Exhibit 99.1
Table of Contents | Page | |
Quarterly Earnings Press Release | i - x | |
Company Information | 1 | |
Financial Summary | ||
Condensed Consolidated Statements of Income | 3 | |
Condensed Consolidated Balance Sheets | 4 | |
Funds From Operations Attributable to Common Shareholders | 5 | |
Supplemental Income Statement Detail | 6 | |
Supplemental Balance Sheet Detail | 7 | |
Capitalization and Debt Coverage Ratios | 8 | |
Guidance | 9 | |
Investment Activity | ||
Capital Expenditures | 11 | |
New Development | 12 | |
Redevelopment | 13 | |
Land Held for Development | 14 | |
Disposition and Acquisition Summary | 15 | |
Summary of Debt | ||
Debt Information | 17 | |
Debt Information Additional Disclosure | 18 | |
Schedule of Maturities | 19 | |
Schedule of Maturities Additional Disclosure | 20 | |
Joint Ventures | ||
Unconsolidated Joint Venture Financial Statements at 100% | 22 | |
Unconsolidated Joint Venture Financial Statements at Pro rata Share | 23 | |
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100% | 24 | |
Unconsolidated Joint Venture Mortgage Debt Information at 100% | 25 | |
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure | 26 | |
Portfolio Summary | ||
Tenant Diversification by Percent of Base Minimum Rent | 28 | |
Portfolio Operating Information | 29 - 30 | |
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
Property Listing | ||
Summary Property Listing | 33 | |
Property Listing | 34 - 42 | |
Ground Lease Commitments | 43 | |
Other Topics of Interest | ||
Ground Lease Summary | 45 | |
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 December 31, 2017, we owned or operated under long-term leases, interests in 204 properties which are located in 17 states that span the United States from coast to coast. These properties represent approximately 41.3 million square feet of which our interests in these properties aggregated approximately 26.4 million square feet of leasable area. Our properties were 94.8% leased as of December 31, 2017, and historically our portfolio occupancy rate has never been below 90%. | ||
www.weingarten.com |
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY
REPORTS STRONG FOURTH QUARTER RESULTS
HOUSTON, February 21, 2018 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended December 31, 2017. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
Fourth Quarter and Full Year Operating and Financial Highlights
• | Net income attributable to common shareholders (“Net Income”) was $1.30 per diluted share (hereinafter “per share”) for the quarter and $2.60 per share for the year compared to $0.34 and $1.87 per share for each respective period in 2016; |
• | Core Funds From Operations Attributable to Common Shareholders ("Core FFO") increased 4.7% to $2.45 per share for the year ended 2017 compared to 2016; |
• | Common dividend per share increased 2.6% to $0.395 per quarter or $1.58 per share on an annualized basis; |
• | Signed occupancy increased to 94.8% from 94.3% a year ago; |
• | Same Property Net Operating Income (“SPNOI”) including redevelopments increased by 2.4% over the fourth quarter of 2016 and by 2.6% over the full year 2016; |
• | Rental rates on new leases and renewals completed during the year were up 23.1% and 9.0%, respectively; |
• | Dispositions totaled $444 million in 2017 and $221 million to-date in 2018; and, |
• | Balance sheet leverage was reduced with Net Debt to Adjusted EBITDA of 5.3 times. |
Financial Results
The Company reported Net Income of $168.0 million or $1.30 per share for the fourth quarter of 2017, as compared to $44.1 million or $0.34 per share for the same period in 2016. For the year, Net Income was $335.3 million or $2.60 per share for 2017 compared to $238.9 million or $1.87 per share for 2016.
Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $77.4 million or $0.60 per share for the
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fourth quarter of 2017 compared to $78.9 million or $0.61 per share for 2016. For the year, NAREIT FFO was $311.6 million or $2.40 per share for 2017 compared to $293.7 million or $2.28 per share for 2016.
Included in total expenses for the fourth quarter are $1.0 million related to Hurricanes Harvey and Irma and $1.4 million of severance charges related to an overall reduction in the workforce. Offsetting these expenses is a $0.9 million recovery of predevelopment costs. These items are included in NAREIT FFO, but are excluded in arriving at Core FFO.
Core FFO for the quarter ended December 31, 2017 was $0.61 per share or $78.5 million, as compared to $0.61 per share or $79.4 million for the same quarter of last year. Higher operating income driven by increased rental rates and reduced interest expense from favorable debt refinancings increased Core FFO over the prior year; however, this was completely offset by the $444 million of property dispositions. For the full year, Core FFO was $318.4 million or $2.45 per share for 2017 compared to $300.9 million or $2.34 per share for 2016, an increase of 4.7% on a per share basis.
A reconciliation of Net Income to NAREIT FFO and Core FFO is included herein.
Operating Results
For the period ending December 31, 2017, the Company’s operating highlights were as follows:
Q4 2017 | YTD 2017 | |
Occupancy (Signed Basis): | ||
Occupancy - Total | 94.8% | |
Occupancy - Small Shop Spaces | 90.5% | |
Occupancy - Same Property Portfolio | 95.4% | |
Same Property Net Operating Income, with redevelopments | 2.4% | 2.6% |
Rental Rate Growth - Total: | 8.6% | 11.6% |
New Leases | 17.2% | 23.1% |
Renewals | 6.1% | 9.0% |
Leasing Transactions: | ||
Number of New Leases | 88 | 338 |
New Leases - Annualized Revenue (in millions) | $5.2 | $24.8 |
Number of Renewals | 159 | 705 |
Renewals - Annualized Revenue (in millions) | $10.9 | $57.6 |
A reconciliation of Net Income to SPNOI is included herein.
“Operations remain strong. Leasing for the quarter remained extremely productive with strong rental rate increases on new leases and renewals. Our signed occupancy increased 50 basis points from the fourth quarter of 2016 in spite of several leases that were terminated due to bankrupt tenants. The majority of the increase resulted from the leasing of all but one of our former Sports Authority boxes. Commencement of these leases will benefit Same Property NOI,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
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Portfolio Activity
During the quarter, the Company sold six shopping centers and other real estate for $230.2 million. For all of 2017, WRI sold $444 million of assets with the disposition of 19 shopping centers and other real estate.
Thus far in 2018, the Company has closed an additional $221 million in dispositions with the sale of five shopping centers and other real estate including Moore Plaza in Corpus Christi, Texas, Best in the West, in Las Vegas, Nevada, Millpond Center and Tates Creek Centre in Lexington, Kentucky and Horne Street Market in Fort Worth, Texas.
As for acquisitions in 2017, the Company purchased two parcels which are adjacent to existing shopping centers for $1.9 million. No acquisitions have been closed to-date in 2018.
The Company invested $124 million in new developments and redevelopments in 2017 and expects to spend a similar amount in 2018 including the groundbreaking for its 30-story residential tower at its River Oaks Shopping Center.
“While the recent disposition volume will reduce Funds From Operations in the short-term, Weingarten remains focused on maximizing long-term value to our shareholders. Our dispositions improve the overall quality of our portfolio by reducing exposure to tertiary markets and power centers, and provide capital for future growth including our redevelopment and new development programs. WRI continues to underwrite quality acquisitions; the competitive market resulted in only modest land acquisitions in 2017, unlike 2016 when we acquired over $500 million of quality shopping centers,” said Drew Alexander, President and Chief Executive Officer.
Balance Sheet
Proceeds for the Company’s 2017 disposition program were used to eliminate the balance under its revolving credit facility which continued to improve the credit metrics. At quarter-end, Net Debt to Adjusted EBITDA was a strong 5.3 times and Debt to Total Market Capitalization was 32.8%. The Company continued its disposition program subsequent to year-end and expects to use those proceeds to fund its New Development program, and possibly further reduce its debt or repurchase its common shares. The Board of Trust Managers previously approved a $200 million share repurchase plan that is fully available to the Company. The amount of share repurchases will depend upon the Company’s share price as it relates to the Company’s net asset value.
“As we remain dedicated to maintaining low leverage in our capital structure, the amount of capital we allocate to these various opportunities, including repurchasing our common shares, will be influenced by the level of dispositions proceeds in 2018,” said Steve Richter, Executive Vice President and Chief Financial Officer.
2018 Guidance
The Company’s guidance for 2018 is as follows:
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2018 Guidance | |
Net Income (per share) | $2.24 - $2.34 |
NAREIT FFO (per share) | $2.27 - $2.33 |
Core FFO (per share) | $2.27 - $2.33 |
Acquisitions | $50 - $150 million |
Re / New Development | $125 - $175 million |
Dispositions | $250 - $450 million |
Same Property NOI with redevelopments | 2.50% - 3.50% |
Same Property NOI w/o redevelopments | 2.00% - 3.00% |
A rollforward detailing the components of the change in 2017 Core FFO per share to 2018 Core FFO per share guidance is included on page 9 of the Company’s Supplemental.
Dividends
The Board of Trust Managers declared a quarterly cash dividend of $0.395 per common share payable on March 15, 2018 to shareholders of record on March 8, 2018. Annualized, the dividend will be $1.58 per common share, an increase of 2.6% over the recurring quarterly dividends in 2017. The Company also paid a special dividend of $0.75 per common share in December 2017.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on February 22, 2018 at 10:00 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 the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 45774516). 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 December 31, 2017, 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 204 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 41.3 million square feet of which our interests in these properties aggregated approximately 26.4 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.
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume
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and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.
Weingarten Realty Investors | ||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
Financial Statements | ||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | (Unaudited) | ||||||||||||||||
Rentals, net | $ | 135,798 | $ | 139,507 | $ | 560,643 | $ | 537,265 | ||||||||||
Other Income | 3,569 | 3,356 | 12,520 | 12,290 | ||||||||||||||
Total Revenues | 139,367 | 142,863 | 573,163 | 549,555 | ||||||||||||||
Depreciation and Amortization | 40,986 | 43,374 | 167,101 | 162,535 | ||||||||||||||
Operating Expense | 25,366 | 25,896 | 109,310 | 98,855 | ||||||||||||||
Real Estate Taxes, net | 17,853 | 16,213 | 75,636 | 66,358 | ||||||||||||||
Impairment Loss | 245 | 55 | 15,257 | 98 | ||||||||||||||
General and Administrative Expense | 7,868 | 7,193 | 28,435 | 27,266 | ||||||||||||||
Total Expenses | 92,318 | 92,731 | 395,739 | 355,112 | ||||||||||||||
Operating Income | 47,049 | 50,132 | 177,424 | 194,443 | ||||||||||||||
Interest Expense, net | (18,921 | ) | (21,711 | ) | (80,326 | ) | (83,003 | ) | ||||||||||
Interest and Other Income | 3,390 | 729 | 7,915 | 2,569 | ||||||||||||||
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | — | 1,915 | — | 48,322 | ||||||||||||||
(Provision) Benefit for Income Taxes | (2,018 | ) | 164 | 17 | (6,856 | ) | ||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 9,108 | 5,531 | 27,074 | 20,642 | ||||||||||||||
Income from Continuing Operations | 38,608 | 36,760 | 132,104 | 176,117 | ||||||||||||||
Gain on Sale of Property | 132,045 | 32,416 | 218,611 | 100,714 | ||||||||||||||
Net Income | 170,653 | 69,176 | 350,715 | 276,831 | ||||||||||||||
Less: | Net Income Attributable to Noncontrolling Interests | (2,686 | ) | (25,034 | ) | (15,441 | ) | (37,898 | ) | |||||||||
Net Income Attributable to Common Shareholders -- Basic | $ | 167,967 | $ | 44,142 | $ | 335,274 | $ | 238,933 | ||||||||||
Net Income Attributable to Common Shareholders -- Diluted | $ | 169,484 | $ | 44,142 | $ | 338,358 | $ | 240,929 | ||||||||||
Earnings Per Common Share -- Basic | $ | 1.31 | $ | .35 | $ | 2.62 | $ | 1.90 | ||||||||||
Earnings Per Common Share -- Diluted | $ | 1.30 | $ | .34 | $ | 2.60 | $ | 1.87 |
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Weingarten Realty Investors | ||||||||||
(in thousands) | ||||||||||
Financial Statements | ||||||||||
December 31, 2017 | December 31, 2016 | |||||||||
(Unaudited) | (Audited) | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
ASSETS | ||||||||||
Property | $ | 4,498,859 | $ | 4,789,145 | ||||||
Accumulated Depreciation | (1,166,126 | ) | (1,184,546 | ) | ||||||
Property Held for Sale, net | 54,792 | 479 | ||||||||
Investment in Real Estate Joint Ventures and Partnerships, net | 317,763 | 289,192 | ||||||||
Unamortized Lease Costs, net | 181,047 | 208,063 | ||||||||
Accrued Rent and Accounts Receivable, net | 104,357 | 94,466 | ||||||||
Cash and Cash Equivalents | 13,219 | 16,257 | ||||||||
Restricted Deposits and Mortgage Escrows | 8,115 | 25,022 | ||||||||
Other, net | 184,613 | 188,850 | ||||||||
Total Assets | $ | 4,196,639 | $ | 4,426,928 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Debt, net | $ | 2,081,152 | $ | 2,356,528 | ||||||
Accounts Payable and Accrued Expenses | 116,463 | 116,859 | ||||||||
Other, net | 189,182 | 191,887 | ||||||||
Total Liabilities | 2,386,797 | 2,665,274 | ||||||||
Commitments and Contingencies | — | — | ||||||||
Deferred Compensation Share Awards | — | 44,758 | ||||||||
EQUITY | ||||||||||
Common Shares of Beneficial Interest | 3,897 | 3,885 | ||||||||
Additional Paid-In Capital | 1,772,066 | 1,718,101 | ||||||||
Net Income Less Than Accumulated Dividends | (137,065 | ) | (177,647 | ) | ||||||
Accumulated Other Comprehensive Loss | (6,170 | ) | (9,161 | ) | ||||||
Shareholders' Equity | 1,632,728 | 1,535,178 | ||||||||
Noncontrolling Interests | 177,114 | 181,718 | ||||||||
Total Liabilities and Equity | $ | 4,196,639 | $ | 4,426,928 |
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Non-GAAP Financial Measures
Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.
Funds from Operations Attributable to Common Shareholders
The National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, 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. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.
Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal 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 NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
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NAREIT FFO and Core FFO is calculated as follows (in thousands):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 167,967 | $ | 44,142 | $ | 335,274 | $ | 238,933 | |||||||
Depreciation and amortization of real estate | 40,746 | 42,847 | 166,125 | 162,989 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 3,380 | 3,774 | 14,020 | 15,118 | |||||||||||
Impairment of operating properties and real estate equity investments | 240 | — | 12,247 | — | |||||||||||
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships | — | — | — | 326 | |||||||||||
(Gain) on acquisition including associated real estate equity investment | — | — | — | (46,398 | ) | ||||||||||
(Gain) on sale of property and interests in real estate equity investments | (131,393 | ) | (34,024 | ) | (217,659 | ) | (101,124 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (4,209 | ) | (538 | ) | (6,187 | ) | (3,693 | ) | |||||||
Provision (benefit) for income taxes (1) | 1,232 | — | (711 | ) | — | ||||||||||
Noncontrolling interests (2) | (539 | ) | 22,245 | 5,424 | 25,521 | ||||||||||
Other | (8 | ) | (8 | ) | (16 | ) | (16 | ) | |||||||
NAREIT FFO – basic | 77,416 | 78,438 | 308,517 | 291,656 | |||||||||||
Income attributable to operating partnership units | — | 499 | 3,084 | 1,996 | |||||||||||
NAREIT FFO – diluted | 77,416 | 78,937 | 311,601 | 293,652 | |||||||||||
Adjustments to Core FFO: | |||||||||||||||
Other impairment loss | 2 | 55 | 3,031 | 98 | |||||||||||
Provision (benefit) for income taxes | 223 | — | (729 | ) | 7,024 | ||||||||||
Acquisition costs | — | 622 | — | 1,782 | |||||||||||
(Gain) on extinguishment of debt | — | — | — | (1,679 | ) | ||||||||||
Severance costs | 1,378 | — | 1,378 | — | |||||||||||
Storm damage costs | 1,018 | — | 1,822 | — | |||||||||||
Recovery of Pre-development costs | (949 | ) | — | (949 | ) | — | |||||||||
Other | (612 | ) | (254 | ) | 2,292 | 17 | |||||||||
Core FFO – diluted | $ | 78,476 | $ | 79,360 | $ | 318,446 | $ | 300,894 | |||||||
FFO weighted average shares outstanding – basic | 127,816 | 127,476 | 127,755 | 126,048 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 848 | 933 | 870 | 1,059 | |||||||||||
Operating partnership units | — | 1,462 | 1,446 | 1,462 | |||||||||||
FFO weighted average shares outstanding – diluted | 128,664 | 129,871 | 130,071 | 128,569 | |||||||||||
NAREIT FFO per common share – basic | $ | .61 | $ | .62 | $ | 2.41 | $ | 2.31 | |||||||
NAREIT FFO per common share – diluted | $ | .60 | $ | .61 | $ | 2.40 | $ | 2.28 | |||||||
Core FFO per common share – diluted | $ | .61 | $ | .61 | $ | 2.45 | $ | 2.34 |
______________
(1) Effective January 1, 2017 includes the applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties, where applicable.
