UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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Registrant's telephone number, including area code: (
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Item 2.02. Results of Operations and Financial Condition.
On July 29, 2020, we issued a press release describing our results of operations for the quarter ended June 30, 2020, as well as providing supplemental financial information pertaining to our operations. The press release and supplemental financial information are attached as Exhibit 99.1 to this report.
The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
Item 9.01. Financial Statements and Exhibits.
99.1 | Supplemental Financial Information at June 30, 2020 (including press release dated July 29, 2020). | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2020
WEINGARTEN REALTY INVESTORS | ||
By: | /s/ Joe D. Shafer | |
Joe D. Shafer | ||
Senior Vice President/ | ||
Chief Accounting Officer |
3
Exhibit 99.1
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| Unconsolidated Joint Venture Financial Information at Pro rata Share | 23 | |
| Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100% | 24 | |
| Unconsolidated Joint Venture Mortgage Debt Information at 100% | 25 | |
| Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure | 26 | |
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| Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
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www.weingarten.com
2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133
NEWS RELEASE
Information: Michelle Wiggs, Phone: (713) 866-6050
WEINGARTEN REALTY
REPORTS SECOND QUARTER RESULTS AND
PROVIDES COVID-19 UPDATE
HOUSTON, July 29, 2020 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended June 30, 2020. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.
“Given the headwinds of the pandemic, we had a relatively good quarter. With the reopening of the economy in our markets, most of our tenants have been able to restart operations as they learn to operate in this challenging environment. Accordingly, we have experienced continued improvement in our cash collections and rent deferrals. Our balance sheet remains strong and our liquidity position is more than adequate. We remain focused on the safety and well-being of our associates, tenants, stakeholders and the broader community. With a transformed portfolio of primarily grocery-anchored centers providing basic goods and services, we are optimistic our centers will perform well, on a relative basis, in this crisis,” said Drew Alexander, Chairman, President and Chief Executive Officer.
Second Quarter Operating and Financial Highlights
● | Net income attributable to common shareholders (“Net Income”) for the quarter was $0.09 per diluted share (hereinafter “per share”) compared to $0.65 per share in the same quarter of 2019; |
● | Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.34 per share compared to $0.53 per share a year ago; |
● | Bad debt expense/uncollectible revenue primarily related to COVID-19 for the quarter was $19.3 million or $0.15 per share and included $4.8 million or $0.04 per share of non-cash straight line rent receivables; and |
● | Dispositions to date totaled $131 million, including property sales closed subsequent to quarter-end totaling $43 million. |
Financial Results
The Company reported Net Income of $11.4 million or $0.09 per share for the second quarter of 2020, as compared to $83.8 million or $0.65 per share for the same period in 2019 as the coronavirus pandemic continues to negatively affect the Company’s tenants. The Company recorded bad debt expense/uncollectible revenue of $19.3 million in the second quarter of 2020 which includes $4.8 million of non-cash straight line rent receivables. This is in addition to total bad debt expense/uncollectible expense of $9.4 million recorded in the first quarter of 2020 which included non-cash straight line rent receivables of $7.6 million.
Year-to-date, Net Income was $64.0 million or $0.50 per share for 2020 compared to $133.5 million or $1.03 per share for 2019.
Page i
Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $43.9 million or $0.34 per share for the second quarter of 2020 compared to $68.7 million or $0.53 per share for 2019. The decrease is primarily due to disposition activity and the $19.3 million of bad debt expense/uncollectible revenue primarily related to the coronavirus pandemic. Core FFO for the quarter ended June 30, 2020 was $43.9 million or $0.34 per share compared to $68.7 million or $0.53 per share for the same quarter of last year.
A reconciliation of Net Income to NAREIT FFO and Core FFO is included herein.
Operating Results
For the period ending June 30, 2020, the Company’s operating highlights were as follows:
|
| Q2 2020 | YTD 2020 | |||||
Occupancy (Signed Basis): |
| |
|
| |
| | |
Occupancy - Total |
| | 93.4 | % | |
| | |
Occupancy - Small Shop Spaces |
| | 89.0 | % | |
| | |
Occupancy - Same Property Portfolio |
| | 94.3 | % | |
| | |
| | | | | | | | |
Same Property Net Operating Income, with redevelopments |
| | (19.7) | % | | (9.8) | % | |
| | | | | | | | |
Rental Rate Growth - Total: |
| | 7.3 | % | | 9.0 | % | |
New Leases |
| | 10.3 | % | | 13.2 | % | |
Renewals |
| | 7.0 | % | | 8.4 | % | |
| | | | | | | | |
Leasing Transactions: |
| |
|
| |
| | |
Number of New Leases |
| | 27 |
| | 83 | | |
New Leases - Annualized Revenue (in millions) | | $ | 1.8 | | $ | 6.3 | | |
Number of Renewals | |
| 109 | |
| 253 | | |
Renewals - Annualized Revenue (in millions) | | $ | 9.2 | | $ | 26.1 | | |
A reconciliation of Net Income to SPNOI is included herein.
COVID-19 Update
The coronavirus pandemic continues to impact the Company’s operations. At the end of the second quarter, approximately 95% of the Company’s tenants were open for business though conditions are ever changing. Cash collections in April, May and June totaled 77%, 73% and 79%, respectively of prorata base rent and expense recoveries. For the second quarter, overall cash collections were 77%. These strong cash collections are a definitive reflection of the Company’s successful transformation of its portfolio over the last several years. Cash collections in July are trending up with 82% collected to-date. Deferrals of rent payments to future periods executed in April, May and June represent an additional 14%, 18% and 10%, respectively. Deferrals for the second quarter were 13% and bad debt expense/uncollectible revenue on a prorata basis applied against these deferrals was $4.7 million or 30% of the amounts deferred at June 30, 2020. Abatements of rent for the quarter were 1% of total rent and the Company continues to work closely with all of its tenants.
The reopening of the economy has not been without challenges as the pace of new COVID-19 infections has increased at an alarming rate which has resulted in a temporary reversal of tenants reopening efforts in some markets. Nevertheless, the Company is confident that collections will remain strong as rents from tenants deemed “essential” represent 63% of total rents for the quarter. Cash collections from these essential tenants were 86% for the second quarter.
“We continue to devote a tremendous amount of effort in assisting our tenants in their reopening efforts and to obtaining rent payments. We are extremely pleased with our cash collection results which continue to improve. We remain confident that our transformed portfolio of quality properties will enable us to weather this storm,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Additional information can be found on page 41 of our supplemental disclosure.
Page ii
Balance Sheet, Liquidity and Dividends
The benefit of the Company’s best in class balance sheet has been highlighted by this crisis. With low leverage and the absence of any material maturities until the fourth quarter of 2022, the Company is comfortable that it has adequate liquidity to restore its properties to their full operating potential. Given the general stability of the financial markets and the Company’s access to other sources of liquidity, the Company used its excess cash balances and disposition proceeds to pay down its revolving credit facility. The Company will continue to carefully monitor cash flows, any new capital requirements, and overall liquidity going forward.
In light of the uncertainties surrounding the pandemic, the Company expects to substantially limit acquisitions and will continue to monitor opportunities to dispose of additional properties. Both of its mixed-use projects in the Washington D.C. require minimal additional investment and leasing continues to make nice progress. Construction of the River Oaks residential tower has continued, leasing has recently begun and initial residential move-ins are expected in the third quarter.
The Board of Trust Managers declared a cash dividend of $0.18 per common share payable on September 15, 2020 to shareholders of record on September 8, 2020. As communicated last quarter, the Company will likely pay a regular cash dividend of $0.18 per share in each of the last two quarters of 2020 due to an election made last year to shift dividend payments from 2019 to 2020. The Company completed dispositions totaling $15 million in the quarter and closed the sale of its last center in Utah and a center in Los Angeles totaling an additional $43 million subsequent to quarter-end. As such, it is likely that the Company will need to pay a special dividend near year-end to cover additional 2020 taxable income resulting from these sales; however, the amount of any special dividend is uncertain at this time. The Company will continue to monitor tenant collections, evaluate its operations and financial position and will adjust future dividends as appropriate.
“With $498 million currently available under our revolver, cash collections trending at higher levels than originally projected, proceeds from additional dispositions and access to numerous other sources of capital, we remain comfortable with our ability to meet all liquidity needs going forward, including any additional dividends required by our disposition activity,” said Steve Richter, Executive Vice President and Chief Financial Officer.
Conference Call Information
The Company also announced that it will host a live webcast of its quarterly conference call on July 30, 2020 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 #49202522). A replay will be available through the Company’s website starting approximately two hours following the live call.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 30, 2020, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 165 properties which are located in 16 states spanning the country from coast to coast. These properties represent approximately 31.4 million square feet of which our interests in these properties aggregated approximately 21.3 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Page iii
Forward-Looking Statements
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. These risks and uncertainties include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, as well as those discussed in the Company’s regulatory filings with the Securities and Exchange Commission, which include other information or factors that may impact the Company’s performance.
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.
Page iv
Weingarten Realty Investors
(in thousands, except per share amounts)
Financial Statements
| | | | | | | | | | | | |
| | Three Months Ended |
| Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | | (Unaudited) | | (Unaudited) | ||||||||
Revenues: |
| |
|
| |
|
| |
|
| |
|
Rentals, net | | $ | 95,813 | | $ | 119,462 | | $ | 203,863 | | $ | 239,288 |
Other | |
| 2,322 | |
| 3,198 | | | 5,624 | | | 6,510 |
Total Revenues | |
| 98,135 | |
| 122,660 | |
| 209,487 | |
| 245,798 |
Operating Expenses: | |
|
| |
|
| |
|
| |
|
|
Depreciation and amortization | |
| 37,627 | |
| 34,967 | | | 74,283 | | | 68,939 |
Operating | |
| 19,978 | |
| 22,767 | | | 43,138 | | | 47,015 |
Real estate taxes, net | |
| 15,733 | |
| 15,736 | | | 30,741 | | | 31,867 |
Impairment loss | |
| — | |
| — | | | 44 | | | 74 |
General and administrative | |
| 12,920 | |
| 8,880 | | | 15,227 | | | 18,461 |
Total Operating Expenses | |
| 86,258 | |
| 82,350 | | | 163,433 | | | 166,356 |
Other Income (Expense): | |
|
| |
|
| | |
| | |
|
Interest expense, net | |
| (15,776) | |
| (14,953) | | | (30,378) | | | (30,242) |
Interest and other income (expense), net | |
| 5,293 | |
| 1,921 | | | (535) | | | 6,305 |
Gain on sale of property | |
| 7,898 | |
| 52,061 | | | 21,474 | | | 69,848 |
Total Other (Expense) Income | |
| (2,585) | |
| 39,029 | | | (9,439) | | | 45,911 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | |
| 9,292 | |
| 79,339 | | | 36,615 | | | 125,353 |
Provision for Income Taxes | |
| (343) | |
| (484) | | | (515) | | | (661) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |
| 3,428 | |
| 6,665 | | | 30,525 | | | 12,082 |
Net Income | |
| 12,377 | |
| 85,520 | | | 66,625 | | | 136,774 |
Less: Net Income Attributable to Noncontrolling Interests | |
| (1,009) | |
| (1,711) | | | (2,635) | | | (3,299) |
Net Income Attributable to Common Shareholders -- Basic | | $ | 11,368 | | $ | 83,809 | | $ | 63,990 | | $ | 133,475 |
Net Income Attributable to Common Shareholders -- Diluted | | $ | 11,368 | | $ | 84,337 | | $ | 63,990 | | $ | 134,531 |
Earnings Per Common Share -- Basic | | $ | 0.09 | | $ | 0.66 | | $ | 0.50 | | $ | 1.04 |
Earnings Per Common Share -- Diluted | | $ | 0.09 | | $ | 0.65 | | $ | 0.50 | | $ | 1.03 |
Page v
Weingarten Realty Investors
(in thousands)
Financial Statements
| | June 30, | | December 31, | ||
| | 2020 | | 2019 | ||
|
| (Unaudited) |
| (Audited) | ||
CONDENSED CONSOLIDATED BALANCE SHEETS |
| |
|
| |
|
ASSETS |
| |
|
| |
|
Property | | $ | 4,202,337 | | $ | 4,145,249 |
Accumulated Depreciation | |
| (1,156,304) | |
| (1,110,675) |
Property Held for Sale, net | | | 24,421 | | | — |
Investment in Real Estate Joint Ventures and Partnerships, net | |
| 401,724 | |
| 427,947 |
Unamortized Lease Costs, net | |
| 146,620 | |
| 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | |
| 73,760 | |
| 83,639 |
Cash and Cash Equivalents | |
| 14,203 | |
| 41,481 |
Restricted Deposits and Escrows | |
| 14,063 | |
| 13,810 |
Other, net | |
| 186,385 | |
| 188,004 |
Total Assets | | $ | 3,907,209 | | $ | 3,937,934 |
| | | | | | |
LIABILITIES AND EQUITY | |
|
| |
|
|
Debt, net | | $ | 1,743,194 | | $ | 1,732,338 |
Accounts Payable and Accrued Expenses | |
| 97,776 | |
| 111,666 |
Other, net | |
| 210,507 | |
| 217,770 |
Total Liabilities | |
| 2,051,477 | |
| 2,061,774 |
| | | | | | |
Commitments and Contingencies | |
| — | |
| — |
| | | | | | |
EQUITY | |
|
| |
|
|
Common Shares of Beneficial Interest | |
| 3,890 | |
| 3,905 |
Additional Paid-In Capital | |
| 1,767,972 | |
| 1,779,986 |
Net Income Less Than Accumulated Dividends | |
| (85,008) | |
| (74,293) |
Accumulated Other Comprehensive Loss | |
| (11,158) | |
| (11,283) |
Shareholders' Equity | |
| 1,675,696 | |
| 1,698,315 |
Noncontrolling Interests | |
| 180,036 | |
| 177,845 |
Total Liabilities and Equity | | $ | 3,907,209 | | $ | 3,937,934 |
Page vi
Non-GAAP Financial Measures
Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.
Funds from Operations Attributable to Common Shareholders
Effective January 1, 2019, the National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets (including: depreciable real estate with land, land, development property and securities), changes in control of real estate equity investments, and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization related to real estate and impairment of certain real estate assets and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.
Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating assets and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities and transactional costs associated with development activities. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
Page vii
NAREIT FFO and Core FFO is calculated as follows (in thousands):
|
| Three Months Ended |
| Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
| | (Unaudited) | | (Unaudited) | ||||||||
Net income attributable to common shareholders | | $ | 11,368 | | $ | 83,809 | | $ | 63,990 | | $ | 133,475 |
Depreciation and amortization of real estate | |
| 37,520 | |
| 34,732 | |
| 73,995 | |
| 68,475 |
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | |
| 4,322 | |
| 2,789 | |
| 8,119 | |
| 5,741 |
Impairment of properties and real estate equity investments | |
| — | |
| — | |
| 44 | |
| 74 |
(Gain) on sale of property, investment securities and interests in real estate equity investments | |
| (7,903) | |
| (51,605) | |
| (21,477) | |
| (70,554) |
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | |
| (1,044) | |
| (1,106) | |
| (23,416) | |
| (1,380) |
Provision for income taxes (1) | |
| — | |
| 44 | |
| — | |
| 44 |
Noncontrolling interests and other (2) | |
| (652) | |
| (484) | |
| (1,227) | |
| (973) |
NAREIT FFO – basic | |
| 43,611 | |
| 68,179 | |
| 100,028 | |
| 134,902 |
Income attributable to operating partnership units | |
| 241 | |
| 528 | |
| 769 | |
| 1,056 |
NAREIT FFO – diluted | |
| 43,852 | |
| 68,707 | |
| 100,797 | |
| 135,958 |
Adjustments for Core FFO: | | | | | | | | | | | | |
Contract terminations | |
| — | |
| — | |
| 340 | |
| — |
Core FFO – diluted | | $ | 43,852 | | $ | 68,707 | | $ | 101,137 | | $ | 135,958 |
| | | | | | | | | | | | |
FFO weighted average shares outstanding – basic | |
| 127,242 | |
| 127,856 | |
| 127,552 | |
| 127,807 |
Effect of dilutive securities: | | | | | | | | | | | | |
Share options and awards | |
| 861 | |
| 847 | |
| 899 | |
| 841 |
Operating partnership units | |
| 1,432 | |
| 1,432 | |
| 1,432 | |
| 1,432 |
FFO weighted average shares outstanding – diluted | |
| 129,535 | |
| 130,135 | |
| 129,883 | |
| 130,080 |
| | | | | | | | | | | | |
NAREIT FFO per common share – basic | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.06 |
| | | | | | | | | | | | |
NAREIT FFO per common share – diluted | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.05 |
| | | | | | | | | | | | |
Core FFO per common share – diluted | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.05 |
(1) | The applicable taxes related to gains and impairments of operating and non-operating real estate assets. |
(2) | Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable. |
Page viii
Same Property Net Operating Income
Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.
Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties that have been sold. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:
|
| Three Months Ended |
| Six Months Ended |
| | June 30, 2020 | | June 30, 2020 |
Beginning of the period |
| 149 |
| 155 |
Properties removed: | | | |
|
Redevelopments | | - | | (2) |
Dispositions |
| (1) |
| (5) |
End of the period |
| 148 |
| 148 |
Page ix
The Company calculates SPNOI using net income attributable to common shareholders excluding net income attributable to noncontrolling interests, other income (expense), income taxes and equity in earnings of real estate joint ventures and partnerships. Additionally to reconcile to SPNOI, the Company excludes the effects of property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation and amortization, impairment losses, general and administrative expenses and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of net income attributable to common shareholders to SPNOI is as follows (in thousands):
| | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
| | (Unaudited) | | (Unaudited) | ||||||||
Net income attributable to common shareholders | | $ | 11,368 | | $ | 83,809 | | $ | 63,990 | | $ | 133,475 |
Add: | |
|
| |
|
| |
|
| |
|
|
Net income attributable to noncontrolling interests | |
| 1,009 | |
| 1,711 | |
| 2,635 | |
| 3,299 |
Provision for income taxes | |
| 343 | |
| 484 | |
| 515 | |
| 661 |
Interest expense, net | |
| 15,776 | |
| 14,953 | |
| 30,378 | |
| 30,242 |
Property management fees | |
| 829 | |
| 683 | |
| 1,907 | |
| 1,556 |
Depreciation and amortization | |
| 37,627 | |
| 34,967 | |
| 74,283 | |
| 68,939 |
Impairment loss | |
| — | |
| — | |
| 44 | |
| 74 |
General and administrative | |
| 12,920 | |
| 8,880 | |
| 15,227 | |
| 18,461 |
Other (1) | |
| 79 | |
| 743 | |
| 167 | |
| 1,989 |
Less: | |
|
| |
|
| |
|
| |
|
|
Gain on sale of property | |
| (7,898) | |
| (52,061) | |
| (21,474) | |
| (69,848) |
Equity in earnings of real estate joint ventures and partnership interests, net | |
| (3,428) | |
| (6,665) | |
| (30,525) | |
| (12,082) |
Interest and other (income) expense, net | |
| (5,293) | |
| (1,921) | |
| 535 | |
| (6,305) |
Revenue adjustments (2) | |
| 866 | |
| (3,060) | |
| 3,991 | |
| (6,279) |
Adjusted income | |
| 64,198 | |
| 82,523 | |
| 141,673 | |
| 164,182 |
Less: Adjusted income related to consolidated entities not defined as same property and noncontrolling interests | |
| (5,831) | |
| (8,965) | |
| (10,760) | |
| (17,607) |
Add: Pro rata share of unconsolidated entities defined as same property | |
| 6,648 | |
| 7,443 | |
| 14,403 | |
| 14,565 |
Same Property Net Operating Income | | $ | 65,015 | | $ | 81,001 | | $ | 145,316 | | $ | 161,140 |
(1) Other includes items such as environmental abatement costs, demolition expenses and lease termination fees.
