | Best Buy, Linens N' Things, Michaels, Office Depot, PetsMart | (1) | (3) | 43,000 | 129,000 | 0 | 172,000 | |||||||
Hollywood Hills Plaza, Hollywood Blvd. at North Park Rd., Hollywood | Publix +, Target, CVS/pharmacy | 365,000 | 0 | 0 | 365,000 | |||||||||
Indian Harbour Place, East Eau Gallie Boulevard, Indian Harbour Beach (25%) | Beall's, Publix | (1) | (3) | 41,000 | 123,000 | 0 | 164,000 | |||||||
Argyle Village, Blanding at Argyle Forest Blvd., Jacksonville | Bed Bath & Beyond, Publix +, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics | 305,000 | 0 | 0 | 305,000 | |||||||||
TJ Maxx Plaza, 117th Avenue at Sunset Blvd., Kendall | T.J. Maxx, Winn Dixie + | 162,000 | 0 | 0 | 162,000 | |||||||||
Largo Mall, Ulmerton Rd. at Seminole Ave., Largo | Beall’s Department Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Albertsons + (O.B.O.) | 378,000 | 0 | 198,000 | 576,000 | |||||||||
Palm Lakes Plaza, Atlantic Boulevard and Rock Island Road, Maragate (20%) | Publix +, CVS/Pharmacy | (1) | (3) | 23,000 | 91,000 | 0 | 114,000 |
24
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Florida Continued | ||||||||||||||
Lake Washington Crossing, Wickham Rd. at Lake Washington Rd., Melbourne (25%) | Publix +, Beall’s Outlet Stores | (1) | (3) | 30,000 | 89,000 | 0 | 119,000 | |||||||
Lake Washington Square, Wickham Rd. at Lake Washington Rd., Melbourne | Albertsons + | 112,000 | 0 | 0 | 112,000 | |||||||||
Kendall Corners, Kendall Drive and SW 127th Avenue, Miami (20%) | City Furniture | (1) | (3) | 19,000 | 77,000 | 0 | 96,000 | |||||||
South Dade, South Dixie Highway and Eureka Drive, Miami (20%) | Publix +, Petco, Chuck E. Cheese, Bed Bath & Beyond | (1) | (3) | 44,000 | 176,000 | 0 | 220,000 | |||||||
Tamiami Trail Shops, S.W. 8th St. at S.W. 137th Ave., Miami | Publix +, CVS/pharmacy | 111,000 | 0 | 0 | 111,000 | |||||||||
Northridge, E. Commercial Blvd. at Dixie Hwy., Oakland Park | Publix +, Petco, Ross Dress for Less, Anna's Linen | 235,000 | 0 | 0 | 235,000 | |||||||||
Colonial Plaza, E. Colonial Dr. at Primrose Dr., Orlando | Staples, Circuit City, Ross Dress for Less, Linens ‘N Things, Babies “R” Us, Marshall’s, Old Navy, SteinMart, Barnes & Noble, Petco | 488,000 | 0 | 0 | 488,000 | |||||||||
Colonial Landing, East Colonial Dr. at Maguire Boulevard, Orlando | Bed Bath & Beyond, Petsmart, Jo Ann Fabrics, Sports Authority | (1) | (2) | 133,000 | 133,000 | 0 | 266,000 | |||||||
International Drive Value Center, International Drive and Touchstone Drive, Orlando (20%) | Bed Bath & Beyond, Ross, TJ Maxx, Old Navy | (1) | (3) | 37,000 | 149,000 | 0 | 186,000 | |||||||
Market at Southside, Michigan Ave. at Delaney Ave., Orlando | Ross Dress for Less, Beall’s Outlet Stores, Dollar Tree, Albertsons + (O.B.O.) | 97,000 | 0 | 65,000 | 162,000 | |||||||||
Phillips Crossing, Interstate 4 and Sand Lake Road, Orlando | Whole Foods | (2) | 0 | 0 | 0 | 0 | ||||||||
Phillips Landing, Turkey Lake Rd., Orlando | Wal-Mart (O.B.O) | (2) | 0 | 0 | 0 | 0 | ||||||||
The Marketplace at Dr. Phillips, Dr. Phillips Boulevard and Sand Lake Road, Orlando (20%) | Albertsons +, Stein Mart, Office Depot, Home Goods | (1) | (3) | 66,000 | 262,000 | 0 | 328,000 | |||||||
Westland Terrace Plaza, SR 50 at Apopka Vineland Rd., Orlando | T.J. Maxx, Petco, Shoe Carnival, Super Target + (O.B.O.) | 68,000 | 0 | 183,000 | 251,000 | |||||||||
Alafaya Square, Alafaya Trail, Oviedo (20%) | Publix + | (1) | (3) | 35,000 | 141,000 | 0 | 176,000 | |||||||
University Palms, Alafaya Trail at McCullough Rd., Oviedo | Publix +, Blockbuster | 99,000 | 0 | 0 | 99,000 | |||||||||
East Lake Woodlands, East Lake Road and Tampa Road, Palm Harbor (20%) | Publix +, Walgreens | (1) | (3) | 29,000 | 116,000 | 0 | 145,000 | |||||||
Shoppes at Parkland, Hillsboro Boulevard at State Road #7, Parkland | BJ's Wholesale Club | 146,000 | 0 | 0 | 146,000 | |||||||||
Flamingo Pines, Pines Blvd. at Flamingo Rd., Pembroke Pines | Publix +, U.S. Post Office, Keiser College | 257,000 | 0 | 105,000 | 362,000 | |||||||||
Pembroke Commons, University at Pines Blvd., Pembroke Pines | Publix +, Marshall’s, Office Depot, LA Fitness | 316,000 | 0 | 0 | 316,000 | |||||||||
Publix at Laguna Isles, Sheridan St. at SW 196th Ave., Pembroke Pines | Publix + | 69,000 | 0 | 0 | 69,000 | |||||||||
Vizcaya Square, Nob Hill Rd. at Cleary Blvd., Plantation | Winn Dixie + | 108,000 | 0 | 0 | 108,000 | |||||||||
Quesada Commons, Quesada Avenue and Toledo Blade Boulevard, Port Charlotte (25%) | Publix + | (1) | (3) | 15,000 | 44,000 | 0 | 59,000 | |||||||
Shoppes of Port Charlotte, Toledo Blade Boulevard and Tamiami Trail, Port Charlotte (25%) | Petco | (1) | (3) | 10,000 | 31,000 | 0 | 41,000 | |||||||
Marketplace at Seminole Towne Center, Central Florida Greenway and Rinehart Road, Sanford | Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Linens 'N Things, Petco, Cost Plus, Target (O.B.O.) | 309,000 | 0 | 185,000 | 494,000 | |||||||||
Sunrise West Shopping Center, West Commercial Drive and NW 91st Avenue, Sunrise (25%) | Publix + | (1) | 19,000 | 57,000 | 0 | 76,000 | ||||||||
Venice Pines, Center Rd. at Jacaranda Blvd., Venice | Kash N Karry + | 97,000 | 0 | 0 | 97,000 | |||||||||
Winter Park Corners, Aloma Ave. at Lakemont Ave., Winter Park | Whole Foods Market +, Outback Steakhouse | 103,000 | 0 | 0 | 103,000 | |||||||||
California, Total | 3,556,000 | 0 | 457,000 | 4,013,000 | ||||||||||
Jess Ranch Marketplace, Bear Valley Road at Jess Ranch Parkway, Apple Valley | Winco Foods (O.B.O.), Mervyns, Petsmart | (1) | (2) | (3) | 0 | 0 | 0 | 0 | ||||||
Jess Ranch Phase III, Bear Valley Road at Jess Ranch Parkway, Apple Valley | Vacant | (1) | (2) | (3) | 0 | 0 | 0 | 0 | ||||||
Centerwood Plaza, Lakewood Blvd. at Alondra Dr., Bellflower | Bestway Supermarket +, Hollywood Video | 71,000 | 0 | 0 | 71,000 | |||||||||
