![]() Supplemental Financial Information December 31, 2008 (Unaudited) |
Table of Contents | Page No. | |
Corporate Profile | 1 | |
Condensed Consolidated Statements of Income | 2 | |
Condensed Consolidated Balance Sheets | 3 | |
Summary Operating Data | 4 - 6 | |
Funds from Operations | ||
Dividends | ||
General and Administrative Expenses | ||
Net Operating Income | ||
Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions | ||
Rentals | ||
Interest Expense | ||
Fee Income From Real Estate Joint Ventures and Partnerships | ||
Property | ||
Net Operating Income including Joint Ventures | ||
Joint Venture Reporting | 7 - 10 | |
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% | ||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share | ||
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships | ||
Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships | ||
Summary Balance Sheet Information | 11 | |
Common Share Data | ||
Capitalization | ||
Capital Availability | ||
Credit Ratings | ||
Debt Information | 12 - 13 | |
Outstanding Balance Summary | ||
Fixed vs Variable Rate Debt | ||
Secured vs Unsecured Debt | ||
Coverage Ratios | ||
Weighted Average Interest Rates | ||
Schedule of Maturities | ||
Other Information | 14 - 15 | |
Tenant Diversification | ||
Lease Expirations | ||
Leasing Production | ||
Average Minimum Rent per Square Foot | ||
Occupancy | ||
Property Information | 16 - 38 | |
Property Investment Summary | ||
New Development Properties (by Stabilization) | ||
Land Held for Development | ||
Acquisition Summary | ||
Disposition Summary | ||
Total Net Operating Income at Pro rata Share by Geographic Region | ||
Average Base Rents by CBSA | ||
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. |
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 December 31, 2008, we owned or operated under long-term leases, interests in 374 developed | |
income-producing properties and 30 new development properties (including 14 which are income-producing), which | |
are located in 23 states that span the United States from coast to coast. Included in the portfolio are 323 shopping | |
centers, 78 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately | |
47.6 million square feet of leasable area. Our properties were 92.6% leased as of December 31, 2008, 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 | |
Dallas, TX | |
Ft. Lauderdale, FL | |
Las Vegas, NV | |
Los Angeles, CA | |
Orlando, FL | |
Phoenix, AZ | |
Raleigh, NC | |
Sacramento, CA |
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 |
Page 1
Weingarten Realty Investors | ||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income and Comprehensive Income | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||
(as reported) | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Rentals | $ | 147,576 | $ | 146,913 | $ | 600,918 | $ | 570,487 | $ | 516,669 | $ | 467,811 | $ | 419,989 | ||||||||||||||
Other | 3,601 | 3,570 | 14,050 | 13,280 | 6,755 | 6,163 | 8,155 | |||||||||||||||||||||
Total | 151,177 | 150,483 | 614,968 | 583,767 | 523,424 | 473,974 | 428,144 | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Depreciation and amortization | 37,617 | 32,993 | 155,912 | 128,061 | 117,443 | 106,949 | 95,219 | |||||||||||||||||||||
Operating | 38,740 | 29,384 | 118,477 | 103,737 | 85,722 | 71,097 | 66,606 | |||||||||||||||||||||
Ad valorem taxes | 17,107 | 15,089 | 73,026 | 66,649 | 60,673 | 54,630 | 48,356 | |||||||||||||||||||||
General and administrative | 5,987 | 7,329 | 25,761 | 26,979 | 23,801 | 17,379 | 16,122 | |||||||||||||||||||||
Impairment loss | 52,539 | 52,539 | 3,200 | |||||||||||||||||||||||||
Total | 151,990 | 84,795 | 425,715 | 325,426 | 287,639 | 250,055 | 229,503 | |||||||||||||||||||||
Operating Income (Loss) | (813 | ) | 65,688 | 189,253 | 258,341 | 235,785 | 223,919 | 198,641 | ||||||||||||||||||||
Interest Expense | (35,637 | ) | (38,646 | ) | (148,475 | ) | (148,829 | ) | (145,374 | ) | (129,160 | ) | (116,142 | ) | ||||||||||||||
Interest and Other Income, net | 414 | 1,648 | 4,334 | 8,486 | 9,044 | 2,854 | 1,389 | |||||||||||||||||||||
Loss on Redemption of Preferred Shares | (3,566 | ) | ||||||||||||||||||||||||||
Gain on Redemption of Convertible Senior Unsecured Notes | 10,658 | 10,658 | ||||||||||||||||||||||||||
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net (a) | (3,341 | ) | 7,340 | 12,196 | 19,853 | 14,655 | 6,610 | 5,384 | ||||||||||||||||||||
Income Allocated to Minority Interests | (1,975 | ) | (2,559 | ) | (8,943 | ) | (10,237 | ) | (6,414 | ) | (6,060 | ) | (4,928 | ) | ||||||||||||||
Gain on Sale of Properties | 1,897 | 1,076 | 1,998 | 4,086 | 22,493 | 22,306 | 1,562 | |||||||||||||||||||||
Gain on Land and Merchant Development Sales | 102 | 8,235 | 8,342 | 16,385 | 7,166 | 804 | ||||||||||||||||||||||
Benefit (Provision) for Income Taxes | 13,139 | (2,140 | ) | 10,148 | (4,073 | ) | (1,366 | ) | ||||||||||||||||||||
Income (Loss) From Continuing Operations | (15,556 | ) | 40,642 | 79,511 | 144,012 | 135,989 | 121,273 | 82,340 | ||||||||||||||||||||
Operating Income (Loss) From Discontinued Operations | (22 | ) | 1,975 | 3,448 | 10,346 | 23,527 | 32,921 | 34,158 | ||||||||||||||||||||
Gain on Sale of Properties From Discontinued Operations | 14,739 | 23,975 | 68,722 | 83,659 | 145,494 | 65,459 | 24,883 | |||||||||||||||||||||
Income From Discontinued Operations | 14,717 | 25,950 | 72,170 | 94,005 | 169,021 | 98,380 | 59,041 | |||||||||||||||||||||
Net Income (Loss) | (839 | ) | 66,592 | 151,681 | 238,017 | 305,010 | 219,653 | 141,381 | ||||||||||||||||||||
Less: Preferred Share Dividends | (8,869 | ) | (8,890 | ) | (34,711 | ) | (25,375 | ) | (10,101 | ) | (10,101 | ) | (7,470 | ) | ||||||||||||||
Redemption Costs of Preferred Shares | (1,850 | ) | ||||||||||||||||||||||||||
Net Income (Loss) Available to Common Shareholders - Basic | $ | (9,708 | ) | $ | 57,702 | $ | 115,120 | $ | 212,642 | $ | 294,909 | $ | 209,552 | $ | 133,911 | |||||||||||||
Net Income (Loss) Per Common Share - Basic | $ | (0.11 | ) | $ | 0.68 | $ | 1.36 | $ | 2.49 | $ | 3.36 | $ | 2.35 | $ | 1.55 | |||||||||||||
Net Income (Loss) Per Common Share - Diluted | $ | (0.11 | ) | $ | 0.67 | $ | 1.36 | $ | 2.44 | $ | 3.27 | $ | 2.31 | $ | 1.54 | |||||||||||||
(a) See Page 7 for the Company's pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
Page 2
Weingarten Realty Investors | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except per share amounts) | ||||||||
(as reported) | ||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
ASSETS | ||||||||
Property | $ | 4,915,472 | $ | 4,972,344 | ||||
Accumulated Depreciation | (812,323 | ) | (774,321 | ) | ||||
Property, net | 4,103,149 | 4,198,023 | ||||||
Investment in Real Estate Joint Ventures and Partnerships (a) | 357,634 | 300,756 | ||||||
Total | 4,460,783 | 4,498,779 | ||||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 232,544 | 81,818 | ||||||
Unamortized Debt and Lease Costs | 119,951 | 114,969 | ||||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $12,412 in 2008 and $8,721 in 2007) | 103,873 | 94,607 | ||||||
Cash and Cash Equivalents | 58,946 | 65,777 | ||||||
Restricted Deposits and Mortgage Escrows | 33,252 | 38,884 | ||||||
Other | 105,350 | 98,509 | ||||||
Total | $ | 5,114,699 | $ | 4,993,343 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Debt | $ | 3,171,537 | $ | 3,165,059 | ||||
Accounts Payable and Accrued Expenses | 179,432 | 155,137 | ||||||
Other | 90,461 | 104,439 | ||||||
Total | 3,441,430 | 3,424,635 | ||||||
Commitments and Contingencies | 41,000 | |||||||
Minority Interest | 204,031 | 96,885 | ||||||
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 2008 and 2007; liquidation preference $75,000 | 3 | 3 | ||||||
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2008 and 2007; liquidation preference $72,500 | 1 | 1 | ||||||
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 140 and 80 shares outstanding in 2008 and 2007; liquidation preference $350,000 in 2008 and $200,000 in 2007 | 4 | 2 | ||||||
Variable-rate Series G cumulative redeemable preferred shares of beneficial interest, 80 shares issued; none in 2008 and 80 shares outstanding in 2007; liquidation preference $200,000 in 2007 | 2 | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 87,102 in 2008 and 85,146 in 2007 | 2,625 | 2,565 | ||||||
Treasury Shares of Beneficial Interest - par value, $.03 per share; none in 2008 and 1,370 shares outstanding in 2007 | (41 | ) | ||||||
Accumulated Additional Paid-In Capital | 1,475,397 | 1,442,027 | ||||||
Net Income in Excess of (Less Than) Accumulated Dividends | (20,116 | ) | 42,739 | |||||
Accumulated Other Comprehensive Loss | (29,676 | ) | (15,475 | ) | ||||
Shareholders' Equity | 1,428,238 | 1,471,823 | ||||||
Total | $ | 5,114,699 | $ | 4,993,343 | ||||
(a) This represents the Company's investment of its unconsolidated real estate joint ventures and partnerships. See page 7 for additional information. |
Page 3
Summary Operating Data | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Funds from Operations | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) available to common shareholders | $ | (9,708 | ) | $ | 57,702 | $ | 115,120 | $ | 212,642 | |||||||
Depreciation and amortization | 35,602 | 32,923 | 150,137 | 129,946 | ||||||||||||
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships | 3,200 | 3,765 | 11,898 | 11,204 | ||||||||||||
Gain on sale of properties | (16,629 | ) | (25,065 | ) | (70,066 | ) | (83,907 | ) | ||||||||
(Gain) loss on sale of properties of unconsolidated real estate joint ventures and partnerships | 10 | (2,171 | ) | (2 | ) | (2,169 | ) | |||||||||
Funds from Operations - Basic | 12,475 | 67,154 | 207,087 | 267,716 | ||||||||||||
Funds from operations attributable to operating partnership units | 1,096 | 4,407 | ||||||||||||||
Funds from Operations - Diluted | $ | 12,475 | $ | 68,250 | $ | 207,087 | $ | 272,123 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - Basic | 86,664 | 84,286 | 84,474 | 85,504 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options and awards | 212 | 673 | 443 | 891 | ||||||||||||
Operating partnership units | 2,420 | 2,498 | ||||||||||||||
Weighted average shares outstanding - Diluted | 86,876 | 87,379 | 84,917 | 88,893 | ||||||||||||
Funds from Operations per Share - Basic | $ | 0.14 | $ | 0.80 | $ | 2.45 | $ | 3.13 | ||||||||
Funds from Operations Per Share - Diluted | $ | 0.14 | $ | 0.78 | $ | 2.44 | $ | 3.06 | ||||||||
Growth in Funds from Operations per Share - Diluted | -82.1 | % | -20.3 | % | ||||||||||||
Dividends | ||||||||||||||||
Common Dividends per Share | $ | 0.525 | $ | 0.495 | $ | 2.10 | $ | 1.98 | ||||||||
Common Dividends Paid as a % of Funds from Operations | 366.4 | % | 61.7 | % | 85.9 | % | 63.2 | % | ||||||||
General and Administrative Expenses | ||||||||||||||||
General and Administrative Expenses/Total Revenue | 4.0 | % | 4.9 | % | 4.2 | % | 4.6 | % | ||||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.10 | % | 0.13 | % | 0.43 | % | 0.47 | % | ||||||||
Net Operating Income * | ||||||||||||||||
Same Property NOI Growth: ** | ||||||||||||||||
Cash Basis | ||||||||||||||||
Retail | -3.7 | % | 3.2 | % | -0.6 | % | 2.7 | % | ||||||||
Industrial | -1.6 | % | 3.4 | % | 1.5 | % | 4.3 | % | ||||||||
Total | -3.5 | % | 3.2 | % | -0.4 | % | 2.8 | % |
* | Includes the Company's share of unconsolidated real estate joint ventures and partnerships and excludes its partners' share of consolidated real estate joint | ||||||||||
ventures and partnerships ("Pro rata Share"). | |||||||||||
** | Same Property NOI Growth excludes the effect of lease cancellation income and straight-line rent adjustments, but does include provisions for uncollectible | ||||||||||
amounts and related recoveries. | |||||||||||
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 real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain 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. |
Page 4
Weingarten Realty Investors | ||||||||
Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, 2008 | December 31, 2008 | |||||||
Funds from Operations per Common Share - Diluted as Reported | $ | 0.14 | $ | 2.44 | ||||
Gain on Redemption of Convertible Senior Unsecured Notes | (0.13 | ) | (0.13 | ) | ||||
Impairment Loss, net of taxes | 0.54 | 0.54 | ||||||
Write-off of Predevelopment Costs, net of taxes | 0.16 | 0.20 | ||||||
Reduction of Incentive Compensation Accrual | (0.04 | ) | (0.05 | ) | ||||
Gain on Swap Settlement | - | (0.03 | ) | |||||
Redemption Costs of Preferred G Shares | - | 0.02 | ||||||
Hurricane Ike Costs | - | 0.02 | ||||||
Severance Costs | 0.02 | 0.03 | ||||||
Losses on Assets Held in Grantor Trust | 0.03 | 0.06 | ||||||
Adjusted Funds from Operations per Common Share - Diluted | $ | 0.72 | $ | 3.11 |
Page 5
Weingarten Realty Investors | ||||||||||||||||
Summary Operating Data (continued) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Rentals | ||||||||||||||||
Base minimum rent, net | $ | 112,642 | $ | 113,098 | $ | 457,412 | $ | 437,065 | ||||||||
Straight line rent | 1,315 | 2,494 | 10,061 | 9,463 | ||||||||||||
Over/Under-market rentals, net | 892 | 899 | 3,487 | 3,223 | ||||||||||||
Percentage rent | 1,922 | 1,738 | 5,918 | 6,158 | ||||||||||||
Tenant reimbursements | 30,805 | 28,684 | 124,040 | 114,578 | ||||||||||||
Total | $ | 147,576 | $ | 146,913 | $ | 600,918 | $ | 570,487 | ||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Interest Expense | ||||||||||||||||
Interest paid or accrued | $ | 44,017 | $ | 46,116 | $ | 176,772 | $ | 180,612 | ||||||||
Over-market mortgage adjustment | (3,466 | ) | (1,601 | ) | (8,007 | ) | (6,758 | ) | ||||||||
Gross interest expense | 40,551 | 44,515 | 168,765 | 173,854 | ||||||||||||
Less: | ||||||||||||||||
Capitalized interest | (4,914 | ) | (5,869 | ) | (20,290 | ) | (25,025 | ) | ||||||||
Interest expense | $ | 35,637 | $ | 38,646 | $ | 148,475 | $ | 148,829 | ||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Fee Income from Real Estate Joint Ventures and Partnerships | ||||||||||||||||
Recurring | $ | 1,962 | $ | 1,967 | $ | 7,135 | $ | 5,892 | ||||||||
Non-Recurring | 517 | 95 | 2,312 | |||||||||||||
Total | $ | 1,962 | $ | 2,484 | $ | 7,230 | $ | 8,204 | ||||||||
December 31, | ||||||||||||||||
2008 | 2007 | |||||||||||||||
Property | ||||||||||||||||
Land | $ | 964,982 | $ | 974,145 | ||||||||||||
Land held for development | 118,078 | 62,033 | ||||||||||||||
Land under development | 101,587 | 223,827 | ||||||||||||||
Buildings and improvements | 3,488,385 | 3,533,037 | ||||||||||||||
Construction in-progress | 242,440 | 179,302 | ||||||||||||||
Total | $ | 4,915,472 | $ | 4,972,344 | ||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended | Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2008 | |||||||||||||||
Net Operating Income including Joint Ventures | ||||||||||||||||
Revenues | $ | 151,177 | $ | 614,968 | ||||||||||||
Operating expense | (38,740 | ) | (118,477 | ) | ||||||||||||
Ad valorem taxes | (17,107 | ) | (73,026 | ) | ||||||||||||
Total | 95,330 | 423,465 | ||||||||||||||
Net Operating Income from Discontinued Operations | 195 | 5,504 | ||||||||||||||
Prorata Share of Unconsolidated Joint Ventures | ||||||||||||||||
Revenues | 14,258 | 47,977 | ||||||||||||||
Operating expense | (7,608 | ) | (12,981 | ) | ||||||||||||
Ad valorem taxes | (1,331 | ) | (5,282 | ) | ||||||||||||
Total | 5,319 | 29,714 | ||||||||||||||
Minority Interests Share of Net Operating Income and Other Adjustments | (7,137 | ) | (18,232 | ) | ||||||||||||
Net Operating Income including Joint Ventures | $ | 93,707 | $ | 440,451 |
Page 6
Weingarten Realty Investors | ||||||||||||||||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenues: | ||||||||||||||||
Base minimum rent, net | $ | 27,026 | $ | 29,058 | $ | 111,678 | $ | 103,412 | ||||||||
Straight line rent | 708 | 931 | 3,026 | 4,014 | ||||||||||||
Over/Under-market rentals, net | 2,078 | 1,322 | 5,849 | 5,057 | ||||||||||||
Percentage rent | 413 | 262 | 927 | 689 | ||||||||||||
Tenant reimbursements | 8,038 | 7,295 | 30,817 | 27,483 | ||||||||||||
Other income | 7,130 | 1,727 | 10,440 | 5,987 | ||||||||||||
Total | 45,393 | 40,595 | 162,737 | 146,642 | ||||||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 11,047 | 13,278 | 41,146 | 38,574 | ||||||||||||
Interest | 5,616 | 5,593 | 20,424 | 23,093 | ||||||||||||
Operating | 18,446 | 6,822 | 37,592 | 22,396 | ||||||||||||
Ad valorem taxes | 4,905 | 3,479 | 18,739 | 15,767 | ||||||||||||
General and administrative | 4,269 | 622 | 6,055 | 1,243 | ||||||||||||
Impairment loss | 5,151 | 5,151 | ||||||||||||||
Total | 49,434 | 29,794 | 129,107 | 101,073 | ||||||||||||
Gain on land and merchant development sales | 1,295 | 933 | 1,295 | |||||||||||||
Gain (loss) on sale of properties | (22 | ) | 5,427 | 13 | 5,422 | |||||||||||
Net income (loss) | $ | (4,063 | ) | $ | 17,523 | $ | 34,576 | $ | 52,286 | |||||||
December 31, | ||||||||||||||||
2008 | 2007 | |||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,951,771 | $ | 1,660,915 | ||||||||||||
Accumulated depreciation | (129,227 | ) | (71,998 | ) | ||||||||||||
Property, net | 1,822,544 | 1,588,917 | ||||||||||||||
Other assets | 256,688 | 238,166 | ||||||||||||||
Total | $ | 2,079,232 | $ | 1,827,083 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Debt | $ | 472,486 | $ | 378,206 | ||||||||||||
Amounts payable to Weingarten Realty Investors | 248,969 | 87,191 | ||||||||||||||
Other liabilities | 149,265 | 138,150 | ||||||||||||||
Accumulated equity | 1,208,512 | 1,223,536 | ||||||||||||||
Total | $ | 2,079,232 | $ | 1,827,083 |
Page 7
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share | |||||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||||
Revenues: | |||||||||||||||||
Base minimum rent, net | $ | 7,668 | $ | 8,446 | $ | 31,998 | $ | 30,810 | |||||||||
Straight line rent | 229 | 379 | 977 | 1,392 | |||||||||||||
Over/Under-market rentals, net | 419 | 279 | 1,180 | 1,129 | |||||||||||||
Percentage rent | 169 | 89 | 335 | 247 | |||||||||||||
Tenant reimbursements | 2,378 | 2,243 | 9,027 | 8,312 | |||||||||||||
Other income | 3,395 | 632 | 4,460 | 2,408 | |||||||||||||
Total | 14,258 | 12,068 | 47,977 | 44,298 | |||||||||||||
Expenses: | |||||||||||||||||
Depreciation and amortization | 3,200 | 3,765 | 11,898 | 11,204 | |||||||||||||