(2) Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.
Page x
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate
NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of certain real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.
As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
EBITDAre and Core EBITDAre is calculated as follows (in thousands):
|
| Three Months Ended |
| Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | | | | | | | | | | | | |
Net income | | $ | 12,377 | | $ | 85,520 | | $ | 66,625 | | $ | 136,774 |
Interest expense, net | |
| 15,776 | |
| 14,953 | |
| 30,378 | |
| 30,242 |
Provision for income taxes | |
| 343 | |
| 484 | |
| 515 | |
| 661 |
Depreciation and amortization of real estate | |
| 37,627 | |
| 34,967 | |
| 74,283 | |
| 68,939 |
Impairment loss on operating properties and real estate equity investments | |
| — | |
| — | |
| 44 | |
| 74 |
Gain on sale of property and investment securities (1) | |
| (7,903) | |
| (51,619) | |
| (21,477) | |
| (70,589) |
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (2) | |
| 4,195 | |
| 2,643 | |
| (13,442) | |
| 6,267 |
Total EBITDAre | |
| 62,415 | |
| 86,948 | |
| 136,926 | |
| 172,368 |
Adjustments for Core EBITDAre: | | | | | | | | | | | | |
Contract terminations | |
| — | |
| — | |
| 340 | |
| — |
Total Core EBITDAre | | $ | 62,415 | | $ | 86,948 | | $ | 137,266 | | $ | 172,368 |
(1) Includes a $.1 million gain on sale of non-operating assets for both the three and six months ended June 30, 2020 and a $.2 million gain on sale of non-operating assets for the six months ended June 30, 2019.
(2) Includes a $1.0 million and $23.4 million gain on the sale of operating properties for the three and six months ended June 30, 2020, respectively, and a $1.1 million gain on sale of operating properties for both the three and six months ended June 30, 2019. Also includes $.3 million gain on sale of non-operating assets for the six months ended June 30, 2019.
Page xi
Weingarten Realty Investors
Corporate Office
2600 Citadel Plaza Drive
P. O. Box 924133
Houston, TX 77292-4133
713-866-6000
www.weingarten.com
Stock Listings
New York Stock Exchange:
Common Shares WRI
Forward-Looking Statements
This supplement, together with other statements and information publicly disseminated by us, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general and regional economic and real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in tax laws and the failure to qualify as a real estate investment trust, (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor, and (xiii) the impact of public health issues such as the recent COVID-19 pandemic. Accordingly, there is no assurance that our expectations will be realized.
Pro rata Financial Information
Included herein is certain financial information presented on a pro rata share basis as we believe this information assists users of our financial information in understanding our proportionate economic interest in the operating results of our portfolio of properties. Such amounts include WRI’s proportional share of each financial line item or operational metric for both our consolidated and unconsolidated joint ventures and partnerships. Multiplying a financial statement line item or operational metric of an investee and adding it to WRI’s totals may not accurately depict the legal and economic implications of holding a non-controlling interest in the investee, nor does WRI control any of the investees presented under the equity method of accounting. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Corporate Profile
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of June 30, 2020, we owned or operated under long-term leases, interests in 165 properties which are located in 16 states that span the United States from coast to coast. These properties represent approximately 31.4 million square feet of which our interests in these properties aggregated approximately 21.3 million square feet of leasable area. Our properties were 93.4% leased as of June 30, 2020 and historically our portfolio occupancy rate has never been below 90%.
Page 1
Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
| | Three Months Ended | | Six Months Ended | | | | | | | | | | | | | ||||||||
| | June 30, | | June 30, | | Twelve Months Ended December 31, | ||||||||||||||||||
|
| 2020 | | 2019 |
| 2020 | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | ||||||||
Revenues: |
| |
| |
|
|
| |
| |
|
| | |
| | |
| |
|
| | |
|
Rentals, net | | $ | 95,813 | | $ | 119,462 | | $ | 203,863 | | $ | 239,288 | | $ | 472,446 | | $ | 517,836 | | $ | 563,183 | | $ | 540,141 |
Other | |
| 2,322 | |
| 3,198 | |
| 5,624 | |
| 6,510 | |
| 14,179 | |
| 13,311 | |
| 9,980 | | | 9,414 |
Total Revenues | |
| 98,135 | |
| 122,660 | |
| 209,487 | |
| 245,798 | |
| 486,625 | |
| 531,147 | |
| 573,163 | | | 549,555 |
Operating Expenses: | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | |
|
Depreciation and amortization | |
| 37,627 | |
| 34,967 | |
| 74,283 | |
| 68,939 | |
| 135,674 | |
| 161,838 | |
| 167,101 | | | 162,535 |
Operating | |
| 19,978 | |
| 22,767 | |
| 43,138 | |
| 47,015 | |
| 94,620 | |
| 90,554 | |
| 109,310 | | | 98,855 |
Real estate taxes, net | |
| 15,733 | |
| 15,736 | |
| 30,741 | |
| 31,867 | |
| 60,813 | |
| 69,268 | |
| 75,636 | | | 66,358 |
Impairment loss | |
| — | |
| — | |
| 44 | |
| 74 | |
| 74 | |
| 10,120 | |
| 15,257 | | | 98 |
General and administrative | |
| 12,920 | |
| 8,880 | |
| 15,227 | |
| 18,461 | |
| 35,914 | |
| 25,040 | |
| 28,052 | | | 26,607 |
Total Operating Expenses | |
| 86,258 | |
| 82,350 | |
| 163,433 | |
| 166,356 | |
| 327,095 | |
| 356,820 | |
| 395,356 | | | 354,453 |
Other Income (Expense): | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | |
|
Interest expense, net | |
| (15,776) | |
| (14,953) | |
| (30,378) | |
| (30,242) | |
| (57,601) | |
| (63,348) | |
| (80,326) | | | (83,003) |
Interest and other income (expense), net | |
| 5,293 | |
| 1,921 | |
| (535) | |
| 6,305 | |
| 11,003 | |
| 2,807 | |
| 7,532 | | | 1,910 |
Gain on sale of property | |
| 7,898 | |
| 52,061 | |
| 21,474 | |
| 69,848 | |
| 189,914 | |
| 207,865 | |
| 218,611 | | | 100,714 |
Total Other (Expense) Income | |
| (2,585) | |
| 39,029 | |
| (9,439) | |
| 45,911 | |
| 143,316 | |
| 147,324 | |
| 145,817 | | | 19,621 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | |
| 9,292 | |
| 79,339 | |
| 36,615 | |
| 125,353 | |
| 302,846 | |
| 321,651 | |
| 323,624 | | | 214,723 |
(Provision) Benefit for Income Taxes | |
| (343) | |
| (484) | |
| (515) | |
| (661) | |
| (1,040) | |
| (1,378) | |
| 17 | | | (6,856) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (1) | |
| 3,428 | |
| 6,665 | |
| 30,525 | |
| 12,082 | |
| 20,769 | |
| 25,070 | |
| 27,074 | | | 20,642 |
Gain on sale and acquisition of real estate joint venture and partnership interests | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | | | 48,322 |
Net Income | |
| 12,377 | |
| 85,520 | |
| 66,625 | |
| 136,774 | |
| 322,575 | |
| 345,343 | |
| 350,715 | | | 276,831 |
Less: Net Income Attributable to Noncontrolling Interests | |
| (1,009) | |
| (1,711) | |
| (2,635) | |
| (3,299) | |
| (7,140) | |
| (17,742) | |
| (15,441) | | | (37,898) |
Net Income Attributable to Common Shareholders | | $ | 11,368 | | $ | 83,809 | | $ | 63,990 | | $ | 133,475 | | $ | 315,435 | | $ | 327,601 | | $ | 335,274 | | $ | 238,933 |
Earnings Per Common Share - Basic | | $ | 0.09 | | $ | 0.66 | | $ | 0.50 | | $ | 1.04 | | $ | 2.47 | | $ | 2.57 | | $ | 2.62 | | $ | 1.90 |
Earnings Per Common Share - Diluted | | $ | 0.09 | | $ | 0.65 | | $ | 0.50 | | $ | 1.03 | | $ | 2.44 | | $ | 2.55 | | $ | 2.60 | | $ | 1.87 |
(1) | See page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
Page 3
Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
| | June 30, | | December 31, | ||
|
| 2020 |
| 2019 | ||
ASSETS |
| |
|
| |
|
Property | | $ | 4,202,337 | | $ | 4,145,249 |
Accumulated Depreciation | |
| (1,156,304) | |
| (1,110,675) |
Property Held for Sale, net | | | 24,421 | | | — |
Property, net | |
| 3,070,454 | |
| 3,034,574 |
Investment in Real Estate Joint Ventures and Partnerships, net (1) | |
| 401,724 | |
| 427,947 |
Total | |
| 3,472,178 | |
| 3,462,521 |
| | | | | | |
Unamortized Lease Costs, net | |
| 146,620 | |
| 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $13,839 in 2020) | |
| 73,760 | |
| 83,639 |
Cash and Cash Equivalents | |
| 14,203 | |
| 41,481 |
Restricted Deposits and Escrows | |
| 14,063 | |
| 13,810 |
Other, net | |
| 186,385 | |
| 188,004 |
Total Assets | | $ | 3,907,209 | | $ | 3,937,934 |
| | | | | | |
LIABILITIES AND EQUITY | |
|
| |
|
|
Debt, net | | $ | 1,743,194 | | $ | 1,732,338 |
Accounts Payable and Accrued Expenses | |
| 97,776 | |
| 111,666 |
Other, net | |
| 210,507 | |
| 217,770 |
Total Liabilities | |
| 2,051,477 | |
| 2,061,774 |
| | | | | | |
Commitments and Contingencies | |
| — | |
| — |
| | | | | | |
Equity: | |
|
| |
|
|
Shareholders' Equity: | |
|
| |
|
|
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:128,103 in 2020 and 128,702 in 2019 | |
| 3,890 | |
| 3,905 |
Additional Paid-In Capital | |
| 1,767,972 | |
| 1,779,986 |
Net Income Less Than Accumulated Dividends | |
| (85,008) | |
| (74,293) |
Accumulated Other Comprehensive Loss | |
| (11,158) | |
| (11,283) |
Total Shareholders' Equity | |
| 1,675,696 | |
| 1,698,315 |
Noncontrolling Interests | |
| 180,036 | |
| 177,845 |
Total Equity | |
| 1,855,732 | |
| 1,876,160 |
Total Liabilities and Equity | | $ | 3,907,209 | | $ | 3,937,934 |
(1) | This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information. |
Page 4
Weingarten Realty Investors
Funds From Operations Attributable to Common Shareholders
(in thousands, except per share amounts)
| | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Funds From Operations Attributable to Common Shareholders (FFO) | | | | | | | | | | | | |
Numerator: |
| |
|
| |
|
| |
|
| |
|
Net income attributable to common shareholders | | $ | 11,368 | | $ | 83,809 | | $ | 63,990 | | $ | 133,475 |
Depreciation and amortization of real estate | |
| 37,520 | |
| 34,732 | |
| 73,995 | |
| 68,475 |
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | |
| 4,322 | |
| 2,789 | |
| 8,119 | |
| 5,741 |
Impairment of properties and real estate equity investments | |
| — | |
| — | |
| 44 | |
| 74 |
(Gain) on sale of property, investment securities and interests in real estate equity investments | |
| (7,903) | |
| (51,605) | |
| (21,477) | |
| (70,554) |
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | |
| (1,044) | |
| (1,106) | |
| (23,416) | |
| (1,380) |
Provision for income taxes (1) | |
| — | |
| 44 | |
| — | |
| 44 |
Noncontrolling interests and other (2) | |
| (652) | |
| (484) | |
| (1,227) | |
| (973) |
NAREIT FFO - Basic | |
| 43,611 | |
| 68,179 | |
| 100,028 | |
| 134,902 |
Income attributable to operating partnership units | |
| 241 | |
| 528 | |
| 769 | |
| 1,056 |
NAREIT FFO - Diluted | |
| 43,852 | |
| 68,707 | |
| 100,797 | |
| 135,958 |
Adjustments for Core FFO: | |
|
| |
|
| |
|
| |
|
|
Contract terminations | |
| — | |
| — | |
| 340 | |
| — |
Core FFO - Diluted | | $ | 43,852 | | $ | 68,707 | | $ | 101,137 | | $ | 135,958 |
| | | | | | | | | | | | |
Denominator: | |
|
| |
|
| |
|
| |
|
|
FFO weighted average number of common shares outstanding - Basic | |
| 127,242 | |
| 127,856 | |
| 127,552 | |
| 127,807 |
Effect of dilutive securities: | | | | | | | | | | | | |
Share options and awards | |
| 861 | |
| 847 | |
| 899 | |
| 841 |
Operating partnership units | |
| 1,432 | |
| 1,432 | |
| 1,432 | |
| 1,432 |
FFO weighted average number of common shares outstanding - Diluted | |
| 129,535 | | | 130,135 | |
| 129,883 | |
| 130,080 |
| | | | | | | | | | | | |
NAREIT FFO Per Common Share - Basic | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.06 |
| | | | | | | | | | | | |
NAREIT FFO Per Common Share - Diluted | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.05 |
| | | | | | | | | | | | |
Core FFO Per Common Share - Diluted | | $ | 0.34 | | $ | 0.53 | | $ | 0.78 | | $ | 1.05 |
(1) | The applicable taxes related to gains and impairments of operating and non-operating real estate assets. |
(2) | Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable. |
Page 5
Weingarten Realty Investors
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre
(in thousands)
| | Three Months Ended | | Six Months Ended |
| Three Months Ended | |||||||||
| | June 30, | | June 30, |
| December 31, | |||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| 2019 | |||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): |
| |
|
| |
|
| |
|
| |
| | |
|
Net income | | $ | 12,377 | | $ | 85,520 | | $ | 66,625 | | $ | 136,774 | | $ | 77,292 |
Interest expense, net | |
| 15,776 | |
| 14,953 | |
| 30,378 | |
| 30,242 | |
| 13,539 |
Provision for income taxes | |
| 343 | |
| 484 | |
| 515 | |
| 661 | |
| 358 |
Depreciation and amortization of real estate | |
| 37,627 | |
| 34,967 | |
| 74,283 | |
| 68,939 | |
| 33,355 |
Impairment loss on operating properties and real estate equity investments | |
| — | |
| — | |
| 44 | |
| 74 | |
| 3,070 |
Gain on sale of property and investment securities (1) | |
| (7,903) | |
| (51,619) | |
| (21,477) | |
| (70,589) | |
| (45,950) |
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (2) | |
| 4,195 | |
| 2,643 | |
| (13,442) | |
| 6,267 | |
| 4,377 |
Total EBITDAre | |
| 62,415 | |
| 86,948 | |
| 136,926 | |
| 172,368 | |
| 86,041 |
Adjustments for Core EBITDAre: | |
|
| |
|
| |
|
| |
|
| |
|
|
Contract terminations | |
| — | |
| — | |
| 340 | |
| — | |
| — |
Total Core EBITDAre | | $ | 62,415 | | $ | 86,948 | | $ | 137,266 | | $ | 172,368 | | $ | 86,041 |
| | | | | | | | | | | | | | | |
Net Debt to Core EBITDAre: | |
|
| |
|
| |
|
| |
|
| |
|
|
Debt | | $ | 1,743,194 | | $ | 1,787,400 | |
|
| |
|
| | $ | 1,732,338 |
Less: Cash and cash equivalents | |
| (14,203) | |
| (118,222) | |
|
| |
|
| |
| (41,481) |
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | |
| 86,120 | |
| 86,872 | |
|
| |
|
| |
| 86,840 |
Total Net Debt | | $ | 1,815,111 | | $ | 1,756,050 | |
|
| |
|
| | $ | 1,777,697 |
| | | | | | | | | | | | | | | |
Annualized Core EBITDAre | | $ | 249,660 | | $ | 347,792 | |
|
| |
|
| | $ | 344,164 |
| | | | | | | | | | | | | | | |
Net Debt to Core EBITDAre | |
| 7.27 | |
| 5.05 | |
|
| |
|
| |
| 5.17 |
(1) | Includes a $.1 million gain on sale of non-operating assets for both the three and six months ended June 30, 2020 and a $.2 million gain on sale of non-operating assets for the six months ended June 30, 2019. |
(2) | Includes a $1.0 million and $23.4 million gain on the sale of operating properties for the three and six months ended June 30, 2020, respectively, and a $1.1 million gain on sale of operating properties for both the three and six months ended June 30, 2019. Also includes $.3 million gain on sale of non-operating assets for the six months ended June 30, 2019. |
Page 6
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
| | Three Months Ended | | | Six Months Ended |
| ||||||||
| | June 30, | | | June 30, |
| ||||||||
| | 2020 |
| 2019 (1) |
| | 2020 |
| 2019 (1) |
| ||||
Revenues: |
| |
|
| |
|
| | |
|
| |
| |
Rentals, net (2) |
| |
|
| |
|
| | |
|
| |
| |
Base minimum rent, net | | $ | 72,756 | | $ | 90,478 | | | $ | 158,959 | | $ | 180,212 | |
Straight line rent, net | |
| (4,244) | |
| 1,141 | | |
| (11,000) | |
| 1,732 | |
Over/under market rental, net | |
| 2,133 | |
| 779 | | |
| 3,906 | |
| 1,439 | |
Percentage rent, net | |
| 374 | |
| 897 | | |
| 662 | |
| 1,599 | |
Tenant reimbursements, net | |
| 24,648 | |
| 25,999 | | |
| 50,748 | |
| 53,816 | |
Other rental revenues | |
| 23 | |
| 168 | | |
| 246 | |
| 463 | |
Lease cancellation revenue | |
| 123 | |
| — | | |
| 342 | |
| 27 | |
Rentals, net | | | 95,813 | | | 119,462 | | | | 203,863 | | | 239,288 | |
Other Revenues | |
|
| |
|
| | |
|
| |
|
| |
