Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - WEINGARTEN REALTY INVESTORS /TX/ | wri-20180331x8xkaearningsr.htm |
Exhibit 99.1
Table of Contents | Page | |
Quarterly Earnings Press Release | i - xi | |
Company Information | 1 | |
Financial Summary | ||
Condensed Consolidated Statements of Income | 3 | |
Condensed Consolidated Balance Sheets | 4 | |
Funds From Operations Attributable to Common Shareholders | 5 | |
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre | 6 | |
Supplemental Income Statement Detail | 7 | |
Supplemental Balance Sheet Detail | 8 | |
Capitalization and Debt Coverage Ratios | 9 | |
Guidance | 10 | |
Investment Activity | ||
Capital Expenditures | 12 | |
Development and Redevelopment Projects | 13 | |
Land Held for Development | 14 | |
Acquisition and Disposition Summary | 15 | |
Summary of Debt | ||
Debt Information | 17 | |
Debt Information Additional Disclosure | 18 | |
Schedule of Maturities | 19 | |
Schedule of Maturities Additional Disclosure | 20 | |
Joint Ventures | ||
Unconsolidated Joint Venture Financial Statements at 100% | 22 | |
Unconsolidated Joint Venture Financial Statements at Pro rata Share | 23 | |
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100% | 24 | |
Unconsolidated Joint Venture Mortgage Debt Information at 100% | 25 | |
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure | 26 | |
Portfolio Summary | ||
Tenant Diversification by Percent of Base Minimum Rent | 28 | |
Portfolio Operating Information | 29 - 30 | |
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
Property Listing | ||
Summary Property Listing | 33 | |
Property Listing | 34 - 42 | |
Other Topics of Interest | ||
Share and Bond Repurchase Program Inception-To-Date | 44 | |
Revenue Classification Changes Impact | 45 | |
Corporate Profile | ||
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of March 31, 2018, we owned or operated under long-term leases, interests in 196 properties which are located in 17 states that span the United States from coast to coast. These properties represent approximately 39.5 million square feet of which our interests in these properties aggregated approximately 25.0 million square feet of leasable area. Our properties were 94.8% leased as of March 31, 2018, and historically our portfolio occupancy rate has never been below 90%. | ||
www.weingarten.com | ||
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY
REPORTS ANOTHER STRONG QUARTER
HOUSTON, April 24, 2018 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended March 31, 2018. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
First Quarter Operating and Financial Highlights
• | Net income attributable to common shareholders (“Net Income”) for the quarter was $1.13 per diluted share (hereinafter “per share”) compared to $0.24 per share in the same quarter of 2017; |
• | Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.57 per share compared to $0.61 per share a year ago; |
• | Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.0% over the same quarter of the prior year; |
• | Occupancy increased to 94.8% from 93.7% at the end of the first quarter of 2017; |
• | Dispositions for the quarter totaled $268 million; and |
• | Common shares totaling $13.9 million and unsecured debt totaling $14.3 million were repurchased to-date in 2018. |
Financial Results
The Company reported Net Income of $146.8 million or $1.13 per share for the first quarter of 2018, as compared to $30.8 million or $0.24 per share for the same period in 2017. This significant increase was due primarily to higher gains on sales of properties during 2018.
Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $78.3 million or $0.60 per share for the first quarter of 2018 compared to $74.4 million or $0.57 per share for 2017. The increase is primarily due to increased occupancy, increased rental rates and incremental income from our new developments and redevelopments. Also contributing to the increase in NAREIT FFO was reduced interest expense due to the reduction of debt outstanding with disposition proceeds from 2017 and 2018; however, these increases were offset by the reduced operating income from these same property dispositions in both years. Additionally, NAREIT FFO for 2018 included about $0.03 per share of gain on debt extinguishment in the quarter. In 2017, NAREIT FFO included $.04 per share for a lease termination payment and impairments of non-operating
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property, net of the related tax benefit. Core FFO is calculated by deducting from NAREIT FFO the gain on debt extinguishment in 2018 and adding back a lease termination payment and impairments in 2017. Core FFO for the quarter ended March 31, 2018 was $74.7 million or $0.57 per share compared to $79.5 million or $0.61 per share for the same quarter of last year.
Effective this quarter, the Company adopted the new revenue recognition standard, ASU 2014-09, “Revenue from Contracts with Customers”, which resulted in the classification of about $1.1 million of revenue from parking, licensing and occupancy agreements out of Rental Revenue into Other Revenue. As this standard was adopted on a modified retrospective approach, we did not restate the prior year amounts. The detail of the classification adjustments by line item is included on Page 45 of the Supplemental and this impact was adjusted for on Same Property NOI by line item on Page 30.
Reconciliations of Net Income to NAREIT FFO and Core FFO are included herein.
Operating Results
For the period ending March 31, 2018, the Company’s operating highlights were as follows:
Q1 2018 | |
Occupancy (Signed Basis): | |
Occupancy - Total | 94.8% |
Occupancy - Small Shop Spaces | 90.4% |
Occupancy - Same Property Portfolio | 95.4% |
Same Property Net Operating Income, with redevelopments | 2.0% |
Rental Rate Growth - Total: | 5.8% |
New Leases | 4.9% |
Renewals | 5.9% |
Leasing Transactions: | |
Number of New Leases | 75 |
New Leases - Annualized Revenue (in millions) | $5.3 |
Number of Renewals | 169 |
Renewals - Annualized Revenue (in millions) | $14.9 |
A reconciliation of Net Income to SPNOI is included herein.
“We are pleased with our performance as we continue to add quality merchants to our outstanding portfolio of properties. Our occupancy continues to improve, increasing 1.1% over last year to 94.8%. Additionally, as 2.8% of our portfolio has signed leases that have not commenced, we have imbedded growth for the remainder of 2018 which should contribute to meeting our Same Property NOI guidance for the year ,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Portfolio Activity
During the quarter, the Company closed $268 million of dispositions with the sale of eight shopping centers including Moore Plaza in Corpus Christi, Texas, Best in the West and Paradise Marketplace in Las Vegas, Nevada, Millpond Center and Tates Creek Centre in Lexington, Kentucky, Horne Street Market in Fort Worth,
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Texas, Palmilla Center in Avondale, Arizona and a portion of Stoneridge Towne Centre in Moreno Valley, California. The Company also sold two land parcels.
As for acquisitions, the Company purchased a land parcel adjacent to an existing shopping center for $1.3 million during the quarter and will begin construction of a 9,000 square foot multi-tenant building in the next 30 days.
The Company invested $27 million in new developments and redevelopments during the first quarter. Groundbreaking on the Driscoll at River Oaks, a 30-story residential tower to be constructed at the Company’s River Oaks Shopping Center, is expected to occur this summer.
“We are pleased with our solid start to 2018 considering the retail real estate environment. Further, our dispositions reduce our exposure to power centers and to tertiary markets which clearly enhances the overall quality of our portfolio. Our new developments and redevelopments are progressing nicely, which will provide earnings growth going forward,” said Drew Alexander, President and Chief Executive Officer.
Balance Sheet
Proceeds for the Company’s 2017 and 2018 dispositions were used to further enhance its balance sheet. The Company paid down its $200 million term loan in two $100 million tranches, the second of which closed on April 3rd. During the first quarter of 2018, the Company repurchased $13.7 million of its unsecured bonds and $8.1 million of its common shares at an average price of $27.37 per share. Subsequent to quarter-end, the Company repurchased an additional $0.6 million of its unsecured bonds and $5.8 million of its common shares at an average price of $26.89. At quarter-end, Net Debt to Core EBITDAre was a strong 5.1 times and Debt to Total Market Capitalization was 34.6%.
“With the strongest credit metrics we have had in many years, we are poised to take advantage of whatever opportunities may arise, which could include quality acquisitions, additional purchases of our bonds and buying back our stock. Low leverage provides the flexibility to react quickly as market conditions change,” said Steve Richter, Executive Vice President and Chief Financial Officer.
2018 Guidance
As to earnings guidance, we are increasing NAREIT FFO per share to a range of $2.29 to $2.35 and reaffirm Core FFO for the year along with the supporting details as previously provided. All of the details of our guidance are included on page 10 of our Supplemental.
Dividends
The Board of Trust Managers declared a quarterly cash dividend of $0.395 per common share payable on June 15, 2018 to shareholders of record on June 8, 2018.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on April 25, 2018 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 45774517). A replay will be available through the Company’s website starting approximately two hours following the live call.
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About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 31, 2018, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 196 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 39.5 million square feet of which our interests in these properties aggregated approximately 25.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Forward-Looking Statements
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.
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Weingarten Realty Investors | ||||||||||
(in thousands, except per share amounts) | ||||||||||
Financial Statements | ||||||||||
Three Months Ended March 31, | ||||||||||
2018 | 2017 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | |||||||||
Rentals, net | $ | 128,729 | $ | 140,818 | ||||||
Other Income | 3,723 | 2,845 | ||||||||
Total Revenues | 132,452 | 143,663 | ||||||||
Depreciation and Amortization | 38,095 | 42,449 | ||||||||
Operating Expense | 23,270 | 29,910 | ||||||||
Real Estate Taxes, net | 17,639 | 17,517 | ||||||||
Impairment Loss | — | 14,986 | ||||||||
General and Administrative Expense | 5,595 | 7,384 | ||||||||
Total Expenses | 84,599 | 112,246 | ||||||||
Operating Income | 47,853 | 31,417 | ||||||||
Interest Expense, net | (14,672 | ) | (21,082 | ) | ||||||
Interest and Other Income/Expense | 1,533 | 1,622 | ||||||||
(Provision) Benefit for Income Taxes | (783 | ) | 3,359 | |||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 5,993 | 5,317 | ||||||||
Income from Continuing Operations | 39,924 | 20,633 | ||||||||
Gain on Sale of Property | 109,045 | 15,763 | ||||||||
Net Income | 148,969 | 36,396 | ||||||||
Less: | Net Income Attributable to Noncontrolling Interests | (2,145 | ) | (5,570 | ) | |||||
Net Income Attributable to Common Shareholders -- Basic | $ | 146,824 | $ | 30,826 | ||||||
Net Income Attributable to Common Shareholders -- Diluted | $ | 147,352 | $ | 30,826 | ||||||
Earnings Per Common Share -- Basic | $ | 1.15 | $ | .24 | ||||||
Earnings Per Common Share -- Diluted | $ | 1.13 | $ | .24 | ||||||
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Weingarten Realty Investors | ||||||||||
(in thousands) | ||||||||||
Financial Statements | ||||||||||
March 31, 2018 | December 31, 2017 | |||||||||
(Unaudited) | (Audited) | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
ASSETS | ||||||||||
Property | $ | 4,365,670 | $ | 4,498,859 | ||||||
Accumulated Depreciation | (1,140,653 | ) | (1,166,126 | ) | ||||||
Property Held for Sale, net | — | 54,792 | ||||||||
Investment in Real Estate Joint Ventures and Partnerships, net | 323,590 | 317,763 | ||||||||
Unamortized Lease Costs, net | 172,852 | 181,047 | ||||||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 87,091 | 104,357 | ||||||||
Cash and Cash Equivalents | 88,238 | 13,219 | ||||||||
Restricted Deposits and Mortgage Escrows | 7,395 | 8,115 | ||||||||
Other, net | 204,983 | 184,613 | ||||||||
Total Assets | $ | 4,109,166 | $ | 4,196,639 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Debt, net | $ | 1,928,570 | $ | 2,081,152 | ||||||
Accounts Payable and Accrued Expenses | 88,024 | 116,463 | ||||||||
Other, net | 186,229 | 189,182 | ||||||||
Total Liabilities | 2,202,823 | 2,386,797 | ||||||||
Commitments and Contingencies | — | — | ||||||||
EQUITY | ||||||||||
Common Shares of Beneficial Interest | 3,895 | 3,897 | ||||||||
Additional Paid-In Capital | 1,769,306 | 1,772,066 | ||||||||
Net Income Less Than Accumulated Dividends | (35,580 | ) | (137,065 | ) | ||||||
Accumulated Other Comprehensive Loss | (9,694 | ) | (6,170 | ) | ||||||
Shareholders' Equity | 1,727,927 | 1,632,728 | ||||||||
Noncontrolling Interests | 178,416 | 177,114 | ||||||||
Total Liabilities and Equity | $ | 4,109,166 | $ | 4,196,639 | ||||||
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Non-GAAP Financial Measures
Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.
Funds from Operations Attributable to Common Shareholders
The National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.
Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
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NAREIT FFO and Core FFO is calculated as follows (in thousands):
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(Unaudited) | ||||||||
Net income attributable to common shareholders | $ | 146,824 | $ | 30,826 | ||||
Depreciation and amortization of real estate | 37,765 | 42,188 | ||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 3,184 | 3,639 | ||||||
Impairment of operating properties and real estate equity investments | — | 12,005 | ||||||
(Gain) on sale of property and interests in real estate equity investments | (109,038 | ) | (15,748 | ) | ||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (2,363 | ) | — | |||||
Provision (benefit) for income taxes (1) | 161 | (2,392 | ) | |||||
Noncontrolling interests and other (2) | 1,210 | 3,369 | ||||||
NAREIT FFO – basic | 77,743 | 73,887 | ||||||
Income attributable to operating partnership units | 528 | 526 | ||||||
NAREIT FFO – diluted | 78,271 | 74,413 | ||||||
Adjustments to Core FFO: | ||||||||
Other impairment loss | — | 3,017 | ||||||
Provision (benefit) for income taxes | — | (952 | ) | |||||
(Gain) on extinguishment of debt including related swap activity | (3,557 | ) | — | |||||
Other | — | 3,066 | ||||||
Core FFO – diluted | $ | 74,714 | $ | 79,544 | ||||
FFO weighted average shares outstanding – basic | 127,926 | 127,610 | ||||||
Effect of dilutive securities: | ||||||||
Share options and awards | 781 | 938 | ||||||
Operating partnership units | 1,432 | 1,462 | ||||||
FFO weighted average shares outstanding – diluted | 130,139 | 130,010 | ||||||
NAREIT FFO per common share – basic | $ | .61 | $ | .58 | ||||
NAREIT FFO per common share – diluted | $ | .60 | $ | .57 | ||||
Core FFO per common share – diluted | $ | .57 | $ | .61 | ||||
______________
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
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Same Property Net Operating Income
Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.
Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties that have been sold. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:
Three Months Ended March 31, 2018 | |||
Beginning of the period | 183 | ||
Properties added: | |||
Acquisitions | 6 | ||
New Developments | 1 | ||
Redevelopments | 2 | ||
Properties removed: | |||
Dispositions | (8 | ) | |
End of the period | 184 | ||
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The Company calculates SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of Net Income Attributable to Common Shareholders to SPNOI is as follows (in thousands):
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(Unaudited) | ||||||||
Net income attributable to common shareholders | $ | 146,824 | $ | 30,826 | ||||
Add: | ||||||||
Net income attributable to noncontrolling interests | 2,145 | 5,570 | ||||||
Provision (benefit) for income taxes | 783 | (3,359 | ) | |||||
Interest expense, net | 14,672 | 21,082 | ||||||
Less: | ||||||||
Gain on sale of property | (109,045 | ) | (15,763 | ) | ||||
Equity in earnings of real estate joint ventures and partnership interests | (5,993 | ) | (5,317 | ) | ||||
Interest and other income/expense | (1,533 | ) | (1,622 | ) | ||||
Operating Income | 47,853 | 31,417 | ||||||
Less: | ||||||||
Revenue adjustments (1) | (3,932 | ) | (4,109 | ) | ||||
Add: | ||||||||
Property management fees | 867 | 926 | ||||||
Depreciation and amortization | 38,095 | 42,449 | ||||||
Impairment loss | — | 14,986 | ||||||
General and administrative | 5,595 | 7,384 | ||||||
Acquisition costs | — | 1 | ||||||
Other (2) | 89 | 3,117 | ||||||
Net Operating Income | 88,567 | 96,171 | ||||||
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests | (3,892 | ) | (13,643 | ) | ||||
Add: Pro rata share of unconsolidated entities defined as same property | 8,374 | 8,687 | ||||||
Same Property Net Operating Income | 93,049 | 91,215 | ||||||
Less: Redevelopment Net Operating Income | (7,133 | ) | (6,693 | ) | ||||
Same Property Net Operating Income excluding Redevelopments | $ | 85,916 | $ | 84,522 | ||||
___________________
(1) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
(2) | Other includes items such as environmental abatement costs, demolition expenses and lease termination fees. |
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Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate
NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.