Southampton Center, IH-780 at Southampton Rd., Benecia | Raley’s +, Hollywood Video | 162,000 | 0 | 0 | 162,000 | |||||||||
580 Market Place, E. Castro Valley at Hwy. I-580, Castro Valley | P. W. Supermarkets +, PETCO | 100,000 | 0 | 0 | 100,000 | |||||||||
Chino Hills Marketplace, Chino Hills Pkwy. at Pipeline Ave., Chino Hills | Rite Aid, Von’s +, 24 Hour Fitness, Dollar Tree | 320,000 | 0 | 0 | 320,000 | |||||||||
Buena Vista Marketplace, Huntington Dr. at Buena Vista St., Duarte | Ralphs + | 91,000 | 0 | 0 | 91,000 | |||||||||
El Camino Promenade, El Camino Real at Via Molena, Encinitas | T.J. Maxx, Beverages & More, Staples | 111,000 | 0 | 0 | 111,000 | |||||||||
Freedom Centre, Freedom Blvd. At Airport Blvd., Watsonville | Rite Aide, Big Lots. Safeway | 151,000 | 0 | 0 | 151,000 | |||||||||
Fremont Gateway Plaza, Paseo Padre Pkwy. at Walnut Ave., Fremont | Raley’s +, NAZ Cinema, 24 Hour Fitness | 195,000 | 0 | 0 | 195,000 | |||||||||
Hallmark Town Center, W. Cleveland Ave. at Stephanie Ln., Madera | Food 4 Less + , Bally’s | 85,000 | 0 | 0 | 85,000 | |||||||||
Menifee Town Center, Antelope Rd. at Newport Rd., Menifee | Ralphs +, Target (O.B.O.), Ross Dress for Less | 124,000 | 0 | 124,000 | 248,000 | |||||||||
Marshalls Plaza, McHenry at Sylvan Ave., Modesto | Marshall’s, Dress Barn, Guitar Center | 79,000 | 0 | 0 | 79,000 | |||||||||
Prospectors Plaza, Missouri Flat Rd. at US Hwy. 50, Placerville | Albertsons +, Kmart, Long’s Drug Store | 228,000 | 0 | 0 | 228,000 | |||||||||
Shasta Crossroads, Churn Creek Rd. at Dana Dr., Redding | Food Maxx +, Target (O.B.O.), Sport Authority (O.B.O.), Ashley Furniture (O.B.O.) | 121,000 | 0 | 131,000 | 252,000 | |||||||||
Ralphs Redondo, Hawthorne Blvd. at 182nd St., Redondo Beach | Ralphs + | 67,000 | 0 | 0 | 67,000 | |||||||||
Arcade Square, Watt Ave. at Whitney Ave., Sacramento | Grocery Outlet +, Hollywood Video | 76,000 | 0 | 0 | 76,000 | |||||||||
Discovery Plaza, W. El Camino Ave. at Truxel Rd., Sacramento | Bel Air Market +, Blockbuster | 93,000 | 0 | 0 | 93,000 | |||||||||
Summerhill Plaza, Antelope Rd. at Lichen Dr., Sacramento | Raley’s + | 134,000 | 0 | 0 | 134,000 | |||||||||
Valley, Franklin Boulevard and Mack Road, Sacramento | Rayley's +, Hollywood Video (O.B.O.) | 98,000 | 0 | 5,000 | 103,000 | |||||||||
Silver Creek Plaza, E. Capital Expressway at Silver Creek Blvd., San Jose | Safeway +, Walgreen’s, Orchard Supply (O.B.O.) | 131,000 | 0 | 65,000 | 196,000 | |||||||||
Greenhouse Marketplace, Lewelling Blvd. at Washington Ave., San Leandro | Safeway + (O.B.O.), Longs Drug Stores (O.B.O.), Big Lots, 99 Cents Only, Factory 2 U | 151,000 | 0 | 87,000 | 238,000 | |||||||||
Rancho San Marcos Village, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos | Von’s + , 24 Hour Fitness | 121,000 | 0 | 0 | 121,000 | |||||||||
San Marcos Plaza, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos | Albertsons + (O.B.O.), Blockbuster | 36,000 | 0 | 45,000 | 81,000 | |||||||||
Stony Point Plaza, Stony Point Rd. at Hwy. 12, Santa Rosa | Food Maxx +, Hollywood Video | 199,000 | 0 | 0 | 199,000 | |||||||||
Sunset Center, Sunset Ave. at State Hwy. 12, Suisun City | Albertsons +, Rite Aid | 85,000 | 0 | 0 | 85,000 | |||||||||
Creekside Center, Alamo Dr. at Nut Creek Rd., Vacaville | Raley’s +, Blockbuster | 116,000 | 0 | 0 | 116,000 | |||||||||
Westminster Center, Westminster Blvd. at Golden West St., Westminster | Albertsons +, Home Depot, Edward’s Cinema, Rite Aid, Petco | 411,000 | 0 | 0 | 411,000 |
25
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Louisiana, Total | 1,792,000 | 400,000 | 866,000 | 3,058,000 | ||||||||||
Seigen Plaza, Siegen Lane at Honore Lane, Baton Rouge | Super Target + (O.B.O.), Ross Dress for Less, Conn’s, Petco | 155,000 | 0 | 194,000 | 349,000 | |||||||||
Park Terrace, U.S. Hwy. 171 at Parish, DeRidder | Stage, JC Penney | 137,000 | 0 | 0 | 137,000 | |||||||||
Town & Country Plaza, U.S. Hwy. 190 West, Hammond | Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s, Books a Million | 227,000 | 0 | 0 | 227,000 | |||||||||
Manhattan Place, Manhattan Blvd. at Gretna Blvd., Harvey | Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion | 133,000 | 0 | 125,000 | 258,000 | |||||||||
Ambassador Plaza, Ambassador Caffery at W. Congress, Lafayette | Albertsons + (O.B.O.), Blockbuster | 29,000 | 0 | 73,000 | 102,000 | |||||||||
River Marketplace, Ambassador Caffery at Kaliste Saloom, Lafayette (20%) | Ross Dress for Less, Stage, Cost Plus, Super Target + (O.B.O.), Books A Million, Stage | (1) | (3) | 34,000 | 134,000 | 175,000 | 343,000 | |||||||
Westwood Village, W. Congress at Bertrand, Lafayette | Stage, Graham Central Station, Blockbuster | 141,000 | 0 | 0 | 141,000 | |||||||||
Conn's Building, Ryan at 17th St., Lake Charles | Planet Pets | 23,000 | 0 | 0 | 23,000 | |||||||||
14/Park Plaza, Hwy. 14 at General Doolittle, Lake Charles | Kroger +, Stage, Conn’s | 207,000 | 0 | 0 | 207,000 | |||||||||
K-Mart Plaza, Ryan St., Lake Charles | Albertsons +, Kmart, Stage | (1) | (3) | 105,000 | 105,000 | 0 | 210,000 | |||||||
Prien Lake Plaza, Prien Lake Rd. at Nelson Rd., Lake Charles | Target (O.B.O.), Marshall’s, Ross Dress for Less, Bed Bath & Beyond | 127,000 | 0 | 125,000 | 252,000 | |||||||||
Southgate, Ryan at Eddy, Lake Charles | Market Basket +, Office Depot, Books A Million | 171,000 | 0 | 0 | 171,000 | |||||||||
Orleans Station, Paris, Robert E. Lee at Chatham, New Orleans | Vacant | 5,000 | 0 | 0 | 5,000 | |||||||||
Danville Plaza, Louisville at 19th, Monroe | County Market +, Citi Trends, Surplus Warehouse | 144,000 | 0 | 0 | 144,000 | |||||||||
University Place, 70th St. at Youree Dr., Shreveport (20%) | Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond | (1) | (3) | 41,000 | 161,000 | 174,000 | 376,000 | |||||||