Customer contract revenue | | | 1,827 | | | 2,551 | | | | 4,414 | | | 5,130 | |
Miscellaneous revenue | |
| 495 | |
| 647 | | |
| 1,210 | |
| 1,380 | |
Other Revenues | | | 2,322 | | | 3,198 | | | | 5,624 | | | 6,510 | |
Total Revenue | | $ | 98,135 | | $ | 122,660 | | | $ | 209,487 | | $ | 245,798 | |
Operating Expenses: | | | | | | | | | | | | | | |
Depreciation and Amortization | | $ | 37,627 | | $ | 34,967 | | | $ | 74,283 | | $ | 68,939 | |
Operating | | | | | | | | | | | | | | |
Operating Expense | | | 19,978 | | | 21,964 | | | | 43,138 | | | 44,228 | |
Deferred Compensation (3) | | | — | | | 803 | | | | — | | | 2,787 | |
Operating, net | | | 19,978 | | | 22,767 | | | | 43,138 | | | 47,015 | |
Real Estate Taxes, net | | | 15,733 | | | 15,736 | | | | 30,741 | | | 31,867 | |
Impairment Loss | | | — | | | — | | | | 44 | | | 74 | |
General and administrative expense | | | | | | | | | | | | | | |
General and administrative expense | | | 8,019 | | | 8,479 | | | | 16,496 | | | 17,068 | |
Deferred Compensation (3) | | | 4,901 | | | 401 | | | | (1,269) | | | 1,393 | |
General and administrative expense, net | | | 12,920 | | | 8,880 | | | | 15,227 | | | 18,461 | |
Total Operating Expenses | | $ | 86,258 | | $ | 82,350 | | | $ | 163,433 | | $ | 166,356 | |
Other Income (Expense): | | | | | | | | | | | | | | |
Interest Expense, net | | | | | | | | | | | | | | |
Interest paid or accrued | | $ | (17,003) | | $ | (17,429) | | | $ | (33,559) | | $ | (34,819) | |
Amortization of debt deferred costs | | | (783) | | | (888) | | | | (1,579) | | | (1,790) | |
Over/under market adjustment of acquired properties, net | | | 100 | | | 81 | | | | 187 | | | 163 | |
Capitalized interest | | | 1,910 | | | 3,283 | | | | 4,573 | | | 6,204 | |
Interest Expense, net | | | (15,776) | | | (14,953) | | | | (30,378) | | | (30,242) | |
Interest and Other (Expense) Income, net | | | | | | | | | | | | | | |
Interest and Other Income | | | 392 | | | 717 | | | | 734 | | | 2,125 | |
Deferred Compensation (3) | | | 4,901 | | | 1,204 | | | | (1,269) | | | 4,180 | |
Interest and Other Income (Expense), net | | | 5,293 | | | 1,921 | | | | (535) | | | 6,305 | |
Gain on Sale of Property | | | 7,898 | | | 52,061 | | | | 21,474 | | | 69,848 | |
Total Other (Expense) Income | | $ | (2,585) | | $ | 39,029 | | | $ | (9,439) | | $ | 45,911 | |
| | | | | | | | | | | | | | |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | | $ | 9,292 | | $ | 79,339 | | | $ | 36,615 | | $ | 125,353 | |
Provision for Income Taxes | | | (343) | | | (484) | | | | (515) | | | (661) | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | | | | | | | | | | | | |
Net income from unconsolidated joint ventures and partnerships | | | 3,011 | | | 5,849 | | | | 29,284 | | | 10,438 | |
Intercompany fee income reclass | | | 531 | | | 646 | | | | 1,243 | | | 1,332 | |
Other adjustments | | | (114) | | | 170 | | | | (2) | | | 312 | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | 3,428 | | | 6,665 | | | | 30,525 | | | 12,082 | |
Net Income | | $ | 12,377 | | $ | 85,520 | | | $ | 66,625 | | $ | 136,774 | |
Less: Net Income Attributable to Noncontrolling Interests | | | (1,009) | | | (1,711) | | | | (2,635) | | | (3,299) | |
Net Income Attributable to Common Shareholders -- Basic | | $ | 11,368 | | $ | 83,809 | | | $ | 63,990 | | $ | 133,475 | |
Net Income Attributable to Common Shareholders -- Diluted | | $ | 11,368 | | $ | 84,337 | | | $ | 63,990 | | $ | 134,531 | |
| | | | | | | | | | | | | | |
Dividends | |
|
| |
|
| | |
|
| |
|
| |
Common Dividends per Share | | $ | 0.180 | | $ | 0.395 | | | $ | 0.575 | | $ | 0.790 | |
Common Dividends Paid as a % of Core Funds from Operations - Basic | |
| 52.9 | % |
| 74.5 | % | |
| 73.7 | % |
| 75.3 | % |
| | | | | | | | | | | | | | |
General and Administrative Expense | |
|
| |
|
| | |
|
| |
|
| |
Gross General and Administrative Expense/Total Revenue | |
| 8.2 | % |
| 6.9 | % | |
| 7.9 | % |
| 6.9 | % |
(1) | Reclassification of prior year's amounts were made to conform to current year presentation. |
(2) | Rental revenues reduced due to lease related reserves and write-offs. See breakout on p.42. |
(3) | Eligible associates of the Company may contribute a portion of their earnings to a Deferred Compensation plan for income tax deferral purposes. The Company does not match or contribute funds to the plan, as it is all the associates' earnings. The asset and corresponding liability along with the related earnings are recorded in the Company financial statements on behalf of the participants. The allocation was modified 1/1/2020 to reflect the current expense classification of the associates in the plan. All changes to the liability are now allocated to General and Administrative Expense with no allocation to Operating Expense. |
Page 7
Weingarten Realty Investors
Supplemental Balance Sheet Detail
(in thousands)
| | June 30, | | December 31, | ||
| | 2020 |
| 2019 | ||
| | | | | | |
Property |
| |
|
| |
|
Land | | $ | 934,629 | | $ | 911,521 |
Land held for development | |
| 41,078 | |
| 40,667 |
Land under development | |
| 22,777 | |
| 53,076 |
Buildings and improvements | |
| 3,016,131 | |
| 2,898,867 |
Construction in-progress | |
| 187,722 | |
| 241,118 |
Total | | $ | 4,202,337 | | $ | 4,145,249 |
| | | | | | |
Straight Line Rent Receivable, net | |
|
| |
|
|
| | $ | 48,156 | | $ | 57,976 |
| | | | | | |
Other Assets, net | |
|
| |
|
|
Notes receivable and mortgage bonds, net | | $ | 21,451 | | $ | 22,104 |
Debt service guaranty asset | |
| 57,380 | |
| 57,380 |
Non-qualified benefit plan assets | |
| 37,317 | |
| 38,381 |
Out-of-market leases, net | |
| 10,913 | |
| 11,685 |
Deferred income tax asset | |
| 3,388 | |
| 3,448 |
Unamortized debt costs, net | |
| 3,091 | |
| 3,487 |
Right of use assets, net | |
| 43,433 | |
| 43,751 |
Other | |
| 9,412 | |
| 7,768 |
Total | | $ | 186,385 | | $ | 188,004 |
| | | | | | |
Other Liabilities, net | |
|
| |
|
|
Deferred revenue | | $ | 14,232 | | $ | 14,952 |
Non-qualified benefit plan liabilities | |
| 74,845 | |
| 76,060 |
Deferred income tax payable | |
| 1,801 | |
| 1,767 |
Out-of-market leases, net | |
| 58,592 | |
| 62,914 |
Operating lease liabilities, net | |
| 42,933 | |
| 43,063 |
Other | |
| 18,104 | |
| 19,014 |
Total | | $ | 210,507 | | $ | 217,770 |
| | | | | | |
Identified Intangible Assets and Liabilities | |
|
| |
|
|
Identified Intangible Assets: | |
|
| |
|
|
Above-market leases (included in Other Assets, net) | | $ | 23,904 | | $ | 23,830 |
Above-market leases - Accumulated Amortization | |
| (12,991) | |
| (12,145) |
In place leases (included in Unamortized Lease Costs, net) | |
| 202,508 | |
| 196,207 |
In place leases - Accumulated Amortization | |
| (99,847) | |
| (92,918) |
Total | | $ | 113,574 | | $ | 114,974 |
| | | | | | |
Identified Intangible Liabilities: | |
|
| |
|
|
Below-market leases (included in Other Liabilities, net) | | $ | 93,252 | | $ | 95,240 |
Below-market leases - Accumulated Amortization | |
| (34,660) | |
| (32,326) |
Above-market assumed mortgages (included in Debt, net) | |
| 3,993 | |
| 3,446 |
Above-market assumed mortgages - Accumulated Amortization | |
| (2,173) | |
| (1,987) |
Total | | $ | 60,412 | | $ | 64,373 |
Page 8
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
| | | | June 30, | | December 31, |
| ||
| | |
| 2020 |
| 2019 |
| ||
| | | | | | | | | |
Common Share Data | | |
| |
|
| | |
|
Closing Market Price | | | | $ | 18.93 | | $ | 31.24 | |
| | | | | | | | | |
Capitalization | | | |
|
| |
| |
|
Debt | | | | $ | 1,743,194 | | $ | 1,732,338 | |
Common Shares at Market | | | |
| 2,424,990 | |
| 4,020,650 | |
Operating Partnership Units at Market | | | |
| 27,108 | |
| 44,736 | |
Total Market Capitalization (As reported) | | | | $ | 4,195,292 | | $ | 5,797,724 | |
| | | | | | | | | |
Debt to Total Market Capitalization (As reported) | | | |
| 41.6 | % |
| 29.9 | % |
Debt to Total Market Capitalization (As reported at a constant share price of $31.24) | |
| 30.1 | % |
| 29.9 | % | ||
Debt to Total Market Capitalization (Pro rata) | | | |
| 42.2 | % |
| 30.5 | % |
| | | | | | | | | |
Capital Availability | | | |
|
| |
| |
|
Revolving Credit Facility | | | | $ | 500,000 | | $ | 500,000 | |
Less: | | | |
| | |
|
| |
Balance Outstanding Under Revolving Credit Facility | | | |
| 12,000 | |
| — | |
Outstanding Letters of Credit Under Revolving Facility | | | |
| 1,932 | |
| 2,054 | |
Unused Portion of Credit Facility | | | | $ | 486,068 | | $ | 497,946 | |
| | | | | | | | | |
Significant Covenant Ratios |
|
| | | | |
| |
|
|
| Restrictions | | | | | | | |
Debt to Asset Ratio (Public) |
| Less than 60.0% | |
| 35.9 | % |
| 35.9 | % |
Secured Debt to Asset Ratio (Public) |
| Less than 40.0% | |
| 5.7 | % |
| 5.8 | % |
Unencumbered Asset Test (Public) |
| Greater than 150% | |
| 297.2 | % |
| 299.7 | % |
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) |
| Greater than 1.5x | |
| 3.8x | |
| 4.2x | |
| | | | | | | | | |
Credit Ratings |
|
| |
|
| |
| |
|
| | | | S&P | | Moody's | |||
Senior Debt | | | | BBB | | Baa1 | |||
Outlook | | | | Stable | | Stable |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 9
Weingarten Realty Investors
2020 Guidance |
Due to uncertainty of the economic impact of the COVID-19 pandemic, WRI has withdrawn guidance.
Page 10
Weingarten Realty Investors
(at pro rata share)
(in thousands)
|
| Three Months Ended |
| Six Months Ended |
| Twelve Months Ended | |||
|
| June 30, 2020 |
| June 30, 2020 |
| December 31, 2019 | |||
Acquisitions | | $ | — | | $ | 43,000 | | $ | 246,447 |
New Development | |
| 22,500 | |
| 47,508 | |
| 150,418 |
Redevelopment | |
| 1,812 | |
| 5,756 | |
| 22,242 |
Building and Site Improvements | |
| 4,452 | |
| 7,759 | |
| 19,926 |
Tenant Finish | |
| 6,002 | |
| 16,079 | |
| 36,594 |
External Leasing Commissions | |
| 854 | |
| 1,788 | |
| 4,340 |
Capital Expenditures | | $ | 35,620 | | $ | 121,890 | | $ | 479,967 |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 12
Weingarten Realty Investors
Development and Redevelopment Projects
As of June 30, 2020
(at pro rata share, except multi-family units)
(in thousands, except percentages and multi-family units)
| | Project Description / | | Total Cost at | | Costs | | Estimated/Actual | | Stabilized | | Percentage | | |||||
Property |
| SF |
| Completion |
| to Date |
| ROI (1) | | Operations (1) |
| Leased (7) | Key Tenants / Description | |||||
| | | | | | | | | | | | | | | | | | |
Developments and Large Redevelopments Under Construction (2,3) | | | | | | | | | | | | | | | | | | |
West Alex - Alexandria, VA (4) |
| Retail = 127 SF | | $ | 200,000 | | $ | 186,293 |
|
|
| | | |
| 79.9 | % | Harris Teeter anticipated opening 2H21 |
|
| Multifamily = 278 units | | | | | | | | | | | | |
| 24.8 | % | Residential units available to lease 2H19 |
| | | | | | | | | | | | | | | | | | |
Centro Arlington - Arlington, VA* (5) |
| Retail = 65 SF | |
| 135,000 | |
| 127,547 |
|
|
| | | |
| 93.1 | % | Harris Teeter opened 2H19 |
|
| Multifamily = 366 units | | | | | | | | | | | | |
| 86.1 | % | Residential units available to lease 2H19 |
| | | | | | | | | | | | | | | | | | |
The Driscoll at River Oaks - Houston, TX |
| Retail = 11 SF | |
| 150,000 | |
| 102,103 |
|
|
| | | |
| 0.0 | % |
|
|
| Multifamily = 318 units | | | | | | | | | | | | |
| 0.0 | % | Residential units available to lease 2020 |
| | | | $ | 485,000 | | $ | 415,943 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Redevelopments Under Construction (3) | | | | | | | | | | | | | | | | | | |
River Point at Sheridan - Denver, CO |
| 53 | | $ | 12,541 | | $ | 10,785 |
|
|
| | | |
|
|
| Burlington, New Shop Space Building, and Pads |
Rock Prairie Marketplace - College Station, TX |
| 41 | |
| 8,812 | |
| 5,076 |
|
|
| | | |
|
|
| Valero, Multi-Tenant Building, and Pads. Increased scope to add more square footage |
Wilderness Oaks - San Antonio, TX |
| 20 | |
| 7,295 | |
| 9,516 |
|
|
| | | |
|
|
| 20,000 SF Multi-Tenant Building, and Pads |
Fiesta Trails - San Antonio, TX |
| 20 | |
| 5,869 | |
| 3,398 |
|
|
| | | |
|
|
| Two New Shop Space Buildings |
Tomball Marketplace - Houston, TX |
| 27 | |
| 5,367 | |
| 4,184 |
|
|
| | | |
|
|
| Three New Shop Space Buildings |
All other redevelopments < $5 million (5 projects) |
| 41 | |
| 15,219 | |
| 10,159 |
|
|
| | | |
|
|
| |
| | | | $ | 55,103 | | $ | 43,118 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Completed Redevelopments (6) | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
|
| | $ | 36,376 | | $ | 36,334 |
| 11.3 | % | | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter) (8): | |
|
| |
|
|
|
| | | $ | 130 |
|
|
|
| ||
Cash NOI Redevelopments Under Construction (Current Quarter): |
|
| |
|
| |
|
|
|
| | | $ | 485 |
|
|
|
|
Cash NOI Redevelopments Completed (Current Quarter): |
|
| |
|
| |
|
|
|
| | | $ | 866 |
|
|
|
|
(1) | Given the recent COVID-19 disruption, the leaseup and stabilization dates of these projects cannot be determined at this time. |
(2) | Large redevelopment is defined where total incremental investment is over $50 million. Impact from COVID-19 may affect estimates in future periods. |
(3) | Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. Impact from COVID-19 may affect estimates in future periods. |
(4) | Costs do not reflect potential sale of Senior Living Pad. |
(5) | WRI will participate in the development of this mixed-use property. WRI will have a 90% equity interest in the property and is committed to fund an additional $5 million in imputed debt. |
(6) | The current population consists of Sunset 19 (completed Q120) and completed phases of two properties where part of the total project is still under construction. |
(7) | Percentage leased for retail and office is calculated as square footage for executed leases divided by the gross leasable area. Percentage leased for multifamily is calculated as total units leased divided by total units. |
(8) | NOI Detail: Residential ($46) and Retail $176. |
* Unconsolidated Joint Venture
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 13
Weingarten Realty Investors
As of June 30, 2020
(in thousands, except acres and percentages)
| | Ownership | | Gross | | Investment (1) | |||||
Location |
| Interest |
| Acres |
| 100% | | Pro Rata | |||
New Development Phased Projects |
|
|
| |
|
| |
| |
|
|
US 77 & FM 802, Brownsville, TX |
| 100.0 | % | | 21.0 |
| |
| |
|
|
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC |
| 100.0 | % | | 20.9 |
| |
| |
|
|
Highway 17 and Highway 210, Surf City, NC |
| 100.0 | % | | 11.0 |
| |
| |
|
|
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL |
| 100.0 | % | | 6.7 |
| |
| |
|
|
Hwy. 85 & Hwy. 285, Sheridan, CO |
| 100.0 | % | | 5.6 |
| |
| |
|
|
29th St. at Nolana Loop, McAllen, TX |
| 50.0 | % | | 3.8 |
| |
| |
|
|
FM 2920 and Future 249, Tomball - Houston, TX |
| 100.0 | % | | 2.2 |
| |
| |
|
|
SR 207 & Rolling Hills Drive, St. Augustine, FL |
| 70.0 | % | | 1.6 |
| |
| |
|
|
Total New Development Phased Projects |
| | | | 72.8 | | $ | 13,981 | | $ | 12,910 |
| | | | | | | | | | | |
Other Raw Land |
|
| |
|
| |
|
| |
|
|
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX |
| 50.0 | % |
| 120.4 | |
|
| |
|
|
South Fulton Parkway and SH 92, Union City - Atlanta, GA |
| 100.0 | % |
| 24.1 | |
|
| |
|
|
Lon Adams Rd. at Tangerine Farms Rd., Marana - Tucson, AZ |
| 100.0 | % |
| 9.7 | |
|
| |
|
|
SH 281 & Wilderness Oaks, San Antonio, TX |
| 100.0 | % |
| 9.1 | |
|
| |
|
|
SH 151 & Ingram Rd., San Antonio, TX |
| 66.7 | % |
| 5.8 | |
|
| |
|
|
Rock Prairie Rd. at Hwy. 6, College Station, TX |
| 100.0 | % |
| 5.3 | |
|
| |
|
|
Shary Road and US Hwy. 83, Mission, TX |
| 50.0 | % |
| 4.0 | |
|
| |
|
|
Other |
| 100.0 | % |
| 22.4 | |
|
| |
|
|
Total Raw Land |
| | | | 200.8 | | $ | 32,394 | | $ | 20,213 |
| | | | | | | | | | | |
Total Land Held For Development Properties |
| | | | 273.6 | | $ | 46,375 | | $ | 33,123 |
(1) Net of impairment and valuation adjustments.