As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
EBITDAre and Core EBITDAre is calculated as follows (in thousands):
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | ||||||||
Net income | $ | 148,969 | $ | 36,396 | ||||
Interest expense, net (1) | 14,672 | 21,082 | ||||||
Provision (benefit) for income taxes | 783 | (3,359 | ) | |||||
Depreciation and amortization of real estate | 38,095 | 42,449 | ||||||
Impairment loss on operating properties and real estate equity investments | — | 14,986 | ||||||
Gain on sale of property (2) | (109,045 | ) | (15,763 | ) | ||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 2,488 | 4,881 | ||||||
Total EBITDAre | 95,962 | 100,672 | ||||||
Adjustments for Core EBITDAre: | ||||||||
Other | — | 3,068 | ||||||
Total Core EBITDAre | $ | 95,962 | $ | 103,740 | ||||
(1) Includes a $3.8 million gain on extinguishment of debt including the related swap activity for the three months ended March 31, 2018.
(2) Includes a $2 thousand gain on sale of non-operating assets for the three months ended March 31, 2017.
(3) Includes a $.2 million loss on extinguishment of debt for the three months ended March 31, 2018.
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Weingarten Realty Investors
Company Information
Corporate Office | |
2600 Citadel Plaza Drive | |
P. O. Box 924133 | |
Houston, TX 77292-4133 | |
713-866-6000 | |
www.weingarten.com | |
Stock Listings | |
New York Stock Exchange: | |
Common Shares | WRI |
Forward-Looking Statements
This supplement, together with other statements and information publicly disseminated by us, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in the tax laws and the failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized.
Pro rata Financial Information
Included herein is certain financial information presented on a pro rata share basis as we believe this information assists users of our financial information in understanding our proportionate economic interest in the operating results of our portfolio of properties. Such amounts include WRI’s proportional share of each financial line item or operational metric for both our consolidated and unconsolidated joint ventures and partnerships. Multiplying a financial statement line item or operational metric of an investee and adding it to WRI’s totals may not accurately depict the legal and economic implications of holding a non-controlling interest in the investee, nor does WRI control any of the investees presented under the equity method of accounting. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 1
Financial Summary
Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended March 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2018 | 2017(1) | 2017(1) | 2016(1) | 2015(1) | 2014(1) | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rentals, net | $ | 128,729 | $ | 140,818 | $ | 560,643 | $ | 537,265 | $ | 502,464 | $ | 503,128 | |||||||||||
Other | 3,723 | 2,845 | 12,520 | 12,290 | 10,380 | 11,278 | |||||||||||||||||
Total | 132,452 | 143,663 | 573,163 | 549,555 | 512,844 | 514,406 | |||||||||||||||||
Expenses: | |||||||||||||||||||||||
Depreciation and amortization | 38,095 | 42,449 | 167,101 | 162,535 | 145,940 | 150,356 | |||||||||||||||||
Operating | 23,270 | 29,910 | 109,310 | 98,855 | 94,244 | 95,318 | |||||||||||||||||
Real estate taxes, net | 17,639 | 17,517 | 75,636 | 66,358 | 60,289 | 60,768 | |||||||||||||||||
Impairment loss | — | 14,986 | 15,257 | 98 | 153 | 1,024 | |||||||||||||||||
General and administrative | 5,595 | 7,384 | 28,052 | 26,607 | 27,367 | 25,676 | |||||||||||||||||
Total | 84,599 | 112,246 | 395,356 | 354,453 | 327,993 | 333,142 | |||||||||||||||||
Operating Income | 47,853 | 31,417 | 177,807 | 195,102 | 184,851 | 181,264 | |||||||||||||||||
Interest Expense, net | (14,672 | ) | (21,082 | ) | (80,326 | ) | (83,003 | ) | (87,783 | ) | (94,725 | ) | |||||||||||
Interest and Other Income / Expense | 1,533 | 1,622 | 7,532 | 1,910 | 4,406 | 4,530 | |||||||||||||||||
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | — | — | — | 48,322 | 879 | 1,718 | |||||||||||||||||
(Provision) Benefit for Income Taxes | (783 | ) | 3,359 | 17 | (6,856 | ) | (52 | ) | 1,261 | ||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (2) | 5,993 | 5,317 | 27,074 | 20,642 | 19,300 | 22,317 | |||||||||||||||||
Income from Continuing Operations | 39,924 | 20,633 | 132,104 | 176,117 | 121,601 | 116,365 | |||||||||||||||||
Operating Income from Discontinued Operations | — | — | — | — | — | 342 | |||||||||||||||||
Gain on Sale of Property from Discontinued Operations | — | — | — | — | — | 44,582 | |||||||||||||||||
Income from Discontinued Operations | — | — | — | — | — | 44,924 | |||||||||||||||||
Gain on Sale of Property | 109,045 | 15,763 | 218,611 | 100,714 | 59,621 | 146,290 | |||||||||||||||||
Net Income | 148,969 | 36,396 | 350,715 | 276,831 | 181,222 | 307,579 | |||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (2,145 | ) | (5,570 | ) | (15,441 | ) | (37,898 | ) | (6,870 | ) | (19,571 | ) | |||||||||||
Net Income Adjusted for Noncontrolling Interests | $ | 146,824 | 30,826 | 335,274 | 238,933 | 174,352 | 288,008 | ||||||||||||||||
Dividends on Preferred Shares | — | — | — | — | (3,830 | ) | (10,840 | ) | |||||||||||||||
Redemption Costs of Preferred Shares | — | — | — | — | (9,687 | ) | — | ||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 146,824 | $ | 30,826 | $ | 335,274 | $ | 238,933 | $ | 160,835 | $ | 277,168 | |||||||||||
Earnings Per Common Share - Basic | $ | 1.15 | $ | 0.24 | $ | 2.62 | $ | 1.90 | $ | 1.31 | $ | 2.28 | |||||||||||
Earnings Per Common Share - Diluted | $ | 1.13 | $ | 0.24 | $ | 2.60 | $ | 1.87 | $ | 1.29 | $ | 2.25 | |||||||||||
(1) Reclassification of prior year's amounts were made to conform to the current year presentation.
(2) See page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.
Page 3
Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
March 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Property | $ | 4,365,670 | $ | 4,498,859 | |||
Accumulated Depreciation | (1,140,653 | ) | (1,166,126 | ) | |||
Property Held for Sale, net | — | 54,792 | |||||
Property, net | 3,225,017 | 3,387,525 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net (a) | 323,590 | 317,763 | |||||
Total | 3,548,607 | 3,705,288 | |||||
Unamortized Lease Costs, net | 172,852 | 181,047 | |||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $9,014 in 2018 and $7,516 in 2017) | 87,091 | 104,357 | |||||
Cash and Cash Equivalents | 88,238 | 13,219 | |||||
Restricted Deposits and Mortgage Escrows | 7,395 | 8,115 | |||||
Other, net | 204,983 | 184,613 | |||||
Total Assets | $ | 4,109,166 | $ | 4,196,639 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net | $ | 1,928,570 | $ | 2,081,152 | |||
Accounts Payable and Accrued Expenses | 88,024 | 116,463 | |||||
Other, net | 186,229 | 189,182 | |||||
Total Liabilities | 2,202,823 | 2,386,797 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
Shareholders' Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,405 in 2018 and 128,447 in 2017 | 3,895 | 3,897 | |||||
Additional Paid-In Capital | 1,769,306 | 1,772,066 | |||||
Net Income Less Than Accumulated Dividends | (35,580 | ) | (137,065 | ) | |||
Accumulated Other Comprehensive Loss | (9,694 | ) | (6,170 | ) | |||
Total Shareholders' Equity | 1,727,927 | 1,632,728 | |||||
Noncontrolling Interests | 178,416 | 177,114 | |||||
Total Equity | 1,906,343 | 1,809,842 | |||||
Total Liabilities and Equity | $ | 4,109,166 | $ | 4,196,639 | |||
(a) | This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information. |
Page 4
Weingarten Realty Investors
Funds From Operations Attributable to Common Shareholders
(in thousands, except per share amounts)
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Funds From Operations Attributable to Common Shareholders (NAREIT FFO) | ||||||||
Numerator: | ||||||||
Net income attributable to common shareholders | $ | 146,824 | $ | 30,826 | ||||
Depreciation and amortization of real estate | 37,765 | 42,188 | ||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 3,184 | 3,639 | ||||||
Impairment of operating properties and real estate equity investments | — | 12,005 | ||||||
(Gain) on sale of property and interests in real estate equity investments | (109,038 | ) | (15,748 | ) | ||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (2,363 | ) | — | |||||
Provision (benefit) for income taxes (1) | 161 | (2,392 | ) | |||||
Noncontrolling interests and other (2) | 1,210 | 3,369 | ||||||
NAREIT FFO - Basic | 77,743 | 73,887 | ||||||
Income attributable to operating partnership units | 528 | 526 | ||||||
NAREIT FFO - Diluted | 78,271 | 74,413 | ||||||
Adjustments for Core FFO: | ||||||||
Other impairment loss | — | 3,017 | ||||||
Provision (benefit) for income taxes | — | (952 | ) | |||||
(Gain) on extinguishment of debt including related swap activity | (3,557 | ) | — | |||||
Other | — | 3,066 | ||||||
Core FFO - Diluted | $ | 74,714 | $ | 79,544 | ||||
Denominator: | ||||||||
FFO weighted average number of common shares outstanding - Basic | 127,926 | 127,610 | ||||||
Effect of dilutive securities: | ||||||||
Share options and awards | 781 | 938 | ||||||
Operating partnership units | 1,432 | 1,462 | ||||||
FFO weighted average number of common shares outstanding - Diluted | 130,139 | 130,010 | ||||||
NAREIT FFO Per Common Share - Basic | $ | 0.61 | $ | 0.58 | ||||
NAREIT FFO Per Common Share - Diluted | $ | 0.60 | $ | 0.57 | ||||
Adjustments for Core FFO per common share: | ||||||||
Other impairment loss | — | 0.02 | ||||||
(Gain) on extinguishment of debt including related swap activity | (0.03 | ) | — | |||||
Other | — | 0.02 | ||||||
Core FFO Per Common Share - Diluted | $ | 0.57 | $ | 0.61 | ||||
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
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 March 31, | Three Months Ended December 31, | |||||||||||
2018 | 2017 | 2017 | ||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | ||||||||||||
Net income | $ | 148,969 | $ | 36,396 | $ | 170,653 | ||||||
Interest expense, net (1) | 14,672 | 21,082 | 18,921 | |||||||||
Provision (benefit) for income taxes | 783 | (3,359 | ) | 2,018 | ||||||||
Depreciation and amortization of real estate | 38,095 | 42,449 | 40,986 | |||||||||
Impairment loss on operating properties and real estate equity investments | — | 14,986 | 245 | |||||||||
Gain on sale of property (2) | (109,045 | ) | (15,763 | ) | (132,045 | ) | ||||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 2,488 | 4,881 | 397 | |||||||||
Total EBITDAre | 95,962 | 100,672 | 101,175 | |||||||||
Adjustments for Core EBITDAre: | ||||||||||||
Storm damage costs | — | — | 1,018 | |||||||||
Recovery of pre-development costs | — | — | (949 | ) | ||||||||
Severance costs | — | — | 1,378 | |||||||||
Other | — | 3,068 | 4 | |||||||||
Total Core EBITDAre | $ | 95,962 | $ | 103,740 | $ | 102,626 | ||||||
Net Debt to Core EBITDAre: | ||||||||||||
Debt | $ | 1,928,570 | $ | 2,323,447 | $ | 2,081,152 | ||||||
Less: Cash and cash equivalents | (88,238 | ) | (3,615 | ) | (13,219 | ) | ||||||
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | 100,224 | 109,326 | 108,024 | |||||||||
Total Net debt | $ | 1,940,556 | $ | 2,429,158 | $ | 2,175,957 | ||||||
Annualized Core EBITDAre | $ | 383,848 | $ | 414,960 | $ | 410,504 | ||||||
Net Debt to Core EBITDAre | 5.06 | 5.85 | 5.30 | |||||||||
(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the three months ended March 31, 2018.
(2) Includes a $2 thousand and $.6 million gain on sale of non-operating assets for the three months ended March 31, 2017 and December 31, 2017, respectively.
(3) Includes a $.2 million loss on extinguishment of debt for the three months ended March 31, 2018.
Page 6
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Rentals, net | |||||||
Base minimum rent, net | $ | 97,265 | $ | 106,841 | |||
Straight line rent | 1,320 | 1,623 | |||||
Over/Under-market rentals, net | 766 | 883 | |||||
Percentage rent | 725 | 740 | |||||
Tenant reimbursements | 28,653 | 30,731 | |||||
Total | $ | 128,729 | $ | 140,818 | |||
Other Revenues | |||||||
Customer contract revenue | $ | 2,552 | $ | — | |||
Outside fee income (1) | — | 1,603 | |||||
Miscellaneous revenue | 752 | 748 | |||||
Other rental revenues | 287 | 494 | |||||
Lease cancellation revenue | 132 | — | |||||
Total | $ | 3,723 | $ | 2,845 | |||
Interest Expense, net | |||||||
Interest paid or accrued | $ | 19,089 | $ | 21,137 | |||
Gain on extinguishment of debt including related swap activity | (3,758 | ) | — | ||||
Amortization of debt deferred costs | 936 | 963 | |||||
Over/Under-market mortgage adjustment of acquired properties, net | (155 | ) | (195 | ) | |||
Gross interest expense | 16,112 | 21,905 | |||||
Capitalized interest | (1,440 | ) | (823 | ) | |||
Total | $ | 14,672 | $ | 21,082 | |||
Interest and Other Income/Expense | |||||||
Deferred compensation investment income | $ | 1,093 | $ | 1,676 | |||
Pension costs | (104 | ) | (132 | ) | |||
Other | 544 | 78 | |||||
Total | $ | 1,533 | $ | 1,622 | |||
Supplemental Analyst Information | |||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |||||||
Net income from unconsolidated real estate joint ventures and partnerships | $ | 6,236 | $ | 4,434 | |||
Intercompany fee income reclass | 689 | 671 | |||||
Other adjustments | (932 | ) | 212 | ||||
Equity in earnings of real estate joint ventures and partnerships, net | $ | 5,993 | $ | 5,317 | |||
Dividends | |||||||
Common Dividends per Share | $ | 0.395 | $ | 0.385 | |||
Common Dividends Paid as a % of Reported Funds from Operations - Basic | 65.4 | % | 66.9 | % | |||
Common Dividends Paid as a % of Core Funds from Operations - Basic | 68.5 | % | 62.5 | % | |||
General and Administrative Expenses | |||||||
General and Administrative Expenses/Total Revenue | 4.2 | % | 5.1 | % | |||
General and Administrative Expenses/Total Assets before Depreciation | 0.11 | % | 0.13 | % | |||
Net Operating Income Additional Disclosures | |||||||
Minority Interests Share of Net Operating Income and Other Adjustments | $ | (1,242 | ) | $ | (1,321 | ) | |
Pro rata Share of Unconsolidated Joint Ventures | |||||||
Revenues | 13,227 | 13,524 | |||||
Operating expense | (2,416 | ) | (2,407 | ) | |||
Real estate taxes | (2,010 | ) | (1,690 | ) | |||
Net Operating Income from Sold Properties | 2,012 | 12,149 | |||||
(1) Non-recurring outside fee income for the three months ended March 31, 2017 was $.05 million.
