Exhibit 99.1
| | | |
Table of Contents | Page | ||
i - xii | |||
1 | |||
| | ||
| |||
| 3 | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 8 | ||
| 9 | ||
| 10 | ||
| | | |
| |||
| 12 | ||
| 13 | ||
| 14 | ||
| 15 | ||
| | | |
| |||
| 17 | ||
| 18 | ||
| 19 | ||
| 20 | ||
| | | |
| |||
| 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 | |
| | | |
| |||
| 28 | ||
| 29 - 31 | ||
| Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
| | | |
| | | |
| |||
| 33 | ||
| 34 - 38 | ||
| | | |
| | ||
| 40 | ||
| 41 |
www.weingarten.com
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY
REPORTS FIRST QUARTER RESULTS AND
PROVIDES COVID-19 UPDATE
HOUSTON, May 7, 2020 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended March 31, 2020. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
“We had a really solid first quarter from operations, but obviously all of our attention is on the future. Our first priority is the safety and well-being of our associates, tenants, stakeholders and the broader community during these challenging times. We are also very focused on communicating and working with our tenants to get those that are closed safely open at the appropriate time. Getting all of our tenants open and operating in our centers is in everyone’s best interest – the tenant’s, WRI’s and the communities they serve. With a portfolio of primarily grocery-anchored centers providing goods and services to the public, supported by a resilient balance sheet and strong liquidity, we are optimistic our centers will be on the front-end of the recovery curve. Navigating the challenges of this recovery will undoubtedly be a significant task but with a team of talented associates and a great portfolio of properties, we will succeed,” said Drew Alexander, Chairman, President and Chief Executive Officer.
First Quarter Operating and Financial Highlights
• | Net income attributable to common shareholders (“Net Income”) for the quarter was $0.41 per diluted share (hereinafter “per share”) compared to $0.39 per share in the same quarter of 2019; |
• | Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.44 per share compared to $0.52 per share a year ago; |
• | Bad debt expense/uncollectible revenue was $9.0 million related to COVID-19 |
• | Net Debt to EBITDA was a strong 6.1x; |
• | Investments in acquisitions totaled $43 million; and |
• | Dispositions for the quarter totaled $73 million. |
Page i
Financial Results
The Company reported Net Income of $52.6 million or $0.41 per share for the first quarter of 2020, as compared to $49.7 million or $0.39 per share for the same period in 2019. This increase was due primarily to higher gains on sales of properties offset by bad debt expense/uncollectible revenue totaling $9.0 million related to the coronavirus pandemic, which includes $7.0 million of non-cash straight-line rent receivables.
Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $56.9 million or $0.44 per share for the first quarter of 2020 compared to $67.3 million or $0.52 per share for 2019. The decrease is primarily due to disposition activity and the bad debt expense/uncollectible revenue. Core FFO for the quarter ended March 31, 2020 was $57.3 million or $0.44 per share compared to $67.3 million or $0.52 per share for the same quarter of last year.
Effective this quarter, the Company changed the allocation of gains and losses on assets held in its deferred compensation plan to better reflect the current expense classification of the employees in the plan. Therefore, all changes to the liability will be recorded in general and administrative expense with no allocation to operating expense. All gains and losses on the assets will continue to be included in Interest and other (expense) income, net. There is no net effect on Net Income, NAREIT FFO or Core FFO.
Reconciliations of Net Income to NAREIT FFO and Core FFO are included at the end of the press release.
Operating Results
For the period ending March 31, 2020, the Company’s operating highlights were as follows:
| | | | |
|
| Q1 2020 | ||
Occupancy (Signed Basis): |
| |
|
|
Occupancy - Total |
| | 94.5 | % |
Occupancy - Small Shop Spaces |
| | 90.4 | % |
Occupancy - Same Property Portfolio |
| | 95.2 | % |
| | | | |
Same Property Net Operating Income, with redevelopments |
| | 0.2 | % |
(Note: Includes COVID-19 impact of $1.9M of bad debt/uncollectible revenue which reduced SPNOI by 2.4%) | | | | |
| | | | |
Rental Rate Growth - Total: |
| | 9.9 | % |
New Leases |
| | 14.1 | % |
Renewals |
| | 9.3 | % |
| | | | |
Leasing Transactions: |
| |
|
|
Number of New Leases |
| | 56 |
|
New Leases - Annualized Revenue (in millions) | | $ | 4.4 | |
Number of Renewals | |
| 144 | |
Renewals - Annualized Revenue (in millions) | | $ | 16.9 | |
A reconciliation of Net Income to SPNOI is included at the end of the press release.
Page ii
Portfolio Activity
During the quarter, the Company purchased Village Green Center, a 70,000 square foot center in Wellington, FL. Anchored by a Trader Joe’s with extremely strong sales, this center is adjacent to our Wellington Green Commons center. The Company also purchased Stevens Creek Corner, an 8,000 square foot multi-tenant building adjacent to Stevens Creek Central shopping center in San Jose, CA which was purchased in late 2019.
The Company closed $73 million of dispositions with the sale of three shopping centers in Texas and a center in Aurora, CO.
The Company also invested $29 million in new developments and redevelopments during the first quarter with $18 million of the total invested in its 30-story residential tower at its River Oaks Shopping Center in Houston and $7 million in its two mixed-use developments in the Washington D.C. area.
COVID-19 Update as of May 5, 2020
• | 64% of total April 2020 Annualized Base Rent (“ABR”) and recoveries has been paid to date |
• | 62% of tenants, based on ABR, are designated “essential businesses” |
• | $501 million cash & cash equivalents currently on balance sheet |
The temporary closing of non-essential businesses and the shelter-at-home mandates caused extreme operational and financial hardship for many tenants. The Company’s operations were strong in the first quarter, however, at quarter-end it was clear the severity of the COVID- 19 impact was going to cause operational and liquidity issues for many of its tenants. Accordingly, the Company evaluated the collectability of its receivables given these conditions resulting in $9.0 million of bad debt/uncollectible revenue. This additional write-off included straight-line rent receivables of $7.0 million
With respect to April rents, cash collections totaled $24.8 million which is over 60% of the total due. As to May rent collections, several tenants who paid in April have negotiated rent deferrals going forward which will likely temporarily reduce the cash collections over the next couple of months. With several markets within the Company’s geographic footprint beginning to reopen retail operations, the current expectation is that rent collections will trend upward over the final two quarters of 2020 and throughout 2021. As previously announced, the Company has withdrawn its 2020 guidance.
“As to rents still outstanding, our associates are working very hard to obtain commitments from our tenants. Primarily, we are negotiating deferrals only that will generally be payable in the latter half of 2020 and in some cases into 2021. Our results demonstrate the significance of our portfolio transformation which resulted in a substantial upgrade in the credit quality of our tenancy,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Additional information can be found on page 41 of our supplemental disclosure.
Page iii
Balance Sheet, Liquidity and Dividends
The benefit of the Company’s best in class balance sheet has been highlighted by this crisis. Given its low leverage and the absence of any material maturities until the fourth quarter of 2022, the Company believes it has adequate liquidity to restore its properties to their full operating potential. However, these challenging times require a very measured, cautious approach to maintaining adequate liquidity and financial flexibility. Accordingly, the Company has drawn down the remaining $497 million available under its $500 million Revolving Credit Facility during the quarter.
In light of the uncertainties surrounding the pandemic, the Company expects to substantially limit acquisitions and will continue to monitor opportunities to dispose of additional properties. With both of its mixed-use projects in the Washington D.C. at or nearing completion, minimal investment will be required. Construction of the River Oaks residential tower has continued as leasing is scheduled to begin in mid-summer. The Company will carefully evaluate all other capital investment requirements going forward.
The Board of Trust Managers declared a cash dividend of $0.18 per common share payable on June 16, 2020 to shareholders of record on June 8, 2020. As to dividend payments, it is important to understand the Company position with respect to its 2020 dividend obligation. With large gains realized from disposition activities in 2019, the Company was able to eliminate a special dividend in 2019 by making an election to pay those dividends in 2020, as allowed by IRS regulations and disclosed in its Form 10-K. This enabled the Company to not only retain capital for reinvestment but also to shift dividends to 2020, a year in which the Company intended to greatly reduce disposition volumes and the related taxable gains. There is $70 million of dividend obligation remaining in 2020 from this election. The Company does not anticipate an additional dividend obligation from 2020 operations, and therefore has declared a dividend of $.18 per share. This is one third of the $70 million remaining obligation for 2020 and about one half of the previous dividend, consistent with the reduction in cash collections. Currently, the Company anticipates paying the remainder of the $70 million before year-end. The Company believes it will have adequate liquidity to meet these needs. The Company will continue to monitor tenant collections and to evaluate its operations and financial position, adjusting future dividends as appropriate.
In early March, prior to retail closures due to COVID-19 governmental mandates, the Company repurchased 847,309 of its common shares for $18.2 million.
“The significant deleveraging of our balance sheet was an important part of our multi-year transformation strategy. The future remains uncertain, but the strength of our balance sheet and our strong liquidity position will be more than sufficient to maximize the profitability of our portfolio once again. We clearly have the capital to continue to operate the portfolio, complete the new developments, which require little additional capital, and pay the announced dividend. We feel the $0.18 per share dividend was the right balance considering the requirement to make the distributions under the REIT rules versus paying federal income tax on the gains. Assuming we pay the third and fourth quarter dividends at this level or more, we would satisfy the $70 million payout. This is very manageable, especially given our strong liquidity position.” said Steve Richter, Executive Vice President and Chief Financial Officer.
Page iv
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on May 8, 2020 at 12:00 p.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 (800) 447-0521 (conference ID # 49202483). A replay will be available through the Company’s website starting approximately two hours following the live call.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 31, 2020, 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 167 properties which are located in 16 states spanning the country from coast to coast. These properties represent approximately 31.5 million square feet of which our interests in these properties aggregated approximately 21.3 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. These risks and uncertainties include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, as well as those discussed in the Company’s regulatory filings with the Securities and Exchange Commission, which include other 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.
Page v
Weingarten Realty Investors
(in thousands, except per share amounts)
Financial Statements
| | | | | | |
|
| Three Months Ended | ||||
| | March 31, | ||||
|
| 2020 |
| 2019 | ||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | | (Unaudited) | ||||
Revenues: |
| |
|
| |
|
Rentals, net | | $ | 108,050 | | $ | 119,826 |
Other | | | 3,302 | | | 3,312 |
Total Revenues | |
| 111,352 | |
| 123,138 |
Operating Expenses: | |
|
| |
|
|
Depreciation and amortization | | | 36,656 | | | 33,972 |
Operating | | | 23,160 | | | 24,248 |
Real estate taxes, net | | | 15,008 | | | 16,131 |
Impairment loss | | | 44 | | | 74 |
General and administrative | | | 2,307 | | | 9,581 |
Total Operating Expenses | | | 77,175 | | | 84,006 |
Other Income (Expense): | | |
| | |
|
Interest expense, net | | | (14,602) | | | (15,289) |
Interest and other (expense) income, net | | | (5,828) | | | 4,384 |
Gain on sale of property | | | 13,576 | | | 17,787 |
Total Other (Expense) Income | | | (6,854) | | | 6,882 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | | | 27,323 | | | 46,014 |
Provision for Income Taxes | | | (172) | | | (177) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | 27,097 | | | 5,417 |
Net Income | | | 54,248 | | | 51,254 |
Less: Net Income Attributable to Noncontrolling Interests | | | (1,626) | | | (1,588) |
Net Income Attributable to Common Shareholders -- Basic | | $ | 52,622 | | $ | 49,666 |
Net Income Attributable to Common Shareholders -- Diluted | | $ | 53,150 | | $ | 49,666 |
Earnings Per Common Share -- Basic | | $ | 0.41 | | $ | 0.39 |
Earnings Per Common Share -- Diluted | | $ | 0.41 | | $ | 0.39 |
(1) Reclassification of prior year's amounts were made to conform to current year presentation.
Page vi
Weingarten Realty Investors
(in thousands)
Financial Statements
| | | | | | |
| | March 31, | | December 31, | ||
| | 2020 | | 2019 | ||
|
| (Unaudited) |
| (Audited) | ||
CONDENSED CONSOLIDATED BALANCE SHEETS |
| |
|
| |
|
ASSETS |
| |
|
| |
|
Property | | $ | 4,205,978 | | $ | 4,145,249 |
Accumulated Depreciation | |
| (1,130,846) | |
| (1,110,675) |
Investment in Real Estate Joint Ventures and Partnerships, net | |
| 401,641 | |
| 427,947 |
Unamortized Lease Costs, net | |
| 151,844 | |
| 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | |
| 61,407 | |
| 83,639 |
Cash and Cash Equivalents | |
| 484,697 | |
| 41,481 |
Restricted Deposits and Escrows | |
| 30,804 | |
| 13,810 |
Other, net | |
| 179,263 | |
| 188,004 |
Total Assets | | $ | 4,384,788 | | $ | 3,937,934 |
| | | | | | |
LIABILITIES AND EQUITY | |
|
| |
|
|
Debt, net | | $ | 2,229,193 | | $ | 1,732,338 |
Accounts Payable and Accrued Expenses | |
| 84,212 | |
| 111,666 |
Other, net | |
| 205,138 | |
| 217,770 |
Total Liabilities | |
| 2,518,543 | |
| 2,061,774 |
| | | | | | |
Commitments and Contingencies | |
| — | |
| — |
| | | | | | |
EQUITY | |
|
| |
|
|
Common Shares of Beneficial Interest | |
| 3,890 | |
| 3,905 |
Additional Paid-In Capital | |
| 1,767,559 | |
| 1,779,986 |
Net Income Less Than Accumulated Dividends | |
| (73,317) | |
| (74,293) |
Accumulated Other Comprehensive Loss | |
| (11,207) | |
| (11,283) |
Shareholders' Equity | |
| 1,686,925 | |
| 1,698,315 |
Noncontrolling Interests | |
| 179,320 | |
| 177,845 |
Total Liabilities and Equity | | $ | 4,384,788 | | $ | 3,937,934 |
Page vii
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
Effective January 1, 2019, 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 gains or losses from sales of certain real estate assets (including: depreciable real estate with land, land, development property and securities), changes in control of real estate equity investments, and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization related to real estate and impairment of certain real estate assets 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 assets 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 and transactional costs associated with development activities. 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.