Notes:
Land costs account for $38.4 million of total investment at 100%, $25.7 million at pro rata share.
Categorization based upon proximity to development property and does not indicate future development pipeline.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 14
Weingarten Realty Investors
Acquisition and Disposition Summary
For the Period Ended June 30, 2020
(at pro rata share)
(in thousands, except percentages)
|
| |
| | | |
| | |
| |
|
| | | | Sq. Ft. | | Date | | Purchase | | |
| |
Center |
| City/State |
| at 100 % |
| Acquired |
| Price |
| Yield | ||
Acquisitions |
|
|
|
|
|
|
| |
|
|
| |
1st Quarter |
|
|
|
|
|
|
| |
|
|
| |
Stevens Creek Corner | | San Jose, CA | | 8 | | 03/02/20 | | | | | | |
Village Green Center | | Wellington, FL | | 70 | | 03/11/20 | | | | | | |
| | | | | | | | | | | | |
Total Acquisitions | | | | |
|
| | $ | 43,000 |
| 4.9 | % |
| | | | | | | | | | | Weighted | |
| | | | | | Date | | Sales | | Sales | ||
|
| |
| |
| Sold |
| Price (1) |
| Cap (2) | ||
Dispositions |
|
|
|
|
|
|
| |
|
|
| |
1st Quarter |
|
|
|
|
|
|
| |
|
|
| |
Aurora City Place* | | Aurora, CO | | 356 | | 02/13/20 | | | | | | |
North Park Plaza* | | Beaumont, TX | | 140 | | 02/18/20 | | | | | | |
Preston Shepard Place* | | Plano, TX | | 362 | | 03/03/20 | | | | | | |
Market at Westchase | | Houston, TX | | 81 | | 03/10/20 | | | | | | |
2nd Quarter | | | | | | | | | | | | |
North Sharyland Crossing* | | Mission, TX | | 4 | | 04/29/20 |
| |
|
|
| |
Bull City Market | | Durham, NC | | 41 | | 06/18/20 | | | | | | |
| | | | | | | | | | | | |
Total Dispositions | | | | |
|
| | $ | 88,379 |
| 7.4 | % |
(1) Sales price represents the total contract price.
(2) Cap rates are based upon underwriting estimates and may be different than current returns.
* Unconsolidated real estate joint venture activity.
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 15
Weingarten Realty Investors
(in thousands, except percentages)
| | | |
| 2nd Quarter |
| | |
| 4th Quarter |
|
| | June 30, | | Weighted | | December 31, | | Weighted |
| ||
|
| 2020 |
| Average Rate (1) |
| 2019 |
| Average Rate (1) |
| ||
Outstanding Balance Summary |
| |
|
|
|
| |
|
|
| |
Mortgage Debt | | $ | 258,647 |
| 4.21 | % | $ | 260,458 |
| 4.18 | % |
3.375% Notes due 2022 | |
| 299,093 |
| 3.38 | % |
| 299,031 |
| 3.38 | % |
3.5% Notes due 2023 | |
| 299,230 |
| 3.50 | % |
| 299,155 |
| 3.50 | % |
4.45% Notes due 2024 | |
| 245,805 |
| 4.45 | % |
| 245,751 |
| 4.45 | % |
3.85% Notes due 2025 | |
| 239,508 |
| 3.85 | % |
| 239,418 |
| 3.85 | % |
3.25% Notes due 2026 | |
| 248,625 |
| 3.25 | % |
| 248,525 |
| 3.25 | % |
Unsecured Notes Payable (MTN) | |
| 66,285 |
| 6.70 | % |
| 66,285 |
| 6.70 | % |
Revolving Credit Agreements (2) | |
| 12,000 |
| 0.90 | % |
| — |
| | |
Obligations under Capital Leases | |
| 21,750 |
| 8.00 | % |
| 21,804 |
| 8.00 | % |
Unamortized Loan Costs | |
| (5,129) |
| | |
| (5,469) |
| | |
Subtotal Consolidated Debt | |
| 1,685,814 |
| 3.54 | % |
| 1,674,958 |
| 3.92 | % |
Debt Service Guarantee Liability (3) | |
| 57,380 |
|
| |
| 57,380 |
|
| |
Total Consolidated Debt - As Reported | | $ | 1,743,194 |
| 3.54 | % | $ | 1,732,338 |
| 3.92 | % |
| | As |
|
|
| Reported |
|
Weighted Average Interest Rates (1) |
|
| |
Three months ended 06/30/20 | | 3.54 | % |
Six months ended 06/30/20 | | 3.69 | % |
Three months ended 12/31/19 | | 3.92 | % |
Twelve months ended 12/31/19 | | 3.97 | % |
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
(2) | Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. The weighted average revolving interest rate with the facility fee was 1.21% in the second quarter 2020. |
(3) | Debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado. |
Page 17
Weingarten Realty Investors
Debt Information Additional Disclosure
(at pro rata share)
(in thousands, except percentages)
|
| | |
| |
| |
| Weighted |
| | | | | Weighted | | | | Average |
| | Debt | | Average | | | | Remaining | |
|
| Balance |
| Rate (1) |
| % of Total |
| Life (yrs) | |
Fixed vs. Variable Rate Debt | | | | | | | | | |
(includes the effect of interest rate swaps) | | | | | | | | | |
As of June 30, 2020 | | | | | | | | | |
Fixed-rate debt | | $ | 1,779,413 |
| 3.90 | % | 99.3 | % | 4.36 |
Variable-rate debt | |
| 12,000 |
| 0.90 | % | 0.7 | % | 3.75 |
Total | | $ | 1,791,413 |
| 3.53 | % | 100.0 | % | 4.36 |
| | | | | | | | | |
As of December 31, 2019 | | | | | | | | | |
Fixed-rate debt | | $ | 1,763,485 |
| 3.95 | % | 99.0 | % | |
Variable-rate debt | |
| 17,448 |
| 3.87 | % | 1.0 | % | |
Total | | $ | 1,780,933 |
| 3.90 | % | 100.0 | % | |
| | | | | | | | | |
Secured vs. Unsecured Debt | | | | | | | | | |
As of June 30, 2020 | | | | | | | | | |
Secured Debt | | $ | 327,716 |
| 4.25 | % | 18.3 | % | 5.08 |
Unsecured Debt | |
| 1,463,697 |
| 3.39 | % | 81.7 | % | 4.19 |
Total | | $ | 1,791,413 |
| 3.53 | % | 100.0 | % | 4.36 |
| | | | | | | | | |
As of December 31, 2019 | | | | | | | | | |
Secured Debt | | $ | 330,171 |
| 4.37 | % | 18.5 | % | |
Unsecured Debt | |
| 1,450,762 |
| 3.79 | % | 81.5 | % | |
Total | | $ | 1,780,933 |
| 3.90 | % | 100.0 | % | |
Additional Information |
| June 30, |
| December 31, | ||
Reconciling items to pro rata debt |
| 2020 |
| 2019 | ||
Noncontrolling Interests and Other Adjustments | | $ | (38,083) | | $ | (38,460) |
WRI Share of Unconsolidated Joint Ventures | | $ | 86,302 | | $ | 87,055 |
Weighted Average Interest Rates (1) | | | |
Three months ended 06/30/20 | | 3.53 | % |
Six months ended 06/30/20 | | 3.68 | % |
Three months ended 12/31/19 |
| 3.90 | % |
Twelve months ended 12/31/19 | | 3.95 | % |
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 18
Weingarten Realty Investors
As of June 30, 2020
(in thousands, except percentages)
|
| As Reported |
| |||
| | | | | Weighted |
|
|
| Maturities |
| Average Rate (2) |
| |
2020 | | $ | 2,853 |
| 4.09 | % |
2021 | |
| 18,795 |
| 4.07 | % |
2022 | |
| 308,298 |
| 3.40 | % |
2023 | |
| 348,207 |
| 3.59 | % |
2024 | |
| 252,561 |
| 4.44 | % |
2025 | |
| 294,232 |
| 3.93 | % |
2026 | |
| 277,733 |
| 3.55 | % |
2027 | |
| 53,604 |
| 5.89 | % |
2028 | |
| 92,159 |
| 4.53 | % |
2029 | |
| 917 |
| 3.66 | % |
Thereafter | |
| 9,518 |
| 3.66 | % |
Subtotal | |
| 1,658,877 | | | |
| | | | | | |
Revolving Credit Agreements | |
| 12,000 | | 1.00 | % |
Other (1) | |
| 72,317 | | | |
Total | | $ | 1,743,194 |
| 3.69 | % |
(1) | Other includes finance leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado. |
(2) | Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing. |
Page 19
Weingarten Realty Investors
Schedule of Maturities Additional Disclosure
As of June 30, 2020
(at pro rata share)
(in thousands, except percentages)
| | | | | Weighted | | | | | | | | | | | | |
|
| Maturities |
| Average Rate (2) |
| Floating Rate |
| Fixed Rate |
| Secured |
| Unsecured | |||||
2020 | | $ | 3,265 |
| 4.18 | % | | — | | $ | 3,265 | | $ | 3,265 | | $ | — |
2021 | |
| 53,554 |
| 4.06 | % |
| — | |
| 53,554 | |
| 53,554 | |
| — |
2022 | |
| 308,552 |
| 3.40 | % |
| — | |
| 308,552 | |
| 9,162 | |
| 299,390 |
2023 | |
| 313,214 |
| 3.53 | % |
| — | |
| 313,214 | |
| 13,544 | |
| 299,670 |
2024 | |
| 253,713 |
| 4.44 | % |
| — | |
| 253,713 | |
| 7,513 | |
| 246,200 |
2025 | |
| 295,382 |
| 3.94 | % |
| — | |
| 295,382 | |
| 54,877 | |
| 240,505 |
2026 | |
| 278,623 |
| 3.56 | % |
| — | |
| 278,623 | |
| 5,653 | |
| 272,970 |
2027 | |
| 57,530 |
| 5.80 | % |
| — | |
| 57,530 | |
| 23,785 | |
| 33,745 |
2028 | |
| 92,865 |
| 4.54 | % |
| — | |
| 92,865 | |
| 83,295 | |
| 9,570 |
2029 | |
| 40,988 |
| 3.79 | % |
| — | |
| 40,988 | |
| 40,988 | |
| — |
Thereafter | |
| 9,518 |
| 3.66 | % |
| — | |
| 9,518 | |
| 9,518 | |
| — |
Subtotal | |
| 1,707,204 |
| | |
| — | |
| 1,707,204 | |
| 305,154 | |
| 1,402,050 |
| | | | | | | | | | | | | | | | | |
Revolving Credit Agreements | |
| 12,000 |
| 1.00 | % |
| 12,000 | |
| — | |
| — | |
| 12,000 |
Other (1) | |
| 72,209 |
| | |
| — | |
| 72,209 | |
| 22,562 | |
| 49,647 |
Total | | $ | 1,791,413 |
| 3.68 | % | $ | 12,000 | | $ | 1,779,413 | | $ | 327,716 | | $ | 1,463,697 |
(1) | Other includes finance leases, fair value adjustments, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability recorded due to a guarantee of municipal bonds issued in connection with a project in Denver, Colorado. |
(2) | Weighted average interest rates exclude the effects of fair value adjustments, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 20
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information at 100%
(in thousands)
| | Three Months Ended | | Six Months Ended | ||||||||
|
| June 30, |
| June 30, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Condensed Statements of Income | | | | | | | | | | | | |
Revenues: |
| |
|
| |
|
| |
|
| |
|
Rentals, net | | $ | 26,411 | | $ | 32,145 | | $ | 59,502 | | $ | 63,903 |
Other | |
| 406 | |
| 732 | |
| 1,054 | |
| 1,489 |
Total | |
| 26,817 | |
| 32,877 | |
| 60,556 | |
| 65,392 |
Expenses: | |
|
| |
|
| |
|
| |
|
|
Depreciation and amortization | |
| 8,902 | |
| 7,646 | |
| 17,664 | |
| 15,495 |
Interest, net | |
| 2,334 | |
| 2,491 | |
| 4,752 | |
| 4,950 |
Operating | |
| 5,462 | |
| 5,685 | |
| 12,573 | |
| 11,785 |
Real estate taxes, net | |
| 4,215 | |
| 4,522 | |
| 8,615 | |
| 9,057 |
General and administrative | |
| 233 | |
| 243 | |
| 338 | |
| 312 |
Provision for income taxes | |
| 34 | |
| 36 | |
| 70 | |
| 69 |
Total | |
| 21,180 | |
| 20,623 | |
| 44,012 | |
| 41,668 |
Gain on dispositions | |
| 2,090 | |
| 1,474 | |
| 46,789 | |
| 2,009 |
Net income | | $ | 7,727 | | $ | 13,728 | | $ | 63,333 | | $ | 25,733 |
| | | | | | | | | | | | |
Condensed Balance Sheets |
| | | | | | | June 30, | | December 31, | ||
| | | | | | | | 2020 |
| 2019 | ||
ASSETS |
| | | | | | | |
|
| |
|
Property | | | | | | | | $ | 1,221,547 | | $ | 1,378,328 |
Accumulated depreciation | | | | | | | |
| (287,561) | |
| (331,856) |
Property, net | | | | | | | |
| 933,986 | |
| 1,046,472 |
Other assets, net | | | | | | | |
| 107,229 | |
| 108,366 |
Total | | | | | | | | $ | 1,041,215 | | $ | 1,154,838 |
LIABILITIES AND EQUITY | | | | | | | |
|
| |
|
|
Debt, net | | | | | | | | $ | 263,404 | | $ | 264,782 |
Amounts payable to Weingarten Realty Investors and Affiliates | | | | | | | |
| 9,511 | |
| 11,972 |
Other liabilities, net | | | | | | | |
| 24,853 | |
| 25,498 |
Total | | | | | | | |
| 297,768 | |
| 302,252 |
Equity | | | | | | | |
| 743,447 | |
| 852,586 |
Total | | | | | | | | $ | 1,041,215 | | $ | 1,154,838 |
| | | | | | | | | | | | |
Supplemental Income Statement Detail |
| Three Months Ended |
| Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2020 | | 2019 | | 2020 | | 2019 | ||||
| | | | | | | | | | | | |
Rentals, net |
| |
|
| |
|
| |
|
| |
|
Fixed Payments: |
| |
|
| |
|
| |
|
| |
|
Base minimum rent, net | | $ | 20,798 | | $ | 24,506 | | $ | 46,033 | | $ | 48,609 |
Straight line rent, net | |
| (1,332) | |
| 14 | |
| (1,919) | |
| (115) |
Over/Under-market rentals, net | |
| 72 | |
| 80 | |
| 200 | |
| 125 |
Variable Payments: | |
| | |
| | |
| | |
| |
Percentage rent | |
| 36 | |
| 28 | |
| 36 | |
| 99 |
Tenant reimbursements, net | |
| 6,700 | |
| 7,431 | |
| 14,803 | |
| 15,018 |
Other rental revenues | |
| 85 | |
| 72 | |
| 187 | |
| 153 |
Lease cancellation revenue | |
| 52 | |
| 14 | |
| 162 | |
| 14 |
Total | | $ | 26,411 | | $ | 32,145 | | $ | 59,502 | | $ | 63,903 |
Note:
The financial information on this page is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 22
Weingarten Realty Investors
Unconsolidated Joint Venture Financial Information
(at pro rata share)
(in thousands)
| | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
Condensed Statements of Income |
| 2020 | | 2019 | | 2020 | | 2019 | ||||
Revenues: |
| |
|
| |
|
| |
|
| |
|
Rentals, net | | $ | 11,234 | | $ | 12,099 | | $ | 24,468 | | $ | 24,021 |
Other | |
| 224 | |
| 388 | |
| 598 | |
| 785 |
Total | |
| 11,458 | |
| 12,487 | |
| 25,066 | |
| 24,806 |
Expenses: | |
|
| |
|
| |
|
| |
|
|
Depreciation and amortization | |
| 4,364 | |
| 2,789 | |
| 8,178 | |
| 5,741 |
Interest, net | |
| 857 | |
| 943 | |
| 1,760 | |
| 1,873 |
Operating | |
| 2,408 | |
| 2,146 | |
| 5,536 | |
| 4,432 |
Real estate taxes, net | |
| 1,758 | |
| 1,763 | |
| 3,560 | |
| 3,558 |
General and administrative | |
| 86 | |
| 86 | |
| 128 | |
| 111 |
Provision for income taxes | |
| 18 | |
| 17 | |
| 36 | |
| 33 |
Total | |
| 9,491 | |
| 7,744 | |
| 19,198 | |
| 15,748 |
Gain on dispositions | |
| 1,044 | |
| 1,106 | |
| 23,416 | |
| 1,380 |
Net income | | $ | 3,011 | | $ | 5,849 | | $ | 29,284 | | $ | 10,438 |
| | | | | | | | | | | | |
Condensed Balance Sheets | | | | | | | | June 30, | | December 31, | ||
|
| | | | | | | 2020 |
| 2019 | ||
ASSETS |
| | | | | | | |
|
| |
|
Property | | | | | | | | $ | 537,359 | | $ | 585,746 |
Accumulated depreciation | | | | | | | |
| (107,255) | |
| (122,068) |
Property, net | | | | | | | |
| 430,104 | |
| 463,678 |
Notes receivable from real estate joint ventures and partnerships | | | | | | | |
| 3,476 | |
| 3,623 |
Unamortized lease costs, net | | | | | | | |
| 13,705 | |
| 11,820 |
Accrued rent, accrued customer contracts and accounts receivable (net of allowance for doubtful accounts of $1,491 in 2020) | | | | | | | |
| 7,060 | |
| 9,082 |
Cash and cash equivalents | | | | | | | |
| 19,486 | |
| 17,205 |
Restricted deposits and mortgage escrows | | | | | | | | | 42 | | | — |
Out-of-market leases, net | | | | | | | |
| 685 | |
| 3,139 |
Other assets, net | | | | | | | |
| 1,576 | |
| 1,822 |
Total | | | | | | | | $ | 476,134 | | $ | 510,369 |
LIABILITIES AND EQUITY | | | | | | | |
|
| |
|
|
Debt, net | | | | | | | | $ | 86,120 | | $ | 86,840 |
Amounts payable to Weingarten Realty Investors and Affiliates | | | | | | | |
| 4,243 | |
| 4,887 |
Accounts payable and accrued expenses | | | | | | | |
| 6,826 | |
| 8,226 |
Deferred revenue | | | | | | | |
| 1,775 | |
| 1,407 |
Out-of-market leases, net | | | | | | | |
| 2,317 | |
| 2,584 |
Interest rate derivative | | | | | | | | | 250 | | | — |
Other liabilities, net | | | | | | | |
| 247 | |
| 446 |
Total | | | | | | | |
| 101,778 | |
| 104,390 |
Equity | | | | | | | |
| 374,356 | |
| 405,979 |
Total | | | | | | | | $ | 476,134 | | $ | 510,369 |
| | | | | | | | | | | | |
Supplemental Income Statement Detail | | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2020 | | 2019 |
| 2020 | | 2019 | ||||
| | | | | | | | | | | | |
Rentals, net |
| |
|
| |
|
| |
|
| |
|
Fixed Payments: |
| |
|
| |
|
| |
|
| |
|
Base minimum rent, net | | $ | 8,736 | | $ | 9,193 | | $ | 18,813 |
| $ | 18,236 |
Straight line rent, net | |
| (271) | |
| (1) | |
| (419) |
| | (61) |
Over/Under-market rentals, net | |
| 22 | |
| 12 | |
| 63 |
| | — |
Variable Payments: | |
| | |
|
| |
| |
| |
|
Percentage rent | |
| 15 | |
| 13 | |
| 28 |
| | 52 |
Tenant reimbursements, net | |
| 2,642 | |
| 2,855 | |
| 5,820 |
| | 5,736 |
Other rental revenues | |
| 60 | |
| 24 | |
| 110 |
| | 55 |
Lease cancellation revenue | |
| 30 | |
| 3 | |
| 53 |
| | 3 |
Total | | $ | 11,234 | | $ | 12,099 | | $ | 24,468 |
| $ | 24,021 |
Notes: The above pro rata share information includes only the real estate operations of joint ventures and partnerships at WRI's ownership percentages.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 23
Weingarten Realty Investors
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%
June 30, 2020
(in thousands, except number of properties)
| | Number of | | | | | | | | |
| | Operating | | | | | | | |
|
Joint Venture Partner |
| Properties (1)(2) |
| Total GLA |
| Total Assets |
| Total Debt | ||
| | | | | | | | | | |
TIAA Florida Retail LLC | | 2 | | 431 | | $ | 123,387 |
| $ | - |
Collins | | 8 | | 1,148 | |
| 107,841 |
| | 12,764 |
AEW - Institutional Client | | 5 | | 437 | |
| 100,134 |
| | - |
BIT Retail | | 2 | | 359 | |
| 60,214 |
| | - |
Jamestown | | 6 | | 1,217 | |
| 139,255 |
| | 169,844 |
Fidelis Realty Partners | | 1 | | 492 | |
| 124,111 |
| | 69,305 |
Sleiman Enterprises | | 2 | | 177 | |
| 15,986 |
| | 11,491 |
Bouwinvest | | 4 | | 447 | |
| 218,105 |
| | - |
Other | | 2 | | 179 | |
| 152,182 |
| | - |
| | | | | | | | | | |
Total |
| 32 |
| 4,887 | | $ | 1,041,215 |
| $ | 263,404 |
TIAA Florida Retail LLCJoint venture with an institutional partner, TIAA-CREF Global Real Estate
CollinsPrimarily a development joint venture in the Texas Rio Grande Valley
AEW – Institutional ClientJoint venture with an institutional partner through AEW Capital Management
BIT Retail | Joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust |
JamestownJoint venture in Florida
Fidelis Realty PartnersJoint venture in Texas
Sleiman EnterprisesJoint venture in Florida
BouwinvestJoint venture with West Coast focus
(1) Excludes land held for development.
