EX-99.1 2 wri-20150630x8kearningsxex.htm EXHIBIT 99.1 WRI-2015.06.30-8K 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 Attributable to Common Shareholders
5
 
Supplemental Income Statement Detail
6
 
Supplemental Balance Sheet Detail
7
 
Capitalization and Debt Coverage Ratios
8
 
Guidance
9
 
 
 
Investment Activity
 
 
Capital Expenditures/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
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2015, we owned or operated under long-term leases, interests in 232 properties which are located in 20 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 28.0 million square feet of leasable area. Our properties were 95.5% leased as of June 30, 2015, 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 PRODUCES SAME
PROPERTY NOI INCREASE OF 4.1% AND NEW LEASE RENT INCREASES OF 16.8%

HOUSTON, July 28, 2015 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended June 30, 2015. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
Second Quarter Operating and Financial Highlights
Recurring Funds from Operations Attributable to Common Shareholders ("FFO") for the quarter increased to $0.54 per diluted share from $0.51 per diluted share a year ago;
Same Property Net Operating Income increased 4.1% over the same quarter of the prior year;
Occupancy increased 0.7% over the same quarter of the prior year to 95.5%;
Rental rates on new leases and renewals were up 16.8% and 10.9%, respectively;
Senior unsecured bonds totaling $250 million were issued at an all-in cost of 3.77%; and
Acquisitions totaling $81 million were completed during the quarter.

Financial Results
The Company reported net income attributable to common shareholders of $25.2 million or $0.20 per diluted share (hereinafter “per share”) for the second quarter of 2015, as compared to $32.7 million or $0.27 per share for the same period in 2014. The decrease is due primarily to the write-off of unamortized preferred redemption costs totaling $0.08 per share in the current quarter.

Reported FFO was $58.4 million or $0.46 per share for the second quarter of 2015 compared to $65.5 million or $0.53 per share for 2014. The 2015 amount is lower as it includes the non-cash write-off of preferred redemption costs of $0.08 per share. Year-to-date, Reported FFO was $118.7 million or $0.95 per share for 2015 compared to $128.6 million or $1.04 per share for 2014.

i





Recurring FFO for the quarter ended June 30, 2015 was $0.54 per share or $68.3 million, an increase of 5.9% on a per share basis over $0.51 per share or $63.9 million for the same quarter of last year. The increase in Recurring FFO over the prior year was primarily due to increases in net operating income from our existing portfolio resulting from increases in occupancy and rental rates, incremental income from our new developments and redevelopments, reduced interest expense from favorable debt refinancings and reduced preferred share dividends due to redemptions. These increases were partially offset by the impact of the Company’s disposition program, which reduced Recurring FFO by $0.07 per share year-over-year. For the six months, Recurring FFO was $133.7 million or $1.07 per share for 2015 compared to $125.1 million or $1.01 per share for 2014.
A reconciliation between net income attributable to common shareholders to Reported FFO and Recurring FFO attributable to common shareholders is listed on page 5 of the Company’s supplemental package.
Operating Results
Same Property Net Operating Income ("SPNOI") increased by a strong 4.1% for the quarter primarily due to increased occupancy, increased rental rates and a reduction in merchant fallouts. Year-to-date, SPNOI has also increased 4.1%.

Occupancy increased to 95.5% in the second quarter, up 0.7% from 94.8% in the same quarter of 2014 and unchanged from the prior quarter. Occupancy of small shop space increased to 90.3%, up 1.7% from the same quarter of 2014. The occupancy of the Company’s Same Property portfolio increased to 96.4% from 95.9% in 2014. Year-to-date, only 152 merchants ceased operations at the Company’s properties, the lowest such total since 2003.
The Company produced steady leasing results during the second quarter with 261 new leases and renewals. These transactions were comprised of 102 new leases and 159 renewals, which represent annualized revenues of $5.0 million and $9.5 million, respectively. The average rental rate increase on new leases and renewals signed during the quarter was 16.8% and 10.9%, respectively.
“Our operating metrics for the quarter were outstanding, continuing what has been an impressive string of quarterly results demonstrating the impact of the portfolio transformation we began five years ago. Over the last fourteen quarters, we have averaged Same Property NOI increases of over 4%, increasing our occupancy by 3.4% over the same period. Since January 2012, we increased our Average Base Rent by 14.6%, from $14.51 per square foot to $16.63 at the end of the current quarter. This clearly validates the improvements we have made to our portfolio through our transformation efforts,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.


ii




Portfolio Activity

The Company acquired two supermarket-anchored properties during the quarter, investing $81.1 million. First, Wellington Green Commons in Florida is a great core center anchored by a high-volume Whole Foods and has household incomes in its trade area of around $100,000 per year and around 50% of the population is college graduates.

Second, at the end of the second quarter, the Company purchased The Summit at Scottsdale in the greater Phoenix metro. The 190,000 square foot property is anchored by Target, Safeway supermarket, PetSmart, and CVS Pharmacy. The 3-mile trade area is very strong with household incomes of $132,000 and over 65% of the population is college graduates. The Company co-invested with its Dutch partner, Bouwinvest, on this asset. Year-to-date, the Company has purchased four shopping centers, investing $173.2 million.

The Company continues to make significant progress on its new development and redevelopment projects. At Hilltop Village Center, its 249,000 square foot development in Alexandria, Virginia, Wegmans had a tremendous grand opening in June. With minimal investment remaining, the center is 97% leased and is expected to yield around 8% at completion on an estimated final investment of about $65 million. The Company’s four developments progressed nicely during the quarter with occupancy increasing 4.5% in the quarter. The Company also reported ten redevelopment projects underway where it will invest about $62 million at a return of over 10%. To date, the Company has invested nearly $27 million in these redevelopment projects.

During the second quarter, dispositions totaling $28.2 million were completed, bringing the year-to-date total to $63.8 million. The Company believes it will end the year in its guidance range of $125 to $175 million.

“I am extremely pleased with the results of our portfolio activity this quarter, as we have been successful in all aspects of this important facet of our Company. We have made quality acquisitions, made great progress on our new developments and redevelopments and have disposed of some properties on the lower end of our portfolio. Continually improving the quality of our portfolio is an important goal of the Company, and we have been very successful this quarter,” said Drew Alexander, President and Chief Executive Officer.


iii




Balance Sheet

The Company continues to improve its balance sheet. The remaining $150 million of its outstanding preferred shares were called for redemption during the quarter. Immediately following this redemption, the Company issued $250 million of 3.85% ten-year unsecured notes. The yield to maturity on the notes was 3.94%; however, the Company locked interest rates back in April upon giving notice to redeem the preferred shareholders, so including the benefit from the settlement of this hedge, the all-in cost on this financing was an attractive 3.77%. With minimal maturities in 2025, these bonds fit nicely into the Company’s laddered maturity schedule and allowed the Company to completely pay off its revolving credit facility. As previously announced, the Company raised gross proceeds of $11.5 million for the quarter and $40.8 million year-to-date under its at-the-market (“ATM”) facility to partially fund the redemption of the preferred shares. No equity has been issued since the previous earning release. The Company’s credit metrics remain very strong with net debt to recurring EBITDA at 5.90 times and debt to total market capitalization of 33.7%.

“The Company’s balance sheet remains very strong with reduced leverage driving our strong credit metrics. Our recently completed five-year-term loan, the latest $250 million bond offering along with other financings, have reduced our weighted average interest rate on total debt to a very attractive 4.11%,” said Steve Richter, Executive Vice President and Chief Financial Officer.

2015 Guidance

Given the strength of the first half of the year and the outlook for the balance of 2015, the Company has increased its guidance for Recurring FFO to a range of $2.14 to $2.18 per share from $2.12 to $2.17 and for Reported FFO to a range of $2.02 to $2.06 per share from $2.00 to $2.05. Guidance for SPNOI for the full year has also been increased to a range of 3% to 4% from 2.5% to 3.5%. All other details of guidance remain unchanged and are included on page 9 of the Company’s supplemental package.

Dividends

The Board of Trust Managers declared a quarterly cash dividend of $0.345 per common share payable on September 15, 2015 to shareholders of record on September 8, 2015.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on July 29, 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 # 37563663). A replay will be available through the Company’s website starting approximately two hours following the live call.


iv




About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 30, 2015, 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 232 properties which are located in 20 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 28.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.



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
 
 

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 attributable to common shareholders (“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 
 June 30,
 
Six Months Ended 
 June 30,
 
Twelve Months Ended December 31,
 
2015
 
2014
 
2015
 
2014
 
2014
 
2013
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rentals, net
$
124,310

 
$
127,791

 
$
246,968

 
$
252,424

 
$
503,128

 
$
477,340

 
$
439,993

 
$
414,656

Other
2,494

 
2,400

 
5,435

 
5,359

 
11,278

 
11,855

 
11,184

 
13,638

Total
126,804

 
130,191

 
252,403

 
257,783

 
514,406

 
489,195

 
451,177

 
428,294

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
36,451

 
36,630

 
72,602

 
77,254

 
150,356

 
146,763

 
127,703

 
118,890

Operating
22,200

 
23,920

 
44,785

 
48,535

 
95,318

 
97,099

 
88,924

 
81,178

Real estate taxes, net
15,498

 
16,358

 
30,125

 
31,007

 
60,768

 
57,515

 
52,066

 
49,780

Impairment loss
153

 

 
153

 

 
1,024

 
2,579

 
9,585

 
49,671

General and administrative
6,461

 
5,820

 
13,833

 
11,733

 
24,902

 
25,371

 
28,538

 
25,461

Total
80,763

 
82,728

 
161,498

 
168,529

 
332,368

 
329,327

 
306,816

 
324,980

Operating Income
46,041

 
47,463

 
90,905

 
89,254

 
182,038

 
159,868

 
144,361

 
103,314

Interest Expense, net
(20,292
)
 
(24,310
)
 
(46,750
)
 
(48,890
)
 
(94,725
)
 
(96,312
)
 
(106,248
)
 
(130,298
)
Interest and Other Income, net
418

 
803

 
3,140

 
2,797

 
3,756

 
7,685

 
6,047

 
5,059

Gain on Sale and Acquisition of Real Estate Joint Venture
 and Partnership Interests
18

 
1,718

 
879

 
1,718

 
1,718

 
33,670

 
14,203

 

Equity in Earnings (Losses) of Real Estate Joint Ventures
 and Partnerships, net (a)
3,212

 
4,048

 
8,584

 
8,450

 
22,317

 
35,112

 
(1,558
)
 
7,834

Benefit (Provision) for Income Taxes
226

 
2,081

 
(435
)
 
1,601

 
1,261

 
(7,046
)
 
75

 
3

Income (Loss) from Continuing Operations
29,623

 
31,803

 
56,323

 
54,930

 
116,365

 
132,977

 
56,880

 
(14,088
)
Operating Income from Discontinued Operations

 
63

 

 
342

 
342

 
12,214

 
25,918

 
18,875

Gain on Sale of Property from Discontinued Operations

 
3,370

 

 
44,582

 
44,582

 
119,203

 
68,619

 
10,648

Income from Discontinued Operations

 
3,433

 

 
44,924

 
44,924

 
131,417

 
94,537

 
29,523

Gain on Sale of Property
8,163

 
1,748

 
30,685

 
1,911

 
146,290

 
762

 
1,004

 
1,304

Net Income
37,786

 
36,984

 
87,008

 
101,765

 
307,579

 
265,156

 
152,421

 
16,739

Less: Net Income Attributable to Noncontrolling Interests
(1,757
)
 
(1,588
)
 
(3,332
)
 
(3,066
)
 
(19,571
)
 
(44,894
)
 
(5,781
)
 
(1,118
)
Net Income Adjusted for Noncontrolling Interests
36,029

 
35,396

 
83,676

 
98,699

 
288,008

 
220,262

 
146,640

 
15,621

Dividends on Preferred Shares
(1,120
)
 
(2,710
)
 
(3,830
)
 
(5,420
)
 
(10,840
)
 
(18,173
)
 
(34,930
)
 
(35,476
)
Redemption Costs of Preferred Shares
(9,687
)
 

 
(9,687
)
 

 

 
(17,944
)
 
(2,500
)
 

Net Income (Loss) Attributable to Common Shareholders
$
25,222

 
$
32,686

 
$
70,159

 
$
93,279

 
$
277,168

 
$
184,145

 
$
109,210

 
$
(19,855
)
Earnings Per Common Share - Basic
$
0.20

 
$
0.27

 
$
0.57

 
$
0.77

 
$
2.28

 
$
1.52

 
$
0.90

 
$
(0.17
)
Earnings Per Common Share - Diluted
$
0.20

 
$
0.27

 
$
0.57

 
$
0.76

 
$
2.25

 
$
1.50

 
$
0.90

 
$
(0.17
)
(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)

 
June 30,
2015
 
December 31,
2014
ASSETS
 
 
 
Property
$
4,213,668

 
$
4,076,094

Accumulated Depreciation
(1,067,638
)
 
(1,028,619
)
Property Held for Sale, net
7,936

 
3,670

Property, net
3,153,966

 
3,051,145

 
 
 
 
Investment in Real Estate Joint Ventures and Partnerships, net (a)
269,804

 
257,156

Total
3,423,770

 
3,308,301

 
 
 
 
Unamortized Debt and Lease Costs, net
146,368

 
141,122

Accrued Rent and Accounts Receivable (net of allowance for doubtful
      accounts of $6,192 in 2015 and $7,680 in 2014)
72,317