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Same Property Net Operating Income
Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.
Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties classified as discontinued operations. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:
Three Months Ended December 31, 2017 | Twelve Months Ended December 31, 2017 | ||||
Beginning of the period | 190 | 193 | |||
Properties added: | |||||
Acquisitions | — | 4 | |||
New Developments | — | 1 | |||
Redevelopments | — | 6 | |||
Properties removed: | |||||
Dispositions | (7 | ) | (20 | ) | |
Other | — | (1 | ) | ||
End of the period | 183 | 183 |
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The Company calculates SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of Net Income to SPNOI is as follows (in thousands):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 167,967 | $ | 44,142 | $ | 335,274 | $ | 238,933 | |||||||
Add: | |||||||||||||||
Net income attributable to noncontrolling interests | 2,686 | 25,034 | 15,441 | 37,898 | |||||||||||
Provision (benefit) for income taxes | 2,018 | (164 | ) | (17 | ) | 6,856 | |||||||||
Interest expense, net | 18,921 | 21,711 | 80,326 | 83,003 | |||||||||||
Less: | |||||||||||||||
Gain on sale of property | (132,045 | ) | (32,416 | ) | (218,611 | ) | (100,714 | ) | |||||||
Equity in earnings of real estate joint ventures and partnership interests | (9,108 | ) | (5,531 | ) | (27,074 | ) | (20,642 | ) | |||||||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | (1,915 | ) | — | (48,322 | ) | |||||||||
Interest and other income | (3,390 | ) | (729 | ) | (7,915 | ) | (2,569 | ) | |||||||
Operating Income | 47,049 | 50,132 | 177,424 | 194,443 | |||||||||||
Less: | |||||||||||||||
Revenue adjustments (1) | (4,308 | ) | (4,959 | ) | (16,877 | ) | (16,364 | ) | |||||||
Add: | |||||||||||||||
Property management fees | 649 | 681 | 2,902 | 2,854 | |||||||||||
Depreciation and amortization | 40,986 | 43,374 | 167,101 | 162,535 | |||||||||||
Impairment loss | 245 | 55 | 15,257 | 98 | |||||||||||
General and administrative | 7,868 | 7,193 | 28,435 | 27,266 | |||||||||||
Acquisition costs | — | 614 | — | 1,350 | |||||||||||
Other (2) | (798 | ) | (233 | ) | 3,586 | 129 | |||||||||
Net Operating Income | 91,691 | 96,857 | 377,828 | 372,311 | |||||||||||
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests | (9,684 | ) | (17,389 | ) | (55,160 | ) | (58,434 | ) | |||||||
Add: Pro rata share of unconsolidated entities defined as same property | 8,094 | 8,500 | 32,903 | 32,715 | |||||||||||
Same Property Net Operating Income | 90,101 | 87,968 | 355,571 | 346,592 | |||||||||||
Less: Redevelopment Net Operating Income | (8,762 | ) | (8,502 | ) | (34,914 | ) | (32,932 | ) | |||||||
Same Property Net Operating Income excluding Redevelopments | $ | 81,339 | $ | 79,466 | $ | 320,657 | $ | 313,660 |
___________________
(1) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
(2) | Other includes items such as environmental abatement costs, demolition expenses and lease termination fees. |
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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 |
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 and changes in LIBOR availability, (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 of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in the tax laws and the 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.
Pro rata Financial Information
Included herein is certain financial information presented on a pro rata share basis as we believe this information assists users of our financial information in understanding our proportionate economic interest in the operating results of our portfolio of properties. Such amounts include WRI’s proportional share of each financial line item or operational metric for both our consolidated and unconsolidated joint ventures and partnerships. Multiplying a financial statement line item or operational metric of an investee and adding it to WRI’s totals may not accurately depict the legal and economic implications of holding a non-controlling interest in the investee, nor does WRI control any of the investees presented under the equity method of accounting. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 1
Financial Summary
Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Rentals, net | $ | 135,798 | $ | 139,507 | $ | 560,643 | $ | 537,265 | $ | 502,464 | $ | 503,128 | $ | 477,340 | |||||||||||||
Other | 3,569 | 3,356 | 12,520 | 12,290 | 10,380 | 11,278 | 11,855 | ||||||||||||||||||||
Total | 139,367 | 142,863 | 573,163 | 549,555 | 512,844 | 514,406 | 489,195 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||
Depreciation and amortization | 40,986 | 43,374 | 167,101 | 162,535 | 145,940 | 150,356 | 146,763 | ||||||||||||||||||||
Operating | 25,366 | 25,896 | 109,310 | 98,855 | 94,244 | 95,318 | 97,099 | ||||||||||||||||||||
Real estate taxes, net | 17,853 | 16,213 | 75,636 | 66,358 | 60,289 | 60,768 | 57,515 | ||||||||||||||||||||
Impairment loss | 245 | 55 | 15,257 | 98 | 153 | 1,024 | 2,579 | ||||||||||||||||||||
General and administrative | 7,868 | 7,193 | 28,435 | 27,266 | 27,524 | 24,902 | 25,371 | ||||||||||||||||||||
Total | 92,318 | 92,731 | 395,739 | 355,112 | 328,150 | 332,368 | 329,327 | ||||||||||||||||||||
Operating Income | 47,049 | 50,132 | 177,424 | 194,443 | 184,694 | 182,038 | 159,868 | ||||||||||||||||||||
Interest Expense, net | (18,921 | ) | (21,711 | ) | (80,326 | ) | (83,003 | ) | (87,783 | ) | (94,725 | ) | (96,312 | ) | |||||||||||||
Interest and Other Income | 3,390 | 729 | 7,915 | 2,569 | 4,563 | 3,756 | 7,685 | ||||||||||||||||||||
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | — | 1,915 | — | 48,322 | 879 | 1,718 | 33,670 | ||||||||||||||||||||
(Provision) Benefit for Income Taxes | (2,018 | ) | 164 | 17 | (6,856 | ) | (52 | ) | 1,261 | (7,046 | ) | ||||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (a) | 9,108 | 5,531 | 27,074 | 20,642 | 19,300 | 22,317 | 35,112 | ||||||||||||||||||||
Income from Continuing Operations | 38,608 | 36,760 | 132,104 | 176,117 | 121,601 | 116,365 | 132,977 | ||||||||||||||||||||
Operating Income from Discontinued Operations | — | — | — | — | — | 342 | 12,214 | ||||||||||||||||||||
Gain on Sale of Property from Discontinued Operations | — | — | — | — | — | 44,582 | 119,203 | ||||||||||||||||||||
Income from Discontinued Operations | — | — | — | — | — | 44,924 | 131,417 | ||||||||||||||||||||
Gain on Sale of Property | 132,045 | 32,416 | 218,611 | 100,714 | 59,621 | 146,290 | 762 | ||||||||||||||||||||
Net Income | 170,653 | 69,176 | 350,715 | 276,831 | 181,222 | 307,579 | 265,156 | ||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (2,686 | ) | (25,034 | ) | (15,441 | ) | (37,898 | ) | (6,870 | ) | (19,571 | ) | (44,894 | ) | |||||||||||||
Net Income Adjusted for Noncontrolling Interests | 167,967 | 44,142 | 335,274 | 238,933 | 174,352 | 288,008 | 220,262 | ||||||||||||||||||||
Dividends on Preferred Shares | — | — | — | — | (3,830 | ) | (10,840 | ) | (18,173 | ) | |||||||||||||||||
Redemption Costs of Preferred Shares | — | — | — | — | (9,687 | ) | — | (17,944 | ) | ||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 167,967 | $ | 44,142 | $ | 335,274 | $ | 238,933 | $ | 160,835 | $ | 277,168 | $ | 184,145 | |||||||||||||
Earnings Per Common Share - Basic | $ | 1.31 | $ | 0.35 | $ | 2.62 | $ | 1.90 | $ | 1.31 | $ | 2.28 | $ | 1.52 | |||||||||||||
Earnings Per Common Share - Diluted | $ | 1.30 | $ | 0.34 | $ | 2.60 | $ | 1.87 | $ | 1.29 | $ | 2.25 | $ | 1.50 |
(a) | See Page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
Page 3
Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Property | $ | 4,498,859 | $ | 4,789,145 | |||
Accumulated Depreciation | (1,166,126 | ) | (1,184,546 | ) | |||
Property Held for Sale, net | 54,792 | 479 | |||||
Property, net | 3,387,525 | 3,605,078 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net (a) | 317,763 | 289,192 | |||||
Total | 3,705,288 | 3,894,270 | |||||
Unamortized Lease Costs, net | 181,047 | 208,063 | |||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $7,516 in 2017 and $6,700 in 2016) | 104,357 | 94,466 | |||||
Cash and Cash Equivalents | 13,219 | 16,257 | |||||
Restricted Deposits and Mortgage Escrows | 8,115 | 25,022 | |||||
Other, net | 184,613 | 188,850 | |||||
Total Assets | $ | 4,196,639 | $ | 4,426,928 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net | $ | 2,081,152 | $ | 2,356,528 | |||
Accounts Payable and Accrued Expenses | 116,463 | 116,859 | |||||
Other, net | 189,182 | 191,887 | |||||
Total Liabilities | 2,386,797 | 2,665,274 | |||||
Commitments and Contingencies | — | — | |||||
Deferred Compensation Share Awards | — | 44,758 | |||||
Equity: | |||||||
Shareholders' Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016 | 3,897 | 3,885 | |||||
Additional Paid-In Capital | 1,772,066 | 1,718,101 | |||||
Net Income Less Than Accumulated Dividends | (137,065 | ) | (177,647 | ) | |||
Accumulated Other Comprehensive Loss | (6,170 | ) | (9,161 | ) | |||
Total Shareholders' Equity | 1,632,728 | 1,535,178 | |||||
Noncontrolling Interests | 177,114 | 181,718 | |||||
Total Equity | 1,809,842 | 1,716,896 | |||||
Total Liabilities and Equity | $ | 4,196,639 | $ | 4,426,928 |
(a) | This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information. |
Page 4
Weingarten Realty Investors
Funds From Operations Attributable to Common Shareholders
(in thousands, except per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Funds From Operations Attributable to Common Shareholders (NAREIT FFO) | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to common shareholders | $ | 167,967 | $ | 44,142 | $ | 335,274 | $ | 238,933 | |||||||
Depreciation and amortization of real estate | 40,746 | 42,847 | 166,125 | 162,989 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 3,380 | 3,774 | 14,020 | 15,118 | |||||||||||
Impairment of operating properties and real estate equity investments | 240 | — | 12,247 | — | |||||||||||
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships | — | — | — | 326 | |||||||||||
(Gain) on acquisition including associated real estate equity investment | — | — | — | (46,398 | ) | ||||||||||
(Gain) on sale of property and interests in real estate equity investments | (131,393 | ) | (34,024 | ) | (217,659 | ) | (101,124 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (4,209 | ) | (538 | ) | (6,187 | ) | (3,693 | ) | |||||||
Provision (benefit) for income taxes (1) | 1,232 | — | (711 | ) | — | ||||||||||
Noncontrolling interests (2) | (539 | ) | 22,245 | 5,424 | 25,521 | ||||||||||
Other | (8 | ) | (8 | ) | (16 | ) | (16 | ) | |||||||
NAREIT FFO - Basic | 77,416 | 78,438 | 308,517 | 291,656 | |||||||||||
Income attributable to operating partnership units | — | 499 | 3,084 | 1,996 | |||||||||||
NAREIT FFO - Diluted | 77,416 | 78,937 | 311,601 | 293,652 | |||||||||||
Adjustments for Core FFO: | |||||||||||||||
Other impairment loss | 2 | 55 | 3,031 | 98 | |||||||||||
Provision (benefit) for income taxes | 223 | — | (729 | ) | 7,024 | ||||||||||
(Gain) on extinguishment of debt | — | — | — | (1,679 | ) | ||||||||||
Acquisition costs | — | 622 | — | 1,782 | |||||||||||
Severance costs | 1,378 | — | 1,378 | — | |||||||||||
Storm damage costs | 1,018 | — | 1,822 | — | |||||||||||
Recovery of pre-development costs | (949 | ) | — | (949 | ) | — | |||||||||
Other | (612 | ) | (254 | ) | 2,292 | 17 | |||||||||
Core FFO - Diluted | $ | 78,476 | $ | 79,360 | $ | 318,446 | $ | 300,894 | |||||||
Denominator: | |||||||||||||||
FFO weighted average number of common shares outstanding - Basic | 127,816 | 127,476 | 127,755 | 126,048 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 848 | 933 | 870 | 1,059 | |||||||||||
Operating partnership units | — | 1,462 | 1,446 | 1,462 | |||||||||||
FFO weighted average number of common shares outstanding - Diluted | 128,664 | 129,871 | 130,071 | 128,569 | |||||||||||
NAREIT FFO Per Common Share - Basic | $ | 0.61 | $ | 0.62 | $ | 2.41 | $ | 2.31 | |||||||
NAREIT FFO Per Common Share - Diluted | $ | 0.60 | $ | 0.61 | $ | 2.40 | $ | 2.28 | |||||||
Adjustments for Core FFO per common share: | |||||||||||||||
Other impairment loss | — | — | 0.02 | — | |||||||||||
Provision (benefit) for income taxes | — | — | — | 0.05 | |||||||||||
(Gain) on extinguishment of debt | — | — | — | (0.01 | ) | ||||||||||
Acquisition costs | — | — | — | 0.02 | |||||||||||
Severance costs | 0.01 | — | 0.01 | — | |||||||||||
Storm damage costs | 0.01 | — | 0.01 | — | |||||||||||
Recovery of pre-development costs | (0.01 | ) | — | (0.01 | ) | — | |||||||||
Other | — | — | 0.02 | — | |||||||||||
Core FFO Per Common Share - Diluted | $ | 0.61 | $ | 0.61 | $ | 2.45 | $ | 2.34 | |||||||
(1) Effective January 1, 2017 includes the applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties, where applicable.