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, 2018 | December 31, 2017 | ||||||
Property | |||||||
Land | $ | 991,321 | $ | 1,068,022 | |||
Land held for development | 66,949 | 69,205 | |||||
Land under development | 49,000 | 48,985 | |||||
Buildings and improvements | 3,151,367 | 3,232,074 | |||||
Construction in-progress | 107,033 | 80,573 | |||||
Total | $ | 4,365,670 | $ | 4,498,859 | |||
Straight Line Rent Receivable | |||||||
$ | 61,941 | $ | 62,702 | ||||
Other Assets, net | |||||||
Notes receivable and mortgage bonds, net | $ | 27,048 | $ | 27,063 | |||
Debt service guaranty asset | 64,145 | 64,145 | |||||
Non-qualified benefit plan assets | 31,778 | 31,500 | |||||
Out-of-market leases, net | 21,181 | 26,834 | |||||
Investments | 11,392 | 11,695 | |||||
Deferred income tax asset | 7,271 | 7,587 | |||||
Interest rate derivative | — | 2,035 | |||||
Unamortized debt costs, net | 1,972 | 2,255 | |||||
Other | 40,196 | 11,499 | |||||
Total | $ | 204,983 | $ | 184,613 | |||
Other Liabilities, net | |||||||
Deferred revenue | $ | 10,224 | $ | 9,197 | |||
Non-qualified benefit plan liabilities | 69,458 | 69,257 | |||||
Deferred income tax payable | 7,539 | 7,250 | |||||
Out-of-market leases, net | 73,108 | 77,722 | |||||
Other | 25,900 | 25,756 | |||||
Total | $ | 186,229 | $ | 189,182 | |||
Identified Intangible Assets and Liabilities | |||||||
Identified Intangible Assets: | |||||||
Above-market leases (included in Other Assets, net) | $ | 39,305 | $ | 44,231 | |||
Above-market leases - Accumulated Amortization | (18,124 | ) | (17,397 | ) | |||
In place leases (included in Unamortized Lease Costs, net) | 216,240 | 224,201 | |||||
In place leases - Accumulated Amortization | (94,377 | ) | (96,202 | ) | |||
Total | $ | 143,044 | $ | 154,833 | |||
Identified Intangible Liabilities: | |||||||
Below-market leases (included in Other Liabilities, net) | $ | 99,117 | $ | 105,794 | |||
Below-market leases - Accumulated Amortization | (26,009 | ) | (28,072 | ) | |||
Above-market assumed mortgages (included in Debt, net) | 3,445 | 10,063 | |||||
Above-market assumed mortgages - Accumulated Amortization | (1,414 | ) | (6,081 | ) | |||
Total | $ | 75,139 | $ | 81,704 | |||
Page 8
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
March 31, 2018 | December 31, 2017 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 28.08 | $ | 32.87 | |||
Capitalization | |||||||
Debt | $ | 1,928,570 | $ | 2,081,152 | |||
Common Shares at Market | 3,605,612 | 4,222,053 | |||||
Operating Partnership Units at Market | 40,211 | 47,070 | |||||
Total Market Capitalization (As reported) | $ | 5,574,393 | $ | 6,350,275 | |||
Debt to Total Market Capitalization (As reported) | 34.6 | % | 32.8 | % | |||
Debt to Total Market Capitalization (As reported at a constant share price of $32.87) | 31.1 | % | 32.8 | % | |||
Debt to Total Market Capitalization (Pro rata) | 35.3 | % | 33.5 | % | |||
Capital Availability | |||||||
Revolving Credit Facility | $ | 500,000 | $ | 500,000 | |||
Less: | |||||||
Balance Outstanding Under Revolving Credit Facility | — | — | |||||
Outstanding Letters of Credit Under Revolving Facility | 2,054 | 6,390 | |||||
Unused Portion of Credit Facility | $ | 497,946 | $ | 493,610 | |||
Significant Covenant Ratios | ||||||||
Restrictions | ||||||||
Debt to Asset Ratio (Public) | Less than 60.0% | 38.5 | % | 40.7 | % | |||
Secured Debt to Asset Ratio (Public) | Less than 40.0% | 7.5 | % | 8.1 | % | |||
Unencumbered Asset Test (Public) | Greater than 150% | 283.3 | % | 264.4 | % | |||
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) | Greater than 1.5x | 4.0x | 3.9x | |||||
Credit Ratings | |||
S&P | Moody's | ||
Senior Debt | BBB | Baa1 | |
Outlook | Stable | Stable | |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 9
Weingarten Realty Investors
Guidance
2018 Guidance | ||||
Original Guidance | Revised Guidance | |||
Net income attributable to common shareholders | $2.24 - $2.34 | $2.26 - $2.34 | ||
Depreciation and amortization | 1.20 - 1.22 | 1.20 - 1.22 | ||
(Gain) on sale of property and interests in RE equity investments | (1.19) - (1.25) | (1.19) - (1.25) | ||
Noncontrolling interests | 0.00 - 0.02 | |||
NAREIT FFO - Basic | 2.25 - 2.31 | 2.27 - 2.33 | ||
Income attributable to operating partnership units | 0.02 - 0.02 | 0.02 - 0.02 | ||
NAREIT FFO Per Common Share - Diluted | $2.27 - $2.33 | $2.29 - $2.35 | ||
(Gain) on extinguishment of debt | (0.01) - (0.01) | (0.03) - (0.03) | ||
Other | 0.01 - 0.01 | 0.01 - 0.01 | ||
Core FFO Per Common Share - Diluted | $2.27 - $2.33 | $2.27 - $2.33 | ||
Portfolio Activity ($ in millions) | ||||
Acquisitions | $50 - $150 | $50 - $150 | ||
Re / New Development | $125 - $175 | $125 - $175 | ||
Dispositions | $250 - $450 | $250 - $450 | ||
Operating Information | ||||
Same Property Net Operating Income with redevelopments | +2.5% to +3.5% | +2.5% to +3.5% | ||
Same Property Net Operating Income without redevelopments | +2.0% to +3.0% | +2.0% to +3.0% | ||
Denotes change to guidance | ||||
Page 10
Investment Activity
Weingarten Realty Investors
Capital Expenditures
(at pro rata share)
(in thousands)
Three Months Ended March 31, 2018 | Twelve Months Ended December 31, 2017 | |||||||
Acquisitions | $ | 1,250 | $ | 1,900 | ||||
New Development | 19,396 | 93,120 | ||||||
Redevelopment | 6,798 | 30,436 | ||||||
Building and Site Improvements | 3,755 | 24,354 | ||||||
Tenant Finish | 7,702 | 23,808 | ||||||
External Leasing Commissions | 628 | 4,357 | ||||||
Capital Expenditures | $ | 39,529 | $ | 177,975 | ||||
Note: | ||||||||
Internal Leasing Fees are approximately $2.3 million for the three months ended March 31, 2018 and $9.6 million for the twelve months ended December 31, 2017, respectively. | ||||||||
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 12
Weingarten Realty Investors
Development and Redevelopment Projects
As of March 31, 2018
(at pro rata share, except multi-family units)
(in thousands, except percentages and multi-family units)
Estimated Final | ||||||||||||||||
WRI | Percentage | Costs | Total at | Estimated | Occupancy | |||||||||||
Property | Market | Own % | SF | Leased | Incurred to Date | Completion | ROI | Stabilized | Key Tenants / Description | |||||||
Developments and Large Redevelopments Under Construction (1,2) | ||||||||||||||||
The Whittaker | Seattle, WA | 100% | Retail = 63 SF | 93.1% | $ | 27,401 | $ | 31,362 | 2H18 | Whole Foods | ||||||
West Alex (3) | Alexandria, VA | 100% | Retail = 100 SF | 16.3% | 89,684 | 196,897 | 2H22 | Harris Teeter | ||||||||
Office = 23 SF | ||||||||||||||||
Multifamily = 278 units | ||||||||||||||||
Centro Arlington (4) | Arlington, VA | 90% | Retail = 65 SF | 14.2% | 42,747 | 135,149 | 2H20 | Harris Teeter | ||||||||
Multifamily = 366 units | ||||||||||||||||
The Driscoll at River Oaks | Houston, TX | 100% | Retail = 11 SF | 0.0% | 4,897 | 150,000 | 2H 21 | 30-Story Residential High-Rise and | ||||||||
Multifamily = 318 units | 11,000 SF Retail | |||||||||||||||
14.6% | $ | 164,729 | $ | 513,408 | 5.5% | |||||||||||
Placed | ||||||||||||||||
Redevelopments Under Construction (2) | in Service | |||||||||||||||
Sunset Point 19 | Clearwater, FL | 100% | 142 | 44% | $ | 11,901 | $ | 23,090 | 2H 19 | Sprouts, Bed Bath & Beyond, DSW | ||||||
Winter Park Corners | Orlando, FL | 100% | 43 | —% | 689 | 12,082 | 1H 19 | Sprouts and two new shop space buildings | ||||||||
The Shoppes at Wilderness Oaks | San Antonio, TX | 100% | 20 | —% | 186 | 7,289 | 2H 20 | 20,000 SF multi-tenant building and pads. | ||||||||
Rock Prairie Marketplace | College Station, TX | 100% | 28 | 20% | 4,380 | 6,173 | 1H 19 | Valero gas station, multi-tenant building and pads | ||||||||
Tomball Marketplace | Houston, TX | 100% | 27 | 36% | 2,756 | 5,367 | 1H 19 | Three new shop space buildings | ||||||||
All other redevelopments < $5 million (9 properties) | 74 | 19% | 13,765 | 24,172 | various | |||||||||||
29% | $ | 33,678 | $ | 78,174 | 8%-14% | |||||||||||
Total Active Development and Redevelopment | $ | 198,407 | $ | 598,586 | 6% | |||||||||||
Developments and Large Redevelopments Under Construction completions | ||||||||||||||||
YTD Completed | 2Q'18E | 3Q ' 18E | 4Q ' 18E | 1Q ' 19E | 2Q ' 19E | Remaining Balance | ||||||||||
Completions ($) | — | — | $0 - $1,500 | $800 - $5,800 | $0 - $2,500 | $0 - $3,000 | $428,200 - $433,200 | |||||||||
Weighted Return (%) | — | — | 0% | 6.4% - 6.9% | 0% | 6.4% - 6.9% | 5.3% - 5.9% | |||||||||
Net Operating Income (Annualized) | — | — | $0 - $10 | $50 - $400 | $0 - $10 | $0 - $210 | $22,800 - $25,630 | |||||||||
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter): | $ | 465 | ||||||||||||||
Cash NOI Redevelopments Under Construction (Current Quarter): | $ | 418 | ||||||||||||||
(1) | Large redevelopment is defined where total incremental investment over $50M. | |||||||||||||||
(2) | Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. | |||||||||||||||
(3) | WRI has a profits participation agreeement in which the sourcing developer would receive as much as 30% of the net profits should the internal rate of return exceed 11%. | |||||||||||||||
(4) | 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 $89 million in equity and debt. | |||||||||||||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. | ||||||||||||||||
Page 13
Weingarten Realty Investors
Land Held for Development
As of March 31, 2018
(in thousands, except acres and percentages)
Ownership Interest | Gross Acres | Investment (1) | ||||||||||||
Location | 100% | Pro Rata | ||||||||||||
New Development Phased Projects | ||||||||||||||
Highway 17 and Highway 210, Surf City, NC | 100.0 | % | 45.5 | |||||||||||
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC | 100.0 | % | 22.7 | |||||||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.0 | |||||||||||
Hwy. 85 & Hwy. 285, Sheridan, CO | 100.0 | % | 8.6 | |||||||||||
US Hwy. 17 & US Hwy. 74/76, Leland, NC | 100.0 | % | 8.3 | |||||||||||
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL | 100.0 | % | 6.7 | |||||||||||
SR 207 & Rolling Hills Drive, St. Augustine, FL | 70.0 | % | 5.2 | |||||||||||
29th St. at Nolana Loop, McAllen, TX | 50.0 | % | 3.8 | |||||||||||
FM 2920 and Future 249, Tomball - Houston, TX | 100.0 | % | 2.2 | |||||||||||
Total New Development Phased Projects | 124.0 | $ | 18,624 | $ | 17,138 | |||||||||
Other Raw Land | ||||||||||||||
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX | 50.0 | % | 120.4 | |||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta, GA | 100.0 | % | 81.6 | |||||||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 29.2 | |||||||||||
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ | 100.0 | % | 9.7 | |||||||||||
SH 151 & Ingram Rd., San Antonio, TX | 66.7 | % | 5.8 | |||||||||||
Rock Prairie Rd. at Hwy. 6, College Station, TX | 100.0 | % | 5.3 | |||||||||||
Shary Road and US Hwy. 83, Mission, TX | 50.0 | % | 4.0 | |||||||||||
Leslie Rd. at Bandera Rd., Helotes, TX | 100.0 | % | 1.7 | |||||||||||
Other | 100.0 | % | 21.4 | |||||||||||
Total Raw Land | 279.1 | $ | 48,351 | $ | 36,214 | |||||||||
Total Land Held For Development Properties | 403.1 | $ | 66,975 | $ | 53,352 | |||||||||
(1) Net of impairment and valuation adjustments.