 
77,781

Cash and Cash Equivalents
13,299

 
23,189

Restricted Deposits and Mortgage Escrows
11,478

 
79,998

Other, net
183,546

 
183,703

Total Assets
$
3,850,778

 
$
3,814,094

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Debt, net
$
2,087,957

 
$
1,938,188

Accounts Payable and Accrued Expenses
97,045

 
112,479

Other, net
128,873

 
124,484

Total Liabilities
2,313,875

 
2,175,151

 
 
 
 
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; no shares outstanding in 2015 and 60 shares outstanding
in 2014; liquidation preference $150,000 in 2014

 
2

Common Shares of Beneficial Interest - par value, $.03 per share;
 shares authorized: 275,000; shares issued and outstanding:
 123,934 in 2015 and 122,489 in 2014
3,744

 
3,700

Additional Paid-In Capital
1,614,490

 
1,706,880

Net Income Less Than Accumulated Dividends
(228,034
)
 
(212,960
)
Accumulated Other Comprehensive Loss
(5,543
)
 
(12,436
)
Total Shareholders' Equity
1,384,657

 
1,485,186

Noncontrolling Interests
152,246

 
153,757

Total Equity
1,536,903

 
1,638,943

Total Liabilities and Equity
$
3,850,778

 
$
3,814,094

(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 Attributable to Common Shareholders
(in thousands, except per share amounts)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Funds From Operations Attributable to Common Shareholders (FFO)
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
25,222

 
$
32,686

 
$
70,159

 
$
93,279

Depreciation and amortization
35,767

 
35,420

 
71,030

 
75,140

Depreciation and amortization of unconsolidated real estate
 joint ventures and partnerships
3,468

 
3,923

 
6,978

 
7,623

Impairment of operating properties and real estate equity investments
153

 

 
153

 

Impairment of operating properties of unconsolidated real estate
 joint ventures and partnerships
1,497

 

 
1,497

 

(Gain) on sale of property and interests in real estate equity investments
(8,137
)
 
(6,804
)
 
(31,470
)
 
(48,175
)
(Gain) on dispositions of unconsolidated real estate
 joint ventures and partnerships
(53
)
 
(159
)
 
(615
)
 
(168
)
Other
(4
)
 
(4
)
 
(4
)
 
(4
)
FFO - Basic
57,913

 
65,062

 
117,728

 
127,695

Income attributable to operating partnership units
479

 
457

 
960

 
913

FFO - Diluted
58,392

 
65,519

 
118,688

 
128,608

Adjustments for Recurring FFO:
 
 
 
 
 
 
 
Redemption costs of preferred shares
9,749

 

 
9,749

 

Write-off of debt costs, net

 
474

 
6,100

 
474

Acquisition costs
142

 
1

 
346

 
18

Deferred tax benefit, net

 
(2,097
)
 

 
(2,097
)
Other, net of tax

 

 
(1,161
)
 
(1,862
)
Recurring FFO - Diluted
$
68,283

 
$
63,897

 
$
133,722

 
$
125,141

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
FFO weighted average number of common shares outstanding - Basic
123,298

 
121,497

 
122,715

 
121,449

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
1,252

 
1,337

 
1,344

 
1,292

Operating partnership units
1,480

 
1,499

 
1,483

 
1,499

FFO weighted average number of common shares outstanding - Diluted
126,030

 
124,333

 
125,542

 
124,240

 
 
 
 
 
 
 
 
FFO Per Common Share - Basic
$
0.47

 
$
0.54

 
$
0.96

 
$
1.05

 
 
 
 
 
 
 
 
FFO Per Common Share - Diluted
$
0.46

 
$
0.53

 
$
0.95

 
$
1.04

Adjustments for Recurring FFO per common share:
 
 
 
 
 
 
 
Redemption costs of preferred shares
0.08

 

 
0.08

 

Write-off of debt costs, net

 

 
0.05

 

Deferred tax benefit, net

 
(0.02
)
 

 
(0.02
)
Other, net of tax

 

 
(0.01
)
 
(0.01
)
Recurring FFO Per Common Share - Diluted
$
0.54

 
$
0.51

 
$
1.07

 
$
1.01

 
 
 
 
 
 
 
 

Page 5


Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Rentals, net
 
 
 
 
 
 
 
Base minimum rent, net
$
96,717

 
$
99,623

 
$
191,748

 
$
197,287

Straight line rent
1,415

 
798

 
3,308

 
1,088

Over/Under-market rentals, net
67

 
(545
)
 
(249
)
 
(866
)
Percentage rent
1,023

 
810

 
1,831

 
1,769

Tenant reimbursements
25,088

 
27,105

 
50,330

 
53,146

Total
$
124,310

 
$
127,791

 
$
246,968

 
$
252,424

 
 
 
 
 
 
 
 
Fee Income Primarily from Real Estate Joint Ventures and Partnerships
 
 
 
 
 
 
 
Recurring
$
1,306

 
$
1,332

 
$
2,834

 
$
2,670

Non-Recurring
199

 

 
199

 
68

Total
$
1,505

 
$
1,332

 
$
3,033

 
$
2,738

 
 
 
 
 
 
 
 
Interest Expense, net
 
 
 
 
 
 
 
Interest paid or accrued
$
20,479

 
$
23,929

 
$
41,111

 
$
48,861

Extinguishment of debt

 
474

 
6,100

 
474

Amortization of debt deferred costs
843

 
841

 
1,588

 
1,546

Over-market mortgage adjustment of acquired properties, net
(188
)
 
(184
)
 
(376
)
 
(581
)
Gross interest expense
21,134

 
25,060

 
48,423

 
50,300

Capitalized interest
(842
)
 
(750
)
 
(1,673
)
 
(1,410
)
Total
$
20,292

 
$
24,310

 
$
46,750

 
$
48,890

 
 
 
 
 
 
 
 
Interest and Other Income, net
 
 
 
 
 
 
 
Gain on litigation settlement
$

 
$

 
$
1,721

 
$

Deferred compensation investment income
215

 
679

 
966

 
975

Other
203

 
124

 
453

 
1,822

Total
$
418

 
$
803

 
$
3,140

 
$
2,797

 
 
 
 
 
 
 
 
Supplemental Analyst Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income including Joint Ventures
 
 
 
 
 
 
 
Revenues
$
126,804

 
$
130,191

 
$
252,403

 
$
257,783

Operating expense
(22,200
)
 
(23,920
)
 
(44,785
)
 
(48,535
)
Real estate taxes
(15,498
)
 
(16,358
)
 
(30,125
)
 
(31,007
)
Total
89,106

 
89,913

 
177,493

 
178,241

 
 
 
 
 
 
 
 
Net Operating Income from Discontinued Operations

 
68

 

 
641

 
 
 
 
 
 
 
 
Minority Interests Share of Net Operating Income and Other Adjustments
(1,756
)
 
(2,958
)
 
(4,187
)
 
(5,647
)
Pro rata Income From Consolidated Ventures
87,350

 
87,023

 
173,306

 
173,235

 
 
 
 
 
 
 
 
Pro rata share of Unconsolidated Joint Ventures
 
 
 
 
 
 
 
Revenues
13,711

 
13,668

 
27,504

 
27,653

Operating expense
(2,561
)
 
(2,263
)
 
(4,906
)
 
(4,746
)
Real estate taxes
(1,822
)
 
(1,720
)
 
(3,547
)
 
(3,600
)
Total
9,328

 
9,685

 
19,051

 
19,307

Net Operating Income including Joint Ventures
$
96,678

 
$
96,708

 
$
192,357

 
$
192,542

 
 
 
 
 
 
 
 
Net Operating Income from Sold Properties not in Discontinued Operations
$
117

 
$
7,419

 
$
771

 
$
14,482

 
 
 
 
 
 
 
 
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
Net income from unconsolidated real estate joint ventures and partnerships
$
2,460

 
$
3,411

 
$
7,272

 
$
7,027

Intercompany fee income reclass
546

 
609

 
1,113

 
1,262

Other adjustments
206

 
28

 
199

 
161

Equity in earnings of real estate joint ventures and partnerships, net
$
3,212

 
$
4,048

 
$
8,584

 
$
8,450

 
 
 
 
 
 
 
 
Dividends
 
 
 
 
 
 
 
Common Dividends per Share
$
0.345

 
$
0.325

 
$
0.690

 
$
0.650

 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Reported Funds from Operations - Basic
73.8
%
 
61.1
%
 
72.4
%
 
62.2
%
 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Recurring Funds from Operations - Basic
63.1
%
 
62.6
%
 
64.2
%
 
63.9
%
 
 
 
 
 
 
 
 
General and Administrative Expenses
 
 
 
 
 
 
 
General and Administrative Expenses/Total Revenue
5.1
%
 
4.5
%
 
5.5
%
 
4.6
%
 
 
 
 
 
 
 
 
General and Administrative Expenses/Total Assets before Depreciation
0.13
%
 
0.12
%
 
0.28
%
 
0.24
%

Page 6


Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)

 
June 30,
2015
 
December 31,
2014
 
 
 
 
Property
Land
$
895,470

 
$
821,614

Land held for development
102,808

 
103,349

Land under development
21,057

 
24,297

Buildings and improvements
3,121,046

 
3,061,616

Construction in-progress
73,287

 
65,218

Total
$
4,213,668

 
$
4,076,094

 
 
 
 
Straight Line Rent Receivable
 
$
56,896

 
$
54,261

 
 
 
 
Other Assets, net
Notes receivable and mortgage bonds, net
$
30,300

 
$
30,365

Debt service guaranty asset
72,105

 
72,105

Non-qualified benefit plan assets
20,841

 
19,866

Out-of-market rentals, net
24,680

 
26,790

Investments
9,312

 
10,196

Deferred income tax asset
12,053

 
12,326

Interest rate derivative
3,829

 
3,891

Other
10,426

 
8,164

Total
$
183,546

 
$
183,703

 
 
 
 
Other Liabilities, net
Deferred revenue
$
14,060

 
$
11,903

Non-qualified benefit plan liabilities
53,518

 
51,634

Deferred income tax payable
7,719

 
7,970

Out-of-market rentals, net
25,218

 
23,218

Interest rate derivative
56

 
109

Other
28,302

 
29,650

Total
$
128,873

 
$
124,484

 
 
 
 
Identified Intangible Assets and Liabilities
Identified Intangible Assets:
 
 
 
Above-market leases (included in Other Assets, net)
$
37,418

 
$
38,121

Above-market leases - Accumulated Amortization
(12,738
)
 
(11,331
)
Below-market assumed mortgages (included in Debt, net)
4,069

 
4,713

Below-market assumed mortgages - Accumulated Amortization
(1,933
)
 
(2,352
)
Valuation of in place leases (included in Unamortized Debt and Lease
Costs, net)
141,153

 
132,554

Valuation of in place leases - Accumulated Amortization
(62,876
)
 
(56,571
)
Total
$
105,093

 
$
105,134

 
 
 
 
Identified Intangible Liabilities:
 
 
 
Below-market leases (included in Other Liabilities, net)
$
45,819

 
$
42,830

Below-market leases - Accumulated Amortization
(20,601
)
 
(19,612
)
Above-market assumed mortgages (included in Debt, net)
33,253

 
34,113

Above-market assumed mortgages - Accumulated Amortization
(27,153
)
 
(27,411
)
Total
$
31,318

 
$
29,920


Page 7


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

 
June 30,
2015
 
December 31,
2014
 
 
 
 
Common Share Data
Closing Market Price
$
32.69

 
$
34.92

 
 
 
 
Capitalization
Debt
$
2,087,957

 
$
1,938,188

Preferred Shares

 
150,000

Sub-total Debt & Preferred Shares
2,087,957

 
2,088,188

Common Shares at Market
4,051,402

 
4,277,316

Operating Partnership Units at Market
47,793

 
52,066

Total Market Capitalization (As reported)
$
6,187,152

 
$
6,417,570

Debt to Total Market Capitalization (As reported)
33.7
%
 
30.2
%
Debt to Total Market Capitalization (As reported at a constant share price of $34.92)
32.3
%
 
30.2
%
Debt to Total Market Capitalization (Pro rata)
34.9
%
 
31.0
%
 
 
 
 
Capital Availability
Revolving Credit Facility
$
500,000

 
$
500,000

Less:
 
 
 
Balance Outstanding Under Revolving Credit Facility
63,000

 
189,000

Outstanding Letters of Credit Under Revolving Facility
4,344

 
4,223

Unused Portion of Credit Facility
$
432,656

 
$
306,777

Covenant Ratios
 
 
Restrictions
 
 
 
 
Debt to Asset Ratio (Public)
 
Less than 60.0%
 
44.2
%
 
41.7
%
Debt + Preferred to Asset Ratio
 
None
 
44.2
%
 
44.9
%
Secured Debt to Asset Ratio (Public)
 
Less than 40.0%
 
10.6
%
 
12.8
%
Unencumbered Asset Test (Public)
 
Greater than 150%
 
226.4
%
 
253.0
%
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/
(interest expense + scheduled principal payments +
preferred dividends))
 
Greater than 1.5x
 
 3.1x

 
 2.8x

Net Debt to Adjusted EBITDA
EBITDA (Current Quarter)
$
94,303

 
$
162,109

Gain on Sale of Real Estate
(8,234
)
 
(74,883
)
Ground Rent
256

 
295

Other Non-Recurring Items
1,650

 
1,329

Recurring EBITDA
$
87,975

 
$
88,850

 
 
 
 
Net Debt (less cash & equivalents)
$
2,074,658

 
$
1,914,999

Net Debt to Adjusted EBITDA (annualized)
 5.90x

 
 5.39x

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

Page 8


Weingarten Realty Investors
Guidance
 



 
2015 Guidance
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
2015
 
 
Previous Guidance
 
Revised Guidance
Recurring FFO Per Common Share - Diluted
 
$2.12 - $2.17
 
$2.14 - $2.18
 
 
 
 
 
Reported FFO Per Common Share - Diluted
 
$2.00 - $2.05
 
$2.02 - $2.06
 
 
 
 
 
 
 
 
 
 
Portfolio Activity ($ in millions)
 
 
 
 
Acquisitions
 
$200 - $250
 
$200 - $250
 
 
 
 
 
New Development
 
$50 - $100
 
$50 - $100
 
 
 
 
 
Dispositions
 
$125 - $175
 
$125 - $175
 
 
 
 
 
 
 
 
 
 
Operating Information
 
 
 
 
Same Property Net Operating Income
 
+2.5% to +3.5%
 
+3.0% to +4.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denotes change to guidance
 
 
 
 
 

Page 9













Investment Activity





Weingarten Realty Investors
Capital Expenditures/Redevelopment
(at pro rata share)
(in thousands)
Capital Summary
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 June 30, 2015
 
Six Months Ended 
 June 30, 2015
 
Twelve Months Ended
12/31/2014
 
 
Acquisitions
$
81,091

 
$
173,191

 
$
43,832

 
 
New Development
8,034

 
14,708

 
41,635

 
 
Building and Site Improvements
1,626

 
3,200

 
15,784

 
 
Tenant Finish
5,330

 
9,604

 
23,710

 
 
Redevelopment
4,670

 
9,568

 
18,531

 
 
External Leasing Commissions
641

 
1,605

 
3,384

 
 
Capital Expenditures
$
101,392

 
$
211,876

 
$
146,876

 
 
 
 
 
 
 
 
 
 
Note:
 
 
 
 
 
 
 
Internal Leasing Fees are approximately $4.9 million for the six months ended June 30, 2015 and $12.1 million for the twelve months ended December 31, 2014, respectively.
 