Westwood, Jewella at Greenwood, Shreveport | Super 1 Grocery +, Citi Trends | 113,000 | 0 | 0 | 113,000 | |||||||||
Nevada, Total | 2,751,000 | 122,000 | 626,000 | 3,499,000 | ||||||||||
Eastern Horizon, Eastern Ave. at Horizon Ridge Pkwy., Henderson | Kmart + (O.B.O.) | 67,000 | 0 | 144,000 | 211,000 | |||||||||
Best in the West, Rainbow at Lake Mead Rd., Las Vegas | Best Buy, Borders, Bed Bath & Beyond, Babies ‘R’ Us, DSW Shoes, Office Depot, Old Navy, PetsMart, Jo-Ann Stores, The Sports Authority | 437,000 | 0 | 0 | 437,000 | |||||||||
Charleston Commons, Charleston and Nellis, Las Vegas | Wal-Mart, Roos, Office Max, 99 Cents Only | 338,000 | 0 | 0 | 338,000 | |||||||||
Francisco Centre, E. Desert Inn Rd. at S. Eastern Ave., Las Vegas | Ross Dress for Less (O.B.O.), Sav-On Drug, La Bonita Grocery | 116,000 | 0 | 32,000 | 148,000 | |||||||||
Mission Center, Flamingo Rd. at Maryland Pkwy, Las Vegas | Sav-On Drug (O.B.O.), Albertsons + (O.B.O.), Toys “R” Us, T.J. Maxx | 152,000 | 0 | 56,000 | 208,000 | |||||||||
Paradise Marketplace, Flamingo Rd. at Sandhill, Las Vegas | Smith’s Food +, Dollar Tree | 149,000 | 0 | 0 | 149,000 | |||||||||
Rainbow Plaza, Rainbow Blvd. at Charleston Blvd., Las Vegas | Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness | 410,000 | 0 | 0 | 410,000 | |||||||||
Rancho Towne & Country, Rainbow Blvd. at Charleston Blvd., Las Vegas | Smith’s Food + | 87,000 | 0 | 0 | 87,000 | |||||||||
Tropicana Beltway, Tropicana Beltway at Fort Apache Rd., Las Vegas | Lowe’s (O.B.O.), Wal-Mart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Cent Only, Sports Authority, Pier 1 Imports | (1) | (3) | 122,000 | 122,000 | 394,000 | 638,000 | |||||||
Tropicana Marketplace, Tropicana at Jones Blvd., Las Vegas | Smith’s Food +, Family Dollar | 143,000 | 0 | 0 | 143,000 | |||||||||
Westland Fair North, Charleston Blvd. At Decatur Blvd., Las Vegas | Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels | 566,000 | 0 | 0 | 566,000 | |||||||||
College Park S.C., E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas | Albertsons +, Sav-On Drug | 164,000 | 0 | 0 | 164,000 | |||||||||
North Carolina, Total | 2,571,000 | 134,000 | 743,000 | 3,448,000 | ||||||||||
Capital Square, Capital Blvd. at Huntleigh Dr., Cary | Food Lion + | 157,000 | 0 | 0 | 157,000 | |||||||||
Harrison Pointe, Harrison Ave. at Maynard Rd., Cary | Harris Teeter +, Staples | 124,000 | 0 | 0 | 124,000 | |||||||||
High House Crossing, NC Hwy 55 at Green Level W. Rd., Cary | Harris Teeter + | 90,000 | 0 | 0 | 90,000 | |||||||||
Northwoods Market, Maynard Rd. at Harrison Ave., Cary | Food Lion + | 78,000 | 0 | 0 | 78,000 | |||||||||
Parkway Pointe, Cory Parkway at S. R. 1011, Cary | Food Lion +, Eckerd’s | 80,000 | 0 | 0 | 80,000 | |||||||||
Chatham Crossing, US 15/501 at Plaza Dr., Chapel Hill (25%) | Lowes Food +, CVS/Pharmacy | (1) | (3) | 24,000 | 72,000 | 0 | 96,000 | |||||||
Cole Park Plaza, US 15/501 and Plaza Dr., Chapel Hill (25%) | Dollar General | (1) | 20,000 | 62,000 | 0 | 82,000 | ||||||||
Galleria, Galleria Boulevard and Sardis Road, Charlotte | Off Broadway Shoes | 108,000 | 0 | 208,000 | 316,000 | |||||||||
Johnston Road Plaza, Johnston Rd. at McMullen Creek Pkwy., Charlotte | Food Lion+ | 80,000 | 0 | 0 | 80,000 | |||||||||
Steele Creek Crossing, York Rd. at Steele Creek Rd., Charlotte | BI-LO +, Eckerd’s | 77,000 | 0 | 0 | 77,000 | |||||||||
Whitehall Commons, NWC of Hwy. 49 at I-485, Charlotte | Blockbuster, Wal-Mart Supercenter + (O.B.O.), Lowes (O.B.O.), BI-LO + (O.B.O.) | 33,000 | 0 | 403,000 | 436,000 | |||||||||
Bull City Market, Broad St. at West Main St., Durham | Whole Foods Market + | 43,000 | 0 | 0 | 43,000 | |||||||||
Durham Festival, Hillsborough Rd. at LaSalle St., Durham | Kroger + | 134,000 | 0 | 0 | 134,000 | |||||||||
Mineral Springs Village, Mineral Springs Rd. at Wake Forest Rd., Durham | Food Lion +, Eckerd’s | 58,000 | 0 | 0 | 58,000 | |||||||||
Ravenstone Commons, Hwy 98 at Sherron Rd., Durham | Food Lion +, Blockbuster | 60,000 | 0 | 0 | 60,000 | |||||||||
Waterford Village, US Hwy 17 & US Hwy 74/76, Leland (75%) | Harris Teeter + | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Pinecrest Plaza, Hwy. 15-501 at Morganton Rd., Pinehurst | Food Lion +, Michael’s, Goody’s, Belk’s | 250,000 | 0 | 0 | 250,000 | |||||||||
Avent Ferry, Avent Ferry Rd. at Gorman St., Raleigh | Food Lion + | 117,000 | 0 | 0 | 117,000 | |||||||||
Crabtree Towne Center , Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Falls Pointe, Neuce Rd. at Durant Rd., Raleigh | Harris Teeter +, Kohl’s (O.B.O.) | 103,000 | 0 | 86,000 | 189,000 | |||||||||
Leesville Town Centre, Leesville Rd. at Leesville Church Rd., Raleigh | Harris Teeter + | 114,000 | 0 | 0 | 114,000 | |||||||||
Lynnwood Collection, Creedmoor Rd at Lynn Road, Raleigh | Kroger + | 86,000 | 0 | 0 | 86,000 | |||||||||
Six Forks Station, Six Forks Rd. at Strickland Rd., Raleigh | Kmart, Home Depot, Food Lion +, Bed Bath & Beyond | 468,000 | 0 | 0 | 468,000 | |||||||||
Little Brier Creek, Little Brier Creek Lane and Brier Leaf Lane, Raliegh | Lowe's Food, (O.B.O.) | 17,000 | 0 | 46,000 | 63,000 | |||||||||
Stonehenge Market, Creedmoor Rd. at Bridgeport Dr., Raleigh | Harris Teeter +, SteinMart, Eckerd’s | 188,000 | 0 | 0 | 188,000 | |||||||||
Southern Pines, U.S. 15-501 and Bruce Wood Rd, Southern Pines | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Surf City Crossing, Highway 17 and Highway 210, Surf City | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Heritage Station, Forestville Rd. at Rogers Rd., Wake Forest | Harris Teeter + | 62,000 | 0 | 0 | 62,000 | |||||||||
The Shoppes at Caveness Farms, Capitol Boulevard and Caveness Farms Avenue, Wake Forest | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Arizona, Total | 2,093,000 | 0 | 890,000 | 2,983,000 | ||||||||||