Page viii
NAREIT FFO and Core FFO is calculated as follows (in thousands):
| | | | | | |
|
| Three Months Ended | ||||
| | March 31, | ||||
|
| 2020 |
| 2019 | ||
| | (Unaudited) | ||||
Net income attributable to common shareholders | | $ | 52,622 | | $ | 49,666 |
Depreciation and amortization of real estate | |
| 36,475 | |
| 33,743 |
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | |
| 3,797 | |
| 2,952 |
Impairment of properties and real estate equity investments | |
| 44 | |
| 74 |
(Gain) on sale of property, investment securities and interests in real estate equity investments | |
| (13,574) | |
| (18,949) |
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | |
| (22,372) | |
| (274) |
Noncontrolling interests and other (1) | |
| (575) | |
| (489) |
NAREIT FFO – basic | |
| 56,417 | |
| 66,723 |
Income attributable to operating partnership units | |
| 528 | |
| 528 |
NAREIT FFO – diluted | |
| 56,945 | |
| 67,251 |
Adjustments for Core FFO: | | | | | | |
Contract terminations | |
| 340 | |
| — |
Core FFO – diluted | | $ | 57,285 | | $ | 67,251 |
| | | | | | |
FFO weighted average shares outstanding – basic | |
| 127,862 | |
| 127,756 |
Effect of dilutive securities: | | | | | | |
Share options and awards | |
| 943 | |
| 834 |
Operating partnership units | |
| 1,432 | |
| 1,432 |
FFO weighted average shares outstanding – diluted | |
| 130,237 | |
| 130,022 |
| | | | | | |
NAREIT FFO per common share – basic | | $ | .44 | | $ | .52 |
| | | | | | |
NAREIT FFO per common share – diluted | | $ | .44 | | $ | .52 |
| | | | | | |
Core FFO per common share – diluted | | $ | .44 | | $ | .52 |
(1) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
Page ix
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 |
| | March 31, 2020 |
Beginning of the period |
| 155 |
Properties removed: | |
|
Redevelopments | | (2) |
Dispositions |
| (4) |
End of the period |
| 149 |
Page x
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 | ||||
| | March 31, | ||||
|
| 2020 |
| 2019 | ||
| | (Unaudited) | ||||
Net income attributable to common shareholders | | $ | 52,622 | | $ | 49,666 |
Add: | |
|
| |
|
|
Net income attributable to noncontrolling interests | |
| 1,626 | |
| 1,588 |
Provision for income taxes | |
| 172 | |
| 177 |
Interest expense, net | |
| 14,602 | |
| 15,289 |
Property management fees | |
| 1,078 | |
| 873 |
Depreciation and amortization | |
| 36,656 | |
| 33,972 |
Impairment loss | |
| 44 | |
| 74 |
General and administrative | |
| 2,307 | |
| 9,581 |
Other (1) | |
| 88 | |
| 444 |
Less: | |
|
| |
|
|
Gain on sale of property | |
| (13,576) | |
| (17,787) |
Equity in earnings of real estate joint ventures and partnership interests, net | |
| (27,097) | |
| (5,417) |
Interest and other expense (income), net | |
| 5,828 | |
| (4,384) |
Revenue adjustments (2) | |
| 3,125 | |
| (3,219) |
Adjusted income | |
| 77,475 | |
| 80,857 |
Less: Adjusted income related to consolidated entities not defined as same property and noncontrolling interests | |
| (4,772) | |
| (7,674) |
Add: Pro rata share of unconsolidated entities defined as same property | |
| 7,756 | |
| 7,122 |
Same Property Net Operating Income | | $ | 80,459 | | $ | 80,305 |
(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 certain 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 | ||||
| | March 31, | ||||
|
| 2020 |
| 2019 | ||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | | | | | | |
Net income | | $ | 54,248 | | $ | 51,254 |
Interest expense, net | |
| 14,602 | |
| 15,289 |
Provision for income taxes | |
| 172 | |
| 177 |
Depreciation and amortization of real estate | |
| 36,656 | |
| 33,972 |
Impairment loss on operating properties and real estate equity investments | |
| 44 | |
| 74 |
Gain on sale of property and investment securities (1) | |
| (13,574) | |
| (18,970) |
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (2) | |
| (17,637) | |
| 3,624 |
Total EBITDAre | |
| 74,511 | |
| 85,420 |
Adjustments for Core EBITDAre: | | | | | | |
Contract terminations | |
| 340 | |
| — |
Total Core EBITDAre | | $ | 74,851 | | $ | 85,420 |
(1) | Includes a $.2 million gain on sale of non-operating assets for the three months ended March 31, 2019. |
(2) | Includes a $22.4 million gain on sale of property for the three months ended March 31, 2020 and a $.3 million gain on sale of non-operating assets for the three months ended March 31, 2019. |
Page xii
Weingarten Realty Investors
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 and regional economic and 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 tax laws and the failure to qualify as a real estate investment trust, (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor, and (xiii) the impact of public health issues such as the recent COVID-19 pandemic. 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.
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 March 31, 2020, we owned or operated under long-term leases, interests in 167 properties which are located in 16 states that span the United States from coast to coast. These properties represent approximately 31.5 million square feet of which our interests in these properties aggregated approximately 21.3 million square feet of leasable area. Our properties were 94.5% leased as of March 31, 2020 and historically our portfolio occupancy rate has never been below 90%.
Page 1
Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | | | | | | | | | | ||||
| | March 31, | | Twelve Months Ended December 31, | ||||||||||||||
|
| 2020 | | 2019 | | 2019 | | 2018 | | | 2017 | | | 2016 | ||||
Revenues: |
| |
| |
|
| | |
| | |
| |
|
| | |
|
Rentals, net | | $ | 108,050 | | $ | 119,826 | | $ | 472,446 | | $ | 517,836 | | $ | 563,183 | | $ | 540,141 |
Other | |
| 3,302 | |
| 3,312 | |
| 14,179 | |
| 13,311 | |
| 9,980 | | | 9,414 |
Total Revenues | |
| 111,352 | |
| 123,138 | |
| 486,625 | |
| 531,147 | |
| 573,163 | | | 549,555 |
Operating Expenses: | |
|
| |
|
| |
|
| |
|
| |
|
| | |
|
Depreciation and amortization | |
| 36,656 | |
| 33,972 | |
| 135,674 | |
| 161,838 | |
| 167,101 | | | 162,535 |
Operating | |
| 23,160 | |
| 24,248 | |
| 94,620 | |
| 90,554 | |
| 109,310 | | | 98,855 |
Real estate taxes, net | |
| 15,008 | |
| 16,131 | |
| 60,813 | |
| 69,268 | |
| 75,636 | | | 66,358 |
Impairment loss | |
| 44 | |
| 74 | |
| 74 | |
| 10,120 | |
| 15,257 | | | 98 |
General and administrative | |
| 2,307 | |
| 9,581 | |
| 35,914 | |
| 25,040 | |
| 28,052 | | | 26,607 |
Total Operating Expenses | |
| 77,175 | |
| 84,006 | |
| 327,095 | |
| 356,820 | |
| 395,356 | | | 354,453 |
Other Income (Expense): | |
|
| |
|
| |
|
| |
|
| |
|
| | |
|
Interest expense, net | |
| (14,602) | |
| (15,289) | |
| (57,601) | |
| (63,348) | |
| (80,326) | | | (83,003) |
Interest and other (expense) income, net | |
| (5,828) | |
| 4,384 | |
| 11,003 | |
| 2,807 | |
| 7,532 | | | 1,910 |
Gain on sale of property | |
| 13,576 | |
| 17,787 | |
| 189,914 | |
| 207,865 | |
| 218,611 | | | 100,714 |
Total Other (Expense) Income | |
| (6,854) | |
| 6,882 | |
| 143,316 | |
| 147,324 | |
| 145,817 | | | 19,621 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | |
| 27,323 | |
| 46,014 | |
| 302,846 | |
| 321,651 | |
| 323,624 | | | 214,723 |
(Provision) Benefit for Income Taxes | |
| (172) | |
| (177) | |
| (1,040) | |
| (1,378) | |
| 17 | | | (6,856) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (1) | |
| 27,097 | |
| 5,417 | |
| 20,769 | |
| 25,070 | |
| 27,074 | | | 20,642 |
Gain on sale and acquisition of real estate joint venture and partnership interests | |
| — | |
| — | |
| — | |
| — | |
| — | | | 48,322 |
Net Income | |
| 54,248 | |
| 51,254 | |
| 322,575 | |
| 345,343 | |
| 350,715 | | | 276,831 |
Less: Net Income Attributable to Noncontrolling Interests | |
| (1,626) | |
| (1,588) | |
| (7,140) | |
| (17,742) | |
| (15,441) | | | (37,898) |
Net Income Attributable to Common Shareholders | | $ | 52,622 | | $ | 49,666 | | $ | 315,435 | | $ | 327,601 | | $ | 335,274 | | $ | 238,933 |
Earnings Per Common Share - Basic | | $ | 0.41 | | $ | 0.39 | | $ | 2.47 | | $ | 2.57 | | $ | 2.62 | | $ | 1.90 |
Earnings Per Common Share - Diluted | | $ | 0.41 | | $ | 0.39 | | $ | 2.44 | | $ | 2.55 | | $ | 2.60 | | $ | 1.87 |
(1) | 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)
| | | | | | |
| | March 31, | | December 31, | ||
|
| 2020 |
| 2019 | ||
ASSETS |
| |
|
| |
|
Property | | $ | 4,205,978 | | $ | 4,145,249 |
Accumulated Depreciation | |
| (1,130,846) | |
| (1,110,675) |
Property, net | |
| 3,075,132 | |
| 3,034,574 |
Investment in Real Estate Joint Ventures and Partnerships, net (1) | |
| 401,641 | |
| 427,947 |
Total | |
| 3,476,773 | |
| 3,462,521 |
| | | | | | |
Unamortized Lease Costs, net | |
| 151,844 | |
| 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $8,132 in 2020) | |
| 61,407 | |
| 83,639 |
Cash and Cash Equivalents | |
| 484,697 | |
| 41,481 |
Restricted Deposits and Escrows | |
| 30,804 | |
| 13,810 |
Other, net | |
| 179,263 | |
| 188,004 |
Total Assets | | $ | 4,384,788 | | $ | 3,937,934 |
| | | | | | |
LIABILITIES AND EQUITY | |
|
| |
|
|
Debt, net | | $ | 2,229,193 | | $ | 1,732,338 |
Accounts Payable and Accrued Expenses | |
| 84,212 | |
| 111,666 |
Other, net | |
| 205,138 | |
| 217,770 |
Total Liabilities | |
| 2,518,543 | |
| 2,061,774 |
| | | | | | |
Commitments and Contingencies | |
| — | |
| — |
| | | | | | |
Equity: | |
|
| |
|
|
Shareholders' Equity: | |
|
| |
|
|
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:128,103 in 2020 and 128,702 in 2019 | |
| 3,890 | |
| 3,905 |
Additional Paid-In Capital | |
| 1,767,559 | |
| 1,779,986 |
Net Income Less Than Accumulated Dividends | |
| (73,317) | |
| (74,293) |
Accumulated Other Comprehensive Loss | |
| (11,207) | |
| (11,283) |
Total Shareholders' Equity | |
| 1,686,925 | |
| 1,698,315 |
Noncontrolling Interests | |
| 179,320 | |
| 177,845 |
Total Equity | |
| 1,866,245 | |
| 1,876,160 |
Total Liabilities and Equity | | $ | 4,384,788 | | $ | 3,937,934 |
(1) | 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 | ||||
| | March 31, | ||||
|
| 2020 |
| 2019 | ||
Funds From Operations Attributable to Common Shareholders (FFO) | | | | | | |
Numerator: |
| |
|
| |
|
Net income attributable to common shareholders | | $ | 52,622 | | $ | 49,666 |
Depreciation and amortization of real estate | |
| 36,475 | |
| 33,743 |
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | |
| 3,797 | |
| 2,952 |
Impairment of properties and real estate equity investments | |
| 44 | |
| 74 |
(Gain) on sale of property, investment securities and interests in real estate equity investments | |
| (13,574) | |
| (18,949) |
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | |
| (22,372) | |
| (274) |
Noncontrolling interests and other (1) | |
| (575) | |
| (489) |
NAREIT FFO - Basic | |
| 56,417 | |
| 66,723 |
Income attributable to operating partnership units | |
| 528 | |
| 528 |
NAREIT FFO - Diluted | |
| 56,945 | |
| 67,251 |
Adjustments for Core FFO: | |
|
| |
|
|
Contract terminations | |
| 340 | |
| — |
Core FFO - Diluted | | $ | 57,285 | | $ | 67,251 |
| | | | | | |
Denominator: | |
|
| |
|
|
FFO weighted average number of common shares outstanding - Basic | |
| 127,862 | |
| 127,756 |
Effect of dilutive securities: | | | | | | |
Share options and awards | |
| 943 | |
| 834 |
Operating partnership units | |
| 1,432 | |
| 1,432 |
FFO weighted average number of common shares outstanding - Diluted | |
| 130,237 | |
| 130,022 |
| | | | | | |
NAREIT FFO Per Common Share - Basic | | $ | 0.44 | | $ | 0.52 |
| | | | | | |
NAREIT FFO Per Common Share - Diluted | | $ | 0.44 | | $ | 0.52 |
| | | | | | |
Core FFO Per Common Share - Diluted | | $ | 0.44 | | $ | 0.52 |
(1) | Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable. |
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 | | Three Months Ended | |||||
| | March 31, | | December 31, | |||||
|
| 2020 |
| 2019 |
| 2019 | |||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): |
| |
|
| |
|
| |
|
Net income | | $ | 54,248 | | $ | 51,254 | | $ | 77,292 |
Interest expense, net | |
| 14,602 | |
| 15,289 | |
| 13,539 |
Provision for income taxes | |
| 172 | |
| 177 | |
| 358 |
Depreciation and amortization of real estate | |
| 36,656 | |
| 33,972 | |
| 33,355 |
Impairment loss on operating properties and real estate equity investments | |
| 44 | |
| 74 | |
| 3,070 |
Gain on sale of property and investment securities (1) | |
| (13,574) | |
| (18,970) | |
| (45,950) |
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (2) | |
| (17,637) | |
| 3,624 | |
| 4,377 |
Total EBITDAre | |
| 74,511 | |
| 85,420 | |
| 86,041 |
Adjustments for Core EBITDAre: | |
|
| |
|
| |
|
|
Contract terminations | |
| 340 | |
| — | |
| — |
Total Core EBITDAre | | $ | 74,851 | | $ | 85,420 | | $ | 86,041 |
| | | | | | | | | |
Net Debt to Core EBITDAre: | |
|
| |
|
| |
|
|
Debt | | $ | 2,229,193 | | $ | 1,788,551 | | $ | 1,732,338 |
Less: Cash and cash equivalents | |
| (484,697) | |
| (60,570) | |
| (41,481) |
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | |
| 86,483 | |
| 88,456 | |
| 86,840 |
Total Net Debt | | $ | 1,830,979 | | $ | 1,816,437 | | $ | 1,777,697 |
| | | | | | | | | |
Annualized Core EBITDAre | | $ | 299,404 | | $ | 341,680 | | $ | 344,164 |
| | | | | | | | | |
Net Debt to Core EBITDAre | |
| 6.12 | |
| 5.32 | |
| 5.17 |
(1) | Includes a $.2 million gain on sale of non-operating assets for the three months ended March 31, 2019. |
(2) | Includes a $22.4 million gain on sale of property for the three months ended March 31, 2020 and a $.3 million gain on sale of non-operating assets for the three months ended March 31, 2019. |
Page 6
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
| | | | | | | |
| | Three Months Ended |
| ||||
| | March 31, |
| ||||
| | 2020 |
| 2019 (1) |
| ||
Revenues: | | |
|
| |
| |
Rentals, net | | |
|
| |
| |
Base minimum rent, net | | $ | 86,203 | | $ | 89,734 | |
Straight line rent, net | |
| (6,756) | |
| 591 | |
Over/under market rental, net | |
| 1,773 | |
