EX-99.1 2 wri-20141231x8kearningsxex.htm EXHIBIT 99.1 WRI-2014.12.31-8K Earnings-Exh99.1


Exhibit 99.1





 
 
 
Table of Contents
Page
Quarterly Earnings Press Release
i - v
Company Information
1
 
 
 
Financial Summary
 
 
Condensed Consolidated Statements of Income
3
 
Condensed Consolidated Balance Sheets
4
 
Funds From Operations
5
 
Supplemental Income Statement Detail
6
 
Supplemental Balance Sheet Detail
7
 
Capitalization and Debt Coverage Ratios
8
 
Guidance
9
 
 
 
Investment Activity
 
 
Capital Expenditures/Redevelopment
11
 
New Development Properties
12
 
Land Held for Development
13
 
Disposition and Acquisition Summary
14
 
 
 
Summary of Debt
 
 
Debt Information
16
 
Schedule of Maturities
17
 
 
 
Joint Ventures
 
 
Unconsolidated Joint Venture Financial Statements at 100%
19
 
Unconsolidated Joint Venture Financial Statements at Pro rata Share
20
 
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships
21
 
Unconsolidated Joint Venture Mortgage Debt Information
22
 
 
 
Portfolio Summary
 
 
Tenant Diversification by Percent of Base Minimum Rent
24
 
Portfolio Operating Information
25 - 26
 
Total Net Operating Income by Geographic Region
27
 
 
 
Property Listing
 
 
Summary Property Listing
29
 
Property Listing
30 - 39
 
Ground Lease Commitments
39
 
 
 
Other Topics of Interest
 
 
Portfolio Transformation
41
 
Ground Lease Summary
42
 
 
 
Corporate Profile
 
 
 
 
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2014, we owned or operated under long-term leases, interests in 237 properties which are located in 21 states that span the United States from coast to coast. These properties represent approximately 45.3 million square feet of which our interests in these properties aggregated approximately 27.8 million square feet of leasable area. Our properties were 95.4% leased as of December 31, 2014, 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 COMPLETES STRATEGIC PORTFOLIO TRANSFORMATION AND INCREASES DIVIDEND BY 6.2%


Houston, February 17, 2015 --- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2014.

Operating and Financial Highlights

Recurring Funds from Operations (“FFO”) was $0.51 per diluted share for the fourth quarter;

Same Property Net Operating Income (“SPNOI”) increased by 3.6% over the fourth quarter of the prior year and 3.4% over the full year 2013;

Occupancy improved to 95.4% during the fourth quarter, up from 94.8% in the fourth quarter of last year;

Acquisitions totaled $44 million for the year;

Dispositions totaled $166 million for the fourth quarter and $387 million for the year; and

The Board of Trust Managers increased the common dividend per share 6.2% to $0.345 per quarter or $1.38 on an annualized basis.

Financial Results
The Company reported net income attributable to common shareholders of $87.1 million or $0.70 per diluted share (hereinafter “per share”) for the fourth quarter of 2014, as compared to $47.7 million or $0.38 per share for the same period in 2013. For the full year 2014, the Company reported net income of $279.3 million or $2.25 per share compared to $184.1 million or $1.50 per share for the full year 2013. Included in net income for 2014 were gains on the sale of properties and partnership interests of $1.55 per share compared to $1.25 per share in 2013.
For the current quarter, Reported FFO was $62.5 million or $0.51 per share compared to $51.9 million or $0.42 per share for 2013. Recurring FFO for the fourth quarter of 2014

i




was $0.51 per share or $63.1 million. For the same quarter last year, Recurring FFO was $0.48 per share or $59.5 million. This increase in Recurring FFO per share over the prior year was primarily due to the Company’s acquisition and new development programs, increased operating income from the existing portfolio and reduced interest expense due to favorable refinancing transactions. These increases were partially offset by the impact of the Company’s disposition program, which reduced Recurring FFO by $0.05 per share for the quarter compared to last year.
For the full year ended December 31, 2014, Reported FFO was $256.7 million or $2.06 per share compared to $224.5 million or $1.81 per share for 2013. Recurring FFO for 2014 was $255.3 million or $2.05 per share compared to $243.1 million or $1.96 per share for 2013. The increase in Recurring FFO was primarily due to the Company’s acquisition and new development programs, improvements in the existing portfolio and reduced interest expense. These increases were offset by the impact of dispositions, which reduced FFO by $0.14 per share compared to the prior year.
A reconciliation of net income to both Reported and Recurring FFO is shown on the attached financial statement page and is also shown on page 5 of the supplemental package.
Strategic Transformation
With a very active fourth quarter of disposition activity, the Company completed the strategic portfolio transformation it announced in April of 2011. From the beginning of 2011 through the end of 2014, the Company sold over $1.5 billion of non-core assets and reinvested over $700 million in quality acquisitions and new development projects. The remaining proceeds were used to reduce debt and redeem high cost preferred equity which greatly increased the strength of its balance sheet. The portfolio today is comprised of high growth, quality shopping centers almost exclusively located in the Company’s target markets with very strong demographics.
The Company sold $166.4 million of assets during the fourth quarter. This consisted of 14 non-core shopping centers and four land parcels. For the full year 2014, the Company sold 31 properties and 11 land parcels for $387.4 million. Subsequent to year-end, the Company sold two additional shopping centers for $25.1 million.
In December, the Company acquired Scottsdale Horizon located in North Scottsdale, Arizona for $43.8 million. This asset is anchored by Safeway and CVS Pharmacy and is located in an exceptional trade area that boasts average household incomes in excess of $120,000 and a highly educated population base with 65% of adult residents having a college degree. The 155,000 square foot shopping center is 94% leased. With this acquisition, Weingarten Realty currently owns 16 shopping centers in the greater Phoenix area totaling 1.5 million square feet.
During the quarter, the Company executed a purchase agreement for the retail portion of The Whittaker, an exciting mixed-use development in West Seattle. This six-story infill project is being co-developed with Lennar with the Company’s 63,000 square foot retail portion anchored by a 41,000 square foot Whole Foods. The Company’s estimated

ii




investment upon completion is $29.1 million. The Company has three additional shopping centers under development that upon completion will represent an investment of $127.5 million with an estimated average return of about 8%. The Company invested $5.0 million in these projects during the quarter and an additional $5.1 million in 13 redevelopment projects currently ongoing.
“The completion of our highly successful portfolio transformation marks an important milestone for our company. The quality and growth potential of our portfolio is outstanding. Combined with a significantly improved balance sheet, we are well positioned to produce consistent growth in Funds from Operations through accretive external growth opportunities and strong operating results, especially since the negative impact of the transformation is behind us ,” said Drew Alexander, President and Chief Executive Officer.
Operating Results
Same Property NOI during the fourth quarter increased by 3.6% versus a year ago. These results are primarily driven by leases that were previously signed and commenced during the quarter. Occupancy increased to 95.4% in the fourth quarter, an increase of 50 basis points over the prior quarter and 60 basis points over the same quarter of 2013. Occupancy of spaces less than 10,000 square feet, often referred to as shop occupancy, increased to 89.8% from 89.0% in the prior year.
The Company produced solid leasing results again during the fourth quarter with 283 new leases and renewals totaling 978,000 square feet and representing $15.9 million of annual revenue. The 283 transactions were comprised of 97 new leases and 186 renewals, representing annual revenues of $5.6 million and $10.3 million, respectively. The average rental rate increase on new leases and renewals signed during the quarter was 11.2% with rental rates on just new leases up a solid 10.4%.
“We are extremely pleased with the Same Property NOI increase of 3.6% for the quarter. With rental rate increases of 11.2%, we are clearly seeing the effect of the ever decreasing inventory of available space and, more importantly, the impact of our portfolio transformation. As further proof of this success, our year-end occupancy of 95.4% is the highest it has been since we took the Company public in 1985,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Balance Sheet
The Company has continued to strengthen its balance sheet this quarter by using disposition proceeds to further reduce debt. Since the beginning of our portfolio transformation in 2011, the Company has reduced Net Debt to EBITDA from 6.67 times to 5.39 times, Net Debt plus Preferreds to EBITDA from 7.96 times to 5.81 times and Debt to Total Market Cap from 43.2% to 30.2% at December 31, 2014.
“In addition to significantly decreasing the leverage on our balance sheet, we have also improved our maturity schedule with maturities in any future year no greater than $305 million and have reduced our average interest rate on nearly $2 billion of debt from 5.75%

iii




on January 1, 2011 to 4.37% at December 31, 2014,” said Steve Richter, Executive Vice President and Chief Financial Officer.
Dividend
On February 16, 2015, the Board of Trust Managers declared an increase in the common dividend to $0.345 per share for the first quarter of 2015. This represents a 6.2% increase, resulting in an annualized dividend of $1.38 per share. The dividend is payable in cash on March 16, 2015 to shareholders of record on March 9, 2015.
The Board of Trust Managers also declared dividends on the Company’s 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) of $0.40625 per share for the quarter payable on March 16, 2015 to shareholders of record on March 9, 2015.
FFO Guidance
The Company’s full year Recurring FFO guidance is in the range of $2.12 to $2.17 per share. Including debt extinguishment costs of approximately $0.05 per share the Company expects to incur during 2015, full year guidance for Reported FFO is in the range of $2.07 to $2.12 per share. Acquisitions are expected to be in the range of $200 to $250 million with dispositions in the range of $125 to $175 million. New development spending is estimated at $50 to $100 million. Please refer to the full list of guidance information found on page 9 of the supplemental package.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on February 17, 2015 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 # 37563657). A replay will be available through the Company’s web site starting approximately two hours following the live call.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At December 31, 2014, 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 237 properties which are located in 21 states spanning the country from coast to coast. These properties represent approximately 45.3 million square feet of which our interests in these properties aggregated approximately 27.8 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

iv




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.


v



Weingarten Realty Investors
Company Information



Corporate Office
 
 
 
2600 Citadel Plaza Drive
 
P. O. Box 924133
 
Houston, TX 77292-4133
 
713-866-6000
 
www.weingarten.com
 
 
 
Stock Listings
 
 
 
New York Stock Exchange:
 
Common Shares
WRI
Series F Preferred Shares
WRI-PF
 
 

Forward-Looking Statements
This supplement, together with other statements and information publicly disseminated by us, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized.

Non-GAAP Disclosures
The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
 


Page 1












Financial Summary




Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)

 
Three Months Ended 
 December 31,
 
Twelve Months Ended December 31,
 
2014
 
2013
 
2014
 
2013
 
2012
 
2011
 
2010
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rentals, net
$
122,730

 
$
123,460

 
$
503,128

 
$
477,340

 
$
439,993

 
$
414,656

 
$
408,159

Other
3,372

 
2,611

 
11,278

 
11,855

 
11,184

 
13,638

 
10,745

Total
126,102

 
126,071

 
514,406

 
489,195

 
451,177

 
428,294

 
418,904

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
36,408

 
39,724

 
150,356

 
146,763

 
127,703

 
118,890

 
113,161

Operating
23,329

 
26,137

 
95,318

 
97,099

 
88,924

 
81,178

 
82,137

Real estate taxes, net
14,349

 
14,819

 
60,768

 
57,515

 
52,066

 
49,780

 
47,441

Impairment loss
1,024

 

 
1,024

 
2,579

 
9,585

 
49,671

 
33,317

General and administrative
7,023

 
6,559

 
24,902

 
25,371

 
28,538

 
25,461

 
24,926

Total
82,133

 
87,239

 
332,368

 
329,327

 
306,816

 
324,980

 
300,982

Operating Income
43,969

 
38,832

 
182,038

 
159,868

 
144,361

 
103,314

 
117,922

Interest Expense, net
(21,462
)
 
(27,830
)
 
(94,725
)
 
(96,312
)
 
(106,248
)
 
(130,298
)
 
(135,484
)
Interest and Other Income, net
863

 
1,898

 
3,756

 
7,685

 
6,047

 
5,059

 
9,818

Gain on Sale and Acquisition of Real Estate Joint Venture
 and Partnership Interests

 
22,071

 
1,718

 
33,670

 
14,203

 

 

Equity in Earnings (Losses) of Real Estate Joint Ventures
 and Partnerships, net (a)
5,986

 
20,645

 
22,317

 
35,112

 
(1,558
)
 
7,834

 
12,889

Loss on Redemption of Convertible Senior Unsecured Notes

 

 

 

 

 

 
(135
)
(Provision) Benefit for Income Taxes
(624
)
 
(7,302
)
 
1,261

 
(7,046
)
 
75

 
3

 
297

Income (Loss) from Continuing Operations
28,732

 
48,314

 
116,365

 
132,977

 
56,880

 
(14,088
)
 
5,307

Operating Income from Discontinued Operations

 
2,289

 
342

 
12,214

 
25,918

 
18,875

 
42,833

Gain on Sale of Property from Discontinued Operations

 
2,977

 
44,582

 
119,203

 
68,619

 
10,648

 
1,093

Income from Discontinued Operations

 
5,266

 
44,924

 
131,417

 
94,537

 
29,523

 
43,926

Gain on Sale of Property
74,883

 
192

 
146,290

 
762

 
1,004

 
1,304

 
2,005

Net Income
103,615

 
53,772

 
307,579

 
265,156

 
152,421

 
16,739

 
51,238

Less: Net Income Attributable to Noncontrolling Interests
(14,635
)
 
(3,838
)
 
(19,571
)
 
(44,894
)
 
(5,781
)
 
(1,118
)
 
(5,032
)
Net Income Adjusted for Noncontrolling Interests
88,980

 
49,934

 
288,008

 
220,262

 
146,640

 
15,621

 
46,206

Dividends on Preferred Shares
(2,710
)
 
(2,710
)
 
(10,840
)
 
(18,173
)
 
(34,930
)
 
(35,476
)
 
(35,476
)
Redemption Costs of Preferred Shares

 

 

 
(17,944
)
 
(2,500
)
 

 

Net Income (Loss) Attributable to Common Shareholders
$
86,270

 
$
47,224

 
$
277,168

 
$
184,145

 
$
109,210

 
$
(19,855
)
 
$
10,730

Earnings Per Common Share - Basic
$
0.71

 
$
0.39

 
$
2.28

 
$
1.52

 
$
0.90

 
$
(0.17
)
 
$
0.09

Earnings Per Common Share - Diluted
$
0.70

 
$
0.38

 
$
2.25

 
$
1.50

 
$
0.90

 
$
(0.17
)
 
$
0.09

(a)
See Page 20 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

Page 3


Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)

 
December 31,
 
2014
 
2013
ASSETS
 
 
 
Property
$
4,076,094

 
$
4,289,276

Accumulated Depreciation
(1,028,619
)
 
(1,058,040
)
Property Held for Sale, net
3,670

 
122,614

Property, net
3,051,145

 
3,353,850

 
 
 
 
Investment in Real Estate Joint Ventures and Partnerships, net (a)
257,156

 
266,158

Total
3,308,301

 
3,620,008

 
 
 
 
Notes Receivable from Real Estate Joint Ventures and Partnerships

 
13,330

Unamortized Debt and Lease Costs, net
141,122

 
164,828

Accrued Rent and Accounts Receivable (net of allowance for doubtful
      accounts of $7,680 in 2014 and $9,386 in 2013)
77,781

 
82,351

Cash and Cash Equivalents
23,189

 
91,576

Restricted Deposits and Mortgage Escrows
79,998

 
4,502

Other, net
183,703

 
247,334

Total Assets
$
3,814,094

 
$
4,223,929

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Debt, net
$
1,938,188

 
$
2,299,844

Accounts Payable and Accrued Expenses
112,479

 
108,535

Other, net
124,484

 
127,572

Total Liabilities
2,175,151

 
2,535,951

 
 
 
 
Commitments and Contingencies

 

 
 
 
 
Equity:
 
 
 
Shareholders' Equity:
 
 
 
Preferred Shares of Beneficial Interest - par value, $.03 per share;
 shares authorized: 10,000
 
 
 
6.5% Series F cumulative redeemable preferred shares of beneficial interest;
140 shares issued; 60 shares outstanding in 2014 and 2013; liquidation
preference $150,000 in 2014 and 2013
2

 
2

Common Shares of Beneficial Interest - par value, $.03 per share;
 shares authorized: 275,000; shares issued and outstanding:
 122,489 in 2014 and 121,949 in 2013
3,700

 
3,683

Additional Paid-In Capital
1,706,880

 
1,679,229

Net Income Less Than Accumulated Dividends
(212,960
)
 
(300,537
)
Accumulated Other Comprehensive Loss
(12,436
)
 
(4,202
)
Total Shareholders' Equity
1,485,186

 
1,378,175

Noncontrolling Interests
153,757

 
309,803

Total Equity
1,638,943

 
1,687,978

Total Liabilities and Equity
$
3,814,094

 
$
4,223,929

(a)
This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 20 for additional information.