Interest | 1,655 | 1,595 | 5,591 | 6,951 | |||||||||||||
Operating | 7,608 | 1,965 | 12,981 | 6,517 | |||||||||||||
Ad valorem taxes | 1,331 | 1,077 | 5,282 | 4,623 | |||||||||||||
General and administrative | 2,064 | 194 | 2,740 | 413 | |||||||||||||
Impairment loss | 2,451 | 2,451 | |||||||||||||||
Total | 18,309 | 8,596 | 40,943 | 29,708 | |||||||||||||
Gain on land and merchant development sales | 647 | 402 | 647 | ||||||||||||||
Gain (loss) on sale of property | (10 | ) | 2,171 | 2 | 2,169 | ||||||||||||
Net income (loss) ** | $ | (4,061 | ) | $ | 6,290 | $ | 7,438 | $ | 17,406 | ||||||||
December 31, | |||||||||||||||||
2008 | 2007 | ||||||||||||||||
ASSETS | |||||||||||||||||
Property | $ | 593,923 | $ | 456,007 | |||||||||||||
Accumulated depreciation | (48,476 | ) | (26,604 | ) | |||||||||||||
Property, net | 545,447 | 429,403 | |||||||||||||||
Other assets | 104,439 | 89,310 | |||||||||||||||
Total | $ | 649,886 | $ | 518,713 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Debt | $ | 164,699 | $ | 115,967 | |||||||||||||
Amounts payable to Weingarten Realty Investors | 117,150 | 40,852 | |||||||||||||||
Other liabilities | 63,320 | 53,315 | |||||||||||||||
Total | 345,169 | 210,134 | |||||||||||||||
Accumulated equity | 304,717 | 308,579 | |||||||||||||||
Total | $ | 649,886 | $ | 518,713 | |||||||||||||
** | Net income from unconsolidated real estate joint ventures and partnerships | $ | 7,438 | ||||||||||||||
Intercompany fee income reclass | 5,492 | ||||||||||||||||
Other adjustments | (734 | ) | |||||||||||||||
Equity in earnings of real estate joint ventures and partnerships, net | $ | 12,196 | |||||||||||||||
Notes: | |||||||||||||||||
The Consolidated Financial Statements at pro rata share include only the real estate operations of joint ventures and partnerships at WRI's ownership percentages. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Page 8
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships | ||||||||||||||||||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Weingarten Realty | ||||||||||||||||||||||||||||||||
Joint Venture Partner | Number of Properties | Total GLA | Total Assets | Total Debt | Ownership Interest | Share of Debt | Investment Balance | Equity in Earnings of Unconsolidated JVs | ||||||||||||||||||||||||
TIAA Florida Retail LLC | 7 | 1,258 | $ | 337,516 | $ | - | 20.0 | % | $ | - | $ | 65,099 | $ | 2,823 | ||||||||||||||||||
AEW SRP, LLC | 10 | 895 | 170,592 | 105,124 | 25.0 | % | 26,281 | 13,890 | 54 | |||||||||||||||||||||||
Collins | 8 | 1,100 | 160,464 | 31,225 | 50.0 | % | 15,612 | 57,087 | 3,042 | |||||||||||||||||||||||
AEW - Institutional Client | 6 | 523 | 136,868 | 69,709 | 20.0 | % | 13,942 | 12,493 | 604 | |||||||||||||||||||||||
BIT Retail | 3 | 715 | 160,474 | - | 20.0 | % | - | 30,804 | 1,338 | |||||||||||||||||||||||
BIT Investment Thirty-Six, LP | 12 | 4,068 | 230,489 | 24,681 | 20.0 | % | 4,936 | 33,967 | 1,059 | |||||||||||||||||||||||
Eagle AN, LP | 7 | 2,050 | 54,091 | 35,245 | 20.0 | % | 7,049 | 0 | 148 | |||||||||||||||||||||||
Other | 29 | 4,088 | 828,739 | 206,502 | 46.9 | % | 96,878 | 144,293 | 3,128 | |||||||||||||||||||||||
Total | 82 | 14,697 | $ | 2,079,232 | $ | 472,486 | 28.3 | % | $ | 164,699 | $ | 357,634 | $ | 12,196 | ||||||||||||||||||
Joint Venture Description | ||||||||||||||||||||||||||||||||
RETAIL | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Collins | Primarily a development joint venture in the Texas Rio Grande valley | |||||||||||||||||||||||||||||||
AEW - Institutional Client | Joint venture with an institutional partner through AEW Capital Management | |||||||||||||||||||||||||||||||
BIT Retail | Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust | |||||||||||||||||||||||||||||||
INDUSTRIAL | ||||||||||||||||||||||||||||||||
BIT Investment Thirty-Six, LP | Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust | |||||||||||||||||||||||||||||||
Eagle AN, LP | Industrial joint venture with American National Insurance Company |
Page 9
Mortgage Debt Information for Unconsolidated Joint Ventures & Partnerships | ||||||||||||||||
December 31, 2008 | ||||||||||||||||
(In Thousands) | ||||||||||||||||
Joint Venture Partner | # of Mortgaged Properties | Mortgage Balance | Average Interest Rate (1) | Average Remaining Term (yrs) | ||||||||||||
TIAA Florida Retail LLC | - | $ | - | - | - | |||||||||||
AEW SRP, LLC | 7 | 105,124 | 5.7 | % | 7.0 | |||||||||||
Collins | 2 | 31,225 | 6.2 | % | 12.6 | |||||||||||
AEW - Institutional Client | 6 | 69,709 | 5.7 | % | 5.2 | |||||||||||
BIT Retail | 0 | - | - | - | ||||||||||||
BIT Investment Thirty-Six, LP | 4 | 24,681 | 6.4 | % | 2.8 | |||||||||||
Eagle AN, LP | 1 | 35,245 | 8.1 | % | 1.7 | |||||||||||
Other | 8 | 128,730 | 5.7 | % | 8.3 | |||||||||||
Total | 28 | $ | 394,714 | 6.0 | % | 6.6 | ||||||||||
Schedule of Maturities | ||||||||||||||||
At 100% | At WRI Share | |||||||||||||||
Maturities | Average Interest Rate | Maturities | Average Interest Rate | |||||||||||||
2008 | $ | - | - | $ | - | - | ||||||||||
2009 | - | - | - | - | ||||||||||||
2010 (1) | 44,419 | 7.5 | % | 9,891 | 7.2 | % | ||||||||||
2011 | 13,341 | 7.3 | % | 6,804 | 7.3 | % | ||||||||||
2012 | 15,440 | 6.1 | % | 3,088 | 6.1 | % | ||||||||||
2013 | 47,821 | 6.1 | % | 16,780 | 5.9 | % | ||||||||||
2014 | 54,226 | 5.9 | % | 12,174 | 5.9 | % | ||||||||||
2015 | 37,272 | 5.3 | % | 7,874 | 5.3 | % | ||||||||||
2016 | 99,710 | 5.7 | % | 30,537 | 5.7 | % | ||||||||||
2017 | 44,540 | 5.6 | % | 19,715 | 5.6 | % | ||||||||||
Thereafter | 37,945 | 5.6 | % | 18,972 | 5.6 | % | ||||||||||
Total | $ | 394,714 | 6.0 | % | $ | 125,835 | 5.9 | % | ||||||||
(1) All mortgages are fixed rate except for one of the "other" which has a variable rate mortgage ($3.4 million), maturing in 2010 |
Page 10
Weingarten Realty Investors | ||||||||||||
Summary Balance Sheet Information | ||||||||||||
(in thousands, except common share data and percentages) | ||||||||||||
December 31, | December 31, | |||||||||||
2008 | 2007 | |||||||||||
Common Share Data | ||||||||||||
Closing Market Price | $ | 20.69 | $ | 31.44 | ||||||||
Dividend Yield | 10.15 | % | 6.30 | % | ||||||||
90-Day, Average Daily Trading Volume | 1,290,339 | 468,050 | ||||||||||
Capitalization (As reported) | ||||||||||||
Debt | $ | 3,171,537 | $ | 3,165,059 | ||||||||
Preferred Shares | 497,500 | 547,500 | ||||||||||
Common Shares at Market | 1,802,140 | 2,633,917 | ||||||||||
Operating Partnership Units at Market | 45,559 | 75,959 | ||||||||||
Total Market Capitalization | $ | 5,516,736 | $ | 6,422,435 | ||||||||
Debt to Total Market Capitalization | 57.5 | % | 49.3 | % | ||||||||
Capitalization (Pro rata) | ||||||||||||
Debt | $ | 3,131,883 | $ | 3,242,349 | ||||||||
Preferred Shares | 497,500 | 547,500 | ||||||||||
Common Shares at Market | 1,802,140 | 2,633,917 | ||||||||||
Operating Partnership Units at Market | 45,559 | 75,959 | ||||||||||
Total Market Capitalization | $ | 5,477,082 | $ | 6,499,725 | ||||||||
Debt to Total Market Capitalization | 57.2 | % | 49.9 | % | ||||||||
Capital Availability | ||||||||||||
Unused Portion of $575 MM Revolver | $ | 181,943 | $ | 310,793 | ||||||||
Shelf Registration - $1 Billion Effective April 2003 | - | 85,430 | (1 | ) | ||||||||
Shelf Registration - $1.5 Billion Effective September 2004 | - | 1,300,000 | (1 | ) | ||||||||
Shelf Registration - $50 Million Effective September 2004 | - | 50,000 | (1 | ) | ||||||||
Total | $ | 181,943 | $ | 1,746,223 | ||||||||
Credit Ratings | S&P | Moody's | ||||||||||
Senior Debt | BBB | Baa2 | ||||||||||
Preferred Shares | BB+ | Baa3 | ||||||||||
(1) | These shelf registrations have expired. | |||||||||||
Effective December 8, 2008, an automatic open shelf registration was filed, allowing us to issue various | ||||||||||||
securities over the next three years as determined by the market. |
Page 11
Weingarten Realty Investors | |||||||||||||||||
Debt Information | |||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
4th Quarter | 4th Quarter | ||||||||||||||||
December 31, | Weighted | December 31, | Weighted | ||||||||||||||
2008 | Average Rate | 2007 | Average Rate | ||||||||||||||
Outstanding Balance Summary (1) | |||||||||||||||||
Mortgage Debt | $ | 1,003,709 | 6.37 | % | $ | 1,035,578 | 7.19 | % | |||||||||
7% 2011 Bonds | 200,000 | 7.00 | % | 200,000 | 7.00 | % | |||||||||||
3.95% Convertible Bonds (2) | 537,199 | 3.95 | % | 575,000 | 3.95 | % | |||||||||||
Unsecured Notes Payable | 1,014,567 | 5.77 | % | 1,065,867 | 5.87 | % | |||||||||||
Revolving Credit Agreements (3) | 383,000 | 2.55 | % | 255,000 | 5.54 | % | |||||||||||
Industrial Revenue Bonds | 3,337 | 3.44 | % | 3,889 | 4.92 | % | |||||||||||
Obligations under Capital Leases | 29,725 | 5.98 | % | 29,725 | 6.22 | % | |||||||||||
Total Debt - As Reported | 3,171,537 | 5.31 | % | 3,165,059 | 6.08 | % | |||||||||||
Less: Minority Partners' Interests | (204,353 | ) | (38,677 | ) | |||||||||||||
Plus: WRI Share of Unconsolidated Joint Ventures | 164,699 | 115,967 | |||||||||||||||
Total Debt - Pro rata Share | $ | 3,131,883 | 5.31 | % | $ | 3,242,349 | 6.06 | % | |||||||||
December 31, | December 31, | ||||||||||||||||
2008 | % of Total | 2007 | % of Total | ||||||||||||||
Fixed vs Variable Rate Debt (at Pro rata Share) | |||||||||||||||||
(includes the effect of interest rate swaps) | |||||||||||||||||
Fixed-rate debt | $ | 2,682,169 | 85.6 | % | $ | 2,919,947 | 90.1 | % | |||||||||
Variable-rate debt | 449,714 | 14.4 | % | 322,402 | 9.9 | % | |||||||||||
Total | $ | 3,131,883 | 100.0 | % | $ | 3,242,349 | 100.0 | % | |||||||||
Secured vs Unsecured Debt (at Pro rata Share) | |||||||||||||||||
Secured Debt | $ | 992,491 | 31.7 | % | $ | 1,146,843 | 35.4 | % | |||||||||
Unsecured Debt | 2,139,392 | 68.3 | % | 2,095,506 | 64.6 | % | |||||||||||
Total | $ | 3,131,883 | 100.0 | % | $ | 3,242,349 | 100.0 | % | |||||||||
Coverage Ratios (at Pro rata Share trailing 4 quarters) | |||||||||||||||||
Fixed Charge Coverage | 1.99 | x | 2.07 | x | |||||||||||||
Interest Coverage | 2.37 | x | 2.29 | x | |||||||||||||
Debt Service Coverage | 2.31 | x | 2.24 | x | �� | ||||||||||||
As | Pro rata | ||||||||||||||||
Reported | Share | ||||||||||||||||
Weighted Average Interest Rates (1) | |||||||||||||||||
Three months ended 12/31/08 | 5.31 | % | 5.31 | % | |||||||||||||
Twelve months ended 12/31/08 | 5.54 | % | 5.53 | % | |||||||||||||
Twelve months ended 12/31/07 | 6.08 | % | 6.07 | % | |||||||||||||
(1) | Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing. | ||||||||||||||||
(2) | The convertible bonds mature August 1, 2026 with a five year option to redeem anytime after August 2011 and an initial conversion price of $49.075 per share. | ||||||||||||||||
(3) | Weighted average revolving interest rate excluding the effect of the commitment fee was 2.34% in fourth quarter 2008 and 5.23% in fourth quarter 2007. |
Page 12
Weingarten Realty Investors | ||||||||||||||||||||||||
Debt Information | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Schedule of Maturities at December 31, 2008 | ||||||||||||||||||||||||
As Reported | Pro rata Share | |||||||||||||||||||||||
Maturities | Rate (6) | Maturities | Rate (6) | Floating Rate | Fixed Rate | |||||||||||||||||||
2009 (1) | 96,987 | 6.48 | % | 99,649 | 6.54 | % | 12,371 | 87,278 | ||||||||||||||||
2010 (2) | 127,975 | 6.43 | % | 139,391 | 6.45 | % | 2,424 | 136,967 | ||||||||||||||||
2011 (3) | 303,412 | 6.76 | % | 310,742 | 6.75 | % | 488 | 310,254 | ||||||||||||||||
2012 | 334,701 | 5.51 | % | 338,091 | 5.53 | % | 679 | 337,412 | ||||||||||||||||
2013 | 413,440 | 5.75 | % | 317,278 | 5.66 | % | 841 | 316,437 | ||||||||||||||||
2014 | 374,743 | 5.36 | % | 386,364 | 5.36 | % | 3,102 | 383,262 | ||||||||||||||||
2015 | 249,780 | 6.06 | % | 217,433 | 5.57 | % | 1,124 | 216,309 | ||||||||||||||||
2016 | 147,123 | 6.27 | % | 176,995 | 5.77 | % | 1,296 | 175,699 | ||||||||||||||||
2017 | 29,391 | 6.90 | % | 33,792 | 6.43 | % | 1,456 | 32,336 | ||||||||||||||||
2018 | 54,007 | 8.28 | % | 33,942 | 5.59 | % | 1,553 | 32,389 | ||||||||||||||||
Thereafter (3) | 609,636 | 4.39 | % | 647,864 | 4.10 | % | 29,239 | 618,625 | ||||||||||||||||
Subtotal | 2,741,195 | 2,701,541 | 54,573 | 2,646,968 | ||||||||||||||||||||
Revolvers (4) | 383,000 | 3.30 | % | 383,000 | 3.30 | % | 383,000 | |||||||||||||||||
Other (5) | 47,342 | 47,342 | (37,859 | ) | 85,201 | |||||||||||||||||||
Swap Maturities: | ||||||||||||||||||||||||
2014 | 50,000 | (50,000 | ) | |||||||||||||||||||||
Total | $ | 3,171,537 | 5.54 | % | $ | 3,131,883 | 5.53 | % | $ | 449,714 | $ | 2,682,169 | ||||||||||||
(1) Includes $2.5 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. | ||||||||||||||||||||||||
(2) Includes $9.7 million of MTN's maturing 2028 with 12 and 20 year put options. | ||||||||||||||||||||||||
(3) Thereafter includes $537.2 million of Convertible debt maturing in 2026 which has a 5 year call and put option in 2011. | ||||||||||||||||||||||||
(4) Includes the effect of the commitment fee. | ||||||||||||||||||||||||
(5) Other includes capital leases, FAS 141 adjustment, market value of swaps, and a guarentee for the payment of bonds issued in connection with a project in Denver, Colorado. | ||||||||||||||||||||||||
(6) Interest rates exclude the effects of FAS 141 and loan costs related to financing. |
Page 13
Tenant Diversification by Percent of Rental Revenues at Pro rata Share | |||||||||||||||
(in thousands, except percentages and # of units) | |||||||||||||||
% of | |||||||||||||||
Pro rata | |||||||||||||||
# of Units | Rental | Square | |||||||||||||
Rank | Tenant Name | DBA’s | Revenue | Feet | |||||||||||
1 | THE KROGER CO. | Kroger, Smith Food, Ralphs, Fry's Food, King Soopers | 30 | 2.15 | % | 1,504 | |||||||||
2 | ROSS STORES, INC. | Ross Dress for Less | 34 | 1.60 | % | 749 | |||||||||
3 | T.J.X. COMPANIES, INC. | T.J. Maxx, Marshalls, Home Goods | 32 | 1.60 | % | 788 | |||||||||
4 | HOME DEPOT, INC. | 7 | 1.23 | % | 806 | ||||||||||
5 | PUBLIX SUPER MARKETS, INC. | 23 | 1.21 | % | 761 | ||||||||||
6 | SAFEWAY, INC. | Safeway, Randalls, Von's | 19 | 1.16 | % | 780 | |||||||||
7 | OFFICE DEPOT, INC. | 26 | 1.06 | % | 525 | ||||||||||
8 | PETSMART, INC. | 20 | 0.97 | % | 364 | ||||||||||
9 | GAP, INC. | Gap, Old Navy, Banana Republic | 19 | 0.91 | % | 297 | |||||||||
10 | BLOCKBUSTER VIDEO | 50 | 0.86 | % | 239 | ||||||||||
11 | BARNES & NOBLE INC. | Barnes & Noble, Bookstop Booksellers | 11 | 0.77 | % | 232 | |||||||||
12 | PETCO ANIMAL SUPPLIES, INC. | 22 | 0.75 | % | 251 | ||||||||||
13 | BED BATH & BEYOND, INC. | 19 | 0.66 | % | 356 | ||||||||||
14 | STAPLES | 13 | 0.63 | % | 282 | ||||||||||
15 | HARRIS TEETER | 7 | 0.63 | % | 323 | ||||||||||
16 | CIRCUIT CITY | 6 | 0.62 | % | 225 | ||||||||||
17 | OFFICE MAX INC. | 11 | 0.61 | % | 250 | ||||||||||
18 | RALEY'S | Raley's Bel Air Markets | 6 | 0.61 | % | 331 | |||||||||
19 | WHOLE FOODS | 6 | 0.61 | % | 218 | ||||||||||
20 | H E BUTT GROCERY | 6 | 0.61 | % | 291 | ||||||||||
21 | TOYS 'R' US | 9 | 0.57 | % | 312 | ||||||||||
22 | BEST BUY, INC. | 10 | 0.56 | % | 225 | ||||||||||
23 | DOLLAR TREE STORES, INC. | Dollar Tree, Greenbacks | 30 | 0.54 | % | 270 | |||||||||
24 | WASHINGTON MUTUAL BANK | 29 | 0.53 | % | 104 | ||||||||||
25 | FOOD LION | 9 | 0.46 | % | 335 | ||||||||||
Total | 454 | 21.91 | % | 10,817 |
Page 14
Leasing Information | ||||||||||||||||||||||||||
(in thousands, except percentages and # of units and leases, pro rata share) | ||||||||||||||||||||||||||
Lease Expirations | ||||||||||||||||||||||||||
Shopping Center | Industrial | Total | ||||||||||||||||||||||||
Percentage of | Percentage of | Percentage of | ||||||||||||||||||||||||
Pro rata | Pro rata | Pro rata | ||||||||||||||||||||||||
Year Expiring | Sq. Ft. | Revenue | Sq. Ft. | Revenue | Sq. Ft. | Revenue | ||||||||||||||||||||
2009 | 8.31 | % | 8.89 | % | 18.51 | % | 18.14 | % | 10.87 | % | 9.95 | % | ||||||||||||||
2010 | 13.24 | % | 14.34 | % | 19.10 | % | 19.64 | % | 14.71 | % | 14.95 | % | ||||||||||||||
2011 | 14.34 | % | 15.32 | % | 13.87 | % | 15.57 | % | 14.22 | % | 15.35 | % | ||||||||||||||
2012 | 11.77 | % | 12.82 | % | 14.06 | % | 14.15 | % | 12.34 | % | 12.98 | % | ||||||||||||||
2013 | 12.97 | % | 13.10 | % | 14.78 | % | 14.90 | % | 13.42 | % | 13.30 | % | ||||||||||||||
2014-2018 | 23.63 | % | 23.15 | % | 18.79 | % | 16.53 | % | 22.42 | % | 22.40 | % | ||||||||||||||
2019-2028 | 15.15 | % | 11.72 | % | 0.89 | % | 1.07 | % | 11.57 | % | 10.49 | % | ||||||||||||||
Leasing Production - New Leases and Renewals | ||||||||||||||||||||||||||
Number | Increase | |||||||||||||||||||||||||
of Leases | Square Feet | in Base Rent | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||||
Retail | 290 | 1,023 | 6.6 | % | ||||||||||||||||||||||
Industrial | 38 | 504 | 7.7 | % | ||||||||||||||||||||||
Total | 328 | 1,527 | 6.8 | % | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2007 | ||||||||||||||||||||||||||
Retail | 264 | 921 | 11.4 | % | ||||||||||||||||||||||
Industrial | 49 | 758 | 9.8 | % | ||||||||||||||||||||||
Total | 313 | 1,679 | 11.1 | % | ||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||||
Retail | 1,065 | 3,927 | 11.0 | % | ||||||||||||||||||||||
Industrial | 178 | 2,406 | 7.4 | % | ||||||||||||||||||||||
Total | 1,243 | 6,333 | 10.2 | % | ||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||
December 31, 2007 | ||||||||||||||||||||||||||
Retail | 1,048 | 4,142 | 11.3 | % | ||||||||||||||||||||||
Industrial | 213 | 2,865 | 6.0 | % | ||||||||||||||||||||||
Total | 1,261 | 7,007 | 10.3 | % | ||||||||||||||||||||||
Average Minimum Rent per Square Foot | ||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2007 | ||||||||||||||||||||||
Retail | $ | 13.16 | $ | 13.05 | $ | 12.96 | $ | 12.73 | $ | 12.57 | ||||||||||||||||
Industrial | $ | 4.98 | $ | 4.92 | $ | 4.91 | $ | 4.92 | $ | 4.86 | ||||||||||||||||
Occupancy | Quarter Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2007 | ||||||||||||||||||||||
Shopping Center Portfolio | 93.0 | % | 94.5 | % | 94.2 | % | 94.8 | % | 95.1 | % | ||||||||||||||||
Industrial Portfolio | 91.6 | % | 91.4 | % | 91.9 | % | 90.7 | % | 92.0 | % | ||||||||||||||||
Total Portfolio | 92.6 | % | 93.7 | % | 93.6 | % | 93.7 | % | 94.4 | % | ||||||||||||||||
Note: A space is considered occupied upon execution of a lease agreement. |
