Exhibit 99.1
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Table of Contents | Page | |
Quarterly Earnings Press Release | i - iv | |
Company Information | 1 | |
Financial Summary | ||
Condensed Consolidated Statements of Income | 3 | |
Condensed Consolidated Balance Sheets | 4 | |
Funds From Operations | 5 | |
Supplemental Income Statement Detail | 6 | |
Supplemental Balance Sheet Detail | 7 | |
Capitalization and Debt Coverage Ratios | 8 | |
Guidance | 9 | |
Investment Activity | ||
New Development Properties | 11 | |
Land Held for Development | 12 | |
Disposition and Acquisition Summary | 13 | |
Capital Expenditures | 14 | |
Summary of Debt | ||
Debt Information | 16 | |
Schedule of Maturities | 17 | |
Joint Ventures | ||
Unconsolidated Joint Venture Financial Statements at 100% | 19 | |
Unconsolidated Joint Venture Financial Statements at Pro rata Share | 20 | |
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships | 21 | |
Unconsolidated Joint Venture Mortgage Debt Information | 22 | |
Portfolio Summary | ||
Tenant Diversification by Percent of Rental Revenues | 24 | |
Portfolio Operating Information | 25 - 26 | |
Total Net Operating Income by Geographic Region | 27 | |
Property Listing | ||
Summary Property Listing | 29 | |
Property Listing | 30 - 40 | |
Other Topics of Interest | ||
Reconciliation of Impairment Transactions | 42 | |
Corporate Profile | ||
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of September 30, 2013, we owned or operated under long-term leases, interests in 273 properties which are located in 21 states that span the United States from coast to coast. These properties represent approximately 50.4 million square feet of which our interests in these properties aggregated approximately 30.1 million square feet of leasable area. Our properties were 94.4% leased as of September 30, 2013, and historically our portfolio occupancy rate has never been below 90%. | ||
www.weingarten.com |
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2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY INCREASES SAME PROPERTY NOI BY 4.7% AND RECURRING FFO BY 10.9%
HOUSTON, October 31, 2013 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended September 30, 2013. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
Third Quarter Operating and Financial Highlights
▪ | Recurring Funds from Operations ("FFO") for the third quarter totaled $63.3 million or $0.51 per diluted share, a 10.9% per share increase over the same quarter of 2012; |
▪ | Same Property Net Operating Income for the quarter increased a strong 4.7% over the prior year; |
▪ | Occupancy of the Company’s retail portfolio increased again this quarter by 0.5% to 94.4% from 93.9% a year earlier; |
▪ | Dispositions of $116 million were completed during the quarter, and; |
▪ | Ten-year notes totaling $250 million were sold subsequent to quarter-end at an attractive yield of 4.50%. |
Financial Results
The Company reported net income attributable to common shareholders of $57.8 million or $0.47 per diluted share (hereinafter “per share”) for the third quarter of 2013, as compared to $31.4 million or $0.26 per share for the same period in 2012. Gains on sales of property totaled $38.4 million in 2013 compared to $15.2 million in 2012. The 2013 operating results also included non-cash impairment charges of $0.02 per share. Net income for the nine months ended September 30, 2013 was $136.9 million or $1.12 per share compared to $66.3 million or $0.54 per share for 2012. Year-to-date, gains on sales of property totaled $116.8 million in 2013 compared to $50.6 million in 2012.
Reported FFO was $60.5 million or $0.49 per share for the third quarter of 2013 compared to $55.5 million or $0.45 per share for 2012. Year-to-date, Reported FFO was $172.6 million or $1.39 per share for 2013 compared to $166.9 million or $1.35 per share for 2012.
Recurring FFO for the quarter ended September 30, 2013 was $0.51 per share or $63.3 million compared to $56.6 million or $0.46 per share for 2012, an increase of 10.9% on a
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per share basis. This significant increase in Recurring FFO over the prior year was primarily due to solid leasing demand resulting in an increase in occupancy and the savings from the redemption and refinancing of preferred shares offset by the impact of the successful disposition program. For the nine months, Recurring FFO was $183.6 million or $1.48 per share for 2013 compared to $170.9 million or $1.39 per share for 2012, a 6.5% increase on a per share basis.
A reconciliation between net income attributable to common shareholders to Reported FFO and Recurring FFO is listed on page 5 of the Company’s supplemental package.
Operating Results
Occupancy of the retail portfolio increased to 94.4% in the third quarter from 93.9% in the third quarter of 2012. Anchor spaces increased 0.7% to 97.9% and occupancy of small shop space (less than 10,000 square feet) increased 0.4% to 88.7% from the same quarter of the prior year.
Same Property Net Operating Income ("SPNOI") for retail properties increased a strong 4.7% for the quarter primarily due to continued strength in both renewals and new leases and the improvement in occupancy mentioned above. Year-to-date, SPNOI has increased 4.5%, which was ahead of the Company’s business plan.
The Company produced strong leasing results during the third quarter with 330 new leases and renewals, totaling about one million square feet. These transactions were comprised of 109 new leases and 221 renewals, which represent annualized revenues of $6.4 million and $11.4 million, respectively. The average rental rate increase on comparable new leases signed during the quarter was a solid 9.4%.
"The continued rise in occupancy and, to a lesser degree, strong rental rate increases has enabled us to post the excellent Same Property NOI growth for the quarter and the year. Our best in class operating platform and quality portfolio of properties has allowed us to sustain this improvement in operating results for seven consecutive quarters,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Capital Recycling
The Company reported significant progress in selling its non-core assets and redeploying that capital into higher quality properties in its target markets. Year-to-date, dispositions totaled $240 million. During the quarter, the Company sold eight shopping centers and two land parcels for $116 million. Disposition activity is expected to remain strong in the fourth quarter with full year results near the upper end of the Company’s guidance for property sales of $350 million.
Subsequent to quarter-end, the Company completed investments of $86 million with the purchase of an outstanding in-fill shopping center in Austin, Texas and the acquisition of a small building in Utah in connection with the dissolution of a joint venture. The acquired shopping center was Mueller Regional Retail Center, a 350,000 square foot power center
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anchored by national retailers such as Home Depot, Marshalls, Bed Bath & Beyond, and PetSmart. The property is part of the 700 acre Mueller master planned community that will include over four million square feet of commercial space and 4,600 residential units when completed. Year-to-date, the Company has invested $175 million in quality shopping centers in our targeted markets.
“We have continued the transformation of our portfolio through these acquisitions and dispositions. We continue to reduce the size of our non-core portfolio and recycle that capital into outstanding new properties, which has significantly contributed to the solid financial results we are experiencing,” said Drew Alexander, President and Chief Executive Officer.
Balance Sheet
On October 15, 2013, the Company closed on the sale of $250 million of 4.45% notes due in January 2024. The notes were priced at a slight discount yielding 4.50%. The proceeds from the transaction were used to pay down all amounts outstanding under the Company’s $500 million revolving credit facility with the remainder invested in short-term instruments. This transaction effectively pre-funded the majority of the Company’s $285 million of January 2014 debt maturities.
“With all the volatility and uncertainty in the marketplace caused by the talk of tapering the Fed’s bond purchases, the government shutdown and the debt ceiling negotiations, we felt this notes offering was effectively an insurance policy for the Company’s January 2014 maturities. We were extremely pleased with the execution, especially in light of the unusual market conditions,” said Steve Richter, Executive Vice President and Chief Financial Officer.
Recurring FFO Guidance
With respect to 2013 guidance, the Company once again raised its guidance for Recurring FFO from $1.89 to $1.93 per share to $1.93 to $1.95 per share. Recurring FFO guidance for 2014 is a range from $1.95 to $2.01 per share. The Company’s guidance for 2013 and 2014, and assumptions for 2013 are provided on page 9 of its supplemental package.
Dividends
The Board of Trust Managers declared a quarterly cash dividend of $0.305 per common share payable on December 13, 2013 to shareholders of record on December 5, 2013.
The Board of Trust Managers also declared dividends on the Company’s 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) of $0.40625 per share for the quarter payable on December 13, 2013 to shareholders of record on December 5, 2013.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on November 1, 2013 at 11:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access
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the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 32913555). A replay will be available through the Company’s website starting approximately two hours following the live call.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2013, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 273 properties which are located in 21 states spanning the country from coast to coast. These properties represent approximately 50.4 million square feet of which our interests in these properties aggregated approximately 30.1 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Forward-Looking Statements
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
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Weingarten Realty Investors
Company Information
Corporate Office | |
2600 Citadel Plaza Drive | |
P. O. Box 924133 | |
Houston, TX 77292-4133 | |
713-866-6000 | |
www.weingarten.com | |
Stock Listings | |
New York Stock Exchange: | |
Common Shares | WRI |
Series F Preferred Shares | WRI-PF |
8.1% 2019 Notes | WRD |
Forward-Looking Statements
This supplement, together with other statements and information publicly disseminated by us, 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) the ability to dispose properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized.
Non-GAAP Disclosures
The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
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Financial Summary
Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Rentals, net | $ | 127,548 | $ | 119,211 | $ | 374,266 | $ | 342,507 | $ | 463,478 | $ | 436,580 | $ | 430,220 | $ | 441,800 | |||||||||||||||
Other | 3,119 | 3,108 | 9,486 | 8,346 | 12,044 | 13,848 | 10,938 | 15,070 | |||||||||||||||||||||||
Total | 130,667 | 122,319 | 383,752 | 350,853 | 475,522 | 450,428 | 441,158 | 456,870 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 37,122 | 34,591 | 112,347 | 97,845 | 133,871 | 123,902 | 118,150 | 116,042 | |||||||||||||||||||||||
Operating | 25,530 | 25,191 | 74,213 | 69,048 | 93,043 | 84,991 | 86,017 | 83,449 | |||||||||||||||||||||||
Real estate taxes, net | 15,624 | 14,499 | 45,242 | 41,306 | 54,914 | 52,409 | 50,075 | 55,157 | |||||||||||||||||||||||
Impairment loss | 2,358 | 197 | 2,579 | 9,585 | 9,585 | 49,671 | 33,317 | 34,983 | |||||||||||||||||||||||
General and administrative | 5,966 | 6,417 | 18,818 | 21,101 | 28,549 | 25,472 | 24,939 | 25,857 | |||||||||||||||||||||||
Total | 86,600 | 80,895 | 253,199 | 238,885 | 319,962 | 336,445 | 312,498 | 315,488 | |||||||||||||||||||||||
Operating Income | 44,067 | 41,424 | 130,553 | 111,968 | 155,560 | 113,983 | 128,660 | 141,382 | |||||||||||||||||||||||
Interest Expense, net | (27,660 | ) | (27,482 | ) | (73,689 | ) | (86,692 | ) | (113,287 | ) | (136,997 | ) | (142,008 | ) | (147,709 | ) | |||||||||||||||
Interest and Other Income, net | 1,864 | 1,818 | 5,788 | 4,786 | 6,048 | 5,062 | 9,823 | 11,421 | |||||||||||||||||||||||
Gain on Sale of Real Estate Joint Venture and Partnership Interests | 7 | — | 11,599 | 5,562 | 14,203 | — | — | — | |||||||||||||||||||||||
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net (a) | 5,125 | 4,905 | 14,467 | (6,715 | ) | (1,558 | ) | 7,834 | 12,889 | 5,548 | |||||||||||||||||||||
Gain on Acquisition | — | 1,869 | — | 1,869 | 1,869 | — | — | — | |||||||||||||||||||||||
(Loss) Gain on Redemption of Convertible Senior Unsecured Notes | — | — | — | — | — | — | (135 | ) | 25,311 | ||||||||||||||||||||||
Gain on Land and Merchant Development Sales | — | — | — | — | — | — | — | 3,851 | |||||||||||||||||||||||
Benefit (Provision) for Income Taxes | 215 | (722 | ) | 214 | (378 | ) | 21 | (47 | ) | 207 | (5,877 | ) | |||||||||||||||||||
Income (Loss) from Continuing Operations | 23,618 | 21,812 | 88,932 | 30,400 | 62,856 | (10,165 | ) | 9,436 | 33,927 | ||||||||||||||||||||||
Operating Income from Discontinued Operations | 394 | 5,074 | 5,656 | 16,463 | 19,942 | 14,952 | 38,704 | 60,318 | |||||||||||||||||||||||
Gain on Sale of Property from Discontinued Operations | 38,214 | 14,826 | 116,226 | 49,724 | 68,589 | 10,648 | 1,093 | 56,537 | |||||||||||||||||||||||
Income from Discontinued Operations | 38,608 | 19,900 | 121,882 | 66,187 | 88,531 | 25,600 | 39,797 | 116,855 | |||||||||||||||||||||||
Gain on Sale of Property | 163 | 335 | 570 | 859 | 1,034 | 1,304 | 2,005 | 24,494 | |||||||||||||||||||||||
Net Income | 62,389 | 42,047 | 211,384 | 97,446 | 152,421 | 16,739 | 51,238 | 175,276 | |||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (1,847 | ) | (1,774 | ) | (41,056 | ) | (4,557 | ) | (5,781 | ) | (1,118 | ) | (5,032 | ) | (4,174 | ) | |||||||||||||||
Net Income Adjusted for Noncontrolling Interests | 60,542 | 40,273 | 170,328 | 92,889 | 146,640 | 15,621 | 46,206 | 171,102 | |||||||||||||||||||||||
Dividends on Preferred Shares | (2,710 | ) | (8,869 | ) | (15,463 | ) | (26,607 | ) | (34,930 | ) | (35,476 | ) | (35,476 | ) | (35,476 | ) | |||||||||||||||
Redemption Costs of Preferred Shares | — | — | (17,944 | ) | — | (2,500 | ) | — | — | — | |||||||||||||||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 57,832 | $ | 31,404 | $ | 136,921 | $ | 66,282 | $ | 109,210 | $ | (19,855 | ) | $ | 10,730 | $ | 135,626 | ||||||||||||||
Earnings Per Common Share - Basic | $ | 0.48 | $ | 0.26 | $ | 1.13 | $ | 0.55 | $ | 0.90 | $ | (0.17 | ) | $ | 0.09 | $ | 1.24 | ||||||||||||||
Earnings Per Common Share - Diluted | $ | 0.47 | $ | 0.26 | $ | 1.12 | $ | 0.54 | $ | 0.90 | $ | (0.17 | ) | $ | 0.09 | $ | 1.23 |
(a) | See Page 20 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
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Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
September 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Property | $ | 4,308,849 | $ | 4,399,850 | |||
Accumulated Depreciation | (1,060,419 | ) | (1,040,839 | ) | |||
Property, net | 3,248,430 | 3,359,011 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net (a) | 281,203 | 289,049 | |||||
Total | 3,529,633 | 3,648,060 | |||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 84,142 | 89,776 | |||||
Unamortized Debt and Lease Costs, net | 137,000 | 135,783 | |||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $10,199 in 2013 and $12,127 in 2012) | 76,828 | 79,540 | |||||
Cash and Cash Equivalents | 51,730 | 19,604 | |||||
Restricted Deposits and Mortgage Escrows | 57,468 | 44,096 | |||||
Other, net | 181,746 | 167,925 | |||||
Total Assets | $ | 4,118,547 | $ | 4,184,784 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net | $ | 2,293,898 | $ | 2,204,030 | |||
Accounts Payable and Accrued Expenses | 116,985 | 119,699 | |||||
Other, net | 113,375 | 120,900 | |||||
Total Liabilities | 2,524,258 | 2,444,629 | |||||
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; no shares outstanding in 2013 and 100 shares outstanding in 2012; liquidation preference $75,000 in 2012 | — | 3 | |||||
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 60 shares outstanding in 2013 and 140 shares outstanding in 2012; liquidation preference $150,000 in 2013 and $350,000 in 2012 | 2 | 4 | |||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,940 in 2013 and 121,505 in 2012 | 3,683 | 3,663 | |||||
Additional Paid-In Capital | 1,690,687 | 1,934,183 | |||||
Net Income Less Than Accumulated Dividends | (310,568 | ) | (335,980 | ) | |||
Accumulated Other Comprehensive Loss | (15,147 | ) | (24,743 | ) | |||
Total Shareholders' Equity | 1,368,657 | 1,577,130 | |||||
Noncontrolling Interests | 225,632 | 163,025 | |||||
Total Equity | 1,594,289 | 1,740,155 | |||||
Total Liabilities and Equity | $ | 4,118,547 | $ | 4,184,784 |
(a) | This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 20 for additional information. |
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Weingarten Realty Investors
Funds From Operations
(in thousands, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Funds from Operations | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to common shareholders | $ | 57,832 | $ | 31,404 | $ | 136,921 | $ | 66,282 | |||||||