Page 5
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rentals, net | |||||||||||||||
Base minimum rent, net | $ | 103,429 | $ | 107,409 | $ | 421,555 | $ | 414,080 | |||||||
Straight line rent | 1,572 | 1,641 | 5,707 | 6,536 | |||||||||||
Over/Under-market rentals, net | 784 | 1,222 | 3,748 | 2,144 | |||||||||||
Percentage rent | 1,381 | 1,255 | 4,432 | 4,397 | |||||||||||
Tenant reimbursements | 28,632 | 27,980 | 125,201 | 110,108 | |||||||||||
Total | $ | 135,798 | $ | 139,507 | $ | 560,643 | $ | 537,265 | |||||||
Other Income | |||||||||||||||
Recurring fee income | $ | 1,917 | $ | 1,776 | $ | 6,698 | $ | 6,317 | |||||||
Non-Recurring fee income | — | 23 | 110 | 194 | |||||||||||
Miscellaneous revenue | 1,617 | 1,260 | 5,098 | 4,606 | |||||||||||
Lease cancellation revenue | 35 | 297 | 614 | 1,173 | |||||||||||
Total | $ | 3,569 | $ | 3,356 | $ | 12,520 | $ | 12,290 | |||||||
Interest Expense, net | |||||||||||||||
Interest paid or accrued | $ | 19,790 | $ | 21,995 | $ | 82,404 | $ | 85,134 | |||||||
Gain on extinguishment of debt | — | — | — | (2,037 | ) | ||||||||||
Amortization of debt deferred costs | 987 | 855 | 3,890 | 3,515 | |||||||||||
Over/Under-market mortgage adjustment of acquired properties, net | (302 | ) | (245 | ) | (1,100 | ) | (953 | ) | |||||||
Gross interest expense | 20,475 | 22,605 | 85,194 | 85,659 | |||||||||||
Capitalized interest | (1,554 | ) | (894 | ) | (4,868 | ) | (2,656 | ) | |||||||
Total | $ | 18,921 | $ | 21,711 | $ | 80,326 | $ | 83,003 | |||||||
Interest and Other Income | |||||||||||||||
Deferred compensation investment income | $ | 1,413 | $ | 538 | $ | 5,651 | $ | 1,995 | |||||||
Other | 1,977 | 191 | 2,264 | 574 | |||||||||||
Total | $ | 3,390 | $ | 729 | $ | 7,915 | $ | 2,569 | |||||||
Supplemental Analyst Information | |||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |||||||||||||||
Net income from unconsolidated real estate joint ventures and partnerships | $ | 8,361 | $ | 4,651 | $ | 23,716 | $ | 17,847 | |||||||
Intercompany fee income reclass | 622 | 682 | 2,571 | 2,574 | |||||||||||
Other adjustments | 125 | 198 | 787 | 221 | |||||||||||
Equity in earnings of real estate joint ventures and partnerships, net | $ | 9,108 | $ | 5,531 | $ | 27,074 | $ | 20,642 | |||||||
Dividends (1) | |||||||||||||||
Common Dividends per Share | $ | 1.135 | $ | 0.365 | $ | 2.290 | $ | 1.460 | |||||||
Common Dividends Paid as a % of Reported Funds from Operations - Basic | 188.3 | % | 59.6 | % | 95.3 | % | 63.5 | % | |||||||
Common Dividends Paid as a % of Core Funds from Operations - Basic | 185.8 | % | 59.3 | % | 93.2 | % | 61.9 | % | |||||||
General and Administrative Expenses | |||||||||||||||
General and Administrative Expenses/Total Revenue | 5.6 | % | 5.0 | % | 5.0 | % | 5.0 | % | |||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.15 | % | 0.13 | % | 0.53 | % | 0.49 | % | |||||||
Net Operating Income Additional Disclosures | |||||||||||||||
Minority Interests Share of Net Operating Income and Other Adjustments | $ | (1,456 | ) | $ | (2,155 | ) | $ | (5,667 | ) | $ | (8,441 | ) | |||
Pro rata Share of Unconsolidated Joint Ventures | |||||||||||||||
Revenues | 13,024 | 13,343 | 53,653 | 53,013 | |||||||||||
Operating expense | (2,465 | ) | (2,476 | ) | (9,361 | ) | (10,438 | ) | |||||||
Real estate taxes | (1,759 | ) | (1,632 | ) | (7,489 | ) | (6,787 | ) | |||||||
Net Operating Income from Sold Properties | 2,374 | 7,801 | 21,113 | 35,544 | |||||||||||
(1) 2017 dividends include a special dividend paid in Q4 2017 totaling $.75 due to gains on dispositions of properties.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 6
Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)
December 31, | |||||||
2017 | 2016 | ||||||
Property | |||||||
Land | $ | 1,068,022 | $ | 1,107,072 | |||
Land held for development | 69,205 | 82,953 | |||||
Land under development | 48,985 | 51,761 | |||||
Buildings and improvements | 3,232,074 | 3,489,685 | |||||
Construction in-progress | 80,573 | 57,674 | |||||
Total | $ | 4,498,859 | $ | 4,789,145 | |||
Straight Line Rent Receivable | |||||||
$ | 62,702 | $ | 62,955 | ||||
Other Assets, net | |||||||
Notes receivable and mortgage bonds, net | $ | 27,063 | $ | 28,784 | |||
Debt service guaranty asset | 64,145 | 67,125 | |||||
Non-qualified benefit plan assets | 31,500 | 26,331 | |||||
Out-of-market leases, net | 26,834 | 31,016 | |||||
Investments | 11,695 | 12,910 | |||||
Deferred income tax asset | 7,587 | 10,834 | |||||
Interest rate derivative | 2,035 | 126 | |||||
Unamortized debt costs, net | 2,255 | 3,229 | |||||
Other | 11,499 | 8,495 | |||||
Total | $ | 184,613 | $ | 188,850 | |||
Other Liabilities, net | |||||||
Deferred revenue | $ | 9,197 | $ | 9,535 | |||
Non-qualified benefit plan liabilities | 69,257 | 61,916 | |||||
Deferred income tax payable | 7,250 | 11,640 | |||||
Out-of-market leases, net | 77,722 | 87,769 | |||||
Other | 25,756 | 21,027 | |||||
Total | $ | 189,182 | $ | 191,887 | |||
Identified Intangible Assets and Liabilities | |||||||
Identified Intangible Assets: | |||||||
Above-market leases (included in Other Assets, net) | $ | 44,231 | $ | 44,595 | |||
Above-market leases - Accumulated Amortization | (17,397 | ) | (13,579 | ) | |||
Below-market assumed mortgages (included in Debt, net) | — | 1,671 | |||||
Below-market assumed mortgages - Accumulated Amortization | — | (1,564 | ) | ||||
In place leases (included in Unamortized Lease Costs, net) | 224,201 | 232,528 | |||||
In place leases - Accumulated Amortization | (96,202 | ) | (82,571 | ) | |||
Total | $ | 154,833 | $ | 181,080 | |||
Identified Intangible Liabilities: | |||||||
Below-market leases (included in Other Liabilities, net) | $ | 105,794 | $ | 110,878 | |||
Below-market leases - Accumulated Amortization | (28,072 | ) | (23,109 | ) | |||
Above-market assumed mortgages (included in Debt, net) | 10,063 | 10,375 | |||||
Above-market assumed mortgages - Accumulated Amortization | (6,081 | ) | (5,186 | ) | |||
Total | $ | 81,704 | $ | 92,958 |
Page 7
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
December 31, | |||||||
2017 | 2016 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 32.87 | $ | 35.79 | |||
Capitalization | |||||||
Debt | $ | 2,081,152 | $ | 2,356,528 | |||
Common Shares at Market | 4,222,053 | 4,583,697 | |||||
Operating Partnership Units at Market | 47,070 | 52,325 | |||||
Total Market Capitalization (As reported) | $ | 6,350,275 | $ | 6,992,550 | |||
Debt to Total Market Capitalization (As reported) | 32.8 | % | 33.7 | % | |||
Debt to Total Market Capitalization (As reported at a constant share price of $35.79) | 30.9 | % | 33.7 | % | |||
Debt to Total Market Capitalization (Pro rata) | 33.5 | % | 34.4 | % | |||
Capital Availability | |||||||
Revolving Credit Facility | $ | 500,000 | $ | 500,000 | |||
Less: | |||||||
Balance Outstanding Under Revolving Credit Facility | — | 245,000 | |||||
Outstanding Letters of Credit Under Revolving Facility | 6,390 | 4,860 | |||||
Unused Portion of Credit Facility | $ | 493,610 | $ | 250,140 |
Significant Covenant Ratios | ||||||||
Restrictions | ||||||||
Debt to Asset Ratio (Public) | Less than 60.0% | 40.7 | % | 44.3 | % | |||
Secured Debt to Asset Ratio (Public) | Less than 40.0% | 8.1 | % | 8.3 | % | |||
Unencumbered Asset Test (Public) | Greater than 150% | 264.4 | % | 241.0 | % | |||
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) | Greater than 1.5x | 3.9x | 3.8x |
Net Debt to Adjusted EBITDA | |||||||
EBITDA (Current Quarter) | $ | 232,578 | $ | 134,097 | |||
Gain on Sale of Real Estate | (136,254 | ) | (34,869 | ) | |||
Ground Rent | 241 | 251 | |||||
Other Adjustments | 1,330 | 55 | |||||
Adjusted EBITDA | $ | 97,895 | $ | 99,534 | |||
Net Debt (less cash & equivalents) | $ | 2,067,933 | $ | 2,340,271 | |||
Net Debt to Adjusted EBITDA (annualized) | 5.28x | 5.88x |
Credit Ratings | |||
S&P | Moody's | ||
Senior Debt | BBB | Baa1 | |
Outlook | Stable | Stable |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 8
Weingarten Realty Investors
Guidance
2018 Guidance | |
Net income attributable to common shareholders | $2.24 - $2.34 |
Depreciation and amortization | 1.20 - 1.22 |
(Gain) on sale of property and interests in RE equity investments | (1.19) - (1.25) |
NAREIT FFO - Basic | 2.25 - 2.31 |
Income attributable to operating partnership units | 0.02 - 0.02 |
NAREIT FFO Per Common Share - Diluted | $2.27 - $2.33 |
(Gain) on extinguishment of debt | (0.01) - (0.01) |
Other | 0.01 - 0.01 |
Core FFO Per Common Share - Diluted | $2.27 - $2.33 |
Portfolio Activity ($ in millions) | |
Acquisitions | $50 - $150 |
Re / New Development | $125 - $175 |
Dispositions | $250 - $450 |
Operating Information | |
Same Property Net Operating Income with redevelopments | +2.5% to +3.5% |
Same Property Net Operating Income without redevelopments | +2.0% to +3.0% |
2018 Annual Guidance Rollforward | ||||
Low | High | Notes | ||
2017 Core FFO Per Common Share - Diluted | $2.45 | $2.45 | ||
Same Property NOI Growth with redevelopments | 0.06 | 0.09 | Guidance of 2.5% - 3.5% | |
Investment Activity | ||||
2017 Dispositions | (0.17) | (0.17) | ||
2018 Dispositions | (0.15) | (0.18) | Guidance of $250M - $450M | |
2018 Acquisitions | 0.01 | 0.02 | Guidance of $50M - $150M | |
Incremental New Development NOI | 0.01 | 0.01 | ||
Net Investment Activity | (0.30) | (0.32) | ||
Net G&A Expense | (0.01) | 0.00 | Guidance of $25M - $26M | |
Net Interest Expense | 0.07 | 0.08 | Guidance of $70M - $71M | |
2017 Deferred Tax Adj | 0.01 | 0.01 | ||
All Other | (0.01) | 0.02 | ||
2018 Core FFO Per Common Share - Diluted | $2.27 | $2.33 |
Page 9
Investment Activity
Weingarten Realty Investors
Capital Expenditures
(at pro rata share)
(in thousands)
Three Months Ended December 31, 2017 | Twelve Months Ended December 31, 2017 | Twelve Months Ended December 31, 2016 | ||||||||||
Acquisitions | $ | — | $ | 1,900 | $ | 514,756 | ||||||
New Development | 18,085 | 93,120 | 67,722 | |||||||||
Redevelopment | 6,965 | 30,436 | 32,185 | |||||||||
Building and Site Improvements | 5,791 | 24,354 | 20,474 | |||||||||
Tenant Finish | 4,696 | 23,808 | 24,989 | |||||||||
External Leasing Commissions | 1,328 | 4,357 | 5,429 | |||||||||
Capital Expenditures | $ | 36,865 | $ | 177,975 | $ | 665,555 | ||||||
Note: | ||||||||||||
Internal Leasing Fees are approximately $9.6 million and $8.7 million for the twelve months ended December 31, 2017 and 2016, respectively. | ||||||||||||
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 11
Weingarten Realty Investors
New Development
As of December 31, 2017
(at pro rata share, except multi-family units)
(in thousands, except percentages and multi-family units)
New Development | ||||||||||||||||||||
Net SF/Units | Total | Cost | Cost | Completed | Est./Act. | |||||||||||||||
by Product | Percent | Estimated | Incurred- | Incurred - | Inception- | Est. Final | Stabilized | Key Tenants / | ||||||||||||
Center | MSA | Type | Leased | Investment | Year-To-Date | To-Date | To-Date | ROI% | Quarter | Description | ||||||||||
Active Developments | ||||||||||||||||||||
1 | The Whittaker | Seattle, WA | Retail = 63 SF | 93.1% | $ | 31,273 | $ | 26,460 | $ | 26,698 | $ | 26,061 | 2H 18 | Whole Foods | ||||||
2 | West Alex | Alexandria, VA | Retail = 100 SF | 16.3% | 197,024 | 30,393 | 76,586 | — | 2H 22 | Harris Teeter | ||||||||||
Office = 23 SF | ||||||||||||||||||||
MF = 278 Units | ||||||||||||||||||||
3 | Centro Arlington (1) | Arlington, VA | Retail = 65 SF | 14.2% | 134,772 | 36,267 | 37,152 | — | 2H 20 | Harris Teeter | ||||||||||
MF = 366 Units | ||||||||||||||||||||
Total Active Developments | 21.4% | $ | 363,069 | $ | 93,120 | $ | 140,436 | $ | 26,061 | 5.5 | % |
QTD Completed | YTD Completed | 1Q'18E | 2Q'18E | 3Q'18E | 4Q'18E | 1Q'19E | Remaining Balance | |
Completion ($) | $5,691 | $26,061 | — | $0 - $1,500 | $0 - $4,600 | $0 - $3,700 | $0 - $3,900 | $296,100 - $301,100 |
Weighted Return (%) | 6.3% | 6.7% | — | 0% | 6.5% - 7.0% | 6.5% - 7.0% | 6.5% - 7.0% | 5.3% - 5.8% |
Net Operating Income (Annualized) | $361 | $1,751 | — | $0 - $10 | $0 - $320 | $0 - $260 | $0 - $270 | $15,600 - $17,340 |
(1) WRI will participate in the development of this mixed-use property. WRI has a 90% equity interest in the property and is committed to fund an additional $93 million in equity and debt. |
The Company cannot guarantee that (i) ROI will be generated at the percentage listed or at all, (ii) total estimated investment associated with these projects will be equal to the actual investment, (iii) project completion or stabilization will occur when anticipated or (iv) that the Company will ultimately complete any of these projects. The ROI and total estimated investment reflect the Company's best estimate based upon current information, may change over time and are subject to certain conditions which are beyond the Company's control, including, without limitation, general economic conditions, market conditions and other business factors. |
Note: |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Page 12
Weingarten Realty Investors
Redevelopment
As of December 31, 2017
(at pro rata share)
(in thousands, except percentages)
Redevelopment (1) | |||||||||||||||||
Included | Total | Cost | Cost | % | Est./Act. | Est./Act. | Est./Act. | ||||||||||
in SPNOI | Estimated | Incurred - | Incurred - | Placed in | Incremental | Anchor | Stabilized | ||||||||||
Center | MSA | w/redev (2) | Investment | Year-To-Date | To-Date | Service (3) | ROI% | Opening | Quarter | Key Tenants / Description | |||||||
Large Redevelopments (incremental investment) (4) | |||||||||||||||||
1 | River Oaks Shopping Center | Houston, TX | N (5) | $ | 150,000 | $ | 3,631 | $ | 3,631 | — | 5.5 - 7.5 % | NA | 2H 21 | 30-Story Residential High-Rise and 10,000 SF Retail | |||
2 | Sunset Point 19 | Clearwater, FL | Y | 23,090 | 9,166 | 10,857 | 44% | 11.0 - 13.0 % | 1H 18 | 2H 18 | Total Center redevelopment with three new shop space buildings | ||||||
3 | Winter Park Corners | Orlando, FL | Y | 12,082 | 396 | 396 | — | 9.0 - 11.0 | 1H 19 | 1H 19 | 30,000 SF Sprouts; 12,250 SF and 1,200 SF new shop space buildings | ||||||
Total Large Redevelopments | $ | 185,172 | $ | 13,193 | $ | 14,884 | 32% | 6.5 - 8.5% | |||||||||
Other Redevelopments (13 Properties) | 43,664 | 14,766 | 19,863 | 30% | 11.0 - 13.0% | ||||||||||||
Total Active Redevelopments | $ | 228,836 | $ | 27,959 | $ | 34,747 | 31% | 7.5 - 9.5% | |||||||||
Completed Redevelopments (11 Properties) | $ | 55,641 | $ | 2,477 | $ | 54,489 | 97% | 12.0 -13.0% | |||||||||
Summary of asset allocation (6): | Developments | Redevelopments | Total | |||||||||
Land | $ | 1,387 | $ | — | $ | 1,387 | ||||||
Land Under Development | 48,399 | 48,399 | ||||||||||
Building and Improvements | 15,168 | 28,648 | 43,816 | |||||||||
CIP | 37,209 | 6,099 | 43,308 | |||||||||
Other various accounts | 38,273 | 38,273 | ||||||||||
Property | $ | 140,436 | $ | 34,747 | $ | 175,183 | ||||||
Cash NOI Summary (6) | ||||||||||||
Cash NOI included for the Three Months Ended December 31, 2017: | $ | 403 | $ | 401 | $ | 804 |
(1) Redevelopment is defined where GLA is added either through new construction or expansion of an existing space or where incremental investment is over $5 million. |
(2) A property is removed from the Company's same store portfolio if the project is considered to significantly impact the existing property's NOI and activities have begun in anticipation of the project. |
(3) Represents the percentage of project GLA for which the leases of the applicable tenants have commenced. |
(4) Large Redevelopment is defined where Total Estimated Investment exceeds $10 million on an individual project. |
(5) Project is in the planning stage. Until material investment is made, the property will remain in SPNOI. |
(6) From Active Development and Redevelopment Properties only. |
The Company cannot guarantee that (i) ROI will be generated at the percentage listed or at all, (ii) total estimated investment associated with these projects will be equal to the actual investment, (iii) project completion or stabilization will occur when anticipated or (iv) that the Company will ultimately complete any of these projects. The ROI and total estimated investment reflect the Company's best estimate based upon current information, may change over time and are subject to certain conditions which are beyond the Company's control, including, without limitation, general economic conditions, market conditions and other business factors. |
Note: |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Page 13
Weingarten Realty Investors
Land Held for Development
As of December 31, 2017
(in thousands, except acres and percentages)
Ownership Interest | Gross Acres | Investment (1) | ||||||||||||
Location | 100% | Pro Rata | ||||||||||||
New Development Phased Projects | ||||||||||||||
Highway 17 and Highway 210, Surf City, NC | 100.0 | % | 45.5 | |||||||||||
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC | 100.0 | % | 22.7 | |||||||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.0 | |||||||||||
Hwy. 85 & Hwy. 285, Sheridan, CO | 100.0 | % | 8.6 | |||||||||||
US Hwy. 17 & US Hwy. 74/76, Leland, NC | 100.0 | % | 8.3 | |||||||||||
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 | |||||||||||
FM 2920 and Future 249, Tomball - Houston, TX | 100.0 | % | 2.2 | |||||||||||
Total New Development Phased Projects | 124.0 | $ | 18,624 | $ | 17,138 | |||||||||
Other Raw Land | ||||||||||||||
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX | 50.0 | % | 129.4 | |||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta, GA | 100.0 | % | 81.6 | |||||||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 29.2 | |||||||||||
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ | 100.0 | % | 9.7 | |||||||||||
SH 151 & Ingram Rd., San Antonio, TX | 66.7 | % | 5.8 | |||||||||||
Rock Prairie Rd. at Hwy. 6, College Station, TX | 100.0 | % | 5.3 | |||||||||||
Shary Road and US Hwy. 83, Mission, TX | 50.0 | % | 4.0 | |||||||||||
Leslie Rd. at Bandera Rd., Helotes, TX | 100.0 | % | 1.7 | |||||||||||
Other | 100.0 | % | 21.3 | |||||||||||
Total Raw Land | 288.0 | $ | 51,326 | $ | 37,820 | |||||||||
Total Land Held For Development Properties | 412.0 | $ | 69,950 | $ | 54,958 |
(1) Net of impairment and valuation adjustments.
