Weingarten Realty Investors /tx/ 8-k (events Or Changes Between Quarterly Reports) 2009-02-24
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 20, 2009
WEINGARTEN REALTY INVESTORS (Exact name of Registrant as specified in its Charter) Texas (State or other jurisdiction of incorporation or organization)
1-9876 (Commission file number)
2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 866-6000
Not applicable (Former name or former address, if changed since last report)
74-1464203 (I.R.S. Employer Identification Number)
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Item 2.02.
Results of Operations and Financial Condition.
On February 20, 2009, we issued a press release describing our results of operations for the fourth quarter and full year ended December 31, 2008, as well as providing supplemental financial information pertaining to our operations. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2 to this report. The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. Item 9.01.
Financial Statements and Exhibits.
99.1 2008.
Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31,
99.2
Supplemental Financial Information.
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 24, 2009 WEINGARTEN REALTY INVESTORS
By: /s/ Joe D. Shafer Joe D. Shafer Vice President/Chief Accounting Officer
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INDEX TO EXHIBITS
99.1
Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31, 2008.
99.2
Supplemental Financial Information.
4
EXHIBIT 99.1
WEINGARTEN REALTY 2600 Citadel Plaza Drive P.O. Box 924133 Houston, Texas 77292-4133
NEWS RELEASE Information: Kristin Gandy, Director of Investor Relations, Phone: (713) 866-6050
Weingarten Realty Announces Fourth Quarter and Full Year 2008 Results Houston, TX, February 20, 2009: Weingarten Realty (NYSE: WRI) announced today the results of its fourth quarter and full year ended December 31, 2008. As a result of certain non-recurring, non-cash charges the Company reported a net loss to common shareholders for the quarter ended December 31, 2008 totaling $9.7 million, or $0.11 per diluted share, compared to net income available to common shareholders of $58.8 million, or $0.67 per diluted share, for the quarter ended December 31, 2007. Net income available to common shareholders for the year ended December 31, 2008 totaled $115.1 million, or $1.36 per diluted share, compared to net income available to common stockholders of $217.0 million, or $2.44 per diluted share, for the year ended December 31, 2007. Excluding non-recurring items, net income for the quarter would have been $0.47 per diluted share for the quarter and $2.03 per diluted share for the year. Fund from Operations ("FFO"), again considering the non-recurring, non-cash charges for the quarter ended December 31, 2008, totaled $12.5 million, or $0.14 per diluted share compared to $68.3 million, or $0.78 per diluted share for quarter ended December 31, 2007. For the year ended December 31, 2008, FFO totaled $207.1 million, or $2.44 per diluted share compared to $272.1 million or $3.06 per diluted share in 2007. Excluding non-recurring items discussed below, FFO for the quarter would have been $0.72 per diluted share for the quarter and $3.11 per diluted share for the year. Net Income and FFO for both the quarter and the year were negatively affected by non-recurring items totaling $0.58 per diluted share for the quarter and $0.67 per diluted share for the year. The vast majority of these items are non-cash and the details are as follows: • • • •
A non-cash impairment charge in the fourth quarter of $46.1 million, net of taxes, or $0.54 per share, related primarily to land held for future development. Non-cash write-off of predevelopment costs totaling $13.8 million or $0.16 per share for the quarter and $16.8 million or $0.20 per share for the year. Losses on assets held in a grantor trust related to the supplemental executive retirement plan totaling $2.7 million or $0.03 per share for the quarter and $5.1 million or $0.06 per share for the year. Subsequent to year-end, the investments in the plan were sold, thus eliminating any future earnings volatility. A severance charge related to a workforce reduction of $1.5 million or $0.02 per share for the quarter and $2.4 million or $0.03 per share for the year offset by a reduction in accruals for incentive compensation of $3.1 million or $0.04 per share for the quarter and $4.2 million or $0.05 per share for the year.
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• • •
As reported in prior quarters, Hurricane Ike costs totaled $0.02 per share for the year and non-cash write-offs of original issuance costs related to the retirement of the Company’s Preferred G shares also totaled $0.02 per share. A gain of $10.7 million or $0.13 per share in the fourth quarter from the early retirement of a portion of the Company's 3.95% convertible bonds at a discount to par value. Gains on the settlement of an interest rate swap agreement of $2.8 million or $0.03 per share in the second quarter of 2008.
A reconciliation schedule of FFO excluding non-recurring items is included with this earnings press release following the financial statements. The quarter included several highlights, including the following: • • •
In October the Company issued $100 million of new common equity, Received cash of $121.8 million thus far for the ten properties sold in connection with the formation of a joint venture with a subsidiary of the Hines REIT Properties LP., and Stabilized a Super Target anchored new development owned in a 50% joint venture in Florida representing a net investment of $13 million.
Existing Portfolio Overall occupancy for the operating portfolio was 92.6% at the end of the fourth quarter of 2008 compared to 94.4% for the fourth quarter in 2007. Occupancy for the retail properties was 93.0% compared to 94.5% in the third quarter of 2008, while industrial occupancy was 91.6% compared to 91.4% in the previous quarter. For the full year 2008, the Company completed 1,243 new leases and renewals, totaling 6.3 million square feet. The average rental rate for leases that commenced in the fourth quarter increased 9.3% on a same space GAAP basis and 6.8% on a cash basis. Same property net operating income was down 3.5% from the fourth quarter of last year and down 0.4% for the full year 2008 due to increased bad debt expense and retailer fallouts. “The forecast for 2009 remains challenging,” states Johnny Hendrix, Executive Vice President of Asset Management. “However, I am confident that due to the quality of our shopping centers, which are primarily anchored by supermarkets, we will continue to remain resilient. Our very experienced and focused group of associates are executing the basic fundamentals, like cold calling, leasing space, collecting rent, and maintaining our centers every day.” New Development The Company currently has 25 properties under developments and WRI’s pro-rata share represents an investment of $471 million upon completion. From this pipeline we are 2
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projecting that 5 of our 25 projects will be stabilized by the end of 2009, of which one is an industrial project that we feel confident will stabilize by year end, and four shopping centers that are currently 92% leased including tenant owned square footage. At year end, the leasing level of the entire development pipeline inclusive of anchor owned parcels projected to stabilize over the next four years stood at 61%. As of the end of the fourth quarter, WRI had already invested $366 million as its pro-rata share. To complete these projects WRI needs to invest only an additional $105 million which equates to 78% funded. “In the fourth quarter, the company completed one significant development,” said Robert Smith, Senior Vice President and Director of New Development. “Palm Coast Landing at Town Center Phase I a 359,000 square foot power center located in Palm Coast, Florida, is a 50% joint venture and is anchored by a Super Target, Ross, TJ Maxx, Petsmart, Michaels, and Books a Million. Our investment in this center totaled $13 million, has a yield of 9.7%, and a current occupancy level in excess of 97%.” “Likewise we were pleased that for the full year, the company stabilized six projects with a total investment of $90 million and returns averaging 9.1%. Although we did not complete any merchant build transactions in the fourth quarter, our merchant build efforts for the year contributed FFO of $.09 per share after tax,” stated Smith. The Company achieved completions of $146 million for the year, exceeding guidance of $110 - $130 million. The anticipated range for completions in 2009 is estimated at $100 – 130 million. Impairments Given the current economic environment and, more specifically, the depressed state of commercial real estate, the Company performed a review of its operating assets, new development properties, land held for future development and its investments in unconsolidated real estate joint ventures and partnerships for impairment. Based on this analysis, the Company recorded non-cash impairment charges, net of taxes, of $46.1 million or $0.54 per diluted share in the fourth quarter. The impairment charges were almost exclusively on land held for future development. Additionally, in the fourth quarter the Company wrote off predevelopment costs of new development projects it no longer intends to pursue totaling $13.8 million or $0.16 per share. For the full year the write-off totaled $16.8 million or $0.20 per share. These charges are also non-cash in nature. After these charges, the Company has no remaining pursuit costs at risk on its balance sheet. Portfolio Enhancements In November the Company entered into a joint venture with a subsidiary of Hines REIT Properties, LP where they would acquire from the Company a 70% interest in a portfolio of 12 shopping centers. The aggregate transaction price was approximately $271 million. The transaction closed on multiple dates. To date, the joint venture has closed on ten of the properties for approximately $228 million; the purchase of the remaining two 3
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properties will be closed upon finalization of their loan assumptions within the next 30 days. In December this joint venture also completed a $100 million secured financing on the properties. "WRI is extremely pleased to become partners with a world-class organization that also has its deep roots in our wonderful headquarters city of Houston. We believe this transaction will provide stable and growing returns to the joint venture while also meeting our objective of recycling capital, providing liquidity and building our assets under management," stated Drew Alexander, President and CEO of WRI. In November the Company closed the disposition of a non-core property in Louisiana for $30 million. Year-to-date, dispositions excluding sales to joint ventures totaled $144 million, representing ten properties and 1.1 million square feet. These dispositions generated gains on sale of $69 million. There were no acquisitions in the fourth quarter. Balance Sheet Strength In October the Company’s strong balance sheet was further enhanced by the issuance of 3,000,000 common shares of beneficial generating net proceeds of $98.1 million. The proceeds were used to repay indebtedness outstanding under the Company’s revolving credit facility. “We are very pleased to have raised additional common equity in this very challenging financial market. This capital further enhances our liquidity and already strong balance sheet. Debt maturities for 2009 and 2010 are very manageable at $97.0 million and $128 million respectively, and the Company has investment grade credit ratings from both Standard & Poor’s and Moody’s supported by a fixed charge coverage ratio of 2.0x. In addition, we currently have $2.7 billion in unencumbered properties that could be mortgaged should we need to raise additional capital,” stated Steve Richter, Executive Vice President and Chief Financial Officer. Dividends The Board of Trust Managers of Weingarten Realty Investors declared a first quarter dividend of $0.525 per share to holders of record as of March 6, 2009 of its Common Shares of Beneficial Interest. The dividend is to be paid on March 16, 2009. The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) are $0.434375 per share for the same period. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share. All preferred share dividends are payable on March 16, 2009 to shareholders of record on March 6, 2009. 4