Depreciation and amortization | 36,088 | 35,611 | 112,270 | 106,551 | |||||||||||
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships | 4,443 | 5,254 | 13,370 | 16,261 | |||||||||||
Impairment of operating properties and real estate equity investments | — | 177 | 457 | 15,007 | |||||||||||
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships | — | 57 | 366 | 19,946 | |||||||||||
(Gain) on acquisition | — | (1,869 | ) | — | (1,869 | ) | |||||||||
(Gain) on sale of property and interests in real estate equity investments | (38,325 | ) | (15,140 | ) | (91,878 | ) | (56,047 | ) | |||||||
(Gain) on sale of property of unconsolidated real estate joint ventures and partnerships | (24 | ) | (435 | ) | (267 | ) | (558 | ) | |||||||
Funds from Operations - Basic | 60,014 | 55,059 | 171,239 | 165,573 | |||||||||||
Income attributable to operating partnership units | 445 | 431 | 1,336 | 1,294 | |||||||||||
Funds from Operations - Diluted | 60,459 | 55,490 | 172,575 | 166,867 | |||||||||||
Adjustments for Recurring FFO: | |||||||||||||||
Other impairment loss, net of tax | 2,387 | 159 | 2,387 | 403 | |||||||||||
Write-off of debt costs, net | 404 | — | (9,263 | ) | — | ||||||||||
Acquisition costs | 18 | 981 | 428 | 1,473 | |||||||||||
Redemption costs of preferred shares | — | — | 18,131 | — | |||||||||||
Other, net of tax | — | — | (673 | ) | 2,123 | ||||||||||
Recurring Funds from Operations - Diluted | $ | 63,268 | $ | 56,630 | $ | 183,585 | $ | 170,866 | |||||||
Denominator: | |||||||||||||||
Funds from operations weighted average shares outstanding - Basic | 121,359 | 120,766 | 121,235 | 120,637 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 1,172 | 1,078 | 1,206 | 1,016 | |||||||||||
Operating partnership units | 1,555 | 1,582 | 1,555 | 1,583 | |||||||||||
Funds from operations weighted average shares outstanding - Diluted | 124,086 | 123,426 | 123,996 | 123,236 | |||||||||||
Funds from Operations per Share - Basic | $ | 0.49 | $ | 0.46 | $ | 1.41 | $ | 1.37 | |||||||
Funds from Operations Per Share - Diluted | $ | 0.49 | $ | 0.45 | $ | 1.39 | $ | 1.35 | |||||||
Adjustments for Recurring FFO per share: | |||||||||||||||
Other impairment loss, net of tax | 0.02 | — | 0.02 | — | |||||||||||
Write-off of debt costs, net | — | — | (0.07 | ) | — | ||||||||||
Acquisition costs | — | 0.01 | — | 0.02 | |||||||||||
Redemption costs of preferred shares | — | — | 0.15 | — | |||||||||||
Other, net of tax | — | — | (0.01 | ) | 0.02 | ||||||||||
Recurring Funds from Operations Per Share - Diluted | $ | 0.51 | $ | 0.46 | $ | 1.48 | $ | 1.39 | |||||||
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Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Rentals, net | |||||||||||||||
Base minimum rent, net | $ | 98,254 | $ | 92,784 | $ | 290,932 | $ | 267,594 | |||||||
Straight line rent | 946 | 932 | 1,974 | 2,230 | |||||||||||
Over/Under-market rentals, net | 214 | 295 | 467 | 815 | |||||||||||
Percentage rent | 1,513 | 1,499 | 3,640 | 3,615 | |||||||||||
Tenant reimbursements | 26,621 | 23,701 | 77,253 | 68,253 | |||||||||||
Total | $ | 127,548 | $ | 119,211 | $ | 374,266 | $ | 342,507 | |||||||
Fee Income Primarily from Real Estate Joint Ventures and Partnerships | |||||||||||||||
Recurring | $ | 1,247 | $ | 1,791 | $ | 4,180 | $ | 5,180 | |||||||
Non-Recurring | — | — | 1,016 | — | |||||||||||
Total | $ | 1,247 | $ | 1,791 | $ | 5,196 | $ | 5,180 | |||||||
Interest Expense, net | |||||||||||||||
Interest paid or accrued | $ | 28,492 | $ | 28,531 | $ | 85,615 | $ | 89,764 | |||||||
Over-market mortgage adjustment of acquired properties, net | (212 | ) | (249 | ) | (10,202 | ) | (678 | ) | |||||||
Gross interest expense | 28,280 | 28,282 | 75,413 | 89,086 | |||||||||||
Capitalized interest | (620 | ) | (800 | ) | (1,724 | ) | (2,394 | ) | |||||||
Total | $ | 27,660 | $ | 27,482 | $ | 73,689 | $ | 86,692 | |||||||
Interest and Other Income, net | |||||||||||||||
Interest income from joint ventures (primarily construction loans) | $ | 565 | $ | 824 | $ | 1,823 | $ | 2,240 | |||||||
Deferred compensation interest income | 1,100 | 766 | 2,393 | 1,787 | |||||||||||
Other | 199 | 228 | 1,572 | 759 | |||||||||||
Total | $ | 1,864 | $ | 1,818 | $ | 5,788 | $ | 4,786 | |||||||
Supplemental Analyst Information | |||||||||||||||
Net Operating Income including Joint Ventures | |||||||||||||||
Revenues | $ | 130,667 | $ | 122,319 | $ | 383,752 | $ | 350,853 | |||||||
Operating expense | (25,530 | ) | (25,191 | ) | (74,213 | ) | (69,048 | ) | |||||||
Real estate taxes | (15,624 | ) | (14,499 | ) | (45,242 | ) | (41,306 | ) | |||||||
Total | 89,513 | 82,629 | 264,297 | 240,499 | |||||||||||
Net Operating Income from Discontinued Operations | 1,464 | 8,553 | 11,408 | 39,823 | |||||||||||
Minority Interests Share of Net Operating Income and Other Adjustments | (5,043 | ) | (5,540 | ) | (15,047 | ) | (16,023 | ) | |||||||
Pro rata Income From Consolidated Ventures | 85,934 | 85,642 | 260,658 | 264,299 | |||||||||||
Pro rata share of Unconsolidated Joint Ventures | |||||||||||||||
Revenues | 15,757 | 17,025 | 46,518 | 50,786 | |||||||||||
Operating expense | (2,747 | ) | (2,940 | ) | (7,837 | ) | (8,563 | ) | |||||||
Real estate taxes | (1,837 | ) | (2,173 | ) | (5,399 | ) | (6,451 | ) | |||||||
Total | 11,173 | 11,912 | 33,282 | 35,772 | |||||||||||
Net Operating Income including Joint Ventures | $ | 97,107 | $ | 97,554 | $ | 293,940 | $ | 300,071 | |||||||
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net | |||||||||||||||
Net income (loss) from unconsolidated real estate joint ventures and partnerships | $ | 3,852 | $ | 3,610 | $ | 10,855 | $ | (10,153 | ) | ||||||
Intercompany fee income reclass | 1,088 | 1,254 | 3,044 | 3,785 | |||||||||||
Other adjustments | 185 | 41 | 568 | (347 | ) | ||||||||||
Equity in earnings (losses) of real estate joint ventures and partnerships, net | $ | 5,125 | $ | 4,905 | $ | 14,467 | $ | (6,715 | ) | ||||||
Dividends | |||||||||||||||
Common Dividends per Share | $ | 0.305 | $ | 0.290 | $ | 0.915 | $ | 0.870 | |||||||
Common Dividends Paid as a % of Reported Funds from Operations - Basic | 62.0 | % | 63.9 | % | 65.1 | % | 63.7 | % | |||||||
Common Dividends Paid as a % of Recurring Funds from Operations - Basic | 59.2 | % | 62.6 | % | 61.2 | % | 62.2 | % | |||||||
General and Administrative Expenses | |||||||||||||||
General and Administrative Expenses/Total Revenue | 4.6 | % | 5.2 | % | 4.9 | % | 6.0 | % | |||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.12 | % | 0.12 | % | 0.36 | % | 0.40 | % |
Page 6
Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)
September 30, 2013 | December 31, 2012 | ||||||
Property | |||||||
Land | $ | 878,652 | $ | 881,156 | |||
Land held for development | 118,334 | 121,294 | |||||
Land under development | 4,222 | 6,155 | |||||
Buildings and improvements | 3,235,883 | 3,325,793 | |||||
Construction in-progress | 71,758 | 65,452 | |||||
Total | $ | 4,308,849 | $ | 4,399,850 | |||
Straight Line Rent Receivable | |||||||
$ | 57,382 | $ | 58,497 | ||||
Other Assets, net | |||||||
Notes receivable and mortgage bonds, net | $ | 32,183 | $ | 36,122 | |||
Debt service guaranty asset | 74,075 | 74,075 | |||||
Non-qualified benefit plan assets | 17,760 | 16,027 | |||||
Out-of-market rentals, net | 8,311 | 7,729 | |||||
Investments | 7,034 | — | |||||
Deferred income tax asset | 11,044 | 11,548 | |||||
Interest rate derivative | 12,845 | 9,926 | |||||
Other | 18,494 | 12,498 | |||||
Total | $ | 181,746 | $ | 167,925 | |||
Other Liabilities, net | |||||||
Deferred revenue | $ | 10,470 | $ | 14,127 | |||
Non-qualified benefit plan liabilities | 47,285 | 44,348 | |||||
Deferred income tax payable | 1,853 | 3,497 | |||||
Out-of-market rentals, net | 20,904 | 18,984 | |||||
Interest rate derivative | 537 | 768 | |||||
Other | 32,326 | 39,176 | |||||
Total | $ | 113,375 | $ | 120,900 | |||
Identified Intangible Assets and Liabilities | |||||||
Identified Intangible Assets: | |||||||
Above-market leases (included in Other Assets, net) | $ | 16,805 | $ | 16,142 | |||
Above-market leases - Accumulated Amortization | (8,494 | ) | (8,413 | ) | |||
Below-market assumed mortgages (included in Debt, net) | 4,713 | 5,722 | |||||
Below-market assumed mortgages - Accumulated Amortization | (1,787 | ) | (2,367 | ) | |||
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net) | 111,096 | 104,353 | |||||
Valuation of in place leases - Accumulated Amortization | (46,174 | ) | (39,665 | ) | |||
Total | $ | 76,159 | $ | 75,772 | |||
Identified Intangible Liabilities: | |||||||
Below-market leases (included in Other Liabilities, net) | $ | 39,934 | $ | 36,517 | |||
Below-market leases - Accumulated Amortization | (19,030 | ) | (17,533 | ) | |||
Above-market assumed mortgages (included in Debt, net) | 42,536 | 42,708 | |||||
Above-market assumed mortgages - Accumulated Amortization | (37,685 | ) | (29,176 | ) | |||
Total | $ | 25,755 | $ | 32,516 |
Page 7
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
September 30, 2013 | December 31, 2012 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 29.33 | $ | 26.77 | |||
90-Day, Average Daily Trading Volume | 743,930 | 836,362 | |||||
Capitalization | |||||||
Debt | $ | 2,293,898 | $ | 2,204,030 | |||
Preferred Shares | 150,000 | 425,000 | |||||
Sub-total Debt & Preferred Shares | 2,443,898 | 2,629,030 | |||||
Common Shares at Market | 3,576,500 | 3,252,689 | |||||
Operating Partnership Units at Market | 45,608 | 41,708 | |||||
Total Market Capitalization (As reported) | $ | 6,066,006 | $ | 5,923,427 | |||
Debt to Total Market Capitalization (As reported) | 37.8 | % | 37.2 | % | |||
Debt to Total Market Capitalization (As reported at a constant share price of $26.77) | 39.9 | % | 37.2 | % | |||
Debt to Total Market Capitalization (Pro rata) | 37.5 | % | 36.3 | % | |||
Capital Availability | |||||||
Revolving Credit Facility | $ | 500,000 | $ | 500,000 | |||
Less: | |||||||
Balance Outstanding Under Revolving Credit Facility | 100,000 | 30,000 | |||||
Outstanding Letters of Credit Under Revolving Facility | 2,179 | 2,429 | |||||
Unused Portion of Credit Facility | $ | 397,821 | $ | 467,571 |
Covenant Ratios | ||||||||
Restrictions | ||||||||
Debt to Asset Ratio (Public) | Less than 60.0% | 45.8 | % | 43.6 | % | |||
Debt + Preferred to Asset Ratio | None | 48.8 | % | 52.0 | % | |||
Secured Debt to Asset Ratio (Public) | Less than 40.0% | 15.9 | % | 18.5 | % | |||
Unencumbered Asset Test (Public) | Greater than 150% | 226.1 | % | 250.6 | % | |||
Fixed Charge Coverage (Pro rata/Revolver) | Greater than 1.5x | 2.4x | 2.1x |
Net Debt to Adjusted EBITDA | |||||||
EBITDA (Current Quarter) | $ | 126,956 | $ | 119,657 | |||
(Gain)\Loss on Sale of Real Estate | (38,384 | ) | (27,681 | ) | |||
Ground Rent | 423 | 500 | |||||
Depreciation Included in Discontinued Operations | 487 | 262 | |||||
Other Non-Recurring Items | 2,387 | 26 | |||||
Recurring EBITDA | $ | 91,869 | $ | 92,764 | |||
Net Debt (less cash & equivalents) | $ | 2,242,168 | $ | 2,184,426 | |||
Net Debt to Adjusted EBITDA (annualized) | 6.10x | 5.89x |
Credit Ratings | |||
S&P | Moody's | ||
Senior Debt | BBB | Baa2 | |
Outlook | Stable | Stable |
Page 8
Weingarten Realty Investors
Guidance
(in thousands, except per share amounts)
2013 Guidance | ||||
2013 | 2013 | |||
Previous Guidance | Revised Guidance | |||
Recurring FFO Per Diluted Share | $1.89 - $1.93 | $1.93 - $1.95 | ||
Portfolio Activity ($ in millions) | ||||
Acquisitions | $100 - $150 | $175 - $200 | ||
New Development | $15 - $50 | $15 - $50 | ||
Total | $115 - $200 | $190 - $250 | ||
Dispositions | $250 - $350 | $250 - $350 | ||
Operating Information | ||||
Same Property Net Operating Income | +3% to +3.5% | +3.5% to +4% | ||
Signed Occupancy | 94% to 95% | 94% to 95% | ||
Retail Rental Growth | +3% to +6% | +3% to +6% | ||
2014 Guidance | ||||
2014 | ||||
Guidance | ||||
Recurring FFO Per Diluted Share | $1.95 - $2.01 | |||
Denotes change to previous guidance |
Page 9
Investment Activity
Weingarten Realty Investors
New Development Properties
As of September 30, 2013
(at pro rata share)
(in thousands, except percentages)
Total Square Feet of Building Area (1) | Percent Leased | Pro Rata Spent Year-To-Date | Pro Rata Spent Inception to Date (2) | Total Estimated Investment (3) | Completions ($) Year To Date | ||||||||||||||||||||||||||||||||
Center Name | Location | Anchors | WRI Own % | Gross | Net | Net @ 100% | Gross | WRI Costs | Gross Costs | Est. Final ROI % | |||||||||||||||||||||||||||
UNDER DEVELOPMENT | |||||||||||||||||||||||||||||||||||||
1 | Tomball Marketplace | Tomball, TX | Academy, Kohl's | 100.0 | % | 147 | 62 | 66.5 | % | 85.9 | % | 246 | 14,559 | 15,440 | 15,440 | ||||||||||||||||||||||
Tomball Marketplace Phase 2 | Tomball, TX | Ross, Marshall's | 100.0 | % | 176 | 104 | 67.2 | % | 78.4 | % | (413 | ) | 15,925 | 17,734 | 17,734 | ||||||||||||||||||||||
Total Wholly Owned | 323 | 165 | 66.9 | % | 81.8 | % | $ | (167 | ) | $ | 30,484 | $ | 33,175 | $ | 33,175 | 7.3 | % | $ | 1,100 | ||||||||||||||||||
2 | Hilltop Village Center | Alexandria, VA | Wegman's | 100.0 | % | (4) | 265 | 265 | 73.0 | % | 73.0 | % | 9,390 | 37,029 | 64,491 | 64,491 | |||||||||||||||||||||
Total Joint Venture | 265 | 265 | 73.0 | % | 73.0 | % | $ | 9,390 | $ | 37,029 | $ | 64,491 | $ | 64,491 | 8.3 | % | $ | — | |||||||||||||||||||
Total 2 Properties Under Development (exclusive of phasing) | 588 | 430 | 70.7 | % | 77.8 | % | $ | 9,223 | $ | 67,513 | $ | 97,665 | $ | 97,665 | 7.9 | % | $ | 1,100 | |||||||||||||||||||
Spent Inception to Date (from above) | $ | 67,513 | $ | 67,513 | |||||||||||||||||||||||||||||||||
Additional Capital Needed to Complete | 31,549 | 31,549 | |||||||||||||||||||||||||||||||||||
Reimbursement of Future Property Sales | (1,397 | ) | (1,397 | ) | |||||||||||||||||||||||||||||||||
Total Estimated Investment | $ | 97,665 | $ | 97,665 |
QTR Completed | YTD Completed | 4Q'13E | 1Q'14E | 2Q'14E | 3Q'14E | 4Q'14E | Remaining Balance | ||
Completion ($) | $702 | $1,100 | $400 - $2,400 | $0 - $1,500 | $1,700 - $6,700 | $0 - $3,500 | $29,300 - $34,300 | $28,300 - $33,300 | |
Weighted Return (%) | 7.4% | 7.3% | 7.0% - 7.5% | 0.0% - 0.3% | 7.0% - 7.5% | 7.0% - 7.5% | 8.0% - 8.5% | 7.9% - 8.4% | |
Net Operating Income | $52 | $80 | $30 - $180 | $0 - $5 | $120 - $505 | $0 - $265 | $2,400 - $2,900 | $2,200 - $2,800 |
# Denotes anchors that are not owned by Weingarten.
(1) | Total gross building area reflects the entire shopping center under development. Includes square footage for any ownership by our partners and buildings owned by others. |
(2) | Net of non-cash impairment charges if applicable. |
(3) | Net of anticipated proceeds from land sales. |
(4) | Hilltop Village Center: 50/50 Joint Venture with 100% funding by WRI. |
Note:
Phased properties presented on this schedule are broken out but are counted as one in the property schedule.
Page 11
Weingarten Realty Investors
Land Held for Development
As of September 30, 2013
(in thousands, except acres and percentages)
Ownership Interest | Gross Acres | Investment (1) | ||||||||||||
Location | 100% | Pro Rata | ||||||||||||
New Development Phased Projects | ||||||||||||||
US Hwy. 1 and Caveness Farms Road, Wake Forest - Raleigh, NC | 100.0 | % | 37.5 | |||||||||||
Highway 17 and Highway 210, Surf City, NC | 100.0 | % | 46.5 | |||||||||||
FM 2920 and Future 249, Tomball - Houston, TX | 100.0 | % | 10.6 | |||||||||||
Decatur at 215 - Las Vegas, NV | 100.0 | % | 14.7 | |||||||||||
Hwy. 85 & Hwy. 285, Sheridan, CO | 50.0 | % | 18.2 | |||||||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.0 | |||||||||||
US Hwy. 17 & US Hwy. 74/76, Leland, NC | 100.0 | % | 12.6 | |||||||||||
Bear Valley Road at Jess Ranch Parkway (III), Apple Valley, CA | 50.0 | % | 10.9 | |||||||||||
South 300 West & West Paxton Avenue, Salt Lake City, UT | 31.8 | % | 4.6 | |||||||||||
State Hwy. 95 & Bullhead Pkwy., Bullhead City, AZ | 100.0 | % | 7.2 | |||||||||||
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL | 100.0 | % | 6.7 | |||||||||||
SR 207 & Rolling Hills Drive, St. Augustine, FL | 70.0 | % | 5.2 | |||||||||||
29th St. at Nolana Loop, McAllen, TX | 50.0 | % | 3.8 | |||||||||||
Bear Valley Road at Jess Ranch Parkway (II), Apple Valley, CA | 50.0 | % | 3.2 | |||||||||||
Southern Ave. & Signal Butte Rd., Mesa, AZ | 100.0 | % | 1.5 | |||||||||||
SEC Poplar Ave. at I-240, Memphis, TN | 100.0 | % | 1.2 | |||||||||||
Total New Development Phased Projects | 205.3 | $ | 50,927 | $ | 42,972 | |||||||||
Other Raw Land | ||||||||||||||
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX | 50.0 | % | 198.7 | |||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta, GA | 100.0 | % | 81.6 | |||||||||||
Shary Road and US Hwy. 83, Mission, TX | 50.0 | % | 35.8 | |||||||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 29.2 | |||||||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh, NC | 100.0 | % | 11.7 | |||||||||||
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ | 100.0 | % | 9.7 | |||||||||||
Rock Prairie Rd. at Hwy. 6, College Station, TX | 100.0 | % | 9.0 | |||||||||||
SH 151 & Ingram Rd., San Antonio, TX | 66.7 | % | 5.8 | |||||||||||
Young Pines and Curry Ford Rd., Orlando, FL | 100.0 | % | 3.0 | |||||||||||
Leslie Rd. at Bandera Rd., Helotes, TX | 100.0 | % | 1.7 | |||||||||||
Other | 100.0 | % | 36.8 | |||||||||||
Total Raw Land | 423.1 | $ | 78,228 | $ | 58,055 | |||||||||
Total Land Held For Development Properties | 628.4 | $ | 129,155 | $ | 101,027 |
(1) | Net of impairment and valuation adjustments. |
Notes:
Land costs account for $102.7 million of total investment at 100%, $77.8 million at pro rata share.
