EXHIBIT 99.2
Table of Contents | Page No. | ||
Corporate Profile | 1 | ||
Financial Summary | |||
Condensed Consolidated Statements of Income | 3 | ||
Condensed Consolidated Balance Sheets | 4 | ||
Supplemental Financial Data | 5 | ||
Funds from Operations | |||
Dividends | |||
General and Administrative Expenses | |||
Supplemental Income Statement Detail | 6 | ||
Rentals, net | |||
Fee Income From Real Estate Joint Ventures and Partnerships | |||
Interest Expense, net | |||
Interest Income and Other Income, net | |||
Supplemental Analyst Information | |||
Net Operating Income Including Joint Ventures | |||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |||
Supplemental Balance Sheet Detail | 7 | ||
Property | |||
Straight Line Rent Receivable | |||
Other Assets, net | |||
Other Liabilities, net | |||
Identified Intangible Assets and Liabilities | |||
Capitalization and Coverage Ratios | 8 | ||
Common Share Data | |||
Capitalization | |||
Capital Availability | |||
Coverage Ratios | |||
Net Debt to Adjusted EBITDA | |||
Credit Ratings | |||
Investment Activity | |||
New Development Properties (by Stabilization) | 10 | ||
Land Held for Development | 11 | ||
Disposition and Acquistion Summary | 12 | ||
Property Investment Summary | 13 | ||
Summary of Debt | |||
Debt Information | 15 | ||
Outstanding Balance Summary | |||
Fixed vs. Variable Rate Debt | |||
Secured vs. Unsecured Debt | |||
Weighted Average Interest Rates | |||
Schedule of Maturities | 16 | ||
Joint Ventures | |||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% | 18 | ||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share | 19 | ||
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships | 20 | ||
Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships | 21 | ||
Portfolio Summary | |||
Tenant Diversification by Percent of Rental Revenues | 23 | ||
Portfolio Operating Information | 24 | ||
Lease Expirations | |||
Leasing Activity - Signed Leases | |||
Occupancy | |||
Same Property Net Operating Income Growth | |||
Total Net Operating Income by Geographic Region | 25 | ||
Average Base Rents by CBSA | 26 - 28 | ||
Property Listing | 30 - 43 | ||
Other Topics of Interest | |||
Supplemental Leasing Information | 45 | ||
Reconciliation of Adjusted Funds from Operations for Exclusion of Certain Transactions | 46 | ||
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 September 30, 2010, we owned or operated under long-term leases, interests in 378 developed income-producing properties and 10 new development properties (including 7 which are income-producing), which are located in 23 states that span the United States from coast to coast. Included in the portfolio are 307 shopping centers, 78 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 43.9 million square feet of leasable area. Our properties were 91.1% leased as of September 30, 2010, 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 | ||
Denver, CO | ||
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 | |
8.1% 2019 Notes | WRD | |
Forward-Looking Statements | ||
This prospectus supplement and the accompanying prospectus, including documents incorporated by reference, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company's intentions, beliefs, expectations or projections of the future. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) changes in expected development activity, (ix) increases in operating costs, (x) tax matters, including failure to qualify as a real estate investment trust, could have adverse consequences and (xi) investments through real estate joint ventures and partnerships involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized. |
Page 1
Financial Summary | |||||||||||
Weingarten Realty Investors | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Rentals, net | $ | 134,643 | $ | 138,175 | $ | 404,043 | $ | 417,560 | $ | 554,014 | $ | 578,859 | $ | 547,949 | $ | 494,609 | |||||||||||||||||
Other | 4,396 | 4,898 | 10,893 | 12,262 | 17,974 | 13,788 | 13,150 | 6,656 | |||||||||||||||||||||||||
Total | 139,039 | 143,073 | 414,936 | 429,822 | 571,988 | 592,647 | 561,099 | 501,265 | |||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 37,297 | 36,694 | 111,440 | 111,485 | 147,876 | 149,795 | 122,228 | 111,617 | |||||||||||||||||||||||||
Operating | 25,456 | 25,506 | 77,154 | 75,310 | 102,936 | 113,472 | 99,586 | 81,765 | |||||||||||||||||||||||||
Real estate taxes, net | 15,653 | 18,100 | 48,976 | 54,472 | 70,668 | 70,608 | 64,347 | 58,354 | |||||||||||||||||||||||||
Impairment loss | 4,941 | 32,774 | 21,002 | 32,774 | 34,983 | 52,539 | |||||||||||||||||||||||||||
General and administrative | 6,443 | 6,178 | 19,103 | 19,198 | 25,930 | 25,761 | 26,979 | 23,801 | |||||||||||||||||||||||||
Total | 89,790 | 119,252 | 277,675 | 293,239 | 382,393 | 412,175 | 313,140 | 275,537 | |||||||||||||||||||||||||
Operating Income | 49,249 | 23,821 | 137,261 | 136,583 | 189,595 | 180,472 | 247,959 | 225,728 | |||||||||||||||||||||||||
Interest Expense, net | (36,679 | ) | (36,431 | ) | (111,762 | ) | (115,247 | ) | (153,207 | ) | (156,318 | ) | (156,248 | ) | (148,052 | ) | |||||||||||||||||
Interest and Other Income, net | 3,070 | 3,596 | 6,905 | 8,504 | 11,427 | 4,333 | 8,483 | 9,043 | |||||||||||||||||||||||||
Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net (a) | 3,455 | (4,763 | ) | 9,321 | 2,783 | 5,548 | 12,196 | 19,853 | 14,655 | ||||||||||||||||||||||||
Gain (Loss) on Redemption of Convertible Senior Unsecured Notes | 16,453 | (135 | ) | 25,311 | 25,311 | 12,961 | |||||||||||||||||||||||||||
Gain on Land and Merchant Development Sales | 491 | 18,619 | 18,688 | 8,342 | 16,385 | 7,166 | |||||||||||||||||||||||||||
Benefit (Provision) for Income Taxes | 20 | (4,332 | ) | (155 | ) | (7,039 | ) | (6,337 | ) | 10,220 | (4,073 | ) | (1,366 | ) | |||||||||||||||||||
Income (Loss) from Continuing Operations | 19,115 | (1,165 | ) | 41,435 | 69,514 | 91,025 | 72,206 | 132,359 | 107,174 | ||||||||||||||||||||||||
Operating (Loss) Income from Discontinued Operations | (722 | ) | 12 | 3,228 | 3,220 | 11,669 | 20,234 | 33,079 | |||||||||||||||||||||||||
Gain on Sale of Property from Discontinued Operations | 398 | 618 | 7,385 | 55,765 | 68,722 | 83,659 | 145,494 | ||||||||||||||||||||||||||
(Loss) Income from Discontinued Operations | (324 | ) | 630 | 10,613 | 58,985 | 80,391 | 103,893 | 178,573 | |||||||||||||||||||||||||
Gain on Sale of Property | 126 | 994 | 968 | 12,374 | 25,266 | 1,998 | 4,086 | 22,493 | |||||||||||||||||||||||||
Net Income (Loss) | 19,241 | (495 | ) | 43,033 | 92,501 | 175,276 | 154,595 | 240,338 | 308,240 | ||||||||||||||||||||||||
Less: | Net Income Attributable to Noncontrolling Interests | (1,712 | ) | (20 | ) | (3,093 | ) | (2,894 | ) | (4,174 | ) | (8,943 | ) | (10,237 | ) | (6,414 | ) | ||||||||||||||||
Net Income (Loss) Adjusted for Noncontrolling Interests | 17,529 | (515 | ) | 39,940 | 89,607 | 171,102 | 145,652 | 230,101 | 301,826 | ||||||||||||||||||||||||
Preferred Share Dividends | (8,869 | ) | (8,869 | ) | (26,607 | ) | (26,607 | ) | (35,476 | ) | (34,711 | ) | (25,375 | ) | (10,101 | ) | |||||||||||||||||
Redemption Costs of Preferred Shares | (1,850 | ) | |||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 8,660 | $ | (9,384 | ) | $ | 13,333 | $ | 63,000 | $ | 135,626 | $ | 109,091 | $ | 204,726 | $ | 291,725 | ||||||||||||||||
Earnings Per Common Share - Basic | $ | 0.07 | $ | (0.08 | ) | $ | 0.11 | $ | 0.59 | $ | 1.24 | $ | 1.29 | $ | 2.39 | $ | 3.33 | ||||||||||||||||
Earnings Per Common Share - Diluted | $ | 0.07 | $ | (0.08 | ) | $ | 0.11 | $ | 0.59 | $ | 1.23 | $ | 1.28 | $ | 2.35 | $ | 3.24 | ||||||||||||||||
(a) See Page 19 for the Company's pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
Page 3
Weingarten Realty Investors | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except per share amounts) | ||||||||
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS | ||||||||
Property | $ | 4,709,820 | $ | 4,658,396 | ||||
Accumulated Depreciation | (939,209 | ) | (856,281 | ) | ||||
Property, net | 3,770,611 | 3,802,115 | ||||||
Investment in Real Estate Joint Ventures and Partnerships, net (a) | 312,302 | 315,248 | ||||||
Total | 4,082,913 | 4,117,363 | ||||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 187,594 | 317,838 | ||||||
Unamortized Debt and Lease Costs, net | 109,498 | 103,396 | ||||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $9,402 in 2010 and $10,380 in 2009) | 88,755 | 96,372 | ||||||
Cash and Cash Equivalents | 31,814 | 153,584 | ||||||
Restricted Deposits and Mortgage Escrows | 61,767 | 12,778 | ||||||
Other, net | 247,740 | 89,054 | ||||||
Total | $ | 4,810,081 | $ | 4,890,385 | ||||
LIABILITIES AND EQUITY | ||||||||
Debt, net | $ | 2,574,845 | $ | 2,531,847 | ||||
Accounts Payable and Accrued Expenses | 121,375 | 137,727 | ||||||
Other, net | 103,231 | 114,155 | ||||||
Total | 2,799,451 | 2,783,729 | ||||||
Commitments and Contingencies | ||||||||
Equity: | ||||||||
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 2010 and 2009; liquidation preference $75,000 | 3 | 3 | ||||||
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2010 and 2009; liquidation preference $72,500 | 1 | 1 | ||||||
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued and outstanding in 2010 and 2009; liquidation preference $350,000 | 4 | 4 | ||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 120,411 in 2010 and 120,098 in 2009 | 3,625 | 3,615 | ||||||
Accumulated Additional Paid-In Capital | 1,966,882 | 1,958,975 | ||||||
Net Income Less Than Accumulated Dividends | (117,850 | ) | (37,350 | ) | ||||
Accumulated Other Comprehensive Loss | (22,273 | ) | (23,958 | ) | ||||
Shareholders' Equity | 1,830,392 | 1,901,290 | ||||||
Noncontrolling Interests | 180,238 | 205,366 | ||||||
Total Equity | 2,010,630 | 2,106,656 | ||||||
Total | $ | 4,810,081 | $ | 4,890,385 | ||||
(a) This represents the Company's investment of its unconsolidated real estate joint ventures and partnerships. See page 19 for additional information. |
Page 4
Supplemental Financial Data | |||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||||||
Funds from Operations | |||||||||||||||||||
Numerator: | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 8,660 | $ | (9,384 | ) | $ | 13,333 | $ | 63,000 | ||||||||||
Depreciation and amortization | 35,261 | 35,646 | 105,449 | 109,446 | |||||||||||||||
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships | 4,850 | 4,850 | 14,795 | 13,415 | |||||||||||||||
Gain on sale of property | (114 | ) | (1,383 | ) | (1,575 | ) | (19,736 | ) | |||||||||||
Loss (gain) on sale of property of unconsolidated real estate joint ventures and partnerships | 1 | (4 | ) | ||||||||||||||||
Funds from Operations - Basic and Diluted | $ | 48,657 | $ | 29,729 | $ | 132,003 | $ | 166,121 | |||||||||||
Certain adjustments (1) | 4,941 | 29,611 | 21,252 | 21,484 | |||||||||||||||
Funds from Operations before Certain Adjustments | $ | 53,598 | $ | 59,340 | $ | 153,255 | $ | 187,605 | |||||||||||
Denominator: | |||||||||||||||||||
Weighted average shares outstanding - Basic | 119,978 | 119,384 | 119,899 | 106,186 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Share options and awards | 839 | 811 | 559 | ||||||||||||||||
Operating partnership units | |||||||||||||||||||
Weighted average shares outstanding - Diluted | 120,817 | 119,384 | 120,710 | 106,745 | |||||||||||||||
Funds from Operations per Share - Basic | $ | 0.41 | $ | 0.25 | $ | 1.10 | $ | 1.56 | |||||||||||
Funds from Operations Per Share - Diluted | $ | 0.40 | $ | 0.25 | $ | 1.09 | $ | 1.56 | |||||||||||
Growth in Funds from Operations per Share - Diluted | 60.0 | % | -30.1 | % | |||||||||||||||
Funds from Operations before Certain Adjustments per Share - Diluted | $ | 0.44 | $ | 0.50 | $ | 1.27 | $ | 1.76 | |||||||||||
Dividends | |||||||||||||||||||
Common Dividends per Share | $ | 0.260 | $ | 0.250 | $ | 0.780 | $ | 1.025 | |||||||||||
Common Dividends Paid as a % of Funds from Operations | 64.3 | % | 100.7 | % | 71.1 | % | 63.7 | % | |||||||||||
General and Administrative Expenses | |||||||||||||||||||
General and Administrative Expenses/Total Revenue | 4.6 | % | 4.3 | % | 4.6 | % | 4.5 | % | |||||||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.11 | % | 0.10 | % | 0.33 | % | 0.33 | % | |||||||||||
(1) | Certain adjustments primarily consist of non-cash items for impairments from continuing operations, discontinued operations and our share of unconsolidated real estate joint ventures and partnerships, an impairment valuation allowance and the gain (loss) on redemption of convertible senior unsecured notes. | ||||||||||||||||||
The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) attributable 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 the re 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 5
Supplemental Income Statement Detail | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Rentals, net | ||||||||||||||||
Base minimum rent, net | $ | 104,515 | $ | 106,624 | $ | 311,297 | $ | 320,898 | ||||||||
Straight line rent | 1,466 | 1,641 | 6,004 | 5,975 | ||||||||||||
Over/Under-market rentals, net | 449 | 622 | 1,206 | 2,031 | ||||||||||||
Percentage rent | 1,359 | 1,833 | 3,352 | 3,733 | ||||||||||||
Tenant reimbursements | 26,854 | 27,455 | 82,184 | 84,923 | ||||||||||||
Total | $ | 134,643 | $ | 138,175 | $ | 404,043 | $ | 417,560 | ||||||||
Fee Income from Real Estate Joint Ventures and Partnerships | ||||||||||||||||
Recurring | $ | 1,768 | $ | 1,510 | $ | 5,184 | $ | 4,664 | ||||||||
Non-Recurring | 30 | 30 | 63 | |||||||||||||
Total | $ | 1,798 | $ | 1,510 | $ | 5,214 | $ | 4,727 | ||||||||
Interest Expense, net | ||||||||||||||||
Interest paid or accrued | $ | 37,581 | $ | 38,312 | $ | 115,346 | $ | 121,364 | ||||||||
Over-market mortgage adjustment of acquired properties, net | (701 | ) | (984 | ) | (2,510 | ) | (3,089 | ) | ||||||||
Amortization of convertible bond discount | 536 | 538 | 1,655 | 4,426 | ||||||||||||
Gross interest expense | 37,416 | 37,866 | 114,491 | 122,701 | ||||||||||||
Capitalized interest | (737 | ) | (1,435 | ) | (2,729 | ) | (7,454 | ) | ||||||||
Total | $ | 36,679 | $ | 36,431 | $ | 111,762 | $ | 115,247 | ||||||||
Interest and Other Income, net | ||||||||||||||||
Interest income from joint ventures (primarily construction loans) | $ | 960 | $ | 1,204 | $ | 3,313 | $ | 3,238 | ||||||||
Deferred compensation interest income | 1,030 | 1,485 | 659 | 2,584 | ||||||||||||
Other | 1,080 | 907 | 2,933 | 2,682 | ||||||||||||
Total | $ | 3,070 | $ | 3,596 | $ | 6,905 | $ | 8,504 | ||||||||
Supplemental Analyst Information | ||||||||||||||||
Net Operating Income including Joint Ventures | ||||||||||||||||
Revenues | $ | 139,039 | $ | 143,073 | $ | 414,936 | $ | 429,822 | ||||||||
Operating expense | (25,456 | ) | (25,506 | ) | (77,154 | ) | (75,310 | ) | ||||||||
Real estate taxes | (15,653 | ) | (18,100 | ) | (48,976 | ) | (54,472 | ) | ||||||||
Total | 97,930 | 99,467 | 288,806 | 300,040 | ||||||||||||
Net Operating Income from Discontinued Operations | 2,943 | 19 | 10,582 | |||||||||||||
Minority Interests Share of Net Operating Income and Other Adjustments | (6,856 | ) | (6,628 | ) | (18,907 | ) | (17,644 | ) | ||||||||
Pro rata Income From Consolidated Ventures | 91,074 | 95,782 | 269,918 | 292,978 | ||||||||||||
Pro rata share of Unconsolidated Joint Ventures | ||||||||||||||||
Revenues | 14,600 | 13,322 | 43,854 | 40,769 | ||||||||||||
Operating expense | (2,494 | ) | (2,920 | ) | (7,499 | ) | (7,660 | ) | ||||||||
Real estate taxes | (1,664 | ) | (1,592 | ) | (5,477 | ) | (5,010 | ) | ||||||||
Total | 10,442 | 8,810 | 30,878 | 28,099 | ||||||||||||
Net Operating Income including Joint Ventures | $ | 101,516 | $ | 104,592 | $ | 300,796 | $ | 321,077 | ||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | ||||||||||||||||
Net income (loss) from unconsolidated real estate joint ventures and partnerships | $ | 2,410 | $ | (6,300 | ) | $ | 5,786 | $ | (1,743 | ) | ||||||
Intercompany fee income reclass | 1,301 | 1,619 | 4,359 | 4,584 | ||||||||||||
Other adjustments | (256 | ) | (82 | ) | (824 | ) | (58 | ) | ||||||||
Equity in earnings (loss) of real estate joint ventures and partnerships, net | $ | 3,455 | $ | (4,763 | ) | $ | 9,321 | $ | 2,783 |
Page 6
Supplemental Balance Sheet Detail | ||||||||
(in thousands) | ||||||||
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Property | ||||||||
Land | $ | 910,625 | $ | 896,010 | ||||
Land held for development | 179,779 | 182,586 | ||||||