| 660 | |
Percentage rent, net | |
| 288 | |
| 702 | |
Tenant reimbursements, net | |
| 26,100 | |
| 27,817 | |
Other rental revenues | |
| 223 | |
| 295 | |
Lease cancellation revenue | |
| 219 | |
| 27 | |
Rentals, net | | | 108,050 | | | 119,826 | |
Other Revenues | |
|
| |
|
| |
Customer contract revenue | | | 2,587 | | | 2,579 | |
Miscellaneous revenue | |
| 715 | |
| 733 | |
Other Revenues | | | 3,302 | | | 3,312 | |
Total Revenue | | $ | 111,352 | | $ | 123,138 | |
Operating Expenses: | | | | | | | |
Depreciation and Amortization | | $ | 36,656 | | $ | 33,972 | |
Operating | | | | | | | |
Operating Expense | | | 23,160 | | | 22,264 | |
Deferred Compensation (2) | | | — | | | 1,984 | |
Operating, net | | | 23,160 | | | 24,248 | |
Real Estate Taxes, net | | | 15,008 | | | 16,131 | |
Impairment Loss | | | 44 | | | 74 | |
General and administrative expense | | | | | | | |
General and administrative expense | | | 8,477 | | | 8,589 | |
Deferred Compensation (2) | | | (6,170) | | | 992 | |
General and administrative expense, net | | | 2,307 | | | 9,581 | |
Total Operating Expenses | | $ | 77,175 | | $ | 84,006 | |
Other Income (Expense): | | | | | | | |
Interest Expense, net | | | | | | | |
Interest paid or accrued | | $ | (16,556) | | $ | (17,390) | |
Amortization of debt deferred costs | | | (796) | | | (902) | |
Over/under market adjustment of acquired properties, net | | | 87 | | | 82 | |
Capitalized interest | | | 2,663 | | | 2,921 | |
Interest Expense, net | | | (14,602) | | | (15,289) | |
Interest and Other (Expense) Income, net | | | | | | | |
Interest and Other Income | | | 342 | | | 1,408 | |
Deferred Compensation (2) | | | (6,170) | | | 2,976 | |
Interest and Other (Expense) Income, net | | | (5,828) | | | 4,384 | |
Gain on Sale of Property | | | 13,576 | | | 17,787 | |
Total Other (Expense) Income | | $ | (6,854) | | $ | 6,882 | |
| | | | | | | |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | | $ | 27,323 | | $ | 46,014 | |
Provision for Income Taxes | | | (172) | | | (177) | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | | | | | |
Net income from unconsolidated joint ventures and partnerships | | | 26,273 | | | 4,589 | |
Intercompany fee income reclass | | | 712 | | | 686 | |
Other adjustments | | | 112 | | | 142 | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | 27,097 | | | 5,417 | |
Net Income | | $ | 54,248 | | $ | 51,254 | |
Less: Net Income Attributable to Noncontrolling Interests | | | (1,626) | | | (1,588) | |
Net Income Attributable to Common Shareholders -- Basic | | $ | 52,622 | | $ | 49,666 | |
Net Income Attributable to Common Shareholders -- Diluted | | $ | 53,150 | | $ | 49,666 | |
| | | | | | | |
Dividends | |
|
| |
|
| |
Common Dividends per Share | | $ | 0.395 | | $ | 0.395 | |
Common Dividends Paid as a % of Core Funds from Operations - Basic | |
| 89.7 | % |
| 76.2 | % |
| | | | | | | |
General and Administrative Expense | |
|
| |
|
| |
Gross General and Administrative Expense/Total Revenue | |
| 7.6 | % |
| 7.0 | % |
(1) | Reclassification of prior year's amounts were made to conform to current year presentation. |
(2) | Eligible associates of the Company may contribute a portion of their earnings to a Deferred Compensation plan for income tax deferral purposes. The Company does not match or contribute funds to the plan, as it is all the associates' earnings. The asset and corresponding liability along with the related earnings are recorded in the Company financial statements on behalf of the participants. The allocation was modified 1/1/2020 to reflect the current expense classification of the associates in the plan. All changes to the liability are now allocated to General and Administrative Expense with no allocation to Operating Expense. |
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)
| | | | | | |
| | March 31, | | December 31, | ||
| | 2020 |
| 2019 | ||
| | | | | | |
Property |
| |
|
| |
|
Land | | $ | 944,272 | | $ | 911,521 |
Land held for development | |
| 40,986 | |
| 40,667 |
Land under development | |
| 29,495 | |
| 53,076 |
Buildings and improvements | |
| 2,999,500 | |
| 2,898,867 |
Construction in-progress | |
| 191,725 | |
| 241,118 |
Total | | $ | 4,205,978 | | $ | 4,145,249 |
| | | | | | |
Straight Line Rent Receivable, net | |
|
| |
|
|
| | $ | 50,742 | | $ | 57,976 |
| | | | | | |
Other Assets, net | |
|
| |
|
|
Notes receivable and mortgage bonds, net | | $ | 21,462 | | $ | 22,104 |
Debt service guaranty asset | |
| 57,380 | |
| 57,380 |
Non-qualified benefit plan assets | |
| 32,361 | |
| 38,381 |
Out-of-market leases, net | |
| 11,374 | |
| 11,685 |
Deferred income tax asset | |
| 3,362 | |
| 3,448 |
Unamortized debt costs, net | |
| 3,285 | |
| 3,487 |
Right of use assets, net | |
| 43,302 | |
| 43,751 |
Other | |
| 6,737 | |
| 7,768 |
Total | | $ | 179,263 | | $ | 188,004 |
| | | | | | |
Other Liabilities, net | |
|
| |
|
|
Deferred revenue | | $ | 12,268 | | $ | 14,952 |
Non-qualified benefit plan liabilities | |
| 69,121 | |
| 76,060 |
Deferred income tax payable | |
| 1,769 | |
| 1,767 |
Out-of-market leases, net | |
| 61,187 | |
| 62,914 |
Operating lease liabilities, net | |
| 42,485 | |
| 43,063 |
Other | |
| 18,308 | |
| 19,014 |
Total | | $ | 205,138 | | $ | 217,770 |
| | | | | | |
Identified Intangible Assets and Liabilities | |
|
| |
|
|
Identified Intangible Assets: | |
|
| |
|
|
Above-market leases (included in Other Assets, net) | | $ | 23,967 | | $ | 23,830 |
Above-market leases - Accumulated Amortization | |
| (12,593) | |
| (12,145) |
In place leases (included in Unamortized Lease Costs, net) | |
| 203,573 | |
| 196,207 |
In place leases - Accumulated Amortization | |
| (96,196) | |
| (92,918) |
Total | | $ | 118,751 | | $ | 114,974 |
| | | | | | |
Identified Intangible Liabilities: | |
|
| |
|
|
Below-market leases (included in Other Liabilities, net) | | $ | 94,668 | | $ | 95,240 |
Below-market leases - Accumulated Amortization | |
| (33,481) | |
| (32,326) |
Above-market assumed mortgages (included in Debt, net) | |
| 3,993 | |
| 3,446 |
Above-market assumed mortgages - Accumulated Amortization | |
| (2,074) | |
| (1,987) |
Total | | $ | 63,106 | | $ | 64,373 |
Page 8
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
| | | | | | | | | |
| | | | March 31, | | December 31, |
| ||
| | |
| 2020 |
| 2019 |
| ||
| | | | | | | | | |
Common Share Data | | |
| |
|
| |
| |
Closing Market Price | | | | $ | 14.43 | | $ | 31.24 | |
| | | | | | | | | |
Capitalization | | | |
|
| |
|
| |
Debt | | | | $ | 2,229,193 | | $ | 1,732,338 | |
Common Shares at Market | | | |
| 1,848,526 | |
| 4,020,650 | |
Operating Partnership Units at Market | | | |
| 20,664 | |
| 44,736 | |
Total Market Capitalization (As reported) | | | | $ | 4,098,383 | | $ | 5,797,724 | |
| | | | | | | | | |
Debt to Total Market Capitalization (As reported) | | | |
| 54.4 | % |
| 29.9 | % |
Debt to Total Market Capitalization (As reported at a constant share price of $31.24) | |
| 35.5 | % |
| 29.9 | % | ||
Debt to Total Market Capitalization (Pro rata) | | | |
| 54.9 | % |
| 30.5 | % |
| | | | | | | | | |
Capital Availability | | | |
|
| |
|
| |
Revolving Credit Facility | | | | $ | 500,000 | | $ | 500,000 | |
Less: | | | |
| | |
|
| |
Balance Outstanding Under Revolving Credit Facility | | | |
| 497,000 | |
| — | |
Outstanding Letters of Credit Under Revolving Facility | | | |
| 2,054 | |
| 2,054 | |
Unused Portion of Credit Facility | | | | $ | 946 | | $ | 497,946 | |
| | | | | | | | | |
Significant Covenant Ratios |
|
| | | | |
|
| |
|
| Restrictions | | | | | | | |
Debt to Asset Ratio (Public) |
| Less than 60.0% | |
| 41.9 | % |
| 35.9 | % |
Secured Debt to Asset Ratio (Public) |
| Less than 40.0% | |
| 5.3 | % |
| 5.8 | % |
Unencumbered Asset Test (Public) |
| Greater than 150% | |
| 247.0 | % |
| 299.7 | % |
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) |
| Greater than 1.5x | |
| 4.5x | |
| 4.2x | |
| | | | | | | | | |
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
2020 Guidance |
Due to uncertainty of the economic impact of the COVID-19 pandemic, WRI has withdrawn guidance.
Page 10
Weingarten Realty Investors
(at pro rata share)
(in thousands)
| | | | | | |
|
| Three Months Ended |
| Twelve Months Ended | ||
|
| March 31, 2020 |
| December 31, 2019 | ||
Acquisitions | | $ | 43,000 | | $ | 246,447 |
New Development | |
| 25,008 | |
| 150,418 |
Redevelopment | |
| 3,944 | |
| 22,242 |
Building and Site Improvements | |
| 3,307 | |
| 19,926 |
Tenant Finish | |
| 10,077 | |
| 36,594 |
External Leasing Commissions | |
| 934 | |
| 4,340 |
Capital Expenditures | | $ | 86,270 | | $ | 479,967 |
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 March 31, 2020
(at pro rata share, except multi-family units)
(in thousands, except percentages and multi-family units)
| | | | | | | | | | | | | | | | | | |
| | Project Description / | | Total Cost at | | Costs | | Estimated/Actual | | Stabilized | | Percentage | | |||||
Property |
| SF |
| Completion |
| to Date |
| ROI (1) | | Operations (1) |
| Leased (7) | Key Tenants / Description | |||||
| | | | | | | | | | | | | | | | | | |
Developments and Large Redevelopments Under Construction (2,3) | | | | | | | | | | | | | | | | | | |
West Alex - Alexandria, VA (4) |
| Retail = 127 SF | | $ | 200,000 | | $ | 183,534 |
|
|
| | | |
| 79.9 | % | Harris Teeter anticipated opening 2H21 |
|
| Multifamily = 278 units | | | | | | | | | | | | |
| 11.5 | % | Residential units available to lease 2H19 |
| | | | | | | | | | | | | | | | | | |
Centro Arlington - Arlington, VA* (5) |
| Retail = 65 SF | |
| 135,000 | |
| 125,881 |
|
|
| | | |
| 91.2 | % | Harris Teeter opened 2H19 |
|
| Multifamily = 366 units | | | | | | | | | | | | |
| 54.6 | % | Residential units available to lease 2H19 |
| | | | | | | | | | | | | | | | | | |
The Driscoll at River Oaks - Houston, TX |
| Retail = 11 SF | |
| 150,000 | |
| 84,028 |
|
|
| | | |
| 0.0 | % |
|
|
| Multifamily = 318 units | | | | | | | | | | | | |
| 0.0 | % | Residential units available to lease 2020 |
| | | | $ | 485,000 | | $ | 393,443 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Redevelopments Under Construction (3) | | | | | | | | | | | | | | | | | | |
River Point at Sheridan - Denver, CO |
| 53 | | $ | 12,541 | | $ | 10,511 |
|
|
| | | |
|
|
| Burlington, New Shop Space Building, and Pads |
Rock Prairie Marketplace - College Station, TX |
| 41 | |
| 8,812 | |
| 4,976 |
|
|
| | | |
|
|
| Valero, Multi-Tenant Building, and Pads Increased scope to add more square footage |
Wilderness Oaks - San Antonio, TX |
| 20 | |
| 7,295 | |
| 9,357 |
|
|
| | | |
|
|
| 20,000 SF Multi-Tenant Building, and Pads |
Fiesta Trails - San Antonio, TX |
| 20 | |
| 5,869 | |
| 3,297 |
|
|
| | | |
|
|
| Two New Shop Space Buildings |
Tomball Marketplace - Houston, TX |
| 27 | |
| 5,367 | |
| 4,184 |
|
|
| | | |
|
|
| Three New Shop Space Buildings |
All other redevelopments < $5 million (5 projects) |
| 35 | |
| 13,990 | |
| 9,157 |
|
|
| | | |
|
|
| |
| | | | $ | 53,874 | | $ | 41,482 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Completed Redevelopments (6) | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
|
| | $ | 36,376 | | $ | 36,159 |
| 11.3 | % | | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter) (8): | |
|
| |
|
|
|
| | | $ | (540) |
|
|
|
| ||
Cash NOI Redevelopments Under Construction (Current Quarter): |
|
| |
|
| |
|
|
|
| | | $ | 540 |
|
|
|
|
Cash NOI Redevelopments Completed (Current Quarter): |
|
| |
|
| |
|
|
|
| | | $ | 965 |
|
|
|
|
(1) | Given the recent COVID-19 disruption, the leaseup and stabilization dates of these projects cannot be determined at this time. |
(2) | Large redevelopment is defined where total incremental investment is over $50 million. Impact from COVID-19 may affect estimates in future periods. |
(3) | Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. Impact from COVID-19 may affect estimates in future periods. |
(4) | Costs do not reflect potential sale of Senior Living Pad. |
(5) | 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 $6 million in imputed debt. |
(6) | Four projects completed in 2019 were no longer classified as redevelopments on January 1, 2020. The current population consists of Sunset 19 completed this quarter and completed phases of two properties where part of the total project is still under construction. |
(7) | Percentage leased for retail and office is calculated as square footage for executed leases divided by the gross leasable area. Percentage leased for multifamily is calculated as total units leased divided by total units. |
(8) | NOI Detail: Residential ($478) and Retail ($62). |
* Unconsolidated Joint Venture
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
As of March 31, 2020
(in thousands, except acres and percentages)
| | | | | | | | | | | |
| | Ownership | | Gross | | Investment (1) | |||||
Location |
| Interest |
| Acres |
| 100% | | Pro Rata | |||
New Development Phased Projects |
|
|
| |
|
| |
| |
|
|
US 77 & FM 802, Brownsville, TX |
| 100.0 | % | | 21.0 |
| |
| |
|
|
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC |
| 100.0 | % | | 20.9 |
| |
| |
|
|
Highway 17 and Highway 210, Surf City, NC |
| 100.0 | % | | 11.0 |
| |
| |
|
|
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL |
| 100.0 | % | | 6.7 |
| |
| |
|
|
Hwy. 85 & Hwy. 285, Sheridan, CO |
| 100.0 | % | | 5.6 |
| |
| |
|
|
29th St. at Nolana Loop, McAllen, TX |
| 50.0 | % | | 3.8 |
| |
| |
|
|
FM 2920 and Future 249, Tomball - Houston, TX |
| 100.0 | % | | 2.2 |
| |
| |
|
|
SR 207 & Rolling Hills Drive, St. Augustine, FL |
| 70.0 | % | | 1.6 |
| |
| |
|
|
Total New Development Phased Projects |
| | | | 72.8 | | $ | 13,981 | | $ | 12,910 |
| | | | | | | | | | | |
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 - Tucson, 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 | | $ | 32,394 | | $ | 20,238 |
| | | | | | | | | | | |
Total Land Held For Development Properties |
| | | | 273.8 | | $ | 46,375 | | $ | 33,148 |
(1) Net of impairment and valuation adjustments.