 

 

 
Redevelopment
 
 
 
 
2015
 
 
 
 
 
 
 
 
Net Cost
Net Costs
Total Estimated
 
 
 
2015
WRI
Year-To-
Inception-
Investment
Project
 
Center Name
SSNOI
Own %
Date
To-Date
WRI Costs
Gross Costs
Description
 
 
 
 
 
 
 
 
 
Active Projects
 
 
 
 
 
 
 
1

Riverpoint at Sheridan
N
100
%
$
1,751

$
8,696

$
13,119

$
13,119

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

Decatur 215
N
100
%
1,592

4,345

16,054

16,054

Construct Hobby Lobby, two Jr Anchors totaling 35,000 SF and 32,000 SF of shops and restaurants on land previously classified as land held for development
3

Brookwood Square Shopping Center
N
100
%
2,087

7,394

9,188

9,188

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

Westchase
N
100
%
1,141

1,453

8,735

8,735

Redevelopment of vacant grocer with Whole Foods and Jr Anchor
5

Humblewood Center
N
100
%
237

241

5,636

5,636

Redevelopment of vacant grocer and relocation of Conn's
6

Shoppes at Memorial Villages
N
100
%
1,211

3,219

3,195

3,195

Redevelopment to construct 33,000 SF multi-tenant building
7

Rock Prairie Marketplace
N
100
%
182

269

2,241

2,241

New construction of a 5,000 SF Valero gas station on land previously classified as land held for development
8

Horne Street Market
N
100
%
167

189

2,064

2,064

New construction of 10,200 SF multi-tenant building
9

Westhill Village Shopping Center
Y
100
%
690

754

1,273

1,273

New construction of 6,700 SF multi-tenant building
10

Northbrook Center
Y
100
%
4

45

713

713

New construction of free standing building with Starbucks
 
 
 
 
 
 
 
 
 
 
Total Active Redevelopments (1)
 
 
$
9,062

$
26,605

$
62,218

$
62,218

85% of total investment estimated to be spent in next 12 months, with balance in next 24 months
 
 
 
 
 
 
 
 
 
Potential Projects
 
 
 
 
6,000

 
4 near-term potential projects
 
Total Redevelopment Pipeline (2)
 
 
 
 
$
68,218

 
 
 
 
 
 
 
 
 
 
 
Completed Projects
 
 
 
 
 
 
 
 
Prospectors Plaza
Y
100
%
$

$
4,707

$
5,033

$
5,033

Expansion of shopping center to create a new 25,000 SF box for Ross
 
Seminole Town Center
Y
100
%
63

1,487

1,583

1,583

New construction of 8,500 SF multi-tenant building including Chipotle
 
Independence Plaza
Y
100
%
413

1,732

1,732

1,732

New construction of 12,100 SF building including Rack Room and OshKosh / Carter's
 
Argyle Village Shopping Center
Y
100
%
30

417

462

462

New construction of 3,000 SF shop space
 
Total Completed 2015 Redevelopments
 
 
$
506

$
8,343

$
8,810

$
8,810

 
 
 
 
 
 
 
 
(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 numerous long-term projects for potential redevelopment.
 
 
 
 
 
 
 
 
 
 
Note:
 
 
 
 
 
 
 
 
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.

Page 11


Weingarten Realty Investors
New Development Properties
As of June 30, 2015
(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

 
97.4
%
97.4
%
 
$
7,417

$
60,392

 
$
65,639

$
65,639

 
 
 
 
2
Nottingham Commons
White Marsh, MD
Meritt Athletic Club (OBO), Petco, MOM's Organic Market, TJ Maxx
100.0
%
 
 
176

136

 
73.5
%
79.5
%
 
772

23,433

 
45,579

45,579

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

63

 
65.8
%
65.8
%
 
121

239

 
29,155

29,155

 
 
 
 
4
Wake Forest Crossing II
Wake Forest, NC
Kohl's (OBO), TJ Maxx, Michaels, Ross, Petco
100.0
%
 
 
209

116

 
88.8
%
93.8
%
 
6,398

13,482

 
18,750

18,750

 
 
 
 
 
Total 4 Properties Under Development
 
 
697

564

 
86.3
%
88.9
%
 
$
14,708

$
97,546

 
$
159,123

$
159,123

 
7.8
%
 
$
10,025

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spent Inception to Date (from above)
 
 
$
97,546

$
97,546

 
 
 
 
 
 
 
 
 
 
 
Additional Capital Needed to Complete
 
 
66,454

66,454

 
 
 
 
 
 
 
 
 
 
 
Reimbursement of Future Property Sales
 
(4,877
)
(4,877
)
 
 
 
 
 
 
 
 
 
 
 
Total Estimated Investment Under Development
 
 
$
159,123

$
159,123

 
7.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
QTR Completed
YTD Completed
3Q'15E
4Q'15E
1Q'16E
2Q'16E
3Q'16E
Remaining Balance
 
 
 
 
 
 
 
 
 
 
 
Completion ($)
$10,025
$10,025
$23,200 - $25,200
$12,300 - $15,300
$0 - $3,700
$3,300 - $8,300
 $19,700 - $24,700
$32,800 - $37,800
 
Weighted Return (%)
8.1%
8.1%
8.7% - 8.9%
8.0% - 8.5%
8.2% - 8.7%
7.6% - 8.1%
 7.6% - 8.1%
7.0% - 7.5%
 
Net Operating Income (Annualized)
$810
$810
$2,000 - $2,300
$1,000 - $1,400
$0 - $400
$200 - $700
 $1,500 - $2,000
$2,300 - $2,900
 


(1)
Total gross building area reflects the entire shopping center under development. Includes square footage for any ownership by our partners and 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 June 30, 2015
(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
%
 
10.5

 
 
 
 
Decatur at 215, Las Vegas, NV
 
100.0
%
 
7.6

 
 
 
 
Hwy. 85 & Hwy. 285, Sheridan, CO
 
100.0
%
 
12.0

 
 
 
 
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
 
 
 
173.4

 
$
38,396

 
$
36,910

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
%
 
30.7

 
 
 
 
Total Raw Land
 
 
 
405.9

 
$
70,813

 
$
51,013

 
 
 
 
 
 
 
 
 
Total Land Held For Development Properties
 
 
 
579.3

 
$
109,209

 
$
87,923



(1) Net of impairment and valuation adjustments.

Notes:
Land costs account for $88.0 million of total investment at 100%, $67.5 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 June 30, 2015
(at pro rata share)
(in thousands)
Center
 
City/State
 
Sq. Ft.
 at 100%
 
Date
 Sold
 
Sales
 Proceeds
 
Weighted
 Sales
 Cap
 
 
 
 
 
 
 
 
 
 
 
Dispositions
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
 
Markham Square
 
Little Rock, AR
 
127

 
01/06/15
 
 
 
 
 
Southgate Shopping Center
 
Lake Charles, LA
 
168

 
01/16/15
 
 
 
 
 
Western Plaza*
 
Fenton, MO
 
57

 
02/13/15
 
 
 
 
 
Lake Pointe Market
 
Rowlett, TX
 
41

 
03/25/15
 
 
 
 
 

 

 


 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
 
Tyler Shopping Center
 
Tyler, TX
 
60

 
04/08/15
 
 
 
 
 
DDS Office Building
 
Salt Lake City, UT
 
27

 
04/09/15
 
 
 
 
 
East Lake Office Building*
 
Palm Harbor, FL
 
23

 
04/14/15
 
 
 
 
 
Westgate Shopping Center
 
Little Rock, AR
 
53

 
04/23/15
 
 
 
 
 
International Drive Value Center*
 
Orlando, FL
 
185

 
04/29/15
 
 
 
 
 
Alafaya Square*
 
Oviedo, FL
 
176

 
06/04/15
 
 
 
 
 
Centre at Post Oak - ROW
 
Houston, TX
 
 N/A

 
06/30/15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Dispositions
 
 
 
 
 
 
 
$
63,764

 
7.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date
 
Purchase
 
 
 
 
 
 
 
 
 
Acquired
 
Price
 
Yield (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
 
Baybrook Gateway
 
Houston, TX
 
237

 
02/04/15
 
 
 
 
 
Cambrian Park Plaza
 
San Jose, CA
 
171

 
02/27/15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
 
Wellington Green
 
Wellington, FL
 
112

 
04/20/15
 
 
 
 
 
The Summit at Scottsdale*
 
Scottsdale, AZ
 
190

 
06/30/15
 
 
 
 
 

 

 


 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Acquisitions
 
 
 
 
 
 
 
$
173,191

 
4.63
%
 
 
 
 
 
 
 
 
 
 
(1) 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)

 
June 30,
2015
 
2nd Quarter
 Weighted
 Average Rate (1)
 
December 31,
2014
 
4th Quarter
Weighted
Average Rate (1)
Outstanding Balance Summary
 
 
 
 
 
 
 
Mortgage Debt
$
485,368

 
5.41
%
 
$
577,862

 
6.03
%
3.5% Notes due 2023
298,863

 
3.50
%
 
298,800

 
3.50
%
3.375% Notes due 2022
299,125

 
3.38
%
 
299,072

 
3.38
%
4.45% Notes due 2024
249,103

 
4.45
%
 
249,059

 
4.45
%
3.85% Notes due 2025
248,103

 
3.85
%
 

 


Term Loan (2)
200,000

 
2.64
%
 

 


Unsecured Notes Payable (MTN)
141,290

 
6.09
%
 
231,290

 
5.84
%
Revolving Credit Agreements (3)
73,000

 
0.84
%
 
189,000

 
0.76
%
Obligations under Capital Leases
21,000

 
7.90
%
 
21,000

 
7.88
%
Subtotal Consolidated Debt
2,015,852

 
4.10
%
 
1,866,083

 
4.38
%
Debt Service Guarantee Liability (4)
72,105

 
 
 
72,105

 
 
Total Consolidated Debt - As Reported
2,087,957

 
4.10
%
 
1,938,188

 
4.38
%
Less: Noncontrolling Interests and Other Adjustments
(38,118
)
 
 
 
(79,592
)
 
 
Plus: WRI Share of Unconsolidated Joint Ventures
150,127

 
 
 
155,517

 
 
Total Debt - Pro rata Share
$
2,199,966

 
4.11
%
 
$
2,014,113

 
4.37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
 Balance
 
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 June 30, 2015
 
 
 
 
 
 
 
Fixed-rate debt
$
2,004,998

 
4.30
%
 
91.1
%
 
7.19

Variable-rate debt
194,968

 
2.05
%
 
8.9
%
 
1.47

Total
$
2,199,966

 
4.11
%
 
100.0
%
 
6.68

 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Fixed-rate debt
$
1,700,603

 
4.83
%
 
84.4
%
 
 
Variable-rate debt
313,510

 
1.80
%
 
15.6
%
 
 
Total
$
2,014,113

 
4.37
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
Secured vs. Unsecured Debt (at Pro rata Share)
 
 
 
 
 
 
 
As of June 30, 2015
 
 
 
 
 
 
 
Secured Debt
$
614,875

 
5.32
%
 
27.9
%
 
4.83

Unsecured Debt
1,585,091

 
3.55
%
 
72.1
%
 
7.40

Total
$
2,199,966

 
4.11
%
 
100.0
%
 
6.68

 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Secured Debt
$
670,896

 
5.90
%
 
33.3
%
 
 
Unsecured Debt
1,343,217

 
3.54
%
 
66.7
%
 
 
Total
$
2,014,113

 
4.37
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
As
 Reported
 
Pro rata
 Share
 
 
 
 
Weighted Average Interest Rates (1)
 
 
 
 
 
 
 
Three months ended 6/30/15
4.10
%
 
4.11
%
 
 
 
 
Six months ended 06/30/15
4.16
%
 
4.15
%
 
 
 
 
Three months ended 12/31/14
4.38
%
 
4.37
%
 
 
 
 
Twelve months ended 12/31/14
4.55
%
 
4.54
%
 
 
 
 



 


 
 
 
 