Land under development | 26,952 | 32,709 | ||||||
Buildings and improvements | 3,546,295 | 3,437,578 | ||||||
Construction in-progress | 46,169 | 109,513 | ||||||
Total | $ | 4,709,820 | $ | 4,658,396 | ||||
Straight Line Rent Receivable | $ | 56,968 | $ | 51,465 | ||||
Other Assets, net | ||||||||
Notes receivable and mortgage bonds, net | $ | 89,752 | $ | 45,922 | ||||
Debt service guaranty asset | 97,000 | |||||||
Non-qualified benefit plan assets | 14,060 | 13,897 | ||||||
Out-of-market rentals, net | 5,832 | 5,807 | ||||||
Deferred income tax asset | 12,025 | 11,434 | ||||||
Interest rate derivative | 18,732 | 2,601 | ||||||
Other | 10,339 | 9,393 | ||||||
Total | $ | 247,740 | $ | 89,054 | ||||
Other Liabilities, net | ||||||||
Deferred revenue | $ | 18,675 | $ | 18,806 | ||||
Non-qualified plan benefit liabilities | 36,686 | 37,205 | ||||||
Deferred income tax payable | 6,464 | 6,993 | ||||||
Out-of-market rentals, net | 12,687 | 15,157 | ||||||
Interest rate derivative | 419 | 4,634 | ||||||
Other | 28,300 | 31,360 | ||||||
Total | $ | 103,231 | $ | 114,155 | ||||
Identified Intangible Assets and Liabilities | ||||||||
Identified Intangible Assets: | ||||||||
Above-market leases (included in Other Assets, net) | $ | 15,990 | $ | 17,278 | ||||
Above-market leases - Accumulated Amortization | (10,158 | ) | (11,471 | ) | ||||
Below-market assumed Mortgages (included in Debt, net) | 4,051 | 2,072 | ||||||
Below-market assumed Mortgages - Accumulated Amortization | (1,048 | ) | (805 | ) | ||||
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net) | 62,205 | 57,610 | ||||||
Valuation of in place leases - Accumulated Amortization | (34,745 | ) | (32,361 | ) | ||||
Total | $ | 36,295 | $ | 32,323 | ||||
Identified Intangible Liabilities: | ||||||||
Below-market leases (included in Other Liabilities, net) | $ | 35,474 | $ | 36,951 | ||||
Below-market leases - Accumulated Amortization | (22,787 | ) | (21,794 | ) | ||||
Above-market assumed mortgages (included in Debt, net) | 47,764 | 52,171 | ||||||
Above-market assumed mortgages - Accumulated Amortization | (30,617 | ) | (31,329 | ) | ||||
Total | $ | 29,834 | $ | 35,999 |
Page 7
Capitalization and Coverage Ratios | ||||||||
(in thousands, except common share data and percentages) | ||||||||
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Common Share Data | ||||||||
Closing Market Price | $ | 21.82 | $ | 19.79 | ||||
Dividend Yield | 4.77 | % | 5.05 | % | ||||
90-Day, Average Daily Trading Volume | 1,221,218 | 1,407,967 | ||||||
Capitalization (As reported) | ||||||||
Debt | $ | 2,574,845 | $ | 2,531,847 | ||||
Preferred Shares | 497,500 | 497,500 | ||||||
Common Shares at Market | 2,627,368 | 2,376,739 | ||||||
Operating Partnership Units at Market | 35,938 | 33,445 | ||||||
Total Market Capitalization | $ | 5,735,651 | $ | 5,439,531 | ||||
Debt to Total Market Capitalization | 44.9 | % | 46.5 | % | ||||
Capitalization (Pro rata) | ||||||||
Debt | $ | 2,439,480 | $ | 2,486,535 | ||||
Preferred Shares | 497,500 | 497,500 | ||||||
Common Shares at Market | 2,627,368 | 2,376,739 | ||||||
Operating Partnership Units at Market | 35,938 | 33,445 | ||||||
Total Market Capitalization | $ | 5,600,286 | $ | 5,394,219 | ||||
Debt to Total Market Capitalization | 43.6 | % | 46.1 | % | ||||
Capital Availability | ||||||||
Revolving Credit Facility | $ | 500,000 | $ | 575,000 | ||||
Less: | ||||||||
Balance Outstanding Under Revolving Credit Facility | ||||||||
Balance Outstanding Under Unsecured Overnight Facility | 50,000 | |||||||
Outstanding Letters of Credit Under Revolving Facility | 8,330 | 7,185 | ||||||
Unused Portion of Credit Facility | $ | 441,670 | $ | 567,815 | ||||
Coverage Ratios (at Pro rata Share trailing 4 quarters) | ||||||||
Fixed Charge Coverage | 2.06 | x | 2.19 | x | ||||
Interest Coverage | 2.46 | x | 2.61 | x | ||||
Debt Service Coverage | 2.33 | x | 2.47 | x | ||||
Net Debt to Adjusted EBITDA | 6.46 | x | 6.04 | x | ||||
Debt, net of cash and cash equivalents. EBITDA adjusted for gain/loss on sale of real estate and other non-cash items, primarily impairments. | ||||||||
Credit Ratings | S&P | Moody's | ||||||
Senior Debt | BBB | Baa2 | ||||||
Preferred Shares | BB+ | Baa3 | ||||||
Outlook | Negative | Stable |
Page 8
Investment Activity | |||||||||||
New Development Properties (By Stabilization) | ||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands at pro rata share, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||
Total Square | Pro | Pro | Total | YTD | ||||||||||||||||||||||||||||||||||||||||
Feet of | Percent Leased | Rata | Rata | Estimated | Est. | 2010 | ||||||||||||||||||||||||||||||||||||||
WRI | Building | Net | Spent | Spent | Investment (2) | Final | Pro | |||||||||||||||||||||||||||||||||||||
Own | Area (1) | @ | Year-To- | Inception | WRI | Gross | ROI | Rata | ||||||||||||||||||||||||||||||||||||
Center Name | Location | Anchors | % | Gross | Net | 100% | Gross | Date | to Date | Costs | Costs | % | NOI $ | |||||||||||||||||||||||||||||||
UNDER DEVELOPMENT | ||||||||||||||||||||||||||||||||||||||||||||
1 | Clermont Landing Phase 1* | Clermont, Florida | JC Penney #, Epic Theater #, TJ Maxx, Ross | 55.0 | % | 303 | 80 | 81.8 | % | 91.3 | % | 254 | 14,404 | 14,449 | 26,271 | |||||||||||||||||||||||||||||
2 | ClayPoint Distribution Park (Industrial) | Houston, Texas | Pioneer, Packaging Corp. of America | 100.0 | % | 359 | 158 | 64.1 | % | 84.2 | % | 143 | 7,661 | 8,853 | 8,853 | |||||||||||||||||||||||||||||
3 | Ridgeway Trace Center Phase 1 | Memphis, Tennessee | Target #, Sports Authority, Best Buy | 100.0 | % | 228 | 90 | 100.0 | % | 100.0 | % | 5,303 | 24,742 | 26,845 | 26,845 | |||||||||||||||||||||||||||||
Total 2010 Stabilizations | 890 | 328 | 78.8 | % | 90.6 | % | $ | 5,700 | $ | 46,807 | $ | 50,147 | $ | 61,969 | 7.4 | % | $ | 1,594 | ||||||||||||||||||||||||||
1 | Gardens on Havana* | Aurora (Denver), Colorado | Kohl's, Target, Dick's Sporting Goods, Sprouts | 39.8 | % | 427 | 170 | 91.3 | % | 91.3 | % | 564 | 22,992 | 15,917 | 40,004 | |||||||||||||||||||||||||||||
2 | Waterford | Leland (Wilmington), North Carolina | Harris Teeter | 100.0 | % | 95 | 90 | 86.4 | % | 87.1 | % | 322 | 13,431 | 14,296 | 14,296 | |||||||||||||||||||||||||||||
Total 2011 Stabilizations | 522 | 260 | 90.5 | % | 90.6 | % | $ | 885 | $ | 36,423 | $ | 30,214 | $ | 54,300 | 7.6 | % | $ | 1,291 | ||||||||||||||||||||||||||
1 | Ridgeway Trace Center Phase 2 | Memphis, Tennessee | Target #, Sports Authority, Best Buy | 100.0 | % | 82 | 82 | 26.2 | % | 26.2 | % | 2,982 | 13,725 | 22,195 | 22,195 | |||||||||||||||||||||||||||||
2 | Surf City Crossing | Surf City (Wilmington), North Carolina | Harris Teeter | 100.0 | % | 75 | 63 | 85.2 | % | 77.4 | % | 2,490 | 5,783 | 7,668 | 7,668 | |||||||||||||||||||||||||||||
3 | Tomball Marketplace | Tomball, Texas | Academy# | 100.0 | % | 147 | 62 | 24.9 | % | 68.4 | % | 124 | 13,484 | 14,959 | 14,959 | |||||||||||||||||||||||||||||
4 | Westwood Center | San Antonio, Texas | Wal-Mart # | 100.0 | % | 305 | 70 | 29.4 | % | 79.1 | % | 448 | 16,253 | 15,308 | 15,308 | |||||||||||||||||||||||||||||
5 | Clermont Landing Phase 2* | Clermont, Florida | JC Penney #, Epic Theater #, TJ Maxx, Ross | 55.0 | % | 63 | 19 | 33.2 | % | 62.8 | % | 28 | 4,520 | 3,376 | 6,138 | |||||||||||||||||||||||||||||
6 | North Towne Plaza | Brownsville, Texas | Lowes# | 100.0 | % | 153 | 36 | 22.2 | % | 81.7 | % | 209 | 4,629 | 6,113 | 6,113 | |||||||||||||||||||||||||||||
7 | Riverpoint at Sheridan | Sheridan (Denver), Colorado | Costco #, Target #, Regal Cinema | 50.0 | % | 502 | 86 | 56.9 | % | 85.2 | % | 1,005 | 58,240 | 20,305 | 40,610 | |||||||||||||||||||||||||||||
Total 2012 and Thereafter Stabilizations | 1,327 | 418 | 44.0 | % | 76.4 | % | $ | 7,286 | $ | 116,634 | $ | 89,923 | $ | 112,990 | 7.5 | % | $ | 107 | ||||||||||||||||||||||||||
Total 10 Properties Under Development (exclusive of phasing) | 2,739 | 1,006 | 70.4 | % | 83.7 | % | $ | 13,871 | $ | 199,864 | $ | 170,284 | $ | 229,259 | 7.5 | % | $ | 2,992 |
* 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 anticipated proceeds from land sales and tax incentive financing of approximately $23 million at pro rata share ($25 million at 100%) | |
Note: Phased properties are counted as one property |
Page 10
Land Held for Development | ||||||||||
As of September 30, 2010 | ||||||||||
(in thousands, except acres and percentages) | ||||||||||
Ownership | Gross | Investment (1) | ||||||||
Location | Interest | Acres | 100% | Pro Rata | ||||||
FM 1957 (Potranco Rd) and FM 211, San Antonio | 50.0 | % | 198.7 | |||||||
South Fulton Parkway and SH 92, Union City - Atlanta | 50.0 | % | 81.6 | |||||||
US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh | 100.0 | % | 70.6 | |||||||
Rock Prairie Rd. at Hwy. 6, College Station | 100.0 | % | 76.9 | |||||||
Highway 17 and Highway 210, Surf City | 100.0 | % | 46.5 | |||||||
Shary Road and US Hwy 83, Mission | 50.0 | % | 36.9 | |||||||
FM 2920 and Future 249, Tomball - Houston | 100.0 | % | 33.7 | |||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 29.2 | |||||||
Decatur at 215 - Las Vegas | 100.0 | % | 25.3 | |||||||
US Hwy 15-501 & Bruce Wood Rd., Southern Pines, NC | 100.0 | % | 24.0 | |||||||
Hwy 85 & Hwy 285, Sheridan, CO | 50.0 | % | 23.0 | |||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.9 | |||||||
Mississippi at Havana, Aurora - Denver | 39.8 | % | 15.4 | |||||||
US Hwy 17 & US Hwy 74/76, Leland | 100.0 | % | 12.6 | |||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | 100.0 | % | 11.7 | |||||||
Bear Valley Road at Jess Ranch Parkway, Apple Valley III | 50.0 | % | 10.9 | |||||||
Lon Adams Rd at Tangerine Farms Rd - Tuscan | 50.0 | % | 9.7 | |||||||
Culebra Road and Westwood Loop, San Antonio | 100.0 | % | 9.3 | |||||||
SH 151 & Ingram Rd, San Antonio, TX | 66.7 | % | 8.5 | |||||||
South 300 West & West Paxton Avenue, Salt Lake City, UT | 31.8 | % | 7.5 | |||||||
State Hwy 95 & Bullhead Pkwy, Bullhead City, AZ | 100.0 | % | 7.2 | |||||||
Belle Terre Pkwy & State Rd 100, Palm Coast, FL | 50.0 | % | 6.7 | |||||||
SR 207 & Rolling Hills Drive, St. Augustine, FL | 70.0 | % | 5.2 | |||||||
SEC Poplar Ave at I-240, Memphis, TN | 100.0 | % | 1.2 | |||||||
29th St at Nolana Loop, McAllen, TX | 50.0 | % | 3.8 | |||||||
Bear Valley Road at Jess Ranch Parkway, Apple Valley II | 50.0 | % | 3.2 | |||||||
Young Pines and Curry Ford Rd, Orange County, Florida - Orlando | 100.0 | % | 3.0 | |||||||
Leslie Rd. at Bandera Rd., Helotes | 100.0 | % | 1.7 | |||||||
Southern Ave & Signal Butte Rd, Mesa, AZ | 100.0 | % | 2.1 | |||||||
Other (2) | 100.0 | % | 39.5 | |||||||
Total Land Held For Development Properties | 827.5 | 206,172 | $ 159,922 | |||||||
(1) Net of impairment adjustments and valuation adjustments due to consolidation of joint ventures made in 2008, 2009 and 2010. | ||||||||||
(2) Primarily represents land parcels held by WRI for many years that have never been reported as new development assets. | ||||||||||
Note: Land costs account for $163.6 million of total investment at 100%, $127.2 million at pro rata share. |
Page 11
Weingarten Realty Investors | |||||||||||||
Disposition and Acquisition Summary | |||||||||||||
For the Period Ended September 30, 2010 | |||||||||||||
(in thousands at pro rata share) | |||||||||||||
Sq. Ft. of | Weighted | ||||||||||||
Bldg. Area | Date | Sales | Sales | ||||||||||
Center | City/State | at 100% | Sold | Proceeds | Cap | ||||||||
Dispositions | |||||||||||||
1st Quarter | |||||||||||||
Crestview - Pad | Houston, TX | - | 2/17/10 | ||||||||||
Jess Ranch Marketplace - Bank of America | Apple Valley, CA | 5 | 3/22/10 | ||||||||||
Tate's Creek Centre - McDonald's | Lexington, KY | 5 | 3/25/10 | ||||||||||
2nd Quarter | |||||||||||||
Southgate Shopping Center - Controlled Fluids | Beaumont, TX | 25 | 4/15/10 | ||||||||||
Southgate Shopping Center - Phase II | Beaumont, TX | 8 | 5/20/10 | ||||||||||
Jess Ranch - Red Robin | Apple Valley, CA | 6 | 6/15/10 | ||||||||||
3rd Quarter | |||||||||||||
Palm Coast Landing - Red Lobster/Olive Garden | Palm Coast, FL | - | 8/6/10 | ||||||||||
Total Dispositions | $ | 5,537 | 6.70 | % | |||||||||
Date | Purchase | ||||||||||||
Acquired | Price | Yield | |||||||||||
Acquisitions | |||||||||||||
2nd Quarter | |||||||||||||
Crosswinds Distribution Center | San Antonio, TX | 142 | 05/26/10 | ||||||||||
3rd Quarter | |||||||||||||
Jupiter Business Park | Plano, TX | 190 | 08/10/10 | ||||||||||
Hope Valley Commons | Durham, NC | 81 | 08/31/10 | ||||||||||
Total Acquisitions | $ | 28,250 | 7.10 | % |
Page 12
Weingarten Realty Investors | |||||||||||||||||||||||||||||||||
Property Investment Summary | |||||||||||||||||||||||||||||||||
(in thousands at pro rata share) | |||||||||||||||||||||||||||||||||
Remodels/ | |||||||||||||||||||||||||||||||||
Existing | |||||||||||||||||||||||||||||||||
New | Major | Tenant | Development | Leasing/ | All | ||||||||||||||||||||||||||||
Acquisitions | Development | Repairs | Finish | (1) | Broker Fees | Other | Total | ||||||||||||||||||||||||||
Quarter Ended 3/31/2010 | $ | 5,183 | $ | 367 | $ | 9,496 | $ | 4,386 | $ | 4,658 | $ | 360 | $ | 24,450 | |||||||||||||||||||
Quarter Ended 6/30/2010 | $ | 7,809 | 4,347 | 2,614 | 7,183 | 1,410 | 4,658 | 28 | 28,049 | ||||||||||||||||||||||||
Quarter Ended 9/30/2010 | 20,515 | 4,341 | 4,151 | 3,729 | 3,389 | 4,111 | 64 | 40,301 | |||||||||||||||||||||||||
Nine Months Ended 09/30/2010 | $ | 28,325 | $ | 13,871 | $ | 7,133 | $ | 20,407 | $ | 9,185 | $ | 13,427 | $ | 451 | $ | 92,800 | |||||||||||||||||
Year Ended 12/31/2009 | 71,167 | 10,469 | 21,672 | 23,455 | 20,600 | 10,507 | 157,870 | ||||||||||||||||||||||||||
Year Ended 12/31/2008 | 2,685 | 193,235 | 20,570 | 35,290 | 37,781 | (2) | 24,002 | 8,231 | 321,793 | ||||||||||||||||||||||||
Year Ended 12/31/2007 | 565,427 | 218,239 | 18,236 | 29,928 | 20,751 | 21,345 | 13,356 | 887,282 | |||||||||||||||||||||||||
(1) Primarily incremental investment on properties formerly classified as new development | |||||||||||||||||||||||||||||||||
(2) Includes approximately $12 million for costs incurred in 2008 for new development properties moved to land held of development |
Page 13
Summary of Debt | |||||||||||
Weingarten Realty Investors | |||||||||||||||||
Debt Information | |||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
3rd Quarter | 4th Quarter | ||||||||||||||||
September 30, | Weighted | December 31, | Weighted | ||||||||||||||
2010 | Average Rate (1) | 2009 | Average Rate (1) | ||||||||||||||
Outstanding Balance Summary | |||||||||||||||||
Mortgage Debt | $ | 1,133,540 | 6.41 | % | $ | 1,197,234 | 6.55 | % | |||||||||
7% 2011 Bonds | 117,670 | 7.00 | % | 117,670 | 7.00 | % | |||||||||||
3.95% Convertible Bonds (2) | 129,397 | 3.95 | % | 131,603 | 3.95 | % | |||||||||||
8.1% 2019 Notes | 100,000 | 8.10 | % | 100,000 | 8.10 | % | |||||||||||
Unsecured Notes Payable | 921,683 | 5.38 | % | 959,562 | 5.64 | % | |||||||||||
Revolving Credit Agreements (3) | 50,000 | 1.75 | % | 0.84 | % | ||||||||||||
Industrial Revenue Bonds | 2,440 | 2.09 | % | 2,663 | 2.33 | % | |||||||||||
Obligations under Capital Leases | 23,115 | 6.88 | % | 23,115 | 5.55 | % | |||||||||||
Subtotal Consolidated Debt | 2,477,845 | 5.72 | % | 2,531,847 | 5.93 | % | |||||||||||
Debt Service Guarantee Liability (4) | 97,000 | ||||||||||||||||
Total Consolidated Debt - As Reported | 2,574,845 | 5.72 | % | 2,531,847 | 5.93 | % | |||||||||||
Less: Noncontrolling Interest | (261,590 | ) | (209,458 | ) | |||||||||||||
Plus: WRI Share of Unconsolidated Joint Ventures | 126,225 | 164,146 | |||||||||||||||
Total Debt - Pro rata Share | $ | 2,439,480 | 5.74 | % | $ | 2,486,535 | 5.96 | % | |||||||||
Weighted | |||||||||||||||||
3rd Quarter | Average | ||||||||||||||||
Debt | Weighted | Remaining | |||||||||||||||
Balance | Average Rate (1) | % of Total | Life (yrs) | ||||||||||||||
Fixed vs. Variable Rate Debt (at Pro rata Share) | |||||||||||||||||
(includes the effect of interest rate swaps) | |||||||||||||||||
As of September 30, 2010 | |||||||||||||||||
Fixed-rate debt | $ | 1,918,999 | 6.14 | % | 78.7 | % | 6.08 | ||||||||||
Variable-rate debt | 520,481 | 4.13 | % | 21.3 | % | 3.18 | |||||||||||
Total | $ | 2,439,480 | 5.74 | % | 100.0 | % | 5.46 | ||||||||||
As of December 31, 2009 | |||||||||||||||||
Fixed-rate debt | $ | 2,100,080 | 6.28 | % | 84.5 | % | |||||||||||
Variable-rate debt | 386,455 | 2.76 | % | 15.5 | % | ||||||||||||
Total | $ | 2,486,535 | 5.96 | % | 100.0 | % | |||||||||||