Page 15
Property Information | ||||||||||||||||||||
(in thousands at pro rata share) | ||||||||||||||||||||
Property Investment Summary | ||||||||||||||||||||
New | Major | All | ||||||||||||||||||
Acquisitions | Development | Repairs | Other | Total | ||||||||||||||||
Twelve Months Ended 12/31/2008 | $ | 2,685 | $ | 193,235 | $ | 20,570 | $ | 81,302 | $ | 297,791 | ||||||||||
Year Ended 12/31/2007 | 565,427 | 218,239 | 18,236 | 64,035 | 865,938 | |||||||||||||||
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 |
Page 16
Weingarten Realty Investors | ||||||||||||||||||||||||||||||||||||||
New Development Properties (By Stabilization) | ||||||||||||||||||||||||||||||||||||||
(in thousands at pro rata share, except percentages) | ||||||||||||||||||||||||||||||||||||||
Total Square | Percent Leased | |||||||||||||||||||||||||||||||||||||
Feet of | (1) | Spent | Total Estimated | Est. | ||||||||||||||||||||||||||||||||||
WRI | building Area | Net | Year-To- | Spent | Investment (2) | Final | Estimated | |||||||||||||||||||||||||||||||
Own | (1) | @ | Date | Inception | WRI | Gross | ROI | Stabilized | ||||||||||||||||||||||||||||||
Center Name | Location | Anchors | % | (Gross) | Net | 100% | Gross | 2008 | to Date | Costs | Costs | % | Date | |||||||||||||||||||||||||
1 | Palm Coast Landing at Town Center Phase 1* | Palm Coast, Florida | Target # | 50.0 | % | 359 | 80 | 97.9 | % | 99.1 | % | $ | 5,429 | $ | 14,194 | $ | 12,881 | $ | 25,763 | (4 | ) | 2008 | ||||||||||||||||
2 | Raintree Ranch Center | Chandler (Phoenix),Arizona | Whole Foods | 100.0 | % | 140 | 137 | 97.2 | % | 97.3 | % | 1,893 | 29,679 | 29,679 | 29,679 | 2008 | ||||||||||||||||||||||
3 | The Village at Liberty Lake* | Liberty Lake, Washington | Home Depot # | 50.0 | % | 159 | 0 | 100.0 | % | 100.0 | % | (175 | ) | 0 | 0 | 0 | (3 | ) | 2008 | |||||||||||||||||||
4 | Colonial Landing | Orlando, Florida | TSA, HH Greg, Bed Bath, PetSmart | 50.0 | % | 267 | 133 | 95.2 | % | 95.2 | % | 1,644 | 14,635 | 15,413 | 30,825 | 2008 | ||||||||||||||||||||||
5 | Railwood G - Global Stainless BTS (industrial)* | Houston, Texas | Sumotiomo | 50.0 | % | 211 | 105 | 100.0 | % | 100.0 | % | 5,409 | 5,409 | 5,686 | 11,372 | 2008 | ||||||||||||||||||||||
6 | Sharyland Towne Crossing* | Mission, Texas | HEB, Target # | 50.0 | % | 489 | 178 | 97.6 | % | 98.2 | % | 1,006 | 25,884 | 25,884 | 51,767 | 2008 | ||||||||||||||||||||||
Total 2008 Stabilizations | 1,624 | 634 | 97.5 | % | 98.2 | % | $ | 15,206 | $ | 89,802 | $ | 89,543 | $ | 149,407 | ||||||||||||||||||||||||
1 | Horne Street Market | Ft. Worth, Texas | 24 Hour Fitness | 100.0 | % | 47 | 42 | 100.0 | % | 89.4 | % | 4,458 | 9,033 | 10,614 | 10,614 | 2Q'09 | ||||||||||||||||||||||
2 | Market at Sharyland Place* | Mission, Texas | Kohl's, Wal-Mart # | 50.0 | % | 313 | 56 | 84.9 | % | 94.6 | % | 632 | 2,454 | 3,031 | 6,062 | 3Q'09 | ||||||||||||||||||||||
3 | Jess Ranch Marketplace Phase II* | Apple Valley (Los Angeles),California | Winco # | 50.0 | % | 308 | 107 | 90.5 | % | 93.4 | % | 4,197 | 17,210 | 19,012 | 38,025 | 4Q'09 | ||||||||||||||||||||||
4 | ClayPoint Distribution Park (Industrial) | Houston, Texas | Pioneer | 100.0 | % | 359 | 359 | 16.8 | % | 16.8 | % | 12,419 | 13,355 | 19,047 | 19,047 | 4Q'09 | ||||||||||||||||||||||
5 | Phillips Crossing | Orlando, Florida | Golf Galaxy, Whole Foods, Michael's | 100.0 | % | 146 | 146 | 84.9 | % | 84.9 | % | 12,744 | 26,053 | 28,007 | 28,007 | 4Q'09 | ||||||||||||||||||||||
Total 2009 Stabilizations | 1,173 | 711 | 59.0 | % | 69.0 | % | $ | 34,449 | $ | 68,105 | $ | 79,711 | $ | 101,754 | ||||||||||||||||||||||||
1 | Ridgeway Trace Center Phase 1 | Memphis, Tennessee | Best Buy, Target #, Sports Authority | 100.0 | % | 267 | 129 | 55.5 | % | 78.4 | % | 6,316 | 26,624 | 44,779 | 44,779 | 2010 | ||||||||||||||||||||||
2 | Riverpoint at Sheridan Phase 1* | Sheridan (Denver),Colorado | Costco #, Target # | 50.0 | % | 519 | 86 | 50.9 | % | 80.3 | % | 8,391 | 17,790 | 22,507 | 45,015 | 2010 | ||||||||||||||||||||||
3 | Gardens on Havana Phase 1* | Aurora (Denver),Colorado | Kohl's, Target # | 39.8 | % | 419 | 167 | 77.9 | % | 77.9 | % | 12,473 | 13,173 | 17,454 | 43,866 | 2010 | ||||||||||||||||||||||
4 | Waterford | Leland (Wilmington),North Carolina | Harris Teeter | 75.0 | % | 109 | 66 | 78.7 | % | 68.8 | % | 3,740 | 11,607 | 11,203 | 14,937 | 2010 | ||||||||||||||||||||||
5 | Westwood Center | San Antonio, Texas | Wal-Mart # | 100.0 | % | 444 | 91 | 5.2 | % | 49.4 | % | 7,909 | 15,971 | 16,653 | 16,653 | (4 | ) | 2010 | ||||||||||||||||||||
6 | Jess Ranch Marketplace Phase III* | Apple Valley (Los Angeles),California | Cinemark, Best Buy, Bed Bath, 24 Hour Fitness | 50.0 | % | 195 | 97 | 76.9 | % | 76.9 | % | 13,423 | 17,429 | 23,216 | 46,432 | 2010 | ||||||||||||||||||||||
7 | Clermont Landing | Clermont (Orlando),Florida | JC Penney #, Epic Theater # | 55.0 | % | 367 | 104 | 63.6 | % | 79.6 | % | 8,460 | 15,771 | 19,058 | 34,651 | 2010 | ||||||||||||||||||||||
8 | The Shoppes at Parkwood Ranch Phase 1 | Mesa (Phoenix),Arizona | Hobby Lobby | 100.0 | % | 106 | 93 | 77.5 | % | 80.3 | % | 6,681 | 10,554 | 15,878 | 15,878 | 2010 | ||||||||||||||||||||||
9 | Mohave Crossroads Phase 1 | Bullhead City, Arizona | Target #, Kohl's # | 100.0 | % | 397 | 193 | 77.8 | % | 87.5 | % | 26,835 | 38,913 | 43,470 | 43,470 | 2010 | ||||||||||||||||||||||
10 | PhillipsVillage | Orlando, Florida | Wal-Mart # | 100.0 | % | 286 | 66 | 54.4 | % | 89.4 | % | 758 | 13,604 | 14,823 | 14,823 | 2010 | ||||||||||||||||||||||
11 | Market at Nolana* | McAllen, Texas | Wal-Mart # | 50.0 | % | 263 | 24 | 55.1 | % | 86.1 | % | 475 | 4,746 | 4,532 | 9,064 | (4 | ) | 2010 | ||||||||||||||||||||
Total 2010 Stabilizations | 3,372 | 1,116 | 66.2 | % | 77.2 | % | $ | 95,462 | $ | 186,181 | $ | 233,574 | $ | 329,569 | ||||||||||||||||||||||||
1 | Westover Square | San Antonio, Texas | All Pad Site | 67.0 | % | 60 | 0 | 0.0 | % | 0.0 | % | 334 | 2,688 | 0 | 0 | (3 | ) | 2011 | ||||||||||||||||||||
2 | Gardens on Havana Phase 2* | Aurora (Denver),Colorado | Kohl's, Target # | 39.8 | % | 76 | 30 | 0.0 | % | 0.0 | % | 2,563 | 3,329 | 4,457 | 11,201 | 2011 | ||||||||||||||||||||||
3 | Gateway Station | Ft. Worth, Texas | Conn's, Kohl's #, Best Buy #, Michaels #, Ross # | 70.0 | % | 256 | 65 | 32.1 | % | 75.2 | % | 4,351 | 7,207 | 10,517 | 15,024 | 2011 | ||||||||||||||||||||||
4 | Ridgeway Trace Center Phase 2 | Memphis, Tennessee | Best Buy, Target #, Sports Authority | 100.0 | % | 45 | 45 | 0.0 | % | 0.0 | % | 668 | 7,771 | 13,116 | 13,116 | 2011 | ||||||||||||||||||||||
5 | Surf City Crossing | Surf City (Wilmington),North Carolina | Harris Teeter | 75.0 | % | 101 | 50 | 72.6 | % | 52.3 | % | 102 | 4,536 | 7,025 | 9,367 | 2011 | ||||||||||||||||||||||
6 | The Shoppes at Parkwood Ranch Phase 2 | Mesa (Phoenix),Arizona | Hobby Lobby | 100.0 | % | 15 | 15 | 0.0 | % | 0.0 | % | 414 | 1,679 | 3,453 | 3,453 | 2011 | ||||||||||||||||||||||
7 | Epic Village Phase I - St. Augustine | St. Augustine, Florida | Epic Theatre # | 70.0 | % | 98 | 31 | 16.3 | % | 62.3 | % | 3,722 | 3,780 | 7,277 | 10,396 | 2011 | ||||||||||||||||||||||
8 | 300 West Town Center* | Salt Lake City, Utah | Target # | 31.8 | % | 247 | 26 | 0.0 | % | 10.9 | % | 4,116 | 4,209 | 6,876 | 21,624 | 2011 | ||||||||||||||||||||||
Total 2011 Stabilizations | 896 | 262 | 20.4 | % | 37.2 | % | $ | 16,270 | $ | 35,199 | $ | 52,721 | $ | 84,181 | ||||||||||||||||||||||||
1 | Riverpoint at Sheridan Phase 2* | Sheridan (Denver),Colorado | Costco #, Target # | 50.0 | % | 260 | 130 | 0.0 | % | 0.0 | % | 4,512 | 13,374 | 21,100 | 42,200 | 2012 | ||||||||||||||||||||||
2 | Palm Coast Landing at Town Center Phase 2* | Palm Coast, Florida | Target # | 50.0 | % | 78 | 0 | 0.0 | % | 0.0 | % | 3,649 | 5,133 | 2,272 | 4,543 | (4 | ) | 2012 | ||||||||||||||||||||
3 | Mohave Crossroads Phase 2 | Bullhead City, Arizona | Target #, Kohl's # | 100.0 | % | 31 | 31 | 0.0 | % | 0.0 | % | 2,661 | 4,610 | 5,526 | 5,526 | 2012 | ||||||||||||||||||||||
4 | Tomball Marketplace | Tomball (Houston),Texas | Academy # | 100.0 | % | 351 | 245 | 14.7 | % | 34.5 | % | 5,827 | 30,480 | 47,878 | 47,878 | 2012 | ||||||||||||||||||||||
5 | The Shoppes at Wilderness Oaks | San Antonio, Texas | All Pad Site | 100.0 | % | 79 | 44 | 3.4 | % | 1.9 | % | 11,861 | 11,861 | 9,480 | 9,480 | (4 | ) | 2012 | ||||||||||||||||||||
6 | North Towne Plaza | Brownsville, Texas | Lowe's # | 75.0 | % | 276 | 111 | 0.0 | % | 42.4 | % | 3,337 | 11,161 | 18,413 | 24,551 | 2012 | ||||||||||||||||||||||
Total 2012 Stabilizations | 1,075 | 562 | 5.2 | % | 22.3 | % | $ | 31,847 | $ | 76,618 | $ | 104,668 | $ | 134,177 | ||||||||||||||||||||||||
Total 25 Properties Under Development (exclusive of phasing) | 6,517 | 2,651 | 47.3 | % | 61.2 | % | $ | 178,029 | $ | 366,104 | $ | 470,674 | $ | 649,681 | 8.1% | |||||||||||||||||||||||
Total 30 New Development Properties (exclusive of phasing) | 8,141 | 3,285 | 59.0 | % | 68.6 | % | $ | 193,235 | $ | 455,905 | $ | 560,217 | $ | 799,088 | 8.3% |
* Unconsolidated Joint Venture | |
# Denotes anchors that are not owned by Weingarten | |
(1) | Total Building Area (Gross) square footage reflects 100% ownership including square feet owned by other. WRI's share of building area (Net) square footage reflects WRI's ownership percentage excluding square feet owned by other and excluding other possible future building area |
(2) | Net of expected proceeds not yet received from anchor and pad sales |
(3) | WRI will not have an investment interest after pad sale considerations |
(4) | Total estimated costs are net of land sales |
Note: Phased projects are counted as one project |
Page 17
Weingarten Realty Investors | |||||||||||||||||
As of December 31, 2008 | |||||||||||||||||
in thousands, except acres | |||||||||||||||||
Land Held for Development | |||||||||||||||||
Ownership | Gross | Investment | |||||||||||||||
Location | Interest | Acres | 100 | % | Pro Rata | ||||||||||||
FM 1957 (Potranco Rd) and FM 211, San Antonio (Stevens Ranch) | 50.0 | % | 198.7 | ||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 100.0 | % | 82.0 | ||||||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta | 100.0 | % | 81.6 | ||||||||||||||
US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh | 100.0 | % | 79.9 | ||||||||||||||
Shary Road and US Hwy 83, Mission (North Sharyland) | 50.0 | % | 36.9 | ||||||||||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | 100.0 | % | 13.2 | ||||||||||||||
Northwest Freeway at Gessner, Houston * | 100.0 | % | 4.9 | ||||||||||||||
West Loop North at Interstate 10, Houston * | 100.0 | % | 3.3 | ||||||||||||||
Citadel Plaza at 610 North Loop, Houston * | 100.0 | % | 3.1 | ||||||||||||||
US Hwy 15-501 & Bruce Wood Rd., Southern Pines, NC | 100.0 | % | 24.0 | ||||||||||||||
FM 2920 and Future 249, Tomball - Houston | 100.0 | % | 8.4 | ||||||||||||||
Culebra Road and Westwood Loop, San Antonio (Westwood) | 100.0 | % | 9.3 | ||||||||||||||
Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch II) | 50.0 | % | 3.2 | ||||||||||||||
Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch III) | 50.0 | % | 10.3 | ||||||||||||||
Highway 17 and Highway 210, Surf City | 75.0 | % | 36.5 | ||||||||||||||
US Hwy 17 & US Hwy 74/76, Leland (Waterford) | 75.0 | % | 8.3 | ||||||||||||||
Decatur at 215 - Las Vegas | 100.0 | % | 25.3 | ||||||||||||||
Mississippi at Havana, Aurora (Gardens on Havana) - Denver | 39.8 | % | 9.6 | ||||||||||||||
Lon Adams Rd at Tangerine Farms Rd (Gladden Farms) - Tuscan | 50.0 | % | 10.7 | ||||||||||||||
Young Pines and Curry Ford Rd, Orange County, Florida - Orlando (Curry Ford) | 100.0 | % | 3.0 | ||||||||||||||
Other * | 100.0 | % | 32.6 | ||||||||||||||
Total Land Held Properties | 684.9 | $ | 143,197 | $ | 114,232 | ||||||||||||
* Represents land parcels held by WRI for many years that have never been reported as new development assets. | |||||||||||||||||
Note: Land costs account for $123.4 million of total investment at 100%, $96.0 million at pro rata share. | |||||||||||||||||
Acquisitions | |||||||||||||||||
Sq. Ft. | |||||||||||||||||
of Bldg. Area | Date | Total | |||||||||||||||
Center | City/State | at 100% | Acquired | Investment | Yield | ||||||||||||
Wholly-Owned Acquisitions | |||||||||||||||||
Shopping Centers | |||||||||||||||||
Kirby Strip Center | Houston, TX | 10 | 05/27/08 | ||||||||||||||
Joint Venture Acquisitions | |||||||||||||||||
Shopping Centers | |||||||||||||||||
Shoppes of Port Charlotte (25%) | Port Charlotte, FL | 4 | 01/08/08 | ||||||||||||||
Grand Total Acquisitions (Y-T-D) | 14 | $ | 2,685 | 6.64 | % |
Page 18
Weingarten Realty Investors | |||||||||||||||
Disposition Summary | |||||||||||||||
(in thousands at pro rata share) | |||||||||||||||
Sq. Ft. | Weighted | ||||||||||||||
of Bldg. Area | Date | Sales | Sales | ||||||||||||
Center | City/State | at 100% | Sold | Proceeds | Cap | ||||||||||
Operating Property Sales | |||||||||||||||
Shopping Centers | |||||||||||||||
Eastpark Shopping Center | Houston, TX | 113 | 2/1/08 | ||||||||||||
Ralph's Center | Redondo Beach, CA | 60 | 3/11/08 | ||||||||||||
Southcliff Shopping Center | Fort Worth, TX | 116 | 4/7/08 | ||||||||||||
Park Terrace Shopping Center | De Ridder, LA | 131 | 5/28/08 | ||||||||||||
Brodie Oaks | Austin, TX | 227 | 6/20/08 | ||||||||||||
Northway Shopping Center | Houston, TX | 217 | 6/25/08 | ||||||||||||
River Pointe | Conroe, TX | 45 | 7/17/08 | ||||||||||||
Conn's Building | Lake Charles, LA | 23 | 8/5/08 | ||||||||||||
Siegen Plaza | Baton Rouge, LA | 156 | 11/6/08 | ||||||||||||
Subtotal - Shopping Centers | 1,088 | ||||||||||||||
Industrial | |||||||||||||||
Wells Branch Corporate Center | Austin, TX | 59 | 5/8/08 | ||||||||||||
Subtotal - Industrial | 59 | ||||||||||||||
Total Operating Property Sales (Y-T-D) | 1,147 | $ | 144,025 | 7.75 | % | ||||||||||
Land and Merchant Development Sales | |||||||||||||||
Shopping Centers | |||||||||||||||
Green Valley Ranch - KFC | Denver, CO | 1/9/08 | |||||||||||||
Eastpark - Land | Houston, TX | 1/31/08 | |||||||||||||
Westwood Center - Firstmark Credit Union | San Antonio, TX | 3/14/08 | |||||||||||||
Clermont Landing - Red Lobster | Clermont, FL | 4/14/08 | |||||||||||||
Clermont Landing - Olive Garden | Clermont, FL | 4/14/08 | |||||||||||||
Harrison Pointe Shopping Center - Undeveloped Pad | Clermont, FL | 4/15/08 | |||||||||||||
Rock Prairie Marketplace - Undeveloped Pad | College Station, TX | 5/6/08 | |||||||||||||
Shoppes of Caverness Farms - Red Robin | Wake Forest, NC | 5/20/08 | |||||||||||||
Waterford Shopping Center - Undeveloped Pad | Leland, NC | 5/27/08 | |||||||||||||
US 290 at Gessner - Rudy's BBQ and Country Store | Houston, TX | 5/29/08 | |||||||||||||
Westwood Center - Arby's | San Antonio, TX | 6/6/08 | |||||||||||||
Bridges at Smoky Hill - Undeveloped Pad | Centennial, CO | 6/17/08 | |||||||||||||
Charleston Commons - Bus Turnout | Las Vegas, NV | 6/24/08 | |||||||||||||
Raintree Ranch Shopping Center - Panda Express | Chandler, AZ | 6/26/08 | |||||||||||||
Westland Fair Shopping Center - Two Tracts | Las Vegas, NV | 7/3/08 | |||||||||||||
Shoppes of Caverness Farms - Chili's | Wake Forest, NC | 7/11/08 | |||||||||||||
Village at Liberty Lake - Washington Federal S & L | Liberty Lake, WA | 7/16/08 | |||||||||||||
The Shoppes at Parkwood Ranch - Undeveloped Pad | Mesa, AZ | 8/6/08 | |||||||||||||
Shoppes of Caverness Farms - Texas Roadhouse | Wake Forest, NC | 9/3/08 | |||||||||||||
Surf City Crossing - Undeveloped Pad | Surf City, NC | 9/11/08 | |||||||||||||
Palm Coast Landing - McDonald's | Palm Coast, FL | 9/17/08 | |||||||||||||
Palm Coast Landing - SunTrust Bank | Palm Coast, FL | 9/22/08 | |||||||||||||
Summerhill Plaza Shopping Center - Two Tracts | Citrus Heights, CA | 11/25/08 | |||||||||||||
Kennesaw 75 - Right of Way for Road Widening | Kennesaw, GA | 12/2/08 | |||||||||||||
Total Land and Merchant Development Sales (Y-T-D) | $ | 18,955 | |||||||||||||
Grand Total | $ | 162,980 |
Page 19
Weingarten Realty Investors | ||||||||||||||||||||||||||||||||||||||||
Total Net Operating Income at Pro rata Share by Geographic Region (1) | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2008 | % | 2007 | % | 2006 | % | 2005 | % | 2004 | % | |||||||||||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||||||||||||||||
California | $ | 51,176 | 11.8 | % | $ | 50,503 | 11.3 | % | $ | 50,074 | 12.1 | % | $ | 47,868 | 12.2 | % | $ | 42,159 | 11.9 | % | ||||||||||||||||||||
Nevada | 34,360 | 7.9 | % | 31,338 | 7.0 | % | 27,796 | 6.7 | % | 25,161 | 6.4 | % | 19,705 | 5.5 | % | |||||||||||||||||||||||||
Arizona | 26,181 | 6.0 | % | 23,192 | 5.2 | % | 15,009 | 3.6 | % | 14,965 | 3.8 | % | 13,312 | 3.7 | % | |||||||||||||||||||||||||
Colorado | 10,779 | 2.5 | % | 12,162 | 2.7 | % | 13,488 | 3.3 | % | 11,447 | 2.9 | % | 10,907 | 3.1 | % | |||||||||||||||||||||||||
New Mexico | 11,355 | 2.6 | % | 10,472 | 2.3 | % | 11,394 | 2.8 | % | 10,315 | 2.6 | % | 8,356 | 2.3 | % | |||||||||||||||||||||||||
Utah | 3,614 | 0.8 | % | 3,545 | 0.8 | % | 3,231 | 0.8 | % | 2,926 | 0.7 | % | 2,741 | 0.8 | % | |||||||||||||||||||||||||
Oregon | 1,385 | 0.3 | % | 929 | 0.2 | % | 46 | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||||||||||||
Washington | 1,193 | 0.3 | % | 1,295 | 0.3 | % | 251 | 0.1 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||||||||||||
Total Western Region | 140,044 | 32.2 | % | 133,437 | 29.8 | % | 121,289 | 29.4 | % | 112,683 | 28.6 | % | 97,179 | 27.3 | % | |||||||||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||||||||||
Texas | $ | 134,805 | 31.0 | % | $ | 154,800 | 34.7 | % | $ | 154,473 | 37.4 | % | $ | 157,357 | 40.0 | % | $ | 150,296 | 42.3 | % | ||||||||||||||||||||
Louisiana | 10,907 | 2.5 | % | 12,831 | 2.9 | % | 12,754 | 3.1 | % | 13,600 | 3.5 | % | 15,693 | 4.4 | % | |||||||||||||||||||||||||
Kansas | 1,949 | 0.4 | % | 1,980 | 0.4 | % | 3,714 | 0.9 | % | 6,282 | 1.6 | % | 6,926 | 1.9 | % | |||||||||||||||||||||||||
Arkansas | 3,006 | 0.7 | % | 3,028 | 0.7 | % | 3,505 | 0.9 | % | 3,855 | 1.0 | % | 3,351 | 0.9 | % | |||||||||||||||||||||||||
Mississippi | (0 | ) | 0.0 | % | (0 | ) | 0.0 | % | (6 | ) | 0.0 | % | 956 | 0.2 | % | 1,016 | 0.3 | % | ||||||||||||||||||||||
Illinois | 3,129 | 0.6 | % | 2,378 | 0.5 | % | 2,985 | 0.7 | % | 2,870 | 0.7 | % | 2,959 | 0.8 | % | |||||||||||||||||||||||||
