Attached files
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EX-99.2 - EX-99.2 - WEINGARTEN REALTY INVESTORS /TX/ | wri-20210222ex99257260f.htm |
EX-99.1 - EX-99.1 - WEINGARTEN REALTY INVESTORS /TX/ | wri-20210222ex9915144e1.htm |
8-K - 8-K - WEINGARTEN REALTY INVESTORS /TX/ | wri-20210222x8k.htm |
Exhibit 99.3
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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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| 29 - 30 | ||
| Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
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www.weingarten.com
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) changes in consumer retail shopping patterns; (v) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability; (vi) changes in governmental laws and regulations; (vii) the level and volatility of interest rates; (viii) the availability of suitable acquisition opportunities; (ix) the ability to dispose of properties; (x) changes in expected development activity; (xi) increases in operating costs; (xii) tax matters, including the effect of changes in tax laws and the failure to qualify as a real estate investment trust; (xiii) technology system failures, disruptions or cybersecurity attacks; (xiv) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor; and (xv) the impact of public health issues, such as the current COVID-19 pandemic, natural disasters or severe weather conditions. 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 December 31, 2020, we owned or operated under long-term leases, interests in 159 properties which are located in 15 states that span the United States from coast to coast. These properties represent approximately 30.2 million square feet of which our interests in these properties aggregated approximately 20.7 million square feet of leasable area. Our properties were 92.9% leased as of December 31, 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 | | | | | | | | | | | | |
| | | ||||
| | December 31, | | Twelve Months Ended December 31, | |||||||||||||||||
|
| 2020 | | 2019 |
| 2020 | | 2019 | | 2018 | | 2017 |
| 2016 | |||||||
Revenues: |
| |
| |
|
|
| |
| | |
| |
|
| | |
| | | |
Rentals, net | | $ | 109,046 | | $ | 115,780 | | $ | 422,339 | | $ | 472,446 | | $ | 517,836 | | $ | 563,183 | | $ | 540,141 |
Other | |
| 3,029 | |
| 3,685 | |
| 11,578 | |
| 14,179 | |
| 13,311 | |
| 9,980 | |
| 9,414 |
Total Revenues | |
| 112,075 | |
| 119,465 | |
| 433,917 | |
| 486,625 | |
| 531,147 | | | 573,163 | | | 549,555 |
Operating Expenses: | |
|
| |
|
| |
|
| |
|
| |
|
| | |
| | | |
Depreciation and amortization | |
| 37,701 | |
| 33,355 | |
| 149,930 | |
| 135,674 | |
| 161,838 | |
| 167,101 | |
| 162,535 |
Operating | |
| 25,121 | |
| 24,693 | |
| 91,075 | |
| 94,620 | |
| 90,554 | |
| 109,310 | |
| 98,855 |
Real estate taxes, net | |
| 15,344 | |
| 13,741 | |
| 62,564 | |
| 60,813 | |
| 69,268 | |
| 75,636 | |
| 66,358 |
Impairment loss | |
| 24,109 | |
| — | |
| 24,153 | |
| 74 | |
| 10,120 | |
| 15,257 | |
| 98 |
General and administrative | |
| 11,916 | |
| 9,021 | |
| 37,388 | |
| 35,914 | |
| 25,040 | |
| 28,052 | |
| 26,607 |
Total Operating Expenses | |
| 114,191 | |
| 80,810 | |
| 365,110 | |
| 327,095 | |
| 356,820 | | | 395,356 | | | 354,453 |
Other Income (Expense): | |
|
| |
|
| |
|
| |
|
| |
|
| | |
| | | |
Interest expense, net | |
| (15,726) | |
| (13,539) | |
| (61,148) | |
| (57,601) | |
| (63,348) | |
| (80,326) | |
| (83,003) |
Interest and other income, net | |
| 4,929 | |
| 3,594 | |
| 7,143 | |
| 11,003 | |
| 2,807 | |
| 7,532 | |
| 1,910 |
Gain on sale of property | |
| 33,660 | |
| 45,951 | |
| 65,402 | |
| 189,914 | |
| 207,865 | |
| 218,611 | |
| 100,714 |
Total Other Income | |
| 22,863 | |
| 36,006 | |
| 11,397 | |
| 143,316 | |
| 147,324 | | | 145,817 | | | 19,621 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | |
| 20,747 | |
| 74,661 | |
| 80,204 | |
| 302,846 | |
| 321,651 | |
| 323,624 | |
| 214,723 |
Benefit (Provision) for Income Taxes | |
| 259 | |
| (358) | |
| (451) | |
| (1,040) | |
| (1,378) | |
| 17 | |
| (6,856) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (1) | |
| 3,867 | |
| 2,989 | |
| 39,206 | |
| 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 | |
| 24,873 | |
| 77,292 | |
| 118,959 | |
| 322,575 | |
| 345,343 | | | 350,715 | | | 276,831 |
Less: Net Income Attributable to Noncontrolling Interests | |
| (1,803) | |
| (2,074) | |
| (6,810) | |
| (7,140) | |
| (17,742) | |
| (15,441) | |
| (37,898) |
Net Income Attributable to Common Shareholders | | $ | 23,070 | | $ | 75,218 | | $ | 112,149 | | $ | 315,435 | | $ | 327,601 | | $ | 335,274 | | $ | 238,933 |
Earnings Per Common Share - Basic | | $ | 0.18 | | $ | 0.59 | | $ | 0.88 | | $ | 2.47 | | $ | 2.57 | | $ | 2.62 | | $ | 1.90 |
Earnings Per Common Share - Diluted | | $ | 0.18 | | $ | 0.58 | | $ | 0.88 | | $ | 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)
| | December 31, | ||||
|
| 2020 |
| 2019 | ||
ASSETS |
| |
|
| |
|
Property | | $ | 4,246,334 | | $ | 4,145,249 |
Accumulated Depreciation | |
| (1,161,970) | |
| (1,110,675) |
Property, net | |
| 3,084,364 | |
| 3,034,574 |
Investment in Real Estate Joint Ventures and Partnerships, net (1) | |
| 369,038 | |
| 427,947 |
Total | |
| 3,453,402 | |
| 3,462,521 |
| | | | | | |
Unamortized Lease Costs, net | |
| 174,152 | |
| 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | |
| 81,016 | |
| 83,639 |
Cash and Cash Equivalents | |
| 35,418 | |
| 41,481 |
Restricted Deposits and Escrows | |
| 12,338 | |
| 13,810 |
Other, net | |
| 205,074 | |
| 188,004 |
Total Assets | | $ | 3,961,400 | | $ | 3,937,934 |
| | | | | | |
LIABILITIES AND EQUITY | |
|
| |
|
|
Debt, net | | $ | 1,838,419 | | $ | 1,732,338 |
Accounts Payable and Accrued Expenses | |
| 104,990 | |
| 111,666 |
Other, net | |
| 217,489 | |
| 217,770 |
Total Liabilities | |
| 2,160,898 | |
| 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:127,313 in 2020 and 128,702 in 2019 | |
| 3,866 | |
| 3,905 |
Additional Paid-In Capital | |
| 1,755,770 | |
| 1,779,986 |
Net Income Less Than Accumulated Dividends | |
| (128,813) | |
| (74,293) |
Accumulated Other Comprehensive Loss | |
| (12,050) | |
| (11,283) |
Total Shareholders' Equity | |
| 1,618,773 | |
| 1,698,315 |
Noncontrolling Interests | |
| 181,729 | |
| 177,845 |
Total Equity | |
| 1,800,502 | |
| 1,876,160 |
Total Liabilities and Equity | | $ | 3,961,400 | | $ | 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 | | Twelve Months Ended | ||||||||
| | December 31, | | December 31, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Funds From Operations Attributable to Common Shareholders (FFO) | | | | | | | | | | | | |
Numerator: |
| |
|
| |
|
| |
|
| |
|
Net income attributable to common shareholders | | $ | 23,070 | | $ | 75,218 | | $ | 112,149 | | $ | 315,435 |
Depreciation and amortization of real estate | |
| 37,579 | |
| 33,154 | |
| 149,389 | |
| 134,772 |
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | |
| 4,897 | |
| 3,478 | |
| 17,251 | |
| 12,152 |
Impairment of properties and real estate equity investments | |
| 24,109 | |
| 3,070 | |
| 24,153 | |
| 3,144 |
(Gain) on sale of property, investment securities and interests in real estate equity investments | |
| (33,653) | |
| (45,950) | |
| (65,385) | |
| (190,597) |
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | |
| (18) | |
| — | |
| (23,523) | |
| (1,380) |
Provision for income taxes (1) | |
| — | |
| 276 | |
| 2 | |
| 133 |
Noncontrolling interests and other (2) | |
| (621) | |
| (545) | |
| (1,852) | |
| (2,051) |
NAREIT FFO - Basic | |
| 55,363 | |
| 68,701 | |
| 212,184 | |
| 271,608 |
Income attributable to operating partnership units | |
| 481 | |
| 528 | |
| 1,731 | |
| 2,112 |
NAREIT FFO - Diluted | |
| 55,844 | |
| 69,229 | |
| 213,915 | |
| 273,720 |
Adjustments for Core FFO: | |
|
| |
|
| |
|
| |
|
|
Contract terminations | |
| — | |
| — | |
| 340 | |
| — |
Other | |
| — | |
| — | |
| — | |
| 10 |
Core FFO - Diluted | | $ | 55,844 | | $ | 69,229 | | $ | 214,255 | | $ | 273,730 |
| | | | | | | | | | | | |
Denominator: | |
|
| |
|
| |
|
| |
|
|
FFO weighted average number of common shares outstanding - Basic | |
| 126,795 | |
| 127,882 | |
| 127,291 | |
| 127,842 |
Effect of dilutive securities: | | | | | | | | | | | | |
Share options and awards | |
| 858 | |
| 851 | |
| 878 | |
| 842 |
Operating partnership units | |
| 1,432 | |
| 1,432 | |
| 1,432 | |
| 1,432 |
FFO weighted average number of common shares outstanding - Diluted | |
| 129,085 | | | 130,165 | |
| 129,601 | |
| 130,116 |
| | | | | | | | | | | | |
NAREIT FFO Per Common Share - Basic | | $ | 0.44 | | $ | 0.54 | | $ | 1.67 | | $ | 2.12 |
| | | | | | | | | | | | |
NAREIT FFO Per Common Share - Diluted | | $ | 0.43 | | $ | 0.53 | | $ | 1.65 | | $ | 2.10 |
| | | | | | | | | | | | |
Core FFO Per Common Share - Diluted | | $ | 0.43 | | $ | 0.53 | | $ | 1.65 | | $ | 2.10 |
(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 | | Twelve Months Ended | ||||||||
| | December 31, | | December 31, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): |
| |
|
| |
|
| |
|
| |
|
Net income | | $ | 24,873 | | $ | 77,292 | | $ | 118,959 | | $ | 322,575 |
Interest expense, net | |
| 15,726 | |
| 13,539 | |
| 61,148 | |
| 57,601 |
(Benefit) provision for income taxes | |
| (259) | |
| 358 | |
| 451 | |
| 1,040 |
Depreciation and amortization of real estate | |
| 37,701 | |
| 33,355 | |
| 149,930 | |
| 135,674 |
Impairment loss on operating properties and real estate equity investments | |
| 24,109 | |
| 3,070 | |
| 24,153 | |
| 3,144 |
Gain on sale of property and investment securities (1) | |
| (33,661) | |
| (45,950) | |
| (65,401) | |
| (190,653) |
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (2) | |
| 5,661 | |
| 4,377 | |
| (2,745) | |
| 14,439 |
Total EBITDAre | |
| 74,150 | |
| 86,041 | |
| 286,495 | |
| 343,820 |
Adjustments for Core EBITDAre: | |
|
| |
|
| |
|
| |
|
|
Contract terminations | |
| — | |
| — | |
| 340 | |
| — |
Other | |
| — | |
| — | |
| — | |
| 10 |
Total Core EBITDAre | | $ | 74,150 | | $ | 86,041 | | $ | 286,835 | | $ | 343,830 |
| | | | | | | | | | | | |
Net Debt to Core EBITDAre: | |
|
| |
|
| |
|
| |
|
|
Debt | | $ | 1,838,419 | | $ | 1,732,338 | |
|
| |
|
|
Less: Cash and cash equivalents | |
| (35,418) | |
| (41,481) | |
|
| |
|
|
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | |
| 45,353 | |
| 86,840 | |
|
| |
|
|
Total Net Debt | | $ | 1,848,354 | | $ | 1,777,697 | |
|
| |
|
|
| | | | | | | | | | | | |
Annualized Core EBITDAre | | $ | 296,600 | | $ | 344,164 | |
|
| |
|
|
| | | | | | | | | | | | |
Net Debt to Core EBITDAre | |
| 6.23 | |
| 5.17 | |
|
| |
|
|
(1) | Includes a gain on sale of non-operating assets of $.7 million and $.5 million for the twelve months ended December 31, 2020 and 2019, respectively. |
(2) | Includes a gain on the sale of operating properties of $23.5 million and $1.1 million for the twelve months ended December 31, 2020 and 2019, respectively. Also includes $.3 million gain on sale of non-operating assets for the twelve months ended December 31, 2019. |
Page 6
Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
| | | | | | | | | | | | | | |
| | Three Months Ended | | | Twelve Months Ended |
| ||||||||
| | December 31, | | | December 31, |
| ||||||||
| | 2020 |
| 2019 (1) |
| | 2020 |
| 2019 (1) |
| ||||
Revenues: |
| |
|
| |
|
| | |
|
| |
| |
Rentals, net (2) |
| |
|
| |
|
| | |
|
| |
| |
Base minimum rent, net | | $ | 79,617 | | $ | 86,103 | | | $ | 318,885 | | $ | 352,764 | |
Straight line rent, net | |
| (198) | |
| 774 | | |
| (10,599) | |
| 2,973 | |
Over/under market rental, net | |
| 2,282 | |
| 1,163 | | |
| 7,765 | |
| 4,594 | |
Percentage rent, net | |
| 942 | |
| 1,336 | | |
| 2,409 | |
| 4,057 | |
Tenant reimbursements, net | |
| 25,841 | |
| 25,871 | | |
| 102,628 | |
| 106,197 | |
Other rental revenues | |
| 362 | |
| 353 | | |
| 685 | |
| 1,141 | |
Lease cancellation revenue | |
| 200 | |
| 180 | | |
| 566 | |
| 720 | |
Rentals, net | | | 109,046 | | | 115,780 | | | | 422,339 | | | 472,446 | |
Other Revenues | |
|
| |
|
| | |
|
| |
|
| |
Customer contract revenue | | | 2,527 | | | 2,724 | | | | 9,119 | | | 10,923 | |
Miscellaneous revenue | |
| 502 | |
| 961 | | |
| 2,459 | |
| 3,256 | |
Other Revenues | | | 3,029 | | | 3,685 | | | | 11,578 | | | 14,179 | |
Total Revenue | | $ | 112,075 | | $ | 119,465 | | | $ | 433,917 | | $ | 486,625 | |
Operating Expenses: | | | | | | | | | | | | | | |
Depreciation and Amortization | | $ | 37,701 | | $ | 33,355 | | | $ | 149,930 | | $ | 135,674 | |
Operating | | | | | | | | | | | | | | |
Operating Expense | | | 25,121 | | | 22,940 | | | | 91,075 | | | 89,882 | |
Deferred Compensation (3) | | | — | | | 1,753 | | | | — | | | 4,738 | |
Operating, net | | | 25,121 | | | 24,693 | | | | 91,075 | | | 94,620 | |
Real Estate Taxes, net | | | 15,344 | | | 13,741 | | | | 62,564 | | | 60,813 | |
Impairment Loss | | | 24,109 | | | — | | | | 24,153 | | | 74 | |
General and administrative expense | | | | | | | | | | | | | | |
General and administrative expense | | | 8,035 | | | 8,144 | | | | 32,670 | | | 33,545 | |