(1)
Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing.
(2)
Term loan has a floating rate of LIBOR + 115 bps that has been swapped to fixed rate of 2.64%. The weighted average interest rate reflects the fixed rate.
(3)
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 2.28% and 1.32% for the second quarter 2015 and the fourth quarter 2014, respectively.
(4)
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 June 30, 2015
(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
$
24,847

 
5.82%
 
$
37,102

 
5.46%
 
$
11,264

 
$
25,838

 
$
37,102

 
$

2016
169,653

 
5.74%
 
203,379

 
5.59%
 
36,667

 
166,712

 
128,379

 
75,000

2017
141,850

 
6.08%
 
167,159

 
5.86%
 
3,638

 
163,521

 
142,159

 
25,000

2018
62,214

 
5.51%
 
26,340

 
5.65%
 


 
26,340

 
16,770

 
9,570

2019
55,906

 
5.19%
 
59,534

 
5.10%
 


 
59,534

 
59,534

 


2020 (3)
237,425

 
2.91%

293,012

 
3.23%

200,000

 
93,012

 
93,012

 
200,000

2021
4,406

 
4.00%
 
12,564

 
4.15%
 


 
12,564

 
12,564

 


2022
307,011

 
3.39%
 
307,928

 
3.39%
 


 
307,928

 
7,928

 
300,000

2023
304,202

 
3.50%
 
305,170

 
3.51%
 


 
305,170

 
5,170

 
300,000

2024
254,394

 
4.44%
 
255,417

 
4.44%
 


 
255,417

 
5,417

 
250,000

Thereafter
357,285

 
4.10%
 
360,558

 
4.12%
 

 
360,558

 
78,838

 
281,720

Subtotal
1,919,193

 
 
 
2,028,163

 
 
 
251,569

 
1,776,594

 
586,873

 
1,441,290

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Agreements
73,000

 
0.89%
 
73,000

 
0.89%
 
73,000

 
 
 
 
 
73,000

Other (1)
95,764

 
 
 
98,803

 
 
 
5,881

 
92,922

 
28,002

 
70,801

Swap Maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
64,517

 
(64,517
)
 
 
 
 
2020
 
 
 
 
 
 
 
 
(200,000
)
 
200,000

 
 
 
 
Total
$
2,087,957

 
4.16%
 
$
2,199,966

 
4.15%
 
$
194,967

 
$
2,004,999

 
$
614,875

 
$
1,585,091


(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.
(3)
Year 2020 includes the Term Loan which is at a floating rate of LIBOR + 115 bps that has been swapped to a fixed rate of 2.64%. The weighted
average rate reflects the fixed rate.






Page 17














Joint Ventures




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


 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
Condensed Statements of Income
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Base minimum rent, net
$
27,658

 
$
28,229

 
$
55,519

 
$
56,625

Straight line rent
244

 
18

 
562

 
185

Over/Under-market rentals, net
98

 
199

 
275

 
414

Percentage rent
120

 
132

 
264

 
279

Tenant reimbursements
8,066

 
8,185

 
16,257

 
16,611

Other income
401

 
338

 
828

 
755

Total
36,587

 
37,101

 
73,705

 
74,869

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Depreciation and amortization
9,203

 
11,096

 
18,583

 
21,013

Interest, net
4,235

 
5,848

 
8,652

 
11,760

Operating
6,771

 
6,318

 
13,236

 
13,134

Real estate taxes, net
4,725

 
4,566

 
9,257

 
9,446

General and administrative
333

 
424

 
535

 
530

Provision for income taxes
43

 
216

 
111

 
283

Impairment loss
7,487

 

 
7,487

 

Total
32,797

 
28,468

 
57,861

 
56,166

 
 
 
 
 
 
 
 
Gain on dispositions
265

 
531

 
1,393

 
627

 
 
 
 
 
 
 
 
Net income
$
4,055

 
$
9,164

 
$
17,237

 
$
19,330

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
2015
 
December 31,
2014
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
 
 
 
$
1,303,843

 
$
1,331,445

Accumulated depreciation
 
 
 
 
(281,393
)
 
(279,067
)
Property, net
 
 
 
 
1,022,450

 
1,052,378

 
 
 
 
 
 
 
 
Other assets, net
 
 
 
 
129,300

 
126,890

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
1,151,750

 
$
1,179,268

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, net
 
 
 
 
$
361,492

 
$
380,816

Amounts payable to Weingarten Realty Investors and Affiliates
13,252

 
13,749

Other liabilities, net
 
 
 
 
30,145

 
26,226

Total
 
 
 
 
404,889

 
420,791

 
 
 
 
 
 
 
 
Equity
 
 
 
 
746,861

 
758,477

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
1,151,750

 
$
1,179,268



Page 19


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

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
Condensed Statements of Income
2015
 
2014
 
2015
 
2014
Revenues:
 
 
 
 
 
 
 
Base minimum rent, net
$
10,432

 
$
10,431

 
$
20,817

 
$
20,912

Straight line rent
59

 
(6
)
 
140

 
96

Over/Under-market rentals, net
4

 
48

 
44

 
97

Percentage rent
14

 
55

 
60

 
98

Tenant reimbursements
3,028

 
2,979

 
6,084

 
6,106

Other income
174

 
161

 
359

 
344

Total
13,711

 
13,668

 
27,504

 
27,653

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Depreciation and amortization
3,468

 
3,923

 
6,978

 
7,623

Interest, net
1,835

 
2,234

 
3,707

 
4,489

Operating
2,561

 
2,263

 
4,906

 
4,746

Real estate taxes, net
1,822

 
1,720

 
3,547

 
3,600

General and administrative
102

 
131

 
161

 
160

Provision for income taxes
19

 
145

 
51

 
176

Impairment loss
1,497

 

 
1,497

 

Total
11,304

 
10,416

 
20,847

 
20,794

 
 
 
 
 
 
 
 
Gain on dispositions
53

 
159

 
615

 
168

 
 
 
 
 
 
 
 
Net income
$
2,460

 
$
3,411

 
$
7,272

 
$
7,027

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
2015
 
December 31,
2014
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
 
 
 
$
470,933

 
$
460,511

Accumulated depreciation
 
 
 
 
(107,245
)
 
(104,338
)
Property, net
 
 
 
 
363,688

 
356,173

Notes receivable from real estate joint ventures and partnerships
 
 
 
 
4,773

 
4,900

Unamortized debt and lease costs, net
 
 
 
 
18,854

 
17,329

Accrued rent and accounts receivable (net of allowance for
doubtful accounts of $231 in 2015 and $270 in 2014)
 
 
 
 
12,851

 
13,376

Cash and cash equivalents
 
 
 
 
14,221

 
13,937

Restricted deposits and mortgage escrows
 
 
 
 
47

 
329

Notes receivable and mortgage bonds, net
 
 
 
 
9

 
23

Out-of-market rentals, net
 
 
 
 
1,408

 
1,185

Other assets, net
 
 
 
 
2,026

 
1,837

Total
 
 
 
 
$
417,877

 
$
409,089

 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, net
 
 
 
 
$
150,787

 
$
156,243

Amounts payable to Weingarten Realty Investors and Affiliates
 
 
 
 
5,920

 
5,893

Accounts payable and accrued expenses
 
 
 
 
5,621

 
6,234

Deferred revenue
 
 
 
 
1,253

 
847

Out-of-market rentals, net
 
 
 
 
4,310

 
2,627

Interest rate derivative
 
 
 
 
73

 
92

Other liabilities, net
 
 
 
 
482

 
545

Total
 
 
 
 
168,446

 
172,481

 
 
 
 
 
 
 
 
Equity
 
 
 
 
249,431

 
236,608

 
 
 
 
 
 
 
 
Total
 
 
 
 
$
417,877

 
$
409,089

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
June 30, 2015
(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
 
2
 
442

 
$
131,435

 
$

 
20.0%
 
$

 
$
25,977

 
$
(735
)
Perlmutter SRP, LLC
 
6
 
523

 
84,779

 
68,303

 
25.0%
 
17,076

 
3,015

 
40

Collins
 
8
 
1,160

 
129,386

 
22,477

 
50.0%
 
11,238

 
47,798

 
1,821

AEW - Institutional Client
 
5
 
437

 
105,042

 

 
20.0%
 

 
20,737

 
536

BIT Retail
 
3
 
715

 
148,082

 

 
20.0%
 

 
28,872

 
577

Jamestown
 
6
 
1,337

 
140,704

 
79,832

 
20.0%
 
15,966

 
11,224

 
1,063

Fidelis Realty Partners
 
1
 
491

 
135,517

 
80,046

 
57.8%
 
46,226

 
30,641

 
1,077

Sleiman Enterprises
 
2
 
170

 
18,344

 
13,506

 
50.0%
 
6,753

 
2,792

 
174

Bouwinvest
 
2
 
353

 
101,908

 

 
51.0%
 

 
48,971

 
379

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
10
 
2,373

 
156,553

 
97,329

 
55.0%
 
53,527

 
49,777

 
3,651

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
45
 
8,000

 
$
1,151,750

 
$
361,492

 
38.7%
 
$
150,787

 
$
269,804

 
$
8,584

 
 
 
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 June 30, 2015
(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
 
$
68,303

 
5.7%
 
1.0

Collins
 
2
 
22,477

 
6.0%
 
9.7

Jamestown
 
6
 
79,832

 
2.7%
 
0.7

Fidelis Realty Partners
 
1
 
80,046

 
4.0%
 
5.4

Sleiman Enterprises
 
2
 
13,506

 
5.0%
 
6.0

Other
 
4
 
96,318

 
5.6%
 
3.6

 
 
 
 
 
 
 
 
 
Total
 
20
 
$
360,481

 
4.6%
 
3.0

 
 
 
 
 
 
 
 
 

Schedule of Maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 100%
 
At WRI Share
 
 
Maturities (1)(2)
 
Weighted
Average Rate
 
Maturities (1)(2)
 
Weighted
Average Rate
 
 
 
 
 
 
 
 
 
2015
 
$
58,346

 
3.9%
 
$
12,601

 
4.1%
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
 
$
360,481

 
 
 
$
150,127

 
 


(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 one Other mortgage, which are variable rate ($55.0 million and $25.0 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 June 30, 2015
(at pro rata share)
(in thousands, except percentages and # of units)

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

 
$
13,227

 
3.11
%
 
1,575

 
5.63
%
2
 
T.J.X. Companies, Inc.
 
A+/A3
 
39

 
9,813

 
2.30
%
 
965

 
3.45
%
3
 
Ross Stores, Inc.
 
A-/A3
 
33

 
8,446

 
1.98
%
 
732

 
2.62
%
4
 
H-E-B
 
N/A/N/A
 
8

 
6,730

 
1.58
%
 
539

 
1.93
%
5
 
Petsmart, Inc.
 
B+/N/A
 
21

 
6,587

 
1.55
%
 
406

 
1.45
%
6
 
Albertson's
 
N/A/N/A
 
20

 
6,582

 
1.55
%
 
882

 
3.15
%
7
 
Home Depot, Inc.
 
A/A2
 
5

 
5,854

 
1.37
%
 
541

 
1.93
%
8
 
Office Depot, Inc.
 
B-/B2
 
26

 
5,630

 
1.32
%
 
466

 
1.67
%
9
 
Bed Bath & Beyond, Inc.
 
A-/Baa1
 
21

 
5,505

 
1.29
%
 
484

 
1.73
%
10
 
Whole Foods Market, Inc.
 
BBB-/N/A
 
8

 
5,328

 
1.25
%
 
311

 
1.11
%
11
 
Best Buy, Inc.
 
BB/Baa2
 
10

 
4,828

 
1.13
%
 
290

 
1.04
%
12
 
Dollar Tree Stores, Inc.
 
BB/Ba2
 
46

 
4,251

 
1.00
%
 
412

 
1.47
%
13
 
The Sports Authority
 
N/A/N/A
 
7

 
4,103

 
0.96
%
 
270

 
0.96
%
14
 
24 Hour Fitness Inc.
 
B/N/A
 
7

 
3,754

 
0.88
%
 
171

 
0.61
%
15
 
Petco Animal Supplies, Inc.
 
B/B3
 
19

 
3,579

 
0.84
%
 
210

 
0.75
%
16
 
Gap, Inc.
 
BBB-/Baa3
 
12

 
3,085

 
0.72
%
 
174

 
0.62
%
17
 
Walmart Stores, Inc.
 
AA/Aa2
 
6

 
3,004

 
0.71
%
 
453

 
1.62
%
18
 
Barnes & Noble Inc.
 
N/A/N/A
 
7

 
2,642

 
0.62
%
 
165

 
0.59
%
19
 
Ascena Retail Group
 
N/A/N/A
 
25

 
2,561

 
0.60
%
 
133

 
0.47
%
20
 
Hobby Lobby Stores, Inc.
 