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In an effort to further enhance our liquidity and equity position, the Board of Trust Manager also approved the issuance of up to $125 million of common shares under a continuous equity issuance program. Outlook “We are in a very challenging economic environment which is impacting our results in the short term. In this environment, we have kept our focus on leasing and maintaining the occupancy of our existing portfolio, completing our existing new development pipeline, deploying our capital wisely and increasing our liquidity. The economic picture does not look promising. However, we all know that we will emerge from this recession. I feel this company is extremely well positioned to perform well despite continued market pressure because we have great Properties, People and basic operating Practices,” said Alexander. “I take comfort in initiatives that have made this company strong for over 60 years now, through both good and difficult times. Weingarten has a truly superior management team, a diversified portfolio that is strategically located primarily in metropolitan areas and over 70% of our net operating income comes from shopping centers that have a supermarket component, the most recession-resilient product type in our sector.” The Company believes FFO will be in the range of $2.30 to $2.60 including gains from merchant development sales of $0.10 per share. Conference Call Information The Company also announced that it will host a live webcast of its quarterly conference call on February 23, 2009 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s Web site at www.weingarten.com. A replay is also available through the Company’s Web site starting approximately two hours following the live call or can be heard by calling 800-642-1687, identification number 81399595 until 11:59 PM Central Time on February 24, 2009. About Weingarten Realty Investors As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948. Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. The Company’s portfolio of 404 properties includes 323 neighborhood and community shopping centers and 81 industrial properties. Including tenant-owned square footage, the Company’s portfolio currently totals approximately 73 million square feet under management. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,300 tenants comprising less than 3% of its rental revenues. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com. Forward-Looking Statements Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their 5
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nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
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Financial Statements Weingarten Realty Investors (in thousands, except per share amounts)
STATEMENTS OF CONSOLIDATED INCOME AND FUNDS FROM OPERATIONS Rental Income Other Income Total Revenues Depreciation and Amortization Operating Expense Ad Valorem Taxes General and Administrative Expense Impairment Loss Total Expenses Operating Income (Loss) Interest Expense Interest and Other Income, net Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income from Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders--Basic Net Income (Loss) Per Common Share--Basic Net Income (Loss) Available to Common Shareholders--Diluted Net Income (Loss) Per Common Share--Diluted Funds from Operations: Net Income (Loss) Available to Common Shareholders Depreciation and Amortization Depreciation and Amortization of Unconsolidated Joint Ventures Gain on Sale of Properties (Gain) Loss on Sale of Properties of Unconsolidated Joint Ventures Funds from Operations--Basic Funds from Operations Per Common Share--Basic Funds from Operations--Diluted Funds from Operations Per Common Share--Diluted Weighted Average Shares Outstanding--Basic Weighted Average Shares Outstanding--Diluted
CONSOLIDATED BALANCE SHEETS Property Accumulated Depreciation Investment in Real Estate Joint Ventures and Partnerships Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable, net
$
Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) 147,576 $ 146,913 $ 600,918 $ 570,487 3,601 3,570 14,050 13,280 151,177 150,483 614,968 583,767 37,617 32,993 155,912 128,061 38,740 29,384 118,477 103,737 17,107 15,089 73,026 66,649 5,987 7,329 25,761 26,979 52,539 52,539 151,990 84,795 425,715 325,426 (813) 65,688 189,253 258,341 (35,637) (38,646) (148,475) (148,829) 414 1,648 4,334 8,486 10,658 10,658 (3,341) (1,975) 1,897 102 13,139 (15,556) (22) 14,739 14,717 (839) 8,869
7,340 (2,559) 1,076 8,235 (2,140) 40,642 1,975 23,975 25,950 66,592 8,890
$ $ $ $
(9,708) (0.11) (9,708) (0.11)
$ $ $ $
57,702 0.68 58,798 0.67
$ $ $ $
$
(9,708) 35,602 3,200 (16,629) 10 12,475 0.14 12,475 0.14 86,664 86,876
$
57,702 32,923 3,765 (25,065) (2,171) 67,154 0.80 68,250 0.78 84,286 87,379
$
$ $ $ $
$ $ $ $
December 31, December 31, 2008 2007 (Unaudited) (Audited) $ 4,915,472 $ 4,972,344 (812,323) (774,321) 357,634 300,756 232,544 81,818 119,951 114,969 103,873 94,607
$ $ $ $
12,196 (8,943) 1,998 8,342 10,148 79,511 3,448 68,722 72,170 151,681 34,711 1,850 115,120 1.36 115,120 1.36
115,120 150,137 11,898 (70,066) (2) 207,087 2.45 207,087 2.44 84,474 84,917
19,853 (10,237) 4,086 16,385 (4,073) 144,012 10,346 83,659 94,005 238,017 25,375 $ $ $ $
212,642 2.49 217,049 2.44
$
212,642 129,946 11,204 (83,907) (2,169) 267,716 3.13 272,123 3.06 85,504 88,893
$ $ $ $
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Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total Assets
$
Debt Accounts Payable and Accrued Expenses Other Total Liabilities
$
Commitments and Contingencies
58,946 33,252 105,350 5,114,699 3,171,537 179,432 90,461 3,441,430
$ $
65,777 38,884 98,509 4,993,343 3,165,059 155,137 104,439 3,424,635
41,000
Minority Interest Preferred Shares of Beneficial Interest Common Shares of Beneficial Interest Treasury Shares of Beneficial Interest Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Total Shareholders' Equity Total Liabilities and Shareholders' Equity
$
Page 7
204,031
96,885
8 2,625
8 2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343
1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $
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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions
Funds from Operations per Common Share - Diluted as Reported
Three Months Ended December 31, 2008
Twelve Months Ended December 31, 2008
$
$
0.14
2.44
Gain on Redemption of Convertible Senior Unsecured Notes
(0.13)
(0.13)
Impairment Loss, net of taxes
0.54
0.54
Write-off of Predevelopment Costs, net of taxes
0.16
0.20
Reduction of Incentive Compensation Accrual
(0.04)
(0.05)
Gain on Swap Settlement
-
(0.03)
Redemption Costs of Preferred G Shares
-
0.02
Hurricane Ike Costs
-
0.02
Severance Costs
0.02
0.03
Losses on Assets Held in Grantor Trust
0.03
0.06
Adjusted Funds from Operations per Common Share - Diluted
$
0.72
$
3.11
Page 8
EXHIBIT 99.2
Supplemental Financial Information December 31, 2008 (Unaudited)
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Table of Contents Corporate Profile Condensed Consolidated Statements of Income Condensed Consolidated Balance Sheets Summary Operating Data Funds from Operations Dividends General and Administrative Expenses Net Operating Income Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Rentals Interest Expense Fee Income From Real Estate Joint Ventures and Partnerships Property Net Operating Income including Joint Ventures Joint Venture Reporting Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share Investments in Unconsolidated Real Estate Joint Ventures & Partnerships Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships Summary Balance Sheet Information Common Share Data Capitalization Capital Availability Credit Ratings Debt Information Outstanding Balance Summary Fixed vs Variable Rate Debt Secured vs Unsecured Debt Coverage Ratios Weighted Average Interest Rates Schedule of Maturities Other Information Tenant Diversification Lease Expirations Leasing Production Average Minimum Rent per Square Foot Occupancy Property Information Property Investment Summary New Development Properties (by Stabilization) Land Held for Development Acquisition Summary Disposition Summary Total Net Operating Income at Pro rata Share by Geographic Region Average Base Rents by CBSA Property Listing This supplemental financial information package contains historical information of the Company. Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized.
Page No. 1 2 3 4-6
7 - 10
11
12 - 13
14 - 15
16 - 38
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Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2008, we owned or operated under long-term leases, interests in 374 developed income-producing properties and 30 new development properties (including 14 which are income-producing), which are located in 23 states that span the United States from coast to coast. Included in the portfolio are 323 shopping centers, 78 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 47.6 million square feet of leasable area. Our properties were 92.6% leased as of December 31, 2008, and historically our portfolio occupancy rate has never been below 90%. Corporate Office 2600 Citadel Plaza Drive P. O. Box 924133 Houston, TX 77292-4133 713-866-6000 www.weingarten.com Regional Offices Atlanta, GA Dallas, TX Ft. Lauderdale, FL Las Vegas, NV Los Angeles, CA Orlando, FL Phoenix, AZ Raleigh, NC Sacramento, CA
Stock Listings New York Stock Exchange: Common Shares Series D Preferred Shares Series E Preferred Shares Series F Preferred Shares
WRI WRI-PD WRI-PE WRI-PF
Page 1
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Weingarten Realty Investors Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (as reported)
Three Months Ended December 31, 2008 2007 Revenues: Rentals Other Total
$
Expenses: Depreciation and amortization Operating Ad valorem taxes General and administrative Impairment loss Total Operating Income (Loss) Interest Expense Interest and Other Income, net Loss on Redemption of Preferred Shares Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net (a) Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income From Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders - Basic $ Net Income (Loss) Per Common Share Basic $ Net Income (Loss) Per Common Share Diluted $
147,576 3,601 151,177
$
146,913 3,570 150,483
37,617 38,740 17,107 5,987 52,539 151,990
32,993 29,384 15,089 7,329
(813) (35,637) 414
Twelve Months Ended December 31, 2007 2006 2005
2008
$
600,918 14,050 614,968
$
570,487 13,280 583,767
$
516,669 6,755 523,424
$
467,811 6,163 473,974
2004
$
419,989 8,155 428,144
128,061 103,737 66,649 26,979
117,443 85,722 60,673 23,801
106,949 71,097 54,630 17,379
84,795
155,912 118,477 73,026 25,761 52,539 425,715
325,426
287,639
250,055
65,688 (38,646) 1,648
189,253 (148,475) 4,334
258,341 (148,829) 8,486
235,785 (145,374) 9,044
223,919 (129,160) 2,854
198,641 (116,142) 1,389 (3,566)
5,384 (4,928) 1,562
10,658
95,219 66,606 48,356 16,122 3,200 229,503
10,658
(3,341) (1,975) 1,897
7,340 (2,559) 1,076
12,196 (8,943) 1,998
19,853 (10,237) 4,086
14,655 (6,414) 22,493
6,610 (6,060) 22,306
102 13,139
8,235 (2,140)
8,342 10,148
16,385 (4,073)
7,166 (1,366)
804
(15,556)
40,642
79,511
144,012
135,989
121,273
82,340
(22)
1,975
3,448
10,346
23,527
32,921
34,158
14,739
23,975
68,722
83,659
145,494
65,459
24,883
14,717 (839) (8,869)
25,950 66,592 (8,890)
72,170 151,681 (34,711)
94,005 238,017 (25,375)
169,021 305,010 (10,101)
98,380 219,653 (10,101)
59,041 141,381 (7,470)
(1,850) (9,708) $
57,702
$
115,120
$
212,642
$
294,909
$
209,552
$
133,911
(0.11) $
0.68
$
1.36
$
2.49
$
3.36
$
2.35
$
1.55
(0.11) $
0.67
$
1.36
$
2.44
$
3.27
$
2.31
$
1.54
(a) See Page 7 for the Company's pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.
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Page 2
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Weingarten Realty Investors Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (as reported)
December 31, 2008 2007 ASSETS Property Accumulated Depreciation Property, net
$
Investment in Real Estate Joint Ventures and Partnerships (a) Total Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $12,412 in 2008 and $8,721 in 2007) Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total
$
4,915,472 $ (812,323) 4,103,149
4,972,344 (774,321) 4,198,023
357,634 4,460,783
300,756 4,498,779
232,544 119,951
81,818 114,969
103,873 58,946 33,252 105,350 5,114,699
94,607 65,777 38,884 98,509 4,993,343
$
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Accounts Payable and Accrued Expenses Other Total
$
Commitments and Contingencies
3,171,537 179,432 90,461 3,441,430
$
3,165,059 155,137 104,439 3,424,635
41,000
Minority Interest Shareholders' Equity: Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2008 and 2007; liquidation preference $75,000 6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2008 and 2007; liquidation preference $72,500 6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 140 and 80 shares outstanding in 2008 and 2007; liquidation preference $350,000 in 2008 and $200,000 in 2007 Variable-rate Series G cumulative redeemable preferred shares of beneficial interest, 80 shares issued; none in 2008 and 80 shares outstanding in 2007; liquidation preference $200,000 in 2007 Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 87,102 in 2008 and 85,146 in 2007 Treasury Shares of Beneficial Interest - par value, $.03 per share; none in 2008 and 1,370 shares outstanding in 2007 Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Shareholders' Equity Total $
204,031
96,885
3
3
1
1
4
2 2
2,625
1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $
2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343
(a) This represents the Company's investment of its unconsolidated real estate joint ventures and partnerships. See page 7 for additional information.