Page 4


Weingarten Realty Investors
Funds From Operations
(in thousands, except per share amounts)

 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
 
2014
 
2013
 
2014
 
2013
Funds from Operations
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
86,270

 
$
47,224

 
$
277,168

 
$
184,145

Depreciation and amortization
35,118

 
39,805

 
145,660

 
152,075

Depreciation and amortization of unconsolidated real estate
 joint ventures and partnerships
3,504

 
4,180

 
14,793

 
17,550

Impairment of operating properties and real estate equity investments
895

 

 
895

 
457

Impairment of operating properties of unconsolidated real estate
 joint ventures and partnerships
305

 

 
305

 
366

(Gain) on acquisition including associated real estate equity investment

 
(20,234
)
 

 
(20,234
)
(Gain) on sale of property and interests in real estate equity investments
(61,733
)
 
(3,797
)
 
(179,376
)
 
(95,675
)
(Gain) on dispositions of unconsolidated real estate
 joint ventures and partnerships
(1,895
)
 
(15,684
)
 
(4,919
)
 
(15,951
)
Other
(4
)
 
(1
)
 
(8
)
 
(1
)
Funds from Operations - Basic
62,460

 
51,493

 
254,518

 
222,732

Income attributable to operating partnership units

 
444

 
2,171

 
1,780

Funds from Operations - Diluted
62,460

 
51,937

 
256,689

 
224,512

Adjustments for Recurring FFO:
 
 
 
 
 
 
 
Other impairment loss, net of tax
129

 

 
129

 
2,387

Redemption costs of preferred shares

 

 

 
18,131

Write-off of debt costs, net
323

 

 
2,173

 
(9,263
)
Acquisition costs
185

 
128

 
253

 
556

Deferred tax benefit, net

 

 
(2,097
)
 

Other, net of tax

 
7,423

 
(1,862
)
 
6,750

Recurring Funds from Operations - Diluted
$
63,097

 
$
59,488

 
$
255,285

 
$
243,073

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Funds from operations weighted average shares outstanding - Basic
121,706

 
121,370

 
121,542

 
121,269

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
1,412

 
1,149

 
1,331

 
1,191

Operating partnership units

 
1,550

 
1,497

 
1,554

Funds from operations weighted average shares outstanding - Diluted
123,118

 
124,069

 
124,370

 
124,014

 
 
 
 
 
 
 
 
Funds from Operations per Share - Basic
$
0.51

 
$
0.42

 
$
2.09

 
$
1.84

 
 
 
 
 
 
 
 
Funds from Operations Per Share - Diluted
$
0.51

 
$
0.42

 
$
2.06

 
$
1.81

Adjustments for Recurring FFO per share:
 
 
 
 
 
 
 
Other impairment loss, net of tax

 

 

 
0.02

Redemption costs of preferred shares

 

 

 
0.15

Write-off of debt costs, net

 

 
0.02

 
(0.07
)
Deferred tax benefit, net

 

 
(0.02
)
 

Other, net of tax

 
0.06

 
(0.01
)
 
0.05

Recurring Funds from Operations Per Share - Diluted
$
0.51

 
$
0.48

 
$
2.05

 
$
1.96

 
 
 
 
 
 
 
 

Page 5


Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
 
2014
 
2013
 
2014
 
2013
Rentals, net
 
 
 
 
 
 
 
Base minimum rent, net
$
95,843

 
$
95,625

 
$
392,274

 
$
370,935

Straight line rent
1,393

 
626

 
3,152

 
2,283

Over/Under-market rentals, net
(436
)
 
125

 
(1,725
)
 
741

Percentage rent
1,363

 
1,330

 
4,722

 
4,707

Tenant reimbursements
24,567

 
25,754

 
104,705

 
98,674

Total
$
122,730

 
$
123,460

 
$
503,128

 
$
477,340

 
 
 
 
 
 
 
 
Fee Income Primarily from Real Estate Joint Ventures and Partnerships
 
 
 
 
 
 
 
Recurring
$
1,250

 
$
1,296

 
$
5,380

 
$
5,476

Non-Recurring
46

 

 
114

 
1,016

Total
$
1,296

 
$
1,296

 
$
5,494

 
$
6,492

 
 
 
 
 
 
 
 
Interest Expense, net
 
 
 
 
 
 
 
Interest paid or accrued
$
22,713

 
$
28,516

 
$
98,973

 
$
108,333

Over-market mortgage adjustment of acquired properties, net
(181
)
 
(7
)
 
(946
)
 
(9,618
)
Gross interest expense
22,532

 
28,509

 
98,027

 
98,715

Capitalized interest
(1,070
)
 
(679
)
 
(3,302
)
 
(2,403
)
Total
$
21,462

 
$
27,830

 
$
94,725

 
$
96,312

 
 
 
 
 
 
 
 
Interest and Other Income, net
 
 
 
 
 
 
 
Interest income from joint ventures (primarily construction loans)
$

 
$
402

 
$
122

 
$
2,225

Deferred compensation interest income
746

 
1,315

 
1,726

 
3,708

Other
117

 
181

 
1,908

 
1,752

Total
$
863

 
$
1,898

 
$
3,756

 
$
7,685

 
 
 
 
 
 
 
 
Supplemental Analyst Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income including Joint Ventures
 
 
 
 
 
 
 
Revenues
$
126,102

 
$
126,071

 
$
514,406

 
$
489,195

Operating expense
(23,329
)
 
(26,137
)
 
(95,318
)
 
(97,099
)
Real estate taxes
(14,349
)
 
(14,819
)
 
(60,768
)
 
(57,515
)
Total
88,424

 
85,115

 
358,320

 
334,581

 
 
 
 
 
 
 
 
Net Operating Income from Discontinued Operations

 
4,989

 
641

 
31,228

 
 
 
 
 
 
 
 
Minority Interests Share of Net Operating Income and Other Adjustments
(2,758
)
 
(5,150
)
 
(11,683
)
 
(20,197
)
Pro rata Income From Consolidated Ventures
85,666

 
84,954

 
347,278

 
345,612

 
 
 
 
 
 
 
 
Pro rata share of Unconsolidated Joint Ventures
 
 
 
 
 
 
 
Revenues
13,741

 
15,777

 
55,986

 
62,295

Operating expense
(2,710
)
 
(3,079
)
 
(9,981
)
 
(10,916
)
Real estate taxes
(1,657
)
 
(1,758
)
 
(6,891
)
 
(7,157
)
Total
9,374

 
10,940

 
39,114

 
44,222

Net Operating Income including Joint Ventures
$
95,040

 
$
95,894

 
$
386,392

 
$
389,834

 
 
 
 
 
 
 
 
Net Operating Income from Sold Properties not in Discontinued Operations
$
1,203

 
$
5,921

 
$
18,417

 
$
23,269

 
 
 
 
 
 
 
 
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships
$
5,369

 
$
19,703

 
$
19,669

 
$
30,558

Intercompany fee income reclass
545

 
963

 
2,361

 
4,007

Other adjustments
72

 
(21
)
 
287

 
547

Equity in earnings of real estate joint ventures and partnerships, net
$
5,986

 
$
20,645

 
$
22,317

 
$
35,112

 
 
 
 
 
 
 
 
Dividends
 
 
 
 
 
 
 
Common Dividends per Share
$
0.575

 
$
0.305

 
$
1.550

 
$
1.220

 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Reported Funds from Operations - Basic
112.8
%
 
72.2
%
 
74.5
%
 
66.8
%
 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Recurring Funds from Operations - Basic
111.6
%
 
63.0
%
 
74.9
%
 
61.6
%
 
 
 
 
 
 
 
 
General and Administrative Expenses
 
 
 
 
 
 
 
General and Administrative Expenses/Total Revenue
5.6
%
 
5.2
%
 
4.8
%
 
5.2
%
 
 
 
 
 
 
 
 
General and Administrative Expenses/Total Assets before Depreciation
0.14
%
 
0.12
%
 
0.51
%
 
0.48
%


Page 6


Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)

 
December 31,
 
2014
 
2013
 
 
 
 
Property
Land
$
821,614

 
$
854,409

Land held for development
103,349

 
116,935

Land under development
24,297

 
4,262

Buildings and improvements
3,061,616

 
3,238,817

Construction in-progress
65,218

 
74,853

Total
$
4,076,094

 
$
4,289,276

 
 
 
 
Straight Line Rent Receivable
 
$
54,261

 
$
57,818

 
 
 
 
Other Assets, net
Notes receivable and mortgage bonds, net
$
30,365

 
$
32,436

Debt service guaranty asset
72,105

 
73,740

Non-qualified benefit plan assets
19,866

 
19,842

Out-of-market rentals, net
26,790

 
29,810

Investments
10,196

 
58,443

Deferred income tax asset
12,326

 
11,147

Interest rate derivative
3,891

 
5,282

Other
8,164

 
16,634

Total
$
183,703

 
$
247,334

 
 
 
 
Other Liabilities, net
Deferred revenue
$
11,903

 
$
13,650

Non-qualified benefit plan liabilities
51,634

 
48,542

Deferred income tax payable
7,970

 
9,240

Out-of-market rentals, net
23,218

 
24,901

Interest rate derivative
109

 
476

Other
29,650

 
30,763

Total
$
124,484

 
$
127,572

 
 
 
 
Identified Intangible Assets and Liabilities
Identified Intangible Assets:
 
 
 
Above-market leases (included in Other Assets, net)
$
38,121

 
$
38,577

Above-market leases - Accumulated Amortization
(11,331
)
 
(8,767
)
Below-market assumed mortgages (included in Debt, net)
4,713

 
4,713

Below-market assumed mortgages - Accumulated Amortization
(2,352
)
 
(1,900
)
Valuation of in place leases (included in Unamortized Debt and Lease
Costs, net)
132,554

 
140,457

Valuation of in place leases - Accumulated Amortization
(56,571
)
 
(48,961
)
Total
$
105,134

 
$
124,119

 
 
 
 
Identified Intangible Liabilities:
 
 
 
Below-market leases (included in Other Liabilities, net)
$
42,830

 
$
44,086

Below-market leases - Accumulated Amortization
(19,612
)
 
(19,185
)
Above-market assumed mortgages (included in Debt, net)
34,113

 
40,465

Above-market assumed mortgages - Accumulated Amortization
(27,411
)
 
(31,114
)
Total
$
29,920

 
$
34,252


Page 7


Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)

 
December 31,
 
2014
 
2013
 
 
 
 
Common Share Data
Closing Market Price
$
34.92

 
$
27.42

 
 
 
 
90-Day, Average Daily Trading Volume
898,431

 
696,965

 
 
 
 
Capitalization
Debt
$
1,938,188

 
$
2,299,844

Preferred Shares
150,000

 
150,000

Sub-total Debt & Preferred Shares
2,088,188

 
2,449,844

Common Shares at Market
4,277,316

 
3,343,842

Operating Partnership Units at Market
52,066

 
41,130

Total Market Capitalization (As reported)
$
6,417,570

 
$
5,834,816

Debt to Total Market Capitalization (As reported)
30.2
%
 
39.4
%
Debt to Total Market Capitalization (As reported at a constant share price of $27.42)
35.3
%
 
39.4
%
Debt to Total Market Capitalization (Pro rata)
31.0
%
 
40.2
%
 
 
 
 
Capital Availability
Revolving Credit Facility
$
500,000

 
$
500,000

Less:
 
 
 
Balance Outstanding Under Revolving Credit Facility
189,000

 

Outstanding Letters of Credit Under Revolving Facility
4,223

 
2,179

Unused Portion of Credit Facility
$
306,777

 
$
497,821

Covenant Ratios
 
 
Restrictions
 
 
 
 
Debt to Asset Ratio (Public)
 
Less than 60.0%
 
41.7
%
 
45.2
%
Debt + Preferred to Asset Ratio
 
None
 
44.9
%
 
48.1
%
Secured Debt to Asset Ratio (Public)
 
Less than 40.0%
 
12.8
%
 
14.3
%
Unencumbered Asset Test (Public)
 
Greater than 150%
 
253.0
%
 
228.4
%
Fixed Charge Coverage (Pro rata/Revolver)
 
Greater than 1.5x
 
 2.8x

 
 2.4x

Net Debt to Adjusted EBITDA
EBITDA (Current Quarter)
$
162,109

 
$
129,607

Gain on Sale of Real Estate
(74,883
)
 
(46,054
)
Ground Rent
295

 
482

Depreciation Included in Discontinued Operations

 
1,039

Other Non-Recurring Items
1,329

 

Recurring EBITDA
$
88,850

 
$
85,074

 
 
 
 
Net Debt (less cash & equivalents)
$
1,914,999

 
$
2,158,268

Net Debt to Adjusted EBITDA (annualized)
 5.39x

 
 6.34x

Credit Ratings
 
 
 
 
S&P
 
Moody's
Senior Debt
BBB
 
Baa2
Outlook
Stable
 
Positive

Page 8


Weingarten Realty Investors
Guidance
 



 
2015 Guidance
 
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 Guidance
Recurring FFO Per Diluted Share
 
 
$2.12 - $2.17
 
 
 
 
Reported FFO Per Diluted Share
 
 
$2.07 - $2.12
 
 
 
 
 
 
 
 
Portfolio Activity ($ in millions)
 
 
 
Acquisitions
 
 
$200 - $250
 
 
 
 
New Development
 
 
$50 - $100
 
 
 
 
Dispositions
 
 
$125 - $175
 
 
 
 
 
 
 
 
Operating Information
 
 
 
Same Property Net Operating Income
 
 
+2.5% to +3.5%
 
 
 
 
 

Page 9













Investment Activity





Weingarten Realty Investors
Capital Expenditures/Redevelopment
(at pro rata share)
(in thousands)
Capital Summary
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 December 31, 2014
 
Twelve Months Ended 
 December 31, 2014
 
Twelve Months Ended
12/31/2013
(2)
 
 
Acquisitions
$
43,832

 
$
43,832

 
$
174,633

 
 
New Development
5,017

 
41,635

 
13,169

 
 
Building and Site Improvements
6,875

 
15,784

 
14,220

 
 
Tenant Finish
5,095

 
23,710

 
29,907

 
 
Redevelopment (1)
5,066

 
18,531

 
16,218

 
 
External Leasing Commissions
857

 
3,384

 
3,443

 
 
All Other
686

 
1,842

 
3,792

 
 
Capital Expenditures
$
67,428

 
$
148,719

 
$
255,381

 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
(1) Includes costs where additional square footage is added through new construction or expansion of an existing space.
 
 
(2) 2013 costs have been reclassed to show all costs related to redevelopment as a separate category.
 
 
Costs for Jess Ranch and Sheridan have been grossed up to reflect 100% ownership for all of 2013.
 
 
Internal Leasing Fees are approximately $12.1 million and $12.9 million for the twelve months ended December 31, 2014 and 2013, respectively.
Redevelopment
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
Net Cost
Net Costs
Total Estimated
 
 
 
2014
2015
WRI
Year-To-
Inception-
Investment
Project
 
Center Name
SSNOI
SSNOI
Own %
Date
To-Date
WRI Costs
Gross Costs
Description
 
 
 
 
 
 
 
 
 
 
Active Projects
 
 
 
 
 
 
 
 
1

Riverpoint at Sheridan
N
N
100
%
$
4,398

$
6,946

$
13,699

$
13,699

Construct Sportsmans Warehouse, Conn's and shops totaling 8,600 SF on land previously classified as land held for development
2

Decatur 215
N
N
100
%
1,516

2,753

12,945

12,945

Construct Hobby Lobby, two Jr Anchors totaling 35,000 SF and 23,000 SF of shops and restaurants (including Chipotle) on land previously classified as land held for development
3

Brookwood Square Shopping Center
N
N
100
%
5,267

5,307

9,145

9,145

Redevelopment to include LA Fitness and 14,000 SF of shop space
4

Westchase
Y
N
100
%
312

312

8,751

8,751

Redevelopment with Whole Foods and Jr Anchor
5

Humblewood Center
Y
N
100
%
4

4

5,636

5,636

Redevelopment and relocation of Conn's
6

Prospectors Plaza
Y
Y
100
%
3,393

4,707

5,120

5,120

Expansion of shopping center to create a new 25,000 SF store for Ross
7

Shoppes at Memorial Villages
N
N
100
%
419

2,245

3,195

3,195

Redevelopment to construct 33,000 SF multi-tenant building
8

Rock Prairie Marketplace
N
N
100
%
87

87

2,241

2,241

New construction of a 5,000 SF Valero gas station on land previously classified as land held for development
9

Seminole Town Center
Y
Y
100
%
1,235

1,424

2,005

2,005

New construction of 8,500 SF multi-tenant building including Chipotle
10

Independence Plaza
N
Y
100
%
1,319

1,319

1,731

1,731

New construction of 12,100 SF building including Rack Room and OshKosh / Carter's
11

Westhill Village Shopping Center
Y
Y
100
%
64

64

1,216

1,216

New construction of 6,700 SF multi-tenant building
12

Northbrook Center
Y
Y
100
%
41

41

700

700

New construction of free standing building with Starbucks
13

Argyle Village Shopping Center
Y
Y
100
%
387

387

476

476

New construction of 3,000 SF shop space
 
Total Redevelopment (1)
 
 
 
$
18,442

$
25,595

$
66,859

$
66,859

70% of total investment estimated to be spent in next 12 months, with balance in next 24 months
 
 
 
 
 
 
 
 
 
 
Potential Projects
 
 
 
 
 
8,000

 
5 near-term potential projects
 
Total Redevelopment Pipeline (2)
 
 
 
 
 
$
74,859

 
 
 
 
 
 
 
 
 
 
 
 
Completed Projects
 
 
 
 
 
 
 
 
 
Atlantic West Shopping Center
 
 
50
%
$
89

$
593

$
606

$
1,213

New construction of a 7,200 SF multi-tenant pad building
 
Total Completed 2014
 
 
 
$
89

$
593

$
606

$
1,213

 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
WRI defines redevelopment as projects in which additional GLA is added either through new construction or expansion of an existing space or incremental investment is over $5 million.
 
(1) Active projects are expected to generate returns of 10-15% upon completion.
 
(2) In addition to the active and potential projects, we have identified 70 long-term projects for potential redevelopment.