Deferred Compensation (3) | | | 3,881 | | | 877 | | | | 4,718 | | | 2,369 | |
General and administrative expense, net | | | 11,916 | | | 9,021 | | | | 37,388 | | | 35,914 | |
Total Operating Expenses | | $ | 114,191 | | $ | 80,810 | | | $ | 365,110 | | $ | 327,095 | |
Other Income (Expense): | | | | | | | | | | | | | | |
Interest Expense, net | | | | | | | | | | | | | | |
Interest paid or accrued | | $ | (16,599) | | $ | (16,471) | | | $ | (66,580) | | $ | (67,993) | |
Amortization of debt deferred costs | | | (803) | | | (839) | | | | (3,174) | | | (3,521) | |
Over/under market adjustment of acquired properties, net | | | 136 | | | 82 | | | | 422 | | | 327 | |
Capitalized interest | | | 1,540 | | | 3,689 | | | | 8,184 | | | 13,586 | |
Interest Expense, net | | | (15,726) | | | (13,539) | | | | (61,148) | | | (57,601) | |
Interest and Other (Expense) Income, net | | | | | | | | | | | | | | |
Interest and Other Income | | | 1,048 | | | 964 | | | | 2,425 | | | 3,896 | |
Deferred Compensation (3) | | | 3,881 | | | 2,630 | | | | 4,718 | | | 7,107 | |
Interest and Other Income, net | | | 4,929 | | | 3,594 | | | | 7,143 | | | 11,003 | |
Gain on Sale of Property | | | 33,660 | | | 45,951 | | | | 65,402 | | | 189,914 | |
Total Other (Expense) Income | | $ | 22,863 | | $ | 36,006 | | | $ | 11,397 | | $ | 143,316 | |
| | | | | | | | | | | | | | |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | | $ | 20,747 | | $ | 74,661 | | | $ | 80,204 | | $ | 302,846 | |
Benefit (Provision) for Income Taxes | | | 259 | | | (358) | | | | (451) | | | (1,040) | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | | | | | | | | | | | | |
Net income from unconsolidated joint ventures and partnerships | | | 3,171 | | | 5,204 | | | | 36,570 | | | 20,557 | |
Intercompany fee income reclass | | | 580 | | | 684 | | | | 2,379 | | | 2,636 | |
Other adjustments | | | 116 | | | (2,899) | | | | 257 | | | (2,424) | |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | | | 3,867 | | | 2,989 | | | | 39,206 | | | 20,769 | |
Net Income | | $ | 24,873 | | $ | 77,292 | | | $ | 118,959 | | $ | 322,575 | |
Less: Net Income Attributable to Noncontrolling Interests | | | (1,803) | | | (2,074) | | | | (6,810) | | | (7,140) | |
Net Income Attributable to Common Shareholders -- Basic | | $ | 23,070 | | $ | 75,218 | | | $ | 112,149 | | $ | 315,435 | |
Net Income Attributable to Common Shareholders -- Diluted | | $ | 23,070 | | $ | 75,746 | | | $ | 112,149 | | $ | 317,547 | |
| | | | | | | | | | | | | | |
Dividends | |
|
| |
|
| | |
|
| |
|
| |
Common Dividends per Share | | $ | 0.540 | | $ | 0.395 | | | $ | 1.295 | | $ | 1.580 | |
Common Dividends Paid as a % of Core Funds from Operations - Basic | |
| 124.4 | % |
| 74.0 | % | |
| 78.1 | % |
| 74.8 | % |
| | | | | | | | | | | | | | |
General and Administrative Expense | |
|
| |
|
| | |
|
| |
|
| |
Gross General and Administrative Expense/Total Revenue | |
| 7.2 | % |
| 6.8 | % | |
| 7.5 | % |
| 6.9 | % |
| | | | | | | | | | | | | | |
Additional Disclosure for Revenues and Operating Expenses | |
|
| |
|
| | |
|
| |
|
| |
Minority Interests Share of Revenues and Operating Expenses and Other Adjustments | | $ | (1,105) | | $ | (1,549) | | | $ | (4,943) | | $ | (5,217) | |
(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)
| | December 31, | ||||
| | 2020 |
| 2019 | ||
| | | | | | |
Property |
| |
|
| |
|
Land | | $ | 948,622 | | $ | 911,521 |
Land held for development | |
| 39,936 | |
| 40,667 |
Land under development | |
| 19,830 | |
| 53,076 |
Buildings and improvements | |
| 3,082,509 | |
| 2,898,867 |
Construction in-progress | |
| 155,437 | |
| 241,118 |
Total | | $ | 4,246,334 | | $ | 4,145,249 |
| | | | | | |
Straight Line Rent Receivable, net | |
|
| |
|
|
| | $ | 47,622 | | $ | 57,976 |
| | | | | | |
Other Assets, net | |
|
| |
|
|
Notes receivable and mortgage bonds, net | | $ | 38,841 | | $ | 22,104 |
Debt service guaranty asset | |
| 53,650 | |
| 57,380 |
Non-qualified benefit plan assets | |
| 43,415 | |
| 38,381 |
Out-of-market leases, net | |
| 11,326 | |
| 11,685 |
Deferred income tax asset | |
| 3,761 | |
| 3,448 |
Unamortized debt costs, net | |
| 2,693 | |
| 3,487 |
Right of use assets, net | |
| 42,850 | |
| 43,751 |
Other | |
| 8,538 | |
| 7,768 |
Total | | $ | 205,074 | | $ | 188,004 |
| | | | | | |
Other Liabilities, net | |
|
| |
|
|
Deferred revenue | | $ | 14,711 | | $ | 14,952 |
Non-qualified benefit plan liabilities | |
| 81,811 | |
| 76,060 |
Deferred income tax payable | |
| 1,761 | |
| 1,767 |
Out-of-market leases, net | |
| 58,208 | |
| 62,914 |
Operating lease liabilities, net | |
| 42,888 | |
| 43,063 |
Other | |
| 18,110 | |
| 19,014 |
Total | | $ | 217,489 | | $ | 217,770 |
| | | | | | |
Identified Intangible Assets and Liabilities | |
|
| |
|
|
Identified Intangible Assets: | |
|
| |
|
|
Above-market leases (included in Other Assets, net) | | $ | 23,877 | | $ | 23,830 |
Above-market leases - Accumulated Amortization | |
| (12,551) | |
| (12,145) |
In place leases (included in Unamortized Lease Costs, net) | |
| 235,082 | |
| 196,207 |
In place leases - Accumulated Amortization | |
| (102,772) | |
| (92,918) |
Total | | $ | 143,636 | | $ | 114,974 |
| | | | | | |
Identified Intangible Liabilities: | |
|
| |
|
|
Below-market leases (included in Other Liabilities, net) | | $ | 92,855 | | $ | 95,240 |
Below-market leases - Accumulated Amortization | |
| (34,647) | |
| (32,326) |
Above-market assumed mortgages (included in Debt, net) | |
| 7,694 | |
| 3,446 |
Above-market assumed mortgages - Accumulated Amortization | |
| (2,408) | |
| (1,987) |
Total | | $ | 63,494 | | $ | 64,373 |
Page 8
Weingarten Realty Investors
Capitalization and Debt Coverage Ratios
(in thousands, except common share data and percentages)
| | | | December 31, | |||||
| | |
| 2020 |
| 2019 | |||
| | | | | | | | | |
Common Share Data | | |
| |
|
| | |
|
Closing Market Price | | | | $ | 21.67 | | $ | 31.24 | |
| | | | | | | | | |
Capitalization | | | |
|
| |
| |
|
Debt | | | | $ | 1,838,419 | | $ | 1,732,338 | |
Common Shares at Market | | | |
| 2,758,873 | |
| 4,020,650 | |
Operating Partnership Units at Market | | | |
| 31,031 | |
| 44,736 | |
Total Market Capitalization (As reported) | | | | $ | 4,628,323 | | $ | 5,797,724 | |
| | | | | | | | | |
Debt to Total Market Capitalization (As reported) | | | |
| 39.7 | % |
| 29.9 | % |
Debt to Total Market Capitalization (As reported at a constant share price of $31.24) | |
| 31.4 | % |
| 29.9 | % | ||
Debt to Total Market Capitalization (Pro rata) | | | |
| 39.8 | % |
| 30.5 | % |
| | | | | | | | | |
Capital Availability | | | |
|
| |
| |
|
Revolving Credit Facility | | | | $ | 500,000 | | $ | 500,000 | |
Less: | | | |
| | |
|
| |
Balance Outstanding Under Revolving Credit Facility | | | |
| 40,000 | |
| — | |
Outstanding Letters of Credit Under Revolving Facility | | | |
| 1,932 | |
| 2,054 | |
Unused Portion of Credit Facility | | | | $ | 458,068 | | $ | 497,946 | |
| | | | | | | | | |
Significant Covenant Ratios |
|
| | | | |
| |
|
|
| Restrictions | | | | | | | |
Debt to Asset Ratio (Public) |
| Less than 60.0% | |
| 37.7 | % |
| 35.9 | % |
Secured Debt to Asset Ratio (Public) |
| Less than 40.0% | |
| 7.1 | % |
| 5.8 | % |
Unencumbered Asset Test (Public) |
| Greater than 150% | |
| 283.7 | % |
| 299.7 | % |
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) |
| Greater than 1.5x | |
| 3.5x | |
| 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
2021 Guidance |
| | | |
Net income attributable to common shareholders | | $0.68 - $0.81 | |
Depreciation and amortization | | 1.18 - 1.20 | |
(Gain) on sale of property, investment securities and interests in RE equity investments | | (0.23) - (0.28) | |
NAREIT FFO - Basic | | 1.63 - 1.73 | |
Income attributable to operating partnership units | | 0.02 - 0.02 | |
NAREIT FFO Per Common Share - Diluted | | $1.65 - $1.75 | |
Core FFO Per Common Share - Diluted | | $1.65 - $1.75 | |
| | | |
Portfolio Activity ($ in millions) | |
| |
Acquisitions | | $50 - $100 | |
| | | |
Dispositions | | $100 - $150 | |
Page 10
Weingarten Realty Investors
(at pro rata share)
(in thousands)
|
| Three Months Ended |
| Twelve Months Ended |
| Twelve Months Ended | |||
|
| December 31, 2020 |
| December 31, 2020 | | December 31, 2019 | |||
Acquisitions | | $ | 120,627 | | $ | 166,627 | | $ | 246,447 |
New Development | |
| 7,949 | |
| 76,011 | |
| 150,418 |
Redevelopment | |
| 2,526 | |
| 9,608 | |
| 22,242 |
Building and Site Improvements | |
| 5,890 | |
| 19,653 | |
| 19,926 |
Tenant Finish | |
| 6,921 | |
| 29,091 | |
| 36,594 |
External Leasing Commissions | |
| 1,093 | |
| 3,664 | |
| 4,340 |
Capital Expenditures | | $ | 145,006 | | $ | 304,654 | | $ | 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 December 31, 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 | | | CIP (1) |
| ROI (2) | | Operations (2) |
| Leased (3) | Key Tenants / Description | |||||
| | | | | | | | | | | | | | | | | | | | | |
Developments and Large Redevelopments Under Construction (4,5) | | | | | | | | | | | | | | | | | | | | | |
West Alex - Alexandria, VA (6) |
| Retail = 127 SF | | $ | 200,000 | | $ | 192,923 | | $ | 32,825 |
|
|
| | | |
| 81.9 | % | Harris Teeter anticipated opening 2H21 |
|
| Multifamily = 278 units | | | | | | | | | | | | | | | |
| 43.2 | % | Residential units in lease-up phase |
| | | | | | | | | | | | | | | | | | | | | |
Centro Arlington - Arlington, VA* (7) |
| Retail = 65 SF | |
| 135,000 | |
| 129,266 | | | 354 |
|
|
| | | |
| 97.8 | % | Harris Teeter opened 2H19 |
|
| Multifamily = 366 units | | | | | | | | | | | | | | | |
| 86.3 | % | Residential units in lease-up phase |
| | | | | | | | | | | | | | | | | | | | | |
The Driscoll at River Oaks - Houston, TX |
| Retail = 11 SF | |
| 150,000 | |
| 122,257 | | | 77,274 |
|
|
| | | |
| 0.0 | % | |
|
| Multifamily = 318 units | | | | | | | | | | | | | | | |
| 39.9 | % | Residential units in lease-up phase |
| | | | $ | 485,000 | | $ | 444,446 | | $ | 110,453 |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Redevelopments Under Construction (5) | | | | | | | | | | | | | | | | | | | | | |
River Point at Sheridan - Denver, CO |
| 53 | | $ | 10,988 | | $ | 10,988 | | | |
|
|
| | | |
|
|
| Burlington, New Shop Space Building, and Pads |
Rock Prairie Marketplace - College Station, TX |
| 41 | |
| 8,812 | |
| 6,464 | | | |
|
|
| | | |
|
|
| Valero, Multi-Tenant Building, and Pads. Increased scope to add more square footage |
Wilderness Oaks - San Antonio, TX |
| 20 | |
| 7,295 | |
| 9,747 | | | |
|
|
| | | |
|
|
| 20,000 SF Multi-Tenant Building, and Pads. |
Fiesta Trails - San Antonio, TX |
| 20 | |
| 5,869 | |
| 3,759 | | | |
|
|
| | | |
|
|
| Two New Shop Space Buildings |
Tomball Marketplace - Houston, TX |
| 27 | |
| 5,367 | |
| 4,569 | | | |
|
|
| | | |
|
|
| Three New Shop Space Buildings |
All other redevelopments < $5 million (3 projects) |
| 33 | |
| 9,329 | |
| 5,374 | | | |
|
|
| | | |
|
|
| Two projects ($6M of costs) moved to completed in the quarter |
| | | | $ | 47,660 | | $ | 40,901 | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Completed Redevelopments | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
| | $ | 42,403 | | $ | 42,403 | | | |
| 10.8 | % | | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter) (8): | |
|
| |
|
| | | |
|
| | | $ | 1,308 |
|
|
|
| ||
Cash NOI Redevelopments Under Construction (Current Quarter): |
|
| |
|
| |
|
| | | |
|
| | | $ | 459 |
|
|
|
|
Cash NOI Redevelopments Completed (Current Quarter): |
|
| |
|
| |
|
| | | |
|
| | | $ | 1,026 |
|
|
|
|
(1) | Refers to quarter-end Construction-in-Progress balance on a prorata basis. |
(2) | Given the recent COVID-19 disruption, the leaseup and stabilization dates of these projects cannot be determined at this time. |
(3) | Percentage leased for retail 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.. |
(4) | Large redevelopment is defined where total incremental investment is over $50 million. Impact from COVID-19 may affect estimates in future periods. |
(5) | 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. |
(6) | Costs do not reflect potential sale of Senior Living Pad. |
(7) | WRI has a 90% equity interest in the property and is committed to fund an additional $.4 million in imputed debt. |
(8) | NOI Detail: Retail $380 and Residential $928. |
* 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 December 31, 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 | % | | 3.8 |
| |
| |
|
|
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 |
| | | | 71.0 | | $ | 13,245 | | $ | 12,174 |
| | | | | | | | | | | |
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 | % |
| 22.3 | |
|
| |
|
|
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 | |
|
| |
|
|
Shary Road and US Hwy. 83, Mission, TX |
| 50.0 | % |
| 4.0 | |
|
| |
|
|
Rock Prairie Rd. at Hwy. 6, College Station, TX |
| 100.0 | % |
| 3.6 | |
|
| |
|
|
Other |
| 100.0 | % |
| 18.7 | |
|
| |
|
|
Total Raw Land |
| | | | 193.6 | | $ | 31,979 | | $ | 19,734 |
| | | | | | | | | | | |
Total Land Held For Development Properties |
| | | | 264.6 | | $ | 45,224 | | $ | 31,908 |
(1) Net of impairment.