Secured vs. Unsecured Debt (at Pro rata Share) | |||||||||||||||||
As of September 30, 2010 | |||||||||||||||||
Secured Debt | $ | 1,053,629 | 6.51 | % | 43.2 | % | 5.30 | ||||||||||
Unsecured Debt | 1,385,851 | 5.12 | % | 56.8 | % | 5.58 | |||||||||||
Total | $ | 2,439,480 | 5.74 | % | 100.0 | % | 5.46 | ||||||||||
As of December 31, 2009 | |||||||||||||||||
Secured Debt | $ | 1,141,875 | 6.62 | % | 45.9 | % | |||||||||||
Unsecured Debt | 1,344,660 | 5.42 | % | 54.1 | % | ||||||||||||
Total | $ | 2,486,535 | 5.96 | % | 100.0 | % | |||||||||||
As | Pro rata | ||||||||||||||||
Reported | Share | ||||||||||||||||
Weighted Average Interest Rates (1) | |||||||||||||||||
Three months ended 09/30/10 | 5.72 | % | 5.74 | % | |||||||||||||
Three months ended 12/31/09 | 5.93 | % | 5.96 | % | |||||||||||||
Twelve months ended 12/31/09 | 5.59 | % | 5.61 | % | |||||||||||||
(1) | Weighted average interest rates exclude the effects of ASC 805 " Business Combinations", discounts on convertible bond repurchases, revolver facility fee, and other loan costs related to financing. | ||||||||||||||||
(2) | The convertible bonds, with a face value of $131.3 million, 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 excludes the effect of the facility fee of 50 and 15 basis points on the total commitment paid quarterly in arrears for third quarter 2010 and fourth quarter 2009, respectively. The weighted average revolving interest rate with the facility fee is 24.32% and 3.05% for the third quarter 2010 and the fourth quarter 2009, respectively. | ||||||||||||||||
(4) | Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
Page 15
Schedule of Maturities | ||||||||||||||||||||||||||||||||||||
As of September 30, 2010 | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||
As Reported | Pro rata Share | |||||||||||||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||||||
Maturities | Rate (4) | Maturities | Rate (4) | Floating Rate | Fixed Rate | Secured | Unsecured | |||||||||||||||||||||||||||||
2010 (1) | $ | 19,164 | 6.93 | % | $ | 20,118 | 6.94 | % | $ | 2,440 | $ | 17,678 | $ | 9,188 | $ | 10,930 | ||||||||||||||||||||
2011 (2) | 218,812 | 6.73 | % | 229,745 | 6.76 | % | 86 | 229,659 | 102,110 | 127,635 | ||||||||||||||||||||||||||
2012 | 307,647 | 5.73 | % | 312,246 | 5.79 | % | 4,938 | 307,308 | 128,986 | 183,260 | ||||||||||||||||||||||||||
2013 | 440,829 | 6.02 | % | 334,232 | 5.91 | % | 25,980 | 308,252 | 160,641 | 173,591 | ||||||||||||||||||||||||||
2014 | 389,662 | 5.46 | % | 406,470 | 5.53 | % | 2,115 | 404,355 | 91,470 | 315,000 | ||||||||||||||||||||||||||
2015 | 248,404 | 6.32 | % | 214,759 | 6.25 | % | 214,759 | 124,759 | 90,000 | |||||||||||||||||||||||||||
2016 | 209,209 | 6.46 | % | 228,509 | 6.58 | % | 228,509 | 153,509 | 75,000 | |||||||||||||||||||||||||||
2017 | 124,488 | 6.85 | % | 141,476 | 7.09 | % | 141,476 | 116,476 | 25,000 | |||||||||||||||||||||||||||
2018 | 64,411 | 7.18 | % | 23,228 | 6.91 | % | 23,228 | 13,658 | 9,570 | |||||||||||||||||||||||||||
2019 | 153,747 | 7.94 | % | 154,989 | 7.87 | % | 154,989 | 54,989 | 100,000 | |||||||||||||||||||||||||||
Thereafter (2) | 201,949 | 4.91 | % | 210,847 | 5.04 | % | 210,847 | 47,860 | 162,987 | |||||||||||||||||||||||||||
Subtotal | 2,378,322 | 2,276,619 | 35,559 | 2,241,060 | 1,003,646 | 1,272,973 | ||||||||||||||||||||||||||||||
Revolving Credit Agreements | 50,000 | 1.75 | % | (5) | 50,000 | 1.75 | % | (5) | 50,000 | 50,000 | ||||||||||||||||||||||||||
Other (3) | 146,523 | 112,861 | 18,603 | 94,258 | 49,983 | 62,878 | ||||||||||||||||||||||||||||||
Swap Maturities: | ||||||||||||||||||||||||||||||||||||
2012 | 86,600 | (86,600 | ) | |||||||||||||||||||||||||||||||||
2013 | 94,000 | (94,000 | ) | |||||||||||||||||||||||||||||||||
2014 | 165,000 | (165,000 | ) | |||||||||||||||||||||||||||||||||
2017 | 70,719 | (70,719 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 2,574,845 | 5.78 | % | $ | 2,439,480 | 5.80 | % | $ | 520,481 | $ | 1,918,999 | $ | 1,053,629 | $ | 1,385,851 | ||||||||||||||||||||
(1) | Includes $2.0 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. |
(2) | Thereafter includes $131.3 million of convertible bonds maturing in 2026 which has a 5 year call and put option in 2011. |
(3) | Other includes capital leases, ASC 805 " Business Combinations" adjustment, debt service guarantee liability, market value of swaps and discounts on notes. The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
(4) | Weighted average interest rates exclude the effects of ASC 805 " Business Combinations", discounts on convertible bond repurchases, revolver facility fee, and other loan costs related to financing. |
(5) | Weighted average revolving interest rate excludes the effect of the facility fee of 50 basis points on the total commitment paid quarterly in arrears. |
Page 16
Joint Ventures | |||||||||||
Weingarten Realty Investors | ||||||||||||||||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Condensed Statements of Income | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Revenues: | ||||||||||||||||
Base minimum rent, net | $ | 35,262 | $ | 30,334 | $ | 105,211 | $ | 91,550 | ||||||||
Straight line rent | 744 | 1,418 | 2,155 | 3,192 | ||||||||||||
Over/Under-market rentals, net | 2,006 | 1,602 | 3,620 | 4,709 | ||||||||||||
Percentage rent | 142 | 340 | 545 | 709 | ||||||||||||
Tenant reimbursements | 8,788 | 7,115 | 27,666 | 23,735 | ||||||||||||
Other income | 1,060 | 1,428 | 3,412 | 4,366 | ||||||||||||
Total | 48,002 | 42,237 | 142,609 | 128,261 | ||||||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 15,087 | 14,204 | 45,730 | 40,702 | ||||||||||||
Interest, net | 8,613 | 7,871 | 26,754 | 22,470 | ||||||||||||
Operating | 8,296 | 8,507 | 24,441 | 23,612 | ||||||||||||
Real estate taxes, net | 5,529 | 5,084 | 18,008 | 15,915 | ||||||||||||
General and administrative | 1,027 | 1,581 | 3,069 | 4,144 | ||||||||||||
Impairment loss | 6,923 | 231 | 6,923 | |||||||||||||
Total | 38,552 | 44,170 | 118,233 | 113,766 | ||||||||||||
Gain on land and merchant development sales | 184 | 184 | ||||||||||||||
(Loss) gain on sale of property | (3 | ) | 11 | |||||||||||||
Net income (loss) | $ | 9,634 | $ | (1,933 | ) | $ | 24,557 | $ | 14,506 | |||||||
Condensed Balance Sheets | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2010 | 2009 | |||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 1,985,098 | $ | 2,082,316 | ||||||||||||
Accumulated depreciation | (234,315 | ) | (191,478 | ) | ||||||||||||
Property, net | 1,750,783 | 1,890,838 | ||||||||||||||
Other assets, net | 150,267 | 240,387 | ||||||||||||||
Total | $ | 1,901,050 | $ | 2,131,225 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Debt, net | $ | 442,212 | $ | 505,462 | ||||||||||||
Amounts payable to Weingarten Realty Investors | 204,525 | 335,622 | ||||||||||||||
Other liabilities, net | 51,718 | 88,913 | ||||||||||||||
Total | 698,455 | 929,997 | ||||||||||||||
Accumulated equity | 1,202,595 | 1,201,228 | ||||||||||||||
Total | $ | 1,901,050 | $ | 2,131,225 |
Page 18
Weingarten Realty Investors | ||||||||||||||||
Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Condensed Statements of Income | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Revenues: | ||||||||||||||||
Base minimum rent, net | $ | 10,725 | $ | 9,527 | $ | 31,945 | $ | 28,718 | ||||||||
Straight line rent | 267 | 472 | 957 | 1,144 | ||||||||||||
Over/Under-market rentals, net | 403 | 323 | 733 | 957 | ||||||||||||
Percentage rent | 58 | 168 | 198 | 316 | ||||||||||||
Tenant reimbursements | 2,648 | 2,195 | 8,493 | 7,620 | ||||||||||||
Other income | 499 | 637 | 1,528 | 2,014 | ||||||||||||
Total | 14,600 | 13,322 | 43,854 | 40,769 | ||||||||||||
Expenses: | ||||||||||||||||
Depreciation and amortization | 4,850 | 4,850 | 14,795 | 13,415 | ||||||||||||
Interest, net | 2,815 | 2,796 | 8,908 | 7,812 | ||||||||||||
Operating | 2,494 | 2,920 | 7,499 | 7,660 | ||||||||||||
Real estate taxes, net | 1,664 | 1,592 | 5,477 | 5,010 | ||||||||||||
General and administrative | 458 | 717 | 1,363 | 1,872 | ||||||||||||
Impairment loss | 6,747 | 116 | 6,747 | |||||||||||||
Total | 12,281 | 19,622 | 38,158 | 42,516 | ||||||||||||
Gain on land and merchant development sales | 91 | 91 | ||||||||||||||
(Loss) gain on sale of property | (1 | ) | 4 | |||||||||||||
Net income (loss) | $ | 2,410 | $ | (6,300 | ) | $ | 5,786 | $ | (1,743 | ) | ||||||
Condensed Balance Sheets | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2010 | 2009 | |||||||||||||||
ASSETS | ||||||||||||||||
Property | $ | 557,828 | $ | 625,714 | ||||||||||||
Accumulated depreciation | (80,009 | ) | (67,170 | ) | ||||||||||||
Property, net | 477,819 | 558,544 | ||||||||||||||
Notes receivable from real estate joint ventures and partnerships | 5,600 | 5,712 | ||||||||||||||
Unamortized debt and lease costs, net | 12,166 | 13,297 | ||||||||||||||
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $532 in 2010 and $709 in 2009) | 15,137 | 15,441 | ||||||||||||||
Cash and cash equivalents | 13,511 | 15,230 | ||||||||||||||
Restricted deposits and mortgage escrows | 1,915 | 1,757 | ||||||||||||||
Notes receivable and mortgage bonds, net | 364 | 41,356 | ||||||||||||||
Out-of-market rentals, net | 510 | 588 | ||||||||||||||
Interest rate derivative | 124 | |||||||||||||||
Other assets, net | 2,404 | 5,125 | ||||||||||||||
Total | $ | 529,426 | $ | 657,174 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Debt, net | $ | 126,329 | $ | 164,146 | ||||||||||||
Amounts payable to Weingarten Realty Investors | 92,789 | 159,141 | ||||||||||||||
Accounts payable and accrued expenses | 6,310 | 6,419 | ||||||||||||||
Deferred revenue | 1,574 | 1,331 | ||||||||||||||
Out-of-market rentals, net | 3,629 | 4,395 | ||||||||||||||
Interest rate derivative | 757 | |||||||||||||||
Other liabilities, net | 1,433 | 23,257 | ||||||||||||||
Total | 232,821 | 358,689 | ||||||||||||||
Accumulated equity | 296,605 | 298,485 | ||||||||||||||
Total | $ | 529,426 | $ | 657,174 | ||||||||||||
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 19
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships | ||||||||||||||||||||||||||||||||
September 30, 2010 | ||||||||||||||||||||||||||||||||
(in thousands, except number of properties and percentages) | ||||||||||||||||||||||||||||||||
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 | 1,259 | $ | 325,209 | 20.0 | % | $ | 63,339 | $ | 1,814 | ||||||||||||||||||||||
AEW SRP, LLC | 10 | 895 | 164,096 | $ | 104,384 | 25.0 | % | $ | 26,096 | 12,305 | (6 | ) | ||||||||||||||||||||
Collins | 8 | 1,118 | 148,767 | 29,202 | 50.0 | % | 14,601 | 52,503 | 1,482 | |||||||||||||||||||||||
AEW - Institutional Client | 6 | 523 | 134,368 | 67,600 | 20.0 | % | 13,520 | 12,692 | 323 | |||||||||||||||||||||||
BIT Retail | 3 | 715 | 155,251 | - | 20.0 | % | - | 30,040 | 831 | |||||||||||||||||||||||
BIT Investment Thirty-Six, LP | 12 | 4,068 | 218,851 | 20,692 | 20.0 | % | 4,138 | 32,825 | 423 | |||||||||||||||||||||||
Eagle AN, LP | 7 | 2,049 | 52,552 | 33,469 | 20.0 | % | 6,694 | (0 | ) | 70 | ||||||||||||||||||||||
Jamestown | 6 | 1,342 | 153,533 | 94,461 | 20.0 | % | 18,892 | 11,345 | 756 | |||||||||||||||||||||||
Other | 27 | 4,028 | 548,424 | 92,405 | 45.9 | % | 42,388 | 97,253 | 3,628 | |||||||||||||||||||||||
Total | 86 | 15,997 | $ | 1,901,050 | $ | 442,212 | 27.5 | % | $ | 126,329 | $ | 312,302 | $ | 9,321 | ||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Jamestown | Retail joint venture in Florida | |||||||||||||||||||||||||||||||
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 20
Weingarten Realty Investors | ||||||||||||||||
Mortgage Debt Information for Unconsolidated Joint Ventures & Partnerships | ||||||||||||||||
As of September 30, 2010 | ||||||||||||||||
Balance Summary | ||||||||||||||||
Joint Venture Partner | # of Mortgaged Properties | Mortgage Balance (in thousands) (1) | Average Interest Rate (2) | Average Remaining Term (yrs) | ||||||||||||
AEW SRP, LLC | 7 | $ | 104,384 | 5.7 | % | 5.3 | ||||||||||
Collins | 2 | 29,202 | 6.2 | % | 10.9 | |||||||||||
AEW - Institutional Client | 6 | 67,600 | 5.7 | % | 3.4 | |||||||||||
BIT Investment Thirty-Six, LP | 3 | 20,692 | 6.6 | % | 1.6 | |||||||||||
Eagle AN, LP | 1 | 33,469 | 5.4 | % | 9.8 | |||||||||||
Jamestown | 6 | 94,461 | 5.7 | % | 4.3 | |||||||||||
Other | 6 | 91,861 | 5.7 | % | 3.5 | |||||||||||
Total | 31 | $ | 441,668 | 5.8 | % | 4.5 | ||||||||||
Schedule of Maturities | ||||||||||||||||
At 100% | At WRI Share | |||||||||||||||
Maturities (in thousands) (1) | Weighted Average Rate (2) | Maturities (in thousands) (1) | Weighted Average Rate (2) | |||||||||||||
2010 | $ | 4,712 | 5.8 | % | $ | 1,114 | 5.9 | % | ||||||||
2011 | 41,120 | 5.7 | % | 12,806 | 5.7 | % | ||||||||||
2012 | 31,505 | 5.7 | % | 7,939 | 5.7 | % | ||||||||||
2013 | 53,098 | 5.6 | % | 17,761 | 5.7 | % | ||||||||||
2014 | 102,685 | 5.6 | % | 22,254 | 5.7 | % | ||||||||||
2015 | 38,029 | 5.7 | % | 8,566 | 5.8 | % | ||||||||||
2016 | 77,186 | 5.7 | % | 20,302 | 5.8 | % | ||||||||||
2017 | 47,287 | 5.8 | % | 20,814 | 6.0 | % | ||||||||||
2018 | 2,915 | 5.7 | % | 1,169 | 5.9 | % | ||||||||||
2019 | 3,092 | 5.7 | % | 1,242 | 5.9 | % | ||||||||||
Thereafter | 40,039 | 6.3 | % | 12,258 | 6.3 | % | ||||||||||
Total | $ | 441,668 | $ | 126,225 | ||||||||||||
(1) | Excludes non-cash debt related items. |
(2) | Average and weighted average interest rates exclude the effects of ASC 805 " Business Combinations" and loan costs related to financing. |
Note: All mortgages are fixed rate except for one included in "other", which has a variable rate mortgage ($3.4 million at 100%) and matures in 2012. |
Page 21
Portfolio Summary | |||||||||||
Tenant Diversification by Percent of Rental Revenues | ||||||||||||||
(in thousands at pro rata share, except percentages and # of units) | ||||||||||||||
# of Units | Rental | Square | ||||||||||||
Rank | Tenant Name | DBAs | Revenue | Feet | ||||||||||
1 | The Kroger Co. | Kroger, Smith Food, Ralphs, Fry's Food, King Soopers | 26 | 2.22 | % | 1,203 | ||||||||
2 | T.J.X. Companies, Inc. | T.J. Maxx, Marshalls, Home Goods | 36 | 1.92 | % | 815 | ||||||||
3 | Ross Stores, Inc. | Ross Dress for Less | 35 | 1.80 | % | 721 | ||||||||
4 | Safeway, Inc. | Safeway, Randalls, Von's | 17 | 1.21 | % | 718 | ||||||||
5 | Home Depot, Inc. | 6 | 1.11 | % | 669 | |||||||||
6 | Petsmart, Inc. | 19 | 1.03 | % | 341 | |||||||||
7 | Office Depot, Inc. | 24 | 1.03 | % | 453 | |||||||||
8 | Barnes & Noble Inc. | Barnes & Noble, Bookstop Booksellers | 11 | 0.89 | % | 254 | ||||||||
9 | Gap, Inc. | Gap, Old Navy, Banana Republic | 19 | 0.88 | % | 281 | ||||||||
10 | The Sports Authority | 9 | 0.83 | % | 326 | |||||||||
11 | Dollar Tree Stores, Inc. | Dollar Tree, Greenbacks | 40 | 0.83 | % | 346 | ||||||||
12 | Publix Super Markets, Inc. | 22 | 0.80 | % | 485 | |||||||||
13 | 24 Hour Fitness Inc. | 7 | 0.80 | % | 179 | |||||||||
14 | Harris Teeter | 8 | 0.79 | % | 348 | |||||||||
15 | Petco Animal Supplies, Inc. | 21 | 0.73 | % | 228 | |||||||||
16 | Bed Bath & Beyond, Inc. | 17 | 0.70 | % | 326 | |||||||||
17 | Whole Foods | 6 | 0.69 | % | 218 | |||||||||
18 | Raley's | Raley's Bel Air Markets | 6 | 0.69 | % | 331 | ||||||||
19 | Staples | 13 | 0.67 | % | 266 | |||||||||
20 | H E Butt Grocery | 6 | 0.65 | % | 291 | |||||||||
21 | Toys 'R' Us | Toys R Us | 9 | 0.64 | % | 312 | ||||||||
22 | Best Buy, Inc. | 10 | 0.62 | % | 225 | |||||||||
23 | Office Max Inc. | 11 | 0.61 | % | 250 | |||||||||
24 | Blockbuster Video | 29 | 0.59 | % | 136 | |||||||||
25 | Food Lion | 8 | 0.51 | % | 310 | |||||||||
Total | 415 | 23.23 | % | 10,033 |
Page 23
Portfolio Operating Information | ||||||||||||
(in thousands at pro rata share, except percentages and # of units and leases) | ||||||||||||
Lease Expirations | ||||||||||||
As of September 30, 2010 | Shopping Center | Industrial | Total | |||||||||
Percentage of | Percentage of | Percentage of | ||||||||||
Year Expiring | Sq. Ft. | Revenue | Sq. Ft. | Revenue | Sq. Ft. | Revenue | ||||||
2010 | 1.82% | 1.98% | 4.55% | 4.32% | 2.52% | 2.24% | ||||||
2011 | 12.26% | 13.25% | 14.88% | 17.07% | 12.92% | 13.67% | ||||||
2012 | 12.74% | 13.91% | 17.92% | 18.39% | 14.05% | 14.40% | ||||||
2013 | 14.01% | 14.79% | 21.43% | 21.02% | 15.89% | 15.47% | ||||||
2014 | 12.92% | 12.31% | 15.99% | 15.08% | 13.69% | 12.61% | ||||||
2015-2019 | 31.61% | 31.16% | 24.36% | 23.17% | 29.72% | 30.24% | ||||||
2020-2029 | 13.86% | 11.83% | 0.86% | 0.95% | 10.52% | 10.59% | ||||||
Leasing Activity | ||||||||||||