Page 11


Weingarten Realty Investors
New Development Properties
As of December 31, 2014
(at pro rata share)
(in thousands, except percentages)


 
 
 
 
 
 
 
Total Square Feet
 of Building Area
 
Percent Leased
 
Pro Rata
 Spent
Year-To-Date
Pro Rata
 Spent
Inception-To-Date
 
Total Estimated
 Investment (2)
 
 
 
Completions ($)
 Year-To-Date
 
Center Name
Location
Anchors
WRI
Own %
 
 
Gross (1)
Net
 
Net @
100%
Gross
 
 
WRI Costs
Gross Costs
 
Est. Final
ROI %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
Hilltop Village Center
Alexandria, VA
Wegmans
100.0
%
(3)
 
249

249

 
94.2
%
94.2
%
 
$
11,772

$
52,975

 
$
65,819

$
65,819

 
 
 
 
2
Nottingham Commons
White Marsh, MD
Meritt Athletic Club (OBO), Petco, TJ Maxx
100.0
%
 
 
178

138

 
24.7
%
41.6
%
 
22,661

22,661

 
45,214

45,214

 
 
 
 
3
The Whittaker (4)
Seattle, WA
Whole Foods
100.0
%
 
 
63

63

 
65.8
%
65.8
%
 
118

118

 
29,104

29,104

 
 
 
 
4
Wake Forest Crossing II
Wake Forest, NC
Kohl's (OBO), TJ Maxx, Michaels
100.0
%
 
 
202

108

 
87.7
%
93.4
%
 
7,084

7,084

 
16,459

16,459

 
 
 
 
 
Total 4 Properties Under Development
 
 
691

558

 
72.6
%
77.9
%
 
$
41,635

$
82,838

 
$
156,596

$
156,596

 
7.7
%
 
$
35,342

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spent Inception to Date (from above)
 
 
$
82,838

$
82,838

 
 
 
 
 
 
 
 
 
 
 
Additional Capital Needed to Complete
 
 
79,246

79,246

 
 
 
 
 
 
 
 
 
 
 
Reimbursement of Future Property Sales
 
(5,488
)
(5,488
)
 
 
 
 
 
 
 
 
 
 
 
Total Estimated Investment Under Development
 
 
$
156,596

$
156,596

 
7.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
QTR Completed
YTD Completed
1Q'15E
2Q'15E
3Q'15E
4Q'15E
1Q'16E
Remaining Balance
 
 
 
 
 
 
 
 
 
 
 
Completion ($)
$1,439
$35,342
$0
$12,900 - $15,900
$14,400 - $19,400
$12,200 - $17,200
 $2,500 - $7,500
$55,700 - $60,700
 
Weighted Return (%)
7.0%
8.2%
0.0%
7.8% - 8.3%
8.3% - 8.8%
7.9% - 8.4%
 7.7% - 8.2%
7.1% - 7.6%
 
Net Operating Income (Annualized)
$101
$2,891
$0
$1,010 - $1,325
$1,200 - $1,710
$965 - $1,445
 $200 - $600
$4,000 - $4,640
 



(1)
Total gross building area reflects the entire shopping center under development. Includes square footage for any ownership by our partners, buildings owned by others and only the retail area of mixed use projects.
(2)
Net of anticipated proceeds from land sales.
(3)
Hilltop Village Center: 50/50 Joint Venture with 100% funding by WRI.
(4)
WRI has committed to purchase the retail portion of a development project in West Seattle contingent on the satisfaction of the developer's delivery obligations.


Page 12


Weingarten Realty Investors
Land Held for Development
As of December 31, 2014
(in thousands, except acres and percentages)

 
 
Ownership
 Interest
 
Gross
 Acres
 
Investment (1)
Location
 
 
 
100%
 
Pro Rata
 
 
 
 
 
 
 
 
 
New Development Phased Projects
 
 
 
 
 
 
 
 
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC
 
100.0
%
 
37.5

 
 
 
 
Highway 17 and Highway 210, Surf City, NC
 
100.0
%
 
46.5

 
 
 
 
FM 2920 and Future 249, Tomball - Houston, TX
 
100.0
%
 
10.6

 
 
 
 
Decatur at 215, Las Vegas, NV
 
100.0
%
 
7.6

 
 
 
 
Hwy. 85 & Hwy. 285, Sheridan, CO
 
100.0
%
 
14.8

 
 
 
 
US 77 & FM 802, Brownsville, TX
 
100.0
%
 
21.0

 
 
 
 
US Hwy. 17 & US Hwy. 74/76, Leland, NC
 
100.0
%
 
12.6

 
 
 
 
State Hwy. 95 & Bullhead Pkwy., Bullhead City, AZ
 
100.0
%
 
7.2

 
 
 
 
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL
 
100.0
%
 
6.7

 
 
 
 
SR 207 & Rolling Hills Drive, St. Augustine, FL
 
70.0
%
 
5.2

 
 
 
 
29th St. at Nolana Loop, McAllen, TX
 
50.0
%
 
3.8

 
 
 
 
Southern Ave. & Signal Butte Rd., Mesa, AZ
 
100.0
%
 
1.5

 
 
 
 
SEC Poplar Ave. at I-240, Memphis, TN
 
100.0
%
 
1.2

 
 
 
 
Total New Development Phased Projects
 
 
 
176.1

 
$
39,147

 
$
37,661

Other Raw Land
 
 
 
 
 
 
 
 
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX
 
50.0
%
 
198.7

 
 
 
 
South Fulton Parkway and SH 92, Union City - Atlanta, GA
 
100.0
%
 
81.6

 
 
 
 
Shary Road and US Hwy. 83, Mission, TX
 
50.0
%
 
34.9

 
 
 
 
SH 281 & Wilderness Oaks, San Antonio, TX
 
100.0
%
 
29.2

 
 
 
 
Creedmoor (Hwy. 50) and Crabtree Valley Ave., Raleigh, NC
 
100.0
%
 
2.7

 
 
 
 
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ
 
100.0
%
 
9.7

 
 
 
 
Rock Prairie Rd. at Hwy. 6, College Station, TX
 
100.0
%
 
9.0

 
 
 
 
SH 151 & Ingram Rd., San Antonio, TX
 
66.7
%
 
5.8

 
 
 
 
Young Pines and Curry Ford Rd., Orlando, FL
 
100.0
%
 
1.9

 
 
 
 
Leslie Rd. at Bandera Rd., Helotes, TX
 
100.0
%
 
1.7

 
 
 
 
Other
 
100.0
%
 
29.3

 
 
 
 
Total Raw Land
 
 
 
404.5

 
$
70,762

 
$
50,962

 
 
 
 
 
 
 
 
 
Total Land Held For Development Properties
 
 
 
580.6

 
$
109,910

 
$
88,623



(1) Net of impairment and valuation adjustments.

Notes:
Land costs account for $87.9 million of total investment at 100%, $67.3 million at pro rata share.
Categorization based upon proximity to development property and does not indicate future development pipeline.

Page 13


Weingarten Realty Investors
Disposition and Acquisition Summary
For the Period Ended December 31, 2014
(at pro rata share)
(in thousands)
Center
City/State
Sq. Ft.
 at 100%
Date
 Sold
 
Center
City/State
Sq. Ft.
at 100%
Date Acquired
 
 
 
 
 
 
 
 
 
 
Dispositions
 
 
 
 
Acquisitions
 
 
 
 
1st Quarter
 
 
 
 
 
1st Quarter
 
 
 
 
Town & Country Plaza
Hammond, LA
226

01/03/14
 
 
None




 
University Place
Shreveport, LA
207

01/31/14
 
 
 
 
 
 
 
Northwest Freeway - Pad
Houston, TX

02/11/14
 
 
 
 
 
 
 
Harrison Pointe
Cary, NC
131

03/11/14
 
 
 
 
 
 
 
N. Sharyland - Pad *
Mission, TX

03/31/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
2nd Quarter
 
 
 
 
Atlantic North *
Jacksonville, FL
68

04/17/14
 
 
None




 
Parliament Square
San Antonio, TX
65

04/25/14
 
 





 
Crabtree Commons - Pad
Raleigh, NC

06/04/14
 
 





 
Westwood Center - Pad
San Antonio, TX

06/16/14
 
 
 
 
 
 
 
North Triangle Shops
Houston, TX
16

06/27/14
 
 
 
 
 
 
 
Ambassador Plaza - Pad
Lafayette, LA

06/27/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
 
 
3rd Quarter
 
 
 
 
Publix at Laguna Isles
Pembroke Pines, FL
69

07/15/14
 
 
None




 
Lake Washington Crossing*
Melbourne, FL
119

08/15/14
 
 





 
Eastpark Shopping Center - Pad
Houston, TX

08/20/14
 
 





 
Phelan West*
Beaumont, TX
24

08/25/14
 
 
 
 
 
 
 
Arcade Square
Sacramento, CA
76

08/28/14
 
 
 
 
 
 
 
Parkway Pointe
Cary, NC
80

09/02/14
 
 
 
 
 
 
 
Tropicana Marketplace - Pad
Las Vegas, NV

09/04/14
 
 
 
 
 
 
 
Crossroads Shopping Center
Vidor, TX
116

09/08/14
 
 
 
 
 
 
 
Shoppes at Paradise Isle*
Destin, FL
172

09/12/14
 
 
 
 
 
 
 
Village Arcade
Houston, TX
58

09/16/14
 
 
 
 
 
 
 
Village Arcade Phase II
Houston, TX
28

09/16/14
 
 
 
 
 
 
 
Village Arcade Phase III
Houston, TX
107

09/16/14
 
 
 
 
 
 
 
Westwood Village
Lafayette, LA
138

09/24/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4th Quarter
 
 
 
 
 
4th Quarter
 
 
 
 
Spring Plaza
Houston, TX
59

10/09/14
 
 
Scottsdale Horizon
Scottsdale, AZ
155

12/18/14
 
Manhattan Place
Harvey, LA
137

10/16/14
 
 





 
Phillips Village
Orlando, FL
66

10/17/14
 
 
 
 
 
 
 
Shoppes of Port Charlotte - Pad *
Port Charlotte, FL

10/17/14
 
 
 
 
 
 
 
Cypress Station
Houston, TX
144

10/21/14
 
 
 
 
 
 
 
Shasta Crossroads *
Redding, CA
76

10/22/14
 
 
 
 
 
 
 
Angelina Village
Lufkin, TX
253

10/23/14
 
 
 
 
 
 
 
Rose-Rich Shopping Center
Rosenberg, TX
104

10/28/14
 
 
 
 
 
 
 
Dashwood - Pad
Houston, TX

10/29/14
 
 
 
 
 
 
 
Park Plaza
Lake Charles, LA
179

11/06/14
 
 
 
 
 
 
 
Westminster Plaza
Westminster, CO
98

11/14/14
 
 
 
 
 
 
 
Ballwin Plaza
Ballwin, MO
202

11/20/14
 
 
 
 
 
 
 
Shasta Crossroads
Redding, CA
121

11/25/14
 
 
 
 
 
 
 
Market at Sharyland - Pad *
Mission, TX

11/26/14
 
 
 
 
 
 
 
Westwood Center
San Antonio, TX
69

12/05/14
 
 
 
 
 
 
 
Colonial Landing
Orlando, FL
265

12/18/14
 
 
 
 
 
 
 
Dacula Market
Dacula, GA
25

12/19/14
 
 
 
 
 
 
 
Roswell Corners - Pad
Roswell, GA

12/19/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighed
 
 
 
 
 
 
 
 
 
Sales
Sales
 
 
 
 
Purchase
 
 
 
 
Proceeds
Cap
 
 
 
 
Price
Yield (2)
Total Dispositions
 
$
387,393

7.92
%
 
Total Acquisitions
 
$
43,832


Disposition of Consolidated Joint Venture Interest (1)
 
 
 
 
 
 
Acquisition of Consolidated Joint Venture Interest (1)
 
 
 
 
 
 
 
Interest
WRI Interest
Effective
 
 
 
 
Interest
WRI Interest
Effective
Joint Venture Detail
Center
Location
Disposed
Before
After
Date
 
Joint Venture Detail
Center
Location
Acquired
Before
After
Date
Hines Retail REIT Holdings
 Oak Park Village
 San Antonio, TX
30%
30%
0%
01/01/14
 
Hines Retail REIT Holdings
 Mendenhall Commons
 Memphis, TN
70%
30%
100%
01/01/14
Hines Retail REIT Holdings
 Champions Village
 Houston, TX
30%
30%
0%
01/01/14
 
Hines Retail REIT Holdings
 Commons at Dexter Lake
 Memphis, TN
70%
30%
100%
01/01/14
Hines Retail REIT Holdings
 University Palms
 Oviedo, FL
30%
30%
0%
01/01/14
 
Hines Retail REIT Holdings
 Commons at Dexter Lake Phase II
 Memphis, TN
70%
30%
100%
01/01/14
Hines Retail REIT Holdings
 Shoppes at Parkland
 Parkland, FL
30%
30%
0%
01/01/14
 
Hines Retail REIT Holdings
 Randall’s/Kings Crossing
 Houston, TX
70%
30%
100%
01/01/14
Hines Retail REIT Holdings
 Sandy Plains Exchange
 Marietta, GA
30%
30%
0%
01/01/14
 
Hines Retail REIT Holdings
 Bellaire Boulevard
 Houston, TX
70%
30%
100%
01/01/14
Hines Retail REIT Holdings
 Cherokee Plaza
 Atlanta, GA
30%
30%
0%
01/01/14
 
 
 
 
 
 
 
 
Hines Retail REIT Holdings
 Thompson Bridge Commons
 Gainesville, GA
30%
30%
0%
01/01/14
 
 
 
 
 
 
 
 
Hines Retail REIT Holdings
 Heritage Station
 Wake Forest, NC
30%
30%
0%
01/01/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Joint Venture was dissolved and assets distributed in a non-cash transaction.
 
 
 
 
 
 
 
 
 
 
(2) Economics reflect WRI's pro rata ownership interest, excluding the incremental return from fee income.
 
 
 
 
 
 
 
 
 
 
* Unconsolidated real estate joint venture activity.
 
 
 
 
 
 
 
 
 
 

Page 14












Summary of Debt




Weingarten Realty Investors
Debt Information
(in thousands, except percentages)

 
December 31,
2014
 
4th Quarter
 Weighted
 Average Rate (1)
 
December 31,
2013
 
4th Quarter
 Weighted
 Average Rate (1)
Outstanding Balance Summary
 
 
 
 
 
 
 
Mortgage Debt
$
577,862

 
6.03
%
 
$
712,169

 
5.70
%
3.5% Notes due 2023
298,800

 
3.50
%
 
298,677

 
3.50
%
3.375% Notes due 2022
299,072

 
3.38
%
 
298,969

 
3.38
%
4.45% Notes due 2024
249,059

 
4.45
%
 
248,982

 
4.45
%
8.1% Notes due 2019

 


 
100,000

 
8.10
%
Unsecured Notes Payable (MTN)
231,290

 
5.84
%
 
546,307

 
5.27
%
Revolving Credit Agreements (2)
189,000

 
0.76
%
 

 


Obligations under Capital Leases
21,000

 
7.88
%
 
21,000

 
7.84
%
Subtotal Consolidated Debt
1,866,083

 
4.38
%
 
2,226,104

 
4.82
%
Debt Service Guarantee Liability (3)
72,105

 
 
 
73,740

 
 
Total Consolidated Debt - As Reported
1,938,188

 
4.38
%
 
2,299,844

 
4.82
%
Less: Noncontrolling Interests and Other Adjustments
(79,592
)
 
 
 
(100,431
)
 
 
Plus: WRI Share of Unconsolidated Joint Ventures
155,517

 
 
 
173,472

 
 
Total Debt - Pro rata Share
$
2,014,113

 
4.37
%
 
$
2,372,885

 
4.80
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
 Balance
 
4th Quarter
Weighted
Average Rate (1)
 
% of Total
 
Weighted
Average
Remaining
 Life (yrs)
Fixed vs. Variable Rate Debt (at Pro rata Share)
(includes the effect of interest rate swaps)
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Fixed-rate debt
$
1,700,603

 
4.83
%
 
84.4
%
 
6.33

Variable-rate debt
313,510

 
1.80
%
 
15.6
%
 
1.86

Total
$
2,014,113

 
4.37
%
 
100.0
%
 
5.64

 
 
 
 
 
 
 
 
As of December 31, 2013
 
 
 
 
 
 
 
Fixed-rate debt
$
2,201,467

 
4.89
%
 
92.8
%
 
 
Variable-rate debt
171,418

 
3.28
%
 
7.2
%
 
 
Total
$
2,372,885

 
4.80
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
Secured vs. Unsecured Debt (at Pro rata Share)
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Secured Debt
$
670,896

 
5.90
%
 
33.3
%
 
3.35

Unsecured Debt
1,343,217

 
3.54
%
 
66.7
%
 
6.78

Total
$
2,014,113

 
4.37
%
 
100.0
%
 
5.64

 
 
 
 
 
 
 
 
As of December 31, 2013
 
 
 
 
 
 
 
Secured Debt
$
800,828

 
5.62
%
 
33.7
%
 
 
Unsecured Debt
1,572,057

 
4.34
%
 
66.3
%
 
 
Total
$
2,372,885

 
4.80
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
As
 Reported
 
Pro rata
 Share
 
 
 
 
Weighted Average Interest Rates (1)
 
 
 
 
 
 
 
Three months ended 12/31/14
4.38
%
 
4.37
%
 
 
 
 
Twelve months ended 12/31/14
4.55
%
 
4.54
%
 
 
 
 
Three months ended 12/31/13
4.82
%
 
4.80
%
 
 
 
 
Twelve months ended 12/31/13
4.94
%
 
4.91
%
 
 
 
 

(1)
Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing.
(2)
Weighted average revolving interest rate excludes the effect of the facility fee of 20 basis points on the total commitment in arrears.
The weighted average revolving interest rate with the facility fee is 1.32% and 10.97% for the fourth quarter 2014 and 2013, respectively.
The December 31, 2014 balance does not reflect funds of $77.4 million held by a qualified intermediary for purchase of replacement property.
(3)
Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.