Notes:
Land costs account for $37.4 million of total investment at 100%, $24.7 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 December 31, 2020
(at pro rata share)
(in thousands, except percentages)
| | | | | | | | | | | |
|
| | | | Sq. Ft. | | Date | | Purchase | | |
| |
Center | | City/State | | at 100 % | | Acquired | | Price (1) | | Yield | ||
Acquisitions | |
| |
| |
| | |
| |
| |
1st Quarter | |
| |
| |
| | |
| |
| |
Stevens Creek Corner | | San Jose, CA | | 8 | | 03/02/20 | | | | | | |
Village Green Center | | Wellington, FL | | 70 | | 03/11/20 | | | | | | |
2nd Quarter | |
| |
| | | | |
| |
| |
none | | | | | | | | | | | | |
3rd Quarter | |
| |
| | | | |
| |
| |
Camelback Miller Plaza - Building H | | Scottsdale, AZ | | 8 | | 07/14/20 | | | | | | |
4th Quarter | |
| |
| | | | |
| |
| |
1511 Wirt Road | | Houston, TX | | 2 | | 10/01/20 | | | | | | |
La Madeleine Pad at Mueller | | Austin, TX | | 6 | | 12/03/20 | | | | | | |
Village Plaza at Bunker Hill (3) | | Houston, TX | | 208 | | 12/11/20 | | | | | | |
| | | | | | | | | | | | |
Total Acquisitions | | | | | |
| | $ | 166,627 | | 4.5 | % |
| | | | | | | | | | | 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 | | | | | | |
3rd Quarter | |
| |
| | | | |
| |
| |
West Jordan Town Center | | Salt Lake City, UT | | 182 | | 07/17/20 | | | | | | |
The Westside Center | | Los Angeles, CA | | 37 | | 07/21/20 | | | | | | |
Epic Village Pad | | St. Augustine, FL | | 3 | | 08/13/20 | | | | | | |
West Little York at Interstate 45 Land | | Houston, TX | | N/A | | 08/20/20 | | | | | | |
Shoppes of South Semoran | | Orlando, FL | | 104 | | 09/02/20 | | | | | | |
NWC South Fulton Pkwy Land | | Union City, GA | | N/A | | 09/03/20 | | | | | | |
River Point at Sheridan Land | | Denver, CO | | N/A | | 09/09/20 | | | | | | |
4th Quarter | |
| |
| | | | |
| |
| |
Overton Park Plaza (3) | | Fort Worth, TX | | 353 | | 12/11/20 | | | | | | |
Galleria Shopping Center | | Charlotte, NC | | 117 | | 12/23/20 | | | | | | |
| | | | | | | | | | | | |
Total Dispositions | | | | | |
| | $ | 248,038 | | 6.6 | % |
(1) Sales price represents the gross contract price.
(2) Cap rates are based upon underwriting estimates and may be different than current returns.
(3) The Company purchased the remaining 42% of Village Plaza at Bunker Hill center with proceeds from the Company’s simultaneous disposition of Overton Park Plaza.
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)
| | | |
| 4th Quarter |
| | |
| 4th Quarter |
|
| | December 31, | | Weighted | | December 31, | | Weighted |
| ||
|
| 2020 |
| Average Rate (1) |
| 2019 |
| Average Rate (1) |
| ||
Outstanding Balance Summary |
| |
|
|
|
| |
|
|
| |
Mortgage Debt | | $ | 328,648 |
| 4.18 | % | $ | 260,458 |
| 4.18 | % |
3.375% Notes due 2022 | |
| 299,156 |
| 3.38 | % |
| 299,031 |
| 3.38 | % |
3.5% Notes due 2023 | |
| 299,307 |
| 3.50 | % |
| 299,155 |
| 3.50 | % |
4.45% Notes due 2024 | |
| 245,859 |
| 4.45 | % |
| 245,751 |
| 4.45 | % |
3.85% Notes due 2025 | |
| 239,599 |
| 3.85 | % |
| 239,418 |
| 3.85 | % |
3.25% Notes due 2026 | |
| 248,727 |
| 3.25 | % |
| 248,525 |
| 3.25 | % |
Unsecured Notes Payable (MTN) | |
| 66,285 |
| 6.70 | % |
| 66,285 |
| 6.70 | % |
Revolving Credit Agreements (2) | |
| 40,000 |
| 0.94 | % |
| — |
| | |
Obligations under Capital Leases | |
| 21,696 |
| 8.00 | % |
| 21,804 |
| 8.00 | % |
Unamortized Loan Costs | |
| (4,508) |
| | |
| (5,469) |
| | |
Subtotal Consolidated Debt | |
| 1,784,769 |
| 3.91 | % |
| 1,674,958 |
| 3.92 | % |
Debt Service Guarantee Liability (3) | |
| 53,650 |
|
| |
| 57,380 |
|
| |
Total Consolidated Debt - As Reported | | $ | 1,838,419 |
| 3.91 | % | $ | 1,732,338 |
| 3.92 | % |
| | As |
|
|
| Reported |
|
Weighted Average Interest Rates (1) |
|
| |
Three months ended 12/31/20 | | 3.91 | % |
Twelve months ended 12/31/20 | | 3.70 | % |
Three months ended 12/31/19 | | 3.92 | % |
Twelve months ended 12/31/19 | | 3.97 | % |
(1) | Weighted average interest rates exclude revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items. |
(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. |
(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 December 31, 2020 | | | | | | | | | |
Fixed-rate debt | | $ | 1,806,221 |
| 3.89 | % | 97.8 | % | 4.12 |
Variable-rate debt | |
| 40,000 |
| 0.94 | % | 2.2 | % | 3.25 |
Total | | $ | 1,846,221 |
| 3.89 | % | 100.0 | % | 4.03 |
| | | | | | | | | |
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 December 31, 2020 | | | | | | | | | |
Secured Debt | | $ | 357,312 |
| 4.15 | % | 19.4 | % | 5.90 |
Unsecured Debt | |
| 1,488,909 |
| 3.82 | % | 80.6 | % | 3.67 |
Total | | $ | 1,846,221 |
| 3.89 | % | 100.0 | % | 4.03 |
| | | | | | | | | |
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 |
| December 31, |
| December 31, | ||
Reconciling items to pro rata debt |
| 2020 |
| 2019 | ||
Noncontrolling Interests and Other Adjustments | | $ | (37,654) | | $ | (38,460) |
WRI Share of Unconsolidated Joint Ventures | | $ | 45,456 | | $ | 87,055 |
Weighted Average Interest Rates (1) | | | |
Three months ended 12/31/20 | | 3.89 | % |
Twelve months ended 12/31/20 | | 3.78 | % |
Three months ended 12/31/19 |
| 3.90 | % |
Twelve months ended 12/31/19 | | 3.95 | % |
(1) | Weighted average interest rates exclude revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items. |
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 December 31, 2020
(in thousands, except percentages)
|
| As Reported |
| |||
| | | | | Weighted |
|
|
| Maturities |
| Average Rate (2) |
| |
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 | |
| 70,304 |
| 3.81 | % |
2030 | |
| 950 |
| 3.66 | % |
Thereafter | |
| 8,569 |
| 3.66 | % |
Subtotal | |
| 1,725,412 | | | |
| | | | | | |
Revolving Credit Agreements | |
| 40,000 | | 1.00 | % |
Other (1) | |
| 73,007 | | | |
Total | | $ | 1,838,419 |
| 3.70 | % |
(1) | Other includes finance leases, non-cash debt-related items, 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 revolver facility fee, premium/(discount) on debt, deferred debt costs and non-cash debt-related items. |
Page 19
Weingarten Realty Investors
Schedule of Maturities Additional Disclosure
As of December 31, 2020
(at pro rata share)
(in thousands, except percentages)
| | | | | Weighted | | | | | | | | | | | | | |
|
| Maturities |
| Average Rate (2) |
| | Floating Rate |
| Fixed Rate |
| Secured |
| Unsecured | |||||
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 | |
| 70,304 |
| 3.81 | % | |
| | |
| 70,304 | |
| 70,304 | |
| — |
2030 | |
| 950 |
| 3.66 | % | |
| | |
| 950 | |
| 950 | |
| — |
Thereafter | |
| 8,569 |
| 3.66 | % | |
| | |
| 8,569 | |
| 8,569 | |
| — |
Subtotal | |
| 1,733,256 |
| | | |
| — | |
| 1,733,256 | |
| 331,206 | |
| 1,402,050 |
| | | | | | | | | | | | | | | | | | |
Revolving Credit Agreements | |
| 40,000 |
| 1.00 | % | |
| 40,000 | |
| — | |
| — | |
| 40,000 |
Other (1) | |
| 72,965 |
| | | |
| — | |
| 72,965 | |
| 26,106 | |
| 46,859 |
Total | | $ | 1,846,221 |
| 3.78 | % | | $ | 40,000 | | $ | 1,806,221 | | $ | 357,312 | | $ | 1,488,909 |
(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 | | Twelve Months Ended | ||||||||
|
| December 31, |
| December 31, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Condensed Statements of Income | | | | | | | | | | | | |
Revenues: |
| |
|
| |
|
| |
|
| |
|
Rentals, net | | $ | 31,265 | | $ | 35,513 | | $ | 122,322 | | $ | 132,544 |
Other | |
| 515 | |
| 500 | |
| 2,087 | |
| 2,714 |
Total | |
| 31,780 | |
| 36,013 | |
| 124,409 | |
| 135,258 |
Expenses: | |
|
| |
|
| |
|
| |
|
|
Depreciation and amortization | |
| 9,504 | |
| 8,717 | |
| 35,971 | |
| 32,126 |
Interest, net | |
| 2,095 | |
| 2,378 | |
| 9,175 | |
| 9,664 |
Operating | |
| 6,623 | |
| 7,226 | |
| 24,775 | |
| 25,046 |
Real estate taxes, net | |
| 3,785 | |
| 4,122 | |
| 16,733 | |
| 18,070 |
General and administrative | |
| 171 | |
| 129 | |
| 601 | |
| 551 |
Provision for income taxes | |
| 21 | |
| 30 | |
| 121 | |
| 133 |
Total | |
| 22,199 | |
| 22,602 | |
| 87,376 | |
| 85,590 |
Gain on dispositions | |
| 35 | |
| — | |
| 47,002 | |
| 2,009 |
Net income | | $ | 9,616 | | $ | 13,411 | | $ | 84,035 | | $ | 51,677 |
| | | | | | | | | | | | |
Condensed Balance Sheets |
| | | | | | | December 31, | ||||
| | | | | | | | 2020 |
| 2019 | ||
ASSETS |
| | | | | | | |
|
| |
|
Property | | | | | | | | $ | 1,093,504 | | $ | 1,378,328 |
Accumulated depreciation | | | | | | | |
| (275,802) | |
| (331,856) |
Property, net | | | | | | | |
| 817,702 | |
| 1,046,472 |
Other assets, net | | | | | | | |
| 81,285 | |
| 108,366 |
Total | | | | | | | | $ | 898,987 | | $ | 1,154,838 |
LIABILITIES AND EQUITY | | | | | | | |
|
| |
|
|
Debt, net | | | | | | | | $ | 192,674 | | $ | 264,782 |
Amounts payable to Weingarten Realty Investors and Affiliates | | | | | | | |
| 9,836 | |
| 11,972 |
Other liabilities, net | | | | | | | |
| 15,340 | |
| 25,498 |
Total | | | | | | | |
| 217,850 | |
| 302,252 |
Equity | | | | | | | |
| 681,137 | |
| 852,586 |
Total | | | | | | | | $ | 898,987 | | $ | 1,154,838 |
| | | | | | | | | | | | |
Supplemental Income Statement Detail |
| Three Months Ended |
| Twelve Months Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2020 | | 2019 | | 2020 | | 2019 | ||||
| | | | | | | | | | | | |
Rentals, net |
| |
|
| |
|
| |
|
| |
|
Fixed Payments: |
| |
|
| |
|
| |
|
| |
|
Base minimum rent, net | | $ | 23,361 | | $ | 26,253 | | $ | 93,456 | | $ | 99,730 |
Straight line rent, net | |
| (164) | |
| 172 | |
| (1,970) | |
| 191 |
Over/Under-market rentals, net | |
| 55 | |
| 119 | |
| 318 | |
| 331 |
Variable Payments: | |
| | |
| | |
| | |
| |
Percentage rent | |
| 138 | |
| 228 | |
| 223 | |
| 383 |
Tenant reimbursements, net | |
| 7,727 | |
| 8,571 | |
| 29,716 | |
| 31,470 |
Other rental revenues | |
| 98 | |
| 135 | |
| 367 | |
| 390 |
Lease cancellation revenue | |
| 50 | |
| 35 | |
| 212 | |
| 49 |
Total | | $ | 31,265 | | $ | 35,513 | | $ | 122,322 | | $ | 132,544 |
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 | | Twelve Months Ended | ||||||||
| | December 31, | | December 31, | ||||||||
Condensed Statements of Income |
| 2020 | | 2019 | | 2020 | | 2019 | ||||
Revenues: |
| |
|
| |
|
| |
|
| |
|
Rentals, net | | $ | 13,094 | | $ | 14,084 | | $ | 50,692 | | $ | 50,741 |
Other | |
| 274 | |
| 193 | |
| 1,153 | |
| 1,375 |
Total | |
| 13,368 | |
| 14,277 | |
| 51,845 | |
| 52,116 |
Expenses: | |
|
| |
|
| |
|
| |
|
|
Depreciation and amortization | |
| 4,949 | |
| 3,487 | |
| 17,385 | |
| 12,161 |
Interest, net | |
| 720 | |
| 875 | |
| 3,332 | |
| 3,594 |
Operating | |
| 2,897 | |
| 3,072 | |
| 10,815 | |
| 9,897 |
Real estate taxes, net | |
| 1,579 | |
| 1,578 | |
| 6,978 | |
| 7,012 |
General and administrative | |
| 60 | |
| 46 | |