Page 3
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Weingarten Realty Investors Summary Operating Data (in thousands, except per share amounts)
Three Months Ended December 31, 2008 2007 Funds from Operations Numerator: Net income (loss) available to common shareholders Depreciation and amortization Depreciation and amortization of unconsolidated real estate joint ventures and partnerships Gain on sale of properties (Gain) loss on sale of properties of unconsolidated real estate joint ventures and partnerships Funds from Operations - Basic Funds from operations attributable to operating partnership units Funds from Operations - Diluted
$
$
Denominator: Weighted average shares outstanding - Basic Effect of dilutive securities: Share options and awards Operating partnership units Weighted average shares outstanding - Diluted
(9,708) 35,602
$
Twelve Months Ended December 31, 2008 2007
57,702 32,923
$
115,120 150,137
$
212,642 129,946
3,200 (16,629)
3,765 (25,065)
11,898 (70,066)
11,204 (83,907)
10 12,475
(2,171) 67,154 1,096 68,250
(2) 207,087
(2,169) 267,716 4,407 272,123
12,475
$
$
207,087
$
86,664
84,286
84,474
85,504
212
673 2,420 87,379
443
891 2,498 88,893
86,876
84,917
Funds from Operations per Share - Basic
$
0.14
$
0.80
$
2.45
$
3.13
Funds from Operations Per Share - Diluted
$
0.14
$
0.78
$
2.44
$
3.06
Growth in Funds from Operations per Share - Diluted
Dividends Common Dividends per Share Common Dividends Paid as a % of Funds from Operations
-82.1%
$
0.525
$
0.495
-20.3%
$
2.10
$
1.98
366.4%
61.7%
85.9%
63.2%
4.0%
4.9%
4.2%
4.6%
General and Administrative Expenses/Total Assets before Depreciation
0.10%
0.13%
0.43%
0.47%
Net Operating Income * Same Property NOI Growth: ** Cash Basis Retail Industrial Total
-3.7% -1.6% -3.5%
3.2% 3.4% 3.2%
-0.6% 1.5% -0.4%
2.7% 4.3% 2.8%
General and Administrative Expenses General and Administrative Expenses/Total Revenue
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*
Includes the Company's share of unconsolidated real estate joint ventures and partnerships and excludes its partners' share of consolidated real estate joint ventures and partnerships ("Pro rata Share").
**
Same Property NOI Growth excludes the effect of lease cancellation income and straight-line rent adjustments, but does include provisions for uncollectible amounts and related recoveries.
The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) available to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Three Months Ended December 31, 2008 Funds from Operations per Common Share - Diluted as Reported
$
Twelve Months Ended December 31, 2008
0.14
$
2.44
Gain on Redemption of Convertible Senior Unsecured Notes
(0.13)
(0.13)
Impairment Loss, net of taxes
0.54
0.54
Write-off of Predevelopment Costs, net of taxes
0.16
0.20
Reduction of Incentive Compensation Accrual
(0.04)
(0.05)
Gain on Swap Settlement
-
(0.03)
Redemption Costs of Preferred G Shares
-
0.02
Hurricane Ike Costs
-
0.02
Severance Costs
0.02
0.03
Losses on Assets Held in Grantor Trust
0.03
0.06
Adjusted Funds from Operations per Common Share - Diluted
$
Page 5
0.72
$
3.11
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Weingarten Realty Investors Summary Operating Data (continued) (in thousands)
Three Months Ended December 31, 2008 2007 Rentals Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Total
$
$
112,642 1,315 892 1,922 30,805 147,576
$
$
113,098 2,494 899 1,738 28,684 146,913
Twelve Months Ended December 31, 2008 2007 $
$
Three Months Ended December 31, 2008 2007 Interest Expense Interest paid or accrued Over-market mortgage adjustment Gross interest expense Less: Capitalized interest Interest expense
$
$
44,017 (3,466) 40,551 (4,914) 35,637
$
$
46,116 (1,601) 44,515 (5,869) 38,646
$
1,962
$
$
1,962
$
1,967 517 2,484
$
$
437,065 9,463 3,223 6,158 114,578 570,487
Twelve Months Ended December 31, 2008 2007 $
$
Three Months Ended December 31, 2008 2007 Fee Income from Real Estate Joint Ventures and Partnerships Recurring Non-Recurring Total
457,412 10,061 3,487 5,918 124,040 600,918
176,772 (8,007) 168,765 (20,290) 148,475
$
$
180,612 (6,758) 173,854 (25,025) 148,829
Twelve Months Ended December 31, 2008 2007 $ $
7,135 95 7,230
$ $
5,892 2,312 8,204
December 31, 2008 Property Land Land held for development Land under development Buildings and improvements Construction in-progress Total
Net Operating Income including Joint Ventures Revenues Operating expense Ad valorem taxes Total Net Operating Income from Discontinued Operations
$
$
2007
964,982 118,078 101,587 3,488,385 242,440 4,915,472
$
$
974,145 62,033 223,827 3,533,037 179,302 4,972,344
Three Months Ended December 31, 2008
Twelve Months Ended December 31, 2008
$
$
151,177 (38,740) (17,107) 95,330 195
614,968 (118,477) (73,026) 423,465 5,504
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Prorata Share of Unconsolidated Joint Ventures Revenues Operating expense Ad valorem taxes Total
14,258 (7,608) (1,331) 5,319
47,977 (12,981) (5,282) 29,714
Minority Interests Share of Net Operating Income and Other Adjustments
(7,137)
(18,232)
Net Operating Income including Joint Ventures
$
Page 6
93,707
$
440,451
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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% (in thousands)
Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total
$
27,026 708 2,078 413 8,038 7,130 45,393
$
Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total
11,047 5,616 18,446 4,905 4,269 5,151 49,434
Gain on land and merchant development sales Gain (loss) on sale of properties Net income (loss)
(22) (4,063) $
$
29,058 931 1,322 262 7,295 1,727 40,595
Twelve Months Ended December 31, 2008 2007
$
13,278 5,593 6,822 3,479 622
111,678 3,026 5,849 927 30,817 10,440 162,737
$
103,412 4,014 5,057 689 27,483 5,987 146,642
29,794
41,146 20,424 37,592 18,739 6,055 5,151 129,107
101,073
1,295 5,427 17,523
933 13 34,576
1,295 5,422 52,286
$
38,574 23,093 22,396 15,767 1,243
$
December 31, 2008 2007 ASSETS Property Accumulated depreciation Property, net
$
Other assets
1,951,771 $ (129,227) 1,822,544 256,688
Total
1,660,915 (71,998) 1,588,917 238,166
$
2,079,232
$
1,827,083
$
472,486 248,969 149,265 1,208,512
$
378,206 87,191 138,150 1,223,536
$
2,079,232
$
1,827,083
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Accumulated equity Total
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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share (in thousands)
Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total
$
Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total
$
3,200 1,655 7,608 1,331 2,064 2,451 18,309
Gain on land and merchant development sales Gain (loss) on sale of property Net income (loss) **
7,668 229 419 169 2,378 3,395 14,258
$
Twelve Months Ended December 31, 2008 2007
8,446 379 279 89 2,243 632 12,068
$
31,998 977 1,180 335 9,027 4,460 47,977
3,765 1,595 1,965 1,077 194
$
30,810 1,392 1,129 247 8,312 2,408 44,298
11,204 6,951 6,517 4,623 413
8,596
11,898 5,591 12,981 5,282 2,740 2,451 40,943
(10)
647 2,171
402 2
647 2,169
(4,061) $
6,290
$
7,438
29,708
$
17,406
December 31, 2008
2007
ASSETS Property Accumulated depreciation Property, net Other assets Total
$
593,923 $ (48,476) 545,447
456,007 (26,604) 429,403
$
104,439 649,886
$
89,310 518,713
$
164,699
$
115,967
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Total Accumulated equity Total
Net income from unconsolidated real estate joint ventures and **partnerships Intercompany fee income reclass
117,150 63,320 345,169
40,852 53,315 210,134
304,717
308,579
$
649,886
$
7,438 5,492
$
518,713
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Other adjustments Equity in earnings of real estate joint ventures and partnerships, net
$
(734) 12,196
Notes: The Consolidated Financial Statements at pro rata share include only the real estate operations of joint ventures and partnerships at WRI's ownership percentages. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
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Weingarten Realty Investors Investments in Unconsolidated Real Estate Joint Ventures & Partnerships December 31, 2008 (In Thousands)
Weingarten Realty
Joint Venture Partner
Number of Properties
Total GLA
Total Assets $
337,516 170,592 160,464 136,868 160,474
Total Debt
TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment ThirtySix, LP Eagle AN, LP
7 10 8 6 3
1,258 895 1,100 523 715
$
105,124 31,225 69,709 -
12 7
4,068 2,050
230,489 54,091
24,681 35,245
Other Total
29 82
4,088 14,697
828,739 $2,079,232
206,502 $ 472,486
Ownership Interest
Share of Debt
20.0% $ 25.0% 50.0% 20.0% 20.0% 20.0% 20.0%
26,281 15,612 13,942 -
Investment Balance
Equity in Earnings of Unconsolidated JVs
$
$
65,099 13,890 57,087 12,493 30,804
2,823 54 3,042 604 1,338
4,936 7,049
33,967 0
1,059 148
46.9% 96,878 28.3% $ 164,699
144,293 $ 357,634
3,128 12,196
$
Joint Venture Description RETAIL TIAA Florida Retail LLC
Joint venture with an institutional partner, TIAA-CREF Global Real Estate. Retail joint venture with an institutional partner through AEW Capital AEW SPR, LLC Management Collins Primarily a development joint venture in the Texas Rio Grande valley AEW - Institutional Client Joint venture with an institutional partner through AEW Capital Management BIT Retail Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust INDUSTRIAL BIT Investment ThirtySix, LP Eagle AN, LP
Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust Industrial joint venture with American National Insurance Company
Page 9
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Weingarten Realty Investors Mortgage Debt Information for Unconsolidated Joint Ventures & Partnerships December 31, 2008 (In Thousands) # of Mortgaged Properties
Joint Venture Partner
Mortgage Balance
TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment Thirty-Six, LP Eagle AN, LP
7 2 6 0 4 1
Other
8
Total
28
$
$
Average Interest Rate (1)
Average Remaining Term (yrs)
105,124 31,225 69,709 24,681 35,245
5.7% 6.2% 5.7% 6.4% 8.1%
7.0 12.6 5.2 2.8 1.7
128,730
5.7%
8.3
394,714
6.0%
6.6
Schedule of Maturities At 100% Average Maturities Interest Rate 2008 2009 2010 (1) 2011 2012 2013 2014 2015 2016 2017 Thereafter Total
$
$
44,419 13,341 15,440 47,821 54,226 37,272 99,710 44,540 37,945 394,714
$ 7.5% 7.3% 6.1% 6.1% 5.9% 5.3% 5.7% 5.6% 5.6% 6.0% $
At WRI Share Average Maturities Interest Rate 9,891 6,804 3,088 16,780 12,174 7,874 30,537 19,715 18,972 125,835
(1) All mortgages are fixed rate except for one of the "other" which has a variable rate mortgage ($3.4 million), maturing in 2010
Page 10
7.2% 7.3% 6.1% 5.9% 5.9% 5.3% 5.7% 5.6% 5.6% 5.9%
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Weingarten Realty Investors Summary Balance Sheet Information (in thousands, except common share data and percentages)
December 31, 2008 Common Share Data Closing Market Price
$
20.69
Dividend Yield
December 31, 2007
$
31.44
10.15%
90-Day, Average Daily Trading Volume
6.30%
1,290,339
Capitalization (As reported) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization
$
$
3,171,537 497,500 1,802,140 45,559 5,516,736
Debt to Total Market Capitalization
468,050
$
$
3,165,059 547,500 2,633,917 75,959 6,422,435
57.5%
Capitalization (Pro rata) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization
$
$
3,131,883 497,500 1,802,140 45,559 5,477,082
Debt to Total Market Capitalization
49.3%
$
$
3,242,349 547,500 2,633,917 75,959 6,499,725
57.2%
Capital Availability Unused Portion of $575 MM Revolver Shelf Registration - $1 Billion Effective April 2003 Shelf Registration - $1.5 Billion Effective September 2004 Shelf Registration - $50 Million Effective September 2004 Total
$
$
181,943 181,943
49.9%
$
$
310,793 85,430 1,300,000 50,000 1,746,223
Credit Ratings
S&P
Moody's
Senior Debt Preferred Shares
BBB BB+
Baa2 Baa3
(1)
These shelf registrations have expired. Effective December 8, 2008, an automatic open shelf registration was filed, allowing us to issue various securities over the next three years as determined by the market.