Categorization based upon proximity to development property and does not indicate future development pipeline.
Page 12
Weingarten Realty Investors
Disposition and Acquisition Summary
For the Period Ended September 30, 2013
(at pro rata share)
(in thousands)
Center | City/State | Sq. Ft. at 100% | Date Sold | Center | City/State | Sq. Ft. at 100% | Date Acquired | |||||||
Dispositions | Acquisitions | |||||||||||||
1st Quarter | 1st Quarter | |||||||||||||
Westland Terrace | Orlando, FL | 78 | 01/29/13 | Sea Ranch Centre | Sea Ranch Lakes, FL | 99 | 03/06/13 | |||||||
Palm Lakes Plaza * | Margate, FL | 114 | 01/30/13 | |||||||||||
Crowfarn Drive * | Memphis, TN | 159 | 02/21/13 | |||||||||||
Outland Business Center * | Memphis, TN | 410 | 02/21/13 | |||||||||||
Kendall Corners * | Miami, FL | 97 | 03/22/13 | |||||||||||
2nd Quarter | 2nd Quarter | |||||||||||||
Edgebrook | Houston, TX | 78 | 04/11/13 | Southgate Ground Lease | Lake Charles, LA | — | 04/01/13 | |||||||
Westwood - Pad | San Antonio, TX | — | 05/01/13 | Queen Anne Marketplace * | Seattle, WA | 66 | 05/21/13 | |||||||
Houston Cold Storage | Houston, TX | 129 | 05/10/13 | Independence Plaza | Laredo, TX | 324 | 06/11/13 | |||||||
Tully Corners * | San Jose, TX | 116 | 05/15/13 | |||||||||||
Shoppes Paradise Key * | Destin, FL | 272 | 05/15/13 | |||||||||||
Round Rock - Pad | Round Rock, TX | — | 05/23/13 | |||||||||||
Sheldon Forest I & II | Channelview, TX | 97 | 06/05/13 | |||||||||||
Orchard Green | Houston, TX | 75 | 06/05/13 | |||||||||||
North Oaks | Houston, TX | 405 | 06/05/13 | |||||||||||
Mission Center | Las Vegas, NV | 152 | 06/18/13 | |||||||||||
Summer Center | Memphis, TN | 139 | 06/19/13 | |||||||||||
Southside | Orlando, FL | 160 | 06/24/13 | |||||||||||
Pavillions at San Mateo | Albuquerque, NM | 209 | 06/27/13 | |||||||||||
Tomball Marketplace - Pad | Tomball, TX | — | 06/28/13 | |||||||||||
3rd Quarter | 3rd Quarter | |||||||||||||
Killeen Marketplace | Killeen, TX | 115 | 07/17/13 | None | ||||||||||
Sunset Shopping Center | Suisun City, CA | 85 | 08/06/13 | |||||||||||
Ravenstone Commons | Durham, NC | 61 | 08/15/13 | |||||||||||
Wyoming Mall | Albuquerque, NM | 64 | 08/22/13 | |||||||||||
River Pointe Subdivision - Pad | Montgomery County, TX | — | 08/29/13 | |||||||||||
Steele Creek Crossing | Charlotte, NC | 77 | 09/12/13 | |||||||||||
Westwood Shopping Center - Pad | San Antonio, TX | — | 09/16/13 | |||||||||||
Cole Park Plaza | Chapel Hill, NC | 78 | 09/19/13 | |||||||||||
Montgomery Plaza | Conroe, TX | 310 | 09/23/13 | |||||||||||
Horne Street Market | Fort Worth, TX | 42 | 09/27/13 | |||||||||||
Weighted | ||||||||||||||
Sales | Sales | Purchase | ||||||||||||
Proceeds | Cap | Price | Yield | |||||||||||
Total Dispositions | $ | 239,676 | 7.66 | % | Total Acquisitions | $ | 89,288 | 5.80 | % | |||||
* Unconsolidated real estate joint venture activity |
Page 13
Weingarten Realty Investors
Capital Expenditures
(at pro rata share)
(in thousands)
Acquisitions | New Development | Major Repairs | Tenant Finish | Remodels/ Existing Development (1) | Outside Broker Fees | All Other | Total | ||||||||||||||||||||||||
Quarter Ended 3/31/2013 | $ | 18,000 | $ | 3,455 | $ | 894 | $ | 6,862 | $ | 1,631 | $ | 1,127 | $ | 784 | $ | 32,753 | |||||||||||||||
Quarter Ended 6/30/2013 | 71,288 | 2,804 | 1,976 | 7,811 | 2,079 | 883 | 339 | 87,180 | |||||||||||||||||||||||
Quarter Ended 9/30/2013 | — | 2,964 | 3,874 | 10,417 | 3,266 | 845 | 750 | 22,116 | |||||||||||||||||||||||
Nine Months Ended 9/30/2013 (2) | $ | 89,288 | $ | 9,223 | $ | 6,744 | $ | 25,090 | $ | 6,976 | $ | 2,855 | $ | 1,873 | $ | 142,049 | |||||||||||||||
Year Ended 12/31/2012 | $ | 235,267 | $ | 30,193 | $ | 12,040 | $ | 40,689 | $ | 12,653 | $ | 4,228 | $ | 1,683 | $ | 336,753 | |||||||||||||||
Year Ended 12/31/2011 | $ | 68,900 | $ | 35,225 | $ | 11,646 | $ | 44,351 | $ | 15,578 | $ | 6,637 | $ | 606 | $ | 182,943 | |||||||||||||||
Year Ended 12/31/2010 | $ | 193,131 | $ | 16,710 | $ | 13,786 | $ | 29,556 | $ | 14,608 | $ | 5,343 | $ | 1,337 | $ | 274,471 |
(1) | Primarily incremental investment on properties formerly classified as new development. |
(2) | Internal Leasing Fees are approximately $10.1 million for the nine months ended September 30, 2013. |
Page 14
Summary of Debt
Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
September 30, 2013 | 3rd Quarter Weighted Average Rate (1) | December 31, 2012 | 4th Quarter Weighted Average Rate (1) | ||||||||||
Outstanding Balance Summary | |||||||||||||
Mortgage Debt | $ | 779,457 | 6.03 | % | $ | 920,963 | 6.15 | % | |||||
3.5% Notes due 2023 | 298,647 | 3.50 | % | — | |||||||||
3.375% Notes due 2022 | 298,944 | 3.38 | % | 298,870 | 3.38 | % | |||||||
8.1% Notes due 2019 | 100,000 | 8.10 | % | 100,000 | 8.10 | % | |||||||
Unsecured Notes Payable (MTN) | 606,315 | 5.22 | % | 721,876 | 5.45 | % | |||||||
Revolving Credit Agreements (2) | 114,500 | 0.99 | % | 66,000 | 1.32 | % | |||||||
Industrial Revenue Bonds | 960 | 2.36 | % | 1,246 | 2.51 | % | |||||||
Obligations under Capital Leases | 21,000 | 7.84 | % | 21,000 | 7.74 | % | |||||||
Subtotal Consolidated Debt | 2,219,823 | 4.84 | % | 2,129,955 | 5.34 | % | |||||||
Debt Service Guarantee Liability (3) | 74,075 | 74,075 | |||||||||||
Total Consolidated Debt - As Reported | 2,293,898 | 4.84 | % | 2,204,030 | 5.34 | % | |||||||
Less: Noncontrolling Interests and Other Adjustments | (210,388 | ) | (261,950 | ) | |||||||||
Plus: WRI Share of Unconsolidated Joint Ventures | 178,391 | 177,703 | |||||||||||
Total Debt - Pro rata Share | $ | 2,261,901 | 4.79 | % | $ | 2,119,783 | 5.31 | % | |||||
Debt Balance | 3rd Quarter Weighted Average Rate (1) | % of Total | Weighted Average Remaining Life (yrs) | ||||||||||
Fixed vs. Variable Rate Debt (at Pro rata Share) (includes the effect of interest rate swaps) | |||||||||||||
As of September 30, 2013 | |||||||||||||
Fixed-rate debt | $ | 1,973,385 | 5.03 | % | 87.2 | % | 5.28 | ||||||
Variable-rate debt | 288,516 | 2.52 | % | 12.8 | % | 2.65 | |||||||
Total | $ | 2,261,901 | 4.79 | % | 100.0 | % | 4.94 | ||||||
As of December 31, 2012 | |||||||||||||
Fixed-rate debt | $ | 1,912,230 | 5.83 | % | 90.2 | % | |||||||
Variable-rate debt | 207,553 | 1.95 | % | 9.8 | % | ||||||||
Total | $ | 2,119,783 | 5.31 | % | 100.0 | % | |||||||
Secured vs. Unsecured Debt (at Pro rata Share) | |||||||||||||
As of September 30, 2013 | |||||||||||||
Secured Debt | $ | 799,641 | 5.92 | % | 35.4 | % | 3.81 | ||||||
Unsecured Debt | 1,462,260 | 4.15 | % | 64.6 | % | 5.56 | |||||||
Total | $ | 2,261,901 | 4.79 | % | 100.0 | % | 4.94 | ||||||
As of December 31, 2012 | |||||||||||||
Secured Debt | $ | 886,078 | 6.23 | % | 41.8 | % | |||||||
Unsecured Debt | 1,233,705 | 4.42 | % | 58.2 | % | ||||||||
Total | $ | 2,119,783 | 5.31 | % | 100.0 | % | |||||||
As Reported | Pro rata Share | ||||||||||||
Weighted Average Interest Rates (1) | |||||||||||||
Three months ended 9/30/13 | 4.84 | % | 4.79 | % | |||||||||
Nine months ended 9/30/13 | 4.98 | % | 4.95 | % | |||||||||
Nine months ended 09/30/12 | 5.16 | % | 5.15 | % | |||||||||
Three months ended 12/31/12 | 5.34 | % | 5.31 | % | |||||||||
Twelve months ended 12/31/12 | 5.21 | % | 5.18 | % |
(1) | Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee, and other loan costs related to financing. |
(2) | Weighted average revolving interest rate excludes the effect of the facility fee of 25 and 20 basis points in 2012 and 2103, respectively, on the total |
commitment paid in arrears. The weighted average revolving interest rate with the facility fee is 2.21% and 3.93% for the third quarter 2013 and the fourth quarter 2012, respectively.
(3) | Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
Page 16
Weingarten Realty Investors
Schedule of Maturities
As of September 30, 2013
(in thousands, except percentages)
As Reported | Pro rata Share | ||||||||||||||||||||||||||
Maturities | Weighted Average Rate (4) | Maturities | Weighted Average Rate (4) | Floating Rate | Fixed Rate | Secured | Unsecured | ||||||||||||||||||||
2013 (1) | $ | 65,727 | 5.07% | $ | 66,281 | 5.07% | $ | 1,176 | $ | 65,105 | $ | 6,281 | $ | 60,000 | |||||||||||||
2014 | 468,858 | 5.60% | 421,231 | 5.50% | 881 | 420,350 | 106,231 | 315,000 | |||||||||||||||||||
2015 | 275,998 | 5.93% | 241,464 | 5.74% | 1,835 | 239,629 | 151,464 | 90,000 | |||||||||||||||||||
2016 | 249,283 | 6.19% | 278,214 | 5.96% | 44,180 | 234,034 | 203,214 | 75,000 | |||||||||||||||||||
2017 | 141,864 | 6.79% | 164,115 | 6.40% | 164,115 | 139,115 | 25,000 | ||||||||||||||||||||
2018 | 64,157 | 6.63% | 25,219 | 6.09% | 25,219 | 15,649 | 9,570 | ||||||||||||||||||||
2019 (2) | 153,380 | 7.65% | 157,007 | 7.26% | 157,007 | 57,007 | 100,000 | ||||||||||||||||||||
2020 | 3,342 | 6.34% | 58,929 | 5.17% | 58,929 | 58,929 | |||||||||||||||||||||
2021 | 2,278 | 6.27% | 10,435 | 5.83% | 10,435 | 10,435 | |||||||||||||||||||||
2022 | 304,815 | 3.42% | 305,732 | 3.43% | 305,732 | 5,732 | 300,000 | ||||||||||||||||||||
Thereafter | 348,264 | 3.91% | 350,168 | 3.92% | 350,168 | 18,448 | 331,720 | ||||||||||||||||||||
Subtotal | 2,077,966 | 2,078,795 | 48,072 | 2,030,723 | 772,505 | 1,306,290 | |||||||||||||||||||||
Revolving Credit Agreements | 114,500 | 1.06% | 114,500 | 1.06% | 114,500 | 114,500 | |||||||||||||||||||||
Other (3) | 101,432 | 68,606 | 8,883 | 59,723 | 27,136 | 41,470 | |||||||||||||||||||||
Swap Maturities: | |||||||||||||||||||||||||||
2014 | 50,000 | (50,000 | ) | ||||||||||||||||||||||||
2017 | 67,061 | (67,061 | ) | ||||||||||||||||||||||||
Total | $ | 2,293,898 | 4.98% | $ | 2,261,901 | 4.95% | $ | 288,516 | $ | 1,973,385 | $ | 799,641 | $ | 1,462,260 |
(1) | Includes $1.0 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. |
(2) | Includes $100.0 million of 8.1% bonds maturing in 2019 which may be redeemed at our option on or after September 15, 2014. |
(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”, revolver facility fee paid quarterly on total commitment |
in arrears, and other loan costs related to financing.