Palmilla Center, Dysart Rd. at McDowell Rd., Avondale | Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.) | 104,000 | 0 | 66,000 | 170,000 | |||||||||
Raintree Ranch, Ray Road at Price Road, Chandler | Whole Foods | (2) | 0 | 0 | 60,000 | 60,000 |
26
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Arizona Continued | ||||||||||||||
University Plaza, Plaza Way at Milton Rd., Flagstaff | PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond | 162,000 | 0 | 0 | 162,000 | |||||||||
Val Vista Towne Center, Warner at Val Vista Rd., Gilbert | Target (O.B.O.), Staples, Ross Dress for Less, Petco | 93,000 | 0 | 123,000 | 216,000 | |||||||||
Arrowhead Festival S.C., 75th Ave. at W. Bell Rd., Glendale | Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.) | 30,000 | 0 | 147,000 | 177,000 | |||||||||
Fry's Ellsworth Plaza, Broadway Rd. at Ellsworth Rd., Mesa | Fry’s Supermarket + (O.B.O.) | 9,000 | 0 | 65,000 | 74,000 | |||||||||
Monte Vista Village Center, Baseline Rd. at Ellsworth Rd., Mesa | Safeway + (O.B.O.) | 46,000 | 0 | 58,000 | 104,000 | |||||||||
Red Mountain Gateway, Power Rd. at McKellips Rd., Mesa | Target (O.B.O.), Bed Bath & Beyond, Famous Footwear | 70,000 | 0 | 136,000 | 206,000 | |||||||||
The Shoppes at Parkwood Ranch, Southern Avenue and Signal Butte Road, Mesa | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Camelback Village Square, Camelback at 7th Avenue, Phoenix | Fry’s Supermarket +, Target (O.B.O.), Office Max | 135,000 | 0 | 100,000 | 235,000 | |||||||||
Laveen Village Market, Baseline Rd. at 51st St., Phoenix | Fry’s Supermarket + (O.B.O.) | (2) | 43,000 | 0 | 72,000 | 115,000 | ||||||||
Rancho Encanto, 35th Avenue at Greenway Rd., Phoenix | Blockbuster | 74,000 | 0 | 0 | 74,000 | |||||||||
Squaw Peak Plaza, 16th Street at Glendale Ave., Phoenix | Basha's, Blockbuster | 61,000 | 0 | 0 | 61,000 | |||||||||
Fountain Plaza, 77th St. at McDowell, Scottsdale | Fry’s Supermarket +, Dollar Tree | 105,000 | 0 | 0 | 105,000 | |||||||||
Scottsdale Horizon, Frank Lloyd Wright Blvd and Thompson Peak Parkway, Scottsdale | Baja Fresh Mexican Grill | 10,000 | 0 | 0 | 10,000 | |||||||||
Fry's Valley Plaza, S. McClintock at E. Southern, Tempe | Basha’s + | 145,000 | 0 | 0 | 145,000 | |||||||||
Broadway Marketplace, Broadway at Rural, Tempe | Office Max, Ace Hardware | 83,000 | 0 | 0 | 83,000 | |||||||||
Pueblo Anozira, McClintock Dr. at Guadalupe Rd., Tempe | Fry’s Food & Drug +, Petco, Dollar Tree | 152,000 | 0 | 0 | 152,000 | |||||||||
Entrada de Oro, Magee Road and Oracle Road, Tucson | Walmart | 89,000 | 0 | 20,000 | 109,000 | |||||||||
Madera Village, Tanque Verde Rd. and Catalina Hwy, Tucson | Safeway, Walgreen's, Ace Hardware | 97,000 | 0 | 11,000 | 108,000 | |||||||||
Oracle Crossings, Oracle Highway and Magee Road, Tucson | Kohl's, Sprouts Farmers Market, Peter Piper Pizza | 254,000 | 0 | 10,000 | 264,000 | |||||||||
Oracle Wetmore, Wetmore Road and Oracle Highway, Tucson | Home Depot , Circuit City, PetSmart, Walgreens | 287,000 | 0 | 0 | 287,000 | |||||||||
Shoppes at Bears Path, Tanque Verde Rd. and Bear Canyon Rd., Tucson | Osco Drug (O.B.O.) | 44,000 | 0 | 22,000 | 66,000 | |||||||||
New Mexico, Total | 1,076,000 | 0 | 397,000 | 1,473,000 | ||||||||||
Eastdale, Candelaria Rd. at Eubank Blvd., Albuquerque | Albertsons +, Family Dollar | 118,000 | 0 | 0 | 118,000 | |||||||||
North Towne Plaza, Academy Rd. at Wyoming Blvd., Albuquerque | Whole Foods Market +, Borders | 103,000 | 0 | 0 | 103,000 | |||||||||
Pavillions at San Mateo, I-40 at San Mateo, Albuquerque | Comp USA, Old Navy, Shoe Show, Circuit City, Linens ‘N Things | 196,000 | 0 | 0 | 196,000 | |||||||||
Plaza at Cottonwood, Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque | Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.) | 84,000 | 0 | 334,000 | 418,000 | |||||||||
Wyoming Mall, Academy Rd. at Northeastern, Albuquerque | Walmart | 326,000 | 0 | 0 | 326,000 | |||||||||
De Vargas, N. Guadalupe at Paseo de Peralta, Santa Fe | Albertsons + (O.B.O.), Osco Drugs, Ross Dress for Less, Office Depot, Hastings, United Artists | 249,000 | 0 | 63,000 | 312,000 | |||||||||
Colorado, Total | 1,023,000 | 782,000 | 953,000 | 2,758,000 | ||||||||||
Aurora City Place, E. Alameda at I225, Aurora | PetsMart, Sportsman Warehouse, Linens ‘N Things, Barnes & Noble, Comp USA, Ross Dress For Less, Super Target + (O.B.O.), Pier 1 | (1) | (3) | 173,000 | 173,000 | 182,000 | 528,000 | |||||||
Bridges at Smoky Hill, Smoky Hill Rd. at S. Picadilly St., Aurora | Rite Aid (O.B.O.) | (1) | 10,000 | 10,000 | 39,000 | 59,000 | ||||||||
Buckingham Square, Mississippi at Havana, Aurora | Vacant | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Academy Place, Academy Blvd. at Union Blvd., Colorado Springs | Safeway (O.B.O.), Ross Dress For Less, Target (O.B.O.) | 84,000 | 0 | 177,000 | 261,000 | |||||||||
Uintah Gardens, NEC 19th St. at West Uintah, Colorado Springs | King Sooper’s, Walgreens, Petco | 212,000 | 0 | 0 | 212,000 | |||||||||
Green Valley Ranch Towne Center, Tower Rd. at 48th Ave., Denver | King Sooper’s + (O.B.O.) | (1) | (3) | 23,000 | 23,000 | 58,000 | 104,000 | |||||||
Lowry Town Center, 2nd Ave. at Lowry Ave., Denver | Albertsons + (O.B.O.) | (1) | (3) | 39,000 | 39,000 | 53,000 | 131,000 | |||||||
Gold Creek, Hwy. 86 at Elizabeth St., Elizabeth | Safeway + (O.B.O.) | (1) | 13,000 | 13,000 | 54,000 | 80,000 | ||||||||
CityCenter Englewood, S. Santa Fe at Hampden Ave., Englewood (51%) | Wal-Mart (O.B.O.), Ross Dress for Less, Gart Sports, Office Depot, Bally Total Fitness, Petco | (1) | 111,000 | 106,000 | 90,000 | 307,000 | ||||||||
Glenwood Meadows, Midland Ave. at W. Meadows, Glenwood Springs (41%) | Target (O.B.O.), Pier 1, Gart Sports, Bed Bath & Beyond, Petco, Lowe's | (1) | (2) | (3) | 113,000 | 162,000 | 126,000 | 401,000 | ||||||