N/A/N/A
 
5

 
2,531

 
0.59
%
 
305

 
1.09
%
21
 
Raley's
 
N/A/N/A
 
6

 
2,526

 
0.59
%
 
332

 
1.19
%
22
 
Starbucks Corporation
 
A-/A3
 
43

 
2,466

 
0.58
%
 
66

 
0.23
%
23
 
JPMorgan Chase Bank
 
A/A3
 
23

 
2,309

 
0.54
%
 
81

 
0.29
%
24
 
Mattress Firm
 
B/B2
 
22

 
2,306

 
0.54
%
 
78

 
0.28
%
25
 
Subway (3)
 
N/A/N/A
 
72

 
2,267

 
0.53
%
 
79

 
0.28
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Total
 
 
 
520

 
$
119,915

 
28.16
%
 
10,118

 
36.17
%
 
 
 
 
 
(1
)
Tenant Names:
DBA Names:
 
 
The Kroger Co.
Kroger (13), Harris Teeter (7), Smith's Food (1), Ralph's (2), Fry's Food (3), King Soopers (2), Food 4 Less (1)
 
 
T.J.X. Companies, Inc.
T.J. Maxx (13), Marshalls (19), Home Goods (7)
 
 
Ross Stores, Inc.
Ross Dress for Less (32), dd's Discounts (1)
 
 
Albertson's
Albertson's (5), Randall's (5), Safeway (8), Von's (1), United Supermarket (1)
 
 
Office Depot, Inc.
Office Depot (16), Office Max (10)
 
 
Bed Bath & Beyond, Inc.
Bed Bath & Beyond (12), Cost Plus (7), buybuy BABY (2)
 
 
Dollar Tree Stores, Inc.
Dollar Tree (36), Family Dollar (8), Greenbacks (1), Deal$ (1)
 
 
Gap, Inc.
Gap (2), Old Navy (10)
 
 
Walmart Stores, Inc.
Walmart (3), Walmart Neighborhood (3)
 
 
Ascena Retail Group
Lane Bryant (9), Dressbarn (8), Justice (4), Catherines (2), AnnTaylor (1), Loft (1)
 
 
Raley's
Raley's (5), Bel Air Markets (1)
 
 
Mattress Firm
Mattress Firm (19), Bedmart (1), Mattress Pro (1), Matress Giant (1)
 
(2
)
Target owns and occupies 24 units not included above.
 
(3
)
Includes franchised locations.
 


 


 


 
 

 

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 June 30, 2015
 
219

659

$
18.63

$
16.60

$
4.10

12.2
%
 
 
 
Quarter Ended March 31, 2015
 
216

1,206

14.13

12.97

2.91

8.9
%
 
 
 
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
%
 
 
 
Rolling 12 months
 
 
909

3,515

$
16.13

$
14.51

$
4.71

11.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30, 2015
 
60

132

$
20.61

$
17.64

$
20.38

16.8
%
5.8

 
 
Quarter Ended March 31, 2015
 
49

142

18.84

17.26

24.69

9.2
%
6.9

 
 
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

 
 
Rolling 12 months
 
 
230

684

$
18.81

$
16.35

$
24.09

15.1
%
7.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30, 2015
 
159

527

$
18.13

$
16.34

$

10.9
%
 
 
 
Quarter Ended March 31, 2015
 
167

1,064

13.50

12.40


8.9
%
 
 
 
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
%
 
 
 
Rolling 12 months
 
 
679

2,831

$
15.48

$
14.07

$
0.02

10.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comparable & Non-Comparable:
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30, 2015
 
261

758

 
 
 
 
 
 
 
Quarter Ended March 31, 2015
 
271

1,388

 
 
 
 
 
 
 
Quarter Ended December 31, 2014
 
283

978

 
 
 
 
 
 
 
Quarter Ended September 30, 2014
 
293

1,073

 
 
 
 
 
 
 
Rolling 12 months
 
 
1,108

4,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease
Expirations (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumes No Exercise of Renewal Options
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants (2)
Non-Anchor Tenants
Total Tenants
Year
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
(3)
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
 (3)
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
(3)
M-T-M
10

0
%
$
12.00

0
%
151

2
%
$
19.33

1
%
161

1
%
$
18.88

1
%
2015
398

2
%
7.90

2
%
568

6
%
22.60

6
%
966

4
%
16.54

4
%
2016
1,937

12
%
10.26

11
%
1,690

19
%
23.38

18
%
3,626

14
%
16.38

15
%
2017
2,044

12
%
12.21

13
%
1,520

17
%
24.11

17
%
3,564

14
%
17.28

15
%
2018
2,223

13
%
10.89

13
%
1,355

15
%
25.19

16
%
3,578

14
%
16.31

14
%
2019
2,112

13
%
10.47

12
%
1,120

13
%
25.93

13
%
3,232

13
%
15.82

13
%
2020 - 2025
6,015

36
%
11.90

38
%
2,302

26
%
25.42

27
%
8,316

33
%
15.64

32
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumes Exercise of all Renewal Options (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants (2)
Non-Anchor Tenants
Total Tenants
Year
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
(3)
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
(3)
Square
Feet
Percent of
 Total Square
 Feet
In Place
Min Rent
PSF
Percent of
Total
Revenue
(3)
M-T-M
10

0
%
$
12.00

0
%
151

2
%
$
19.33

1
%
161

1
%
$
18.88

1
%
2015
65

0
%
9.03

0
%
395

4
%
22.43

4
%
459

2
%
20.54

2
%
2016
523

3
%
11.67

3
%
969

11
%
24.07

10
%
1,492

6
%
19.72

6
%
2017
173

1
%
13.99

1
%
871

10
%
24.06

9
%
1,044

4
%
22.39

5
%
2018
378

2
%
12.67

2
%
713

8
%
26.20

8
%
1,091

4
%
21.52

5
%
2019
213

1
%
10.07

1
%
665

8
%
25.47

7
%
878

3
%
21.73

4
%
2020 - 2025
2,207

13
%
12.58

12
%
2,608

29
%
26.70

29
%
4,816

19
%
20.23

21
%


(1)
Reflects in-place leases as of June 30, 2015.
(2)
Anchor tenants represent any tenant at least 10,000 square feet.
(3)
Revenue includes minimum base rent only.
(4)
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
 
 
 
 
June 30,
2015
 
March 31,
2015
 
December 31,
2014
 
September 30,
2014
 
June 30,
2014
 
 
Signed Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
98.7%
 
98.7%
 
98.9%
 
98.5%
 
98.6%
 
 
Non-Anchor
 
90.3%
 
90.3%
 
89.8%
 
89.1%
 
88.6%
 
 
Total Retail
 
95.6%
 
95.6%
 
95.5%
 
95.0%
 
94.9%
 
 
Other
 
87.9%
 
87.4%
 
87.1%
 
87.0%
 
86.7%
 
 
Total Signed
 
95.5%
 
95.5%
 
95.4%
 
94.9%
 
94.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commenced Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
97.3%
 
97.5%
 
97.3%
 
96.3%
 
97.5%
 
 
Non-Anchor
 
87.8%
 
87.8%
 
87.6%
 
86.0%
 
85.2%
 
 
Total Retail
 
93.8%
 
93.9%
 
93.7%
 
92.5%
 
92.9%
 
 
Other
 
87.9%
 
87.4%
 
87.1%
 
85.7%
 
86.2%
 
 
Total Commenced
 
93.7%
 
93.9%
 
93.7%
 
92.4%
 
92.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Property (2)
 
 
 
 
 
 
 
 
 
 
 
 
Signed Basis
 
96.4%
 
96.5%
 
96.2%
 
96.2%
 
95.9%
 
 
Commenced Basis
 
95.0%
 
95.1%
 
94.9%
 
94.5%
 
94.2%
 
 
Average Base Rents (3)
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
June 30,
2015
 
March 31,
2015
 
December 31,
2014
 
September 30,
2014
 
June 30,
2014
 
 
Commenced Basis
 
 
 
 
 
 
 
 
 
 
 
 
Anchor (1)
 
$
12.06

 
$
11.98

 
$
11.85

 
$
11.72

 
$
11.61

 
 
Non-Anchor
 
24.59

 
24.29

 
24.00

 
23.43

 
23.33

 
 
Total
 
$
16.63

 
$
16.45

 
$
16.24

 
$
15.95

 
$
15.84

 
 
Same Property Net Operating Income Growth (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2015
 
2014
 
% Change
 
2015
 
2014
 
% Change
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
Minimum Rent
 
$
95,489

 
$
92,336

 
3.4
%
 
$
190,208

 
$
183,732

 
3.5
 %
Bad Debt (net of recoveries)
 
496

 
136

 
264.7
%
 
384

 
303

 
26.7
 %
Percentage Rent
 
628

 
520

 
20.8
%
 
1,202

 
1,157

 
3.9
 %
Tenant Reimbursements
 
25,196

 
25,115

 
0.3
%
 
50,714

 
48,898

 
3.7
 %
Other
 
584

 
573

 
1.9
%
 
1,378

 
1,467

 
-6.1
 %
 
 
122,393

 
118,680

 
3.1
%
 
243,886

 
235,557

 
3.5
 %
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
19,053

 
18,853

 
1.1
%
 
38,085

 
37,511

 
1.5
 %
Real Estate Taxes
 
14,482

 
14,482

 
0.0
%
 
28,447

 
27,759

 
2.5
 %
 
 
33,535

 
33,335

 
0.6
%
 
66,532

 
65,270

 
1.9
 %
Net Operating Income (5)
 
$
88,858

 
$
85,345

 
4.1
%
 
$
177,354

 
$
170,288

 
4.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
Anchor tenants represent any tenant at least 10,000 square feet.
(2)
Same Property Occupancy includes operating centers that have been owned for the same comparable time duration.
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3)
Average Base rent per Leased SF excludes ground leases.
(4)
Same Property NOI Growth includes the Company's share of unconsolidated real estate joint ventures and partnerships and
provisions for uncollectible amounts and related recoveries. It excludes the effect of lease cancellation income and
straight-line rent adjustments and is reported on a cash basis.
(5)
Same Property NOI excluding redevelopment properties is 3.8% (QTD / YTD).
Refer to Page 11 for current list of active and completed redevelopment properties.


Page 26


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

 
Six Months Ended June 30,
 
Twelve Months Ended December 31,
 
2015
 
%
 
2014
 
%
 
2014
 
%
 
2013
 
%
 
2012
 
%
 
2011
 
%
West Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
$
33,565

 
17.8
%
 
$
33,459

 
17.3
%
 
$
66,510

 
17.2
%
 
$
63,885

 
16.7
%
 
$
59,163

 
15.0
%
 
$
53,618

 
13.2
%
Washington
1,574

 
0.8
%
 
1,418

 
0.7
%
 
2,925

 
0.8
%
 
2,547

 
0.7
%
 
2,048

 
0.5
%
 
1,978

 
0.5
%
Oregon
799

 
0.4
%
 
748

 
0.4
%
 
1,513

 
0.4
%
 
1,565

 
0.4
%
 
1,528

 
0.4
%
 
1,349

 
0.3
%
Total West Region
35,938

 
19.0
%
 
35,625

 
18.4
%
 
70,948

 
18.4
%
 
67,997

 
17.8
%
 
62,738

 
15.9
%
 
56,945

 
14.0
%
Mountain Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona
$
15,352

 
8.1
%
 
$
13,946

 
7.2
%
 
$
28,804

 
7.5
%
 
$
27,079

 
7.1
%
 
$
26,032

 
6.6
%
 
$
25,450

 
6.3
%
Nevada
15,073

 
7.9
%
 
14,805

 
7.7
%
 
30,238

 
7.8
%
 
28,334

 
7.4
%
 
30,094

 
7.6
%
 
30,525

 
7.5
%
Colorado
6,876

 
3.6
%
 
6,207

 
3.2
%
 
12,519

 
3.2
%
 
11,393

 
3.0
%
 
13,778

 
3.5
%
 
12,485

 
3.1
%
New Mexico
1,531

 
0.8
%
 
1,516

 
0.8
%
 
3,033

 
0.8
%
 
4,500

 
1.2
%
 
4,622

 
1.2
%
 
4,993

 
1.2
%
Utah
1,258

 
0.7
%
 
1,385

 
0.7
%
 
2,808

 
0.7
%
 
3,458

 
0.9
%
 
3,556

 
0.9
%
 
3,494

 
0.9
%
Total Mountain Region
40,089

 
21.1
%
 
37,859

 
19.6
%
 
77,401

 
20.0
%
 
74,764

 
19.6
%
 
78,082

 
19.8
%
 
76,947

 
19.0
%
Central Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas
$
52,019

 
27.4
%
 
$
54,628

 
28.3
%
 
$
109,843

 
28.4
%
 
$
105,849

 
27.6
%
 
$
116,645

 
29.5
%
 
$
129,540

 
32.0
%
Arkansas
1,118

 
0.6
%
 
1,632

 
0.8
%
 
3,132

 
0.8
%
 
3,266

 
0.9
%
 
3,089

 
0.8
%
 
3,106

 
0.8
%
Louisiana
573

 
0.3
%
 
3,142

 
1.6
%
 
5,152

 
1.4
%
 
10,387

 
2.7
%
 
9,185

 
2.3
%
 
8,272

 
2.0
%
Oklahoma
260

 
0.1
%
 
332

 
0.2
%
 
632

 
0.2
%
 
682

 
0.2
%
 
921

 
0.2
%
 
1,083

 
0.3
%
Missouri
12

 
0.0
%
 
598

 
0.3
%
 
1,071

 
0.3
%
 
1,123

 
0.3
%
 
852

 
0.2
%
 
1,061

 
0.3
%
Illinois

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 
2,464

 
0.6
%
 
2,556

 
0.6
%
Kansas

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 
474

 
0.1
%
 
1,181

 
0.3
%
Total Central Region
53,982

 
28.4
%
 
60,333

 
31.2
%
 
119,830

 
31.1
%
 
121,307

 
31.7
%
 
133,629

 
33.7
%
 
146,799

 
36.3
%
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North Carolina
$
10,188