Notes:
Land costs account for $38.5 million of total investment at 100%, $25.7 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 March 31, 2020
(at pro rata share)
(in thousands, except percentages)
| | | | | | | | | | | | |
|
| |
| | | |
| | |
| |
|
| | | | Sq. Ft. | | Date | | Purchase | | |
| |
Center |
| City/State |
| at 100 % |
| Acquired |
| Price |
| Yield | | |
Acquisitions |
|
|
|
|
|
|
| |
|
|
| |
1st Quarter |
|
|
|
|
|
|
| |
|
|
| |
Stevens Creek Corner | | San Jose, CA | | 8 | | 03/02/20 | | | | | | |
Village Green Center | | Wellington, FL | | 70 | | 03/11/20 | | | | | | |
| | | | | | | | | | | | |
Total Acquisitions | | | | |
|
| | $ | 43,000 |
| 4.9 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | Weighted |
|
| | | | | | Date | | Sales | | Sales |
| |
|
| |
| |
| Sold |
| Price (1) |
| Cap (2) | | |
Dispositions |
|
|
|
|
|
|
| |
|
|
| |
1st Quarter |
|
|
|
|
|
|
| |
|
|
| |
Aurora City Place* | | Aurora, CO | | 356 | | 02/13/20 | | | | | | |
North Park Plaza* | | Beaumont, TX | | 140 | | 02/18/20 | | | | | | |
Preston Shepard Place* | | Plano, TX | | 362 | | 03/03/20 | | | | | | |
Market at Westchase | | Houston, TX | | 81 | | 03/10/20 | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Total Dispositions | | | | |
|
| | $ | 73,201 |
| 7.9 | % |
(1) Sales price represents the total contract price.
(2) Cap rates are based upon underwriting estimates and may be different than current returns.
* 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
Weingarten Realty Investors
(in thousands, except percentages)
| | | | | | | | | | | |
| | | |
| 1st Quarter |
| | |
| 4th Quarter |
|
| | March 31, | | Weighted | | December 31, | | Weighted |
| ||
|
| 2020 |
| Average Rate (1) |
| 2019 |
| Average Rate (1) |
| ||
Outstanding Balance Summary |
| |
|
|
|
| |
|
|
| |
Mortgage Debt | | $ | 260,120 |
| 4.29 | % | $ | 260,458 |
| 4.18 | % |
3.375% Notes due 2022 | |
| 299,062 |
| 3.38 | % |
| 299,031 |
| 3.38 | % |
3.5% Notes due 2023 | |
| 299,192 |
| 3.50 | % |
| 299,155 |
| 3.50 | % |
4.45% Notes due 2024 | |
| 245,779 |
| 4.45 | % |
| 245,751 |
| 4.45 | % |
3.85% Notes due 2025 | |
| 239,463 |
| 3.85 | % |
| 239,418 |
| 3.85 | % |
3.25% Notes due 2026 | |
| 248,575 |
| 3.25 | % |
| 248,525 |
| 3.25 | % |
Unsecured Notes Payable (MTN) | |
| 66,285 |
| 6.70 | % |
| 66,285 |
| 6.70 | % |
Revolving Credit Agreements (2) | |
| 497,000 |
| 1.46 | % |
| — |
| | |
Obligations under Capital Leases | |
| 21,777 |
| 8.00 | % |
| 21,804 |
| 8.00 | % |
Unamortized Loan Costs | |
| (5,440) |
| | |
| (5,469) |
| | |
Subtotal Consolidated Debt | |
| 2,171,813 |
| 3.86 | % |
| 1,674,958 |
| 3.92 | % |
Debt Service Guarantee Liability (3) | |
| 57,380 |
|
| |
| 57,380 |
|
| |
Total Consolidated Debt - As Reported | | $ | 2,229,193 |
| 3.86 | % | $ | 1,732,338 |
| 3.92 | % |
| | | |
| | As |
|
|
| Reported |
|
Weighted Average Interest Rates (1) |
|
| |
Three months ended 03/31/20 | | 3.86 | % |
Three months ended 12/31/19 | | 3.92 | % |
Twelve months ended 12/31/19 | | 3.97 | % |
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
(2) | Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee was 2.95% in the first quarter 2020. |
(3) | Debt service guarantee liability recorded due to a guarantee of municipal bonds issued 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)
| | | | | | | | | |
|
| | |
| |
| |
| Weighted |
| | | | | Weighted | | | | Average |
| | Debt | | Average | | | | Remaining | |
|
| Balance |
| Rate (1) |
| % of Total |
| Life (yrs) | |
Fixed vs. Variable Rate Debt | | | | | | | | | |
(includes the effect of interest rate swaps) | | | | | | | | | |
As of March 31, 2020 | | | | | | | | | |
Fixed-rate debt | | $ | 1,780,601 |
| 3.92 | % | 78.2 | % | 4.61 |
Variable-rate debt | |
| 497,000 |
| 1.64 | % | 21.8 | % | 4.00 |
Total | | $ | 2,277,601 |
| 3.85 | % | 100.0 | % | 4.48 |
| | | | | | | | | |
As of December 31, 2019 | | | | | | | | | |
Fixed-rate debt | | $ | 1,763,485 |
| 3.95 | % | 99.0 | % | |
Variable-rate debt | |
| 17,448 |
| 3.87 | % | 1.0 | % | |
Total | | $ | 1,780,933 |
| 3.90 | % | 100.0 | % | |
| | | | | | | | | |
Secured vs. Unsecured Debt | | | | | | | | | |
As of March 31, 2020 | | | | | | | | | |
Secured Debt | | $ | 329,372 |
| 4.48 | % | 14.5 | % | 5.30 |
Unsecured Debt | |
| 1,948,229 |
| 3.71 | % | 85.5 | % | 4.33 |
Total | | $ | 2,277,601 |
| 3.85 | % | 100.0 | % | 4.48 |
| | | | | | | | | |
As of December 31, 2019 | | | | | | | | | |
Secured Debt | | $ | 330,171 |
| 4.37 | % | 18.5 | % | |
Unsecured Debt | |
| 1,450,762 |
| 3.79 | % | 81.5 | % | |
Total | | $ | 1,780,933 |
| 3.90 | % | 100.0 | % | |
| | | | | | |
Additional Information |
| March 31, |
| December 31, | ||
Reconciling items to pro rata debt |
| 2020 |
| 2019 | ||
Noncontrolling Interests and Other Adjustments | | $ | (38,273) | | $ | (38,460) |
WRI Share of Unconsolidated Joint Ventures | | $ | 86,681 | | $ | 87,055 |
| | | |
Weighted Average Interest Rates (1) | | | |
Three months ended 03/31/20 | | 3.85 | % |
Three months ended 12/31/19 |
| 3.90 | % |
Twelve months ended 12/31/19 | | 3.95 | % |
(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
As of March 31, 2020
(in thousands, except percentages)
| | | | | | |
|
| As Reported |
| |||
| | | | | Weighted |
|
|
| Maturities |
| Average Rate (2) |
| |
2020 | | $ | 4,227 |
| 4.04 | % |
2021 | |
| 18,795 |
| 4.07 | % |
2022 | |
| 308,298 |
| 3.40 | % |
2023 | |
| 348,207 |
| 3.59 | % |
2024 | |
| 252,561 |
| 4.44 | % |
2025 | |
| 294,232 |
| 3.93 | % |
2026 | |
| 277,733 |
| 3.55 | % |
2027 | |
| 53,604 |
| 5.89 | % |
2028 | |
| 92,159 |
| 4.53 | % |
2029 | |
| 917 |
| 3.66 | % |
Thereafter | |
| 9,518 |
| 3.66 | % |
Subtotal | |
| 1,660,251 | | | |
| | | | | | |
Revolving Credit Agreements | |
| 497,000 | | 1.46 | % |
Other (1) | |
| 71,942 | | | |
Total | | $ | 2,229,193 |
| 3.86 | % |
(1) | Other includes finance leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued 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 March 31, 2020
(at pro rata share)
(in thousands, except percentages)
| | | | | | | | | | | | | | | | | |
| | | | | Weighted | | | | | | | | | | | | |
|
| Maturities |
| Average Rate (2) |
| Floating Rate |
| Fixed Rate |
| Secured |
| Unsecured | |||||
2020 | | $ | 4,840 |
| 4.13 | % | | — | | $ | 4,840 | | $ | 4,840 | | $ | — |
2021 | |
| 53,554 |
| 4.06 | % |
| — | |
| 53,554 | |
| 53,554 | |
| — |
2022 | |
| 308,552 |
| 3.40 | % |
| — | |
| 308,552 | |
| 9,162 | |
| 299,390 |
2023 | |
| 313,214 |
| 3.53 | % |
| — | |
| 313,214 | |
| 13,544 | |
| 299,670 |
2024 | |
| 253,713 |
| 4.44 | % |
| — | |
| 253,713 | |
| 7,513 | |
| 246,200 |
2025 | |
| 295,382 |
| 3.94 | % |
| — | |
| 295,382 | |
| 54,877 | |
| 240,505 |
2026 | |
| 278,623 |
| 3.56 | % |
| — | |
| 278,623 | |
| 5,653 | |
| 272,970 |
2027 | |
| 57,530 |
| 5.80 | % |
| — | |
| 57,530 | |
| 23,785 | |
| 33,745 |
2028 | |
| 92,865 |
| 4.54 | % |
| — | |
| 92,865 | |
| 83,295 | |
| 9,570 |
2029 | |
| 40,988 |
| 3.79 | % |
| — | |
| 40,988 | |
| 40,988 | |
| — |
Thereafter | |
| 9,518 |
| 3.66 | % |
| — | |
| 9,518 | |
| 9,518 | |
| — |
Subtotal | |
| 1,708,779 |
| | |
| — | |
| 1,708,779 | |
| 306,729 | |
| 1,402,050 |
| | | | | | | | | | | | | | | | | |
Revolving Credit Agreements | |
| 497,000 |
| 1.46 | % |
| 497,000 | |
| — | |
| — | |
| 497,000 |
Other (1) | |
| 71,822 |
| | |
| — | |
| 71,822 | |
| 22,643 | |
| 49,179 |
Total | | $ | 2,277,601 |
| 3.85 | % | $ | 497,000 | | $ | 1,780,601 | | $ | 329,372 | | $ | 1,948,229 |
(1) | Other includes finance leases, fair value adjustments, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued 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
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information at 100%
(in thousands)
| | | | | | | |
| | | Three Months Ended | ||||
|
|
| March 31, | ||||
|
|
| 2020 |
| 2019 | ||
Condensed Statements of Income | | | | | | | |
Revenues: |
|
| |
|
| |
|
Rentals, net | | | $ | 33,091 | | $ | 31,758 |
Other | | |
| 648 | |
| 757 |
Total | | |
| 33,739 | |
| 32,515 |
Expenses: | | |
|
| |
|
|
Depreciation and amortization | | |
| 8,762 | |
| 7,849 |
Interest, net | | |
| 2,418 | |
| 2,459 |
Operating | | |
| 7,111 | |
| 6,100 |
Real estate taxes, net | | |
| 4,400 | |
| 4,535 |
General and administrative | | |
| 105 | |
| 69 |
Provision for income taxes | | |
| 36 | |
| 33 |
Total | | |
| 22,832 | |
| 21,045 |
Gain on dispositions | | |
| 44,699 | |
| 535 |
Net income | | | $ | 55,606 | | $ | 12,005 |
| | | | | | | |
Condensed Balance Sheets |
| | March 31, | | December 31, | ||
| | | 2020 |
| 2019 | ||
ASSETS |
| | |
|
| |
|
Property | | | $ | 1,220,903 | | $ | 1,378,328 |
Accumulated depreciation | | |
| (279,956) | |
| (331,856) |
Property, net | | |
| 940,947 | |
| 1,046,472 |
Other assets, net | | |
| 98,576 | |
| 108,366 |
Total | | | $ | 1,039,523 | | $ | 1,154,838 |
LIABILITIES AND EQUITY | | |
|
| |
|
|
Debt, net | | | $ | 264,098 | | $ | 264,782 |
Amounts payable to Weingarten Realty Investors and Affiliates | | |
| 10,495 | |
| 11,972 |
Other liabilities, net | | |
| 21,980 | |
| 25,498 |
Total | | |
| 296,573 | |
| 302,252 |
Equity | | |
| 742,950 | |
| 852,586 |
Total | | | $ | 1,039,523 | | $ | 1,154,838 |
| | | | | | | |
Supplemental Income Statement Details |
|
| Three Months Ended | ||||
| | | March 31, | ||||
| | | 2020 | | 2019 | ||
| | | | | | | |
Rentals, net |
|
| |
|
| |
|
Fixed Payments: |
|
| |
|
| |
|
Base minimum rent, net | | | $ | 25,235 | | $ | 24,103 |
Straight line rent, net | | |
| (587) | |
| (129) |
Over/Under-market rentals, net | | |
| 128 | |
| 45 |
Variable Payments: | | |
| | |
|
|
Percentage rent | | |
| — | |
| 71 |
Tenant reimbursements, net | | |
| 8,103 | |
| 7,587 |
Other rental revenues | | |
| 102 | |
| 81 |
Lease cancellation revenue | | |
| 110 | |
| — |
Total | | | $ | 33,091 | | $ | 31,758 |
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 | ||||
| | | March 31, | ||||
Condensed Statements of Income |
| | 2020 | | 2019 | ||
Revenues: |
|
| |
|
| |
|
Rentals, net | | | $ | 13,234 | | $ | 11,922 |
Other | | |
| 374 | |
| 397 |
Total | | |
| 13,608 | |
| 12,319 |
Expenses: | | |
|
| |
|
|
Depreciation and amortization | | |
| 3,814 | |
| 2,952 |
Interest, net | | |
| 903 | |
| 930 |
Operating | | |
| 3,128 | |
| 2,286 |
Real estate taxes, net | | |
| 1,802 | |
| 1,795 |
General and administrative | | |
| 42 | |
| 25 |
Provision for income taxes | | |
| 18 | |
| 16 |
Total | | |
| 9,707 | |
| 8,004 |
Gain on dispositions | | |
| 22,372 | |
| 274 |
Net income | | | $ | 26,273 | | $ | 4,589 |
| | | | | | | |
Condensed Balance Sheets | | | March 31, | | December 31, | ||
|
| | 2020 |
| 2019 | ||
ASSETS |
| | |
|
| |
|
Property | | | $ | 537,027 | | $ | 585,746 |
Accumulated depreciation | | |
| (103,487) | |
| (122,068) |
Property, net | | |
| 433,540 | |
| 463,678 |
Notes receivable from real estate joint ventures and partnerships | | |
| 3,550 | |
| 3,623 |
Unamortized lease costs, net | | |
| 11,186 | |
| 11,820 |
Accrued rent, accrued customer contracts and accounts receivable | | |
| 7,102 | |
| 9,082 |
Cash and cash equivalents | | |
| 15,988 | |
| 17,205 |
Restricted deposits and mortgage escrows | | | | 42 | | | — |
Out-of-market leases, net | | |
| 3,007 | |
| 3,139 |
Other assets, net | | |
| 1,758 | |
| 1,822 |
Total | | | $ | 476,173 | | $ | 510,369 |
LIABILITIES AND EQUITY | | |
|
| |
|
|
Debt, net | | | $ | 86,483 | | $ | 86,840 |
Amounts payable to Weingarten Realty Investors and Affiliates | | |
| 4,922 | |
| 4,887 |
Accounts payable and accrued expenses | | |
| 5,685 | |
| 8,226 |
Deferred revenue | | |
| 1,539 | |
| 1,407 |
Out-of-market leases, net | | |
| 2,370 | |
| 2,584 |
Interest rate derivative | | | | 270 | | | — |
Other liabilities, net | | |
| 309 | |
| 446 |
Total | | |
| 101,578 | |
| 104,390 |
Equity | | |
| 374,595 | |
| 405,979 |
Total | | | $ | 476,173 | | $ | 510,369 |
| | | | | | | |
Supplemental Income Statement Details | | | Three Months Ended | ||||
| | | March 31, | ||||
|
|
| 2020 | | 2019 | ||
| | | | | | | |
Rentals, net |
|
| |
|
| |
|
Fixed Payments: |
|
| |
|
| |
|
Base minimum rent, net | | | $ | 10,077 |
| $ | 9,043 |
Straight line rent, net | | |
| (148) |
| | (60) |
Over/Under-market rentals, net | | |
| 41 |
| | (12) |
Variable Payments: | | |
| |
| |
|
Percentage rent | | |
| 13 |
| | 39 |
Tenant reimbursements, net | | |
| 3,178 |
| | 2,881 |
Other rental revenues | | |
| 50 |
| | 31 |
Lease cancellation revenue | | |
| 23 |
| | — |
Total | | | $ | 13,234 |
| $ | 11,922 |
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%
March 31, 2020
(in thousands, except number of properties)
| | | | | | | | | | |
| | Number of | | | | | | | | |
| | Operating | | | | | | | |
|
Joint Venture Partner |
| Properties (1)(2) |
| Total GLA |
| Total Assets |
| Total Debt | ||
| | | | | | | | | | |
TIAA Florida Retail LLC |
| 2 |
| 431 | | $ | 122,069 |
| $ | — |
Collins |
| 8 |
| 1,148 | |
| 108,597 |
| | 13,309 |
AEW - Institutional Client |
| 5 |
| 437 | |
| 99,990 |
| | — |
BIT Retail |
| 2 |
| 359 | |
| 60,335 |
| | — |
Jamestown |
| 6 |
| 1,216 | |
| 138,035 |
| | 169,791 |
Fidelis Realty Partners |
| 1 |
| 492 | |
| 124,438 |
| | 69,300 |
Sleiman Enterprises |
| 2 |
| 177 | |
| 15,955 |
| | 11,698 |
Bouwinvest |
| 4 |
| 447 | |
| 217,274 |
| | — |
Other |
| 2 |
| 179 | |
| 152,830 |
| | — |
| | | | | | | | | | |
Total |
| 32 |
| 4,886 | | $ | 1,039,523 |
| $ | 264,098 |
TIAA Florida Retail LLCJoint venture with an institutional partner, TIAA-CREF Global Real Estate
CollinsPrimarily a development joint venture in the Texas Rio Grande Valley
AEW – Institutional ClientJoint venture with an institutional partner through AEW Capital Management
BIT Retail | Joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust |
JamestownJoint venture in Florida
Fidelis Realty PartnersJoint venture in Texas
Sleiman EnterprisesJoint venture in Florida
BouwinvestJoint venture with West Coast focus
(1) Excludes land held for development.
