-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MpJTM4vwEHwRi3Y5tmrxfguyFQeLSPkEjvodm1+XYA05mH0KTlCMgQSMbVacoivJ dCfq48uR+7uXUQdbAcE/zQ== 0001140361-08-017066.txt : 20080902 0001140361-08-017066.hdr.sgml : 20080901 20080715162622 ACCESSION NUMBER: 0001140361-08-017066 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEINGARTEN REALTY INVESTORS /TX/ CENTRAL INDEX KEY: 0000828916 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 741464203 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 2600 CITADEL PLAZA DR STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77292 BUSINESS PHONE: 7138666000 MAIL ADDRESS: STREET 1: PO BOX 924133 CITY: HOUSTON STATE: TX ZIP: 77292-4133 CORRESP 1 filename1.htm corresp.htm
 
July 11, 2008
 
Mr. Daniel L. Gordon
Branch Chief
Mail Stop 4561
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549

Re:          Weingarten Realty Investors
Form 10-K for the year ended December 31, 2007
Filed February 29, 2008
File No. 1-09876
 
Dear Mr. Gordon:

The following are the responses of Weingarten Realty Investors ("WRI") to the Staff's comment letter dated June 26, 2008.

Form 10-K for the year ended December 31, 2007

Item 2. Properties, page 11

 
1.
In future 10-K filings, please disclose:

 
-
The average effective annual rental per square foot or unit for each of the last five years; and

 
-
Lease expirations for each of the next ten years.

Response:
Per the Staff’s comment on future 10-K filings, we will include a statement to disclose the average effective annual rental per square foot for the last five years and lease expirations over the next ten years.

Schedule III, page 93

 
2.
Please tell us your basis for aggregating properties in Schedule III.  Please note that footnote 3 to Rule 12-28 of Regulation S-X only allows you to aggregate properties if the combined amount does not exceed five percent of the total carrying amount of the properties.  In addition, please revise this schedule in future filings to include all of the information required by Rule 12-28 of Regulation S-X and provide us with an example of your disclosures that you will include in future filings.

 
 
 

Response:
Per the Staff’s request on our aggregation basis in Schedule III, we have aggregated our properties in Schedule III based primarily on our reporting segments and most significant markets.

Per the Staff’s comment on Rule 12-28 of Regulation S-X, we agree with the comment and will revise our disclosure to conform to Rule 12-28 of Regulation S-X. Please see the attached Exhibit A for an example of the schedule for future filings.

In connection with responding to the Staff’s comments, WRI acknowledges that:
 
·
we are responsible for the adequacy and accuracy of the disclosures in the December 31, 2007 10-K filing;
 
·
Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and
 
·
we may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

If you have any questions, please do not hesitate to contact me at (713) 868-6540.

 
Sincerely,
   
   
 
Joe D. Shafer
 
Vice President/Chief Accounting Officer


cc:
Andrew M. Alexander. Weingarten Realty Investors
Gina Betts, Locke Lord Bissell & Liddell LLP

 
 
 
 
Exhibit A
WEINGARTEN REALTY INVESTORS
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 200X
Schedule III
 
 
   
Initial Cost to Company
          
Gross Amounts at which Carried at Close of Period
                                
Description
  
Land
    
Building and Improvements
    
Cost Capitalized
Subsequent
to Acquisition
    
Land
    
Building and Improvements
    
Total (B)
    
Accumulated
Depreciation
    
Total Cost, Net of Accumulated
Depreciation
    
Encumbrances
(A)
    
Date of Construction
    
Date Acquired
  
                                                                   
Shopping Center:
                                                                  
Property A
   $ x,xxx     $ xx,xxx     $ x,xxx     $ x,xxx     $ xx,xxx     $ xx,xxx     $ x,xxx     $ xx,xxx     $ xx,xxx       xxxx       xxxx  
Property B
     x,xxx       xx,xxx       x,xxx       x,xxx       xx,xxx       xx,xxx       x,xxx       xx,xxx       xx,xxx       xxxx       xxxx  
Industrial:
                                                                                        
Property C
     xxx               xx,xxx       xxx       xx,xxx       xx,xxx       x,xxx       xx,xxx       xx,xxx       xxxx       xxxx  
Property D
     xxx       xx,xxx       xx,xxx       xxx       xx,xxx       xx,xxx       xx,xxx       xx,xxx               xxxx       xxxx  
Other:
                                                                                        
Property E
     xxx       x,xxx       xxx       xxx       x,xxx       x,xxx       xxx       x,xxx               xxxx       xxxx  
Property F
     x,xxx       x,xxx       x,xxx       x,xxx       xx,xxx       xx,xxx       xxx       xx,xxx               xxxx       xxxx  
Land Held/Under Development:
                                                                                        
Property G
     xxx                       xxx               xxx               xxx                       xxxx  
Property H
     xxx                       xxx               xxx               xxx                       xxxx  
                                                                                         
Balance of Portfolio
(not to exceed 5% of total)
                     x,xxx       x,xxx       x,xxx       xxx       x,xxx       xxx                  
                                                                                         
                            $ x,xxx,xxx     $ x,xxx,xxx     $ x,xxx,xxx     $ xxx,xxx     $ x,xxx,xxx     $ xxx,xxx                  

Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment.  Tenant and leasehold improvements are depreciated over the remaining life of the lease or the useful life whichever is shorter.

Note A -
Encumbrances do not include $xx.x million outstanding under a $xx million 20-year term loan, payable to a group of insurance companies secured by a property collateral pool including two shopping centers.

Note B -
The book value of our net fixed asset exceeds the tax basis by $xxx million at December 31, 200X.

The changes in total cost of the properties for the years ended December 31, 200X, 200Y and 200Z were as follows:

   
200X
    
200Y
    
200Z
  
                         
Balance at beginning of year
   $ x,xxx,xxx     $ x,xxx,xxx     $ x,xxx,xxx  
Additions at cost
     xxx,xxx       xxx,xxx       xxx,xxx  
Retirements or sales
     (xxx,xxx )     (xxx,xxx )     (xxx,xxx )
                         
Balance at end of year
   $ x,xxx,xxx     $ x,xxx,xxx     $ x,xxx,xxx  

The changes in accumulated depreciation for the years ended December 31, 200x, 200Y and 200Z were as follows:

   
200X
    
200Y
    
200Z
  
                       
Balance at beginning of year
   $ xxx,xxx     $ xxx,xxx     $ xxx,xxx  
Additions at cost
     xxx,xxx       xxx,xxx       xxx,xxx  
Retirements or sales
     (xx,xxx )     (xx,xxx )     (xx,xxx )
                         
Balance at end of year
   $ xxx,xxx     $ xxx,xxx     $ xxx,xxx  
 

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