Exhibit 99.1
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Table of Contents | Page | |
Quarterly Earnings Press Release | i - xii | |
Company Information | 1 | |
Financial Summary | ||
Condensed Consolidated Statements of Income | 3 | |
Condensed Consolidated Balance Sheets | 4 | |
Funds From Operations Attributable to Common Shareholders | 5 | |
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre | 6 | |
Supplemental Income Statement Detail | 7 | |
Supplemental Balance Sheet Detail | 8 | |
Capitalization and Debt Coverage Ratios | 9 | |
Guidance | 10 | |
Investment Activity | ||
Capital Expenditures | 12 | |
Development and Redevelopment Projects | 13 | |
Land Held for Development | 14 | |
Acquisition and Disposition 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 Information at 100% | 22 | |
Unconsolidated Joint Venture Financial Information 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 | ||
Share and Bond Repurchase Program Inception-To-Date | 45 | |
Revenue Classification Changes Impact | 46 | |
Ground Lease Summary | 47 | |
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, 2018, we owned or operated under long-term leases, interests in 178 properties which are located in 17 states that span the United States from coast to coast. These properties represent approximately 35.1 million square feet of which our interests in these properties aggregated approximately 22.9 million square feet of leasable area. Our properties were 94.4% leased as of December 31, 2018, and historically our portfolio occupancy rate has never been below 90%. | ||
www.weingarten.com |
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2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY
REPORTS STRONG FOURTH QUARTER OPERATIONS
AND ISSUES 2019 GUIDANCE
HOUSTON, February 20, 2019 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended December 31, 2018. 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 $0.46 per diluted share (hereinafter “per share”) for the quarter and $2.55 per share for the year compared to $1.30 and $2.60 per share for each respective period in 2017; |
• | Core Funds From Operations Attributable to Common Shareholders ("Core FFO”) was $0.55 per share for the quarter and $2.28 per share for the year compared to $0.61 and $2.45 per share for each respective period in 2017; |
• | Same Property Net Operating Income (“SPNOI”) including redevelopments increased by 3.4% over the fourth quarter of 2017 and by 2.5% over the full year 2017; |
• | Rental rates on new leases completed during the quarter were up 37.4% and 18.7% for the full year; |
• | Signed occupancy was unchanged from the third quarter of 2018 at 94.4%; |
• | Dispositions totaled $241 million in the fourth quarter and $635 million for the full year; |
• | Balance sheet leverage was reduced with Net Debt to Adjusted EBITDAre declining to 5.00 times; and, |
• | A special dividend of $1.40 per share was paid to shareholders in December of 2018. |
Financial Results
In evaluating earnings, it is necessary to understand that the Company disposed of unprecedented volumes of properties during 2017 and 2018. While these dispositions have resulted in a much higher quality portfolio of properties for the Company, the negative impact of these dispositions on 2018 earnings was significant and will also materially impact 2019. Aside from the dilutive impact of the dispositions, the operating performance of the Company’s portfolio was very strong.
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The Company reported Net Income of $59.5 million or $0.46 per share for the fourth quarter of 2018, as compared to $168.0 million or $1.30 per share for the same period in 2017. For the year, Net Income was $327.6 million or $2.55 per share for 2018 compared to $335.3 million or $2.60 per share for 2017.
Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $70.3 million or $0.55 per share for the fourth quarter of 2018 compared to $77.4 million or $0.60 per share for 2017. For the year, NAREIT FFO was $307.9 million or $2.40 per share for 2018 compared to $311.6 million or $2.40 per share for 2017.
Core FFO for the quarter ended December 31, 2018 was $0.55 per share or $70.2 million, as compared to $0.61 per share or $78.5 million for the same quarter of last year. Higher income driven by increased rental rates and reduced interest expense from lower levels of debt outstanding were more than offset by the impact of dispositions in 2017 and 2018. General and administrative expense was comparable to the fourth quarter of 2017 but $1.4 million higher than the third quarter of 2018. This was the result of a $0.02 per share increase in expense related to a true-up of the accrual for restricted share grants. The significant drop in the Company’s share price at year-end 2018 resulted in more shares being granted in accordance with the Company’s Long Term Incentive program, thus the increase in expense. This was offset by a decrease of $0.01 per share related to assets held in its deferred compensation plan. For the full year, Core FFO was $292.5 million or $2.28 per share for 2018 compared to $318.4 million or $2.45 per share for 2017.
Additionally, the $1.40 per share special dividend paid in December caused our operating partnership units to be antidilutive which reduced Core FFO per share in the fourth quarter by around a penny per share had those shares been considered in the dilutive calculation.
A reconciliation of Net Income to NAREIT FFO and Core FFO is included herein.
Operating Results
For the period ending December 31, 2018, the Company’s operating highlights were as follows:
Q4 2018 | YTD 2018 | |
Occupancy (Signed Basis): | ||
Occupancy - Total | 94.4% | |
Occupancy - Small Shop Spaces | 90.7% | |
Occupancy - Same Property Portfolio | 94.8% | |
Same Property Net Operating Income, with redevelopments | 3.4% | 2.5% |
Rental Rate Growth - Total: | 11.9% | 8.5% |
New Leases | 37.4% | 18.7% |
Renewals | 5.3% | 6.1% |
Leasing Transactions: | ||
Number of New Leases | 65 | 278 |
New Leases - Annualized Revenue (in millions) | $5.8 | $19.8 |
Number of Renewals | 116 | 572 |
Renewals - Annualized Revenue (in millions) | $9.3 | $46.5 |
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A reconciliation of Net Income to SPNOI is included herein.
“Operations remained strong this quarter, a reflection of our significantly improved portfolio of properties. Our increase in rental rates on new leases of 37.4% for the quarter and 18.7% for the full year is a reflection of this improvement. We have done a great job in leasing three of our four Toys R Us spaces,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Portfolio Activity
During the quarter, the Company sold seven properties and two land parcels for $241 million. This included two properties in Nevada, two in Arizona and one each in Colorado, Florida and Texas. For all of 2018, WRI sold $635 million of assets with the disposition of 23 shopping centers, an office building and other real estate.
As for acquisitions in 2018, the Company purchased one land parcel which is adjacent to existing shopping centers for $1.3 million. No acquisitions have been closed to-date in 2019.
The Company invested $139 million in new developments and redevelopments in 2018 and expects to spend around $200 million in 2019, with the majority of the investment in its two projects in the Washington D.C. area and its 30-story residential tower at its River Oaks Shopping Center in Houston.
“While the recent disposition volume reduces 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. We expect our disposition volumes to decrease significantly in 2019, however we will continue to monitor the market and adjust our strategy appropriately.” said Drew Alexander, Chairman, President and Chief Executive Officer.
Balance Sheet
Proceeds from the Company’s dispositions were used to strengthen its balance sheet. Net Debt to Core EBITDAre was a strong 5.00 times and Debt to Total Market Capitalization was 35.8% at year end.
“As we remain dedicated to maintaining a strong capital structure supported by low leverage, the amount of capital we allocate to various opportunities, including repurchasing our common shares, will be carefully considered. With one of the strongest balance sheets in our sector, we are well positioned to pursue growth opportunities as they arise,” said Steve Richter, Executive Vice President and Chief Financial Officer.
2019 Guidance
The Company’s guidance for 2019 is as follows:
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2019 Guidance | |
Net Income (per share) | $1.77 - $1.89 |
NAREIT FFO (per share) | $2.09 - $2.17 |
Core FFO (per share) | $2.09 - $2.17 |
Acquisitions | $50 - $150 million |
Re / New Development | $175 - $225 million |
Dispositions | $250 - $350 million |
Same Property NOI with redevelopments | 2.00% - 3.00% |
Other issues which will impact 2019 results include:
• | This level of dispositions will probably result in the payment of a special dividend in 2019, albeit considerably less than 2018; |
• | With the implementation of the new leasing standard, the Company will not be capitalizing any indirect leasing and legal costs; however, it will continue to capitalize some of the internal and external leasing commissions going forward. For 2019, this will increase general and administrative expense by between $9.0 and $10.0 million or $0.07 to $0.08 per share; and, |
• | Preleasing activities and the phased stabilization of both projects in Washington D.C. will result in costs that will be expensed prior to revenue coming on-line. These costs will total approximately $0.01 per share in 2019. |
A rollforward detailing the components of the change in 2018 Core FFO per share to 2019 Core FFO per share guidance is included on page 10 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, 2019 to shareholders of record on March 8, 2019. The Company also paid a special dividend of $1.40 per common share in December 2018.
New Officer Elections
The Board of Trust Managers elected Stanford Alexander Chairman Emeritus. Additionally, Andrew M. “Drew” Alexander was elected Chairman of the Board and will continue as President and Chief Executive Officer. “As the founder of Weingarten Realty, I am very proud of the outstanding Company we created and the wonderful things we have accomplished. Looking ahead, I will continue to provide advice and consultation to my associates and look forward to the future,” said Stanford Alexander, Chairman Emeritus.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on February 21, 2019 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 # 47807259). A replay will be available through the Company’s website starting approximately two hours following the live call.
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About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At December 31, 2018, 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 178 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 35.1 million square feet of which our interests in these properties aggregated approximately 22.9 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 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.
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Weingarten Realty Investors | ||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
Financial Statements | ||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
2018 | 2017 (1) | 2018 | 2017 (1) | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | (Unaudited) | ||||||||||||||||
Revenues: | ||||||||||||||||||
Rentals, net | $ | 123,992 | $ | 135,798 | $ | 516,502 | $ | 560,643 | ||||||||||
Other | 3,827 | 3,569 | 14,645 | 12,520 | ||||||||||||||
Total Revenues | 127,819 | 139,367 | 531,147 | 573,163 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||
Depreciation and amortization | 35,280 | 40,986 | 161,838 | 167,101 | ||||||||||||||
Operating expense | 20,625 | 25,366 | 90,554 | 109,310 | ||||||||||||||
Real estate taxes, net | 16,562 | 17,853 | 69,268 | 75,636 | ||||||||||||||
Impairment loss | 7,722 | 245 | 10,120 | 15,257 | ||||||||||||||
General and administrative expense | 7,325 | 7,800 | 25,040 | 28,052 | ||||||||||||||
Total Operating Expenses | 87,514 | 92,250 | 356,820 | 395,356 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||||
Interest expense, net | (15,663 | ) | (18,921 | ) | (63,348 | ) | (80,326 | ) | ||||||||||
Interest and other income (expense) | (1,928 | ) | 3,322 | 2,807 | 7,532 | |||||||||||||
Gain on sale of property | 34,788 | 132,045 | 207,865 | 218,611 | ||||||||||||||
Total Other Income | 17,197 | 116,446 | 147,324 | 145,817 | ||||||||||||||
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 57,502 | 163,563 | 321,651 | 323,624 | ||||||||||||||
(Provision) Benefit for Income Taxes | (10 | ) | (2,018 | ) | (1,378 | ) | 17 | |||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 5,737 | 9,108 | 25,070 | 27,074 | ||||||||||||||
Net Income | 63,229 | 170,653 | 345,343 | 350,715 | ||||||||||||||
Less: | Net Income Attributable to Noncontrolling Interests | (3,722 | ) | (2,686 | ) | (17,742 | ) | (15,441 | ) | |||||||||
Net Income Attributable to Common Shareholders -- Basic | $ | 59,507 | $ | 167,967 | $ | 327,601 | $ | 335,274 | ||||||||||
Net Income Attributable to Common Shareholders -- Diluted | $ | 59,507 | $ | 169,484 | $ | 327,601 | $ | 338,358 | ||||||||||
Earnings Per Common Share -- Basic | $ | .47 | $ | 1.31 | $ | 2.57 | $ | 2.62 | ||||||||||
Earnings Per Common Share -- Diluted | $ | .46 | $ | 1.30 | $ | 2.55 | $ | 2.60 |
(1) Reclassification of prior year's amounts were made to conform to current year presentation.
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Weingarten Realty Investors | ||||||||||
(in thousands) | ||||||||||
Financial Statements | ||||||||||
December 31, 2018 | December 31, 2017 | |||||||||
(Unaudited) | (Audited) | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
ASSETS | ||||||||||
Property | $ | 4,105,068 | $ | 4,498,859 | ||||||
Accumulated Depreciation | (1,108,188 | ) | (1,166,126 | ) | ||||||
Property Held for Sale, net | — | 54,792 | ||||||||
Investment in Real Estate Joint Ventures and Partnerships, net | 353,828 | 317,763 | ||||||||
Unamortized Lease Costs, net | 142,014 | 181,047 | ||||||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 97,924 | 104,357 | ||||||||
Cash and Cash Equivalents | 65,865 | 13,219 | ||||||||
Restricted Deposits and Mortgage Escrows | 10,272 | 8,115 | ||||||||
Other, net | 160,178 | 184,613 | ||||||||
Total Assets | $ | 3,826,961 | $ | 4,196,639 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Debt, net | $ | 1,794,684 | $ | 2,081,152 | ||||||
Accounts Payable and Accrued Expenses | 113,175 | 116,463 | ||||||||
Other, net | 168,403 | 189,182 | ||||||||
Total Liabilities | 2,076,262 | 2,386,797 | ||||||||
Commitments and Contingencies | — | — | ||||||||
EQUITY | ||||||||||
Common Shares of Beneficial Interest | 3,893 | 3,897 | ||||||||
Additional Paid-In Capital | 1,766,993 | 1,772,066 | ||||||||
Net Income Less Than Accumulated Dividends | (186,431 | ) | (137,065 | ) | ||||||
Accumulated Other Comprehensive Loss | (10,549 | ) | (6,170 | ) | ||||||
Shareholders' Equity | 1,573,906 | 1,632,728 | ||||||||
Noncontrolling Interests | 176,793 | 177,114 | ||||||||
Total Liabilities and Equity | $ | 3,826,961 | $ | 4,196,639 |
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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, non-operating and other transactions or 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, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 59,507 | $ | 167,967 | $ | 327,601 | $ | 335,274 | |||||||
Depreciation and amortization of real estate | 35,020 | 40,746 | 160,679 | 166,125 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 2,974 | 3,380 | 12,454 | 14,020 | |||||||||||
Impairment of operating properties and real estate equity investments | 7,571 | 240 | 9,969 | 12,247 | |||||||||||
(Gain) on sale of property and interests in real estate equity investments | (34,650 | ) | (131,393 | ) | (206,930 | ) | (217,659 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (4 | ) | (4,209 | ) | (6,300 | ) | (6,187 | ) | |||||||
Provision (benefit) for income taxes (1) | 444 | 1,232 | 2,223 | (711 | ) | ||||||||||
Noncontrolling interests and other (2) | (610 | ) | (547 | ) | 8,238 | 5,408 | |||||||||
NAREIT FFO – basic | 70,252 | 77,416 | 307,934 | 308,517 | |||||||||||
Income attributable to operating partnership units | — | — | — | 3,084 | |||||||||||
NAREIT FFO – diluted | 70,252 | 77,416 | 307,934 | 311,601 | |||||||||||
Adjustments to Core FFO: | |||||||||||||||
Other impairment loss | 134 | 2 | 134 | 3,031 | |||||||||||
Provision (benefit) for income taxes (3) | 6 | 223 | (1,488 | ) | (729 | ) | |||||||||
(Gain) on extinguishment of debt including related swap activity | (41 | ) | — | (3,131 | ) | — | |||||||||
Lease terminations | — | — | (10,023 | ) | — | ||||||||||
Severance costs | — | 1,378 | — | 1,378 | |||||||||||
Storm damage costs | — | 1,018 | — | 1,822 | |||||||||||
Recovery of Pre-development costs | — | (949 | ) | — | (949 | ) | |||||||||
Other | (136 | ) | (612 | ) | (911 | ) | 2,292 | ||||||||
Core FFO – diluted | $ | 70,215 | $ | 78,476 | $ | 292,515 | $ | 318,446 | |||||||
FFO weighted average shares outstanding – basic | 127,653 | 127,816 | 127,651 | 127,755 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 730 | 848 | 790 | 870 | |||||||||||
Operating partnership units | — | — | — | 1,446 | |||||||||||
FFO weighted average shares outstanding – diluted | 128,383 | 128,664 | 128,441 | 130,071 | |||||||||||
NAREIT FFO per common share – basic | $ | .55 | $ | .61 | $ | 2.41 | $ | 2.41 | |||||||
NAREIT FFO per common share – diluted | $ | .55 | $ | .60 | $ | 2.40 | $ | 2.40 | |||||||
Core FFO per common share – diluted | $ | .55 | $ | .61 | $ | 2.28 | $ | 2.45 |
______________
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
(3) The applicable taxes related to gains and impairments of non-operating assets.