Page 11
(1) (1) (1)
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Weingarten Realty Investors Debt Information (in thousands, except percentages)
December 31, 2008 Outstanding Balance Summary (1) Mortgage Debt 7% 2011 Bonds 3.95% Convertible Bonds (2) Unsecured Notes Payable Revolving Credit Agreements (3) Industrial Revenue Bonds Obligations under Capital Leases Total Debt - As Reported Less: Minority Partners' Interests Plus: WRI Share of Unconsolidated Joint Ventures Total Debt - Pro rata Share
$
$
1,003,709 200,000 537,199 1,014,567 383,000 3,337 29,725 3,171,537 (204,353) 164,699 3,131,883
December 31, 2008
4th Quarter Weighted Average Rate
December 31, 2007
6.37% $ 7.00% 3.95% 5.77% 2.55% 3.44% 5.98% 5.31%
5.31% $
% of Total
1,035,578 200,000 575,000 1,065,867 255,000 3,889 29,725 3,165,059 (38,677) 115,967 3,242,349
December 31, 2007
4th Quarter Weighted Average Rate 7.19% 7.00% 3.95% 5.87% 5.54% 4.92% 6.22% 6.08%
6.06%
% of Total
Fixed vs Variable Rate Debt (at Pro rata Share) (includes the effect of interest rate swaps) Fixed-rate debt Variable-rate debt Total
Secured vs Unsecured Debt (at Pro rata Share) Secured Debt Unsecured Debt Total
Coverage Ratios (at Pro rata Share trailing 4 quarters) Fixed Charge Coverage Interest Coverage Debt Service Coverage
$ $
$ $
2,682,169 449,714 3,131,883
85.6% $ 14.4% 100.0% $
2,919,947 322,402 3,242,349
90.1% 9.9% 100.0%
992,491 2,139,392 3,131,883
31.7% $ 68.3% 100.0% $
1,146,843 2,095,506 3,242,349
35.4% 64.6% 100.0%
1.99x 2.37x 2.31x
As Reported Weighted Average Interest Rates (1) Three months ended 12/31/08 Twelve months ended 12/31/08 Twelve months ended 12/31/07
5.31% 5.54% 6.08%
2.07x 2.29x 2.24x
Pro rata Share 5.31% 5.53% 6.07%
(1) Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing. The convertible bonds mature August 1, 2026 with a five year option to redeem anytime after August 2011 and an initial conversion price (2) of $49.075 per share. Weighted average revolving interest rate excluding the effect of the commitment fee was 2.34% in fourth quarter 2008 and 5.23% in fourth (3) quarter 2007.
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Weingarten Realty Investors Debt Information (in thousands, except percentages)
Schedule of Maturities at December 31, 2008
As Reported Maturities Rate (6) 96,987 6.48% 127,975 6.43% 303,412 6.76% 334,701 5.51% 413,440 5.75% 374,743 5.36% 249,780 6.06% 147,123 6.27% 29,391 6.90% 54,007 8.28% 609,636 4.39% 2,741,195
2009 (1) 2010 (2) 2011 (3) 2012 2013 2014 2015 2016 2017 2018 Thereafter (3) Subtotal Revolvers (4) Other (5) Swap Maturities: 2014 Total
383,000 47,342
$
3,171,537
3.30%
5.54% $
Maturities 99,649 139,391 310,742 338,091 317,278 386,364 217,433 176,995 33,792 33,942 647,864 2,701,541 383,000 47,342
3,131,883
Pro rata Share Rate (6) Floating Rate 6.54% 12,371 6.45% 2,424 6.75% 488 5.53% 679 5.66% 841 5.36% 3,102 5.57% 1,124 5.77% 1,296 6.43% 1,456 5.59% 1,553 4.10% 29,239 54,573 3.30%
5.53% $
Fixed Rate 87,278 136,967 310,254 337,412 316,437 383,262 216,309 175,699 32,336 32,389 618,625 2,646,968
383,000 (37,859)
85,201
50,000
(50,000)
449,714
$
2,682,169
(1) Includes $2.5 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. (2) Includes $9.7 million of MTN's maturing 2028 with 12 and 20 year put options. (3) Thereafter includes $537.2 million of Convertible debt maturing in 2026 which has a 5 year call and put option in 2011. (4) Includes the effect of the commitment fee. (5) Other includes capital leases, FAS 141 adjustment, market value of swaps, and a guarentee for the payment of bonds issued in connection with a project in Denver, Colorado. (6) Interest rates exclude the effects of FAS 141 and loan costs related to financing.
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Weingarten Realty Investors Tenant Diversification by Percent of Rental Revenues at Pro rata Share (in thousands, except percentages and # of units)
Rank
Tenant Name
DBA’s
% of Pro rata Rental Revenue
# of Units
Square Feet
1 THE KROGER CO.
Kroger, Smith Food, Ralphs, Fry's Food, King Soopers
30
2.15%
1,504
2 ROSS STORES, INC.
Ross Dress for Less
34
1.60%
749
3 T.J.X. COMPANIES, INC.
T.J. Maxx, Marshalls, Home Goods
32
1.60%
788
7
1.23%
806
23
1.21%
761
19
1.16%
780
7 OFFICE DEPOT, INC.
26
1.06%
525
8 PETSMART, INC.
20
0.97%
364
19
0.91%
297
50
0.86%
239
11
0.77%
232
PETCO ANIMAL SUPPLIES, 12 INC.
22
0.75%
251
13 BED BATH & BEYOND, INC.
19
0.66%
356
14 STAPLES
13
0.63%
282
15 HARRIS TEETER
7
0.63%
323
16 CIRCUIT CITY
6
0.62%
225
11
0.61%
250
6
0.61%
331
19 WHOLE FOODS
6
0.61%
218
20 H E BUTT GROCERY
6
0.61%
291
21 TOYS 'R' US
9
0.57%
312
22 BEST BUY, INC.
10
0.56%
225
23 DOLLAR TREE STORES, INC. Dollar Tree, Greenbacks
30
0.54%
270
WASHINGTON MUTUAL 24 BANK
29
0.53%
104
9
0.46%
335
454
21.91%
10,817
4 HOME DEPOT, INC. PUBLIX SUPER MARKETS, 5 INC. 6 SAFEWAY, INC.
9 GAP, INC.
Safeway, Randalls, Von's
Gap, Old Navy, Banana Republic
10 BLOCKBUSTER VIDEO 11 BARNES & NOBLE INC.
Barnes & Noble, Bookstop Booksellers
17 OFFICE MAX INC. 18 RALEY'S
25 FOOD LION Total
Raley's Bel Air Markets
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Weingarten Realty Investors Leasing Information (in thousands, except percentages and # of units and leases, pro rata share)
Lease Expirations Shopping Center Percentage of Pro rata Sq. Ft. Revenue 8.31% 8.89% 13.24% 14.34% 14.34% 15.32% 11.77% 12.82% 12.97% 13.10% 23.63% 23.15% 15.15% 11.72%
Year Expiring 2009 2010 2011 2012 2013 2014-2018 2019-2028
Industrial Percentage of Pro rata Sq. Ft. Revenue 18.51% 18.14% 19.10% 19.64% 13.87% 15.57% 14.06% 14.15% 14.78% 14.90% 18.79% 16.53% 0.89% 1.07%
Total Percentage of Pro rata Sq. Ft. Revenue 10.87% 9.95% 14.71% 14.95% 14.22% 15.35% 12.34% 12.98% 13.42% 13.30% 22.42% 22.40% 11.57% 10.49%
Leasing Production - New Leases and Renewals Number of Leases
Increase in Base Rent
Square Feet
Three Months Ended December 31, 2008 Retail Industrial Total
290 38 328
1,023 504 1,527
6.6% 7.7% 6.8%
Three Months Ended December 31, 2007 Retail Industrial Total
264 49 313
921 758 1,679
11.4% 9.8% 11.1%
Twelve Months Ended December 31, 2008 Retail Industrial Total
1,065 178 1,243
3,927 2,406 6,333
11.0% 7.4% 10.2%
Twelve Months Ended December 31, 2007 Retail Industrial Total
1,048 213 1,261
4,142 2,865 7,007
11.3% 6.0% 10.3%
Average Minimum Rent per Square Foot
December 31, 2008 Retail Industrial
$ $
13.16 4.98
September 30, 2008 $ $
13.05 4.92
Occupancy December 31, 2008 Shopping Center Portfolio
93.0%
September 30, 2008
94.5%
Quarter Ended June 30, 2008 $ $
12.96 4.91
Quarter Ended June 30, 2008
94.2%
March 31, 2008 $ $
12.73 4.92
March 31, 2008
94.8%
December 31, 2007 $ $
12.57 4.86
December 31, 2007
95.1%
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Industrial Portfolio Total Portfolio
91.6% 92.6%
91.4% 93.7%
91.9% 93.6%
Note: A space is considered occupied upon execution of a lease agreement.