Missouri | 1,182 | 0.3 | % | 1,439 | 0.3 | % | 2,193 | 0.5 | % | 2,827 | 0.7 | % | 2,719 | 0.8 | % | |||||||||||||||||||||||||
Oklahoma | 955 | 0.2 | % | 1,009 | 0.2 | % | 3,002 | 0.7 | % | 3,616 | 0.9 | % | 3,558 | 1.0 | % | |||||||||||||||||||||||||
Total Central Region | 155,934 | 35.7 | % | 177,465 | 39.7 | % | 182,621 | 44.2 | % | 191,364 | 48.6 | % | 186,518 | 52.4 | % | |||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||||||||||||||||
Florida | $ | 70,335 | 16.2 | % | $ | 67,400 | 15.1 | % | $ | 56,601 | 13.7 | % | $ | 46,076 | 11.9 | % | $ | 40,054 | 11.4 | % | ||||||||||||||||||||
North Carolina | 26,978 | 6.2 | % | 27,027 | 6.2 | % | 23,694 | 5.7 | % | 19,749 | 5.0 | % | 14,948 | 4.2 | % | |||||||||||||||||||||||||
Virginia | 2,551 | 0.6 | % | 2,036 | 0.5 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||||||||||||
South Carolina | 276 | 0.1 | % | 287 | 0.1 | % | 242 | 0.1 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||||||||||||
Georgia | 25,039 | 5.8 | % | 23,929 | 5.4 | % | 14,861 | 3.6 | % | 12,119 | 3.1 | % | 8,483 | 2.4 | % | |||||||||||||||||||||||||
Tennessee | 7,015 | 1.6 | % | 6,964 | 1.6 | % | 7,386 | 1.8 | % | 5,967 | 1.5 | % | 5,777 | 1.6 | % | |||||||||||||||||||||||||
Kentucky | 6,629 | 1.5 | % | 6,787 | 1.5 | % | 5,944 | 1.4 | % | 4,719 | 1.2 | % | 2,179 | 0.6 | % | |||||||||||||||||||||||||
Maine | 278 | 0.1 | % | 381 | 0.1 | % | 433 | 0.1 | % | 538 | 0.1 | % | 457 | 0.1 | % | |||||||||||||||||||||||||
Total Eastern Region | 139,101 | 32.1 | % | 134,811 | 30.5 | % | 109,161 | 26.4 | % | 89,167 | 22.8 | % | 71,899 | 20.3 | % | |||||||||||||||||||||||||
Total Net Operating Income | $ | 435,079 | 100.0 | % | $ | 445,713 | 100.0 | % | $ | 413,072 | 100.0 | % | $ | 393,214 | 100.0 | % | $ | 355,596 | 100.0 | % | ||||||||||||||||||||
(1) The Net Operating Income at Pro rata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 7.8% to 81% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest. Net Operating Income excludes the effect of lease cancellation income and straight-line rent adjustments. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Page 20
Weingarten Realty Investors | ||||||||||||||||||||||||||||||||||||
Average Base Rents by CBSA | ||||||||||||||||||||||||||||||||||||
As of: 12/31/2008 | ||||||||||||||||||||||||||||||||||||
In Thousands, except per square foot amounts | ||||||||||||||||||||||||||||||||||||
Economics reflect WRI's pro rata ownership interest | ||||||||||||||||||||||||||||||||||||
Occupied | Annualized | Avg. Base | Occupied | Annualized | Avg. Base | |||||||||||||||||||||||||||||||
SF | Rents | Rents | SF | Rents | Rents | |||||||||||||||||||||||||||||||
# of | ||||||||||||||||||||||||||||||||||||
Properties | GLA | Total ABR | Greater than 10K SF | Less than 10K SF | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||||||||
Flagstaff, AZ | 1 | 166 | $ | 10.39 | 126 | $ | 1,018 | $ | 8.07 | 37 | $ | 679 | $ | 18.22 | ||||||||||||||||||||||
Lake Havasu City-Kingman, AZ | 1 | 149 | $ | 13.85 | 92 | $ | 995 | $ | 10.82 | 29 | $ | 682 | $ | 23.38 | ||||||||||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 17 | 1,360 | $ | 14.59 | 700 | $ | 6,075 | $ | 8.67 | 507 | $ | 11,542 | $ | 22.76 | ||||||||||||||||||||||
Tucson, AZ | 5 | 729 | $ | 13.40 | 460 | $ | 4,080 | $ | 8.88 | 182 | $ | 4,512 | $ | 24.81 | ||||||||||||||||||||||
Arizona | 24 | 2,403 | $ | 13.87 | 1,378 | $ | 12,167 | $ | 8.83 | 756 | $ | 17,416 | $ | 23.05 | ||||||||||||||||||||||
Los Angeles-Long Beach et al, CA | 3 | 584 | $ | 17.05 | 395 | $ | 5,583 | $ | 14.12 | 152 | $ | 3,748 | $ | 24.71 | ||||||||||||||||||||||
Madera, CA | 1 | 85 | $ | 12.27 | 52 | $ | 488 | $ | 9.37 | 26 | $ | 464 | $ | 18.18 | ||||||||||||||||||||||
Modesto, CA | 1 | 79 | $ | 15.19 | 47 | $ | 515 | $ | 10.84 | 30 | $ | 664 | $ | 22.07 | ||||||||||||||||||||||
Redding, CA | 1 | 121 | $ | 17.15 | 65 | $ | 560 | $ | 8.67 | 53 | $ | 1,451 | $ | 27.55 | ||||||||||||||||||||||
Riverside et al, CA | 4 | 608 | $ | 18.90 | 293 | $ | 3,411 | $ | 11.65 | 210 | $ | 6,095 | $ | 28.99 | ||||||||||||||||||||||
Sacramento--Arden et al, CA | 5 | 630 | $ | 12.49 | 330 | $ | 1,751 | $ | 5.30 | 238 | $ | 5,342 | $ | 22.47 | ||||||||||||||||||||||
San Diego-Carlsbad et al, CA | 2 | 157 | $ | 20.70 | 73 | $ | 739 | $ | 10.16 | 80 | $ | 2,431 | $ | 30.23 | ||||||||||||||||||||||
San Francisco-Oakland et al, CA | 3 | 447 | $ | 21.48 | 246 | $ | 3,509 | $ | 14.28 | 181 | $ | 5,660 | $ | 31.23 | ||||||||||||||||||||||
San Jose-Sunnyvale et al, CA | 2 | 146 | $ | 18.86 | 66 | $ | 423 | $ | 6.43 | 69 | $ | 2,128 | $ | 30.65 | ||||||||||||||||||||||
Santa Cruz-Watsonville, CA | 1 | 150 | $ | 9.28 | 93 | $ | 466 | $ | 5.00 | 47 | $ | 836 | $ | 17.74 | ||||||||||||||||||||||
Santa Rosa-Petaluma, CA | 1 | 199 | $ | 13.53 | 55 | $ | 393 | $ | 7.20 | 30 | $ | 758 | $ | 24.88 | ||||||||||||||||||||||
Vallejo-Fairfield, CA | 3 | 364 | $ | 16.91 | 165 | $ | 1,214 | $ | 7.37 | 155 | $ | 4,190 | $ | 27.04 | ||||||||||||||||||||||
California | 27 | 3,569 | $ | 16.76 | 1,879 | $ | 19,053 | $ | 10.14 | 1,272 | $ | 33,768 | $ | 26.55 | ||||||||||||||||||||||
Colorado Springs, CO | 2 | 297 | $ | 9.09 | 243 | $ | 1,843 | $ | 7.59 | 50 | $ | 817 | $ | 16.48 | ||||||||||||||||||||||
Denver-Aurora, CO | 8 | 643 | $ | 17.24 | 259 | $ | 3,178 | $ | 12.26 | 252 | $ | 5,637 | $ | 22.36 | ||||||||||||||||||||||
None | 1 | 111 | $ | 10.84 | 87 | $ | 640 | $ | 7.39 | 23 | $ | 546 | $ | 23.90 | ||||||||||||||||||||||
Colorado | 11 | 1,050 | $ | 13.86 | 589 | $ | 5,661 | $ | 9.61 | 325 | $ | 7,001 | $ | 21.57 | ||||||||||||||||||||||
Las Vegas-Paradise, NV | 12 | 2,746 | $ | 13.37 | 1,945 | $ | 18,080 | $ | 9.30 | 691 | $ | 17,148 | $ | 24.82 | ||||||||||||||||||||||
Nevada | 12 | 2,746 | $ | 13.37 | 1,945 | $ | 18,080 | $ | 9.30 | 691 | $ | 17,148 | $ | 24.82 | ||||||||||||||||||||||
Albuquerque, NM | 4 | 502 | $ | 15.04 | 310 | $ | 3,662 | $ | 11.80 | 166 | $ | 3,493 | $ | 21.09 | ||||||||||||||||||||||
Santa Fe, NM | 1 | 250 | $ | 13.92 | 105 | $ | 1,120 | $ | 10.62 | 86 | $ | 1,547 | $ | 17.98 | ||||||||||||||||||||||
New Mexico | 5 | 752 | $ | 14.72 | 416 | $ | 4,782 | $ | 11.50 | 252 | $ | 5,040 | $ | 20.02 | ||||||||||||||||||||||
Portland-Vancouver et al, OR-WA | 3 | 120 | $ | 13.09 | 66 | $ | 559 | $ | 8.51 | 46 | $ | 897 | $ | 19.69 | ||||||||||||||||||||||
Oregon | 3 | 120 | $ | 13.09 | 66 | $ | 559 | $ | 8.51 | 46 | $ | 897 | $ | 19.69 | ||||||||||||||||||||||
Provo-Orem, UT | 1 | 30 | $ | 15.07 | 12 | $ | 158 | $ | 13.43 | 18 | $ | 287 | $ | 16.16 | ||||||||||||||||||||||
Salt Lake City, UT | 2 | 276 | $ | 12.42 | 175 | $ | 1,771 | $ | 10.11 | 84 | $ | 1,455 | $ | 17.24 | ||||||||||||||||||||||
Utah | 3 | 307 | $ | 12.69 | 187 | $ | 1,929 | $ | 10.32 | 102 | $ | 1,741 | $ | 17.05 | ||||||||||||||||||||||
Seattle-Tacoma-Bellevue, WA | 4 | 82 | $ | 16.95 | 64 | $ | 938 | $ | 14.72 | 15 | $ | 388 | $ | 26.75 | ||||||||||||||||||||||
Washington | 4 | 82 | $ | 16.95 | 64 | $ | 938 | $ | 14.72 | 15 | $ | 388 | $ | 26.75 | ||||||||||||||||||||||
Total West Region | 89 | 11,029 | $ | 14.69 | 6,523 | $ | 63,169 | $ | 9.68 | 3,457 | $ | 83,399 | $ | 24.13 | ||||||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||||||
Little Rock-N. Little Rock, AR | 3 | 358 | $ | 8.74 | 298 | $ | 2,262 | $ | 7.59 | 48 | $ | 758 | $ | 15.92 | ||||||||||||||||||||||
Arkansas | 3 | 358 | $ | 8.74 | 298 | $ | 2,262 | $ | 7.59 | 48 | $ | 758 | $ | 15.92 | ||||||||||||||||||||||
Chicago et al, IL-IN-WI | 1 | 304 | $ | 11.31 | 268 | $ | 2,675 | $ | 9.97 | 24 | $ | 625 | $ | 26.59 | ||||||||||||||||||||||
Illinois | 1 | 304 | $ | 11.31 | 268 | $ | 2,675 | $ | 9.97 | 24 | $ | 625 | $ | 26.59 | ||||||||||||||||||||||
Kansas City, MO-KS | 1 | 135 | $ | 9.58 | 76 | $ | 601 | $ | 7.89 | 36 | $ | 469 | $ | 13.20 | ||||||||||||||||||||||
Topeka, KS | 1 | 116 | $ | 11.26 | 116 | $ | 1,303 | $ | 11.26 | 0 | $ | 0 | $ | 0.00 | ||||||||||||||||||||||
Kansas | 2 | 251 | $ | 10.44 | 192 | $ | 1,904 | $ | 9.92 | 36 | $ | 469 | $ | 13.20 | ||||||||||||||||||||||
Hammond, LA | 1 | 226 | $ | 6.69 | 135 | $ | 544 | $ | 4.02 | �� | 86 | $ | 939 | $ | 10.88 | |||||||||||||||||||||
Lafayette, LA | 2 | 154 | $ | 9.91 | 73 | $ | 572 | $ | 7.82 | 76 | $ | 907 | $ | 11.91 |
Page 21
Occupied | Annualized | Avg. Base | Occupied | Annualized | Avg. Base | |||||||||||||||||||||||||||||||
SF | Rents | Rents | SF | Rents | Rents | |||||||||||||||||||||||||||||||
# of | ||||||||||||||||||||||||||||||||||||
Properties | GLA | Total ABR | Greater than 10K SF | Less than 10K SF | ||||||||||||||||||||||||||||||||
Lake Charles, LA | 4 | 458 | $ | 7.15 | 301 | $ | 1,609 | $ | 5.34 | 99 | $ | 1,253 | $ | 12.62 | ||||||||||||||||||||||
Monroe, LA | 1 | 141 | $ | 5.47 | 87 | $ | 293 | $ | 3.37 | 50 | $ | 454 | $ | 9.12 | ||||||||||||||||||||||
New Orleans-Metairie-Kenner, LA | 1 | 156 | $ | 14.94 | 78 | $ | 772 | $ | 9.87 | 74 | $ | 1,498 | $ | 20.33 | ||||||||||||||||||||||
Shreveport-Bossier City, LA | 1 | 46 | $ | 16.16 | 27 | $ | 357 | $ | 13.43 | 14 | $ | 302 | $ | 21.28 | ||||||||||||||||||||||
Louisiana | 10 | 1,183 | $ | 8.63 | 701 | $ | 4,146 | $ | 5.91 | 399 | $ | 5,354 | $ | 13.40 | ||||||||||||||||||||||
St. Louis, MO-IL | 2 | 229 | $ | 10.09 | 115 | $ | 1,028 | $ | 8.93 | 50 | $ | 637 | $ | 12.79 | ||||||||||||||||||||||
Missouri | 2 | 229 | $ | 10.09 | 115 | $ | 1,028 | $ | 8.93 | 50 | $ | 637 | $ | 12.79 | ||||||||||||||||||||||
Oklahoma City, OK | 2 | 172 | $ | 7.62 | 107 | $ | 580 | $ | 5.40 | 55 | $ | 655 | $ | 11.99 | ||||||||||||||||||||||
Oklahoma | 2 | 172 | $ | 7.62 | 107 | $ | 580 | $ | 5.40 | 55 | $ | 655 | $ | 11.99 | ||||||||||||||||||||||
Amarillo, TX | 3 | 219 | $ | 10.66 | 68 | $ | 492 | $ | 7.27 | 125 | $ | 1,566 | $ | 12.48 | ||||||||||||||||||||||
Beaumont-Port Arthur, TX | 8 | 413 | $ | 9.21 | 159 | $ | 749 | $ | 4.71 | 138 | $ | 1,990 | $ | 14.41 | ||||||||||||||||||||||
College Station-Bryan, TX | 1 | 107 | $ | 10.77 | 86 | $ | 923 | $ | 10.74 | 15 | $ | 164 | $ | 10.95 | ||||||||||||||||||||||
Corpus Christi, TX | 2 | 490 | $ | 12.87 | 281 | $ | 2,789 | $ | 9.92 | 191 | $ | 3,283 | $ | 17.21 | ||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 9 | 1,213 | $ | 12.47 | 635 | $ | 5,942 | $ | 9.36 | 436 | $ | 7,404 | $ | 16.99 | ||||||||||||||||||||||
Houston-Baytown-Sugar Land, TX | 61 | 4,614 | $ | 13.21 | 2,586 | $ | 24,182 | $ | 9.35 | 1,508 | $ | 29,896 | $ | 19.83 | ||||||||||||||||||||||
Killeen-Temple-Fort Hood, TX | 1 | 115 | $ | 11.82 | 98 | $ | 1,033 | $ | 10.52 | 15 | $ | 304 | $ | 20.41 | ||||||||||||||||||||||
Laredo, TX | 2 | 377 | $ | 14.04 | 260 | $ | 3,024 | $ | 11.65 | 100 | $ | 2,024 | $ | 20.25 | ||||||||||||||||||||||
Lubbock, TX | 2 | 182 | $ | 8.49 | 143 | $ | 955 | $ | 6.67 | 36 | $ | 569 | $ | 15.68 | ||||||||||||||||||||||
Lufkin, TX | 1 | 248 | $ | 6.90 | 205 | $ | 1,069 | $ | 5.22 | 34 | $ | 578 | $ | 17.07 | ||||||||||||||||||||||
McAllen-Edinburg-Pharr, TX | 7 | 475 | $ | 11.78 | 372 | $ | 3,645 | $ | 9.81 | 86 | $ | 1,751 | $ | 20.33 | ||||||||||||||||||||||
Rio Grande City, TX | 1 | 88 | $ | 11.31 | 76 | $ | 788 | $ | 10.42 | 12 | $ | 202 | $ | 16.98 | ||||||||||||||||||||||
San Antonio, TX | 7 | 571 | $ | 11.74 | 363 | $ | 3,151 | $ | 8.69 | 164 | $ | 3,031 | $ | 18.50 | ||||||||||||||||||||||
Texarkana, TX-Texarkana, AR | 1 | 97 | $ | 4.32 | 54 | $ | 173 | $ | 3.18 | 20 | $ | 150 | $ | 7.35 | ||||||||||||||||||||||
Tyler, TX | 1 | 60 | $ | 7.77 | 33 | $ | 212 | $ | 6.35 | 11 | $ | 132 | $ | 12.11 | ||||||||||||||||||||||
Texas | 107 | 9,271 | $ | 12.30 | 5,418 | $ | 49,126 | $ | 9.07 | 2,891 | $ | 53,043 | $ | 18.35 | ||||||||||||||||||||||
Total Central Region | 127 | 11,767 | $ | 11.63 | 7,100 | $ | 61,722 | $ | 8.69 | 3,502 | $ | 61,540 | $ | 17.57 | ||||||||||||||||||||||
East Region | ||||||||||||||||||||||||||||||||||||
Fort Walton Beach et al, FL | 2 | 70 | $ | 15.67 | 51 | $ | 698 | $ | 13.63 | 16 | $ | 348 | $ | 22.44 | ||||||||||||||||||||||
Jacksonville, FL | 1 | 312 | $ | 9.22 | 250 | $ | 1,847 | $ | 7.38 | 52 | $ | 937 | $ | 18.13 | ||||||||||||||||||||||
Miami-Fort Lauderdale et al, FL | 16 | 2,132 | $ | 14.79 | 1,172 | $ | 11,225 | $ | 9.58 | 785 | $ | 17,720 | $ | 22.56 | ||||||||||||||||||||||
Orlando, FL | 13 | 1,652 | $ | 15.56 | 1,071 | $ | 13,487 | $ | 12.59 | 433 | $ | 9,916 | $ | 22.89 | ||||||||||||||||||||||
Palm Bay-Melbourne et al, FL | 3 | 182 | $ | 8.84 | 106 | $ | 618 | $ | 5.82 | 61 | $ | 865 | $ | 14.07 | ||||||||||||||||||||||
Palm Coast, FL | 1 | 76 | $ | 16.59 | 53 | $ | 739 | $ | 13.81 | 13 | $ | 360 | $ | 28.29 | ||||||||||||||||||||||
Port St. Lucie-Fort Pierce, FL | 1 | 50 | $ | 10.51 | 37 | $ | 315 | $ | 8.51 | 5 | $ | 123 | $ | 26.54 | ||||||||||||||||||||||
Punta Gorda, FL | 2 | 25 | $ | 17.84 | 15 | $ | 215 | $ | 14.34 | 8 | $ | 187 | $ | 24.85 | ||||||||||||||||||||||
Sarasota-Bradenton-Venice, FL | 1 | 97 | $ | 10.60 | 46 | $ | 324 | $ | 7.13 | 40 | $ | 580 | $ | 14.58 | ||||||||||||||||||||||
Tampa-St. Petersburg et al, FL | 4 | 920 | $ | 13.52 | 577 | $ | 5,834 | $ | 10.10 | 305 | $ | 6,089 | $ | 19.99 | ||||||||||||||||||||||
Florida | 44 | 5,517 | $ | 14.21 | 3,380 | $ | 35,303 | $ | 10.45 | 1,717 | $ | 37,124 | $ | 21.63 | ||||||||||||||||||||||
Atlanta-Sandy Springs et al, GA | 14 | 1,693 | $ | 13.56 | 1,090 | $ | 10,859 | $ | 9.97 | 506 | $ | 10,771 | $ | 21.30 | ||||||||||||||||||||||
Gainesville, GA | 1 | 93 | $ | 13.36 | 70 | $ | 795 | $ | 11.31 | 19 | $ | 394 | $ | 21.07 | ||||||||||||||||||||||
Georgia | 15 | 1,785 | $ | 13.55 | 1,160 | $ | 11,654 | $ | 10.05 | 524 | $ | 11,165 | $ | 21.29 | ||||||||||||||||||||||
Lexington-Fayette, KY | 2 | 304 | $ | 13.63 | 207 | $ | 1,837 | $ | 8.88 | 191 | $ | 3,587 | $ | 18.77 | ||||||||||||||||||||||
Louisville, KY-IN | 1 | 169 | $ | 12.04 | 73 | $ | 628 | $ | 8.56 | 63 | $ | 1,016 | $ | 16.07 | ||||||||||||||||||||||
Kentucky | 3 | 473 | $ | 13.22 | 280 | $ | 2,464 | $ | 8.80 | 254 | $ | 4,602 | $ | 18.10 | ||||||||||||||||||||||
Lewiston-Auburn, ME | 1 | 148 | $ | 4.94 | 96 | $ | 418 | $ | 4.36 | 27 | $ | 188 | $ | 7.05 | ||||||||||||||||||||||
Maine | 1 | 148 | $ | 4.94 | 96 | $ | 418 | $ | 4.36 | 27 | $ | 188 | $ | 7.05 | ||||||||||||||||||||||
Charlotte-Gastonia et al, NC-SC | 4 | 319 | $ | 17.23 | 154 | $ | 2,099 | $ | 13.67 | 128 | $ | 2,756 | $ | 21.47 | ||||||||||||||||||||||
Durham, NC | 6 | 342 | $ | 10.96 | 172 | $ | 1,512 | $ | 8.78 | 120 | $ | 1,688 | $ | 14.11 | ||||||||||||||||||||||
Raleigh-Cary, NC | 13 | 1,681 | $ | 11.50 | 1,054 | $ | 8,080 | $ | 7.67 | 574 | $ | 10,642 | $ | 18.53 | ||||||||||||||||||||||
Southern Pines-Pinehurst, NC | 1 | 250 | $ | 8.29 | 162 | $ | 859 | $ | 5.31 | 72 | $ | 1,079 | $ | 15.02 | ||||||||||||||||||||||
Wilmington, NC | 1 | 52 | $ | 11.74 | 37 | $ | 300 | $ | 8.20 | 13 | $ | 287 | $ | 21.38 | ||||||||||||||||||||||
North Carolina | 25 | 2,645 | $ | 11.79 | 1,578 | $ | 12,850 | $ | 8.14 | 908 | $ | 16,452 | $ | 18.13 | ||||||||||||||||||||||
Hilton Head Island-Beaufort, SC | 1 | 22 | $ | 15.06 | 5 | $ | 45 | $ | 8.50 | 14 | $ | 248 | $ | 17.49 | ||||||||||||||||||||||
South Carolina | 1 | 22 | $ | 15.06 | 5 | $ | 45 | $ | 8.50 | 14 | $ | 248 | $ | 17.49 |
Page 22
Occupied | Annualized | Avg. Base | Occupied | Annualized | Avg. Base | |||||||||||||||||||||||||||||||
SF | Rents | Rents | SF | Rents | Rents | |||||||||||||||||||||||||||||||
# of | ||||||||||||||||||||||||||||||||||||
Properties | GLA | Total ABR | Greater than 10K SF | Less than 10K SF | ||||||||||||||||||||||||||||||||
Memphis, TN-MS-AR | 6 | 435 | $ | 11.12 | 264 | $ | 2,279 | $ | 8.64 | 127 | $ | 2,067 | $ | 16.26 | ||||||||||||||||||||||
Tennessee | 6 | 435 | $ | 11.12 | 264 | $ | 2,279 | $ | 8.64 | 127 | $ | 2,067 | $ | 16.26 | ||||||||||||||||||||||
Total East Region | 95 | 11,025 | $ | 13.24 | 6,762 | $ | 65,013 | $ | 9.61 | 3,571 | $ | 71,846 | $ | 20.12 | ||||||||||||||||||||||
Total Retail | 311 | 33,821 | $ | 13.16 | 20,386 | $ | 189,905 | $ | 9.32 | 10,529 | $ | 216,785 | $ | 20.59 | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||||||||
San Diego-Carlsbad et al, CA | 1 | 145 | $ | 7.06 | 66 | $ | 463 | $ | 6.98 | 1 | $ | 11 | $ | 12.60 | ||||||||||||||||||||||
California | 1 | 145 | $ | 7.06 | 66 | $ | 463 | $ | 6.98 | 1 | $ | 11 | $ | 12.60 | ||||||||||||||||||||||
Total West Region | 1 | 145 | $ | 7.06 | 66 | $ | 463 | $ | 6.98 | 1 | $ | 11 | $ | 12.60 | ||||||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||||||
Austin-Round Rock, TX | 6 | 446 | $ | 9.71 | 88 | $ | 894 | $ | 10.20 | 281 | $ | 2,683 | $ | 9.55 | ||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 16 | 2,454 | $ | 4.78 | 1,659 | $ | 6,915 | $ | 4.17 | 547 | $ | 3,640 | $ | 6.65 | ||||||||||||||||||||||
Houston-Baytown-Sugar Land, TX | 31 | 3,663 | $ | 5.48 | 2,755 | $ | 13,851 | $ | 5.03 | 675 | $ | 4,937 | $ | 7.32 | ||||||||||||||||||||||
San Antonio, TX | 3 | 545 | $ | 5.93 | 313 | $ | 1,784 | $ | 5.69 | 185 | $ | 1,175 | $ | 6.33 | ||||||||||||||||||||||
Texas | 56 | 7,107 | $ | 5.52 | 4,815 | $ | 23,444 | $ | 4.87 | 1,688 | $ | 12,435 | $ | 7.36 | ||||||||||||||||||||||
Total Central Region | 56 | 7,107 | $ | 5.52 | 4,815 | $ | 23,444 | $ | 4.87 | 1,688 | $ | 12,435 | $ | 7.36 | ||||||||||||||||||||||
East Region | ||||||||||||||||||||||||||||||||||||
Lakeland, FL | 2 | 768 | $ | 4.54 | 708 | $ | 3,213 | $ | 4.54 | 0 | $ | 0 | $ | 0.00 | ||||||||||||||||||||||
Tampa-St. Petersburg et al, FL | 3 | 896 | $ | 4.43 | 788 | $ | 3,468 | $ | 4.40 | 17 | $ | 97 | $ | 5.64 | ||||||||||||||||||||||
Florida | 5 | 1,665 | $ | 4.48 | 1,495 | $ | 6,682 | $ | 4.47 | 17 | $ | 97 | $ | 5.64 | ||||||||||||||||||||||
Atlanta-Sandy Springs et al, GA | 10 | 1,610 | $ | 3.75 | 1,216 | $ | 4,545 | $ | 3.74 | 21 | $ | 96 | $ | 4.61 | ||||||||||||||||||||||
Georgia | 10 | 1,610 | $ | 3.75 | 1,216 | $ | 4,545 | $ | 3.74 | 21 | $ | 96 | $ | 4.61 | ||||||||||||||||||||||
Memphis, TN-MS-AR | 3 | 685 | $ | 2.54 | 520 | $ | 1,322 | $ | 2.54 | 1 | $ | 3 | $ | 4.55 | ||||||||||||||||||||||
Tennessee | 3 | 685 | $ | 2.54 | 520 | $ | 1,322 | $ | 2.54 | 1 | $ | 3 | $ | 4.55 | ||||||||||||||||||||||
Richmond, VA | 9 | 861 | $ | 4.81 | 715 | $ | 3,396 | $ | 4.75 | 5 | $ | 62 | $ | 13.30 | ||||||||||||||||||||||
Virginia | 9 | 861 | $ | 4.81 | 715 | $ | 3,396 | $ | 4.75 | 5 | $ | 62 | $ | 13.30 | ||||||||||||||||||||||