(2) Excludes additional consolidated joint ventures.
Page 24
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information at 100%
As of March 31, 2020
(in thousands, except number of properties, percentages and term)
Balance Summary
| | | | | | | | | | |
|
| |
| | |
| |
| | Average |
| | # of Mortgaged | | Mortgage | | Average Interest | | Remaining | ||
Joint Venture Partner | | Properties (2) | | Balance (1)(2) | | Rate | | Term (yrs) | ||
| | | | | | | | | | |
Collins |
| 2 | | $ | 13,469 |
| 6.2 | % | | 5.0 |
Jamestown |
| 6 | |
| 170,000 |
| 2.7 | % | | 1.2 |
Fidelis Realty Partners |
| 1 | |
| 69,387 |
| 3.8 | % | | 9.1 |
Sleiman Enterprises |
| 2 | |
| 11,755 |
| 4.2 | % | | 6.2 |
| | | | | | | | | | |
Total |
| 11 | | $ | 264,611 |
| 3.2 | % | | 3.5 |
|
|
Schedule of Maturities
| | | | | | |
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate |
| |
| | | | | | |
2020 | | $ | 2,308 |
| 5.3 | % |
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 | % |
2029 | |
| 69,387 |
| 3.9 | % |
Total | | $ | 264,611 |
|
| |
(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 March 31, 2020
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities
| | | | | | |
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate | | |
| | | | | |
|
2020 | | $ | 1,154 |
| 5.3 | % |
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 | % |
2029 | |
| 40,071 |
| 3.9 | % |
Total | | $ | 86,681 |
|
| |
(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
Weingarten Realty Investors
Tenant Diversification by Percent of Base Minimum Rent
As of March 31, 2020
(at pro rata share)
(in thousands, except percentages and # of units)
| | | | | | | | | | | | | | | | | | |
|
| |
| | |
| |
| Total |
| % of | | |
| % of | |||
| | | | Credit Ranking | | # of | | Annualized | | Total Annualized | | Total | | Total | ||||
Rank | | Tenant Name (1)(2) | | (S&P / Moody's) | | Units | | Base Minimum Rent | | Base Minimum Rent | | SF | | SF | ||||
| | | | | | | | | | | | | | | | | | |
1 |
| TJX Companies, Inc. |
| | A/A2 |
| 35 | | $ | 10,031 |
| 2.61 | % | | 924 |
| 4.33 | % |
2 |
| The Kroger Co. |
| | BBB/Baa1 |
| 19 | |
| 9,845 |
| 2.56 | % | | 1,125 |
| 5.27 | % |
3 |
| Whole Foods Market, Inc. |
| | A+/A2 |
| 9 | |
| 7,883 |
| 2.05 | % | | 365 |
| 1.71 | % |
4 |
| H-E-B |
| | N/A/N/A |
| 7 | |
| 6,563 |
| 1.70 | % | | 488 |
| 2.29 | % |
5 |
| Albertsons |
| | N/A/N/A |
| 15 | |
| 6,554 |
| 1.70 | % | | 689 |
| 3.23 | % |
6 |
| Ross Stores, Inc. |
| | BBB+/A2 |
| 25 | |
| 6,534 |
| 1.70 | % | | 515 |
| 2.41 | % |
7 |
| Home Depot, Inc. |
| | A/A2 |
| 4 | |
| 5,135 |
| 1.33 | % | | 464 |
| 2.18 | % |
8 |
| PetSmart |
| | B-/B3 |
| 17 | |
| 4,877 |
| 1.27 | % | | 309 |
| 1.45 | % |
9 |
| 24 Hour Fitness Inc. |
| | CCC+/Caa3 |
| 6 | |
| 4,080 |
| 1.06 | % | | 155 |
| 0.73 | % |
10 |
| Bed Bath & Beyond, Inc. |
| | B+/Ba2 |
| 14 | |
| 3,685 |
| 0.96 | % | | 322 |
| 1.51 | % |
11 |
| Dollar Tree Stores, Inc. |
| | BBB-/Baa3 |
| 30 | |
| 3,501 |
| 0.91 | % | | 303 |
| 1.42 | % |
12 |
| Sprouts |
| | N/A/N/A |
| 6 | |
| 3,155 |
| 0.82 | % | | 184 |
| 0.86 | % |
13 |
| Walmart Stores, Inc. |
| | AA/Aa2 |
| 6 | |
| 3,035 |
| 0.79 | % | | 453 |
| 2.12 | % |
14 |
| Best Buy, Inc. |
| | BBB/Baa1 |
| 6 | |
| 3,020 |
| 0.78 | % | | 179 |
| 0.84 | % |
15 |
| Petco Animal Supplies, Inc. |
| | CCC+/B3 |
| 14 | |
| 2,919 |
| 0.76 | % | | 155 |
| 0.73 | % |
16 |
| Dick's Sporting Goods |
| | N/A/N/A |
| 4 | |
| 2,662 |
| 0.69 | % | | 157 |
| 0.74 | % |
17 |
| Starbucks Corporation |
| | BBB+/Baa1 |
| 34 | |
| 2,551 |
| 0.66 | % | | 57 |
| 0.27 | % |
18 |
| Barnes & Noble Inc. |
| | N/A/N/A |
| 5 | |
| 2,479 |
| 0.64 | % | | 141 |
| 0.66 | % |
19 |
| Nordstrom |
| | BBB-/Baa2 |
| 3 | |
| 2,352 |
| 0.61 | % | | 82 |
| 0.38 | % |
20 |
| Total Wine & More |
| | N/A/N/A |
| 4 | |
| 2,340 |
| 0.61 | % | | 97 |
| 0.45 | % |
21 |
| JPMorgan Chase Bank |
| | A+/Aa2 |
| 16 | |
| 2,328 |
| 0.60 | % | | 59 |
| 0.28 | % |
22 |
| Hobby Lobby Stores, Inc. |
| | N/A/N/A |
| 5 | |
| 2,309 |
| 0.60 | % | | 258 |
| 1.21 | % |
23 |
| Gap, Inc. |
| | BB/Ba1 |
| 7 | |
| 2,188 |
| 0.57 | % | | 99 |
| 0.46 | % |
24 |
| Office Depot, Inc. |
| | B/Ba3 |
| 10 | |
| 2,159 |
| 0.56 | % | | 182 |
| 0.85 | % |
25 |
| Burlington |
| | BB+/N/A |
| 4 | |
| 2,081 |
| 0.54 | % | | 138 |
| 0.65 | % |
| | | | | | | | | | | | | | | | | | |
|
| Grand Total | | | |
| 305 | | $ | 104,266 |
| 27.08 | % | | 7,900 |
| 37.03 | % |
(1) | Tenant Names: | DBA Names: | |
| TJX Companies, Inc. | Marshalls (15), T.J. Maxx (13), Home Goods (7) | |
| The Kroger Co. | Kroger (8), Harris Teeter (5), Fry's Food (3), King Soopers (2), Smith's Food (1) | |
| Albertsons | Safeway (8), Randall's (3), Von's (2), Albertsons (1), Lucky Supermarket (1) | |
| Ross Stores, Inc. | Ross Dress for Less (23), dd's Discounts (2) | |
| Bed Bath & Beyond, Inc. | Bed Bath & Beyond (6), Cost Plus (6), buybuy BABY (2) | |
| Dollar Tree Stores, Inc. | Dollar Tree (27), Family Dollar (3) | |
| Sprouts | Sprouts Farmers Market (5), Sunflower Farmers Market (1) | |
| Walmart Stores, Inc. | Walmart Neighborhood Market (4), Walmart (1), Walmart Supercenter (1) | |
| Dick's Sporting Goods | Dick's Sporting Goods (3), Golf Galaxy (1) | |
| Nordstrom | Nordstrom Rack (3) | |
| Gap, Inc. | Old Navy (6), Gap (1) | |
| Office Depot, Inc. | Office Depot (6), Office Max (4) | |
| | | |
(2) | Target owns and occupies 14 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 |
| | | | | | | | | | | | | | | | | |
|
| |
| |
| | |
| | |
| | |
| |
| Weighted |
|
| |
| | | | | | | | | | |
| |
| Average |
| | Number of | | Square | | New Rent | | Prior Rent | | | | | Cash Change |
| Term | ||
Comparable: | | Leases | | Feet | | $/SF | | $/SF | | TI's $/SF | | in Base Rent |
| (Years) | |||
All Leases |
|
|
|
| |
|
| |
|
|
| |
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 178 |
| 1,056 | | $ | 18.73 | | $ | 17.04 | | $ | 5.85 |
| 9.9 | % |
|
Quarter Ended December 31, 2019 |
| 158 |
| 594 | | | 20.29 | | | 18.14 | | | 16.43 |
| 11.9 | % |
|
Quarter Ended September 30, 2019 |
| 153 |
| 535 | |
| 22.16 | |
| 20.66 | |
| 7.59 |
| 7.3 | % |
|
Quarter Ended June 30, 2019 |
| 156 |
| 724 | |
| 17.20 | |
| 15.77 | |
| 5.35 |
| 9.1 | % |
|
Rolling 12 months |
| 645 |
| 2,909 | | $ | 19.30 | | $ | 17.61 | | $ | 8.21 |
| 9.6 | % |
|
| | | | | | | | | | | | | | | | | |
New Leases |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 34 |
| 108 | | $ | 26.68 | | $ | 23.38 | | $ | 57.01 |
| 14.1 | % | 7.6 |
Quarter Ended December 31, 2019 |
| 49 |
| 160 | | | 21.73 | | | 18.69 | | | 60.86 |
| 16.3 | % | 9.0 |
Quarter Ended September 30, 2019 |
| 45 |
| 123 | |
| 27.39 | |
| 23.81 | |
| 33.06 |
| 15.0 | % | 7.4 |
Quarter Ended June 30, 2019 |
| 35 |
| 103 | |
| 26.69 | |
| 22.25 | |
| 37.60 |
| 20.0 | % | 7.9 |
Rolling 12 months |
| 163 |
| 494 | | $ | 25.26 | | $ | 21.73 | | $ | 48.25 |
| 16.2 | % | 8.0 |
| | | | | | | | | | | | | | | | | |
Renewals |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 144 |
| 948 | | $ | 17.82 | | $ | 16.31 | | $ | — |
| 9.3 | % |
|
Quarter Ended December 31, 2019 |
| 109 |
| 434 | | | 19.75 | | | 17.93 | | | — |
| 10.2 | % |
|
Quarter Ended September 30, 2019 |
| 108 |
| 412 | |
| 20.61 | |
| 19.72 | |
| — |
| 4.5 | % |
|
Quarter Ended June 30, 2019 |
| 121 |
| 621 | |
| 15.62 | |
| 14.69 | |
| — |
| 6.3 | % |
|
Rolling 12 months |
| 482 |
| 2,415 | | $ | 18.08 | | $ | 16.77 | | $ | — |
| 7.8 | % |
|
| | | | | | | | | | | | | | | | | |
Comparable & Non-Comparable: |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 200 |
| 1,140 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended December 31, 2019 |
| 195 |
| 747 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended September 30, 2019 |
| 186 |
| 628 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended June 30, 2019 |
| 192 |
| 913 | |
|
| |
|
| |
|
|
|
|
|
|
Rolling 12 months |
| 773 |
| 3,428 | |
|
| |
|
| |
|
|
|
|
|
|
Lease Expirations (1) |
Assumes No Exercise of Renewal Options
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Anchor Tenants (2) | | Non-Anchor Tenants | | Total Tenants |