Signed Leases | ||||||||||||
Number | New Rent | Prior Rent | Cash Decrease | |||||||||
of Leases | Square Feet | $PSF | $PSF | TI's $PSF | in Base Rent | |||||||
Three Months Ended September 30, 2010 | ||||||||||||
Retail New Leases | 119 | 315 | $15.82 | $16.43 | $11.43 | -3.7% | ||||||
Retail Renewals | 182 | 658 | 14.59 | 14.91 | 0.16 | -2.1% | ||||||
Industrial | 43 | 474 | 4.59 | 4.61 | 0.74 | -0.5% | ||||||
Not Comparable Spaces | 55 | 213 | ||||||||||
Total | 399 | 1,660 | $11.58 | $11.87 | $2.81 | -2.4% | ||||||
Nine Months Ended September 30, 2010 | ||||||||||||
Retail New Leases | 336 | 931 | $15.11 | $16.20 | $11.51 | -6.8% | ||||||
Retail Renewals | 489 | 2,229 | 12.62 | 12.77 | 0.44 | -1.2% | ||||||
Industrial | 121 | 1,549 | 4.46 | 4.60 | 0.89 | -3.1% | ||||||
Not Comparable Spaces | 195 | 714 | ||||||||||
Total | 1,141 | 5,423 | $10.43 | $10.76 | $2.78 | -3.1% | ||||||
Occupancy | Quarter Ended | |||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||
Signed Basis | ||||||||||||
Retail | ||||||||||||
Eastern Region | 93.2% | 93.5% | 93.0% | 92.5% | 92.7% | |||||||
Western Region | 92.1% | 91.3% | 90.9% | 91.4% | 90.6% | |||||||
Mountain Region | 94.2% | 93.9% | 93.4% | 93.2% | 93.1% | |||||||
Central Region | 91.5% | 91.4% | 91.2% | 90.6% | 91.5% | |||||||
Total Retail | 92.6% | 92.6% | 92.2% | 91.8% | 92.1% | |||||||
Industrial | 86.9% | 86.0% | 87.5% | 87.8% | 88.0% | |||||||
Total | 91.1% | 90.8% | 90.9% | 90.8% | 91.1% | |||||||
Commenced Basis | ||||||||||||
Retail | ||||||||||||
Eastern Region | 89.7% | 89.3% | 89.6% | 89.3% | 89.8% | |||||||
Western Region | 89.9% | 88.4% | 88.1% | 89.3% | 89.0% | |||||||
Mountain Region | 92.5% | 91.9% | 90.6% | 89.2% | 89.3% | |||||||
Central Region | 88.3% | 89.0% | 89.3% | 87.9% | 88.5% | |||||||
Total Retail | 89.8% | 89.6% | 89.5% | 88.8% | 89.2% | |||||||
Industrial | 85.4% | 85.6% | 87.3% | 87.3% | 86.2% | |||||||
Total | 88.6% | 88.5% | 88.9% | 88.4% | 88.4% | |||||||
Same Property Net Operating Income Growth (1) | ||||||||||||
Cash Basis | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||
Retail | ||||||||||||
Eastern Region | 2.4% | -5.1% | 1.5% | -4.8% | ||||||||
Western Region | 3.6% | -7.4% | 0.1% | -3.6% | ||||||||
Mountain Region | 2.6% | -6.7% | -0.4% | -5.7% | ||||||||
Central Region | 0.5% | 0.8% | -0.6% | -2.7% | ||||||||
Total Retail | 2.0% | -4.0% | 0.2% | -4.2% | ||||||||
Industrial | -4.9% | -3.9% | -2.3% | -3.1% | ||||||||
Total | 1.2% | -4.0% | -0.1% | -4.1% |
(1) | Same Property NOI Growth includes the company's share of unconsolidated real estate joint ventures and partnerships and provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and straight-line rent adjustments. |
Page 24
Weingarten Realty Investors | ||||||||||||||||||||||||||||||||||||||||||
Total Net Operating Income by Geographic Region (1) | ||||||||||||||||||||||||||||||||||||||||||
(in thousands at pro rata share, except percentages) | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2010 | % | 2009 | % | 2009 | % | 2008 | % | 2007 | % | 2006 | % | |||||||||||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||||||||||||||||||
California | $ | 38,049 | 13.1 | % | $ | 37,771 | 12.7 | % | $ | 50,136 | 12.7 | % | $ | 51,176 | 12.1 | % | $ | 50,503 | 11.3 | % | $ | 50,074 | 12.1 | % | ||||||||||||||||||
Oregon | 1,009 | 0.3 | % | 1,020 | 0.3 | % | 1,342 | 0.3 | % | 1,385 | 0.3 | % | 929 | 0.2 | % | 46 | 0.0 | % | ||||||||||||||||||||||||
Washington | 868 | 0.3 | % | 835 | 0.3 | % | 1,124 | 0.3 | % | 1,193 | 0.3 | % | 1,295 | 0.3 | % | 251 | 0.1 | % | ||||||||||||||||||||||||
Total Western Region | 39,927 | 13.7 | % | 39,627 | 13.3 | % | 52,602 | 13.3 | % | 53,754 | 12.7 | % | 52,727 | 11.8 | % | 50,371 | 12.2 | % | ||||||||||||||||||||||||
Mountain Region | ||||||||||||||||||||||||||||||||||||||||||
Nevada | $ | 23,242 | 8.0 | % | $ | 23,738 | 8.0 | % | $ | 31,505 | 8.0 | % | $ | 34,360 | 8.1 | % | $ | 31,338 | 7.0 | % | $ | 27,796 | 6.7 | % | ||||||||||||||||||
Arizona | 18,046 | 6.2 | % | 20,441 | 6.9 | % | 26,845 | 6.8 | % | 26,181 | 6.2 | % | 23,192 | 5.2 | % | 15,004 | 3.6 | % | ||||||||||||||||||||||||
Colorado | 7,484 | 2.6 | % | 6,758 | 2.3 | % | 9,136 | 2.3 | % | 10,779 | 2.4 | % | 12,162 | 2.7 | % | 13,488 | 3.3 | % | ||||||||||||||||||||||||
New Mexico | 3,763 | 1.3 | % | 7,005 | 2.3 | % | 8,714 | 2.2 | % | 11,355 | 2.7 | % | 10,472 | 2.3 | % | 11,394 | 2.8 | % | ||||||||||||||||||||||||
Utah | 2,631 | 0.9 | % | 2,714 | 0.9 | % | 3,557 | 0.9 | % | 3,614 | 0.9 | % | 3,545 | 0.8 | % | 3,231 | 0.8 | % | ||||||||||||||||||||||||
Total Mountain Region | 55,167 | 19.0 | % | 60,656 | 20.3 | % | 79,757 | 20.2 | % | 86,289 | 20.3 | % | 80,709 | 18.0 | % | 70,913 | 17.2 | % | ||||||||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||||||||||||
Texas | $ | 90,019 | 31.1 | % | $ | 85,219 | 28.6 | % | $ | 113,454 | 28.7 | % | $ | 124,407 | 29.2 | % | $ | 154,800 | 34.7 | % | $ | 154,473 | 37.4 | % | ||||||||||||||||||
Louisiana | 5,656 | 2.0 | % | 6,292 | 2.1 | % | 8,363 | 2.1 | % | 10,907 | 2.6 | % | 12,831 | 2.9 | % | 12,754 | 3.1 | % | ||||||||||||||||||||||||
Arkansas | 2,227 | 0.8 | % | 2,292 | 0.8 | % | 3,048 | 0.8 | % | 3,006 | 0.7 | % | 3,028 | 0.7 | % | 3,505 | 0.8 | % | ||||||||||||||||||||||||
Illinois | 2,028 | 0.7 | % | 2,227 | 0.7 | % | 2,960 | 0.7 | % | 3,129 | 0.7 | % | 2,378 | 0.5 | % | 2,985 | 0.7 | % | ||||||||||||||||||||||||
Kansas | 1,529 | 0.5 | % | 1,408 | 0.5 | % | 1,875 | 0.5 | % | 1,949 | 0.5 | % | 1,980 | 0.4 | % | 3,714 | 0.9 | % | ||||||||||||||||||||||||
Missouri | 879 | 0.3 | % | 1,061 | 0.4 | % | 1,405 | 0.4 | % | 1,182 | 0.3 | % | 1,440 | 0.3 | % | 2,193 | 0.5 | % | ||||||||||||||||||||||||
Oklahoma | 739 | 0.3 | % | 745 | 0.2 | % | 975 | 0.2 | % | 955 | 0.2 | % | 1,009 | 0.2 | % | 3,002 | 0.7 | % | ||||||||||||||||||||||||
Total Central Region | 103,077 | 35.7 | % | 99,245 | 33.3 | % | 132,080 | 33.4 | % | 145,536 | 34.2 | % | 177,466 | 39.7 | % | 182,627 | 44.1 | % | ||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||||||||||||||||||
Florida | $ | 43,848 | 15.2 | % | $ | 51,074 | 17.1 | % | $ | 66,170 | 16.8 | % | $ | 70,335 | 16.5 | % | $ | 67,400 | 15.2 | % | $ | 56,601 | 13.7 | % | ||||||||||||||||||
North Carolina | 18,546 | 6.4 | % | 19,038 | 6.4 | % | 25,476 | 6.5 | % | 26,978 | 6.4 | % | 27,027 | 6.1 | % | 23,694 | 5.7 | % | ||||||||||||||||||||||||
Georgia | 16,318 | 5.6 | % | 16,945 | 5.7 | % | 22,643 | 5.7 | % | 25,039 | 5.9 | % | 23,929 | 5.4 | % | 14,861 | 3.6 | % | ||||||||||||||||||||||||
Kentucky | 5,252 | 1.8 | % | 4,967 | 1.7 | % | 6,766 | 1.7 | % | 6,629 | 1.6 | % | 6,787 | 1.5 | % | 5,944 | 1.5 | % | ||||||||||||||||||||||||
Tennessee | 4,450 | 1.5 | % | 3,605 | 1.2 | % | 5,009 | 1.3 | % | 7,015 | 1.6 | % | 6,964 | 1.6 | % | 7,386 | 1.8 | % | ||||||||||||||||||||||||
Virginia | 2,739 | 0.9 | % | 2,744 | 0.9 | % | 3,626 | 0.9 | % | 2,551 | 0.6 | % | 2,036 | 0.5 | % | - | 0.0 | % | ||||||||||||||||||||||||
Maine | 288 | 0.1 | % | 249 | 0.1 | % | 355 | 0.1 | % | 278 | 0.1 | % | 381 | 0.1 | % | 433 | 0.1 | % | ||||||||||||||||||||||||
South Carolina | 219 | 0.1 | % | 231 | 0.1 | % | 306 | 0.1 | % | 277 | 0.1 | % | 287 | 0.1 | % | 242 | 0.1 | % | ||||||||||||||||||||||||
Total Eastern Region | 91,660 | 31.6 | % | 98,853 | 33.1 | % | 130,351 | 33.1 | % | 139,102 | 32.8 | % | 134,811 | 30.5 | % | 109,161 | 26.5 | % | ||||||||||||||||||||||||
Total Net Operating Income | $ | 289,830 | 100.0 | % | $ | 298,381 | 100.0 | % | $ | 394,790 | 100.0 | % | $ | 424,681 | 100.0 | % | $ | 445,713 | 100.0 | % | $ | 413,072 | 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%. Net Operating Income excludes the effect of lease cancellation income, straight-line rent adjustments and impairment charges. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Page 25
Weingarten Realty Investors | ||||||||||||||||||||||||||||||||
Average Base Rents by CBSA | ||||||||||||||||||||||||||||||||
As of 9/30/2010 | ||||||||||||||||||||||||||||||||
(in thousands at pro rata share, except per square foot amounts) | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Los Angeles-Long Beach et al, CA | 3 | 583 | $ | 16.86 | 395 | $ | 5,610 | $ | 14.19 | 151 | $ | 3,602 | $ | 23.89 | ||||||||||||||||||
Madera, CA | 1 | 85 | $ | 12.51 | 52 | $ | 497 | $ | 9.54 | 31 | $ | 538 | $ | 17.54 | ||||||||||||||||||
Modesto, CA | 1 | 79 | $ | 14.19 | 47 | $ | 461 | $ | 9.70 | 30 | $ | 641 | $ | 21.27 | ||||||||||||||||||
Redding, CA | 1 | 121 | $ | 17.24 | 65 | $ | 560 | $ | 8.67 | 48 | $ | 1,375 | $ | 28.85 | ||||||||||||||||||
Riverside et al, CA | 4 | 630 | $ | 18.25 | 331 | $ | 4,396 | $ | 13.27 | 220 | $ | 5,662 | $ | 25.74 | ||||||||||||||||||
Sacramento--Arden et al, CA | 5 | 625 | $ | 11.64 | 342 | $ | 1,870 | $ | 5.47 | 221 | $ | 4,687 | $ | 21.18 | ||||||||||||||||||
San Diego-Carlsbad et al, CA | 3 | 286 | $ | 21.90 | 162 | $ | 2,274 | $ | 14.03 | 114 | $ | 3,761 | $ | 33.12 | ||||||||||||||||||
San Francisco-Oakland et al, CA | 3 | 447 | $ | 21.16 | 246 | $ | 3,631 | $ | 14.78 | 174 | $ | 5,254 | $ | 30.17 | ||||||||||||||||||
San Jose-Sunnyvale et al, CA | 2 | 145 | $ | 20.70 | 66 | $ | 423 | $ | 6.43 | 78 | $ | 2,557 | $ | 32.71 | ||||||||||||||||||
Santa Cruz-Watsonville, CA | 1 | 150 | $ | 10.62 | 93 | $ | 565 | $ | 6.06 | 49 | $ | 950 | $ | 19.21 | ||||||||||||||||||
Santa Rosa-Petaluma, CA | 1 | 194 | $ | 12.41 | 55 | $ | 393 | $ | 7.20 | 29 | $ | 649 | $ | 22.07 | ||||||||||||||||||
Vallejo-Fairfield, CA | 3 | 364 | $ | 17.33 | 151 | $ | 1,086 | $ | 7.21 | 157 | $ | 4,247 | $ | 27.04 | ||||||||||||||||||
California | 28 | 3,710 | $ | 16.84 | 2,005 | $ | 21,765 | $ | 10.86 | 1,302 | $ | 33,923 | $ | 26.05 | ||||||||||||||||||
Portland-Vancouver et al, OR-WA | 3 | 120 | $ | 13.71 | 66 | $ | 575 | $ | 8.75 | 44 | $ | 932 | $ | 21.07 | ||||||||||||||||||
Oregon | 3 | 120 | $ | 13.71 | 66 | $ | 575 | $ | 8.75 | 44 | $ | 932 | $ | 21.07 | ||||||||||||||||||
Seattle-Tacoma-Bellevue, WA | 4 | 82 | $ | 17.06 | 64 | $ | 978 | $ | 15.35 | 13 | $ | 330 | $ | 25.41 | ||||||||||||||||||
Washington | 4 | 82 | $ | 17.06 | 64 | $ | 978 | $ | 15.35 | 13 | $ | 330 | $ | 25.41 | ||||||||||||||||||
Total West Region | 35 | 3,911 | $ | 16.75 | 2,134 | $ | 23,318 | $ | 10.93 | 1,359 | $ | 35,185 | $ | 25.88 | ||||||||||||||||||
Mountain Region | ||||||||||||||||||||||||||||||||
Lake Havasu City-Kingman, AZ | 1 | 182 | $ | 14.46 | 112 | $ | 1,425 | $ | 12.67 | 35 | $ | 705 | $ | 20.26 | ||||||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 16 | 1,292 | $ | 13.76 | 719 | $ | 5,993 | $ | 8.34 | 495 | $ | 10,713 | $ | 21.63 | ||||||||||||||||||
Tucson, AZ | 5 | 630 | $ | 14.21 | 339 | $ | 2,774 | $ | 8.17 | 209 | $ | 5,026 | $ | 24.00 | ||||||||||||||||||
Arizona | 22 | 2,104 | $ | 13.95 | 1,171 | $ | 10,192 | $ | 8.71 | 739 | $ | 16,444 | $ | 22.24 | ||||||||||||||||||
Colorado Springs, CO | 2 | 299 | $ | 8.68 | 243 | $ | 1,790 | $ | 7.36 | 43 | $ | 697 | $ | 16.09 | ||||||||||||||||||
Denver-Aurora, CO | 9 | 975 | $ | 14.83 | 371 | $ | 3,528 | $ | 9.51 | 267 | $ | 5,932 | $ | 22.23 | ||||||||||||||||||
Colorado | 11 | 1,274 | $ | 12.93 | 614 | $ | 5,318 | $ | 8.66 | 310 | $ | 6,628 | $ | 21.37 | ||||||||||||||||||
Las Vegas-Paradise, NV | 13 | 2,367 | $ | 14.80 | 1,535 | $ | 16,030 | $ | 10.44 | 678 | $ | 16,727 | $ | 24.68 | ||||||||||||||||||
Nevada | 13 | 2,367 | $ | 14.80 | 1,535 | $ | 16,030 | $ | 10.44 | 678 | $ | 16,727 | $ | 24.68 | ||||||||||||||||||
Albuquerque, NM | 4 | 475 | $ | 13.24 | 280 | $ | 2,561 | $ | 9.14 | 160 | $ | 3,267 | $ | 20.41 | ||||||||||||||||||
New Mexico | 4 | 475 | $ | 13.24 | 280 | $ | 2,561 | $ | 9.14 | 160 | $ | 3,267 | $ | 20.41 | ||||||||||||||||||
Provo-Orem, UT | 1 | 30 | $ | 16.04 | 12 | $ | 165 | $ | 13.96 | 19 | $ | 323 | $ | 17.36 | ||||||||||||||||||
Salt Lake City, UT | 2 | 276 | $ | 12.53 | 175 | $ | 1,795 | $ | 10.24 | 78 | $ | 1,379 | $ | 17.66 | ||||||||||||||||||
Utah | 3 | 307 | $ | 12.91 | 187 | $ | 1,959 | $ | 10.48 | 97 | $ | 1,702 | $ | 17.60 | ||||||||||||||||||
Total Mountain Region | 53 | 6,526 | $ | 14.01 | 3,787 | $ | 36,060 | $ | 9.52 | 1,984 | $ | 44,768 | $ | 22.56 | ||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||
Little Rock-N. Little Rock, AR | 3 | 358 | $ | 8.95 | 298 | $ | 2,287 | $ | 7.67 | 56 | $ | 877 | $ | 15.79 | ||||||||||||||||||
Arkansas | 3 | 358 | $ | 8.95 | 298 | $ | 2,287 | $ | 7.67 | 56 | $ | 877 | $ | 15.79 | ||||||||||||||||||
Chicago et al, IL-IN-WI | 1 | 304 | $ | 10.67 | 268 | $ | 2,554 | $ | 9.52 | 18 | $ | 501 | $ | 27.97 | ||||||||||||||||||
Illinois | 1 | 304 | $ | 10.67 | 268 | $ | 2,554 | $ | 9.52 | 18 | $ | 501 | $ | 27.97 | ||||||||||||||||||
Kansas City, MO-KS | 1 | 135 | $ | 9.50 | 87 | $ | 698 | $ | 8.03 | 28 | $ | 398 | $ | 13.99 | ||||||||||||||||||
Topeka, KS | 1 | 116 | $ | 9.71 | 116 | $ | 1,123 | $ | 9.71 | 0 | $ | 0 | $ | 0.00 | ||||||||||||||||||
Kansas | 2 | 251 | $ | 9.60 | 203 | $ | 1,822 | $ | 8.99 | 28 | $ | 398 | $ | 13.99 | ||||||||||||||||||
Hammond, LA | 1 | 227 | $ | 6.57 | 96 | $ | 287 | $ | 2.99 | 87 | $ | 917 | $ | 10.49 | ||||||||||||||||||
Lafayette, LA | 1 | 138 | $ | 10.36 | 18 | $ | 90 | $ | 5.00 | 61 | $ | 728 | $ | 11.94 | ||||||||||||||||||
Lake Charles, LA | 4 | 446 | $ | 7.13 | 309 | $ | 1,665 | $ | 5.40 | 98 | $ | 1,239 | $ | 12.58 | ||||||||||||||||||
Monroe, LA | 1 | 141 | $ | 5.28 | 89 | $ | 325 | $ | 3.64 | 42 | $ | 366 | $ | 8.80 |
Page 26
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 | ||||||||||||||||||||||||||||
New Orleans-Metairie-Kenner, LA | 1 | 137 | $ | 14.34 | 78 | $ | 732 | $ | 9.36 | 58 | $ | 1,216 | $ | 21.08 | ||||||||||||||||||
Shreveport-Bossier City, LA | 1 | 5 | $ | 23.29 | 0 | $ | 0 | $ | 0.00 | 5 | $ | 119 | $ | 23.29 | ||||||||||||||||||
Louisiana | 9 | 1,095 | $ | 8.16 | 590 | $ | 3,099 | $ | 5.25 | 351 | $ | 4,586 | $ | 13.05 | ||||||||||||||||||
St. Louis, MO-IL | 2 | 229 | $ | 9.11 | 130 | $ | 1,068 | $ | 8.21 | 49 | $ | 561 | $ | 11.48 | ||||||||||||||||||
Missouri | 2 | 229 | $ | 9.11 | 130 | $ | 1,068 | $ | 8.21 | 49 | $ | 561 | $ | 11.48 | ||||||||||||||||||
Oklahoma City, OK | 2 | 164 | $ | 7.60 | 104 | $ | 570 | $ | 5.51 | 52 | $ | 612 | $ | 11.76 | ||||||||||||||||||
Oklahoma | 2 | 164 | $ | 7.60 | 104 | $ | 570 | $ | 5.51 | 52 | $ | 612 | $ | 11.76 | ||||||||||||||||||
Amarillo, TX | 2 | 68 | $ | 9.77 | 11 | $ | 48 | $ | 4.22 | 38 | $ | 434 | $ | 11.43 | ||||||||||||||||||
Beaumont-Port Arthur, TX | 6 | 281 | $ | 8.28 | 158 | $ | 787 | $ | 4.98 | 90 | $ | 1,265 | $ | 14.06 | ||||||||||||||||||
Brownsville-Harlingen, TX | 1 | 8 | $ | 12.38 | 0 | $ | 0 | $ | 0.00 | 8 | $ | 99 | $ | 12.38 | ||||||||||||||||||
College Station-Bryan, TX | 1 | 107 | $ | 10.88 | 86 | $ | 923 | $ | 10.74 | 21 | $ | 241 | $ | 11.47 | ||||||||||||||||||
Corpus Christi, TX | 1 | 371 | $ | 13.19 | 245 | $ | 2,291 | $ | 9.34 | 117 | $ | 2,489 | $ | 21.22 | ||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 10 | 1,272 | $ | 13.41 | 545 | $ | 5,883 | $ | 10.79 | 422 | $ | 7,089 | $ | 16.80 | ||||||||||||||||||
Houston-Baytown-Sugar Land, TX | 62 | 4,737 | $ | 14.52 | 2,636 | $ | 26,207 | $ | 9.94 | 1,602 | $ | 35,331 | $ | 22.05 | ||||||||||||||||||
Killeen-Temple-Fort Hood, TX | 1 | 115 | $ | 12.03 | 98 | $ | 1,033 | $ | 10.52 | 17 | $ | 353 | $ | 20.74 | ||||||||||||||||||
Laredo, TX | 2 | 374 | $ | 13.86 | 219 | $ | 2,408 | $ | 10.98 | 96 | $ | 1,963 | $ | 20.47 | ||||||||||||||||||
Lubbock, TX | 1 | 152 | $ | 8.99 | 112 | $ | 740 | $ | 6.58 | 35 | $ | 583 | $ | 16.78 | ||||||||||||||||||
Lufkin, TX | 1 | 248 | $ | 6.51 | 205 | $ | 1,076 | $ | 5.26 | 20 | $ | 387 | $ | 19.22 | ||||||||||||||||||
McAllen-Edinburg-Pharr, TX | 7 | 491 | $ | 11.92 | 360 | $ | 3,541 | $ | 9.84 | 85 | $ | 1,768 | $ | 20.69 | ||||||||||||||||||
Rio Grande City, TX | 1 | 88 | $ | 11.33 | 76 | $ | 792 | $ | 10.47 | 13 | $ | 209 | $ | 16.38 | ||||||||||||||||||
San Antonio, TX | 7 | 580 | $ | 12.13 | 375 | $ | 3,289 | $ | 8.77 | 172 | $ | 3,344 | $ | 19.42 | ||||||||||||||||||
Tyler, TX | 1 | 60 | $ | 7.29 | 33 | $ | 212 | $ | 6.35 | 15 | $ | 143 | $ | 9.36 | ||||||||||||||||||
Texas | 104 | 8,953 | $ | 13.26 | 5,160 | $ | 49,230 | $ | 9.54 | 2,752 | $ | 55,698 | $ | 20.24 | ||||||||||||||||||
Total Central Region | 123 | 11,354 | $ | 12.31 | 6,753 | $ | 60,630 | $ | 8.98 | 3,306 | $ | 63,233 | $ | 19.13 | ||||||||||||||||||
East Region | ||||||||||||||||||||||||||||||||
Fort Walton Beach et al, FL | 2 | 70 | $ | 15.07 | 45 | $ | 594 | $ | 13.29 | 14 | $ | 296 | $ | 20.62 | ||||||||||||||||||