Notes:
Land costs account for $58.6 million of total investment at 100%, $44.3 million at pro rata share.
Categorization based upon proximity to development property and does not indicate future development pipeline.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 14
Weingarten Realty Investors
Disposition and Acquisition Summary
For the Period Ended December 31, 2017
(at pro rata share)
(in thousands, except percentages)
Center | City/State | Sq. Ft. at 100% | Date Acquired | Purchase Price | Yield (1) | ||||||||||
Acquisitions | |||||||||||||||
Red Mountain Gateway Pad | Mesa, AZ | N/A | 03/31/17 | ||||||||||||
Oak Forest Pad | Houston, TX | 4 | 09/22/17 | ||||||||||||
Total Acquisitions | $ | 1,900 | — | % | |||||||||||
Date Sold | Sales Proceeds | Weighted Sales Cap | |||||||||||||
Dispositions | |||||||||||||||
1st Quarter | |||||||||||||||
Lyons Avenue Shopping Center | Houston, TX | 68 | 01/13/17 | ||||||||||||
Palms of Carrollwood | Tampa, FL | 168 | 02/14/17 | ||||||||||||
Mohave Crossroads Pad | Bullhead City, AZ | N/A | 02/28/17 | ||||||||||||
Gateway Station | Fort Worth, TX | 85 | 03/09/17 | ||||||||||||
Decatur 215 Pad | Las Vegas, NV | 3 | 03/22/17 | ||||||||||||
Stevens Ranch Pad | San Antonio, TX | N/A | 03/28/17 | ||||||||||||
2nd Quarter | |||||||||||||||
Humblewood Shopping Center | Houston, TX | 183 | 04/07/17 | ||||||||||||
Mohave Crossroads | Bullhead City, AZ | 184 | 04/13/17 | ||||||||||||
Broadway Shopping Center | Galveston, TX | 76 | 04/21/17 | ||||||||||||
Eastpark Shopping Center Pad | Houston, TX | N/A | 06/01/17 | ||||||||||||
K-Mart Plaza* | Lake Charles, LA | 217 | 06/06/17 | ||||||||||||
3rd Quarter | |||||||||||||||
Bartlett Towne Center | Bartlett, TN | 197 | 07/11/17 | ||||||||||||
Marshalls Plaza | Modesto, CA | 79 | 07/21/17 | ||||||||||||
Discovery Plaza | Sacramento, CA | 90 | 07/25/17 | ||||||||||||
North Towne Plaza Pad | Brownsville, TX | N/A | 07/26/17 | ||||||||||||
Shops at Whitehall Commons | Charlotte, NC | 43 | 09/14/17 | ||||||||||||
Brookwood Square | Austell, GA | 183 | 09/28/17 | ||||||||||||
Whole Foods at Carrollwood | Tampa, FL | 37 | 09/28/17 | ||||||||||||
4th Quarter | |||||||||||||||
Buena Vista Marketplace | Duarte, CA | 93 | 10/06/17 | ||||||||||||
Crabtree Towne Center | Raleigh, NC | 9 | 10/10/17 | ||||||||||||
Surf City Crossing Shopping Center Pad | Hampstead, NC | N/A | 10/18/17 | ||||||||||||
Green Valley Plaza* | Denver, CO | 49 | 11/16/17 | ||||||||||||
Market at Town Center | Sugar Land, TX | 424 | 11/30/17 | ||||||||||||
Danville Plaza | Monroe, LA | 138 | 12/08/17 | ||||||||||||
Flamingo Pines Plaza | Pembroke Pines, FL | 139 | 12/20/17 | ||||||||||||
Tomball Marketplace Pad | Tomball, TX | N/A | 12/20/17 | ||||||||||||
Summerhill Plaza | Citrus Heights, CA | 133 | 12/21/17 | ||||||||||||
Total 2017 Dispositions | $ | 444,088 | 6.88 | % | |||||||||||
Subsequent to Year-End | |||||||||||||||
League City Plaza ROW | League City, TX | N/A | 01/17/18 | ||||||||||||
Moore Plaza | Corpus Christi, TX | 371 | 01/18/18 | ||||||||||||
Horne Street Market | Fort Worth, TX | 10 | 01/18/18 | ||||||||||||
Best in the West | Las Vegas, NV | 428 | 02/09/18 | ||||||||||||
Tates Creek Centre | Lexington, KY | 196 | 02/09/18 | ||||||||||||
Millpond Center | Lexington, KY | 125 | 02/09/18 | ||||||||||||
2018 YTD Dispositions | $ | 220,599 | 7.46 | % | |||||||||||
(1) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income. | |||||||||||||||
* Unconsolidated real estate joint venture activity | |||||||||||||||
Page 15
Summary of Debt
Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
December 31, 2017 | 4th Quarter Weighted Average Rate (1) | December 31, 2016 | 4th Quarter Weighted Average Rate (1) | |||||||||||
Outstanding Balance Summary | ||||||||||||||
Mortgage Debt | $ | 393,981 | 4.56 | % | $ | 423,791 | 5.10 | % | ||||||
3.375% Notes due 2022 | 299,402 | 3.38 | % | 299,288 | 3.38 | % | ||||||||
3.5% Notes due 2023 | 299,196 | 3.50 | % | 299,059 | 3.50 | % | ||||||||
4.45% Notes due 2024 | 249,338 | 4.45 | % | 249,241 | 4.45 | % | ||||||||
3.85% Notes due 2025 | 248,516 | 3.85 | % | 248,346 | 3.85 | % | ||||||||
3.25% Notes due 2026 | 248,140 | 3.25 | % | 247,957 | 3.25 | % | ||||||||
Term Loan (2) | 200,000 | 2.47 | % | 200,000 | 2.47 | % | ||||||||
Unsecured Notes Payable (MTN) | 66,285 | 6.70 | % | 66,290 | 6.00 | % | ||||||||
Revolving Credit Agreements (3) | — | 2.17 | % | 245,000 | 1.39 | % | ||||||||
Obligations under Capital Leases | 21,000 | 7.98 | % | 21,000 | 7.94 | % | ||||||||
Unamortized Loan Costs | (8,851 | ) | (10,569 | ) | ||||||||||
Subtotal Consolidated Debt | 2,017,007 | 3.85 | % | 2,289,403 | 3.89 | % | ||||||||
Debt Service Guarantee Liability (4) | 64,145 | 67,125 | ||||||||||||
Total Consolidated Debt - As Reported | $ | 2,081,152 | 3.85 | % | $ | 2,356,528 | 3.89 | % | ||||||
As Reported | ||||||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 12/31/17 | 3.85 | % | ||||||||||||
Twelve months ended 12/31/17 | 3.80 | % | ||||||||||||
Three months ended 12/31/16 | 3.89 | % | ||||||||||||
Twelve months ended 12/31/16 | 3.98 | % | ||||||||||||
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
(2) | Term Loan has a floating rate of LIBOR + 97.5 bps and has been swapped to a fixed rate of 2.47%. The weighted average interest rate reflects the fixed rate. |
(3) | Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee was 4.95% and 1.88% in the fourth quarters 2017 and 2016, respectively. |
(4) | Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
Page 17
Weingarten Realty Investors
Debt Information Additional Disclosure
(at pro rata share)
(in thousands, except percentages)
Debt Balance | Weighted Average Rate (1) | % of Total | Weighted Average Remaining Life (yrs) | ||||||||||
Fixed vs. Variable Rate Debt (includes the effect of interest rate swaps) | |||||||||||||
As of December 31, 2017 | |||||||||||||
Fixed-rate debt | $ | 2,131,968 | 3.86 | % | 99.2 | % | 6.02 | ||||||
Variable-rate debt | 17,889 | 2.43 | % | 0.8 | % | 0.50 | |||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | 5.97 | ||||||
As of December 31, 2016 | |||||||||||||
Fixed-rate debt | $ | 2,159,732 | 4.03 | % | 89.0 | % | |||||||
Variable-rate debt | 266,759 | 1.67 | % | 11.0 | % | ||||||||
Total | $ | 2,426,491 | 3.86 | % | 100.0 | % | |||||||
Secured vs. Unsecured Debt | |||||||||||||
As of December 31, 2017 | |||||||||||||
Secured Debt | $ | 482,395 | 4.54 | % | 22.4 | % | 5.39 | ||||||
Unsecured Debt | 1,667,462 | 3.62 | % | 77.6 | % | 6.14 | |||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | 5.97 | ||||||
As of December 31, 2016 | |||||||||||||
Secured Debt | $ | 513,091 | 4.94 | % | 21.1 | % | |||||||
Unsecured Debt | 1,913,400 | 3.56 | % | 78.9 | % | ||||||||
Total | $ | 2,426,491 | 3.86 | % | 100.0 | % | |||||||
Additional Information | December 31, | December 31, | |||||||||||
Reconciling items to pro rata debt | 2017 | 2016 | |||||||||||
Noncontrolling Interests and Other Adjustments | (39,338 | ) | (39,960 | ) | |||||||||
WRI Share of Unconsolidated Joint Ventures | 108,043 | 109,923 | |||||||||||
Weighted Average Interest Rates (1) | |||||||||||||
Three months ended 12/31/17 | 3.83 | % | |||||||||||
Twelve months ended 12/31/17 | 3.78 | % | |||||||||||
Three months ended 12/31/16 | 3.86 | % | |||||||||||
Twelve months ended 12/31/16 | 3.98 | % | |||||||||||
(1) Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 18
Weingarten Realty Investors
Schedule of Maturities
As of December 31, 2017
(in thousands, except percentages)
As Reported | |||||||
Maturities | Weighted Average Rate (2) | ||||||
2018 | $ | 113,427 | 5.41% | ||||
2019 | 56,245 | 5.14% | |||||
2020 | 237,779 | 2.91% | (3 | ) | |||
2021 | 17,667 | 4.04% | |||||
2022 | 307,614 | 3.40% | |||||
2023 | 305,694 | 3.51% | |||||
2024 | 255,954 | 4.44% | |||||
2025 | 303,302 | 3.93% | |||||
2026 | 277,291 | 3.55% | |||||
2027 | 38,288 | 6.52% | |||||
Thereafter | 93,024 | 4.23% | |||||
Subtotal | 2,006,285 | ||||||
Revolving Credit Agreements | — | 1.83% | |||||
Other (1) | 74,867 | ||||||
Total | $ | 2,081,152 | 3.80% |
(1) | Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, market value of swaps, discounts on notes, and debt issuance costs. The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
(2) | 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. |
(3) | Year 2020 includes the Term Loan ($200 million) which is at a floating rate of LIBOR + 97.5 bps that has been swapped to a fixed rate of 2.47%. The weighted average rate reflects the fixed rate. |
Page 19
Weingarten Realty Investors
Schedule of Maturities Additional Disclosure
As of December 31, 2017
(at pro rata share)
(in thousands, except percentages)
Maturities | Weighted Average Rate (2) | Floating Rate | Fixed Rate | Secured | Unsecured | |||||||||||||||||
2018 | $ | 77,617 | 5.35% | $ | 17,889 | $ | 59,728 | $ | 68,047 | $ | 9,570 | |||||||||||
2019 | 59,804 | 5.07% | 59,804 | 59,804 | — | |||||||||||||||||
2020 | 293,293 | 3.23% | (3 | ) | 200,000 | 93,293 | 93,293 | 200,000 | ||||||||||||||
2021 | 53,174 | 4.06% | 53,174 | 53,174 | — | |||||||||||||||||
2022 | 308,648 | 3.40% | 308,648 | 8,648 | 300,000 | |||||||||||||||||
2023 | 306,785 | 3.52% | 306,785 | 6,785 | 300,000 | |||||||||||||||||
2024 | 257,105 | 4.44% | 257,105 | 7,105 | 250,000 | |||||||||||||||||
2025 | 304,453 | 3.94% | 304,453 | 54,453 | 250,000 | |||||||||||||||||
2026 | 278,182 | 3.56% | 278,182 | 5,212 | 272,970 | |||||||||||||||||
2027 | 42,213 | 6.33% | 42,213 | 8,468 | 33,745 | |||||||||||||||||
Thereafter | 93,730 | 4.21% | 93,730 | 93,730 | ||||||||||||||||||
Subtotal | 2,075,004 | 217,889 | 1,857,115 | 458,719 | 1,616,285 | |||||||||||||||||
Revolving Credit Agreements | — | 1.83% | — | — | ||||||||||||||||||
Other (1) | 74,853 | 74,853 | 23,676 | 51,177 | ||||||||||||||||||
Swap Maturities: | ||||||||||||||||||||||
2020 | (200,000 | ) | 200,000 | |||||||||||||||||||
Total | $ | 2,149,857 | 3.78% | $ | 17,889 | $ | 2,131,968 | $ | 482,395 | $ | 1,667,462 |
(1) | Other includes capital leases, fair value adjustments, debt service guarantee liability, market value of swaps, discounts on notes, and debt issuance costs. |
The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.
(2) | Weighted average interest rates exclude the effects of fair value adjustments, revolver facility fee paid quarterly on total commitment |
in arrears, and other loan costs related to financing.
(3) | Year 2020 includes the Term Loan ($200 million) which is at a floating rate of LIBOR + 97.5 bps that has been swapped to a fixed rate of 2.47%. The weighted |
average rate reflects the fixed rate.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 20
Joint Ventures
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information at 100%
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Condensed Statements of Income | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 24,455 | $ | 26,120 | $ | 99,798 | $ | 104,193 | |||||||
Straight line rent | 158 | (408 | ) | (190 | ) | 164 | |||||||||
Over/Under-market rentals, net | 66 | 44 | 288 | 800 | |||||||||||
Percentage rent | 349 | 375 | 848 | 594 | |||||||||||
Tenant reimbursements | 7,903 | 7,987 | 32,201 | 31,023 | |||||||||||
Other income | 306 | 255 | 4,474 | 1,542 | |||||||||||
Total | 33,237 | 34,373 | 137,419 | 138,316 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 8,419 | 9,177 | 34,818 | 38,242 | |||||||||||
Interest, net | 2,908 | 3,146 | 11,836 | 16,076 | |||||||||||
Operating | 6,221 | 6,243 | 23,876 | 26,126 | |||||||||||
Real estate taxes, net | 4,371 | 4,199 | 18,865 | 17,408 | |||||||||||
General and administrative | 100 | 128 | 623 | 816 | |||||||||||
Provision for income taxes | 35 | 43 | 112 | 113 | |||||||||||
Impairment loss | — | — | — | 1,303 | |||||||||||
Total | 22,054 | 22,936 | 90,130 | 100,084 | |||||||||||
Gain on sale of non-operating property | — | — | — | 373 | |||||||||||
Gain on dispositions | 8,529 | 2,154 | 12,492 | 14,816 | |||||||||||
Net income | $ | 19,712 | $ | 13,591 | $ | 59,781 | $ | 53,421 | |||||||
Condensed Balance Sheets | |||||||||||||||
December 31, | |||||||||||||||
2017 | 2016 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 1,241,004 | $ | 1,196,770 | |||||||||||
Accumulated depreciation | (285,033 | ) | (261,392 | ) | |||||||||||
Property, net | 955,971 | 935,378 | |||||||||||||
Other assets, net | 115,743 | 114,554 | |||||||||||||
Total | $ | 1,071,714 | $ | 1,049,932 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 298,124 | $ | 301,480 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 12,017 | 12,585 | |||||||||||||
Other liabilities, net | 24,759 | 24,902 | |||||||||||||
Total | 334,900 | 338,967 | |||||||||||||
Equity | 736,814 | 710,965 | |||||||||||||
Total | $ | 1,071,714 | $ | 1,049,932 |
Note:
The financial information on this page is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 22
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information
(at pro rata share)
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Condensed Statements of Income | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 9,676 | $ | 10,342 | $ | 39,398 | $ | 40,292 | |||||||
Straight line rent | 8 | (278 | ) | (120 | ) | (136 | ) | ||||||||
Over/Under-market rentals, net | (8 | ) | (26 | ) | (29 | ) | (10 | ) | |||||||
Percentage rent | 117 | 148 | 330 | 245 | |||||||||||
Tenant reimbursements | 3,099 | 3,048 | 12,858 | 11,934 | |||||||||||
Other income | 132 | 109 | 1,216 | 688 | |||||||||||
Total | 13,024 | 13,343 | 53,653 | 53,013 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 3,380 | 3,774 | 14,020 | 15,118 | |||||||||||
Interest, net | 1,209 | 1,288 | 4,937 | 6,131 | |||||||||||
Operating | 2,465 | 2,476 | 9,361 | 10,438 | |||||||||||
Real estate taxes, net | 1,759 | 1,632 | 7,489 | 6,787 | |||||||||||
General and administrative | 42 | 38 | 265 | 249 | |||||||||||
Provision for income taxes | 17 | 22 | 52 | 53 | |||||||||||
Impairment loss | — | — | — | 326 | |||||||||||
Total | 8,872 | 9,230 | 36,124 | 39,102 | |||||||||||
Gain on sale of non-operating property | — | — | — | 243 | |||||||||||
Gain on dispositions | 4,209 | 538 | 6,187 | 3,693 | |||||||||||
Net income | $ | 8,361 | $ | 4,651 | $ | 23,716 | $ | 17,847 | |||||||
Condensed Balance Sheets | December 31, | ||||||||||||||
2017 | 2016 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 491,105 | $ | 455,485 | |||||||||||
Accumulated depreciation | (106,299 | ) | (97,574 | ) | |||||||||||
Property, net | 384,806 | 357,911 | |||||||||||||
�� | |||||||||||||||
Notes receivable from real estate joint ventures and partnerships | 4,161 | 4,404 | |||||||||||||
Unamortized lease costs, net | 13,954 | 15,432 | |||||||||||||
Accrued rent and accounts receivable (net of allowance for doubtful accounts of $285 in 2017 and $283 in 2016) | 10,814 | 9,949 | |||||||||||||
Cash and cash equivalents | 16,775 | 15,160 | |||||||||||||
Restricted deposits and mortgage escrows | — | 188 | |||||||||||||
Out-of-market leases, net | 1,074 | 1,451 | |||||||||||||
Other assets, net | 1,947 | 4,725 | |||||||||||||
Total | $ | 433,531 | $ | 409,220 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 108,024 | $ | 110,012 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 5,154 | 5,669 | |||||||||||||
Accounts payable and accrued expenses | 6,403 | 6,014 | |||||||||||||
Deferred revenue | 939 | 995 | |||||||||||||
Out-of-market leases, net | 3,236 | 3,583 | |||||||||||||
Other liabilities, net | 337 | 483 | |||||||||||||
Total | 124,093 | 126,756 | |||||||||||||
Equity | 309,438 | 282,464 | |||||||||||||
Total | $ | 433,531 | $ | 409,220 |
Notes:
The above pro rata share information includes 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. See page 1 for information regarding this presentation and the limitations thereof.