| 227 | |
| 211 |
Provision for income taxes | |
| 10 | |
| 15 | |
| 61 | |
| 64 |
Total | |
| 10,215 | |
| 9,073 | |
| 38,798 | |
| 32,939 |
Gain on dispositions | |
| 18 | |
| — | |
| 23,523 | |
| 1,380 |
Net income | | $ | 3,171 | | $ | 5,204 | | $ | 36,570 | | $ | 20,557 |
| | | | | | | | | | | | |
| | | | | | | | | ||||
Condensed Balance Sheets | | | | | | | | December 31, | ||||
|
| | | | | | | 2020 |
| 2019 | ||
ASSETS |
| | | | | | | |
|
| |
|
Property | | | | | | | | $ | 462,938 | | $ | 585,746 |
Accumulated depreciation | | | | | | | |
| (99,440) | |
| (122,068) |
Property, net | | | | | | | |
| 363,498 | |
| 463,678 |
Notes receivable from real estate joint ventures and partnerships | | | | | | | |
| 3,324 | |
| 3,623 |
Unamortized lease costs, net | | | | | | | |
| 7,937 | |
| 11,820 |
Accrued rent, accrued customer contracts and accounts receivable, net | | | | | | | |
| 6,351 | |
| 9,082 |
Cash and cash equivalents | | | | | | | |
| 15,026 | |
| 17,205 |
Restricted deposits and mortgage escrows | | | | | | | | | 103 | | | — |
Out-of-market leases, net | | | | | | | |
| 554 | |
| 3,139 |
Other assets, net | | | | | | | |
| 1,210 | |
| 1,822 |
Total | | | | | | | | $ | 398,003 | | $ | 510,369 |
LIABILITIES AND EQUITY | | | | | | | |
|
| |
|
|
Debt, net | | | | | | | | $ | 45,353 | | $ | 86,840 |
Amounts payable to Weingarten Realty Investors and Affiliates | | | | | | | |
| 4,339 | |
| 4,887 |
Accounts payable and accrued expenses | | | | | | | |
| 2,629 | |
| 8,226 |
Deferred revenue | | | | | | | |
| 1,732 | |
| 1,407 |
Out-of-market leases, net | | | | | | | |
| 2,008 | |
| 2,584 |
Interest rate derivative | | | | | | | | | 84 | | | — |
Other liabilities, net | | | | | | | |
| 224 | |
| 446 |
Total | | | | | | | |
| 56,369 | |
| 104,390 |
Equity | | | | | | | |
| 341,634 | |
| 405,979 |
Total | | | | | | | | $ | 398,003 | | $ | 510,369 |
| | | | | | | | | | | | |
Supplemental Income Statement Detail | | Three Months Ended | | Twelve Months Ended | ||||||||
| | December 31, | | December 31, | ||||||||
|
| 2020 | | 2019 |
| 2020 | | 2019 | ||||
| | | | | | | | | | | | |
Rentals, net |
| |
|
| |
|
| |
|
| |
|
Fixed Payments: |
| |
|
| |
|
| |
|
| |
|
Base minimum rent, net | | $ | 10,116 | | $ | 10,447 | | $ | 39,130 |
| $ | 38,170 |
Straight line rent, net | |
| (49) | |
| 142 | |
| (477) |
| | 82 |
Over/Under-market rentals, net | |
| 13 | |
| 32 | |
| 92 |
| | 47 |
Variable Payments: | |
| | |
| | |
| |
| | |
Percentage rent | |
| 35 | |
| 79 | |
| 72 |
| | 157 |
Tenant reimbursements, net | |
| 2,917 | |
| 3,308 | |
| 11,596 |
| | 12,089 |
Other rental revenues | |
| 34 | |
| 59 | |
| 198 |
| | 176 |
Lease cancellation revenue | |
| 28 | |
| 17 | |
| 81 |
| | 20 |
Total | | $ | 13,094 | | $ | 14,084 | | $ | 50,692 |
| $ | 50,741 |
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%
December 31, 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 | | $ | 119,775 |
| $ | - |
Collins | | 8 | | 1,168 | |
| 105,962 |
| | 11,651 |
AEW - Institutional Client | | 5 | | 437 | |
| 98,432 |
| | - |
BIT Retail | | 2 | | 359 | |
| 58,151 |
| | - |
Jamestown | | 6 | | 1,217 | |
| 136,142 |
| | 169,948 |
Sleiman Enterprises | | 2 | | 177 | |
| 15,455 |
| | 11,075 |
Bouwinvest | | 4 | | 447 | |
| 213,583 |
| | - |
Other | | 2 | | 179 | |
| 151,487 |
| | - |
| | | | | | | | | | |
Total |
| 31 | | 4,415 | | $ | 898,987 |
| $ | 192,674 |
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
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 December 31, 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 | | $ | 11,790 |
| 6.3 | % | | 4.2 |
Jamestown |
| 6 | |
| 170,000 |
| 2.7 | % | | 0.3 |
Sleiman Enterprises |
| 2 | |
| 11,126 |
| 4.2 | % | | 5.5 |
| | | | | | | | | | |
Total |
| 10 | | $ | 192,916 |
| 3.0 | % | | 2.1 |
|
Schedule of Maturities
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate |
| |
| | | | | | |
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 | % |
| | | | | | |
| | | | | | |
Total | | $ | 192,916 |
|
| |
(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 December 31, 2020
(at pro rata share)
(in thousands, except percentages)
Schedule of Maturities
|
| | |
| Weighted |
|
| | Maturities (1)(2) | | Average Rate | | |
| | | | | |
|
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 | % |
| | | | | | |
| | | | | | |
Total | | $ | 45,456 |
|
| |
(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 December 31, 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 |
| The Kroger Co. |
| | BBB/Baa1 |
| 19 | | $ | 9,880 |
| 2.74 | % | | 1,125 |
| 5.44 | % |
2 |
| TJX Companies, Inc. |
| | A/A2 |
| 33 | |
| 9,711 |
| 2.69 | % | | 871 |
| 4.21 | % |
3 |
| H-E-B |
| | N/A/N/A |
| 7 | |
| 7,690 |
| 2.13 | % | | 543 |
| 2.63 | % |
4 |
| Whole Foods Market, Inc. |
| | A+/A2 |
| 8 | |
| 7,339 |
| 2.03 | % | | 334 |
| 1.61 | % |
5 |
| Ross Stores, Inc. |
| | BBB+/A2 |
| 27 | |
| 7,222 |
| 2.00 | % | | 546 |
| 2.64 | % |
6 |
| Albertsons |
| | BB-/Ba3 |
| 14 | |
| 6,168 |
| 1.71 | % | | 633 |
| 3.06 | % |
7 |
| Home Depot, Inc. |
| | A/A2 |
| 4 | |
| 5,135 |
| 1.42 | % | | 464 |
| 2.24 | % |
8 |
| PetSmart |
| | B-/B2 |
| 16 | |
| 4,986 |
| 1.38 | % | | 293 |
| 1.42 | % |
9 |
| Dollar Tree Stores, Inc. |
| | BBB/Baa2 |
| 30 | |
| 3,598 |
| 1.00 | % | | 305 |
| 1.47 | % |
10 |
| Bed Bath & Beyond, Inc. |
| | B+/Ba3 |
| 13 | |
| 3,369 |
| 0.93 | % | | 292 |
| 1.41 | % |
11 |
| Best Buy, Inc. |
| | BBB/Baa1 |
| 6 | |
| 3,020 |
| 0.84 | % | | 179 |
| 0.87 | % |
12 |
| Nordstrom |
| | BB+/Baa3 |
| 3 | |
| 2,690 |
| 0.75 | % | | 95 |
| 0.46 | % |
13 |
| Dick's Sporting Goods |
| | N/A/N/A |
| 4 | |
| 2,662 |
| 0.74 | % | | 157 |
| 0.76 | % |
14 |
| Petco Animal Supplies, Inc. |
| | CCC+/Caa1 |
| 13 | |
| 2,615 |
| 0.73 | % | | 139 |
| 0.67 | % |
15 |
| Sprouts |
| | N/A/N/A |
| 5 | |
| 2,615 |
| 0.73 | % | | 154 |
| 0.74 | % |
16 |
| Walmart Stores, Inc. |
| | AA/Aa2 |
| 5 | |
| 2,530 |
| 0.70 | % | | 395 |
| 1.91 | % |
17 |
| Burlington |
| | BB/Ba2 |
| 4 | |
| 2,513 |
| 0.70 | % | | 143 |
| 0.69 | % |
18 |
| Barnes & Noble Inc. |
| | N/A/N/A |
| 5 | |
| 2,479 |
| 0.69 | % | | 141 |
| 0.68 | % |
19 |
| Starbucks Corporation |
| | BBB+/Baa1 |
| 31 | |
| 2,458 |
| 0.68 | % | | 53 |
| 0.26 | % |
20 |
| Total Wine & More |
| | N/A/N/A |
| 4 | |
| 2,340 |
| 0.65 | % | | 97 |
| 0.47 | % |
21 |
| Hobby Lobby Stores, Inc. |
| | N/A/N/A |
| 5 | |
| 2,335 |
| 0.65 | % | | 258 |
| 1.25 | % |
22 |
| 24 Hour Fitness Inc. |
| | N/A/N/A |
| 3 | |
| 2,160 |
| 0.60 | % | | 76 |
| 0.37 | % |
23 |
| JPMorgan Chase Bank |
| | A+/Aa2 |
| 14 | |
| 2,157 |
| 0.60 | % | | 49 |
| 0.24 | % |
24 |
| LA Fitness |
| | CCC+/Caa3 |
| 3 | |
| 2,044 |
| 0.57 | % | | 88 |
| 0.43 | % |
25 |
| Five Below |
| | N/A/N/A |
| 13 | |
| 2,035 |
| 0.56 | % | | 100 |
| 0.48 | % |
| | | | | | | | | | | | | | | | | | |
|
| Grand Total | | | |
| 289 | | $ | 101,751 |
| 28.22 | % | | 7,530 |
| 36.41 | % |
(1) | Tenant Names: | DBA Names: | |
| The Kroger Co. | Kroger (8), Harris Teeter (5), Fry's Food (3), King Soopers (2), Smith's Food (1) | |
| TJX Companies, Inc. | Marshalls (15), T.J. Maxx (12), Home Goods (6) | |
| Ross Stores, Inc. | Ross Dress for Less (25), dd's Discounts (2) | |
| Albertsons | Safeway (8), Randall's (3), Von's (2), Albertsons (1) | |
| Dollar Tree Stores, Inc. | Dollar Tree (27), Family Dollar (3) | |
| Bed Bath & Beyond, Inc. | Bed Bath & Beyond (6), Cost Plus (6), buybuy BABY (1) | |
| Nordstrom | Nordstrom Rack (3) | |
| Dick's Sporting Goods | Dick's Sporting Goods (3), Golf Galaxy (1) | |
| Walmart Stores, Inc. | Walmart Neighborhood Market (3), Walmart (1), Walmart Supercenter (1) | |
| | | |
(2) | Target owns and occupies 13 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 (1) |
|
| |
| |
| | |
| | |
| | |
| |
| 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 December 31, 2020 |
| 146 | | 443 | | $ | 28.53 | | $ | 27.38 | | $ | 17.22 |
| 4.2 | % |
|
Quarter Ended September 30, 2020 |
| 137 |
| 690 | | | 17.69 | | | 16.78 | | | 2.94 |
| 5.5 | % |
|
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 | % |
|
Rolling 12 months |
| 587 |
| 2,687 | | $ | 20.37 | | $ | 19.02 | | $ | 6.43 |
| 7.1 | % |
|
| | | | | | | | | | | | | | | | | |
New Leases |
| |
| | |
| | |
| | |
| |
|
|
|
|
Quarter Ended December 31, 2020 |
| 55 |
| 172 | | $ | 25.46 | | $ | 24.25 | | $ | 44.33 |
| 5.0 | % | 8.8 |
Quarter Ended September 30, 2020 |
| 38 |
| 102 | | | 25.58 | | | 23.03 | | | 19.84 |
| 11.1 | % | 7.6 |
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 |
Rolling 12 months |
| 144 |
| 416 | | $ | 25.77 | | $ | 23.60 | | $ | 41.43 |
| 9.2 | % | 8.0 |
| | | | | | | | | | | | | | | | | |
Renewals |
| |
| | |
| | |
| | |
|
|
|
|
|
|
Quarter Ended December 31, 2020 |
| 91 |
| 271 | | $ | 30.47 | | $ | 29.36 | | $ | — |
| 3.8 | % |
|
Quarter Ended September 30, 2020 |
| 99 |
| 588 | | | 16.32 | | | 15.69 | | | — |
| 4.0 | % |
|
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 | % |
|
Rolling 12 months |
| 443 |
| 2,271 | | $ | 19.37 | | $ | 18.18 | | $ | — |
| 6.6 | % |
|
| | | | | | | | | | | | | | | | | |
Comparable & Non-Comparable: |
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended December 31, 2020 |
| 172 |
| 541 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended September 30, 2020 |
| 158 |
| 751 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended June 30, 2020 |
| 136 |
| 562 | |
|
| |
|
| |
|
|
|
|
|
|
Quarter Ended March 31, 2020 |
| 200 |
| 1,140 | |
|
| |
|
| |
|
|
|
|
|
|
Rolling 12 months |
| 666 |
| 2,994 | |
|
| |
|
| |
|
|
|
|
|
|
Lease Expirations (2) |
Assumes No Exercise of Renewal Options
| | Anchor Tenants (3) | | 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 (4) | | Feet |
| Feet | | PSF |
| Revenue (4) | | Feet | | Feet | | PSF |
| Revenue (4) | | |||
M-T-M |
| 29 |
| 0 | % | $ | 28.93 |
| 1 | % | 187 |
| 3 | % | $ | 27.70 |
| 3 | % | 216 |
| 1 | % | $ | 27.87 |
| 2 | % |
2021 |
| 761 |
| 6 | % |
| 12.82 |
| 6 | % | 1,021 |
| 16 | % |
| 29.18 |
| 15 | % | 1,782 |
| 10 | % |
| 22.20 |
| 11 | % |
2022 |
| 1,670 |
| 14 | % |
| 13.22 |
| 14 | % | 1,013 |
| 16 | % |
| 30.31 |
| 15 | % | 2,683 |
| 15 | % |
| 19.67 |
| 15 | % |
2023 |
| 1,499 |
| 12 | % |
| 11.01 |
| 10 | % | 926 |
| 15 | % |
| 31.43 |
| 15 | % | 2,425 |
| 13 | % |
| 18.81 |
| 13 | % |
2024 |
| 1,966 |
| 16 | % |
| 12.18 |
| 15 | % | 897 |
| 14 | % |
| 31.35 |
| 14 | % | 2,863 |
| 16 | % |
| 18.19 |
| 14 | % |
2025 |
| 1,587 |
| 13 | % |
| 13.14 |
| 13 | % | 796 |
| 12 | % |
| 32.15 |
| 13 | % | 2,383 |
| 13 | % |
| 19.49 |
| 13 | % |
2026 - 2031 |
| 3,752 |
| 31 | % |
| 14.35 |
| 33 | % | 1,460 |
| 23 | % |
| 32.30 |
| 24 | % | 5,212 |
| 28 | % |
| 19.38 |
| 28 | % |