Page 16


Weingarten Realty Investors
Schedule of Maturities
As of December 31, 2014
(in thousands, except percentages)




 
As Reported
 
Pro rata Share
 
Maturities
 
Weighted
 Average Rate (2)
 
Maturities
 
Weighted
 Average Rate (2)
 
Floating Rate
 
Fixed Rate
 
Secured
 
Unsecured
2015
$
225,946

 
6.02%
 
$
201,993

 
5.75%
 
$
12,597

 
$
189,396

 
$
111,993

 
$
90,000

2016
233,152

 
6.28%
 
266,878

 
6.05%
 
36,667

 
230,211

 
191,878

 
75,000

2017
139,660

 
6.74%
 
164,969

 
6.38%
 
3,638

 
161,331

 
139,969

 
25,000

2018
59,945

 
6.51%
 
24,071

 
6.12%
 


 
24,071

 
14,501

 
9,570

2019
53,556

 
6.56%
 
57,183

 
5.84%
 

 
57,183

 
57,183

 


2020
34,990

 
6.31%
 
90,576

 
5.21%
 

 
90,576

 
90,576

 


2021
1,883

 
6.32%
 
10,041

 
5.83%
 

 
10,041

 
10,041

 


2022
304,397

 
3.42%
 
305,315

 
3.42%
 

 
305,315

 
5,315

 
300,000

2023
301,494

 
3.51%
 
302,462

 
3.52%
 

 
302,462

 
2,462

 
300,000

2024
251,588

 
4.46%
 
252,611

 
4.47%
 

 
252,611

 
2,611

 
250,000

Thereafter
44,309

 
6.45%
 
47,581

 
6.46%
 

 
47,581

 
15,861

 
31,720

Subtotal
1,650,920

 
 
 
1,723,680

 
 
 
52,902

 
1,670,778

 
642,390

 
1,081,290

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Agreements
189,000

 
0.80%
 
189,000

 
0.80%
 
189,000

 
 
 
 
 
189,000

Other (1)
98,268

 
 
 
101,433

 
 
 
6,329

 
95,104

 
28,506

 
72,927

Swap Maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
65,279

 
(65,279
)
 
 
 
 
Total
$
1,938,188

 
4.55%
 
$
2,014,113

 
4.54%
 
$
313,510

 
$
1,700,603

 
$
670,896

 
$
1,343,217




(1)
Other includes capital leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, market value of swaps and discounts on notes.
The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado.
(2)
Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee paid quarterly on total commitment
in arrears, and other loan costs related to financing.



Page 17














Joint Ventures




Weingarten Realty Investors
Unconsolidated Joint Venture Financial Statements at 100%
(in thousands)


 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
Condensed Statements of Income
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Base minimum rent, net
$
27,302

 
$
29,851

 
$
112,388

 
$
124,645

Straight line rent
33

 
788

 
404

 
2,111

Over/Under-market rentals, net
210

 
213

 
704

 
719

Percentage rent
398

 
347

 
966

 
1,035

Tenant reimbursements
8,427

 
8,729

 
33,108

 
34,027

Other income
501

 
1,373

 
5,731

 
2,828

Total
36,871

 
41,301

 
153,301

 
165,365

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Depreciation and amortization
9,399

 
10,779

 
40,235

 
45,701

Interest, net
4,965

 
6,696

 
22,657

 
28,787

Operating
7,292

 
8,070

 
27,365

 
28,929

Real estate taxes, net
4,335

 
4,594

 
18,159

 
18,929

General and administrative
195

 
297

 
916

 
934

Provision for income taxes
74

 
67

 
417

 
278

Impairment loss
1,526

 

 
1,526

 
1,887

Total
27,786

 
30,503

 
111,275

 
125,445

 
 
 
 
 
 
 
 
Gain on dispositions
4,953

 
21,178

 
12,949

 
22,502

 
 
 
 
 
 
 
 
Net income
$
14,038

 
$
31,976

 
$
54,975

 
$
62,422

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
 
 
2014
 
2013
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
 
 
 
$
1,331,445

 
$
1,401,982

Accumulated depreciation
 
 
 
 
(279,067
)
 
(261,454
)
Property, net
 
 
 
 
1,052,378

 
1,140,528

 
 
 
 
 
 
 
 
Other assets, net
 
 
 
 
126,890

 
142,638

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
1,179,268

 
$
1,283,166

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, net
 
 
 
 
$
380,816

 
$
453,390

Amounts payable to Weingarten Realty Investors and Affiliates
 
 
 
13,749

 
30,214

Other liabilities, net
 
 
 
 
26,226

 
29,711

Total
 
 
 
 
420,791

 
513,315

 
 
 
 
 
 
 
 
Equity
 
 
 
 
758,477

 
769,851

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
1,179,268

 
$
1,283,166



Page 19


Weingarten Realty Investors
Unconsolidated Joint Venture Financial Statements at Pro rata Share
(in thousands)

 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
Condensed Statements of Income
2014
 
2013
 
2014
 
2013
Revenues:
 
 
 
 
 
 
 
Base minimum rent, net
$
10,186

 
$
11,339

 
$
41,628

 
$
46,991

Straight line rent
31

 
306

 
164

 
1,010

Over/Under-market rentals, net
55

 
45

 
120

 
(72
)
Percentage rent
131

 
129

 
329

 
399

Tenant reimbursements
3,125

 
3,255

 
12,194

 
12,667

Other income
213

 
703

 
1,551

 
1,300

Total
13,741

 
15,777

 
55,986

 
62,295

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Depreciation and amortization
3,504

 
4,180

 
14,793

 
17,550

Interest, net
1,999

 
2,624

 
8,729

 
11,231

Operating
2,710

 
3,079

 
9,981

 
10,916

Real estate taxes, net
1,657

 
1,758

 
6,891

 
7,157

General and administrative
57

 
85

 
297

 
298

Provision for income taxes
35

 
32

 
240

 
141

Impairment loss
305

 

 
305

 
395

Total
10,267

 
11,758

 
41,236

 
47,688

 
 
 
 
 
 
 
 
Gain on dispositions
1,895

 
15,684

 
4,919

 
15,951

 
 
 
 
 
 
 
 
Net income
$
5,369

 
$
19,703

 
$
19,669

 
$
30,558

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
 
 
2014
 
2013
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
 
 
 
$
460,511

 
$
480,502

Accumulated depreciation
 
 
 
 
(104,338
)
 
(97,104
)
Property, net
 
 
 
 
356,173

 
383,398

Notes receivable from real estate joint ventures and partnerships
 
 
 
 
4,900

 
5,060

Unamortized debt and lease costs, net
 
 
 
 
17,329

 
20,263

Accrued rent and accounts receivable (net of allowance for doubtful accounts
 of $270 in 2014 and $429 in 2013)
 
 
 
 
13,376

 
14,775

Cash and cash equivalents
 
 
 
 
13,937

 
14,315

Restricted deposits and mortgage escrows
 
 
 
 
329

 
801

Notes receivable and mortgage bonds, net
 
 
 
 
23

 
21

Out-of-market rentals, net
 
 
 
 
1,185

 
1,758

Other assets, net
 
 
 
 
1,837

 
1,846

Total
 
 
 
 
$
409,089

 
$
442,237

 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, net
 
 
 
 
$
156,243

 
$
174,303

Amounts payable to Weingarten Realty Investors and Affiliates
 
 
 
 
5,893

 
14,575

Accounts payable and accrued expenses
 
 
 
 
6,234

 
5,914

Deferred revenue
 
 
 
 
847

 
821

Out-of-market rentals, net
 
 
 
 
2,627

 
3,145

Interest rate derivative
 
 
 
 
92

 
413

Other liabilities, net
 
 
 
 
545

 
689

Total
 
 
 
 
172,481

 
199,860

 
 
 
 
 
 
 
 
Equity
 
 
 
 
236,608

 
242,377

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
409,089

 
$
442,237

Notes:
The Consolidated Financial Statements at pro rata share include only the real estate operations of joint ventures and partnerships at WRI’s ownership percentages. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 20


Weingarten Realty Investors
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships
December 31, 2014
(in thousands, except number of properties and percentages)


 
 
 
 
 
 
 
 
 
 
Weingarten Realty
Joint Venture Partner
 
Number of
 Operating
Properties (1)(2)
 
Total GLA
 
Total Assets
 
Total Debt
 
Ownership
 Interest
 
Share of Debt
 
Investment
 Balance
 
Equity in Earnings
 (Losses) of
 Unconsolidated JVs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TIAA Florida Retail LLC
 
4
 
821

 
$
201,866

 
$

 
20.0%
 
$

 
$
40,156

 
$
1,542

Perlmutter SRP, LLC
 
6
 
523

 
84,952

 
68,566

 
25.0%
 
17,141

 
3,069

 
1,312

Collins
 
8
 
1,160

 
133,090

 
23,281

 
50.0%
 
11,640

 
48,653

 
3,569

AEW - Institutional Client
 
5
 
434

 
106,150

 
13,797

 
20.0%
 
2,759

 
18,068

 
986

BIT Retail
 
3
 
715

 
151,168

 

 
20.0%
 

 
29,345

 
1,154

Jamestown
 
6
 
1,337

 
140,439

 
80,215

 
20.0%
 
16,043

 
11,464

 
1,684

Fidelis Realty Partners
 
1
 
491

 
138,032

 
81,247

 
57.8%
 
46,920

 
30,838

 
1,827

Sleiman Enterprises
 
2
 
170

 
18,880

 
13,826

 
50.0%
 
6,913

 
2,987

 
385

Bouwinvest
 
1
 
163

 
42,813

 

 
51.0%
 

 
21,400

 
856

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
11
 
2,380

 
161,878

 
99,884

 
54.9%
 
54,826

 
51,176

 
9,001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
47
 
8,192

 
$
1,179,268

 
$
380,816

 
37.5%
 
$
156,243

 
$
257,156

 
$
22,317

 
 
 
Joint Venture Description
 
 
 
 
 
TIAA Florida Retail LLC
 
Joint venture with an institutional partner, TIAA-CREF Global Real Estate
Perlmutter SRP, LLC
 
Retail joint venture with an institutional partner through Perlmutter Investment Company
Collins
 
Primarily a development joint venture in the Texas Rio Grande Valley
AEW - Institutional Client
 
Joint venture with an institutional partner through AEW Capital Management
BIT Retail
 
Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust
Jamestown
 
Retail joint venture in Florida
Fidelis Realty Partners
 
Retail joint venture in Texas
Sleiman Enterprises
 
Retail joint venture in Florida
Bouwinvest
 
Retail joint venture with West Coast focus
 
 
 
 
 
 
(1) Excludes land held for development.
(2) Excludes additional consolidated joint ventures such as AEW Capital Management.


Page 21


Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information
As of December 31, 2014
(in thousands, except number of properties, percentages and term)

Balance Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 100%
 
 
Joint Venture Partner
 
# of Mortgaged
 Properties (2)
 
Mortgage
Balance (1)(2)
 
Average Interest
Rate
 
Average
Remaining
Term (yrs)
 
 
 
 
 
 
 
 
 
Perlmutter SRP, LLC
 
5
 
$
68,566

 
5.7%
 
1.5

Collins
 
2
 
23,281

 
6.0%
 
10.2

AEW - Institutional Client
 
1
 
13,797

 
5.0%
 
0.4

Jamestown
 
6
 
80,215

 
5.5%
 
0.5

Fidelis Realty Partners
 
1
 
81,247

 
4.0%
 
5.9

Sleiman Enterprises
 
2
 
13,826

 
5.0%
 
6.5

Other
 
5
 
98,776

 
5.5%
 
3.3

 
 
 
 
 
 
 
 
 
Total
 
22
 
$
379,708

 
5.2%
 
3.0

 
 
 
 
 
 
 
 
 

Schedule of Maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 100%
 
At WRI Share
 
 
Maturities (1)(2)
 
Weighted
Average Rate
 
Maturities (1)(2)
 
Weighted
Average Rate
 
 
 
 
 
 
 
 
 
2015
 
$
77,573

 
4.0%
 
$
17,991

 
4.2%
2016
 
110,939

 
4.6%
 
34,449

 
4.5%
2017
 
56,810

 
5.0%
 
26,076

 
5.0%
2018
 
6,253

 
4.9%
 
3,450

 
4.9%
2019
 
6,576

 
4.9%
 
3,628

 
4.9%
2020
 
93,148

 
4.8%
 
55,586

 
4.8%
2021
 
16,049

 
5.3%
 
8,157

 
5.3%
2022
 
1,833

 
5.9%
 
916

 
5.9%
2023
 
1,936

 
5.9%
 
968

 
5.9%
2024
 
2,046

 
6.1%
 
1,023

 
6.1%
Thereafter
 
6,545

 
6.3%
 
3,273

 
6.3%
Total
 
$
379,708

 
 
 
$
155,517

 
 
(1)
Excludes non-cash debt related items.
(2)
Excludes additional consolidated joint ventures such as AEW Capital Management.
Note:
All mortgages are fixed rate with the exception of four Jamestown mortgages and two Other mortgages, which are variable rate ($57.1 million and $25.1 million, respectively at 100%) and mature in 2015 and 2016, respectively.


Page 22













Portfolio Summary




Weingarten Realty Investors
Tenant Diversification by Percent of Base Minimum Rent
As of December 31, 2014
(at pro rata share)
(in thousands, except percentages and # of units)

Rank
 
Tenant Name (1)(2)
 
Credit Ranking
 (S&P / Moody's)
 
# of
 Units
 
% of
 Total
 Base Minimum Rent
 
Total
 SF
 
 
 
 
 
 
 
 
 
 
 
1
 
The Kroger Co.
 
BBB/Baa2
 
29

 
3.20
%
 
1,590

2
 
T.J.X. Companies, Inc.
 
A+/A3
 
40

 
2.35
%
 
970

3
 
Ross Stores, Inc.
 
A-/A3
 
36

 
2.08
%
 
767

4
 
H-E-B
 
N/A/N/A
 
8

 
1.62
%
 
539

5
 
Petsmart, Inc.
 
BB+/N/A
 
20

 
1.52
%
 
401

6
 
Home Depot, Inc.
 
A/A2
 
5

 
1.41
%
 
541

7
 
Office Depot, Inc. (5)
 
B-/B2
 
26

 
1.35
%
 
483

8
 
Safeway, Inc. (3)
 
BBB/Baa3
 
15

 
1.31
%
 
693

9
 
Bed Bath & Beyond, Inc.
 
A-/Baa1
 
21

 
1.25
%
 
474

10
 
Best Buy, Inc.
 
BB/Baa2
 
10

 
1.16
%
 
290

11
 
The Sports Authority
 
N/A/N/A
 
8

 
1.11
%
 
307

12
 
Whole Foods Market, Inc.
 
BBB-/N/A
 
7

 
1.03
%
 
261

13
 
Dollar Tree Stores, Inc.
 
N/A/N/A
 
39

 
0.89
%
 
346

14
 
Petco Animal Supplies, Inc.
 
B/B3
 
20

 
0.87
%
 
214

15
 
24 Hour Fitness Inc.
 
B/N/A
 
6

 
0.84
%
 
157

16
 
Gap, Inc.
 
BBB-/Baa3
 
12

 
0.72
%
 
174

17
 
Walmart Stores, Inc.
 
AA/Aa2
 
5

 
0.70
%
 
443

18
 
Hobby Lobby Stores, Inc.
 
N/A/N/A
 
5

 
0.61
%
 
305

19
 
Raley's
 
N/A/N/A
 
6

 
0.61
%
 
332

20
 
Starbucks Corporation
 
A-/A3
 
44

 
0.59
%
 
68

21
 
Staples, Inc. (5)
 
BBB-/Baa2
 
9

 
0.57
%
 
191

22
 
Stein Mart, Inc.
 
N/A/N/A
 
11

 
0.57
%
 
305

23
 
JPMorgan Chase Bank
 
A/A3
 
26

 
0.55
%
 
85

24
 
Subway (4)
 
N/A/N/A
 
73

 
0.54
%
 
80

25
 
Ascena Retail Group
 
N/A/N/A
 
24

 
0.54
%
 
125

 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Total
 
 
 
505

 
27.98
%
 
10,141

Notes:
 
 
 
 
(1
)
Tenant Names:
DBA Names:
 
 
The Kroger Co.
Kroger (14), Harris Teeter (7), Smith's Food (1), Ralph's (2), Fry's Food (3),
 
 

King Soopers (2)
 
 
T.J.X. Companies, Inc.
T.J. Maxx (14), Marshalls (19), Home Goods (7)
 
 
Ross Stores, Inc.
Ross Dress for Less (34), dd's Discounts (2)
 
 
Safeway, Inc.
Safeway (7), Randalls (5), Vons (3)
 
 
Office Depot, Inc.
Office Depot (17), Office Max (9)
 
 
Bed Bath & Beyond, Inc.
Bed Bath & Beyond (13), Cost Plus (6), buybuy BABY (2)
 
 
Dollar Tree Stores, Inc.
Dollar Tree (37), Greenbacks (1), Deal$ (1)
 
 
Gap, Inc.
Gap (2), Old Navy (10)
 
 
Walmart Stores, Inc.
Walmart (3), Walmart Neighborhood (2)
 
 
Raley's
Raley's (5), Bel Air Markets (1)
 

Ascena Retail Group
Lane Bryant (9), Dressbarn (8), Justice (4), Catherines (3)
 
(2
)
Target owns and occupies 24 units not included above.
 
(3
)
Cerberus completed the acquisition of Safeway subsequent to quarter end. WRI has a total of 21 units representing 1.82% of
 

Base Rent Revenue and 941,875 square feet.
 
(4
)
Includes franchised locations.
 
 
(5
)
Once Staples completes the acquisition of Office Depot, WRI will have 35 units representing 1.92% of Base Rent Revenue
 
 
and 702,904 square feet.
 