Notes:
Land costs account for $55.7 million of total investment at 100%, $42.7 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, 2018
(at pro rata share)
(in thousands, except percentages)
Center | City/State | Sq. Ft. at 100% | Date Acquired | Purchase Price | Yield (1) | ||||||||||
Acquisitions | |||||||||||||||
Roswell Corners Land | Roswell, GA | N/A | 03/06/18 | ||||||||||||
Total Acquisitions | $ | 1,250 | — | % | |||||||||||
Date Sold | Sales Proceeds | Weighted Sales Cap (2) | |||||||||||||
Dispositions | |||||||||||||||
1st Quarter | |||||||||||||||
League City Plaza ROW | League City, TX | N/A | 01/17/18 | ||||||||||||
Moore Plaza | Corpus Christi, TX | 371 | 01/18/18 | ||||||||||||
Horne Street Market | Fort Worth, TX | 10 | 01/18/18 | ||||||||||||
Best in the West | Las Vegas, NV | 428 | 02/09/18 | ||||||||||||
Tates Creek Centre | Lexington, KY | 196 | 02/09/18 | ||||||||||||
Millpond Center | Lexington, KY | 125 | 02/09/18 | ||||||||||||
Auto Zone at Green Valley Ranch | Denver, CO | 7 | 02/21/18 | ||||||||||||
Paradise Marketplace | Las Vegas, NV | 78 | 02/28/18 | ||||||||||||
Palmilla Center | Avondale, AZ | 104 | 03/07/18 | ||||||||||||
Stoneridge Towne Centre* (3) | Moreno Valley, CA | 20 | 03/16/18 | ||||||||||||
Total Dispositions | $ | 267,883 | 7.3 | % | |||||||||||
(1) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income. | |||||||||||||||
(2) Cap rates are based upon underwriting estimates and may be different than current returns. | |||||||||||||||
(3) Partial sale | |||||||||||||||
* Unconsolidated real estate joint venture activity | |||||||||||||||
Note: | |||||||||||||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. | |||||||||||||||
Page 15
Summary of Debt
Weingarten Realty Investors
Debt Information
(in thousands, except percentages)
March 31, 2018 | 1st Quarter Weighted Average Rate (1) | December 31, 2017 | 4th Quarter Weighted Average Rate (1) | |||||||||||
Outstanding Balance Summary | ||||||||||||||
Mortgage Debt | $ | 353,694 | 4.45 | % | $ | 393,981 | 4.56 | % | ||||||
3.375% Notes due 2022 | 299,131 | 3.38 | % | 299,402 | 3.38 | % | ||||||||
3.5% Notes due 2023 | 299,231 | 3.50 | % | 299,196 | 3.50 | % | ||||||||
4.45% Notes due 2024 | 245,573 | 4.45 | % | 249,338 | 4.45 | % | ||||||||
3.85% Notes due 2025 | 239,119 | 3.85 | % | 248,516 | 3.85 | % | ||||||||
3.25% Notes due 2026 | 248,187 | 3.25 | % | 248,140 | 3.25 | % | ||||||||
Term Loan (2) | 100,000 | 2.47 | % | 200,000 | 2.47 | % | ||||||||
Unsecured Notes Payable (MTN) | 66,285 | 6.70 | % | 66,285 | 6.70 | % | ||||||||
Revolving Credit Agreements (3) | — | — | 2.17 | % | ||||||||||
Obligations under Capital Leases | 21,000 | 7.98 | % | 21,000 | 7.98 | % | ||||||||
Unamortized Loan Costs | (7,795 | ) | (8,851 | ) | ||||||||||
Subtotal Consolidated Debt | 1,864,425 | 3.87 | % | 2,017,007 | 3.85 | % | ||||||||
Debt Service Guarantee Liability (4) | 64,145 | 64,145 | ||||||||||||
Total Consolidated Debt - As Reported | $ | 1,928,570 | 3.87 | % | $ | 2,081,152 | 3.85 | % | ||||||
As Reported | ||||||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 3/31/18 | 3.87 | % | ||||||||||||
Three months ended 12/31/17 | 3.85 | % | ||||||||||||
Twelve months ended 12/31/17 | 3.80 | % | ||||||||||||
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
(2) | Term Loan was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018. |
(3) | Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee was 4.95% in the fourth quarter 2017. We had no outstanding balances under our revolving credit agreements in the first quarter 2018. |
(4) | Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
Page 17
Weingarten Realty Investors
Debt Information Additional Disclosure
(at pro rata share)
(in thousands, except percentages)
Debt Balance | Weighted Average Rate (1) | % of Total | Weighted Average Remaining Life (yrs) | ||||||||||
Fixed vs. Variable Rate Debt (includes the effect of interest rate swaps) | |||||||||||||
As of March 31, 2018 | |||||||||||||
Fixed-rate debt | $ | 1,971,836 | 3.85 | % | 99.1 | % | 6.02 | ||||||
Variable-rate debt | 17,829 | 3.30 | % | 0.9 | % | 0.25 | |||||||
Total | $ | 1,989,665 | 3.85 | % | 100.0 | % | 6.01 | ||||||
As of December 31, 2017 | |||||||||||||
Fixed-rate debt | $ | 2,131,968 | 3.86 | % | 99.2 | % | |||||||
Variable-rate debt | 17,889 | 2.43 | % | 0.8 | % | ||||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | |||||||
Secured vs. Unsecured Debt | |||||||||||||
As of March 31, 2018 | |||||||||||||
Secured Debt | $ | 434,710 | 4.46 | % | 21.8 | % | 5.57 | ||||||
Unsecured Debt | 1,554,955 | 3.67 | % | 78.2 | % | 6.14 | |||||||
Total | $ | 1,989,665 | 3.85 | % | 100.0 | % | 6.01 | ||||||
As of December 31, 2017 | |||||||||||||
Secured Debt | $ | 482,395 | 4.54 | % | 22.4 | % | |||||||
Unsecured Debt | 1,667,462 | 3.62 | % | 77.6 | % | ||||||||
Total | $ | 2,149,857 | 3.83 | % | 100.0 | % | |||||||
Additional Information | March 31, | December 31, | |||||||||||
Reconciling items to pro rata debt | 2018 | 2017 | |||||||||||
Noncontrolling Interests and Other Adjustments | (39,287 | ) | (39,338 | ) | |||||||||
WRI Share of Unconsolidated Joint Ventures | 100,382 | 108,043 | |||||||||||
Weighted Average Interest Rates (1) | |||||||||||||
Three months ended 3/31/18 | 3.85 | % | |||||||||||
Three months ended 12/31/17 | 3.83 | % | |||||||||||
Twelve months ended 12/31/17 | 3.78 | % | |||||||||||
(1) Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 18
Weingarten Realty Investors
Schedule of Maturities
As of March 31, 2018
(in thousands, except percentages)
As Reported | |||||||
Maturities | Weighted Average Rate (2) | ||||||
2018 | $ | 110,270 | 5.30% | ||||
2019 | 54,508 | 4.90% | |||||
2020 | 104,450 | 2.70% | (3 | ) | |||
2021 | 17,553 | 4.04% | |||||
2022 | 307,314 | 3.40% | |||||
2023 | 305,694 | 3.51% | |||||
2024 | 252,154 | 4.44% | |||||
2025 | 293,807 | 3.94% | |||||
2026 | 277,291 | 3.55% | |||||
2027 | 38,288 | 6.52% | |||||
Thereafter | 93,024 | 4.23% | |||||
Subtotal | 1,854,353 | ||||||
Revolving Credit Agreements | — | ||||||
Other (1) | 74,217 | ||||||
Total | $ | 1,928,570 | 3.87% | ||||
(1) | Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, market value of swaps, discounts on notes, and debt issuance costs. The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
(2) | Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing. |
(3) | Year 2020 includes the Term Loan ($100 million) which was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018. |
Page 19
Weingarten Realty Investors
Schedule of Maturities Additional Disclosure
As of March 31, 2018
(at pro rata share)
(in thousands, except percentages)
Maturities | Weighted Average Rate (2) | Floating Rate | Fixed Rate | Secured | Unsecured | |||||||||||||||||
2018 | $ | 74,143 | 5.23% | $ | 17,829 | $ | 56,314 | $ | 64,573 | $ | 9,570 | |||||||||||
2019 | 58,519 | 4.86% | 58,519 | 58,519 | — | |||||||||||||||||
2020 | 152,368 | 3.22% | (3 | ) | 100,000 | 52,368 | 52,368 | 100,000 | ||||||||||||||
2021 | 53,061 | 4.06% | 53,061 | 53,061 | — | |||||||||||||||||
2022 | 308,348 | 3.40% | 308,348 | 8,648 | 299,700 | |||||||||||||||||
2023 | 306,785 | 3.52% | 306,785 | 6,785 | 300,000 | |||||||||||||||||
2024 | 253,305 | 4.44% | 253,305 | 7,105 | 246,200 | |||||||||||||||||
2025 | 294,958 | 3.95% | 294,958 | 54,453 | 240,505 | |||||||||||||||||
2026 | 278,182 | 3.56% | 278,182 | 5,212 | 272,970 | |||||||||||||||||
2027 | 42,213 | 6.33% | 42,213 | 8,468 | 33,745 | |||||||||||||||||
Thereafter | 93,730 | 4.21% | 93,730 | 93,730 | ||||||||||||||||||
Subtotal | 1,915,612 | 117,829 | 1,797,783 | 412,922 | 1,502,690 | |||||||||||||||||
Revolving Credit Agreements | — | — | — | |||||||||||||||||||
Other (1) | 74,053 | 74,053 | 21,788 | 52,265 | ||||||||||||||||||
Swap Maturities: | ||||||||||||||||||||||
2020 | (100,000 | ) | 100,000 | |||||||||||||||||||
Total | $ | 1,989,665 | 3.85% | $ | 17,829 | $ | 1,971,836 | $ | 434,710 | $ | 1,554,955 | |||||||||||
(1) | Other includes capital leases, fair value adjustments, debt service guarantee liability, market value of swaps, discounts on notes, and debt issuance costs. |
The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.
(2) | Weighted average interest rates exclude the effects of fair value adjustments, revolver facility fee paid quarterly on total commitment |
in arrears, and other loan costs related to financing.
(3) | Year 2020 includes the Term Loan ($100 million) which was paid off subsequent to quarter-end, and related swaps were terminated during the first quarter of 2018. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 20
Joint Ventures
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information at 100%
(in thousands)
Three Months Ended March 31, | ||||||||
Condensed Statements of Income | 2018 | 2017 | ||||||
Revenues: | ||||||||
Base minimum rent, net | $ | 24,614 | $ | 25,182 | ||||
Straight line rent | 379 | 56 | ||||||
Over/Under-market rentals, net | 109 | 125 | ||||||
Percentage rent | 98 | 152 | ||||||
Tenant reimbursements | 7,962 | 7,902 | ||||||
Other revenues | 724 | 1,321 | ||||||
Total | 33,886 | 34,738 | ||||||
Expenses: | ||||||||
Depreciation and amortization | 8,043 | 9,013 | ||||||
Interest, net | 3,524 | 2,967 | ||||||
Operating | 6,428 | 6,118 | ||||||
Real estate taxes, net | 4,942 | 4,268 | ||||||
General and administrative | 225 | 368 | ||||||
Provision for income taxes | 36 | 7 | ||||||
Total | 23,198 | 22,741 | ||||||
Gain on dispositions | 3,533 | — | ||||||
Net income | $ | 14,221 | $ | 11,997 | ||||
Condensed Balance Sheets | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Property | $ | 1,244,419 | $ | 1,241,004 | ||||
Accumulated depreciation | (290,227 | ) | (285,033 | ) | ||||
Property, net | 954,192 | 955,971 | ||||||
Other assets, net | 112,772 | 115,743 | ||||||
Total | $ | 1,066,964 | $ | 1,071,714 | ||||
LIABILITIES AND EQUITY | ||||||||
Debt, net | $ | 286,259 | $ | 298,124 | ||||
Amounts payable to Weingarten Realty Investors and Affiliates | 12,005 | 12,017 | ||||||
Other liabilities, net | 23,320 | 24,759 | ||||||
Total | 321,584 | 334,900 | ||||||
Equity | 745,380 | 736,814 | ||||||
Total | $ | 1,066,964 | $ | 1,071,714 | ||||
Note:
The financial information on this page is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 22
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information
(at pro rata share)
(in thousands)
Three Months Ended March 31, | ||||||||
Condensed Statements of Income | 2018 | 2017 | ||||||
Revenues: | ||||||||
Base minimum rent, net | $ | 9,626 | $ | 9,949 | ||||
Straight line rent | 79 | (25 | ) | |||||
Over/Under-market rentals, net | 21 | 19 | ||||||
Percentage rent | 33 | 71 | ||||||
Tenant reimbursements | 3,084 | 3,164 | ||||||
Other revenues | 384 | 346 | ||||||
Total | 13,227 | 13,524 | ||||||
Expenses: | ||||||||
Depreciation and amortization | 3,184 | 3,639 | ||||||
Interest, net | 1,650 | 1,241 | ||||||
Operating | 2,416 | 2,407 | ||||||
Real estate taxes, net | 2,010 | 1,690 | ||||||
General and administrative | 77 | 112 | ||||||
Provision for income taxes | 17 | 1 | ||||||
Total | 9,354 | 9,090 | ||||||
Gain on dispositions | 2,363 | — | ||||||
Net income | $ | 6,236 | $ | 4,434 | ||||
Condensed Balance Sheets | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Property | $ | 493,001 | $ | 491,105 | ||||
Accumulated depreciation | (107,845 | ) | (106,299 | ) | ||||
Property, net | 385,156 | 384,806 | ||||||
Notes receivable from real estate joint ventures and partnerships | 4,098 | 4,161 | ||||||
Unamortized lease costs, net | 13,320 | 13,954 | ||||||
Accrued rent, accrued customer contracts and accounts receivable (net of allowance for doubtful accounts of $209 in 2018 and $285 in 2017) | 8,363 | 10,814 | ||||||
Cash and cash equivalents | 16,770 | 16,775 | ||||||
Out-of-market leases, net | 985 | 1,074 | ||||||
Other assets, net | 2,442 | 1,947 | ||||||
Total | $ | 431,134 | $ | 433,531 | ||||
LIABILITIES AND EQUITY | ||||||||
Debt, net | $ | 100,224 | $ | 108,024 | ||||
Amounts payable to Weingarten Realty Investors and Affiliates | 5,185 | 5,154 | ||||||
Accounts payable and accrued expenses | 5,572 | 6,403 | ||||||
Deferred revenue | 1,038 | 939 | ||||||
Out-of-market leases, net | 2,976 | 3,236 | ||||||
Other liabilities, net | 390 | 337 | ||||||
Total | 115,385 | 124,093 | ||||||
Equity | 315,749 | 309,438 | ||||||
Total | $ | 431,134 | $ | 433,531 | ||||
Notes:
The above pro rata share information includes only the real estate operations of joint ventures and partnerships at WRI's ownership percentages.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 23
Weingarten Realty Investors
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%
March 31, 2018
(in thousands, except number of properties)
Joint Venture Partner | Number of Operating Properties (1)(2) | Total GLA | Total Assets | Total Debt | ||||||||||
TIAA Florida Retail LLC | 2 | 431 | $ | 124,969 | $ | — | ||||||||
Collins | 8 | 1,163 | 115,782 | 17,365 | ||||||||||
AEW - Institutional Client | 5 | 437 | 102,073 | — | ||||||||||
BIT Retail | 3 | 721 | 137,414 | — | ||||||||||
Jamestown | 6 | 1,216 | 148,896 | 169,374 | ||||||||||
Fidelis Realty Partners | 1 | 491 | 125,253 | 73,048 | ||||||||||