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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 that have been sold. 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, 2018 | Twelve Months Ended December 31, 2018 | ||||
Beginning of the period | 176 | 183 | |||
Properties added: | |||||
Acquisitions | — | 6 | |||
New Developments | — | 1 | |||
Redevelopments | — | 4 | |||
Properties removed: | |||||
Dispositions | (5 | ) | (22 | ) | |
Other | — | (1 | ) | ||
End of the period | 171 | 171 |
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We calculate SPNOI using net income attributable to common shareholders excluding net income attributable to noncontrolling interests, other income (expense), income taxes and equity in earnings of real estate joint ventures and partnerships. Additionally to reconcile to SPNOI, we exclude the effects of 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 and amortization, impairment losses, general and administrative expenses 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 attributable to common shareholders to SPNOI is as follows (in thousands):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 59,507 | $ | 167,967 | $ | 327,601 | $ | 335,274 | |||||||
Add: | |||||||||||||||
Net income attributable to noncontrolling interests | 3,722 | 2,686 | 17,742 | 15,441 | |||||||||||
Provision (benefit) for income taxes | 10 | 2,018 | 1,378 | (17 | ) | ||||||||||
Interest expense, net | 15,663 | 18,921 | 63,348 | 80,326 | |||||||||||
Property management fees | 685 | 649 | 2,904 | 2,902 | |||||||||||
Depreciation and amortization | 35,280 | 40,986 | 161,838 | 167,101 | |||||||||||
Impairment loss | 7,722 | 245 | 10,120 | 15,257 | |||||||||||
General and administrative | 7,325 | 7,800 | 25,040 | 28,052 | |||||||||||
Other (1) | 84 | (798 | ) | 51 | 3,586 | ||||||||||
Less: | |||||||||||||||
Gain on sale of property | (34,788 | ) | (132,045 | ) | (207,865 | ) | (218,611 | ) | |||||||
Equity in earnings of real estate joint ventures and partnership interests, net | (5,737 | ) | (9,108 | ) | (25,070 | ) | (27,074 | ) | |||||||
Interest and other income/expense | 1,928 | (3,322 | ) | (2,807 | ) | (7,532 | ) | ||||||||
Revenue adjustments (2) | (3,022 | ) | (4,308 | ) | (25,007 | ) | (16,877 | ) | |||||||
Adjusted income | 88,379 | 91,691 | 349,273 | 377,828 | |||||||||||
Less: Adjusted income related to consolidated entities not defined as same property and noncontrolling interests | (6,499 | ) | (12,319 | ) | (29,114 | ) | (66,366 | ) | |||||||
Add: Pro rata share of unconsolidated entities defined as same property | 8,861 | 8,366 | 34,285 | 34,203 | |||||||||||
Same Property Net Operating Income | 90,741 | 87,738 | 354,444 | 345,665 | |||||||||||
Less: Redevelopment Net Operating Income | (8,705 | ) | (7,691 | ) | (32,939 | ) | (30,725 | ) | |||||||
Same Property Net Operating Income excluding Redevelopments | $ | 82,036 | $ | 80,047 | $ | 321,505 | $ | 314,940 |
___________________
(1) | Other includes items such as environmental abatement costs, demolition expenses and lease termination fees. |
(2) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
Page xi
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate
NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.
As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre 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 EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre 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. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
EBITDAre and Core EBITDAre is calculated as follows (in thousands):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | |||||||||||||||
Net income | $ | 63,229 | $ | 170,653 | $ | 345,343 | $ | 350,715 | |||||||
Interest expense, net (1) | 15,663 | 18,921 | 63,348 | 80,326 | |||||||||||
Provision (benefit) for income taxes | 10 | 2,018 | 1,378 | (17 | ) | ||||||||||
Depreciation and amortization of real estate | 35,280 | 40,986 | 161,838 | 167,101 | |||||||||||
Impairment loss on operating properties and real estate equity investments | 7,722 | 245 | 10,120 | 15,257 | |||||||||||
Gain on sale of property (2) | (34,788 | ) | (132,045 | ) | (207,865 | ) | (218,611 | ) | |||||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 3,874 | 397 | 11,271 | 12,822 | |||||||||||
Total EBITDAre | 90,990 | 101,175 | 385,433 | 407,593 | |||||||||||
Adjustments for Core EBITDAre: | |||||||||||||||
Storm damage costs | — | 1,018 | — | 1,822 | |||||||||||
Recovery of pre-development costs | — | (949 | ) | — | (949 | ) | |||||||||
Severance costs | — | 1,378 | — | 1,378 | |||||||||||
Lease terminations | — | — | (10,023 | ) | — | ||||||||||
Other | (50 | ) | 4 | (47 | ) | 3,158 | |||||||||
Total Core EBITDAre | $ | 90,940 | $ | 102,626 | $ | 375,363 | $ | 413,002 |
(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the twelve months ended December 31, 2018.
(2) Includes a $.1 million and $.9 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2018, respectively. Also includes a $.6 and $.8 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2017, respectively.
(3) Includes a $(.7) million loss on extinguishment of debt for the twelve months ended December 31, 2018.
Page xii
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, | ||||||||||||||||||||||||||
2018 | 2017(1) | 2018 | 2017(1) | 2016(1) | 2015(1) | 2014(1) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Rentals, net | $ | 123,992 | $ | 135,798 | $ | 516,502 | $ | 560,643 | $ | 537,265 | $ | 502,464 | $ | 503,128 | |||||||||||||
Other | 3,827 | 3,569 | 14,645 | 12,520 | 12,290 | 10,380 | 11,278 | ||||||||||||||||||||
Total Revenues | 127,819 | 139,367 | 531,147 | 573,163 | 549,555 | 512,844 | 514,406 | ||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||
Depreciation and amortization | 35,280 | 40,986 | 161,838 | 167,101 | 162,535 | 145,940 | 150,356 | ||||||||||||||||||||
Operating | 20,625 | 25,366 | 90,554 | 109,310 | 98,855 | 94,244 | 95,318 | ||||||||||||||||||||
Real estate taxes, net | 16,562 | 17,853 | 69,268 | 75,636 | 66,358 | 60,289 | 60,768 | ||||||||||||||||||||
Impairment loss | 7,722 | 245 | 10,120 | 15,257 | 98 | 153 | 1,024 | ||||||||||||||||||||
General and administrative | 7,325 | 7,800 | 25,040 | 28,052 | 26,607 | 27,367 | 25,676 | ||||||||||||||||||||
Total Operating Expenses | 87,514 | 92,250 | 356,820 | 395,356 | 354,453 | 327,993 | 333,142 | ||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||
Interest expense, net | (15,663 | ) | (18,921 | ) | (63,348 | ) | (80,326 | ) | (83,003 | ) | (87,783 | ) | (94,725 | ) | |||||||||||||
Interest and other income (expense) | (1,928 | ) | 3,322 | 2,807 | 7,532 | 1,910 | 4,406 | 4,530 | |||||||||||||||||||
Gain on sale of property | 34,788 | 132,045 | 207,865 | 218,611 | 100,714 | 59,621 | 146,290 | ||||||||||||||||||||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | — | — | — | 48,322 | 879 | 1,718 | ||||||||||||||||||||
Total Other Income (Expense) | 17,197 | 116,446 | 147,324 | 145,817 | 67,943 | (22,877 | ) | 57,813 | |||||||||||||||||||
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 57,502 | 163,563 | 321,651 | 323,624 | 263,045 | 161,974 | 239,077 | ||||||||||||||||||||
(Provision) Benefit for Income Taxes | (10 | ) | (2,018 | ) | (1,378 | ) | 17 | (6,856 | ) | (52 | ) | 1,261 | |||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (2) | 5,737 | 9,108 | 25,070 | 27,074 | 20,642 | 19,300 | 22,317 | ||||||||||||||||||||
Income from Continuing Operations | 63,229 | 170,653 | 345,343 | 350,715 | 276,831 | 181,222 | 262,655 | ||||||||||||||||||||
Operating Income from Discontinued Operations | — | — | — | — | — | — | 342 | ||||||||||||||||||||
Gain on Sale of Property from Discontinued Operations | — | — | — | — | — | — | 44,582 | ||||||||||||||||||||
Income from Discontinued Operations | — | — | — | — | — | — | 44,924 | ||||||||||||||||||||
Net Income | 63,229 | 170,653 | 345,343 | 350,715 | 276,831 | 181,222 | 307,579 | ||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (3,722 | ) | (2,686 | ) | (17,742 | ) | (15,441 | ) | (37,898 | ) | (6,870 | ) | (19,571 | ) | |||||||||||||
Net Income Adjusted for Noncontrolling Interests | 59,507 | 167,967 | 327,601 | 335,274 | 238,933 | 174,352 | 288,008 | ||||||||||||||||||||
Dividends on Preferred Shares | — | — | — | — | — | (3,830 | ) | (10,840 | ) | ||||||||||||||||||
Redemption Costs of Preferred Shares | — | — | — | — | — | (9,687 | ) | — | |||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 59,507 | $ | 167,967 | $ | 327,601 | $ | 335,274 | $ | 238,933 | $ | 160,835 | $ | 277,168 | |||||||||||||
Earnings Per Common Share - Basic | $ | 0.47 | $ | 1.31 | $ | 2.57 | $ | 2.62 | $ | 1.90 | $ | 1.31 | $ | 2.28 | |||||||||||||
Earnings Per Common Share - Diluted | $ | 0.46 | $ | 1.30 | $ | 2.55 | $ | 2.60 | $ | 1.87 | $ | 1.29 | $ | 2.25 |
(1) Reclassification of prior year's amounts were made to conform to the current year presentation.
(2) 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, | |||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Property | $ | 4,105,068 | $ | 4,498,859 | |||
Accumulated Depreciation | (1,108,188 | ) | (1,166,126 | ) | |||
Property Held for Sale, net | — | 54,792 | |||||
Property, net | 2,996,880 | 3,387,525 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net (a) | 353,828 | 317,763 | |||||
Total | 3,350,708 | 3,705,288 | |||||
Unamortized Lease Costs, net | 142,014 | 181,047 | |||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,855 in 2018 and $7,516 in 2017) | 97,924 | 104,357 | |||||
Cash and Cash Equivalents | 65,865 | 13,219 | |||||
Restricted Deposits and Mortgage Escrows | 10,272 | 8,115 | |||||
Other, net | 160,178 | 184,613 | |||||
Total Assets | $ | 3,826,961 | $ | 4,196,639 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net | $ | 1,794,684 | $ | 2,081,152 | |||
Accounts Payable and Accrued Expenses | 113,175 | 116,463 | |||||
Other, net | 168,403 | 189,182 | |||||
Total Liabilities | 2,076,262 | 2,386,797 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
Shareholders' Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,333 in 2018 and 128,447 in 2017 | 3,893 | 3,897 | |||||
Additional Paid-In Capital | 1,766,993 | 1,772,066 | |||||
Net Income Less Than Accumulated Dividends | (186,431 | ) | (137,065 | ) | |||
Accumulated Other Comprehensive Loss | (10,549 | ) | (6,170 | ) | |||
Total Shareholders' Equity | 1,573,906 | 1,632,728 | |||||
Noncontrolling Interests | 176,793 | 177,114 | |||||
Total Equity | 1,750,699 | 1,809,842 | |||||
Total Liabilities and Equity | $ | 3,826,961 | $ | 4,196,639 |
(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, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Funds From Operations Attributable to Common Shareholders (NAREIT FFO) | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to common shareholders | $ | 59,507 | $ | 167,967 | $ | 327,601 | $ | 335,274 | |||||||
Depreciation and amortization of real estate | 35,020 | 40,746 | 160,679 | 166,125 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 2,974 | 3,380 | 12,454 | 14,020 | |||||||||||
Impairment of operating properties and real estate equity investments | 7,571 | 240 | 9,969 | 12,247 | |||||||||||
(Gain) on sale of property and interests in real estate equity investments | (34,650 | ) | (131,393 | ) | (206,930 | ) | (217,659 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (4 | ) | (4,209 | ) | (6,300 | ) | (6,187 | ) | |||||||
Provision (benefit) for income taxes (1) | 444 | 1,232 | 2,223 | (711 | ) | ||||||||||
Noncontrolling interests and other (2) | (610 | ) | (547 | ) | 8,238 | 5,408 | |||||||||
NAREIT FFO - Basic | 70,252 | 77,416 | 307,934 | 308,517 | |||||||||||
Income attributable to operating partnership units | — | — | — | 3,084 | |||||||||||
NAREIT FFO - Diluted | 70,252 | 77,416 | 307,934 | 311,601 | |||||||||||
Adjustments for Core FFO: | |||||||||||||||
Other impairment loss | 134 | 2 | 134 | 3,031 | |||||||||||
Provision (benefit) for income taxes (3) | 6 | 223 | (1,488 | ) | (729 | ) | |||||||||
(Gain) on extinguishment of debt including related swap activity | (41 | ) | — | (3,131 | ) | — | |||||||||
Lease terminations | — | — | (10,023 | ) | — | ||||||||||
Severance costs | — | 1,378 | — | 1,378 | |||||||||||
Storm damage costs | — | 1,018 | — | 1,822 | |||||||||||
Recovery of pre-development costs | — | (949 | ) | — | (949 | ) | |||||||||
Other | (136 | ) | (612 | ) | (911 | ) | 2,292 | ||||||||
Core FFO - Diluted | $ | 70,215 | $ | 78,476 | $ | 292,515 | $ | 318,446 | |||||||
Denominator: | |||||||||||||||
FFO weighted average number of common shares outstanding - Basic | 127,653 | 127,816 | 127,651 | 127,755 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 730 | 848 | 790 | 870 | |||||||||||
Operating partnership units | — | — | — | 1,446 | |||||||||||
FFO weighted average number of common shares outstanding - Diluted | 128,383 | 128,664 | 128,441 | 130,071 | |||||||||||
NAREIT FFO Per Common Share - Basic | $ | 0.55 | $ | 0.61 | $ | 2.41 | $ | 2.41 | |||||||
NAREIT FFO Per Common Share - Diluted | $ | 0.55 | $ | 0.60 | $ | 2.40 | $ | 2.40 | |||||||
Adjustments for Core FFO per common share: | |||||||||||||||
Other impairment loss | — | — | — | 0.02 | |||||||||||
Provision (benefit) for income taxes | — | — | (0.01 | ) | — | ||||||||||
(Gain) on extinguishment of debt including related swap activity | — | — | (0.02 | ) | — | ||||||||||
Lease terminations | — | — | (0.08 | ) | — | ||||||||||
Severance costs | — | 0.01 | — | 0.01 | |||||||||||
Storm damage costs | — | 0.01 | — | 0.01 | |||||||||||
Recovery of pre-development costs | — | (0.01 | ) | — | (0.01 | ) | |||||||||
Other | — | — | (0.01 | ) | 0.02 | ||||||||||
Core FFO Per Common Share - Diluted | $ | 0.55 | $ | 0.61 | $ | 2.28 | $ | 2.45 | |||||||
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
(3) The applicable taxes related to gains and impairments of non-operating assets.