(2) Excludes additional consolidated joint ventures.
Page 24
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information at 100%
As of June 30, 2020
(in thousands, except number of properties, percentages and term)
Balance Summary
|
| |
| | |
| |
| | Average |
| | # of Mortgaged | | Mortgage | | Average Interest | | Remaining | ||
Joint Venture Partner | | Properties (2) | | Balance (1)(2) | | Rate | | Term (yrs) | ||
| | | | | | | | | | |
Collins |
| 2 | | $ | 12,918 |
| 6.3 | % | | 4.7 |
Jamestown |
| 6 | |
| 170,000 |
| 2.7 | % | | 0.9 |
Fidelis Realty Partners |
| 1 | |
| 69,387 |
| 3.8 | % | | 8.9 |
Sleiman Enterprises |
| 2 | |
| 11,548 |
| 4.2 | % | | 6.00 |
| | | | | | | | | | |
Total |
| 11 | | $ | 263,853 |
| 3.2 | % | | 3.2 |
|
Schedule of Maturities
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate |
| |
| | | | | | |
2020 | | $ | 1,550 |
| 5.3 | % |
2021 | |
| 173,015 |
| 3.6 | % |
2022 | |
| 2,069 |
| 5.3 | % |
2023 | |
| 2,182 |
| 5.2 | % |
2024 | |
| 2,303 |
| 5.2 | % |
2025 | |
| 2,302 |
| 5.2 | % |
2026 | |
| 1,781 |
| 5.1 | % |
2027 | |
| 7,851 |
| 5.3 | % |
2028 | |
| 1,413 |
| 6.4 | % |
2029 | |
| 69,387 |
| 3.9 | % |
Total | | $ | 263,853 |
|
| |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Note:
All mortgages are fixed rate.
Page 25
Weingarten Realty Investors
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure
As of June 30, 2020
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate | | |
| | | | | |
|
2020 | | $ | 775 |
| 5.3 | % |
2021 | |
| 35,507 |
| 4.1 | % |
2022 | |
| 1,034 |
| 5.3 | % |
2023 | |
| 1,091 |
| 5.2 | % |
2024 | |
| 1,151 |
| 5.2 | % |
2025 | |
| 1,151 |
| 5.2 | % |
2026 | |
| 890 |
| 5.1 | % |
2027 | |
| 3,926 |
| 5.3 | % |
2028 | |
| 706 |
| 6.4 | % |
2029 | |
| 40,071 |
| 3.9 | % |
Total | | $ | 86,302 |
|
| |
(1) Excludes non-cash debt related items.
(2) Excludes additional consolidated joint ventures such as AEW Capital Management.
Notes:
All mortgages are fixed rate.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 26
Weingarten Realty Investors
Tenant Diversification by Percent of Base Minimum Rent
As of June 30, 2020
(at pro rata share)
(in thousands, except percentages and # of units)
|
| |
| | |
| |
| Total |
| % of | | |
| % of | |||
| | | | Credit Ranking | | # of | | Annualized | | Total Annualized | | Total | | Total | ||||
Rank | | Tenant Name (1)(2) | | (S&P / Moody's) | | Units | | Base Minimum Rent | | Base Minimum Rent | | SF | | SF | ||||
| | | | | | | | | | | | | | | | | | |
1 |
| TJX Companies, Inc. |
| | A/A2 |
| 35 | | $ | 10,050 |
| 2.75 | % | | 924 |
| 4.34 | % |
2 |
| The Kroger Co. |
| | BBB/Baa1 |
| 19 | |
| 9,880 |
| 2.70 | % | | 1,125 |
| 5.28 | % |
3 |
| Whole Foods Market, Inc. |
| | A+/A2 |
| 8 | |
| 7,339 |
| 2.01 | % | | 334 |
| 1.57 | % |
4 |
| H-E-B |
| | N/A/N/A |
| 7 | |
| 6,563 |
| 1.80 | % | | 488 |
| 2.29 | % |
5 |
| Albertsons |
| | N/A/N/A |
| 15 | |
| 6,554 |
| 1.79 | % | | 689 |
| 3.24 | % |
6 |
| Ross Stores, Inc. |
| | BBB+/A2 |
| 25 | |
| 6,534 |
| 1.79 | % | | 515 |
| 2.42 | % |
7 |
| Home Depot, Inc. |
| | A/A2 |
| 4 | |
| 5,135 |
| 1.40 | % | | 464 |
| 2.18 | % |
8 |
| PetSmart |
| | B-/B3 |
| 17 | |
| 4,919 |
| 1.35 | % | | 309 |
| 1.45 | % |
9 |
| Dollar Tree Stores, Inc. |
| | BBB-/Baa3 |
| 31 | |
| 3,835 |
| 1.05 | % | | 323 |
| 1.52 | % |
10 |
| Bed Bath & Beyond, Inc. |
| | B+/Ba2 |
| 14 | |
| 3,718 |
| 1.02 | % | | 322 |
| 1.51 | % |
11 |
| Sprouts |
| | N/A/N/A |
| 6 | |
| 3,155 |
| 0.86 | % | | 184 |
| 0.86 | % |
12 |
| Walmart Stores, Inc. |
| | AA/Aa2 |
| 6 | |
| 3,035 |
| 0.83 | % | | 453 |
| 2.13 | % |
13 |
| Best Buy, Inc. |
| | BBB/Baa1 |
| 6 | |
| 3,020 |
| 0.83 | % | | 179 |
| 0.84 | % |
14 |
| Petco Animal Supplies, Inc. |
| | CCC+/Caa1 |
| 14 | |
| 2,919 |
| 0.80 | % | | 155 |
| 0.73 | % |
15 |
| Dick's Sporting Goods |
| | N/A/N/A |
| 4 | |
| 2,662 |
| 0.73 | % | | 157 |
| 0.74 | % |
16 |
| Starbucks Corporation |
| | BBB+/Baa1 |
| 33 | |
| 2,551 |
| 0.70 | % | | 55 |
| 0.26 | % |
17 |
| Barnes & Noble Inc. |
| | N/A/N/A |
| 5 | |
| 2,479 |
| 0.68 | % | | 141 |
| 0.66 | % |
18 |
| Nordstrom |
| | BBB-/Baa3 |
| 3 | |
| 2,352 |
| 0.64 | % | | 82 |
| 0.39 | % |
19 |
| Total Wine & More |
| | N/A/N/A |
| 4 | |
| 2,340 |
| 0.64 | % | | 97 |
| 0.46 | % |
20 |
| JPMorgan Chase Bank |
| | A+/Aa2 |
| 16 | |
| 2,330 |
| 0.64 | % | | 59 |
| 0.28 | % |
21 |
| Hobby Lobby Stores, Inc. |
| | N/A/N/A |
| 5 | |
| 2,309 |
| 0.63 | % | | 258 |
| 1.21 | % |
22 |
| 24 Hour Fitness Inc. |
| | D/N/A |
| 3 | |
| 2,139 |
| 0.59 | % | | 76 |
| 0.36 | % |
23 |
| Burlington |
| | BB/N/A |
| 4 | |
| 2,081 |
| 0.57 | % | | 138 |
| 0.65 | % |
24 |
| Party City |
| | CC/Caa1 |
| 12 | |
| 2,066 |
| 0.57 | % | | 135 |
| 0.63 | % |
25 |
| CVS |
| | BBB/Baa2 |
| 10 | |
| 1,989 |
| 0.54 | % | | 118 |
| 0.55 | % |
| | | | | | | | | | | | | | | | | | |
|
| Grand Total | | | |
| 306 | | $ | 101,954 |
| 27.91 | % | | 7,780 |
| 36.55 | % |
(1) | Tenant Names: | DBA Names: | |
| TJX Companies, Inc. | Marshalls (15), T.J. Maxx (13), Home Goods (7) | |
| The Kroger Co. | Kroger (8), Harris Teeter (5), Fry's Food (3), King Soopers (2), Smith's Food (1) | |
| Albertsons | Safeway (8), Randall's (3), Von's (2), Albertsons (1), Lucky Supermarket (1) | |
| Ross Stores, Inc. | Ross Dress for Less (23), dd's Discounts (2) | |
| Dollar Tree Stores, Inc. | Dollar Tree (28), Family Dollar (3) | |
| Bed Bath & Beyond, Inc. | Bed Bath & Beyond (6), Cost Plus (6), buybuy BABY (2) | |
| Walmart Stores, Inc. | Walmart Neighborhood Market (4), Walmart (1), Walmart Supercenter (1) | |
| Dick's Sporting Goods | Dick's Sporting Goods (3), Golf Galaxy (1) | |
| Nordstrom | Nordstrom Rack (3) | |
| Party City | Party City (11), Big Party Store (1) | |
| | | |
(2) | Target owns and occupies 14 units not included above. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 28
Weingarten Realty Investors
Portfolio Operating Information
(at pro rata share)
(in thousands, except percentages and leases)
Leasing Activity / Rent Growth Signed Leases |
|
| |
| |
| | |
| | |
| | |
| |
| Weighted |
|
| |
| | | | | | | | | | |
| |
| Average |
| | Number of | | Square | | New Rent | | Prior Rent | | | | | Cash Change |
| Term | ||
Comparable: | | Leases | | Feet | | $/SF | | $/SF | | TI's $/SF | | in Base Rent |
| (Years) | |||
All Leases |
|
|
|
| |
|
| |
|
|
| |
|
|
|
|
|
Quarter Ended June 30, 2020 |
| 126 | | 498 | | $ | 20.27 | | $ | 18.90 | | $ | 2.90 |
| 7.3 | % |
|
Quarter Ended March 31, 2020 |
| 178 |
| 1,056 | | | 18.73 | | | 17.04 | | | 5.85 |
| 9.9 | % |
|
Quarter Ended December 31, 2019 |
| 158 |
| 594 | | | 20.29 | | | 18.14 | | | 16.43 |
| 11.9 | % |
|
Quarter Ended September 30, 2019 |
| 153 |
| 535 | |
| 22.16 | |
| 20.66 | |
| 7.59 |
| 7.3 | % |
|
Rolling 12 months |
| 615 |
| 2,683 | | $ | 20.05 | | $ | 18.35 | | $ | 7.99 |
| 9.3 | % |
|
| | | | | | | | | | | | | | | | | |
New Leases |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended June 30, 2020 |
| 17 |
| 34 | | $ | 25.05 | | $ | 22.70 | | $ | 42.02 |
| 10.3 | % | 6.8 |
Quarter Ended March 31, 2020 |
| 34 |
| 108 | | | 26.68 | | | 23.38 | | | 57.01 |
| 14.1 | % | 7.6 |
Quarter Ended December 31, 2019 |
| 49 |
| 160 | | | 21.73 | | | 18.69 | | | 60.86 |
| 16.3 | % | 9.0 |
Quarter Ended September 30, 2019 |
| 45 |
| 123 | |
| 27.39 | |
| 23.81 | |
| 33.06 |
| 15.0 | % | 7.4 |
Rolling 12 months |
| 145 |
| 425 | | $ | 24.89 | | $ | 21.69 | | $ | 50.33 |
| 14.8 | % | 7.9 |
| | | | | | | | | | | | | | | | | |
Renewals |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended June 30, 2020 |
| 109 |
| 464 | | $ | 19.92 | | $ | 18.62 | | $ | — |
| 7.0 | % |
|
Quarter Ended March 31, 2020 |
| 144 |
| 948 | | | 17.82 | | | 16.31 | | | — |
| 9.3 | % |
|
Quarter Ended December 31, 2019 |
| 109 |
| 434 | | | 19.75 | | | 17.93 | | | — |
| 10.2 | % |
|
Quarter Ended September 30, 2019 |
| 108 |
| 412 | |
| 20.61 | |
| 19.72 | |
| — |
| 4.5 | % |
|
Rolling 12 months |
| 470 |
| 2,258 | | $ | 19.13 | | $ | 17.72 | | $ | — |
| 8.0 | % |
|
| | | | | | | | | | | | | | | | | |
Comparable & Non-Comparable: |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended June 30, 2020 |
| 136 |
| 562 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 200 |
| 1,140 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended December 31, 2019 |
| 195 |
| 747 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended September 30, 2019 |
| 186 |
| 628 | |
|
| |
|
| |
|
|
|
|
|
|
Rolling 12 months |
| 717 |
| 3,077 | |
|
| |
|
| |
|
|
|
|
|
|
Lease Expirations (1) |
Assumes No Exercise of Renewal Options
| | Anchor Tenants (2) | | Non-Anchor Tenants | | Total Tenants |
| |||||||||||||||||||||
|
| |
| |
| | |
| |
| |
| |
| | |
| |
| |
| |
| | |
| |
|
|
| |
| Percent of |
| In Place |
| Percent of |
| |
| Percent of |
| In Place |
| Percent of |
| |
| Percent of |
| In Place |
| Percent of | | |||
| | Square |
| Total Square |
| Min Rent |
| Total | | Square |
| Total Square |
| Min Rent |
| Total | | Square |
| Total Square | | Min Rent |
| Total | | |||
Year | | Feet | | Feet | | PSF |
| Revenue (3) | | Feet |
| Feet | | PSF |
| Revenue (3) | | Feet | | Feet | | PSF |
| Revenue (3) | | |||
M-T-M |
| 41 |
| 0 | % | $ | 19.85 |
| 0 | % | 127 |
| 2 | % | $ | 29.35 |
| 2 | % | 168 |
| 1 | % | $ | 27.04 |
| 1 | % |
2020 |
| 334 |
| 3 | % |
| 8.28 |
| 2 | % | 415 |
| 6 | % |
| 30.60 |
| 6 | % | 749 |
| 4 | % |
| 20.65 |
| 4 | % |
2021 |
| 1,146 |
| 9 | % |
| 11.31 |
| 8 | % | 1,201 |
| 18 | % |
| 29.39 |
| 17 | % | 2,347 |
| 12 | % |
| 20.56 |
| 13 | % |
2022 |
| 1,867 |
| 15 | % |
| 13.40 |
| 15 | % | 1,059 |
| 16 | % |
| 29.82 |
| 16 | % | 2,926 |
| 15 | % |
| 19.35 |
| 15 | % |
2023 |
| 1,524 |
| 12 | % |
| 11.03 |
| 10 | % | 938 |
| 14 | % |
| 30.50 |
| 14 | % | 2,462 |
| 13 | % |
| 18.45 |
| 12 | % |
2024 |
| 1,896 |
| 15 | % |
| 11.89 |
| 14 | % | 934 |
| 14 | % |
| 30.73 |
| 14 | % | 2,830 |
| 15 | % |
| 18.11 |
| 14 | % |
2025 - 2030 |
| 4,864 |
| 39 | % |
| 14.14 |
| 42 | % | 1,829 |
| 28 | % |
| 31.56 |
| 29 | % | 6,693 |
| 35 | % |
| 18.90 |
| 35 | % |
(1) | Reflects in-place leases as of June 30, 2020. |
(2) | Anchor tenants represent any tenant at least 10,000 square feet. |
(3) | Revenue includes minimum base rent only. |
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 29
Weingarten Realty Investors
Portfolio Operating Information (continued)
(at pro rata share)
(in thousands, except percentages)
Occupancy | |||||||||||||||
| | Quarter Ended | | ||||||||||||
| | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | |||||
| | 2020 | | 2020 | | 2019 | | 2019 | | 2019 | |||||
Signed Basis |
|
|
| |
|
| |
|
| |
|
| |
| |
Anchor (1) |
| 95.9 | % | | 96.9 | % | | 97.7 | % | | 97.0 | % | | 97.4 | % |
Non-Anchor |
| 89.0 | % | | 90.4 | % | | 90.8 | % | | 90.7 | % | | 90.4 | % |
Total Signed |
| 93.4 | % | | 94.5 | % | | 95.2 | % | | 94.7 | % | | 94.8 | % |
| | | | | | | | | | | | | | | |
Commenced Basis |
|
|
| |
|
| |
|
| |
|
| |
| |
Anchor (1) |
| 94.1 | % | | 95.1 | % | | 96.2 | % | | 95.5 | % | | 96.0 | % |
Non-Anchor |
| 86.3 | % | | 87.0 | % | | 87.1 | % | | 87.0 | % | | 87.2 | % |
Total Commenced |
| 91.2 | % | | 92.1 | % | | 92.8 | % | | 92.4 | % | | 92.8 | % |
| | | | | | | | | | | | | | | |
Same Property (2) |
|
|
| |
|
| |
|
| |
|
| |
| |
Signed Basis |
| 94.3 | % | | 95.2 | % | | 95.7 | % | | 95.1 | % | | 95.3 | % |
Commenced Basis |
| 92.0 | % | | 92.7 | % | | 93.1 | % | | 92.9 | % | | 93.5 | % |
Average Base Rents (3) | |||||||||||||||
| | Quarter Ended | |||||||||||||
|
| | June 30, |
| | March 31, |
| | December 31, |
| | September 30, |
| | June 30, |
| | | 2020 | | | 2020 | | | 2019 | | | 2019 | | | 2019 |
Commenced Basis | | | |
| |
| | | | | | | | | |
Anchor (1) | | $ | 13.92 | | $ | 14.03 | | $ | 13.93 | | $ | 13.71 | | $ | 13.65 |
Non-Anchor | |
| 29.66 | |
| 30.43 | |
| 30.03 | |
| 29.71 | |
| 29.43 |
Total | | $ | 20.04 | | $ | 20.06 | | $ | 19.87 | | $ | 19.53 | | $ | 19.37 |
Same Property Net Operating Income (4) | ||||||||||||||||||
| | Three Months Ended | | | Six Months Ended | | ||||||||||||
| | June 30, | | | June 30, | | ||||||||||||
| | 2020 | | 2019 | | % Change | | | 2020 | | 2019 | | % Change | |||||
Revenue (5) |
| |
|
| |
|
|
|
| | |
|
| |
|
|
| |
Minimum Rent, net | | $ | 77,065 | | $ | 86,106 |
| (10.5) | % | | $ | 164,318 | | $ | 171,603 |
| (4.2) | % |
Uncollectible Revenue Reserve | |
| (5,594) | |
| 725 |
| (871.6) | % | |
| (6,996) | |
| 662 |
| (1,156.8) | % |
Percentage Rent | |
| 270 | |
| 829 |
| (67.4) | % | |
| 567 | |
| 1,561 |
| (63.7) | % |
Tenant Reimbursements, net | |
| 25,104 | |
| 26,119 |
| (3.9) | % | |
| 51,147 | |
| 51,749 |
| (1.2) | % |
Other | |
| 847 | |
| 1,602 |
| (47.1) | % | |
| 2,795 | |
| 3,720 |
| (24.9) | % |
| | $ | 97,692 | | $ | 115,381 |
| (15.3) | % | | $ | 211,831 | | $ | 229,295 |
| (7.6) | % |
Expenses | | | | | | | | | | | | | | | | | | |
Property Operating Expenses | | $ | 17,578 | | $ | 19,412 |
| (9.4) | % | | $ | 36,909 | | $ | 37,985 |
| (2.8) | % |
Real Estate Taxes | |
| 15,099 | |
| 14,968 |
| 0.9 | % | |
| 29,606 | |
| 30,170 |
| (1.9) | % |
| |
| 32,677 | |
| 34,380 |
| (5.0) | % | |
| 66,515 | |
| 68,155 |
| (2.4) | % |
SPNOI | | $ | 65,015 | | $ | 81,001 |
| (19.7) | % | | $ | 145,316 | | $ | 161,140 |
| (9.8) | % |
| | | | | | | | | | | | | | | | | | |
(1) | Anchor tenants represent any tenant at least 10,000 square feet. |
(2) | Same Property Occupancy includes operating centers that have been owned for the same comparable time duration. |
Same Property excludes any new development, redevelopment, and any acquired or sold centers during the same time duration.