Jacksonville, FL | 2 | 319 | $ | 9.91 | 250 | $ | 1,873 | $ | 7.48 | 66 | $ | 1,265 | $ | 19.04 | ||||||||||||||||||
Miami-Fort Lauderdale et al, FL | 17 | 1,098 | $ | 16.05 | 600 | $ | 6,367 | $ | 10.61 | 424 | $ | 10,071 | $ | 23.76 | ||||||||||||||||||
Orlando, FL | 14 | 1,780 | $ | 15.21 | 1,082 | $ | 13,237 | $ | 12.24 | 419 | $ | 9,585 | $ | 22.87 | ||||||||||||||||||
Palm Bay-Melbourne et al, FL | 3 | 182 | $ | 8.84 | 102 | $ | 587 | $ | 5.75 | 50 | $ | 755 | $ | 15.18 | ||||||||||||||||||
Palm Coast, FL | 1 | 83 | $ | 17.66 | 53 | $ | 739 | $ | 13.90 | 28 | $ | 686 | $ | 24.92 | ||||||||||||||||||
Port St. Lucie-Fort Pierce, FL | 1 | 50 | $ | 10.22 | 43 | $ | 381 | $ | 8.92 | 3 | $ | 90 | $ | 26.76 | ||||||||||||||||||
Punta Gorda, FL | 2 | 25 | $ | 16.96 | 15 | $ | 215 | $ | 14.34 | 6 | $ | 137 | $ | 23.84 | ||||||||||||||||||
Sarasota-Bradenton-Venice, FL | 1 | 97 | $ | 10.54 | 46 | $ | 324 | $ | 7.13 | 28 | $ | 453 | $ | 16.05 | ||||||||||||||||||
Tampa-St. Petersburg et al, FL | 4 | 924 | $ | 13.50 | 503 | $ | 5,015 | $ | 9.97 | 279 | $ | 5,536 | $ | 19.87 | ||||||||||||||||||
Florida | 47 | 4,628 | $ | 14.35 | 2,738 | $ | 29,333 | $ | 10.71 | 1,317 | $ | 28,874 | $ | 21.92 | ||||||||||||||||||
Atlanta-Sandy Springs et al, GA | 14 | 1,580 | $ | 13.41 | 964 | $ | 9,221 | $ | 9.56 | 463 | $ | 9,908 | $ | 21.41 | ||||||||||||||||||
Gainesville, GA | 1 | 28 | $ | 13.35 | 21 | $ | 239 | $ | 11.31 | 5 | $ | 112 | $ | 21.66 | ||||||||||||||||||
Georgia | 15 | 1,608 | $ | 13.40 | 985 | $ | 9,459 | $ | 9.60 | 468 | $ | 10,020 | $ | 21.41 | ||||||||||||||||||
Lexington-Fayette, KY | 2 | 299 | $ | 13.55 | 218 | $ | 2,012 | $ | 9.22 | 185 | $ | 3,456 | $ | 18.66 | ||||||||||||||||||
Louisville, KY-IN | 1 | 169 | $ | 11.83 | 93 | $ | 848 | $ | 9.17 | 69 | $ | 1,060 | $ | 15.39 | ||||||||||||||||||
Kentucky | 3 | 468 | $ | 13.06 | 311 | $ | 2,860 | $ | 9.20 | 254 | $ | 4,516 | $ | 17.77 | ||||||||||||||||||
Lewiston-Auburn, ME | 1 | 154 | $ | 5.23 | 80 | $ | 352 | $ | 4.41 | 21 | $ | 172 | $ | 8.37 | ||||||||||||||||||
Maine | 1 | 154 | $ | 5.23 | 80 | $ | 352 | $ | 4.41 | 21 | $ | 172 | $ | 8.37 | ||||||||||||||||||
Charlotte-Gastonia et al, NC-SC | 4 | 319 | $ | 17.14 | 154 | $ | 2,136 | $ | 13.91 | 137 | $ | 2,838 | $ | 20.76 | ||||||||||||||||||
Durham, NC | 6 | 289 | $ | 13.15 | 126 | $ | 1,315 | $ | 10.48 | 92 | $ | 1,550 | $ | 16.78 | ||||||||||||||||||
Raleigh-Cary, NC | 12 | 1,548 | $ | 11.64 | 951 | $ | 7,470 | $ | 7.85 | 507 | $ | 9,502 | $ | 18.76 | ||||||||||||||||||
Southern Pines-Pinehurst, NC | 1 | 252 | $ | 8.89 | 112 | $ | 565 | $ | 5.03 | 66 | $ | 1,019 | $ | 15.49 | ||||||||||||||||||
Wilmington, NC | 1 | 79 | $ | 12.75 | 49 | $ | 419 | $ | 8.60 | 24 | $ | 502 | $ | 21.33 | ||||||||||||||||||
North Carolina | 24 | 2,487 | $ | 12.33 | 1,391 | $ | 11,906 | $ | 8.56 | 825 | $ | 15,412 | $ | 18.68 | ||||||||||||||||||
Hilton Head Island-Beaufort, SC | 1 | 22 | $ | 14.64 | 5 | $ | 47 | $ | 9.00 | 14 | $ | 234 | $ | 16.76 | ||||||||||||||||||
South Carolina | 1 | 22 | $ | 14.64 | 5 | $ | 47 | $ | 9.00 | 14 | $ | 234 | $ | 16.76 | ||||||||||||||||||
Memphis, TN-MS-AR | 7 | 552 | $ | 12.41 | 362 | $ | 4,012 | $ | 11.10 | 135 | $ | 2,146 | $ | 15.92 | ||||||||||||||||||
Tennessee | 7 | 552 | $ | 12.41 | 362 | $ | 4,012 | $ | 11.10 | 135 | $ | 2,146 | $ | 15.92 |
Page 27
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 | ||||||||||||||||||||||||||||
Total East Region | 98 | 9,919 | $ | 13.40 | 5,872 | $ | 57,968 | $ | 9.87 | 3,033 | $ | 61,374 | $ | 20.23 | ||||||||||||||||||
Total Retail | 309 | 31,709 | $ | 13.55 | 18,546 | $ | 177,977 | $ | 9.60 | 9,683 | $ | 204,560 | $ | 21.13 | ||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||||
San Diego-Carlsbad et al, CA | 1 | 145 | $ | 6.16 | 43 | $ | 260 | $ | 6.07 | 1 | $ | 9 | $ | 10.18 | ||||||||||||||||||
California | 1 | 145 | $ | 6.16 | 43 | $ | 260 | $ | 6.07 | 1 | $ | 9 | $ | 10.18 | ||||||||||||||||||
Total West Region | 1 | 145 | $ | 6.16 | 43 | $ | 260 | $ | 6.07 | 1 | $ | 9 | $ | 10.18 | ||||||||||||||||||
Central Region | ||||||||||||||||||||||||||||||||
Austin-Round Rock, TX | 6 | 427 | $ | 9.48 | 71 | $ | 657 | $ | 9.29 | 287 | $ | 2,735 | $ | 9.53 | ||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 16 | 2,516 | $ | 4.57 | 1,727 | $ | 7,233 | $ | 4.19 | 404 | $ | 2,504 | $ | 6.20 | ||||||||||||||||||
Houston-Baytown-Sugar Land, TX | 27 | 2,926 | $ | 5.42 | 2,297 | $ | 11,587 | $ | 5.04 | 352 | $ | 2,769 | $ | 7.87 | ||||||||||||||||||
San Antonio, TX | 4 | 687 | $ | 5.38 | 411 | $ | 2,214 | $ | 5.39 | 170 | $ | 912 | $ | 5.36 | ||||||||||||||||||
Texas | 53 | 6,556 | $ | 5.35 | 4,506 | $ | 21,691 | $ | 4.81 | 1,213 | $ | 8,920 | $ | 7.35 | ||||||||||||||||||
Total Central Region | 53 | 6,556 | $ | 5.35 | 4,506 | $ | 21,691 | $ | 4.81 | 1,213 | $ | 8,920 | $ | 7.35 | ||||||||||||||||||
East Region | ||||||||||||||||||||||||||||||||
Lakeland, FL | 2 | 768 | $ | 4.25 | 658 | $ | 2,799 | $ | 4.25 | 0 | $ | 0 | $ | 0.00 | ||||||||||||||||||
Tampa-St. Petersburg et al, FL | 3 | 896 | $ | 4.00 | 727 | $ | 2,902 | $ | 3.99 | 7 | $ | 38 | $ | 5.25 | ||||||||||||||||||
Florida | 5 | 1,665 | $ | 4.12 | 1,385 | $ | 5,701 | $ | 4.12 | 7 | $ | 38 | $ | 5.25 | ||||||||||||||||||
Atlanta-Sandy Springs et al, GA | 9 | 1,560 | $ | 3.86 | 1,085 | $ | 4,136 | $ | 3.81 | 25 | $ | 153 | $ | 6.12 | ||||||||||||||||||
Georgia | 9 | 1,560 | $ | 3.86 | 1,085 | $ | 4,136 | $ | 3.81 | 25 | $ | 153 | $ | 6.12 | ||||||||||||||||||
Memphis, TN-MS-AR | 3 | 685 | $ | 2.58 | 576 | $ | 1,483 | $ | 2.57 | 2 | $ | 8 | $ | 4.15 | ||||||||||||||||||
Tennessee | 3 | 685 | $ | 2.58 | 576 | $ | 1,483 | $ | 2.57 | 2 | $ | 8 | $ | 4.15 | ||||||||||||||||||
Richmond, VA | 9 | 904 | $ | 4.98 | 739 | $ | 3,653 | $ | 4.94 | 3 | $ | 47 | $ | 15.79 | ||||||||||||||||||
Virginia | 9 | 904 | $ | 4.98 | 739 | $ | 3,653 | $ | 4.94 | 3 | $ | 47 | $ | 15.79 | ||||||||||||||||||
Total East Region | 26 | 4,813 | $ | 3.98 | 3,786 | $ | 14,973 | $ | 3.96 | 37 | $ | 246 | $ | 6.64 | ||||||||||||||||||
Total Industrial | 80 | 11,515 | $ | 4.81 | 8,335 | $ | 36,924 | $ | 4.43 | 1,251 | $ | 9,175 | $ | 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 28
Property Listing | |||||||||||
Weingarten Realty Investors | ||||||||||||||||||||
Summary Property Listing | ||||||||||||||||||||
As of September 30, 2010 | ||||||||||||||||||||
Gross Leasable Area | ||||||||||||||||||||
# of | WRI | Joint Venture | Owned by | |||||||||||||||||
ALL PROPERTIES BY STATE | Properties | Owned | Share | Other | Total | |||||||||||||||
Arizona | 23 | 2,125,238 | - | 1,204,412 | 3,329,650 | |||||||||||||||
Arkansas | 3 | 358,030 | - | - | 358,030 | |||||||||||||||
California | 29 | 3,854,878 | 880,174 | 546,242 | 5,281,292 | |||||||||||||||
Colorado | 11 | 1,273,514 | 1,129,440 | 1,252,257 | 3,655,210 | |||||||||||||||
Florida | 51 | 6,293,190 | 3,292,387 | 1,349,187 | 10,927,694 | |||||||||||||||
Georgia | 23 | 3,217,548 | 933,066 | 716,003 | 4,866,617 | |||||||||||||||
Illinois | 1 | 303,566 | - | - | 303,566 | |||||||||||||||
Kansas | 2 | 250,855 | - | - | 250,855 | |||||||||||||||
Kentucky | 4 | 610,815 | - | 127,614 | 738,429 | |||||||||||||||
Louisiana | 11 | 1,149,380 | 415,591 | 693,875 | 2,258,846 | |||||||||||||||
Maine | 1 | 153,535 | 51,178 | - | 204,713 | |||||||||||||||
Missouri | 2 | 229,232 | 28,317 | - | 257,549 | |||||||||||||||
Nevada | 12 | 2,366,641 | - | 1,160,131 | 3,526,772 | |||||||||||||||
New Mexico | 4 | 474,770 | - | 216,134 | 690,904 | |||||||||||||||
North Carolina | 25 | 2,541,259 | 181,859 | 742,374 | 3,465,492 | |||||||||||||||
Oklahoma | 2 | 163,996 | - | - | 163,996 | |||||||||||||||
Oregon | 3 | 119,909 | 90,927 | 62,600 | 273,436 | |||||||||||||||
South Carolina | 1 | 21,530 | 64,590 | - | 86,120 | |||||||||||||||
Tennessee | 9 | 1,236,766 | 674,070 | 137,740 | 2,048,576 | |||||||||||||||
Texas | 155 | 15,843,519 | 5,365,757 | 3,028,349 | 24,237,625 | |||||||||||||||
Utah | 3 | 306,638 | 60,772 | 296,357 | 663,767 | |||||||||||||||
Virginia | 9 | 904,159 | 1,607,058 | - | 2,511,217 | |||||||||||||||
Washington | 4 | 81,875 | 327,497 | 65,346 | 474,718 | |||||||||||||||
Grand Total | 388 | 43,880,843 | 15,102,683 | 11,598,621 | 70,575,074 | |||||||||||||||
Total Retail | 307 | 31,988,433 | 9,817,093 | 11,397,771 | 53,196,224 | |||||||||||||||
Total Industrial | 78 | 11,610,839 | 5,285,590 | 200,850 | 17,097,279 | |||||||||||||||
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 30
Weingarten Realty Investors | |||||||||||||||||||||||
Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | 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 | 70,255 | 173,823 | |||||||||||||||
Mohave Crossroads | Bullhead Parkway at State Route 95, Bullhead City | Target (O.B.O.), Kohls (O.B.O.), PetsMart, Staples, Bed Bath & Beyond, Ross Dress for Less | 100.00 | % | 182,168 | 0 | 197,360 | 379,528 | |||||||||||||||
Raintree Ranch | Ray Road at Price Road, Chandler | Whole Foods +, Golf Galaxy, Bodhi Wellness Center | 100.00 | % | 141,230 | 0 | 0 | 141,230 | |||||||||||||||
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 | 168,624 | 198,458 | |||||||||||||||
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 | 62,800 | 108,551 | |||||||||||||||
Red Mountain Gateway | Power Rd. at McKellips Rd., Mesa | Target (O.B.O.), Bed Bath & Beyond, Famous Footwear | 100.00 | % | 69,212 | 0 | 136,000 | 205,212 | |||||||||||||||
The Shoppes at Parkwood Ranch | Southern Avenue and Signal Butte Road, Mesa | Hobby Lobby, Dollar Tree | 100.00 | % | 92,626 | 0 | 0 | 92,626 | |||||||||||||||
Camelback Village Square | Camelback at 7th Avenue, Phoenix | Fry’s Supermarket +, Office Max, Blockbuster | 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 | Fresh N Easy +, Family Dollar, Mega Furniture | 100.00 | % | 66,787 | 0 | 0 | 66,787 | |||||||||||||||
Squaw Peak Plaza | 16th Street at Glendale Ave., Phoenix | Basha's +, Blockbuster | 100.00 | % | 60,728 | 0 | 0 | 60,728 | |||||||||||||||
Fountain Plaza | 77th St. at McDowell, Scottsdale | Fry’s Supermarket +, Dollar Tree, Lowes (O.B.O.) | 100.00 | % | 102,761 | 0 | 165,000 | 267,761 | |||||||||||||||
Scottsdale Horizon | Frank Lloyd Wright Blvd and Thompson Peak Parkway, Scottsdale | Safeway + (O.B.O.) | 100.00 | % | 10,237 | 0 | 0 | 10,237 | |||||||||||||||
Basha's Valley Plaza | S. McClintock at E. Southern, Tempe | Basha’s +, Ross Dress for Less | 100.00 | % | 145,518 | 0 | 0 | 145,518 | |||||||||||||||
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 | % | 157,359 | 0 | 0 | 157,359 | |||||||||||||||
Entrada de Oro | Magee Road and Oracle Road, Tucson | Wal-Mart Neighborhood Market + | 100.00 | % | 88,665 | 0 | 20,406 | 109,071 | |||||||||||||||
Madera Village | Tanque Verde Rd. and Catalina Hwy, Tucson | Safeway +, Walgreens, Dollar Tree | 100.00 | % | 96,732 | 0 | 10,594 | 107,326 | |||||||||||||||
Oracle Crossings | Oracle Highway and Magee Road, Tucson | Kohl's, Sprouts Farmers Market + | 100.00 | % | 250,741 | 0 | 10,000 | 260,741 | |||||||||||||||
Oracle Wetmore | Wetmore Road and Oracle Highway, Tucson | Home Depot (O.B.O.), PetSmart, Walgreens, Ultimate Electronics, Ulta | 100.00 | % | 149,961 | 0 | 105,329 | 255,290 | |||||||||||||||
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: 22 | 2,104,116 | 0 | 1,204,412 | 3,308,528 | ||||||||||||||||||
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, Michaels, Academy, Bassett Furniture, Dollar Tree | 100.00 | % | 178,500 | 0 | 0 | 178,500 | |||||||||||||||
Westgate | Cantrell at Bryant, Little Rock | SteinMart | 100.00 | % | 52,626 | 0 | 0 | 52,626 | |||||||||||||||
Arkansas Total: | # of Properties: 3 | 358,030 | 0 | 0 | 358,030 | ||||||||||||||||||
California | |||||||||||||||||||||||
Jess Ranch Marketplace | Bear Valley Road at Jess Ranch Parkway, Apple Valley | Winco Foods + (O.B.O.), Burlington Coat Factory, Petsmart, Rite Aid, Big 5 | 50.00 | % | (1)(3) | 104,384 | 104,384 | 93,696 | 302,463 | ||||||||||||||
Jess Ranch Phase III | Bear Valley Road at Jess Ranch Parkway, Apple Valley | Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness | 50.00 | % | (1)(3) | 89,984 | 89,984 | 0 | 179,967 | ||||||||||||||
Centerwood Plaza | Lakewood Blvd. at Alondra Dr., Bellflower | Bestway Supermarket +, Buck-A-Roos | 100.00 | % | 74,000 | 0 | 0 | 74,000 | |||||||||||||||
Southampton Center | IH-780 at Southampton Rd., Benecia | Raley’s +, Ace Hardware | 100.00 | % | 162,764 | 0 | 0 | 162,764 | |||||||||||||||
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 | 100.00 | % | 311,606 | 0 | 0 | 311,606 | |||||||||||||||
Buena Vista Marketplace | Huntington Dr. at Buena Vista St., Duarte | Ralph's +, Dollar Tree | 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, Dollar Tree | 100.00 | % | 129,651 | 0 | 0 | 129,651 | |||||||||||||||
Fremont Gateway Plaza | Paseo Padre Pkwy. at Walnut Ave., Fremont | Raley’s +, 24 Hour Fitness, Big Cinemas | 100.00 | % | 194,601 | 0 | 0 | 194,601 | |||||||||||||||
Hallmark Town Center | W. Cleveland Ave. at Stephanie Ln., Madera | Food 4 Less +, Bally Total Fitness | 100.00 | % | 85,066 | 0 | 0 | 85,066 | |||||||||||||||
Menifee Town Center | Antelope Rd. at Newport Rd., Menifee | Ralph's +, Ross Dress for Less, Dollar Tree | 100.00 | % | 124,431 | 0 | 124,303 | 248,734 |
Page 31
Weingarten Realty Investors | |||||||||||||||||||||||
Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Marshalls Plaza | McHenry at Sylvan Ave., Modesto | Marshalls, 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 | % | 227,872 | 0 | 0 | 227,872 | |||||||||||||||
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 | % | 121,183 | 0 | 131,468 | 252,651 | |||||||||||||||
Arcade Square | Watt Ave. at Whitney Ave., Sacramento | Grocery Outlet +, Lifestyle Furniture | 100.00 | % | 76,497 | 0 | 0 | 76,497 | |||||||||||||||
Discovery Plaza | W. El Camino Ave. at Truxel Rd., Sacramento | Bel Air Market + | 100.00 | % | 93,491 | 0 | 0 | 93,491 | |||||||||||||||
Summerhill Plaza | Antelope Rd. at Lichen Dr., Sacramento | Raley’s +, Dollar Tree | 100.00 | % | 128,880 | 0 | 0 | 128,880 | |||||||||||||||
Valley | Franklin Boulevard and Mack Road, Sacramento | Raley's + | 100.00 | % | 98,240 | 0 | 0 | 98,240 | |||||||||||||||
Silver Creek Plaza | E. Capital Expressway at Silver Creek Blvd., San Jose | Safeway +, Walgreens, Orchard Supply (O.B.O.) | 100.00 | % | 132,925 | 0 | 65,000 | 197,925 | |||||||||||||||
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 + | 100.00 | % | 194,297 | 0 | 0 | 194,297 | |||||||||||||||
Sunset Center | Sunset Ave. at State Hwy. 12, Suisun City | 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, Ross Dress for Less | 100.00 | % | 417,820 | 0 | 0 | 417,820 | |||||||||||||||
California Total: | # of Properties: 28 | 3,709,525 | 298,761 | 546,242 | 4,554,526 | ||||||||||||||||||
Colorado | |||||||||||||||||||||||
Aurora City Place | E. Alameda at I225, Aurora | PetsMart, Barnes & Noble, Ross Dress For Less, Sports Authority, Super Target + (O.B.O.) | 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 | % | 83,878 | 0 | 206,586 | 290,464 | |||||||||||||||
Uintah Gardens | NEC 19th St. at West Uintah, Colorado Springs | King Sooper’s +, Walgreens, Petco, Big 5 Sporting Goods, ARC Thrift | 100.00 | % | 214,774 | 0 | 0 | 214,774 | |||||||||||||||
Green Valley Ranch Towne Center | Tower Rd. at 48th Ave., Denver | King Sooper’s + (O.B.O.) | 50.00 | % | (1)(3) | 28,474 | 28,474 | 58,000 | 114,947 | ||||||||||||||
Lowry Town Center | 2nd Ave. at Lowry Ave., Denver | Albertsons + (O.B.O.) | 50.00 | % | (1)(3) | 38,412 | 38,412 | 52,700 | 129,525 | ||||||||||||||
CityCenter Englewood | S. Santa Fe at Hampden Ave., Englewood | Wal-Mart (O.B.O.), Ross Dress for Less, Sports Authority, Office Depot, Bally Total Fitness, Petco | 51.00 | % | (1)(3) | 137,346 | 131,960 | 90,000 | 359,305 | ||||||||||||||
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.), Sunflower Farmers Market +, Barnes & Noble, Office Max, Michaels, Dollar Tree, Cost Plus | 51.00 | % | (1)(3) | 108,190 | 103,947 | 174,000 | 386,137 | ||||||||||||||
Westminster Plaza | North Federal Blvd. at 72nd Ave., Westminster | Safeway +, Walgreens (O.B.O.) | 50.00 | % | (1) | 48,506 | 48,506 | 14,100 | 111,113 | ||||||||||||||
Colorado Total: | # of Properties: 9 | 897,842 | 587,379 | 777,386 | 2,262,606 | ||||||||||||||||||
Florida | |||||||||||||||||||||||
Boca Lyons | Glades Rd. at Lyons Rd., Boca Raton | Ross Dress for Less, Ethan Allen, Dollar Tree | 100.00 | % | 113,689 | 0 | 0 | 113,689 | |||||||||||||||