Page 5
Weingarten Realty Investors
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | |||||||||||||||
Net income | $ | 63,229 | $ | 170,653 | $ | 345,343 | $ | 350,715 | |||||||
Interest expense, net (1) | 15,663 | 18,921 | 63,348 | 80,326 | |||||||||||
Provision (benefit) for income taxes | 10 | 2,018 | 1,378 | (17 | ) | ||||||||||
Depreciation and amortization of real estate | 35,280 | 40,986 | 161,838 | 167,101 | |||||||||||
Impairment loss on operating properties and real estate equity investments | 7,722 | 245 | 10,120 | 15,257 | |||||||||||
Gain on sale of property (2) | (34,788 | ) | (132,045 | ) | (207,865 | ) | (218,611 | ) | |||||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 3,874 | 397 | 11,271 | 12,822 | |||||||||||
Total EBITDAre | 90,990 | 101,175 | 385,433 | 407,593 | |||||||||||
Adjustments for Core EBITDAre: | |||||||||||||||
Storm damage costs | — | 1,018 | — | 1,822 | |||||||||||
Recovery of pre-development costs | — | (949 | ) | — | (949 | ) | |||||||||
Severance costs | — | 1,378 | — | 1,378 | |||||||||||
Lease terminations | — | — | (10,023 | ) | — | ||||||||||
Other | (50 | ) | 4 | (47 | ) | 3,158 | |||||||||
Total Core EBITDAre | $ | 90,940 | $ | 102,626 | $ | 375,363 | $ | 413,002 | |||||||
Net Debt to Core EBITDAre: | |||||||||||||||
Debt | $ | 1,794,684 | $ | 2,081,152 | |||||||||||
Less: Cash and cash equivalents | (65,865 | ) | (13,219 | ) | |||||||||||
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | 89,199 | 108,024 | |||||||||||||
Total Net Debt | $ | 1,818,018 | $ | 2,175,957 | |||||||||||
Annualized Core EBITDAre | $ | 363,760 | $ | 410,504 | |||||||||||
Net Debt to Core EBITDAre | 5.00 | 5.30 | |||||||||||||
(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the twelve months ended December 31, 2018.
(2) Includes a $.1 million and $.9 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2018, respectively. Also includes a $.6 million and $.8 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2017, respectively.
(3) Includes a $(.7) million loss on extinguishment of debt for the twelve months ended December 31, 2018.
Page 6
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Rentals, net | |||||||||||||||
Base minimum rent, net | $ | 93,192 | $ | 103,429 | $ | 379,317 | $ | 421,555 | |||||||
Straight line rent | 839 | 1,572 | 5,679 | 5,707 | |||||||||||
Over/Under-market rentals, net | 688 | 784 | 12,803 | 3,748 | |||||||||||
Percentage rent | 1,316 | 1,381 | 4,201 | 4,432 | |||||||||||
Tenant reimbursements | 27,957 | 28,632 | 114,502 | 125,201 | |||||||||||
Total | $ | 123,992 | $ | 135,798 | $ | 516,502 | $ | 560,643 | |||||||
Other Revenues | |||||||||||||||
Customer contract revenue | $ | 2,738 | $ | — | $ | 10,227 | $ | — | |||||||
Outside fee income (1) | — | 1,917 | — | 6,808 | |||||||||||
Miscellaneous revenue | 716 | 1,131 | 3,084 | 3,172 | |||||||||||
Other rental revenues | 363 | 486 | 1,002 | 1,926 | |||||||||||
Lease cancellation revenue | 10 | 35 | 332 | 614 | |||||||||||
Total | $ | 3,827 | $ | 3,569 | $ | 14,645 | $ | 12,520 | |||||||
Interest Expense, net | |||||||||||||||
Interest paid or accrued | $ | 17,422 | $ | 19,790 | $ | 71,899 | $ | 82,404 | |||||||
Gain on extinguishment of debt including related swap activity | — | — | (3,759 | ) | — | ||||||||||
Amortization of debt deferred costs | 874 | 987 | 3,546 | 3,890 | |||||||||||
Over/Under-market mortgage adjustment of acquired properties, net | (82 | ) | (302 | ) | (400 | ) | (1,100 | ) | |||||||
Gross interest expense | 18,214 | 20,475 | 71,286 | 85,194 | |||||||||||
Capitalized interest | (2,551 | ) | (1,554 | ) | (7,938 | ) | (4,868 | ) | |||||||
Total | $ | 15,663 | $ | 18,921 | $ | 63,348 | $ | 80,326 | |||||||
Interest and Other Income/Expense | |||||||||||||||
Deferred compensation investment (loss) income | $ | (2,203 | ) | $ | 1,413 | $ | 289 | $ | 5,651 | ||||||
Pension costs | 246 | (68 | ) | 443 | (383 | ) | |||||||||
Other | 29 | 1,977 | 2,075 | 2,264 | |||||||||||
Total | $ | (1,928 | ) | $ | 3,322 | $ | 2,807 | $ | 7,532 | ||||||
Supplemental Analyst Information | |||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |||||||||||||||
Net income from unconsolidated real estate joint ventures and partnerships | $ | 4,948 | $ | 8,361 | $ | 23,120 | $ | 23,716 | |||||||
Intercompany fee income reclass | 601 | 622 | 2,527 | 2,571 | |||||||||||
Other adjustments | 188 | 125 | (577 | ) | 787 | ||||||||||
Equity in earnings of real estate joint ventures and partnerships, net | $ | 5,737 | $ | 9,108 | $ | 25,070 | $ | 27,074 | |||||||
Dividends | |||||||||||||||
Common Dividends per Share | $ | 1.795 | $ | 1.135 | $ | 2.980 | $ | 2.290 | |||||||
Common Dividends Paid as a % of Reported Funds from Operations - Basic | 327.9 | % | 188.3 | % | 124.2 | % | 95.3 | % | |||||||
Common Dividends Paid as a % of Core Funds from Operations - Basic | 328.1 | % | 185.8 | % | 130.8 | % | 93.2 | % | |||||||
General and Administrative Expenses | |||||||||||||||
General and Administrative Expenses/Total Revenue | 5.7 | % | 5.6 | % | 4.7 | % | 4.9 | % | |||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.15 | % | 0.14 | % | 0.51 | % | 0.52 | % | |||||||
Additional Disclosures for Revenues and Operating Expenses | |||||||||||||||
Minority Interests Share of Revenues and Operating Expenses and Other Adjustments | $ | (1,497 | ) | $ | (1,456 | ) | $ | (5,805 | ) | $ | (5,667 | ) | |||
Pro rata Share of Unconsolidated Joint Ventures | |||||||||||||||
Revenues | 12,714 | 13,024 | 51,459 | 53,653 | |||||||||||
Operating expense | (2,345 | ) | (2,465 | ) | (9,331 | ) | (9,361 | ) | |||||||
Real estate taxes | (1,500 | ) | (1,759 | ) | (7,470 | ) | (7,489 | ) | |||||||
Revenues and Operating Expenses from Sold Properties | 2,515 | 14,611 | 22,282 | 69,422 |
(1) Non-recurring outside fee income for the twelve months ended December 31, 2017 was $.11 million. Outside fee income was reclassified to Customer contract revenue as of January 1, 2018. See page 45 for additional details of changes due to the implementation of FASB ASU No. 2014-09, "Revenue from Contracts with Customers."
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 7
Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)
December 31, | |||||||
2018 | 2017 | ||||||
Property | |||||||
Land | $ | 919,237 | $ | 1,068,022 | |||
Land held for development | 45,673 | 69,205 | |||||
Land under development | 55,793 | 48,985 | |||||
Buildings and improvements | 2,927,954 | 3,232,074 | |||||
Construction in-progress | 156,411 | 80,573 | |||||
Total | $ | 4,105,068 | $ | 4,498,859 | |||
Straight Line Rent Receivable | |||||||
$ | 61,487 | $ | 62,702 | ||||
Other Assets, net | |||||||
Notes receivable and mortgage bonds, net | $ | 24,995 | $ | 27,063 | |||
Debt service guaranty asset | 60,900 | 64,145 | |||||
Non-qualified benefit plan assets | 30,999 | 31,500 | |||||
Out-of-market leases, net | 18,564 | 26,834 | |||||
Investments | 9,635 | 11,695 | |||||
Deferred income tax asset | 6,495 | 7,587 | |||||
Interest rate derivative | — | 2,035 | |||||
Unamortized debt costs, net | 1,307 | 2,255 | |||||
Other | 7,283 | 11,499 | |||||
Total | $ | 160,178 | $ | 184,613 | |||
Other Liabilities, net | |||||||
Deferred revenue | $ | 13,568 | $ | 9,197 | |||
Non-qualified benefit plan liabilities | 68,387 | 69,257 | |||||
Deferred income tax payable | 6,488 | 7,250 | |||||
Out-of-market leases, net | 57,997 | 77,722 | |||||
Other | 21,963 | 25,756 | |||||
Total | $ | 168,403 | $ | 189,182 | |||
Identified Intangible Assets and Liabilities | |||||||
Identified Intangible Assets: | |||||||
Above-market leases (included in Other Assets, net) | $ | 38,181 | $ | 44,231 | |||
Above-market leases - Accumulated Amortization | (19,617 | ) | (17,397 | ) | |||
In place leases (included in Unamortized Lease Costs, net) | 193,658 | 224,201 | |||||
In place leases - Accumulated Amortization | (99,352 | ) | (96,202 | ) | |||
Total | $ | 112,870 | $ | 154,833 | |||
Identified Intangible Liabilities: | |||||||
Below-market leases (included in Other Liabilities, net) | $ | 85,742 | $ | 105,794 | |||
Below-market leases - Accumulated Amortization | (27,745 | ) | (28,072 | ) | |||
Above-market assumed mortgages (included in Debt, net) | 3,446 | 10,063 | |||||
Above-market assumed mortgages - Accumulated Amortization | (1,660 | ) | (6,081 | ) | |||
Total | $ | 59,783 | $ | 81,704 |
Page 8
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
December 31, | |||||||
2018 | 2017 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 24.81 | $ | 32.87 | |||
Capitalization | |||||||
Debt | $ | 1,794,684 | $ | 2,081,152 | |||
Common Shares at Market | 3,183,942 | 4,222,053 | |||||
Operating Partnership Units at Market | 35,528 | 47,070 | |||||
Total Market Capitalization (As reported) | $ | 5,014,154 | $ | 6,350,275 | |||
Debt to Total Market Capitalization (As reported) | 35.8 | % | 32.8 | % | |||
Debt to Total Market Capitalization (As reported at a constant share price of $32.87) | 29.6 | % | 32.8 | % | |||
Debt to Total Market Capitalization (Pro rata) | 36.4 | % | 33.5 | % | |||
Capital Availability | |||||||
Revolving Credit Facility | $ | 500,000 | $ | 500,000 | |||
Less: | |||||||
Balance Outstanding Under Revolving Credit Facility | 5,000 | — | |||||
Outstanding Letters of Credit Under Revolving Facility | 2,054 | 6,390 | |||||
Unused Portion of Credit Facility | $ | 492,946 | $ | 493,610 |
Significant Covenant Ratios | ||||||||
Restrictions | ||||||||
Debt to Asset Ratio (Public) | Less than 60.0% | 38.1 | % | 40.7 | % | |||
Secured Debt to Asset Ratio (Public) | Less than 40.0% | 7.1 | % | 8.1 | % | |||
Unencumbered Asset Test (Public) | Greater than 150% | 284.0 | % | 264.4 | % | |||
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) | Greater than 1.5x | 4.3x | 3.9x |
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 9
Weingarten Realty Investors
Guidance
2019 Guidance | |
Net income attributable to common shareholders | $1.77 - $1.89 |
Depreciation and amortization | 1.23 - 1.25 |
(Gain) on sale of property and interests in RE equity investments | (0.93) - (0.99) |
NAREIT FFO - Basic | 2.07 - 2.15 |
Income attributable to operating partnership units | 0.02 - 0.02 |
NAREIT FFO Per Common Share - Diluted | $2.09 - $2.17 |
Core FFO Per Common Share - Diluted | $2.09 - $2.17 |
Portfolio Activity ($ in millions) | |
Acquisitions | $50 - $150 |
Re / New Development | $175 - $225 |
Dispositions | $250 - $350 |
Operating Information | |
Same Property Net Operating Income with redevelopments | +2.0% to +3.0% |
2019 Annual Guidance Rollforward | ||||
Low | High | Notes | ||
2018 Core FFO Per Common Share - Diluted | $2.28 | $2.28 | ||
Same Property NOI Growth with redevelopment | 0.06 | 0.10 | Guidance of 2.0% - 3.0% | |
Investment Activity NOI | ||||
2018 Dispositions | (0.18) | (0.18) | ||
2019 Dispositions | (0.07) | (0.13) | Guidance of $250M - $350M | |
2019 Acquisitions | 0.01 | 0.03 | Guidance of $50M - $150M | |
Incremental New/ Re Development NOI | (0.01) | (0.01) | ||
Net Investment Activity | (0.25) | (0.29) | ||
Net General and Administrative Expense | (0.01) | 0.00 | ||
Implementation of Lease Accounting Change (ASC 842) | (0.07) | (0.08) | ||
Net Interest Expense | 0.06 | 0.07 | ||
All Other | 0.02 | 0.09 | ||
2019 Core FFO Per Common Share - Diluted | $2.09 | $2.17 |
Page 10
Investment Activity
Weingarten Realty Investors
Capital Expenditures
(at pro rata share)
(in thousands)
Three Months Ended December 31, 2018 | Twelve Months Ended December 31, 2018 | Twelve Months Ended December 31, 2017 | ||||||||||
Acquisitions | $ | — | $ | 1,250 | $ | 1,900 | ||||||
New Development | 20,015 | 84,546 | 93,120 | |||||||||
Redevelopment | 18,276 | 54,769 | 30,436 | |||||||||
Building and Site Improvements | 5,978 | 20,859 | 24,354 | |||||||||
Tenant Finish | 7,714 | 32,626 | 23,808 | |||||||||
External Leasing Commissions | 717 | 3,939 | 4,357 | |||||||||
Capital Expenditures | $ | 52,700 | $ | 197,989 | $ | 177,975 | ||||||
Note: | ||||||||||||
Internal Leasing Fees are approximately $9.2 million and $9.6 million for the twelve months ended December 31, 2018 and December 31, 2017, 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 12
Weingarten Realty Investors
Development and Redevelopment Projects
As of December 31, 2018
(at pro rata share, except multi-family units)
(in thousands, except percentages and multi-family units)
Estimated Final | ||||||||||||||||
WRI | Percentage | Costs | Total at | Estimated | Occupancy | |||||||||||
Property | Market | Own % | SF | Leased | Incurred to Date | Completion | ROI | Stabilized | Key Tenants / Description | |||||||
Developments and Large Redevelopments Under Construction (1,2) | ||||||||||||||||
The Whittaker | Seattle, WA | 100% | Retail = 63 SF | 94.8% | $ | 28,557 | $ | 30,867 | 2H 18 | Whole Foods | ||||||