| |||||||||||||||||||||
|
| |
| |
| | |
| |
| |
| |
| | |
| |
| |
| |
| | |
| |
|
|
| |
| Percent of |
| In Place |
| Percent of |
| |
| Percent of |
| In Place |
| Percent of |
| |
| Percent of |
| In Place |
| Percent of | | |||
| | Square |
| Total Square |
| Min Rent |
| Total | | Square |
| Total Square |
| Min Rent |
| Total | | Square |
| Total Square | | Min Rent |
| Total | | |||
Year | | Feet | | Feet | | PSF |
| Revenue (3) | | Feet |
| Feet | | PSF |
| Revenue (3) | | Feet | | Feet | | PSF |
| Revenue (3) | | |||
M-T-M |
| — |
| 0 | % | $ | — |
| 0 | % | 125 |
| 2 | % | $ | 27.49 |
| 2 | % | 125 |
| 1 | % | $ | 27.49 |
| 1 | % |
2020 |
| 434 |
| 3 | % |
| 10.01 |
| 3 | % | 642 |
| 10 | % |
| 30.50 |
| 10 | % | 1,076 |
| 6 | % |
| 22.24 |
| 6 | % |
2021 |
| 1,255 |
| 10 | % |
| 11.51 |
| 9 | % | 1,204 |
| 18 | % |
| 29.53 |
| 17 | % | 2,459 |
| 13 | % |
| 20.33 |
| 14 | % |
2022 |
| 1,911 |
| 15 | % |
| 13.53 |
| 16 | % | 1,075 |
| 16 | % |
| 29.81 |
| 16 | % | 2,986 |
| 16 | % |
| 19.39 |
| 16 | % |
2023 |
| 1,564 |
| 12 | % |
| 11.53 |
| 11 | % | 907 |
| 14 | % |
| 30.48 |
| 14 | % | 2,471 |
| 13 | % |
| 18.49 |
| 12 | % |
2024 |
| 1,907 |
| 15 | % |
| 11.87 |
| 14 | % | 933 |
| 14 | % |
| 30.87 |
| 14 | % | 2,840 |
| 15 | % |
| 18.11 |
| 14 | % |
2025 - 2030 |
| 4,762 |
| 38 | % |
| 14.11 |
| 40 | % | 1,680 |
| 25 | % |
| 31.33 |
| 26 | % | 6,442 |
| 33 | % |
| 18.60 |
| 32 | % |
(1) | Reflects in-place leases as of March 31, 2020. |
(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 | | ||||||||||||
| | March 31, | | December 31, | | September 30, | | June 30, | | March 31, | |||||
| | 2020 | | 2019 | | 2019 | | 2019 | | 2019 | |||||
Signed Basis |
|
|
| |
|
| |
|
| |
|
| |
| |
Anchor (1) |
| 96.9 | % | | 97.7 | % | | 97.0 | % | | 97.4 | % | | 96.6 | % |
Non-Anchor |
| 90.4 | % | | 90.8 | % | | 90.7 | % | | 90.4 | % | | 90.3 | % |
Total Signed |
| 94.5 | % | | 95.2 | % | | 94.7 | % | | 94.8 | % | | 94.3 | % |
| | | | | | | | | | | | | | | |
Commenced Basis |
|
|
| |
|
| |
|
| |
|
| |
| |
Anchor (1) |
| 95.1 | % | | 96.2 | % | | 95.5 | % | | 96.0 | % | | 95.2 | % |
Non-Anchor |
| 87.0 | % | | 87.1 | % | | 87.0 | % | | 87.2 | % | | 87.3 | % |
Total Commenced |
| 92.1 | % | | 92.8 | % | | 92.4 | % | | 92.8 | % | | 92.3 | % |
| | | | | | | | | | | | | | | |
Same Property (2) |
|
|
| |
|
| |
|
| |
|
| |
| |
Signed Basis |
| 95.2 | % | | 95.7 | % | | 95.1 | % | | 95.3 | % | | 95.2 | % |
Commenced Basis |
| 92.7 | % | | 93.1 | % | | 92.9 | % | | 93.5 | % | | 93.3 | % |
| | | | | | | | | | | | | | | |
Average Base Rents (3) | |||||||||||||||
| | Quarter Ended | |||||||||||||
|
| | March 31, |
| | December 31, |
| | September 30, |
| | June 30, |
| | March 31, |
| | | 2020 | | | 2019 | | | 2019 | | | 2019 | | | 2019 |
Commenced Basis | | | |
| |
| | | | | | | | | |
Anchor (1) | | $ | 14.03 | | $ | 13.93 | | $ | 13.71 | | $ | 13.65 | | $ | 13.63 |
Non-Anchor | |
| 30.43 | |
| 30.03 | |
| 29.71 | |
| 29.43 | |
| 29.40 |
Total | | $ | 20.06 | | $ | 19.87 | | $ | 19.53 | | $ | 19.37 | | $ | 19.45 |
| | | | | | | | | |
Same Property Net Opertating Income (4) | |||||||||
| | Three Months Ended | | ||||||
| | March 31, | | ||||||
| | 2020 | | 2019 | | % Change | |||
Revenue |
| |
|
| |
|
|
| |
Minimum Rent, net | | $ | 87,450 | | $ | 85,694 |
| 2.0 | % |
Uncollectible Lease Income | |
| (1,409) | |
| (63) |
| 2,136.5 | % |
Percentage Rent | |
| 297 | |
| 731 |
| (59.4) | % |
Tenant Reimbursements, net | |
| 26,122 | |
| 25,704 |
| 1.6 | % |
Other | |
| 1,950 | |
| 2,115 |
| (7.8) | % |
| | $ | 114,410 | | $ | 114,181 |
| 0.2 | % |
Expenses | | | | | | | | | |
Property Operating Expenses | | $ | 19,419 | | $ | 18,646 |
| 4.1 | % |
Real Estate Taxes | |
| 14,532 | |
| 15,230 |
| (4.6) | % |
| |
| 33,951 | |
| 33,876 |
| 0.2 | % |
SPNOI (5) | | $ | 80,459 | | $ | 80,305 |
| 0.2 | % |
| | | | | | | | | |
(1) | Anchor tenants represent any tenant at least 10,000 square feet. |
(2) | Same Property Occupancy includes operating centers that have been owned for the same comparable time duration. |
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3) | Average Base rent per Leased SF excludes ground leases. |
(4) | Same Property NOI includes the Company's share of unconsolidated real estate joint ventures and partnerships. |
It excludes the effect of lease cancellation income and straight-line rent adjustments and is reported on a cash basis.
(5) | Q1 2020 includes COVID-19 impact of $1.9M of bad debt/uncollectible revenue which reduced SPNOI by 2.4%. |
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 March 31, 2020
(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 |
| 5.0 | % | 98.1 | % |
4 |
| Dallas-Fort Worth-Arlington, TX |
| 1 |
| 353 |
| 1.5 | % | 88.7 | % |
5 |
| Houston-The Woodlands-Sugar Land, TX |
| 29 |
| 3,156 |
| 16.6 | % | 96.0 | % |
6 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV |
| 4 |
| 523 |
| 2.8 | % | 94.3 | % |
7 |
| Miami-Fort Lauderdale-West Palm Beach, FL |
| 14 |
| 2,095 |
| 11.0 | % | 93.0 | % |
9 |
| Atlanta-Sandy Springs-Roswell, GA |
| 10 |
| 1,245 |
| 5.4 | % | 97.7 | % |
10 |
| Phoenix-Mesa-Scottsdale, AZ |
| 15 |
| 1,498 |
| 6.5 | % | 95.6 | % |
12 |
| San Francisco-Oakland-Hayward, CA |
| 3 |
| 438 |
| 3.1 | % | 94.3 | % |
13 |
| Riverside-San Bernardino-Ontario, CA |
| 1 |
| 311 |
| 1.8 | % | 99.3 | % |
15 |
| Seattle-Tacoma-Bellevue, WA |
| 7 |
| 417 |
| 2.5 | % | 98.4 | % |
17 |
| San Diego-Carlsbad, CA |
| 3 |
| 283 |
| 1.7 | % | 85.9 | % |
18 |
| Tampa-St. Petersburg-Clearwater, FL |
| 4 |
| 912 |
| 4.1 | % | 95.2 | % |
19 |
| Denver-Aurora-Lakewood, CO |
| 4 |
| 659 |
| 2.9 | % | 98.6 | % |
22 |
| Orlando-Kissimmee-Sanford, FL |
| 6 |
| 1,035 |
| 5.2 | % | 97.9 | % |
23 |
| Charlotte-Concord-Gastonia, NC-SC |
| 1 |
| 117 |
| 0.4 | % | 62.1 | % |
24 |
| San Antonio-New Braunfels, TX |
| 5 |
| 528 |
| 1.6 | % | 79.5 | % |
25 |
| Portland-Vancouver-Hillsboro, OR-WA |
| 2 |
| 23 |
| 0.1 | % | 92.4 | % |
26 |
| Sacramento--Roseville--Arden-Arcade, CA |
| 1 |
| 104 |
| 0.3 | % | 85.2 | % |
28 |
| Las Vegas-Henderson-Paradise, NV |
| 4 |
| 701 |
| 2.5 | % | 99.0 | % |
29 |
| Austin-Round Rock, TX |
| 1 |
| 351 |
| 1.7 | % | 98.8 | % |
36 |
| San Jose-Sunnyvale-Santa Clara, CA |
| 3 |
| 507 |
| 3.2 | % | 81.2 | % |
|
| Top 40 CBSA's Ranked by Population | | 122 |
| 15,955 |
| 79.9 | % | 94.5 | % |
|
| All other CBSA's Ranked by Population | | 45 |
| 5,378 |
| 20.1 | % | 94.6 | % |
|
| Grand Total | | 167 |
| 21,333 |
| 100.0 | % | 94.5 | % |
(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
Weingarten Realty Investors
As of March 31, 2020
| | | | | | | | | | |
| | | | Gross Leasable Area | ||||||
|
| # of |
| WRI |
| Joint Venture |
| Owned |
| |
ALL PROPERTIES BY STATE | | Properties | | Owned | | Share | | by Other | | Total |
| | | | | | | | | | |
Arizona |
| 19 |
| 1,877,728 |
| 93,341 |
| 891,980 |
| 2,863,049 |
California |
| 18 |
| 2,849,548 |
| — |
| 408,931 |
| 3,258,479 |
Colorado |
| 4 |
| 658,634 |
| — |
| 513,919 |
| 1,172,553 |
Florida |
| 29 |
| 4,496,009 |
| 1,604,377 |
| 918,898 |
| 7,019,284 |
Georgia |
| 11 |
| 1,247,748 |
| 180,569 |
| 559,234 |
| 1,987,551 |
Kentucky |
| 1 |
| 168,697 |
| — |
| 49,410 |
| 218,107 |
Maryland |
| 1 |
| 80,841 |
| — |
| — |
| 80,841 |
Nevada |
| 4 |
| 701,142 |
| — |
| 171,335 |
| 872,477 |
New Mexico |
| 1 |
| 118,721 |
| — |
| 27,330 |
| 146,051 |
North Carolina |
| 11 |
| 1,563,483 |
| — |
| 293,952 |
| 1,857,435 |
Oregon |
| 2 |
| 22,794 |
| 91,176 |
| 66,276 |
| 180,246 |
Tennessee |
| 4 |
| 500,210 |
| — |
| 154,340 |
| 654,550 |
Texas |
| 51 |
| 6,005,427 |
| 1,628,711 |
| 1,971,726 |
| 9,605,864 |
Utah |
| 1 |
| 182,099 |
| — |
| 122,800 |
| 304,899 |
Virginia |
| 3 |
| 442,527 |
| 7,217 |
| — |
| 449,744 |
Washington |
| 7 |
| 417,469 |
| 325,224 |
| 65,571 |
| 808,264 |
Total |
| 167 |
| 21,333,077 |
| 3,930,615 |
| 6,215,702 |
| 31,479,394 |
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.
(6) River Oaks Shopping Center – West includes The Driscoll at River Oaks which is under development.
(7) Kings Crossing formerly reported as Randalls Center/Kings Crossing.