Total East Region | 27 | 4,820 | $ | 4.06 | 3,946 | $ | 15,944 | $ | 4.04 | 43 | $ | 257 | $ | 5.95 | ||||||||||||||||||||||
Total Industrial | 84 | 12,072 | $ | 4.98 | 8,827 | $ | 39,851 | $ | 4.51 | 1,733 | $ | 12,703 | $ | 7.33 | ||||||||||||||||||||||
Joint venture properties are reflected at WRI's pro rata share | ||||||||||||||||||||||||||||||||||||
Occupied SF based on commenced leases | ||||||||||||||||||||||||||||||||||||
# of properties and GLA differ from property list due to new development properties with no commenced leases and the combining of certain properties on the property list |
Page 23
Weingarten Realty Investors | ||||||||||
Property Listing at December 31, 2008 | ||||||||||
Gross Leasable Area | ||||||||||
# of | WRI | Joint Venture | Owned | |||||||
ALL PROPERTIES BY STATE | Properties | Owned | Share | by Other | Total | |||||
Arizona | 25 | 2,424,408 | - | 1,191,002 | 3,615,410 | |||||
Arkansas | 3 | 357,740 | - | - | 357,740 | |||||
California | 29 | 3,844,080 | 859,793 | 551,304 | 5,255,177 | |||||
Colorado | 12 | 1,198,924 | 1,015,334 | 1,384,863 | 3,599,119 | |||||
Florida | 50 | 7,250,526 | 2,258,243 | 1,340,913 | 10,846,046 | |||||
Georgia | 23 | 3,395,035 | 761,743 | 716,003 | 4,872,781 | |||||
Illinois | 1 | 303,566 | - | - | 303,566 | |||||
Kansas | 2 | 250,855 | - | - | 250,855 | |||||
Kentucky | 4 | 597,489 | - | 122,454 | 719,943 | |||||
Louisiana | 12 | 1,182,795 | 435,491 | 781,925 | 2,400,211 | |||||
Maine | 1 | 148,384 | 49,461 | - | 197,845 | |||||
Missouri | 2 | 229,232 | 28,317 | - | 257,549 | |||||
Nevada | 12 | 2,894,975 | - | 625,737 | 3,520,712 | |||||
New Mexico | 6 | 1,019,480 | - | 396,750 | 1,416,230 | |||||
North Carolina | 26 | 2,681,112 | 163,424 | 742,374 | 3,586,910 | |||||
Oklahoma | 2 | 171,657 | - | - | 171,657 | |||||
Oregon | 3 | 119,939 | 90,927 | 62,600 | 273,466 | |||||
South Carolina | 1 | 21,530 | 64,590 | - | 86,120 | |||||
Tennessee | 9 | 1,191,269 | 671,047 | 137,740 | 2,000,056 | |||||
Texas | 163 | 17,097,880 | 5,340,380 | 3,089,187 | 25,527,443 | |||||
Utah | 4 | 306,638 | 60,772 | 296,357 | 663,767 | |||||
Virginia | 9 | 860,643 | 1,607,139 | - | 2,467,782 | |||||
Washington | 5 | 81,877 | 327,505 | 198,220 | 607,602 | |||||
Grand Total | 404 | 47,630,034 | 13,734,166 | 11,637,429 | 72,997,987 | |||||
Total Retail | 323 | 35,249,290 | 8,448,438 | 11,637,429 | 55,331,515 | |||||
Total Industrial | 78 | 12,099,173 | 5,285,728 | - | 17,384,901 | |||||
Total Other | 3 | 281,571 | - | - | 281,571 | |||||
Footnotes for detail property listing | ||||||||||
(1) Denotes partial ownership. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership. | ||||||||||
(2) Denotes property currently under development. | ||||||||||
(3) Denotes properties that are not consolidated for SEC reporting purposes. | ||||||||||
(+) Denotes supermarket or discount store offering full service grocery along with general merchandise. | ||||||||||
NOTE: Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership. |
Page 24
Weingarten Realty Investors | ||||||||||||||||
Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Retail | ||||||||||||||||
Operating Properties | ||||||||||||||||
Arizona | ||||||||||||||||
Palmilla Center | Dysart Rd. at McDowell Rd., Avondale | Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.) | 100.00% | 103,568 | 0 | 65,574 | 169,142 | |||||||||
University Plaza | Plaza Way at Milton Rd., Flagstaff | PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond, Dollar Tree | 100.00% | 165,621 | 0 | 0 | 165,621 | |||||||||
Val Vista Towne Center | Warner at Val Vista Rd., Gilbert | Target (O.B.O.), Staples, Ross Dress for Less, Petco | 100.00% | 93,372 | 0 | 123,000 | 216,372 | |||||||||
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.) | 100.00% | 29,834 | 0 | 146,624 | 176,458 | |||||||||
Fry's Ellsworth Plaza | Broadway Rd. at Ellsworth Rd., Mesa | Fry’s Supermarket + (O.B.O.) | 100.00% | 9,034 | 0 | 64,574 | 73,608 | |||||||||
Monte Vista Village Center | Baseline Rd. at Ellsworth Rd., Mesa | Safeway + (O.B.O.) | 100.00% | 45,751 | 0 | 58,400 | 104,151 | |||||||||
Red Mountain Gateway | Power Rd. at McKellips Rd., Mesa | Target (O.B.O.), Bed Bath & Beyond, Famous Footwear | 100.00% | 69,568 | 0 | 136,000 | 205,568 | |||||||||
Camelback Village Square | Camelback at 7th Avenue, Phoenix | Fry’s Supermarket +, Target (O.B.O.), Office Max | 100.00% | 134,494 | 0 | 100,000 | 234,494 | |||||||||
Laveen Village Market | Baseline Rd. at 51st St., Phoenix | Fry’s Supermarket + (O.B.O.), Home Depot (O.B.O.) | 100.00% | 40,025 | 0 | 71,619 | 111,644 | |||||||||
Rancho Encanto | 35th Avenue at Greenway Rd., Phoenix | Blockbuster, Fresh N Easy +, Family Dollar | 100.00% | 66,837 | 0 | 0 | 66,837 | |||||||||
Squaw Peak Plaza | 16th Street at Glendale Ave., Phoenix | Basha's +, Blockbuster | 100.00% | 61,060 | 0 | 0 | 61,060 | |||||||||
Fountain Plaza | 77th St. at McDowell, Scottsdale | Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.) | 100.00% | 102,271 | 0 | 165,000 | 267,271 | |||||||||
Scottsdale Horizon | Frank Lloyd Wright Blvd and Thompson Peak Parkway, Scottsdale | Baja Fresh Mexican Grill | 100.00% | 10,337 | 0 | 0 | 10,337 | |||||||||
Basha's Valley Plaza | S. McClintock at E. Southern, Tempe | Basha’s +, Ross Dress for Less | 100.00% | 145,104 | 0 | 0 | 145,104 | |||||||||
Broadway Marketplace | Broadway at Rural, Tempe | Office Max, Ace Hardware | 100.00% | 82,757 | 0 | 0 | 82,757 | |||||||||
Pueblo Anozira | McClintock Dr. at Guadalupe Rd., Tempe | Fry’s Food & Drug +, Petco, Dollar Tree | 100.00% | 157,309 | 0 | 0 | 157,309 | |||||||||
Entrada de Oro | Magee Road and Oracle Road, Tucson | Wal-Mart Neighborhood Market | 100.00% | 88,685 | 0 | 20,406 | 109,091 | |||||||||
Madera Village | Tanque Verde Rd. and Catalina Hwy, Tucson | Safeway +, Walgreen's, Ace Hardware | 100.00% | 96,732 | 0 | 10,594 | 107,326 | |||||||||
Oracle Crossings | Oracle Highway and Magee Road, Tucson | Kohl's, Sprouts Farmers Market + | 100.00% | 243,625 | 0 | 10,000 | 253,625 | |||||||||
Oracle Wetmore | Wetmore Road and Oracle Highway, Tucson | Home Depot, Circuit City, PetSmart, Walgreens | 100.00% | 256,093 | 0 | 0 | 256,093 | |||||||||
Shoppes at Bears Path | Tanque Verde Rd. and Bear Canyon Rd., Tucson | Osco Drug (O.B.O.), Carondelet Health Care Corp., Leslie Pools | 100.00% | 43,928 | 0 | 21,851 | 65,779 | |||||||||
Arizona Total: | # of Properties: 21 | 2,046,005 | 0 | 993,642 | 3,039,647 | |||||||||||
Arkansas | ||||||||||||||||
Markham Square | W. Markham at John Barrow, Little Rock | Burlington Coat Factory | 100.00% | 126,904 | 0 | 0 | 126,904 | |||||||||
Markham West | 11400 W. Markham, Little Rock | Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree | 100.00% | 178,210 | 0 | 0 | 178,210 | |||||||||
Westgate | Cantrell at Bryant, Little Rock | SteinMart | 100.00% | 52,626 | 0 | 0 | 52,626 | |||||||||
Arkansas Total: | # of Properties: 3 | 357,740 | 0 | 0 | 357,740 | |||||||||||
California | ||||||||||||||||
Centerwood Plaza | Lakewood Blvd. at Alondra Dr., Bellflower | Bestway Supermarket +, Buck-A-Roos | 100.00% | 75,500 | 0 | 0 | 75,500 | |||||||||
Southampton Center | IH-780 at Southampton Rd., Benecia | Raley’s +, Ace Hardware, Hollywood Video | 100.00% | 162,390 | 0 | 0 | 162,390 | |||||||||
580 Market Place | E. Castro Valley at Hwy. I-580, Castro Valley | P. W. Supermarkets +, Petco, 24 Hour Fitness | 100.00% | 100,165 | 0 | 0 | 100,165 | |||||||||
Chino Hills Marketplace | Chino Hills Pkwy. at Pipeline Ave., Chino Hills | Rite Aid, Von’s +, 24 Hour Fitness, Dollar Tree, Ace Hardware | 100.00% | 309,098 | 0 | 0 | 309,098 | |||||||||
Buena Vista Marketplace | Huntington Dr. at Buena Vista St., Duarte | Ralph's + | 100.00% | 90,805 | 0 | 0 | 90,805 | |||||||||
El Camino Promenade | El Camino Real at Via Molena, Encinitas | T.J. Maxx, Beverages & More, Staples, Golf Galaxy | 100.00% | 129,753 | 0 | 0 | 129,753 | |||||||||
Fremont Gateway Plaza | Paseo Padre Pkwy. at Walnut Ave., Fremont | Raley’s +, NAZ Cinema, 24 Hour Fitness | 100.00% | 194,601 | 0 | 0 | 194,601 | |||||||||
Hallmark Town Center | W. Cleveland Ave. at Stephanie Ln., Madera | Food 4 Less + , Bally’s | 100.00% | 85,066 | 0 | 0 | 85,066 | |||||||||
Menifee Town Center | Antelope Rd. at Newport Rd., Menifee | Ralph's +, Target (O.B.O.), Ross Dress for Less | 100.00% | 124,494 | 0 | 124,000 | 248,494 | |||||||||
Marshalls Plaza | McHenry at Sylvan Ave., Modesto | Marshall’s, Dress Barn, Guitar Center | 100.00% | 78,752 | 0 | 0 | 78,752 | |||||||||
Prospectors Plaza | Missouri Flat Rd. at US Hwy. 50, Placerville | SaveMart +, Kmart, Long’s Drug Store | 100.00% | 228,345 | 0 | 0 | 228,345 | |||||||||
Shasta Crossroads | Churn Creek Rd. at Dana Dr., Redding | Food Maxx +, Target (O.B.O.), Sports Authority (O.B.O.), Ashley Furniture (O.B.O.) | 100.00% | 121,334 | 0 | 131,468 | 252,802 | |||||||||
Arcade Square | Watt Ave. at Whitney Ave., Sacramento | Grocery Outlet + | 100.00% | 76,497 | 0 | 0 | 76,497 | |||||||||
Discovery Plaza | W. El Camino Ave. at Truxel Rd., Sacramento | Bel Air Market +, Blockbuster | 100.00% | 93,398 | 0 | 0 | 93,398 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Summerhill Plaza | Antelope Rd. at Lichen Dr., Sacramento | Raley’s + | 100.00% | 133,614 | 0 | 0 | 133,614 | |||||||||
Valley | Franklin Boulevard and Mack Road, Sacramento | Raley's + | 100.00% | 98,240 | 0 | 5,365 | 103,605 | |||||||||
Silver Creek Plaza | E. Capital Expressway at Silver Creek Blvd., San Jose | Safeway +, Walgreen’s, Orchard Supply (O.B.O.) | 100.00% | 134,179 | 0 | 65,000 | 199,179 | |||||||||
Tully Corners Shopping Center | Tully Rd at Quimby Rd, San Jose | Food Maxx +, Petco | 10.00% | (1)(3) | 11,599 | 104,393 | 0 | 115,992 | ||||||||
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 | 100.00% | 152,095 | 0 | 86,569 | 238,664 | |||||||||
Rancho San Marcos Village | San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos | Von’s +, 24 Hour Fitness | 100.00% | 120,829 | 0 | 0 | 120,829 | |||||||||
San Marcos Plaza | San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos | Albertsons + (O.B.O.) | 100.00% | 35,880 | 0 | 45,206 | 81,086 | |||||||||
Stony Point Plaza | Stony Point Rd. at Hwy. 12, Santa Rosa | Food Maxx +, Wal-Mart | 100.00% | 198,528 | 0 | 0 | 198,528 | |||||||||
Sunset Center | Sunset Ave. at State Hwy. 12, Suisun City | Albertsons +, Rite Aid | 100.00% | 85,238 | 0 | 0 | 85,238 | |||||||||
Creekside Center | Alamo Dr. at Nut Creek Rd., Vacaville | Raley’s +, Blockbuster | 100.00% | 116,229 | 0 | 0 | 116,229 | |||||||||
Freedom Centre | Freedom Blvd. At Airport Blvd., Watsonville | Rite Aid, Big Lots, Safeway +, Ace Hardware | 100.00% | 150,241 | 0 | 0 | 150,241 | |||||||||
Westminster Center | Westminster Blvd. at Golden West St., Westminster | Albertsons +, Home Depot, Edward’s Cinema, Rite Aid, Petco | 100.00% | 417,870 | 0 | 0 | 417,870 | |||||||||
California Total: | # of Properties: 26 | 3,524,740 | 104,393 | 457,608 | 4,086,741 | |||||||||||
Colorado | ||||||||||||||||
Aurora City Place | E. Alameda at I225, Aurora | PetsMart, Sportsman Warehouse, Barnes & Noble, Ross Dress For Less, Super Target + (O.B.O.), Pier 1 Imports | 50.00% | (1)(3) | 182,642 | 182,642 | 182,000 | 547,283 | ||||||||
Academy Place | Academy Blvd. at Union Blvd., Colorado Springs | Safeway + (O.B.O.), Ross Dress For Less, Target (O.B.O.) | 100.00% | 84,057 | 0 | 177,362 | 261,419 | |||||||||
Uintah Gardens | NEC 19th St. at West Uintah, Colorado Springs | King Sooper’s +, Walgreens, Petco, Big 5 Sporting Goods | 100.00% | 212,638 | 0 | 0 | 212,638 | |||||||||
Green Valley Ranch Towne Center | Tower Rd. at 48th Ave., Denver | King Sooper’s + (O.B.O.) | 50.00% | (1)(3) | 27,503 | 27,503 | 58,000 | 113,006 | ||||||||
Lowry Town Center | 2nd Ave. at Lowry Ave., Denver | Super Target + (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1 Imports, Cost Plus, Linens ‘N Things | 50.00% | (1)(3) | 38,370 | 38,370 | 52,700 | 129,439 | ||||||||
CityCenter Englewood | S. Santa Fe at Hampden Ave., Englewood | Wal-Mart (O.B.O.), Ross Dress for Less, Gart Sports, Office Depot, Bally Total Fitness, Petco | 51.00% | (1)(3) | 137,977 | 132,566 | 90,000 | 360,543 | ||||||||
Glenwood Meadows | Midland Ave. at W. Meadows, Glenwood Springs | Target (O.B.O.), Pier 1 Imports, The Sports Authority, Bed Bath & Beyond, Petco, Lowe's | 41.00% | (1)(3) | 110,940 | 159,646 | 125,174 | 395,760 | ||||||||
Crossing at Stonegate | Jordon Rd. at Lincoln Ave., Parker | King Sooper’s + | 51.00% | (1)(3) | 55,620 | 53,438 | 0 | 109,058 | ||||||||
Thorncreek Crossing | Washington St. at 120th St., Thornton | Super Target + (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1 Imports, Cost Plus | 51.00% | (1)(3) | 108,186 | 103,944 | 174,000 | 386,130 | ||||||||
Westminster Plaza | North Federal Blvd. at 72nd Ave., Westminster | Safeway +, Walgreens (O.B.O.) | 50.00% | (1) | 48,521 | 48,521 | 56,127 | 153,169 | ||||||||
Colorado Total: | # of Properties: 10 | 1,006,454 | 746,630 | 915,363 | 2,668,445 | |||||||||||
Florida | ||||||||||||||||
Boca Lyons | Glades Rd. at Lyons Rd., Boca Raton | Ross Dress for Less, Ethan Allen | 100.00% | 113,689 | 0 | 0 | 113,689 | |||||||||
Countryside Centre | US Highway 19 at Countryside Boulevard | Publix+ (Vacant), T.J. Maxx, Home Goods | 100.00% | 242,123 | 0 | 0 | 242,123 | |||||||||
Sunset 19 | US Hwy. 19 at Sunset Pointe Rd., Clearwater | Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy | 100.00% | 275,910 | 0 | 0 | 275,910 | |||||||||
Embassy Lakes | Sheraton St. at Hiatus Rd., Cooper City | Winn Dixie +, Walgreen’s, Tuesday Morning | 100.00% | 127,900 | 0 | 48,214 | 176,114 | |||||||||
Paradise Key at Kelly Plantation | US Highway 98 and Mid Bay Bridge Rd, Destin | Publix +, Bed Bath & Beyond, Ross, Old Navy, SteinMart | 10.00% | (1)(3) | 27,178 | 244,599 | 0 | 271,777 | ||||||||
Shoppes at Paradise Isle | 34940 Emerald Coast Pkwy, Destin | Best Buy, Michaels, Office Depot, PetsMart | 25.00% | (1)(3) | 42,959 | 128,878 | 0 | 171,837 | ||||||||
Hollywood Hills Plaza | Hollywood Blvd. at North Park Rd., Hollywood | Publix +, Target, CVS/pharmacy | 100.00% | 364,714 | 0 | 0 | 364,714 | |||||||||
Indian Harbour Place | East Eau Gallie Boulevard, Indian Harbour Beach | Beall's, Publix + | 25.00% | (1)(3) | 40,880 | 122,641 | 0 | 163,521 | ||||||||
Argyle Village | Blanding at Argyle Forest Blvd., Jacksonville | Bed Bath & Beyond, Publix +, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michael's | 100.00% | 312,447 | 0 | 0 | 312,447 | |||||||||
TJ Maxx Plaza | 117th Avenue at Sunset Blvd., Kendall | T.J. Maxx, Winn Dixie + | 100.00% | 161,572 | 0 | 0 | 161,572 | |||||||||
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.) | 100.00% | 374,007 | 0 | 197,631 | 571,638 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Palm Lakes Plaza | Atlantic Boulevard and Rock Island Road, Maragate | Publix +, CVS/pharmacy | 20.00% | (1)(3) | 22,750 | 91,002 | 0 | 113,752 | ||||||||
Lake Washington Crossing | Wickham Rd. at Lake Washington Rd., Melbourne | Publix +, Beall’s Outlet Stores | 25.00% | (1)(3) | 29,707 | 89,121 | 0 | 118,828 | ||||||||
Lake Washington Square | Wickham Rd. at Lake Washington Rd., Melbourne | Albertsons +, Tuesday Morning | 100.00% | 111,811 | 0 | 0 | 111,811 | |||||||||
Kendall Corners | Kendall Drive and SW 127th Avenue, Miami | City Furniture | 20.00% | (1)(3) | 19,303 | 77,212 | 0 | 96,515 | ||||||||
South Dade | South Dixie Highway and Eureka Drive, Miami | Publix +, Petco, Chuck E. Cheese, Bed Bath & Beyond | 20.00% | (1)(3) | 43,882 | 175,530 | 0 | 219,412 | ||||||||
Tamiami Trail Shops | S.W. 8th St. at S.W. 137th Ave., Miami | Publix +, CVS/pharmacy | 100.00% | 110,867 | 0 | 0 | 110,867 | |||||||||
Northridge | E. Commercial Blvd. at Dixie Hwy., Oakland Park | Publix +, Petco, Ross Dress for Less, Anna's Linen | 100.00% | 236,170 | 0 | 0 | 236,170 | |||||||||
Colonial Plaza | E. Colonial Dr. at Primrose Dr., Orlando | Staples, Circuit City, Ross Dress for Less, Babies “R” Us, Marshall’s, Old Navy, SteinMart, Barnes & Noble, Petco | 100.00% | 496,751 | 0 | 0 | 496,751 | |||||||||
International Drive Value Center | International Drive and Touchstone Drive, Orlando | Bed Bath & Beyond, Ross, T.J. Maxx | 20.00% | (1)(3) | 37,133 | 148,531 | 0 | 185,664 | ||||||||
Market at Southside | Michigan Ave. at Delaney Ave., Orlando | Ross Dress for Less, Beall’s Outlet Stores, Dollar Tree, Albertsons + (O.B.O.) | 100.00% | 92,328 | 0 | 64,627 | 156,955 | |||||||||
The Marketplace at Dr. Phillips | Dr. Phillips Boulevard and Sand Lake Road, Orlando | Publix +(Vacant), Stein Mart, Office Depot, Home Goods, Morton's of Chicago | 20.00% | (1)(3) | 65,250 | 261,000 | 0 | 326,250 | ||||||||
The Shoppes at South Semoran | Semoran Blvd. at Pershing Ave. | Save Rite + | 100.00% | 101,535 | 0 | 0 | 101,535 | |||||||||
Westland Terrace Plaza | SR 50 at Apopka Vineland Rd., Orlando | T.J. Maxx, Petco, Shoe Carnival, Super Target + (O.B.O.) | 100.00% | 77,521 | 0 | 183,000 | 260,521 | |||||||||
Alafaya Square | Alafaya Trail, Oviedo | Publix + | 20.00% | (1)(3) | 35,297 | 141,189 | 0 | 176,486 | ||||||||
University Palms | Alafaya Trail at McCullough Rd., Oviedo | Publix +, Blockbuster | 30.00% | (1) | 29,752 | 69,420 | 0 | 99,172 | ||||||||
East Lake Woodlands | East Lake Road and Tampa Road, Palm Harbor | Publix +, Walgreens | 20.00% | (1)(3) | 28,021 | 112,082 | 0 | 140,103 | ||||||||
Shoppes at Parkland | Hillsboro Boulevard at State Road #7, Parkland | BJ's Wholesale Club + | 100.00% | 152,052 | 0 | 0 | 152,052 | |||||||||
Flamingo Pines | Pines Blvd. at Flamingo Rd., Pembroke Pines | Publix +, U.S. Post Office, Keiser College | 100.00% | 262,761 | 0 | 105,350 | 368,111 | |||||||||
Pembroke Commons | University at Pines Blvd., Pembroke Pines | Publix +, Marshall’s, Office Depot, LA Fitness | 100.00% | 314,401 | 0 | 0 | 314,401 | |||||||||
Publix at Laguna Isles | Sheridan St. at SW 196th Ave., Pembroke Pines | Publix + | 100.00% | 69,475 | 0 | 0 | 69,475 | |||||||||
Vizcaya Square | Nob Hill Rd. at Cleary Blvd., Plantation | Winn Dixie +, Blockbuster | 100.00% | 112,410 | 0 | 0 | 112,410 | |||||||||
Quesada Commons | Quesada Avenue and Toledo Blade Boulevard, Port Charlotte | Publix + | 25.00% | (1)(3) | 14,722 | 44,168 | 0 | 58,890 | ||||||||