Page 24


Weingarten Realty Investors
Portfolio Operating Information
(at pro rata share)
(in thousands, except percentages and leases)
 
 
 
 
 
 
 
 
 
 


 


Leasing Activity / Rent Growth
Signed Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comparable:
 
Number of
 Leases
Square Feet
New
 Rent
 $/SF

Prior
 Rent
 $/SF

TI's $/SF

Cash Change
 in Base Rent
Weighted
 Average
 Term
 (Years)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All Leases
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended December 31, 2014
 
240

816

$
15.79

$
14.20

$
2.07

11.2
%
 
 
 
Quarter Ended September 30, 2014
 
234

834

17.37

15.38

10.38

12.9
%
 
 
 
Quarter Ended June 30, 2014
 
234

707

17.33

15.84

4.41

9.4
%
 
 
 
Quarter Ended March 31, 2014
 
265

1,070

14.89

13.85

1.48

7.5
%
 
 
 
Rolling 12 months
 
 
973

3,427

$
16.21

$
14.72

$
4.39

10.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended December 31, 2014
 
54

134

$
19.46

$
17.63

$
12.33

10.4
%
6.3

 
 
Quarter Ended September 30, 2014
 
67

276

17.61

14.64

31.27

20.3
%
9.0

 
 
Quarter Ended June 30, 2014
 
54

163

18.97

17.11

19.07

10.9
%
8.1

 
 
Quarter Ended March 31, 2014
 
61

117

21.48

20.29

13.51

5.9
%
5.8

 
 
Rolling 12 months
 
 
236

690

$
18.95

$
16.76

$
21.70

13.1
%
7.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended December 31, 2014
 
186

682

$
15.07

$
13.53

$
0.06

11.4
%
 
 
 
Quarter Ended September 30, 2014
 
167

558

17.25

15.75

0.05

9.5
%
 
 
 
Quarter Ended June 30, 2014
 
180

544

16.84

15.47

0.02

8.9
%
 
 
 
Quarter Ended March 31, 2014
 
204

953

14.08

13.06

0.00

7.8
%
 
 
 
Rolling 12 months
 
 
737

2,737

$
15.52

$
14.20

$
0.03

9.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comparable & Non-Comparable:
 
 
 
 
 
 
 
 
 
 
Quarter Ended December 31, 2014
 
283

978

 
 
 
 
 
 
 
Quarter Ended September 30, 2014
 
293

1,073

 
 
 
 
 
 
 
Quarter Ended June 30, 2014
 
278

840

 
 
 
 
 
 
 
Quarter Ended March 31, 2014
 
306

1,236

 
 
 
 
 
 
 
Rolling 12 months
 
 
1,160

4,127

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
Other(4)
74

0
%
$
12.93

1
%
140

2
%
$
20.17

1
%
214

1
%
$
17.65

1
%
2015
858

5
%
9.30

4
%
1,324

15
%
22.60

14
%
2,182

9
%
17.37

10
%
2016
2,099

12
%
10.61

12
%
1,657

19
%
23.04

18
%
3,756

15
%
16.10

15
%
2017
1,938

12
%
12.19

13
%
1,454

17
%
23.87

16
%
3,392

13
%
17.20

15
%
2018
2,221

13
%
10.81

13
%
1,251

14
%
24.68

15
%
3,471

14
%
15.81

14
%
2019
2,102

12
%
10.38

12
%
1,120

13
%
25.49

14
%
3,222

13
%
15.63

13
%
2020 - 2025
5,617

33
%
11.49

35
%
1,655

19
%
24.91

20
%
7,272

28
%
14.54

27
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumes Exercise of all Renewal Options(5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
Other(4)
60

0
%
$
13.03

0
%
139

2
%
$
20.18

1
%
199

1
%
$
18.01

1
%
2015
166

1
%
8.17

1
%
853

10
%
22.15

8
%
1,018

4
%
19.87

4
%
2016
527

3
%
12.11

3
%
915

10
%
23.70

9
%
1,442

6
%
19.46

6
%
2017
173

1
%
13.59

1
%
824

9
%
23.95

8
%
998

4
%
22.15

5
%
2018
378

2
%
12.57

2
%
625

7
%
26.06

7
%
1,003

4
%
20.98

5
%
2019
208

1
%
9.83

1
%
658

8
%
25.05

7
%
866

3
%
21.39

4
%
2020 - 2025
2,302

14
%
12.41

13
%
2,402

27
%
26.26

27
%
4,704

19
%
19.48

20
%

Notes:
(1)
Reflects in-place leases as of December 31, 2014.
(2)
Anchor tenants represent any tenant at least 10,000 square feet.
(3)
Revenue includes minimum base rent only.
(4)
Leases currently under month-to-month status or in-process of renewal.
(5)
Revenue for leases with future option rent based on fair market value or CPI is reported as of the last year in the current lease term.

Page 25


Weingarten Realty Investors
Portfolio Operating Information (continued)
(at pro rata share)
(in thousands, except percentages)
Occupancy
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
December 31,
2014
 
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
 
Signed Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
98.9%
 
98.5%
 
98.6%
 
98.3%
 
98.5%
 
 
Non-Anchor
 
89.8%
 
89.1%
 
88.6%
 
88.3%
 
89.0%
 
 
Total Retail
 
95.5%
 
95.0%
 
94.9%
 
94.6%
 
94.9%
 
 
Other
 
87.1%
 
87.0%
 
86.7%
 
84.8%
 
85.9%
 
 
Total Signed
 
95.4%
 
94.9%
 
94.8%
 
94.5%
 
94.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commenced Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
97.3%
 
96.3%
 
97.5%
 
97.3%
 
96.6%
 
 
Non-Anchor
 
87.6%
 
86.0%
 
85.2%
 
85.6%
 
86.5%
 
 
Total Retail
 
93.7%
 
92.5%
 
92.9%
 
92.9%
 
92.8%
 
 
Other
 
87.1%
 
85.7%
 
86.2%
 
84.8%
 
85.9%
 
 
Total Commenced
 
93.7%
 
92.4%
 
92.8%
 
92.8%
 
92.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Property (2)
 
 
 
 
 
 
 
 
 
 
 
 
Signed Basis
 
95.9%
 
95.8%
 
95.7%
 
95.4%
 
95.6%
 
 
Commenced Basis
 
94.3%
 
93.8%
 
94.0%
 
93.8%
 
93.7%
 
 
Average Base Rents (3)
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
December 31,
2014
 
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
 
Commenced Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
$
11.85

 
$
11.72

 
$
11.61

 
$
11.53

 
$
11.49

 
 
Non-Anchor
 
24.00

 
23.43

 
23.33

 
23.17

 
22.82

 
 
Total
 
$
16.24

 
$
15.95

 
$
15.84

 
$
15.75

 
$
15.66

 
 
Same Property Net Operating Income Growth (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 December 31,
 
Twelve Months Ended 
 December 31,
 
 
2014
 
2013
 
% Change
 
2014
 
2013
 
% Change
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
Minimum Rent
 
$
92,229

 
$
89,455

 
3.1
%
 
$
364,541

 
$
353,261

 
3.2
%
Bad Debt (net of recoveries)
 
202

 
(335
)
 
160.3
%
 
939

 
766

 
22.6
%
Percentage Rent
 
1,062

 
960

 
10.6
%
 
3,232

 
2,894

 
11.7
%
Tenant Reimbursements
 
25,030

 
24,926

 
0.4
%
 
97,936

 
93,217

 
5.1
%
Other
 
1,318

 
661

 
99.4
%
 
3,521

 
2,714

 
29.7
%
 
 
119,841

 
115,667

 
3.6
%
 
470,169

 
452,852

 
3.8
%
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
20,612

 
19,727

 
4.5
%
 
77,088

 
73,981

 
4.2
%
Real Estate Taxes
 
13,349

 
13,056

 
2.2
%
 
53,958

 
50,840

 
6.1
%
 
 
33,961

 
32,783

 
3.6
%
 
131,046

 
124,821

 
5.0
%
Net Operating Income
 
$
85,880

 
$
82,884

 
3.6
%
 
$
339,123

 
$
328,031

 
3.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
(1) Anchor tenants represent any tenant at least 10,000 square feet.
 
 
 
 
 
 
(2) Same Property Occupancy includes operating centers that have been owned for the same comparable time duration.
 
 
    Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3) Average Base rent per Leased SF excludes ground leases.
 
 
 
 
 
 
(4) Same Property NOI Growth includes the Company's share of unconsolidated real estate joint ventures and partnerships and
    provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and
    straight-line rent adjustments and is reported on a cash basis.

Page 26


Weingarten Realty Investors
Total Net Operating Income by Geographic Region (1) 
(at pro rata share)
(in thousands, except percentages)

 
 
Twelve Months Ended December 31,
 
 
2014
 
%
 
2013
 
%
 
2012
 
%
 
2011
 
%
 
2010
 
%
West Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
 
$
66,510

 
17.2
%
 
$
63,885

 
16.7
%
 
$
59,163

 
15.0
%
 
$
53,618

 
13.2
%
 
$
50,943

 
13.1
%
Washington
 
2,925

 
0.8
%
 
2,547

 
0.7
%
 
2,048

 
0.5
%
 
1,978

 
0.5
%
 
1,171

 
0.3
%
Oregon
 
1,513

 
0.4
%
 
1,565

 
0.4
%
 
1,528

 
0.4
%
 
1,349

 
0.3
%
 
1,345

 
0.3
%
Total West Region
 
70,948

 
18.4
%
 
67,997

 
17.8
%
 
62,738

 
15.9
%
 
56,945

 
14.0
%
 
53,459

 
13.7
%
Mountain Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nevada
 
$
30,238

 
7.8
%
 
$
28,334

 
7.4
%
 
$
30,094

 
7.6
%
 
$
30,525

 
7.5
%
 
$
30,906

 
8.0
%
Arizona
 
28,804

 
7.5
%
 
27,079

 
7.1
%
 
26,032

 
6.6
%
 
25,450

 
6.3
%
 
24,287

 
6.2
%
Colorado
 
12,519

 
3.2
%
 
11,393

 
3.0
%
 
13,778

 
3.5
%
 
12,485

 
3.1
%
 
10,099

 
2.6
%
New Mexico
 
3,033

 
0.8
%
 
4,500

 
1.2
%
 
4,622

 
1.2
%
 
4,993

 
1.2
%
 
5,250

 
1.4
%
Utah
 
2,808

 
0.7
%
 
3,458

 
0.9
%
 
3,556

 
0.9
%
 
3,494

 
0.9
%
 
3,548

 
0.9
%
Total Mountain Region
 
77,401

 
20.0
%
 
74,764

 
19.6
%
 
78,082

 
19.8
%
 
76,947

 
19.0
%
 
74,090

 
19.1
%
Central Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas
 
$
109,843

 
28.4
%
 
$
105,849

 
27.6
%
 
$
116,645

 
29.5
%
 
$
129,540

 
32.0
%
 
$
121,035

 
31.1
%
Louisiana
 
5,152

 
1.4
%
 
10,387

 
2.7
%
 
9,185

 
2.3
%
 
8,272

 
2.0
%
 
7,715

 
2.0
%
Arkansas
 
3,132

 
0.8
%
 
3,266

 
0.9
%
 
3,089

 
0.8
%
 
3,106

 
0.8
%
 
2,732

 
0.7
%
Missouri
 
1,071

 
0.3
%
 
1,123

 
0.3
%
 
852

 
0.2
%
 
1,061

 
0.3
%
 
3,019

 
0.8
%
Oklahoma
 
632

 
0.2
%
 
682

 
0.2
%
 
921

 
0.2
%
 
1,083

 
0.3
%
 
1,034

 
0.3
%
Illinois
 

 
0.0
%
 

 
0.0
%
 
2,464

 
0.6
%
 
2,556

 
0.6
%
 
2,065

 
0.5
%
Kansas
 

 
0.0
%
 

 
0.0
%
 
474

 
0.1
%
 
1,181

 
0.3
%
 
1,214

 
0.3
%
Total Central Region
 
119,830

 
31.1
%
 
121,307

 
31.7
%
 
133,629

 
33.7
%
 
146,799

 
36.3
%
 
138,814

 
35.7
%
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North Carolina
 
$
20,602

 
5.3
%
 
$
23,123

 
6.0
%
 
$
25,074

 
6.3
%
 
$
25,656

 
6.3
%
 
$
24,869

 
6.4
%
Georgia
 
19,080

 
4.9
%
 
20,340

 
5.3
%
 
19,767

 
5.0
%
 
19,845

 
4.9
%
 
21,798

 
5.6
%
Tennessee
 
8,152

 
2.1
%
 
6,903

 
1.8
%
 
7,770

 
2.0
%
 
7,491

 
1.8
%
 
6,261

 
1.6
%
Kentucky
 
7,554

 
2.0
%
 
7,324

 
1.9
%
 
7,050

 
1.8
%
 
6,890

 
1.7
%
 
7,019

 
1.8
%
Maryland
 
4,025

 
1.0
%
 
2,965

 
0.8
%
 
1,063

 
0.3
%
 

 
0.0
%
 

 
0.0
%
Virginia
 
334

 
0.1
%
 
273

 
0.1
%
 
1,805

 
0.5
%
 
3,551

 
0.9
%
 
3,634

 
0.9
%
South Carolina
 
277

 
0.1
%
 

 
0.0
%
 
265

 
0.1
%
 
268

 
0.1
%
 
285

 
0.1
%
Maine
 

 
0.0
%
 

 
0.0
%
 
40

 
0.0
%
 
214

 
0.1
%
 
321

 
0.1
%
Total Mid-Atlantic Region
 
60,023

 
15.5
%
 
60,927

 
15.9
%
 
62,833

 
16.0
%
 
63,915

 
15.8
%
 
64,186

 
16.5
%
Southeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida
 
$
58,029

 
15.0
%
 
$
57,443

 
15.0
%
 
$
57,620

 
14.6
%
 
$
60,361

 
14.9
%
 
$
58,135

 
15.0
%
Total Southeast Region
 
58,029

 
15.0
%
 
57,443

 
15.0
%
 
57,620

 
14.6
%
 
60,361

 
14.9
%
 
58,135

 
15.0
%
Total Net Operating Income
 
$
386,231

 
100.0
%
 
$
382,438

 
100.0
%
 
$
394,902

 
100.0
%
 
$
404,967

 
100.0
%
 
$
388,684

 
100.0
%

(1) The Net Operating Income at pro rata share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 15% to 75% except for the operations of downreit partnerships, which are included at 100%. Net Operating Income excludes the effect of lease cancellation income, straight-line rent adjustments and impairment charges. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.

Page 27












Property Listing





Weingarten Realty Investors
Summary Property Listing
As of December 31, 2014
 
 
 
 
 
Gross Leasable Area
ALL PROPERTIES BY STATE
 
# of
  Properties  
 
WRI
Owned
 
  Joint Venture  
Share
 
Owned
  by Other   
 
Total        
 
 
 
 
 
 
 
 
 
 
 
Arizona
 
23

 
2,361,523

 

 
1,521,314

 
3,882,837

Arkansas
 
3

 
355,410

 

 

 
355,410

California
 
26

 
3,903,300

 
52,614

 
977,435

 
4,933,349

Colorado
 
9

 
999,399

 
536,519

 
1,210,338

 
2,746,258

Florida
 
35

 
4,062,693

 
2,162,553

 
1,245,682

 
7,470,927

Georgia
 
14

 
1,639,666

 
137,071

 
897,237

 
2,673,974

Kentucky
 
4

 
634,305

 

 
127,614

 
761,919

Louisiana
 
3

 
400,131

 
107,974

 
9,200

 
517,305

Maryland
 
2

 
83,050

 

 

 
83,050

Missouri
 
1

 
28,367

 
28,367

 

 
56,734

Nevada
 
12

 
2,226,845

 

 
1,591,626

 
3,818,471

New Mexico
 
2

 
231,757

 

 
27,330

 
259,087

North Carolina
 
16

 
1,787,715

 
72,116

 
790,167

 
2,649,998

Oklahoma
 
1

 
128,231

 

 

 
128,231

Oregon
 
3

 
119,871

 
90,777

 
66,276

 
276,924

South Carolina
 
1

 
21,674

 
65,020

 

 
86,694

Tennessee
 
5

 
694,005

 

 
154,340

 
848,345

Texas
 
68

 
7,494,561

 
2,536,226

 
2,545,619

 
12,576,407

Utah
 
3

 
299,556

 

 
171,650

 
471,206

Virginia
 
1

 
130,876

 

 

 
130,876

Washington
 
5

 
202,372

 
295,905

 
65,346

 
563,623

Total
 
237

 
27,805,307

 
6,085,142

 
11,401,174

 
45,291,625

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes for detail property listing
(1) Denotes partial ownership. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership.
(2) Denotes property currently under development.
(3) Denotes properties that are not consolidated for SEC reporting purposes.
(4) Denotes single tenant retail property.
( ) Retailers in parenthesis are not a part of the owned property.
NOTES: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases.