Page 15
90.7% 93.7%
92.0% 94.4%
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Weingarten Realty Investors Property Information (in thousands at pro rata share)
Property Investment Summary
Twelve Months Ended 12/31/2008 Year Ended 12/31/2007 Year Ended 12/31/2006 Year Ended 12/31/2005 Year Ended 12/31/2004
Acquisitions
New Development
$
$
2,685 565,427 602,987 358,990 511,245
Page 16
193,235 218,239 166,999 33,171 37,836
Major Repairs $
20,570 18,236 14,338 12,858 12,265
All Other $
81,302 64,035 32,757 36,791 41,983
Total $
297,791 865,938 817,081 441,810 603,329
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Weingarten Realty Investors New Development Properties (By Stabilization) (in thousands at pro rata share, except percentages)
Center Name Location
Anchors
Palm Coast Landing at Town Center 1 Phase 1* Palm Coast, Florida Target # Raintree Chandler Whole 2 Ranch Center (Phoenix),Arizona Foods The Village at Liberty Lake, Home 3 Liberty Lake* Washington Depot # TSA, HH Greg, Bed Colonial Bath, 4 Landing Orlando, Florida PetSmart Railwood G Global Stainless BTS 5 (industrial)* Houston, Texas Sumotiomo Sharyland Towne HEB, 6 Crossing* Mission, Texas Target # Total 2008 Stabilizations Horne Street 24 Hour 1 Market Ft. Worth, Texas Fitness Market at Kohl's, Sharyland Wal-Mart 2 Place* Mission, Texas # Jess Ranch Marketplace Apple Valley (Los 3 Phase II* Angeles),California Winco # ClayPoint Distribution Park 4 (Industrial) Houston, Texas Pioneer Golf Galaxy, Whole Phillips Foods, 5 Crossing Orlando, Florida Michael's Total 2009 Stabilizations Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 1 Phase 1 Tennessee Authority Riverpoint at Sheridan Sheridan Costco #, 2 Phase 1* (Denver),Colorado Target # Gardens on Havana Aurora Kohl's, 3 Phase 1* (Denver),Colorado Target # Leland (Wilmington),NorthHarris 4 Waterford Carolina Teeter
WRI Own %
Percent Total Square Leased Feet of (1) building Area Net (1) @ (Gross) Net 100% Gross
50.0%
359
80 97.9%
100.0%
140
137 97.2%
50.0%
159
50.0%
267
133 95.2%
50.0%
50.0%
Spent Year-ToSpent Date Inception 2008 to Date
Total Estimated Investment (2) WRI Gross Costs Costs
Est. Final Estim ROI Stab % D
99.1% $
5,429 $ 14,194 $ 12,881 $ 25,763 (4)
97.3%
1,893
29,679
29,679
0 100.0% 100.0%
(175)
0
0
95.2%
1,644
14,635
15,413
30,825
211
105 100.0% 100.0%
5,409
5,409
5,686
11,372
489
178 97.6%
1,006
25,884
25,884
51,767
98.2%
29,679 0 (3)
1,624 634 97.5% 98.2% $ 15,206 $ 89,802 $ 89,543 $149,407 100.0%
47
42 100.0%
89.4%
4,458
9,033
10,614
10,614
50.0%
313
56 84.9%
94.6%
632
2,454
3,031
6,062
50.0%
308
107 90.5%
93.4%
4,197
17,210
19,012
38,025
100.0%
359
359 16.8%
16.8%
12,419
13,355
19,047
19,047
100.0%
146
146 84.9%
84.9%
12,744
26,053
28,007
28,007
1,173 711 59.0% 69.0% $ 34,449 $ 68,105 $ 79,711 $101,754
100.0%
267
129 55.5%
78.4%
6,316
26,624
44,779
44,779
50.0%
519
86 50.9%
80.3%
8,391
17,790
22,507
45,015
39.8%
419
167 77.9%
77.9%
12,473
13,173
17,454
43,866
75.0%
109
66 78.7%
68.8%
3,740
11,607
11,203
14,937
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Westwood 5 Center
Wal-Mart San Antonio, Texas # 100.0% 444 91 5.2% 49.4% Cinemark, Best Buy, Jess Ranch Bed Bath, Marketplace Apple Valley (Los 24 Hour 6 Phase III* Angeles),California Fitness 50.0% 195 97 76.9% 76.9% JC Penney Clermont Clermont #, Epic 7 Landing (Orlando),Florida Theater # 55.0% 367 104 63.6% 79.6% The Shoppes at Parkwood Ranch Phase Mesa Hobby 81 (Phoenix),Arizona Lobby 100.0% 106 93 77.5% 80.3% Mohave Crossroads Bullhead City, Target #, 9 Phase 1 Arizona Kohl's # 100.0% 397 193 77.8% 87.5% Wal-Mart 10 PhillipsVillageOrlando, Florida # 100.0% 286 66 54.4% 89.4% Market at Wal-Mart 11 Nolana* McAllen, Texas # 50.0% 263 24 55.1% 86.1% Total 2010 Stabilizations 3,372 1,116 66.2% 77.2% $ Westover All Pad 1 Square San Antonio, Texas Site 67.0% 60 0 0.0% 0.0% Gardens on Havana Aurora Kohl's, 2 Phase 2* (Denver),Colorado Target # 39.8% 76 30 0.0% 0.0% Conn's, Kohl's #, Best Buy #, Gateway Michaels 3 Station Ft. Worth, Texas #, Ross # 70.0% 256 65 32.1% 75.2% Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 4 Phase 2 Tennessee Authority 100.0% 45 45 0.0% 0.0% Surf City Surf City (Wilmington),NorthHarris 5 Crossing Carolina Teeter 75.0% 101 50 72.6% 52.3% The Shoppes at Parkwood Ranch Phase Mesa Hobby 62 (Phoenix),Arizona Lobby 100.0% 15 15 0.0% 0.0% Epic Village Phase I - St. St. Augustine, Epic 7 Augustine Florida Theatre # 70.0% 98 31 16.3% 62.3% 300 West Town 8 Center* Salt Lake City, UtahTarget # 31.8% 247 26 0.0% 10.9% Total 2011 Stabilizations 896 262 20.4% 37.2% $ Riverpoint at Sheridan Sheridan Costco #, 1 Phase 2* (Denver),Colorado Target # 50.0% 260 130 0.0% 0.0% Palm Coast Landing at Town Center 2 Phase 2* Palm Coast, Florida Target # 50.0% 78 0 0.0% 0.0% Mohave Crossroads Bullhead City, Target #, 3 Phase 2 Arizona Kohl's # 100.0% 31 31 0.0% 0.0% Tomball Tomball Academy 4 Marketplace (Houston),Texas # 100.0% 351 245 14.7% 34.5%
7,909
15,971
16,653
16,653 (4)
13,423
17,429
23,216
46,432
8,460
15,771
19,058
34,651
6,681
10,554
15,878
15,878
26,835
38,913
43,470
43,470
758
13,604
14,823
14,823
475
4,746
4,532
9,064 (4)
95,462 $186,181 $233,574 $329,569 334
2,688
0
0 (3)
2,563
3,329
4,457
11,201
4,351
7,207
10,517
15,024
668
7,771
13,116
13,116
102
4,536
7,025
9,367
414
1,679
3,453
3,453
3,722
3,780
7,277
10,396
4,116
4,209
6,876
21,624
16,270 $ 35,199 $ 52,721 $ 84,181
4,512
13,374
21,100
42,200
3,649
5,133
2,272
4,543 (4)
2,661
4,610
5,526
5,526
5,827
30,480
47,878
47,878
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The Shoppes at Wilderness All Pad 5 Oaks San Antonio, Texas Site North Towne 6 Plaza Brownsville, Texas Lowe's # Total 2012 Stabilizations Total 25 Properties Under Development (exclusive of phasing) Total 30 New Development Properties (exclusive of phasing)
(1) (2) (3) (4)
100.0%
79
44
3.4%
1.9%
11,861
11,861
9,480
75.0%
276
111
0.0%
42.4%
3,337
11,161
18,413
1,075 562
9,480 (4) 24,551
5.2% 22.3% $ 31,847 $ 76,618 $104,668 $134,177
6,517 2,651 47.3% 61.2% $178,029 $366,104 $470,674 $649,681
8.1%
8,141 3,285 59.0% 68.6% $193,235 $455,905 $560,217 $799,088
8.3%
* Unconsolidated Joint Venture # Denotes anchors that are not owned by Weingarten Total Building Area (Gross) square footage reflects 100% ownership including square feet owned by other. WRI's share of building area (Ne square footage reflects WRI's ownership percentage excluding square feet owned by other and excluding other possible future building area Net of expected proceeds not yet received from anchor and pad sales WRI will not have an investment interest after pad sale considerations Total estimated costs are net of land sales Note: Phased projects are counted as one project
Page 17
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Weingarten Realty Investors As of December 31, 2008 in thousands, except acres Land Held for Development Ownership Interest
Location FM 1957 (Potranco Rd) and FM 211, San Antonio (Stevens Ranch) Rock Prairie Rd. at Hwy. 6, College Station South Fulton Parkway and SH 92, Union City - Atlanta US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh Shary Road and US Hwy 83, Mission (North Sharyland) Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh Northwest Freeway at Gessner, Houston * West Loop North at Interstate 10, Houston * Citadel Plaza at 610 North Loop, Houston * US Hwy 15-501 & Bruce Wood Rd., Southern Pines, NC FM 2920 and Future 249, Tomball - Houston Culebra Road and Westwood Loop, San Antonio (Westwood) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch II) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch III) Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland (Waterford) Decatur at 215 - Las Vegas Mississippi at Havana, Aurora (Gardens on Havana) - Denver Lon Adams Rd at Tangerine Farms Rd (Gladden Farms) Tuscan Young Pines and Curry Ford Rd, Orange County, Florida Orlando (Curry Ford) Other * Total Land Held Properties
Gross Acres
Investment 100% Pro Rata
50.0% 100.0% 100.0% 100.0% 50.0% 100.0%
198.7 82.0 81.6 79.9 36.9 13.2
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
4.9 3.3 3.1 24.0 8.4 9.3
50.0%
3.2
50.0% 75.0% 75.0% 100.0% 39.8%
10.3 36.5 8.3 25.3 9.6
50.0%
10.7
100.0% 100.0%
3.0 32.6 684.9
$
143,197
$
114,232
* Represents land parcels held by WRI for many years that have never been reported as new development assets. Note: Land costs account for $123.4 million of total investment at 100%, $96.0 million at pro rata share.
Acquisitions
Center
City/State
Sq. Ft. of Bldg. Area at 100%
Date Acquired
Wholly-Owned Acquisitions Shopping Centers Kirby Strip Center Joint Venture Acquisitions Shopping Centers
Houston, TX
10
05/27/08
Total Investment
Yield
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Shoppes of Port Charlotte (25%) Grand Total Acquisitions (Y-T-D)
Port Charlotte, FL
4 14
Page 18
01/08/08 $
2,685
6.64%