( ) 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
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Operating Properties |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Arizona |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Broadway Marketplace |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 82,757 | | 87,379 | | 14.31 |
| 90.7 | % | | | | Office Max, Ace Hardware |
Camelback Miller Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 143,211 | | 150,711 | | 12.92 |
| 89.0 | % | | Sprouts Farmers Market | | T.J. Maxx, PetSmart |
Camelback Village Square |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 132,731 | | 240,951 | | 20.91 |
| 95.4 | % | | Fry’s Supermarket | | (LA Fitness) |
Desert Village Shopping Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 101,685 | | 107,071 | | 23.04 |
| 94.8 | % | | AJ Fine Foods | | CVS |
Fountain Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 112,055 | | 304,107 | | 9.54 |
| 94.2 | % | | Fry’s Supermarket | | Dollar Tree, (Lowe's) |
Madison Village Marketplace |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 90,264 | | 90,264 | | 28.48 |
| 95.4 | % | | Safeway | | |
Monte Vista Village Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 45,751 | | 108,551 | | 25.48 |
| 88.2 | % | | | | (Wells Fargo) |
Phoenix Office Building |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 21,088 | | 21,088 | | N/A |
| 91.3 | % | | | | Weingarten Realty Regional Office, Endurance Rehab |
Pueblo Anozira Shopping Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 157,532 | | 157,532 | | 16.33 |
| 95.2 | % | | Fry’s Supermarket | | Petco, Dollar Tree |
Raintree Ranch Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 129,822 | | 133,020 | | 25.71 |
| 100.0 | % | | Whole Foods | | |
Red Mountain Gateway |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 75,128 | | 204,928 | | 17.82 |
| 97.6 | % | | | | (Target), Bed Bath & Beyond, Famous Footwear |
Scottsdale Horizon |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 155,046 | | 155,046 | | 33.61 |
| 98.9 | % | | Safeway | | CVS |
Scottsdale Waterfront |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 93,334 | | 93,334 | | 37.53 |
| 98.2 | % | | | | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters |
Squaw Peak Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 60,713 | | 60,713 | | 19.97 |
| 100.0 | % | | Sprouts Farmers Market | | |
Summit at Scottsdale |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 51.0 | % | | (1)(3) |
| 97,151 | | 322,992 | | 24.78 |
| 100.0 | % | | Safeway | | (Target), CVS, OfficeMax, PetSmart |
Entrada de Oro Plaza Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 88,665 | | 109,075 | | 21.33 |
| 93.8 | % | | Walmart Neighborhood Market | | |
Madera Village Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 96,697 | | 106,858 | | 12.75 |
| 83.6 | % | | Safeway | | Dollar Tree |
Oracle Wetmore Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 150,170 | | 343,298 | | 25.83 |
| 97.9 | % | | | | (Home Depot), (Nordstrom Rack), Jo-Ann Fabric, Cost Plus World Market, PetSmart, Walgreens, Ulta Beauty |
Shoppes at Bears Path |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 43,928 | | 66,131 | | 18.55 |
| 72.9 | % | | | | (CVS Drug) |
Arizona Total: |
| # of Properties: |
| 19 |
|
|
| |
|
| 1,877,728 |
| 2,863,049 |
| 20.85 |
| 94.6 | % | |
|
|
|
California |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
8000 Sunset Strip Shopping Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 169,775 | | 169,775 | | 46.16 |
| 96.1 | % | | Trader Joe's | | CVS, Crunch, AMC Theaters, CB2 |
Centerwood Plaza | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 75,486 | | 75,486 | | 15.22 |
| 100.0 | % | | Superior Grocers | | Dollar Tree |
The Westside Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 36,540 | | 36,540 | | 47.26 |
| 82.1 | % | | | | Guitar Center |
Westminster Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 417,567 | | 440,437 | | 20.21 |
| 100.0 | % | | 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 | % | |
|
| 310,812 | | 310,812 | | 22.41 |
| 99.3 | % | | Smart & Final Stores | | Dollar Tree, 24 Hour Fitness, Rite Aid |
Valley Shopping Center | | Sacramento--Roseville--Arden-Arcade, CA |
|
|
| 100.0 | % | |
|
| 103,791 | | 107,191 | | 12.59 |
| 85.2 | % | | Food 4 Less | | |
El Camino Promenade | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 128,740 | | 128,740 | | 28.99 |
| 69.7 | % | | | | T.J. Maxx, Dollar Tree, BevMo |
Rancho San Marcos Village | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 119,179 | | 133,439 | | 20.16 |
| 99.2 | % | | | | 24 Hour Fitness |
San Marcos Plaza | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 34,880 | | 80,086 | | 35.32 |
| 100.0 | % | | (Albertsons) | | |
580 Market Place | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 100,097 | | 100,097 | | 32.01 |
| 97.0 | % | | Safeway | | 24 Hour Fitness, Petco |
Gateway Plaza | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 194,689 | | 352,778 | | 25.41 |
| 98.1 | % | | Raley’s | | 24 Hour Fitness |
Greenhouse Marketplace | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 143,055 | | 232,824 | | 27.31 |
| 87.1 | % | | (Safeway) | | (CVS), Jo-Ann Fabric, 99 Cents Only, Petco |
Cambrian Park Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 171,190 | | 171,190 | | 20.66 |
| 55.9 | % | | | | BevMo, Dollar Tree |
Silver Creek Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 131,821 | | 201,716 | | 38.56 |
| 94.7 | % | | Sprouts Farmers Market | | Walgreens |
Stevens Creek Central | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 204,466 | | 204,466 | | 32.03 |
| 93.6 | % | | Safeway | | Marshalls, Total Wine, Cost Plus World Market |
Freedom Centre | | Santa Cruz-Watsonville, CA |
|
|
| 100.0 | % | |
|
| 150,865 | | 150,865 | | 17.25 |
| 97.3 | % | | Safeway | | Rite Aid, Big Lots |
Stony Point Plaza | | Santa Rosa, CA |
|
|
| 100.0 | % | |
|
| 194,569 | | 200,011 | | 16.00 |
| 100.0 | % | | Food Maxx | | Ross Dress for Less, Fallas Paredes |
Southampton Center | | Vallejo-Fairfield, CA |
|
|
| 100.0 | % | |
|
| 162,026 | | 162,026 | | 22.12 |
| 96.8 | % | | Raley’s | | Ace Hardware, Dollar Tree |
California Total: |
| # of Properties: |
| 18 |
|
|
| |
|
| 2,849,548 |
| 3,258,479 |
| 25.03 |
| 93.0 | % | |
|
|
|
Colorado |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Crossing at Stonegate | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 109,080 | | 109,080 | | 19.33 |
| 100.0 | % | | King Sooper’s | | |
Edgewater Marketplace | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 144,553 | | 270,548 | | 12.38 |
| 98.2 | % | | King Sooper's | | Ace Hardware, (Target) |
Lowry Town Center | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 76,725 | | 129,425 | | 31.01 |
| 100.0 | % | | (Safeway) | | |
River Point at Sheridan | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 328,276 | | 663,500 | | 15.66 |
| 97.9 | % | | | | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart, Burlington |
Colorado Total: |
| # of Properties: |
| 4 |
|
|
| |
|
| 658,634 |
| 1,172,553 |
| 17.82 |
| 98.6 | % | |
|
|
|
Page 34
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Florida |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Argyle Village Shopping Center | | Jacksonville, FL |
|
|
| 100.0 | % | | |
| 306,506 | | 306,506 | | 12.33 |
| 99.0 | % | | Publix | | Bed Bath & Beyond, T.J. Maxx, Jo-Ann Fabric, Michaels, American Signature Furniture |
Atlantic West | | Jacksonville, FL |
|
|
| 50.0 | % | | (1)(3) |
| 46,134 | | 188,278 | | 13.99 |
| 100.0 | % | | (Walmart Supercenter) | | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) |
Epic Village St. Augustine | | Jacksonville, FL | | | | 70.0 | % | | (1) | | 8,542 | | 64,180 | | 15.20 | | 100.0 | % | | | | (Epic Theaters) |
Kernan Village | | Jacksonville, FL | | | | 50.0 | % | | (1)(3) | | 42,579 | | 288,780 | | 17.25 | | 97.2 | % | | (Walmart Supercenter) | | Ross Dress for Less, Petco |
Boca Lyons Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 117,597 | | 117,597 | | 24.80 | | 98.1 | % | | Aroma Market & Catering | | Ross Dress for Less |
Deerfield | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 402,822 | | 408,803 | | 14.54 | | 97.5 | % | | 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 | | 19.63 | | 53.9 | % | | | | Tuesday Morning, Dollar Tree |
Flamingo Pines | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 25,373 | | 148,841 | | 19.89 | | 94.6 | % | | Publix | | |
Hollywood Hills Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 74,609 | | 416,769 | | 21.54 | | 98.7 | % | | Publix | | Target, Chewy.com |
Northridge | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 46,690 | | 236,478 | | 20.07 | | 95.9 | % | | Publix | | Petco, Ross Dress for Less, Dollar Tree |
Pembroke Commons | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 60,625 | | 323,382 | | 17.35 | | 96.8 | % | | Publix | | Marshalls, Office Depot, LA Fitness, Dollar Tree |
Sea Ranch Centre | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 98,851 | | 98,851 | | 18.79 | | 93.4 | % | | Publix | | CVS, Dollar Tree |
Tamiami Trail Shops | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 22,190 | | 132,647 | | 18.27 | | 100.0 | % | | Publix | | CVS |
The Palms at Town & County | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 658,401 | | 658,401 | | 27.50 | | 94.5 | % | | Publix | | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, 24 Hour Fitness, Nordstrom Rack |
TJ Maxx Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 161,429 | | 161,429 | | 17.79 | | 92.4 | % | | Fresco Y Mas | | T.J. Maxx, Dollar Tree |
Village Green Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 70,240 | | 70,240 | | 30.19 | | 95.0 | % | | Trader Joe's | | |
Vizcaya Square Shopping Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 110,081 | | 110,081 | | 17.34 | | 93.4 | % | | Winn Dixie | | |
Wellington Green Commons | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 114,056 | | 136,556 | | 29.45 | | 98.2 | % | | Whole Foods Market | | |
Clermont Landing | | Orlando-Kissimmee-Sanford, FL | | | | 75.0 | % | | (1)(3) | | 133,726 | | 347,958 | | 19.42 | | 100.0 | % | | | | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels |
Colonial Plaza | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 492,935 | | 492,935 | | 15.88 | | 96.2 | % | | | | Hobby Lobby, Ross Dress for Less, Marshalls, Old Navy, Staples, Stein Mart, Barnes & Noble, Petco, Big Lots |
Phillips Crossing | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 145,644 | | 145,644 | | 29.92 | | 100.0 | % | | Whole Foods | | Golf Galaxy, Michaels |
Shoppes of South Semoran | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 103,779 | | 103,779 | | 13.02 | | 100.0 | % | | Walmart Neighborhood Market | | Dollar Tree |
The Marketplace at Dr. Phillips | | Orlando-Kissimmee-Sanford, FL | | | | 20.0 | % | | (1)(3) | | 65,370 | | 326,850 | | 26.18 | | 97.7 | % | | Publix | | HomeGoods, Stein Mart, Morton's of Chicago, Office Depot |
Winter Park Corners | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 93,311 | | 93,311 | | 30.29 | | 98.2 | % | | Sprouts Farmers Market | | |
Pineapple Commons | | Port St. Lucie, FL | | | | 20.0 | % | | (1)(3) | | 51,114 | | 269,924 | | 17.83 | | 98.7 | % | | | | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) |
Countryside Centre | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 245,958 | | 245,958 | | 15.88 | | 92.9 | % | | | | 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 | | 14.83 | | 98.6 | % | | Walmart Neighborhood Market | | Walgreens |
Largo Mall | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 377,019 | | 610,106 | | 18.89 | | 93.9 | % | | (Publix) | | Marshalls, Bealls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) |
Sunset 19 Shopping Center | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 267,819 | | 267,819 | | 16.73 | | 98.8 | % | | Sprouts Farmers Market | | Hobby Lobby, Bed Bath & Beyond, Barnes & Noble, Old Navy, Cost Plus World Market |
Florida Total: |
| # of Properties: |
| 29 |
|
|
| |
|
| 4,496,009 |
| 7,019,284 |
| 19.47 |
| 95.1 | % | |
|
|
|
Georgia |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Brownsville Commons | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 27,747 | | 81,913 | | 19.78 |
| 83.8 | % | | (Kroger) | | |
Camp Creek Marketplace II | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 196,283 | | 228,003 | | 16.75 |
| 100.0 | % | | | | Burlington, DSW, LA Fitness, American Signature Furniture |
Grayson Commons | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 76,581 | | 76,581 | | 16.21 | | 100.0 | % | | Kroger | | |
Lakeside Marketplace | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 137,503 | | 332,699 | | 18.27 | | 93.7 | % | | (Super Target) | | Ross Dress for Less, Petco |
Mansell Crossing | | Atlanta-Sandy Springs-Roswell, GA | | | | 20.0 | % | | (1)(3) | | 20,586 | | 102,930 | | 15.07 | | 100.0 | % | | | | buybuy BABY, Ross Dress for Less, Party City |
North Decatur Station | | Atlanta-Sandy Springs-Roswell, GA | | | | 51.0 | % | | (1)(3) | | 45,277 | | 88,778 | | 31.58 | | 98.6 | % | | Whole Foods | | |
Perimeter Village | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 380,538 | | 380,538 | | 20.94 | | 97.7 | % | | Walmart Supercenter | | Hobby Lobby, Cost Plus World Market, DSW |
Publix at Princeton Lakes | | Atlanta-Sandy Springs-Roswell, GA | | | | 20.0 | % | | (1)(3) | | 13,681 | | 72,205 | | 17.70 | | 100.0 | % | | Publix | | |
Roswell Corners | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 145,496 | | 327,261 | | 21.98 | | 100.0 | % | | (Super Target), Fresh Market | | T.J. Maxx |
Roswell Crossing Shopping Center | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 201,056 | | 201,056 | | 16.25 | | 96.9 | % | | 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: |
| 11 |
|
|
| |
|
| 1,247,748 |
| 1,987,551 |
| 18.97 |
| 97.7 | % | |
|
|
|
Kentucky |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Festival on Jefferson Court | | Louisville/Jefferson County, KY-IN |
|
|
| 100.0 | % | | |
| 168,697 | | 218,107 | | 15.12 |
| 94.4 | % | | Kroger | | (PetSmart), (T.J. Maxx), Staples, Party City |
Kentucky Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 168,697 |
| 218,107 |
| 15.12 |
| 94.4 | % | |
|
|
|
Page 35
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Maryland |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Pike Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV |
|
|
| 100.0 | % | | |
| 80,841 | | 80,841 | | 65.56 |
| 78.6 | % | | | | DXL Mens Apparel |
Maryland Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 80,841 |
| 80,841 |
| 65.56 |
| 78.6 | % | |
|
|
|
Nevada | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Charleston Commons Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 332,298 | | 366,952 | | 18.48 |
| 99.3 | % | | Walmart | | Ross Dress for Less, Office Max, 99 Cents Only, PetSmart |
College Park Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 167,160 | | 194,873 | | 13.56 |
| 99.0 | % | | El Super | | Factory 2 U, CVS |
Francisco Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 116,973 | | 148,815 | | 12.65 |
| 97.5 | % | | La Bonita Grocery | | (Ross Dress for Less) |
Rancho Towne & Country | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 84,711 | | 161,837 | | 13.87 |
| 100.0 | % | | Smith’s Food | | |
Nevada Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 701,142 |
| 872,477 |
| 15.30 |
| 99.0 | % | |
|
|
|
New Mexico | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
North Towne Plaza | | Albuquerque, NM | |
|
| 100.0 | % | | |
| 118,721 | | 146,051 | | 22.34 |
| 89.5 | % | | Whole Foods Market | | HomeGoods |
New Mexico Total: | | # of Properties: | | 1 |
|
|
| |
|
| 118,721 |
| 146,051 |
| 22.34 |
| 89.5 | % | |
|
|
|
North Carolina | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Galleria Shopping Center | | Charlotte-Concord-Gastonia, NC-SC |
|
|
| 100.0 | % | | |
| 117,102 | | 324,704 | | 19.44 |
| 62.1 | % | | (Walmart Supercenter) | | |
Bull City Market | | Durham-Chapel Hill, NC |
|
|
| 100.0 | % | | |
| 40,875 | | 40,875 | | 19.60 |
| 100.0 | % | | Whole Foods Market | | |
Hope Valley Commons | | Durham-Chapel Hill, NC | | | | 100.0 | % | | | | 81,327 | | 81,327 | | 29.34 | | 100.0 | % | | Harris Teeter | | |
Avent Ferry Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 119,652 | | 119,652 | | 18.37 | | 86.6 | % | | Food Lion | | Family Dollar |
Capital Square | | Raleigh, NC | | | | 100.0 | % | | | | 143,063 | | 143,063 | | 7.89 | | 100.0 | % | | Food Lion | | |