(1) | Rent growth is on a same space and cash basis. Comparable leases include leases that were executed within two years of the date the prior tenant vacated. |
(2) | Reflects in-place leases as of December 31, 2020. |
(3) | Anchor tenants represent any tenant at least 10,000 square feet. |
(4) | 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 | | ||||||||||||
| | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | |||||
| | 2020 | | 2020 | | 2020 | | 2020 | | 2019 | |||||
Signed Basis |
|
|
| |
|
| |
|
| |
|
| |
|
|
Anchor (1) |
| 95.4 | % | | 96.1 | % | | 95.9 | % | | 96.9 | % | | 97.7 | % |
Non-Anchor |
| 88.6 | % | | 87.7 | % | | 89.0 | % | | 90.4 | % | | 90.8 | % |
Total Signed |
| 92.9 | % | | 93.0 | % | | 93.4 | % | | 94.5 | % | | 95.2 | % |
| | | | | | | | | | | | | | | |
Commenced Basis |
|
|
| |
|
| |
|
| |
|
| |
|
|
Anchor (1) |
| 94.0 | % | | 94.3 | % | | 94.1 | % | | 95.1 | % | | 96.2 | % |
Non-Anchor |
| 85.0 | % | | 84.9 | % | | 86.3 | % | | 87.0 | % | | 87.1 | % |
Total Commenced |
| 90.7 | % | | 90.9 | % | | 91.2 | % | | 92.1 | % | | 92.8 | % |
| | | | | | | | | | | | | | | |
Same Property (2) |
|
|
| |
|
| |
|
| |
|
| |
|
|
Signed Basis |
| 93.4 | % | | 93.9 | % | | 94.7 | % | | 95.7 | % | | 96.0 | % |
Commenced Basis |
| 91.2 | % | | 91.6 | % | | 92.5 | % | | 93.3 | % | | 93.8 | % |
Average Base Rents (3) | |||||||||||||||
| | Quarter Ended | |||||||||||||
|
| | December 31, |
| | September 30, |
| | June 30, |
| | March 31, |
| | December 31, |
| | | 2020 | | | 2020 | | | 2020 | | | 2020 | | | 2019 |
Commenced Basis | | | |
| | |
| | |
| |
| | | |
Anchor (1) | | $ | 14.25 | | $ | 13.97 | | $ | 13.92 | | $ | 14.03 | | $ | 13.93 |
Non-Anchor | |
| 30.00 | |
| 29.78 | |
| 29.66 | |
| 30.43 | |
| 30.03 |
Total | | $ | 20.43 | | $ | 20.12 | | $ | 20.04 | | $ | 20.06 | | $ | 19.87 |
Same Property Net Operating Income (4) | ||||||||||||||||||
| | Three Months Ended | | | Twelve Months Ended | | ||||||||||||
| | December 31, | | | December 31, | | ||||||||||||
| | 2020 | | 2019 | | % Change | | | 2020 | | 2019 | | % Change | | ||||
Revenue (5) |
| |
|
| |
|
|
|
| | |
|
| |
|
|
| |
Minimum Rent, net | | $ | 74,826 | | $ | 82,669 |
| (9.5) | % | | $ | 309,173 | | $ | 327,601 |
| (5.6) | % |
Uncollectible Revenue Reserve | |
| 730 | |
| (177) |
| (512.4) | % | |
| (7,600) | |
| 86 |
| (8,937.2) | % |
Percentage Rent | |
| 859 | |
| 1,401 |
| (38.7) | % | |
| 2,060 | |
| 3,943 |
| (47.8) | % |
Tenant Reimbursements, net | |
| 25,018 | |
| 25,424 |
| (1.6) | % | |
| 97,651 | |
| 98,968 |
| (1.3) | % |
Other | |
| 1,389 | |
| 1,893 |
| (26.6) | % | |
| 5,140 | |
| 7,256 |
| (29.2) | % |
| | $ | 102,822 | | $ | 111,210 |
| (7.5) | % | | $ | 406,424 | | $ | 437,854 |
| (7.2) | % |
Expenses | | | | | | | | | | | | | | | | | | |
Property Operating Expenses | | $ | 20,350 | | $ | 19,936 |
| 2.1 | % | | $ | 74,385 | | $ | 74,940 |
| (0.7) | % |
Real Estate Taxes | |
| 13,610 | |
| 12,920 |
| 5.3 | % | |
| 55,650 | |
| 54,602 |
| 1.9 | % |
| |
| 33,960 | |
| 32,856 |
| 3.4 | % | |
| 130,035 | |
| 129,542 |
| 0.4 | % |
SPNOI | | $ | 68,862 | | $ | 78,354 |
| (12.1) | % | | $ | 276,389 | | $ | 308,312 |
| (10.4) | % |
| | | | | | | | | | | | | | | | | | |
(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 December 31, 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 |
| 3 |
| 663 |
| 4.6 | % | 95.3 | % |
5 |
| Houston-The Woodlands-Sugar Land, TX |
| 29 |
| 3,365 |
| 18.1 | % | 93.8 | % |
6 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV |
| 4 |
| 523 |
| 2.8 | % | 90.4 | % |
8 |
| Miami-Fort Lauderdale-West Palm Beach, FL |
| 14 |
| 2,103 |
| 10.7 | % | 89.2 | % |
9 |
| Atlanta-Sandy Springs-Roswell, GA |
| 10 |
| 1,245 |
| 5.6 | % | 97.1 | % |
10 |
| Phoenix-Mesa-Scottsdale, AZ |
| 15 |
| 1,506 |
| 7.0 | % | 95.9 | % |
12 |
| San Francisco-Oakland-Hayward, CA |
| 3 |
| 437 |
| 3.2 | % | 95.9 | % |
13 |
| Riverside-San Bernardino-Ontario, CA |
| 1 |
| 311 |
| 1.9 | % | 97.4 | % |
15 |
| Seattle-Tacoma-Bellevue, WA |
| 7 |
| 417 |
| 2.7 | % | 98.1 | % |
17 |
| San Diego-Carlsbad, CA |
| 3 |
| 284 |
| 1.6 | % | 74.3 | % |
18 |
| Tampa-St. Petersburg-Clearwater, FL |
| 4 |
| 912 |
| 4.1 | % | 94.3 | % |
19 |
| Denver-Aurora-Lakewood, CO |
| 4 |
| 666 |
| 3.2 | % | 96.2 | % |
23 |
| Orlando-Kissimmee-Sanford, FL |
| 5 |
| 933 |
| 5.0 | % | 95.4 | % |
24 |
| San Antonio-New Braunfels, TX |
| 4 |
| 473 |
| 1.4 | % | 67.2 | % |
25 |
| Portland-Vancouver-Hillsboro, OR-WA |
| 2 |
| 23 |
| 0.1 | % | 96.0 | % |
26 |
| Sacramento--Roseville--Arden-Arcade, CA |
| 1 |
| 104 |
| 0.3 | % | 87.2 | % |
28 |
| Austin-Round Rock, TX |
| 1 |
| 357 |
| 1.8 | % | 98.5 | % |
29 |
| Las Vegas-Henderson-Paradise, NV |
| 4 |
| 700 |
| 2.7 | % | 98.4 | % |
36 |
| San Jose-Sunnyvale-Santa Clara, CA |
| 3 |
| 507 |
| 3.3 | % | 82.6 | % |
|
| Top 40 CBSA's Ranked by Population | | 117 |
| 15,529 |
| 80.1 | % | 92.8 | % |
|
| All other CBSA's Ranked by Population | | 42 |
| 5,153 |
| 19.9 | % | 93.1 | % |
|
| Grand Total | | 159 |
| 20,682 |
| 100.0 | % | 92.9 | % |
(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 December 31, 2020
| | | | Gross Leasable Area | ||||||
|
| # of |
| WRI |
| Joint Venture |
| Owned |
| |
ALL PROPERTIES BY STATE | | Properties | | Owned | | Share | | by Other | | Total |
| | | | | | | | | | |
Arizona | | 19 | | 1,885,544 | | 93,341 | | 884,480 | | 2,863,365 |
California | | 17 | | 2,813,281 | | — | | 408,931 | | 3,222,212 |
Colorado | | 4 | | 666,373 | | — | | 513,919 | | 1,180,292 |
Florida | | 28 | | 4,399,893 | | 1,608,092 | | 918,898 | | 6,926,883 |
Georgia | | 11 | | 1,247,896 | | 180,569 | | 559,234 | | 1,987,699 |
Kentucky | | 1 | | 168,697 | | — | | 49,410 | | 218,107 |
Maryland | | 1 | | 80,869 | | — | | — | | 80,869 |
Nevada | | 4 | | 700,367 | | — | | 171,335 | | 871,702 |
New Mexico | | 1 | | 118,721 | | — | | 27,330 | | 146,051 |
North Carolina | | 9 | | 1,400,740 | | — | | 86,350 | | 1,487,090 |
Oregon | | 2 | | 22,694 | | 90,776 | | 66,276 | | 179,746 |
Tennessee | | 4 | | 500,210 | | — | | 154,340 | | 654,550 |
Texas | | 48 | | 5,817,512 | | 1,429,810 | | 1,861,726 | | 9,109,048 |
Virginia | | 3 | | 441,522 | | 7,241 | | — | | 448,763 |
Washington | | 7 | | 417,389 | | 325,047 | | 65,571 | | 808,007 |
Total |
| 159 |
| 20,681,708 |
| 3,734,876 |
| 5,767,800 |
| 30,184,384 |
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
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| Average |
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| | |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Operating Properties |
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Arizona |
|
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| |
|
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|
Broadway Marketplace | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 82,757 | | 87,379 | | 14.53 |
| 95.9 | % | | | | Office Max, Ace Hardware |
Camelback Miller Plaza | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 150,638 | | 150,638 | | 14.12 |
| 93.2 | % | | Sprouts Farmers Market | | T.J. Maxx, PetSmart |
Camelback Village Square | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 132,731 | | 240,951 | | 13.23 |
| 95.4 | % | | Fry’s Supermarket | | (LA Fitness) |
Desert Village Shopping Center | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 101,685 | | 107,071 | | 23.50 |
| 96.1 | % | | AJ Fine Foods | | CVS |
Fountain Plaza | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 112,055 | | 304,107 | | 10.13 |
| 95.5 | % | | Fry’s Supermarket | | Dollar Tree, (Lowe's) |
Madison Village Marketplace | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 90,264 | | 90,264 | | 29.07 |
| 97.9 | % | | Safeway | | |
Monte Vista Village Center | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 45,751 | | 108,551 | | 23.51 |
| 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 | | 16.36 |
| 95.2 | % | | Fry’s Supermarket | | Petco, Dollar Tree |
Raintree Ranch Center | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 129,822 | | 133,020 | | 26.06 |
| 100.0 | % | | Whole Foods | | |
Red Mountain Gateway | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 75,128 | | 204,928 | | 17.86 |
| 97.6 | % | | | | (Target), Bed Bath & Beyond, Famous Footwear |
Scottsdale Horizon | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 155,046 | | 155,046 | | 33.95 |
| 93.5 | % | | Safeway | | CVS |
Scottsdale Waterfront | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 93,334 | | 93,334 | | 37.80 |
| 98.4 | % | | | | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters |
Squaw Peak Plaza | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 100.0 | % | |
|
| 61,102 | | 61,102 | | 19.85 |
| 95.9 | % | | Sprouts Farmers Market | | |
Summit at Scottsdale | | Phoenix-Mesa-Scottsdale, AZ |
|
|
| 51.0 | % | | (1)(3) |
| 97,151 | | 322,992 | | 24.89 |
| 100.0 | % | | Safeway | | (Target), CVS, OfficeMax, PetSmart |
Entrada de Oro Plaza Shopping Center | | Tucson, AZ |
|
|
| 100.0 | % | |
|
| 88,665 | | 109,075 | | 21.21 |
| 96.5 | % | | Walmart Neighborhood Market | | |
Madera Village Shopping Center | | Tucson, AZ |
|
|
| 100.0 | % | |
|
| 96,697 | | 106,858 | | 12.61 |
| 81.0 | % | | Safeway | | Dollar Tree |
Oracle Wetmore Shopping Center | | Tucson, AZ |
|
|
| 100.0 | % | |
|
| 150,170 | | 343,298 | | 26.14 |
| 99.1 | % | | | | (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 | | 18.70 |
| 75.4 | % | | | | (CVS Drug) |
Arizona Total: |
| # of Properties: |
| 19 |
|
|
| |
|
| 1,885,544 | | 2,863,365 | | 20.79 |
| 95.0 | % | | | | |
California |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
8000 Sunset Strip Shopping Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 169,775 | | 169,775 | | 46.15 |
| 96.6 | % | | Trader Joe's | | CVS, Crunch, AMC Theaters, CB2 |
Centerwood Plaza | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 75,486 | | 75,486 | | 15.45 |
| 100.0 | % | | Superior Grocers | | Dollar Tree |
Westminster Center | | Los Angeles-Long Beach-Anaheim, CA |
|
|
| 100.0 | % | |
|
| 417,567 | | 440,437 | | 20.03 |
| 93.8 | % | | Albertsons | | Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree |
Chino Hills Marketplace | | Riverside-San Bernardino-Ontario, CA |
|
|
| 100.0 | % | |
|
| 310,722 | | 310,722 | | 22.68 |
| 97.4 | % | | Smart & Final Stores | | Dollar Tree, 24 Hour Fitness, Rite Aid |
Valley Shopping Center | | Sacramento--Roseville--Arden-Arcade, CA |
|
|
| 100.0 | % | |
|
| 103,791 | | 107,191 | | 12.53 |
| 87.2 | % | | Food 4 Less | | |
El Camino Promenade | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 128,740 | | 128,740 | | 28.89 |
| 66.5 | % | | | | T.J. Maxx, Dollar Tree, BevMo |
Rancho San Marcos Village | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 120,160 | | 134,420 | | 21.69 |
| 78.4 | % | | | | |