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Weingarten Realty Investors Disposition Summary (in thousands at pro rata share)
Center
City/State
Sq. Ft. of Bldg. Area at 100%
Date Sold
Sales Proceeds
Weighted Sales Cap
Operating Property Sales Shopping Centers Eastpark Shopping Center Ralph's Center Southcliff Shopping Center Park Terrace Shopping Center Brodie Oaks Northway Shopping Center River Pointe Conn's Building Siegen Plaza Subtotal - Shopping Centers
Houston, TX Redondo Beach, CA Fort Worth, TX De Ridder, LA Austin, TX Houston, TX Conroe, TX Lake Charles, LA Baton Rouge, LA
113 60 116 131 227 217 45 23 156 1,088
2/1/08 3/11/08 4/7/08 5/28/08 6/20/08 6/25/08 7/17/08 8/5/08 11/6/08
59 59
5/8/08
Industrial Wells Branch Corporate Center Subtotal - Industrial
Austin, TX
Total Operating Property Sales (Y-T-D)
1,147
$
Land and Merchant Development Sales Shopping Centers Green Valley Ranch - KFC Eastpark - Land Westwood Center - Firstmark Credit Union Clermont Landing - Red Lobster Clermont Landing - Olive Garden Harrison Pointe Shopping Center Undeveloped Pad Rock Prairie Marketplace - Undeveloped Pad Shoppes of Caverness Farms - Red Robin Waterford Shopping Center Undeveloped Pad US 290 at Gessner - Rudy's BBQ and Country Store Westwood Center - Arby's Bridges at Smoky Hill - Undeveloped Pad Charleston Commons - Bus Turnout Raintree Ranch Shopping Center - Panda Express Westland Fair Shopping Center - Two Tracts Shoppes of Caverness Farms - Chili's Village at Liberty Lake - Washington Federal S & L The Shoppes at Parkwood Ranch Undeveloped Pad Shoppes of Caverness Farms - Texas Roadhouse Surf City Crossing - Undeveloped Pad
Denver, CO Houston, TX
1/9/08 1/31/08
San Antonio, TX Clermont, FL Clermont, FL
3/14/08 4/14/08 4/14/08
Clermont, FL
4/15/08
College Station, TX Wake Forest, NC
5/6/08 5/20/08
Leland, NC
5/27/08
Houston, TX San Antonio, TX Centennial, CO Las Vegas, NV
5/29/08 6/6/08 6/17/08 6/24/08
Chandler, AZ
6/26/08
Las Vegas, NV Wake Forest, NC
7/3/08 7/11/08
Liberty Lake, WA
7/16/08
Mesa, AZ Wake Forest, NC Surf City, NC
8/6/08 9/3/08 9/11/08
144,025
7.75%
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Palm Coast Landing - McDonald's Palm Coast Landing - SunTrust Bank Summerhill Plaza Shopping Center - Two Tracts Kennesaw 75 - Right of Way for Road Widening
Palm Coast, FL Palm Coast, FL
9/17/08 9/22/08
Citrus Heights, CA
11/25/08
Kennesaw, GA
12/2/08
Total Land and Merchant Development Sales (Y-T-D)
$
18,955
Grand Total
$
162,980
Page 19
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Weingarten Realty Investors Total Net Operating Income at Pro rata Share by Geographic Region (1) (in thousands, except percentages)
2008
%
2007
Twelve Months Ended December 31, % 2006 % 2005
%
2004
%
Western Region California $ 51,176 Nevada 34,360 Arizona 26,181 Colorado 10,779 New Mexico 11,355 Utah 3,614 Oregon 1,385 Washington 1,193 Total Western Region 140,044
11.8% $ 50,503 7.9% 31,338 6.0% 23,192 2.5% 12,162 2.6% 10,472 0.8% 3,545 0.3% 929 0.3% 1,295 32.2% 133,437
11.3% $ 50,074 7.0% 27,796 5.2% 15,009 2.7% 13,488 2.3% 11,394 0.8% 3,231 0.2% 46 0.3% 251 29.8% 121,289
12.1% $ 47,868 6.7% 25,161 3.6% 14,965 3.3% 11,447 2.8% 10,315 0.8% 2,926 0.0% 0.1% 29.4% 112,683
12.2% $ 42,159 6.4% 19,705 3.8% 13,312 2.9% 10,907 2.6% 8,356 0.7% 2,741 0.0% 0.0% 28.6% 97,179
11.9% 5.5% 3.7% 3.1% 2.3% 0.8% 0.0% 0.0% 27.3%
Central Region Texas Louisiana Kansas Arkansas Mississippi Illinois Missouri Oklahoma Total Central Region
$ 134,805 10,907 1,949 3,006 (0) 3,129 1,182 955 155,934
31.0% $ 154,800 2.5% 12,831 0.4% 1,980 0.7% 3,028 0.0% (0) 0.6% 2,378 0.3% 1,439 0.2% 1,009 35.7% 177,465
34.7% $ 154,473 2.9% 12,754 0.4% 3,714 0.7% 3,505 0.0% (6) 0.5% 2,985 0.3% 2,193 0.2% 3,002 39.7% 182,621
37.4% $ 157,357 3.1% 13,600 0.9% 6,282 0.9% 3,855 0.0% 956 0.7% 2,870 0.5% 2,827 0.7% 3,616 44.2% 191,364
40.0% $ 150,296 3.5% 15,693 1.6% 6,926 1.0% 3,351 0.2% 1,016 0.7% 2,959 0.7% 2,719 0.9% 3,558 48.6% 186,518
42.3% 4.4% 1.9% 0.9% 0.3% 0.8% 0.8% 1.0% 52.4%
Eastern Region Florida North Carolina Virginia South Carolina Georgia Tennessee Kentucky Maine Total Eastern Region
$ 70,335 26,978 2,551 276 25,039 7,015 6,629 278 139,101
16.2% $ 67,400 6.2% 27,027 0.6% 2,036 0.1% 287 5.8% 23,929 1.6% 6,964 1.5% 6,787 0.1% 381 32.1% 134,811
15.1% $ 56,601 6.2% 23,694 0.5% 0.1% 242 5.4% 14,861 1.6% 7,386 1.5% 5,944 0.1% 433 30.5% 109,161
13.7% $ 46,076 5.7% 19,749 0.0% 0.1% 3.6% 12,119 1.8% 5,967 1.4% 4,719 0.1% 538 26.4% 89,167
11.9% $ 40,054 5.0% 14,948 0.0% 0.0% 3.1% 8,483 1.5% 5,777 1.2% 2,179 0.1% 457 22.8% 71,899
11.4% 4.2% 0.0% 0.0% 2.4% 1.6% 0.6% 0.1% 20.3%
Total Net Operating Income
$435,079
100.0% $445,713
100.0% $413,072
100.0% $393,214
100.0% $355,596
100.0%
(1) The Net Operating Income at Pro rata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 7.8% to 81% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest. Net Operating Income excludes the effect of lease cancellation income and straight-line rent adjustments. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 20
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Weingarten Realty Investors Average Base Rents by CBSA As of: 12/31/2008 In Thousands, except per square foot amounts Economics reflect WRI's pro rata ownership interest
Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
Retail West Region Flagstaff, AZ Lake Havasu CityKingman, AZ Phoenix-Mesa-Scottsdale, AZ Tucson, AZ Arizona Los Angeles-Long Beach et al, CA Madera, CA Modesto, CA Redding, CA Riverside et al, CA Sacramento--Arden et al, CA San Diego-Carlsbad et al, CA San Francisco-Oakland et al, CA San Jose-Sunnyvale et al, CA Santa Cruz-Watsonville, CA Santa Rosa-Petaluma, CA Vallejo-Fairfield, CA California Colorado Springs, CO Denver-Aurora, CO None Colorado Las Vegas-Paradise, NV Nevada Albuquerque, NM Santa Fe, NM New Mexico Portland-Vancouver et al, OR-WA Oregon Provo-Orem, UT Salt Lake City, UT Utah Seattle-Tacoma-Bellevue, WA Washington
Total West Region Central Region
1
166
$
10.39
126
$
1,018
$
8.07
37
$
679
$
18.22
1
149
$
13.85
92
$
995
$
10.82
29
$
682
$
23.38
17 5 24
1,360 729 2,403
$ 14.59 $ 13.40 $ 13.87
700 460 1,378
$ $ $
6,075 4,080 12,167
$ $ $
8.67 8.88 8.83
507 182 756
$ $ $
11,542 4,512 17,416
3 1 1 1 4
584 85 79 121 608
$ $ $ $ $
17.05 12.27 15.19 17.15 18.90
395 52 47 65 293
$ $ $ $ $
5,583 488 515 560 3,411
$ $ $ $ $
14.12 9.37 10.84 8.67 11.65
152 26 30 53 210
$ $ $ $ $
3,748 464 664 1,451 6,095
$ $ $ $ $
24.71 18.18 22.07 27.55 28.99
5
630
$
12.49
330
$
1,751
$
5.30
238
$
5,342
$
22.47
2
157
$
20.70
73
$
739
$
10.16
80
$
2,431
$
30.23
3
447
$
21.48
246
$
3,509
$
14.28
181
$
5,660
$
31.23
2
146
$
18.86
66
$
423
$
6.43
69
$
2,128
$
30.65
1 1 3 27 2 8 1 11 12 12 4 1 5
150 199 364 3,569 297 643 111 1,050 2,746 2,746 502 250 752
$ $ $ $ $ $ $ $ $ $ $ $ $
9.28 13.53 16.91 16.76 9.09 17.24 10.84 13.86 13.37 13.37 15.04 13.92 14.72
93 55 165 1,879 243 259 87 589 1,945 1,945 310 105 416
$ $ $ $ $ $ $ $ $ $ $ $ $
466 393 1,214 19,053 1,843 3,178 640 5,661 18,080 18,080 3,662 1,120 4,782
$ 5.00 $ 7.20 $ 7.37 $ 10.14 $ 7.59 $ 12.26 $ 7.39 $ 9.61 $ 9.30 $ 9.30 $ 11.80 $ 10.62 $ 11.50
47 30 155 1,272 50 252 23 325 691 691 166 86 252
$ $ $ $ $ $ $ $ $ $ $ $ $
836 758 4,190 33,768 817 5,637 546 7,001 17,148 17,148 3,493 1,547 5,040
$ $ $ $ $ $ $ $ $ $ $ $ $
17.74 24.88 27.04 26.55 16.48 22.36 23.90 21.57 24.82 24.82 21.09 17.98 20.02
3 3 1 2 3
120 120 30 276 307
$ 13.09 $ 13.09 $ 15.07 $ 12.42 $ 12.69
66 66 12 175 187
$ $ $ $ $
559 559 158 1,771 1,929
$ 8.51 $ 8.51 $ 13.43 $ 10.11 $ 10.32
46 46 18 84 102
$ $ $ $ $
897 897 287 1,455 1,741
$ 19.69 $ 19.69 $ 16.16 $ 17.24 $ 17.05
4 4
82 82
$ 16.95 $ 16.95
64 64
$ $
938 938
$ 14.72 $ 14.72
15 15
$ $
388 388
$ 26.75 $ 26.75
89
11,029
$ 14.69
6,523
$
63,169
3,457
$
83,399
$ 24.13
$
9.68
$ 22.76 $ 24.81 $ 23.05
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Little Rock-N. Little Rock, AR Arkansas Chicago et al, IL-IN-WI Illinois Kansas City, MO-KS Topeka, KS Kansas Hammond, LA Lafayette, LA
3 3 1 1 1 1 2 1 2
358 358 304 304 135 116 251 226 154
$ 8.74 $ 8.74 $ 11.31 $ 11.31 $ 9.58 $ 11.26 $ 10.44 $ 6.69 $ 9.91
298 298 268 268 76 116 192 135 73
Page 21
$ $ $ $ $ $ $ $ $
2,262 2,262 2,675 2,675 601 1,303 1,904 544 572
$ $ $ $ $ $ $ $ $
7.59 7.59 9.97 9.97 7.89 11.26 9.92 4.02 7.82
48 48 24 24 36 0 36 86 76
$ $ $ $ $ $ $ $ $
758 758 625 625 469 0 469 939 907
$ 15.92 $ 15.92 $ 26.59 $ 26.59 $ 13.20 $ 0.00 $ 13.20 $ 10.88 $ 11.91
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Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties Lake Charles, LA Monroe, LA New Orleans-MetairieKenner, LA Shreveport-Bossier City, LA Louisiana St. Louis, MO-IL Missouri Oklahoma City, OK Oklahoma Amarillo, TX Beaumont-Port Arthur, TX College Station-Bryan, TX Corpus Christi, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX Killeen-Temple-Fort Hood, TX Laredo, TX Lubbock, TX Lufkin, TX McAllen-Edinburg-Pharr, TX Rio Grande City, TX San Antonio, TX Texarkana, TX-Texarkana, AR Tyler, TX Texas