West Alex | Alexandria, VA | 100% | Retail = 100 SF | 16.3% | 120,427 | 196,623 | 2H 22 | Harris Teeter | ||||||||
Office = 23 SF | ||||||||||||||||
Multifamily = 278 units | ||||||||||||||||
Centro Arlington (3) | Arlington, VA | 90% | Retail = 65 SF | 14.2% | 75,998 | 135,000 | 2H 20 | Harris Teeter | ||||||||
Multifamily = 366 units | ||||||||||||||||
The Driscoll at River Oaks | Houston, TX | 100% | Retail = 11 SF | 0.0% | 21,592 | 150,000 | 1H 22 | 30-Story Residential High-Rise and | ||||||||
Multifamily = 318 units | 11,000 SF Retail | |||||||||||||||
14.6% | $ | 246,574 | $ | 512,490 | 5.6% | |||||||||||
Redevelopments Under Construction (2) | ||||||||||||||||
Sunset Point 19 | Clearwater, FL | 100% | 142 | $ | 19,512 | $ | 23,090 | 2H 19 | Sprouts, Bed Bath & Beyond, DSW | |||||||
River Point at Sheridan (4) | Denver, CO | 100% | 53 | 1,056 | 12,541 | 2H 20 | Burlington, new shop space building, and pads | |||||||||
Winter Park Corners | Orlando, FL | 100% | 43 | 8,712 | 12,082 | 1H 19 | Sprouts and two new shop space buildings | |||||||||
The Shoppes at Wilderness Oaks | San Antonio, TX | 100% | 20 | 6,730 | 7,295 | 2H 20 | 20,000 SF multi-tenant building, and pads. | |||||||||
Rock Prairie Marketplace | College Station, TX | 100% | 28 | 4,421 | 6,056 | 1H 20 | Valero, multi-tenant building, and pads | |||||||||
Tomball Marketplace | Houston, TX | 100% | 27 | 36% | 4,142 | 5,367 | 1H 19 | Three new shop space buildings | ||||||||
All other redevelopments < $5 million (9 properties) | 74 | 19% | 20,257 | 24,352 | various | |||||||||||
$ | 64,830 | $ | 90,783 | 8.0 - 14.0% | ||||||||||||
Developments and Large Redevelopments Under Construction completions | ||||||||||||||||
QTD Completed | YTD Completed | 1Q'19E | 2Q'19E | 3Q'19E | 4Q'19E | 1Q'20E | Remaining Balance | |||||||||
Completions ($) | 1,739 | 3,029 | — | $0 - $2,000 | $0 - $3,000 | $17,800 - $22,800 | $70,600 - $75,600 | $338,100 - $343,100 | ||||||||
Weighted Return (%) | 6.9% | 6.8% | — | 6.6% - 7.1% | 6.6% - 7.1% | 4.9% - 5.4% | 5.6% - 6.1% | 5.3% - 5.9% | ||||||||
Net Revenues and Operating Expenses (Annualized) | 119 | 206 | — | $0 - $140 | $0 - $210 | $865 - $1,220 | $3,900 - $4,600 | $17,800 - $20,135 | ||||||||
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter): | $ | 508 | ||||||||||||||
Cash NOI Redevelopments Under Construction (Current Quarter): | $ | 1,107 | ||||||||||||||
(1) | Large redevelopment is defined where total incremental investment is over $50 million. | |||||||||||||||
(2) | Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. | |||||||||||||||
(3) | WRI will participate in the development of this mixed-use property. WRI will have a 90% equity interest in the property and is committed to fund an additional $57 million in imputed debt. | |||||||||||||||
(4) | Property was added in Q418. | |||||||||||||||
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, 2018
(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 | % | 44.7 | |||||||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.0 | |||||||||||
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC | 100.0 | % | 20.9 | |||||||||||
Hwy. 85 & Hwy. 285, Sheridan, CO | 100.0 | % | 8.6 | |||||||||||
US Hwy. 17 & US Hwy. 74/76, Leland, NC | 100.0 | % | 7.9 | |||||||||||
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 | 121.0 | $ | 18,541 | $ | 17,072 | |||||||||
Other Raw Land | ||||||||||||||
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX | 50.0 | % | 120.4 | |||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta, GA | 100.0 | % | 24.1 | |||||||||||
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ | 100.0 | % | 9.7 | |||||||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 9.1 | |||||||||||
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 | |||||||||||
Other | 100.0 | % | 22.6 | |||||||||||
Total Raw Land | 201.0 | $ | 32,338 | $ | 20,210 | |||||||||
Total Land Held For Development Properties | 322.0 | $ | 50,879 | $ | 37,282 |
(1) Net of impairment and valuation adjustments.
Notes:
Land costs account for $42 million of total investment at 100%, $29.1 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
Acquisition and Disposition Summary
For the Period Ended December 31, 2018
(at pro rata share)
(in thousands, except percentages)
Center | City/State | Sq. Ft. at 100% | Date Acquired | Purchase Price | Yield (1) | ||||||||||
Acquisitions | |||||||||||||||
Roswell Corners Land | Roswell, GA | N/A | 03/06/18 | ||||||||||||
Total Acquisitions | $ | 1,250 | — | % | |||||||||||
Date Sold | Sales Price (2) | Weighted Sales Cap (3) | |||||||||||||
Dispositions | |||||||||||||||
1st Quarter | |||||||||||||||
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 | ||||||||||||
Auto Zone at Green Valley Ranch | Denver, CO | 7 | 02/21/18 | ||||||||||||
Paradise Marketplace | Las Vegas, NV | 78 | 02/28/18 | ||||||||||||
Palmilla Center | Avondale, AZ | 104 | 03/07/18 | ||||||||||||
Stoneridge Towne Centre* (4) | Moreno Valley, CA | 20 | 03/16/18 | ||||||||||||
2nd Quarter | |||||||||||||||
Stoneridge Towne Centre* (4) | Moreno Valley, CA | 15 | 04/26/18 | ||||||||||||
Tropicana Marketplace | Las Vegas, NV | 69 | 04/27/18 | ||||||||||||
Braeswood Square | Houston, TX | 99 | 04/27/18 | ||||||||||||
Crestview Land | Houston, TX | N/A | 05/15/18 | ||||||||||||
Eastern Commons | Henderson, NV | 66 | 05/23/18 | ||||||||||||
Valley View Center | San Antonio, TX | 91 | 05/30/18 | ||||||||||||
Dallas Commons | Dallas, GA | 25 | 06/08/18 | ||||||||||||
Stoneridge Towne Centre* (4) | Moreno Valley, CA | 7 | 06/22/18 | ||||||||||||
Wake Forest Crossing II | Wake Forest, NC | 15 | 06/27/18 | ||||||||||||
3rd Quarter | |||||||||||||||
Surf City Crossing | Wilmington, NC | 63 | 07/09/18 | ||||||||||||
South Fulton Crossing Land | Union City, GA | N/A | 07/10/18 | ||||||||||||
Regency Centre | Lexington, KY | 143 | 08/03/18 | ||||||||||||
Cullen Plaza | Houston, TX | 85 | 08/10/18 | ||||||||||||
Stoneridge Towne Centre* (4) | Moreno Valley, CA | 117 | 09/28/18 | ||||||||||||
4th Quarter | |||||||||||||||
Cherry Creek Retail Center | Glendale, CO | 78 | 10/22/18 | ||||||||||||
Tropicana Beltway Center | Las Vegas, NV | 246 | 10/25/18 | ||||||||||||
Stevens Ranch Shopping Center Land | San Antonio, TX | N/A | 11/08/18 | ||||||||||||
Decatur 215 | Las Vegas, NV | 127 | 11/16/18 | ||||||||||||
Oracle Crossings | Tucson, AZ | 251 | 12/12/18 | ||||||||||||
The Shoppes at Parkwood Ranch | Mesa, AZ | 93 | 12/21/18 | ||||||||||||
1919 North Loop West | Houston, TX | 138 | 12/21/18 | ||||||||||||
Festival Plaza Land | Helotes, TX | N/A | 12/21/18 | ||||||||||||
Seminole Towne Center | Sanford, FL | 315 | 12/27/18 | ||||||||||||
Total Dispositions | $ | 635,228 | 7.3 | % | |||||||||||
(1) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income. | |||||||||||||||
(2) Sales price represents the total contract price. | |||||||||||||||
(3) Cap rates are based upon underwriting estimates and may be different than current returns. | |||||||||||||||
(4) Partial sale | |||||||||||||||
* Unconsolidated real estate joint venture activity | |||||||||||||||
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 15
Summary of Debt
Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
December 31, 2018 | 4th Quarter Weighted Average Rate (1) | December 31, 2017 | 4th Quarter Weighted Average Rate (1) | |||||||||||
Outstanding Balance Summary | ||||||||||||||
Mortgage Debt | $ | 316,340 | 4.66 | % | $ | 393,981 | 4.56 | % | ||||||
3.375% Notes due 2022 | 298,909 | 3.38 | % | 299,402 | 3.38 | % | ||||||||
3.5% Notes due 2023 | 299,008 | 3.50 | % | 299,196 | 3.50 | % | ||||||||
4.45% Notes due 2024 | 245,648 | 4.45 | % | 249,338 | 4.45 | % | ||||||||
3.85% Notes due 2025 | 239,245 | 3.85 | % | 248,516 | 3.85 | % | ||||||||
3.25% Notes due 2026 | 248,329 | 3.25 | % | 248,140 | 3.25 | % | ||||||||
Term Loan (2) | — | 200,000 | 2.47 | % | ||||||||||
Unsecured Notes Payable (MTN) | 66,285 | 6.70 | % | 66,285 | 6.70 | % | ||||||||
Revolving Credit Agreements (3) | 5,000 | 3.34 | % | — | 2.17 | % | ||||||||
Obligations under Capital Leases | 21,898 | 8.00 | % | 21,000 | 8.00 | % | ||||||||
Unamortized Loan Costs | (6,878 | ) | (8,851 | ) | ||||||||||
Subtotal Consolidated Debt | 1,733,784 | 4.01 | % | 2,017,007 | 3.85 | % | ||||||||
Debt Service Guarantee Liability (4) | 60,900 | 64,145 | ||||||||||||
Total Consolidated Debt - As Reported | $ | 1,794,684 | 4.01 | % | $ | 2,081,152 | 3.85 | % | ||||||
As Reported | ||||||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 12/31/18 | 4.01 | % | ||||||||||||
Twelve months ended 12/31/18 | 3.94 | % | ||||||||||||
Three months ended 12/31/17 | 3.85 | % | ||||||||||||
Twelve months ended 12/31/17 | 3.80 | % | ||||||||||||
(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 was paid off in the second quarter and related swaps were terminated effective March 27, 2018. |
(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% in the fourth quarter 2017. Our average outstanding balance under the revolver was $.3 million for the fourth quarter 2018. |
(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, 2018 | ||||||||||||||
Fixed-rate debt | $ | 1,822,288 | 3.95 | % | 98.8 | % | 5.73 | |||||||
Variable-rate debt | 22,685 | 4.01 | % | 1.2 | % | 0.73 | ||||||||
Total | $ | 1,844,973 | 3.95 | % | 100.0 | % | 5.67 | |||||||
As of December 31, 2017 | ||||||||||||||
Fixed-rate debt | $ | 2,131,968 | 3.86 | % | 99.2 | % | ||||||||
Variable-rate debt | 17,889 | 2.43 | % | 0.8 | % | |||||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | ||||||||
Secured vs. Unsecured Debt | ||||||||||||||
As of December 31, 2018 | ||||||||||||||
Secured Debt | $ | 387,541 | 4.55 | % | 21.0 | % | 5.54 | |||||||
Unsecured Debt | 1,457,432 | 3.78 | % | 79.0 | % | 5.70 | ||||||||
Total | $ | 1,844,973 | 3.95 | % | 100.0 | % | 5.67 | |||||||
As of December 31, 2017 | ||||||||||||||
Secured Debt | $ | 482,395 | 4.54 | % | 22.4 | % | ||||||||
Unsecured Debt | 1,667,462 | 3.62 | % | 77.6 | % | |||||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | ||||||||
Additional Information | December 31, | December 31, | ||||||||||||
Reconciling items to pro rata debt | 2018 | 2017 | ||||||||||||
Noncontrolling Interests and Other Adjustments | $ | (39,174 | ) | $ | (39,338 | ) | ||||||||
WRI Share of Unconsolidated Joint Ventures | $ | 89,463 | $ | 108,043 | ||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 12/31/18 | 3.95 | % | ||||||||||||
Twelve months ended 12/31/18 | 3.93 | % | ||||||||||||
Three months ended 12/31/17 | 3.83 | % | ||||||||||||
Twelve months ended 12/31/17 | 3.78 | % | ||||||||||||
(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, 2018
(in thousands, except percentages)
As Reported | ||||||
Maturities | Weighted Average Rate (2) | |||||
2019 | $ | 73,004 | 4.80% | |||
2020 | 5,296 | 4.10% | ||||
2021 | 18,434 | 4.08% | ||||
2022 | 307,922 | 3.40% | ||||
2023 | 347,815 | 3.59% | ||||
2024 | 252,153 | 4.44% | ||||
2025 | 293,807 | 3.94% | ||||
2026 | 277,291 | 3.55% | ||||
2027 | 38,288 | 6.52% | ||||
2028 | 92,159 | 4.53% | ||||
Thereafter | 10,435 | 3.66% | ||||
Subtotal | 1,716,604 | |||||
Revolving Credit Agreements | 5,000 | 3.38% | ||||
Other (1) | 73,080 | |||||
Total | $ | 1,794,684 | 3.94% |
(1) | Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, 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. |
Page 19
Weingarten Realty Investors
Schedule of Maturities Additional Disclosure
As of December 31, 2018
(at pro rata share)
(in thousands, except percentages)
Maturities | Weighted Average Rate (2) | Floating Rate | Fixed Rate | Secured | Unsecured | ||||||||||||||||
2019 | $ | 75,567 | 4.86% | $ | 17,685 | $ | 57,882 | $ | 75,567 | ||||||||||||
2020 | 45,332 | 4.23% | 45,332 | 45,332 | |||||||||||||||||
2021 | 53,193 | 4.06% | 53,193 | 53,193 | |||||||||||||||||
2022 | 308,176 | 3.40% | 308,176 | 8,786 | 299,390 | ||||||||||||||||
2023 | 312,823 | 3.53% | 312,823 | 13,153 | 299,670 | ||||||||||||||||
2024 | 253,305 | 4.44% | 253,305 | 7,105 | 246,200 | ||||||||||||||||
2025 | 294,958 | 3.95% | 294,958 | 54,453 | 240,505 | ||||||||||||||||
2026 | 278,182 | 3.56% | 278,182 | 5,212 | 272,970 | ||||||||||||||||
2027 | 42,213 | 6.33% | 42,213 | 8,468 | 33,745 | ||||||||||||||||
2028 | 92,865 | 4.54% | 92,865 | 83,295 | 9,570 | ||||||||||||||||
Thereafter | 10,435 | 3.66% | 10,435 | 10,435 | |||||||||||||||||
Subtotal | 1,767,049 | 17,685 | 1,749,364 | 364,999 | 1,402,050 | ||||||||||||||||
Revolving Credit Agreements | 5,000 | 3.38% | 5,000 | 5,000 | |||||||||||||||||
Other (1) | 72,924 | 72,924 | 22,542 | 50,382 | |||||||||||||||||
Total | $ | 1,844,973 | 3.93% | $ | 22,685 | $ | 1,822,288 | $ | 387,541 | $ | 1,457,432 |
(1) | Other includes capital leases, fair value adjustments, debt service guarantee liability, 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.