San Marcos Plaza | | San Diego-Carlsbad, CA |
|
|
| 100.0 | % | |
|
| 34,880 | | 80,086 | | 34.82 |
| 89.3 | % | | (Albertsons) | | |
580 Market Place | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 100,097 | | 100,097 | | 31.39 |
| 97.6 | % | | Safeway | | 24 Hour Fitness, Petco |
Gateway Plaza | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 194,689 | | 352,778 | | 25.98 |
| 92.1 | % | | Raley’s | | 24 Hour Fitness |
Greenhouse Marketplace | | San Francisco-Oakland-Hayward, CA |
|
|
| 100.0 | % | |
|
| 142,598 | | 232,367 | | 25.23 |
| 100.0 | % | | (Safeway) | | (CVS), Jo-Ann Fabric, 99 Cents Only, Petco, Factory 2 U |
Cambrian Park Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 171,029 | | 171,029 | | 20.91 |
| 53.7 | % | | | | BevMo, Dollar Tree |
Silver Creek Plaza | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 131,821 | | 201,716 | | 37.01 |
| 94.1 | % | | Sprouts Farmers Market | | Walgreens |
Stevens Creek Central | | San Jose-Sunnyvale-Santa Clara, CA |
|
|
| 100.0 | % | |
|
| 204,466 | | 204,466 | | 32.41 |
| 99.3 | % | | Safeway | | Marshalls, Total Wine, Cost Plus World Market |
Freedom Centre | | Santa Cruz-Watsonville, CA |
|
|
| 100.0 | % | |
|
| 150,865 | | 150,865 | | 16.92 |
| 98.1 | % | | Safeway | | Rite Aid, Big Lots |
Stony Point Plaza | | Santa Rosa, CA |
|
|
| 100.0 | % | |
|
| 194,569 | | 200,011 | | 15.86 |
| 100.0 | % | | Food Maxx | | Ross Dress for Less, Fallas Paredes, Dollar Tree |
Southampton Center | | Vallejo-Fairfield, CA |
|
|
| 100.0 | % | |
|
| 162,026 | | 162,026 | | 22.51 |
| 97.3 | % | | Raley’s | | Ace Hardware, Dollar Tree |
California Total: |
| # of Properties: |
| 17 |
|
|
| |
|
| 2,813,281 | | 3,222,212 | | 24.69 |
| 91.5 | % | | | | |
Colorado |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Crossing at Stonegate | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 109,079 | | 109,079 | | 19.70 |
| 98.8 | % | | King Sooper’s | | |
Edgewater Marketplace | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 144,553 | | 270,548 | | 12.40 |
| 100.0 | % | | King Sooper's | | Ace Hardware, (Target) |
Lowry Town Center | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 76,725 | | 129,425 | | 32.40 |
| 87.2 | % | | (Safeway) | | |
River Point at Sheridan | | Denver-Aurora-Lakewood, CO |
|
|
| 100.0 | % | |
|
| 336,016 | | 671,240 | | 15.98 |
| 95.8 | % | | | | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart, Burlington |
Colorado Total: |
| # of Properties: |
| 4 |
|
|
| |
|
| 666,373 | | 1,180,292 | | 18.04 |
| 96.2 | % | | | | |
Florida |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Argyle Village Shopping Center | | Jacksonville, FL |
|
|
| 100.0 | % | | |
| 306,506 | | 306,506 | | 12.42 |
| 99.7 | % | | 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 | | 14.38 |
| 98.2 | % | | (Walmart Supercenter) | | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) |
Epic Village St. Augustine | | Jacksonville, FL | | | | 70.0 | % | | (1) | | 6,133 | | 60,738 | | 16.05 | | 81.3 | % | | | | (Epic Theaters) |
Kernan Village | | Jacksonville, FL | | | | 50.0 | % | | (1)(3) | | 42,579 | | 288,780 | | 17.29 | | 100.0 | % | | (Walmart Supercenter) | | Ross Dress for Less, Petco |
Boca Lyons Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 117,597 | | 117,597 | | 24.38 | | 94.1 | % | | Aroma Market & Catering | | Ross Dress for Less |
Deerfield | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 409,819 | | 415,800 | | 14.15 | | 93.5 | % | | Publix | | T.J. Maxx, Marshalls, YouFit, Ulta Beauty |
Embassy Lakes Shopping Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 131,751 | | 142,779 | | 19.68 | | 54.7 | % | | | | Tuesday Morning, Dollar Tree |
Page 34
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| |
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| Average |
| |
| | |
| |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Flamingo Pines | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 26,333 | | 153,641 | | 20.43 | | 95.8 | % | | Publix | | |
Hollywood Hills Plaza | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 74,609 | | 416,769 | | 22.01 | | 98.7 | % | | Publix | | Target, Chewy.com |
Northridge | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 46,935 | | 237,703 | | 19.98 | | 95.5 | % | | 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 | | 16.80 | | 100.0 | % | | Publix | | Ross Dress for Less, Marshalls, LA Fitness, Dollar Tree |
Sea Ranch Centre | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 98,870 | | 98,870 | | 17.38 | | 89.9 | % | | Publix | | CVS, Dollar Tree |
Tamiami Trail Shops | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 20.0 | % | | (1)(3) | | 22,190 | | 132,647 | | 18.94 | | 100.0 | % | | Publix | | CVS |
The Palms at Town & County | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 658,342 | | 658,342 | | 25.98 | | 85.4 | % | | 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 | | 17.21 | | 94.9 | % | | Fresco Y Mas | | T.J. Maxx, Dollar Tree |
Village Green Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 70,240 | | 70,240 | | 30.48 | | 95.0 | % | | Trader Joe's | | |
Vizcaya Square Shopping Center | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 110,081 | | 110,081 | | 17.45 | | 92.2 | % | | Winn Dixie | | |
Wellington Green Commons | | Miami-Fort Lauderdale-West Palm Beach, FL | | | | 100.0 | % | | | | 114,056 | | 136,556 | | 30.29 | | 96.8 | % | | Whole Foods Market | | |
Clermont Landing | | Orlando-Kissimmee-Sanford, FL | | | | 75.0 | % | | (1)(3) | | 133,726 | | 347,958 | | 19.62 | | 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 | | 16.67 | | 94.3 | % | | Sprouts Farmers Market | | Hobby Lobby, Ross Dress for Less, Marshalls, Old Navy, Staples, Barnes & Noble, Petco, Big Lots |
Phillips Crossing | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 145,644 | | 145,644 | | 30.88 | | 97.5 | % | | Whole Foods | | Golf Galaxy, Michaels |
The Marketplace at Dr. Phillips | | Orlando-Kissimmee-Sanford, FL | | | | 20.0 | % | | (1)(3) | | 65,352 | | 326,760 | | 28.22 | | 85.3 | % | | Publix | | HomeGoods, Morton's of Chicago, Office Depot |
Winter Park Corners | | Orlando-Kissimmee-Sanford, FL | | | | 100.0 | % | | | | 95,211 | | 95,211 | | 30.40 | | 98.1 | % | | Sprouts Farmers Market | | |
Pineapple Commons | | Port St. Lucie, FL | | | | 20.0 | % | | (1)(3) | | 51,114 | | 269,924 | | 17.82 | | 97.7 | % | | | | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) |
Countryside Centre | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 245,958 | | 245,958 | | 15.53 | | 93.3 | % | | | | 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 | | 14.82 | | 98.6 | % | | Walmart Neighborhood Market | | Walgreens |
Largo Mall | | Tampa-St. Petersburg-Clearwater, FL | | | | 100.0 | % | | | | 377,019 | | 610,106 | | 18.81 | | 91.0 | % | | (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 | | 17.14 | | 99.4 | % | | Sprouts Farmers Market | | Hobby Lobby, Bed Bath & Beyond, Barnes & Noble, Old Navy, Cost Plus World Market |
Florida Total: |
| # of Properties: |
| 28 |
|
|
| |
|
| 4,399,893 | | 6,926,883 | | 19.60 |
| 92.6 | % | | | | |
Georgia |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Brownsville Commons | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 27,747 | | 81,913 | | 20.54 |
| 89.2 | % | | (Kroger) | | |
Camp Creek Marketplace II | | Atlanta-Sandy Springs-Roswell, GA |
|
|
| 100.0 | % | | |
| 196,283 | | 228,003 | | 17.09 |
| 100.0 | % | | | | Burlington, DSW, LA Fitness, American Signature Furniture |
Grayson Commons | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 76,581 | | 76,581 | | 16.40 | | 100.0 | % | | Kroger | | |
Lakeside Marketplace | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 137,503 | | 332,699 | | 18.42 | | 95.1 | % | | (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 | | 31.74 | | 97.5 | % | | Whole Foods | | |
Perimeter Village | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 380,686 | | 380,686 | | 21.43 | | 98.5 | % | | 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 | | 18.36 | | 100.0 | % | | Publix | | |
Roswell Corners | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 145,496 | | 327,261 | | 22.01 | | 95.2 | % | | (Super Target), Fresh Market | | T.J. Maxx |
Roswell Crossing Shopping Center | | Atlanta-Sandy Springs-Roswell, GA | | | | 100.0 | % | | | | 201,056 | | 201,056 | | 16.78 | | 93.8 | % | | 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 |
|
|
| |
|
| 1,247,896 | | 1,987,699 | | 19.28 |
| 97.1 | % | | | | |
Kentucky |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Festival on Jefferson Court | | Louisville/Jefferson County, KY-IN |
|
|
| 100.0 | % | | |
| 168,697 | | 218,107 | | 15.62 |
| 100.0 | % | | Kroger | | (PetSmart), (T.J. Maxx), Party City |
Kentucky Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 168,697 | | 218,107 | | 15.62 |
| 100.0 | % | |
|
|
|
Maryland |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Pike Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV |
|
|
| 100.0 | % | | |
| 80,869 | | 80,869 | | 67.52 |
| 66.6 | % | | | | DXL Mens Apparel |
Maryland Total: |
| # of Properties: |
| 1 |
|
|
| |
|
| 80,869 | | 80,869 | | 67.52 |
| 66.6 | % | |
|
|
|
Nevada | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Charleston Commons Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 331,740 | | 366,394 | | 19.28 |
| 98.3 | % | | Walmart | | Burlington, Ross Dress for Less, 99 Cents Only, PetSmart |
College Park Shopping Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 167,160 | | 194,873 | | 13.78 |
| 98.2 | % | | El Super | | Factory 2 U, CVS |
Francisco Center | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 116,756 | | 148,598 | | 13.12 |
| 97.5 | % | | La Bonita Grocery | | (Ross Dress for Less), dd's Discount |
Rancho Towne & Country | | Las Vegas-Henderson-Paradise, NV |
|
|
| 100.0 | % | |
|
| 84,711 | | 161,837 | | 14.40 |
| 100.0 | % | | Smith’s Food | | |
Nevada Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 700,367 | | 871,702 | | 15.76 |
| 98.4 | % | | | | |
New Mexico | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
North Towne Plaza | | Albuquerque, NM | |
|
| 100.0 | % | | |
| 118,721 | | 146,051 | | 22.56 |
| 89.5 | % | | Whole Foods Market | | HomeGoods |
New Mexico Total: | | # of Properties: | | 1 |
|
|
| |
|
| 118,721 | | 146,051 | | 22.56 |
| 89.5 | % | |
|
|
|
North Carolina | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Hope Valley Commons | | Durham-Chapel Hill, NC |
|
|
| 100.0 | % | | |
| 81,327 | | 81,327 | | 29.85 |
| 98.5 | % | | Harris Teeter | | |
Avent Ferry Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 119,652 | | 119,652 | | 19.02 | | 89.4 | % | | Food Lion | | Family Dollar |