Total Central Region East Region Fort Walton Beach et al, FL Jacksonville, FL Miami-Fort Lauderdale et al, FL Orlando, FL Palm Bay-Melbourne et al, FL Palm Coast, FL Port St. Lucie-Fort Pierce, FL Punta Gorda, FL Sarasota-BradentonVenice, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Gainesville, GA Georgia
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
4 1
458 141
$ $
7.15 5.47
301 87
$ $
1,609 293
$ $
5.34 3.37
99 50
$ $
1,253 454
$ $
12.62 9.12
1
156
$
14.94
78
$
772
$
9.87
74
$
1,498
$
20.33
1 10 2 2 2 2 3 8 1 2
46 1,183 229 229 172 172 219 413 107 490
$ 16.16 $ 8.63 $ 10.09 $ 10.09 $ 7.62 $ 7.62 $ 10.66 $ 9.21 $ 10.77 $ 12.87
27 701 115 115 107 107 68 159 86 281
$ $ $ $ $ $ $ $ $ $
357 4,146 1,028 1,028 580 580 492 749 923 2,789
$ $ $ $ $ $ $ $ $ $
13.43 5.91 8.93 8.93 5.40 5.40 7.27 4.71 10.74 9.92
14 399 50 50 55 55 125 138 15 191
$ $ $ $ $ $ $ $ $ $
302 5,354 637 637 655 655 1,566 1,990 164 3,283
$ 21.28 $ 13.40 $ 12.79 $ 12.79 $ 11.99 $ 11.99 $ 12.48 $ 14.41 $ 10.95 $ 17.21
9
1,213
$
12.47
635
$
5,942
$
9.36
436
$
7,404
$
16.99
61
4,614
$
13.21
2,586
$
24,182
$
9.35
1,508
$
29,896
$
19.83
1 2 2 1
115 377 182 248
$ $ $ $
11.82 14.04 8.49 6.90
98 260 143 205
$ $ $ $
1,033 3,024 955 1,069
$ $ $ $
10.52 11.65 6.67 5.22
15 100 36 34
$ $ $ $
304 2,024 569 578
$ $ $ $
20.41 20.25 15.68 17.07
7 1 7
475 88 571
$ $ $
11.78 11.31 11.74
372 76 363
$ $ $
3,645 788 3,151
$ $ $
9.81 10.42 8.69
86 12 164
$ $ $
1,751 202 3,031
$ $ $
20.33 16.98 18.50
1 1 107
97 60 9,271
$ 4.32 $ 7.77 $ 12.30
54 33 5,418
$ $ $
173 212 49,126
$ $ $
3.18 6.35 9.07
20 11 2,891
$ $ $
150 132 53,043
$ 7.35 $ 12.11 $ 18.35
127
11,767
$ 11.63
7,100
$
61,722
$
8.69
3,502
$
61,540
$ 17.57
2 1
70 312
$ $
15.67 9.22
51 250
$ $
698 1,847
$ $
13.63 7.38
16 52
$ $
348 937
$ $
22.44 18.13
16 13
2,132 1,652
$ $
14.79 15.56
1,172 1,071
$ $
11,225 13,487
$ $
9.58 12.59
785 433
$ $
17,720 9,916
$ $
22.56 22.89
3 1
182 76
$ $
8.84 16.59
106 53
$ $
618 739
$ $
5.82 13.81
61 13
$ $
865 360
$ $
14.07 28.29
1 2
50 25
$ $
10.51 17.84
37 15
$ $
315 215
$ $
8.51 14.34
5 8
$ $
123 187
$ $
26.54 24.85
1
97
$
10.60
46
$
324
$
7.13
40
$
580
$
14.58
4 44
920 5,517
$ 13.52 $ 14.21
577 3,380
$ $
5,834 35,303
$ 10.10 $ 10.45
305 1,717
$ $
6,089 37,124
$ 19.99 $ 21.63
14 1 15
1,693 93 1,785
$ 13.56 $ 13.36 $ 13.55
1,090 70 1,160
$ $ $
10,859 795 11,654
$ 9.97 $ 11.31 $ 10.05
506 19 524
$ $ $
10,771 394 11,165
$ 21.30 $ 21.07 $ 21.29
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Lexington-Fayette, KY Louisville, KY-IN Kentucky Lewiston-Auburn, ME Maine Charlotte-Gastonia et al, NC-SC Durham, NC Raleigh-Cary, NC Southern Pines-Pinehurst, NC Wilmington, NC North Carolina Hilton Head IslandBeaufort, SC South Carolina
2 1 3 1 1
304 169 473 148 148
$ 13.63 $ 12.04 $ 13.22 $ 4.94 $ 4.94
207 73 280 96 96
$ $ $ $ $
1,837 628 2,464 418 418
$ $ $ $ $
8.88 8.56 8.80 4.36 4.36
191 63 254 27 27
$ $ $ $ $
3,587 1,016 4,602 188 188
$ 18.77 $ 16.07 $ 18.10 $ 7.05 $ 7.05
4 6 13
319 342 1,681
$ $ $
17.23 10.96 11.50
154 172 1,054
$ $ $
2,099 1,512 8,080
$ $ $
13.67 8.78 7.67
128 120 574
$ $ $
2,756 1,688 10,642
$ $ $
1 1 25
250 52 2,645
$ 8.29 $ 11.74 $ 11.79
162 37 1,578
$ $ $
859 300 12,850
$ $ $
5.31 8.20 8.14
72 13 908
$ $ $
1,079 287 16,452
$ 15.02 $ 21.38 $ 18.13
1 1
22 22
$ 15.06 $ 15.06
5 5
$ $
45 45
$ $
8.50 8.50
14 14
$ $
248 248
$ 17.49 $ 17.49
Page 22
21.47 14.11 18.53
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Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
Memphis, TN-MS-AR Tennessee
6 6
435 435
$ 11.12 $ 11.12
264 264
$ $
2,279 2,279
$ $
8.64 8.64
127 127
$ $
2,067 2,067
$ 16.26 $ 16.26
Total East Region
95
11,025
$ 13.24
6,762
$
65,013
$
9.61
3,571
$
71,846
$ 20.12
311
33,821
$ 13.16
20,386
$ 189,905
$
9.32
10,529
$ 216,785
$ 20.59
West Region San Diego-Carlsbad et al, CA California
1 1
145 145
$ $
7.06 7.06
66 66
$ $
463 463
$ $
6.98 6.98
1 1
$ $
11 11
$ 12.60 $ 12.60
Total West Region
1
145
$
7.06
66
$
463
$
6.98
1
$
11
$ 12.60
6
446
$
9.71
88
$
894
$
10.20
281
$
2,683
$
9.55
Total Retail Industrial
Central Region Austin-Round Rock, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX San Antonio, TX Texas
16
2,454
$
4.78
1,659
$
6,915
$
4.17
547
$
3,640
$
6.65
31 3 56
3,663 545 7,107
$ $ $
5.48 5.93 5.52
2,755 313 4,815
$ $ $
13,851 1,784 23,444
$ $ $
5.03 5.69 4.87
675 185 1,688
$ $ $
4,937 1,175 12,435
$ $ $
7.32 6.33 7.36
Total Central Region
56
7,107
$
5.52
4,815
$
23,444
$
4.87
1,688
$
12,435
$
7.36
2
768
$
4.54
708
$
3,213
$
4.54
0
$
0
$
0.00 5.64 5.64
East Region Lakeland, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Georgia Memphis, TN-MS-AR Tennessee Richmond, VA Virginia
3 5
896 1,665
$ $
4.43 4.48
788 1,495
$ $
3,468 6,682
$ $
4.40 4.47
17 17
$ $
97 97
$ $
10 10 3 3 9 9
1,610 1,610 685 685 861 861
$ $ $ $ $ $
3.75 3.75 2.54 2.54 4.81 4.81
1,216 1,216 520 520 715 715
$ $ $ $ $ $
4,545 4,545 1,322 1,322 3,396 3,396
$ $ $ $ $ $
3.74 3.74 2.54 2.54 4.75 4.75
21 21 1 1 5 5
$ $ $ $ $ $
96 96 3 3 62 62
$ 4.61 $ 4.61 $ 4.55 $ 4.55 $ 13.30 $ 13.30
Total East Region
27
4,820
$
4.06
3,946
$
15,944
$
4.04
43
$
257
$
5.95
Total Industrial
84
12,072
$
4.98
8,827
$
39,851
$
4.51
1,733
$
12,703
$
7.33
Joint venture properties are reflected at WRI's pro rata share Occupied SF based on commenced leases # of properties and GLA differ from property list due to new development properties with no commenced leases and the combining of certain properties on the property list
Page 23
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Weingarten Realty Investors Property Listing at December 31, 2008
ALL PROPERTIES BY STATE Arizona Arkansas California Colorado Florida Georgia Illinois Kansas Kentucky Louisiana Maine Missouri Nevada New Mexico North Carolina Oklahoma Oregon South Carolina Tennessee Texas Utah Virginia Washington Grand Total
Gross Leasable Area Joint Venture Owned Share by Other 1,191,002 859,793 551,304 1,015,334 1,384,863 2,258,243 1,340,913 761,743 716,003 122,454 435,491 781,925 49,461 28,317 625,737 396,750 163,424 742,374 90,927 62,600 64,590 671,047 137,740 5,340,380 3,089,187 60,772 296,357 1,607,139 327,505 198,220 13,734,166 11,637,429
# of Properties 25 3 29 12 50 23 1 2 4 12 1 2 12 6 26 2 3 1 9 163 4 9 5 404
WRI Owned 2,424,408 357,740 3,844,080 1,198,924 7,250,526 3,395,035 303,566 250,855 597,489 1,182,795 148,384 229,232 2,894,975 1,019,480 2,681,112 171,657 119,939 21,530 1,191,269 17,097,880 306,638 860,643 81,877 47,630,034
323
35,249,290
8,448,438
78
12,099,173
5,285,728
3
281,571
Total Retail Total Industrial Total Other
-
11,637,429
Total 3,615,410 357,740 5,255,177 3,599,119 10,846,046 4,872,781 303,566 250,855 719,943 2,400,211 197,845 257,549 3,520,712 1,416,230 3,586,910 171,657 273,466 86,120 2,000,056 25,527,443 663,767 2,467,782 607,602 72,997,987 55,331,515
-
17,384,901
-
281,571
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. (+) Denotes supermarket or discount store offering full service grocery along with general merchandise. NOTE: Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership.
Page 24
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
Retail Operating Properties Arizona
Palmilla Center
Dysart Rd. at McDowell Rd., Avondale
University Plaza
Plaza Way at Milton Rd., Flagstaff
Val Vista Towne Center
Warner at Val Vista Rd., Gilbert
Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.) PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond, Dollar Tree Target (O.B.O.), Staples, Ross Dress for Less, Petco Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.) Fry’s Supermarket + (O.B.O.)
75th Ave. at W. Bell Rd., Glendale Broadway Rd. at Fry's Ellsworth Plaza Ellsworth Rd., Mesa Baseline Rd. Monte Vista Village Center at Ellsworth Rd., Mesa Safeway + (O.B.O.) Target (O.B.O.), Bed Power Rd. at McKellips Bath & Beyond, Red Mountain Gateway Rd., Mesa Famous Footwear Fry’s Supermarket +, Camelback at 7th Target (O.B.O.), Camelback Village Square Avenue, Phoenix Office Max Fry’s Supermarket + Baseline Rd. at 51st (O.B.O.), Home Depot Laveen Village Market St., Phoenix (O.B.O.) 35th Avenue at Blockbuster, Fresh N Rancho Encanto Greenway Rd., Phoenix Easy +, Family Dollar 16th Street at Glendale Basha's +, Squaw Peak Plaza Ave., Phoenix Blockbuster Fry’s Supermarket +, 77th St. at McDowell, Dollar Tree, Lowes Fountain Plaza Scottsdale (O.B.O.) Frank Lloyd Wright Blvd and Thompson Peak Parkway, Baja Fresh Mexican Scottsdale Horizon Scottsdale Grill S. McClintock at E. Basha’s +, Ross Basha's Valley Plaza Southern, Tempe Dress for Less Broadway at Rural, Office Max, Ace Broadway Marketplace Tempe Hardware McClintock Dr. at Fry’s Food & Drug +, Pueblo Anozira Guadalupe Rd., Tempe Petco, Dollar Tree Wal-Mart Magee Road and Neighborhood Entrada de Oro Oracle Road, Tucson Market Safeway +, Tanque Verde Rd. and Walgreen's, Ace Madera Village Catalina Hwy, Tucson Hardware Arrowhead Festival S.C.