Highlands Ranch University Park, Highlands Ranch at University Blvd., Highlands Ranch (40%) | Whole Foods Market + | (1) | (3) | 35,000 | 53,000 | 0 | 88,000 | |||||||
Crossing at Stonegate, Jordon Rd. at Lincoln Ave., Parker (51%) | King Sooper’s | (1) | 56,000 | 53,000 | 0 | 109,000 | ||||||||
River Point at Sheridan, Highway 77 and Highway 88, Sheridan | Vacant | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Thorncreek Crossing, Washington St. at 120th St., Thornton (51%) | Target (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1, Cost Plus, Linens ‘N Things | (1) | 108,000 | 104,000 | 174,000 | 386,000 | ||||||||
Westminster Plaza, North Federal Blvd. at 72nd Ave., Westminster | Safeway + Walgreen (O.B.O.) | (1) | 46,000 | 46,000 | 0 | 92,000 | ||||||||
Kansas, Total | 251,000 | 0 | 0 | 251,000 | ||||||||||
Shawnee Village, Shawnee Mission Pkwy. at Quivera Rd., Shawnee | Burlington Coat Factory | 135,000 | 0 | 0 | 135,000 | |||||||||
Kohl's, Wanamaker Rd. at S.W. 17th St., Topeka | Barnes & Noble, Kohl’s Department Store | 116,000 | 0 | 0 | 116,000 | |||||||||
Oklahoma, Total | 174,000 | 0 | 0 | 174,000 | ||||||||||
Market Boulevard , E. Reno Ave. at N. Douglas Ave., Midwest City | Color Tyme | 36,000 | 0 | 0 | 36,000 | |||||||||
Town and Country, Reno Ave at North Air Depot, Midwest City | Office Depot, Big Lots, Westlake Hardware | 138,000 | 0 | 0 | 138,000 | |||||||||
Arkansas, Total | 355,000 | 0 | 0 | 355,000 | ||||||||||
Markham Square, W. Markham at John Barrow, Little Rock | Burlington Coat Factory | 127,000 | 0 | 0 | 127,000 | |||||||||
Markham West, 11400 W. Markham, Little Rock | Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree | 178,000 | 0 | 0 | 178,000 | |||||||||
Westgate, Cantrell at Bryant, Little Rock | SteinMart | 50,000 | 0 | 0 | 50,000 | |||||||||
Tennessee, Total | 656,000 | 0 | 0 | 656,000 | ||||||||||
Bartlett Towne Center, Bartlett Blvd. at Stage Rd., Bartlett | Kroger +, Petco, Dollar Tree, Shoe Carnival | 179,000 | 0 | 0 | 179,000 | |||||||||
Mendenhall Commons, South Mendenahall Rd. and Sanderlin Avenue, Memphis | Kroger +, Petco, Dollar Tree, Shoe Carnival | 80,000 | 0 | 0 | 80,000 | |||||||||
Commons at Dexter Lake, Dexter at N. Germantown, Memphis | Kroger +, SteinMart, Marshall’s, Samuel's Furniture and Interior | 229,000 | 0 | 0 | 229,000 | |||||||||
Highland Square, Summer at Highland, Memphis | Walgreen’s | 14,000 | 0 | 0 | 14,000 | |||||||||
Ridgeway Trace, Memphis | Vacant | (2) | 0 | 0 | 0 | 0 | ||||||||
Summer Center, Summer Ave. at Waring Rd., Memphis | Kroger +, Ross Dress for Less | 154,000 | 0 | 0 | 154,000 |
27
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Missouri, Total | 231,000 | 28,000 | 0 | 259,000 | ||||||||||
Ballwin Plaza, Manchester Rd. at Vlasis Dr., Ballwin | Schnucks, Michael’s, Sears | 203,000 | 0 | 0 | 203,000 | |||||||||
Western Plaza, Hwy 141 at Hwy 30, Fenton | Big Lots | (1) | (3) | 28,000 | 28,000 | 0 | 56,000 | |||||||
Georgia, Total | 1,550,000 | 0 | 716,000 | 2,266,000 | ||||||||||
Lakeside Marketplace, Cobb Parkway (US Hwy 41), Acworth | Ross Dress for Less, Circuit City, Petco, Office Max, Books A Million, Target (O.B.O) | 148,000 | 0 | 174,000 | 322,000 | |||||||||
Camp Creek Marketplace II, Camp Creek Parkway and Carmla Drive, Atlanta | DSW, American Signature, Circuit City | 196,000 | 0 | 0 | 196,000 | |||||||||
Cherokee Plaza, Peachtree Road and Colonial Drive, Atlanta | Kroger + | 99,000 | 0 | 0 | 99,000 | |||||||||
Publix at Princeton Lakes, Carmia Drive and Camp Creek Drive, Atlanta | Publix +, Hollywood Video | 68,000 | 0 | 0 | 68,000 | |||||||||
Brookwood Square, East-West Connector at Austell Rd., Austell | Marshall’s, Staples, Home Depot | 253,000 | 0 | 0 | 253,000 | |||||||||
Dallas Commons, US Highway 278 and Nathan Dean Boulevard, Dallas | Kroger + (O.B.O.) | 25,000 | 0 | 70,000 | 95,000 | |||||||||
Reynolds Crossing, Steve Reynolds and Old North Cross Rd., Duluth | Kroger + (O.B.O.) | 46,000 | 0 | 70,000 | 116,000 | |||||||||
Thompson Bridge Commons, Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville | Kroger + | 78,000 | 0 | 0 | 78,000 | |||||||||
Grayson Commons, Grayson Hwy at Rosebud Rd., Grayson | Kroger + | 77,000 | 0 | 0 | 77,000 | |||||||||
Village Shoppes of Sugarloaf, Sugarloaf Pkwy at Five Forks Trickum Rd., Lawrenceville | Publix + | 148,000 | 0 | 0 | 148,000 | |||||||||
Sandy Plains Exchange, Sandy Plains at Scufflegrit, Marietta | Publix + | 73,000 | 0 | 0 | 73,000 | |||||||||
Brownsville Commons, Brownsville Road and Hiram-Lithia Springs Road, Powder Springs | Kroger + (O.B.O.) | 28,000 | 0 | 54,000 | 82,000 | |||||||||
Roswell Corners, Woodstock Rd. at Hardscrabble Rd., Roswell | Staples, T.J. Maxx, Super Target + (O.B.O.) | 145,000 | 0 | 174,000 | 319,000 | |||||||||
Brookwood Marketplace, Peachtree Parkway at Mathis Airport Rd., Suwannee | Office Max, Home Depot, Target (O.B.O) | 166,000 | 0 | 174,000 | 340,000 | |||||||||
South Fulton Town Center, NWC South Fulton Parkway @ Hwy 92, Union City | Vacant | (1) | (2) | 0 | 0 | 0 | 0 | |||||||
Utah, Total | 292,000 | 45,000 | 296,000 | 633,000 | ||||||||||
Alpine Valley Center, Main St. at State St., American Fork (33%) | Target (O.B.O.), Old Navy, Pier 1, Dollar Tree, Office Depot | (1) | (3) | 22,000 | 45,000 | 133,000 | 200,000 | |||||||
Taylorsville Town Center, West 4700 South at Redwood Rd., Taylorsville | Albertsons + (O.B.O.),Rite Aid | 94,000 | 0 | 40,000 | 134,000 | |||||||||
West Jordan Town Center, West 7000 South at S. Redwood Rd., West Jordan | Albertsons + , Office Depot, Target (O.B.O.), Petco, Party City | 176,000 | 0 | 123,000 | 299,000 | |||||||||
Illinois, Total | 273,000 | 0 | 121,000 | 394,000 | ||||||||||
Lincoln Place, Hwy. 59, Fairview Heights | Lowe’s (O.B.O.), Kohl’s Department Store | 103,000 | 0 | 121,000 | 224,000 | |||||||||