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 | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 24,438 | $ | 24,455 | $ | 97,499 | $ | 99,798 | |||||||
Straight line rent | 57 | 158 | (47 | ) | (190 | ) | |||||||||
Over/Under-market rentals, net | 75 | 66 | 367 | 288 | |||||||||||
Percentage rent | 241 | 349 | 429 | 848 | |||||||||||
Tenant reimbursements | 7,872 | 7,903 | 32,322 | 32,201 | |||||||||||
Other revenues | 970 | 306 | 3,405 | 4,474 | |||||||||||
Total | 33,653 | 33,237 | 133,975 | 137,419 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 7,841 | 8,419 | 32,005 | 34,818 | |||||||||||
Interest, net | 2,427 | 2,908 | 11,905 | 11,836 | |||||||||||
Operating | 6,038 | 6,221 | 24,112 | 23,876 | |||||||||||
Real estate taxes, net | 3,978 | 4,371 | 18,839 | 18,865 | |||||||||||
General and administrative | 123 | 100 | 696 | 623 | |||||||||||
Provision for income taxes | 32 | 35 | 138 | 112 | |||||||||||
Total | 20,439 | 22,054 | 87,695 | 90,130 | |||||||||||
Gain on dispositions | 4 | 8,529 | 9,495 | 12,492 | |||||||||||
Net income | $ | 13,218 | $ | 19,712 | $ | 55,775 | $ | 59,781 | |||||||
Condensed Balance Sheets | |||||||||||||||
December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 1,268,557 | $ | 1,241,004 | |||||||||||
Accumulated depreciation | (305,327 | ) | (285,033 | ) | |||||||||||
Property, net | 963,230 | 955,971 | |||||||||||||
Other assets, net | 104,267 | 115,743 | |||||||||||||
Total | $ | 1,067,497 | $ | 1,071,714 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 269,113 | $ | 298,124 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 11,732 | 12,017 | |||||||||||||
Other liabilities, net | 24,717 | 24,759 | |||||||||||||
Total | 305,562 | 334,900 | |||||||||||||
Equity | 761,935 | 736,814 | |||||||||||||
Total | $ | 1,067,497 | $ | 1,071,714 |
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 | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenues: | |||||||||||||||
Base minimum rent, net | $ | 9,209 | $ | 9,676 | $ | 37,267 | $ | 39,398 | |||||||
Straight line rent | 7 | 8 | (281 | ) | (120 | ) | |||||||||
Over/Under-market rentals, net | 5 | (8 | ) | 50 | (29 | ) | |||||||||
Percentage rent | 78 | 117 | 141 | 330 | |||||||||||
Tenant reimbursements | 2,906 | 3,099 | 12,486 | 12,858 | |||||||||||
Other revenues | 509 | 132 | 1,796 | 1,216 | |||||||||||
Total | 12,714 | 13,024 | 51,459 | 53,653 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 2,974 | 3,380 | 12,454 | 14,020 | |||||||||||
Interest, net | 888 | 1,209 | 5,050 | 4,937 | |||||||||||
Operating | 2,345 | 2,465 | 9,331 | 9,361 | |||||||||||
Real estate taxes, net | 1,500 | 1,759 | 7,470 | 7,489 | |||||||||||
General and administrative | 47 | 42 | 267 | 265 | |||||||||||
Provision for income taxes | 16 | 17 | 67 | 52 | |||||||||||
Total | 7,770 | 8,872 | 34,639 | 36,124 | |||||||||||
Gain on dispositions | 4 | 4,209 | 6,300 | 6,187 | |||||||||||
Net income | $ | 4,948 | $ | 8,361 | $ | 23,120 | $ | 23,716 | |||||||
Condensed Balance Sheets | |||||||||||||||
December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 514,578 | $ | 491,105 | |||||||||||
Accumulated depreciation | (112,336 | ) | (106,299 | ) | |||||||||||
Property, net | 402,242 | 384,806 | |||||||||||||
Notes receivable from real estate joint ventures and partnerships | 3,901 | 4,161 | |||||||||||||
Unamortized lease costs, net | 11,794 | 13,954 | |||||||||||||
Accrued rent, accrued customer contracts and accounts receivable (net of allowance for doubtful accounts of $293 in 2018 and $285 in 2017) | 10,060 | 10,814 | |||||||||||||
Cash and cash equivalents | 14,436 | 16,775 | |||||||||||||
Out-of-market leases, net | 757 | 1,074 | |||||||||||||
Other assets, net | 1,774 | 1,947 | |||||||||||||
Total | $ | 444,964 | $ | 433,531 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 89,199 | $ | 108,024 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 4,950 | 5,154 | |||||||||||||
Accounts payable and accrued expenses | 8,129 | 6,403 | |||||||||||||
Deferred revenue | 1,098 | 939 | |||||||||||||
Out-of-market leases, net | 2,416 | 3,236 | |||||||||||||
Other liabilities, net | 281 | 337 | |||||||||||||
Total | 106,073 | 124,093 | |||||||||||||
Equity | 338,891 | 309,438 | |||||||||||||
Total | $ | 444,964 | $ | 433,531 |
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, 2018
(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 | $ | 122,966 | $ | — | ||||||||
Collins | 8 | 1,168 | 114,903 | 15,902 | ||||||||||
AEW - Institutional Client | 5 | 437 | 100,760 | — | ||||||||||
BIT Retail | 3 | 721 | 136,048 | — | ||||||||||
Jamestown | 6 | 1,216 | 143,627 | 169,530 | ||||||||||
Fidelis Realty Partners | 1 | 491 | 125,641 | 70,990 | ||||||||||
Sleiman Enterprises | 2 | 178 | 16,523 | 12,691 | ||||||||||
Bouwinvest | 3 | 359 | 164,673 | — | ||||||||||
Other | 4 | 686 | 142,356 | — | ||||||||||
Total | 34 | 5,687 | $ | 1,067,497 | $ | 269,113 |
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, 2018
(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 | $ | 16,100 | 6.2% | 6.2 | ||||||
Jamestown | 6 | 170,000 | 2.7% | 2.6 | |||||||
Fidelis Realty Partners | 1 | 71,054 | 4.3% | 1.9 | |||||||
Sleiman Enterprises | 2 | 12,764 | 4.2% | 7.5 | |||||||
Total | 11 | $ | 269,918 | 3.4% | 4.3 | ||||||
Schedule of Maturities | ||||||||||
Maturities (1)(2) | Weighted Average Rate | |||||||||
2019 | $ | 6,020 | 4.6% | |||||||
2020 | 70,982 | 4.6% | ||||||||
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% | ||||||||
2028 | 1,413 | 6.4% | ||||||||
Total | $ | 269,918 |
(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, 2018
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities | |||||||
Maturities (1)(2) | Weighted Average Rate | ||||||
2019 | $ | 3,252 | 4.6% | ||||
2020 | 40,755 | 4.5% | |||||
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% | |||||
2028 | 706 | 6.4% | |||||
Total | $ | 89,463 |
(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, 2018
(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 | 21 | $ | 9,534 | 2.35 | % | 1,179 | 5.15 | % | ||||||||||
2 | TJX Companies, Inc. | A+/A2 | 34 | 8,913 | 2.20 | % | 862 | 3.76 | % | |||||||||||
3 | Whole Foods Market, Inc. | A+/A3 | 8 | 7,510 | 1.85 | % | 347 | 1.52 | % | |||||||||||
4 | Ross Stores, Inc. | A-/A3 | 29 | 7,399 | 1.82 | % | 608 | 2.65 | % | |||||||||||
5 | H-E-B | N/A/N/A | 8 | 7,213 | 1.78 | % | 540 | 2.36 | % | |||||||||||
6 | Petsmart, Inc. | CCC/Caa1 | 19 | 5,371 | 1.32 | % | 335 | 1.46 | % | |||||||||||
7 | Albertsons | N/A/N/A | 13 | 5,136 | 1.27 | % | 581 | 2.54 | % | |||||||||||
8 | 24 Hour Fitness Inc. | B/B2 | 7 | 4,979 | 1.23 | % | 197 | 0.86 | % | |||||||||||
9 | Home Depot, Inc. | A/A2 | 4 | 4,795 | 1.18 | % | 435 | 1.90 | % | |||||||||||
10 | Bed Bath & Beyond, Inc. | BB+/Baa3 | 15 | 3,900 | 0.96 | % | 350 | 1.53 | % | |||||||||||
11 | Office Depot, Inc. | B/Ba3 | 18 | 3,821 | 0.94 | % | 322 | 1.41 | % | |||||||||||
12 | Dollar Tree Stores, Inc. | BBB-/Baa3 | 33 | 3,816 | 0.94 | % | 338 | 1.48 | % | |||||||||||
13 | Best Buy, Inc. | BBB/Baa1 | 7 | 3,591 | 0.89 | % | 209 | 0.91 | % | |||||||||||
14 | Dick's Sporting Goods | N/A/N/A | 5 | 3,182 | 0.78 | % | 171 | 0.75 | % | |||||||||||
15 | Petco Animal Supplies, Inc. | CCC+/B3 | 15 | 3,068 | 0.76 | % | 165 | 0.72 | % | |||||||||||
16 | Walmart Stores, Inc. | AA/Aa2 | 6 | 3,035 | 0.75 | % | 453 | 1.98 | % | |||||||||||
17 | Barnes & Noble Inc. | N/A/N/A | 6 | 2,600 | 0.64 | % | 153 | 0.67 | % | |||||||||||
18 | Starbucks Corporation | BBB+/Baa1 | 36 | 2,464 | 0.61 | % | 57 | 0.25 | % | |||||||||||
19 | Nordstrom | BBB+/Baa1 | 4 | 2,366 | 0.58 | % | 90 | 0.39 | % | |||||||||||
20 | Hobby Lobby Stores, Inc. | N/A/N/A | 5 | 2,301 | 0.57 | % | 258 | 1.13 | % | |||||||||||
21 | JPMorgan Chase Bank | A+/Aa2 | 18 | 2,214 | 0.55 | % | 65 | 0.28 | % | |||||||||||
22 | Party City | B+/Ba3 | 14 | 2,192 | 0.54 | % | 143 | 0.62 | % | |||||||||||
23 | CVS | BBB/Baa2 | 13 | 2,181 | 0.54 | % | 155 | 0.68 | % | |||||||||||
24 | Gap, Inc. | BB+/Baa2 | 7 | 2,168 | 0.53 | % | 99 | 0.43 | % | |||||||||||
25 | Ascena Retail Group | B/Ba3 | 17 | 2,091 | 0.52 | % | 88 | 0.38 | % | |||||||||||
Grand Total | 362 | $ | 105,840 | 26.10 | % | 8,200 | 35.81 | % |
(1 | ) | Tenant Names: | DBA Names: | |
The Kroger Co. | Kroger (9), Harris Teeter (5), Fry's Food (3), King Soopers (2), Ralph's (1), Smith's Food (1) | |||
TJX Companies, Inc. | Marshalls (15), T.J. Maxx (13), Home Goods (6) | |||
Ross Stores, Inc. | Ross Dress for Less (26), dd's Discounts (3) | |||
Albertsons | Safeway (6), Randall's (3), Albertsons (2), Von's (2) | |||
Bed Bath & Beyond, Inc. | Bed Bath & Beyond (8), Cost Plus (5), buybuy BABY (2) | |||
Office Depot, Inc. | Office Depot (11), Office Max (7) | |||
Dollar Tree Stores, Inc. | Dollar Tree (30), Family Dollar (3) | |||
Dick's Sporting Goods | Dick's Sporting Goods (3), Golf Galaxy (2) | |||
Walmart Stores, Inc. | Walmart Neighborhood Market (4), Walmart (1), Walmart Supercenter (1) | |||
Nordstrom | Nordstrom Rack (4) | |||
Gap, Inc. | Old Navy (6), Gap (1) | |||
Ascena Retail Group | Lane Bryant (8), Dressbarn (5), AnnTaylor (1), Justice (1), Lane Bryant/Cacique (1), Loft (1) | |||
(2 | ) | Target owns and occupies 19 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, 2018 | 155 | 741 | $ | 16.82 | $ | 15.03 | $ | 4.53 | 11.9 | % | |||||||||||||||||||
Quarter Ended September 30, 2018 | 192 | 627 | 20.16 | 18.84 | 3.34 | 7.0 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2018 | 187 | 791 | 19.53 | 17.73 | 8.69 | 10.2 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2018 | 216 | 986 | 18.14 | 17.16 | 4.92 | 5.8 | % | ||||||||||||||||||||||
Rolling 12 months | 750 | 3,145 | $ | 18.59 | $ | 17.13 | $ | 5.46 | 8.5 | % | |||||||||||||||||||
New Leases | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2018 | 39 | 144 | $ | 21.89 | $ | 15.94 | $ | 23.33 | 37.4 | % | 6.6 | ||||||||||||||||||
Quarter Ended September 30, 2018 | 36 | 77 | 28.22 | 25.04 | 26.78 | 12.7 | % | 6.6 | |||||||||||||||||||||
Quarter Ended June 30, 2018 | 56 | 152 | 24.08 | 19.83 | 45.09 | 21.4 | % | 7.2 | |||||||||||||||||||||
Quarter Ended March 31, 2018 | 47 | 120 | 24.87 | 23.70 | 39.86 | 4.9 | % | 7.6 | |||||||||||||||||||||
Rolling 12 months | 178 | 493 | $ | 24.28 | $ | 20.45 | $ | 34.62 | 18.7 | % | 7.0 | ||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2018 | 116 | 597 | $ | 15.59 | $ | 14.81 | $ | — | 5.3 | % | |||||||||||||||||||
Quarter Ended September 30, 2018 | 156 | 550 | 19.03 | 17.97 | 0.07 | 5.9 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2018 | 131 | 639 | 18.45 | 17.22 | — | 7.1 | % | ||||||||||||||||||||||
Quarter Ended March 31, 2018 | 169 | 866 | 17.21 | 16.25 | 0.07 | 5.9 | % | ||||||||||||||||||||||
Rolling 12 months | 572 | 2,652 | $ | 17.53 | $ | 16.52 | $ | 0.04 | 6.1 | % | |||||||||||||||||||
Comparable & Non-Comparable: | |||||||||||||||||||||||||||||
Quarter Ended December 31, 2018 | 181 | 837 | |||||||||||||||||||||||||||
Quarter Ended September 30, 2018 | 215 | 679 | |||||||||||||||||||||||||||
Quarter Ended June 30, 2018 | 210 | 874 | |||||||||||||||||||||||||||
Quarter Ended March 31, 2018 | 244 | 1,088 | |||||||||||||||||||||||||||
Rolling 12 months | 850 | 3,478 | |||||||||||||||||||||||||||
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 | 22 | 0 | % | $ | 7.14 | 0 | % | 104 | 1 | % | $ | 25.35 | 1 | % | 126 | 1 | % | $ | 22.17 | 1 | % | ||||||||
2019 | 724 | 5 | % | 10.80 | 5 | % | 984 | 13 | % | 28.12 | 13 | % | 1,708 | 8 | % | 20.78 | 9 | % | |||||||||||
2020 | 1,718 | 13 | % | 12.47 | 12 | % | 1,169 | 16 | % | 28.98 | 16 | % | 2,887 | 14 | % | 19.15 | 14 | % | |||||||||||
2021 | 1,820 | 13 | % | 10.32 | 11 | % | 1,304 | 18 | % | 28.61 | 18 | % | 3,124 | 15 | % | 17.95 | 15 | % | |||||||||||
2022 | 2,114 | 15 | % | 12.94 | 16 | % | 1,002 | 14 | % | 29.71 | 14 | % | 3,116 | 15 | % | 18.33 | 15 | % | |||||||||||
2023 | 1,782 | 13 | % | 10.91 | 11 | % | 959 | 13 | % | 29.40 | 13 | % | 2,741 | 13 | % | 17.38 | 12 | % | |||||||||||
2024 - 2029 | 4,947 | 37 | % | 13.47 | 39 | % | 1,666 | 23 | % | 29.55 | 23 | % | 6,613 | 31 | % | 17.52 | 30 | % | |||||||||||
(1) | Reflects in-place leases as of December 31, 2018. |
(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, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | ||||||||
Signed Basis | ||||||||||||
Anchor (1) | 96.5% | 96.6% | 97.3% | 97.5% | 97.3% | |||||||
Non-Anchor | 90.7% | 91.0% | 90.3% | 90.4% | 90.5% | |||||||
Total Retail | 94.4% | 94.6% | 94.7% | 94.9% | 94.8% | |||||||
Other | 91.1% | 82.6% | 85.3% | 86.8% | 88.4% | |||||||