Shoppes of Port Charlotte | Toledo Blade Boulevard and Tamiami Trail, Port Charlotte | Chick-Fil-A | 25.00% | (1)(3) | 978 | 2,934 | 0 | 3,912 | ||||||||
Shoppes of Port Charlotte | Toledo Blade Boulevard and Tamiami Trail, Port Charlotte | Petco | 25.00% | (1)(3) | 10,253 | 30,758 | 0 | 41,011 | ||||||||
Marketplace at Seminole Towne Center | Central Florida Greenway and Rinehart Road, Sanford | Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Petco, Cost Plus, Super Target + (O.B.O.) | 100.00% | 308,751 | 0 | 185,000 | 493,751 | |||||||||
Pineapple Commons | Us Highway 1 and Britt Rd., Stuart | Best Buy, Ross, PetsMart, Ashley Furniture | 20.00% | (1)(3) | 49,803 | 199,211 | 0 | 249,014 | ||||||||
Sunrise West Shopping Center | West Commercial Drive and NW 91st Avenue, Sunrise | Publix + | 25.00% | (1)(3) | 19,080 | 57,241 | 0 | 76,321 | ||||||||
Venice Pines | Center Rd. at Jacaranda Blvd., Venice | Sweet Bay + | 100.00% | 97,303 | 0 | 0 | 97,303 | |||||||||
Winter Park Corners | Aloma Ave. at Lakemont Ave., Winter Park | Whole Foods Market +, Outback Steakhouse | 100.00% | 102,397 | 0 | 0 | 102,397 | |||||||||
Florida Total: | # of Properties: 39 | 5,135,843 | 1,995,517 | 783,822 | 7,915,182 | |||||||||||
Georgia | ||||||||||||||||
Lakeside Marketplace | Cobb Parkway (US Hwy 41), Acworth | Ross Dress for Less, Petco, Office Max, Books-A-Million, Super Target + (O.B.O.) | 100.00% | 147,688 | 0 | 174,000 | 321,688 | |||||||||
Mansell Crossing | North Point Parkway at Mansell Rd | Ross Dress for Less, Bed Bath & Beyond, Rooms to Go | 20.00% | (1)(3) | 20,586 | 82,345 | 0 | 102,931 | ||||||||
Camp Creek Marketplace II | Camp Creek Parkway and Carmla Drive, Atlanta | DSW, American Signature, LA Fitness | 100.00% | 196,283 | 0 | 0 | 196,283 | |||||||||
Cherokee Plaza | Peachtree Road and Colonial Drive, Atlanta | Kroger + | 30.00% | (1) | 29,566 | 68,987 | 0 | 98,553 | ||||||||
Perimeter Village | Ashford-Dunwoody Rd | Wal-Mart Supercenter +, Cost Plus, DSW, Borders | 100.00% | 387,755 | 0 | 0 | 387,755 | |||||||||
Publix at Princeton Lakes | Carmia Drive and Camp Creek Drive, Atlanta | Publix + | 100.00% | 68,407 | 0 | 0 | 68,407 | |||||||||
Brookwood Square | East-West Connector at Austell Rd., Austell | Marshall’s, Staples, Home Depot | 100.00% | 253,448 | 0 | 0 | 253,448 | |||||||||
Dallas Commons | US Highway 278 and Nathan Dean Boulevard, Dallas | Kroger + (O.B.O.) | 100.00% | 25,158 | 0 | 70,104 | 95,262 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Reynolds Crossing | Steve Reynolds and Old North Cross Rd., Duluth | Kroger + (O.B.O.) | 100.00% | 45,758 | 0 | 70,225 | 115,983 | |||||||||
Thompson Bridge Commons | Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville | Kroger + | 100.00% | 92,587 | 0 | 0 | 92,587 | |||||||||
Grayson Commons | Grayson Hwy at Rosebud Rd., Grayson | Kroger + | 100.00% | 76,611 | 0 | 0 | 76,611 | |||||||||
Sandy Plains Exchange | Sandy Plains at Scufflegrit, Marietta | Publix + | 100.00% | 72,784 | 0 | 0 | 72,784 | |||||||||
Brownsville Commons | Brownsville Road and Hiram-Lithia Springs Road, Powder Springs | Kroger + (O.B.O.) | 100.00% | 27,747 | 0 | 54,139 | 81,886 | |||||||||
Roswell Corners | Woodstock Rd. at Hardscrabble Rd., Roswell | Staples, T.J. Maxx, Super Target + (O.B.O.) | 100.00% | 144,964 | 0 | 173,535 | 318,499 | |||||||||
Brookwood Marketplace | Peachtree Parkway at Mathis Airport Rd., Suwannee | Office Max, Home Depot, Bed Bath & Beyond, Super Target + (O.B.O.) | 100.00% | 196,134 | 0 | 174,000 | 370,134 | |||||||||
Georgia Total: | # of Properties: 15 | 1,785,476 | 151,332 | 716,003 | 2,652,811 | |||||||||||
Illinois | ||||||||||||||||
Burbank Station | S. Cicero Ave. at W. 78th St. | AJ Wright, Babies "R" Us, Food For Less +, Office Max | 100.00% | 303,566 | 0 | 0 | 303,566 | |||||||||
Illinois Total: | # of Properties: 1 | 303,566 | 0 | 0 | 303,566 | |||||||||||
Kansas | ||||||||||||||||
Shawnee Village | Shawnee Mission Pkwy. at Quivera Rd., Shawnee | Burlington Coat Factory | 100.00% | 135,139 | 0 | 0 | 135,139 | |||||||||
Kohl's | Wanamaker Rd. at S.W. 17th St., Topeka | Barnes & Noble, Kohl’s Department Store | 100.00% | 115,716 | 0 | 0 | 115,716 | |||||||||
Kansas Total: | # of Properties: 2 | 250,855 | 0 | 0 | 250,855 | |||||||||||
Kentucky | ||||||||||||||||
Millpond Center | Boston at Man O’War, Lexington | Kroger + | 100.00% | 124,567 | 0 | 27,000 | 151,567 | |||||||||
Regency Shopping Centre | Nicholasville Rd.& West Lowry Lane, Lexington | TJ Maxx, Michael's, Kroger (O.B.O) | 100.00% | 124,486 | 0 | 46,044 | 170,530 | |||||||||
Tates Creek | Tates Creek at Man O’ War, Lexington | Kroger +, Rite Aid | 100.00% | 179,450 | 0 | 0 | 179,450 | |||||||||
Festival at Jefferson Court | Outer Loop at Jefferson Blvd., Louisville | Kroger +, PetsMart (O.B.O.), Factory Card Outlet, AJ Wright (O.B.O.) | 100.00% | 168,986 | 0 | 49,410 | 218,396 | |||||||||
Kentucky Total: | # of Properties: 4 | 597,489 | 0 | 122,454 | 719,943 | |||||||||||
Louisiana | ||||||||||||||||
Town & Country Plaza | U.S. Hwy. 190 West, Hammond | Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s, Books-A-Million, Rent Way | 100.00% | 226,102 | 0 | 0 | 226,102 | |||||||||
Manhattan Place | Manhattan Blvd. at Gretna Blvd., Harvey | Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion | 100.00% | 156,215 | 0 | 125,400 | 281,615 | |||||||||
Ambassador Plaza | Ambassador Caffery at W. Congress, Lafayette | Albertsons + (O.B.O.), Blockbuster | 100.00% | 0 | 0 | 101,950 | 101,950 | |||||||||
River Marketplace | Ambassador Caffery at Kaliste Saloom, Lafayette | Ross Dress for Less, Stage, Cost Plus, Super Target + (O.B.O.), Books A Million | 7.80% | (1)(3) | 13,142 | 147,100 | 174,700 | 334,942 | ||||||||
Westwood Village | W. Congress at Bertrand, Lafayette | Stage, Graham Central Station | 100.00% | 141,346 | 0 | 0 | 141,346 | |||||||||
14/Park Plaza | Hwy. 14 at General Doolittle, Lake Charles | Kroger +, Conn’s, Burke's Outlet, Anna's Linens, Family Dollar | 100.00% | 172,068 | 0 | 0 | 172,068 | |||||||||
K-Mart Plaza | Ryan St., Lake Charles | Albertsons +, Kmart, Stages | 50.00% | (1)(3) | 107,974 | 107,974 | 0 | 215,948 | ||||||||
Prien Lake Plaza | Prien Lake Rd. at Nelson Rd., Lake Charles | Target (O.B.O.), Marshall’s (O.B.O.), Ross Dress for Less (O.B.O.), Bed Bath & Beyond (O.B.O.) | 100.00% | 7,743 | 0 | 205,375 | 213,118 | |||||||||
Southgate | Ryan at Eddy, Lake Charles | Market Basket +, Office Depot, Books-A-Million | 100.00% | 170,588 | 0 | 0 | 170,588 | |||||||||
Danville Plaza | Louisville at 19th, Monroe | County Market +, Citi Trends, Surplus Warehouse | 100.00% | 141,380 | 0 | 0 | 141,380 | |||||||||
Orleans Station | Paris, Robert E. Lee at Chatham, New Orleans | Vacant | 100.00% | 0 | 0 | 0 | 0 | |||||||||
University Place | 70th St. at Youree Dr., Shreveport | Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy (O.B.O), Bed Bath & Beyond | 20.40% | (1)(3) | 46,237 | 180,417 | 174,500 | 401,154 | ||||||||
Louisiana Total: | # of Properties: 12 | 1,182,795 | 435,491 | 781,925 | 2,400,211 | |||||||||||
Maine | ||||||||||||||||
The Promenade | Essex at Summit, Lewiston | Staples, Flagship Cinemas | 75.00% | (1) | 148,384 | 49,461 | 0 | 197,845 | ||||||||
Maine Total: | # of Properties: 1 | 148,384 | 49,461 | 0 | 197,845 | |||||||||||
Missouri |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Ballwin Plaza | Manchester Rd. at Vlasis Dr., Ballwin | Schnucks +, Michael’s, Sears | 100.00% | 200,915 | 0 | 0 | 200,915 | |||||||||
Western Plaza | Hwy 141 at Hwy 30, Fenton | O'Reilly Automotive | 50.00% | (1)(3) | 28,317 | 28,317 | 0 | 56,634 | ||||||||
Missouri Total: | # of Properties: 2 | 229,232 | 28,317 | 0 | 257,549 | |||||||||||
Nevada | ||||||||||||||||
Eastern Horizon | Eastern Ave. at Horizon Ridge Pkwy., Henderson | Kmart + (O.B.O.) | 100.00% | 66,408 | 0 | 143,879 | 210,287 | |||||||||
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, Ulta | 100.00% | 436,814 | 0 | 0 | 436,814 | |||||||||
Charleston Commons | Charleston and Nellis, Las Vegas | Wal-Mart, Ross, Office Max, 99 Cents Only, PetsMart | 100.00% | 338,378 | 0 | 0 | 338,378 | |||||||||
College Park S.C. | E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas | Albertsons +, Sav-On Drug, Anna's Linens, Lucky's, Factory 2 U | 100.00% | 167,654 | 0 | 0 | 167,654 | |||||||||
Francisco Centre | E. Desert Inn Rd. at S. Eastern Ave., Las Vegas | Ross Dress for Less (O.B.O.), Fallas Paredes , La Bonita Grocery + | 100.00% | 116,973 | 0 | 31,842 | 148,815 | |||||||||
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 | 100.00% | 152,475 | 0 | 55,745 | 208,220 | |||||||||
Paradise Marketplace | Flamingo Rd. at Sandhill, Las Vegas | Smith’s Food +, Dollar Tree | 100.00% | 148,713 | 0 | 0 | 148,713 | |||||||||
Rainbow Plaza | Rainbow Blvd. at Charleston Blvd., Las Vegas | Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness | 100.00% | 278,416 | 0 | 0 | 278,416 | |||||||||
Rainbow Plaza, Phase I | Rainbow Blvd. at Charleston Blvd., Las Vegas | Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness | 100.00% | 136,369 | 0 | 0 | 136,369 | |||||||||
Rancho Towne & Country | Rainbow Blvd. at Charleston Blvd., Las Vegas | Smith’s Food + | 100.00% | 87,367 | 0 | 0 | 87,367 | |||||||||
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 | 100.00% | 246,478 | 0 | 394,271 | 640,749 | |||||||||
Tropicana Marketplace | Tropicana at Jones Blvd., Las Vegas | Smith’s Food +, Family Dollar | 100.00% | 142,728 | 0 | 0 | 142,728 | |||||||||
Westland Fair North | Charleston Blvd. At Decatur Blvd., Las Vegas | Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels, Anna's Linens | 100.00% | 576,202 | 0 | 0 | 576,202 | |||||||||
Nevada Total: | # of Properties: 12 | 2,894,975 | 0 | 625,737 | 3,520,712 | |||||||||||
New Mexico | ||||||||||||||||
Eastdale | Candelaria Rd. at Eubank Blvd., Albuquerque | Albertsons +, Family Dollar | 100.00% | 117,623 | 0 | 0 | 117,623 | |||||||||
North Towne Plaza | Academy Rd. at Wyoming Blvd., Albuquerque | Whole Foods Market +, Borders | 100.00% | 104,034 | 0 | 0 | 104,034 | |||||||||
Pavillions at San Mateo | I-40 at San Mateo, Albuquerque | Old Navy, Shoe Department, Circuit City, Skechers | 100.00% | 195,944 | 0 | 0 | 195,944 | |||||||||
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.), Party City | 100.00% | 84,322 | 0 | 334,000 | 418,322 | |||||||||
Wyoming Mall | Academy Rd. at Northeastern, Albuquerque | Wal-Mart Supercenter +, Dollar Tree | 100.00% | 267,886 | 0 | 0 | 267,886 | |||||||||
De Vargas | N. Guadalupe at Paseo de Peralta, Santa Fe | Albertsons + (O.B.O.), Sav-On (CVS), Ross Dress for Less, Office Depot, Hastings, United Artists | 100.00% | 249,671 | 0 | 62,750 | 312,421 | |||||||||
New Mexico Total: | # of Properties: 6 | 1,019,480 | 0 | 396,750 | 1,416,230 | |||||||||||
North Carolina | ||||||||||||||||
Capital Square | Capital Blvd. at Huntleigh Dr., Cary | Food Lion + | 100.00% | 143,063 | 0 | 0 | 143,063 | |||||||||
Harrison Pointe | Harrison Ave. at Maynard Rd., Cary | Harris Teeter +, Staples | 100.00% | 130,934 | 0 | 0 | 130,934 | |||||||||
High House Crossing | NC Hwy 55 at Green Level W. Rd., Cary | Harris Teeter + | 100.00% | 89,997 | 0 | 0 | 89,997 | |||||||||
Northwoods Market | Maynard Rd. at Harrison Ave., Cary | Food Lion + | 100.00% | 77,802 | 0 | 0 | 77,802 | |||||||||
Parkway Pointe | Cory Parkway at S. R. 1011, Cary | Food Lion +, Rite-Aid | 100.00% | 80,061 | 0 | 0 | 80,061 | |||||||||
Chatham Crossing | US 15/501 at Plaza Dr., Chapel Hill | Lowes Food +, CVS/pharmacy | 25.00% | (1)(3) | 24,039 | 72,116 | 0 | 96,155 | ||||||||
Cole Park Plaza | US 15/501 and Plaza Dr., Chapel Hill | Dollar General | 25.00% | (1)(3) | 20,564 | 61,694 | 0 | 82,258 | ||||||||
Galleria | Galleria Boulevard and Sardis Road, Charlotte | Off Broadway Shoes, Wal-Mart (O.B.O.) | 100.00% | 120,542 | 0 | 207,602 | 328,144 | |||||||||
Johnston Road Plaza | Johnston Rd. at McMullen Creek Pkwy., Charlotte | Food Lion+ | 100.00% | 79,508 | 0 | 0 | 79,508 | |||||||||
Steele Creek Crossing | York Rd. at Steele Creek Rd., Charlotte | BI-LO +, Rite-Aid | 100.00% | 77,301 | 0 | 0 | 77,301 | |||||||||
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.) | 100.00% | 41,876 | 0 | 402,620 | 444,496 | |||||||||
Bull City Market | Broad St. at West Main St., Durham | Whole Foods Market + | 100.00% | 42,517 | 0 | 0 | 42,517 | |||||||||
Durham Festival | Hillsborough Rd. at LaSalle St., Durham | Kroger +, Dollar General | 100.00% | 134,295 | 0 | 0 | 134,295 | |||||||||
Mineral Springs Village | Mineral Springs Rd. at Wake Forest Rd., Durham | Food Lion +, Rite-Aid | 100.00% | 59,859 | 0 | 0 | 59,859 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Ravenstone Commons | Hwy 98 at Sherron Rd., Durham | Food Lion +, Blockbuster | 100.00% | 60,424 | 0 | 0 | 60,424 | |||||||||
Pinecrest Plaza | Hwy. 15-501 at Morganton Rd., Pinehurst | Food Lion +, Michael’s, Goody’s, Belk’s | 100.00% | 250,140 | 0 | 0 | 250,140 | |||||||||
Avent Ferry | Avent Ferry Rd. at Gorman St., Raleigh | Food Lion +, Family Dollar | 100.00% | 111,650 | 0 | 0 | 111,650 | |||||||||
Falls Pointe | Neuce Rd. at Durant Rd., Raleigh | Harris Teeter +, Kohl’s (O.B.O.) | 100.00% | 106,981 | 0 | 86,350 | 193,331 | |||||||||
Leesville Town Centre | Leesville Rd. at Leesville Church Rd., Raleigh | Harris Teeter +, Rite-Aid | 100.00% | 112,576 | 0 | 0 | 112,576 | |||||||||
Little Brier Creek | Little Brier Creek Lane and Brier Leaf Lane, Raleigh | Lowe's Food + (O.B.O.) | 100.00% | 17,209 | 0 | 45,802 | 63,011 | |||||||||
Lynnwood Collection | Creedmoor Rd at Lynn Road, Raleigh | Kroger + | 100.00% | 86,362 | 0 | 0 | 86,362 | |||||||||
Six Forks Station | Six Forks Rd. at Strickland Rd., Raleigh | Kmart, Home Depot, Food Lion +, Bed Bath & Beyond, Borders | 100.00% | 467,270 | 0 | 0 | 467,270 | |||||||||
Stonehenge Market | Creedmoor Rd. at Bridgeport Dr., Raleigh | Harris Teeter +, SteinMart, Eckerd’s | 100.00% | 188,521 | 0 | 0 | 188,521 | |||||||||
Heritage Station | Forestville Rd. at Rogers Rd., Wake Forest | Harris Teeter + | 100.00% | 68,778 | 0 | 0 | 68,778 | |||||||||
North Carolina Total: | # of Properties: 24 | 2,592,269 | 133,810 | 742,374 | 3,468,453 | |||||||||||
Oklahoma | ||||||||||||||||
Market Boulevard | E. Reno Ave. at N. Douglas Ave., Midwest City | Color Tyme | 100.00% | 35,765 | 0 | 0 | 35,765 | |||||||||
Town and Country | Reno Ave at North Air Depot, Midwest City | Office Depot, Big Lots, Westlake Hardware | 100.00% | 135,892 | 0 | 0 | 135,892 | |||||||||
Oklahoma Total: | # of Properties: 2 | 171,657 | 0 | 0 | 171,657 | |||||||||||
Oregon | ||||||||||||||||
Clackamas Square | SE 82nd Avenue and SE Causey Avenue, Portland | T.J. Maxx, Winco Foods + (O.B.O.) | 20.00% | (1)(3) | 14,828 | 59,311 | 62,600 | 136,739 | ||||||||
Oak Grove Market Center | SE Mcloughlin Blvd & Oak Grove Ave | Safeway + | 100.00% | 97,207 | 0 | 0 | 97,207 | |||||||||
Raleigh Hills Plaza | SW Beaverton-Hillsdale Hwy and SW Scholls Ferry Road, Portland | Walgreens, New Seasons Market + | 20.00% | (1)(3) | 7,904 | 31,616 | 0 | 39,520 | ||||||||
Oregon Total: | # of Properties: 3 | 119,939 | 90,927 | 62,600 | 273,466 | |||||||||||
South Carolina | ||||||||||||||||
Fresh Market Shoppes | 890 William Hilton Head Pkwy, Hilton Head | The Fresh Market + | 25.00% | (1)(3) | 21,530 | 64,590 | 0 | 86,120 | ||||||||
South Carolina Total: | # of Properties: 1 | 21,530 | 64,590 | 0 | 86,120 | |||||||||||
Tennessee | ||||||||||||||||
Bartlett Towne Center | Bartlett Blvd. at Stage Rd., Bartlett | Kroger +, Petco, Dollar Tree, Shoe Carnival | 100.00% | 179,364 | 0 | 0 | 179,364 | |||||||||
Commons at Dexter Lake | Dexter at N. Germantown, Memphis | Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior | 30.00% | (1) | 50,087 | 116,871 | 0 | 166,958 | ||||||||
Commons at Dexter Lake Phase II | Dexter at N. Germantown, Memphis | Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior | 30.00% | (1) | 18,461 | 43,077 | 0 | 61,538 | ||||||||
Highland Square | Summer at Highland, Memphis | Walgreen’s | 100.00% | 14,490 | 0 | 0 | 14,490 | |||||||||
Mendenhall Commons | South Mendenahall Rd. and Sanderlin Avenue, Memphis | Kroger + | 30.00% | (1) | 23,961 | 55,910 | 0 | 79,871 | ||||||||
Summer Center | Summer Ave. at Waring Rd., Memphis | Kroger +, Ross Dress for Less | 100.00% | 148,581 | 0 | 0 | 148,581 | |||||||||
Tennessee Total: | # of Properties: 5 | 434,944 | 215,858 | 0 | 650,802 | |||||||||||
Texas | ||||||||||||||||
Bell Plaza | 45th Ave. at Bell St., Amarillo | United Supermarket +, Dollar Tree | 15.00% | (1) | 19,579 | 110,950 | 0 | 130,529 | ||||||||
Coronado | 34th St. at Wimberly Dr., Amarillo | Blockbuster | 100.00% | 46,829 | 0 | 0 | 46,829 | |||||||||
Wolflin Village | Wolflin Ave. at Georgia St., Amarillo | Office Depot, Sheplers Western Wear, Talbots | 100.00% | 153,084 | 0 | 0 | 153,084 | |||||||||
Calder | Calder at 24th St., Beaumont | Harmony Science Academy | 100.00% | 34,641 | 0 | 0 | 34,641 | |||||||||
North Park Plaza | Eastex Fwy. at Dowlen, Beaumont | Target (O.B.O.), Anna’s Linens, David’s Bridal, Toys “R” Us (O.B.O.) | 50.00% | (1)(3) | 70,036 | 70,036 | 141,329 | 281,401 | ||||||||
Phelan | Phelan at 23rd St, Beaumont | Kroger + (O.B.O.) | 100.00% | 12,000 | 0 | 0 | 12,000 | |||||||||
Phelan West | Phelan at 23rd St., Beaumont | Kroger + (O.B.O.) | 66.70% | (1)(3) | 15,552 | 7,779 | 58,890 | 82,221 | ||||||||
Southgate | Calder Ave. at 6th St., Beaumont | Control Fluids | 100.00% | 33,555 | 0 | 0 | 33,555 | |||||||||
Westmont | Dowlen at Phelan, Beaumont | Talbot’s, Blockbuster | 100.00% | 98,071 | 0 | 0 | 98,071 | |||||||||
Lone Star Pavilions | Texas at Lincoln Ave., College Station | Best Buy, Office Depot, Barnes & Noble | 100.00% | 106,907 | 0 | 0 | 106,907 | |||||||||
Montgomery Plaza | Loop 336 West at I-45, Conroe | Academy, Conn’s, Goody’s, 99 Cents Only, Petco, Anna's Linens, Spec's | 100.00% | 296,837 | 0 | 0 | 296,837 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
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, Hobby Lobby | 100.00% | 371,668 | 0 | 161,909 | 533,577 | |||||||||
Portairs | Ayers St. at Horne Rd., Corpus Christi | CVS/pharmacy, Family Dollar, Beall’s | 100.00% | 118,233 | 0 | 0 | 118,233 | |||||||||
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 | 100.00% | 353,302 | 0 | 110,000 | 463,302 | |||||||||