Capital Square | | Raleigh, NC | | | | 100.0 | % | | | | 143,063 | | 143,063 | | 8.00 | | 100.0 | % | | Food Lion | | |
Falls Pointe Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 112,199 | | 198,549 | | 20.10 | | 96.4 | % | | Harris Teeter | | (Kohl’s) |
High House Crossing | | Raleigh, NC | | | | 100.0 | % | | | | 82,566 | | 82,566 | | 14.78 | | 94.8 | % | | Lidl | | |
Leesville Towne Centre | | Raleigh, NC | | | | 100.0 | % | | | | 127,106 | | 127,106 | | 21.37 | | 97.0 | % | | Harris Teeter | | |
Northwoods Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 77,802 | | 77,802 | | 12.07 | | 96.9 | % | | Walmart Neighborhood Market | | Dollar Tree |
Page 35
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| |
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| |
| | |
| |
| |
| Average |
| |
| | |
| |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Six Forks Shopping Center | | Raleigh, NC | | | | 100.0 | % | | | | 468,402 | | 468,402 | | 13.21 | | 98.9 | % | | Food Lion | | Target, Home Depot, Bed Bath & Beyond, PetSmart |
Stonehenge Market | | Raleigh, NC | | | | 100.0 | % | | | | 188,623 | | 188,623 | | 16.15 | | 77.3 | % | | Harris Teeter | | Walgreens |
North Carolina Total: | | # of Properties: |
| 9 |
|
|
| |
|
| 1,400,740 | | 1,487,090 | | 15.62 |
| 94.5 | % | | | | |
Oregon | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Clackamas Square | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 14,790 | | 140,226 | | 19.87 |
| 93.9 | % | | (Winco Foods) | | T.J. Maxx |
Raleigh Hills Plaza | | Portland-Vancouver-Hillsboro, OR-WA |
|
|
| 20.0 | % | | (1)(3) |
| 7,904 | | 39,520 | | 29.69 |
| 100.0 | % | | New Seasons Market | | Walgreens |
Oregon Total: | | # of Properties: |
| 2 | |
|
| |
|
| 22,694 | | 179,746 | | 23.57 |
| 96.0 | % | |
|
|
|
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 | | 12.76 |
| 100.0 | % | | Kroger | | |
Ridgeway Trace | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 168,816 | | 306,556 | | 23.90 |
| 94.4 | % | | | | (Target), Best Buy, PetSmart, REI |
The Commons at Dexter Lake | | Memphis, TN-MS-AR |
|
|
| 100.0 | % | |
|
| 228,796 | | 245,396 | | 12.20 |
| 82.4 | % | | Kroger | | Marshalls, HomeGoods |
Tennessee Total: | | # of Properties: |
| 4 |
|
|
| |
|
| 500,210 | | 654,550 | | 16.48 |
| 90.0 | % | | | | |
Texas | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
Mueller Regional Retail Center | | Austin-Round Rock, TX |
|
|
| 100.0 | % | | |
| 357,186 | | 357,186 | | 18.09 |
| 98.5 | % | | | | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine, Staples |
North Towne Plaza | | Brownsville-Harlingen, TX |
|
|
| 100.0 | % | | |
| 27,846 | | 144,846 | | N/A |
| — | % | | | | (Lowe's) |
Rock Prairie Marketplace | | College Station-Bryan, TX | | | | 100.0 | % | | | | 18,163 | | 18,163 | | 25.41 | | 100.0 | % | | | | |
10-Federal Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,743 | | 131,620 | | 10.69 | | 94.3 | % | | Sellers Bros. | | Harbor Freight Tools, dd's Discount |
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 | | 17.22 | | 100.0 | % | | | | Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels, I-Tile |
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 | | 18.29 | | 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 | % | | | | 210,102 | | 210,102 | | 12.86 | | 81.4 | % | | Randall’s | | Office Depot, Spec's |
Griggs Road Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 12,014 | | 80,093 | | 10.09 | | 100.0 | % | | | | Family Dollar, Citi Trends |
Harrisburg Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 14,043 | | 93,620 | | 21.25 | | 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 | | 9.73 | | 100.0 | % | | Kroger | | Goodwill |
I45/Telephone Rd. | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 25,881 | | 172,540 | | 11.72 | | 98.6 | % | | Sellers Bros. | | Famsa, Harbor Freight Tools |
Kings Crossing | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 126,397 | | 126,397 | | 18.59 | | 98.0 | % | | | | CVS |
League City Plaza | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 19,416 | | 129,440 | | 13.65 | | 79.1 | % | | | | Crunch Fitness, Spec’s, Northern Tool & Equipment Co. |
Oak Forest Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 157,822 | | 157,822 | | 18.52 | | 96.6 | % | | Kroger | | Ross Dress for Less, Dollar Tree, PetSmart |
Richmond Square | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 92,657 | | 92,657 | | 30.37 | | 95.5 | % | | | | Best Buy, Cost Plus World Market |
River Oaks Shopping Center - East | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 71,265 | | 71,265 | | 14.41 | | 98.0 | % | | Kroger | | |
River Oaks Shopping Center - West | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | (6) | | 229,960 | | 229,960 | | 44.64 | | 89.7 | % | | 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 | | 19.34 | | 93.3 | % | | | | Gulf Coast Veterinary Specialists |
Shops at Kirby Drive | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 10,000 | | 55,460 | | 36.95 | | 100.0 | % | | | | |
Shops at Three Corners | | Houston-The Woodlands-Sugar Land, TX | | | | 70.0 | % | | (1) | | 176,380 | | 282,613 | | 15.84 | | 100.0 | % | | Fiesta | | Ross Dress for Less, PetSmart, Office Depot, Big Lots |
Southgate Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 15.0 | % | | (1) | | 18,668 | | 124,453 | | 17.59 | | 96.3 | % | | Food-A-Rama | | CVS, Family Dollar, dd's Discount |
The Centre at Post Oak | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 183,940 | | 183,940 | | 39.89 | | 97.0 | % | | | | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus |
The Shops at Hilshire Village | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 119,009 | | 119,009 | | 16.04 | | 97.6 | % | | Kroger | | Walgreens |
Tomball Marketplace | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 168,724 | | 326,545 | | 20.27 | | 83.6 | % | | | | (Academy), (Kohl's), Ross Dress For Less, Marshalls |
Village Plaza at Bunker Hill | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 491,686 | | 491,686 | | 26.69 | | 97.5 | % | | H-E-B | | PetSmart, Academy, Nordstrom Rack, Burlington, Ross Dress for Less |
West Gray | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 36,900 | | 36,900 | | 27.43 | | 68.8 | % | | | | |
Westchase Shopping Center | | Houston-The Woodlands-Sugar Land, TX | | | | 100.0 | % | | | | 218,756 | | 347,475 | | 18.37 | | 78.2 | % | | 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 | | 19.21 | | 93.8 | % | | | | Ross Dress for Less, Office Depot, 99 Cents Only |
Independence Plaza | | Laredo, TX | | | | 100.0 | % | | | | 347,339 | | 347,339 | | 14.65 | | 99.4 | % | | H-E-B | | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty |
North Creek Plaza | | Laredo, TX | | | | 100.0 | % | | | | 242,290 | | 484,157 | | 15.29 | | 91.7 | % | | (H-E-B) | | (Target), Marshalls, Old Navy, Best Buy, HomeGoods |
Plantation Centre | | Laredo, TX | | | | 100.0 | % | | | | 136,487 | | 144,129 | | 18.06 | | 99.0 | % | | H-E-B | | |
Las Tiendas Plaza | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 143,976 | | 500,084 | | 13.22 | | 86.2 | % | | | | (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 | | 22.42 | | 89.1 | % | | (Walmart Supercenter) | | |
Market at Sharyland Place | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 53,956 | | 301,174 | | 19.45 | | 95.4 | % | | (Walmart Supercenter) | | Kohl's, Dollar Tree |
McAllen Center | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 51,851 | | 103,702 | | N/A | | 100.0 | % | | | | Xtreme Jump |
Northcross | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 37,383 | | 74,766 | | 19.29 | | 89.8 | % | | | | Barnes & Noble |
Old Navy Building | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3)(4) | | 7,500 | | 15,000 | | N/A | | 100.0 | % | | | | Old Navy |
Page 36
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| |
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| |
| |
| Average |
| |
| | |
| |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
Center | | CBSA | | | | % | | Notes | | Owned GLA | | Total GLA | | (ABR) | | % | | Grocer Anchor | | Other Anchors ( ) indicates owned by others | ||
Sharyland Towne Crossing | | McAllen-Edinburg-Mission, TX | | | | 50.0 | % | | (1)(3) | | 180,444 | | 492,797 | | 15.79 | | 96.9 | % | | H-E-B | | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less |
Trenton Crossing | | McAllen-Edinburg-Mission, TX | | | | 100.0 | % | | | | 265,760 | | 570,921 | | 13.94 | | 76.7 | % | | | | (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 | | 15.45 | | 73.3 | % | | H-E-B | | |
Fiesta Trails | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 418,020 | | 498,020 | | 15.13 | | 66.7 | % | | (H-E-B) | | Marshalls, Bob Mills Furniture, Petco |
Stevens Ranch | | San Antonio-New Braunfels, TX | | | | 50.0 | % | | (1) | | 10,656 | | 21,312 | | 30.22 | | 88.5 | % | | (H-E-B) | | |
The Shoppes at Wilderness Oaks | | San Antonio-New Braunfels, TX | | | | 100.0 | % | | | | 20,081 | | 20,081 | | 28.48 | | 48.8 | % | | | | |
Thousand Oaks Shopping Center | | San Antonio-New Braunfels, TX | | | | 15.0 | % | | (1) | | 24,271 | | 161,807 | | 13.23 | | 81.3 | % | | H-E-B | | Tuesday Morning |
Texas Total: | | # of Properties: |
| 48 |
|
|
| |
|
| 5,817,512 | | 9,109,048 | | 19.62 |
| 90.7 | % | | | | |
Virginia | | | |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| | | | |
Hilltop Village Center | | Washington-Arlington-Alexandria, DC-VA-MD-WV | |
|
| 100.0 | % | | (5) |
| 250,811 | | 250,811 | | 36.61 |
| 98.0 | % | | Wegmans | | L.A. Fitness |
Virginia Total: | | # of Properties: | | 1 |
|
|
| |
|
| 250,811 | | 250,811 | | 36.61 |
| 98.0 | % | |
|
|
|
Washington | | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
2200 Westlake | | Seattle-Tacoma-Bellevue, WA |
|
|
| 69.4 | % | | (1)(3) |
| 60,366 | | 87,014 | | 38.90 |
| 98.5 | % | | Whole Foods | | |
Covington Esplanade | | Seattle-Tacoma-Bellevue, WA |
|
|
| 100.0 | % | | |
| 187,388 | | 187,388 | | 34.56 |
| 96.6 | % | | | | The Home Depot |
Meridian Town Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 15,533 | | 143,236 | | 18.48 | | 100.0 | % | | (Safeway) | | Jo-Ann Fabric, Tuesday Morning |
Queen Anne Marketplace | | Seattle-Tacoma-Bellevue, WA | | | | 51.0 | % | | (1)(3) | | 41,290 | | 80,961 | | 35.86 | | 100.0 | % | | Metropolitan Market | | Bartell's Drug |
Rainier Square Plaza | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 22,347 | | 111,735 | | 21.90 | | 97.1 | % | | Safeway | | Ross Dress for Less |
South Hill Center | | Seattle-Tacoma-Bellevue, WA | | | | 20.0 | % | | (1)(3) | | 26,802 | | 134,010 | | 17.17 | | 100.0 | % | | | | Bed Bath & Beyond, Ross Dress for Less, Best Buy |