Total Signed | 94.4% | 94.4% | 94.6% | 94.8% | 94.8% | |||||||
Commenced Basis | ||||||||||||
Anchor (1) | 94.9% | 94.9% | 95.4% | 95.0% | 94.7% | |||||||
Non-Anchor | 88.2% | 87.8% | 87.0% | 87.2% | 87.4% | |||||||
Total Retail | 92.4% | 92.3% | 92.3% | 92.1% | 92.0% | |||||||
Other | 91.1% | 81.7% | 85.3% | 85.9% | 82.7% | |||||||
Total Commenced | 92.4% | 92.2% | 92.2% | 92.0% | 91.9% | |||||||
Same Property (2) | ||||||||||||
Signed Basis | 94.8% | 94.7% | 95.1% | 95.3% | 95.3% | |||||||
Commenced Basis | 93.0% | 92.7% | 93.1% | 92.7% | 92.8% |
Average Base Rents (3) | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | ||||||||||||||||||
Commenced Basis | ||||||||||||||||||||||
Anchor (1) | $ | 13.56 | $ | 13.54 | $ | 13.38 | $ | 13.29 | $ | 13.23 | ||||||||||||
Non-Anchor | 29.05 | 28.78 | 28.60 | 28.33 | 28.09 | |||||||||||||||||
Total | $ | 19.35 | $ | 19.17 | $ | 18.97 | $ | 18.90 | $ | 18.69 |
Same Property Net Operating Income Growth (4) | ||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
Revenue | ||||||||||||||||||||||
Minimum Rent (6) | $ | 96,131 | $ | 92,873 | 3.5 | % | $ | 379,273 | $ | 369,890 | 2.5 | % | ||||||||||
Bad Debt (net of recoveries) | 24 | 48 | -50.0 | % | 523 | (1,008 | ) | -151.9 | % | |||||||||||||
Percentage Rent | 1,306 | 1,360 | -4.0 | % | 3,936 | 4,152 | -5.2 | % | ||||||||||||||
Tenant Reimbursements | 29,809 | 28,754 | 3.7 | % | 117,337 | 113,687 | 3.2 | % | ||||||||||||||
Other (6) | 2,001 | 2,357 | -15.1 | % | 6,539 | 8,684 | -24.7 | % | ||||||||||||||
129,271 | 125,392 | 3.1 | % | 507,608 | 495,405 | 2.5 | % | |||||||||||||||
Expenses | ||||||||||||||||||||||
Property Operating Expenses | 21,984 | 21,009 | 4.6 | % | 84,049 | 81,306 | 3.4 | % | ||||||||||||||
Real Estate Taxes | 16,546 | 16,645 | -0.6 | % | 69,115 | 68,434 | 1.0 | % | ||||||||||||||
38,530 | 37,654 | 2.3 | % | 153,164 | 149,740 | 2.3 | % | |||||||||||||||
SPNOI | 90,741 | 87,738 | 3.4 | % | 354,444 | 345,665 | 2.5 | % | ||||||||||||||
Redevelopment NOI (5) | 8,705 | 7,691 | 13.2 | % | 32,939 | 30,725 | 7.2 | % | ||||||||||||||
SPNOI (Excl. Redevelopment) | $ | 82,036 | $ | 80,047 | 2.5 | % | $ | 321,505 | $ | 314,940 | 2.1 | % |
(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. |
(6) | Prior year amounts have been reclassified between Minimum Rent and Other to reflect current year presentation. |
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, 2018
(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 | 4.8 | % | 98.8 | % | |
4 | Dallas-Fort Worth-Arlington, TX | 2 | 426 | 1.6 | % | 87.2 | % | |
5 | Houston-The Woodlands-Sugar Land, TX | 32 | 3,531 | 16.1 | % | 94.3 | % | |
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 4 | 332 | 2.8 | % | 98.5 | % | |
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 13 | 2,027 | 9.6 | % | 93.8 | % | |
9 | Atlanta-Sandy Springs-Roswell, GA | 11 | 1,447 | 5.7 | % | 97.6 | % | |
11 | Phoenix-Mesa-Scottsdale, AZ | 14 | 1,307 | 5.8 | % | 95.5 | % | |
12 | San Francisco-Oakland-Hayward, CA | 3 | 438 | 2.9 | % | 94.9 | % | |
13 | Riverside-San Bernardino-Ontario, CA | 4 | 829 | 4.4 | % | 97.7 | % | |
15 | Seattle-Tacoma-Bellevue, WA | 6 | 225 | 1.2 | % | 99.1 | % | |
17 | San Diego-Carlsbad, CA | 3 | 286 | 1.9 | % | 97.1 | % | |
18 | Tampa-St. Petersburg-Clearwater, FL | 4 | 900 | 3.7 | % | 96.8 | % | |
19 | Denver-Aurora-Lakewood, CO | 5 | 799 | 3.3 | % | 95.0 | % | |
21 | Baltimore-Columbia-Towson, MD | 1 | 131 | 1.0 | % | 100.0 | % | |
22 | Charlotte-Concord-Gastonia, NC-SC | 1 | 117 | 0.4 | % | 81.9 | % | |
23 | Orlando-Kissimmee-Sanford, FL | 6 | 1,034 | 5.2 | % | 98.2 | % | |
24 | San Antonio-New Braunfels, TX | 3 | 477 | 1.3 | % | 92.8 | % | |
25 | Portland-Vancouver-Hillsboro, OR-WA | 3 | 120 | 0.3 | % | 51.4 | % | |
27 | Sacramento--Roseville--Arden-Arcade, CA | 2 | 348 | 0.8 | % | 89.4 | % | |
28 | Las Vegas-Henderson-Paradise, NV | 5 | 913 | 3.4 | % | 96.8 | % | |
30 | Austin-Round Rock, TX | 1 | 351 | 1.7 | % | 98.8 | % | |
36 | San Jose-Sunnyvale-Santa Clara, CA | 2 | 295 | 1.5 | % | 69.2 | % | |
Top 40 CBSA's Ranked by Population | 129 | 17,032 | 79.4 | % | 94.7 | % | ||
All other CBSA's Ranked by Population | 49 | 5,868 | 20.6 | % | 93.5 | % | ||
Grand Total | 178 | 22,900 | 100.0 | % | 94.4 | % | ||
(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, 2018
Gross Leasable Area | |||||||||||||||
ALL PROPERTIES BY STATE | # of Properties | WRI Owned | Joint Venture Share | Owned by Other | Total | ||||||||||
Arizona | 18 | 1,688,402 | 93,341 | 1,163,522 | 2,945,265 | ||||||||||
Arkansas | 1 | 180,200 | — | — | 180,200 | ||||||||||
California | 22 | 3,514,755 | — | 660,551 | 4,175,306 | ||||||||||
Colorado | 5 | 799,095 | 180,488 | 695,919 | 1,675,502 | ||||||||||
Florida | 28 | 4,416,372 | 1,605,846 | 918,898 | 6,941,116 | ||||||||||
Georgia | 12 | 1,449,916 | 137,068 | 827,160 | 2,414,144 | ||||||||||
Kentucky | 1 | 168,697 | — | 49,410 | 218,107 | ||||||||||
Maryland | 2 | 212,111 | — | — | 212,111 | ||||||||||
Nevada | 5 | 913,391 | — | 557,793 | 1,471,184 | ||||||||||
New Mexico | 1 | 118,521 | — | 27,330 | 145,851 | ||||||||||
North Carolina | 12 | 1,674,382 | — | 293,952 | 1,968,334 | ||||||||||
Oregon | 3 | 119,871 | 90,776 | 66,276 | 276,923 | ||||||||||
Tennessee | 4 | 507,881 | — | 154,340 | 662,221 | ||||||||||
Texas | 54 | 6,479,208 | 1,987,564 | 2,209,715 | 10,676,487 | ||||||||||
Utah | 1 | 182,099 | — | 122,800 | 304,899 | ||||||||||
Virginia | 3 | 250,811 | — | — | 250,811 | ||||||||||
Washington | 6 | 224,796 | 325,254 | 65,571 | 615,621 | ||||||||||
Total | 178 | 22,900,508 | 4,420,337 | 7,813,237 | 35,134,082 | ||||||||||
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, 2018
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 | 14.13 | 84.2 | % | Office Max, Ace Hardware | |||||||||||||||
Camelback Village Square | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 132,731 | 240,951 | 12.33 | 95.4 | % | Fry’s Supermarket | Office Max | ||||||||||||||
Desert Village Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 101,685 | 107,071 | 23.19 | 94.8 | % | AJ Fine Foods | CVS | ||||||||||||||
Fountain Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 114,055 | 306,107 | 9.05 | 93.3 | % | Fry’s Supermarket | Dollar Tree, (Lowe's) | ||||||||||||||
Laveen Village Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 39,763 | 318,805 | 31.95 | 100.0 | % | (Fry’s Supermarket) | (Home Depot) | ||||||||||||||
Monte Vista Village Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 45,751 | 108,551 | 25.29 | 88.2 | % | (Safeway) | |||||||||||||||
Phoenix Office Building | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 21,122 | 21,122 | N/A | 79.7 | % | Weingarten Realty Regional Office, Endurance Rehab | |||||||||||||||
Pueblo Anozira Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 157,532 | 157,532 | 15.89 | 96.5 | % | Fry’s Supermarket | Petco, Dollar Tree | ||||||||||||||
Raintree Ranch Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 129,822 | 133,020 | 30.23 | 99.2 | % | Whole Foods | |||||||||||||||
Red Mountain Gateway | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 75,213 | 205,013 | 17.29 | 94.8 | % | (Target), Bed Bath & Beyond, Famous Footwear | |||||||||||||||
Scottsdale Horizon | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 155,093 | 155,093 | 33.03 | 98.8 | % | Safeway | CVS | ||||||||||||||
Scottsdale Waterfront | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 93,334 | 93,334 | 37.02 | 97.5 | % | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters | |||||||||||||||
Squaw Peak Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 60,713 | 60,713 | 19.18 | 100.0 | % | Sprouts Farmers Market | |||||||||||||||
Summit at Scottsdale | Phoenix-Mesa-Scottsdale, AZ | 51.0 | % | (1)(3) | 97,151 | 322,992 | 24.45 | 97.5 | % | Safeway | (Target), CVS, OfficeMax, PetSmart | |||||||||||||
Entrada de Oro Plaza Shopping Center | Tucson, AZ | 100.0 | % | 88,665 | 109,075 | 21.03 | 95.0 | % | Walmart Neighborhood Market | |||||||||||||||
Madera Village Shopping Center | Tucson, AZ | 100.0 | % | 96,697 | 106,858 | 13.20 | 98.1 | % | Safeway | Dollar Tree, Pet Club | ||||||||||||||
Oracle Wetmore Shopping Center | Tucson, AZ | 100.0 | % | 150,150 | 343,278 | 25.34 | 98.7 | % | (Home Depot), (Nordstrom Rack), Jo-Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty | |||||||||||||||
Shoppes at Bears Path | Tucson, AZ | 100.0 | % | 46,168 | 68,371 | 17.79 | 85.1 | % | (CVS Drug) | |||||||||||||||
Arizona Total: | # of Properties: | 18 | 1,688,402 | 2,945,265 | 21.22 | 95.6 | % | |||||||||||||||||
Arkansas | ||||||||||||||||||||||||
Markham West Shopping Center | Little Rock-North Little Rock-Conway, AR | 100.0 | % | 180,200 | 180,200 | 11.27 | 98.3 | % | Academy, Office Depot, Michaels, Dollar Tree | |||||||||||||||
Arkansas Total: | # of Properties: | 1 | 180,200 | 180,200 | 11.27 | 98.3 | % | |||||||||||||||||
California | ||||||||||||||||||||||||
8000 Sunset Strip Shopping Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 169,775 | 169,775 | 44.21 | 100.0 | % | Trader Joe's | CVS, Crunch, AMC Theaters, CB2 | ||||||||||||||
Centerwood Plaza | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 75,486 | 75,486 | 15.83 | 100.0 | % | Superior Grocers | Dollar Tree | ||||||||||||||
The Westside Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 36,540 | 36,540 | 46.33 | 82.1 | % | Guitar Center | |||||||||||||||
Westminster Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 417,567 | 440,437 | 19.99 | 99.6 | % | 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 | 21.85 | 100.0 | % | Smart & Final Stores | Dollar Tree, 24 Hour Fitness, Rite Aid | ||||||||||||||
Jess Ranch Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 208,656 | 307,826 | 20.54 | 97.2 | % | (Winco Foods) | Burlington, PetSmart, Rite Aid, Big 5 | ||||||||||||||
Jess Ranch Marketplace Phase III | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 184,809 | 194,342 | 21.15 | 96.2 | % | (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 | 17.03 | 94.9 | % | Ralph's | Ross Dress for Less, Dollar Tree |
Page 34
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Prospector's Plaza | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 243,910 | 252,524 | 19.16 | 91.2 | % | SaveMart | Kmart, CVS, Ross Dress for Less | ||||||||||||||
Valley Shopping Center | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 103,791 | 107,191 | 12.30 | 85.2 | % | Food 4 Less | |||||||||||||||
El Camino Promenade | San Diego-Carlsbad, CA | 100.0 | % | 129,676 | 129,676 | 27.89 | 99.0 | % | T.J. Maxx, Staples, Dollar Tree, BevMo | |||||||||||||||
Rancho San Marcos Village | San Diego-Carlsbad, CA | 100.0 | % | 120,160 | 134,420 | 19.77 | 96.0 | % | Vons | 24 Hour Fitness | ||||||||||||||
San Marcos Plaza | San Diego-Carlsbad, CA | 100.0 | % | 35,880 | 81,086 | 35.14 | 94.1 | % | (Albertsons) | |||||||||||||||
580 Market Place | San Francisco-Oakland-Hayward, CA | 100.0 | % | 100,097 | 100,097 | 31.08 | 100.0 | % | Safeway | 24 Hour Fitness, Petco | ||||||||||||||
Gateway Plaza | San Francisco-Oakland-Hayward, CA | 100.0 | % | 194,689 | 352,778 | 24.95 | 98.1 | % | Raley’s | 24 Hour Fitness | ||||||||||||||
Greenhouse Marketplace | San Francisco-Oakland-Hayward, CA | 100.0 | % | 143,055 | 232,824 | 26.44 | 87.1 | % | (Safeway) | (CVS), Jo-Ann Fabric, 99 Cents Only, Petco | ||||||||||||||
Cambrian Park Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 170,925 | 170,925 | 23.10 | 53.5 | % | Beverages & More, Dollar Tree | |||||||||||||||
Silver Creek Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 124,258 | 194,153 | 41.79 | 90.9 | % | Sprouts Farmers Market | Walgreens | ||||||||||||||
Freedom Centre | Santa Cruz-Watsonville, CA | 100.0 | % | 150,865 | 150,865 | 15.82 | 97.3 | % | Safeway | Rite Aid, Big Lots | ||||||||||||||
Stony Point Plaza | Santa Rosa, CA | 100.0 | % | 194,569 | 200,011 | 16.03 | 97.4 | % | Food Maxx | Ross Dress for Less, Fallas Paredes | ||||||||||||||
Creekside Center | Vallejo-Fairfield, CA | 100.0 | % | 112,677 | 112,677 | 21.24 | 98.2 | % | Raley’s | |||||||||||||||
Southampton Center | Vallejo-Fairfield, CA | 100.0 | % | 162,026 | 162,026 | 22.07 | 99.2 | % | Raley’s | Ace Hardware, Dollar Tree | ||||||||||||||
California Total: | # of Properties: | 22 | 3,514,755 | 4,175,306 | 23.40 | 94.4 | % | |||||||||||||||||
Colorado | ||||||||||||||||||||||||
Aurora City Place | Denver-Aurora-Lakewood, CO | 50.0 | % | (1)(3) | 180,488 | 542,976 | 17.16 | 83.0 | % | (Super Target) | Barnes & Noble, Ross Dress For Less, PetSmart, Michaels, Conn's | |||||||||||||