Broadway | Broadway at 59th St., Galveston | Big Lots, Family Dollar | 15.00% | (1) | 11,172 | 63,305 | 0 | 74,477 | ||||||||
Food King Place | 25th St. at Avenue P, Galveston | Vacant | 100.00% | 28,062 | 0 | 0 | 28,062 | |||||||||
Galveston Place | Central City Blvd. at 61st St., Galveston | Randall’s +, Office Depot, Spec's Liquor, Palais Royal | 100.00% | 210,187 | 0 | 0 | 210,187 | |||||||||
10/Federal | I-10 at Federal | Citi Trends, Palais Royal, Sellers Bros. + | 15.00% | (1) | 19,871 | 112,601 | 0 | 132,472 | ||||||||
Alabama-Shepherd | S. Shepherd at W. Alabama | Bookstop, PetsMart | 100.00% | 56,110 | 0 | 0 | 56,110 | |||||||||
Bayshore Plaza | Spencer Hwy. at Burke Rd. | Fitness Connections (O.B.O.) | 100.00% | 35,966 | 0 | 86,000 | 121,966 | |||||||||
Bellaire Boulevard | Bellaire at S. Rice | Randall’s + | 30.00% | (1) | 10,524 | 24,557 | 0 | 35,081 | ||||||||
Braeswood Square | N. Braeswood at Chimney Rock | Belden’s +, Walgreen’s | 100.00% | 103,336 | 0 | 0 | 103,336 | |||||||||
Centre at Post Oak | Westheimer at Post Oak Blvd. | Marshall’s, Barnes & Noble, Old Navy, Grand Lux Café | 100.00% | 182,070 | 0 | 0 | 182,070 | |||||||||
Champions Village | F.M. 1960 at Champions Forest Dr. | Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble | 30.00% | (1) | 115,134 | 268,645 | 0 | 383,779 | ||||||||
Cullen Place | Cullen at Reed | Kohl's (O.B.O.), Conn Appliances | 100.00% | 7,316 | 0 | 0 | 7,316 | |||||||||
Cullen Plaza | Cullen at Wilmington | Fiesta +, Family Dollar, Beauty Empire | 15.00% | (1) | 12,678 | 71,839 | 0 | 84,517 | ||||||||
Cypress Pointe | F.M. 1960 at Cypress Station | Kroger +, Office Depot, Babies “R” Us, America's Furniture Brands (O.B.O.) | 100.00% | 190,704 | 0 | 96,660 | 287,364 | |||||||||
Eastpark | Mesa Rd. at Tidwell | Jack in the Box, CVS (O.B.O.), US Postal Service (O.B.O.) | 100.00% | 1,576 | 0 | 0 | 1,576 | |||||||||
Edgebrook | Edgebrook at Gulf Fwy. | Fiesta +, JPMorgan Chase Bank, Family Dollar | 15.00% | (1) | 11,749 | 66,575 | 0 | 78,324 | ||||||||
Fiesta Village | Quitman at Fulton | Fiesta + | 15.00% | (1) | 4,537 | 25,712 | 0 | 30,249 | ||||||||
Fondren/West Airport | Fondren at W. Airport | Save-A-Lot + | 100.00% | 56,593 | 0 | 0 | 56,593 | |||||||||
Glenbrook Square | Telephone Road | Kroger +, Blockbuster | 15.00% | (1) | 11,472 | 65,011 | 0 | 76,483 | ||||||||
Griggs Road | Griggs at Cullen | Family Dollar, Modern City, Citi Trends | 15.00% | (1) | 12,017 | 68,097 | 0 | 80,114 | ||||||||
Harrisburg Plaza | Harrisburg at Wayside | Fallas Paredes | 15.00% | (1) | 14,016 | 79,422 | 0 | 93,438 | ||||||||
Heights Plaza | 20th St. at Yale | Kroger +, Walgreen’s | 100.00% | 71,777 | 0 | 0 | 71,777 | |||||||||
Humblewood Shopping Plaza | Eastex Fwy. at F.M. 1960 | Kroger +,Conn’s, Walgreen’s, Michael's (O.B.O.), DSW (O.B.O.) | 100.00% | 178,837 | 0 | 99,000 | 277,837 | |||||||||
I-45/Telephone Rd. Center | I-45 at Maxwell Street | Sellers Bros. +, Dollar Tree, FAMSA, Falles Paredes | 15.00% | (1) | 25,891 | 146,718 | 0 | 172,609 | ||||||||
Jacinto City | Market at Baca | Sellers Bros. +, CVS/pharmacy | 50.00% | (1) | 24,569 | 24,569 | 0 | 49,138 | ||||||||
Kirby Strip Center | Kirby Dr, Houston | New Orleans Cajun Restaurant | 100.00% | 10,000 | 0 | 0 | 10,000 | |||||||||
Lawndale | Lawndale at 75th St. | Family Dollar, 99 Cents Only, LaMichoacana Meat Market | 15.00% | (1) | 7,819 | 44,308 | 0 | 52,127 | ||||||||
Little York Plaza | Little York at E. Hardy | Sellers Bros. +, Fallas Paredes | 15.00% | (1) | 17,603 | 99,750 | 0 | 117,353 | ||||||||
Lyons Avenue | Lyons at Shotwell | Fiesta +, Fallas Paredes | 15.00% | (1) | 10,144 | 57,485 | 0 | 67,629 | ||||||||
Market at Westchase | Westheimer at Wilcrest | Whole Foods Market + | 100.00% | 84,084 | 0 | 0 | 84,084 | |||||||||
North Main Square | Pecore at N. Main | O’Reilly Autoparts | 100.00% | 18,515 | 0 | 0 | 18,515 | |||||||||
North Oaks | F.M. 1960 at Veterans Memorial | T.J. Maxx, Ross Dress for Less, Staples, Big Lots, DSW, Half Price Books, Anna's Linens, Hobby Lobby, Mardels | 15.00% | (1) | 60,710 | 344,023 | 0 | 404,733 | ||||||||
North Triangle | I-45 at F.M. 1960 | Steak & Ale, CiCi’s Pizza | 100.00% | 16,060 | 0 | 0 | 16,060 | |||||||||
Northbrook Center | Northwest Fwy. at W. 34th | Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree | 100.00% | 172,479 | 0 | 0 | 172,479 | |||||||||
Northwest Crossing | N.W. Fwy. at Hollister | Target (O.B.O.), Marshall’s, Babies “R” Us, Best Buy | 75.00% | (1)(3) | 137,507 | 45,836 | 120,721 | 304,064 | ||||||||
Oak Forest | W. 43rd at Oak Forest | Kroger +, Palais Royal, Dollar Tree | 100.00% | 147,674 | 0 | 0 | 147,674 | |||||||||
Orchard Green | Gulfton at Renwick | Sellers Bros. +, Family Dollar | 100.00% | 74,983 | 0 | 0 | 74,983 | |||||||||
Randall's /Cypress Station | F.M. 1960 at I-45 | Randalls + | 100.00% | 138,974 | 0 | 0 | 138,974 | |||||||||
Randall's /Kings Crossing | Kingwood Dr. at Lake Houston Pkwy. | Randall’s +, CVS/pharmacy | 30.00% | (1) | 37,919 | 88,478 | 0 | 126,397 | ||||||||
Randall's /Norchester | Grant at Jones | CVS | 100.00% | 107,200 | 0 | 0 | 107,200 | |||||||||
Richmond Square | Richmond Ave. at W. Loop 610 | Best Buy (O.B.O.), Cost Plus | 100.00% | 35,623 | 0 | 58,247 | 93,870 | |||||||||
River Oaks East | W. Gray at Woodhead | Kroger + | 100.00% | 71,265 | 0 | 0 | 71,265 | |||||||||
River Oaks West | W. Gray at S. Shepherd | Talbot’s, JoS. A. Bank, Ann Taylor, Gap, Barnes & Noble | 100.00% | 255,978 | 0 | 0 | 255,978 | |||||||||
Sheldon Forest North | North, I-10 at Sheldon | Gerland’s +, Burke’s Outlet | 100.00% | 22,040 | 0 | 0 | 22,040 | |||||||||
Sheldon Forest South | North, I-10 at Sheldon | Family Dollar | 50.00% | (1) | 37,670 | 37,670 | 0 | 75,340 | ||||||||
Shops at Three Corners | S. Main at Old Spanish Trail | Fiesta +, Office Depot, PetsMart, Ross Dress for Less, Anna’s Linens, Big Lots | 70.00% | (1) | 172,990 | 74,139 | 0 | 247,129 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Southgate | W. Fuqua at Hiram Clark | Food-A-Rama +, Palais Royal, CVS/pharmacy, Family Dollar | 15.00% | (1) | 18,695 | 105,939 | 0 | 124,634 | ||||||||
Spring Plaza | Hammerly at Campbell | Sellers Bros. +, Family Dollar | 15.00% | (1) | 8,890 | 50,376 | 0 | 59,266 | ||||||||
Steeplechase | Jones Rd. at F.M. 1960 | Palais Royal, 99 Cents Only, Anna's Linens, Goodwill Industries | 100.00% | 194,551 | 0 | 99,950 | 294,501 | |||||||||
Stella Link | Stella Link at S. Braeswood | Seller Bros.+, Spec’s Liquor Warehouse, Burke’s Outlet | 100.00% | 96,396 | 0 | 0 | 96,396 | |||||||||
Studemont | Studewood at E. 14th St | Fiesta + | 100.00% | 28,466 | 0 | 0 | 28,466 | |||||||||
Ten Blalock Square | I-10 at Blalock | Vacant | 100.00% | 97,217 | 0 | 0 | 97,217 | |||||||||
Village Arcade | University at Kirby | Gap, Baby Gap | 100.00% | 57,219 | 0 | 0 | 57,219 | |||||||||
Village Arcade-Phase II | University at Kirby | Talbot’s | 100.00% | 28,371 | 0 | 0 | 28,371 | |||||||||
Village Arcade-Phase III | University at Kirby | American Eagle Outfitters, Banana Republic, Express | 100.00% | 106,879 | 0 | 0 | 106,879 | |||||||||
Westchase Center | Westheimer at Wilcrest | Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target (O.B.O.), Petco | 100.00% | 232,994 | 0 | 99,550 | 332,544 | |||||||||
Westhill Village | Westheimer at Hillcroft | Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens | 100.00% | 130,562 | 0 | 0 | 130,562 | |||||||||
Killeen Marketplace | 3200 E. Central Texas Expressway, Killeen | Best Buy, Ross Dress for Less, Staples, Home Depot (O.B.O.) | 100.00% | 115,203 | 0 | 135,934 | 251,137 | |||||||||
Cedar Bayou | Bayou Rd., La Marque | Dollar General, La Marque Fire Dept. (O.B.O.) | 100.00% | 14,873 | 0 | 30,688 | 45,561 | |||||||||
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 | 100.00% | 242,293 | 0 | 206,463 | 448,756 | |||||||||
Plantation Centre | Del Mar Blvd. at McPherson Rd., Laredo | H. E. B. +, Blockbuster | 100.00% | 134,919 | 0 | 0 | 134,919 | |||||||||
League City Plaza | I-45 at F.M. 518, League City | Kroger +, Spec’s Liquor Warehouse | 15.00% | (1) | 19,048 | 107,942 | 0 | 126,990 | ||||||||
Central Plaza | Loop 289 at Slide Rd., Lubbock | Bed Bath & Beyond, Old Navy, Staples | 100.00% | 151,196 | 0 | 0 | 151,196 | |||||||||
Town and Country | 4th St. at University, Lubbock | Hasting’s Records & Books | 100.00% | 30,743 | 0 | 0 | 30,743 | |||||||||
Angelina Village | Hwy. 59 at Loop 287, Lufkin | Kmart, Ashley Furniture, Conn's | 100.00% | 248,199 | 0 | 0 | 248,199 | |||||||||
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 | 50.00% | (1)(3) | 143,968 | 143,968 | 242,132 | 530,067 | ||||||||
Northcross | N. 10th St. at Nolana Loop, McAllen | Barnes & Noble | 50.00% | (1)(3) | 38,196 | 38,196 | 0 | 76,391 | ||||||||
Old Navy Building | 1815 10th Street, McAllen | Old Navy | 50.00% | (1)(3) | 7,500 | 7,500 | 0 | 15,000 | ||||||||
South 10th St. HEB | S. 10th St. at Houston St., McAllen | H. E. B. + | 50.00% | (1)(3) | 51,851 | 51,851 | 0 | 103,702 | ||||||||
Independence Plaza | Town East Blvd., Mesquite | Babies “R” Us, Family Dollar | 100.00% | 179,182 | 0 | 0 | 179,182 | |||||||||
Custer Park | SWC Custer Road at Parker Road, Plano | Kroger + (O.B.O), Dollar General | 100.00% | 115,484 | 0 | 65,084 | 180,568 | |||||||||
Pitman Corners | Custer Road at West 15th, Plano | Albertsons +, Tuesday Morning | 100.00% | 192,283 | 0 | 0 | 192,283 | |||||||||
Preston Shepard Place | Preston Rd. at Park Blvd. | SteinMart, Old Navy, Office Depot, Marshalls, Babies "R" Us, Borders | 20.00% | (1)(3) | 72,667 | 290,670 | 0 | 363,337 | ||||||||
Gillham Circle | Gillham Circle at Thomas, Port Arthur | Family Dollar | 100.00% | 33,134 | 0 | 0 | 33,134 | |||||||||
Starr Plaza | U.S. Hwy. 83 at Bridge St., Rio Grande City | H. E. B.+, Beall’s, Dollar General | 50.00% | (1)(3) | 88,406 | 88,406 | 0 | 176,812 | ||||||||
Rockwall | I-30 at Market Center Street, Rockwall | Office Max, Petco, Ross Dress for Less, Old Navy, Linens ‘N Things, Michael’s | 100.00% | 209,051 | 0 | 0 | 209,051 | |||||||||
Rose-Rich | U.S. Hwy. 90A at Lane Dr., Rosenberg | Family Dollar, Palais Royal | 100.00% | 103,385 | 0 | 0 | 103,385 | |||||||||
Lake Pointe Market Center | Dalrock Rd. at Lakeview Pkwy., Rowlett | Tom Thumb + (O.B.O.), Walgreen’s (O.B.O.) | 100.00% | 42,860 | 0 | 81,176 | 124,036 | |||||||||
Boswell Towne Center | Highway 287 at Bailey Boswell Rd., Saginaw | Albertsons + (O.B.O) | 100.00% | 26,088 | 0 | 61,747 | 87,835 | |||||||||
Fiesta Trails | I-10 at DeZavala Rd., San Antonio | H. E. B. + (O.B.O.), Target (O.B.O.), Barnes & Noble, Act III Theatres, Marshall’s, Office Max, SteinMart, Petco, Anna’s Linens | 100.00% | 312,370 | 0 | 176,000 | 488,370 | |||||||||
Oak Park Village | Nacogdoches at New Braunfels, San Antonio | H. E. B. + | 30.00% | (1) | 19,286 | 45,001 | 0 | 64,287 | ||||||||
Parliament Square | W. Ave. at Blanco, San Antonio | Bernina New Home Sewing Center, Anytime Fitness | 100.00% | 64,950 | 0 | 0 | 64,950 | |||||||||
Parliament Square II | W. Ave. at Blanco, San Antonio | Incredible Pizza | 100.00% | 54,541 | 0 | 0 | 54,541 | |||||||||
Thousand Oaks | Thousand Oaks Dr. at Jones Maltsberger Rd., San Antonio | H. E. B. +, Beall’s, Tuesday Morning | 15.00% | (1) | 24,432 | 138,450 | 0 | 162,882 | ||||||||
Valley View | West Ave. at Blanco Rd., San Antonio | Marshall’s, Blockbuster, Dollar Tree | 100.00% | 89,859 | 0 | 0 | 89,859 | |||||||||
Market at Town Center | Town Center Blvd., Sugar Land | Old Navy, Home Goods, Marshall’s, DSW Shoe Warehouse, Ross Dress for Less | 100.00% | 375,820 | 0 | 0 | 375,820 | |||||||||
New Boston Road | New Boston at Summerhill, Texarkana | Rehkopf’s Grocery +, Salvation Army | 100.00% | 97,000 | 0 | 0 | 97,000 | |||||||||
Island Market Place | 6th St. at 9th Ave., Texas City | Food King + | 100.00% | 27,277 | 0 | 0 | 27,277 | |||||||||
Palmer Plaza | F.M. 1764 at 34th St., Texas City | Randall’s +, Big Lots (O.B.O.), Dollar Tree | 100.00% | 96,526 | 0 | 99,980 | 196,506 | |||||||||
Broadway | S. Broadway at W. 9th St., Tyler | SteinMart | 100.00% | 60,400 | 0 | 0 | 60,400 | |||||||||
Crossroads | I-10 at N. Main, Vidor | Market Basket +, Beall’s, Baskin’s, Burke’s Outlet | 100.00% | 115,692 | 0 | 0 | 115,692 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Texas Total: | # of Properties: 99 | 9,362,617 | 3,065,804 | 2,231,460 | 14,659,879 | |||||||||||
Utah | ||||||||||||||||
Alpine Valley Center | Main St. at State St., American Fork | Super Target + (O.B.O.), Old Navy, Pier 1 Imports, Dollar Tree, Office Depot | 33.30% | (1)(3) | 30,382 | 60,772 | 133,500 | 224,654 | ||||||||
Taylorsville Town Center | West 4700 South at Redwood Rd., Taylorsville | Albertsons + (O.B.O.), Rite Aid | 100.00% | 94,157 | 0 | 40,057 | 134,214 | |||||||||
West Jordan Town Center | West 7000 South at S. Redwood Rd., West Jordan | Albertsons +, Office Depot, Target (O.B.O.), Petco | 100.00% | 182,099 | 0 | 122,800 | 304,899 | |||||||||
Utah Total: | # of Properties: 3 | 306,638 | 60,772 | 296,357 | 663,767 | |||||||||||
Washington | ||||||||||||||||
Mukilteo Speedway Center | Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood | Food Emporium +, Bartell Drugs | 20.00% | (1)(3) | 18,055 | 72,218 | 0 | 90,273 | ||||||||
Meridian Town Center | Meridian Avenue East and 132nd Street East, Puyallup | Jo-Ann Fabric & Craft Store, Safeway + (O.B.O.) | 20.00% | (1)(3) | 15,533 | 62,133 | 65,346 | 143,012 | ||||||||
South Hill Center | 43rd Avenue Southwest and Meridian Street South, Puyallup | Best Buy, Bed Bath & Beyond, Ross Dress for Less | 20.00% | (1)(3) | 26,804 | 107,216 | 0 | 134,020 | ||||||||
Rainer Square Plaza | Rainer Avenue South and South Charleston Street, Seattle | Safeway + | 20.00% | (1)(3) | 21,485 | 85,938 | 0 | 107,423 | ||||||||
Washington Total: | # of Properties: 4 | 81,877 | 327,505 | 65,346 | 474,728 | |||||||||||
Industrial | ||||||||||||||||
Operating Properties | ||||||||||||||||
California | ||||||||||||||||
Siempre Viva Business Park | Siempre Viva Rd. at Kerns St., San Diego | Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., NYK Logistics, Eaton Corporation | 20.00% | (1)(3) | 145,353 | 581,413 | 0 | 726,766 | ||||||||
California Total: | # of Properties: 1 | 145,353 | 581,413 | 0 | 726,766 | |||||||||||
Florida | ||||||||||||||||
Lakeland Industrial Center | I-4 at County Rd., Lakeland | Rooms to Go, Amware Pallet Services, Publix, Star Distribution | 100.00% | 600,000 | 0 | 0 | 600,000 | |||||||||
Lakeland Interestate Industrial Park I | Interstate Drive and Kathleen Rd., Lakeland | Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., Sunrise Medical HHG, Inc. | 100.00% | 168,400 | 0 | 0 | 168,400 | |||||||||
1801 Massaro | 1801 Massaro Blvd., Tampa | MiTek Industries, Inc., JK Transportation | 100.00% | 159,000 | 0 | 0 | 159,000 | |||||||||
Hopewell Industrial Center | Old Hopewell Boulevard and U.S. Highway 301, Tampa | Parts Depot, Inc., American Tire Distributors | 100.00% | 224,483 | 0 | 0 | 224,483 | |||||||||
Tampa East Industrial Portfolio | 1841 Massaro Blvd., Tampa | General Electric, Hughes Supply, Interline Brands, GE Polymershapes, Creative Recycling Systems | 100.00% | 512,923 | 0 | 0 | 512,923 | |||||||||
Florida Total: | # of Properties: 5 | 1,664,806 | 0 | 0 | 1,664,806 | |||||||||||
Georgia | ||||||||||||||||
Atlanta Industrial Park | Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta | Georgia Aquarium, Inc., Cardinal Logistics Mgmt Co. | 100.00% | 120,200 | 0 | 0 | 120,200 | |||||||||
Atlanta Industrial Park II & VI | Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta | Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction Services, Inc., GSC Packaging | 100.00% | 382,100 | 0 | 0 | 382,100 | |||||||||
Atlanta Industrial Parkway | Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta | Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction Services, Inc., Georgia Aquarium, Inc. | 100.00% | 50,000 | 0 | 0 | 50,000 | |||||||||
Riverview Distribution Center | Fulton Industrial Blvd. at Camp Creek Parkway | CHEP USA | 100.00% | 265,200 | 0 | 0 | 265,200 | |||||||||
Sears Logistics | 3700 Southside Industrial Way, Atlanta | Sears Logistics Services, Inc. | 20.00% | (1)(3) | 80,511 | 322,043 | 0 | 402,554 | ||||||||
SouthPark 3075 | Anvil Block Rd and SouthPark Blvd, Atlanta | American Tire Distributors | 100.00% | 234,525 | 0 | 0 | 234,525 | |||||||||
Southside Industrial Parkway | Southside Industrial Pkwy at Jonesboro Rd., Atlanta | Lowe Supply, Inc., Mission Produce, Masco Contractor Services | 100.00% | 72,000 | 0 | 0 | 72,000 | |||||||||
Westlake 125 | Camp Creek Parkway and Westlake Parkway, Atlanta | Maxwell Chase Technologies, LLC, Nissei ASB Company, Berlin Packaging | 100.00% | 154,464 | 0 | 0 | 154,464 | |||||||||
Kennesaw 75 | 3850-3900 Kennesaw Prkwy, Kennesaw | Clorox Services Company, Builders Specialties, LLC | 100.00% | 178,467 | 0 | 0 | 178,467 | |||||||||
6485 Crescent Drive | I-85 at Jimmy Carter Blvd., Norcross | Zurn, Pax Industries, Inc., Prime Choice Properties, Inc. | 20.00% | (1)(3) | 72,092 | 288,368 | 0 | 360,460 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Georgia Total: | # of Properties: 8 | 1,609,559 | 610,411 | 0 | 2,219,970 | |||||||||||
Tennessee | ||||||||||||||||
Crowfarn Drive Warehouse | Crowfarn Dr. at Getwell Rd., Memphis | Diamond Comic Distributors, Inc, Acorn International | 20.00% | (1)(3) | 31,770 | 127,079 | 0 | 158,849 | ||||||||
Outland Business Center | Outland Center Dr., Memphis | Vistar Corporation, TricorBraun, Quest Communications Corporation, Kuehne & Nagel, Inc., Concentra | 20.00% | (1)(3) | 82,028 | 328,110 | 0 | 410,138 | ||||||||
Southpoint I & II | Pleasant Hill Rd. at Shelby Dr., Memphis | AF Services, Sunnywood Products, Inc., Wynit | 100.00% | 570,940 | 0 | 0 | 570,940 | |||||||||
Tennessee Total: | # of Properties: 3 | 684,738 | 455,189 | 0 | 1,139,927 | |||||||||||
Texas | ||||||||||||||||
Midpoint I-20 Distribution Center | New York Avenue and Arbrook Boulevard, Arlington | DHL, INX International | 100.00% | 253,165 | 0 | 0 | 253,165 | |||||||||
Randol Mill Place | Randol Mill Road, Arlington | American Institute of Intradermal Cosmetics, Protech Electronics, Inc. | 100.00% | 54,639 | 0 | 0 | 54,639 | |||||||||
Braker 2 Business Center | Kramer Ln. at Metric Blvd., Austin | Home Team Pest Defense, MJC Electronics Corporation | 100.00% | 27,359 | 0 | 0 | 27,359 | |||||||||