(3) | Average Base rent per Leased SF excludes ground leases. |
(4) | Same Property NOI includes the Company's share of unconsolidated real estate joint ventures and partnerships. |
It excludes the effect of lease cancellation income and straight-line rent adjustments and is reported on a cash basis.
(5) | Revenue reduced due to lease related reserves and write-offs. See breakout on p.42. |
Note: Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof
Page 30
Weingarten Realty Investors
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population
as of June 30, 2020
(at pro rata share)
(in thousands, except percentages and # of units)
CBSA |
| |
| Property |
| Owned |
| % of |
| Occupancy |
|
Rank | | CBSA | | Count | | GLA | | ABR (1) | | % |
|
| | | | | | | | | | | |
2 |
| Los Angeles-Long Beach-Anaheim, CA |
| 4 |
| 699 |
| 4.9 | % | 95.4 | % |
4 |
| Dallas-Fort Worth-Arlington, TX |
| 1 |
| 353 |
| 1.5 | % | 88.7 | % |
5 |
| Houston-The Woodlands-Sugar Land, TX |
| 29 |
| 3,156 |
| 16.4 | % | 94.7 | % |
6 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV |
| 4 |
| 523 |
| 2.8 | % | 92.4 | % |
7 |
| Miami-Fort Lauderdale-West Palm Beach, FL |
| 14 |
| 2,095 |
| 10.7 | % | 92.8 | % |
9 |
| Atlanta-Sandy Springs-Roswell, GA |
| 10 |
| 1,245 |
| 5.5 | % | 96.7 | % |
10 |
| Phoenix-Mesa-Scottsdale, AZ |
| 15 |
| 1,498 |
| 6.7 | % | 95.6 | % |
12 |
| San Francisco-Oakland-Hayward, CA |
| 3 |
| 438 |
| 3.1 | % | 92.5 | % |
13 |
| Riverside-San Bernardino-Ontario, CA |
| 1 |
| 311 |
| 1.8 | % | 98.4 | % |
15 |
| Seattle-Tacoma-Bellevue, WA |
| 7 |
| 417 |
| 2.6 | % | 98.3 | % |
17 |
| San Diego-Carlsbad, CA |
| 3 |
| 283 |
| 1.6 | % | 77.4 | % |
18 |
| Tampa-St. Petersburg-Clearwater, FL |
| 4 |
| 912 |
| 4.1 | % | 95.0 | % |
19 |
| Denver-Aurora-Lakewood, CO |
| 4 |
| 659 |
| 2.9 | % | 95.9 | % |
22 |
| Orlando-Kissimmee-Sanford, FL |
| 6 |
| 1,035 |
| 5.4 | % | 97.4 | % |
23 |
| Charlotte-Concord-Gastonia, NC-SC |
| 1 |
| 117 |
| 0.4 | % | 62.1 | % |
24 |
| San Antonio-New Braunfels, TX |
| 5 |
| 528 |
| 1.5 | % | 69.1 | % |
25 |
| Portland-Vancouver-Hillsboro, OR-WA |
| 2 |
| 23 |
| 0.1 | % | 92.4 | % |
26 |
| Sacramento--Roseville--Arden-Arcade, CA |
| 1 |
| 104 |
| 0.3 | % | 84.0 | % |
28 |
| Las Vegas-Henderson-Paradise, NV |
| 4 |
| 701 |
| 2.5 | % | 98.9 | % |
29 |
| Austin-Round Rock, TX |
| 1 |
| 351 |
| 1.8 | % | 98.8 | % |
36 |
| San Jose-Sunnyvale-Santa Clara, CA |
| 3 |
| 507 |
| 3.2 | % | 81.0 | % |
|
| Top 40 CBSA's Ranked by Population | | 122 |
| 15,955 |
| 79.8 | % | 93.2 | % |
|
| All other CBSA's Ranked by Population | | 43 |
| 5,336 |
| 20.2 | % | 93.8 | % |
|
| Grand Total | | 165 |
| 21,291 |
| 100.0 | % | 93.4 | % |
(1) ABR includes ground leases
Note:
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof.
Page 31
Weingarten Realty Investors
As of June 30, 2020
| | | | Gross Leasable Area | ||||||
|
| # of |
| WRI |
| Joint Venture |
| Owned |
| |
ALL PROPERTIES BY STATE | | Properties | | Owned | | Share | | by Other | | Total |
| | | | | | | | | | |
Arizona |
| 19 |
| 1,877,728 |
| 93,341 |
| 891,980 |
| 2,863,049 |
California |
| 18 |
| 2,849,548 |
| - |
| 408,931 |
| 3,258,479 |
Colorado |
| 4 |
| 658,634 |
| - |
| 513,919 |
| 1,172,553 |
Florida |
| 29 |
| 4,496,282 |
| 1,605,357 |
| 918,898 |
| 7,020,537 |
Georgia |
| 11 |
| 1,247,748 |
| 180,569 |
| 559,234 |
| 1,987,551 |
Kentucky |
| 1 |
| 168,697 |
| - |
| 49,410 |
| 218,107 |
Maryland |
| 1 |
| 80,869 |
| - |
| - |
| 80,869 |
Nevada |
| 4 |
| 701,142 |
| - |
| 171,335 |
| 872,477 |
New Mexico |
| 1 |
| 118,721 |
| - |
| 27,330 |
| 146,051 |
North Carolina |
| 10 |
| 1,522,608 |
| - |
| 293,952 |
| 1,816,560 |
Oregon |
| 2 |
| 22,794 |
| 91,176 |
| 66,276 |
| 180,246 |
Tennessee |
| 4 |
| 500,210 |
| - |
| 154,340 |
| 654,550 |
Texas |
| 50 |
| 6,003,639 |
| 1,626,923 |
| 1,971,726 |
| 9,602,288 |
Utah |
| 1 |
| 182,099 |
| - |
| 122,800 |
| 304,899 |
Virginia |
| 3 |
| 442,527 |
| 7,217 |
| - |
| 449,744 |
Washington |
| 7 |
| 417,469 |
| 325,224 |
| 65,571 |
| 808,264 |
Total |
| 165 |
| 21,290,715 |
| 3,929,807 |
| 6,215,702 |
| 31,436,224 |
Footnotes for detail property listing
(1) Denotes partial ownership. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership.
(2) Denotes property currently under development.
(3) Denotes properties that are not consolidated for SEC reporting purposes.
(4) Denotes single tenant retail property.
(5) Denotes Hilltop Village Center 50/50 Joint Venture with 100% funding by WRI.
(6) River Oaks Shopping Center – West includes The Driscoll at River Oaks which is under development.
( ) Retailers in parenthesis are not a part of the owned property.
Notes: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases.
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 33
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Operating Properties |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Arizona |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Broadway Marketplace |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 82,757 | | 87,379 | | 14.35 |
| 90.7 | % | | | | Office Max, Ace Hardware |
Camelback Miller Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 143,211 | | 150,711 | | 12.88 |
| 89.0 | % | | Sprouts Farmers Market | | T.J. Maxx, PetSmart |
Camelback Village Square |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 132,731 | | 240,951 | | 20.95 |
| 95.4 | % | | Fry’s Supermarket | | (LA Fitness) |
Desert Village Shopping Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 101,685 | | 107,071 | | 23.45 |
| 94.8 | % | | AJ Fine Foods | | CVS |
Fountain Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 112,055 | | 304,107 | | 9.75 |
| 95.5 | % | | Fry’s Supermarket | | Dollar Tree, (Lowe's) |
Madison Village Marketplace |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 90,264 | | 90,264 | | 28.85 |
| 95.4 | % | | Safeway | | |
Monte Vista Village Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 45,751 | | 108,551 | | 23.35 |
| 88.2 | % | | | | (Wells Fargo) |
Phoenix Office Building |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 21,088 | | 21,088 | | N/A |
| 91.3 | % | | | | Weingarten Realty Regional Office, Endurance Rehab |
Pueblo Anozira Shopping Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 157,532 | | 157,532 | | 16.33 |
| 95.2 | % | | Fry’s Supermarket | | Petco, Dollar Tree |
Raintree Ranch Center |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 129,822 | | 133,020 | | 25.80 |
| 100.0 | % | | Whole Foods | | |
Red Mountain Gateway |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 75,128 | | 204,928 | | 17.83 |
| 97.6 | % | | | | (Target), Bed Bath & Beyond, Famous Footwear |
Scottsdale Horizon |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 155,046 | | 155,046 | | 33.70 |
| 98.9 | % | | Safeway | | CVS |
Scottsdale Waterfront |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 93,334 | | 93,334 | | 37.42 |
| 96.6 | % | | | | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters |
Squaw Peak Plaza |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 60,713 | | 60,713 | | 20.06 |
| 100.0 | % | | Sprouts Farmers Market | | |
Summit at Scottsdale |
| Phoenix-Mesa-Scottsdale, AZ |
|
|
| 51.0 | % | | (1)(3) |
| 97,151 | | 322,992 | | 24.96 |
| 100.0 | % | | Safeway | | (Target), CVS, OfficeMax, PetSmart |
Entrada de Oro Plaza Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 88,665 | | 109,075 | | 21.33 |
| 93.8 | % | | Walmart Neighborhood Market | | |
Madera Village Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 96,697 | | 106,858 | | 12.67 |
| 82.0 | % | | Safeway | | Dollar Tree |
Oracle Wetmore Shopping Center |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 150,170 | | 343,298 | | 26.03 |
| 97.9 | % | | | | (Home Depot), (Nordstrom Rack), Jo-Ann Fabric, Cost Plus World Market, PetSmart, Walgreens, Ulta Beauty |
Shoppes at Bears Path |
| Tucson, AZ |
|
|
| 100.0 | % | |
|
| 43,928 | | 66,131 | | 18.74 |
| 75.4 | % | | | | (CVS Drug) |
Arizona Total: |
| # of Properties: |
| 19 |
|
|
| |
|
| 1,877,728 |
| 2,863,049 |
| 20.88 |
| 94.5 | % | |
|
|
|
California |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
8000 Sunset Strip Shopping Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 169,775 | | 169,775 | | 45.93 |
| 97.0 | % | | Trader Joe's | | CVS, Crunch, AMC Theaters, CB2 |
Centerwood Plaza | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 75,486 | | 75,486 | | 15.27 |
| 100.0 | % | | Superior Grocers | | Dollar Tree |
The Westside Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 36,540 | | 36,540 | | 48.21 |
| 82.1 | % | | | | Guitar Center |
Westminster Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 417,567 | | 440,437 | | 20.10 |
| 95.0 | % | | Albertsons | | Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree |
Chino Hills Marketplace | | Riverside-San Bernardino-Ontario, CA |
|
|
| 100.0 | % | |
|
| 310,812 | | 310,812 | | 22.62 |
| 98.4 | % | | Smart & Final Stores | | Dollar Tree, 24 Hour Fitness, Rite Aid |
Valley Shopping Center | | Sacramento--Roseville--Arden-Arcade, CA |
|
|
| 100.0 | % | |
|
| 103,791 | | 107,191 | | 12.46 |
| 84.0 | % | | Food 4 Less | | |
El Camino Promenade | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 128,740 | | 128,740 | | 30.07 |
| 69.7 | % | | | | T.J. Maxx, Dollar Tree, BevMo |
Rancho San Marcos Village | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 119,179 | | 133,439 | | 21.60 |
| 79.0 | % | | | | |
San Marcos Plaza | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 34,880 | | 80,086 | | 35.39 |
| 100.0 | % | | (Albertsons) | | |
580 Market Place | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 100,097 | | 100,097 | | 31.73 |
| 96.0 | % | | Safeway | | 24 Hour Fitness, Petco |
Gateway Plaza | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 194,689 | | 352,778 | | 25.51 |
| 94.7 | % | | Raley’s | | 24 Hour Fitness |
Greenhouse Marketplace | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 143,055 | | 232,824 | | 27.37 |
| 87.1 | % | | (Safeway) | | (CVS), Jo-Ann Fabric, 99 Cents Only, Petco |
Cambrian Park Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 171,190 | | 171,190 | | 20.54 |
| 55.8 | % | | | | BevMo, Dollar Tree |
Silver Creek Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 131,821 | | 201,716 | | 38.45 |
| 94.1 | % | | Sprouts Farmers Market | | Walgreens |
Stevens Creek Central | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 204,466 | | 204,466 | | 32.49 |
| 93.6 | % | | Safeway | | Marshalls, Total Wine, Cost Plus World Market |
Freedom Centre | | Santa Cruz-Watsonville, CA |
|
|
| 100.0 | % | |
|
| 150,865 | | 150,865 | | 17.15 |
| 95.4 | % | | Safeway | | Rite Aid, Big Lots |
Stony Point Plaza | | Santa Rosa, CA |
|
|
| 100.0 | % | |
|
| 194,569 | | 200,011 | | 15.89 |
| 100.0 | % | | Food Maxx | | Ross Dress for Less, Fallas Paredes, Dollar Tree |
Southampton Center | | Vallejo-Fairfield, CA |
|
|
| 100.0 | % | |
|
| 162,026 | | 162,026 | | 22.19 |
| 97.3 | % | | Raley’s | | Ace Hardware, Dollar Tree |
California Total: |
| # of Properties: |
| 18 |
|
|
| |
|
| 2,849,548 |
| 3,258,479 |
| 25.12 |
| 90.9 | % | |
|
|
|
Colorado |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Crossing at Stonegate | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 109,080 | | 109,080 | | 19.38 |
| 98.3 | % | | King Sooper’s | | |
Edgewater Marketplace | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 144,553 | | 270,548 | | 12.13 |
| 92.3 | % | | King Sooper's | | Ace Hardware, (Target) |
Lowry Town Center | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 76,725 | | 129,425 | | 31.18 |
| 99.4 | % | | (Safeway) | | |
River Point at Sheridan | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 328,276 | | 663,500 | | 15.66 |
| 95.9 | % | | | | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart, Burlington |
Colorado Total: |
| # of Properties: |
| 4 |
|
|
| |
|
| 658,634 |
| 1,172,553 |
| 17.83 |
| 95.9 | % | |
|
|
|
Florida |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Argyle Village Shopping Center | | Jacksonville, FL |
|
|
| 100.0 | % | | |
| 306,506 | | 306,506 | | 12.28 |
| 99.2 | % | | Publix | | Bed Bath & Beyond, T.J. Maxx, Jo-Ann Fabric, Michaels, American Signature Furniture |
Atlantic West | | Jacksonville, FL |
|
|
| 50.0 | % | | (1)(3) |
| 46,134 | | 188,278 | | 14.20 |
| 100.0 | % | | (Walmart Supercenter) | | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) |
Epic Village St. Augustine | | Jacksonville, FL | | | | 70.0 | % | | (1) | | 8,542 | | 64,180 | | 15.27 | | 100.0 | % | | | | (Epic Theaters) |
Page 34
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Kernan Village | | Jacksonville, FL | | | | 50.0 | % | | (1)(3) | | 42,579 | | 288,780 | | 17.28 | | 97.2 | % | | (Walmart Supercenter) | | Ross Dress for Less, Petco |
Boca Lyons Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 117,597 | | 117,597 | | 24.66 | | 97.0 | % | | Aroma Market & Catering | | Ross Dress for Less |
Deerfield | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 402,822 | | 408,803 | | 14.62 | | 97.5 | % | | Publix | | T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta Beauty |
Embassy Lakes Shopping Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 131,751 | | 142,779 | | 20.09 | | 94.4 | % | | | | Tuesday Morning, Dollar Tree |
Flamingo Pines | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 25,373 | | 148,841 | | 19.96 | | 93.4 | % | | Publix | | |
Hollywood Hills Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 74,609 | | 416,769 | | 21.81 | | 98.7 | % | | Publix | | Target, Chewy.com |
Northridge | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 46,935 | | 237,703 | | 20.24 | | 95.9 | % | | Publix | | Petco, Ross Dress for Less, Dollar Tree |
Pembroke Commons | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 60,625 | | 323,382 | | 17.41 | | 100.0 | % | | Publix | | Marshalls, LA Fitness, Dollar Tree |
Sea Ranch Centre | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 98,851 | | 98,851 | | 18.86 | | 93.8 | % | | Publix | | CVS, Dollar Tree |
Tamiami Trail Shops | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 22,190 | | 132,647 | | 18.55 | | 100.0 | % | | Publix | | CVS |
The Palms at Town & County | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 658,401 | | 658,401 | | 26.61 | | 86.2 | % | | Publix | | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Nordstrom Rack |
TJ Maxx Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 161,429 | | 161,429 | | 17.82 | | 92.4 | % | | Fresco Y Mas | | T.J. Maxx, Dollar Tree |
Village Green Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 70,240 | | 70,240 | | 30.24 | | 95.0 | % | | Trader Joe's | | |
Vizcaya Square Shopping Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 110,081 | | 110,081 | | 17.44 | | 93.4 | % | | Winn Dixie | | |
Wellington Green Commons | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 114,056 | | 136,556 | | 29.78 | | 95.9 | % | | Whole Foods Market | | |
Clermont Landing | | Orlando-Kissimmee-Sanford, FL | | | | 75.0 | % | | (1)(3) | | 133,726 | | 347,958 | | 19.53 | | 100.0 | % | | | | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels |
Colonial Plaza | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 492,935 | | 492,935 | | 15.89 | | 96.2 | % | | | | Hobby Lobby, Ross Dress for Less, Marshalls, Old Navy, Staples, Stein Mart, Barnes & Noble, Petco, Big Lots |
Phillips Crossing | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 145,644 | | 145,644 | | 31.07 | | 98.6 | % | | Whole Foods | | Golf Galaxy, Michaels |
Shoppes of South Semoran | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 103,779 | | 103,779 | | 12.95 | | 99.1 | % | | Walmart Neighborhood Market | | Dollar Tree |
The Marketplace at Dr. Phillips | | Orlando-Kissimmee-Sanford, FL | | | | 20.0 | % | | (1)(3) | | 65,370 | | 326,850 | | 26.48 | | 96.2 | % | | Publix | | HomeGoods, Stein Mart, Morton's of Chicago, Office Depot |
Winter Park Corners | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 93,311 | | 93,311 | | 30.19 | | 97.1 | % | | Sprouts Farmers Market | | |
Pineapple Commons | | Port St. Lucie, FL | | | | 20.0 | % | | (1)(3) | | 51,114 | | 269,924 | | 17.79 | | 97.7 | % | | | | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) |
Countryside Centre | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 245,958 | | 245,958 | | 15.95 | | 92.9 | % | | | | T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less |
East Lake Woodlands | | Tampa-St. Petersburg-Clearwater, FL | | | | 20.0 | % | | (1)(3) | | 20,886 | | 104,430 | | 14.96 | | 98.6 | % | | Walmart Neighborhood Market | | Walgreens |
Largo Mall | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 377,019 | | 610,106 | | 19.02 | | 93.5 | % | | (Publix) | | Marshalls, Bealls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) |
Sunset 19 Shopping Center | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 267,819 | | 267,819 | | 16.73 | | 98.8 | % | | Sprouts Farmers Market | | Hobby Lobby, Bed Bath & Beyond, Barnes & Noble, Old Navy, Cost Plus World Market |
Florida Total: |
| # of Properties: |
| 29 |
|
|
| |
|
| 4,496,282 |
| 7,020,537 |
| 19.39 |
| 94.9 | % | |
|
|
|
Georgia |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Brownsville Commons | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 27,747 | | 81,913 | | 20.12 |
| 83.8 | % | | (Kroger) | | |
Camp Creek Marketplace II | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 196,283 | | 228,003 | | 16.76 |
| 100.0 | % | | | | Burlington, DSW, LA Fitness, American Signature Furniture |
Grayson Commons | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 76,581 | | 76,581 | | 16.28 | | 100.0 | % | | Kroger | | |
Lakeside Marketplace | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 137,503 | | 332,699 | | 18.27 | | 93.7 | % | | (Super Target) | | Ross Dress for Less, Petco |
Mansell Crossing | | Atlanta-Sandy Springs-Roswell, GA | | | | 20.0 | % | | (1)(3) | | 20,586 | | 102,930 | | 15.07 | | 100.0 | % | | | | buybuy BABY, Ross Dress for Less, Party City |
North Decatur Station | | Atlanta-Sandy Springs-Roswell, GA | | | | 51.0 | % | | (1)(3) | | 45,277 | | 88,778 | | 31.79 | | 98.6 | % | | Whole Foods | | |
Perimeter Village | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 380,538 | | 380,538 | | 20.72 | | 96.9 | % | | Walmart Supercenter | | Hobby Lobby, Cost Plus World Market, DSW |
Publix at Princeton Lakes | | Atlanta-Sandy Springs-Roswell, GA | | | | 20.0 | % | | (1)(3) | | 13,681 | | 72,205 | | 17.78 | | 100.0 | % | | Publix | | |
Roswell Corners | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 145,496 | | 327,261 | | 22.13 | | 97.0 | % | | (Super Target), Fresh Market | | T.J. Maxx |
Roswell Crossing Shopping Center | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 201,056 | | 201,056 | | 16.46 | | 94.4 | % | | Trader Joe's | | Office Max, PetSmart, Walgreens |
Thompson Bridge Commons | | Gainesville, GA | | | | 100.0 | % | | (4) | | 3,000 | | 95,587 | | N/A | | 100.0 | % | | (Kroger) | | |
Georgia Total: |
| # of Properties: |
| 11 |
|
|
| |
|
| 1,247,748 | | 1,987,551 | | 19.03 |
| 96.7 | % | |
|
|
|
Kentucky |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Festival on Jefferson Court | | Louisville/Jefferson County, KY-IN |
|
|
| 100.0 | % | | |
| 168,697 | | 218,107 | | 14.97 |
| 87.6 | % | | Kroger | | (PetSmart), (T.J. Maxx), Party City |
Kentucky Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 168,697 |
| 218,107 |
| 14.97 |
| 87.6 | % | |
|
|
|
Maryland |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Pike Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV |
|
|
| 100.0 | % | | |
| 80,869 | | 80,869 | | 66.18 |
| 72.8 | % | | | | DXL Mens Apparel |
Maryland Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 80,869 |
| 80,869 |
| 66.18 |
| 72.8 | % | |
|
|
|
Nevada | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Charleston Commons Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 332,298 | | 366,952 | | 19.83 |
| 99.0 | % | | Walmart | | Ross Dress for Less, 99 Cents Only, PetSmart |
College Park Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 167,160 | | 194,873 | | 13.72 |
| 99.0 | % | | El Super | | Factory 2 U, CVS |
Francisco Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 116,973 | | 148,815 | | 12.91 |
| 97.5 | % | | La Bonita Grocery | | (Ross Dress for Less) |
Rancho Towne & Country | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 84,711 | | 161,837 | | 13.99 |
| 100.0 | % | | Smith’s Food | | |
Nevada Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 701,142 |
| 872,477 |
| 15.64 |
| 98.9 | % | |
|
|
|
New Mexico | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
North Towne Plaza | | Albuquerque, NM | |
|
| 100.0 | % | | |
| 118,721 | | 146,051 | | 22.47 |
| 89.5 | % | | Whole Foods Market | | HomeGoods |
New Mexico Total: | | # of Properties: | | 1 |
|
|
| |
|
| 118,721 |
| 146,051 |
| 22.47 |
| 89.5 | % | |
|
|
|
| | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Page 35
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
North Carolina | ||||||||||||||||||||||
Galleria Shopping Center | | Charlotte-Concord-Gastonia, NC-SC |
|
|
| 100.0 | % | | |
| 117,102 | | 324,704 | | 18.87 |
| 62.1 | % | | (Walmart Supercenter) | | |
Hope Valley Commons | | Durham-Chapel Hill, NC | | | | 100.0 | % | | | | 81,327 | | 81,327 | | 29.68 | | 100.0 | % | | Harris Teeter | | |
Avent Ferry Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 119,652 | | 119,652 | | 18.40 | | 86.6 | % | | Food Lion | | Family Dollar |
Capital Square | | Raleigh, NC | | | | 100.0 | % | | | | 143,063 | | 143,063 | | 7.92 | | 100.0 | % | | Food Lion | | |
Falls Pointe Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 112,199 | | 198,549 | | 20.11 | | 98.6 | % | | Harris Teeter | | (Kohl’s) |
High House Crossing | | Raleigh, NC | | | | 100.0 | % | | | | 87,517 | | 87,517 | | 14.68 | | 89.5 | % | | Lidl | | |
Leesville Towne Centre | | Raleigh, NC | | | | 100.0 | % | | | | 127,106 | | 127,106 | | 21.30 | | 100.0 | % | | Harris Teeter | | |
Northwoods Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 77,803 | | 77,803 | | 12.38 | | 98.2 | % | | Walmart Neighborhood Market | | Dollar Tree |
Six Forks Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 468,402 | | 468,402 | | 12.66 | | 98.8 | % | | Food Lion | | Target, Home Depot, Bed Bath & Beyond, PetSmart |
Stonehenge Market | | Raleigh, NC | | | | 100.0 | % | | | | 188,437 | | 188,437 | | 14.64 | | 95.4 | % | | Harris Teeter | | Stein Mart, Walgreens |
North Carolina Total: | | # of Properties: |
| 10 |
|
|
| |
|
| 1,522,608 |
| 1,816,560 |
| 15.46 |
| 94.3 | % | |
|
|
|
Oregon | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Clackamas Square | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 14,890 | | 140,726 | | 19.75 |
| 88.3 | % | | (Winco Foods) | | T.J. Maxx |
Raleigh Hills Plaza | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 7,904 | | 39,520 | | 28.42 |
| 100.0 | % | | New Seasons Market | | Walgreens |
Oregon Total: | | # of Properties: |
| 2 | |
|
| |
|
| 22,794 |
| 180,246 |
| 23.02 |
| 92.4 | % | |
|
|
|
Tennessee | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Highland Square | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | | (4) |
| 14,490 | | 14,490 | | N/A |
| 100.0 | % | | | | |
Mendenhall Commons | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 88,108 | | 88,108 | | 12.54 |
| 100.0 | % | | Kroger | | |
Ridgeway Trace | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 168,816 | | 306,556 | | 23.93 |
| 92.1 | % | | | | (Target), Best Buy, PetSmart, REI |
The Commons at Dexter Lake | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 228,796 | | 245,396 | | 11.44 |
| 98.1 | % | | Kroger | | Marshalls, HomeGoods, Stein Mart |
Tennessee Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 500,210 |
| 654,550 |
| 15.83 |
| 96.5 | % | | | | |
Texas | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Mueller Regional Retail Center | | Austin-Round Rock, TX |
|
|
| 100.0 | % | | |
| 351,099 | | 351,099 | | 17.79 |
| 98.8 | % | | | | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine |
North Towne Plaza | | Brownsville-Harlingen, TX |
|
|
| 100.0 | % | | |
| 27,846 | | 144,846 | | N/A |
| 0.0 | % | | | | (Lowe's) |
Rock Prairie Marketplace | | College Station-Bryan, TX | | | | 100.0 | % | | | | 18,163 | | 18,163 | | 26.02 | | 91.0 | % | | | | |
Overton Park Plaza | | Dallas-Fort Worth-Arlington, TX | | | | 100.0 | % | | | | 352,800 | | 462,800 | | 17.00 | | 88.7 | % | | Sprouts Farmers Market | | Burlington, PetSmart, T.J. Maxx, (Home Depot), buybuy BABY |
10-Federal Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,743 | | 131,620 | | 10.98 | | 98.6 | % | | Sellers Bros. | | Harbor Freight Tools |
Alabama Shepherd Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 59,120 | | 59,120 | | 22.14 | | 100.0 | % | | Trader Joe's | | PetSmart |
Baybrook Gateway | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 241,149 | | 241,149 | | 16.56 | | 99.5 | % | | | | Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels |
Bellaire Blvd. Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 37,699 | | 43,891 | | 8.77 | | 100.0 | % | | Randall’s | | |
Blalock Market at I-10 | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 97,277 | | 97,277 | | 18.25 | | 100.0 | % | | 99 Ranch Market | | |
Citadel Building | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 121,000 | | 121,000 | | N/A | | 100.0 | % | | | | Weingarten Realty Investors Corporate Office |
Galveston Place | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 210,361 | | 210,361 | | 11.73 | | 98.0 | % | | Randall’s | | Office Depot, Palais Royal, Spec's |
Griggs Road Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 12,014 | | 80,093 | | 10.07 | | 89.6 | % | | | | Family Dollar, Citi Trends |
Harrisburg Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 14,043 | | 93,620 | | 21.23 | | 96.3 | % | | | | dd's Discount |
HEB - Dairy Ashford & Memorial | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | (4) | | 36,874 | | 36,874 | | N/A | | 100.0 | % | | | | H-E-B Fulfillment Center |
Heights Plaza Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 71,277 | | 71,277 | | 9.91 | | 100.0 | % | | Kroger | | Goodwill |
I45/Telephone Rd. | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 25,740 | | 171,600 | | 13.09 | | 98.6 | % | | Sellers Bros. | | Famsa, Harbor Freight Tools |
League City Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,420 | | 129,467 | | 14.31 | | 81.9 | % | | | | Crunch Fitness, Spec’s |
Oak Forest Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 157,812 | | 157,812 | | 18.50 | | 94.2 | % | | Kroger | | Ross Dress for Less, Dollar Tree, PetSmart |
Kings Crossing | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 126,397 | | 126,397 | | 19.19 | | 98.8 | % | | | | CVS |
Richmond Square | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 92,657 | | 92,657 | | 28.23 | | 97.4 | % | | | | Best Buy, Cost Plus World Market |
River Oaks Shopping Center - East | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 71,265 | | 71,265 | | 14.36 | | 98.0 | % | | Kroger | | |
River Oaks Shopping Center - West | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | (6) | | 230,026 | | 230,026 | | 44.47 | | 85.3 | % | | Kroger | | Barnes & Noble, Talbots, Ann Taylor, JoS. A. Bank |
Shoppes at Memorial Villages | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 166,777 | | 166,777 | | 18.91 | | 92.5 | % | | | | Gulf Coast Veterinary Specialists |
Shops at Kirby Drive | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 10,000 | | 55,460 | | 36.21 | | 100.0 | % | | | | Freebirds Burrito |
Shops at Three Corners | | Houston-The Woodlands-Sugar Land, TX | | | | 70.0 | % | | (1) | | 176,380 | | 282,613 | | 15.73 | | 98.8 | % | | Fiesta | | Ross Dress for Less, PetSmart, Office Depot, Big Lots |
Southgate Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 18,668 | | 124,453 | | 12.87 | | 98.1 | % | | Food-A-Rama | | CVS, Family Dollar, Palais Royal |
The Centre at Post Oak | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 183,940 | | 183,940 | | 39.03 | | 97.0 | % | | | | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus |
The Shops at Hilshire Village | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 117,473 | | 117,473 | | 15.65 | | 98.0 | % | | Kroger | | Walgreens |
Tomball Marketplace | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 168,724 | | 326,545 | | 20.35 | | 86.6 | % | | | | (Academy), (Kohl's), Ross Dress For Less, Marshalls |
Village Plaza at Bunker Hill | | Houston-The Woodlands-Sugar Land, TX | | | | 57.8 | % | | (1)(3) | | 283,949 | | 491,687 | | 26.86 | | 99.3 | % | | H-E-B | | PetSmart, Academy, Nordstrom Rack, Burlington |
West Gray | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 36,900 | | 36,900 | | 26.57 | | 91.1 | % | | | | Pier 1 |
Westchase Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 218,756 | | 347,475 | | 19.27 | | 77.0 | % | | Whole Foods Market | | (Target), Ross Dress for Less, Petco |
Westhill Village Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 130,851 | | 130,851 | | 18.76 | | 93.8 | % | | | | Ross Dress for Less, Office Depot, 99 Cents Only |
Independence Plaza | | Laredo, TX | | | | 100.0 | % | | | | 347,302 | | 347,302 | | 14.65 | | 99.4 | % | | H-E-B | | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty |
Page 36
| | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |
|
|
| |
| | |
| |
| |
| Average |
| |
| | |
| |
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
North Creek Plaza | | Laredo, TX | | | | 100.0 | % | | | | 245,983 | | 487,850 | | 15.39 | | 92.0 | % | | (H-E-B) | | (Target), Marshalls, Old Navy, Best Buy, HomeGoods |
Plantation Centre | | Laredo, TX | | | | 100.0 | % | | | | 136,487 | | 144,129 | | 17.80 | | 98.2 | % | | H-E-B | | |
Las Tiendas Plaza | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 143,976 | | 500,084 | | 12.78 | | 94.7 | % | | | | (Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot, (HomeGoods), (Forever 21) |
Market at Nolana | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 20,569 | | 245,057 | | 23.04 | | 85.0 | % | | (Walmart Supercenter) | | |
Market at Sharyland Place | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 53,956 | | 301,174 | | 19.22 | | 95.4 | % | | (Walmart Supercenter) | | Kohl's, Dollar Tree |