Page 29

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Operating Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mohave Crossroads
 
Lake Havasu City-Kingman, AZ
 
100.0
%
 

 
182,168

 
395,477

 
13.49

 
79.5
%
 

 
(Target), (Kohl's), PetSmart, Staples, Bed Bath & Beyond, Ross Dress for Less
Arcadia Biltmore Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
21,122

 
21,122

 
N/A

 
100.0
%
 

 
Weingarten Realty Regional Office, Endurance Rehab
Arrowhead Festival S.C.
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
29,834

 
194,309

 
24.39

 
100.0
%
 

 
(Sports Authority), (Toys “R” Us), (Bed Bath & Beyond)
Broadway Marketplace
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
82,757

 
87,379

 
13.14

 
89.3
%
 

 
Office Max, Ace Hardware
Camelback Village Square
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
132,731

 
240,951

 
13.51

 
96.9
%
 
Fry’s Supermarket
 
Office Max
Desert Village
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
101,685

 
107,071

 
22.16

 
95.8
%
 
AJ Fine Foods
 
CVS
Fountain Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
113,536

 
305,588

 
9.12

 
94.9
%
 
Fry’s Supermarket
 
Dollar Tree, (Lowe's)
Laveen Village Market
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
39,763

 
318,805

 
27.67

 
100.0
%
 
(Fry’s Supermarket)
 
(Home Depot)
Monte Vista Village Center
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
45,751

 
108,551

 
23.96

 
93.3
%
 
(Safeway)
 

Palmilla Center
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
103,568

 
178,219

 
18.29

 
100.0
%
 
(Fry’s Supermarket)
 
Office Max, PetSmart, Dollar Tree
Pueblo Anozira
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
157,607

 
157,607

 
14.84

 
99.3
%
 
Fry’s Supermarket
 
Petco, Dollar Tree
Raintree Ranch
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
129,822

 
133,020

 
25.83

 
96.7
%
 
Whole Foods
 

Rancho Encanto
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
66,787

 
72,170

 
17.10

 
83.6
%
 

 
Smart & Final
Red Mountain Gateway
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
69,213

 
199,013

 
14.71

 
93.3
%
 

 
(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
155,006

 
155,006

 
16.51

 
93.9
%
 
Safeway
 
CVS
Squaw Peak Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
60,728

 
60,728

 
17.64

 
96.0
%
 
Sprouts Farmers Market
 

The Shoppes at Parkwood Ranch
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
92,626

 
106,738

 
12.28

 
95.4
%
 

 
Hobby Lobby, Dollar Tree
Valley Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
146,226

 
154,588

 
11.76

 
94.7
%
 
US Foods
 
Ross Dress for Less
Entrada de Oro
 
Tucson, AZ
 
100.0
%
 

 
88,665

 
109,075

 
17.67

 
97.7
%
 
Walmart Neighborhood Market
 

Madera Village
 
Tucson, AZ
 
100.0
%
 

 
96,697

 
106,858

 
12.30

 
99.0
%
 
Safeway
 
Walgreens, Dollar Tree
Oracle Crossings
 
Tucson, AZ
 
100.0
%
 

 
251,194

 
261,194

 
17.87

 
99.2
%
 
Sprouts Farmers Market
 
Kohl's, Home Goods
Oracle Wetmore
 
Tucson, AZ
 
100.0
%
 

 
150,109

 
343,237

 
24.67

 
94.2
%
 

 
(Home Depot), (Jo Ann Fabric) Cost Plus, PetSmart, Walgreens, Ulta Beauty
Shoppes at Bears Path
 
Tucson, AZ
 
100.0
%
 

 
43,928

 
66,131

 
16.21

 
77.0
%
 

 
(Osco Drug)
Arizona Total:
 
# of Properties:
23

 
 
 
 
2,361,523

 
3,882,837

 
16.60

 
94.4
%
 
 
 
 
Arkansas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Markham Square
 
Little Rock-N. Little Rock, AR
 
100.0
%
 

 
124,284

 
124,284

 
8.25

 
93.6
%
 

 
Burlington Coat Factory, Ross Dress for Less
Markham West
 
Little Rock-N. Little Rock, AR
 
100.0
%
 

 
178,500

 
178,500

 
10.42

 
100.0
%
 

 
Academy, Office Depot, Michaels, Dollar Tree
Westgate
 
Little Rock-N. Little Rock, AR
 
100.0
%
 

 
52,626

 
52,626

 
11.01

 
99.5
%
 

 
Stein Mart
Arkansas Total:
 
# of Properties:
3

 
 
 
 
355,410

 
355,410

 
9.77

 
97.7
%
 
 
 
 
California
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8000 Sunset Strip Shopping Center
 
Los Angeles-Long Beach et al, CA
 
100.0
%
 

 
171,551

 
171,551

 
40.04

 
96.0
%
 
Trader Joe's
 
Crunch, Sundance Cinemas, CB2
Buena Vista Marketplace
 
Los Angeles-Long Beach et al, CA
 
100.0
%
 

 
90,805

 
90,805

 
22.99

 
95.6
%
 
Ralph's
 
Dollar Tree
Centerwood Plaza
 
Los Angeles-Long Beach et al, CA
 
100.0
%
 

 
75,486

 
75,486

 
13.77

 
100.0
%
 
Superior Grocers
 
Dollar Tree
Westminster Center
 
Los Angeles-Long Beach et al, CA
 
100.0
%
 

 
417,567

 
440,437

 
18.35

 
97.4
%
 
Albertsons
 
Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness

Page 30

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Hallmark Town Center
 
Madera, CA
 
100.0
%
 

 
85,066

 
98,359

 
13.22

 
96.4
%
 
Food 4 Less
 
Bally Total Fitness
Marshalls Plaza
 
Modesto, CA
 
100.0
%
 

 
78,752

 
85,952

 
15.16

 
90.3
%
 

 
Marshalls, Dress Barn, Guitar Center
Chino Hills Marketplace
 
Riverside et al, CA
 
100.0
%
 

 
310,920

 
310,920

 
20.29

 
92.3
%
 
Von’s
 
Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace
 
Riverside et al, CA
 
100.0
%
 

 
208,656

 
307,826

 
19.09

 
97.3
%
 
(Winco Foods)
 
Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Phase III
 
Riverside et al, CA
 
100.0
%
 

 
184,809

 
194,342

 
20.98

 
97.1
%
 
(Winco Foods)
 
Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness
Menifee Town Center
 
Riverside et al, CA
 
100.0
%
 

 
124,431

 
258,734

 
16.44

 
99.2
%
 
Ralph's
 
Ross Dress for Less, Dollar Tree
Stoneridge Town Centre
 
Riverside et al, CA
 
67.0
%
 
(1)(3)
 
106,821

 
434,450

 
23.37

 
72.0
%
 
(Super Target)
 
(Kohl's)
Discovery Plaza
 
Sacramento-Arden et al, CA
 
100.0
%
 

 
93,398

 
93,398

 
17.09

 
96.1
%
 
Bel Air Market
 

Prospectors Plaza
 
Sacramento-Arden et al, CA
 
100.0
%
 

 
243,907

 
252,521

 
19.48

 
97.2
%
 
SaveMart
 
Kmart, CVS, Ross
Summerhill Plaza
 
Sacramento-Arden et al, CA
 
100.0
%
 

 
128,835

 
128,835

 
11.69

 
93.8
%
 
Raley’s
 
Dollar Tree
Valley
 
Sacramento-Arden et al, CA
 
100.0
%
 

 
98,240

 
107,005

 
17.85

 
90.0
%
 
Raley's
 

El Camino Promenade
 
San Diego-Carlsbad et al, CA
 
100.0
%
 

 
129,676

 
129,676

 
24.17

 
95.7
%
 

 
T.J. Maxx, Staples, Dollar Tree
Rancho San Marcos Village
 
San Diego-Carlsbad et al, CA
 
100.0
%
 

 
120,368

 
134,628

 
19.15

 
95.9
%
 
Von’s
 
24 Hour Fitness
San Marcos Plaza
 
San Diego-Carlsbad et al, CA
 
100.0
%
 

 
35,880

 
81,086

 
32.65

 
90.1
%
 
(Albertsons)
 

580 Market Place
 
San Francisco-Oakland et al, CA
 
100.0
%
 

 
100,097

 
100,097

 
29.65

 
100.0
%
 
Safeway
 
24 Hour Fitness, Petco
Fremont Gateway Plaza
 
San Francisco-Oakland et al, CA
 
100.0
%
 

 
194,601

 
368,701

 
22.61

 
99.2
%
 
Raley’s
 
24 Hour Fitness, (Walgreens)
Greenhouse Marketplace
 
San Francisco-Oakland et al, CA
 
100.0
%
 

 
146,658

 
236,427

 
19.84

 
94.0
%
 
(Safeway)
 
(CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco
Silver Creek Plaza
 
San Jose-Sunnyvale et al, CA
 
100.0
%
 

 
132,925

 
202,820

 
24.04

 
100.0
%
 
Safeway
 
Walgreens, (Orchard Supply)
Freedom Centre
 
Santa Cruz-Watsonville, CA
 
100.0
%
 

 
150,865

 
150,865

 
14.66

 
100.0
%
 
Safeway
 
Rite Aid, Big Lots
Stony Point Plaza
 
Santa Rosa-Petaluma, CA
 
100.0
%
 

 
194,569

 
200,011

 
14.25

 
100.0
%
 
Food Maxx
 
Ross Dress for Less, Fallas Paredes
Creekside Center
 
Vallejo-Fairfield, CA
 
100.0
%
 

 
115,991

 
115,991

 
19.82

 
91.7
%
 
Raley’s
 

Southampton Center
 
Vallejo-Fairfield, CA
 
100.0
%
 

 
162,426

 
162,426

 
19.31

 
99.2
%
 
Raley’s
 
Ace Hardware, Dollar Tree
California Total:
 
# of Properties:
26

 
 
 
 
3,903,300

 
4,933,349

 
20.25

 
95.8
%
 
 
 
 
Colorado
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aurora City Place
 
Denver-Aurora, CO
 
50.0
%
 
(1)(3)
 
180,478

 
542,956

 
15.86

 
95.8
%
 
(Super Target)
 
Sports Authority, Barnes & Noble, Ross Dress For Less, PetSmart
Cherry Creek
 
Denver-Aurora, CO
 
100.0
%
 

 
78,148

 
272,658

 
25.95

 
100.0
%
 
(Super Target)
 
Sports Authority, PetSmart
CityCenter Englewood
 
Denver-Aurora, CO
 
51.0
%
 
(1)(3)
 
137,242

 
359,103

 
16.49

 
87.1
%
 

 
(Walmart), Ross Dress for Less, Petco, Office Depot, Bally Total Fitness
Crossing at Stonegate
 
Denver-Aurora, CO
 
51.0
%
 
(1)(3)
 
55,632

 
109,082

 
15.90

 
100.0
%
 
King Sooper’s
 

Edgewater Marketplace
 
Denver-Aurora, CO
 
100.0
%
 

 
144,553

 
270,548

 
10.63

 
96.9
%
 
King Sooper's
 
Ace Hardware, (Target)
Green Valley Ranch Towne Center
 
Denver-Aurora, CO
 
50.0
%
 
(1)(3)
 
28,440

 
114,881

 
21.29

 
100.0
%
 
(King Sooper’s)
 

Lowry Town Center
 
Denver-Aurora, CO
 
50.0
%
 
(1)(3)
 
38,349

 
129,398

 
26.32

 
93.4
%
 
(Albertsons)
 

River Point at Sheridan
 
Denver-Aurora, CO
 
100.0
%
 

 
228,372

 
561,505

 
14.57

 
95.3
%
 

 
(Target), (Costco), Regal Cinema, Michaels, Conn's
Thorncreek Crossing
 
Denver-Aurora, CO
 
51.0
%
 
(1)(3)
 
108,185

 
386,127

 
16.40

 
99.4
%
 
Sprouts, (Super Target)
 
Barnes & Noble, Cost Plus, Michaels, OfficeMax, Dollar Tree
Colorado Total:
 
# of Properties:
9

 
 
 
 
999,399

 
2,746,258

 
16.52

 
95.6
%
 
 
 
 
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Argyle Village
 
Jacksonville, FL
 
100.0
%
 

 
315,432

 
315,432

 
10.87

 
92.5
%
 
Publix
 
Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels

Page 31

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Atlantic West
 
Jacksonville, FL
 
50.0
%
 
(1)(3)
 
42,284

 
180,578

 
13.31

 
100.0
%
 

 
T.J. Maxx, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village - St. Augustine
 
Jacksonville, FL
 
70.0
%
 
(1)
 
8,542

 
64,180

 
15.99

 
78.5
%
 

 
(Epic Theaters)
Kernan Village
 
Jacksonville, FL
 
50.0
%
 
(1)(3)
 
42,579

 
288,780

 
16.30

 
100.0
%
 
(Walmart Supercenter)
 
Ross Dress for Less, Petco
Boca Lyons
 
Miami-Fort Lauderdale et al, FL
 
100.0
%
 

 
117,423

 
117,423

 
22.43

 
96.6
%
 
4th Generation Market
 
Ross Dress for Less
Embassy Lakes
 
Miami-Fort Lauderdale et al, FL
 
100.0
%
 

 
131,723

 
179,937

 
13.56

 
95.8
%
 
Winn Dixie
 
Tuesday Morning, Dollar Tree
Flamingo Pines
 
Miami-Fort Lauderdale et al, FL
 
100.0
%
 

 
139,462

 
266,761

 
20.99

 
95.6
%
 
(Walmart Supercenter)
 
U.S. Post Office, Florida Technical College
Flamingo Pines
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
25,373

 
148,840

 
17.08

 
99.2
%
 
Publix
 

Hollywood Hills Plaza
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
72,284

 
405,145

 
19.71

 
99.1
%
 
Publix
 
Target, CVS
Northridge
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
46,720

 
236,628

 
17.53

 
96.5
%
 
Publix
 
Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
59,201

 
316,262

 
14.72

 
99.6
%
 
Publix
 
Marshalls, Office Depot, LA Fitness, Dollar Tree
Sunrise West Shopping Center
 
Miami-Fort Lauderdale et al, FL
 
25.0
%
 
(1)(3)
 
19,080

 
84,597

 
13.93

 
82.4
%
 
Publix
 

Tamiami Trail Shops
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
22,173

 
132,564

 
15.86

 
92.1
%
 
Publix
 
CVS
TJ Maxx Plaza
 
Miami-Fort Lauderdale et al, FL
 
100.0
%
 

 
161,429

 
161,429

 
16.11

 
96.6
%
 
Winn Dixie
 
T.J. Maxx, Dollar Tree
Vizcaya Square
 
Miami-Fort Lauderdale et al, FL
 
100.0
%
 

 
110,081

 
110,081

 
15.72

 
96.5
%
 
Winn Dixie
 

Sea Ranch Centre
 
Miami-Fort Lauderdale-Pompano Beach, FL
100.0
%
 

 
98,950

 
98,950

 
17.03

 
90.1
%
 
Publix
 
CVS, Dollar Tree
Alafaya Square
 
Orlando, FL
 
20.0
%
 
(1)(3)
 
35,268

 
176,341

 
12.52

 
82.9
%
 
Publix
 

Clermont Landing
 
Orlando, FL
 
65.1
%
 
(1)(3)
 
110,396

 
339,294

 
16.56

 
95.8
%
 

 
(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Plaza
 
Orlando, FL
 
100.0
%
 

 
498,994

 
498,994

 
13.92

 
98.5
%
 

 
Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
International Drive Value Center
 
Orlando, FL
 
20.0
%
 
(1)(3)
 
37,073

 
185,365

 
9.17

 
100.0
%
 

 
Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx
Marketplace at Seminole Towne Center
 
Orlando, FL
 
100.0
%
 

 
318,694

 
500,607

 
15.12

 
98.8
%
 
(Super Target)
 
Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco
Phillips Crossing
 
Orlando, FL
 
100.0
%
 

 
145,644

 
145,644

 
27.54

 
100.0
%
 
Whole Foods
 
Golf Galaxy, Michaels
The Marketplace at Dr. Phillips
 
Orlando, FL
 
20.0
%
 
(1)(3)
 
65,218

 
326,090

 
22.66

 
98.1
%
 
Publix
 
Stein Mart, Home Goods, Morton's of Chicago, Office Depot
The Shoppes at South Semoran
 
Orlando, FL
 
100.0
%
 

 
101,611

 
101,611

 
12.09

 
92.1
%
 
Walmart Neighborhood Market
 
Dollar Tree
Winter Park Corners
 
Orlando, FL
 
100.0
%
 

 
102,382

 
102,382

 
20.13

 
100.0
%
 
Whole Foods Market
 
 
Indian Harbour Place
 
Palm Bay-Melbourne et al, FL
 
25.0
%
 
(1)(3)
 
40,880

 
177,471

 
11.98

 
94.2
%
 
Publix
 
Bealls
Pineapple Commons
 
Port St. Lucie-Fort Pierce, FL
 
20.0
%
 
(1)(3)
 
50,023

 
264,468

 
14.92

 
100.0
%
 

 
Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS)
Quesada Commons
 
Punta Gorda, FL
 
25.0
%
 
(1)(3)
 
14,722

 
58,890

 
13.39

 
95.4
%
 
Publix
 
(Walgreens)
Shoppes of Port Charlotte
 
Punta Gorda, FL
 
25.0
%
 
(1)(3)
 
10,253

 
63,108

 
19.05

 
90.2
%
 
(Publix)
 
Petco, (Walgreens)
Countryside Centre
 
Tampa-St. Petersburg et al, FL
 
100.0
%
 

 
248,253

 
248,253

 
14.43

 
95.2
%
 

 
T.J. Maxx, Home Goods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands
 
Tampa-St. Petersburg et al, FL
 
20.0
%
 
(1)(3)
 
26,661

 
133,306

 
17.86

 
84.4
%
 
Walmart Neighborhood Market
 
Walgreens
Largo Mall
 
Tampa-St. Petersburg et al, FL
 
100.0
%
 

 
376,957

 
574,588

 
16.06

 
93.1
%
 
(Albertsons)
 
Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Palms of Carrollwood
 
Tampa-St. Petersburg et al, FL
 
100.0
%
 

 
154,118

 
154,118

 
13.94

 
90.1
%
 
The Fresh Market
 
Bed Bath & Beyond
Sunset 19
 
Tampa-St. Petersburg et al, FL
 
100.0
%
 

 
275,910

 
275,910

 
12.06

 
99.6
%
 

 
Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports Authority, Old Navy
Whole Foods @ Carrollwood
 
Tampa-St. Petersburg et al, FL
 
100.0
%
 
 (4)
 
36,900

 
36,900

 
N/A

 
100.0
%
 
Whole Foods Market
 

Florida Total:
 
# of Properties:
35

 
 
 
 
4,062,693

 
7,470,927

 
15.63

 
96.0
%
 
 
 
 
Georgia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookwood Marketplace
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
199,594

 
397,295

 
18.03

 
94.5
%
 
(Super Target)
 
Home Depot, Bed Bath & Beyond, Office Max

Page 32

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Brookwood Square
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
181,333

 
181,333

 
8.98

 
86.5
%
 

 
Marshalls, LA Fitness
Brownsville Commons
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
27,747

 
81,886

 
18.98

 
89.9
%
 
(Kroger)
 

Camp Creek Marketplace II
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
196,283

 
228,003

 
13.97

 
100.0
%
 

 
DSW, LA Fitness, Shopper's World, American Signature
Dallas Commons
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
25,158

 
95,262

 
23.77

 
100.0
%
 
(Kroger)
 

Grayson Commons
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
76,611

 
76,611

 
14.50

 
91.0
%
 
Kroger
 

Lakeside Marketplace
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
137,693