Countryside Centre | US Highway 19 at Countryside Boulevard, Clearwater | Publix +, T.J. Maxx, Home Goods | 100.00 | % | 241,933 | 0 | 0 | 241,933 | |||||||||||||||
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 +, Walgreens, Tuesday Morning | 100.00 | % | 131,723 | 0 | 48,214 | 179,937 | |||||||||||||||
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) | 42,918 | 128,752 | 0 | 171,670 | ||||||||||||||
Hollywood Hills Plaza | Hollywood Blvd. at North Park Rd., Hollywood | Publix +, Target, CVS/pharmacy | 20.00 | % | (1) | 72,943 | 291,771 | 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, Michaels | 100.00 | % | 312,447 | 0 | 0 | 312,447 | |||||||||||||||
TJ Maxx Plaza | 117th Avenue at Sunset Blvd., Kendall | T.J. Maxx, Winn Dixie + | 100.00 | % | 161,429 | 0 | 0 | 161,429 | |||||||||||||||
Largo Mall | Ulmerton Rd. at Seminole Ave., Largo | Beall’s, Marshalls, PetsMart, Bed Bath & Beyond, Staples, Michaels, Target (O.B.O.), Albertsons + (O.B.O.) | 100.00 | % | 377,616 | 0 | 197,631 | 575,247 |
Page 32
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Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | 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 + | 25.00 | % | (1)(3) | 29,707 | 89,121 | 0 | 118,828 | ||||||||||||||
Lake Washington Square | Wickham Rd. at Lake Washington Rd., Melbourne | Tuesday Morning | 100.00 | % | 111,811 | 0 | 0 | 111,811 | |||||||||||||||
Kendall Corners | Kendall Drive and SW 127th Avenue, Miami | Ashley Furniture | 20.00 | % | (1)(3) | 19,294 | 77,178 | 0 | 96,472 | ||||||||||||||
South Dade | South Dixie Highway and Eureka Drive, Miami | Publix +, Petco, Chuck E. Cheese, Bed Bath & Beyond | 20.00 | % | (1)(3) | 43,895 | 175,578 | 0 | 219,473 | ||||||||||||||
Tamiami Trail Shops | S.W. 8th St. at S.W. 137th Ave., Miami | Publix +, CVS/pharmacy | 20.00 | % | (1)(3) | 22,173 | 88,694 | 0 | 110,867 | ||||||||||||||
Northridge | E. Commercial Blvd. at Dixie Hwy., Oakland Park | Publix +, Petco, Ross Dress for Less, Anna's Linens, Bally Total Fitness | 20.00 | % | (1)(3) | 47,184 | 188,738 | 0 | 235,922 | ||||||||||||||
Colonial Landing | East Colonial Dr. at Maguire Boulevard, Orlando | Bed Bath & Beyond, PetsMart, Sports Authority | 50.00 | % | (1) | 131,504 | 131,504 | 0 | 263,007 | ||||||||||||||
Colonial Plaza | E. Colonial Dr. at Primrose Dr., Orlando | Staples, Ross Dress for Less, Babies “R” Us, Marshalls, Old Navy, SteinMart, Barnes & Noble, Petco, Big Lots, Hobby Lobby | 100.00 | % | 501,982 | 0 | 0 | 501,982 | |||||||||||||||
International Drive Value Center | International Drive and Touchstone Drive, Orlando | Bed Bath & Beyond, Ross Dress for Less, 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, Dollar Tree | 100.00 | % | 95,208 | 0 | 64,627 | 159,835 | |||||||||||||||
Phillips Crossing | Interstate 4 and Sand Lake Road, Orlando | Whole Foods +, Golf Galaxy, Michaels | 100.00 | % | 145,704 | 0 | 0 | 145,704 | |||||||||||||||
Phillips Landing | Turkey Lake Rd., Orlando | Wal-Mart (O.B.O.), Planet Fitness | 100.00 | % | 66,223 | 0 | 219,815 | 286,038 | |||||||||||||||
The Marketplace at Dr. Phillips | Dr. Phillips Boulevard and Sand Lake Road, Orlando | Stein Mart, Office Depot, Home Goods, Morton's of Chicago | 20.00 | % | (1)(3) | 65,222 | 260,886 | 0 | 326,108 | ||||||||||||||
The Shoppes at South Semoran | Semoran Blvd. at Pershing Ave., Orlando | Dollar Tree | 100.00 | % | 101,486 | 0 | 0 | 101,486 | |||||||||||||||
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 + | 30.00 | % | (1) | 29,752 | 69,420 | 0 | 99,172 | ||||||||||||||
Palm Coast Center | State Road 100 & Belle Terre Parkway, Palm Coast | Super Target (O.B.O.) +, PetsMart, T.J. Maxx, Ross Dress for Less, Michaels | 50.00 | % | (1)(3) | 83,398 | 83,398 | 189,398 | 356,195 | ||||||||||||||
East Lake Woodlands | East Lake Road and Tampa Road, Palm Harbor | Walgreens | 20.00 | % | (1)(3) | 28,123 | 112,494 | 0 | 140,617 | ||||||||||||||
Shoppes at Parkland | Hillsboro Boulevard at State Road #7, Parkland | BJ's Wholesale Club + | 30.00 | % | (1) | 43,696 | 101,956 | 0 | 145,652 | ||||||||||||||
Flamingo Pines | Pines Blvd. at Flamingo Rd., Pembroke Pines | Publix + | 20.00 | % | (1)(3) | 25,284 | 101,135 | 0 | 126,419 | ||||||||||||||
Flamingo Pines | Pines Blvd. at Flamingo Rd., Pembroke Pines | U.S. Post Office, Keiser College | 100.00 | % | 130,942 | 0 | 105,350 | 236,292 | |||||||||||||||
Pembroke Commons | University at Pines Blvd., Pembroke Pines | Publix +, Marshalls, Office Depot, LA Fitness, Dollar Tree | 20.00 | % | (1)(3) | 60,879 | 243,516 | 0 | 304,395 | ||||||||||||||
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 | 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) | 980 | 2,941 | 0 | 3,921 | ||||||||||||||
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, | Sports Authority, Marshalls, Old Navy, Petco, Super Target + (O.B.O.) | 100.00 | % | 313,612 | 0 | 185,000 | 498,612 | |||||||||||||||
Epic Village - St. Augustine | SR 207 at Rolling Hills Dr, St. Augustine | Epic Theaters (O.B.O.) | 70.00 | % | (1) | 6,103 | 2,615 | 51,977 | 53,625 | ||||||||||||||
Pineapple Commons | Us Highway 1 and Britt Rd., Stuart | City Furniture, Best Buy, Ross Dress for Less, PetsMart, Marshalls | 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 + | 100.00 | % | 102,382 | 0 | 0 | 102,382 | |||||||||||||||
Florida Total: | # of Properties: 45 | 4,550,957 | 3,229,037 | 1,245,012 | 9,017,936 | ||||||||||||||||||
Georgia | |||||||||||||||||||||||
Lakeside Marketplace | Cobb Parkway (US Hwy 41), Acworth | Ross Dress for Less, Petco, Office Max, Super Target + (O.B.O.) | 100.00 | % | 136,848 | 0 | 174,000 | 310,848 | |||||||||||||||
Mansell Crossing | North Point Parkway at Mansell Rd, Alpharetta | Buy Buy Baby, Ross Dress for Less, 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 | Shopper's World, 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) | 29,925 | 69,824 | 0 | 99,749 | ||||||||||||||
Perimeter Village | Ashford-Dunwoody Rd, Atlanta | Wal-Mart Supercenter +, Cost Plus World Market, DSW, Borders, Hobby Lobby | 100.00 | % | 387,755 | 0 | 0 | 387,755 | |||||||||||||||
Publix at Princeton Lakes | Carmia Drive and Camp Creek Drive, Atlanta | Publix + | 20.00 | % | (1) | 13,681 | 54,726 | 0 | 68,407 | ||||||||||||||
Brookwood Square | East-West Connector at Austell Rd., Austell | Marshalls, Staples | 100.00 | % | 253,448 | 0 | 0 | 253,448 | |||||||||||||||
Dallas Commons | US Highway 278 and Nathan Dean Boulevard, | Kroger + (O.B.O.) | 100.00 | % | 25,158 | 0 | 70,104 | 95,262 |
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Property Listing | |||||||||||||||||||||||
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Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | 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., | Kroger + | 30.00 | % | (1) | 27,776 | 64,811 | 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 + | 30.00 | % | (1) | 21,835 | 50,949 | 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 | % | 199,594 | 0 | 174,000 | 373,594 | |||||||||||||||
Georgia Total: | # of Properties: 15 | 1,607,969 | 322,655 | 716,003 | 2,646,627 | ||||||||||||||||||
Illinois | |||||||||||||||||||||||
Burbank Station | S. Cicero Ave. at W. 78th St., Burbank | Babies "R" Us, Food For Less +, AJ Wright, Office Max, The Sports Authority, Petsmart | 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 | T.J. Maxx, Michaels, Kroger + (O.B.O.) | 100.00 | % | 142,972 | 0 | 46,044 | 189,016 | |||||||||||||||
Tates Creek | Tates Creek at Man O’ War, Lexington | Kroger +, Rite Aid | 100.00 | % | 174,290 | 0 | 5,160 | 179,450 | |||||||||||||||
Festival at Jefferson Court | Outer Loop at Jefferson Blvd., Louisville | Kroger +, PetsMart (O.B.O.), Factory Card Outlet, Staples, AJ Wright (O.B.O.) | 100.00 | % | 168,986 | 0 | 49,410 | 218,396 | |||||||||||||||
Kentucky Total: | # of Properties: 4 | 610,815 | 0 | 127,614 | 738,429 | ||||||||||||||||||
Louisiana | |||||||||||||||||||||||
Town & Country Plaza | U.S. Hwy. 190 West, Hammond | Winn Dixie +, Office Depot, CVS/pharmacy, Ross | 100.00 | % | 227,452 | 0 | 0 | 227,452 | |||||||||||||||
Manhattan Place | Manhattan Blvd. at Gretna Blvd., Harvey | Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion | 100.00 | % | 137,315 | 0 | 139,300 | 276,615 | |||||||||||||||
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) | 13,139 | 147,100 | 174,700 | 334,939 | ||||||||||||||
Westwood Village | W. Congress at Bertrand, Lafayette | Rouses Supermarket +, Stage | 100.00 | % | 138,034 | 0 | 0 | 138,034 | |||||||||||||||
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, Dollar Tree | 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.), Marshalls (O.B.O.), Ross Dress for Less (O.B.O.), Bed Bath & Beyond (O.B.O.) | 100.00 | % | 8,243 | 0 | 205,375 | 213,618 | |||||||||||||||
Southgate | Ryan at Eddy, Lake Charles | Market Basket +, Office Depot, Books-A-Million | 100.00 | % | 157,538 | 0 | 0 | 157,538 | |||||||||||||||
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) | 41,137 | 160,517 | 174,500 | 376,154 | ||||||||||||||
University Place | 71st St. at Youree Dr., Shreveport | 100.00 | % | 5,100 | 0 | 0 | 5,100 | ||||||||||||||||
Louisiana Total: | # of Properties: 11 | 1,149,380 | 415,591 | 693,875 | 2,258,846 | ||||||||||||||||||
Maine | |||||||||||||||||||||||
The Promenade | Essex at Summit, Lewiston | Staples | 75.00 | % | (1) | 153,535 | 51,178 | 0 | 204,713 | ||||||||||||||
Maine Total: | # of Properties: 1 | 153,535 | 51,178 | 0 | 204,713 | ||||||||||||||||||
Missouri | |||||||||||||||||||||||
Ballwin Plaza | Manchester Rd. at Vlasis Dr., Ballwin | Schnucks +, Michaels, Sears Hardware | 100.00 | % | 200,915 | 0 | 0 | 200,915 | |||||||||||||||
Western Plaza | Hwy 141 at Hwy 30, Fenton | Value Village | 50.00 | % | (1)(3) | 28,317 | 28,317 | 0 | 56,634 |
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Property Listing | |||||||||||||||||||||||
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WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
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.), Trader Joe's + | 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, Sports Authority, Ulta | 100.00 | % | 428,404 | 0 | 0 | 428,404 | |||||||||||||||
Charleston Commons | Charleston and Nellis, Las Vegas | Wal-Mart +, Ross, Office Max, 99 Cents Only, PetsMart | 100.00 | % | 332,539 | 0 | 0 | 332,539 | |||||||||||||||
College Park S.C. | E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas | El Super +, Sav-On Drugs, Anna's Linens, 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-CVS (O.B.O.), Albertsons + (O.B.O.), Toys “R” Us, T.J. Maxx | 100.00 | % | 152,475 | 0 | 60,018 | 212,493 | |||||||||||||||
Paradise Marketplace | Flamingo Rd. at Sandhill, Las Vegas | Smith’s Food + (O.B.O.), Dollar Tree | 100.00 | % | 77,597 | 0 | 70,495 | 148,092 | |||||||||||||||
Rainbow Plaza | Rainbow Blvd. at Charleston Blvd., Las Vegas | Albertsons +, JC Penney, Ultimate Electronics, Home Depot, 24 Hour Fitness | 100.00 | % | 273,916 | 0 | 0 | 273,916 | |||||||||||||||
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 | % | 84,743 | 0 | 0 | 84,743 | |||||||||||||||
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, Sports Authority | 100.00 | % | 246,483 | 0 | 394,271 | 640,754 | |||||||||||||||
Tropicana Marketplace | Tropicana at Jones Blvd., Las Vegas | Smith’s Food + (O.B.O.), Family Dollar | 100.00 | % | 71,325 | 0 | 73,168 | 144,493 | |||||||||||||||
Westland Fair North | Charleston Blvd. At Decatur Blvd., Las Vegas | Wal-Mart Supercenter + (O.B.O.), Lowe’s (O.B.O.), PetsMart, Office Depot, Michaels, Anna's Linens | 100.00 | % | 211,755 | 0 | 386,458 | 598,213 | |||||||||||||||
Nevada Total: | # of Properties: 12 | 2,366,641 | 0 | 1,160,131 | 3,526,772 | ||||||||||||||||||
New Mexico | |||||||||||||||||||||||
Eastdale | Candelaria Rd. at Eubank Blvd., Albuquerque | Albertsons +, Family Dollar | 100.00 | % | 119,111 | 0 | 0 | 119,111 | |||||||||||||||
North Towne Plaza | Academy Rd. at Wyoming Blvd., Albuquerque | Whole Foods Market +, Borders | 100.00 | % | 107,902 | 0 | 0 | 107,902 | |||||||||||||||
Pavillions at San Mateo | I-40 at San Mateo, Albuquerque | Old Navy, Shoe Department, Skechers, Pima Medical Institute, Ultimate Electronics, Dollar Tree | 100.00 | % | 196,044 | 0 | 0 | 196,044 | |||||||||||||||
Wyoming Mall | Academy Rd. at Northeastern, Albuquerque | Wal-Mart Supercenter + (O.B.O.), Dollar Tree | 100.00 | % | 51,713 | 0 | 216,134 | 267,847 | |||||||||||||||
New Mexico Total: | # of Properties: 4 | 474,770 | 0 | 216,134 | 690,904 | ||||||||||||||||||
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 | % | 120,604 | 0 | 207,602 | 328,206 | |||||||||||||||
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 | Wal-Mart Supercenter + (O.B.O.), Lowes (O.B.O.), BI-LO + (O.B.O.) | 100.00 | % | 41,941 | 0 | 402,620 | 444,561 | |||||||||||||||
Bull City Market | Broad St. at West Main St., Durham | Whole Foods Market + | 100.00 | % | 42,517 | 0 | 0 | 42,517 | |||||||||||||||
Hope Valley Commons | Highway 751 and Highway 54, Durham | Harris Teeter + | 100.00 | % | 81,371 | 0 | 0 | 81,371 | |||||||||||||||
Mineral Springs Village | Mineral Springs Rd. at Wake Forest Rd., Durham | Rite Aid, Carlie C's IGA + | 100.00 | % | 59,859 | 0 | 0 | 59,859 | |||||||||||||||
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 +, Michaels, Belk’s | 100.00 | % | 252,038 | 0 | 0 | 252,038 | |||||||||||||||
Avent Ferry | Avent Ferry Rd. at Gorman St., Raleigh | Food Lion +, Family Dollar | 100.00 | % | 111,622 | 0 | 0 | 111,622 | |||||||||||||||
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 | % | 114,396 | 0 | 0 | 114,396 | |||||||||||||||
Little Brier Creek | Little Brier Creek Lane and Brier Leaf Lane, Raleigh | Lowe's Food + (O.B.O.) | 100.00 | % | 17,119 | 0 | 45,802 | 62,921 | |||||||||||||||
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 |
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Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Stonehenge Market | Creedmoor Rd. at Bridgeport Dr., Raleigh | Harris Teeter +, SteinMart | 100.00 | % | 188,521 | 0 | 0 | 188,521 | |||||||||||||||
Heritage Station | Forestville Rd. at Rogers Rd., Wake Forest | Harris Teeter + | 30.00 | % | (1) | 20,592 | 48,049 | 0 | 68,641 | ||||||||||||||
North Carolina Total: | # of Properties: 23 | 2,408,524 | 181,859 | 742,374 | 3,332,757 | ||||||||||||||||||
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, Aaron Rents | 100.00 | % | 128,231 | 0 | 0 | 128,231 | |||||||||||||||
Oklahoma Total: | # of Properties: 2 | 163,996 | 0 | 0 | 163,996 | ||||||||||||||||||
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, Portland | Safeway + | 100.00 | % | 97,177 | 0 | 0 | 97,177 | |||||||||||||||
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 | 119,909 | 90,927 | 62,600 | 273,436 | ||||||||||||||||||
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 | % | 192,624 | 0 | 0 | 192,624 | |||||||||||||||
Commons at Dexter Lake | Dexter at N. Germantown, Memphis | Kroger +, SteinMart, Marshalls | 30.00 | % | (1) | 50,087 | 116,871 | 0 | 166,958 | ||||||||||||||
Commons at Dexter Lake Phase II | Dexter at N. Germantown, Memphis | Kroger +, SteinMart, Marshalls | 30.00 | % | (1) | 18,461 | 43,077 | 0 | 61,538 | ||||||||||||||
Highland Square | Summer at Highland, Memphis | Walgreens | 100.00 | % | 14,490 | 0 | 0 | 14,490 | |||||||||||||||
Mendenhall Commons | South Mendenahall Rd. and Sanderlin Avenue, Memphis | Kroger + | 30.00 | % | (1) | 25,154 | 58,693 | 0 | 83,847 | ||||||||||||||
Summer Center | Summer Ave. at Waring Rd., Memphis | Kroger +, Ross Dress for Less | 100.00 | % | 137,335 | 0 | 0 | 137,335 | |||||||||||||||
Tennessee Total: | # of Properties: 5 | 438,151 | 218,641 | 0 | 656,792 | ||||||||||||||||||
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 | % | 48,149 | 0 | 0 | 48,149 | |||||||||||||||
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.), 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 | ||||||||||||||
Gateway Station | I-35W and McAlister Rd., Burleson | Conn's | 70.00 | % | (1) | 47,950 | 20,550 | 0 | 68,500 | ||||||||||||||
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, 99 Cents Only, Petco, Anna's Linens, Spec's | 100.00 | % | 300,772 | 0 | 0 | 300,772 | |||||||||||||||
Moore Plaza | S. Padre Island Dr. at Staples, Corpus Christi | Office Depot, Marshalls, H. E. B. +, (O.B.O.), Target (O.B.O.), Old Navy, Hobby Lobby, Steinmart | 100.00 | % | 371,098 | 0 | 161,909 | 533,007 | |||||||||||||||