Sleiman Enterprises | 2 | 170 | 17,229 | 13,264 | ||||||||||
Bouwinvest | 3 | 359 | 167,391 | — | ||||||||||
Other | 5 | 825 | 127,957 | 13,208 | ||||||||||
Total | 35 | 5,813 | $ | 1,066,964 | $ | 286,259 | ||||||||
Joint Venture Description | ||
TIAA Florida Retail LLC | Joint venture with an institutional partner, TIAA-CREF Global Real Estate | |
Collins | Primarily a development joint venture in the Texas Rio Grande Valley | |
AEW - Institutional Client | Joint venture with an institutional partner through AEW Capital Management | |
BIT Retail | Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust | |
Jamestown | Retail joint venture in Florida | |
Fidelis Realty Partners | Retail joint venture in Texas | |
Sleiman Enterprises | Retail joint venture in Florida | |
Bouwinvest | Retail joint venture with West Coast focus | |
(1) Excludes land held for development. | ||
(2) Excludes additional consolidated joint ventures such as AEW Capital Management. | ||
Page 24
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information at 100%
As of March 31, 2018
(in thousands, except number of properties, percentages and term)
Balance Summary | |||||||||||
Joint Venture Partner | # of Mortgaged Properties (2) | Mortgage Balance (1)(2) | Average Interest Rate | Average Remaining Term (yrs) | |||||||
Collins | 2 | $ | 17,584 | 6.2% | 6.9 | ||||||
Jamestown | 6 | 170,000 | 2.7% | 3.5 | |||||||
Fidelis Realty Partners | 1 | 73,137 | 4.3% | 2.7 | |||||||
Sleiman Enterprises | 2 | 13,344 | 4.1% | 8.2 | |||||||
Other | 1 | 12,961 | 6.3% | 2.5 | |||||||
Total | 12 | $ | 287,026 | 3.5% | 4.7 | ||||||
Schedule of Maturities | ||||||||||
Maturities (1)(2) | Weighted Average Rate | |||||||||
2018 | $ | 5,319 | 4.7% | |||||||
2019 | 7,119 | 4.8% | ||||||||
2020 | 81,672 | 4.8% | ||||||||
2021 | 173,015 | 3.6% | ||||||||
2022 | 2,069 | 5.3% | ||||||||
2023 | 2,182 | 5.2% | ||||||||
2024 | 2,303 | 5.2% | ||||||||
2025 | 2,302 | 5.2% | ||||||||
2026 | 1,781 | 5.1% | ||||||||
2027 | 7,851 | 5.3% | ||||||||
Thereafter | 1,413 | 6.4% | ||||||||
Total | $ | 287,026 | ||||||||
(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, 2018
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities | |||||||
Maturities (1)(2) | Weighted Average Rate | ||||||
2018 | $ | 2,998 | 4.7% | ||||
2019 | 4,011 | 4.8% | |||||
2020 | 47,917 | 4.8% | |||||
2021 | 35,507 | 4.1% | |||||
2022 | 1,034 | 5.3% | |||||
2023 | 1,091 | 5.2% | |||||
2024 | 1,151 | 5.2% | |||||
2025 | 1,151 | 5.2% | |||||
2026 | 890 | 5.1% | |||||
2027 | 3,926 | 5.3% | |||||
Thereafter | 706 | 6.4% | |||||
Total | $ | 100,382 | |||||
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Notes:
All mortgages are fixed rate.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 26
Portfolio Summary
Weingarten Realty Investors
Tenant Diversification by Percent of Base Minimum Rent
As of March 31, 2018
(at pro rata share)
(in thousands, except percentages and # of units)
Rank | Tenant Name (1)(2) | Credit Ranking (S&P / Moody's) | # of Units | Total Annualized Base Minimum Rent | % of Total Annualized Base Minimum Rent | Total SF | % of Total SF | |||||||||||||
1 | TJX Companies, Inc. | A+/A2 | 38 | $ | 9,973 | 2.42 | % | 986 | 3.94 | % | ||||||||||
2 | The Kroger Co. | BBB/Baa1 | 22 | 9,966 | 2.42 | % | 1,230 | 4.91 | % | |||||||||||
3 | Ross Stores, Inc. | A-/A3 | 32 | 8,442 | 2.05 | % | 691 | 2.76 | % | |||||||||||
4 | Whole Foods Market, Inc. | A+/Baa1 | 8 | 7,294 | 1.77 | % | 347 | 1.39 | % | |||||||||||
5 | H-E-B | N/A/N/A | 8 | 7,171 | 1.74 | % | 540 | 2.16 | % | |||||||||||
6 | Petsmart, Inc. | CCC+/B2 | 21 | 6,519 | 1.58 | % | 388 | 1.55 | % | |||||||||||
7 | Albertsons | N/A/N/A | 14 | 5,484 | 1.33 | % | 637 | 2.54 | % | |||||||||||
8 | Bed Bath & Beyond, Inc. | BBB/Baa2 | 18 | 5,476 | 1.33 | % | 433 | 1.73 | % | |||||||||||
9 | 24 Hour Fitness Inc. | B/B2 | 7 | 4,747 | 1.15 | % | 197 | 0.79 | % | |||||||||||
10 | Home Depot, Inc. | A/A2 | 4 | 4,700 | 1.14 | % | 435 | 1.74 | % | |||||||||||
11 | Office Depot, Inc. | B/B1 | 20 | 4,398 | 1.07 | % | 363 | 1.45 | % | |||||||||||
12 | Dollar Tree Stores, Inc. | BBB-/Baa3 | 37 | 4,129 | 1.00 | % | 374 | 1.49 | % | |||||||||||
13 | Best Buy, Inc. | BBB/Baa1 | 8 | 3,908 | 0.95 | % | 239 | 0.96 | % | |||||||||||
14 | Petco Animal Supplies, Inc. | B-/B2 | 16 | 3,384 | 0.82 | % | 180 | 0.72 | % | |||||||||||
15 | Hobby Lobby Stores, Inc. | N/A/N/A | 7 | 3,291 | 0.80 | % | 368 | 1.47 | % | |||||||||||
16 | Walmart Stores, Inc. | AA/Aa2 | 6 | 3,035 | 0.74 | % | 453 | 1.81 | % | |||||||||||
17 | Starbucks Corporation | A-/A3 | 39 | 2,657 | 0.64 | % | 63 | 0.25 | % | |||||||||||
18 | Dick's Sporting Goods | N/A/N/A | 4 | 2,631 | 0.64 | % | 133 | 0.53 | % | |||||||||||
19 | Barnes & Noble Inc. | N/A/N/A | 6 | 2,592 | 0.63 | % | 153 | 0.61 | % | |||||||||||
20 | JPMorgan Chase Bank | A+/Aa3 | 21 | 2,517 | 0.61 | % | 77 | 0.31 | % | |||||||||||
21 | Gap, Inc. | BB+/Baa2 | 8 | 2,431 | 0.59 | % | 118 | 0.47 | % | |||||||||||
22 | Michaels Stores, Inc. | N/A/Ba2 | 11 | 2,377 | 0.58 | % | 193 | 0.77 | % | |||||||||||
23 | Nordstrom Rack | BBB+/Baa1 | 4 | 2,366 | 0.57 | % | 90 | 0.36 | % | |||||||||||
24 | Party City | B+/Ba3 | 15 | 2,307 | 0.56 | % | 155 | 0.62 | % | |||||||||||
25 | Ascena Retail Group | B/Ba3 | 20 | 2,285 | 0.55 | % | 103 | 0.41 | % | |||||||||||
Grand Total | 394 | $ | 114,080 | 27.68 | % | 8,946 | 35.74 | % | ||||||||||||
(1 | ) | Tenant Names: | DBA Names: | |
TJX Companies, Inc. | Marshalls (17), T.J. Maxx (14), Home Goods (7) | |||
The Kroger Co. | Kroger (9), Harris Teeter (6), Fry's Food (3), King Soopers (2), Ralph's (1), Smith's Food (1) | |||
Ross Stores, Inc. | Ross Dress for Less (29), dd's Discounts (3) | |||
Albertsons | Safeway (6), Randall's (4), Albertsons (2), Von's (2) | |||
Bed Bath & Beyond, Inc. | Bed Bath & Beyond (10), Cost Plus (6), buybuy BABY (2) | |||
Office Depot, Inc. | Office Depot (12), Office Max (8) | |||
Dollar Tree Stores, Inc. | Dollar Tree (32), Family Dollar (5) | |||
Walmart Stores, Inc. | Walmart Neighborhood Market (3), Walmart (2), Walmart Supercenter (1) | |||
Dick's Sporting Goods | Golf Galaxy (2), Dick's Sporting Goods (2) | |||
Gap, Inc. | Old Navy (7), Gap (1) | |||
Michaels Stores, Inc. | Michaels (9), Aaron Brothers (2) | |||
Ascena Retail Group | Lane Bryant (8), Dressbarn (7), Justice (2), AnnTaylor (1), Catherines (1), Loft (1) | |||
(2 | ) | Target owns and occupies 23 units not included above. | ||
Note: | ||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. | ||||
Page 28
Weingarten Realty Investors
Portfolio Operating Information
(at pro rata share)
(in thousands, except percentages and leases)
Leasing Activity / Rent Growth | |||||||||||||||||||||||||||||
Signed Leases | |||||||||||||||||||||||||||||
Comparable: | Number of Leases | Square Feet | New Rent $/SF | Prior Rent $/SF | TI's $/SF | Cash Change in Base Rent | Weighted Average Term (Years) | ||||||||||||||||||||||
All Leases | |||||||||||||||||||||||||||||
Quarter Ended March 31, 2018 | 216 | 986 | $ | 18.14 | $ | 17.16 | $ | 4.92 | 5.8 | % | |||||||||||||||||||
Quarter Ended December 31, 2017 | 215 | 681 | 20.90 | 19.26 | 5.77 | 8.6 | % | ||||||||||||||||||||||
Quarter Ended September 30, 2017 | 192 | 720 | 20.55 | 17.63 | 11.10 | 16.6 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2017 | 224 | 838 | 19.89 | 17.55 | 9.24 | 13.4 | % | ||||||||||||||||||||||
Rolling 12 months | 847 | 3,225 | $ | 19.72 | $ | 17.81 | $ | 7.60 | 10.7 | % | |||||||||||||||||||
New Leases | |||||||||||||||||||||||||||||
Quarter Ended March 31, 2018 | 47 | 120 | $ | 24.87 | $ | 23.70 | $ | 39.86 | 4.9 | % | 7.6 | ||||||||||||||||||
Quarter Ended December 31, 2017 | 56 | 107 | 31.37 | 26.76 | 36.74 | 17.2 | % | 6.3 | |||||||||||||||||||||
Quarter Ended September 30, 2017 | 42 | 195 | 21.00 | 16.22 | 40.89 | 29.5 | % | 8.4 | |||||||||||||||||||||
Quarter Ended June 30, 2017 | 42 | 144 | 23.17 | 16.16 | 53.83 | 43.4 | % | 8.4 | |||||||||||||||||||||
Rolling 12 months | 187 | 566 | $ | 24.33 | $ | 19.78 | $ | 43.19 | 23.0 | % | 7.8 | ||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Quarter Ended March 31, 2018 | 169 | 866 | $ | 17.21 | $ | 16.25 | $ | 0.07 | 5.9 | % | |||||||||||||||||||
Quarter Ended December 31, 2017 | 159 | 574 | 18.95 | 17.86 | — | 6.1 | % | ||||||||||||||||||||||
Quarter Ended September 30, 2017 | 150 | 525 | 20.39 | 18.15 | — | 12.3 | % | ||||||||||||||||||||||
Quarter Ended June 30, 2017 | 182 | 694 | 19.21 | 17.84 | — | 7.7 | % | ||||||||||||||||||||||
Rolling 12 months | 660 | 2,659 | $ | 18.74 | $ | 17.39 | $ | 0.02 | 7.8 | % | |||||||||||||||||||
Comparable & Non-Comparable: | |||||||||||||||||||||||||||||
Quarter Ended March 31, 2018 | 244 | 1,088 | |||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 247 | 768 | |||||||||||||||||||||||||||
Quarter Ended September 30, 2017 | 229 | 888 | |||||||||||||||||||||||||||
Quarter Ended June 30, 2017 | 264 | 1,067 | |||||||||||||||||||||||||||
Rolling 12 months | 984 | 3,811 | |||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||
Expirations (1) | |||||||||||||||||||||||||||||
Assumes No Exercise of Renewal Options | |||||||||||||||||||||||||||||
Anchor Tenants (2) | Non-Anchor Tenants | Total Tenants | |||||||||||||||||||||||||||
Year | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | |||||||||||||||||
M-T-M | 35 | 0 | % | $ | 11.78 | 0 | % | 123 | 2 | % | $ | 25.54 | 1 | % | 158 | 1 | % | $ | 22.51 | 1 | % | ||||||||
2018 | 682 | 5 | % | 11.15 | 4 | % | 764 | 10 | % | 27.69 | 9 | % | 1,446 | 6 | % | 19.89 | 7 | % | |||||||||||
2019 | 1,751 | 12 | % | 11.05 | 11 | % | 1,213 | 15 | % | 27.61 | 15 | % | 2,964 | 13 | % | 17.83 | 13 | % | |||||||||||
2020 | 1,948 | 13 | % | 12.04 | 13 | % | 1,223 | 16 | % | 28.34 | 15 | % | 3,171 | 14 | % | 18.33 | 14 | % | |||||||||||
2021 | 1,840 | 13 | % | 10.75 | 11 | % | 1,342 | 17 | % | 27.68 | 17 | % | 3,182 | 14 | % | 17.89 | 14 | % | |||||||||||
2022 | 2,169 | 15 | % | 13.19 | 16 | % | 1,060 | 13 | % | 29.11 | 14 | % | 3,229 | 14 | % | 18.41 | 15 | % | |||||||||||
2023 - 2028 | 5,378 | 37 | % | 12.93 | 39 | % | 2,013 | 26 | % | 28.92 | 26 | % | 7,391 | 33 | % | 17.29 | 32 | % | |||||||||||
(1) | Reflects in-place leases as of March 31, 2018. |
(2) | Anchor tenants represent any tenant at least 10,000 square feet. |
(3) | Revenue includes minimum base rent only. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 29
Weingarten Realty Investors
Portfolio Operating Information (continued)
(at pro rata share)
(in thousands, except percentages)
Occupancy | ||||||||||||
Quarter Ended | ||||||||||||
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||
Signed Basis | ||||||||||||
Anchor (1) | 97.5% | 97.3% | 97.7% | 96.9% | 95.7% | |||||||
Non-Anchor | 90.4% | 90.5% | 90.4% | 90.7% | 90.5% | |||||||
Total Retail | 94.9% | 94.8% | 95.0% | 94.6% | 93.8% | |||||||
Other | 86.8% | 88.4% | 84.6% | 84.7% | 87.7% | |||||||
Total Signed | 94.8% | 94.8% | 94.8% | 94.5% | 93.7% | |||||||
Commenced Basis | ||||||||||||
Anchor (1) | 95.0% | 94.7% | 95.0% | 94.2% | 94.4% | |||||||
Non-Anchor | 87.2% | 87.4% | 87.7% | 87.9% | 87.7% | |||||||
Total Retail | 92.1% | 92.0% | 92.3% | 91.9% | 91.9% | |||||||
Other | 85.9% | 82.7% | 84.3% | 84.5% | 87.5% | |||||||
Total Commenced | 92.0% | 91.9% | 92.2% | 91.8% | 91.8% | |||||||
Same Property (2) | ||||||||||||
Signed Basis | 95.4% | 95.4% | 95.4% | 95.4% | 95.0% | |||||||
Commenced Basis | 92.9% | 92.9% | 93.3% | 92.9% | 93.4% | |||||||
Average Base Rents (3) | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||||||||
Commenced Basis | ||||||||||||||||||||||
Anchor (1) | $ | 13.29 | $ | 13.23 | $ | 13.13 | $ | 12.94 | $ | 12.90 | ||||||||||||
Non-Anchor | 28.33 | 28.09 | 27.87 | 27.49 | 27.24 | |||||||||||||||||
Total | $ | 18.90 | $ | 18.69 | $ | 18.58 | $ | 18.37 | $ | 18.22 | ||||||||||||
Same Property Net Operating Income Growth (4) | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | % Change | |||||||||||||
Revenue | |||||||||||||||
Minimum Rent (6) | $ | 99,787 | $ | 97,704 | 2.1 | % | |||||||||
Bad Debt (net of recoveries) | 178 | (476 | ) | -137.4 | % | ||||||||||
Percentage Rent | 742 | 765 | -3.0 | % | |||||||||||
Tenant Reimbursements | 29,762 | 27,793 | 7.1 | % | |||||||||||
Other (6) | 1,632 | 2,147 | -24.0 | % | |||||||||||
132,101 | 127,933 | 3.3 | % | ||||||||||||
Expenses | |||||||||||||||
Property Operating Expenses | 20,865 | 20,573 | 1.4 | % | |||||||||||
Real Estate Taxes | 18,187 | 16,145 | 12.6 | % | |||||||||||
39,052 | 36,718 | 6.4 | % | ||||||||||||
SPNOI | 93,049 | 91,215 | 2.0 | % | |||||||||||
Redevelopment NOI (5) | 7,133 | 6,693 | 6.6 | % | |||||||||||
SPNOI (Excl. Redevelopment) | $ | 85,916 | $ | 84,522 | 1.6 | % | |||||||||
(1) | Anchor tenants represent any tenant at least 10,000 square feet. |
(2) | Same Property Occupancy includes operating centers that have been owned for the same comparable time duration. |
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3) | Average Base rent per Leased SF excludes ground leases. |
(4) | Same Property NOI Growth includes the Company's share of unconsolidated real estate joint ventures and partnerships and |
provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and
straight-line rent adjustments and is reported on a cash basis.