 
332,889

 
16.22

 
100.0
%
 
(Super Target)
 
Ross Dress for Less, Petco
Mansell Crossing
 
Atlanta-Sandy Springs et al, GA
 
20.0
%
 
(1)(3)
 
20,586

 
102,931

 
12.95

 
100.0
%
 

 
buybuy BABY, Ross Dress for Less, Rooms to Go
Perimeter Village
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
373,621

 
373,621

 
19.34

 
99.2
%
 
Walmart Supercenter
 
Cost Plus World Market, DSW, Hobby Lobby
Publix at Princeton Lakes
 
Atlanta-Sandy Springs et al, GA
 
20.0
%
 
(1)(3)
 
13,681

 
72,207

 
16.83

 
100.0
%
 
Publix
 

Reynolds Crossing
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
45,758

 
115,983

 
25.24

 
89.4
%
 
(Kroger)
 

Roswell Corners
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
136,622

 
318,387

 
17.02

 
96.1
%
 
(Super Target)
 
Staples, T.J. Maxx
Roswell Crossing
 
Atlanta-Sandy Springs et al, GA
 
100.0
%
 

 
201,979

 
201,979

 
14.27

 
92.9
%
 
Trader Joe's
 
Office Max, PetSmart, Walgreens
Thompson Bridge Commons
 
Gainesville, GA
 
100.0
%
 
 (4)
 
3,000

 
95,587

 
N/A

 
100.0
%
 
(Kroger)
 

Georgia Total:
 
# of Properties:
14

 
 
 
 
1,639,666

 
2,673,974

 
16.00

 
95.6
%
 
 
 
 
Kentucky
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Millpond Center
 
Lexington-Fayette, KY
 
100.0
%
 

 
124,498

 
151,498

 
10.62

 
91.2
%
 
Kroger
 

Regency Shopping Centre
 
Lexington-Fayette, KY
 
100.0
%
 

 
142,738

 
188,782

 
14.09

 
87.1
%
 
(Kroger)
 
T.J. Maxx, Michaels
Tates Creek
 
Lexington-Fayette, KY
 
100.0
%
 

 
198,372

 
203,532

 
13.77

 
97.3
%
 
Kroger
 
Rite Aid
Festival at Jefferson Court
 
Louisville, KY-IN
 
100.0
%
 

 
168,697

 
218,107

 
12.80

 
97.6
%
 
Kroger
 
(PetSmart), (TJ Maxx), Staples, Party City
Kentucky Total:
 
# of Properties:
4

 
 
 
 
634,305

 
761,919

 
12.98

 
93.9
%
 
 
 
 
Louisiana
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
K-Mart Plaza
 
Lake Charles, LA
 
50.0
%
 
(1)(3)
 
107,974

 
225,148

 
9.33

 
100.0
%
 
Albertsons
 
Kmart, Dollar Tree, Planet Fitness
Southgate
 
Lake Charles, LA
 
100.0
%
 

 
155,789

 
155,789

 
10.71

 
83.8
%
 
Market Basket
 
Office Depot, Books-A-Million
Danville Plaza
 
Monroe, LA
 
100.0
%
 

 
136,368

 
136,368

 
5.85

 
96.3
%
 
County Market
 
Citi Trends, Surplus Warehouse
Louisiana Total:
 
# of Properties:
3

 
 
 
 
400,131

 
517,305

 
8.35

 
92.4
%
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pike Center
 
Washington, DC-VA-MD-WV
 
100.0
%
 

 
80,841

 
80,841

 
56.52

 
100.0
%
 

 
T.G.I. Friday's, Ethan Allen, Pier 1
Maryland Total:
 
# of Properties:
1

 
 
 
 
80,841

 
80,841

 
56.52

 
100.0
%
 
 
 
 
Missouri
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Western Plaza
 
St. Louis, MO-IL
 
50.0
%
 
(1)(3)
 
28,367

 
56,734

 
7.84

 
96.5
%
 

 
Value Village
Missouri Total:
 
# of Properties:
1

 
 
 
 
28,367

 
56,734

 
7.84

 
96.5
%
 
 
 
 
Nevada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Best in the West
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
428,066

 
428,066

 
16.72

 
98.6
%
 

 
Best Buy, T. J. Maxx, Babies "R" Us, Bed Bath & Beyond, Petsmart, Office Depot
Charleston Commons
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
332,890

 
367,544

 
16.23

 
99.3
%
 
Walmart
 
Ross Dress for Less, Office Max, 99 Cents Only, PetSmart
College Park S.C.
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
167,654

 
195,367

 
12.01

 
93.9
%
 
El Super
 
Factory 2 U, CVS
Decatur 215
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
14,658

 
241,700

 
26.31

 
100.0
%
 
(WinCo Foods)
 
(Target), Hobby Lobby
Eastern Horizon
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
65,848

 
353,538

 
21.06

 
95.4
%
 
Trader Joe's, (Kmart)
 

Francisco Centre
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
116,973

 
148,815

 
11.50

 
87.2
%
 
La Bonita Grocery
 
(Ross Dress for Less), Fallas Paredes

Page 33

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Paradise Marketplace
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
78,077

 
152,672

 
18.42

 
89.1
%
 
(Smith’s Food)
 
Dollar Tree
Rainbow Plaza
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
273,916

 
273,916

 
13.67

 
97.2
%
 
Albertsons
 
Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness
Rainbow Plaza, Phase I
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
136,339

 
136,339

 
13.48

 
96.9
%
 
Albertsons
 
Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness
Rancho Towne & Country
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
84,711

 
161,837

 
12.59

 
100.0
%
 
Smith’s Food
 

Tropicana Beltway
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
246,483

 
617,821

 
18.70

 
97.6
%
 
(Walmart Supercenter)
 
(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, Sports Authority
Tropicana Marketplace
 
Las Vegas-Paradise, NV
 
100.0
%
 
 
 
69,475

 
142,643

 
19.81

 
74.9
%
 
(Smith’s Food)
 
Family Dollar
Westland Fair North
 
Las Vegas-Paradise, NV
 
100.0
%
 

 
211,755

 
598,213

 
17.18

 
90.8
%
 
(Walmart Supercenter)
 
(Lowe’s), PetSmart, Office Depot, Michaels, Anna's Linens
Nevada Total:
 
# of Properties:
12

 
 
 
 
2,226,845

 
3,818,471

 
15.85

 
95.5
%
 
 
 
 
New Mexico
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eastdale
 
Albuquerque, NM
 
100.0
%
 

 
119,091

 
119,091

 
7.48

 
91.3
%
 
Albertsons
 
Family Dollar
North Towne Plaza
 
Albuquerque, NM
 
100.0
%
 

 
112,666

 
139,996

 
21.51

 
99.9
%
 
Whole Foods Market
 
Home Goods
New Mexico Total:
 
# of Properties:
2

 
 
 
 
231,757

 
259,087

 
14.62

 
95.5
%
 
 
 
 
North Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Galleria
 
Charlotte-Gastonia et al, NC-SC
 
100.0
%
 

 
120,674

 
328,276

 
16.21

 
95.8
%
 
(Walmart Supercenter)
 
Off Broadway Shoes
Whitehall Commons
 
Charlotte-Gastonia et al, NC-SC
 
100.0
%
 

 
42,183

 
444,803

 
24.78

 
93.2
%
 
(Walmart Supercenter), (Publix)
 
(Lowe's)
Bull City Market
 
Durham, NC
 
100.0
%
 

 
40,875

 
40,875

 
18.52

 
100.0
%
 
Whole Foods Market
 

Chatham Crossing
 
Durham, NC
 
25.0
%
 
(1)(3)
 
24,039

 
96,155

 
12.91

 
88.5
%
 
Lowes Foods
 
CVS
Hope Valley Commons
 
Durham, NC
 
100.0
%
 

 
81,371

 
81,371

 
25.12

 
96.3
%
 
Harris Teeter
 

Avent Ferry
 
Raleigh-Cary, NC
 
100.0
%
 

 
119,652

 
119,652

 
18.73

 
90.4
%
 
Food Lion
 
Family Dollar
Capital Square
 
Raleigh-Cary, NC
 
100.0
%
 

 
143,063

 
143,063

 
7.56

 
100.0
%
 
Food Lion
 

Falls Pointe
 
Raleigh-Cary, NC
 
100.0
%
 

 
112,199

 
198,549

 
16.86

 
98.9
%
 
Harris Teeter
 
(Kohl’s)
High House Crossing
 
Raleigh-Cary, NC
 
100.0
%
 

 
90,155

 
90,155

 
15.43

 
100.0
%
 
Harris Teeter
 

Leesville Town Centre
 
Raleigh-Cary, NC
 
100.0
%
 

 
127,106

 
127,106

 
19.50

 
93.8
%
 
Harris Teeter
 
Rite Aid
Northwoods Market
 
Raleigh-Cary, NC
 
100.0
%
 

 
77,802

 
77,802

 
11.74

 
91.2
%
 
Walmart Neighborhood Market
 
Dollar Tree
Six Forks Station
 
Raleigh-Cary, NC
 
100.0
%
 

 
467,660

 
467,660

 
10.68

 
99.0
%
 
Food Lion
 
Kmart, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market
 
Raleigh-Cary, NC
 
100.0
%
 

 
188,437

 
188,437

 
12.74

 
100.0
%
 
Harris Teeter
 
Stein Mart, Rite Aid
Surf City Crossing
 
Wilmington, NC
 
100.0
%
 

 
63,016

 
63,016

 
19.08

 
91.1
%
 
Harris Teeter
 

Waterford Village
 
Wilmington, NC
 
100.0
%
 

 
89,483

 
89,483

 
19.98

 
98.4
%
 
Harris Teeter
 

North Carolina Total:
 
# of Properties:
15

 
 
 
 
1,787,715

 
2,556,403

 
14.54

 
97.1
%
 
 
 
 
Oklahoma
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Town and Country
 
Oklahoma City, OK
 
100.0
%
 

 
128,231

 
128,231

 
7.04

 
91.3
%
 

 
Big Lots, Westlake Hardware, Aaron Rents
Oklahoma Total:
 
# of Properties:
1

 
 
 
 
128,231

 
128,231

 
7.04

 
91.3
%
 
 
 
 
Oregon
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Clackamas Square
 
Portland-Vancouver et al, OR-WA
 
20.0
%
 
(1)(3)
 
14,790

 
140,227

 
18.54

 
95.9
%
 
(Winco Foods)
 
T.J. Maxx
Oak Grove Market Center
 
Portland-Vancouver et al, OR-WA
 
100.0
%
 

 
97,177

 
97,177

 
13.56

 
95.2
%
 
Safeway
 

Raleigh Hills Plaza
 
Portland-Vancouver et al, OR-WA
 
20.0
%
 
(1)(3)
 
7,904

 
39,520

 
24.40

 
100.0
%
 
New Seasons Market
 
Walgreens
Oregon Total:
 
# of Properties:
3

 
 
 
 
119,871

 
276,924

 
14.92

 
95.6
%
 
 
 
 

Page 34

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
South Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fresh Market Shoppes
 
Hilton Head Island-Beaufort, SC
 
25.0
%
 
(1)(3)
 
21,674

 
86,694

 
14.99

 
96.8
%
 
The Fresh Market
 
Dollar Tree
South Carolina Total:
 
# of Properties:
1

 
 
 
 
21,674

 
86,694

 
14.99

 
96.8
%
 
 
 
 
Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bartlett Towne Center
 
Memphis, TN-MS-AR
 
100.0
%
 

 
192,624

 
192,624

 
11.69

 
100.0
%
 
Kroger
 
Petco, Dollar Tree, Shoe Carnival
Commons at Dexter Lake
 
Memphis, TN-MS-AR
 
100.0
%
 

 
166,958

 
178,558

 
9.47

 
95.6
%
 
Kroger
 
Stein Mart, Marshalls, HomeGoods
Commons at Dexter Lake Phase II
 
Memphis, TN-MS-AR
 
100.0
%
 

 
61,838

 
66,838

 
13.56

 
84.6
%
 
Kroger
 
Stein Mart, Marshalls, HomeGoods
Highland Square
 
Memphis, TN-MS-AR
 
100.0
%
 
 (4)
 
14,490

 
14,490

 
N/A

 
100.0
%
 

 
Walgreens
Mendenhall Commons
 
Memphis, TN-MS-AR
 
100.0
%
 

 
88,108

 
88,108

 
11.48

 
97.4
%
 
Kroger
 

Ridgeway Trace
 
Memphis, TN-MS-AR
 
100.0
%
 

 
169,987

 
307,727

 
20.92

 
94.8
%
 

 
(Target), Best Buy, Sports Authority, PetSmart
Tennessee Total:
 
# of Properties:
5

 
 
 
 
694,005

 
848,345

 
13.48

 
96.0
%
 
 
 
 
Texas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bell Plaza
 
Amarillo, TX
 
15.0
%
 
(1)
 
19,595

 
130,631

 
13.75

 
82.5
%
 
United Supermarket
 
Dollar Tree
Mueller Regional Retail Center
 
Austin-Round Rock-San Marcos, TX
100.0
%
 

 
351,099

 
351,099

 
16.38

 
98.0
%
 

 
Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy
North Park Plaza
 
Beaumont-Port Arthur, TX
 
50.0
%
 
(1)(3)
 
69,963

 
302,460

 
14.92

 
94.0
%
 

 
(Target), (Toys “R” Us), Anna's Linens, Spec's, Kirkland's
North Towne Plaza
 
Brownsville-Harlingen, TX
 
100.0
%
 

 
36,000

 
153,000

 
21.50

 
32.2
%
 

 
(Lowe's)
Moore Plaza
 
Corpus Christi, TX
 
100.0
%
 

 
371,650

 
599,622

 
14.37

 
96.9
%
 
(H-E-B)
 
Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Stein Mart
Boswell Towne Center
 
Dallas-Fort Worth-Arlington, TX
 
100.0
%
 

 
26,088

 
88,008

 
24.40

 
85.5
%
 
(Albertsons)
 

Gateway Station
 
Dallas-Fort Worth-Arlington, TX
 
70.0
%
 
(1)
 
47,852

 
68,360

 
11.61

 
74.8
%
 

 
Conn's
Lake Pointe Market Center
 
Dallas-Fort Worth-Arlington, TX
 
100.0
%
 

 
40,513

 
121,689

 
21.75

 
90.0
%
 
(Tom Thumb)
 
(Walgreens)
Overton Park Plaza
 
Dallas-Fort Worth-Arlington, TX
 
100.0
%
 

 
353,431

 
463,431

 
14.46

 
100.0
%
 
Sprouts Farmers Market
 
Sports Authority, PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, Anna’s Linens, buybuy BABY
Preston Shepard Place
 
Dallas-Fort Worth-Arlington, TX
 
20.0
%
 
(1)(3)
 
72,366

 
361,832

 
16.23

 
98.5
%
 

 
Babies "R" Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
10/Federal
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
19,871

 
132,472

 
8.54

 
99.2
%
 
Sellers Bros.
 
Palais Royal, Harbor Freight Tools
1919 North Loop West
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
138,058

 
138,058

 
N/A

 
73.8
%
 

 
State of Texas
Alabama-Shepherd
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
59,120

 
59,120

 
21.85

 
100.0
%
 
Trader Joe's
 
PetSmart
Bellaire Boulevard
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
35,081

 
41,273

 
28.12

 
100.0
%
 
Randall’s
 

Blalock Market at I-10
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
97,277

 
97,277

 
16.28

 
100.0
%
 
99 Ranch Market
 

Braeswood Square
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
104,778

 
104,778

 
12.96

 
100.0
%
 
Belden’s
 
Walgreens
Broadway
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
11,191

 
74,604

 
7.81

 
92.1
%
 

 
Big Lots, Family Dollar
Centre at Post Oak
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
183,940

 
183,940

 
31.17

 
99.1
%
 

 
Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
Citadel Plaza
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
121,000

 
121,000

 
N/A

 
100.0
%
 

 
Weingarten Realty Investors Corporate Office
Cullen Plaza
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
12,678

 
84,517

 
11.29

 
100.0
%
 
Fiesta
 
Family Dollar
Cypress Pointe
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
186,721

 
283,381

 
9.95

 
97.6
%
 
Kroger
 
Babies “R” Us
Fiesta Village
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
4,537

 
30,249

 
8.81

 
100.0
%
 
Fiesta
 

Galveston Place
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
210,370

 
210,370

 
10.83

 
98.6
%
 
Randall’s
 
Office Depot, Palais Royal, Spec's
Glenbrook Square
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
11,684

 
77,890

 
9.48

 
93.3
%
 
Kroger
 

Griggs Road
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
12,017

 
80,116

 
12.60

 
48.1
%
 

 
Family Dollar, Citi Trends

Page 35

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Harrisburg Plaza
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
14,016

 
93,438

 
18.55

 
91.3
%
 

 
Fallas Paredes
HEB - Dairy Ashford & Memorial
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 
 (4)
 
36,874

 
36,874

 
N/A

 
100.0
%
 
H-E-B
 

Heights Plaza
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
71,277

 
71,277

 
8.89

 
100.0
%
 
Kroger
 

Humblewood Shopping Plaza
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
180,226

 
279,226

 
14.79

 
100.0
%
 

 
Conn’s, Walgreens, (Michaels), (DSW)
I-45/Telephone Rd. Center
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
25,740

 
171,599

 
11.39

 
100.0
%
 
Sellers Bros.
 
Famsa, Dollar Tree, Fallas Paredes
Lawndale
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
7,819

 
52,127

 
10.67

 
97.0
%
 

 
LaMichoacana Meat Market, Family Dollar, 99 Cents Only
League City Plaza
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
19,048

 
126,990

 
12.87

 
94.4
%
 
Kroger
 

Little York Plaza
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
17,082

 
113,878

 
9.58

 
85.1
%
 
Sellers Bros.
 