McAllen Center | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3)(4) | | 41,851 | | 83,702 | | N/A | | 41.8 | % | | | | Xtreme Jump |
Northcross | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 37,533 | | 75,066 | | 19.15 | | 85.9 | % | | | | 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) | | 180,444 | | 492,797 | | 16.04 | | 96.1 | % | | H-E-B | | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less |
Trenton Crossing | | McAllen-Edinburg-Mission, TX | | | | 100.0 | % | | | | 265,921 | | 571,082 | | 13.28 | | 86.6 | % | | | | (Target), (Kohl's), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart |
Starr Plaza | | Rio Grande City, TX | | | | 50.0 | % | | (1)(3) | | 88,347 | | 176,694 | | 14.36 | | 97.1 | % | | H-E-B | | Bealls |
Fiesta Trails | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 418,020 | | 498,020 | | 14.60 | | 77.2 | % | | (H-E-B) | | Marshalls, Bob Mills Furniture, Stein Mart, Petco |
Parliament Square II | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | (4) | | 54,541 | | 54,541 | | N/A | | — | % | | | | |
Stevens Ranch | | San Antonio-New Braunfels, TX | | | | 50.0 | % | | (1) | | 10,657 | | 21,314 | | 30.13 | | 88.5 | % | | | | |
The Shoppes at Wilderness Oaks | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 20,081 | | 20,081 | | 29.74 | | 48.8 | % | | | | |
Thousand Oaks Shopping Center | | San Antonio-New Braunfels, TX | | | | 15.0 | % | | (1) | | 24,271 | | 161,807 | | 12.35 | | 94.3 | % | | H-E-B | | Bealls, Tuesday Morning |
Texas Total: | | # of Properties: |
| 50 |
|
|
| |
|
| 6,003,639 |
| 9,602,288 |
| 18.80 |
| 91.4 | % | | | | |
Utah |
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
West Jordan Town Center | | Salt Lake City, UT |
|
|
| 100.0 | % | | |
| 182,099 | | 304,899 | | 12.44 |
| 77.1 | % | | Lucky Supermarket | | (Target), Petco |
Utah Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 182,099 |
| 304,899 |
| 12.44 |
| 77.1 | % | | | | |
Virginia | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| | | | |
Hilltop Village Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV | |
|
| 100.0 | % | | (5) |
| 250,811 | | 250,811 | | 34.91 |
| 98.8 | % | | Wegmans | | L.A. Fitness |
Virginia Total: | | # of Properties: | | 1 |
|
|
| |
|
| 250,811 |
| 250,811 |
| 34.91 |
| 98.8 | % | |
|
|
|
Washington | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
2200 Westlake | | Seattle-Tacoma-Bellevue, WA |
|
|
| 69.4 | % | | (1)(3) |
| 60,366 | | 87,014 | | 38.78 |
| 99.4 | % | | Whole Foods | | |
Covington Esplanade | | Seattle-Tacoma-Bellevue, WA |
|
|
| 100.0 | % | | |
| 187,388 | | 187,388 | | 33.99 |
| 96.6 | % | | | | The Home Depot |
Meridian Town Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 15,566 | | 143,401 | | 18.36 | | 100.0 | % | | (Safeway) | | Jo-Ann Fabric, Tuesday Morning |
Queen Anne Marketplace | | Seattle-Tacoma-Bellevue, WA | | | | 51.0 | % | | (1)(3) | | 41,337 | | 81,053 | | 35.65 | | 100.0 | % | | Metropolitan Market | | Bartell's Drug |
Rainier Square Plaza | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 22,347 | | 111,735 | | 22.35 | | 98.9 | % | | Safeway | | Ross Dress for Less |
South Hill Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 26,802 | | 134,010 | | 17.12 | | 100.0 | % | | | | Bed Bath & Beyond, Ross Dress for Less, Best Buy |
The Whittaker | | Seattle-Tacoma-Bellevue, WA | | | | 100.0 | % | | | | 63,663 | | 63,663 | | 34.97 | | 100.0 | % | | Whole Foods | | |
Washington Total: | | # of Properties: |
| 7 |
|
|
| |
|
| 417,469 |
| 808,264 |
| 32.00 |
| 98.3 | % | | | | |
Total Operating Properties | | # of Properties: | | 163 | | | | | | | 21,098,999 | | 31,237,291 | | 20.04 | | 93.4 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
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New Development | | | | | | | | | | | | | | | | | | | | | | |
Virginia | | | | | | | | | | | | | | | | | | | | | | |
Centro Arlington | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | | 90.0 | % | | (1)(2)(3) | | 64,953 | | 72,170 | | | | | | | Harris Teeter | | |
West Alex | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | | 100.0 | % | | (2) | | 126,763 | | 126,763 | | | | | | | Harris Teeter | | |
Virginia Total: | | # of Properties: | | 2 | | | | | | | 191,716 | | 198,933 | | | | | | | | | |
Total New Developments | | # of Properties: | | 2 | | | | | | | 191,716 | | 198,933 | | | | | | | | | |
Operating & New Development Properties | | # of Properties: | | 165 | | | | | | | 21,290,715 | | 31,436,224 | | | | | | | | | |
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Page 37
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| Average |
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| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
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Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Unimproved Land | | | | | | | | | | | | | | | | | | | | | | |
Arizona | | | | | | | | | | | | | | | | | | | | | | |
Lon Adams Rd. at Tangerine Farms Rd., Marana | | | | | | | | | | | | | 422,532 | | | | | | | | | |
Arizona Total: | | | | | | | | | | | | | 422,532 | | | | | | | | | |
Colorado | | | | | | | | | | | | | | | | | | | | | | |
Highway 85 and Highway 285, Sheridan | | | | | | | | | | | | | 247,247 | | | | | | | | | |
Colorado Total: | | | | | | | | | | | | | 247,247 | | | | | | | | | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
SR 207 at Rolling Hills Dr., St. Augustine | | | | | | | | | | | | | 69,696 | | | | | | | | | |
State Road 100 & Belle Terre Parkway, Palm Coast | | | | | | | | | | | | | 292,288 | | | | | | | | | |
Florida Total: | | | | | | | | | | | | | 361,984 | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
NWC South Fulton Pkwy. @ Hwy. 92, Union City | | | | | | | | | | | | | 1,050,754 | | | | | | | | | |
Georgia Total: | | | | | | | | | | | | | 1,050,754 | | | | | | | | | |
North Carolina | | | | | | | | | | | | | | | | | | | | | | |
Capital Blvd & Stadium Drive, Wake Forest | | | | | | | | | | | | | 95,354 | | | | | | | | | |
Highway 17 and Highway 210, Surf City | | | | | | | | | | | | | 477,810 | | | | | | | | | |
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | | | | | | | | | | | | | 911,929 | | | | | | | | | |
North Carolina Total: | | | | | | | | | | | | | 1,485,093 | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
9th Ave. at 25th St., Port Arthur | | | | | | | | | | | | | 243,065 | | | | | | | | | |
Culebra Road and Westwood Loop, San Antonio | | | | | | | | | | | | | 60,984 | | | | | | | | | |
East Orem, Houston | | | | | | | | | | | | | 121,968 | | | | | | | | | |
FM 1957 (Potranco Road) and FM 211, San Antonio | | | | | | | | | | | | | 5,245,321 | | | | | | | | | |
FM 2920 and Highway 249, Tomball | | | | | | | | | | | | | 95,832 | | | | | | | | | |
Gattis School Rd. at A.W. Grimes Blvd., Round Rock | | | | | | | | | | | | | 47,437 | | | | | | | | | |
Highway 3 at Highway 1765, Texas City | | | | | | | | | | | | | 200,812 | | | | | | | | | |
Nolana Ave. and 29th St., McAllen | | | | | | | | | | | | | 163,350 | | | | | | | | | |
Northwest Freeway at Gessner, Houston | | | | | | | | | | | | | 43,396 | | | | | | | | | |
Rock Prairie Rd. at Hwy. 6, College Station | | | | | | | | | | | | | 229,561 | | | | | | | | | |
SH 151 and Ingram Rd., San Antonio | | | | | | | | | | | | | 252,692 | | | | | | | | | |
Shary Rd. at North Hwy. 83, Mission | | | | | | | | | | | | | 172,498 | | | | | | | | | |
U.S. 77 and 83 at SHFM 802, Brownsville | | | | | | | | | | | | | 914,723 | | | | | | | | | |
US Hwy. 281 at Wilderness Oaks, San Antonio | | | | | | | | | | | | | 396,962 | | | | | | | | | |
West Little York at Interstate 45, Houston | | | | | | | | | | | | | 161,172 | | | | | | | | | |
Texas Total: | | | | | | | | | | | | | 8,349,773 | | | | | | | | | |
Total Unimproved Land | | | | | | | | | | | | | 11,917,383 | | | | | | | | | |
Page 38
Weingarten Realty Investors
As of June 30, 2020
(in thousands, except share prices)
Quarter | # of Shares | Avg. Share Price | Gross Purchase |
Q1 2020 | 847 | $ 21.47 | $ 18,194 |
Q2 2020 | - | - | - |
YTD 2020 | 847 | $ 21.47 | $ 18,194 |
Page 40
Weingarten Realty Investors
COVID-19 Impact – Tenant Status
June 30, 2020
(at pro rata share)
Tenant Type | |||||||||||||||
| Percent of Annualized Base Rent(1) | | April Cash Payments Received(2) | May Cash Payments Received(2) | June Cash Payments Received(2) | | Q2 20 Cash Payments Received(2) | | July Cash Payments Received(2) | ||||||
Essential | | | | | | | | | | | | | | | |
Supermarkets | 14 | % | | 100 | % | 100 | % | 99 | % | | 100 | % | | 100 | % |
Medical | 6 | % | | 82 | % | 73 | % | 79 | % | | 78 | % | | 93 | % |
Auto and Other Essentials | 5 | % | | 90 | % | 86 | % | 86 | % | | 87 | % | | 78 | % |
Pet Stores and Services | 4 | % | | 96 | % | 96 | % | 97 | % | | 97 | % | | 98 | % |
Bank / Financial Service | 4 | % | | 100 | % | 100 | % | 100 | % | | 100 | % | | 99 | % |
General Merchandise (Dollar Stores) | 2 | % | | 89 | % | 87 | % | 94 | % | | 90 | % | | 97 | % |
Home Improvement | 2 | % | | 97 | % | 97 | % | 99 | % | | 98 | % | | 98 | % |
Sporting Goods | 2 | % | | 60 | % | 57 | % | 57 | % | | 58 | % | | 62 | % |
Drugstores | 2 | % | | 87 | % | 89 | % | 90 | % | | 89 | % | | 94 | % |
Liquor and Wine | 1 | % | | 97 | % | 98 | % | 98 | % | | 98 | % | | 98 | % |
Electronics | 1 | % | | 100 | % | 100 | % | 100 | % | | 100 | % | | 97 | % |
Office | 1 | % | | 94 | % | 96 | % | 95 | % | | 95 | % | | 96 | % |
Total Essential | 44 | % | | 92 | % | 91 | % | 92 | % | | 92 | % | | 94 | % |
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Non-Essential | | | | | | | | | | | | | | | |
Services | 10 | % | | 74 | % | 67 | % | 79 | % | | 73 | % | | 78 | % |
Discount Apparel | 8 | % | | 82 | % | 63 | % | 67 | % | | 71 | % | | 75 | % |
Home Furnishings | 4 | % | | 67 | % | 59 | % | 82 | % | | 70 | % | | 83 | % |
Health Club | 3 | % | | 24 | % | 23 | % | 27 | % | | 25 | % | | 48 | % |
Some Apparel | 4 | % | | 36 | % | 39 | % | 59 | % | | 44 | % | | 62 | % |
Craft | 2 | % | | 86 | % | 80 | % | 89 | % | | 85 | % | | 98 | % |
Beauty Supplies | 1 | % | | 78 | % | 72 | % | 80 | % | | 77 | % | | 96 | % |
Recreation/Entertainment | 1 | % | | 69 | % | 66 | % | 76 | % | | 70 | % | | 70 | % |
Movie Theaters | 1 | % | | 50 | % | 45 | % | 44 | % | | 46 | % | | 29 | % |
Footwear | 1 | % | | 63 | % | 59 | % | 64 | % | | 62 | % | | 86 | % |
Books | 1 | % | | 11 | % | 11 | % | 56 | % | | 26 | % | | 73 | % |
Party Supplies | 1 | % | | 38 | % | 36 | % | 42 | % | | 39 | % | | 48 | % |
Other | 0 | % | | 94 | % | 93 | % | 76 | % | | 88 | % | | 68 | % |
Total Non-Essential | 37 | % | | 65 | % | 58 | % | 68 | % | | 63 | % | | 73 | % |
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Restaurants | | | | | | | | | | | | | | | |
Full Service Restaurants | 10 | % | | 61 | % | 57 | % | 70 | % | | 63 | % | | 67 | % |
Quick Service Restaurants | 9 | % | | 77 | % | 73 | % | 79 | % | | 76 | % | | 75 | % |
Total Restaurants | 19 | % | | 69 | % | 65 | % | 74 | % | | 69 | % | | 71 | % |
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Cash Collected | 100 | % | | 77 | % | 73 | % | 79 | % | | 77 | % | | 82 | % |
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Signed Deferrals | | | | 14 | % | 18 | % | 10 | % | | 13 | % | | 7 | % |
Abatements | | | | 1 | % | 1 | % | 0 | % | | 1 | % | | 0 | % |
| | | | | | | | | | | | | | | |
Cash Collected + Deferral and Abatements | | | | 92 | % | 91 | % | 89 | % | | 91 | % | | 89 | % |
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Tenant Size | |||||||||||||||
| Percent of Annualized Base Rent(1) | | April Cash Payments Received(2) | May Cash Payments Received(2) | June Cash Payments Received(2) | | Q2 20 Cash Payments Received(2) | | July Cash Payments Received(2) | ||||||
Anchors (> 10K SF) | 45 | % | | 81 | % | 77 | % | 81 | % | | 80 | % | | 86 | % |
Mid Tier (5K - 10K SF) | 13 | % | | 64 | % | 60 | % | 71 | % | | 65 | % | | 75 | % |
National / Regional Small Shops (<5K SF) | 23 | % | | 78 | % | 75 | % | 82 | % | | 78 | % | | 85 | % |
Local Small Shops (<5K SF) | 19 | % | | 76 | % | 71 | % | 79 | % | | 75 | % | | 72 | % |
Cash Collected | 100 | % | | 77 | % | 73 | % | 79 | % | | 77 | % | | 82 | % |
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Business Type(3) | |||||||||||||||
| Percent of Annualized Base Rent(1) | | April Cash Payments Received(2) | May Cash Payments Received(2) | June Cash Payments Received(2) | | Q2 20 Cash Payments Received(2) | | July Cash Payments Received(2) | ||||||
Essential (Including Restaurants) | 63 | % | | 86 | % | 84 | % | 88 | % | | 86 | % | | 88 | % |
Non-Essential | 37 | % | | 65 | % | 58 | % | 68 | % | | 63 | % | | 73 | % |
Cash Collected | 100 | % | | 77 | % | 73 | % | 79 | % | | 77 | % | | 82 | % |
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(1) Commenced occupancy as of June 30, 2020. | | | | | | | | | | | | | | | |
(2) Based upon information as of July 27, 2020. | | | | | | | | | | | | | | | |
(3) Definitions can vary by location. This represents the definition of a majority of the municipalities in which centers are located. | | ||||||||||||||
Note: | | | | | | | | | | | | | | | |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Page 41
Weingarten Realty Investors
Schedule of Uncollectible Revenue
(in thousands)
Uncollectible Revenue (Contra Revenue)/Recoveries included in Supplemental Income Statement Detail (page 7) | |||||||||||||||||||
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| | Three Months Ended | | | Six Months Ended | ||||||||||||||
| | June 30, | | | June 30, | ||||||||||||||
| | 2020 | | 2019 | | $ Change | | | 2020 | | 2019 | | $ Change | ||||||
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Base Minimum Rent, net | | $ | (14,002) | | $ | 943 |
| $ | (14,945) | | | $ | (14,762) | | $ | 768 |
| $ | (15,530) |
Straight Line Rent, net | |
| (4,828) | |
| 309 |
|
| (5,137) | | |
| (12,437) | |
| (72) |
|
| (12,365) |
Percentage Rent, net | |
| 16 | |
| — |
|
| 16 | | |
| — | |
| — |
|
| — |
Tenant Reimbursements, net | |
| (502) | |
| — |
|
| (502) | | |
| (1,547) | |
| — |
|
| (1,547) |
Impact to Rentals, net | | $ | (19,316) | | $ | 1,252 |
| $ | (20,568) | | | $ | (28,746) | | $ | 696 |
| $ | (29,442) |
Uncollectible Revenue (Contra Revenue)/Recoveries included included in Same Property Net Operating Income (page 30) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Six Months Ended | ||||||||||||||
| | June 30, | | | June 30, | ||||||||||||||
| | 2020 | | 2019 | | $ Change | | | 2020 | | 2019 | | $ Change | ||||||
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Minimum Rent, net | | $ | (10,130) | | $ | — |
| $ | (10,130) | | | $ | (10,687) | | $ | — |
| $ | (10,687) |
Uncollectible Revenue Reserve | |
| (5,594) | |
| 726 |
| | (6,320) | | |
| (6,997) | |
| 662 |
| | (7,659) |
Tenant Reimbursements, net | |
| (486) | |
| — |
| | (486) | | |
| (718) | |
| — |
| | (718) |
Impact to SPNOI | | $ | (16,210) | | $ | 726 |
| $ | (16,936) | | | $ | (18,402) | | $ | 662 |
| $ | (19,064) |
| | | | | | | | | | | | | | | | | | | |
Note: | | | | | | | | | | | | | | | | | | | |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Page 42
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