Page 17
Joint Ventures
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Statements at 100%
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Condensed Statements of Income | 2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 30,826 | $ | 37,815 | $ | 94,794 | $ | 114,463 | |||||||
Straight line rent | 526 | 880 | 1,323 | 2,153 | |||||||||||
Over/Under-market rentals, net | 132 | 292 | 506 | 1,065 | |||||||||||
Percentage rent | 293 | 224 | 688 | 708 | |||||||||||
Tenant reimbursements | 8,564 | 10,037 | 25,298 | 29,296 | |||||||||||
Other income | 463 | 478 | 1,455 | 1,914 | |||||||||||
Total | 40,804 | 49,726 | 124,064 | 149,599 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 11,343 | 15,071 | 34,922 | 46,688 | |||||||||||
Interest, net | 7,131 | 8,956 | 22,091 | 27,003 | |||||||||||
Operating | 7,298 | 9,069 | 20,859 | 26,265 | |||||||||||
Real estate taxes, net | 4,739 | 6,322 | 14,335 | 18,719 | |||||||||||
General and administrative | 187 | 420 | 637 | 1,006 | |||||||||||
Provision for income taxes | 63 | 81 | 211 | 249 | |||||||||||
Impairment loss | 59 | 283 | 1,887 | 96,781 | |||||||||||
Total | 30,820 | 40,202 | 94,942 | 216,711 | |||||||||||
Gain on sale of property | 122 | 2,177 | 1,324 | 2,423 | |||||||||||
Net income (loss) | $ | 10,106 | $ | 11,701 | $ | 30,446 | $ | (64,689 | ) | ||||||
Condensed Balance Sheets | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 1,507,115 | $ | 1,631,694 | |||||||||||
Accumulated depreciation | (284,101 | ) | (273,591 | ) | |||||||||||
Property, net | 1,223,014 | 1,358,103 | |||||||||||||
Other assets, net | 159,105 | 161,344 | |||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Debt, net | $ | 467,908 | $ | 468,841 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 102,390 | 109,931 | |||||||||||||
Other liabilities, net | 35,083 | 34,157 | |||||||||||||
Total | 605,381 | 612,929 | |||||||||||||
Accumulated equity | 776,738 | 906,518 | |||||||||||||
Total | $ | 1,382,119 | $ | 1,519,447 |
Page 19
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Statements at Pro rata Share
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Condensed Statements of Income | 2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 11,907 | $ | 12,923 | $ | 35,652 | $ | 38,855 | |||||||
Straight line rent | 295 | 326 | 704 | 850 | |||||||||||
Over/Under-market rentals, net | (26 | ) | (10 | ) | (117 | ) | (48 | ) | |||||||
Percentage rent | 117 | 80 | 270 | 231 | |||||||||||
Tenant reimbursements | 3,280 | 3,516 | 9,412 | 10,240 | |||||||||||
Other income | 184 | 190 | 597 | 658 | |||||||||||
Total | 15,757 | 17,025 | 46,518 | 50,786 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 4,443 | 5,254 | 13,370 | 16,261 | |||||||||||
Interest, net | 2,778 | 3,276 | 8,607 | 9,881 | |||||||||||
Operating | 2,747 | 2,940 | 7,837 | 8,563 | |||||||||||
Real estate taxes, net | 1,837 | 2,173 | 5,399 | 6,451 | |||||||||||
General and administrative | 65 | 116 | 213 | 280 | |||||||||||
Provision for income taxes | 30 | 34 | 109 | 115 | |||||||||||
Impairment loss | 29 | 57 | 395 | 19,946 | |||||||||||
Total | 11,929 | 13,850 | 35,930 | 61,497 | |||||||||||
Gain on sale of property | 24 | 435 | 267 | 558 | |||||||||||
Net income (loss) | $ | 3,852 | $ | 3,610 | $ | 10,855 | $ | (10,153 | ) | ||||||
Condensed Balance Sheets | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 534,003 | $ | 538,629 | |||||||||||
Accumulated depreciation | (111,046 | ) | (102,704 | ) | |||||||||||
Property, net | 422,957 | 435,925 | |||||||||||||
Notes receivable from real estate joint ventures and partnerships | 5,098 | 5,226 | |||||||||||||
Unamortized debt and lease costs, net | 21,576 | 22,206 | |||||||||||||
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $276 in 2013 and $522 in 2012) | 18,015 | 18,335 | |||||||||||||
Cash and cash equivalents | 16,379 | 12,915 | |||||||||||||
Restricted deposits and mortgage escrows | 900 | 2,605 | |||||||||||||
Notes receivable and mortgage bonds, net | 247 | 272 | |||||||||||||
Out-of-market rentals, net | 1,845 | 2,212 | |||||||||||||
Other assets, net | 1,977 | 2,037 | |||||||||||||
Total | $ | 488,994 | $ | 501,733 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Debt, net | $ | 179,253 | $ | 178,683 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 47,890 | 50,106 | |||||||||||||
Accounts payable and accrued expenses | 7,148 | 5,917 | |||||||||||||
Deferred revenue | 1,024 | 856 | |||||||||||||
Out-of-market rentals, net | 3,150 | 3,179 | |||||||||||||
Interest rate derivative | 495 | 760 | |||||||||||||
Other liabilities, net | 413 | 921 | |||||||||||||
Total | 239,373 | 240,422 | |||||||||||||
Accumulated equity | 249,621 | 261,311 | |||||||||||||
Total | $ | 488,994 | $ | 501,733 |
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 20
Weingarten Realty Investors
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships
September 30, 2013
(in thousands, except number of properties and percentages)
Weingarten Realty | |||||||||||||||||||||||||||
Joint Venture Partner | Number of Operating Properties (1)(2) | Total GLA | Total Assets | Total Debt | Ownership Interest | Share of Debt | Investment Balance | Equity in Earnings (Losses) of Unconsolidated JVs | |||||||||||||||||||
TIAA Florida Retail LLC | 4 | 832 | $ | 209,714 | $ | — | 20.0% | $ | — | $ | 41,485 | $ | 1,228 | ||||||||||||||
Perlmutter SRP, LLC | 8 | 817 | 128,941 | 101,962 | 25.0% | 25,490 | 4,332 | 84 | |||||||||||||||||||
Collins | 8 | 1,165 | 142,706 | 25,186 | 50.0% | 12,593 | 52,032 | 2,422 | |||||||||||||||||||
AEW - Institutional Client | 6 | 436 | 122,586 | 44,540 | 20.0% | 8,908 | 14,881 | 511 | |||||||||||||||||||
BIT Retail | 3 | 716 | 151,997 | — | 20.0% | — | 29,852 | 782 | |||||||||||||||||||
Jamestown | 6 | 1,350 | 146,032 | 84,575 | 20.0% | 16,915 | 11,502 | 1,013 | |||||||||||||||||||
Fidelis Realty Partners | 1 | 491 | 139,681 | 84,141 | 57.8% | 48,592 | 30,574 | 1,499 | |||||||||||||||||||
Sleiman Enterprises | 3 | 237 | 27,797 | 14,548 | 50.0% | 7,274 | 7,746 | 442 | |||||||||||||||||||
Bouwinvest | 1 | 66 | 34,085 | — | 51.0% | — | 16,665 | 243 | |||||||||||||||||||
Other | 18 | 2,751 | 278,578 | 112,957 | 52.7% | 59,481 | 72,134 | 6,245 | |||||||||||||||||||
Total | 58 | 8,861 | $ | 1,382,119 | $ | 467,908 | 37.8% | $ | 179,253 | $ | 281,203 | $ | 14,467 |
Joint Venture Description | ||
TIAA Florida Retail LLC | Joint venture with an institutional partner, TIAA-CREF Global Real Estate | |
Perlmutter SRP, LLC | Retail joint venture with an institutional partner through Perlmutter Investment Company | |
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 | |
Fidelis Realty Partners | Retail joint venture in Texas | |
Sleiman Enterprises | Retail joint venture in Florida | |
Bouwinvest | Retail joint venture with West Coast focus | |
(1) Excludes land held for development. | ||
(2) Excludes additional consolidated joint ventures such as Hines Retail REIT Holdings and AEW Capital Management. |
Page 21
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information
As of September 30, 2013
(in thousands, except number of properties, percentages and term)
Balance Summary | |||||||||||
At 100% | |||||||||||
Joint Venture Partner | # of Mortgaged Properties | Mortgage Balance (1) | Average Interest Rate (2) | Average Remaining Term (yrs) | |||||||
Perlmutter SRP, LLC | 7 | $ | 101,962 | 5.7% | 2.3 | ||||||
Collins | 2 | 25,186 | 6.0% | 11.4 | |||||||
AEW - Institutional Client | 4 | 44,540 | 5.4% | 1.2 | |||||||
Jamestown | 6 | 84,575 | 5.5% | 4.6 | |||||||
Fidelis Realty Partners | 1 | 84,141 | 4.0% | 7.1 | |||||||
Sleiman Enterprises | 2 | 14,548 | 5.0% | 7.7 | |||||||
Other | 6 | 111,759 | 5.6% | 3.7 | |||||||
Total | 28 | $ | 466,710 | 5.3% | 4.1 | ||||||
Schedule of Maturities | ||||||||||||
At 100% | At WRI Share | |||||||||||
Maturities (1) | Weighted Average Rate (2) | Maturities (1) | Weighted Average Rate (2) | |||||||||
2013 | $ | 2,921 | 4.9% | $ | 1,031 | 4.7% | ||||||
2014 | 106,373 | 5.0% | 24,339 | 4.7% | ||||||||
2015 | 43,869 | 4.6% | 11,691 | 4.5% | ||||||||
2016 | 122,351 | 4.6% | 38,252 | 4.5% | ||||||||
2017 | 56,810 | 5.0% | 26,076 | 5.0% | ||||||||
2018 | 6,253 | 4.9% | 3,450 | 4.9% | ||||||||
2019 | 6,575 | 4.9% | 3,628 | 4.9% | ||||||||
2020 | 93,148 | 4.8% | 55,586 | 4.8% | ||||||||
2021 | 16,049 | 5.3% | 8,157 | 5.3% | ||||||||
2022 | 1,833 | 5.9% | 916 | 5.9% | ||||||||
Thereafter | 10,528 | 6.1% | 5,265 | 6.1% | ||||||||
Total | $ | 466,710 | $ | 178,391 |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as Hines Retail REIT Holdings and AEW Capital Management. |
Note:
All mortgages are fixed rate except for two included in “other”, which has a variable rate mortgage ($2.5 million and $25.4 million at 100%) and mature in 2015 and 2016, respectively.
Page 22
Portfolio Summary
Weingarten Realty Investors
Tenant Diversification by Percent of Rental Revenues
as of September 30, 2013
(at pro rata share)
(in thousands, except percentages and # of units)
Rank | Tenant Name (1)(2) | Credit Ranking (S&P / Moody's) | # of Units | % of Total Revenue | Total SF (in 000's) | ||||||||
1 | T.J.X. Companies, Inc. | A/A3 | 40 | 2.39 | % | 931 | |||||||
2 | The Kroger Co. (3) | BBB/Baa2 | 24 | 2.26 | % | 1,186 | |||||||
3 | Ross Stores, Inc. | A-/N/A | 36 | 2.03 | % | 776 | |||||||
4 | H-E-B | N/A/N/A | 9 | 1.54 | % | 555 | |||||||
5 | Safeway, Inc. | BBB/Baa3 | 18 | 1.46 | % | 754 | |||||||
6 | Petsmart, Inc. | BB+/N/A | 20 | 1.30 | % | 371 | |||||||
7 | Bed Bath & Beyond, Inc. | BBB+/N/A | 24 | 1.26 | % | 496 | |||||||
8 | The Sports Authority | B-/B3 | 10 | 1.14 | % | 345 | |||||||
9 | Best Buy, Inc. | BB/Baa2 | 11 | 1.07 | % | 318 | |||||||
10 | Whole Foods Market, Inc. | BBB-/N/A | 7 | 0.98 | % | 261 | |||||||
11 | Harris Teeter, Inc. (3) | N/A/N/A | 9 | 0.96 | % | 405 | |||||||
12 | Dollar Tree Stores, Inc. | N/A/N/A | 41 | 0.94 | % | 363 | |||||||
13 | Office Depot, Inc. (3) | B-/B2 | 22 | 0.92 | % | 369 | |||||||
14 | Home Depot, Inc. | A-/A3 | 4 | 0.83 | % | 427 | |||||||
15 | Gap, Inc. | BBB-/Baa3 | 15 | 0.82 | % | 189 | |||||||
16 | Petco Animal Supplies, Inc. | B/B3 | 19 | 0.78 | % | 210 | |||||||
17 | Publix Super Markets, Inc. | N/A/N/A | 18 | 0.72 | % | 335 | |||||||
18 | Raley's | N/A/N/A | 6 | 0.69 | % | 332 | |||||||
19 | 24 Hour Fitness Inc. | B/B3 | 6 | 0.63 | % | 136 | |||||||
20 | Wal-Mart Stores, Inc. | AA/Aa2 | 5 | 0.61 | % | 443 | |||||||
21 | Hobby Lobby Stores, Inc. | N/A/N/A | 5 | 0.61 | % | 305 | |||||||
22 | Office Max Inc. (3) | N/A/B1 | 10 | 0.57 | % | 215 | |||||||
23 | Staples, Inc. | BBB/Baa2 | 9 | 0.53 | % | 191 | |||||||
24 | Charming Shoppes | N/A/N/A | 29 | 0.52 | % | 141 | |||||||
25 | Subway Real Estate (4) | N/A/N/A | 85 | 0.50 | % | 91 | |||||||
Grand Total | 482 | 26.07 | % | 10,147 |
Notes: | |||||||||||
(1 | ) | Tenant Names: | DBA Names: | ||||||||
The Kroger Co. | Kroger, Smith's Food, Ralphs, Fry's Food, King Soopers | ||||||||||
T.J.X. Companies, Inc. | T.J. Maxx, Marshalls, Home Goods | ||||||||||
Safeway, Inc. | Safeway, Randalls, Von's | ||||||||||
Bed Bath & Beyond, Inc. | Bed Bath & Beyond, Cost Plus, buybuy BABY | ||||||||||
Dollar Tree Stores, Inc. | Dollar Tree, Greenbacks | ||||||||||
Gap, Inc. | Gap, Old Navy, Banana Republic | ||||||||||
Raley's | Raley's, Bel Air Markets | ||||||||||
(2 | ) | Target owns and occupies 30 units not included above. | |||||||||
(3 | ) | Impact of Pending Transactions | # of | % of Total | Total SF | ||||||
Units | Revenue | (in 000's) | |||||||||
Kroger and Harris Teeter | 33 | 3.22% | 1,591 | ||||||||
Office Depot and Office Max | 32 | 1.48% | 584 | ||||||||
(4 | ) | Subway includes franchised locations |
Page 24
Weingarten Realty Investors
Portfolio Operating Information
(at pro rata share)
(in thousands, except percentages and leases)
Leasing Activity / Rent Growth | |||||||||||||||||||||||||||||
Signed Leases | |||||||||||||||||||||||||||||
Comparable: | Number of Leases | Square Feet | New Rent $/SF | Prior Rent $/SF | TI's $/SF | Cash Change in Base Rent | |||||||||||||||||||||||
All Leases | |||||||||||||||||||||||||||||
Quarter Ended September 30, 2013 | 268 | 742 | $ | 18.37 | $ | 17.24 | $ | 1.98 | 6.5 | % | |||||||||||||||||||
Quarter Ended June 30, 2013(1) | 306 | 1,077 | 15.60 | 14.45 | 5.88 | 8.0 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2013 | 306 | 1,140 | 15.86 | 15.26 | 0.93 | 3.9 | % | ||||||||||||||||||||||
Quarter Ended December 31, 2012 | 263 | 811 | 16.12 | 15.05 | 2.43 | 7.1 | % | ||||||||||||||||||||||
Rolling 12 months | 1,143 | 3,771 | $ | 16.34 | $ | 15.37 | $ | 2.88 | 6.3 | % | |||||||||||||||||||
New Leases | |||||||||||||||||||||||||||||
Quarter Ended September 30, 2013 | 47 | 101 | $ | 22.55 | $ | 20.61 | $ | 13.02 | 9.4 | % | |||||||||||||||||||
Quarter Ended June 30, 2013(1) | 85 | 280 | 19.71 | 16.52 | 22.11 | 19.3 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2013 | 67 | 146 | 19.67 | 18.94 | 6.79 | 3.9 | % | ||||||||||||||||||||||
Quarter Ended December 31, 2012 | 61 | 122 | 18.04 | 18.04 | 11.87 | 0.0 | % | ||||||||||||||||||||||
Rolling 12 months | 260 | 648 | $ | 19.83 | $ | 17.99 | $ | 15.32 | 10.2 | % | |||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Quarter Ended September 30, 2013 | 221 | 642 | $ | 17.71 | $ | 16.71 | $ | 0.25 | 6.0 | % | |||||||||||||||||||
Quarter Ended June 30, 2013 | 221 | 798 | 14.15 | 13.72 | 0.20 | 3.2 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2013 | 239 | 994 | 15.30 | 14.72 | 0.07 | 3.9 | % | ||||||||||||||||||||||
Quarter Ended December 31, 2012 | 202 | 689 | 15.78 | 14.52 | 0.77 | 8.7 | % | ||||||||||||||||||||||
Rolling 12 months | 883 | 3,123 | $ | 15.61 | $ | 14.83 | $ | 0.29 | 5.3 | % | |||||||||||||||||||
Comparable & Non-Comparable: | |||||||||||||||||||||||||||||
Quarter Ended September 30, 2013 | 330 | 970 | |||||||||||||||||||||||||||
Quarter Ended June 30, 2013 | 377 | 1,371 | |||||||||||||||||||||||||||
Quarter Ended March 31, 2013 | 381 | 1,370 | |||||||||||||||||||||||||||
Quarter Ended December 31, 2012 | 350 | 1,066 | |||||||||||||||||||||||||||
Rolling 12 months | 1,438 | 4,777 | |||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||
Expirations(2) | |||||||||||||||||||||||||||||
Anchor Tenants(3) | Non-Anchor Tenants | Total Tenants | |||||||||||||||||||||||||||
Year | Square Feet | Percent of Total Square Feet | Revenue(4) | Percent of Total Revenue | Square Feet | Percent of Total Square Feet | Revenue(4) | Percent of Total Revenue | Square Feet | Percent of Total Square Feet | Revenue(4) | Percent of Total Revenue | |||||||||||||||||
Other(5) | 94 | 1 | % | $ | 1,007 | 1 | % | 152 | 2 | % | $ | 3,200 | 1 | % | 246 | 1 | % | $ | 4,207 | 1 | % | ||||||||
2013 | 255 | 1 | % | 1,548 | 1 | % | 237 | 2 | % | 4,833 | 2 | % | 491 | 2 | % | 6,381 | 2 | % | |||||||||||
2014 | 1,486 | 8 | % | 13,577 | 7 | % | 1,453 | 15 | % | 30,893 | 14 | % | 2,939 | 11 | % | 44,470 | 11 | % | |||||||||||
2015 | 1,961 | 11 | % | 18,222 | 10 | % | 1,745 | 18 | % | 37,751 | 17 | % | 3,706 | 14 | % | 55,973 | 14 | % | |||||||||||
2016 | 2,121 | 12 | % | 21,948 | 12 | % | 1,775 | 19 | % | 38,732 | 18 | % | 3,896 | 14 | % | 60,680 | 15 | % | |||||||||||
2017 | 2,029 | 11 | % | 24,364 | 13 | % | 1,375 | 14 | % | 32,156 | 15 | % | 3,404 | 13 | % | 56,520 | 14 | % | |||||||||||