Horne Street Market | I-30 & Horne Street, Fort Worth | 24 Hour Fitness | 100.00 | % | 42,267 | 0 | 0 | 42,267 | |||||||||||||||
Overton Park Plaza | SW Loop 820/Interstate 20 at South Hulen St., Ft. Worth | Sports Authority, PetsMart, Office Depot, T.J. Maxx, Home Depot (O.B.O.), Goody Goody, Anna's Linens, Sprouts Farmers Market + | 100.00 | % | 356,322 | 0 | 110,000 | 466,322 | |||||||||||||||
Broadway | Broadway at 59th St., Galveston | Big Lots, Family Dollar | 15.00 | % | (1) | 11,228 | 63,628 | 0 | 74,856 | ||||||||||||||
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, Houston | Citi Trends, Palais Royal, Sellers Bros. + | 15.00 | % | (1) | 19,871 | 112,601 | 0 | 132,472 | ||||||||||||||
Alabama-Shepherd | S. Shepherd at W. Alabama, Houston | PetsMart | 100.00 | % | 56,110 | 0 | 0 | 56,110 | |||||||||||||||
Bayshore Plaza | Spencer Hwy. at Burke Rd., Houston | Fitness Connections (O.B.O.) | 100.00 | % | 36,039 | 0 | 86,000 | 122,039 | |||||||||||||||
Bellaire Boulevard | Bellaire at S. Rice, Houston | Randall’s + | 30.00 | % | (1) | 10,524 | 24,557 | 0 | 35,081 |
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Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Braeswood Square | N. Braeswood at Chimney Rock, Houston | Belden’s +, Walgreens | 100.00 | % | 103,336 | 0 | 0 | 103,336 | |||||||||||||||
Centre at Post Oak | Westheimer at Post Oak Blvd., Houston | Marshalls, Barnes & Noble, Old Navy, Grand Lux Café, Nordstrom Rack | 100.00 | % | 184,601 | 0 | 0 | 184,601 | |||||||||||||||
Champions Village | F.M. 1960 at Champions Forest Dr., Houston | Randall’s +, SteinMart, Palais Royal, Cost Plus, Barnes & Noble | 30.00 | % | (1) | 115,374 | 269,207 | 0 | 384,581 | ||||||||||||||
Cullen Center | Cullen at Reed, Houston | Beauty Supply | 100.00 | % | 7,316 | 0 | 0 | 7,316 | |||||||||||||||
Cullen Plaza | Cullen at Wilmington, Houston | Fiesta +, JPMorgan Chase Bank, Family Dollar | 15.00 | % | (1) | 12,678 | 71,839 | 0 | 84,517 | ||||||||||||||
Cypress Pointe | F.M. 1960 at Cypress Station, Houston | Kroger +, Office Depot, Babies “R” Us | 100.00 | % | 190,704 | 0 | 96,660 | 287,364 | |||||||||||||||
Eastpark | Mesa Rd. at Tidwell, Houston | Jack in the Box, CVS/pharmacy (O.B.O.), US Postal Service (O.B.O.) | 100.00 | % | 1,576 | 0 | 0 | 1,576 | |||||||||||||||
Edgebrook | Edgebrook at Gulf Fwy., Houston | Fiesta +, JPMorgan Chase Bank, Family Dollar | 15.00 | % | (1) | 11,769 | 66,691 | 0 | 78,460 | ||||||||||||||
Fiesta Village | Quitman at Fulton, Houston | Fiesta + | 15.00 | % | (1) | 4,537 | 25,712 | 0 | 30,249 | ||||||||||||||
Fondren/West Airport | Fondren at W. Airport, Houston | Save-A-Lot + | 100.00 | % | 37,117 | 0 | 0 | 37,117 | |||||||||||||||
Glenbrook Square | Telephone Road, Houston | Kroger +, Blockbuster | 15.00 | % | (1) | 11,684 | 66,206 | 0 | 77,890 | ||||||||||||||
Griggs Road | Griggs at Cullen, Houston | Family Dollar, Citi Trends | 15.00 | % | (1) | 12,017 | 68,099 | 0 | 80,116 | ||||||||||||||
Harrisburg Plaza | Harrisburg at Wayside, Houston | Fallas Paredes | 15.00 | % | (1) | 14,016 | 79,422 | 0 | 93,438 | ||||||||||||||
Heights Plaza | 20th St. at Yale, Houston | Kroger +, Walgreens | 100.00 | % | 71,777 | 0 | 0 | 71,777 | |||||||||||||||
Humblewood Shopping Plaza | Eastex Fwy. at F.M. 1960, Houston | Kroger +, Conn’s, Walgreens, Michaels (O.B.O.), DSW (O.B.O.) | 100.00 | % | 176,446 | 0 | 99,000 | 275,446 | |||||||||||||||
I-45/Telephone Rd. Center | I-45 at Maxwell Street, Houston | Sellers Bros. +, Dollar Tree, FAMSA, Fallas Paredes | 15.00 | % | (1) | 25,768 | 146,021 | 0 | 171,789 | ||||||||||||||
Jacinto City | Market at Baca, Houston | Sellers Bros. + | 50.00 | % | (1) | 24,569 | 24,569 | 0 | 49,138 | ||||||||||||||
Kirby Strip Center | Kirby Dr, Houston | Freebirds Burrito | 100.00 | % | 10,000 | 0 | 0 | 10,000 | |||||||||||||||
Lawndale | Lawndale at 75th St., Houston | 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, Houston | Sellers Bros. +, Fallas Paredes | 15.00 | % | (1) | 17,082 | 96,796 | 0 | 113,878 | ||||||||||||||
Lyons Avenue | Lyons at Shotwell, Houston | Fiesta +, Fallas Paredes | 15.00 | % | (1) | 10,144 | 57,485 | 0 | 67,629 | ||||||||||||||
Market at Westchase | Westheimer at Wilcrest, Houston | Whole Foods Market + | 100.00 | % | 84,081 | 0 | 0 | 84,081 | |||||||||||||||
North Main Square | Pecore at N. Main, Houston | O'Reilly Auto Parts | 100.00 | % | 18,515 | 0 | 0 | 18,515 | |||||||||||||||
North Oaks | F.M. 1960 at Veterans Memorial, Houston | T.J. Maxx, Ross Dress for Less, Staples, Big Lots, DSW, Half Price Books, Anna's Linens, Hobby Lobby | 15.00 | % | (1) | 60,778 | 344,408 | 0 | 405,186 | ||||||||||||||
North Triangle | I-45 at F.M. 1960, Houston | CiCi’s Pizza | 100.00 | % | 16,060 | 0 | 0 | 16,060 | |||||||||||||||
Northbrook Center | Northwest Fwy. at W. 34th, Houston | Randall’s +, Office Depot, Citi Trends, Anna’s Linens, Dollar Tree | 100.00 | % | 173,288 | 0 | 0 | 173,288 | |||||||||||||||
Northwest Crossing | N.W. Fwy. at Hollister, Houston | Target (O.B.O.), Marshalls, Babies “R” Us, Best Buy | 75.00 | % | (1)(3) | 136,177 | 45,392 | 120,721 | 302,290 | ||||||||||||||
Oak Forest | W. 43rd at Oak Forest, Houston | Kroger +, Ross Dress for Less, Dollar Tree | 100.00 | % | 152,504 | 0 | 0 | 152,504 | |||||||||||||||
Orchard Green | Gulfton at Renwick, Houston | Sellers Bros. +, Family Dollar | 100.00 | % | 74,983 | 0 | 0 | 74,983 | |||||||||||||||
Randall's /Cypress Station | F.M. 1960 at I-45, Houston | ATI Career Training Center | 100.00 | % | 138,974 | 0 | 0 | 138,974 | |||||||||||||||
Randall's /Kings Crossing | Kingwood Dr. at Lake Houston Pkwy., Houston | Randall’s +, CVS/pharmacy | 30.00 | % | (1) | 37,919 | 88,478 | 0 | 126,397 | ||||||||||||||
Randall's /Norchester | Grant at Jones, Houston | Playa Azul Seafood & Oyster Bar | 100.00 | % | 107,200 | 0 | 0 | 107,200 | |||||||||||||||
Richmond Square | Richmond Ave. at W. Loop 610, Houston | Best Buy (O.B.O.), Cost Plus | 100.00 | % | 35,623 | 0 | 58,247 | 93,870 | |||||||||||||||
River Oaks East | W. Gray at Woodhead, Houston | Kroger + | 100.00 | % | 71,265 | 0 | 0 | 71,265 | |||||||||||||||
River Oaks West | W. Gray at S. Shepherd, Houston | Barnes & Noble, Talbots, JoS. A. Bank, Ann Taylor, Gap | 100.00 | % | 248,820 | 0 | 0 | 248,820 | |||||||||||||||
Sheldon Forest North | North, I-10 at Sheldon, Houston | Family Dollar | 100.00 | % | 22,040 | 0 | 0 | 22,040 | |||||||||||||||
Sheldon Forest South | North, I-10 at Sheldon, Houston | Gerland’s +, Burke’s Outlet | 50.00 | % | (1) | 37,670 | 37,670 | 0 | 75,340 | ||||||||||||||
Shops at Three Corners | S. Main at Old Spanish Trail, Houston | Fiesta +, Office Depot, PetsMart, Ross Dress for Less, Big Lots | 70.00 | % | (1) | 172,990 | 74,139 | 0 | 247,129 | ||||||||||||||
Southgate | W. Fuqua at Hiram Clark, Houston | Food-A-Rama +, Palais Royal, CVS/pharmacy, Family Dollar | 15.00 | % | (1) | 18,789 | 106,471 | 0 | 125,260 | ||||||||||||||
Spring Plaza | Hammerly at Campbell, Houston | Sellers Bros. +, Family Dollar | 15.00 | % | (1) | 8,875 | 50,291 | 0 | 59,166 | ||||||||||||||
Stella Link | Stella Link at S. Braeswood, Houston | Sellers Bros.+, Spec’s Liquor Warehouse, Burke’s Outlet | 100.00 | % | 96,396 | 0 | 0 | 96,396 | |||||||||||||||
Studemont | Studewood at E. 14th St, Houston | Fiesta + | 100.00 | % | 28,466 | 0 | 0 | 28,466 | |||||||||||||||
Ten Blalock Square | I-10 at Blalock, Houston | 99 Ranch Market + | 100.00 | % | 97,277 | 0 | 0 | 97,277 | |||||||||||||||
Village Arcade | University at Kirby, Houston | Gap, Baby Gap, Chicos | 100.00 | % | 57,219 | 0 | 0 | 57,219 | |||||||||||||||
Village Arcade-Phase II | University at Kirby, Houston | Talbots | 100.00 | % | 28,371 | 0 | 0 | 28,371 | |||||||||||||||
Village Arcade-Phase III | University at Kirby, Houston | American Eagle Outfitters, Banana Republic, Express | 100.00 | % | 107,134 | 0 | 0 | 107,134 | |||||||||||||||
Westchase Center | Westheimer at Wilcrest, Houston | Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Petco, Target (O.B.O.) | 100.00 | % | 231,477 | 0 | 99,550 | 331,027 | |||||||||||||||
Westhill Village | Westheimer at Hillcroft, Houston | Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens | 100.00 | % | 127,512 | 0 | 0 | 127,512 | |||||||||||||||
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 |
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Property Listing | |||||||||||||||||||||||
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WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Cedar Bayou | Bayou Rd., La Marque | 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.), Marshalls | 100.00 | % | 239,477 | 0 | 206,463 | 445,940 | |||||||||||||||
Plantation Centre | Del Mar Blvd. at McPherson Rd., Laredo | H. E. B. +, Blockbuster | 100.00 | % | 134,853 | 0 | 0 | 134,853 | |||||||||||||||
League City Plaza | I-45 at F.M. 518, League City | Kroger + | 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 | % | 151,677 | 0 | 0 | 151,677 | |||||||||||||||
Angelina Village | Hwy. 59 at Loop 287, Lufkin | Kmart, 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, Marshals, Office Depot | 50.00 | % | (1)(3) | 143,968 | 143,968 | 212,132 | 500,067 | ||||||||||||||
Market at Nolana | Nolana Ave and 29th St., McAllen | Wal-Mart (O.B.O.) | 50.00 | % | (1)(3) | 20,342 | 20,342 | 203,818 | 244,501 | ||||||||||||||
Northcross | N. 10th St. at Nolana Loop, McAllen | Barnes & Noble | 50.00 | % | (1)(3) | 37,758 | 37,758 | 0 | 75,517 | ||||||||||||||
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, Harbor Freight | 100.00 | % | 170,363 | 0 | 0 | 170,363 | |||||||||||||||
Market at Sharyland Place | U.S. Expressway 83 and Shary Road, Mission | Wal-Mart (O.B.O.), Kohl's, Dollar Tree | 50.00 | % | (1)(3) | 56,456 | 56,456 | 188,262 | 301,174 | ||||||||||||||
Sharyland Towne Crossing | Shary Rd. at Hwy. 83, Mission | Target (O.B.O.), H. E. B. +, T.J. Maxx, Petco, Office Depot, Ross Dress for Less | 50.00 | % | (1)(3) | 172,889 | 172,889 | 131,909 | 477,687 | ||||||||||||||
Custer Park | SWC Custer Road at Parker Road, Plano | Kroger + (O.B.O.) | 100.00 | % | 114,489 | 0 | 65,084 | 179,573 | |||||||||||||||
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., Plano | SteinMart, Old Navy, Office Depot, Marshalls, Babies "R" Us, Borders, PETCO Animal Supplies Inc. | 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) | 88,346 | 88,346 | 0 | 176,693 | ||||||||||||||
Rockwall | I-30 at Market Center Street, Rockwall | Office Max, Petco, Ross Dress for Less, Old Navy, Michaels | 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.), Walgreens (O.B.O.) | 100.00 | % | 40,513 | 0 | 81,176 | 121,689 | |||||||||||||||
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.), Act III Theatres, Marshalls, Office Max, | 100.00 | % | 312,370 | 0 | 176,000 | 488,370 | |||||||||||||||
SteinMart, Petco, Anna’s Linens | |||||||||||||||||||||||
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 | Marshalls, Blockbuster, Dollar Tree | 100.00 | % | 91,544 | 0 | 0 | 91,544 | |||||||||||||||
Market at Town Center | Town Center Blvd., Sugar Land | Old Navy, Home Goods, Marshalls, DSW Shoe Warehouse, Ross Dress for Less | 100.00 | % | 375,547 | 0 | 0 | 375,547 | |||||||||||||||
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 | Dollar Tree, Big Lots (O.B.O.) | 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 | |||||||||||||||
Texas Total: | # of Properties: 98 | 8,945,005 | 3,334,478 | 2,625,499 | 14,904,982 | ||||||||||||||||||
Utah | |||||||||||||||||||||||
Alpine Valley Center | Main St. at State St., American Fork | Super Target + (O.B.O.), Old Navy, Justice, 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 | Fresh Market + (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 | 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 +, Dollar Tree | 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 |
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Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
South Hill Center | 43rd Avenue Southwest and Meridian Street South, Puyallup | Best Buy, Bed Bath & Beyond, Ross Dress for Less | 20.00 | % | (1)(3) | 26,802 | 107,208 | 0 | 134,010 | ||||||||||||||
Rainer Square Plaza | Rainer Avenue South and South Charleston Street, Seattle | Safeway +, Ross Dress for Less | 20.00 | % | (1)(3) | 21,485 | 85,938 | 0 | 107,423 | ||||||||||||||
Washington Total: | # of Properties: 4 | 81,875 | 327,497 | 65,346 | 474,718 | ||||||||||||||||||
Industrial | |||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||
California | |||||||||||||||||||||||
Siempre Viva Business Park | Siempre Viva Rd. at Kerns St., San Diego | Hitachi Transport, Eaton Electrical Inc., Bose 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, Publix, Star Distribution, Chep USA | 100.00 | % | 600,000 | 0 | 0 | 600,000 | |||||||||||||||
Lakeland Interstate Industrial Park I | Interstate Drive and Kathleen Rd., Lakeland | Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., | 100.00 | % | 168,400 | 0 | 0 | 168,400 | |||||||||||||||
1801 Massaro | 1801 Massaro Blvd., Tampa | MiTek Industries, Inc., | 100.00 | % | 159,000 | 0 | 0 | 159,000 | |||||||||||||||
Hopewell Industrial Center | Old Hopewell Boulevard and U.S. Highway 301, Tampa | Parts Depot, Inc., South Dade Automotive | 100.00 | % | 224,483 | 0 | 0 | 224,483 | |||||||||||||||
Tampa East Industrial Portfolio | 1841 Massaro Blvd., Tampa | General Electric, Florida Air Conditioning Distrib, HD Supply Plumbing, 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., GSC Packaging | 100.00 | % | 382,120 | 0 | 0 | 382,120 | |||||||||||||||
Atlanta Industrial Parkway | Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta | Vacant | 100.00 | % | 50,000 | 0 | 0 | 50,000 | |||||||||||||||
Riverview Distribution Center | Fulton Industrial Blvd. at Camp Creek Parkway, Atlanta | Chep USA | 100.00 | % | 265,200 | 0 | 0 | 265,200 | |||||||||||||||
Sears Logistics | 3700 Southside Industrial Way, Atlanta | Sears Logistics Services | 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 | Mission Produce | 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 | Trane, 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 | 20.00 | % | (1)(3) | 72,092 | 288,368 | 0 | 360,460 | ||||||||||||||
Georgia Total: | # of Properties: 8 | 1,609,579 | 610,411 | 0 | 2,219,990 | ||||||||||||||||||
Tennessee | |||||||||||||||||||||||
Crowfarn Drive Warehouse | Crowfarn Dr. at Getwell Rd., Memphis | CMI Freight Transportation, Sergeant's Pet Care Products | 20.00 | % | (1)(3) | 31,770 | 127,079 | 0 | 158,849 | ||||||||||||||
Outland Business Center | Outland Center Dr., Memphis | Vistar Corporation, Kuehne & Nagel, TricorBraun | 20.00 | % | (1)(3) | 82,088 | 328,350 | 0 | 410,438 | ||||||||||||||
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 | 684,798 | 455,429 | 0 | 1,140,227 | ||||||||||||||||||
Texas | |||||||||||||||||||||||
Midpoint I-20 Distribution Center | New York Avenue and Arbrook Boulevard, | Tred-It Tire & Wheel, Amercian Medical Response | 100.00 | % | 253,165 | 0 | 0 | 253,165 | |||||||||||||||
Randol Mill Place | Randol Mill Road, Arlington | Protech Electronics, Inc., Premier Products | 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, CenTex Independent Electrical, Schindler Elevator | 100.00 | % | 119,753 | 0 | 0 | 119,753 | |||||||||||||||
Oak Hills Industrial Park | Industrial Oaks Blvd., Austin | Terracon, Inc., Illumitex | 100.00 | % | 89,858 | 0 | 0 | 89,858 |
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Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Rutland 10 Business Center | Metric Blvd. At Centimeter Circle, Austin | Media Event Concepts, Inc., Stellar Micro Devices | 100.00 | % | 54,000 | 0 | 0 | 54,000 | |||||||||||||||
Southpark A,B,C | East St. Elmo Rd. at Woodward St., Austin | Texas EZ Pawn | 100.00 | % | 78,276 | 0 | 0 | 78,276 | |||||||||||||||
Southpoint Service Center | Burleson at Promontory Point Dr., Austin | Browning Construction Co., Ltd. | 100.00 | % | 57,697 | 0 | 0 | 57,697 | |||||||||||||||
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 | Luxury of Leather, Jet Pay, LLC | 100.00 | % | 141,246 | 0 | 0 | 141,246 | |||||||||||||||
Manana Office Center | I-35 at Manana, Dallas | Dave & Busters, All-Tex Supply | 100.00 | % | 223,128 | 0 | 0 | 223,128 | |||||||||||||||
Newkirk Service Center | Newkirk near N.W. Hwy., Dallas | Restaurant Technologies, Corporate Meeting Services | 100.00 | % | 105,892 | 0 | 0 | 105,892 | |||||||||||||||