Falls Pointe Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 112,199 | | 198,549 | | 20.00 | | 98.6 | % | | Harris Teeter | | (Kohl’s) |
High House Crossing | | Raleigh, NC | | | | 100.0 | % | | | | 87,517 | | 87,517 | | 14.58 | | 89.5 | % | | Lidl | | |
Leesville Towne Centre | | Raleigh, NC | | | | 100.0 | % | | | | 127,106 | | 127,106 | | 21.36 | | 100.0 | % | | Harris Teeter | | |
Northwoods Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 77,803 | | 77,803 | | 11.94 | | 98.2 | % | | Walmart Neighborhood Market | | Dollar Tree |
Six Forks Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 468,402 | | 468,402 | | 12.26 | | 98.8 | % | | Food Lion | | Target, Home Depot, Bed Bath & Beyond, PetSmart |
Stonehenge Market | | Raleigh, NC | | | | 100.0 | % | | | | 188,437 | | 188,437 | | 14.47 | | 95.9 | % | | Harris Teeter | | Stein Mart, Walgreens |
North Carolina Total: | | # of Properties: |
| 11 |
|
|
| |
|
| 1,563,483 |
| 1,857,435 |
| 15.48 |
| 94.5 | % | |
|
|
|
Oregon | | |
|
|
|
|
| | |
|
|
|
|
|
|
|
|
| |
|
|
|
Clackamas Square | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 14,890 | | 140,726 | | 19.46 |
| 88.3 | % | | (Winco Foods) | | T.J. Maxx |
Raleigh Hills Plaza | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 7,904 | | 39,520 | | 28.42 |
| 100.0 | % | | New Seasons Market | | Walgreens |
Oregon Total: | | # of Properties: |
| 2 | |
|
| |
|
| 22,794 |
| 180,246 |
| 22.78 |
| 92.4 | % | |
|
|
|
Tennessee | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Highland Square | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | | (4) |
| 14,490 | | 14,490 | | N/A |
| 100.0 | % | | | | |
Mendenhall Commons | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 88,108 | | 88,108 | | 12.54 |
| 100.0 | % | | Kroger | | |
Ridgeway Trace | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 168,816 | | 306,556 | | 23.92 |
| 96.0 | % | | | | (Target), Best Buy, PetSmart, REI |
The Commons at Dexter Lake | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 228,796 | | 245,396 | | 11.30 |
| 98.1 | % | | Kroger | | Marshalls, HomeGoods, Stein Mart |
Tennessee Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 500,210 |
| 654,550 |
| 15.81 |
| 97.8 | % | | | | |
Texas | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Mueller Regional Retail Center | | Austin-Round Rock, TX |
|
|
| 100.0 | % | | |
| 351,099 | | 351,099 | | 17.74 |
| 98.8 | % | | | | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine |
North Towne Plaza | | Brownsville-Harlingen, TX |
|
|
| 100.0 | % | | |
| 27,846 | | 144,846 | | 10.00 |
| 12.9 | % | | | | (Lowe's) |
Rock Prairie Marketplace | | College Station-Bryan, TX | | | | 100.0 | % | | | | 18,163 | | 18,163 | | 26.02 | | 91.0 | % | | | | |
Overton Park Plaza | | Dallas-Fort Worth-Arlington, TX | | | | 100.0 | % | | | | 352,800 | | 462,800 | | 16.92 | | 88.7 | % | | Sprouts Farmers Market | | Burlington, PetSmart, T.J. Maxx, (Home Depot), buybuy BABY |
10-Federal Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,743 | | 131,620 | | 9.53 | | 98.6 | % | | Sellers Bros. | | Harbor Freight Tools |
Alabama Shepherd Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 59,120 | | 59,120 | | 22.14 | | 100.0 | % | | Trader Joe's | | PetSmart |
Baybrook Gateway | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 241,149 | | 241,149 | | 17.45 | | 99.5 | % | | | | 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 | | 8.77 | | 100.0 | % | | Randall’s | | |
Blalock Market at I-10 | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 97,277 | | 97,277 | | 18.13 | | 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 |
Galveston Place | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 210,361 | | 210,361 | | 11.70 | | 98.0 | % | | 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 | | 9.55 | | 89.6 | % | | | | Family Dollar, Citi Trends |
Harrisburg Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 14,043 | | 93,620 | | 21.10 | | 96.3 | % | | | | 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 | | 9.90 | | 100.0 | % | | Kroger | | Goodwill |
I45/Telephone Rd. | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 25,740 | | 171,600 | | 13.17 | | 98.6 | % | | Sellers Bros. | | Famsa, Harbor Freight Tools |
League City Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,420 | | 129,467 | | 14.12 | | 81.9 | % | | | | Crunch Fitness, Spec’s |
Oak Forest Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 157,812 | | 157,812 | | 19.09 | | 96.0 | % | | Kroger | | Ross Dress for Less, Dollar Tree, PetSmart |
Kings Crossing | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | (7) | | 126,397 | | 126,397 | | 19.23 | | 100.0 | % | | | | CVS |
Richmond Square | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 92,657 | | 92,657 | | 27.88 | | 97.4 | % | | | | Best Buy, Cost Plus World Market |
River Oaks Shopping Center - East | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 71,265 | | 71,265 | | 15.12 | | 100.0 | % | | Kroger | | |
River Oaks Shopping Center - West | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | (6) | | 230,026 | | 230,026 | | 42.72 | | 91.4 | % | | Kroger | | Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank |
Page 36
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Shoppes at Memorial Villages | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 166,777 | | 166,777 | | 19.00 | | 95.4 | % | | | | Gulf Coast Veterinary Specialists |
Shops at Kirby Drive | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 10,000 | | 55,460 | | 36.76 | | 100.0 | % | | | | Freebirds Burrito |
Shops at Three Corners | | Houston-The Woodlands-Sugar Land, TX | | | | 70.0 | % | | (1) | | 176,380 | | 282,613 | | 15.68 | | 98.8 | % | | 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 | | 12.83 | | 98.1 | % | | Food-A-Rama | | CVS, Family Dollar, Palais Royal |
The Centre at Post Oak | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 183,940 | | 183,940 | | 38.96 | | 98.1 | % | | | | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus |
The Shops at Hilshire Village | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 117,473 | | 117,473 | | 15.70 | | 100.0 | % | | Kroger | | Walgreens |
Tomball Marketplace | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 168,724 | | 326,545 | | 20.37 | | 88.0 | % | | | | (Academy), (Kohl's), Ross Dress For Less, Marshalls |
Village Plaza at Bunker Hill | | Houston-The Woodlands-Sugar Land, TX | | | | 57.8 | % | | (1)(3) | | 283,949 | | 491,687 | | 26.83 | | 99.3 | % | | H-E-B | | PetSmart, Academy, Nordstrom Rack, Burlington |
West Gray | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 36,900 | | 36,900 | | 26.43 | | 90.1 | % | | | | Pier 1 |
Westchase Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 218,756 | | 347,475 | | 19.28 | | 81.6 | % | | Whole Foods Market | | (Target), Ross Dress for Less, Petco |
Westhill Village Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 130,851 | | 130,851 | | 18.75 | | 93.8 | % | | | | Ross Dress for Less, Office Depot, 99 Cents Only |
Independence Plaza | | Laredo, TX | | | | 100.0 | % | | | | 347,302 | | 347,302 | | 14.64 | | 97.8 | % | | H-E-B | | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty |
North Creek Plaza | | Laredo, TX | | | | 100.0 | % | | | | 245,983 | | 487,850 | | 15.73 | | 95.2 | % | | (H-E-B) | | (Target), Marshalls, Old Navy, Best Buy, HomeGoods |
Plantation Centre | | Laredo, TX | | | | 100.0 | % | | | | 136,487 | | 144,129 | | 17.77 | | 97.3 | % | | H-E-B | | |
Las Tiendas Plaza | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 143,976 | | 500,084 | | 12.77 | | 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) | | 20,569 | | 245,057 | | 23.04 | | 85.0 | % | | (Walmart Supercenter) | | |
Market at Sharyland Place | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 53,956 | | 301,174 | | 19.22 | | 95.4 | % | | (Walmart Supercenter) | | Kohl's, Dollar Tree |
McAllen Center | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3)(4) | | 41,851 | | 83,702 | | N/A | | 41.8 | % | | | | Xtreme Jump |
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) | | 37,533 | | 75,066 | | 19.40 | | 87.3 | % | | | | 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) | | 180,444 | | 492,797 | | 16.03 | | 96.1 | % | | H-E-B | | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less |
Trenton Crossing | | McAllen-Edinburg-Mission, TX | | | | 100.0 | % | | | | 265,921 | | 571,082 | | 13.21 | | 91.4 | % | | | | (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 | | 14.34 | | 97.1 | % | | H-E-B | | Bealls |
Fiesta Trails | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 418,020 | | 498,020 | | 14.46 | | 90.2 | % | | (H-E-B) | | Marshalls, Bob Mills Furniture, Act III Theatres, Stein Mart, Petco |
Parliament Square II | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | (4) | | 54,541 | | 54,541 | | N/A | | — | % | | | | |
Stevens Ranch | | San Antonio-New Braunfels, TX | | | | 50.0 | % | | (1) | | 10,657 | | 21,314 | | 30.09 | | 88.5 | % | | | | |
The Shoppes at Wilderness Oaks | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 20,081 | | 20,081 | | 30.62 | | 48.8 | % | | | | |
Thousand Oaks Shopping Center | | San Antonio-New Braunfels, TX | | | | 15.0 | % | | (1) | | 24,271 | | 161,807 | | 12.33 | | 95.2 | % | | H-E-B | | Bealls, Tuesday Morning |
Texas Total: | | # of Properties: |
| 51 |
|
|
| |
|
| 6,005,427 |
| 9,605,864 |
| 18.88 |
| 93.3 | % | | | | |
Utah |
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
West Jordan Town Center | | Salt Lake City, UT |
|
|
| 100.0 | % | | |
| 182,099 | | 304,899 | | 12.44 |
| 77.1 | % | | Lucky Supermarket | | (Target), Petco |
Utah Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 182,099 |
| 304,899 |
| 12.44 |
| 77.1 | % | | | | |
Virginia | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| | | | |
Hilltop Village Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV | |
|
| 100.0 | % | | (5) |
| 250,811 | | 250,811 | | 35.07 |
| 99.4 | % | | Wegmans | | L.A. Fitness |
Virginia Total: | | # of Properties: | | 1 |
|
|
| |
|
| 250,811 |
| 250,811 |
| 35.07 |
| 99.4 | % | |
|
|
|
Washington | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
2200 Westlake | | Seattle-Tacoma-Bellevue, WA |
|
|
| 69.4 | % | | (1)(3) |
| 60,366 | | 87,014 | | 38.72 |
| 99.4 | % | | Whole Foods | | |
Covington Esplanade | | Seattle-Tacoma-Bellevue, WA |
|
|
| 100.0 | % | | |
| 187,388 | | 187,388 | | 33.85 |
| 96.6 | % | | | | The Home Depot |
Meridian Town Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 15,566 | | 143,401 | | 18.12 | | 100.0 | % | | (Safeway) | | Jo-Ann Fabric, Tuesday Morning |
Queen Anne Marketplace | | Seattle-Tacoma-Bellevue, WA | | | | 51.0 | % | | (1)(3) | | 41,337 | | 81,053 | | 35.78 | | 100.0 | % | | Metropolitan Market | | Bartell's Drug |
Rainier Square Plaza | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 22,347 | | 111,735 | | 22.59 | | 100.0 | % | | Safeway | | Ross Dress for Less |
South Hill Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 26,802 | | 134,010 | | 17.11 | | 100.0 | % | | | | Bed Bath & Beyond, Ross Dress for Less, Best Buy |
The Whittaker | | Seattle-Tacoma-Bellevue, WA | | | | 100.0 | % | | | | 63,663 | | 63,663 | | 34.97 | | 100.0 | % | | Whole Foods | | |
Washington Total: | | # of Properties: |
| 7 |
|
|
| |
|
| 417,469 |
| 808,264 |
| 32.04 |
| 98.4 | % | | | | |
Total Operating Properties | | # of Properties: | | 165 | | | | | | | 21,141,361 | | 31,280,461 | | 20.06 | | 94.5 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Page 37
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | 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) | | 64,953 | | 72,170 | | | | | | | Harris Teeter | | |
West Alex | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | | 100.0 | % | | (2) | | 126,763 | | 126,763 | | | | | | | Harris Teeter | | |
Virginia Total: | | # of Properties: | | 2 | | | | | | | 191,716 | | 198,933 | | | | | | | | | |
Total New Developments | | # of Properties: | | 2 | | | | | | | 191,716 | | 198,933 | | | | | | | | | |
Operating & New Development Properties | | # of Properties: | | 167 | | | | | | | 21,333,077 | | 31,479,394 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Unimproved Land | | | | | | | | | | | | | | | | | | | | | | |
Arizona | | | | | | | | | | | | | | | | | | | | | | |
Lon Adams Rd. at Tangerine Farms Rd., Marana | | | | | | | | | | | | | 422,532 | | | | | | | | | |
Arizona Total: | | | | | | | | | | | | | 422,532 | | | | | | | | | |
Colorado | | | | | | | | | | | | | | | | | | | | | | |
Highway 85 and Highway 285, Sheridan | | | | | | | | | | | | | 247,247 | | | | | | | | | |
Colorado Total: | | | | | | | | | | | | | 247,247 | | | | | | | | | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
SR 207 at Rolling Hills Dr., St. Augustine | | | | | | | | | | | | | 69,696 | | | | | | | | | |
State Road 100 & Belle Terre Parkway, Palm Coast | | | | | | | | | | | | | 292,288 | | | | | | | | | |
Florida Total: | | | | | | | | | | | | | 361,984 | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
NWC South Fulton Pkwy. @ Hwy. 92, Union City | | | | | | | | | | | | | 1,050,754 | | | | | | | | | |
Georgia Total: | | | | | | | | | | | | | 1,050,754 | | | | | | | | | |
North Carolina | | | | | | | | | | | | | | | | | | | | | | |
Capital Blvd & Stadium Drive, Wake Forest | | | | | | | | | | | | | 95,354 | | | | | | | | | |
Highway 17 and Highway 210, Surf City | | | | | | | | | | | | | 477,810 | | | | | | | | | |
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | | | | | | | | | | | | | 911,929 | | | | | | | | | |
North Carolina Total: | | | | | | | | | | | | | 1,485,093 | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
9th Ave. at 25th St., Port Arthur | | | | | | | | | | | | | 243,065 | | | | | | | | | |
Culebra Road and Westwood Loop, San Antonio | | | | | | | | | | | | | 60,984 | | | | | | | | | |
East Orem, Houston | | | | | | | | | | | | | 121,968 | | | | | | | | | |
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 | | | | | | | | | | | | | 11,927,445 | | | | | | | | | |
Page 38
Weingarten Realty Investors
March 31, 2020
(in thousands, except share prices)
| | | |
Quarter | # of Shares | Avg. Share Price | Gross Purchase |
Q1 2020 | 847 | $ 21.47 | $ 18,194 |
Page 40
Weingarten Realty Investors
COVID-19 Impact – Tenant Status
March 31, 2020
(at pro rata share)
| | | | | | |
Tenant Type | ||||||
| | Percent of Annualized Base Rent (1) | | April Rent Payments Received (2) | ||
Essential | | | | | | |
| Supermarkets | 14 | % | | 99 | % |
| Medical | 6 | % | | 73 | % |
| Auto and Other Essentials | 5 | % | | 82 | % |
| Pet Stores and Services | 4 | % | | 73 | % |
| Bank / Financial Service | 4 | % | | 100 | % |
| General Merchandise (Dollar Stores) | 2 | % | | 61 | % |
| Home Improvement | 2 | % | | 96 | % |
| Sporting Goods | 2 | % | | 62 | % |
| Drugstores | 1 | % | | 100 | % |
| Liquor and Wine | 1 | % | | 96 | % |
| Electronics | 1 | % | | 96 | % |
| Office | 1 | % | | 90 | % |
| Total Essential | 43 | % | | 87 | % |
| | | | | | |
Non-Essential | | | | | | |
| Services | 10 | % | | 53 | % |
| Discount Apparel | 8 | % | | 73 | % |
| Home Furnishings | 4 | % | | 33 | % |
| Health Club | 4 | % | | 19 | % |
| Some Apparel | 4 | % | | 9 | % |
| Craft | 2 | % | | 81 | % |
| Beauty Supplies | 1 | % | | 59 | % |
| Recreation/Entertainment | 1 | % | | 35 | % |
| Movie Theaters | 1 | % | | 28 | % |
| Footwear | 1 | % | | 25 | % |
| Books | 1 | % | | 4 | % |
| Party Supplies | 1 | % | | 17 | % |
| Other | 0 | % | | 61 | % |
| Total Non-Essential | 38 | % | | 46 | % |
| | | | | | |
Restaurants | | | | | | |
| Full Service Restaurants | 10 | % | | 41 | % |
| Quick Service Restaurants | 9 | % | | 61 | % |
| Total Restaurants | 19 | % | | 51 | % |
| | | | | | |
| | 100 | % | | 64 | % |
| | | | | | |
Tenant Size | ||||||
| | Percent of Annualized Base Rent (1) | | April Rent Payments Received (2) | ||
Anchors (> 10K SF) | 45 | % | | 72 | % | |
Mid Tier (5K - 10K SF) | 13 | % | | 43 | % | |
National / Regional Small Shops (<5K SF) | 23 | % | | 65 | % | |
Local Small Shops (<5K SF) | 19 | % | | 57 | % | |
| | 100 | % | | 64 | % |
| | | | | | |
Business Type (3) | ||||||
| | Percent of Annualized Base Rent (1) | | April Rent Payments Received (2) | ||
Essential (Including Restaurants) | 62 | % | | 76 | % | |
Non-Essential | 38 | % | | 46 | % | |
| | 100 | % | | 64 | % |
| | | | | | |
(1) Commenced occupancy as of March 31, 2020. | | |||||
(2) Based upon information as of May 5, 2020. | | |||||
(3) Definitions can vary by location. This represents the definition of a majority of the municipalities in which centers are located. | ||||||
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 41