2018 - 2023 | 7,116 | 40 | % | 77,700 | 42 | % | 2,595 | 27 | % | 62,217 | 29 | % | 9,711 | 36 | % | 139,917 | 35 | % |
Notes:
(1) | The quarter ended June 30, 2013 includes two leases totaling 21,200 sf at Pike Center at a blended rate of $43.17 psf as compared to the prior tenant of $10.00 psf. |
(2) | Reflects in-place leases as of September 30, 2013. |
(3) | Anchor tenants represent any tenant at least 10,000 square feet. |
(4) | Revenue only includes minimum base rent. |
(5) | Leases currently under month-to-month status or in-process of renewal. |
Page 25
Weingarten Realty Investors
Portfolio Operating Information (continued)
(at pro rata share)
(in thousands, except percentages)
Occupancy | ||||||||||||
Quarter Ended | ||||||||||||
September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | ||||||||
Signed Basis | ||||||||||||
Anchor (1) | 97.9% | 97.7% | 97.1% | 97.1% | 97.2% | |||||||
Non-Anchor | 88.7% | 88.6% | 88.2% | 88.2% | 88.3% | |||||||
Total Retail | 94.4% | 94.3% | 93.7% | 93.7% | 93.9% | |||||||
Other | 86.8% | 86.4% | 91.4% | 87.2% | 85.9% | |||||||
Total Signed | 94.4% | 94.2% | 93.7% | 93.6% | 93.6% | |||||||
Commenced Basis | ||||||||||||
Anchor (1) | 95.6% | 95.9% | 95.1% | 95.0% | 95.1% | |||||||
Non-Anchor | 85.7% | 85.2% | 84.8% | 85.2% | 85.3% | |||||||
Total Retail | 91.9% | 91.9% | 91.2% | 91.3% | 91.5% | |||||||
Other | 86.4% | 86.4% | 91.4% | 87.2% | 82.8% | |||||||
Total Commenced | 91.8% | 91.9% | 91.2% | 91.2% | 91.2% | |||||||
Same Property (2) | ||||||||||||
Signed Basis | 95.0% | 95.0% | 94.4% | 94.4% | 94.5% | |||||||
Commenced Basis | 92.8% | 92.8% | 92.4% | 92.3% | 92.1% |
Average Base Rents (3) | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||
Commenced Basis | ||||||||||||||||||||||
Anchor (1) | $ | 11.33 | $ | 11.18 | $ | 11.11 | $ | 11.08 | $ | 10.92 | ||||||||||||
Non-Anchor | 22.56 | 22.21 | 22.17 | 22.04 | 21.80 | |||||||||||||||||
Total | $ | 15.50 | $ | 15.22 | $ | 15.19 | $ | 15.14 | $ | 14.93 |
Same Property Net Operating Income Growth (4) | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||||
Revenues | ||||||||||||||||||||||
Minimum Rent | $ | 93,931 | $ | 91,027 | 3.2 | % | $ | 279,761 | $ | 270,939 | 3.3 | % | ||||||||||
Bad Debt (net of recoveries) | 467 | 552 | -15.4 | % | 891 | 427 | 108.7 | % | ||||||||||||||
Percentage Rent | 996 | 1,023 | -2.6 | % | 2,653 | 2,509 | 5.7 | % | ||||||||||||||
Tenant Reimbursements | 25,035 | 24,474 | 2.3 | % | 73,651 | 70,417 | 4.6 | % | ||||||||||||||
Other | 1,194 | 569 | 109.8 | % | 2,268 | 1,840 | 23.3 | % | ||||||||||||||
$ | 121,623 | $ | 117,645 | 3.4 | % | $ | 359,224 | $ | 346,132 | 3.8 | % | |||||||||||
Expenses | ||||||||||||||||||||||
Property Operating Expenses | $ | 20,215 | $ | 19,948 | 1.3 | % | $ | 59,283 | $ | 57,782 | 2.6 | % | ||||||||||
Real Estate Taxes | 13,363 | 13,578 | -1.6 | % | 39,752 | 39,284 | 1.2 | % | ||||||||||||||
$ | 33,578 | $ | 33,526 | 0.2 | % | $ | 99,035 | $ | 97,066 | 2.0 | % | |||||||||||
Net Operating Income | $ | 88,045 | $ | 84,119 | 4.7 | % | $ | 260,189 | $ | 249,066 | 4.5 | % | ||||||||||
Notes: | ||||||||||||||||||||||
(1) Anchor tenants represent any tenant at least 10,000 square feet. | ||||||||||||||||||||||
(2) Same Property Occupancy includes operating centers that have been owned for the same comparable time duration. | ||||||||||||||||||||||
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration. | ||||||||||||||||||||||
(3) Average Base rent per Leased SF excludes ground leases. | ||||||||||||||||||||||
(4) 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 and is reported on a cash basis. |
Page 26
Weingarten Realty Investors
Total Net Operating Income by Geographic Region (1)
(at pro rata share)
(in thousands, except percentages)
Nine Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2013 | % | 2012 | % | 2012 | % | 2011 | % | 2010 | % | 2009 | % | ||||||||||||||||||||||||||||||
West Region | |||||||||||||||||||||||||||||||||||||||||
California | $ | 48,151 | 16.7 | % | $ | 43,107 | 14.5 | % | $ | 59,163 | 15.0 | % | $ | 53,618 | 13.2 | % | $ | 50,943 | 13.1 | % | $ | 50,136 | 12.7 | % | |||||||||||||||||
Washington | 1,873 | 0.6 | % | 1,550 | 0.5 | % | 2,048 | 0.5 | % | 1,978 | 0.5 | % | 1,171 | 0.3 | % | 1,124 | 0.3 | % | |||||||||||||||||||||||
Oregon | 1,163 | 0.4 | % | 1,129 | 0.4 | % | 1,528 | 0.4 | % | 1,349 | 0.3 | % | 1,345 | 0.3 | % | 1,342 | 0.3 | % | |||||||||||||||||||||||
Total West Region | 51,187 | 17.7 | % | 45,786 | 15.4 | % | 62,738 | 15.9 | % | 56,945 | 14.0 | % | 53,459 | 13.7 | % | 52,602 | 13.3 | % | |||||||||||||||||||||||
Mountain Region | |||||||||||||||||||||||||||||||||||||||||
Nevada | $ | 21,428 | 7.4 | % | $ | 22,625 | 7.6 | % | $ | 30,094 | 7.6 | % | $ | 30,525 | 7.5 | % | $ | 30,906 | 8.0 | % | $ | 31,505 | 8.0 | % | |||||||||||||||||
Arizona | 20,359 | 7.1 | % | 19,356 | 6.5 | % | 26,032 | 6.6 | % | 25,450 | 6.3 | % | 24,287 | 6.2 | % | 26,845 | 6.8 | % | |||||||||||||||||||||||
Colorado | 8,431 | 2.9 | % | 10,164 | 3.4 | % | 13,778 | 3.5 | % | 12,485 | 3.1 | % | 10,099 | 2.6 | % | 9,136 | 2.3 | % | |||||||||||||||||||||||
New Mexico | 3,674 | 1.3 | % | 3,270 | 1.1 | % | 4,622 | 1.2 | % | 4,993 | 1.2 | % | 5,250 | 1.4 | % | 8,714 | 2.2 | % | |||||||||||||||||||||||
Utah | 2,646 | 0.9 | % | 2,650 | 0.9 | % | 3,556 | 0.9 | % | 3,494 | 0.9 | % | 3,548 | 0.9 | % | 3,557 | 0.9 | % | |||||||||||||||||||||||
Total Mountain Region | 56,538 | 19.6 | % | 58,066 | 19.5 | % | 78,082 | 19.8 | % | 76,947 | 19.0 | % | 74,090 | 19.1 | % | 79,757 | 20.2 | % | |||||||||||||||||||||||
Central Region | |||||||||||||||||||||||||||||||||||||||||
Texas | $ | 80,073 | 27.8 | % | $ | 89,271 | 30.0 | % | $ | 116,645 | 29.5 | % | $ | 129,540 | 32.0 | % | $ | 121,035 | 31.1 | % | $ | 113,454 | 28.7 | % | |||||||||||||||||
Louisiana | 7,799 | 2.7 | % | 6,606 | 2.2 | % | 9,185 | 2.3 | % | 8,272 | 2.0 | % | 7,715 | 2.0 | % | 8,363 | 2.1 | % | |||||||||||||||||||||||
Arkansas | 2,424 | 0.8 | % | 2,296 | 0.8 | % | 3,089 | 0.8 | % | 3,106 | 0.8 | % | 2,732 | 0.7 | % | 3,048 | 0.8 | % | |||||||||||||||||||||||
Missouri | 815 | 0.3 | % | 650 | 0.2 | % | 852 | 0.2 | % | 1,061 | 0.3 | % | 3,019 | 0.8 | % | 1,875 | 0.5 | % | |||||||||||||||||||||||
Oklahoma | 511 | 0.2 | % | 759 | 0.3 | % | 921 | 0.2 | % | 1,083 | 0.3 | % | 1,034 | 0.3 | % | 975 | 0.2 | % | |||||||||||||||||||||||
Illinois | — | 0.0 | % | 2,309 | 0.8 | % | 2,464 | 0.6 | % | 2,556 | 0.6 | % | 2,065 | 0.5 | % | 2,960 | 0.7 | % | |||||||||||||||||||||||
Kansas | — | 0.0 | % | 476 | 0.2 | % | 474 | 0.1 | % | 1,181 | 0.3 | % | 1,214 | 0.3 | % | 1,405 | 0.4 | % | |||||||||||||||||||||||
Total Central Region | 91,622 | 31.8 | % | 102,368 | 34.5 | % | 133,629 | 33.7 | % | 146,799 | 36.3 | % | 138,814 | 35.7 | % | 132,080 | 33.4 | % | |||||||||||||||||||||||
Mid-Atlantic Region | |||||||||||||||||||||||||||||||||||||||||
North Carolina | $ | 17,759 | 6.2 | % | $ | 19,322 | 6.5 | % | $ | 25,074 | 6.3 | % | $ | 25,656 | 6.3 | % | $ | 24,869 | 6.4 | % | $ | 25,476 | 6.5 | % | |||||||||||||||||
Georgia | 15,199 | 5.3 | % | 14,825 | 5.0 | % | 19,767 | 5.0 | % | 19,845 | 4.9 | % | 21,798 | 5.6 | % | 22,643 | 5.7 | % | |||||||||||||||||||||||
Kentucky | 5,416 | 1.9 | % | 5,398 | 1.8 | % | 7,050 | 1.8 | % | 6,890 | 1.7 | % | 7,019 | 1.8 | % | 6,766 | 1.7 | % | |||||||||||||||||||||||
Tennessee | 5,295 | 1.8 | % | 5,837 | 2.0 | % | 7,770 | 2.0 | % | 7,491 | 1.8 | % | 6,261 | 1.6 | % | 5,009 | 1.3 | % | |||||||||||||||||||||||
Maryland | 2,120 | 0.7 | % | 399 | 0.1 | % | 1,063 | 0.3 | % | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | |||||||||||||||||||||||
South Carolina | 200 | 0.1 | % | 202 | 0.1 | % | 265 | 0.1 | % | 268 | 0.1 | % | 285 | 0.1 | % | 306 | 0.1 | % | |||||||||||||||||||||||
Virginia | — | 0.0 | % | 1,780 | 0.6 | % | 1,805 | 0.5 | % | 3,551 | 0.9 | % | 3,634 | 0.9 | % | 3,626 | 0.9 | % | |||||||||||||||||||||||
Maine | — | 0.0 | % | 40 | 0.0 | % | 40 | 0.0 | % | 214 | 0.1 | % | 321 | 0.1 | % | 355 | 0.1 | % | |||||||||||||||||||||||
Total Mid-Atlantic Region | 45,989 | 16.0 | % | 47,803 | 16.1 | % | 62,833 | 16.0 | % | 63,915 | 15.8 | % | 64,186 | 16.5 | % | 64,181 | 16.3 | % | |||||||||||||||||||||||
Southeast Region | |||||||||||||||||||||||||||||||||||||||||
Florida | $ | 42,978 | 14.9 | % | $ | 43,284 | 14.5 | % | $ | 57,620 | 14.6 | % | $ | 60,361 | 14.9 | % | $ | 58,135 | 15.0 | % | $ | 66,170 | 16.8 | % | |||||||||||||||||
Total Southeast Region | 42,978 | 14.9 | % | 43,284 | 14.5 | % | 57,620 | 14.6 | % | 60,361 | 14.9 | % | 58,135 | 15.0 | % | 66,170 | 16.8 | % | |||||||||||||||||||||||
Total Net Operating Income | $ | 288,315 | 100.0 | % | $ | 297,307 | 100.0 | % | $ | 394,902 | 100.0 | % | $ | 404,967 | 100.0 | % | $ | 388,684 | 100.0 | % | $ | 394,790 | 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 15% to 75% except for the operations of downreit 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 27
Property Listing
Weingarten Realty Investors
Summary Property Listing
As of September 30, 2013
Gross Leasable Area | |||||||||||||||
ALL PROPERTIES BY STATE | # of Properties | WRI Owned | Joint Venture Share | Owned by Other | Total | ||||||||||
Arizona | 23 | 2,217,809 | — | 1,659,460 | 3,877,269 | ||||||||||
Arkansas | 3 | 355,410 | — | — | 355,410 | ||||||||||
California | 29 | 3,933,529 | 294,838 | 1,033,238 | 5,261,606 | ||||||||||
Colorado | 10 | 912,555 | 678,045 | 1,224,456 | 2,815,056 | ||||||||||
Florida | 44 | 4,619,830 | 2,735,628 | 1,493,717 | 8,849,176 | ||||||||||
Georgia | 17 | 1,798,356 | 326,936 | 893,578 | 3,018,870 | ||||||||||
Kentucky | 4 | 634,594 | — | 127,614 | 762,208 | ||||||||||
Louisiana | 8 | 1,281,492 | 107,974 | 330,242 | 1,719,708 | ||||||||||
Maryland | 1 | 81,336 | — | — | 81,336 | ||||||||||
Missouri | 2 | 229,282 | 28,367 | — | 257,649 | ||||||||||
Nevada | 11 | 2,214,038 | — | 1,192,283 | 3,406,321 | ||||||||||
New Mexico | 2 | 231,757 | — | 29,440 | 261,197 | ||||||||||
North Carolina | 18 | 1,997,389 | 120,165 | 705,600 | 2,823,154 | ||||||||||
Oklahoma | 1 | 128,231 | — | — | 128,231 | ||||||||||
Oregon | 3 | 119,871 | 90,777 | 62,600 | 273,248 | ||||||||||
South Carolina | 1 | 21,686 | 65,060 | — | 86,746 | ||||||||||
Tennessee | 5 | 472,171 | 221,834 | 154,340 | 848,345 | ||||||||||
Texas | 80 | 8,279,729 | 3,096,562 | 2,677,810 | 14,054,104 | ||||||||||
Utah | 4 | 316,647 | 90,774 | 434,465 | 841,886 | ||||||||||
Virginia | 1 | — | — | — | — | ||||||||||
Washington | 6 | 213,050 | 362,713 | 80,380 | 656,143 | ||||||||||
Total | 273 | 30,058,762 | 8,219,673 | 12,099,223 | 50,377,663 | ||||||||||
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. |
(4) Denotes single tenant retail property. |
( ) Retailers in parenthesis are not a part of the owned property. |
NOTES: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases. |
Page 29
Weingarten Realty Investors
Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Operating Properties | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Mohave Crossroads | Lake Havasu City-Kingman, AZ | 100.0 | % | 182,168 | 395,477 | 13.99 | 80.9 | % | (Target), (Kohl's), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less | |||||||||||||||
Arcadia Biltmore Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 21,122 | 21,122 | N/A | 86.5 | % | Endurance Rehab, Weingarten Realty Regional Office | |||||||||||||||
Arrowhead Festival S.C. | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 29,834 | 194,309 | 22.81 | 100.0 | % | (Sports Authority), (Toys “R” Us), (Bed Bath & Beyond) | |||||||||||||||
Broadway Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 82,757 | 87,379 | 10.99 | 91.5 | % | Office Max, Ace Hardware | |||||||||||||||
Camelback Village Square | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 134,495 | 242,715 | 13.36 | 95.7 | % | Fry’s Supermarket | Office Max | ||||||||||||||
Desert Village | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 101,685 | 107,071 | 21.21 | 96.5 | % | AJ Fine Foods | CVS/pharmacy | ||||||||||||||
Fountain Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 113,536 | 305,588 | 8.53 | 95.7 | % | Fry’s Supermarket | Dollar Tree, (Lowe's) | ||||||||||||||
Laveen Village Market | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 39,763 | 318,805 | 26.94 | 100.0 | % | (Fry’s Supermarket) | (Home Depot) | ||||||||||||||
Monte Vista Village Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 45,751 | 108,551 | 22.86 | 91.9 | % | (Safeway) | |||||||||||||||
Palmilla Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 103,568 | 178,219 | 17.58 | 97.5 | % | (Fry’s Supermarket) | Office Max, PetSmart, Dollar Tree | ||||||||||||||
Pueblo Anozira | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 157,607 | 157,607 | 14.09 | 98.0 | % | Fry’s Supermarket | Petco, Dollar Tree | ||||||||||||||
Raintree Ranch | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 129,822 | 133,020 | 24.67 | 96.7 | % | Whole Foods | |||||||||||||||
Rancho Encanto | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 66,787 | 72,170 | 10.88 | 100.0 | % | Fresh N Easy | Family Dollar | ||||||||||||||
Red Mountain Gateway | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 69,212 | 199,012 | 14.68 | 94.4 | % | (Target), Bed Bath & Beyond, Famous Footwear | |||||||||||||||
Scottsdale Horizon | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 10,237 | 148,383 | 28.30 | 100.0 | % | (Safeway) | |||||||||||||||
Squaw Peak Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 60,728 | 60,728 | 17.35 | 96.6 | % | Sprouts Farmers Market | |||||||||||||||
The Shoppes at Parkwood Ranch | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 92,626 | 106,738 | 12.00 | 95.4 | % | Hobby Lobby, Dollar Tree | |||||||||||||||
Valley Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 145,518 | 153,880 | 15.75 | 89.6 | % | US Foods | Ross Dress for Less | ||||||||||||||
Entrada de Oro | Tucson, AZ | 100.0 | % | 88,665 | 109,075 | 16.82 | 95.7 | % | Walmart Neighborhood Market | |||||||||||||||
Madera Village | Tucson, AZ | 100.0 | % | 96,697 | 106,858 | 11.73 | 97.9 | % | Safeway | Walgreens, Dollar Tree | ||||||||||||||
Oracle Crossings | Tucson, AZ | 100.0 | % | 251,194 | 261,194 | 17.12 | 99.2 | % | Sprouts Farmers Market | Kohl's, Home Goods | ||||||||||||||
Oracle Wetmore | Tucson, AZ | 100.0 | % | 150,109 | 343,237 | 24.05 | 97.2 | % | (Home Depot), Cost Plus, PetSmart, Walgreens, Ulta Beauty | |||||||||||||||
Shoppes at Bears Path | Tucson, AZ | 100.0 | % | 43,928 | 66,131 | 15.36 | 81.7 | % | (Osco Drug) | |||||||||||||||
Arizona Total: | # of Properties: | 23 | 2,217,809 | 3,877,269 | 16.24 | 94.7 | % | |||||||||||||||||
Arkansas | ||||||||||||||||||||||||
Markham Square | Little Rock-N. Little Rock, AR | 100.0 | % | 124,284 | 124,284 | 8.33 | 100.0 | % | Burlington Coat Factory, Ross Dress for Less | |||||||||||||||
Markham West | Little Rock-N. Little Rock, AR | 100.0 | % | 178,500 | 178,500 | 9.96 | 100.0 | % | Academy, Office Depot, Michaels, Bassett Furniture, Dollar Tree | |||||||||||||||
Westgate | Little Rock-N. Little Rock, AR | 100.0 | % | 52,626 | 52,626 | 10.57 | 96.4 | % | Stein Mart | |||||||||||||||
Arkansas Total: | # of Properties: | 3 | 355,410 | 355,410 | 9.47 | 99.5 | % | |||||||||||||||||