Page 23
Weingarten Realty Investors
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%
December 31, 2017
(in thousands, except number of properties)
Joint Venture Partner | Number of Operating Properties (1)(2) | Total GLA | Total Assets | Total Debt | ||||||||||
TIAA Florida Retail LLC | 2 | 431 | $ | 124,205 | $ | — | ||||||||
Collins | 8 | 1,163 | 114,508 | 17,838 | ||||||||||
AEW - Institutional Client | 5 | 437 | 101,910 | — | ||||||||||
BIT Retail | 3 | 721 | 139,794 | — | ||||||||||
Jamestown | 6 | 1,216 | 145,915 | 169,321 | ||||||||||
Fidelis Realty Partners | 1 | 491 | 128,146 | 73,720 | ||||||||||
Sleiman Enterprises | 2 | 170 | 17,370 | 13,451 | ||||||||||
Bouwinvest | 3 | 359 | 168,461 | — | ||||||||||
Other | 5 | 845 | 131,405 | 23,794 | ||||||||||
Total | 35 | 5,833 | $ | 1,071,714 | $ | 298,124 |
Joint Venture Description | ||
TIAA Florida Retail LLC | Joint venture with an institutional partner, TIAA-CREF Global Real Estate | |
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 AEW Capital Management. |
Page 24
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information at 100%
As of December 31, 2017
(in thousands, except number of properties, percentages and term)
Balance Summary | |||||||||||
Joint Venture Partner | # of Mortgaged Properties (2) | Mortgage Balance (1)(2) | Average Interest Rate | Average Remaining Term (yrs) | |||||||
Collins | 2 | $ | 18,062 | 6.2% | 7.2 | ||||||
Jamestown | 6 | 169,983 | 2.7% | 3.7 | |||||||
Fidelis Realty Partners | 1 | 73,813 | 4.3% | 2.9 | |||||||
Sleiman Enterprises | 2 | 13,533 | 4.1% | 8.4 | |||||||
Other | 1 | 23,332 | 6.3% | 2.7 | |||||||
Total | 12 | $ | 298,723 | 3.6% | 4.9 | ||||||
Schedule of Maturities | ||||||||||
Maturities (1)(2) | Weighted Average Rate | |||||||||
2018 | $ | 6,353 | 4.9% | |||||||
2019 | 6,444 | 4.9% | ||||||||
2020 | 93,010 | 4.8% | ||||||||
2021 | 173,015 | 3.6% | ||||||||
2022 | 2,069 | 5.3% | ||||||||
2023 | 2,182 | 5.2% | ||||||||
2024 | 2,303 | 5.2% | ||||||||
2025 | 2,302 | 5.2% | ||||||||
2026 | 1,781 | 5.1% | ||||||||
2027 | 7,851 | 5.3% | ||||||||
Thereafter | 1,413 | 6.4% | ||||||||
Total | $ | 298,723 |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Note:
All mortgages are fixed rate.
Page 25
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure
As of December 31, 2017
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities | |||||||
Maturities (1)(2) | Weighted Average Rate | ||||||
2018 | $ | 3,514 | 4.9% | ||||
2019 | 3,559 | 4.9% | |||||
2020 | 55,514 | 4.9% | |||||
2021 | 35,507 | 4.1% | |||||
2022 | 1,034 | 5.3% | |||||
2023 | 1,091 | 5.2% | |||||
2024 | 1,151 | 5.2% | |||||
2025 | 1,151 | 5.2% | |||||
2026 | 890 | 5.1% | |||||
2027 | 3,926 | 5.3% | |||||
Thereafter | 706 | 6.4% | |||||
Total | $ | 108,043 |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Notes:
All mortgages are fixed rate.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 26
Portfolio Summary
Weingarten Realty Investors
Tenant Diversification by Percent of Base Minimum Rent
As of December 31, 2017
(at pro rata share)
(in thousands, except percentages and # of units)
Rank | Tenant Name (1)(2) | Credit Ranking (S&P / Moody's) | # of Units | Total Annualized Base Minimum Rent | % of Total Annualized Base Minimum Rent | Total SF | % of Total SF | |||||||||||||
1 | The Kroger Co. | BBB/Baa1 | 24 | $ | 11,350 | 2.52 | % | 1,387 | 5.27 | % | ||||||||||
2 | TJX Companies, Inc. | A+/A2 | 40 | 10,544 | 2.34 | % | 1,043 | 3.97 | % | |||||||||||
3 | Ross Stores, Inc. | A-/A3 | 33 | 8,784 | 1.95 | % | 721 | 2.74 | % | |||||||||||
4 | Whole Foods Market, Inc. | A+/Baa1 | 8 | 7,286 | 1.62 | % | 347 | 1.32 | % | |||||||||||
5 | Petsmart, Inc. | CCC+/B1 | 23 | 7,178 | 1.59 | % | 433 | 1.65 | % | |||||||||||
6 | H-E-B | N/A/N/A | 8 | 7,171 | 1.59 | % | 539 | 2.05 | % | |||||||||||
7 | Office Depot, Inc. | B/B1 | 24 | 5,603 | 1.24 | % | 455 | 1.73 | % | |||||||||||
8 | Albertsons | N/A/N/A | 14 | 5,484 | 1.22 | % | 637 | 2.42 | % | |||||||||||
9 | Bed Bath & Beyond, Inc. | BBB/Baa1 | 18 | 5,432 | 1.20 | % | 427 | 1.62 | % | |||||||||||
10 | 24 Hour Fitness Inc. | B/B2 | 8 | 5,040 | 1.12 | % | 225 | 0.85 | % | |||||||||||
11 | Best Buy, Inc. | BBB-/Baa1 | 10 | 5,027 | 1.12 | % | 290 | 1.10 | % | |||||||||||
12 | Home Depot, Inc. | A/A2 | 4 | 4,700 | 1.04 | % | 435 | 1.66 | % | |||||||||||
13 | Dollar Tree Stores, Inc. | BB+/Ba1 | 39 | 4,378 | 0.97 | % | 394 | 1.50 | % | |||||||||||
14 | Petco Animal Supplies, Inc. | B/B2 | 17 | 3,632 | 0.81 | % | 193 | 0.73 | % | |||||||||||
15 | Hobby Lobby Stores, Inc. | N/A/N/A | 7 | 3,529 | 0.78 | % | 415 | 1.58 | % | |||||||||||
16 | Gap, Inc. | BB+/Baa2 | 11 | 3,102 | 0.69 | % | 160 | 0.61 | % | |||||||||||
17 | Walmart Stores, Inc. | AA/Aa2 | 6 | 3,035 | 0.67 | % | 453 | 1.72 | % | |||||||||||
18 | Dick's Sporting Goods | N/A/N/A | 5 | 2,926 | 0.65 | % | 148 | 0.56 | % | |||||||||||
19 | JPMorgan Chase Bank | A+/Aa3 | 23 | 2,715 | 0.60 | % | 85 | 0.32 | % | |||||||||||
20 | Starbucks Corporation | A-/A3 | 40 | 2,664 | 0.59 | % | 64 | 0.24 | % | |||||||||||
21 | Barnes & Noble Inc. | N/A/N/A | 6 | 2,585 | 0.57 | % | 153 | 0.58 | % | |||||||||||
22 | Party City | B+/Ba3 | 16 | 2,496 | 0.55 | % | 167 | 0.64 | % | |||||||||||
23 | Nordstrom Rack | BBB+/Baa1 | 4 | 2,366 | 0.52 | % | 90 | 0.34 | % | |||||||||||
24 | Michaels Stores, Inc. | N/A/Ba2 | 11 | 2,350 | 0.52 | % | 193 | 0.73 | % | |||||||||||
25 | Ascena Retail Group | B+/Ba3 | 21 | 2,328 | 0.52 | % | 107 | 0.41 | % | |||||||||||
Grand Total | 420 | $ | 121,705 | 26.99 | % | 9,561 | 36.34 | % |
(1 | ) | Tenant Names: | DBA Names: | |
The Kroger Co. | Kroger (11), Harris Teeter (6), Fry's Food (3), King Soopers (2), Ralph's (1), Smith's Food (1) | |||
TJX Companies, Inc. | Marshalls (18), T.J. Maxx (15), Home Goods (7) | |||
Ross Stores, Inc. | Ross Dress for Less (30), dd's Discounts (3) | |||
Office Depot, Inc. | Office Depot (15), Office Max (9) | |||
Albertsons | Safeway (6), Randall's (4), Albertsons (2), Von's (2) | |||
Bed Bath & Beyond, Inc. | Bed Bath & Beyond (10), Cost Plus (6), buybuy BABY (2) | |||
Dollar Tree Stores, Inc. | Dollar Tree (34), Family Dollar (5) | |||
Gap, Inc. | Old Navy (9), Gap (2) | |||
Walmart Stores, Inc. | Walmart Neighborhood Market (3), Walmart (2), Walmart Supercenter (1) | |||
Dick's Sporting Goods | Golf Galaxy (3), Dick's Sporting Goods (2) | |||
Michaels Stores, Inc. | Michaels (9), Aaron Brothers (2) | |||
Ascena Retail Group | Lane Bryant (8), Dressbarn (7), Justice (3), AnnTaylor (1), Catherines (1), Loft (1) | |||
(2 | ) | Target owns and occupies 24 units not included above. | ||
Note: | ||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Page 28
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 | Weighted Average Term (Years) | ||||||||||||||||||||||
All Leases | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 215 | 681 | $ | 20.90 | $ | 19.26 | $ | 5.77 | 8.6 | % | |||||||||||||||||||
Quarter Ended September 30, 2017 | 192 | 720 | 20.55 | 17.63 | 11.10 | 16.6 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2017 | 224 | 838 | 19.89 | 17.55 | 9.24 | 13.4 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2017 | 276 | 1,518 | 17.31 | 15.81 | 2.76 | 9.5 | % | ||||||||||||||||||||||
Rolling 12 months | 907 | 3,757 | $ | 19.16 | $ | 17.17 | $ | 6.35 | 11.6 | % | |||||||||||||||||||
New Leases | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 56 | 107 | $ | 31.37 | $ | 26.76 | $ | 36.74 | 17.2 | % | 6.3 | ||||||||||||||||||
Quarter Ended September 30, 2017 | 42 | 195 | 21.00 | 16.22 | 40.89 | 29.5 | % | 8.4 | |||||||||||||||||||||
Quarter Ended June 30, 2017 | 42 | 144 | 23.17 | 16.16 | 53.83 | 43.4 | % | 8.4 | |||||||||||||||||||||
Quarter Ended March 31, 2017 | 62 | 166 | 21.38 | 19.86 | 25.31 | 7.6 | % | 7.6 | |||||||||||||||||||||
Rolling 12 months | 202 | 612 | $ | 23.42 | $ | 19.04 | $ | 38.99 | 23.1 | % | 7.7 | ||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 159 | 574 | $ | 18.95 | $ | 17.86 | $ | — | 6.1 | % | |||||||||||||||||||
Quarter Ended September 30, 2017 | 150 | 525 | 20.39 | 18.15 | — | 12.3 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2017 | 182 | 694 | 19.21 | 17.84 | — | 7.7 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2017 | 214 | 1,352 | 16.81 | 15.32 | — | 9.8 | % | ||||||||||||||||||||||
Rolling 12 months | 705 | 3,145 | $ | 18.33 | $ | 16.81 | $ | — | 9.0 | % | |||||||||||||||||||
Comparable & Non-Comparable: | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 247 | 768 | |||||||||||||||||||||||||||
Quarter Ended September 30, 2017 | 229 | 888 | |||||||||||||||||||||||||||
Quarter Ended June 30, 2017 | 264 | 1,067 | |||||||||||||||||||||||||||
Quarter Ended March 31, 2017 | 303 | 1,591 | |||||||||||||||||||||||||||
Rolling 12 months | 1,043 | 4,314 | |||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||
Expirations (1) | |||||||||||||||||||||||||||||
Assumes No Exercise of Renewal Options | |||||||||||||||||||||||||||||
Anchor Tenants (2) | Non-Anchor Tenants | Total Tenants | |||||||||||||||||||||||||||
Year | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue ��(3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | |||||||||||||||||
M-T-M | 56 | 0 | % | $ | 13.25 | 0 | % | 121 | 1 | % | $ | 23.41 | 1 | % | 177 | 1 | % | $ | 20.17 | 1 | % | ||||||||
2018 | 1,089 | 7 | % | 11.36 | 6 | % | 1,129 | 14 | % | 27.51 | 13 | % | 2,218 | 9 | % | 19.58 | 10 | % | |||||||||||
2019 | 1,826 | 12 | % | 11.32 | 11 | % | 1,255 | 15 | % | 27.29 | 15 | % | 3,081 | 13 | % | 17.83 | 13 | % | |||||||||||
2020 | 2,085 | 13 | % | 11.85 | 13 | % | 1,280 | 15 | % | 28.38 | 16 | % | 3,365 | 14 | % | 18.14 | 14 | % | |||||||||||
2021 | 1,947 | 12 | % | 10.81 | 11 | % | 1,403 | 17 | % | 27.40 | 16 | % | 3,350 | 14 | % | 17.76 | 14 | % | |||||||||||
2022 | 2,290 | 15 | % | 13.25 | 16 | % | 1,116 | 13 | % | 28.53 | 14 | % | 3,406 | 14 | % | 18.26 | 15 | % | |||||||||||
2023 - 2028 | 5,526 | 35 | % | 12.78 | 37 | % | 1,849 | 22 | % | 28.81 | 23 | % | 7,375 | 31 | % | 16.80 | 29 | % | |||||||||||
(1) | Reflects in-place leases as of December 31, 2017. |
(2) | Anchor tenants represent any tenant at least 10,000 square feet. |
(3) | Revenue includes minimum base rent only. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 29
Weingarten Realty Investors
Portfolio Operating Information (continued)
(at pro rata share)
(in thousands, except percentages)
Occupancy | ||||||||||||
Quarter Ended | ||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | ||||||||
Signed Basis | ||||||||||||
Anchor (1) | 97.3% | 97.7% | 96.9% | 95.7% | 96.5% | |||||||
Non-Anchor | 90.5% | 90.4% | 90.7% | 90.5% | 90.6% | |||||||
Total Retail | 94.8% | 95.0% | 94.6% | 93.8% | 94.3% | |||||||
Other | 88.4% | 84.6% | 84.7% | 87.7% | 89.1% | |||||||
Total Signed | 94.8% | 94.8% | 94.5% | 93.7% | 94.3% | |||||||
Commenced Basis | ||||||||||||
Anchor (1) | 94.7% | 95.0% | 94.2% | 94.4% | 95.2% | |||||||
Non-Anchor | 87.4% | 87.7% | 87.9% | 87.7% | 88.1% | |||||||
Total Retail | 92.0% | 92.3% | 91.9% | 91.9% | 92.6% | |||||||
Other | 82.7% | 84.3% | 84.5% | 87.5% | 88.8% | |||||||
Total Commenced | 91.9% | 92.2% | 91.8% | 91.8% | 92.5% | |||||||
Same Property (2) | ||||||||||||
Signed Basis | 95.4% | 95.5% | 95.5% | 95.0% | 95.6% | |||||||
Commenced Basis | 92.9% | 93.3% | 93.0% | 93.5% | 94.0% |
Average Base Rents (3) | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||
Commenced Basis | ||||||||||||||||||||||
Anchor (1) | $ | 13.23 | $ | 13.13 | $ | 12.94 | $ | 12.90 | $ | 12.67 | ||||||||||||
Non-Anchor | 28.09 | 27.87 | 27.49 | 27.24 | 26.93 | |||||||||||||||||
Total | $ | 18.69 | $ | 18.58 | $ | 18.37 | $ | 18.22 | $ | 17.93 |
Same Property Net Operating Income Growth (4) | ||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||
Revenue | ||||||||||||||||||||||
Minimum Rent | $ | 96,659 | $ | 94,292 | 2.5 | % | $ | 384,004 | $ | 374,676 | 2.5 | % | ||||||||||
Bad Debt (net of recoveries) | 134 | 273 | -50.9 | % | (652 | ) | 30 | -2,273.3 | % | |||||||||||||
Percentage Rent | 1,278 | 1,235 | 3.5 | % | 3,822 | 3,705 | 3.2 | % | ||||||||||||||
Tenant Reimbursements | 28,259 | 25,483 | 10.9 | % | 111,377 | 99,911 | 11.5 | % | ||||||||||||||
Other | 1,073 | 352 | 204.8 | % | 3,717 | 2,206 | 68.5 | % | ||||||||||||||
127,403 | 121,635 | 4.7 | % | 502,268 | 480,528 | 4.5 | % | |||||||||||||||
Expenses | ||||||||||||||||||||||
Property Operating Expenses | 20,908 | 19,696 | 6.2 | % | 79,293 | 75,770 | 4.6 | % | ||||||||||||||
Real Estate Taxes | 16,394 | 13,971 | 17.3 | % | 67,404 | 58,166 | 15.9 | % | ||||||||||||||
37,302 | 33,667 | 10.8 | % | 146,697 | 133,936 | 9.5 | % | |||||||||||||||
SPNOI | 90,101 | 87,968 | 2.4 | % | 355,571 | 346,592 | 2.6 | % | ||||||||||||||
Redevelopment NOI (5) | 8,762 | 8,502 | 3.1 | % | 34,914 | 32,932 | 6.0 | % | ||||||||||||||
SPNOI (Excl. Redevelopment) | $ | 81,339 | $ | 79,466 | 2.4 | % | $ | 320,657 | $ | 313,660 | 2.2 | % | ||||||||||
(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.