The Whittaker | | Seattle-Tacoma-Bellevue, WA | | | | 100.0 | % | | | | 63,663 | | 63,663 | | 36.01 | | 100.0 | % | | Whole Foods | | |
Washington Total: | | # of Properties: |
| 7 |
|
|
| |
|
| 417,389 | | 808,007 | | 32.47 |
| 98.1 | % | | | | |
Total Operating Properties | | # of Properties: | | 157 | | | | | | | 20,490,997 | | 29,986,432 | | 20.43 | | 92.9 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
New Development | | | | | | | | | | | | | | | | | | | | | | |
Virginia | | | | | | | | | | | | | | | | | | | | | | |
Centro Arlington | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | | 90.0 | % | | (1)(2)(3) | | 65,172 | | 72,413 | | | | | | | Harris Teeter | | |
West Alex | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | | 100.0 | % | | (2) | | 125,539 | | 125,539 | | | | | | | Harris Teeter | | |
Virginia Total: | | # of Properties: | | 2 | | | | | | | 190,711 | | 197,952 | | | | | | | | | |
Total New Developments | | # of Properties: | | 2 | | | | | | | 190,711 | | 197,952 | | | | | | | | | |
Operating & New Development Properties | | # of Properties: | | 159 | | | | | | | 20,681,708 | | 30,184,384 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Page 37
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| |
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| Average |
| |
| | |
| |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Owned | | Foot | | | | | | Base Rent | | Occupancy | | | |
| ||
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 | | | | | | | | | | | | | 165,964 | | | | | | | | | |
Colorado Total: | | | | | | | | | | | | | 165,964 | | | | | | | | | |
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 | | | | | | | | | | | | | 970,604 | | | | | | | | | |
Georgia Total: | | | | | | | | | | | | | 970,604 | | | | | | | | | |
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 | | | | | | | | | | | | | 157,687 | | | | | | | | | |
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 | | | | | | | | | |
Texas Total: | | | | | | | | | | | | | 8,116,727 | | | | | | | | | |
Total Unimproved Land | | | | | | | | | | | | | 11,522,904 | | | | | | | | | |
Center |
| Property Covered |
| Max Possible Term |
Ground Lease Commitments |
|
|
|
|
Blalock Market at I-10 |
| Entire Center | | 3/31/2039 |
Camelback Village Square |
| Entire Center | | 6/30/2094 |
Highland Square |
| Entire Center | | 10/31/2044 |
Phillips Crossing |
| Entire Center | | 12/31/2085 |
River Point at Sheridan |
| Part of Center | | 11/27/2086 |
Rock Prairie |
| Part of Center | | 12/31/2081 |
Shoppes at Memorial Villages |
| Part of Center | | 5/31/2043 |
Six Forks Station |
| Entire Center | | 6/30/2063 |
Pike Center (1) |
| Entire Center | | 5/31/2059 |
| | | | |
(1) Project subject to a ground lease with WRI's option to purchase | | |||
This list excludes one ground lease where we only lease parking area. | |
Page 38
Weingarten Realty Investors
As of December 31, 2020
(in thousands, except share prices)
Quarter | | # of Shares | | Avg. Share Price | | Gross Purchase | ||
Q1 2020 | | 847 | | $ | 21.47 | | $ | 18,194 |
Q2 2020 | | - | | | - | | | - |
Q3 2020 | | - | | | - | | | - |
Q4 2020 | | 832 | | | 16.66 | | | 13,863 |
YTD 2020 | | 1,679 | | $ | 19.09 | | $ | 32,057 |
Page 40
Weingarten Realty Investors
COVID-19 Impact – Tenant Status
As of February 12, 2021
(at pro rata share)
| Percent of Annualized Base Rent(1) | | Q3 Cash Payments Received(2) | | Q4 Cash Payments Received(2) | | January Cash Payments Received(2) | ||||
Essential & Restaurants | | | | | | | | | | | |
Supermarkets | 14 | % | | 100 | % | | 100 | % | | 99 | % |
Quick Service Restaurants | 10 | % | | 91 | % | | 90 | % | | 90 | % |
Full Service Restaurants | 9 | % | | 84 | % | | 84 | % | | 85 | % |
Medical | 6 | % | | 99 | % | | 99 | % | | 99 | % |
Auto and Other Essentials | 5 | % | | 94 | % | | 94 | % | | 92 | % |
Pet Stores and Services | 4 | % | | 100 | % | | 100 | % | | 100 | % |
Bank / Financial Service | 4 | % | | 100 | % | | 100 | % | | 100 | % |
General Merchandise (Dollar Stores) | 2 | % | | 99 | % | | 99 | % | | 98 | % |
Home Improvement | 2 | % | | 100 | % | | 100 | % | | 99 | % |
Sporting Goods | 2 | % | | 93 | % | | 100 | % | | 99 | % |
Drugstores | 2 | % | | 98 | % | | 98 | % | | 97 | % |
Liquor and Wine | 1 | % | | 100 | % | | 100 | % | | 100 | % |
Electronics | 1 | % | | 100 | % | | 100 | % | | 100 | % |
Office | 1 | % | | 99 | % | | 100 | % | | 98 | % |
Total Essential | 63 | % | | 95 | % | | 96 | % | | 95 | % |
| | | | | | | | | | | |
Non-essential | | | | | | | | | | | |
Services | 11 | % | | 94 | % | | 94 | % | | 90 | % |
Discount Apparel | 8 | % | | 85 | % | | 89 | % | | 97 | % |
Home Furnishings | 4 | % | | 95 | % | | 98 | % | | 99 | % |
Health Club | 3 | % | | 75 | % | | 76 | % | | 61 | % |
Some Apparel | 3 | % | | 89 | % | | 93 | % | | 94 | % |
Craft | 2 | % | | 99 | % | | 97 | % | | 97 | % |
Beauty Supplies | 1 | % | | 97 | % | | 98 | % | | 97 | % |
Recreation/Entertainment | 1 | % | | 91 | % | | 87 | % | | 85 | % |
Movie Theaters | 1 | % | | 12 | % | | 29 | % | | 30 | % |
Footwear | 1 | % | | 97 | % | | 100 | % | | 97 | % |
Books | 1 | % | | 100 | % | | 100 | % | | 100 | % |
Party Supplies | 1 | % | | 80 | % | | 99 | % | | 100 | % |
Other | 0 | % | | 95 | % | | 93 | % | | 91 | % |
Total Non-Essential | 37 | % | | 89 | % | | 91 | % | | 90 | % |
| | | | | | | | | | | |
Cash Collected | 100 | % | | 93 | % | | 94 | % | | 93 | % |
| | | | | | | | | | | |
Signed Deferrals | | | | 4 | % | | 2 | % | | 1 | % |
Abatements | | | | 1 | % | | 1 | % | | 1 | % |
Cash Collected + Deferral and Abatements | | | | 98 | % | | 97 | % | | 95 | % |
| | | | | | | | | | | |
Tenant Size | |||||||||||
| | | | | | | | | | | |
| Percent of Annualized Base Rent(1) | | Q3 Cash Payments Received(2) | | Q4 Cash Payments Received(2) | | January Cash Payments Received(2) | ||||
Anchors (> 10K SF) | 45 | % | | 94 | % | | 95 | % | | 95 | % |
Mid Tier (5K - 10K SF) | 13 | % | | 91 | % | | 91 | % | | 93 | % |
National / Regional Small Shops (<5K SF) | 23 | % | | 95 | % | | 96 | % | | 95 | % |
Local Small Shops (<5K SF) | 19 | % | | 89 | % | | 90 | % | | 87 | % |
Cash Collected | 100 | % | | 93 | % | | 94 | % | | 93 | % |
| | | | | | | | | | | |
Business Type(3) | |||||||||||
| | | | | | | | | | | |
| Percent of Annualized Base Rent(1) | | Q3 Cash Payments Received(2) | | Q4 Cash Payments Received(2) | | January Cash Payments Received(2) | ||||
Essential & Restaurants | 63 | % | | 95 | % | | 96 | % | | 95 | % |
Non-essential | 37 | % | | 89 | % | | 91 | % | | 90 | % |
Cash Collected | 100 | % | | 93 | % | | 94 | % | | 93 | % |
| | | | | | | | | | | |
(1) Commenced occupancy as of December 31, 2020. | | | | | | | | | | | |
(2) Based upon information as of February 12, 2021. | | | | | | | | | | | |
(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(1)
(in thousands)
Uncollectible Revenue (Contra Revenue)/Recoveries included in Supplemental Income Statement Detail (page 7) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Twelve Months Ended | ||||||||||||||
| | December 31, | | | December 31, | ||||||||||||||
| | 2020 | | 2019 | | $ Change | | | 2020 | | 2019 | | $ Change | ||||||
|
| |
|
| |
|
| |
|
| | |
|
| |
|
| |
|
Base Minimum Rent and Tenant Reimbursements, net | | $ | (3,015) | | $ | (364) |
| $ | (2,651) | | | $ | (21,072) | | $ | 74 |
| $ | (21,146) |
Straight Line Rent, net | |
| (2,926) | |
| (371) |
|
| (2,555) | | |
| (15,043) | |
| (642) |
|
| (14,401) |
Percentage Rent, net | |
| — | |
| (145) |
|
| 145 | | |
| — | |
| (145) |
|
| 145 |
Impact to Rentals, net | | $ | (5,941) | | $ | (880) |
| $ | (5,061) | | | $ | (36,115) | | $ | (713) |
| $ | (35,402) |
| | | | | | | | | | | | | | | | | | | |
Impact from Cash Basis Tenants | | $ | 792 | | $ | — |
| $ | 792 | | | $ | (2,804) | | $ | — |
| $ | (2,804) |
Uncollectible Revenue (Contra Revenue)/Recoveries | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Twelve Months Ended | ||||||||||||||
| | December 31, | | | December 31, | ||||||||||||||
| | 2020 | | 2019 | | $ Change | | | 2020 | | 2019 | | $ Change | ||||||
|
| |
|
| |
|
| |
|
| | |
|
| |
|
| |
|
Base Minimum Rent and Tenant Reimbursements, net | | $ | (3,154) | | $ | (436) |
| $ | (2,718) | | | $ | (22,321) | | $ | 53 |
| $ | (22,374) |
Straight Line Rent, net | |
| (2,980) | |
| (374) |
| | (2,606) | | |
| (15,475) | |
| (695) |
| | (14,780) |
Percentage Rent, net | | | (1) | | | (136) | | | 135 | | | | (1) | | | (145) | | | 144 |
Impact to Rentals, net | | $ | (6,135) | | $ | (946) |
| $ | (5,189) | | | $ | (37,797) | | $ | (787) |
| $ | (37,010) |
| | | | | | | | | | | | | | | | | | | |
Impact from Cash Basis Tenants | | $ | 778 | | $ | — | | $ | 778 | | | $ | (3,155) | | $ | — | | $ | (3,155) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Same Property Net Operating Income - Uncollectible Revenue (Contra Revenue)/Recoveries (page 30) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Twelve Months Ended | ||||||||||||||
| | December 31, | | | December 31, | ||||||||||||||
| | 2020 | | 2019 | | $ Change | | | 2020 | | 2019 | | $ Change | ||||||
|
| |
|
| |
|
| |
|
| | |
|
| |
|
| |
|
Minimum Rent and Tenant Reimbursements, net | | $ | (3,683) | | $ | — |
| $ | (3,683) | | | $ | (14,437) | | $ | — |
| $ | (14,437) |
Uncollectible Revenue Reserve | |
| 730 | |
| (177) |
| | 907 | | |
| (7,600) | |
| 86 |
| | (7,686) |
Impact to SPNOI | | $ | (2,953) | | $ | (177) |
| $ | (2,776) | | | $ | (22,037) | | $ | 86 |
| $ | (22,123) |
| | | | | | | | | | | | | | | | | | | |
Impact from Cash Basis Tenants | | $ | 930 | | $ | — | | $ | 930 | | | $ | (1,976) | | $ | — | | $ | (1,976) |
| | | | | | | | | | | | | | | | | | | |
(1) - Uncollectible revenues includes both lease related reserves and write-offs. | |||||||||||||||||||
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
Weingarten Realty Investors
December 31, 2020
(at pro rata share)
(in thousands, except number of leases)
| | Number | | | | | | | | |
| | of | | | | | | | ABR | |
Use Description |
| Leases |
| GLA |
| ABR |
| $/SF | ||
| | | | | | | | | | |
Home Improvement |
| 2 | | 248 | | $ | 1,154 | | $ | 4.65 |
Discount Department Store |
| 9 | | 648 | |
| 3,997 | |
| 6.17 |
Full-Service Restaurant |
| 25 | | 127 | |
| 2,789 | |
| 21.96 |
Fast Food |
| 46 | | 134 | |
| 4,343 | |
| 32.41 |
Bank |
| 29 | | 98 | |
| 4,564 | |
| 46.57 |
Supermarket |
| 13 | | 716 | |
| 6,420 | |
| 8.97 |
Pharmacy |
| 6 | | 79 | |
| 847 | |
| 10.72 |
Theater |
| 1 | | 55 | |
| 102 | | | 1.85 |
Gas Station |
| 16 | | 37 | |
| 1,649 | |
| 44.57 |
Other |
| 14 | | 170 | |
| 3,521 | |
| 20.71 |
| | | | | | | | | | |
Total |
| 161 |
| 2,312 | | $ | 29,386 | | $ | 12.71 |
Notes:
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 43