(5) | Redevelopments refer to Page 13. |
(6) | Prior year amounts of $1.1 million have been reclassified between Minimum Rent and Other to reflect current year presentation. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 30
Weingarten Realty Investors
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population
as of March 31, 2018
(at pro rata share)
(in thousands, except percentages and # of units)
CBSA | Property | Owned | % of | Occupancy | ||||
Rank | CBSA | Count | GLA | ABR (1) | % | |||
2 | Los Angeles-Long Beach-Anaheim, CA | 4 | 699 | 4.5 | % | 98.2 | % | |
4 | Dallas-Fort Worth-Arlington, TX | 2 | 425 | 1.7 | % | 95.2 | % | |
5 | Houston-The Woodlands-Sugar Land, TX | 35 | 3,755 | 15.1 | % | 94.9 | % | |
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 4 | 332 | 2.7 | % | 100.0 | % | |
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 13 | 2,027 | 8.9 | % | 93.4 | % | |
9 | Atlanta-Sandy Springs-Roswell, GA | 12 | 1,463 | 5.4 | % | 98.1 | % | |
11 | Phoenix-Mesa-Scottsdale, AZ | 15 | 1,399 | 5.7 | % | 94.4 | % | |
12 | San Francisco-Oakland-Hayward, CA | 3 | 442 | 2.7 | % | 98.0 | % | |
13 | Riverside-San Bernardino-Ontario, CA | 5 | 922 | 4.4 | % | 95.6 | % | |
15 | Seattle-Tacoma-Bellevue, WA | 6 | 219 | 1.1 | % | 98.2 | % | |
17 | San Diego-Carlsbad, CA | 3 | 286 | 1.8 | % | 97.1 | % | |
18 | Tampa-St. Petersburg-Clearwater, FL | 4 | 900 | 3.4 | % | 97.9 | % | |
19 | Denver-Aurora-Lakewood, CO | 7 | 1,093 | 4.2 | % | 91.9 | % | |
21 | Baltimore-Columbia-Towson, MD | 1 | 131 | 0.9 | % | 100.0 | % | |
22 | Charlotte-Concord-Gastonia, NC-SC | 1 | 117 | 0.3 | % | 77.5 | % | |
23 | Orlando-Kissimmee-Sanford, FL | 7 | 1,347 | 5.9 | % | 98.9 | % | |
24 | San Antonio-New Braunfels, TX | 4 | 575 | 1.4 | % | 95.1 | % | |
25 | Portland-Vancouver-Hillsboro, OR-WA | 3 | 120 | 0.3 | % | 51.1 | % | |
27 | Sacramento--Roseville--Arden-Arcade, CA | 2 | 348 | 0.8 | % | 90.5 | % | |
29 | Las Vegas-Henderson-Paradise, NV | 9 | 1,422 | 5.5 | % | 96.0 | % | |
32 | Austin-Round Rock, TX | 1 | 351 | 1.5 | % | 98.8 | % | |
36 | San Jose-Sunnyvale-Santa Clara, CA | 2 | 303 | 1.4 | % | 72.6 | % | |
Top 40 CBSA's Ranked by Population | 143 | 18,676 | 79.6 | % | 95.0 | % | ||
All other CBSA's Ranked by Population | 53 | 6,333 | 20.4 | % | 94.2 | % | ||
Grand Total | 196 | 25,009 | 100.0 | % | 94.8 | % | ||
(1) ABR includes ground leases | ||||||||
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 31
Property Listing
Weingarten Realty Investors
Summary Property Listing
As of March 31, 2018
Gross Leasable Area | |||||||||||||||
ALL PROPERTIES BY STATE | # of Properties | WRI Owned | Joint Venture Share | Owned by Other | Total | ||||||||||
Arizona | 20 | 2,029,538 | 93,342 | 1,191,034 | 3,313,914 | ||||||||||
Arkansas | 1 | 180,200 | — | — | 180,200 | ||||||||||
California | 23 | 3,623,495 | 45,902 | 955,895 | 4,625,292 | ||||||||||
Colorado | 7 | 1,093,033 | 180,478 | 980,429 | 2,253,940 | ||||||||||
Florida | 29 | 4,725,374 | 1,602,068 | 1,100,811 | 7,428,253 | ||||||||||
Georgia | 13 | 1,466,105 | 137,070 | 897,264 | 2,500,439 | ||||||||||
Kentucky | 2 | 311,479 | — | 95,454 | 406,933 | ||||||||||
Maryland | 2 | 212,111 | — | — | 212,111 | ||||||||||
Nevada | 9 | 1,421,798 | — | 1,522,171 | 2,943,969 | ||||||||||
New Mexico | 1 | 117,466 | — | 27,330 | 144,796 | ||||||||||
North Carolina | 14 | 1,752,017 | — | 575,414 | 2,327,431 | ||||||||||
Oregon | 3 | 119,871 | 90,777 | 66,276 | 276,924 | ||||||||||
Tennessee | 4 | 507,878 | — | 154,340 | 662,218 | ||||||||||
Texas | 58 | 6,796,719 | 2,056,519 | 2,209,715 | 11,062,953 | ||||||||||
Utah | 1 | 182,099 | — | 122,800 | 304,899 | ||||||||||
Virginia | 3 | 250,811 | — | — | 250,811 | ||||||||||
Washington | 6 | 218,661 | 325,256 | 65,571 | 609,488 | ||||||||||
Total | 196 | 25,008,655 | 4,531,412 | 9,964,504 | 39,504,571 | ||||||||||
Footnotes for detail property listing |
(1) Denotes partial ownership. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership. |
(2) Denotes property currently under development. |
(3) Denotes properties that are not consolidated for SEC reporting purposes. |
(4) Denotes single tenant retail property. |
(5) Denotes Hilltop Village Center 50/50 Joint Venture with 100% funding by WRI. |
( ) Retailers in parenthesis are not a part of the owned property. |
Notes: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases. |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Page 33
Weingarten Realty Investors
Property Listing
As of March 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Operating Properties | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Broadway Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 82,757 | 87,379 | 15.10 | 91.9 | % | Office Max, Ace Hardware | |||||||||||||||
Camelback Village Square | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 132,731 | 240,951 | 13.18 | 95.4 | % | Fry’s Supermarket | Office Max | ||||||||||||||
Desert Village Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 101,685 | 107,071 | 23.12 | 96.1 | % | AJ Fine Foods | CVS | ||||||||||||||
Fountain Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 113,536 | 305,588 | 9.19 | 90.6 | % | Fry’s Supermarket | Dollar Tree, (Lowe's) | ||||||||||||||
Laveen Village Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 39,763 | 318,805 | 30.16 | 100.0 | % | (Fry’s Supermarket) | (Home Depot) | ||||||||||||||
Monte Vista Village Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 45,751 | 108,551 | 24.80 | 85.1 | % | (Safeway) | |||||||||||||||
Phoenix Office Building | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 21,122 | 21,122 | N/A | 92.8 | % | Weingarten Realty Regional Office, Endurance Rehab | |||||||||||||||
Pueblo Anozira Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 157,607 | 157,607 | 15.57 | 95.3 | % | Fry’s Supermarket | Petco, Dollar Tree | ||||||||||||||
Raintree Ranch Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 129,822 | 133,020 | 28.15 | 88.0 | % | Whole Foods | |||||||||||||||
Red Mountain Gateway | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 75,213 | 205,013 | 17.54 | 94.9 | % | (Target), Bed Bath & Beyond, Famous Footwear | |||||||||||||||
Scottsdale Horizon | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 155,093 | 155,093 | 18.86 | 98.3 | % | Safeway | CVS | ||||||||||||||
Scottsdale Waterfront | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 93,334 | 93,334 | 35.36 | 100.0 | % | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters | |||||||||||||||
Squaw Peak Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 60,713 | 60,713 | 19.22 | 96.6 | % | Sprouts Farmers Market | |||||||||||||||
Summit at Scottsdale | Phoenix-Mesa-Scottsdale, AZ | 51.0 | % | (1)(3) | 97,151 | 322,993 | 17.54 | 96.8 | % | Safeway | (Target), CVS, OfficeMax, PetSmart | |||||||||||||
The Shoppes at Parkwood Ranch | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 92,626 | 110,138 | 12.45 | 90.6 | % | Hobby Lobby, Dollar Tree | |||||||||||||||
Entrada de Oro Plaza Shopping Center | Tucson, AZ | 100.0 | % | 88,665 | 109,075 | 20.27 | 97.7 | % | Walmart Neighborhood Market | |||||||||||||||
Madera Village Shopping Center | Tucson, AZ | 100.0 | % | 96,697 | 106,858 | 12.66 | 98.1 | % | Safeway | Dollar Tree | ||||||||||||||
Oracle Crossings | Tucson, AZ | 100.0 | % | 251,194 | 261,194 | 18.45 | 98.2 | % | Sprouts Farmers Market | Kohl's, HomeGoods | ||||||||||||||
Oracle Wetmore Shopping Center | Tucson, AZ | 100.0 | % | 150,150 | 343,278 | 25.70 | 98.7 | % | (Home Depot), (Nordstrom Rack), Jo Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty | |||||||||||||||
Shoppes at Bears Path | Tucson, AZ | 100.0 | % | 43,928 | 66,131 | 17.48 | 80.7 | % | (CVS Drug) | |||||||||||||||
Arizona Total: | # of Properties: | 20 | 2,029,538 | 3,313,914 | 19.12 | 95.2 | % | |||||||||||||||||
Arkansas | ||||||||||||||||||||||||
Markham West Shopping Center | Little Rock-North Little Rock-Conway, AR | 100.0 | % | 180,200 | 180,200 | 11.42 | 100.0 | % | Academy, Office Depot, Michaels, Dollar Tree | |||||||||||||||
Arkansas Total: | # of Properties: | 1 | 180,200 | 180,200 | 11.42 | 100.0 | % | |||||||||||||||||
California | ||||||||||||||||||||||||
8000 Sunset Strip Shopping Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 169,775 | 169,775 | 43.73 | 100.0 | % | Trader Joe's | CVS, Crunch, AMC Theaters, CB2 | ||||||||||||||
Centerwood Plaza | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 75,486 | 75,486 | 15.34 | 100.0 | % | Superior Grocers | Dollar Tree | ||||||||||||||
The Westside Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 36,540 | 36,540 | 44.63 | 86.8 | % | Guitar Center | |||||||||||||||
Westminster Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 417,567 | 440,437 | 19.68 | 98.1 | % | Albertsons | Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness | ||||||||||||||
Chino Hills Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 310,913 | 310,913 | 22.16 | 98.9 | % | Smart & Final Stores | Dollar Tree, 24 Hour Fitness, Rite Aid | ||||||||||||||
Jess Ranch Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 208,656 | 307,826 | 20.23 | 97.2 | % | (Winco Foods) | Burlington Coat Factory, PetSmart, Rite Aid, Big 5 | ||||||||||||||
Jess Ranch Marketplace Phase III | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 184,809 | 194,342 | 21.14 | 97.0 | % | (Winco Foods) | Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness | ||||||||||||||
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Menifee Town Center | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 124,431 | 258,734 | 17.59 | 97.1 | % | Ralph's | Ross Dress for Less, Dollar Tree | ||||||||||||||
Stoneridge Town Centre | Riverside-San Bernardino-Ontario, CA | 67.0 | % | (1)(3) | 93,195 | 434,441 | 18.16 | 76.1 | % | (Super Target) | (Kohl's), Best Buy | |||||||||||||
Prospector's Plaza | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 243,910 | 252,524 | 20.41 | 91.2 | % | SaveMart | Kmart, CVS, Ross Dress for Less | ||||||||||||||
Valley Shopping Center | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 103,791 | 107,191 | 12.53 | 88.7 | % | Food 4 Less | |||||||||||||||
El Camino Promenade | San Diego-Carlsbad, CA | 100.0 | % | 129,676 | 129,676 | 28.67 | 99.0 | % | T.J. Maxx, Staples, Dollar Tree, BevMo | |||||||||||||||
Rancho San Marcos Village | San Diego-Carlsbad, CA | 100.0 | % | 120,160 | 134,420 | 19.54 | 96.0 | % | Vons | 24 Hour Fitness | ||||||||||||||
San Marcos Plaza | San Diego-Carlsbad, CA | 100.0 | % | 35,880 | 81,086 | 34.78 | 94.1 | % | (Albertsons) | |||||||||||||||
580 Market Place | San Francisco-Oakland-Hayward, CA | 100.0 | % | 100,097 | 100,097 | 31.17 | 100.0 | % | Safeway | 24 Hour Fitness, Petco | ||||||||||||||
Gateway Plaza | San Francisco-Oakland-Hayward, CA | 100.0 | % | 194,689 | 352,778 | 23.99 | 98.2 | % | Raley’s | 24 Hour Fitness | ||||||||||||||
Greenhouse Marketplace | San Francisco-Oakland-Hayward, CA | 100.0 | % | 147,095 | 236,864 | 24.38 | 96.2 | % | (Safeway) | (CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco | ||||||||||||||
Cambrian Park Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 170,449 | 170,449 | 23.43 | 59.0 | % | Beverages & More, Dollar Tree | |||||||||||||||
Silver Creek Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 132,925 | 202,820 | 40.06 | 90.1 | % | Sprouts Farmers Market | Walgreens, (Orchard Supply) | ||||||||||||||
Freedom Centre | Santa Cruz-Watsonville, CA | 100.0 | % | 150,865 | 150,865 | 15.64 | 97.3 | % | Safeway | Rite Aid, Big Lots | ||||||||||||||
Stony Point Plaza | Santa Rosa, CA | 100.0 | % | 194,569 | 200,011 | 15.82 | 98.3 | % | Food Maxx | Ross Dress for Less, Fallas Paredes | ||||||||||||||
Creekside Center | Vallejo-Fairfield, CA | 100.0 | % | 115,991 | 115,991 | 21.75 | 98.3 | % | Raley’s | |||||||||||||||
Southampton Center | Vallejo-Fairfield, CA | 100.0 | % | 162,026 | 162,026 | 20.96 | 99.2 | % | Raley’s | Ace Hardware, Dollar Tree | ||||||||||||||
California Total: | # of Properties: | 23 | 3,623,495 | 4,625,292 | 23.08 | 94.6 | % | |||||||||||||||||
Colorado | ||||||||||||||||||||||||
Aurora City Place | Denver-Aurora-Lakewood, CO | 50.0 | % | (1)(3) | 180,478 | 542,956 | 16.79 | 82.4 | % | (Super Target) | Barnes & Noble, Ross Dress For Less, PetSmart, Michael's, Conn's | |||||||||||||
Cherry Creek Retail Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 78,148 | 272,658 | 27.10 | 100.0 | % | (Super Target) | PetSmart, Bed Bath & Beyond | ||||||||||||||
CityCenter Englewood | Denver-Aurora-Lakewood, CO | 100.0 | % | 217,255 | 307,255 | 16.66 | 80.4 | % | (Walmart), Ross Dress for Less, Petco, Office Depot, 24 Hour Fitness | |||||||||||||||
Crossing at Stonegate | Denver-Aurora-Lakewood, CO | 100.0 | % | 109,080 | 109,080 | 17.89 | 100.0 | % | King Sooper’s | |||||||||||||||
Edgewater Marketplace | Denver-Aurora-Lakewood, CO | 100.0 | % | 144,553 | 270,548 | 12.46 | 98.6 | % | King Sooper's | Ace Hardware, (Target) | ||||||||||||||
Lowry Town Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 75,017 | 127,717 | 29.24 | 95.3 | % | (Safeway) | |||||||||||||||
River Point at Sheridan | Denver-Aurora-Lakewood, CO | 100.0 | % | 288,502 | 623,726 | 15.85 | 97.1 | % | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart | |||||||||||||||
Colorado Total: | # of Properties: | 7 | 1,093,033 | 2,253,940 | 17.99 | 91.9 | % | |||||||||||||||||
Florida | ||||||||||||||||||||||||
Argyle Village Shopping Center | Jacksonville, FL | 100.0 | % | 306,461 | 306,461 | 11.45 | 96.6 | % | Publix | Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels | ||||||||||||||
Atlantic West | Jacksonville, FL | 50.0 | % | (1)(3) | 42,284 | 180,578 | 12.45 | 100.0 | % | (Walmart Supercenter) | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) | |||||||||||||
Epic Village St. Augustine | Jacksonville, FL | 70.0 | % | (1) | 8,542 | 64,180 | 15.65 | 86.6 | % | (Epic Theaters) | ||||||||||||||
Kernan Village | Jacksonville, FL | 50.0 | % | (1)(3) | 42,579 | 288,780 | 17.22 | 100.0 | % | (Walmart Supercenter) | Ross Dress for Less, Petco | |||||||||||||
Boca Lyons Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 117,423 | 117,423 | 23.34 | 92.1 | % | Aroma Market & Catering | Ross Dress for Less | ||||||||||||||
Deerfield | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 398,961 | 404,942 | 13.51 | 91.6 | % | Publix | T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta | ||||||||||||||