Lincoln Place II, Route 159 at Hwy. 50, Fairview Heights | Office Depot, Marshall’s, Old Navy, Linens ‘N Things, Ultimate Electronics | 170,000 | 0 | 0 | 170,000 | |||||||||
Maine, Total | 154,000 | 51,000 | 0 | 205,000 | ||||||||||
The Promenade, Essex at Summit, Lewiston (75%) | Staples, Flagship Cinemas | (1) | 154,000 | 51,000 | 0 | 205,000 | ||||||||
Kentucky, Total | 607,000 | 0 | 76,000 | 683,000 | ||||||||||
Millpond Center, Boston at Man O’War, Lexington | Kroger + | 117,000 | 0 | 27,000 | 144,000 | |||||||||
Tates Creek, Tates Creek at Man O’ War, Lexington | Kroger +, Rite Aid | 185,000 | 0 | 0 | 185,000 | |||||||||
Regency Shopping Centre, Nicholasville Rd.& West Lowry Lane, Lexington | Kroger (O.B.O.) +, T.J. Maxx, Michaels | 136,000 | 0 | 0 | 136,000 | |||||||||
Festival at Jefferson Court, Outer Loop at Jefferson Blvd., Louisville | Kroger +, PetsMart (O.B.O.), Factory Card Outlet, AJ Wright (O.B.O.) | 169,000 | 0 | 49,000 | 218,000 | |||||||||
Washington, Total | 87,000 | 332,000 | 198,000 | 617,000 | ||||||||||
Village at Liberty Lake, E. Country Vista Dr. at N. Liberty Rd., Liberty Lake | Home Depot (O.B.O) | (1) | (2) | (3) | 5,000 | 5,000 | 133,000 | 143,000 | ||||||
Mukilteo Speedway Center, Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood (20%) | Food Emporium, Bartell Drugs | (1) | (3) | 18,000 | 72,000 | 0 | 90,000 | |||||||
Meridian Town Center, Meridian Avenue East and 132nd Street East, Puyallup (20%) | JoAnn's, Safeway + (O.B.O) | (1) | (3) | 16,000 | 62,000 | 65,000 | 143,000 | |||||||
South Hill Center, 43rd Avenue Southwest and Meridian Street South, Puyallup (20%) | Best Buy, Bed Bath & Beyond, Ross | (1) | (3) | 27,000 | 107,000 | 0 | 134,000 | |||||||
Rainer Square Plaza, Rainer Avenue South and South Charleston Street, Seattle (20%) | Safeway +, Long's Drugs | (1) | (3) | 21,000 | 86,000 | 0 | 107,000 | |||||||
Oregon Total | 23,000 | 92,000 | 62,000 | 177,000 | ||||||||||
Clackamas Square, SE 82nd Avenue and SE Causey Avenue, Portland (20%) | TJ Maxx, Winco Foods (O.B.O) | (1) | (3) | 15,000 | 60,000 | 62,000 | 137,000 | |||||||
Raleigh Hills Plaza, SW Beaverton-Hillsdale Hwy and SW Scholls Ferry Road, Portland (20%) | Walgreens, New Seasons Market | (1) | (3) | 8,000 | 32,000 | 0 | 40,000 | |||||||
South Carolina, Total | 22,000 | 65,000 | 0 | 87,000 | ||||||||||
Fresh Market Shoppes, 890 William Hilton Head Pkwy, Hilton Head (25%) | The Fresh Market + | (1) | (3) | 22,000 | 65,000 | 0 | 87,000 | |||||||
INDUSTRIAL | ||||||||||||||
Houston and Harris County, Total | 3,186,000 | 1,916,000 | 0 | 5,102,000 | ||||||||||
Beltway 8 Business Park, Beltway 8 at Petersham Dr. | Terminix, Carrier Sales and Distribution, Odwalla, Inc. | 158,000 | 0 | 0 | 158,000 | |||||||||
Blankenship Building, Kempwood Drive | Classic Printers | 59,000 | 0 | 0 | 59,000 | |||||||||
Brookhollow Business Center, Dacoma at Directors Row | Bristol Babcock, Harris County Appraisal District, Surgeon's Management | 133,000 | 0 | 0 | 133,000 | |||||||||
Central Park Northwest VI, Central Pkwy. at Dacoma | Houston Metallurgical Lab, Inc. | 175,000 | 0 | 0 | 175,000 | |||||||||
Central Park Northwest VII, Central Pkwy. at Dacoma | Lucent Technologies, Inc. | 103,000 | 0 | 0 | 103,000 | |||||||||
Claywood Industrial Park, Clay at Hollister | Academy, Ltd. | 330,000 | 0 | 0 | 330,000 | |||||||||
Crosspoint Warehouse, Crosspoint | Foam Enterprises, LLC. | 73,000 | 0 | 0 | 73,000 | |||||||||
Jester Plaza Office Service Center, West T.C. Jester | Corporate Care of Houston, Milwaukee Electric Tool Corporation | 101,000 | 0 | 0 | 101,000 |
28
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
Houston and Harris County Continued | ||||||||||||||
Kempwood Industrial, Kempwood Dr. at Blankenship Dr. | Pioneer Contract Services | 113,000 | 0 | 0 | 113,000 | |||||||||
Kempwood Industrial, Kempwood Dr. at Blankenship Dr. (20%) | Pioneer Contract Services, Veritas | (1) | (3) | 41,000 | 166,000 | 0 | 207,000 | |||||||
Lathrop Warehouse, Lathrop St. at Larimer St. (20%) | United D.C., Inc. | (1) | (3) | 51,000 | 202,000 | 0 | 253,000 | |||||||
Navigation Business Park, Navigation at N. York (20%) | Packwell, Inc. | (1) | (3) | 48,000 | 190,000 | 0 | 238,000 | |||||||
Northway Park II, Loop 610 East at Homestead (20%) | Jet Lube, Inc. | (1) | (3) | 61,000 | 243,000 | 0 | 304,000 | |||||||
Railwood F, Market at U.S. 90 (20%) | Shell Oil Company | (1) | (3) | 60,000 | 240,000 | 0 | 300,000 | |||||||
Railwood Industrial Park, Mesa at U.S. 90 | SIG Southwest, Global Stainless Supply, Inc., Houston Central Industries, Inc., Smart Transportation Services | 616,000 | 0 | 0 | 616,000 | |||||||||
Railwood Industrial Park, Mesa at U.S. 90 (20%) | Bison Building Materials | (1) | (3) | 100,000 | 398,000 | 0 | 498,000 | |||||||
South Loop Business Park, S. Loop at Long Dr. | Plastic Plus Awards, Lumber Liquidators | (1) | (3) | 46,000 | 46,000 | 0 | 92,000 | |||||||
Southport Business Park 5, South Loop 610 | International Surface Preparation Group, Inc., Sandvik, Inc. | 161,000 | 0 | 0 | 161,000 | |||||||||
Southwest Park II Service Center, Rockley Road | Bioassay Laboratory, Inc. | 68,000 | 0 | 0 | 68,000 | |||||||||
Stonecrest Business Center, Wilcrest at Fallstone | PYPSA International, Ltd; Aztec Facility Services, Inc. | 111,000 | 0 | 0 | 111,000 | |||||||||
West-10 Business Center, Wirt Rd. at I-10 | Aaron’s Office Furniture, Computize, Inc. | 129,000 | 0 | 0 | 129,000 | |||||||||
West 10 Business Center II, Wirt Rd. at I-10 | Summers Group, Inc. | 83,000 | 0 | 0 | 83,000 | |||||||||
Westgate Service Center, Park Row Drive at Whiteback Dr. | Welltec, Inc., Mobrey, Inc. | 119,000 | 0 | 0 | 119,000 | |||||||||
West Loop Commerce Center, W. Loop N. at I-10 | Inter-Tel Technologies | 34,000 | 0 | 0 | 34,000 | |||||||||