 
5.5
%
 
$
10,732

 
5.6
%
 
$
20,602

 
5.3
%
 
$
23,123

 
6.0
%
 
$
25,074

 
6.3
%
 
$
25,656

 
6.3
%
Georgia
10,139

 
5.3
%
 
9,671

 
5.0
%
 
19,080

 
4.9
%
 
20,340

 
5.3
%
 
19,767

 
5.0
%
 
19,845

 
4.9
%
Tennessee
4,238

 
2.2
%
 
4,026

 
2.1
%
 
8,152

 
2.1
%
 
6,903

 
1.8
%
 
7,770

 
2.0
%
 
7,491

 
1.8
%
Kentucky
3,659

 
1.9
%
 
3,615

 
1.9
%
 
7,554

 
2.0
%
 
7,324

 
1.9
%
 
7,050

 
1.8
%
 
6,890

 
1.7
%
Maryland
2,285

 
1.2
%
 
1,874

 
1.0
%
 
4,025

 
1.0
%
 
2,965

 
0.8
%
 
1,063

 
0.3
%
 

 
0.0
%
Virginia
847

 
0.4
%
 
4

 
0.0
%
 
334

 
0.1
%
 

 
0.0
%
 
1,805

 
0.5
%
 
3,551

 
0.9
%
South Carolina
157

 
0.1
%
 
138

 
0.1
%
 
277

 
0.1
%
 
273

 
0.1
%
 
265

 
0.1
%
 
268

 
0.1
%
Maine

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 

 
0.0
%
 
40

 
0.0
%
 
214

 
0.1
%
Total Mid-Atlantic Region
31,513

 
16.6
%
 
30,061

 
15.7
%
 
60,023

 
15.5
%
 
60,927

 
15.9
%
 
62,833

 
16.0
%
 
63,915

 
15.8
%
Southeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida
$
28,275

 
14.9
%
 
$
29,140

 
15.1
%
 
$
58,029

 
15.0
%
 
$
57,443

 
15.0
%
 
$
57,620

 
14.6
%
 
$
60,361

 
14.9
%
Total Southeast Region
28,275

 
14.9
%
 
29,140

 
15.1
%
 
58,029

 
15.0
%
 
57,443

 
15.0
%
 
57,620

 
14.6
%
 
60,361

 
14.9
%
Total Net Operating Income
$
189,797

 
100.0
%
 
$
193,018

 
100.0
%
 
$
386,231

 
100.0
%
 
$
382,438

 
100.0
%
 
$
394,902

 
100.0
%
 
$
404,967

 
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 June 30, 2015
 
 
 
 
 
Gross Leasable Area
ALL PROPERTIES BY STATE
 
# of
  Properties  
 
WRI
Owned
 
  Joint Venture  
Share
 
Owned
  by Other   
 
Total        
 
 
 
 
 
 
 
 
 
 
 
Arizona
 
24

 
2,458,482

 
93,345

 
1,653,814

 
4,205,641

Arkansas
 
1

 
178,500

 

 

 
178,500

California
 
27

 
4,072,164

 
52,614

 
961,424

 
5,086,202

Colorado
 
9

 
999,003

 
536,139

 
1,210,338

 
2,745,481

Florida
 
34

 
4,094,102

 
1,861,726

 
1,303,638

 
7,259,466

Georgia
 
14

 
1,646,731

 
137,071

 
897,264

 
2,681,066

Kentucky
 
4

 
634,305

 

 
127,614

 
761,919

Louisiana
 
2

 
244,342

 
107,974

 
9,200

 
361,516

Maryland
 
2

 
94,123

 

 

 
94,123

Nevada
 
12

 
2,289,227

 

 
1,591,626

 
3,880,853

New Mexico
 
2

 
229,672

 

 
27,330

 
257,002

North Carolina
 
16

 
1,787,957

 
72,116

 
790,167

 
2,650,240

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
 
67

 
7,648,187

 
2,539,197

 
2,464,443

 
12,651,829

Utah
 
2

 
272,256

 

 
171,650

 
443,906

Virginia
 
1

 
154,889

 

 

 
154,889

Washington
 
5

 
203,048

 
298,609

 
65,346

 
567,003

Total
 
232

 
27,970,769

 
5,854,588

 
11,494,470

 
45,319,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
12.96

 
79.1
%
 

 
(Target), (Kohl's), PetSmart, Bed Bath & Beyond, Ross Dress for Less, 99 Cents Only
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

 
24.58

 
81.4
%
 

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

 
82,757

 
87,379

 
15.18

 
88.5
%
 

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

 
132,731

 
240,951

 
13.60

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

 
101,685

 
107,071

 
22.19

 
97.0
%
 
AJ Fine Foods
 
CVS
Fountain Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
113,536

 
305,588

 
9.27

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

 
39,763

 
318,805

 
27.97

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

 
45,751

 
108,551

 
23.98

 
93.3
%
 
(Safeway)
 

Palmilla Center
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
103,568

 
178,219

 
18.33

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

 
157,607

 
157,607

 
14.93

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

 
129,822

 
133,020

 
25.88

 
100.0
%
 
Whole Foods
 

Rancho Encanto
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
66,592

 
71,975

 
12.21

 
73.7
%
 

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

 
69,213

 
199,013

 
15.18

 
93.3
%
 

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

 
155,006

 
155,006

 
16.76

 
94.5
%
 
Safeway
 
CVS
Squaw Peak Plaza
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
60,728

 
60,728

 
17.73

 
100.0
%
 
Sprouts Farmers Market
 

Summit at Scottsdale
 
Phoenix-Mesa-Scottsdale, AZ
 
51.0
%
 
(1)(3)
 
97,154

 
322,999

 
17.07

 
97.1
%
 
Safeway
 
(Target), CVS, Office Max, PetSmart
The Shoppes at Parkwood Ranch
 
Phoenix-Mesa-Scottsdale, AZ
 
100.0
%
 

 
92,626

 
106,738

 
12.58

 
100.0
%
 

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

 
146,226

 
154,588

 
11.35

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

 
88,665

 
109,075

 
18.06

 
97.7
%
 
Walmart Neighborhood Market
 

Madera Village
 
Tucson, AZ
 
100.0
%
 

 
96,697

 
106,858

 
12.29

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

 
251,194

 
261,194

 
17.80

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

 
150,109

 
343,237

 
24.73

 
94.2
%
 

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

 
43,928

 
66,131

 
16.46

 
77.0
%
 

 
(CVS Drug)
Arizona Total:
 
# of Properties:
24

 
 
 
 
2,458,482

 
4,205,641

 
16.61

 
94.5
%
 
 
 
 
Arkansas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Markham West
 
Little Rock-North Little Rock-Conway, AR
 
100.0
%
 

 
178,500

 
178,500

 
10.42

 
100.0
%
 

 
Academy, Office Depot, Michaels, Dollar Tree
Arkansas Total:
 
# of Properties:
1

 
 
 
 
178,500

 
178,500

 
10.42

 
100.0
%
 
 
 
 
California
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8000 Sunset Strip Shopping Center
 
Los Angeles-Long Beach-Anaheim, CA
 
100.0
%
 

 
169,797

 
169,797

 
40.32

 
96.7
%
 
Trader Joe's
 
Crunch, Sundance Cinemas, CB2
Buena Vista Marketplace
 
Los Angeles-Long Beach-Anaheim, CA
 
100.0
%
 

 
90,805

 
90,805

 
23.35

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

 
75,486

 
75,486

 
13.93

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

 
417,567

 
440,437

 
18.45

 
97.1
%
 
Albertsons
 
Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness
Hallmark Town Center
 
Madera, CA
 
100.0
%
 

 
85,066

 
98,359

 
13.42

 
96.4
%
 
Food 4 Less
 


Page 30

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Marshalls Plaza
 
Modesto, CA
 
100.0
%
 

 
78,752

 
85,952

 
15.50

 
90.3
%
 

 
Marshalls, Dress Barn, Guitar Center
Chino Hills Marketplace
 
Riverside-San Bernardino-Ontario, CA
 
100.0
%
 

 
310,920

 
310,920

 
20.67

 
91.9
%
 
Haggen
 
Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace
 
Riverside-San Bernardino-Ontario, CA
 
100.0
%
 

 
208,656

 
307,826

 
19.19

 
97.3
%
 
(Winco Foods)
 
Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Phase III
 
Riverside-San Bernardino-Ontario, CA
 
100.0
%
 

 
184,809

 
194,342

 
21.02

 
97.0
%
 
(Winco Foods)
 
Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness
Menifee Town Center
 
Riverside-San Bernardino-Ontario, CA
 
100.0
%
 

 
124,431

 
258,734

 
16.76

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

 
434,450

 
23.45

 
73.1
%
 
(Super Target)
 
(Kohl's)
Discovery Plaza
 
Sacramento--Roseville--Arden-Arcade, CA
 
100.0
%
 

 
93,398

 
93,398

 
17.13

 
96.1
%
 
Bel Air Market
 

Prospectors Plaza
 
Sacramento--Roseville--Arden-Arcade, CA
 
100.0
%
 

 
243,907

 
252,521

 
19.68

 
97.2
%
 
SaveMart
 
Kmart, CVS, Ross
Summerhill Plaza
 
Sacramento--Roseville--Arden-Arcade, CA
 
100.0
%
 

 
128,835

 
128,835

 
11.72

 
92.4
%
 
Raley’s
 
Dollar Tree
Valley
 
Sacramento--Roseville--Arden-Arcade, CA
 
100.0
%
 

 
98,240

 
107,005

 
19.02

 
91.4
%
 
Raley's
 

El Camino Promenade
 
San Diego-Carlsbad, CA
 
100.0
%
 

 
129,676

 
129,676

 
24.12

 
95.7
%
 

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

 
120,368

 
134,628

 
19.68

 
96.1
%
 
Haggen
 
24 Hour Fitness
San Marcos Plaza
 
San Diego-Carlsbad, CA
 
100.0
%
 

 
35,880

 
81,086

 
33.18

 
84.4
%
 
(Albertsons)
 

580 Market Place
 
San Francisco-Oakland-Hayward, CA
 
100.0
%
 

 
100,097

 
100,097

 
29.88

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

 
194,601

 
352,690

 
23.10

 
99.2
%
 
Raley’s
 
24 Hour Fitness
Greenhouse Marketplace
 
San Francisco-Oakland-Hayward, CA
 
100.0
%
 

 
146,658

 
236,427

 
20.70

 
93.9
%
 
(Safeway)
 
(CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco
Cambrian Park Plaza
 
San Jose-Sunnyvale-Santa Clara, CA
 
100.0
%
 

 
170,618

 
170,618

 
15.09

 
96.2
%
 

 
Beverages & More, Dollar Tree, Cambrian Bowl
Silver Creek Plaza
 
San Jose-Sunnyvale-Santa Clara, CA
 
100.0
%
 

 
132,925

 
202,820

 
24.55

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

 
150,865

 
150,865

 
15.17

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

 
194,569

 
200,011

 
14.50

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

 
115,991

 
115,991

 
19.59

 
93.5
%
 
Raley’s
 

Southampton Center
 
Vallejo-Fairfield, CA
 
100.0
%
 

 
162,426

 
162,426

 
19.49

 
99.2
%
 
Raley’s
 
Ace Hardware, Dollar Tree
California Total:
 
# of Properties:
27

 
 
 
 
4,072,164

 
5,086,202

 
20.33

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

 
542,956

 
15.94

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

 
78,148

 
272,658

 
25.95

 
100.0
%
 
(Super Target)
 
Sports Authority, PetSmart
CityCenter Englewood
 
Denver-Aurora-Lakewood, CO
 
51.0
%
 
(1)(3)
 
136,846

 
358,326

 
16.04

 
91.7
%
 

 
(Walmart), Ross Dress for Less, Petco, Office Depot, 24 Hour Fitness
Crossing at Stonegate
 
Denver-Aurora-Lakewood, CO
 
51.0
%
 
(1)(3)
 
55,632

 
109,082

 
16.15

 
100.0
%
 
King Sooper’s
 

Edgewater Marketplace
 
Denver-Aurora-Lakewood, CO
 
100.0
%
 

 
144,553

 
270,548

 
11.36

 
98.0
%
 
King Sooper's
 
Ace Hardware, (Target)
Green Valley Ranch Towne Center
 
Denver-Aurora-Lakewood, CO
 
50.0
%
 
(1)(3)
 
28,440

 
114,881

 
21.46

 
100.0
%
 
(King Sooper’s)
 

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

 
129,398

 
26.54

 
95.4
%
 
(Albertsons)
 

River Point at Sheridan
 
Denver-Aurora-Lakewood, CO
 
100.0
%
 

 
228,372

 
561,505

 
14.70

 
95.3
%
 

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

 
386,127

 
16.96

 
100.0
%
 
Sprouts Farmers Market, (Super Target)
 
Barnes & Noble, Cost Plus, Michaels, OfficeMax, Dollar Tree
Colorado Total:
 
# of Properties:
9

 
 
 
 
999,003

 
2,745,481

 
16.73

 
96.6
%
 
 
 
 
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Argyle Village
 
Jacksonville, FL
 
100.0
%
 

 
306,505

 
306,505

 
11.13

 
97.8
%
 
Publix
 
Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels
Atlantic West
 
Jacksonville, FL
 
50.0
%
 
(1)(3)
 
42,284

 
180,578

 
13.47

 
100.0
%
 
(Walmart Supercenter)
 
T.J. Maxx, Dollar Tree, Shoe Carnival, (Kohl's)

Page 31

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Epic Village - St. Augustine
 
Jacksonville, FL
 
70.0
%
 
(1)
 
8,542

 
64,180

 
16.12

 
78.5
%
 

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

 
288,780

 
16.75

 
98.4
%
 
(Walmart Supercenter)
 
Ross Dress for Less, Petco
Flamingo Pines
 
Miami-Fort Lauderdale et al, FL
 
20.0
%
 
(1)(3)
 
25,373

 
148,840

 
17.64

 
98.4
%
 
Publix
 

Boca Lyons
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
117,423

 
117,423

 
22.56

 
99.1
%
 
4th Generation Market
 
Ross Dress for Less
Embassy Lakes
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
131,723