California | ||||||||||||||||||||||||
8000 Sunset Strip Shopping Center | Los Angeles-Long Beach et al, CA | 100.0 | % | 172,596 | 172,596 | 38.85 | 83.7 | % | Trader Joe's | Crunch, Sundance Cinemas | ||||||||||||||
Buena Vista Marketplace | Los Angeles-Long Beach et al, CA | 100.0 | % | 90,805 | 115,340 | 22.94 | 100.0 | % | Ralph's | Dollar Tree | ||||||||||||||
Centerwood Plaza | Los Angeles-Long Beach et al, CA | 100.0 | % | 75,486 | 75,486 | 12.07 | 100.0 | % | Superior Grocers | |||||||||||||||
Westminster Center | Los Angeles-Long Beach et al, CA | 100.0 | % | 417,567 | 425,437 | 17.70 | 96.6 | % | Albertsons | Home Depot, Ross Dress for Less, Petco, Rite Aid | ||||||||||||||
Hallmark Town Center | Madera, CA | 100.0 | % | 85,066 | 98,359 | 13.12 | 97.5 | % | Food 4 Less | Bally Total Fitness |
Page 30
Weingarten Realty Investors
Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Marshalls Plaza | Modesto, CA | 100.0 | % | 78,752 | 85,952 | 15.26 | 93.3 | % | Marshalls, Dress Barn, Guitar Center | |||||||||||||||
Shasta Crossroads | Redding, CA | 100.0 | % | 121,183 | 176,866 | 17.13 | 97.8 | % | Food Maxx | (Target), Sports Authority | ||||||||||||||
Shasta Crossroads (II) | Redding, CA | 40.0 | % | (1)(3) | 30,313 | 90,663 | 13.81 | 100.0 | % | Food Maxx | (Target), Sports Authority | |||||||||||||
Chino Hills Marketplace | Riverside et al, CA | 100.0 | % | 310,921 | 310,921 | 19.62 | 95.8 | % | Von’s | Dollar Tree, 24 Hour Fitness, Rite Aid | ||||||||||||||
Jess Ranch Marketplace | Riverside et al, CA | 50.0 | % | (1)(3) | 104,350 | 307,870 | 19.55 | 96.6 | % | (Winco Foods) | Burlington Coat Factory, PetSmart, Rite Aid, Big 5 | |||||||||||||
Jess Ranch Phase III | Riverside et al, CA | 50.0 | % | (1)(3) | 92,404 | 194,342 | 18.73 | 95.6 | % | (Winco Foods) | Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness | |||||||||||||
Menifee Town Center | Riverside et al, CA | 100.0 | % | 124,431 | 248,734 | 16.10 | 100.0 | % | Ralph's | Ross Dress for Less, Dollar Tree | ||||||||||||||
Stoneridge Town Centre | Riverside et al, CA | 67.0 | % | (1)(3) | 106,821 | 434,450 | 21.90 | 82.7 | % | (Super Target) | Office Max, (Kohl's) | |||||||||||||
Arcade Square | Sacramento-Arden et al, CA | 100.0 | % | 76,497 | 76,497 | 12.56 | 91.9 | % | Grocery Outlet | |||||||||||||||
Discovery Plaza | Sacramento-Arden et al, CA | 100.0 | % | 93,398 | 93,398 | 15.82 | 98.7 | % | Bel Air Market | |||||||||||||||
Prospectors Plaza | Sacramento-Arden et al, CA | 100.0 | % | 243,893 | 252,507 | 22.47 | 95.6 | % | SaveMart | Kmart, CVS Pharmacy | ||||||||||||||
Summerhill Plaza | Sacramento-Arden et al, CA | 100.0 | % | 128,835 | 128,835 | 11.37 | 93.8 | % | Raley’s | Dollar Tree | ||||||||||||||
Valley | Sacramento-Arden et al, CA | 100.0 | % | 98,240 | 107,005 | 17.78 | 91.4 | % | Raley's | |||||||||||||||
El Camino Promenade | San Diego-Carlsbad et al, CA | 100.0 | % | 129,676 | 129,676 | 24.00 | 97.9 | % | T.J. Maxx, Staples, Dollar Tree | |||||||||||||||
Rancho San Marcos Village | San Diego-Carlsbad et al, CA | 100.0 | % | 120,829 | 132,689 | 18.55 | 94.6 | % | Von’s | 24 Hour Fitness | ||||||||||||||
San Marcos Plaza | San Diego-Carlsbad et al, CA | 100.0 | % | 35,880 | 81,086 | 31.91 | 93.6 | % | (Albertsons) | |||||||||||||||
580 Market Place | San Francisco-Oakland et al, CA | 100.0 | % | 99,256 | 99,256 | 29.37 | 98.7 | % | Safeway | 24 Hour Fitness, Petco | ||||||||||||||
Fremont Gateway Plaza | San Francisco-Oakland et al, CA | 100.0 | % | 194,601 | 361,701 | 19.33 | 97.7 | % | Raley’s | 24 Hour Fitness, (Walgreens) | ||||||||||||||
Greenhouse Marketplace | San Francisco-Oakland et al, CA | 100.0 | % | 147,063 | 236,832 | 19.27 | 100.0 | % | (Safeway) | (CVS Pharmacy), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U | ||||||||||||||
Silver Creek Plaza | San Jose-Sunnyvale et al, CA | 100.0 | % | 132,925 | 197,925 | 23.15 | 100.0 | % | Safeway | Walgreens, (Orchard Supply) | ||||||||||||||
Freedom Centre | Santa Cruz-Watsonville, CA | 100.0 | % | 150,241 | 150,241 | 15.74 | 99.2 | % | Safeway | Rite Aid, Big Lots | ||||||||||||||
Stony Point Plaza | Santa Rosa-Petaluma, CA | 100.0 | % | 194,629 | 200,071 | 13.74 | 100.0 | % | Food Maxx | Ross Dress for Less, Fallas Paredes | ||||||||||||||
Creekside Center | Vallejo-Fairfield, CA | 100.0 | % | 114,445 | 114,445 | 20.43 | 92.9 | % | Raley’s | |||||||||||||||
Southampton Center | Vallejo-Fairfield, CA | 100.0 | % | 162,426 | 162,426 | 18.61 | 99.2 | % | Raley’s | Ace Hardware | ||||||||||||||
California Total: | # of Properties: | 29 | 3,933,529 | 5,261,606 | 19.28 | 96.1 | % | |||||||||||||||||
Colorado | ||||||||||||||||||||||||
Aurora City Place | Denver-Aurora, CO | 50.0 | % | (1)(3) | 180,478 | 542,956 | 16.17 | 93.4 | % | (Super Target) | Sports Authority, Barnes & Noble, Ross Dress For Less, PetSmart | |||||||||||||
Cherry Creek | Denver-Aurora, CO | 100.0 | % | 78,148 | 272,671 | 25.95 | 100.0 | % | Sports Authority, PetSmart, (Target) | |||||||||||||||
CityCenter Englewood | Denver-Aurora, CO | 51.0 | % | (1)(3) | 137,298 | 359,213 | 15.46 | 81.3 | % | (Walmart), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness | ||||||||||||||
Crossing at Stonegate | Denver-Aurora, CO | 51.0 | % | (1)(3) | 55,620 | 109,058 | 15.59 | 100.0 | % | King Sooper’s | ||||||||||||||
Edgewater Marketplace | Denver-Aurora, CO | 100.0 | % | 144,553 | 270,553 | 10.51 | 98.0 | % | King Sooper's | Ace Hardware, (Target) | ||||||||||||||
Green Valley Ranch Towne Center | Denver-Aurora, CO | 50.0 | % | (1)(3) | 28,474 | 114,947 | 21.57 | 90.9 | % | (King Sooper’s) | ||||||||||||||
Lowry Town Center | Denver-Aurora, CO | 50.0 | % | (1)(3) | 38,349 | 129,398 | 24.91 | 95.4 | % | (Albertsons) | ||||||||||||||
River Point at Sheridan | Denver-Aurora, CO | 50.0 | % | (1) | 92,944 | 519,020 | 16.04 | 90.1 | % | (Target), (Costco and Costco Gas Pad), Regal Cinema, Michaels, Tuesday Morning | ||||||||||||||
Thorncreek Crossing | Denver-Aurora, CO | 51.0 | % | (1)(3) | 108,185 | 386,127 | 16.19 | 100.0 | % | Sunflower Farmers Market, (Super Target) | Barnes & Noble, Cost Plus, Michaels, OfficeMax, Dollar Tree | |||||||||||||
Westminster Plaza | Denver-Aurora, CO | 50.0 | % | (1) | 48,506 | 111,113 | 17.84 | 100.0 | % | Safeway | (Walgreens) | |||||||||||||
Colorado Total: | # of Properties: | 10 | 912,555 | 2,815,056 | 16.62 | 94.1 | % |
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Florida | ||||||||||||||||||||||||
Shoppes at Paradise Isle | Fort Walton Beach et al, FL | 25.0 | % | (1)(3) | 42,917 | 171,669 | 16.10 | 97.6 | % | Big Lots, Best Buy, PetSmart, Office Depot, Michaels | ||||||||||||||
Argyle Village | Jacksonville, FL | 100.0 | % | 312,432 | 312,432 | 10.88 | 93.4 | % | Publix | Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels | ||||||||||||||
Atlantic North | Jacksonville, FL | 50.0 | % | (1)(3)(4) | 33,842 | 112,685 | N/A | 100.0 | % | Academy, (LA Fitness) | ||||||||||||||
Atlantic West | Jacksonville, FL | 50.0 | % | (1)(3) | 42,284 | 180,578 | 12.57 | 100.0 | % | T.J. Maxx, Office Depot, Dollar Tree, Shoe Carnival, (Kohl's) | ||||||||||||||
Epic Village - St. Augustine | Jacksonville, FL | 70.0 | % | (1) | 8,542 | 64,180 | 18.67 | 86.6 | % | (Epic Theaters) | ||||||||||||||
Kernan Village | Jacksonville, FL | 50.0 | % | (1)(3) | 42,579 | 288,780 | 16.17 | 98.6 | % | (Walmart Supercenter) | Ross Dress for Less, Petco | |||||||||||||
Boca Lyons | Miami-Fort Lauderdale et al, FL | 100.0 | % | 117,515 | 117,515 | 21.61 | 82.6 | % | Ross Dress for Less | |||||||||||||||
Embassy Lakes | Miami-Fort Lauderdale et al, FL | 100.0 | % | 131,723 | 179,937 | 13.37 | 90.5 | % | Winn Dixie | Tuesday Morning, Dollar Tree | ||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale et al, FL | 100.0 | % | 139,462 | 266,761 | 20.77 | 94.5 | % | (Walmart Supercenter) | U.S. Post Office, Florida Technical College | ||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale et al, FL | 20.0 | % | (1)(3) | 25,373 | 148,840 | 16.71 | 92.9 | % | Publix | ||||||||||||||
Hollywood Hills Plaza | Miami-Fort Lauderdale et al, FL | 20.0 | % | (1)(3) | 72,957 | 408,509 | 18.54 | 99.1 | % | Publix | Target, CVS/pharmacy | |||||||||||||
Northridge | Miami-Fort Lauderdale et al, FL | 20.0 | % | (1)(3) | 46,951 | 237,784 | 16.79 | 94.4 | % | Publix | Petco, Ross Dress for Less, Dollar Tree | |||||||||||||
Pembroke Commons | Miami-Fort Lauderdale et al, FL | 20.0 | % | (1)(3) | 60,914 | 324,829 | 13.49 | 100.0 | % | Publix | Marshalls, Office Depot, LA Fitness, Dollar Tree | |||||||||||||
Publix at Laguna Isles | Miami-Fort Lauderdale et al, FL | 100.0 | % | 69,475 | 69,475 | 14.03 | 93.8 | % | Publix | |||||||||||||||
Shoppes at Parkland | Miami-Fort Lauderdale et al, FL | 30.0 | % | (1) | 43,716 | 167,308 | 12.73 | 93.7 | % | BJ's Wholesale Club | ||||||||||||||
Sunrise West Shopping Center | Miami-Fort Lauderdale et al, FL | 25.0 | % | (1)(3) | 19,080 | 76,321 | 14.11 | 86.4 | % | Publix | ||||||||||||||
Tamiami Trail Shops | Miami-Fort Lauderdale et al, FL | 20.0 | % | (1)(3) | 22,173 | 132,564 | 15.25 | 95.7 | % | Publix | CVS/pharmacy | |||||||||||||
TJ Maxx Plaza | Miami-Fort Lauderdale et al, FL | 100.0 | % | 161,429 | 161,429 | 15.11 | 96.7 | % | Winn Dixie | T.J. Maxx, Dollar Tree | ||||||||||||||
Vizcaya Square | Miami-Fort Lauderdale et al, FL | 100.0 | % | 110,081 | 110,081 | 14.83 | 97.2 | % | Winn Dixie | |||||||||||||||
Sea Ranch Centre | Miami-Fort Lauderdale-Pompano Beach, FL | 100.0 | % | 98,519 | 98,519 | 17.32 | 85.8 | % | Publix | CVS/pharmacy, Dollar Tree | ||||||||||||||
Alafaya Square | Orlando, FL | 20.0 | % | (1)(3) | 35,297 | 176,486 | 12.00 | 80.0 | % | Publix | ||||||||||||||
Clermont Landing | Orlando, FL | 65.7 | % | (1)(3) | 110,396 | 337,713 | 15.99 | 93.0 | % | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels | ||||||||||||||
Colonial Landing | Orlando, FL | 50.0 | % | (1) | 129,512 | 259,024 | 13.54 | 100.0 | % | PetSmart, Sports Authority, Bed Bath & Beyond, buybuy BABY | ||||||||||||||
Colonial Plaza | Orlando, FL | 100.0 | % | 498,614 | 498,614 | 13.76 | 98.9 | % | Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby | |||||||||||||||
International Drive Value Center | Orlando, FL | 20.0 | % | (1)(3) | 37,115 | 185,577 | 8.98 | 89.8 | % | Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx | ||||||||||||||
Marketplace at Seminole Towne Center | Orlando, FL | 100.0 | % | 302,135 | 484,048 | 14.65 | 99.7 | % | (Super Target) | Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco | ||||||||||||||
Phillips Crossing | Orlando, FL | 100.0 | % | 145,644 | 145,644 | 26.43 | 100.0 | % | Whole Foods | Golf Galaxy, Michaels | ||||||||||||||
Phillips Landing | Orlando, FL | 100.0 | % | 66,218 | 286,033 | 18.37 | 100.0 | % | (Walmart Supercenter) | Planet Fitness | ||||||||||||||
The Marketplace at Dr. Phillips | Orlando, FL | 20.0 | % | (1)(3) | 65,218 | 326,090 | 21.35 | 95.2 | % | Publix | Stein Mart, Home Goods, Morton's of Chicago, Office Depot | |||||||||||||
The Shoppes at South Semoran | Orlando, FL | 100.0 | % | 101,611 | 101,611 | 11.82 | 100.0 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
University Palms | Orlando, FL | 30.0 | % | (1) | 29,752 | 105,127 | 13.64 | 100.0 | % | Publix | ||||||||||||||
Winter Park Corners | Orlando, FL | 100.0 | % | 102,382 | 102,382 | 19.19 | 100.0 | % | Whole Foods Market | |||||||||||||||
Indian Harbour Place | Palm Bay-Melbourne et al, FL | 25.0 | % | (1)(3) | 40,880 | 163,521 | 11.83 | 95.5 | % | Publix | Bealls | |||||||||||||
Lake Washington Crossing | Palm Bay-Melbourne et al, FL | 25.0 | % | (1)(3) | 29,707 | 118,828 | 10.37 | 86.7 | % | Publix | ||||||||||||||
Lake Washington Square | Palm Bay-Melbourne et al, FL | 100.0 | % | 112,057 | 112,057 | 10.64 | 91.8 | % | Thrifty Specialty Produce | LA Fitness | ||||||||||||||
Pineapple Commons | Port St. Lucie-Fort Pierce, FL | 20.0 | % | (1)(3) | 50,023 | 264,468 | 14.70 | 100.0 | % | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS/pharmacy) |
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Quesada Commons | Punta Gorda, FL | 25.0 | % | (1)(3) | 14,722 | 58,890 | 13.26 | 97.7 | % | Publix | (Walgreens) | |||||||||||||
Shoppes of Port Charlotte | Punta Gorda, FL | 25.0 | % | (1)(3) | 10,253 | 41,011 | 19.58 | 90.2 | % | (Publix) | Petco, (Walgreens) | |||||||||||||
Shoppes of Port Charlotte | Punta Gorda, FL | 25.0 | % | (1)(3)(4) | 980 | 3,921 | N/A | 100.0 | % | (Publix) | Chick-fil-A, (Walgreens) | |||||||||||||
Countryside Centre | Tampa-St. Petersburg et al, FL | 100.0 | % | 248,431 | 248,431 | 13.99 | 96.2 | % | T.J. Maxx, Home Goods, Dick's Sporting Goods, Ross Dress for Less | |||||||||||||||
East Lake Woodlands | Tampa-St. Petersburg et al, FL | 20.0 | % | (1)(3) | 28,739 | 143,693 | 13.88 | 83.8 | % | Walgreens | ||||||||||||||
Largo Mall | Tampa-St. Petersburg et al, FL | 100.0 | % | 377,483 | 575,114 | 15.68 | 93.8 | % | (Albertsons) | Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) | ||||||||||||||
Palms of Carrollwood | Tampa-St. Petersburg et al, FL | 100.0 | % | 167,887 | 167,887 | 13.28 | 80.7 | % | The Fresh Market | Bed Bath & Beyond | ||||||||||||||
Sunset 19 | Tampa-St. Petersburg et al, FL | 100.0 | % | 275,910 | 275,910 | 12.05 | 99.6 | % | Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy | |||||||||||||||
Whole Foods @ Carrollwood | Tampa-St. Petersburg et al, FL | 100.0 | % | (4) | 36,900 | 36,900 | N/A | 100.0 | % | Whole Foods Market | ||||||||||||||
Florida Total: | # of Properties: | 44 | 4,619,830 | 8,849,176 | 15.02 | 95.3 | % | |||||||||||||||||
Georgia | ||||||||||||||||||||||||
Brookwood Marketplace | Atlanta-Sandy Springs et al, GA | 100.0 | % | 199,594 | 397,295 | 17.25 | 89.6 | % | (Super Target) | Home Depot, Bed Bath & Beyond, Office Max | ||||||||||||||
Brookwood Square | Atlanta-Sandy Springs et al, GA | 100.0 | % | 234,501 | 234,501 | 8.99 | 43.2 | % | Marshalls | |||||||||||||||
Brownsville Commons | Atlanta-Sandy Springs et al, GA | 100.0 | % | 27,747 | 81,886 | 17.37 | 78.7 | % | (Kroger) | |||||||||||||||
Camp Creek Marketplace II | Atlanta-Sandy Springs et al, GA | 100.0 | % | 196,283 | 228,003 | 14.13 | 96.4 | % | DSW, LA Fitness, Shopper's World, American Signature | |||||||||||||||
Cherokee Plaza | Atlanta-Sandy Springs et al, GA | 30.0 | % | (1) | 30,859 | 102,864 | 20.60 | 100.0 | % | Kroger | ||||||||||||||
Dacula Marketplace | Atlanta-Sandy Springs et al, GA | 100.0 | % | 24,140 | 116,943 | 22.03 | 81.1 | % | (Kroger) | |||||||||||||||
Dallas Commons | Atlanta-Sandy Springs et al, GA | 100.0 | % | 25,158 | 95,262 | 22.71 | 100.0 | % | (Kroger) | |||||||||||||||
Grayson Commons | Atlanta-Sandy Springs et al, GA | 100.0 | % | 76,611 | 76,611 | 14.20 | 91.0 | % | Kroger | |||||||||||||||
Lakeside Marketplace | Atlanta-Sandy Springs et al, GA | 100.0 | % | 136,848 | 332,044 | 15.91 | 100.6 | % | (Super Target) | Ross Dress for Less, Petco | ||||||||||||||
Mansell Crossing | Atlanta-Sandy Springs et al, GA | 20.0 | % | (1)(3) | 20,586 | 102,931 | 12.46 | 100.0 | % | buybuy BABY, Ross Dress for Less, Rooms to Go | ||||||||||||||
Perimeter Village | Atlanta-Sandy Springs et al, GA | 100.0 | % | 373,621 | 373,621 | 18.53 | 97.7 | % | Walmart Supercenter | Cost Plus World Market, DSW, Hobby Lobby | ||||||||||||||