Fallas Paredes
Lyons Avenue
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
10,144

 
67,629

 
7.93

 
100.0
%
 
Fiesta
 
Fallas Paredes
Market at Town Center
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
388,865

 
388,865

 
19.51

 
97.9
%
 

 
Old Navy, Home Goods, Marshalls, Ross Dress for Less, Nordstrom Rack, Saks Fifth Avenue OFF 5TH
Market at Westchase
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
84,084

 
84,084

 
19.32

 
90.5
%
 
Whole Foods Market
 

Northbrook Center
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
173,288

 
173,288

 
14.24

 
97.4
%
 
Randall’s
 
Office Depot, Citi Trends, Anna’s Linens, Dollar Tree
Oak Forest
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
151,324

 
151,324

 
13.55

 
98.0
%
 
Kroger
 
Ross Dress for Less, Dollar Tree, Petsmart
Palmer Plaza
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
95,251

 
195,231

 
9.62

 
91.2
%
 

 
Dollar Tree
Randall's/Kings Crossing
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
126,397

 
126,397

 
16.71

 
100.0
%
 
Randall’s
 
CVS
Richmond Square
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
92,356

 
92,356

 
21.54

 
100.0
%
 

 
Best Buy, Cost Plus
River Oaks East
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
71,265

 
71,265

 
29.83

 
100.0
%
 
Kroger
 

River Oaks West
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
247,673

 
247,673

 
29.83

 
94.8
%
 
Kroger
 
Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank
Shoppes at Memorial Villages
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
184,354

 
184,354

 
9.46

 
93.7
%
 

 
Rexel
Shops at Kirby Drive
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
10,000

 
10,000

 
30.08

 
100.0
%
 

 
Freebirds Burrito
Shops at Three Corners
 
Houston-Baytown-Sugar Land, TX
 
70.0
%
 
(1)
 
173,060

 
277,871

 
13.55

 
100.0
%
 
Fiesta
 
Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate
 
Houston-Baytown-Sugar Land, TX
 
15.0
%
 
(1)
 
18,789

 
125,260

 
10.31

 
94.6
%
 
Food-A-Rama
 
CVS, Family Dollar, Palais Royal
Stella Link
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
70,087

 
70,087

 
9.41

 
70.7
%
 
Sellers Bros.
 
Spec’s
Tomball Marketplace
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
141,036

 
298,857

 
16.41

 
89.2
%
 

 
(Academy), (Kohl's), Ross Dress For Less, Marshalls
Village Plaza at Bunker Hill
 
Houston-Baytown-Sugar Land, TX
 
57.8
%
 
(1)(3)
 
283,399

 
490,734

 
23.79

 
99.8
%
 
H-E-B
 
PetSmart, Babies "R" Us, Academy, Nordstrom Rack
Westchase Center
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
232,074

 
360,793

 
15.46

 
87.0
%
 
Whole Foods Market
 
(Target), Ross Dress for Less, Golfsmith, Palais Royal, Petco
Westhill Village
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 

 
128,791

 
128,791

 
15.26

 
92.0
%
 

 
Ross Dress for Less, Office Depot, 99 Cents Only, Anna’s Linens
Independence Plaza
 
Laredo, TX
 
100.0
%
 

 
347,302

 
347,302

 
12.88

 
97.5
%
 
H-E-B
 
TJ Maxx, Ross, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza
 
Laredo, TX
 
100.0
%
 

 
243,596

 
485,463

 
14.34

 
97.8
%
 
(H-E-B)
 
(Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond
Plantation Centre
 
Laredo, TX
 
100.0
%
 

 
135,373

 
143,015

 
15.90

 
100.0
%
 
H-E-B
 

Las Tiendas Plaza
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
143,968

 
500,067

 
10.69

 
98.9
%
 

 
(Target), Academy, Conn’s, Ross Dress for Less, Marshalls, Office Depot
Market at Nolana
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
20,315

 
243,821

 
22.63

 
81.3
%
 
(Walmart Supercenter)
 

Market at Sharyland Place
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
53,956

 
301,174

 
19.67

 
95.4
%
 
(Walmart Supercenter)
 
Kohl's, Dollar Tree
Northcross
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
37,432

 
74,865

 
17.18

 
93.5
%
 

 
Barnes & Noble
Old Navy Building
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)(4)
 
7,500

 
15,000

 
N/A

 
100.0
%
 

 
Old Navy
Sharyland Towne Crossing
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
176,520

 
484,949

 
15.01

 
97.6
%
 
H-E-B
 
(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
South 10th St. HEB
 
McAllen-Edinburg-Pharr, TX
 
50.0
%
 
(1)(3)
 
51,851

 
103,702

 
12.49

 
100.0
%
 
H-E-B
 

Starr Plaza
 
Rio Grande City, TX
 
50.0
%
 
(1)(3)
 
88,346

 
176,693

 
11.95

 
99.0
%
 
H-E-B
 
Bealls

Page 36

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Fiesta Trails
 
San Antonio, TX
 
100.0
%
 

 
306,370

 
482,370

 
15.23

 
95.6
%
 
(H-E-B)
 
(Target), Act III Theatres, Marshalls, Office Max, Stein Mart, Petco, Anna’s Linens
Parliament Square II
 
San Antonio, TX
 
100.0
%
 
(4)
 
54,541

 
54,541

 
8.71

 
100.0
%
 

 
Incredible Pizza
Thousand Oaks
 
San Antonio, TX
 
15.0
%
 
(1)
 
24,301

 
162,009

 
11.04

 
96.5
%
 
H-E-B
 
Bealls, Tuesday Morning
Valley View
 
San Antonio, TX
 
100.0
%
 

 
91,544

 
91,544

 
11.47

 
90.1
%
 

 
Marshalls, Dollar Tree
Broadway
 
Tyler, TX
 
100.0
%
 

 
60,447

 
60,447

 
7.94

 
85.4
%
 

 
Stein Mart
Texas Total:
 
# of Properties:
68

 
 
 
 
7,494,561

 
12,576,407

 
16.33

 
95.7
%
 
 
 
 
Utah
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DDS Office Building
 
Salt Lake City, UT
 
100.0
%
 

 
27,300

 
27,300

 
N/A

 
100.0
%
 

 

Taylorsville Town Center
 
Salt Lake City, UT
 
100.0
%
 

 
90,157

 
139,007

 
17.52

 
97.5
%
 
The Fresh Market
 
Rite Aid
West Jordan Town Center
 
Salt Lake City, UT
 
100.0
%
 

 
182,099

 
304,899

 
12.12

 
64.7
%
 

 
(Target), Petco
Utah Total:
 
# of Properties:
3

 
 
 
 
299,556

 
471,206

 
15.38

 
77.8
%
 
 
 
 
Washington
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Meridian Town Center
 
Seattle-Tacoma-Bellevue, WA
 
20.0
%
 
(1)(3)
 
15,533

 
143,012

 
16.91

 
98.7
%
 
(Safeway)
 
Jo-Ann Fabric & Craft Store, Tuesday Morning
Promenade 23
 
Seattle-Tacoma-Bellevue, WA
 
100.0
%
 

 
96,860

 
96,860

 
16.39

 
91.4
%
 
Red Apple Grocers
 
Walgreens
Queen Anne Marketplace
 
Seattle-Tacoma-Bellevue, WA
 
51.0
%
 
(1)(3)
 
41,506

 
81,385

 
25.53

 
98.4
%
 
Metropolitan Market
 
Bartell's Drug
Rainer Square Plaza
 
Seattle-Tacoma-Bellevue, WA
 
20.0
%
 
(1)(3)
 
21,671

 
108,356

 
19.85

 
100.0
%
 
Safeway
 
Ross Dress for Less
South Hill Center
 
Seattle-Tacoma-Bellevue, WA
 
20.0
%
 
(1)(3)
 
26,802

 
134,010

 
16.60

 
96.3
%
 

 
Bed Bath & Beyond, Ross Dress for Less, Best Buy
Washington Total:
 
# of Properties:
5

 
 
 
 
202,372

 
563,623

 
18.79

 
95.0
%
 
 
 
 
Total Operating Properties
 
# of Properties:
234

 
 
 
 
27,672,222

 
45,064,945

 
 
 
 
 
 
 
 
New Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nottingham Commons
 
Baltimore-Towson, MD
 
100.0
%
 
 (2)
 
2,209

 
2,209

 
 
 
 
 
 
 
 
Maryland Total:
 
# of Properties:
1

 
 
 
 
2,209

 
2,209

 
 
 
 
 
 
 
 
North Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wake Forest Crossing II
 
Raleigh-Cary, NC
 
100.0
%
 
 (2)
 

 
93,595

 
 
 
 
 
 
 
 
North Carolina Total:
 
# of Properties:
1

 
 
 
 

 
93,595

 
 
 
 
 
 
 
 
Virginia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hilltop Village
 
Washington, DC-VA-MD-WV
 
100.0
%
 
(1)(2)
 
130,876

 
130,876

 
 
 
 
 
 
 
 
Virginia Total:
 
# of Properties:
1

 
 
 
 
130,876

 
130,876

 
 
 
 
 
 
 
 
Total New Developments
 
# of Properties:
3

 
 
 
 
133,085

 
226,680

 
 
 
 
 
 
 
 
Unimproved Land
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bullhead Parkway at State Route 95, Bullhead City
 
 
 
 
 
 
 
312,761

 
 
 
 
 
 
 
 
Lon Adams Rd. at Tangerine Farms Rd., Marana
 
 
 
 
 
 
 
422,532

 
 
 
 
 
 
 
 
Southern Avenue and Signal Butte Road, Mesa
 
 
 
 
 
 
 
63,162

 
 
 
 
 
 
 
 
Arizona Total:
 
 
 
 
 
 
 
798,455

 
 
 
 
 
 
 
 

Page 37

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Colorado
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highway 85 and Highway 285, Sheridan
 
 
 
 
 
 
 
642,946

 
 
 
 
 
 
 
 
Colorado Total:
 
 
 
 
 
 
 
642,946

 
 
 
 
 
 
 
 
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Young Pines and Curry Ford Rd., Orange County
 
 
 
 
 
82,764

 
 
 
 
 
 
 
 
State Road 100 & Belle Terre Parkway, Palm Coast
 
 
 
 
 
 
 
292,288

 
 
 
 
 
 
 
 
SR 207 at Rolling Hills Dr., St. Augustine
 
 
 
 
 
 
 
228,254

 
 
 
 
 
 
 
 
Florida Total:
 
 
 
 
 
 
 
603,306

 
 
 
 
 
 
 
 
Georgia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NWC South Fulton Pkwy. @ Hwy. 92, Union City
 
 
 
 
 
 
 
3,554,496

 
 
 
 
 
 
 
 
Georgia Total:
 
 
 
 
 
 
 
3,554,496

 
 
 
 
 
 
 
 
Nevada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SWC Highway 215 at Decatur, Las Vegas
 
 
 
 
 
 
 
328,340

 
 
 
 
 
 
 
 
Nevada Total:
 
 
 
 
 
 
 
328,340

 
 
 
 
 
 
 
 
North Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Hwy. 17 & U.S. Hwy. 74/76, Leland
 
 
 
 
 
 
 
549,727

 
 
 
 
 
 
 
 
Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh
 
 
 
 
 
 
 
118,483

 
 
 
 
 
 
 
 
Highway 17 and Highway 210, Surf City
 
 
 
 
 
 
 
2,024,233

 
 
 
 
 
 
 
 
U.S. Highway 1 at Caveness Farms Rd., Wake Forest
 
 
 
 
 
 
 
1,637,420

 
 
 
 
 
 
 
 
North Carolina Total:
 
 
 
 
 
 
 
4,329,863

 
 
 
 
 
 
 
 
Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Poplar Avenue and Ridgeway Road, Memphis
 
 
 
 
 
 
 
53,579

 
 
 
 
 
 
 
 
Tennessee Total:
 
 
 
 
 
 
 
53,579

 
 
 
 
 
 
 
 
Texas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Culebra Road and Westwood Loop, San Antonio
 
 
 
 
 
 
 
60,984

 
 
 
 
 
 
 
 
U.S. 77 and 83 at SHFM 802, Brownsville
 
 
 
 
 
 
 
914,723

 
 
 
 
 
 
 
 
Rock Prairie Rd. at Hwy. 6, College Station
 
 
 
 
 
 
 
388,120

 
 
 
 
 
 
 
 
I-30 & Horne Street, Ft Worth
 
 
 
 
 
 
 
58,370

 
 
 
 
 
 
 
 
Leslie Rd. at Bandera Rd., Helotes
 
 
 
 
 
 
 
74,052

 
 
 
 
 
 
 
 
Bissonnet at Wilcrest, Houston
 
 
 
 
 
 
 
40,946

 
 
 
 
 
 
 
 
Citadel Plaza at 610 North Loop, Houston
 
 
 
 
 
 
 
137,214

 
 
 
 
 
 
 
 
East Orem, Houston
 
 
 
 
 
 
 
121,968

 
 
 
 
 
 
 
 
Mesa Road at Tidwell, Houston
 
 
 
 
 
 
 
75,009

 
 
 
 
 
 
 
 
Northwest Freeway at Gessner, Houston
 
 
 
 
 
 
 
179,903

 
 
 
 
 
 
 
 
West Little York at Interstate 45, Houston
 
 
 
 
 
 
 
161,172

 
 
 
 
 
 
 
 
Nolana Ave. and 29th St., McAllen
 
 
 
 
 
 
 
163,350

 
 
 
 
 
 
 
 
Shary Rd. at North Hwy. 83, Mission
 
 
 
 
 
 
 
1,521,986

 
 
 
 
 
 
 
 
9th Ave. at 25th St., Port Arthur
 
 
 
 
 
 
 
243,065

 
 
 
 
 
 
 
 

Page 38

Weingarten Realty Investors
Property Listing
As of December 31, 2014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Gattis School Rd. at A.W. Grimes Blvd., Round Rock
 
 
 
 
 
 
 
57,499

 
 
 
 
 
 
 
 
FM 1957 (Potranco Road) and FM 211, San Antonio
 
 
 
 
 
 
 
8,655,372

 
 
 
 
 
 
 
 
SH 151 and Ingram Rd., San Antonio
 
 
 
 
 
 
 
252,692

 
 
 
 
 
 
 
 
US Hwy. 281 at Wilderness Oaks, San Antonio
 
 
 
 
 
 
 
1,269,774

 
 
 
 
 
 
 
 
Highway 3 at Highway 1765, Texas City
 
 
 
 
 
 
 
200,812

 
 
 
 
 
 
 
 
FM 2920 and Highway 249, Tomball
 
 
 
 
 
 
 
459,776

 
 
 
 
 
 
 
 
Texas Total:
 
 
 
 
 
 
 
15,036,787

 
 
 
 
 
 
 
 
Total Unimproved Land
 
 
 
 
 
 
 
25,347,772

 
 
 
 
 
 
 
 


Center
 
Property Covered
 
Note
Ground Lease Commitments
 
 
Blalock Market at I-10
 
 Entire Center
 
 Ground Lessor has option to terminate with one year's notice at market price
Braeswood Square
 
 Entire Center
 
 Project subject to a ground lease with economic term through 2026
Parliament Square II
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Danville Plaza
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Shoppes at Memorial Villages
 
 Part of Center
 
 Project subject to a ground lease with economic term greater than 2030
Highland Square
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Discovery Plaza
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Six Forks Station
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Taylorsville Town Center
 
 Part of Center
 
 Project subject to a ground lease with economic term greater than 2030
Town and Country
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Phillips Crossing
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
Camelback Village Square
 
 Entire Center
 
 Project subject to a ground lease with economic term greater than 2030
River Point at Sheridan
 
 Part of Center
 
 Project subject to a ground lease with economic term greater than 2030
Pike Center
 
 Entire Center
 
 Project subject to a ground lease with WRI option to purchase

 

 


 

 


 

 


 

 


 

 


 

 



Page 39











Other Topics of Interest





Weingarten Realty Investors
Portfolio Transformation
As of December 31, 2014
(at pro rata share)
(in thousands, except percentages and # of units)



 
 
 
 
 
% Increase
% Increase
 
1/1/2011
Acquisitions (2)
Dispositions (2)
12/31/2014
2011 - 4Q'14
Acq vs Disp
# of Properties
312
19
97
234
 
 
GLA SF
32,800
3,300
8,600
27,500
 
 
Average Base Rent PSF
$13.60
$19.80
$11.62
$16.24
19%
70%
Average HH Income (1)
$80
$96
$76
$83
4%
26%
Households (1)
39
59
36
43
10%
64%
Population (1)
103
132
91
109
6%
45%
College Graduates (1)
37.0%
58.5%
38.8%
43.0%
16%
51%
Grocer Sales PSF
$460
$700
$417
$564
22%
68%
Volume
 
$522,000
$1,498,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
Excludes non-retail properties except in volume
 
 
 
 
(1) Weighted by ABR
 
 
 
 
 
 
(2) As of 12/31/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Page 41


Weingarten Realty Investors
Ground Lease Summary
December 31, 2014
(at pro rata share)
(in thousands, except number of leases)




 
 
 
 
 
 
 
 
 
Use Description
 
Number
of
Leases
 
GLA
 
ABR
 
ABR
$/SF
 
 
 
 
 
 
 
 
 
Home Improvement
 
2
 
220

 
$
799

 
$
3.64

Discount Department Store
 
9
 
756

 
3,505

 
4.64

Full-Service Restaurant
 
50
 
228

 
4,429

 
19.38

Fast Food
 
57
 
161

 
4,320

 
26.90

Bank
 
35
 
103

 
3,155

 
30.54

Supermarket
 
18
 
903

 
6,931

 
7.67

Pharmacy
 
6
 
105

 
838

 
7.97

Theater
 
1
 
56

 
377

 
6.74

Gas Station
 
8
 
17

 
916

 
54.42

Other Hardline Retailers
 
2
 
59

 
330

 
5.60

Other
 
15
 
152

 
1,598

 
10.54

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
203
 
2,760

 
$
27,199

 
$
9.86

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Page 42