 
179,937

 
13.88

 
97.4
%
 
Winn Dixie
 
Tuesday Morning, Dollar Tree
Flamingo Pines
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
139,462

 
266,761

 
21.64

 
93.2
%
 
(Walmart Supercenter)
 
U.S. Post Office, Florida Technical College
Hollywood Hills Plaza
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
20.0
%
 
(1)(3)
 
72,284

 
405,145

 
19.80

 
99.1
%
 
Publix
 
Target, CVS
Northridge
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
20.0
%
 
(1)(3)
 
46,720

 
236,628

 
17.38

 
95.4
%
 
Publix
 
Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
20.0
%
 
(1)(3)
 
59,201

 
316,262

 
14.88

 
97.9
%
 
Publix
 
Marshalls, Office Depot, LA Fitness, Dollar Tree
Sea Ranch Centre
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
98,950

 
98,950

 
17.12

 
90.1
%
 
Publix
 
CVS, Dollar Tree
Sunrise West Shopping Center
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
25.0
%
 
(1)(3)
 
19,080

 
84,597

 
14.01

 
86.0
%
 
Publix
 

Tamiami Trail Shops
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
20.0
%
 
(1)(3)
 
22,173

 
132,564

 
16.22

 
96.0
%
 
Publix
 
CVS
TJ Maxx Plaza
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
161,429

 
161,429

 
16.05

 
97.2
%
 
Winn Dixie
 
T.J. Maxx, Dollar Tree
Vizcaya Square
 
Miami-Fort Lauderdale-West Palm Beach, FL
100.0
%
 

 
110,081

 
110,081

 
15.82

 
98.1
%
 
Winn Dixie
 

Wellington Green Commons
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
96,774

 
96,774

 
25.80

 
100.0
%
 
Whole Foods Market
 

Wellington Green Pad Sites
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
100.0
%
 

 
15,580

 
38,080

 
30.59

 
100.0
%
 

 

Clermont Landing
 
Orlando-Kissimmee-Sanford, FL
 
65.1
%
 
(1)(3)
 
114,291

 
345,280

 
16.85

 
94.6
%
 

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

 
498,894

 
498,894

 
14.16

 
98.9
%
 

 
Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
Marketplace at Seminole Towne Center
 
Orlando-Kissimmee-Sanford, FL
 
100.0
%
 

 
318,610

 
500,523

 
15.35

 
97.3
%
 
(Super Target)
 
Marshalls, Ross Dress for Less, Old Navy, Sports Authority, Petco
Phillips Crossing
 
Orlando-Kissimmee-Sanford, FL
 
100.0
%
 

 
145,644

 
145,644

 
27.75

 
100.0
%
 
Whole Foods
 
Golf Galaxy, Michaels
The Marketplace at Dr. Phillips
 
Orlando-Kissimmee-Sanford, FL
 
20.0
%
 
(1)(3)
 
65,378

 
326,890

 
22.48

 
98.7
%
 
Publix
 
Stein Mart, Home Goods, Morton's of Chicago, Office Depot
The Shoppes at South Semoran
 
Orlando-Kissimmee-Sanford, FL
 
100.0
%
 

 
101,611

 
101,611

 
12.15

 
100.0
%
 
Walmart Neighborhood Market
 
Dollar Tree
Winter Park Corners
 
Orlando-Kissimmee-Sanford, FL
 
100.0
%
 

 
102,382

 
102,382

 
20.60

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

 
177,471

 
11.91

 
94.1
%
 
Publix
 
Bealls
Pineapple Commons
 
Port St. Lucie, FL
 
20.0
%
 
(1)(3)
 
50,023

 
264,468

 
15.43

 
100.0
%
 

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

 
58,890

 
13.47

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

 
63,108

 
19.00

 
93.2
%
 
(Publix)
 
Petco, (Walgreens)
Countryside Centre
 
Tampa-St. Petersburg-Clearwater, FL
 
100.0
%
 

 
248,253

 
248,253

 
14.48

 
95.2
%
 

 
T.J. Maxx, Home Goods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands
 
Tampa-St. Petersburg-Clearwater, FL
 
20.0
%
 
(1)(3)
 
23,113

 
115,566

 
12.92

 
92.6
%
 
Walmart Neighborhood Market
 
Walgreens
Largo Mall
 
Tampa-St. Petersburg-Clearwater, FL
 
100.0
%
 

 
376,957

 
610,044

 
16.32

 
94.4
%
 
(Albertsons)
 
Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Palms of Carrollwood
 
Tampa-St. Petersburg-Clearwater, FL
 
100.0
%
 

 
154,118

 
154,118

 
14.09

 
89.7
%
 
The Fresh Market
 
Bed Bath & Beyond
Sunset 19
 
Tampa-St. Petersburg-Clearwater, FL
 
100.0
%
 

 
275,910

 
275,910

 
12.73

 
86.2
%
 

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

 
36,900

 
N/A

 
100.0
%
 
Whole Foods Market
 

Florida Total:
 
# of Properties:
34

 
 
 
 
4,094,102

 
7,259,466

 
16.27

 
96.1
%
 
 
 
 
Georgia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookwood Marketplace
 
Atlanta-Sandy Springs-Roswell, GA
 
100.0
%
 

 
199,594

 
397,295

 
18.40

 
99.0
%
 
(Super Target)
 
Home Depot, Bed Bath & Beyond, Office Max

Page 32

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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-Roswell, GA
 
100.0
%
 

 
181,333

 
181,333

 
10.96

 
87.1
%
 

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

 
27,747

 
81,913

 
19.90

 
79.5
%
 
(Kroger)
 

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

 
196,283

 
228,003

 
14.25

 
100.0
%
 

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

 
25,158

 
95,262

 
23.92

 
100.0
%
 
(Kroger)
 

Grayson Commons
 
Atlanta-Sandy Springs-Roswell, GA
 
100.0
%
 

 
76,611

 
76,611

 
14.57

 
92.5
%
 
Kroger
 

Lakeside Marketplace
 
Atlanta-Sandy Springs-Roswell, GA
 
100.0
%
 

 
137,693

 
332,889

 
16.25

 
100.0
%
 
(Super Target)
 
Ross Dress for Less, Petco
Mansell Crossing
 
Atlanta-Sandy Springs-Roswell, 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-Roswell, GA
 
100.0
%
 

 
380,686

 
380,686

 
19.64

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

 
72,207

 
16.91

 
100.0
%
 
Publix
 

Reynolds Crossing
 
Atlanta-Sandy Springs-Roswell, GA
 
100.0
%
 

 
45,758

 
115,983

 
25.22

 
100.0
%
 
(Kroger)
 

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

 
136,622

 
318,387

 
18.72

 
94.4
%
 
(Super Target), Fresh Market
 
T.J. Maxx
Roswell Crossing
 
Atlanta-Sandy Springs-Roswell, GA
 
100.0
%
 

 
201,979

 
201,979

 
14.73

 
94.9
%
 
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

 
 
 
 
1,646,731

 
2,681,066

 
16.51

 
96.5
%
 
 
 
 
Kentucky
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Millpond Center
 
Lexington-Fayette, KY
 
100.0
%
 

 
124,498

 
151,498

 
10.63

 
90.2
%
 
Kroger
 

Regency Shopping Centre
 
Lexington-Fayette, KY
 
100.0
%
 

 
142,738

 
188,782

 
14.29

 
86.4
%
 
(Kroger)
 
T.J. Maxx, Michaels
Tates Creek
 
Lexington-Fayette, KY
 
100.0
%
 

 
198,372

 
203,532

 
13.67

 
98.2
%
 
Kroger
 
Rite Aid
Festival at Jefferson Court
 
Louisville/Jefferson County, KY-IN
 
100.0
%
 

 
168,697

 
218,107

 
13.11

 
93.6
%
 
Kroger
 
(PetSmart), (TJ Maxx), Staples, Party City
Kentucky Total:
 
# of Properties:
4

 
 
 
 
634,305

 
761,919

 
13.08

 
92.7
%
 
 
 
 
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
Danville Plaza
 
Monroe, LA
 
100.0
%
 

 
136,368

 
136,368

 
5.95

 
96.3
%
 
County Market
 
Citi Trends, Surplus Warehouse
Louisiana Total:
 
# of Properties:
2

 
 
 
 
244,342

 
361,516

 
6.34

 
97.9
%
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pike Center
 
Washington-Arlington-Alexandria, DC-VA-MD-WV
 
100.0
%
 

 
80,841

 
80,841

 
58.12

 
96.3
%
 

 
Pier 1, Ethan Allen
Maryland Total:
 
# of Properties:
1

 
 
 
 
80,841

 
80,841

 
58.12

 
96.3
%
 
 
 
 
Nevada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Best in the West
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
428,066

 
428,066

 
16.80

 
100.0
%
 

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

 
332,298

 
366,952

 
16.56

 
98.8
%
 
Walmart
 
Ross Dress for Less, Office Max, 99 Cents Only, PetSmart
College Park S.C.
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
167,654

 
195,367

 
12.13

 
92.9
%
 
El Super
 
Factory 2 U, CVS
Decatur 215
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
77,678

 
304,720

 
11.96

 
100.0
%
 
(WinCo Foods)
 
(Target), Hobby Lobby, Ross Dress for Less
Eastern Horizon
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
65,848

 
353,538

 
21.16

 
85.8
%
 
Trader Joe's, (Kmart)
 

Francisco Centre
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
116,973

 
148,815

 
11.27

 
90.4
%
 
La Bonita Grocery
 
(Ross Dress for Less), Fallas Paredes
Paradise Marketplace
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
78,077

 
152,672

 
18.62

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

 
273,916

 
273,916

 
13.64

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

 
136,339

 
136,339

 
13.66

 
90.0
%
 
Albertsons
 
Ross Dress for Less, JC Penney, Home Depot, 24 Hour Fitness

Page 33

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

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

 
84,711

 
161,837

 
12.83

 
100.0
%
 
Smith’s Food
 

Tropicana Beltway
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
246,483

 
617,821

 
19.81

 
96.1
%
 
(Walmart Supercenter)
 
(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only
Tropicana Marketplace
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 
 
 
69,429

 
142,597

 
20.17

 
77.7
%
 
(Smith’s Food)
 
Family Dollar
Westland Fair
 
Las Vegas-Henderson-Paradise, NV
 
100.0
%
 

 
211,755

 
598,213

 
17.34

 
93.9
%
 
(Walmart Supercenter)
 
(Lowe’s), PetSmart, Office Depot, Michaels, Anna's Linens
Nevada Total:
 
# of Properties:
12

 
 
 
 
2,289,227

 
3,880,853

 
15.81

 
95.4
%
 
 
 
 
New Mexico
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eastdale
 
Albuquerque, NM
 
100.0
%
 

 
117,006

 
117,006

 
7.49

 
94.0
%
 
Albertsons
 
Family Dollar
North Towne Plaza
 
Albuquerque, NM
 
100.0
%
 

 
112,666

 
139,996

 
21.14

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

 
 
 
 
229,672

 
257,002

 
14.32

 
96.9
%
 
 
 
 
North Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Galleria
 
Charlotte-Concord-Gastonia, NC-SC
 
100.0
%
 

 
120,674

 
328,276

 
16.28

 
92.5
%
 
(Walmart Supercenter)
 
Off Broadway Shoes
Whitehall Commons
 
Charlotte-Concord-Gastonia, NC-SC
 
100.0
%
 

 
42,183

 
444,803

 
25.78

 
96.7
%
 
(Walmart Supercenter), (Publix)
 
(Lowe's)
Bull City Market
 
Durham-Chapel Hill, NC
 
100.0
%
 

 
40,875

 
40,875

 
18.56

 
100.0
%
 
Whole Foods Market
 

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

 
96,155

 
12.95

 
90.6
%
 
Lowes Foods
 
CVS
Hope Valley Commons
 
Durham-Chapel Hill, NC
 
100.0
%
 

 
81,371

 
81,371

 
25.19

 
98.3
%
 
Harris Teeter
 

Avent Ferry
 
Raleigh, NC
 
100.0
%
 

 
119,652

 
119,652

 
18.78

 
99.0
%
 
Food Lion
 
Family Dollar
Capital Square
 
Raleigh, NC
 
100.0
%
 

 
143,063

 
143,063

 
7.72

 
100.0
%
 
Food Lion
 

Falls Pointe
 
Raleigh, NC
 
100.0
%
 

 
112,199

 
198,549

 
16.91

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

 
90,155

 
90,155

 
14.55

 
100.0
%
 
Harris Teeter
 

Leesville Town Centre
 
Raleigh, NC
 
100.0
%
 

 
127,106

 
127,106

 
19.39

 
92.6
%
 
Harris Teeter
 
Rite Aid
Northwoods Market
 
Raleigh, NC
 
100.0
%
 

 
77,802

 
77,802

 
10.95

 
88.1
%
 
Walmart Neighborhood Market
 
Dollar Tree
Six Forks Station
 
Raleigh, NC
 
100.0
%
 

 
467,902

 
467,902

 
10.72

 
98.9
%
 
Food Lion
 
Kmart, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market
 
Raleigh, NC
 
100.0
%
 

 
188,437

 
188,437

 
13.01

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

 
63,016

 
63,016

 
20.00

 
91.1
%
 
Harris Teeter
 

Waterford Village
 
Wilmington, NC
 
100.0
%
 

 
89,483

 
89,483

 
20.30

 
100.0
%
 
Harris Teeter
 

North Carolina Total:
 
# of Properties:
15

 
 
 
 
1,787,957

 
2,556,645

 
14.47

 
97.4
%
 
 
 