Publix at Princeton Lakes | Atlanta-Sandy Springs et al, GA | 20.0 | % | (1)(3) | 13,681 | 72,207 | 16.45 | 100.0 | % | Publix | ||||||||||||||
Reynolds Crossing | Atlanta-Sandy Springs et al, GA | 100.0 | % | 45,758 | 115,983 | 24.51 | 84.8 | % | (Kroger) | |||||||||||||||
Roswell Corners | Atlanta-Sandy Springs et al, GA | 100.0 | % | 140,479 | 318,369 | 16.36 | 95.1 | % | (Super Target) | Staples, T.J. Maxx | ||||||||||||||
Roswell Crossing | Atlanta-Sandy Springs et al, GA | 100.0 | % | 201,979 | 201,979 | 13.94 | 92.1 | % | Trader Joe's | Office Max, PetSmart, Walgreens | ||||||||||||||
Sandy Plains Exchange | Atlanta-Sandy Springs et al, GA | 30.0 | % | (1) | 21,835 | 72,784 | 13.48 | 93.2 | % | Publix | ||||||||||||||
Thompson Bridge Commons | Gainesville, GA | 30.0 | % | (1) | 28,676 | 95,587 | 13.52 | 97.4 | % | Kroger | ||||||||||||||
Georgia Total: | # of Properties: | 17 | 1,798,356 | 3,018,870 | 15.70 | 87.9 | % | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||
Millpond Center | Lexington-Fayette, KY | 100.0 | % | 124,498 | 151,498 | 10.44 | 91.2 | % | Kroger | |||||||||||||||
Regency Shopping Centre | Lexington-Fayette, KY | 100.0 | % | 142,738 | 188,782 | 13.62 | 91.8 | % | (Kroger) | T.J. Maxx, Michaels | ||||||||||||||
Tates Creek | Lexington-Fayette, KY | 100.0 | % | 198,372 | 203,532 | 14.39 | 97.3 | % | Kroger | Rite Aid | ||||||||||||||
Festival at Jefferson Court | Louisville, KY-IN | 100.0 | % | 168,986 | 218,396 | 12.61 | 99.2 | % | Kroger | (PetSmart), Staples, Factory Card Outlet | ||||||||||||||
Kentucky Total: | # of Properties: | 4 | 634,594 | 762,208 | 12.96 | 95.3 | % | |||||||||||||||||
Louisiana | ||||||||||||||||||||||||
Town & Country Plaza | Hammond, LA | 100.0 | % | 226,142 | 226,142 | 8.78 | 94.0 | % | Winn Dixie | Ross Dress for Less, Office Depot, CVS/pharmacy |
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Westwood Village | Lafayette, LA | 100.0 | % | 138,034 | 138,034 | 9.65 | 99.2 | % | Rouses Supermarket | Stage, CVS | ||||||||||||||
14/Park Plaza | Lake Charles, LA | 100.0 | % | 172,068 | 172,068 | 7.42 | 60.3 | % | Conn’s, Anna's Linens, Family Dollar, Citi Trends | |||||||||||||||
K-Mart Plaza | Lake Charles, LA | 50.0 | % | (1)(3) | 107,974 | 232,390 | 9.33 | 100.0 | % | Albertsons | Kmart, Dollar Tree, Planet Fitness | |||||||||||||
Southgate | Lake Charles, LA | 100.0 | % | 156,838 | 156,838 | 10.41 | 85.5 | % | Market Basket | Office Depot, Books-A-Million | ||||||||||||||
Danville Plaza | Monroe, LA | 100.0 | % | 136,368 | 136,368 | 5.36 | 96.3 | % | County Market | Citi Trends, Surplus Warehouse | ||||||||||||||
Manhattan Place | New Orleans-Metairie-Kenner, LA | 100.0 | % | 137,315 | 276,615 | 14.61 | 90.8 | % | (Target), Ross Dress for Less, Stage, K&G Fashion | |||||||||||||||
University Place | Shreveport-Bossier City, LA | 100.0 | % | 206,753 | 381,253 | 16.37 | 97.1 | % | (Super Target) | Best Buy, T.J. Maxx, CVS/pharmacy, Bed Bath & Beyond | ||||||||||||||
Louisiana Total: | # of Properties: | 8 | 1,281,492 | 1,719,708 | 10.84 | 89.9 | % | |||||||||||||||||
Maryland | ||||||||||||||||||||||||
Pike Center | Washington, DC-VA-MD-WV | 100.0 | % | 81,336 | 81,336 | 53.84 | 97.3 | % | T.G.I. Friday's, Ethan Allen, Pier 1 | |||||||||||||||
Maryland Total: | # of Properties: | 1 | 81,336 | 81,336 | 53.84 | 97.3 | % | |||||||||||||||||
Missouri | ||||||||||||||||||||||||
Ballwin Plaza | St. Louis, MO-IL | 100.0 | % | 200,915 | 200,915 | 8.02 | 80.0 | % | Schnucks | Michaels | ||||||||||||||
Western Plaza | St. Louis, MO-IL | 50.0 | % | (1)(3) | 28,367 | 56,734 | 7.59 | 100.0 | % | Value Village | ||||||||||||||
Missouri Total: | # of Properties: | 2 | 229,282 | 257,649 | 7.98 | 82.4 | % | |||||||||||||||||
Nevada | ||||||||||||||||||||||||
Best in the West | Las Vegas-Paradise, NV | 100.0 | % | 428,067 | 428,067 | 17.33 | 100.0 | % | Bed Bath and Beyond, PetSmart, Old Navy, Ulta Beauty | |||||||||||||||
Charleston Commons | Las Vegas-Paradise, NV | 100.0 | % | 332,298 | 362,273 | 15.43 | 95.9 | % | Walmart | Ross, Office Max, 99 Cents Only, PetSmart | ||||||||||||||
College Park S.C. | Las Vegas-Paradise, NV | 100.0 | % | 167,654 | 195,367 | 11.69 | 94.4 | % | El Super | Anna's Linens, Factory 2 U, CVS | ||||||||||||||
Eastern Horizon | Las Vegas-Paradise, NV | 100.0 | % | 65,848 | 209,727 | 21.12 | 82.0 | % | Trader Joe's, (Kmart) | |||||||||||||||
Francisco Centre | Las Vegas-Paradise, NV | 100.0 | % | 116,973 | 148,815 | 11.04 | 77.4 | % | La Bonita Grocery | (Ross Dress for Less), Fallas Paredes | ||||||||||||||
Paradise Marketplace | Las Vegas-Paradise, NV | 100.0 | % | 78,077 | 148,572 | 16.82 | 86.8 | % | (Smith’s Food) | Dollar Tree | ||||||||||||||
Rainbow Plaza | Las Vegas-Paradise, NV | 100.0 | % | 273,916 | 273,916 | 14.13 | 97.2 | % | Albertsons | Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness | ||||||||||||||
Rainbow Plaza, Phase I | Las Vegas-Paradise, NV | 100.0 | % | 136,369 | 136,369 | 13.09 | 93.8 | % | Albertsons | Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness | ||||||||||||||
Rancho Towne & Country | Las Vegas-Paradise, NV | 100.0 | % | 84,751 | 139,847 | 12.16 | 100.0 | % | Smith’s Food | |||||||||||||||
Tropicana Beltway | Las Vegas-Paradise, NV | 100.0 | % | 246,483 | 617,821 | 17.86 | 95.7 | % | (Walmart Supercenter) | (Lowe’s), Ross Dress for Less, PetSmart, Office Depot, Sports Authority | ||||||||||||||
Tropicana Marketplace | Las Vegas-Paradise, NV | 100.0 | % | 69,475 | 142,643 | 19.13 | 76.0 | % | (Smith’s Food) | Family Dollar | ||||||||||||||
Westland Fair North | Las Vegas-Paradise, NV | 100.0 | % | 214,127 | 602,904 | 17.13 | 97.2 | % | (Walmart Supercenter) | (Lowe’s), PetSmart, Office Depot, Michaels, Anna's Linens | ||||||||||||||
Nevada Total: | # of Properties: | 11 | 2,214,038 | 3,406,321 | 15.62 | 94.3 | % | |||||||||||||||||
New Mexico | ||||||||||||||||||||||||
Eastdale | Albuquerque, NM | 100.0 | % | 119,091 | 119,091 | 7.33 | 92.8 | % | Albertsons | Family Dollar | ||||||||||||||
North Towne Plaza | Albuquerque, NM | 100.0 | % | 112,666 | 142,106 | 20.66 | 99.0 | % | Whole Foods Market | Home Goods | ||||||||||||||
New Mexico Total: | # of Properties: | 2 | 231,757 | 261,197 | 14.02 | 95.8 | % | |||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Galleria | Charlotte-Gastonia et al, NC-SC | 100.0 | % | 120,674 | 328,276 | 17.00 | 90.7 | % | (Walmart Supercenter) | Off Broadway Shoes | ||||||||||||||
Whitehall Commons | Charlotte-Gastonia et al, NC-SC | 100.0 | % | 41,941 | 444,561 | 23.97 | 96.7 | % | (Walmart Supercenter), (BI-LO) | (Lowe's) | ||||||||||||||
Bull City Market | Durham, NC | 100.0 | % | 40,875 | 40,875 | 18.38 | 100.0 | % | Whole Foods Market |
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Chatham Crossing | Durham, NC | 25.0 | % | (1)(3) | 24,039 | 96,155 | 13.42 | 97.7 | % | Lowes Food | CVS/pharmacy | |||||||||||||
Hope Valley Commons | Durham, NC | 100.0 | % | 81,371 | 81,371 | 22.44 | 96.6 | % | Harris Teeter | |||||||||||||||
Avent Ferry | Raleigh-Cary, NC | 100.0 | % | 111,622 | 111,622 | 18.32 | 89.7 | % | Food Lion | Family Dollar | ||||||||||||||
Capital Square | Raleigh-Cary, NC | 100.0 | % | 143,063 | 143,063 | 7.29 | 100.0 | % | Food Lion | |||||||||||||||
Falls Pointe | Raleigh-Cary, NC | 100.0 | % | 112,203 | 198,553 | 16.99 | 90.8 | % | Harris Teeter | (Kohl’s) | ||||||||||||||
Harrison Pointe | Raleigh-Cary, NC | 100.0 | % | 130,758 | 130,758 | 16.45 | 95.8 | % | Harris Teeter | Staples | ||||||||||||||
Heritage Station | Raleigh-Cary, NC | 30.0 | % | (1) | 20,592 | 77,669 | 19.83 | 96.1 | % | Harris Teeter | ||||||||||||||
High House Crossing | Raleigh-Cary, NC | 100.0 | % | 90,155 | 90,155 | 13.86 | 100.0 | % | Harris Teeter | |||||||||||||||
Leesville Town Centre | Raleigh-Cary, NC | 100.0 | % | 114,396 | 114,396 | 21.95 | 90.0 | % | Harris Teeter | Rite Aid | ||||||||||||||
Northwoods Market | Raleigh-Cary, NC | 100.0 | % | 77,802 | 77,802 | 11.16 | 95.9 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
Parkway Pointe | Raleigh-Cary, NC | 100.0 | % | 80,061 | 80,061 | 10.92 | 93.6 | % | Food Lion | Rite Aid | ||||||||||||||
Six Forks Station | Raleigh-Cary, NC | 100.0 | % | 466,585 | 466,585 | 11.14 | 94.5 | % | Food Lion | Kmart, Home Depot, Bed Bath & Beyond, PetSmart | ||||||||||||||
Stonehenge Market | Raleigh-Cary, NC | 100.0 | % | 188,521 | 188,521 | 12.40 | 98.4 | % | Harris Teeter | Stein Mart, Rite Aid | ||||||||||||||
Surf City Crossing | Wilmington, NC | 100.0 | % | 63,016 | 63,016 | 10.99 | 93.1 | % | Harris Teeter | |||||||||||||||
Waterford Village | Wilmington, NC | 100.0 | % | 89,715 | 89,715 | 21.22 | 97.2 | % | Harris Teeter | |||||||||||||||
North Carolina Total: | # of Properties: | 18 | 1,997,389 | 2,823,154 | 14.25 | 95.0 | % | |||||||||||||||||
Oklahoma | ||||||||||||||||||||||||
Town and Country | Oklahoma City, OK | 100.0 | % | 128,231 | 128,231 | 6.54 | 91.3 | % | Office Depot, Big Lots, Westlake Hardware, Aaron Rents | |||||||||||||||
Oklahoma Total: | # of Properties: | 1 | 128,231 | 128,231 | 6.54 | 91.3 | % | |||||||||||||||||
Oregon | ||||||||||||||||||||||||
Clackamas Square | Portland-Vancouver et al, OR-WA | 20.0 | % | (1)(3) | 14,790 | 136,551 | 17.56 | 97.6 | % | (Winco Foods) | T.J. Maxx | |||||||||||||
Oak Grove Market Center | Portland-Vancouver et al, OR-WA | 100.0 | % | 97,177 | 97,177 | 13.17 | 94.0 | % | Safeway | |||||||||||||||
Raleigh Hills Plaza | Portland-Vancouver et al, OR-WA | 20.0 | % | (1)(3) | 7,904 | 39,520 | 24.40 | 100.0 | % | New Seasons Market | Walgreens | |||||||||||||
Oregon Total: | # of Properties: | 3 | 119,871 | 273,248 | 14.49 | 94.8 | % | |||||||||||||||||
South Carolina | ||||||||||||||||||||||||
Fresh Market Shoppes | Hilton Head Island-Beaufort, SC | 25.0 | % | (1)(3) | 21,686 | 86,746 | 15.12 | 93.9 | % | The Fresh Market | ||||||||||||||
South Carolina Total: | # of Properties: | 1 | 21,686 | 86,746 | 15.12 | 93.9 | % | |||||||||||||||||
Tennessee | ||||||||||||||||||||||||
Bartlett Towne Center | Memphis, TN-MS-AR | 100.0 | % | 192,624 | 192,624 | 11.19 | 100.0 | % | Kroger | Petco, Dollar Tree, Shoe Carnival | ||||||||||||||
Commons at Dexter Lake | Memphis, TN-MS-AR | 30.0 | % | (1) | 50,087 | 178,558 | 8.82 | 89.0 | % | Kroger | Stein Mart, Marshalls, HomeGoods | |||||||||||||
Commons at Dexter Lake Phase II | Memphis, TN-MS-AR | 30.0 | % | (1) | 18,551 | 66,838 | 13.18 | 84.6 | % | Kroger | Stein Mart, Marshalls, HomeGoods | |||||||||||||
Highland Square | Memphis, TN-MS-AR | 100.0 | % | (4) | 14,490 | 14,490 | N/A | 100.0 | % | Walgreens | ||||||||||||||
Mendenhall Commons | Memphis, TN-MS-AR | 30.0 | % | (1) | 26,432 | 88,108 | 11.40 | 97.4 | % | Kroger | ||||||||||||||
Ridgeway Trace | Memphis, TN-MS-AR | 100.0 | % | 169,987 | 307,727 | 20.83 | 97.1 | % | (Target), Best Buy, Sports Authority, PetSmart, Staples | |||||||||||||||
Tennessee Total: | # of Properties: | 5 | 472,171 | 848,345 | 14.57 | 97.0 | % | |||||||||||||||||
Texas | ||||||||||||||||||||||||
Bell Plaza | Amarillo, TX | 15.0 | % | (1) | 19,595 | 130,631 | 12.56 | 82.4 | % | United Supermarket | Dollar Tree |
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Weingarten Realty Investors
Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Crossroads | Beaumont-Port Arthur, TX | 100.0 | % | 115,798 | 115,798 | 5.07 | 100.0 | % | Market Basket | Bealls, Baskins, Burke’s Outlet | ||||||||||||||
North Park Plaza | Beaumont-Port Arthur, TX | 50.0 | % | (1)(3) | 69,100 | 279,530 | 14.28 | 96.0 | % | (Target), (Toys “R” Us), Anna's Linens, Spec's, Kirkland's | ||||||||||||||
Phelan West | Beaumont-Port Arthur, TX | 66.7 | % | (1)(3) | 15,552 | 82,221 | 12.89 | 100.0 | % | (Kroger) | ||||||||||||||
North Towne Plaza | Brownsville-Harlingen, TX | 100.0 | % | 36,000 | 153,000 | 21.00 | 32.2 | % | (Lowe's) | |||||||||||||||
Moore Plaza | Corpus Christi, TX | 100.0 | % | 371,650 | 599,622 | 14.22 | 99.2 | % | (H-E-B) | Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Stein Mart | ||||||||||||||
Boswell Towne Center | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 26,088 | 88,008 | 21.64 | 100.0 | % | (Albertsons) | |||||||||||||||
Gateway Station | Dallas-Fort Worth-Arlington, TX | 70.0 | % | (1) | 47,950 | 68,500 | 11.79 | 64.1 | % | Conn's | ||||||||||||||
Lake Pointe Market Center | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 40,513 | 121,689 | 21.74 | 75.9 | % | (Tom Thumb) | (Walgreens) | ||||||||||||||
Overton Park Plaza | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 350,616 | 460,616 | 13.70 | 95.0 | % | Sprouts Farmers Market | Sports Authority, PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, Anna’s Linens, buybuy BABY | ||||||||||||||
Preston Shepard Place | Dallas-Fort Worth-Arlington, TX | 20.0 | % | (1)(3) | 72,667 | 363,337 | 16.44 | 98.1 | % | Babies "R" Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco | ||||||||||||||
10/Federal | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 19,871 | 132,472 | 8.32 | 99.2 | % | Sellers Bros. | Palais Royal, Harbor Freight Tools | |||||||||||||
1919 North Loop West | Houston-Baytown-Sugar Land, TX | 100.0 | % | 138,058 | 138,058 | N/A | 75.2 | % | State of Texas | |||||||||||||||
Alabama-Shepherd | Houston-Baytown-Sugar Land, TX | 100.0 | % | 56,969 | 56,969 | 22.68 | 100.0 | % | Trader Joe's | PetSmart | ||||||||||||||
Bellaire Boulevard | Houston-Baytown-Sugar Land, TX | 30.0 | % | (1) | 10,524 | 41,273 | 26.74 | 100.0 | % | Randall’s | ||||||||||||||
Blalock Market at I-10 | Houston-Baytown-Sugar Land, TX | 100.0 | % | 97,277 | 97,277 | 15.23 | 100.0 | % | 99 Ranch Market | |||||||||||||||
Braeswood Square | Houston-Baytown-Sugar Land, TX | 100.0 | % | 104,686 | 104,686 | 12.65 | 99.4 | % | Belden’s | Walgreens | ||||||||||||||
Broadway | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 11,191 | 74,604 | 6.98 | 92.1 | % | Big Lots, Family Dollar | ||||||||||||||
Centre at Post Oak | Houston-Baytown-Sugar Land, TX | 100.0 | % | 183,940 | 183,940 | 30.37 | 98.1 | % | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus | |||||||||||||||
Champions Village | Houston-Baytown-Sugar Land, TX | 30.0 | % | (1) | 117,916 | 393,055 | 13.05 | 94.6 | % | Randall’s | Stein Mart, Palais Royal, Cost Plus, Barnes & Noble | |||||||||||||
Citadel Plaza | Houston-Baytown-Sugar Land, TX | 100.0 | % | 121,000 | 121,000 | N/A | 100.0 | % | Weingarten Realty Investors Corporate Office | |||||||||||||||
Cullen Plaza | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 12,678 | 84,517 | 10.78 | 100.0 | % | Fiesta | Family Dollar | |||||||||||||
Cypress Pointe | Houston-Baytown-Sugar Land, TX | 100.0 | % | 186,721 | 283,381 | 9.67 | 97.3 | % | Kroger | Babies “R” Us | ||||||||||||||
Cypress Station | Houston-Baytown-Sugar Land, TX | 100.0 | % | 140,924 | 140,924 | 13.96 | 78.3 | % | David's Bridal | |||||||||||||||
Fiesta Village | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 4,537 | 30,249 | 8.81 | 100.0 | % | Fiesta | ||||||||||||||
Galveston Place | Houston-Baytown-Sugar Land, TX | 100.0 | % | 210,537 | 210,537 | 10.55 | 98.5 | % | Randall’s | Office Depot, Palais Royal, Spec's | ||||||||||||||