610 and 11th St. Warehouse, Loop 610 at 11th St. | Prefco Corp. | 105,000 | 0 | 0 | 105,000 | |||||||||
610 and 11th St. Warehouse, Loop 610 at 11th St. (20%) | Iron Mountain, Stone Container | (1) | (3) | 49,000 | 195,000 | 0 | 244,000 | |||||||
610/288 Business Park , Cannon Street (20%) | Packwell, Inc. | (1) | (3) | 59,000 | 236,000 | 0 | 295,000 | |||||||
Texas (excluding Houston & Harris Co.), Total | 3,879,000 | 0 | 0 | 3,879,000 | ||||||||||
Midpoint I-20 Distribution Center, New York Avenue and Arbrook Boulevard, Arlington | Airborne Express, INX International | 253,000 | 0 | 0 | 253,000 | |||||||||
Randol Mill Place, Randol Mill Road, Arlington | American Institute of Intradermal Cosmetics, Becker-Parkin Dental Supply Company, Inc. | 55,000 | 0 | 0 | 55,000 | |||||||||
Braker 2 Business Center, Kramer Ln. at Metric Blvd., Austin | Digital Transaction Group, Inc. | 27,000 | 0 | 0 | 27,000 | |||||||||
Corporate Center Park I and II, Putnam Dr. at Research Blvd., Austin | Phoenix - Lamar Corp, Apria Healthcare, Inc. | 117,000 | 0 | 0 | 117,000 | |||||||||
Oak Hills Industrial Park, Industrial Oaks Blvd., Austin | Terracon, Inc., Nanocoolers, Inc., Honeywell | 90,000 | 0 | 0 | 90,000 | |||||||||
Rutland 10 Business Center, Metric Blvd. At Centimeter Circle, Austin | Media Event Concepts, Inc., Technowood, Inc., Aramark | 54,000 | 0 | 0 | 54,000 | |||||||||
Southpark A,B,C, East St. Elmo Rd. at Woodward St., Austin | HJV Associates, Inc., EZ Corp, Inc. | 78,000 | 0 | 0 | 78,000 | |||||||||
Southpoint Service Center, Burleson at Promontory Point Dr., Austin | Browning Construction Co., Ltd., The Closet Factory | 54,000 | 0 | 0 | 54,000 | |||||||||
Wells Branch Corporate Center, Wells Branch Pkwy., Austin | RDA Promart, Allstate | 59,000 | 0 | 0 | 59,000 | |||||||||
1625 Diplomat Drive, SWC Diplomat Dr. at McDaniel Dr., Carrollton | Rooftop Systems, Inc. | 106,000 | 0 | 0 | 106,000 | |||||||||
Midway Business Center, Midway at Boyington, Carrollton | ProSource, Luxury of Leather | 141,000 | 0 | 0 | 141,000 | |||||||||
Manana Office Center, I-35 at Manana, Dallas | Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services | 223,000 | 0 | 0 | 223,000 | |||||||||
Newkirk Service Center, Newkirk near N.W. Hwy., Dallas | Tri-Ed Distribution, Inc., AWC | 106,000 | 0 | 0 | 106,000 | |||||||||
Northaven Business Center, Northaven Rd., Dallas | Dillon Gage, Quality Conservation Services, Inc. | 151,000 | 0 | 0 | 151,000 | |||||||||
Northeast Crossing Office/Service Center, East N.W. Hwy. at Shiloh, Dallas | Capital Title; Surgery Center of Garland, LLC | 79,000 | 0 | 0 | 79,000 | |||||||||
Northwest Crossing Office/Service Center, N.W. Hwy. at Walton Walker, Dallas | Corvette World | 127,000 | 0 | 0 | 127,000 | |||||||||
Redbird Distribution Center, Joseph Hardin Drive, Dallas | Consolidated Container Company; Texwood Industries, L.P. | 111,000 | 0 | 0 | 111,000 | |||||||||
Regal Distribution Center, Leston Avenue, Dallas | Document Management Systems, BKM Total Office of Texas, L.P., Global Industries Southwest | 203,000 | 0 | 0 | 203,000 | |||||||||
Space Center Industrial Park, Pulaski St. at Irving Blvd., Dallas | Weir’s Furniture Village, Furniture Marketing Group | 265,000 | 0 | 0 | 265,000 | |||||||||
McGraw Hill Distribution Center, 420 E. Danieldale Rd, DeSoto | McGraw Hill | 418,000 | 0 | 0 | 418,000 | |||||||||
Freeport Commerce Center, Sterling Street and Statesman Drive, Irving | McGraw Hill Companies, Inc., TKS (U.S.A.), Inc. | 51,000 | 0 | 0 | 51,000 | |||||||||
Central Plano Business Park, Klein Rd. at Plano Pkwy., Plano | CK Management, Inc., Minarik Corp. | 138,000 | 0 | 0 | 138,000 | |||||||||
Jupiter Service Center, Jupiter near Plano Pkwy., Plano | Interceramic Tile, Germaire Distributors | 78,000 | 0 | 0 | 78,000 | |||||||||
Sherman Plaza Business Park, Sherman at Phillips, Richardson | Leggett & Platt, Inc., The Volkswagen Store | 101,000 | 0 | 0 | 101,000 | |||||||||
Interwest Business Park, Alamo Downs Parkway, San Antonio | All-American Sports, PPG Industries, Janitrol | 218,000 | 0 | 0 | 218,000 | |||||||||
Isom Business Park, 919-981 Isom Road, San Antonio | Gandi Innovations, Wells Fargo Bank | 175,000 | 0 | 0 | 175,000 | |||||||||
O'Connor Road Business Park, O’Connor Road, San Antonio | Ingersoll Rand , TD Industries | 150,000 | 0 | 0 | 150,000 | |||||||||
Freeport Business Center, 13215 N. Promenade Blvd., Stafford | Fairfield Industries, Delphi Corporation, Gurtwitch Products | 251,000 | 0 | 0 | 251,000 | |||||||||
Georgia, Total | 956,000 | 612,000 | 0 | 1,568,000 | ||||||||||
Atlanta Industrial Park II & VI, Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta | Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction | 552,000 | 0 | 0 | 552,000 | |||||||||
Sears Logistics, 3700 Southside Industrial Way, Atlanta (20%) | Sears Logistics Services, Inc. | (1) | (3) | 81,000 | 322,000 | 0 | 403,000 | |||||||
Southside Industrial Parkway, Southside Industrial Pkwy at Jonesboro Rd., Atlanta | Lowe Supply, Inc., Mission Produce, Masco Contractor Services | 72,000 | 0 | 0 | 72,000 | |||||||||
Kennesaw 75, 3850-3900 Kennesaw Prkwy, Kennesaw | American Hotel Register Co., Clorox Services Company | 178,000 | 0 | 0 | 178,000 | |||||||||
6485 Crescent Drive, I-85 at Jimmy Carter Blvd., Norcross (20%) | Zurn, Pax Industries, Inc. | (1) | (3) | 73,000 | 290,000 | 0 | 363,000 | |||||||
Tennessee, Total | 685,000 | 457,000 | 0 | 1,142,000 | ||||||||||
Crowfarn Drive Warehouse, Crowfarn Dr. at Getwell Rd., Memphis (20%) | Joseph T. Ryerson & Son, Inc. | (1) | (3) | 32,000 | 129,000 | 0 | 161,000 | |||||||
Outland Business Center, Outland Center Dr., Memphis (20%) | Vistar Corporation, TricorBraun, Quest Communications Corporation, Kuehne & Nagel, Inc. | (1) | (3) | 82,000 | 328,000 | 0 | 410,000 | |||||||