Crossing at Stonegate | Denver-Aurora-Lakewood, CO | 100.0 | % | 109,080 | 109,080 | 18.52 | 100.0 | % | King Sooper’s | |||||||||||||||
Edgewater Marketplace | Denver-Aurora-Lakewood, CO | 100.0 | % | 144,553 | 270,548 | 12.83 | 100.0 | % | King Sooper's | Ace Hardware, (Target) | ||||||||||||||
Lowry Town Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 76,698 | 129,398 | 30.35 | 98.2 | % | (Safeway) | |||||||||||||||
River Point at Sheridan | Denver-Aurora-Lakewood, CO | 100.0 | % | 288,276 | 623,500 | 16.03 | 97.1 | % | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart | |||||||||||||||
Colorado Total: | # of Properties: | 5 | 799,095 | 1,675,502 | 17.57 | 95.0 | % | |||||||||||||||||
Florida | ||||||||||||||||||||||||
Argyle Village Shopping Center | Jacksonville, FL | 100.0 | % | 306,461 | 306,461 | 12.63 | 84.3 | % | Publix | Bed Bath & Beyond, T.J. Maxx, Jo-Ann Fabric, Michaels | ||||||||||||||
Atlantic West | Jacksonville, FL | 50.0 | % | (1)(3) | 46,184 | 188,378 | 13.87 | 98.1 | % | (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 | 14.44 | 100.0 | % | (Epic Theaters) | ||||||||||||||
Kernan Village | Jacksonville, FL | 50.0 | % | (1)(3) | 42,579 | 288,780 | 16.44 | 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 | 23.09 | 92.5 | % | Aroma Market & Catering | Ross Dress for Less | ||||||||||||||
Deerfield | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 398,961 | 404,942 | 13.82 | 92.9 | % | 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 | 14.54 | 90.3 | % | Ideal Food Basket | Tuesday Morning, Dollar Tree | ||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 25,373 | 148,841 | 18.96 | 94.8 | % | Publix | ||||||||||||||
Hollywood Hills Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 74,609 | 416,769 | 20.84 | 98.7 | % | Publix | Target, Chewy.com | |||||||||||||
Northridge | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 46,690 | 236,478 | 19.21 | 95.1 | % | Publix | Petco, Ross Dress for Less, Dollar Tree | |||||||||||||
Pembroke Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 60,684 | 323,677 | 15.54 | 99.3 | % | Publix | Marshalls, Office Depot, LA Fitness, Dollar Tree | |||||||||||||
Sea Ranch Centre | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 99,029 | 99,029 | 18.09 | 91.5 | % | Publix | CVS, Dollar Tree | ||||||||||||||
Tamiami Trail Shops | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 22,173 | 132,562 | 18.01 | 98.6 | % | Publix | CVS |
Page 35
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
The Palms at Town & County | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 657,652 | 657,652 | 26.00 | 95.5 | % | Publix | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, 24 Hour Fitness, Nordstrom Rack, CVS | ||||||||||||||
TJ Maxx Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 161,429 | 161,429 | 17.46 | 86.5 | % | 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 | 17.22 | 97.7 | % | Winn Dixie | |||||||||||||||
Wellington Green Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 121,354 | 143,854 | 28.91 | 93.0 | % | Whole Foods Market | |||||||||||||||
Clermont Landing | Orlando-Kissimmee-Sanford, FL | 75.0 | % | (1)(3) | 138,571 | 354,418 | 18.20 | 97.9 | % | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels | ||||||||||||||
Colonial Plaza | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 497,693 | 497,693 | 15.91 | 99.6 | % | Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby | |||||||||||||||
Phillips Crossing | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 145,644 | 145,644 | 30.46 | 96.4 | % | Whole Foods | Golf Galaxy, Michaels | ||||||||||||||
Shoppes of South Semoran | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 103,779 | 103,779 | 12.78 | 97.4 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
The Marketplace at Dr. Phillips | Orlando-Kissimmee-Sanford, FL | 20.0 | % | (1)(3) | 65,374 | 326,870 | 25.29 | 97.2 | % | Publix | Stein Mart, HomeGoods, Morton's of Chicago, Office Depot | |||||||||||||
Winter Park Corners | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 83,161 | 83,161 | 27.35 | 94.9 | % | Sprouts Farmers Market | |||||||||||||||
Pineapple Commons | Port St. Lucie, FL | 20.0 | % | (1)(3) | 51,019 | 269,449 | 16.77 | 98.9 | % | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) | ||||||||||||||
Countryside Centre | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 245,958 | 245,958 | 15.09 | 94.9 | % | 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 | 104,430 | 14.40 | 98.6 | % | Walmart Neighborhood Market | Walgreens | |||||||||||||
Largo Mall | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 377,019 | 610,106 | 18.64 | 97.8 | % | (Publix) | Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) | ||||||||||||||
Sunset 19 Shopping Center | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 256,321 | 256,321 | 15.63 | 97.0 | % | Sprouts Farmers Market | Bed Bath & Beyond, Barnes & Noble, Old Navy, Hobby Lobby, Cost Plus World Market | ||||||||||||||
Florida Total: | # of Properties: | 28 | 4,416,372 | 6,941,116 | 18.58 | 95.0 | % | |||||||||||||||||
Georgia | ||||||||||||||||||||||||
Brookwood Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 199,594 | 397,295 | 19.25 | 98.5 | % | (Super Target) | Home Depot, Bed Bath & Beyond, Office Max | ||||||||||||||
Brownsville Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 27,747 | 81,913 | 20.50 | 68.3 | % | (Kroger) | |||||||||||||||
Camp Creek Marketplace II | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 196,283 | 228,003 | 17.38 | 99.1 | % | DSW, LA Fitness, Burlington, American Signature | |||||||||||||||
Grayson Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 76,581 | 76,581 | 15.72 | 98.5 | % | Kroger | |||||||||||||||
Lakeside Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 137,693 | 332,889 | 16.97 | 94.1 | % | (Super Target) | Ross Dress for Less, Petco | ||||||||||||||
Mansell Crossing | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 20,586 | 102,930 | 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 | 21.44 | 99.2 | % | Walmart Supercenter | Cost Plus World Market, DSW, Hobby Lobby | ||||||||||||||
Publix at Princeton Lakes | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 13,681 | 72,205 | 17.10 | 100.0 | % | Publix | ||||||||||||||
Reynolds Crossing | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 45,758 | 115,983 | 26.92 | 100.0 | % | (Kroger) | |||||||||||||||
Roswell Corners | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 145,496 | 327,261 | 20.26 | 96.8 | % | (Super Target), Fresh Market | T.J. Maxx | ||||||||||||||
Roswell Crossing Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 201,759 | 201,759 | 16.47 | 98.1 | % | 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: | 12 | 1,449,916 | 2,414,144 | 18.65 | 97.6 | % | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||
Festival on Jefferson Court | Louisville/Jefferson County, KY-IN | 100.0 | % | 168,697 | 218,107 | 14.73 | 95.7 | % | Kroger | (PetSmart), (T.J. Maxx), Staples, Party City | ||||||||||||||
Kentucky Total: | # of Properties: | 1 | 168,697 | 218,107 | 14.73 | 95.7 | % |
Page 36
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Maryland | ||||||||||||||||||||||||
Nottingham Commons | Baltimore-Columbia-Towson, MD | 100.0 | % | 131,270 | 131,270 | 29.61 | 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 | 60.50 | 95.8 | % | Pier 1, DXL Mens Apparel | |||||||||||||||
Maryland Total: | # of Properties: | 2 | 212,111 | 212,111 | 42.97 | 98.4 | % | |||||||||||||||||
Nevada | ||||||||||||||||||||||||
Charleston Commons Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 332,298 | 366,952 | 18.16 | 99.3 | % | 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 | 13.22 | 96.0 | % | El Super | Factory 2 U, CVS | ||||||||||||||
Francisco Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 116,973 | 148,815 | 12.67 | 97.5 | % | La Bonita Grocery | (Ross Dress for Less) | ||||||||||||||
Rancho Towne & Country | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 84,711 | 161,837 | 13.86 | 100.0 | % | Smith’s Food | |||||||||||||||
Westland Fair | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 211,755 | 598,213 | 18.23 | 91.8 | % | (Walmart Supercenter) | (Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final | ||||||||||||||
Nevada Total: | # of Properties: | 5 | 913,391 | 1,471,184 | 15.87 | 96.8 | % | |||||||||||||||||
New Mexico | ||||||||||||||||||||||||
North Towne Plaza | Albuquerque, NM | 100.0 | % | 118,521 | 145,851 | 22.80 | 96.3 | % | Whole Foods Market | HomeGoods | ||||||||||||||
New Mexico Total: | # of Properties: | 1 | 118,521 | 145,851 | 22.80 | 96.3 | % | |||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Galleria Shopping Center | Charlotte-Concord-Gastonia, NC-SC | 100.0 | % | 117,102 | 324,704 | 18.66 | 81.9 | % | (Walmart Supercenter) | Retro Fitness | ||||||||||||||
Bull City Market | Durham-Chapel Hill, NC | 100.0 | % | 40,875 | 40,875 | 19.47 | 100.0 | % | Whole Foods Market | |||||||||||||||
Hope Valley Commons | Durham-Chapel Hill, NC | 100.0 | % | 81,327 | 81,327 | 27.99 | 98.3 | % | Harris Teeter | |||||||||||||||
Avent Ferry Shopping Center | Raleigh, NC | 100.0 | % | 119,652 | 119,652 | 18.35 | 92.1 | % | Food Lion | Family Dollar | ||||||||||||||
Capital Square | Raleigh, NC | 100.0 | % | 143,063 | 143,063 | 7.50 | 96.6 | % | Food Lion | |||||||||||||||
Falls Pointe Shopping Center | Raleigh, NC | 100.0 | % | 112,199 | 198,549 | 19.70 | 100.0 | % | Harris Teeter | (Kohl’s) | ||||||||||||||
High House Crossing | Raleigh, NC | 100.0 | % | 90,155 | 90,155 | 16.33 | 47.7 | % | ||||||||||||||||
Leesville Towne Centre | Raleigh, NC | 100.0 | % | 127,106 | 127,106 | 19.73 | 100.0 | % | Harris Teeter | Walgreens | ||||||||||||||
Northwoods Shopping Center | Raleigh, NC | 100.0 | % | 77,803 | 77,803 | 11.89 | 96.7 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
Six Forks Shopping Center | Raleigh, NC | 100.0 | % | 468,414 | 468,414 | 12.19 | 99.9 | % | Food Lion | Kmart, Home Depot, Bed Bath & Beyond, PetSmart | ||||||||||||||
Stonehenge Market | Raleigh, NC | 100.0 | % | 188,437 | 188,437 | 14.25 | 93.5 | % | Harris Teeter | Stein Mart, Walgreens | ||||||||||||||
Waterford Village | Wilmington, NC | 100.0 | % | 108,249 | 108,249 | 22.87 | 91.8 | % | Harris Teeter | |||||||||||||||
North Carolina Total: | # of Properties: | 12 | 1,674,382 | 1,968,334 | 15.47 | 93.5 | % | |||||||||||||||||
Oregon | ||||||||||||||||||||||||
Clackamas Square | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 14,790 | 140,226 | 18.98 | 96.8 | % | (Winco Foods) | T.J. Maxx | |||||||||||||
Oak Grove Market Center | Portland-Vancouver-Hillsboro, OR-WA | 100.0 | % | 97,177 | 97,177 | 23.62 | 40.6 | % | ||||||||||||||||
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 | 276,923 | 22.89 | 51.4 | % |
Page 37
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
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 | 12.44 | 100.0 | % | Kroger | |||||||||||||||
Ridgeway Trace | Memphis, TN-MS-AR | 100.0 | % | 176,487 | 314,227 | 24.22 | 87.2 | % | (Target), Best Buy, PetSmart, REI | |||||||||||||||
The Commons at Dexter Lake | Memphis, TN-MS-AR | 100.0 | % | 228,796 | 245,396 | 10.84 | 92.9 | % | Kroger | Stein Mart, Marshalls, HomeGoods | ||||||||||||||
Tennessee Total: | # of Properties: | 4 | 507,881 | 662,221 | 15.59 | 92.4 | % | |||||||||||||||||
Texas | ||||||||||||||||||||||||
Mueller Regional Retail Center | Austin-Round Rock, TX | 100.0 | % | 351,099 | 351,099 | 17.72 | 98.8 | % | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine | |||||||||||||||
North Park Plaza | Beaumont-Port Arthur, TX | 50.0 | % | (1)(3) | 69,963 | 281,255 | 18.66 | 87.5 | % | (Target), Spec's, Kirkland's | ||||||||||||||
North Towne Plaza | Brownsville-Harlingen, TX | 100.0 | % | 28,000 | 145,000 | 8.00 | 12.9 | % | (Lowe's) | |||||||||||||||
Rock Prairie Marketplace | College Station-Bryan, TX | 100.0 | % | 18,163 | 18,163 | N/A | 63.5 | % | ||||||||||||||||
Overton Park Plaza | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 352,800 | 462,800 | 16.69 | 88.3 | % | Sprouts Farmers Market | Burlington, PetSmart, T.J. Maxx, (Home Depot), buybuy BABY | ||||||||||||||
Preston Shepard Place | Dallas-Fort Worth-Arlington, TX | 20.0 | % | (1)(3) | 72,667 | 363,335 | 18.46 | 81.5 | % | Stein Mart, Nordstrom, Marshalls, Office Depot, Petco | ||||||||||||||
10-Federal Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,871 | 132,473 | 9.32 | 100.0 | % | Sellers Bros. | Palais Royal, Harbor Freight Tools | |||||||||||||