Embassy Lakes Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 131,723 | 142,751 | 14.77 | 93.6 | % | Winn Dixie | Tuesday Morning, Dollar Tree | ||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 25,373 | 148,840 | 19.18 | 97.9 | % | Publix | ||||||||||||||
Hollywood Hills Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 74,609 | 416,767 | 28.09 | 98.7 | % | Publix | Target | |||||||||||||
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Northridge | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 46,720 | 236,628 | 18.93 | 94.9 | % | Publix | Petco, Ross Dress for Less, Dollar Tree | |||||||||||||
Pembroke Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 60,684 | 323,679 | 15.45 | 97.2 | % | Publix | Marshalls, Office Depot, LA Fitness, Dollar Tree | |||||||||||||
Sea Ranch Centre | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 99,029 | 99,029 | 18.02 | 89.1 | % | Publix | CVS, Dollar Tree | ||||||||||||||
Tamiami Trail Shops | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 22,173 | 132,564 | 17.78 | 99.0 | % | Publix | CVS | |||||||||||||
The Palms at Town & County | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 657,652 | 657,652 | 23.28 | 94.1 | % | Publix | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Toys R Us, 24 Hour Fitness, Nordstrom Rack, CVS | ||||||||||||||
TJ Maxx Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 161,429 | 161,429 | 17.55 | 94.0 | % | Fresco Y Mas | T.J. Maxx, Dollar Tree | ||||||||||||||
Vizcaya Square Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 110,081 | 110,081 | 16.85 | 95.8 | % | Winn Dixie | |||||||||||||||
Wellington Green Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 121,354 | 143,854 | 28.53 | 88.4 | % | Whole Foods Market | |||||||||||||||
Clermont Landing | Orlando-Kissimmee-Sanford, FL | 75.0 | % | (1)(3) | 138,571 | 354,418 | 18.08 | 96.0 | % | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels | ||||||||||||||
Colonial Plaza | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 497,693 | 497,693 | 15.80 | 99.3 | % | Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby | |||||||||||||||
Marketplace at Seminole Towne | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 315,040 | 496,953 | 16.41 | 99.5 | % | (Super Target) | Marshalls, Ross Dress for Less, Old Navy, Petco | ||||||||||||||
Phillips Crossing | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 145,644 | 145,644 | 29.14 | 98.6 | % | Whole Foods | Golf Galaxy, Michaels | ||||||||||||||
Shoppes of South Semoran | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 101,611 | 101,611 | 12.74 | 98.2 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
The Marketplace at Dr. Phillips | Orlando-Kissimmee-Sanford, FL | 20.0 | % | (1)(3) | 65,374 | 326,868 | 24.95 | 98.0 | % | Publix | Stein Mart, HomeGoods, Morton's of Chicago, Office Depot | |||||||||||||
Winter Park Corners | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 83,161 | 83,161 | 30.81 | 100.0 | % | Sprouts Farmers Market | |||||||||||||||
Pineapple Commons | Port St. Lucie, FL | 20.0 | % | (1)(3) | 51,019 | 269,451 | 16.71 | 98.9 | % | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) | ||||||||||||||
Countryside Centre | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 245,958 | 245,958 | 15.10 | 97.5 | % | T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less | |||||||||||||||
East Lake Woodlands | Tampa-St. Petersburg-Clearwater, FL | 20.0 | % | (1)(3) | 20,886 | 104,431 | 14.10 | 97.7 | % | Walmart Neighborhood Market | Walgreens | |||||||||||||
Largo Mall | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 377,019 | 610,106 | 18.27 | 98.4 | % | (Safeway) | Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) | ||||||||||||||
Sunset 19 Shopping Center | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 256,321 | 256,321 | 15.59 | 97.5 | % | Bed Bath & Beyond, Barnes & Noble, Old Navy, Hobby Lobby, Cost Plus World Market | |||||||||||||||
Florida Total: | # of Properties: | 29 | 4,725,374 | 7,428,253 | 18.08 | 96.2 | % | |||||||||||||||||
Georgia | ||||||||||||||||||||||||
Brookwood Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 199,594 | 397,295 | 19.06 | 100.0 | % | (Super Target) | Home Depot, Bed Bath & Beyond, Office Max | ||||||||||||||
Brownsville Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 27,747 | 81,913 | 21.95 | 68.3 | % | (Kroger) | |||||||||||||||
Camp Creek Marketplace II | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 196,283 | 228,003 | 15.43 | 100.0 | % | DSW, LA Fitness, Shopper's World, American Signature | |||||||||||||||
Dallas Commons Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 25,158 | 95,262 | 26.07 | 100.0 | % | (Kroger) | |||||||||||||||
Grayson Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 76,611 | 76,611 | 15.34 | 100.0 | % | Kroger | |||||||||||||||
Lakeside Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 137,693 | 332,889 | 16.64 | 93.3 | % | (Super Target) | Ross Dress for Less, Petco | ||||||||||||||
Mansell Crossing | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 20,586 | 102,931 | 14.76 | 100.0 | % | buybuy BABY, Ross Dress for Less, Party City | ||||||||||||||
Perimeter Village | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 381,738 | 381,738 | 20.18 | 98.1 | % | Walmart Supercenter | Cost Plus World Market, DSW, Hobby Lobby | ||||||||||||||
Publix at Princeton Lakes | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 13,681 | 72,207 | 17.10 | 100.0 | % | Publix | ||||||||||||||
Reynolds Crossing | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 45,758 | 115,983 | 27.78 | 100.0 | % | (Kroger) | |||||||||||||||
Roswell Corners | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 136,496 | 318,261 | 20.14 | 100.0 | % | (Super Target), Fresh Market | T.J. Maxx | ||||||||||||||
Roswell Crossing Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 201,759 | 201,759 | 16.09 | 98.4 | % | Trader Joe's | Office Max, PetSmart, Walgreens | ||||||||||||||
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Thompson Bridge Commons | Gainesville, GA | 100.0 | % | (4) | 3,000 | 95,587 | N/A | 100.0 | % | (Kroger) | ||||||||||||||
Georgia Total: | # of Properties: | 13 | 1,466,105 | 2,500,439 | 18.06 | 98.1 | % | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||
Regency Centre | Lexington-Fayette, KY | 100.0 | % | 142,782 | 188,826 | 14.92 | 96.4 | % | (Kroger) | T.J. Maxx, Michaels | ||||||||||||||
Festival on Jefferson Court | Louisville/Jefferson County, KY-IN | 100.0 | % | 168,697 | 218,107 | 14.42 | 94.6 | % | Kroger | (PetSmart), (T.J. Maxx), Staples, Party City | ||||||||||||||
Kentucky Total: | # of Properties: | 2 | 311,479 | 406,933 | 14.65 | 95.4 | % | |||||||||||||||||
Maryland | ||||||||||||||||||||||||
Nottingham Commons | Baltimore-Columbia-Towson, MD | 100.0 | % | 131,270 | 131,270 | 28.40 | 100.0 | % | MOM's Organic Market | T.J. Maxx, DSW, Petco | ||||||||||||||
Pike Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | 80,841 | 80,841 | 61.01 | 100.0 | % | Pier 1, DXL Mens Apparel | |||||||||||||||
Maryland Total: | # of Properties: | 2 | 212,111 | 212,111 | 41.08 | 100.0 | % | |||||||||||||||||
Nevada | ||||||||||||||||||||||||
Charleston Commons Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 332,298 | 366,952 | 18.23 | 98.8 | % | Walmart | Ross Dress for Less, Office Max, 99 Cents Only, PetSmart | ||||||||||||||
College Park Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 167,654 | 195,367 | 13.04 | 95.1 | % | El Super | Factory 2 U, CVS | ||||||||||||||
Decatur 215 | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 126,678 | 353,720 | 16.99 | 100.0 | % | (WinCo Foods) | (Target), Hobby Lobby, Ross Dress for Less | ||||||||||||||
Eastern Commons | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 65,817 | 356,673 | 23.67 | 95.4 | % | Trader Joe's | |||||||||||||||
Francisco Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 116,973 | 148,815 | 12.11 | 90.4 | % | La Bonita Grocery | (Ross Dress for Less) | ||||||||||||||
Rancho Towne & Country | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 84,711 | 161,837 | 13.57 | 100.0 | % | Smith’s Food | |||||||||||||||
Tropicana Beltway Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 246,483 | 617,821 | 18.83 | 100.0 | % | (Walmart Supercenter) | (Lowe’s), Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only | ||||||||||||||
Tropicana Marketplace | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 69,429 | 144,571 | 21.18 | 84.9 | % | (Smith’s Food) | Family Dollar | ||||||||||||||
Westland Fair | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 211,755 | 598,213 | 17.94 | 90.3 | % | (Walmart Supercenter) | (Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final | ||||||||||||||
Nevada Total: | # of Properties: | 9 | 1,421,798 | 2,943,969 | 17.06 | 96.0 | % | |||||||||||||||||
New Mexico | ||||||||||||||||||||||||
North Towne Plaza | Albuquerque, NM | 100.0 | % | 117,466 | 144,796 | 22.57 | 97.2 | % | Whole Foods Market | HomeGoods | ||||||||||||||
New Mexico Total: | # of Properties: | 1 | 117,466 | 144,796 | 22.57 | 97.2 | % | |||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Galleria Shopping Center | Charlotte-Concord-Gastonia, NC-SC | 100.0 | % | 117,102 | 324,704 | 19.22 | 77.5 | % | (Walmart Supercenter) | |||||||||||||||
Bull City Market | Durham-Chapel Hill, NC | 100.0 | % | 40,875 | 40,875 | 19.43 | 96.2 | % | Whole Foods Market | |||||||||||||||
Hope Valley Commons | Durham-Chapel Hill, NC | 100.0 | % | 81,371 | 81,371 | 27.84 | 98.4 | % | Harris Teeter | |||||||||||||||
Avent Ferry Shopping Center | Raleigh, NC | 100.0 | % | 119,652 | 119,652 | 18.11 | 91.9 | % | Food Lion | Family Dollar | ||||||||||||||
Capital Square | Raleigh, NC | 100.0 | % | 143,063 | 143,063 | 7.23 | 96.6 | % | Food Lion | |||||||||||||||
Falls Pointe Shopping Center | Raleigh, NC | 100.0 | % | 112,199 | 198,549 | 18.01 | 98.2 | % | Harris Teeter | (Kohl’s) | ||||||||||||||
High House Crossing | Raleigh, NC | 100.0 | % | 90,155 | 90,155 | 17.30 | 49.6 | % | ||||||||||||||||
Leesville Towne Centre | Raleigh, NC | 100.0 | % | 127,106 | 127,106 | 19.52 | 100.0 | % | Harris Teeter | Rite Aid | ||||||||||||||
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Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Northwoods Shopping Center | Raleigh, NC | 100.0 | % | 77,803 | 77,803 | 12.02 | 98.2 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
Six Forks Shopping Center | Raleigh, NC | 100.0 | % | 468,414 | 468,414 | 11.58 | 99.9 | % | Food Lion | Kmart, Home Depot, Bed Bath & Beyond, PetSmart | ||||||||||||||
Stonehenge Market | Raleigh, NC | 100.0 | % | 188,437 | 188,437 | 14.82 | 94.7 | % | Harris Teeter | Stein Mart, Rite Aid | ||||||||||||||
Wake Forest Crossing II | Raleigh, NC | 100.0 | % | 14,575 | 296,037 | 25.20 | 100.0 | % | (Lowes Foods) | (Kohl's), (T.J. Maxx), (Michaels), (Ross Dress for Less), (Petco) | ||||||||||||||
Surf City Crossing | Wilmington, NC | 100.0 | % | 63,016 | 63,016 | 22.05 | 91.2 | % | Harris Teeter | |||||||||||||||
Waterford Village | Wilmington, NC | 100.0 | % | 108,249 | 108,249 | 21.92 | 87.6 | % | Harris Teeter | |||||||||||||||
North Carolina Total: | # of Properties: | 14 | 1,752,017 | 2,327,431 | 15.43 | 93.0 | % | |||||||||||||||||
Oregon | ||||||||||||||||||||||||
Clackamas Square | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 14,790 | 140,227 | 18.81 | 94.3 | % | (Winco Foods) | T.J. Maxx | |||||||||||||
Oak Grove Market Center | Portland-Vancouver-Hillsboro, OR-WA | 100.0 | % | 97,177 | 97,177 | 24.62 | 40.6 | % | ||||||||||||||||
Raleigh Hills Plaza | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 7,904 | 39,520 | 26.09 | 100.0 | % | New Seasons Market | Walgreens | |||||||||||||
Oregon Total: | # of Properties: | 3 | 119,871 | 276,924 | 23.49 | 51.1 | % | |||||||||||||||||
Tennessee | ||||||||||||||||||||||||
Highland Square | Memphis, TN-MS-AR | 100.0 | % | (4) | 14,490 | 14,490 | N/A | 100.0 | % | Walgreens | ||||||||||||||
Mendenhall Commons | Memphis, TN-MS-AR | 100.0 | % | 88,108 | 88,108 | 12.14 | 98.7 | % | Kroger | |||||||||||||||
Ridgeway Trace | Memphis, TN-MS-AR | 100.0 | % | 176,484 | 314,224 | 25.68 | 87.2 | % | (Target), Best Buy, PetSmart | |||||||||||||||
The Commons at Dexter Lake | Memphis, TN-MS-AR | 100.0 | % | 228,796 | 245,396 | 11.00 | 93.6 | % | Kroger | Stein Mart, Marshalls, HomeGoods | ||||||||||||||
Tennessee Total: | # of Properties: | 4 | 507,878 | 662,218 | 15.53 | 92.5 | % | |||||||||||||||||
Texas | ||||||||||||||||||||||||
Mueller Regional Retail Center | Austin-Round Rock, TX | 100.0 | % | 351,099 | 351,099 | 17.30 | 98.8 | % | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy | |||||||||||||||
North Park Plaza | Beaumont-Port Arthur, TX | 50.0 | % | (1)(3) | 69,963 | 281,255 | 18.07 | 89.7 | % | (Target), (Toys “R” Us), Spec's, Kirkland's | ||||||||||||||
North Towne Plaza | Brownsville-Harlingen, TX | 100.0 | % | 28,000 | 145,000 | N/A | N/A | (Lowe's) | ||||||||||||||||
Rock Prairie Marketplace | College Station-Bryan, TX | 100.0 | % | 18,163 | 18,163 | N/A | 31.6 | % | ||||||||||||||||
Overton Park Plaza | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 352,150 | 462,150 | 16.00 | 100.0 | % | Sprouts Farmers Market | PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, buybuy BABY | ||||||||||||||
Preston Shepard Place | Dallas-Fort Worth-Arlington, TX | 20.0 | % | (1)(3) | 72,667 | 363,337 | 20.16 | 72.0 | % | Stein Mart, Nordstrom, Marshalls, Office Depot, Petco | ||||||||||||||
10-Federal Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,871 | 132,472 | 9.25 | 100.0 | % | Sellers Bros. | Palais Royal, Harbor Freight Tools | |||||||||||||
1919 North Loop West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 138,028 | 138,028 | N/A | 81.2 | % | State of Texas | |||||||||||||||
Alabama Shepherd Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 59,120 | 59,120 | 23.14 | 100.0 | % | Trader Joe's | PetSmart | ||||||||||||||
Baybrook Gateway | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 237,195 | 237,195 | 18.28 | 86.3 | % | Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels | |||||||||||||||
Bellaire Blvd. Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,699 | 43,891 | 33.82 | 100.0 | % | Randall’s | |||||||||||||||
Blalock Market at I-10 | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 97,277 | 97,277 | 16.78 | 98.8 | % | 99 Ranch Market | |||||||||||||||
Braeswood Square Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 99,078 | 99,078 | 14.29 | 100.0 | % | Belden’s | Walgreens | ||||||||||||||