Northeast Crossing Office/Service Center | East N.W. Hwy. at Shiloh, Dallas | ASCOA - Ambulatory Surgical Center | 100.00 | % | 78,700 | 0 | 0 | 78,700 | |||||||||||||||
Redbird Distribution Center | Joseph Hardin Drive, Dallas | 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., Aero-Med, Ltd. | 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., Houston | Iron Mountain | 20.00 | % | (1)(3) | 48,728 | 194,914 | 0 | 243,642 | ||||||||||||||
610 and 11th St. Warehouse | Loop 610 at 11th St., Houston | Prefco Corp. | 100.00 | % | 104,975 | 0 | 0 | 104,975 | |||||||||||||||
610/288 Business Park | Cannon Street, Houston | Palmer Logistics, Dupuy Storage | 20.00 | % | (1)(3) | 59,060 | 236,240 | 0 | 295,300 | ||||||||||||||
Beltway 8 Business Park | Beltway 8 at Petersham Dr., Houston | Premier Home Technology | 100.00 | % | 157,498 | 0 | 0 | 157,498 | |||||||||||||||
Blankenship Building | Kempwood Drive, Houston | Star Displays | 100.00 | % | 59,359 | 0 | 0 | 59,359 | |||||||||||||||
Brookhollow Business Center | Dacoma at Directors Row, Houston | YMCA of Greater Houston, Surgeon's Management, Houston Digital Instruments | 100.00 | % | 133,970 | 0 | 0 | 133,970 | |||||||||||||||
Crestview | Bissonnet at Wilcrest, Houston | Creative Connection | 100.00 | % | 8,970 | 0 | 0 | 8,970 | |||||||||||||||
Crosspoint Warehouse | Crosspoint, Houston | Foam Enterprises, LLC | 100.00 | % | 72,505 | 0 | 0 | 72,505 | |||||||||||||||
Houston Cold Storage Warehouse | 7080 Express Lane, Houston | Houston Central Industries, Inc. | 100.00 | % | 128,752 | 0 | 0 | 128,752 | |||||||||||||||
Kempwood Industrial | Kempwood Dr. at Blankenship Dr., Houston | Pioneer Contract Services | 100.00 | % | 113,218 | 0 | 0 | 113,218 | |||||||||||||||
Kempwood Industrial | Kempwood Dr. at Blankenship Dr., Houston | Pioneer Contract Services, Veritas Geophysical Corporation | 20.00 | % | (1)(3) | 43,898 | 175,591 | 0 | 219,489 | ||||||||||||||
Lathrop Warehouse | Lathrop St. at Larimer St., Houston | United D.C., Inc. | 20.00 | % | (1)(3) | 50,378 | 201,512 | 0 | 251,890 | ||||||||||||||
Navigation Business Park | Navigation at N. York, Houston | Genesis Worldwide Logistics, Synergy Cables USA | 20.00 | % | (1)(3) | 47,603 | 190,411 | 0 | 238,014 | ||||||||||||||
Northway Park II | Loop 610 East at Homestead, Houston | Jet Lube, Inc., South Texas Bolt & Fitting, Custom Polymers | 20.00 | % | (1)(3) | 60,697 | 242,786 | 0 | 303,483 | ||||||||||||||
Railwood F | Market at U.S. 90, Houston | Shell Oil Company | 20.00 | % | (1)(3) | 60,000 | 240,000 | 0 | 300,000 | ||||||||||||||
Railwood G | Mesa at U.S. 90 , Houston | Global Stainless Supply, Inc. | 50.00 | % | (1)(3) | 105,425 | 105,425 | 0 | 210,850 | ||||||||||||||
Railwood Industrial Park | Mesa at U.S. 90, Houston | DSC Logistics, Georgia Gulf Chemicals & Vinyl | 20.00 | % | (1)(3) | 99,531 | 398,125 | 0 | 497,656 | ||||||||||||||
Railwood Industrial Park | Mesa at U.S. 90, Houston | Distribution International SW, AJ Logistics, YRC Logistics Services | 100.00 | % | 402,680 | 0 | 0 | 402,680 | |||||||||||||||
South Loop Business Park | S. Loop at Long Dr., Houston | Lumber Liquidators | 50.00 | % | (1)(3) | 46,275 | 46,275 | 0 | 92,550 | ||||||||||||||
Southport Business Park 5 | South Loop 610, Houston | Surface Preparation - Texas, LLC | 100.00 | % | 160,011 | 0 | 0 | 160,011 | |||||||||||||||
Stonecrest Business Center | Wilcrest at Fallstone, Houston | Alpha Omega Caseworks | 100.00 | % | 110,783 | 0 | 0 | 110,783 | |||||||||||||||
Town & Country Commerce Center | I-10 at Beltway 8, Houston | Arizona Tile, Seitel | 100.00 | % | 206,056 | 0 | 0 | 206,056 | |||||||||||||||
West 10 Business Center II | Wirt Rd. at I-10, Houston | Summers Group, Inc. | 100.00 | % | 82,658 | 0 | 0 | 82,658 | |||||||||||||||
West Loop Commerce Center | W. Loop N. at I-10, Houston | Inter-Tel Technologies | 100.00 | % | 34,256 | 0 | 0 | 34,256 | |||||||||||||||
West-10 Business Center | Wirt Rd. at I-10, Houston | Network-Interstate Co. | 100.00 | % | 99,883 | 0 | 0 | 99,883 | |||||||||||||||
Westgate Service Center | Park Row Drive at Whiteback Dr., Houston | Welltec, Inc., 3M Company, CAS Holdings, Inc. | 100.00 | % | 122,096 | 0 | 0 | 122,096 | |||||||||||||||
Freeport Commerce Center | Sterling Street and Statesman Drive, Irving | McGraw Hill Companies, Inc., TKS (U.S.A.), Inc. | 100.00 | % | 50,590 | 0 | 0 | 50,590 | |||||||||||||||
Central Plano Business Park | Klein Rd. at Plano Pkwy., Plano | CK Management, Inc., Underwriters Laboratories, Motion Dynamics | 100.00 | % | 137,785 | 0 | 0 | 137,785 | |||||||||||||||
Jupiter Business Park | Jupiter Rd at Summit Ave, Plano | Ericsson Radio Systems | 100.00 | % | 189,532 | 0 | 0 | 189,532 | |||||||||||||||
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 | Weingarten Realty Regional Office, Quadravox, Inc. | 100.00 | % | 101,140 | 0 | 0 | 101,140 | |||||||||||||||
Crosswinds Distribution Center | Tech Com at Wurzback Parkway, San Antonio | American Tile Supply | 100.00 | % | 142,276 | 0 | 0 | 142,276 | |||||||||||||||
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, 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 | Yokagawa, Life-Tech, Gurwitch Industries, PSI Group | 100.00 | % | 251,645 | 0 | 0 | 251,645 | |||||||||||||||
Texas Total: | # of Properties: 51 | 6,501,019 | 2,031,279 | 0 | 8,532,298 |
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Weingarten Realty Investors | |||||||||||||||||||||||
Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Virginia | |||||||||||||||||||||||
Enterchange at Northlake A | 11900-11998 North Lakeridge Parkway, Ashland | FedEx, Owens & Minor | 100.00 | % | 215,077 | 0 | 0 | 215,077 | |||||||||||||||
Enterchange at Northlake C | North Lakeridge Parkway & Northlake Park Dr, Ashland | International Paper, Techturn, The Kane Company, Wholesale Millwork | 20.00 | % | (1)(3) | 58,623 | 234,492 | 0 | 293,115 | ||||||||||||||
Enterchange at Meadowville | 2101 Bermuda Hundred Dr, Chester | United States Army | 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 | 20.00 | % | (1)(3) | 121,336 | 485,343 | 0 | 606,679 | ||||||||||||||
Enterchange at Walthall C | 1936-1962 Ruffin Mill Rd, Colonial Heights | PSS World Medical, Hill Phoenix, Sunrise Construction | 20.00 | % | (1)(3) | 52,384 | 209,538 | 0 | 261,922 | ||||||||||||||
Enterchange at Walthall D | 1700-1798 Ruffin Mill Rd, Colonial Heights | Saddle Creek, Recall Total Info Manager, Jim's Formal Wear | 100.00 | % | 287,318 | 0 | 0 | 287,318 | |||||||||||||||
Interport Business Center A | 4800-4890 Eubank Road, Richmond | Anderson News, LLC, Three Way, Wyeth-Ayerst Pharmaceuticals | 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., EGL Eagle Global Logistics, LP, Commonwealth of Virginia Departement of Taxation | 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 Enterprise, Inc. | 20.00 | % | (1)(3) | 10,977 | 43,908 | 0 | 54,885 | ||||||||||||||
Virginia Total: | # of Properties: 9 | 904,159 | 1,607,058 | 0 | 2,511,217 | ||||||||||||||||||
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, Houston | State of Texas, Weingarten Realty Regional Office | 100.00 | % | 139,449 | 0 | 0 | 139,449 | |||||||||||||||
Citadel Plaza | Citadel Plaza Dr., Houston | 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: 378 | 43,044,146 | 14,497,272 | 10,478,985 | 68,013,330 | ||||||||||||||||||
New Development | |||||||||||||||||||||||
Colorado | |||||||||||||||||||||||
River Point at Sheridan | Highway 85 and Highway 285, Sheridan | 50.00 | % | (1)(2) | 51,448 | 51,448 | 331,174 | 434,070 | |||||||||||||||
The Gardens on Havana | Mississippi at Havana, Aurora | 39.80 | % | (1)(2)(3) | 324,224 | 490,613 | 143,697 | 958,534 | |||||||||||||||
Colorado Total: | # of Properties: 2 | 375,672 | 542,061 | 474,871 | 1,392,604 | ||||||||||||||||||
Florida | |||||||||||||||||||||||
Clermont Landing | U.S. 27 & Steve's Road, Clermont | 55.00 | % | (1)(2)(3) | 77,427 | 63,350 | 104,175 | 244,952 | |||||||||||||||
Florida Total: | # of Properties: 1 | 77,427 | 63,350 | 104,175 | 244,952 | ||||||||||||||||||
North Carolina | |||||||||||||||||||||||
Surf City Crossing | Highway 17 and Highway 210, Surf City | 100.00 | % | (2) | 53,776 | 0 | 0 | 53,776 | |||||||||||||||
Waterford Village | U.S. Hwy 17 & U.S. Hwy 74/76, Leland | 100.00 | % | (2) | 78,959 | 0 | 0 | 78,959 | |||||||||||||||
North Carolina Total: | # of Properties: 2 | 132,735 | 0 | 0 | 132,735 | ||||||||||||||||||
Tennessee | |||||||||||||||||||||||
Ridgeway Trace | Poplar Avenue and Ridgeway Road, Memphis | 100.00 | % | (2) | 113,817 | 0 | 137,740 | 251,557 | |||||||||||||||
Tennessee Total: | # of Properties: 1 | 113,817 | 0 | 137,740 | 251,557 | ||||||||||||||||||
Texas | |||||||||||||||||||||||
Claywood Industrial Park | Clay at Hollister, Houston | 100.00 | % | (2) | 101,125 | 0 | 200,850 | 301,975 |
Page 41
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Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
North Towne Plaza | U.S. 77 and 83 at SHFM 802, Brownsville | 100.00 | % | (2) | 8,000 | 0 | 117,000 | 125,000 | |||||||||||||||
Tomball Marketplace | FM 2920 and Future 249, Tomball | 100.00 | % | (2) | 15,341 | 0 | 85,000 | 100,341 | |||||||||||||||
Westwood Center | Culebra Road and Westwood Loop, San Antonio | 100.00 | % | (2) | 12,580 | 0 | 0 | 12,580 | |||||||||||||||
Texas Total: | # of Properties: 4 | 137,046 | 0 | 402,850 | 539,896 | ||||||||||||||||||
Total New Developments | # of Properties: 10 | 836,697 | 605,411 | 1,119,636 | 2,561,744 | ||||||||||||||||||
Unimproved Land | |||||||||||||||||||||||
Arizona | |||||||||||||||||||||||
Bullhead Parkway at State Route 95, Bullhead City | 312,761 | ||||||||||||||||||||||
Lon Adams Rd at Tangerine Farms Rd, Marana | 422,532 | ||||||||||||||||||||||
Southern Avenue and Signal Butte Road, Mesa | 90,605 | ||||||||||||||||||||||
Arizona Total: | 825,898 | ||||||||||||||||||||||
California | |||||||||||||||||||||||
Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley | 138,956 | ||||||||||||||||||||||
Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley | 473,497 | ||||||||||||||||||||||
California Total: | 612,453 | ||||||||||||||||||||||
Colorado | |||||||||||||||||||||||
Mississippi at Havana, Aurora | 669,953 | ||||||||||||||||||||||
Highway 85 and Highway 285, Sheridan | 1,003,187 | ||||||||||||||||||||||
Colorado Total: | 1,673,140 | ||||||||||||||||||||||
Florida | |||||||||||||||||||||||
Young Pines and Curry Ford Rd, Orange County | 132,422 | ||||||||||||||||||||||
State Road 100 & Belle Terre Parkway, Palm Coast | 292,288 | ||||||||||||||||||||||
SR 207 at Rolling Hills Dr, St. Augustine | 228,254 | ||||||||||||||||||||||
Florida Total: | 652,964 | ||||||||||||||||||||||
Georgia | |||||||||||||||||||||||
NWC South Fulton Parkway @ Hwy 92, Union City | 3,554,496 | ||||||||||||||||||||||
Georgia Total: | 3,554,496 | ||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||
Ambassador Caffery at W. Congress, Lafayette | 34,848 | ||||||||||||||||||||||
70th St. at Mansfield Rd., Shreveport | 41,818 | ||||||||||||||||||||||
Louisiana Total: | 76,666 | ||||||||||||||||||||||
Nevada | |||||||||||||||||||||||
SWC Highway 215 at Decatur, Las Vegas | 1,103,810 | ||||||||||||||||||||||
Nevada Total: | 1,103,810 | ||||||||||||||||||||||
North Carolina | |||||||||||||||||||||||
U.S. Hwy 17 & U.S. Hwy 74/76, Leland | 549,727 | ||||||||||||||||||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | 510,959 | ||||||||||||||||||||||
U.S. 15-501 and Bruce Wood Rd, Southern Pines | 1,047,182 | ||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 2,024,233 | ||||||||||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 3,074,900 | ||||||||||||||||||||||
North Carolina Total: | �� | 7,207,001 | |||||||||||||||||||||
Tennessee | |||||||||||||||||||||||
Poplar Avenue and Ridgeway Road, Memphis | 53,579 | ||||||||||||||||||||||
Tennessee Total: | 53,579 |
Page 42
Weingarten Realty Investors | |||||||||||||||||||||||
Property Listing | |||||||||||||||||||||||
As of September 30, 2010 | |||||||||||||||||||||||
Gross Leasable Area | |||||||||||||||||||||||
WRI | Joint | Owned | |||||||||||||||||||||
Owned | Foot | WRI | Venture | by | |||||||||||||||||||
Center | Location | Anchors | % | Notes | Owned | Share | Other | Total | |||||||||||||||
Texas | |||||||||||||||||||||||
U.S. 77 and 83 at SHFM 802, Brownsville | 954,835 | ||||||||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 3,351,506 | ||||||||||||||||||||||
River Pointe Drive at Interstate 45, Conroe | 118,483 | ||||||||||||||||||||||
Leslie Rd. at Bandera Rd., Helotes | 74,052 | ||||||||||||||||||||||
Bissonnet at Wilcrest, Houston | 40,946 | ||||||||||||||||||||||
Citadel Plaza at 610 North Loop, Houston | 137,214 | ||||||||||||||||||||||
East Orem, Houston | 121,968 | ||||||||||||||||||||||
Kirkwood at Dashwood Drive, Houston | 321,908 | ||||||||||||||||||||||
Mesa Road at Tidwell, Houston | 35,719 | ||||||||||||||||||||||
Northwest Freeway at Gessner, Houston | 117,612 | ||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | ||||||||||||||||||||||
West Loop North at Interstate 10, Houston | 145,055 | ||||||||||||||||||||||
Nolana Ave and 29th St., McAllen | 163,350 | ||||||||||||||||||||||
Shary Rd. at North Hwy. 83, Mission | 1,607,364 | ||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | ||||||||||||||||||||||
Culebra Road and Westwood Loop, San Antonio | 403,366 | ||||||||||||||||||||||
FM 1957 (Potranco Road) and FM 211, San Antonio | 8,655,372 | ||||||||||||||||||||||
SH 151 and Ingram Rd, San Antonio | 369,389 | ||||||||||||||||||||||
US Hwy 281 at Wilderness Oaks, San Antonio | 1,269,774 | ||||||||||||||||||||||
Highway 3 at Highway 1765, Texas City | 200,812 | ||||||||||||||||||||||
FM 2920 and Highway 249, Tomball | 1,467,972 | ||||||||||||||||||||||
Texas Total: | 19,960,934 | ||||||||||||||||||||||
Utah | |||||||||||||||||||||||
South 300 West & West Paxton Avenue, Salt Lake City | 324,958 | ||||||||||||||||||||||
Utah Total: | 324,958 | ||||||||||||||||||||||
Total Unimproved Land | 36,045,899 |
Page 43
Other Topics of Interest | |||||||||||
Weingarten Realty Investors | ||||||||||||||||
Supplemental Leasing Information | ||||||||||||||||
(in thousands at pro rata share) | ||||||||||||||||
Blockbuster Summary | ||||||||||||||||
% of | ||||||||||||||||
# of Units | Rental Revenue | Rental Revenue | Square Feet | |||||||||||||
As of 6/30/10 | 42 | 4,538 | 0.79 | % | 194 | |||||||||||
Franchise units | -6 | -443 | -0.08 | % | -23 | |||||||||||
Terminated | -7 | -725 | -0.13 | % | -35 | |||||||||||
Net remaining units | 29 | 3,370 | 0.59 | % | 136 |
Percentage of 2011 Retail Renewals Completed | ||||||||||||||||
% of 2011 | ||||||||||||||||
Renewals | ||||||||||||||||
Renewed SF | Expiring SF (1) | Total | Completed | |||||||||||||
1Q 2011 | 841 | 423 | 1,264 | 67 | % | |||||||||||
2Q 2011 | 192 | 436 | 628 | 31 | % | |||||||||||
3Q 2011 | 105 | 341 | 446 | 23 | % | |||||||||||
4Q 2011 | 25 | 421 | 446 | 6 | % | |||||||||||
Total 2011 | 1,163 | 1,621 | 2,784 | 42 | % | |||||||||||
(1) Excludes tenants with options that are exercisable in 2011 |
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Reconciliation of Adjusted Funds from Operations for Exclusion of Certain Transactions | ||||||||||||||||
(per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2010 | September 30, 2009 | September 30, 2010 | September 30, 2009 | |||||||||||||
Funds from Operations per Common Share - Diluted as Reported | $ | 0.40 | $ | 0.25 | $ | 1.09 | $ | 1.56 | ||||||||
Impairment Loss, net of taxes: | ||||||||||||||||
Impairment Loss | 0.04 | 0.27 | 0.18 | 0.31 | ||||||||||||
Discontinued Operations | 0.02 | 0.03 | ||||||||||||||
Equity Loss of Real Estate Joint Ventures and Partnerships | 0.06 | 0.06 | ||||||||||||||
Provision for Income Taxes: | ||||||||||||||||
Tax Benefit Related to Current Impairment Charges | (0.04 | ) | (0.04 | ) | ||||||||||||
Valuation Allowance Against Deferred Tax Asset | 0.08 | 0.08 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests | (0.01 | ) | (0.01 | ) | ||||||||||||
Total Impairment Loss | 0.04 | 0.38 | 0.18 | 0.43 | ||||||||||||
Write-off of Misc. Notes Receivables: | ||||||||||||||||
Equity Loss of Real Estate Joint Ventures and Partnerships | 0.01 | 0.01 | ||||||||||||||
Gain on Redemption of Convertible Senior Unsecured Notes | (0.14 | ) | (0.24 | ) | ||||||||||||
Adjusted Funds from Operations per Common Share - Diluted | $ | 0.44 | $ | 0.50 | $ | 1.27 | $ | 1.76 |
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