Alabama Shepherd Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 59,120 | 59,120 | 22.09 | 100.0 | % | Trader Joe's | PetSmart | ||||||||||||||
Baybrook Gateway | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 241,149 | 241,149 | 17.17 | 84.7 | % | 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 | 8.72 | 100.0 | % | Randall’s | |||||||||||||||
Blalock Market at I-10 | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 97,277 | 97,277 | 16.86 | 100.0 | % | 99 Ranch Market | |||||||||||||||
Citadel Building | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 121,000 | 121,000 | N/A | 100.0 | % | Weingarten Realty Investors Corporate Office | |||||||||||||||
Cypress Pointe | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 186,721 | 283,381 | 10.74 | 76.2 | % | Kroger | |||||||||||||||
Galveston Place | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 210,361 | 210,361 | 11.81 | 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 | 80,093 | 9.85 | 89.6 | % | Family Dollar, Citi Trends | ||||||||||||||
Harrisburg Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 14,043 | 93,620 | 20.50 | 95.0 | % | 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 Fulfillment Center | ||||||||||||||
Heights Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,277 | 71,277 | 9.61 | 99.4 | % | Kroger | Goodwill | ||||||||||||||
I45/Telephone Rd. | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 25,740 | 171,600 | 12.91 | 96.6 | % | Sellers Bros. | Famsa, Fallas Paredes, Harbor Freight Tools | |||||||||||||
League City Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,420 | 129,467 | 12.30 | 36.1 | % | Spec’s | ||||||||||||||
Market at Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 83,127 | 83,127 | 25.59 | 75.0 | % | ||||||||||||||||
Northbrook Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 174,181 | 174,181 | 16.29 | 98.8 | % | El Rancho Supermarket | Office Depot, Dollar Tree | ||||||||||||||
Oak Forest Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 157,669 | 157,669 | 18.05 | 96.7 | % | Kroger | Ross Dress for Less, Dollar Tree, PetSmart | ||||||||||||||
Randalls Center/Kings Crossing | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 126,397 | 126,397 | 18.58 | 99.1 | % | Randall’s | CVS | ||||||||||||||
Richmond Square | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 92,657 | 92,657 | 28.93 | 100.0 | % | Best Buy, Cost Plus | |||||||||||||||
River Oaks Shopping Center - East | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,265 | 71,265 | 14.79 | 100.0 | % | Kroger |
Page 38
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
River Oaks Shopping Center - West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 232,489 | 232,489 | 40.39 | 93.4 | % | Kroger | Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank | ||||||||||||||
Shoppes at Memorial Villages | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 191,274 | 191,274 | 18.66 | 98.3 | % | Gulf Coast Veterinary Specialists | |||||||||||||||
Shops at Kirby Drive | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 10,000 | 55,460 | 36.07 | 100.0 | % | Freebirds Burrito | |||||||||||||||
Shops at Three Corners | Houston-The Woodlands-Sugar Land, TX | 70.0 | % | (1) | 172,873 | 277,603 | 15.57 | 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 | 124,453 | 12.42 | 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 | 10.23 | 100.0 | % | Spec’s | |||||||||||||||
The Centre at Post Oak | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 183,940 | 183,940 | 37.91 | 100.0 | % | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus | |||||||||||||||
Tomball Marketplace | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 168,724 | 326,545 | 19.64 | 88.9 | % | (Academy), (Kohl's), Ross Dress For Less, Marshalls | |||||||||||||||
Village Plaza at Bunker Hill | Houston-The Woodlands-Sugar Land, TX | 57.8 | % | (1)(3) | 283,999 | 491,773 | 25.00 | 93.3 | % | H-E-B | PetSmart, Academy, Nordstrom Rack | |||||||||||||
West Gray | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,384 | 37,384 | 26.46 | 70.8 | % | Pier 1 | |||||||||||||||
Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 221,601 | 350,320 | 17.43 | 100.0 | % | Whole Foods Market | (Target), Ross Dress for Less, Palais Royal, Petco | ||||||||||||||
Westhill Village Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 130,851 | 130,851 | 19.18 | 98.5 | % | Ross Dress for Less, Office Depot, 99 Cents Only | |||||||||||||||
Independence Plaza | Laredo, TX | 100.0 | % | 347,302 | 347,302 | 14.32 | 99.4 | % | 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 | 15.40 | 97.5 | % | (H-E-B) | (Target), Marshalls, Old Navy, Best Buy, HomeGoods | ||||||||||||||
Plantation Centre | Laredo, TX | 100.0 | % | 136,701 | 144,343 | 17.73 | 99.1 | % | H-E-B | |||||||||||||||
Las Tiendas Plaza | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 143,976 | 500,084 | 12.57 | 94.7 | % | (Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot, (HomeGoods), (Forever 21) | ||||||||||||||
Market at Nolana | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 20,315 | 244,549 | 23.61 | 69.4 | % | (Walmart Supercenter) | ||||||||||||||
Market at Sharyland Place | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 53,956 | 301,174 | 18.41 | 95.4 | % | (Walmart Supercenter) | Kohl's, Dollar Tree | |||||||||||||
North Sharyland Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 1,788 | 3,576 | N/A | 100.0 | % | |||||||||||||||
Northcross | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 37,644 | 75,288 | 19.30 | 89.4 | % | 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) | 180,208 | 492,325 | 15.75 | 95.1 | % | 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)(4) | 51,851 | 103,702 | N/A | 100.0 | % | H-E-B | ||||||||||||||
Trenton Crossing | McAllen-Edinburg-Mission, TX | 100.0 | % | 264,580 | 569,741 | 12.99 | 88.8 | % | (Target), (Kohl's), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart | |||||||||||||||
Starr Plaza | Rio Grande City, TX | 50.0 | % | (1)(3) | 88,347 | 176,694 | 14.39 | 98.0 | % | H-E-B | Bealls | |||||||||||||
Fiesta Trails | San Antonio-New Braunfels, TX | 100.0 | % | 398,670 | 478,670 | 14.17 | 91.7 | % | (H-E-B) | Bob Mills Furniture, Act III Theatres, Marshalls, 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 | 161,807 | 11.81 | 93.1 | % | H-E-B | Bealls, Tuesday Morning | |||||||||||||
Texas Total: | # of Properties: | 54 | 6,479,208 | 10,676,487 | 18.16 | 93.8 | % | |||||||||||||||||
Utah | ||||||||||||||||||||||||
West Jordan Town Center | Salt Lake City, UT | 100.0 | % | 182,099 | 304,899 | 12.71 | 70.8 | % | Albertsons | (Target), Petco | ||||||||||||||
Utah Total: | # of Properties: | 1 | 182,099 | 304,899 | 12.71 | 70.8 | % |
Page 39
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Virginia | ||||||||||||||||||||||||
Hilltop Village Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (5) | 250,811 | 250,811 | 34.64 | 99.4 | % | Wegmans | L.A. Fitness | |||||||||||||
Virginia Total: | # of Properties: | 1 | 100.0 | % | 250,811 | 250,811 | 34.64 | 99.4 | % | |||||||||||||||
Washington | ||||||||||||||||||||||||
2200 Westlake | Seattle-Tacoma-Bellevue, WA | 69.4 | % | (1)(3) | 60,366 | 87,014 | 38.25 | 100.0 | % | Whole Foods | ||||||||||||||
Meridian Town Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 15,533 | 143,236 | 17.52 | 97.2 | % | (Safeway) | Jo-Ann Fabric, Tuesday Morning | |||||||||||||
Queen Anne Marketplace | Seattle-Tacoma-Bellevue, WA | 51.0 | % | (1)(3) | 41,506 | 81,384 | 30.74 | 98.3 | % | Metropolitan Market | Bartell's Drug | |||||||||||||
Rainer Square Plaza | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 22,347 | 111,735 | 21.74 | 100.0 | % | Safeway | Ross Dress for Less | |||||||||||||
South Hill Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 26,802 | 134,010 | 16.86 | 98.9 | % | Bed Bath & Beyond, Ross Dress for Less, Best Buy | ||||||||||||||
Washington Total: | # of Properties: | 5 | 166,554 | 557,379 | 28.75 | 99.1 | % | |||||||||||||||||
Total Operating Properties | # of Properties: | 175 | 22,842,266 | 35,075,840 | 19.35 | 94.4 | % |
Page 40
Weingarten Realty Investors
Property Listing
As of December 31, 2018
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) | 58,242 | 58,242 | Whole Foods | |||||||||||||||||
Washington Total: | # of Properties: | 1 | 58,242 | 58,242 | ||||||||||||||||||||
Total New Developments | # of Properties: | 3 | 58,242 | 58,242 | ||||||||||||||||||||
Operating & New Development Properties | # of Properties: | 178 | 22,900,508 | 35,134,082 | ||||||||||||||||||||
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 | 1,050,754 | |||||||||||||||||||||||
Georgia Total: | 1,050,754 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 1,948,831 | |||||||||||||||||||||||
Capital Blvd & Stadium Drive, Wake Forest | 95,354 | |||||||||||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 911,929 | |||||||||||||||||||||||
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland | 343,253 | |||||||||||||||||||||||
North Carolina Total: | 3,299,367 | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | |||||||||||||||||||||||
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, 2018
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 | 5,245,321 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | 396,962 | |||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | |||||||||||||||||||||||
Texas Total: | 8,359,835 | |||||||||||||||||||||||
Total Unimproved Land | 14,030,521 |
Page 42
Weingarten Realty Investors
Property Listing
As of December 31, 2018
Center | Property Covered | Max Possible Term | |||
Ground Lease Commitments | |||||
Blalock Market at I-10 | Entire Center | 3/31/2039 | |||
Camelback Village Square | Entire Center | 6/30/2094 | |||
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
This list excludes two ground leases where we only lease parking area.
Page 43
Other Topics of Interest
Weingarten Realty Investors
Share and Bond Repurchase Program Inception-To-Date
as of December 31, 2018
(in thousands, except share prices)
Share Repurchase Program | |||||||
# of Shares | Avg. Share Price | Gross Purchase | |||||
Q1 2018 | 296 | $ | 27.37 | $ | 8,099 | ||
Q2 2018 | 388 | 26.90 | 10,445 | ||||
Q3 2018 | — | — | — | ||||
Q4 2018 | — | — | — | ||||
YTD 2018 | 684 | $ | 27.10 | $ | 18,544 | ||
Bond Repurchase Program | ||||
Period | Principal Amount | |||
3.85% Notes due 6/1/2025 | Q1 | $ | 9,437 | |
4.45% Notes due 1/15/2024 | Q1 | 3,940 | ||
3.375% Notes due 10/15/2022 | Q1 | 301 | ||
Total Q1 2018 | $ | 13,678 | ||
3.375% Notes due 10/15/2022 | Q2 | $ | 310 | |
3.5% Notes due 4/15/2023 | Q2 | 330 | ||
Total Q2 2018 | $ | 640 | ||
Total YTD 2018 | $ | 14,318 | ||
Page 45
Weingarten Realty Investors
Revenue Classification Changes Impact
(in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Financial Statement Impact of Revenue Classification Changes | ||||||||||||||||
Rental Revenues: | ||||||||||||||||
BMR | $ | (1,397 | ) | $ | (1,362 | ) | $ | (4,726 | ) | $ | (4,996 | ) | ||||
Other rental income | (82 | ) | (72 | ) | (299 | ) | (278 | ) | ||||||||
Other | ||||||||||||||||
Customer contract revenues | 2,738 | 3,103 | 10,227 | 11,122 | ||||||||||||
Property management fee income | (1,484 | ) | (1,917 | ) | (6,193 | ) | (6,808 | ) | ||||||||
Miscellaneous revenues | 225 | 248 | 991 | 960 | ||||||||||||
Net Revenue Changes | $ | — | $ | — | $ | — | $ | — | ||||||||
Note: All amounts have been estimated for material changes due to the implementation of Financial Accounting Standards Board's Accounting Standard Update No. 2014-09, "Revenue from Contracts with Customers." | ||||||||||||||||
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 46
Weingarten Realty Investors
Ground Lease Summary
December 31, 2018
(at pro rata share)
(in thousands)
Use Description | Number of Leases | GLA | ABR | ABR $/SF | |||||||||
Home Improvement | 2 | 220 | $ | 814 | $ | 3.70 | |||||||
Discount Department Store | 9 | 727 | 4,130 | 5.68 | |||||||||
Full-Service Restaurant | 37 | 179 | 3,664 | 20.47 | |||||||||
Fast Food | 53 | 208 | 4,809 | 23.12 | |||||||||
Bank | 32 | 160 | 4,532 | 28.33 | |||||||||
Supermarket | 15 | 817 | 6,345 | 7.77 | |||||||||
Pharmacy | 8 | 117 | 1,073 | 9.17 | |||||||||
Theater | 1 | 56 | 422 | 7.54 | |||||||||
Gas Station | 18 | 101 | 1,848 | 18.30 | |||||||||
Other | 16 | 140 | 2,898 | 20.70 | |||||||||
Total | 191 | 2,725 | $ | 30,535 | $ | 11.21 | |||||||
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 47