 
Oklahoma
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Town and Country
 
Oklahoma City, OK
 
100.0
%
 

 
128,231

 
128,231

 
7.18

 
92.2
%
 

 
Big Lots, Westlake Hardware, Aaron Rents, Ross Dress for Less
Oklahoma Total:
 
# of Properties:
1

 
 
 
 
128,231

 
128,231

 
7.18

 
92.2
%
 
 
 
 
Oregon
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Clackamas Square
 
Portland-Vancouver-Hillsboro, OR-WA
 
20.0
%
 
(1)(3)
 
14,790

 
140,227

 
18.61

 
91.6
%
 
(Winco Foods)
 
T.J. Maxx
Oak Grove Market Center
 
Portland-Vancouver-Hillsboro, OR-WA
 
100.0
%
 

 
97,177

 
97,177

 
13.24

 
97.0
%
 
Safeway
 

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

 
39,520

 
25.71

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

 
 
 
 
119,871

 
276,924

 
14.75

 
96.6
%
 
 
 
 

Page 34

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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-Bluffton-Beaufort, SC
 
25.0
%
 
(1)(3)
 
21,674

 
86,694

 
15.44

 
92.7
%
 
The Fresh Market
 
Dollar Tree
South Carolina Total:
 
# of Properties:
1

 
 
 
 
21,674

 
86,694

 
15.44

 
92.7
%
 
 
 
 
Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bartlett Towne Center
 
Memphis, TN-MS-AR
 
100.0
%
 

 
192,624

 
192,624

 
11.87

 
99.0
%
 
Kroger
 
Petco, Dollar Tree, Shoe Carnival
Commons at Dexter Lake
 
Memphis, TN-MS-AR
 
100.0
%
 

 
166,958

 
178,558

 
9.45

 
93.9
%
 
Kroger
 
Stein Mart, Marshalls, HomeGoods
Commons at Dexter Lake Phase II
 
Memphis, TN-MS-AR
 
100.0
%
 

 
61,838

 
66,838

 
13.68

 
92.7
%
 
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

 
21.05

 
94.8
%
 

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

 
 
 
 
694,005

 
848,345

 
13.59

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

 
130,631

 
14.48

 
81.7
%
 
United Supermarket
 
Dollar Tree
Mueller Regional Retail Center
 
Austin-Round Rock, TX
100.0
%
 

 
351,099

 
351,099

 
16.37

 
96.9
%
 

 
Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy
North Park Plaza
 
Beaumont-Port Arthur, TX
 
50.0
%
 
(1)(3)
 
69,863

 
302,260

 
15.38

 
94.3
%
 

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

 
35,846

 
152,846

 
21.50

 
43.5
%
 

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

 
371,443

 
599,415

 
15.10

 
99.0
%
 
(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

 
24.57

 
90.8
%
 
(Albertsons)
 

Gateway Station
 
Dallas-Fort Worth-Arlington, TX
 
70.0
%
 
(1)
 
56,766

 
81,095

 
11.61

 
85.3
%
 

 
Conn's
Overton Park Plaza
 
Dallas-Fort Worth-Arlington, TX
 
100.0
%
 

 
353,431

 
463,431

 
14.47

 
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

 
16.09

 
99.6
%
 

 
Babies "R" Us, Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
HEB - Dairy Ashford & Memorial
 
Houston-Baytown-Sugar Land, TX
 
100.0
%
 
 (4)
 
36,874

 
36,874

 
N/A

 
100.0
%
 
H-E-B
 

10/Federal
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
19,871

 
132,472

 
8.71

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

 
138,081

 
138,081

 
N/A

 
75.4
%
 

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

 
59,120

 
59,120

 
21.85

 
100.0
%
 
Trader Joe's
 
PetSmart
Baybrook Gateway
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
240,537

 
240,537

 
17.68

 
64.4
%
 

 
Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michael's
Bellaire Boulevard
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
35,081

 
41,273

 
28.12

 
100.0
%
 
Randall’s
 

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

 
97,277

 
97,277

 
16.34

 
100.0
%
 
99 Ranch Market
 

Braeswood Square
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
104,778

 
104,778

 
13.61

 
98.3
%
 
Belden’s
 
Walgreens
Broadway
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
11,191

 
74,604

 
8.18

 
92.1
%
 

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

 
183,940

 
183,940

 
31.95

 
98.3
%
 

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

 
121,000

 
121,000

 
N/A

 
100.0
%
 

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

 
84,517

 
11.45

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

 
186,721

 
283,381

 
9.77

 
96.9
%
 
Kroger
 
Babies “R” Us
Fiesta Village
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
4,537

 
30,249

 
8.81

 
100.0
%
 
Fiesta
 


Page 35

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Galveston Place
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
210,370

 
210,370

 
11.10

 
99.5
%
 
Randall’s
 
Office Depot, Palais Royal, Spec's
Glenbrook Square
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
11,684

 
77,890

 
9.67

 
97.3
%
 
Kroger
 

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

 
80,116

 
12.72

 
82.0
%
 

 
99 Cents Only, Family Dollar, Citi Trends
Harrisburg Plaza
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
14,016

 
93,438

 
18.99

 
91.3
%
 

 
Fallas Paredes
Heights Plaza
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
71,277

 
71,277

 
8.89

 
100.0
%
 
Kroger
 

Humblewood Shopping Plaza
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
180,226

 
279,226

 
18.05

 
96.8
%
 

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

 
171,599

 
12.52

 
100.0
%
 
Sellers Bros.
 
Famsa, Fallas Paredes, Harbor Freight Tools
Lawndale
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
7,819

 
52,127

 
11.19

 
100.0
%
 

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

 
126,990

 
13.21

 
95.6
%
 
Kroger
 

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

 
113,878

 
9.63

 
96.0
%
 
Sellers Bros.
 
Fallas Paredes
Lyons Avenue
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
10,144

 
67,629

 
7.93

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

 
388,865

 
388,865

 
19.68

 
96.6
%
 

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

 
84,084

 
84,084

 
19.23

 
88.9
%
 
Whole Foods Market
 

Northbrook Center
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
173,288

 
173,288

 
14.13

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

 
154,172

 
154,172

 
14.40

 
99.1
%
 
Kroger
 
Ross Dress for Less, Dollar Tree, Petsmart
Palmer Plaza
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
95,251

 
195,231

 
10.02

 
97.5
%
 

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

 
126,397

 
126,397

 
16.96

 
99.5
%
 
Randall’s
 
CVS
Richmond Square
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
92,356

 
92,356

 
21.54

 
100.0
%
 

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

 
71,265

 
71,265

 
31.25

 
100.0
%
 
Kroger
 

River Oaks West
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
247,673

 
247,673

 
31.25

 
93.0
%
 
Kroger
 
Barnes & Noble, Talbots, Ann Taylor, Gap, JoS. A. Bank
Shoppes at Memorial Villages
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
184,354

 
184,354

 
11.16

 
95.4
%
 

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

 
10,000

 
10,000

 
30.20

 
100.0
%
 

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

 
277,871

 
14.11

 
100.0
%
 
Fiesta
 
Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate
 
Houston-The Woodlands-Sugar Land, TX
 
15.0
%
 
(1)
 
18,668

 
124,454

 
10.60

 
91.9
%
 
Food-A-Rama
 
CVS, Family Dollar, Palais Royal
Stella Link
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
70,087

 
70,087

 
7.56

 
83.7
%
 
Sellers Bros.
 
Spec’s
Tomball Marketplace
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
141,036

 
298,857

 
16.87

 
90.6
%
 

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

 
490,734

 
24.32

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

 
232,782

 
361,501

 
15.47

 
90.7
%
 
Whole Foods Market
 
(Target), Ross Dress for Less, Golfsmith, Palais Royal, Petco
Westhill Village
 
Houston-The Woodlands-Sugar Land, TX
 
100.0
%
 

 
130,851

 
130,851

 
16.28

 
98.5
%
 

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

 
347,302

 
347,302

 
12.96

 
98.5
%
 
H-E-B
 
TJ Maxx, Ross, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza
 
Laredo, TX
 
100.0
%
 

 
243,596

 
485,463

 
14.51

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

 
135,373

 
143,015

 
16.05

 
97.7
%
 
H-E-B
 

Las Tiendas Plaza
 
McAllen-Edinburg-Mission, TX
 
50.0
%
 
(1)(3)
 
143,976

 
500,084

 
10.79

 
98.9
%
 

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

 
243,821

 
21.46

 
85.0
%
 
(Walmart Supercenter)
 


Page 36

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
Market at Sharyland Place
 
McAllen-Edinburg-Mission, TX
 
50.0
%
 
(1)(3)
 
53,956

 
301,174

 
19.67

 
95.4
%
 
(Walmart Supercenter)
 
Kohl's, Dollar Tree
Northcross
 
McAllen-Edinburg-Mission, TX
 
50.0
%
 
(1)(3)
 
37,532

 
75,065

 
17.14

 
90.9
%
 

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

 
15,000

 
N/A

 
100.0
%
 

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

 
484,949

 
14.96

 
97.1
%
 
H-E-B
 
(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
South 10th St. HEB
 
McAllen-Edinburg-Mission, TX
 
50.0
%
 
(1)(3)
 
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

 
12.03

 
99.0
%
 
H-E-B
 
Bealls
Fiesta Trails
 
San Antonio-New Braunfels, TX
 
100.0
%
 

 
306,370

 
482,370

 
15.66

 
96.3
%
 
(H-E-B)
 
(Target), Act III Theatres, Marshalls, Office Max, Stein Mart, Petco, Anna’s Linens
Parliament Square II
 
San Antonio-New Braunfels, TX
 
100.0
%
 
(4)
 
54,541

 
54,541

 
8.71

 
100.0
%
 

 
Incredible Pizza
Thousand Oaks
 
San Antonio-New Braunfels, TX
 
15.0
%
 
(1)
 
24,271

 
161,806

 
11.44

 
98.2
%
 
H-E-B
 
Bealls, Tuesday Morning
Valley View
 
San Antonio-New Braunfels, TX
 
100.0
%
 

 
91,544

 
91,544

 
11.02

 
81.9
%
 

 
Marshalls, Dollar Tree
Texas Total:
 
# of Properties:
67

 
 
 
 
7,648,187

 
12,651,829

 
16.78

 
95.3
%
 
 
 
 
Utah
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taylorsville Town Center
 
Salt Lake City, UT
 
100.0
%
 

 
90,157

 
139,007

 
17.08

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

 
182,099

 
304,899

 
12.83

 
64.7
%
 

 
(Target), Petco
Utah Total:
 
# of Properties:
2

 
 
 
 
272,256

 
443,906

 
14.24

 
75.5
%
 
 
 
 
Washington
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Meridian Town Center
 
Seattle-Tacoma-Bellevue, WA
 
20.0
%
 
(1)(3)
 
15,533

 
143,012

 
17.97

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

 
96,860

 
96,860

 
16.21

 
86.4
%
 
Red Apple Grocers
 
Walgreens
Queen Anne Marketplace
 
Seattle-Tacoma-Bellevue, WA
 
51.0
%
 
(1)(3)
 
41,506

 
81,385

 
30.54

 
98.4
%
 
Metropolitan Market
 
Bartell's Drug
Rainer Square Plaza
 
Seattle-Tacoma-Bellevue, WA
 
20.0
%
 
(1)(3)
 
22,347

 
111,736

 
19.62

 
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

 
 
 
 
203,048

 
567,003

 
19.92

 
92.6
%
 
 
 
 
Total Operating Properties
 
# of Properties:
229

 
 
 
 
27,802,598

 
45,058,064

 
 
 
 
 
 
 
 
New Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nottingham Commons
 
Baltimore-Columbia-Towson, MD
 
100.0
%
 
 (2)
 
13,282

 
13,282

 
 
 
 
 
MOM's Organic Market
 
T.J. Maxx, Petco
Maryland Total:
 
# of Properties:
1

 
 
 
 
13,282

 
13,282

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

 
93,595

 
 
 
 
 

 
(Kohl's), T.J. Maxx, Michaels, Ross Dress For Less, Petco
North Carolina Total:
 
# of Properties:
1

 
 
 
 

 
93,595

 
 
 
 
 
 
 
 
Virginia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hilltop Village
 
Washington-Arlington-Alexandria, DC-VA-MD-WV
 
100.0
%
 
(1)(2)
 
154,889

 
154,889

 
 
 
 
 
Wegman's
 
L.A. Fitness
Virginia Total:
 
# of Properties:
1

 
 
 
 
154,889

 
154,889

 
 
 
 
 
 
 
 
Total New Developments
 
# of Properties:
3

 
 
 
 
168,171

 
261,766

 
 
 
 
 
 
 
 
Operating & New Development Properties
 
# of Properties:
232

 
 
 
 
27,970,769

 
45,319,830

 
 
 
 
 
 
 
 

Page 37

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
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

 
 
 
 
 
 
 
 
Colorado
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highway 85 and Highway 285, Sheridan
 
 
 
 
 
 
 
525,334

 
 
 
 
 
 
 
 
Colorado Total:
 
 
 
 
 
 
 
525,334

 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 

Page 38

Weingarten Realty Investors
Property Listing
As of June 30, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Center            
 
CBSA                   
 
Owned %  

 
Foot Notes  
 
Owned GLA 
 
Total GLA
 
Average
Base Rent
 (ABR)
 
Occupancy
%
 
Grocer Anchor                  
 
Other Anchors      ( ) indicates owned by others
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

 
 
 
 
 
 
 
 
Gattis School Rd. at A.W. Grimes Blvd., Round Rock
 
 
 
 
 
 
 
57,499

 
 
 
 
 
 
 
 
Culebra Road and Westwood Loop, San Antonio
 
 
 
 
 
 
 
60,984

 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
25,230,160

 
 
 
 
 
 
 
 



Page 39