Page 38
Weingarten Realty Investors
Property Listing
As of March 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Citadel Building | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 121,000 | 121,000 | N/A | 100.0 | % | Weingarten Realty Investors Corporate Office | |||||||||||||||
Cullen Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 12,678 | 84,517 | 12.18 | 100.0 | % | Fiesta | Family Dollar | |||||||||||||
Cypress Pointe | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 186,721 | 283,381 | 10.06 | 97.6 | % | Kroger | Babies “R” Us | ||||||||||||||
Galveston Place | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 210,370 | 210,370 | 11.72 | 97.3 | % | Randall’s | Office Depot, Palais Royal, Spec's | ||||||||||||||
Griggs Road Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 12,014 | 80,091 | 8.77 | 89.6 | % | Family Dollar, Citi Trends | ||||||||||||||
Harrisburg Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 14,016 | 93,438 | 21.01 | 91.9 | % | dd's Discount | ||||||||||||||
HEB - Dairy Ashford & Memorial | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | (4) | 36,874 | 36,874 | N/A | 100.0 | % | H-E-B | ||||||||||||||
Heights Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,277 | 71,277 | 9.67 | 100.0 | % | Kroger | Goodwill | ||||||||||||||
I45/Telephone Rd. | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 25,740 | 171,599 | 12.92 | 97.5 | % | Sellers Bros. | Famsa, Fallas Paredes, Harbor Freight Tools | |||||||||||||
League City Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,425 | 129,500 | 13.00 | 92.4 | % | Spec’s | ||||||||||||||
Market at Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 84,084 | 84,084 | 25.55 | 64.7 | % | ||||||||||||||||
Northbrook Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 174,181 | 174,181 | 16.88 | 90.9 | % | Randall’s | Office Depot, Dollar Tree | ||||||||||||||
Oak Forest Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 157,669 | 157,669 | 18.31 | 96.7 | % | Kroger | Ross Dress for Less, Dollar Tree, PetSmart | ||||||||||||||
Randalls Center/Kings Crossing | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 126,997 | 126,997 | 18.36 | 98.1 | % | Randall’s | CVS | ||||||||||||||
Richmond Square | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 92,657 | 92,657 | 27.77 | 100.0 | % | Best Buy, Cost Plus | |||||||||||||||
River Oaks Shopping Center - East | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,265 | 71,265 | 14.66 | 100.0 | % | Kroger | |||||||||||||||
River Oaks Shopping Center - West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 229,633 | 229,633 | 38.70 | 90.0 | % | Kroger | Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank | ||||||||||||||
Shoppes at Memorial Villages | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 185,974 | 185,974 | 19.52 | 93.1 | % | Gulf Coast Veterinary Specialists | |||||||||||||||
Shops at Kirby Drive | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 10,000 | 55,460 | 35.44 | 100.0 | % | (Toys R Us), Freebirds Burrito | |||||||||||||||
Shops at Three Corners | Houston-The Woodlands-Sugar Land, TX | 70.0 | % | (1) | 172,873 | 277,603 | 15.08 | 100.0 | % | Fiesta | Ross Dress for Less, PetSmart, Office Depot, Big Lots | |||||||||||||
Southgate Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 18,668 | 124,454 | 11.70 | 94.4 | % | Food-A-Rama | CVS, Family Dollar, Palais Royal | |||||||||||||
Stella Link Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 21,605 | 21,605 | 9.77 | 100.0 | % | Spec’s | |||||||||||||||
The Centre at Post Oak | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 183,940 | 183,940 | 36.86 | 99.0 | % | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus | |||||||||||||||
Tomball Marketplace | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 153,999 | 311,820 | 19.34 | 94.6 | % | (Academy), (Kohl's), Ross Dress For Less, Marshalls | |||||||||||||||
Village Plaza at Bunker Hill | Houston-The Woodlands-Sugar Land, TX | 57.8 | % | (1)(3) | 283,341 | 490,634 | 24.72 | 99.8 | % | H-E-B | PetSmart, Babies "R" Us, Academy, Nordstrom Rack | |||||||||||||
West Gray | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,278 | 37,278 | 26.48 | 64.5 | % | Pier 1 | |||||||||||||||
Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 221,601 | 350,320 | 17.32 | 100.0 | % | Whole Foods Market | (Target), Ross Dress for Less, Palais Royal, Petco | ||||||||||||||
Westhill Village Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 130,851 | 130,851 | 18.77 | 98.5 | % | Ross Dress for Less, Office Depot, 99 Cents Only | |||||||||||||||
Independence Plaza | Laredo, TX | 100.0 | % | 347,302 | 347,302 | 14.36 | 100.0 | % | H-E-B | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty | ||||||||||||||
North Creek Plaza | Laredo, TX | 100.0 | % | 243,596 | 485,463 | 15.15 | 97.5 | % | (H-E-B) | (Target), Marshalls, Old Navy, Best Buy | ||||||||||||||
Plantation Centre | Laredo, TX | 100.0 | % | 135,373 | 143,015 | 16.85 | 97.4 | % | H-E-B | |||||||||||||||
Las Tiendas Plaza | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 143,976 | 500,084 | 12.46 | 100.0 | % | (Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot | ||||||||||||||
Market at Nolana | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 20,342 | 244,602 | 23.44 | 65.8 | % | (Walmart Supercenter) | ||||||||||||||
Market at Sharyland Place | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 53,956 | 301,174 | 18.41 | 95.4 | % | (Walmart Supercenter) | Kohl's, Dollar Tree | |||||||||||||
Page 39
Weingarten Realty Investors
Property Listing
As of March 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
North Sharyland Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 1,788 | 3,575 | N/A | 100.0 | % | |||||||||||||||
Northcross | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 37,644 | 75,288 | 19.18 | 93.6 | % | Barnes & Noble | ||||||||||||||
Old Navy Building | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 7,500 | 15,000 | N/A | 100.0 | % | Old Navy | ||||||||||||||
Sharyland Towne Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 177,908 | 487,724 | 15.77 | 95.0 | % | H-E-B | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less | |||||||||||||
South 10th St. HEB | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 51,851 | 103,702 | 13.64 | 100.0 | % | H-E-B | ||||||||||||||
Trenton Crossing | McAllen-Edinburg-Mission, TX | 100.0 | % | 264,720 | 569,881 | 12.75 | 88.8 | % | (Target), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart | |||||||||||||||
Starr Plaza | Rio Grande City, TX | 50.0 | % | (1)(3) | 88,347 | 176,693 | 14.35 | 98.0 | % | H-E-B | Bealls | |||||||||||||
Fiesta Trails | San Antonio-New Braunfels, TX | 100.0 | % | 405,370 | 485,370 | 16.72 | 96.0 | % | (H-E-B) | Act III Theatres, Marshalls, Stein Mart, Petco | ||||||||||||||
Parliament Square II | San Antonio-New Braunfels, TX | 100.0 | % | (4) | 54,541 | 54,541 | N/A | 100.0 | % | Incredible Pizza | ||||||||||||||
Thousand Oaks Shopping Center | San Antonio-New Braunfels, TX | 15.0 | % | (1) | 24,271 | 161,806 | 11.76 | 94.7 | % | H-E-B | Bealls, Tuesday Morning | |||||||||||||
Valley View Shopping Center | San Antonio-New Braunfels, TX | 100.0 | % | 91,196 | 91,196 | 10.90 | 88.3 | % | Marshalls, Dollar Tree | |||||||||||||||
Texas Total: | # of Properties: | 58 | 6,796,719 | 11,062,953 | 17.87 | 94.8 | % | |||||||||||||||||
Utah | ||||||||||||||||||||||||
West Jordan Town Center | Salt Lake City, UT | 100.0 | % | 182,099 | 304,899 | 12.81 | 63.9 | % | (Target), Petco | |||||||||||||||
Utah Total: | # of Properties: | 1 | 182,099 | 304,899 | 12.81 | 63.9 | % | |||||||||||||||||
Virginia | ||||||||||||||||||||||||
Hilltop Village Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (5) | 250,811 | 250,811 | 33.92 | 100.0 | % | Wegmans | L.A. Fitness | |||||||||||||
Virginia Total: | # of Properties: | 1 | 100.0 | % | 250,811 | 250,811 | 33.92 | 100.0 | % | |||||||||||||||
Washington | ||||||||||||||||||||||||
2200 Westlake | Seattle-Tacoma-Bellevue, WA | 69.4 | % | (1)(3) | 60,366 | 87,014 | 37.75 | 97.9 | % | Whole Foods | ||||||||||||||
Meridian Town Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 15,533 | 143,237 | 17.01 | 97.2 | % | (Safeway) | Jo-Ann Fabric & Craft Store, Tuesday Morning | |||||||||||||
Queen Anne Marketplace | Seattle-Tacoma-Bellevue, WA | 51.0 | % | (1)(3) | 41,506 | 81,385 | 30.66 | 97.7 | % | Metropolitan Market | Bartell's Drug | |||||||||||||
Rainer Square Plaza | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 22,347 | 111,736 | 20.30 | 100.0 | % | Safeway | Ross Dress for Less | |||||||||||||
South Hill Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 26,802 | 134,010 | 16.76 | 98.9 | % | Bed Bath & Beyond, Ross Dress for Less, Best Buy | ||||||||||||||
Washington Total: | # of Properties: | 5 | 166,555 | 557,382 | 28.38 | 98.2 | % | |||||||||||||||||
Total Operating Properties | # of Properties: | 193 | 24,956,549 | 39,452,465 | 18.90 | 94.8 | % | |||||||||||||||||
Page 40
Weingarten Realty Investors
Property Listing
As of March 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
New Development | ||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||
Centro Arlington | Washington-Arlington-Alexandria, DC-VA-MD-WV | 90.0 | % | (1)(2)(3) | — | — | Harris Teeter | |||||||||||||||||
West Alex | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (2) | — | — | Harris Teeter | |||||||||||||||||
Virginia Total: | # of Properties: | 2 | — | — | ||||||||||||||||||||
Washington | ||||||||||||||||||||||||
The Whittaker | Seattle-Tacoma-Bellevue, WA | 100.0 | % | (2) | 52,106 | 52,106 | ||||||||||||||||||
Washington Total: | # of Properties: | 1 | 52,106 | 52,106 | ||||||||||||||||||||
Total New Developments | # of Properties: | 3 | 52,106 | 52,106 | ||||||||||||||||||||
Operating & New Development Properties | # of Properties: | 196 | 25,008,655 | 39,504,571 | ||||||||||||||||||||
Unimproved Land | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Lon Adams Rd. at Tangerine Farms Rd., Marana | 422,532 | |||||||||||||||||||||||
Arizona Total: | 422,532 | |||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||
Highway 85 and Highway 285, Sheridan | 377,491 | |||||||||||||||||||||||
Colorado Total: | 377,491 | |||||||||||||||||||||||
Florida | ||||||||||||||||||||||||
SR 207 at Rolling Hills Dr., St. Augustine | 228,254 | |||||||||||||||||||||||
State Road 100 & Belle Terre Parkway, Palm Coast | 292,288 | |||||||||||||||||||||||
Florida Total: | 520,542 | |||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||
NWC South Fulton Pkwy. @ Hwy. 92, Union City | 3,554,496 | |||||||||||||||||||||||
Georgia Total: | 3,554,496 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 1,983,287 | |||||||||||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 992,123 | |||||||||||||||||||||||
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland | 362,419 | |||||||||||||||||||||||
North Carolina Total: | 3,337,829 | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | |||||||||||||||||||||||
Bissonnet at Wilcrest, Houston | 40,946 | |||||||||||||||||||||||
Culebra Road and Westwood Loop, San Antonio | 60,984 | |||||||||||||||||||||||
East Orem, Houston | 121,968 | |||||||||||||||||||||||
Page 41
Weingarten Realty Investors
Property Listing
As of March 31, 2018
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
FM 1957 (Potranco Road) and FM 211, San Antonio | 5,245,321 | |||||||||||||||||||||||
FM 2920 and Highway 249, Tomball | 95,832 | |||||||||||||||||||||||
Gattis School Rd. at A.W. Grimes Blvd., Round Rock | 57,499 | |||||||||||||||||||||||
Highway 3 at Highway 1765, Texas City | 200,812 | |||||||||||||||||||||||
Leslie Rd. at Bandera Rd., Helotes | 74,052 | |||||||||||||||||||||||
Nolana Ave. and 29th St., McAllen | 163,350 | |||||||||||||||||||||||
Northwest Freeway at Gessner, Houston | 43,396 | |||||||||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 229,561 | |||||||||||||||||||||||
SH 151 and Ingram Rd., San Antonio | 252,692 | |||||||||||||||||||||||
Shary Rd. at North Hwy. 83, Mission | 172,498 | |||||||||||||||||||||||
U.S. 77 and 83 at SHFM 802, Brownsville | 914,723 | |||||||||||||||||||||||
US Hwy. 281 at Wilderness Oaks, San Antonio | 1,269,774 | |||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | |||||||||||||||||||||||
Texas Total: | 9,347,644 | |||||||||||||||||||||||
Total Unimproved Land | 17,560,534 | |||||||||||||||||||||||
Page 42
Other Topics of Interest
Weingarten Realty Investors
Share and Bond Repurchase Program Inception-To-Date
as of April 23, 2018
(in thousands, except share prices)
Share Repurchase Program | ||||
# of Shares | Avg. Share Price | Gross Purchase | ||
Q1 2018 | 296 | $27.37 | $8,099 | |
Subsequent to QE | 216 | 26.89 | 5,802 | |
YTD 2018 | 512 | $27.17 | $13,901 | |
Bond Repurchase Program | |||
Period | Principal Amount | ||
3.85% Notes due 6/1/2025 | Q1 | $9,437 | |
4.45% Notes due 1/15/2024 | Q1 | 3,940 | |
3.375% Notes due 10/15/2022 | Q1 | 301 | |
Total Q1 2018 | $13,678 | ||
3.375% Notes due 10/15/2022 | Subsequent to QE | $310 | |
3.5% Notes due 4/15/2023 | Subsequent to QE | 330 | |
Total Subsequent to QE | $640 | ||
Total YTD 2018 | $14,318 | ||
Page 44
Weingarten Realty Investors
Revenue Classification Changes Impact
(in thousands)
Three Months Ended | For the Year Ended | |||||||||||||||||||||||
March 31, 2018 | March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | |||||||||||||||||||
Financial Statement Impact of Revenue Classification Changes | ||||||||||||||||||||||||
Rental Revenues: | ||||||||||||||||||||||||
BMR | $ | (1,020 | ) | $ | (1,136 | ) | $ | (1,161 | ) | $ | (1,337 | ) | $ | (1,362 | ) | $ | (4,996 | ) | ||||||
Other rental income | (68 | ) | (74 | ) | (58 | ) | (74 | ) | (72 | ) | (278 | ) | ||||||||||||
Other | ||||||||||||||||||||||||
Customer contract revenues | 2,552 | 2,600 | 2,707 | 2,712 | 3,103 | 11,122 | ||||||||||||||||||
Property management fee income | (1,714 | ) | (1,603 | ) | (1,694 | ) | (1,594 | ) | (1,917 | ) | (6,808 | ) | ||||||||||||
Miscellaneous revenues | 250 | 213 | 206 | 293 | 248 | 960 | ||||||||||||||||||
Net Revenue Changes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Note: All amounts have been estimated for material changes due to the implementation of Financial Accounting Standards Board's Accounting Standard Update No. 2014-09, "Revenue from Contracts with Customers." | ||||||||||||||||||||||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. | ||||||||||||||||||||||||
Page 45