(5) | Redevelopments refer to Page 13. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 30
Weingarten Realty Investors
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population
as of December 31, 2017
(at pro rata share)
(in thousands, except percentages and # of units)
CBSA | Property | Owned | % of | Occupancy | ||||
Rank | CBSA | Count | GLA | ABR (1) | % | |||
2 | Los Angeles-Long Beach-Anaheim, CA | 4 | 699 | 4.2 | % | 97.5 | % | |
4 | Dallas-Fort Worth-Arlington, TX | 3 | 434 | 1.5 | % | 95.1 | % | |
5 | Houston-The Woodlands-Sugar Land, TX | 35 | 3,773 | 14.6 | % | 95.7 | % | |
7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 4 | 332 | 2.6 | % | 100.0 | % | |
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 13 | 2,027 | 8.4 | % | 94.0 | % | |
9 | Atlanta-Sandy Springs-Roswell, GA | 12 | 1,463 | 5.2 | % | 98.2 | % | |
11 | San Francisco-Oakland-Hayward, CA | 3 | 442 | 2.6 | % | 98.3 | % | |
12 | Phoenix-Mesa-Scottsdale, AZ | 16 | 1,503 | 5.8 | % | 95.8 | % | |
13 | Riverside-San Bernardino-Ontario, CA | 5 | 936 | 4.3 | % | 94.0 | % | |
15 | Seattle-Tacoma-Bellevue, WA | 6 | 219 | 1.5 | % | 99.4 | % | |
17 | San Diego-Carlsbad, CA | 3 | 286 | 1.7 | % | 98.0 | % | |
18 | Tampa-St. Petersburg-Clearwater, FL | 4 | 900 | 3.0 | % | 94.7 | % | |
19 | Denver-Aurora-Lakewood, CO | 8 | 1,100 | 4.0 | % | 92.2 | % | |
21 | Baltimore-Columbia-Towson, MD | 1 | 131 | 0.9 | % | 100.0 | % | |
22 | Charlotte-Concord-Gastonia, NC-SC | 1 | 117 | 0.4 | % | 87.2 | % | |
23 | Orlando-Kissimmee-Sanford, FL | 7 | 1,348 | 5.6 | % | 98.5 | % | |
24 | San Antonio-New Braunfels, TX | 4 | 576 | 1.4 | % | 93.3 | % | |
25 | Portland-Vancouver-Hillsboro, OR-WA | 3 | 120 | 0.3 | % | 49.5 | % | |
27 | Sacramento--Roseville--Arden-Arcade, CA | 2 | 348 | 0.7 | % | 91.2 | % | |
30 | Las Vegas-Henderson-Paradise, NV | 11 | 1,920 | 6.9 | % | 95.0 | % | |
33 | Austin-Round Rock, TX | 1 | 351 | 1.4 | % | 98.4 | % | |
36 | San Jose-Sunnyvale-Santa Clara, CA | 2 | 303 | 1.4 | % | 77.5 | % | |
Top 40 CBSA's Ranked by Population | 148 | 19,328 | 78.4 | % | 95.1 | % | ||
All other CBSA's Ranked by Population | 56 | 7,023 | 21.6 | % | 93.9 | % | ||
Grand Total | 204 | 26,351 | 100.0 | % | 94.8 | % | ||
(1) ABR includes ground leases |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 31
Property Listing
Weingarten Realty Investors
Summary Property Listing
As of December 31, 2017
Gross Leasable Area | |||||||||||||||
ALL PROPERTIES BY STATE | # of Properties | WRI Owned | Joint Venture Share | Owned by Other | Total | ||||||||||
Arizona | 21 | 2,133,121 | 93,342 | 1,262,285 | 3,488,748 | ||||||||||
Arkansas | 1 | 180,200 | — | — | 180,200 | ||||||||||
California | 23 | 3,637,329 | 52,614 | 935,566 | 4,625,509 | ||||||||||
Colorado | 8 | 1,100,413 | 180,478 | 980,429 | 2,261,320 | ||||||||||
Florida | 29 | 4,726,358 | 1,602,068 | 1,100,811 | 7,429,237 | ||||||||||
Georgia | 13 | 1,466,104 | 137,071 | 897,264 | 2,500,439 | ||||||||||
Kentucky | 4 | 631,955 | — | 127,614 | 759,569 | ||||||||||
Maryland | 2 | 212,111 | — | — | 212,111 | ||||||||||
Nevada | 11 | 1,919,941 | — | 1,596,766 | 3,516,707 | ||||||||||
New Mexico | 1 | 117,466 | — | 27,330 | 144,796 | ||||||||||
North Carolina | 14 | 1,752,017 | — | 575,414 | 2,327,431 | ||||||||||
Oregon | 3 | 119,871 | 90,777 | 66,276 | 276,924 | ||||||||||
Tennessee | 4 | 507,878 | — | 154,340 | 662,218 | ||||||||||
Texas | 60 | 7,194,317 | 2,054,731 | 2,479,954 | 11,729,001 | ||||||||||
Utah | 1 | 182,099 | — | 122,800 | 304,899 | ||||||||||
Virginia | 3 | 250,811 | — | — | 250,811 | ||||||||||
Washington | 6 | 218,660 | 325,257 | 65,571 | 609,488 | ||||||||||
Total | 204 | 26,350,651 | 4,536,338 | 10,392,420 | 41,279,408 | ||||||||||
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. |
(5) Denotes Hilltop Village Center 50/50 Joint Venture with 100% funding by WRI. |
( ) 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. |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Page 33
Weingarten Realty Investors
Property Listing
As of December 31, 2017
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 | ||||||||||||||||||||||||
Broadway Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 82,757 | 87,379 | 15.00 | 91.9 | % | Office Max, Ace Hardware | |||||||||||||||
Camelback Village Square | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 132,731 | 240,951 | 13.18 | 95.4 | % | Fry’s Supermarket | Office Max | ||||||||||||||
Desert Village Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 101,685 | 107,071 | 23.12 | 95.2 | % | AJ Fine Foods | CVS | ||||||||||||||
Fountain Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 113,536 | 305,588 | 9.16 | 90.6 | % | Fry’s Supermarket | Dollar Tree, (Lowe's) | ||||||||||||||
Laveen Village Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 39,763 | 318,805 | 29.81 | 100.0 | % | (Fry’s Supermarket) | (Home Depot) | ||||||||||||||
Monte Vista Village Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 45,751 | 108,551 | 24.72 | 85.1 | % | (Safeway) | |||||||||||||||
Palmilla Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 103,568 | 178,219 | 19.06 | 100.0 | % | (Fry’s Supermarket) | Office Max, PetSmart, Dollar Tree | ||||||||||||||
Phoenix Office Building | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 21,122 | 21,122 | N/A | 92.8 | % | Weingarten Realty Regional Office, Endurance Rehab | |||||||||||||||
Pueblo Anozira Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 157,607 | 157,607 | 15.28 | 95.3 | % | Fry’s Supermarket | Petco, Dollar Tree | ||||||||||||||
Raintree Ranch Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 129,822 | 133,020 | 25.57 | 100.0 | % | Whole Foods | |||||||||||||||
Red Mountain Gateway | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 75,213 | 205,013 | 16.69 | 94.9 | % | (Target), Bed Bath & Beyond, Famous Footwear | |||||||||||||||
Scottsdale Horizon | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 155,093 | 155,093 | 18.94 | 100.0 | % | Safeway | CVS | ||||||||||||||
Scottsdale Waterfront | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 93,334 | 93,334 | 35.11 | 97.1 | % | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters | |||||||||||||||
Squaw Peak Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 60,728 | 60,728 | 18.56 | 96.6 | % | Sprouts Farmers Market | |||||||||||||||
Summit at Scottsdale | Phoenix-Mesa-Scottsdale, AZ | 51.0 | % | (1)(3) | 97,151 | 322,993 | 17.61 | 98.6 | % | Safeway | (Target), CVS, OfficeMax, PetSmart | |||||||||||||
The Shoppes at Parkwood Ranch | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 92,626 | 106,738 | 12.41 | 90.6 | % | Hobby Lobby, Dollar Tree | |||||||||||||||
Entrada de Oro Plaza Shopping Center | Tucson, AZ | 100.0 | % | 88,665 | 109,075 | 19.65 | 97.7 | % | Walmart Neighborhood Market | |||||||||||||||
Madera Village Shopping Center | Tucson, AZ | 100.0 | % | 96,697 | 106,858 | 12.42 | 98.1 | % | Safeway | Dollar Tree | ||||||||||||||
Oracle Crossings | Tucson, AZ | 100.0 | % | 251,194 | 261,194 | 18.78 | 98.2 | % | Sprouts Farmers Market | Kohl's, HomeGoods | ||||||||||||||
Oracle Wetmore Shopping Center | Tucson, AZ | 100.0 | % | 150,150 | 343,278 | 25.38 | 91.3 | % | (Home Depot), (Nordstrom Rack), Jo Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty | |||||||||||||||
Shoppes at Bears Path | Tucson, AZ | 100.0 | % | 43,928 | 66,131 | 17.34 | 80.7 | % | (CVS Drug) | |||||||||||||||
Arizona Total: | # of Properties: | 21 | 2,133,121 | 3,488,748 | 18.96 | 95.7 | % | |||||||||||||||||
Arkansas | ||||||||||||||||||||||||
Markham West Shopping Center | Little Rock-North Little Rock-Conway, AR | 100.0 | % | 180,200 | 180,200 | 11.25 | 100.0 | % | Academy, Office Depot, Michaels, Dollar Tree | |||||||||||||||
Arkansas Total: | # of Properties: | 1 | 180,200 | 180,200 | 11.25 | 100.0 | % | |||||||||||||||||
California | ||||||||||||||||||||||||
8000 Sunset Strip Shopping Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 169,775 | 169,775 | 43.61 | 100.0 | % | Trader Joe's | CVS, Crunch, AMC Theaters, CB2 | ||||||||||||||
Centerwood Plaza | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 75,486 | 75,486 | 15.28 | 100.0 | % | Superior Grocers | Dollar Tree | ||||||||||||||
The Westside Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 36,540 | 36,540 | 44.63 | 86.8 | % | Guitar Center | |||||||||||||||
Westminster Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 417,567 | 440,437 | 19.61 | 96.9 | % | Albertsons | Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness | ||||||||||||||
Chino Hills Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 310,913 | 310,913 | 22.08 | 94.1 | % | Smart & Final Stores | Dollar Tree, 24 Hour Fitness, Rite Aid | ||||||||||||||
Jess Ranch Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 208,656 | 307,826 | 19.47 | 97.2 | % | (Winco Foods) | Burlington Coat Factory, PetSmart, Rite Aid, Big 5 |
Page 34
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Jess Ranch Marketplace Phase III | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 184,809 | 194,342 | 21.12 | 97.6 | % | (Winco Foods) | Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness | ||||||||||||||
Menifee Town Center | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 124,431 | 258,734 | 17.67 | 97.1 | % | Ralph's | Ross Dress for Less, Dollar Tree | ||||||||||||||
Stoneridge Town Centre | Riverside-San Bernardino-Ontario, CA | 67.0 | % | (1)(3) | 106,821 | 434,450 | 23.10 | 77.8 | % | (Super Target) | (Kohl's) | |||||||||||||
Prospector's Plaza | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 243,910 | 252,524 | 19.18 | 92.7 | % | SaveMart | Kmart, CVS, Ross Dress for Less | ||||||||||||||
Valley Shopping Center | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 103,791 | 107,191 | 13.03 | 87.5 | % | Food 4 Less | |||||||||||||||
El Camino Promenade | San Diego-Carlsbad, CA | 100.0 | % | 129,676 | 129,676 | 28.48 | 99.0 | % | T.J. Maxx, Staples, Dollar Tree, BevMo | |||||||||||||||
Rancho San Marcos Village | San Diego-Carlsbad, CA | 100.0 | % | 120,368 | 134,628 | 20.03 | 97.9 | % | Vons | 24 Hour Fitness | ||||||||||||||
San Marcos Plaza | San Diego-Carlsbad, CA | 100.0 | % | 35,880 | 81,086 | 34.68 | 94.1 | % | (Albertsons) | |||||||||||||||
580 Market Place | San Francisco-Oakland-Hayward, CA | 100.0 | % | 100,097 | 100,097 | 31.07 | 97.3 | % | Safeway | 24 Hour Fitness, Petco | ||||||||||||||
Gateway Plaza | San Francisco-Oakland-Hayward, CA | 100.0 | % | 194,689 | 352,778 | 23.83 | 97.5 | % | Raley’s | 24 Hour Fitness | ||||||||||||||
Greenhouse Marketplace | San Francisco-Oakland-Hayward, CA | 100.0 | % | 147,095 | 236,864 | 23.56 | 100.0 | % | (Safeway) | (CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco | ||||||||||||||
Cambrian Park Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 170,449 | 170,449 | 22.68 | 66.6 | % | Beverages & More, Dollar Tree | |||||||||||||||
Silver Creek Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 132,925 | 202,820 | 40.56 | 91.5 | % | Walgreens, (Orchard Supply) | |||||||||||||||
Freedom Centre | Santa Cruz-Watsonville, CA | 100.0 | % | 150,865 | 150,865 | 15.40 | 97.3 | % | Safeway | Rite Aid, Big Lots | ||||||||||||||
Stony Point Plaza | Santa Rosa, CA | 100.0 | % | 194,569 | 200,011 | 15.68 | 98.3 | % | Food Maxx | Ross Dress for Less, Fallas Paredes | ||||||||||||||
Creekside Center | Vallejo-Fairfield, CA | 100.0 | % | 115,991 | 115,991 | 21.67 | 97.1 | % | Raley’s | |||||||||||||||
Southampton Center | Vallejo-Fairfield, CA | 100.0 | % | 162,026 | 162,026 | 20.55 | 99.2 | % | Raley’s | Ace Hardware, Dollar Tree | ||||||||||||||
California Total: | # of Properties: | 23 | 3,637,329 | 4,625,509 | 23.00 | 94.6 | % | |||||||||||||||||
Colorado | ||||||||||||||||||||||||
Aurora City Place | Denver-Aurora-Lakewood, CO | 50.0 | % | (1)(3) | 180,478 | 542,956 | 16.55 | 83.0 | % | (Super Target) | Barnes & Noble, Ross Dress For Less, PetSmart, Michael's, Conn's | |||||||||||||
Cherry Creek Retail Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 78,148 | 272,658 | 27.10 | 100.0 | % | (Super Target) | PetSmart, Bed Bath & Beyond | ||||||||||||||
CityCenter Englewood | Denver-Aurora-Lakewood, CO | 100.0 | % | 217,255 | 307,255 | 16.66 | 81.8 | % | (Walmart), Ross Dress for Less, Petco, Office Depot, 24 Hour Fitness | |||||||||||||||
Crossing at Stonegate | Denver-Aurora-Lakewood, CO | 100.0 | % | 109,079 | 109,079 | 17.87 | 100.0 | % | King Sooper’s | |||||||||||||||
Edgewater Marketplace | Denver-Aurora-Lakewood, CO | 100.0 | % | 144,553 | 270,548 | 12.25 | 98.6 | % | King Sooper's | Ace Hardware, (Target) | ||||||||||||||
Green Valley Ranch - AutoZone | Denver-Aurora-Lakewood, CO | 100.0 | % | (4) | 7,381 | 7,381 | 100.0 | % | (King Sooper’s) | |||||||||||||||
Lowry Town Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 75,017 | 127,717 | 28.72 | 95.3 | % | (Safeway) | |||||||||||||||
River Point at Sheridan | Denver-Aurora-Lakewood, CO | 100.0 | % | 288,502 | 623,726 | 15.83 | 96.7 | % | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart | |||||||||||||||
Colorado Total: | # of Properties: | 8 | 1,100,413 | 2,261,320 | 17.88 | 92.2 | % | |||||||||||||||||
Florida | ||||||||||||||||||||||||
Argyle Village Shopping Center | Jacksonville, FL | 100.0 | % | 306,461 | 306,461 | 11.39 | 96.6 | % | Publix | Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels | ||||||||||||||
Atlantic West | Jacksonville, FL | 50.0 | % | (1)(3) | 42,284 | 180,578 | 12.45 | 100.0 | % | (Walmart Supercenter) | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) | |||||||||||||
Epic Village St. Augustine | Jacksonville, FL | 70.0 | % | (1) | 8,542 | 64,180 | 15.20 | 73.2 | % | (Epic Theaters) | ||||||||||||||
Kernan Village | Jacksonville, FL | 50.0 | % | (1)(3) | 42,579 | 288,780 | 16.97 | 100.0 | % | (Walmart Supercenter) | Ross Dress for Less, Petco | |||||||||||||
Boca Lyons Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 117,423 | 117,423 | 23.15 | 92.1 | % | Aroma Market & Catering | Ross Dress for Less | ||||||||||||||
Deerfield | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 398,963 | 404,944 | 13.36 | 91.7 | % | Publix | T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta | ||||||||||||||
Embassy Lakes Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 131,723 | 142,751 | 14.67 | 93.6 | % | Winn Dixie | Tuesday Morning, Dollar Tree |
Page 35
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 25,373 | 148,840 | 19.36 | 100.0 | % | Publix | ||||||||||||||