Glenbrook Square | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 11,684 | 77,890 | 8.74 | 89.6 | % | Kroger | ||||||||||||||
Griggs Road | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 12,017 | 80,116 | 10.89 | 51.9 | % | Family Dollar, Citi Trends | ||||||||||||||
Harrisburg Plaza | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 14,016 | 93,438 | 16.37 | 88.3 | % | Fallas Paredes | ||||||||||||||
HEB - Dairy Ashford & Memorial | Houston-Baytown-Sugar Land, TX | 100.0 | % | (4) | 36,874 | 36,874 | N/A | 100.0 | % | H-E-B | ||||||||||||||
Heights Plaza | Houston-Baytown-Sugar Land, TX | 100.0 | % | 71,277 | 71,277 | 8.76 | 100.0 | % | Kroger | |||||||||||||||
Humblewood Shopping Plaza | Houston-Baytown-Sugar Land, TX | 100.0 | % | 180,226 | 279,226 | 14.09 | 100.0 | % | Kroger | Conn’s, Walgreens, (Michaels), (DSW) | ||||||||||||||
I-45/Telephone Rd. Center | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 25,740 | 171,599 | 10.86 | 100.0 | % | Sellers Bros. | Famsa, Dollar Tree, Fallas Paredes | |||||||||||||
Kirby Strip Center | Houston-Baytown-Sugar Land, TX | 100.0 | % | 10,005 | 10,005 | 26.66 | 100.0 | % | Freebirds Burrito | |||||||||||||||
Lawndale | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 7,819 | 52,127 | 10.47 | 100.0 | % | LaMichoacana Meat Market, Family Dollar, 99 Cents Only | ||||||||||||||
League City Plaza | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 19,048 | 126,990 | 12.45 | 95.7 | % | Kroger | ||||||||||||||
Little York Plaza | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 17,082 | 113,878 | 8.95 | 85.1 | % | Sellers Bros. | Fallas Paredes | |||||||||||||
Lyons Avenue | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 10,144 | 67,629 | 7.73 | 100.0 | % | Fiesta | Fallas Paredes | |||||||||||||
Market at Town Center | Houston-Baytown-Sugar Land, TX | 100.0 | % | 388,865 | 388,865 | 18.86 | 98.4 | % | Old Navy, Home Goods, Marshalls, Ross Dress for Less |
Page 36
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Market at Westchase | Houston-Baytown-Sugar Land, TX | 100.0 | % | 84,084 | 84,084 | 18.10 | 90.6 | % | Whole Foods Market | |||||||||||||||
Market Street Shopping Center | Houston-Baytown-Sugar Land, TX | 50.0 | % | (1) | 24,569 | 49,138 | 6.63 | 98.2 | % | Sellers Bros. | Family Dollar | |||||||||||||
North Triangle | Houston-Baytown-Sugar Land, TX | 100.0 | % | 16,060 | 16,060 | 21.74 | 67.6 | % | CiCi’s Pizza | |||||||||||||||
Northbrook Center | Houston-Baytown-Sugar Land, TX | 100.0 | % | 173,288 | 173,288 | 13.63 | 97.6 | % | Randall’s | Office Depot, Citi Trends, Anna’s Linens, Dollar Tree | ||||||||||||||
Northwest Crossing | Houston-Baytown-Sugar Land, TX | 75.0 | % | (1)(3) | 134,602 | 300,190 | 14.34 | 100.0 | % | (Target), Marshalls, Best Buy, Dollar Tree, Big Lots | ||||||||||||||
Oak Forest | Houston-Baytown-Sugar Land, TX | 100.0 | % | 151,324 | 151,324 | 13.21 | 98.0 | % | Kroger | Ross Dress for Less, Dollar Tree | ||||||||||||||
Palmer Plaza | Houston-Baytown-Sugar Land, TX | 100.0 | % | 96,526 | 196,506 | 9.44 | 87.4 | % | Dollar Tree | |||||||||||||||
Randall's/Kings Crossing | Houston-Baytown-Sugar Land, TX | 30.0 | % | (1) | 37,919 | 126,397 | 16.14 | 96.5 | % | Randall’s | CVS/pharmacy | |||||||||||||
Richmond Square | Houston-Baytown-Sugar Land, TX | 100.0 | % | 92,356 | 92,356 | 20.77 | 100.0 | % | Best Buy, Cost Plus | |||||||||||||||
River Oaks East | Houston-Baytown-Sugar Land, TX | 100.0 | % | 71,265 | 71,265 | 29.42 | 100.0 | % | Kroger | |||||||||||||||
River Oaks West | Houston-Baytown-Sugar Land, TX | 100.0 | % | 248,663 | 248,663 | 29.42 | 97.0 | % | Kroger | Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank | ||||||||||||||
Rose-Rich | Houston-Baytown-Sugar Land, TX | 100.0 | % | 102,641 | 102,641 | 8.57 | 76.1 | % | Family Dollar, Palais Royal | |||||||||||||||
Shoppes at Memorial Villages | Houston-Baytown-Sugar Land, TX | 100.0 | % | 187,541 | 187,541 | 7.42 | 79.1 | % | Rexel | |||||||||||||||
Shops at Three Corners | Houston-Baytown-Sugar Land, TX | 70.0 | % | (1) | 173,060 | 272,350 | 12.70 | 98.1 | % | Fiesta | Ross Dress for Less, PetSmart, Office Depot, Big Lots | |||||||||||||
Southgate | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 18,789 | 125,260 | 9.61 | 94.6 | % | Food-A-Rama | CVS/pharmacy, Family Dollar, Palais Royal | |||||||||||||
Spring Plaza | Houston-Baytown-Sugar Land, TX | 15.0 | % | (1) | 8,258 | 55,056 | 8.19 | 96.7 | % | Sellers Bros. | Family Dollar | |||||||||||||
Stella Link | Houston-Baytown-Sugar Land, TX | 100.0 | % | 70,087 | 70,087 | 9.12 | 96.3 | % | Sellers Bros. | Burke’s Outlet, Spec’s | ||||||||||||||
Village Arcade | Houston-Baytown-Sugar Land, TX | 100.0 | % | 57,281 | 57,281 | 37.59 | 100.0 | % | Gap, babyGap, Chicos | |||||||||||||||
Village Arcade-Phase II | Houston-Baytown-Sugar Land, TX | 100.0 | % | 28,371 | 28,371 | 37.59 | 100.0 | % | Talbots | |||||||||||||||
Village Arcade-Phase III | Houston-Baytown-Sugar Land, TX | 100.0 | % | 107,134 | 107,134 | 37.59 | 95.8 | % | Banana Republic, Express, Ann Taylor | |||||||||||||||
Village Plaza at Bunker Hill | Houston-Baytown-Sugar Land, TX | 57.8 | % | (1)(3) | 283,399 | 495,204 | 22.23 | 98.4 | % | H-E-B | PetSmart, Babies "R" Us, Academy, Tiger Direct | |||||||||||||
Westchase Center | Houston-Baytown-Sugar Land, TX | 100.0 | % | 232,074 | 331,624 | 12.57 | 100.0 | % | Randall's | (Target), Ross Dress for Less, Golfsmith, Palais Royal, Petco | ||||||||||||||
Westhill Village | Houston-Baytown-Sugar Land, TX | 100.0 | % | 130,041 | 130,041 | 15.21 | 92.6 | % | Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens | |||||||||||||||
Independence Plaza | Laredo, TX | 100.0 | % | 329,307 | 329,307 | 12.25 | 96.7 | % | H-E-B | TJ Maxx, Ross, Hobby Lobby, Petco, Ulta Beauty | ||||||||||||||
North Creek Plaza | Laredo, TX | 100.0 | % | 239,897 | 481,764 | 14.22 | 96.5 | % | (H-E-B) | (Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond | ||||||||||||||
Plantation Centre | Laredo, TX | 100.0 | % | 135,373 | 143,015 | 15.36 | 100.0 | % | H-E-B | |||||||||||||||
Angelina Village | Lufkin, TX | 100.0 | % | 248,199 | 248,199 | 9.01 | 91.6 | % | Kmart, Conn's | |||||||||||||||
Las Tiendas Plaza | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 143,968 | 500,067 | 10.55 | 96.8 | % | (Target), (Mervyns), Academy, Conn’s, Ross Dress for Less, Marshalls, Office Depot | ||||||||||||||
Market at Nolana | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 20,315 | 243,821 | 22.01 | 78.8 | % | (Walmart Supercenter) | ||||||||||||||
Market at Sharyland Place | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 56,456 | 301,174 | 18.06 | 95.6 | % | (Walmart Supercenter) | Kohl's, Dollar Tree | |||||||||||||
Northcross | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 37,432 | 74,865 | 16.93 | 89.8 | % | Barnes & Noble | ||||||||||||||
Old Navy Building | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3)(4) | 7,500 | 15,000 | N/A | 100.0 | % | Old Navy | ||||||||||||||
Sharyland Towne Crossing | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 176,520 | 484,949 | 14.93 | 100.0 | % | H-E-B | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less | |||||||||||||
South 10th St. HEB | McAllen-Edinburg-Pharr, TX | 50.0 | % | (1)(3) | 51,851 | 103,702 | 11.43 | 100.0 | % | H-E-B | ||||||||||||||
Starr Plaza | Rio Grande City, TX | 50.0 | % | (1)(3) | 88,346 | 176,693 | 11.74 | 99.0 | % | H-E-B | Bealls | |||||||||||||
Fiesta Trails | San Antonio, TX | 100.0 | % | 306,370 | 482,370 | 15.31 | 98.4 | % | (H-E-B) | (Target), Act III Theatres, Marshalls, Office Max, Stein Mart, Petco, Anna’s Linens | ||||||||||||||
Oak Park Village | San Antonio, TX | 30.0 | % | (1) | 19,286 | 64,287 | 9.54 | 100.0 | % | H-E-B |
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Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Parliament Square | San Antonio, TX | 100.0 | % | 64,950 | 64,950 | 10.70 | 82.9 | % | Family Dollar | |||||||||||||||
Parliament Square II | San Antonio, TX | 100.0 | % | (4) | 54,541 | 54,541 | N/A | 100.0 | % | Incredible Pizza | ||||||||||||||
Thousand Oaks | San Antonio, TX | 15.0 | % | (1) | 24,348 | 162,322 | 10.78 | 95.4 | % | H-E-B | Bealls, Tuesday Morning | |||||||||||||
Valley View | San Antonio, TX | 100.0 | % | 91,544 | 91,544 | 11.39 | 95.7 | % | Marshalls, Dollar Tree | |||||||||||||||
Westwood Center | San Antonio, TX | 100.0 | % | 68,674 | 77,679 | 17.83 | 86.1 | % | (Walmart) | |||||||||||||||
Broadway | Tyler, TX | 100.0 | % | 60,400 | 60,400 | 8.06 | 96.2 | % | Stein Mart | |||||||||||||||
Texas Total: | # of Properties: | 79 | 8,141,764 | 13,758,318 | 15.14 | 95.1 | % | |||||||||||||||||
Utah | ||||||||||||||||||||||||
Alpine Valley Center | Provo-Orem, UT | 33.3 | % | (1)(3) | 30,382 | 224,654 | 16.25 | 100.0 | % | (Super Target) | Old Navy, Justice, Dollar Tree, Office Depot | |||||||||||||
300 West | Salt Lake City, UT | 31.8 | % | (1)(3) | 14,009 | 182,119 | 24.65 | 100.0 | % | (Target) | ||||||||||||||
Taylorsville Town Center | Salt Lake City, UT | 100.0 | % | 90,157 | 130,214 | 17.43 | 92.8 | % | The Fresh Market | Rite Aid | ||||||||||||||
West Jordan Town Center | Salt Lake City, UT | 100.0 | % | 182,099 | 304,899 | 11.74 | 89.5 | % | (Target), Petco, Office Depot | |||||||||||||||
Utah Total: | # of Properties: | 4 | 316,647 | 841,886 | 14.05 | 91.9 | % | |||||||||||||||||
Washington | ||||||||||||||||||||||||
Meridian Town Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 15,533 | 143,012 | 16.69 | 98.7 | % | (Safeway) | Jo-Ann Fabric & Craft Store, Tuesday Morning | |||||||||||||
Mukilteo Speedway Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 18,055 | 90,273 | N/A | Dollar Tree | ||||||||||||||||
Promenade 23 | Seattle-Tacoma-Bellevue, WA | 100.0 | % | 96,660 | 96,660 | 15.34 | 85.5 | % | Red Apple Grocers | Walgreens | ||||||||||||||
Queen Anne Marketplace | Seattle-Tacoma-Bellevue, WA | 51.0 | % | (1)(3) | 33,839 | 81,385 | 22.84 | 100.0 | % | Metropolitan Market | (Bartell's Drug) | |||||||||||||
Rainer Square Plaza | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 22,161 | 110,803 | 19.13 | 100.0 | % | Safeway | Ross Dress for Less | |||||||||||||
South Hill Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 26,802 | 134,010 | 16.73 | 96.3 | % | Bed Bath & Beyond, Ross Dress for Less, Best Buy | ||||||||||||||
Washington Total: | # of Properties: | 6 | 213,050 | 656,143 | 17.44 | 92.2 | % | |||||||||||||||||
Total Operating Properties | # of Properties: | 271 | 29,920,797 | 50,081,877 | ||||||||||||||||||||
New Development | ||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
Tomball Marketplace | Houston-Baytown-Sugar Land, TX | 100.0 | % | (2) | 137,965 | 295,786 | ||||||||||||||||||
Texas Total: | # of Properties: | 1 | 137,965 | 295,786 | ||||||||||||||||||||
Virginia | ||||||||||||||||||||||||
Hilltop Village | Washington, DC-VA-MD-WV | 100.0 | % | (1)(2) | 0 | 0 | ||||||||||||||||||
Virginia Total: | # of Properties: | 1 | 0 | 0 | ||||||||||||||||||||
Total New Developments | # of Properties: | 2 | 137,965 | 295,786 | ||||||||||||||||||||
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 | 63,162 | |||||||||||||||||||||||
Arizona Total: | 798,455 |
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Weingarten Realty Investors
Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
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 | ||||||||||||||||||||||||
Highway 85 and Highway 285, Sheridan | 792,792 | |||||||||||||||||||||||
Colorado Total: | 792,792 | |||||||||||||||||||||||
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 Pkwy. @ Hwy. 92, Union City | 3,554,496 | |||||||||||||||||||||||
Georgia Total: | 3,554,496 | |||||||||||||||||||||||
Louisiana | ||||||||||||||||||||||||
Ambassador Caffery at W. Congress, Lafayette | 34,848 | |||||||||||||||||||||||
Louisiana Total: | 34,848 | |||||||||||||||||||||||
Nevada | ||||||||||||||||||||||||
SWC Highway 215 at Decatur, Las Vegas | 639,896 | |||||||||||||||||||||||
Nevada Total: | 639,896 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland | 549,727 | |||||||||||||||||||||||
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh | 510,959 | |||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 2,024,233 | |||||||||||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 1,637,420 | |||||||||||||||||||||||
North Carolina Total: | 4,722,339 | |||||||||||||||||||||||
Tennessee | ||||||||||||||||||||||||
Poplar Avenue and Ridgeway Road, Memphis | 53,579 | |||||||||||||||||||||||
Tennessee Total: | 53,579 | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
U.S. 77 and 83 at SHFM 802, Brownsville | 914,723 | |||||||||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 394,218 | |||||||||||||||||||||||
I-30 & Horne Street, Ft Worth, TX | 58,370 | |||||||||||||||||||||||
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 |
Page 39
Weingarten Realty Investors
Property Listing
As of September 30, 2013
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Kirkwood at Dashwood Drive, Houston | 321,908 | |||||||||||||||||||||||
Mesa Road at Tidwell, Houston | 105,501 | |||||||||||||||||||||||
Northwest Freeway at Gessner, Houston | 117,612 | |||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | |||||||||||||||||||||||
Nolana Ave. and 29th St., McAllen | 163,350 | |||||||||||||||||||||||
Shary Rd. at North Hwy. 83, Mission | 1,560,319 | |||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | |||||||||||||||||||||||
Gattis School Rd at A.W. Grimes Blvd, Round Rock | 57,499 | |||||||||||||||||||||||
FM 1957 (Potranco Road) and FM 211, San Antonio | 8,655,372 | |||||||||||||||||||||||
SH 151 and Ingram Rd, San Antonio | 252,692 | |||||||||||||||||||||||
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 | 459,776 | |||||||||||||||||||||||
Texas Total: | 15,310,343 | |||||||||||||||||||||||
Utah | ||||||||||||||||||||||||
South 300 West & West Paxton Avenue, Salt Lake City | 201,683 | |||||||||||||||||||||||
Utah Total: | 201,683 | |||||||||||||||||||||||
Total Unimproved Land | 27,373,848 |
Page 40
Other Topics of Interest
Weingarten Realty Investors
Reconciliation of Impairment Transactions
(in thousands, except per share amounts)
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||
Per Share | Per Share | ||||||||||||||
Summary of Impaired Items (at pro rata) : | |||||||||||||||
Land Held for Development and Undeveloped Land (1) | $ | 2,358 | $ | 0.02 | $ | 2,358 | $ | 0.02 | |||||||
Properties Marketed for Sale or Sold (2) | 29 | — | 687 | 0.01 | |||||||||||
Other | — | — | 165 | — | |||||||||||
Total Impairment Loss | $ | 2,387 | $ | 0.02 | $ | 3,210 | $ | 0.03 | |||||||
Financial Statement Impact of Impairment Loss: | |||||||||||||||
Impairment Loss | $ | 2,358 | $ | 0.02 | $ | 2,579 | $ | 0.03 | |||||||
Discontinued Operations | — | — | 236 | — | |||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 29 | — | 395 | — | |||||||||||
Total Impairment Loss | $ | 2,387 | $ | 0.02 | $ | 3,210 | $ | 0.03 |
(1) | Amounts reported were prompted by changes in management's plans for these properties, recent comparable market transactions and/or a change in market conditions. |
(2) | Amounts reported are based on third party offers. |
Page 42