Southpoint I & II, Pleasant Hill Rd. at Shelby Dr., Memphis | AF Services, Sunnywood Products, Inc., Constar | 571,000 | 0 | 0 | 571,000 | |||||||||
Florida, Total | 1,664,000 | 0 | 0 | 1,664,000 | ||||||||||
Lakeland Industrial Center, I-4 at County Rd., Lakeland | Rooms to Go, Amware Pallet Services, Publix | 600,000 | 0 | 0 | 600,000 | |||||||||
Lakeland Interstate Industrial Park I, Interstate Drive and Kathleen Rd., Lakeland | Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., Sunrise Medical HHG, Inc. | 168,000 | 0 | 0 | 168,000 | |||||||||
1801 Massaro, 1801 Massaro Blvd., Tampa | MiTek Industries, Inc., Parksite, Inc. | 159,000 | 0 | 0 | 159,000 | |||||||||
Hopewell Industrial Center, Old Hopewell Boulevard and U.S. Highway 301, Tampa | Parts Depot, Inc., American Tire Distributors | 224,000 | 0 | 0 | 224,000 | |||||||||
Tampa East Industrial Portfolio, 1841 Massaro Blvd., Tampa | General Electric, Hughes Supply, Interline Brands, GE Polymershapes | 513,000 | 0 | 0 | 513,000 |
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Weingarten Realty Investors | ||||||||||||||
Property Listing at March 31, 2007 | ||||||||||||||
Gross Leasable Area | ||||||||||||||
WRI | ||||||||||||||
Center and Location | Anchors | Owned | J.V. | O.B.O | Total | |||||||||
California, Total | 462,000 | 581,000 | 0 | 1,043,000 | ||||||||||
1725 Dornoch, Donroch Court, San Diego | Vacant | 112,000 | 0 | 0 | 112,000 | |||||||||
1855 Dornoch, Donroch Court, San Diego | Vacant | 205,000 | 0 | 0 | 205,000 | |||||||||
Siempre Viva Business Park, Siempre Viva Rd. at Kerns St., San Diego (20%) | Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., New Wave Logistics (USA) Inc. | (1) | (3) | 145,000 | 581,000 | 0 | 726,000 | |||||||
OFFICE BUILDINGS | ||||||||||||||
Houston and Harris County, Total | 140,000 | 0 | 0 | 140,000 | ||||||||||
1919 North Loop West, Hacket Drive at West Loop 610 North | State of Texas | 140,000 | 0 | 0 | 140,000 | |||||||||
Arizona, Total | 24,000 | 0 | 0 | 24,000 | ||||||||||
Arcadia Biltmore Plaza, Campbell Ave. at North 36th St., Phoenix | Endurance Rehab | 24,000 | 0 | 0 | 24,000 | |||||||||
UNIMPROVED LAND | ||||||||||||||
Houston & Harris County, Total | 2,402,000 | 2,402,000 | ||||||||||||
Bissonnet at Wilcrest | 175,000 | 175,000 | ||||||||||||
Citadel Plaza at 610 North Loop | 137,000 | 137,000 | ||||||||||||
East Orem | 122,000 | 122,000 | ||||||||||||
Kirkwood at Dashwood Drive | 322,000 | 322,000 | ||||||||||||
Mesa Road at Tidwell | 901,000 | 901,000 | ||||||||||||
Northwest Freeway at Gessner | 422,000 | 422,000 | ||||||||||||
Redman at West Denham | 17,000 | 17,000 | ||||||||||||
West Little York at Interstate 45 | 161,000 | 161,000 | ||||||||||||
West Loop North at Interstate 10 | 145,000 | 145,000 | ||||||||||||
Texas (excluding Houston & Harris Co.), Total | 1,149,000 | 1,149,000 | ||||||||||||
River Pointe Drive at Interstate 45, Conroe | 618,000 | 618,000 | ||||||||||||
NEC of US Hwy 380 & Hwy 75, McKinney | 87,000 | 87,000 | ||||||||||||
9th Ave. at 25th St., Port Arthur | 243,000 | 243,000 | ||||||||||||
Highway 3 at Highway 1765, Texas City | 201,000 | 201,000 | ||||||||||||
Louisiana, Total | 462,000 | 462,000 | ||||||||||||
U.S. Highway 171 at Parish, DeRidder | 462,000 | 462,000 | ||||||||||||
North Carolina, Total | 1,750,000 | 1,750,000 | ||||||||||||
The Shoppes at Caveness Farms | 1,750,000 | 1,750,000 |
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Property Listing at March 31, 2007 | ||||||||
NUMBER OF | WRI | TOTAL | ||||||
ALL PROPERTIES-BY LOCATION | PROPERTIES | OWNED | J.V. | O.B.O. | SQ FTG | |||
Grand Total | 405 | 48,609,000 | 7,948,000 | 9,731,000 | 66,288,000 | |||
Texas (excluding Houston and Harris County) | 96 | 11,104,000 | 529,000 | 1,886,000 | 13,519,000 | |||
Houston & Harris County | 77 | 9,286,000 | 2,100,000 | 660,000 | 12,046,000 | |||
Florida | 43 | 6,555,000 | 1,618,000 | 784,000 | 8,957,000 | |||
California | 31 | 4,018,000 | 581,000 | 457,000 | 5,056,000 | |||
North Carolina | 29 | 2,571,000 | 134,000 | 743,000 | 3,448,000 | |||
Louisiana | 16 | 1,792,000 | 400,000 | 866,000 | 3,058,000 | |||
Arizona | 24 | 2,117,000 | 0 | 890,000 | 3,007,000 | |||
Colorado | 15 | 1,023,000 | 782,000 | 953,000 | 2,758,000 | |||
Georgia | 20 | 2,506,000 | 612,000 | 716,000 | 3,834,000 | |||
Nevada | 12 | 2,751,000 | 122,000 | 626,000 | 3,499,000 | |||
Tennessee | 9 | 1,341,000 | 457,000 | 0 | 1,798,000 | |||
New Mexico | 6 | 1,076,000 | 0 | 397,000 | 1,473,000 | |||
Oklahoma | 2 | 174,000 | 0 | 0 | 174,000 | |||
Arkansas | 3 | 355,000 | 0 | 0 | 355,000 | |||
Utah | 3 | 292,000 | 45,000 | 296,000 | 633,000 | |||
Kentucky | 4 | 607,000 | 0 | 76,000 | 683,000 | |||
Kansas | 2 | 251,000 | 0 | 0 | 251,000 | |||
Missouri | 2 | 231,000 | 28,000 | 0 | 259,000 | |||
Illinois | 2 | 273,000 | 0 | 121,000 | 394,000 | |||
Maine | 1 | 154,000 | 51,000 | 0 | 205,000 | |||
Washington | 5 | 87,000 | 332,000 | 198,000 | 617,000 | |||
South Carolina | 1 | 22,000 | 65,000 | 0 | 87,000 | |||
Oregon | 2 | 23,000 | 92,000 | 62,000 | 177,000 | |||
ALL PROPERTIES-BY CLASSIFICATION | ||||||||
Grand Total | 405 | 48,609,000 | 7,948,000 | 9,731,000 | 66,288,000 | |||
Shopping Centers | 336 | 37,613,000 | 4,382,000 | 9,731,000 | 51,726,000 | |||
Industrial | 67 | 10,832,000 | 3,566,000 | 0 | 14,398,000 | |||
Office Buildings | 2 | 164,000 | 0 | 0 | 164,000 | |||
Notes: | (1) | Denotes partial ownership. WRI's interest is 50% except where noted. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership. | ||||||
+ | Denotes supermarket or discount store offering full service grocery along with general merchandise. | |||||||
(2) | Denotes property under development | |||||||
(3) | Denotes properties that are not consolidated for SEC reporting purposes. | |||||||
Owned by Others ("O.B.O.") includes buildings owned entirely by another non-WRI legal entity |
31