Hollywood Hills Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 74,609 | 416,767 | 27.83 | 98.7 | % | Publix | Target, CVS | |||||||||||||
Northridge | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 46,720 | 236,628 | 18.91 | 93.6 | % | Publix | Petco, Ross Dress for Less, Dollar Tree | |||||||||||||
Pembroke Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 60,684 | 323,679 | 15.63 | 97.2 | % | Publix | Marshalls, Office Depot, LA Fitness, Dollar Tree | |||||||||||||
Sea Ranch Centre | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 99,029 | 99,029 | 17.83 | 89.9 | % | Publix | CVS, Dollar Tree | ||||||||||||||
Tamiami Trail Shops | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 22,173 | 132,564 | 17.72 | 100.0 | % | Publix | CVS | |||||||||||||
The Palms at Town & County | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 657,592 | 657,592 | 23.04 | 94.8 | % | Publix | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Toys R Us, 24 Hour Fitness, Nordstrom Rack, CVS | ||||||||||||||
TJ Maxx Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 161,429 | 161,429 | 17.54 | 96.9 | % | Fresco Y Mas | T.J. Maxx, Dollar Tree | ||||||||||||||
Vizcaya Square Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 110,081 | 110,081 | 16.90 | 96.7 | % | Winn Dixie | |||||||||||||||
Wellington Green Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 121,354 | 143,854 | 28.07 | 90.5 | % | Whole Foods Market | |||||||||||||||
Clermont Landing | Orlando-Kissimmee-Sanford, FL | 75.0 | % | (1)(3) | 138,571 | 354,418 | 17.83 | 96.0 | % | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels | ||||||||||||||
Colonial Plaza | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 498,761 | 498,761 | 15.65 | 98.6 | % | Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby | |||||||||||||||
Marketplace at Seminole Towne | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 315,040 | 496,953 | 16.26 | 99.5 | % | (Super Target) | Marshalls, Ross Dress for Less, Old Navy, Petco | ||||||||||||||
Phillips Crossing | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 145,644 | 145,644 | 29.14 | 98.6 | % | Whole Foods | Golf Galaxy, Michaels | ||||||||||||||
Shoppes of South Semoran | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 101,611 | 101,611 | 12.64 | 98.2 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
The Marketplace at Dr. Phillips | Orlando-Kissimmee-Sanford, FL | 20.0 | % | (1)(3) | 65,374 | 326,868 | 24.75 | 97.0 | % | Publix | Stein Mart, HomeGoods, Morton's of Chicago, Office Depot | |||||||||||||
Winter Park Corners | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 83,161 | 83,161 | 30.82 | 100.0 | % | Sprouts Farmers Market | |||||||||||||||
Pineapple Commons | Port St. Lucie, FL | 20.0 | % | (1)(3) | 51,019 | 269,451 | 16.48 | 98.9 | % | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) | ||||||||||||||
Countryside Centre | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 245,958 | 245,958 | 15.11 | 98.1 | % | T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less | |||||||||||||||
East Lake Woodlands | Tampa-St. Petersburg-Clearwater, FL | 20.0 | % | (1)(3) | 20,886 | 104,431 | 14.07 | 97.7 | % | Walmart Neighborhood Market | Walgreens | |||||||||||||
Largo Mall | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 376,993 | 610,080 | 17.61 | 97.8 | % | (Safeway) | Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) | ||||||||||||||
Sunset 19 Shopping Center | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 256,321 | 256,321 | 17.45 | 86.5 | % | Bed Bath & Beyond, Barnes & Noble, Old Navy, Hobby Lobby, Cost Plus World Market | |||||||||||||||
Florida Total: | # of Properties: | 29 | 4,726,358 | 7,429,237 | 18.02 | 95.7 | % | |||||||||||||||||
Georgia | ||||||||||||||||||||||||
Brookwood Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 199,594 | 397,295 | 19.80 | 100.0 | % | (Super Target) | Home Depot, Bed Bath & Beyond, Office Max | ||||||||||||||
Brownsville Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 27,747 | 81,913 | 21.78 | 79.1 | % | (Kroger) | |||||||||||||||
Camp Creek Marketplace II | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 196,283 | 228,003 | 15.36 | 100.0 | % | DSW, LA Fitness, Shopper's World, American Signature | |||||||||||||||
Dallas Commons Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 25,158 | 95,262 | 26.43 | 100.0 | % | (Kroger) | |||||||||||||||
Grayson Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 76,611 | 76,611 | 15.43 | 100.0 | % | Kroger | |||||||||||||||
Lakeside Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 137,693 | 332,889 | 16.62 | 93.3 | % | (Super Target) | Ross Dress for Less, Petco | ||||||||||||||
Mansell Crossing | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 20,586 | 102,931 | 14.76 | 100.0 | % | buybuy BABY, Ross Dress for Less, Party City | ||||||||||||||
Perimeter Village | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 381,738 | 381,738 | 20.13 | 98.1 | % | Walmart Supercenter | Cost Plus World Market, DSW, Hobby Lobby | ||||||||||||||
Publix at Princeton Lakes | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 13,681 | 72,207 | 16.53 | 97.7 | % | Publix | ||||||||||||||
Reynolds Crossing | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 45,758 | 115,983 | 27.05 | 100.0 | % | (Kroger) |
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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 | |||||||||||||||
Roswell Corners | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 136,496 | 318,261 | 20.04 | 100.0 | % | (Super Target), Fresh Market | T.J. Maxx | ||||||||||||||
Roswell Crossing Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 201,759 | 201,759 | 16.04 | 98.4 | % | Trader Joe's | Office Max, PetSmart, Walgreens | ||||||||||||||
Thompson Bridge Commons | Gainesville, GA | 100.0 | % | (4) | 3,000 | 95,587 | N/A | 100.0 | % | (Kroger) | ||||||||||||||
Georgia Total: | # of Properties: | 13 | 1,466,104 | 2,500,439 | 18.08 | 98.2 | % | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||
Millpond Center | Lexington-Fayette, KY | 100.0 | % | 124,498 | 151,498 | 11.30 | 91.0 | % | Kroger | |||||||||||||||
Regency Centre | Lexington-Fayette, KY | 100.0 | % | 142,782 | 188,826 | 14.71 | 96.4 | % | (Kroger) | T.J. Maxx, Michaels | ||||||||||||||
Tates Creek Centre | Lexington-Fayette, KY | 100.0 | % | 195,978 | 201,138 | 15.27 | 98.4 | % | Kroger | Rite Aid | ||||||||||||||
Festival on Jefferson Court | Louisville/Jefferson County, KY-IN | 100.0 | % | 168,697 | 218,107 | 13.53 | 94.6 | % | Kroger | (PetSmart), (T.J. Maxx), Staples, Party City | ||||||||||||||
Kentucky Total: | # of Properties: | 4 | 631,955 | 759,569 | 13.95 | 95.5 | % | |||||||||||||||||
Maryland | ||||||||||||||||||||||||
Nottingham Commons | Baltimore-Columbia-Towson, MD | 100.0 | % | 131,270 | 131,270 | 28.40 | 100.0 | % | MOM's Organic Market | T.J. Maxx, DSW, Petco | ||||||||||||||
Pike Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | 80,841 | 80,841 | 60.96 | 100.0 | % | Pier 1, DXL Mens Apparel | |||||||||||||||
Maryland Total: | # of Properties: | 2 | 212,111 | 212,111 | 41.06 | 100.0 | % | |||||||||||||||||
Nevada | ||||||||||||||||||||||||
Best in the West | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 428,066 | 428,066 | 16.83 | 94.0 | % | Best Buy, T. J. Maxx, Babies "R" Us, Bed Bath & Beyond, PetSmart, Office Depot | |||||||||||||||
Charleston Commons Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 332,298 | 366,952 | 18.02 | 98.8 | % | Walmart | Ross Dress for Less, Office Max, 99 Cents Only, PetSmart | ||||||||||||||
College Park Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 167,654 | 195,367 | 13.02 | 95.1 | % | El Super | Factory 2 U, CVS | ||||||||||||||
Decatur 215 | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 118,678 | 345,720 | 16.43 | 100.0 | % | (WinCo Foods) | (Target), Hobby Lobby, Ross Dress for Less | ||||||||||||||
Eastern Commons | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 65,817 | 356,673 | 23.83 | 91.0 | % | Trader Joe's | |||||||||||||||
Francisco Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 116,973 | 148,815 | 11.60 | 88.6 | % | La Bonita Grocery | (Ross Dress for Less) | ||||||||||||||
Paradise Marketplace | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 78,077 | 152,672 | 19.80 | 89.1 | % | (Smith’s Food) | Dollar Tree | ||||||||||||||
Rancho Towne & Country | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 84,711 | 161,837 | 13.52 | 100.0 | % | Smith’s Food | |||||||||||||||
Tropicana Beltway Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 246,483 | 617,821 | 18.75 | 100.0 | % | (Walmart Supercenter) | (Lowe’s), Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only | ||||||||||||||
Tropicana Marketplace | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 69,429 | 144,571 | 20.83 | 84.9 | % | (Smith’s Food) | Family Dollar | ||||||||||||||
Westland Fair | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 211,755 | 598,213 | 17.85 | 90.3 | % | (Walmart Supercenter) | (Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final | ||||||||||||||
Nevada Total: | # of Properties: | 11 | 1,919,941 | 3,516,707 | 17.00 | 95.0 | % | |||||||||||||||||
New Mexico | ||||||||||||||||||||||||
North Towne Plaza | Albuquerque, NM | 100.0 | % | 117,466 | 144,796 | 22.51 | 94.5 | % | Whole Foods Market | HomeGoods | ||||||||||||||
New Mexico Total: | # of Properties: | 1 | 117,466 | 144,796 | 22.51 | 94.5 | % | |||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Galleria Shopping Center | Charlotte-Concord-Gastonia, NC-SC | 100.0 | % | 117,102 | 324,704 | 16.07 | 87.2 | % | (Walmart Supercenter) | Off Broadway Shoes | ||||||||||||||
Bull City Market | Durham-Chapel Hill, NC | 100.0 | % | 40,875 | 40,875 | 19.37 | 96.2 | % | Whole Foods Market |
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Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Hope Valley Commons | Durham-Chapel Hill, NC | 100.0 | % | 81,371 | 81,371 | 27.58 | 98.4 | % | Harris Teeter | |||||||||||||||
Avent Ferry Shopping Center | Raleigh, NC | 100.0 | % | 119,652 | 119,652 | 17.97 | 94.4 | % | Food Lion | Family Dollar | ||||||||||||||
Capital Square | Raleigh, NC | 100.0 | % | 143,063 | 143,063 | 7.22 | 94.4 | % | Food Lion | |||||||||||||||
Falls Pointe Shopping Center | Raleigh, NC | 100.0 | % | 112,199 | 198,549 | 17.93 | 96.5 | % | Harris Teeter | (Kohl’s) | ||||||||||||||
High House Crossing | Raleigh, NC | 100.0 | % | 90,155 | 90,155 | 17.34 | 51.6 | % | ||||||||||||||||
Leesville Towne Centre | Raleigh, NC | 100.0 | % | 127,106 | 127,106 | 19.36 | 98.5 | % | Harris Teeter | Rite Aid | ||||||||||||||
Northwoods Shopping Center | Raleigh, NC | 100.0 | % | 77,803 | 77,803 | 12.06 | 98.2 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
Six Forks Shopping Center | Raleigh, NC | 100.0 | % | 468,414 | 468,414 | 11.19 | 95.9 | % | Food Lion | Kmart, Home Depot, Bed Bath & Beyond, PetSmart | ||||||||||||||
Stonehenge Market | Raleigh, NC | 100.0 | % | 188,437 | 188,437 | 14.44 | 94.7 | % | Harris Teeter | Stein Mart, Rite Aid | ||||||||||||||
Wake Forest Crossing II | Raleigh, NC | 100.0 | % | 14,575 | 296,037 | 27.76 | 100.0 | % | (Lowes Foods) | (Kohl's), (T.J. Maxx), (Michaels), (Ross Dress for Less), (Petco) | ||||||||||||||
Surf City Crossing | Wilmington, NC | 100.0 | % | 63,016 | 63,016 | 21.96 | 91.2 | % | Harris Teeter | |||||||||||||||
Waterford Village | Wilmington, NC | 100.0 | % | 108,249 | 108,249 | 21.69 | 86.8 | % | Harris Teeter | |||||||||||||||
North Carolina Total: | # of Properties: | 14 | 1,752,017 | 2,327,431 | 15.06 | 92.4 | % | |||||||||||||||||
Oregon | ||||||||||||||||||||||||
Clackamas Square | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 14,790 | 140,227 | 18.86 | 94.3 | % | (Winco Foods) | T.J. Maxx | |||||||||||||
Oak Grove Market Center | Portland-Vancouver-Hillsboro, OR-WA | 100.0 | % | 97,177 | 97,177 | 25.18 | 38.5 | % | ||||||||||||||||
Raleigh Hills Plaza | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 7,904 | 39,520 | 26.09 | 100.0 | % | New Seasons Market | Walgreens | |||||||||||||
Oregon Total: | # of Properties: | 3 | 119,871 | 276,924 | 23.79 | 49.5 | % | |||||||||||||||||
Tennessee | ||||||||||||||||||||||||
Highland Square | Memphis, TN-MS-AR | 100.0 | % | (4) | 14,490 | 14,490 | N/A | 100.0 | % | Walgreens | ||||||||||||||
Mendenhall Commons | Memphis, TN-MS-AR | 100.0 | % | 88,108 | 88,108 | 12.02 | 98.7 | % | Kroger | |||||||||||||||
Ridgeway Trace | Memphis, TN-MS-AR | 100.0 | % | 176,484 | 314,224 | 25.63 | 87.2 | % | (Target), Best Buy, PetSmart | |||||||||||||||
The Commons at Dexter Lake | Memphis, TN-MS-AR | 100.0 | % | 228,796 | 245,396 | 11.08 | 95.5 | % | Kroger | Stein Mart, Marshalls, HomeGoods | ||||||||||||||
Tennessee Total: | # of Properties: | 4 | 507,878 | 662,218 | 15.48 | 93.3 | % | |||||||||||||||||
Texas | ||||||||||||||||||||||||
Mueller Regional Retail Center | Austin-Round Rock, TX | 100.0 | % | 351,099 | 351,099 | 17.06 | 98.4 | % | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy | |||||||||||||||
North Park Plaza | Beaumont-Port Arthur, TX | 50.0 | % | (1)(3) | 69,963 | 281,255 | 17.84 | 89.7 | % | (Target), (Toys “R” Us), Spec's, Kirkland's | ||||||||||||||
North Towne Plaza | Brownsville-Harlingen, TX | 100.0 | % | 28,000 | 145,000 | — | — | % | (Lowe's) | |||||||||||||||
Rock Prairie Marketplace | College Station-Bryan, TX | 100.0 | % | 18,163 | 18,163 | N/A | 31.6 | % | ||||||||||||||||
Moore Plaza | Corpus Christi, TX | 100.0 | % | 371,443 | 599,415 | 15.99 | 97.8 | % | (H-E-B) | Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Stein Mart | ||||||||||||||
Horne Street Market | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 9,651 | 51,918 | 30.90 | 91.2 | % | (24 Hour Fitness) | |||||||||||||||
Overton Park Plaza | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 352,150 | 462,150 | 16.40 | 100.0 | % | Sprouts Farmers Market | PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, buybuy BABY | ||||||||||||||
Preston Shepard Place | Dallas-Fort Worth-Arlington, TX | 20.0 | % | (1)(3) | 72,667 | 363,337 | 20.08 | 72.0 | % | Stein Mart, Nordstrom, Marshalls, Office Depot, Petco |
Page 38
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
10-Federal Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,871 | 132,472 | 9.25 | 100.0 | % | Sellers Bros. | Palais Royal, Harbor Freight Tools | |||||||||||||
1919 North Loop West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 138,028 | 138,028 | N/A | 86.8 | % | State of Texas | |||||||||||||||