Corporate Center Park I and II | Putnam Dr. at Research Blvd., Austin | Phoenix – Lamar Corp, Apria Healthcare, Inc., Walgreen Co. | 100.00% | 119,452 | 0 | 0 | 119,452 | |||||||||
Oak Hills Industrial Park | Industrial Oaks Blvd., Austin | Terracon, Inc., Vindicator Technologies, Nanocoolers, Inc. | 100.00% | 89,858 | 0 | 0 | 89,858 | |||||||||
Rutland 10 Business Center | Metric Blvd. At Centimeter Circle, Austin | Media Event Concepts, Inc., Technowood, Inc., Aramark, Liant Manufacturing | 100.00% | 54,000 | 0 | 0 | 54,000 | |||||||||
Southpark A,B,C | East St. Elmo Rd. at Woodward St., Austin | HJV Associates, Inc., EZ Corp, Inc., Viko Test Lab | 100.00% | 78,276 | 0 | 0 | 78,276 | |||||||||
Southpoint Service Center | Burleson at Promontory Point Dr., Austin | Browning Construction Co., Ltd. | 100.00% | 57,667 | 0 | 0 | 57,667 | |||||||||
1625 Diplomat Drive | SWC Diplomat Dr. at McDaniel Dr., Carrollton | Rooftop Systems, Inc. | 100.00% | 106,140 | 0 | 0 | 106,140 | |||||||||
Midway Business Center | Midway at Boyington, Carrollton | ProSource, Luxury of Leather | 100.00% | 141,246 | 0 | 0 | 141,246 | |||||||||
Manana Office Center | I-35 at Manana, Dallas | Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services | 100.00% | 223,128 | 0 | 0 | 223,128 | |||||||||
Newkirk Service Center | Newkirk near N.W. Hwy., Dallas | Applied Industrial Technologies, AWC | 100.00% | 105,892 | 0 | 0 | 105,892 | |||||||||
Northeast Crossing Office/Service Center | East N.W. Hwy. at Shiloh, Dallas | Capital Title, Garland Surgery Center | 100.00% | 78,700 | 0 | 0 | 78,700 | |||||||||
Northwest Crossing Office/Service Center | N.W. Hwy. at Walton Walker, Dallas | Corporate Care, Magnum Cable Corp. | 100.00% | 126,984 | 0 | 0 | 126,984 | |||||||||
Redbird Distribution Center | Joseph Hardin Drive, Dallas | Consolidated Container Company; Texwood Industries, L.P. | 100.00% | 110,839 | 0 | 0 | 110,839 | |||||||||
Regal Distribution Center | Leston Avenue, Dallas | Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Global Industries Southwest | 100.00% | 202,559 | 0 | 0 | 202,559 | |||||||||
Space Center Industrial Park | Pulaski St. at Irving Blvd., Dallas | Weir’s Furniture Village, Inc., Facility Interiors, Inc. | 100.00% | 264,582 | 0 | 0 | 264,582 | |||||||||
McGraw Hill Distribution Center | 420 E. Danieldale Rd, DeSoto | McGraw Hill Companies, Inc. | 100.00% | 417,938 | 0 | 0 | 417,938 | |||||||||
610 and 11th St. Warehouse | Loop 610 at 11th St. | Prefco Corp. | 100.00% | 104,975 | 0 | 0 | 104,975 | |||||||||
610 and 11th St. Warehouse | Loop 610 at 11th St. | Iron Mountain, Luxury Motors | 20.00% | (1)(3) | 48,728 | 194,914 | 0 | 243,642 | ||||||||
610/288 Business Park | Cannon Street | Palmer Logistics | 20.00% | (1)(3) | 59,085 | 236,341 | 0 | 295,426 | ||||||||
Beltway 8 Business Park | Beltway 8 at Petersham Dr. | Weingarten Realty Investors Corporate Office | 100.00% | 157,498 | 0 | 0 | 157,498 | |||||||||
Blankenship Building | Kempwood Drive | Classic Printers | 100.00% | 59,729 | 0 | 0 | 59,729 | |||||||||
Brookhollow Business Center | Dacoma at Directors Row | Surgeon's Management, Houston Digital Instruments, Pioneer Contract Services | 100.00% | 133,553 | 0 | 0 | 133,553 | |||||||||
Central Park Northwest VI | Central Pkwy. at Dacoma | Houston Metallurgical Lab, Inc., Desktop Digital Printing, Inc. | 100.00% | 175,348 | 0 | 0 | 175,348 | |||||||||
Central Park Northwest VII | Central Pkwy. at Dacoma | Lucent Technologies, Inc., Houston Graduate School of Theology | 100.00% | 103,602 | 0 | 0 | 103,602 | |||||||||
Crestview | Bissonnet at Wilcrest | Creative Connection | 100.00% | 8,970 | 0 | 0 | 8,970 | |||||||||
Crosspoint Warehouse | Crosspoint | Foam Enterprises, LLC. | 100.00% | 72,505 | 0 | 0 | 72,505 | |||||||||
Houston Cold Storage Warehouse | 7080 Express Lane | Houston Central Industries, Inc. | 100.00% | 128,752 | 0 | 0 | 128,752 | |||||||||
Jester Plaza Office Service Center | West T.C. Jester | Corporate Care of Houston, Milwaukee Electric Tool Corporation | 100.00% | 100,605 | 0 | 0 | 100,605 | |||||||||
Kempwood Industrial | Kempwood Dr. at Blankenship Dr. | Pioneer Contract Services | 100.00% | 113,218 | 0 | 0 | 113,218 | |||||||||
Kempwood Industrial | Kempwood Dr. at Blankenship Dr. | Pioneer Contract Services, Veritas | 20.00% | (1)(3) | 43,898 | 175,591 | 0 | 219,489 | ||||||||
Lathrop Warehouse | Lathrop St. at Larimer St. | United D.C., Inc. | 20.00% | (1)(3) | 50,378 | 201,512 | 0 | 251,890 | ||||||||
Navigation Business Park | Navigation at N. York | Packwell, Inc. | 20.00% | (1)(3) | 47,664 | 190,657 | 0 | 238,321 | ||||||||
Northway Park II | Loop 610 East at Homestead | Jet Lube, Inc. | 20.00% | (1)(3) | 60,697 | 242,786 | 0 | 303,483 | ||||||||
Railwood F | Market at U.S. 90 | Shell Oil Company | 20.00% | (1)(3) | 60,000 | 240,000 | 0 | 300,000 | ||||||||
Railwood Industrial Park | Mesa at U.S. 90 | SIG Southwest, Global Stainless Supply, Inc., Meridian IQ | 100.00% | 402,680 | 0 | 0 | 402,680 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Railwood Industrial Park | Mesa at U.S. 90 | Georgia Gulf, DSC Logistics | 20.00% | (1)(3) | 99,531 | 398,125 | 0 | 497,656 | ||||||||
South Loop Business Park | S. Loop at Long Dr. | Plastic Plus Awards, Lumber Liquidators | 50.00% | (1)(3) | 46,225 | 46,225 | 0 | 92,450 | ||||||||
Southport Business Park 5 | South Loop 610 | International Surface Preparation Group, Inc., Sandvik, Inc. | 100.00% | 160,653 | 0 | 0 | 160,653 | |||||||||
Southwest Park II Service Center | Rockley Road | Bioassay Laboratory, Inc. | 100.00% | 67,700 | 0 | 0 | 67,700 | |||||||||
Stonecrest Business Center | Wilcrest at Fallstone | Aztec Facility Services, Inc. | 100.00% | 110,641 | 0 | 0 | 110,641 | |||||||||
Town & Country Commerce Center | I-10 at Beltway 8 | Arizona Tile, Seitel | 100.00% | 206,000 | 0 | 0 | 206,000 | |||||||||
West 10 Business Center II | Wirt Rd. at I-10 | Summers Group, Inc. | 100.00% | 82,658 | 0 | 0 | 82,658 | |||||||||
West Loop Commerce Center | W. Loop N. at I-10 | Inter-Tel Technologies | 100.00% | 34,256 | 0 | 0 | 34,256 | |||||||||
West-10 Business Center | Wirt Rd. at I-10 | Aaron’s Office Furniture | 100.00% | 102,087 | 0 | 0 | 102,087 | |||||||||
Westgate Service Center | Park Row Drive at Whiteback Dr. | Welltec, Inc.,Wood Group, 3M, Columbia Analytical Services, Inc. | 100.00% | 119,786 | 0 | 0 | 119,786 | |||||||||
Freeport Commerce Center | Sterling Street and Statesman Drive, Irving | McGraw Hill Companies, Inc., TKS (U.S.A.), Inc., Air Tiger Express | 100.00% | 50,590 | 0 | 0 | 50,590 | |||||||||
Central Plano Business Park | Klein Rd. at Plano Pkwy., Plano | CK Management, Inc., Minarik Corp. | 100.00% | 137,785 | 0 | 0 | 137,785 | |||||||||
Jupiter Service Center | Jupiter near Plano Pkwy., Plano | Interceramic Tile, Gemaire Distributors | 100.00% | 78,480 | 0 | 0 | 78,480 | |||||||||
Sherman Plaza Business Park | Sherman at Phillips, Richardson | Leggett & Platt, Inc., The Volkswagen Store, Weingarten regional office | 100.00% | 101,137 | 0 | 0 | 101,137 | |||||||||
Interwest Business Park | Alamo Downs Parkway, San Antonio | All-American Sports, Gell Service Company, Inc., Goodman Manufacturing Company, L.P. | 100.00% | 219,244 | 0 | 0 | 219,244 | |||||||||
Isom Business Park | 919-981 Isom Road, San Antonio | Gate Gourmet, Gandi Innovations, Wells Fargo Bank | 100.00% | 175,200 | 0 | 0 | 175,200 | |||||||||
O'Connor Road Business Park | O’Connor Road, San Antonio | Ingersoll Rand, TD Industries | 100.00% | 150,091 | 0 | 0 | 150,091 | |||||||||
Freeport Business Center | 13215 N. Promenade Blvd., Stafford | Fairfield Industries, Yokagawa, Gurwitch Industries | 100.00% | 251,385 | 0 | 0 | 251,385 | |||||||||
Texas Total: | # of Properties: 50 | 6,637,758 | 1,926,151 | 0 | 8,563,909 | |||||||||||
Virginia | ||||||||||||||||
Enterchange at Northlake A | 11900-11998 North Lakeridge Parkway, Ashland | Vacant | 100.00% | 215,077 | 0 | 0 | 215,077 | |||||||||
Enterchange at Northlake C | North Lakeridge Parkway & Northlake Park Dr, Ashland | Handleman Company, International Paper, Owens & Minor | 20.00% | (1)(3) | 58,623 | 234,492 | 0 | 293,115 | ||||||||
Enterchange at Meadowville | 2101 Bermuda Hundred Dr, Chester | Vacant | 20.00% | (1)(3) | 45,362 | 181,447 | 0 | 226,809 | ||||||||
Enterchange at Walthall A & B | 1900-1998 Ruffin Mill Rd, Colonial Heights | Mazda Motors of America, Inc., Xymid LLC, Central National-Gottesman, Inc. | 20.00% | (1)(3) | 121,356 | 485,424 | 0 | 606,780 | ||||||||
Enterchange at Walthall C | 1936-1962 Ruffin Mill Rd, Colonial Heights | PSS World Medical, Hill Phoenix | 20.00% | (1)(3) | 52,384 | 209,538 | 0 | 261,922 | ||||||||
Enterchange at Walthall D | 1700-1798 Ruffin Mill Rd, Colonial Heights | Recall, Jim's Formal Wear | 100.00% | 243,782 | 0 | 0 | 243,782 | |||||||||
Interport Business Center A | 4800-4890 Eubank Road, Richmond | Anderson News, LLC, HD Business LLC, Wyeth | 20.00% | (1)(3) | 89,482 | 357,930 | 0 | 447,412 | ||||||||
Interport Business Center B | 4700-4790 Eubank Road, Richmond | Mid South Building Supply, Inc., Alcoa, EGL Eagle Global Logistics, LP | 20.00% | (1)(3) | 23,600 | 94,400 | 0 | 118,000 | ||||||||
Interport Business Center C | 5300-5390 Laburnum Ave, Richmond | Sears Home Improvement Products, Inc., Ferguson | 20.00% | (1)(3) | 10,977 | 43,908 | 0 | 54,885 | ||||||||
Virginia Total: | # of Properties: 9 | 860,643 | 1,607,139 | 0 | 2,467,782 | |||||||||||
Other | ||||||||||||||||
Operating Properties | ||||||||||||||||
Arizona | ||||||||||||||||
Arcadia Biltmore Plaza | Campbell Ave. at North 36th St., Phoenix | Endurance Rehab, Weingarten Realty Regional Office | 100.00% | 21,122 | 0 | 0 | 21,122 | |||||||||
Arizona Total: | # of Properties: 1 | 21,122 | 0 | 0 | 21,122 | |||||||||||
Texas | ||||||||||||||||
1919 North Loop West | Hacket Drive at West Loop 610 North | State of Texas, Weingarten Realty Regional Office | 100.00% | 139,449 | 0 | 0 | 139,449 | |||||||||
Citadel Plaza | Citadel Plaza Dr. | Weingarten Realty Investors Corporate Office | 100.00% | 121,000 | 0 | 0 | 121,000 | |||||||||
Texas Total: | # of Properties: 2 | 260,449 | 0 | 0 | 260,449 | |||||||||||
Total Operating Properties | # of Properties: 374 | 45,458,933 | 12,650,710 | 9,191,441 | 67,301,080 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
New Development | ||||||||||||||||
Arizona | ||||||||||||||||
Mohave Crossroads | Bullhead Parkway at State Route 95, Bullhead City | 100.00% | (2) | 148,867 | 0 | 197,360 | 346,227 | |||||||||
Raintree Ranch | Ray Road at Price Road, Chandler | 100.00% | (2) | 136,230 | 0 | 0 | 136,230 | |||||||||
The Shoppes at Parkwood Ranch | Southern Avenue and Signal Butte Road, Mesa | 100.00% | (2) | 72,184 | 0 | 0 | 72,184 | |||||||||
Arizona Total: | # of Properties: 3 | 357,281 | 0 | 197,360 | 554,641 | |||||||||||
California | ||||||||||||||||
Jess Ranch Marketplace | Bear Valley Road at Jess Ranch Parkway, Apple Valley | 50.00% | (1)(2)(3) | 99,171 | 99,171 | 93,696 | 292,038 | |||||||||
Jess Ranch Phase III | Bear Valley Road at Jess Ranch Parkway, Apple Valley | 50.00% | (1)(2)(3) | 74,816 | 74,816 | 0 | 149,632 | |||||||||
California Total: | # of Properties: 2 | 173,987 | 173,987 | 93,696 | 441,670 | |||||||||||
Colorado | ||||||||||||||||
River Point at Sheridan | Highway 77 and Highway 88, Sheridan | 50.00% | (1)(2)(3) | 43,922 | 43,922 | 327,000 | 414,844 | |||||||||
The Gardens on Havana | Mississippi at Havana, Aurora | 39.80% | (1)(2)(3) | 148,548 | 224,782 | 142,500 | 515,830 | |||||||||
Colorado Total: | # of Properties: 2 | 192,470 | 268,704 | 469,500 | 930,674 | |||||||||||
Florida | ||||||||||||||||
Clermont Landing | U.S. 27 & Steve's Road | 55.00% | (1)(2)(3) | 65,883 | 53,904 | 104,175 | 223,962 | |||||||||
Colonial Landing | East Colonial Dr. at Maguire Boulevard, Orlando | 50.00% | (1)(2) | 131,634 | 131,634 | 0 | 263,267 | |||||||||
Epic Village - St. Augustine | SR 207 at Rolling Hills Dr | 70.00% | (1)(2) | 2,544 | 1,090 | 53,625 | 53,625 | |||||||||
Palm Coast Center | State Road 100 & Belle Terre Parkway, Palm Coast | 50.00% | (1)(2)(3) | 76,098 | 76,098 | 179,476 | 331,671 | |||||||||
Phillips Crossing | Interstate 4 and Sand Lake Road, Orlando | 100.00% | (2) | 126,808 | 0 | 0 | 126,808 | |||||||||
Phillips Landing | Turkey Lake Rd., Orlando | 100.00% | (2) | 46,910 | 0 | 219,815 | 266,725 | |||||||||
Florida Total: | # of Properties: 6 | 449,877 | 262,726 | 557,091 | 1,266,058 | |||||||||||
North Carolina | ||||||||||||||||
Surf City Crossing | Highway 17 and Highway 210, Surf City | 75.00% | (1)(2) | 36,567 | 12,189 | 0 | 48,756 | |||||||||
Waterford Village | US Hwy 17 & US Hwy 74/76, Leland | 75.00% | (1)(2) | 52,276 | 17,425 | 0 | 69,701 | |||||||||
North Carolina Total: | # of Properties: 2 | 88,843 | 29,614 | 0 | 118,457 | |||||||||||
Tennessee | ||||||||||||||||
Ridgeway Trace | Memphis | 100.00% | (2) | 71,587 | 0 | 137,740 | 209,327 | |||||||||
Tennessee Total: | # of Properties: 1 | 71,587 | 0 | 137,740 | 209,327 | |||||||||||
Texas | ||||||||||||||||
Claywood Industrial Park | Clay at Hollister | 100.00% | (2) | 390,891 | 0 | 0 | 390,891 | |||||||||
Gateway Station | I-35W and McAlister Rd., Burleson | 70.00% | (1)(2) | 22,372 | 9,588 | 0 | 31,960 | |||||||||
Horne Street Market | I-30 & Horne Street, Fort Worth | 100.00% | (2) | 42,267 | 0 | 0 | 42,267 | |||||||||
Market at Nolana | Nolana Ave and 29th St., McAllen | 50.00% | (1)(2)(3) | 13,222 | 13,222 | 203,818 | 230,261 | |||||||||
Market at Sharyland Place | U.S. Expressway 83 and Shary Road, Mission | 50.00% | (1)(2)(3) | 47,956 | 47,956 | 320,000 | 415,912 | |||||||||
North Towne Plaza | U.S. 77 and 83 at SHFM 802, Brownsville | 75.00% | (1)(2) | 0 | 0 | 117,000 | �� | 117,000 | ||||||||
Railwood G | Mesa at U.S. 90 | 50.00% | (1)(2)(3) | 105,425 | 105,425 | 0 | 210,850 | |||||||||
Sharyland Towne Crossing | Shary Rd. at Hwy. 83, Mission | 50.00% | (1)(2)(3) | 172,234 | 172,234 | 131,909 | 476,376 | |||||||||
The Shoppes at Wilderness Oaks | US Hwy 281 at Wilderness Oaks | 100.00% | (2) | 0 | 0 | 0 | 0 | |||||||||
Tomball Marketplace | FM 2920 and Future 249, Tomball | 100.00% | (2) | 37,189 | 0 | 85,000 | 122,189 | |||||||||
Westover Square | 151 and Ingram, San Antonio | 66.70% | (1)(2) | 0 | 0 | 0 | 0 | |||||||||
Westwood Center | Culebra Road and Westwood Loop, San Antonio | 100.00% | (2) | 5,500 | 0 | 0 | 5,500 | |||||||||
Texas Total: | # of Properties: 12 | 837,056 | 348,425 | 857,727 | 2,043,206 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Utah | ||||||||||||||||
300 West Retail Center | Paxton Ave and 400 West St | 31.80% | (1)(2)(3) | 0 | 0 | 0 | 0 | |||||||||
Utah Total: | # of Properties: 1 | 0 | 0 | 0 | 0 | |||||||||||
Washington | ||||||||||||||||
Village at Liberty Lake | E. Country Vista Dr. at N. Liberty Rd., Liberty Lake | 50.00% | (1)(2)(3) | 0 | 0 | 132,874 | 132,874 | |||||||||
Washington Total: | # of Properties: 1 | 0 | 0 | 132,874 | 132,874 | |||||||||||
Total New Developments | # of Properties: 30 | 2,171,101 | 1,083,456 | 2,445,988 | 5,696,907 | |||||||||||
Unimproved Land | ||||||||||||||||
Arizona | ||||||||||||||||
Lon Adams Rd at Tangerine Farms Rd, Marana | 464,785 | |||||||||||||||
Arizona Total: | 464,785 | |||||||||||||||
California | ||||||||||||||||
Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley | (1)(3) | 139,392 | ||||||||||||||
Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley | (1)(3) | 448,668 | ||||||||||||||
California Total: | 588,060 | |||||||||||||||
Colorado | ||||||||||||||||
Mississippi at Havana, Aurora | (1)(3) | 418,717 | ||||||||||||||
Colorado Total: | 418,717 | |||||||||||||||
Florida | ||||||||||||||||
Young Pines and Curry Ford Rd, Orange County | 132,422 | |||||||||||||||
Florida Total: | 132,422 | |||||||||||||||
Georgia | ||||||||||||||||
NWC South Fulton Parkway @ Hwy 92, Union City | (1) | 3,554,000 | ||||||||||||||
Georgia Total: | 3,554,000 | |||||||||||||||
Louisiana | ||||||||||||||||
70th St. at Mansfield Rd., Shreveport | 41,704 | |||||||||||||||
Louisiana Total: | 41,704 | |||||||||||||||
Nevada | ||||||||||||||||
SWC Highway 215 at Decatur, Las Vegas | 1,103,810 | |||||||||||||||
Nevada Total: | 1,103,810 | |||||||||||||||
North Carolina | ||||||||||||||||
US Hwy 17 & US Hwy 74/76, Leland | (1) | 362,419 | ||||||||||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | 576,000 | |||||||||||||||
U.S. 15-501 and Bruce Wood Rd, Southern Pines | 1,047,000 | |||||||||||||||
Highway 17 and Highway 210, Surf City | (1) | 1,590,811 | ||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 3,479,317 | |||||||||||||||
North Carolina Total: | 7,055,547 | |||||||||||||||
Texas | ||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 3,570,178 | |||||||||||||||
River Pointe Drive at Interstate 45, Conroe | 118,483 | |||||||||||||||
Leslie Rd. at Bandera Rd., Helotes | 75,000 | |||||||||||||||
Bissonnet at Wilcrest, Houston | 84,629 | |||||||||||||||
Citadel Plaza at 610 North Loop, Houston | 137,000 | |||||||||||||||
East Orem | 122,000 |
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Property Listing at December 31, 2008 | ||||||||||||||||
Gross Leasable Area | ||||||||||||||||
Joint | ||||||||||||||||
Center | Location | Anchors | WRI | Foot | WRI | Venture | Owned by | |||||||||
Owned % | Notes | Owned | Share | Other | Total | |||||||||||
Kirkwood at Dashwood Drive, Houston | 322,000 | |||||||||||||||
Mesa Road at Tidwell, Houston | 35,898 | |||||||||||||||
Northwest Freeway at Gessner, Houston | 213,292 | |||||||||||||||
West Little York at Interstate 45, Houston | 161,000 | |||||||||||||||
West Loop North at Interstate 10, Houston | 145,000 | |||||||||||||||
Shary Rd. at North Hwy. 83, Mission | (1)(3) | 1,607,364 | ||||||||||||||
Shaver at Southmore, Pasadena | 17,000 | |||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,000 | |||||||||||||||
Culebra Road and Westwood Loop, San Antonio | 403,366 | |||||||||||||||
FM 1957 (Pontranco Road) and FM 211, San Antonio | (1) | 8,656,243 | ||||||||||||||
Highway 3 at Highway 1765, Texas City | 201,000 | |||||||||||||||
FM 2920 and Highway 249, Tomball | 363,944 | |||||||||||||||
Texas Total: | 16,476,397 | |||||||||||||||
Total Unimproved Land | 29,835,442 |
Page 38