Alabama Shepherd Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 59,120 | 59,120 | 22.35 | 100.0 | % | Trader Joe's | PetSmart | ||||||||||||||
Baybrook Gateway | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 237,195 | 237,195 | 18.17 | 86.3 | % | Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels | |||||||||||||||
Bellaire Blvd. Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,699 | 43,891 | 33.00 | 100.0 | % | Randall’s | |||||||||||||||
Blalock Market at I-10 | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 97,277 | 97,277 | 16.67 | 100.0 | % | 99 Ranch Market | |||||||||||||||
Braeswood Square Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 99,078 | 99,078 | 14.16 | 100.0 | % | Belden’s | Walgreens | ||||||||||||||
Citadel Building | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 121,000 | 121,000 | N/A | 100.0 | % | Weingarten Realty Investors Corporate Office | |||||||||||||||
Cullen Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 12,678 | 84,517 | 11.64 | 100.0 | % | Fiesta | Family Dollar | |||||||||||||
Cypress Pointe | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 186,721 | 283,381 | 10.04 | 97.6 | % | Kroger | Babies “R” Us | ||||||||||||||
Galveston Place | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 210,370 | 210,370 | 11.64 | 97.8 | % | Randall’s | Office Depot, Palais Royal, Spec's | ||||||||||||||
Griggs Road Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 12,014 | 80,091 | 9.36 | 85.8 | % | Family Dollar, Citi Trends | ||||||||||||||
Harrisburg Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 14,016 | 93,438 | 20.64 | 91.9 | % | dd's Discount | ||||||||||||||
HEB - Dairy Ashford & Memorial | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | (4) | 36,874 | 36,874 | N/A | 100.0 | % | H-E-B | ||||||||||||||
Heights Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,277 | 71,277 | 9.67 | 100.0 | % | Kroger | Goodwill | ||||||||||||||
I45/Telephone Rd. | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 25,740 | 171,599 | 12.54 | 99.4 | % | Sellers Bros. | Famsa, Fallas Paredes, Harbor Freight Tools | |||||||||||||
League City Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,425 | 129,500 | 13.00 | 88.1 | % | Spec’s | ||||||||||||||
Market at Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 84,084 | 84,084 | 23.88 | 62.7 | % | ||||||||||||||||
Northbrook Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 174,181 | 174,181 | 16.27 | 98.8 | % | Randall’s | Office Depot, Citi Trends, Dollar Tree | ||||||||||||||
Oak Forest Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 157,669 | 157,669 | 18.11 | 96.7 | % | Kroger | Ross Dress for Less, Dollar Tree, PetSmart | ||||||||||||||
Randalls Center/Kings Crossing | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 126,997 | 126,997 | 18.30 | 98.1 | % | Randall’s | CVS | ||||||||||||||
Richmond Square | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 92,657 | 92,657 | 27.77 | 100.0 | % | Best Buy, Cost Plus | |||||||||||||||
River Oaks Shopping Center - East | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,265 | 71,265 | 14.44 | 100.0 | % | Kroger | |||||||||||||||
River Oaks Shopping Center - West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 247,673 | 247,673 | 39.03 | 89.0 | % | Kroger | Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank | ||||||||||||||
Shoppes at Memorial Villages | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 185,974 | 185,974 | 18.17 | 98.3 | % | Gulf Coast Veterinary Specialists | |||||||||||||||
Shops at Kirby Drive | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 10,000 | 55,460 | 35.44 | 100.0 | % | (Toys R Us), Freebirds Burrito | |||||||||||||||
Shops at Three Corners | Houston-The Woodlands-Sugar Land, TX | 70.0 | % | (1) | 172,873 | 277,603 | 14.77 | 100.0 | % | Fiesta | Ross Dress for Less, PetSmart, Office Depot, Big Lots | |||||||||||||
Southgate Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 18,668 | 124,454 | 11.50 | 94.4 | % | Food-A-Rama | CVS, Family Dollar, Palais Royal | |||||||||||||
Stella Link Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 21,605 | 21,605 | 9.77 | 100.0 | % | Spec’s | |||||||||||||||
The Centre at Post Oak | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 183,940 | 183,940 | 36.54 | 100.0 | % | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus | |||||||||||||||
Tomball Marketplace | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 153,999 | 311,820 | 19.40 | 96.0 | % | (Academy), (Kohl's), Ross Dress For Less, Marshalls | |||||||||||||||
Village Plaza at Bunker Hill | Houston-The Woodlands-Sugar Land, TX | 57.8 | % | (1)(3) | 283,341 | 490,634 | 24.72 | 100.0 | % | H-E-B | PetSmart, Babies "R" Us, Academy, Nordstrom Rack | |||||||||||||
West Gray | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,278 | 37,278 | 25.30 | 56.8 | % | Pier 1 | |||||||||||||||
Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 221,601 | 350,320 | 17.25 | 100.0 | % | Whole Foods Market | (Target), Ross Dress for Less, Palais Royal, Petco |
Page 39
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Westhill Village Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 130,851 | 130,851 | 18.77 | 98.5 | % | Ross Dress for Less, Office Depot, 99 Cents Only | |||||||||||||||
Independence Plaza | Laredo, TX | 100.0 | % | 347,302 | 347,302 | 14.29 | 100.0 | % | H-E-B | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty | ||||||||||||||
North Creek Plaza | Laredo, TX | 100.0 | % | 243,596 | 485,463 | 15.33 | 97.5 | % | (H-E-B) | (Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond | ||||||||||||||
Plantation Centre | Laredo, TX | 100.0 | % | 135,373 | 143,015 | 16.75 | 97.4 | % | H-E-B | |||||||||||||||
Las Tiendas Plaza | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 143,976 | 500,084 | 12.16 | 100.0 | % | (Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot | ||||||||||||||
Market at Nolana | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 20,342 | 244,602 | 22.93 | 65.8 | % | (Walmart Supercenter) | ||||||||||||||
Market at Sharyland Place | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 53,956 | 301,174 | 18.13 | 94.0 | % | (Walmart Supercenter) | Kohl's, Dollar Tree | |||||||||||||
North Sharyland Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | — | — | N/A | N/A | ||||||||||||||||
Northcross | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 37,644 | 75,288 | 18.60 | 93.6 | % | Barnes & Noble | ||||||||||||||
Old Navy Building | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 7,500 | 15,000 | N/A | 100.0 | % | Old Navy | ||||||||||||||
Sharyland Towne Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 177,908 | 487,724 | 15.55 | 95.9 | % | H-E-B | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less | |||||||||||||
South 10th St. HEB | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 51,851 | 103,702 | 13.64 | 100.0 | % | H-E-B | ||||||||||||||
Trenton Crossing | McAllen-Edinburg-Mission, TX | 100.0 | % | 264,720 | 569,881 | 12.36 | 87.1 | % | (Target), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart | |||||||||||||||
Starr Plaza | Rio Grande City, TX | 50.0 | % | (1)(3) | 88,347 | 176,693 | 14.33 | 98.0 | % | H-E-B | Bealls | |||||||||||||
Fiesta Trails | San Antonio-New Braunfels, TX | 100.0 | % | 405,370 | 485,370 | 16.64 | 93.9 | % | (H-E-B) | Act III Theatres, Marshalls, Office Max, Stein Mart, Petco | ||||||||||||||
Parliament Square II | San Antonio-New Braunfels, TX | 100.0 | % | (4) | 54,541 | 54,541 | N/A | 100.0 | % | Incredible Pizza | ||||||||||||||
Thousand Oaks Shopping Center | San Antonio-New Braunfels, TX | 15.0 | % | (1) | 24,271 | 161,806 | 11.52 | 92.6 | % | H-E-B | Bealls, Tuesday Morning | |||||||||||||
Valley View Shopping Center | San Antonio-New Braunfels, TX | 100.0 | % | 91,446 | 91,446 | 9.88 | 86.7 | % | Marshalls, Dollar Tree | |||||||||||||||
Texas Total: | # of Properties: | 60 | 7,194,318 | 11,729,001 | 17.67 | 95.2 | % | |||||||||||||||||
Utah | ||||||||||||||||||||||||
West Jordan Town Center | Salt Lake City, UT | 100.0 | % | 182,099 | 304,899 | 12.90 | 63.9 | % | (Target), Petco | |||||||||||||||
Utah Total: | # of Properties: | 1 | 182,099 | 304,899 | 12.90 | 63.9 | % | |||||||||||||||||
Virginia | ||||||||||||||||||||||||
Hilltop Village Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (5) | 250,811 | 250,811 | 33.93 | 100.0 | % | Wegmans | L.A. Fitness | |||||||||||||
Virginia Total: | # of Properties: | 1 | 100.0 | % | 250,811 | 250,811 | 33.93 | 100.0 | % | |||||||||||||||
Washington | ||||||||||||||||||||||||
2200 Westlake | Seattle-Tacoma-Bellevue, WA | 69.4 | % | (1)(3) | 60,366 | 87,014 | 37.57 | 100.0 | % | Whole Foods | ||||||||||||||
Meridian Town Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 15,533 | 143,237 | 17.50 | 97.2 | % | (Safeway) | Jo-Ann Fabric & Craft Store, Tuesday Morning | |||||||||||||
Queen Anne Marketplace | Seattle-Tacoma-Bellevue, WA | 51.0 | % | (1)(3) | 41,506 | 81,385 | 30.86 | 99.4 | % | Metropolitan Market | Bartell's Drug | |||||||||||||
Rainer Square Plaza | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 22,347 | 111,736 | 20.30 | 100.0 | % | Safeway | Ross Dress for Less | |||||||||||||
South Hill Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 26,802 | 134,010 | 16.52 | 98.9 | % | Bed Bath & Beyond, Ross Dress for Less, Best Buy | ||||||||||||||
Washington Total: | # of Properties: | 5 | 166,554 | 557,382 | 28.34 | 99.4 | % | |||||||||||||||||
Total Operating Properties | # of Properties: | 201 | 26,298,546 | 41,227,302 | 18.69 | 94.8 | % |
Page 40
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
New Development | ||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||
Centro Arlington | Washington-Arlington-Alexandria, DC-VA-MD-WV | 90.0 | % | (1)(2)(3) | — | — | Harris Teeter | |||||||||||||||||
West Alex | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (2) | — | — | Harris Teeter | |||||||||||||||||
Virginia Total: | # of Properties: | 2 | — | — | ||||||||||||||||||||
Washington | ||||||||||||||||||||||||
The Whittaker | Seattle-Tacoma-Bellevue, WA | 100.0 | % | (2) | 52,106 | 52,106 | ||||||||||||||||||
Washington Total: | # of Properties: | 1 | 52,106 | 52,106 | ||||||||||||||||||||
Total New Developments | # of Properties: | 3 | 52,106 | 52,106 | ||||||||||||||||||||
Operating & New Development Properties | # of Properties: | 204 | 26,350,652 | 41,279,408 | ||||||||||||||||||||
Unimproved Land | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Lon Adams Rd. at Tangerine Farms Rd., Marana | 422,532 | |||||||||||||||||||||||
Arizona Total: | 422,532 | |||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||
Highway 85 and Highway 285, Sheridan | 377,491 | |||||||||||||||||||||||
Colorado Total: | 377,491 | |||||||||||||||||||||||
Florida | ||||||||||||||||||||||||
SR 207 at Rolling Hills Dr., St. Augustine | 228,254 | |||||||||||||||||||||||
State Road 100 & Belle Terre Parkway, Palm Coast | 292,288 | |||||||||||||||||||||||
Florida Total: | 520,542 | |||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||
NWC South Fulton Pkwy. @ Hwy. 92, Union City | 3,554,496 | |||||||||||||||||||||||
Georgia Total: | 3,554,496 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 1,983,287 | |||||||||||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 992,123 | |||||||||||||||||||||||
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland | 362,419 | |||||||||||||||||||||||
North Carolina Total: | 3,337,829 | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | |||||||||||||||||||||||
Bissonnet at Wilcrest, Houston | 40,946 | |||||||||||||||||||||||
Culebra Road and Westwood Loop, San Antonio | 60,984 | |||||||||||||||||||||||
East Orem, Houston | 121,968 |
Page 41
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
FM 1957 (Potranco Road) and FM 211, San Antonio | 5,635,183 | |||||||||||||||||||||||
FM 2920 and Highway 249, Tomball | 95,832 | |||||||||||||||||||||||
Gattis School Rd. at A.W. Grimes Blvd., Round Rock | 57,499 | |||||||||||||||||||||||
Highway 3 at Highway 1765, Texas City | 200,812 | |||||||||||||||||||||||
Leslie Rd. at Bandera Rd., Helotes | 74,052 | |||||||||||||||||||||||
Nolana Ave. and 29th St., McAllen | 163,350 | |||||||||||||||||||||||
Northwest Freeway at Gessner, Houston | 43,396 | |||||||||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 229,561 | |||||||||||||||||||||||
SH 151 and Ingram Rd., San Antonio | 252,692 | |||||||||||||||||||||||
Shary Rd. at North Hwy. 83, Mission | 172,498 | |||||||||||||||||||||||
U.S. 77 and 83 at SHFM 802, Brownsville | 914,723 | |||||||||||||||||||||||
US Hwy. 281 at Wilderness Oaks, San Antonio | 1,269,774 | |||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | |||||||||||||||||||||||
Texas Total: | 9,737,507 | |||||||||||||||||||||||
Total Unimproved Land | 17,950,397 |
Page 42
Weingarten Realty Investors
Property Listing
As of December 31, 2017
Center | Property Covered | Max Possible Term | |||
Ground Lease Commitments | |||||
Blalock Market at I-10 | Entire Center | 3/31/2039 | |||
Braeswood Square | Entire Center | 9/30/2026 | |||
Camelback Village Square | Entire Center | 6/30/2069 | |||
Highland Square | Entire Center | 10/31/2044 | |||
Parliament Square II | Entire Center | 12/31/2030 | |||
Phillips Crossing | Entire Center | 12/31/2085 | |||
River Point at Sheridan | Part of Center | 11/27/2086 | |||
Rock Prairie | Entire Center | 12/31/2081 | |||
Shoppes at Memorial Villages | Part of Center | 5/31/2043 | |||
Six Forks Station | Entire Center | 6/30/2063 | |||
Pike Center (1) | Entire Center | 5/31/2059 | |||
Note:
(1) Project subject to a ground lease with WRI's option to purchase
Page 43
Other Topics of Interest
Weingarten Realty Investors
Ground Lease Summary
December 31, 2017
(at pro rata share)
(in thousands, except percentages)
Use Description | Number of Leases | GLA | ABR | ABR $/SF | |||||||||
Home Improvement | 2 | 220 | $ | 814 | $ | 3.70 | |||||||
Discount Department Store | 9 | 727 | 3,539 | 4.86 | |||||||||
Full-Service Restaurant | 40 | 191 | 3,835 | 20.09 | |||||||||
Fast Food | 54 | 203 | 4,544 | 22.37 | |||||||||
Bank | 31 | 99 | 3,982 | 40.17 | |||||||||
Supermarket | 15 | 812 | 6,525 | 8.04 | |||||||||
Pharmacy | 6 | 88 | 788 | 8.96 | |||||||||
Theater | 1 | 56 | 422 | 7.54 | |||||||||
Gas Station | 14 | 30 | 1,313 | 43.60 | |||||||||
Other | 13 | 107 | 1,340 | 12.51 | |||||||||
Total | 185 | 2,534 | $ | 27,102 | $ | 10.70 | |||||||
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 45