100.00%
103,568
0
65,574
169,142
100.00%
165,621
0
0
165,621
100.00%
93,372
0
123,000
216,372
100.00%
29,834
0
146,624
176,458
100.00%
9,034
0
64,574
73,608
100.00%
45,751
0
58,400
104,151
100.00%
69,568
0
136,000
205,568
100.00%
134,494
0
100,000
234,494
100.00%
40,025
0
71,619
111,644
100.00%
66,837
0
0
66,837
100.00%
61,060
0
0
61,060
100.00%
102,271
0
165,000
267,271
100.00%
10,337
0
0
10,337
100.00%
145,104
0
0
145,104
100.00%
82,757
0
0
82,757
100.00%
157,309
0
0
157,309
100.00%
88,685
0
20,406
109,091
100.00%
96,732
0
10,594
107,326
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Oracle Wetmore
Oracle Highway and Magee Road, Tucson Wetmore Road and Oracle Highway, Tucson
Shoppes at Bears Path Arizona Total:
Tanque Verde Rd. and Bear Canyon Rd., Tucson # of Properties: 21
Oracle Crossings
Kohl's, Sprouts Farmers Market + Home Depot, Circuit City, PetSmart, Walgreens Osco Drug (O.B.O.), Carondelet Health Care Corp., Leslie Pools
100.00%
243,625
0
10,000
253,625
100.00%
256,093
0
0
256,093
100.00%
43,928 2,046,005
0 0
100.00%
126,904
0
0
126,904
100.00%
178,210
0
0
178,210
100.00%
52,626 357,740
0 0
0 0
52,626 357,740
100.00%
75,500
0
0
75,500
100.00%
162,390
0
0
162,390
100.00%
100,165
0
0
100,165
100.00%
309,098
0
0
309,098
100.00%
90,805
0
0
90,805
100.00%
129,753
0
0
129,753
100.00%
194,601
0
0
194,601
100.00%
85,066
0
0
85,066
100.00%
124,494
0
124,000
248,494
100.00%
78,752
0
0
78,752
100.00%
228,345
0
0
228,345
100.00%
121,334
0
131,468
252,802
100.00%
76,497
0
0
76,497
100.00%
93,398
0
0
93,398
21,851 65,779 993,642 3,039,647
Arkansas Markham Square
Markham West Westgate Arkansas Total:
W. Markham at John Barrow, Little Rock
Burlington Coat Factory Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree
11400 W. Markham, Little Rock Cantrell at Bryant, Little Rock SteinMart # of Properties: 3
California Centerwood Plaza
Southampton Center
580 Market Place
Chino Hills Marketplace Buena Vista Marketplace
El Camino Promenade
Fremont Gateway Plaza Hallmark Town Center
Menifee Town Center Marshalls Plaza Prospectors Plaza
Shasta Crossroads Arcade Square Discovery Plaza
Lakewood Blvd. at Bestway Supermarket Alondra Dr., Bellflower +, Buck-A-Roos Raley’s +, Ace IH-780 at Southampton Hardware, Hollywood Rd., Benecia Video E. Castro Valley at P. W. Supermarkets +, Hwy. I-580, Castro Petco, 24 Hour Valley Fitness Chino Hills Pkwy. at Rite Aid, Von’s +, 24 Pipeline Ave., Chino Hour Fitness, Dollar Hills Tree, Ace Hardware Huntington Dr. at Buena Vista St., Duarte Ralph's + T.J. Maxx, Beverages El Camino Real at Via & More, Staples, Golf Molena, Encinitas Galaxy Raley’s +, NAZ Paseo Padre Pkwy. at Cinema, 24 Hour Walnut Ave., Fremont Fitness W. Cleveland Ave. at Food 4 Less + , Stephanie Ln., Madera Bally’s Ralph's +, Target Antelope Rd. at (O.B.O.), Ross Dress Newport Rd., Menifee for Less McHenry at Sylvan Marshall’s, Dress Ave., Modesto Barn, Guitar Center Missouri Flat Rd. at US SaveMart +, Kmart, Hwy. 50, Placerville Long’s Drug Store Food Maxx +, Target (O.B.O.), Sports Authority (O.B.O.), Churn Creek Rd. at Ashley Furniture Dana Dr., Redding (O.B.O.) Watt Ave. at Whitney Ave., Sacramento Grocery Outlet + W. El Camino Ave. at Bel Air Market +, Truxel Rd., Sacramento Blockbuster
Page 25
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Summerhill Plaza
Valley
Location
Antelope Rd. at Lichen Dr., Sacramento Franklin Boulevard and Mack Road, Sacramento
Anchors
Raley’s +
Westminster Center
Raley's + Safeway +, E. Capital Expressway Walgreen’s, at Silver Creek Blvd., Orchard Supply San Jose (O.B.O.) Tully Rd at Quimby Rd, San Jose Food Maxx +, Petco Safeway + (O.B.O.), Longs Drug Stores Lewelling Blvd. at (O.B.O.), Big Lots, Washington Ave., 99 Cents Only, San Leandro Factory 2 U San Marcos Blvd. at Rancho Santa Fe Rd., Von’s +, 24 Hour San Marcos Fitness San Marcos Blvd. at Rancho Santa Fe Rd., Albertsons + San Marcos (O.B.O.) Stony Point Rd. at Food Maxx +, WalHwy. 12, Santa Rosa Mart Sunset Ave. at State Albertsons +, Rite Hwy. 12, Suisun City Aid Alamo Dr. at Nut Raley’s +, Creek Rd., Vacaville Blockbuster Freedom Blvd. At Rite Aid, Big Lots, Airport Blvd., Safeway +, Ace Watsonville Hardware Albertsons +, Home Westminster Blvd. at Depot, Edward’s Golden West St., Cinema, Rite Aid, Westminster Petco
California Total:
# of Properties: 26
Silver Creek Plaza Tully Corners Shopping Center
Greenhouse Marketplace
Rancho San Marcos Village
San Marcos Plaza Stony Point Plaza Sunset Center Creekside Center
Freedom Centre
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
100.00%
133,614
0
0
133,614
100.00%
98,240
0
5,365
103,605
100.00%
134,179
0
65,000
199,179
11,599
104,393
0
115,992
100.00%
152,095
0
86,569
238,664
100.00%
120,829
0
0
120,829
100.00%
35,880
0
45,206
81,086
100.00%
198,528
0
0
198,528
100.00%
85,238
0
0
85,238
100.00%
116,229
0
0
116,229
100.00%
150,241
0
0
150,241
100.00%
417,870
0
0
417,870
10.00%
(1)(3)
3,524,740 104,393 457,608 4,086,741
Colorado
Aurora City Place
Academy Place
Uintah Gardens
PetsMart, Sportsman Warehouse, Barnes & Noble, Ross Dress For Less, Super Target + E. Alameda at I225, (O.B.O.), Pier 1 Aurora Imports Safeway + (O.B.O.), Academy Blvd. at Ross Dress For Union Blvd., Less, Target Colorado Springs (O.B.O.) King Sooper’s +, NEC 19th St. at West Walgreens, Petco, Uintah, Colorado Big 5 Sporting Springs Goods
50.00%
(1)(3)
182,642
182,642
182,000
547,283
100.00%
84,057
0
177,362
261,419
100.00%
212,638
0
0
212,638
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Tower Rd. at 48th Green Valley Ranch Towne Center Ave., Denver
50.00%
(1)(3)
27,503
27,503
58,000
113,006
Lowry Town Center
50.00%
(1)(3)
38,370
38,370
52,700
129,439
51.00%
(1)(3)
137,977
132,566
90,000
360,543
41.00%
(1)(3)
110,940
159,646
125,174
395,760
51.00%
(1)(3)
55,620
53,438
0
109,058
51.00%
(1)(3)
108,186
103,944
174,000
386,130
50.00%
(1)
CityCenter Englewood
Glenwood Meadows Crossing at Stonegate
Thorncreek Crossing
Westminster Plaza Colorado Total:
King Sooper’s + (O.B.O.) Super Target + (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1 2nd Ave. at Lowry Imports, Cost Plus, Ave., Denver Linens ‘N Things Wal-Mart (O.B.O.), Ross Dress for S. Santa Fe at Less, Gart Sports, Hampden Ave., Office Depot, Bally Englewood Total Fitness, Petco Target (O.B.O.), Pier 1 Imports, The Sports Authority, Midland Ave. at W. Bed Bath & Meadows, Glenwood Beyond, Petco, Springs Lowe's Jordon Rd. at Lincoln Ave., Parker King Sooper’s + Super Target + (O.B.O.), Barnes & Noble, Office Max, Washington St. at Michael’s, Pier 1 120th St., Thornton Imports, Cost Plus North Federal Blvd. at 72nd Ave., Safeway +, Westminster Walgreens (O.B.O.) # of Properties: 10
48,521 48,521 56,127 153,169 1,006,454 746,630 915,363 2,668,445
Florida Boca Lyons
Countryside Centre
Sunset 19
Embassy Lakes
Paradise Key at Kelly Plantation
Shoppes at Paradise Isle
Hollywood Hills Plaza
Indian Harbour Place
Argyle Village TJ Maxx Plaza
Glades Rd. at Lyons Rd., Boca Raton US Highway 19 at Countryside Boulevard
Ross Dress for Less, Ethan Allen Publix+ (Vacant), T.J. Maxx, Home Goods Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports US Hwy. 19 at Sunset Authority, Old Pointe Rd., Clearwater Navy Winn Dixie +, Sheraton St. at Hiatus Walgreen’s, Rd., Cooper City Tuesday Morning Publix +, Bed Bath US Highway 98 and & Beyond, Ross, Mid Bay Bridge Rd, Old Navy, Destin SteinMart Best Buy, Michaels, 34940 Emerald Coast Office Depot, Pkwy, Destin PetsMart Hollywood Blvd. at North Park Rd., Publix +, Target, Hollywood CVS/pharmacy East Eau Gallie Boulevard, Indian Harbour Beach Beall's, Publix + Bed Bath & Beyond, Publix +, Blanding at Argyle T.J. Maxx, Babies Forest Blvd., “R” Us, Jo-Ann’s Jacksonville Fabrics, Michael's 117th Avenue at T.J. Maxx, Winn Sunset Blvd., Kendall Dixie + Beall’s Department
100.00%
113,689
0
0
113,689
100.00%
242,123
0
0
242,123
100.00%
275,910
0
0
275,910
100.00%
127,900
0
48,214
176,114
10.00%
(1)(3)
27,178
244,599
0
271,777
25.00%
(1)(3)
42,959
128,878
0
171,837
364,714
0
0
364,714
40,880
122,641
0
163,521
100.00%
312,447
0
0
312,447
100.00%
161,572
0
0
161,572
100.00%
25.00%
(1)(3)
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Largo Mall
Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Ulmerton Rd. at Albertsons + Seminole Ave., Largo (O.B.O.) 100.00%
Page 26
374,007
0
197,631
571,638
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Palm Lakes Plaza
Lake Washington Crossing
Lake Washington Square
Kendall Corners
Location
Atlantic Boulevard and Rock Island Road, Maragate Wickham Rd. at Lake Washington Rd., Melbourne Wickham Rd. at Lake Washington Rd., Melbourne Kendall Drive and SW 127th Avenue, Miami South Dixie Highway and Eureka Drive, Miami S.W. 8th St. at S.W. 137th Ave., Miami E. Commercial Blvd. at Dixie Hwy., Oakland Park
Anchors
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
Publix +, CVS/pharmacy
20.00%
(1)(3)
22,750
91,002
0
113,752
Publix +, Beall’s Outlet Stores
25.00%
(1)(3)
29,707
89,121
0
118,828
111,811
0
0
111,811
(1)(3)
19,303
77,212
0
96,515
(1)(3)
43,882
175,530
0
219,412
110,867
0
0
110,867
236,170
0
0
236,170
496,751
0
0
496,751
37,133
148,531
0
185,664
92,328
0
64,627
156,955
65,250
261,000
0
326,250
101,535
0
0
101,535
(1)(3)
77,521 35,297
0 141,189
183,000 0
260,521 176,486
(1)
29,752
69,420
0
99,172
(1)(3)
28,021
112,082
0
140,103
152,052
0
0
152,052
Albertsons +, Tuesday Morning
100.00%
City Furniture 20.00% Publix +, Petco, Chuck E. Cheese, South Dade Bed Bath & Beyond 20.00% Publix +, Tamiami Trail Shops CVS/pharmacy 100.00% Publix +, Petco, Ross Dress for Less, Northridge Anna's Linen 100.00% Staples, Circuit City, Ross Dress for Less, Babies “R” Us, Marshall’s, Old Navy, SteinMart, E. Colonial Dr. at Barnes & Noble, Colonial Plaza Primrose Dr., Orlando Petco 100.00% International Drive and Touchstone Bed Bath & Beyond, International Drive Value Center Drive, Orlando Ross, T.J. Maxx 20.00% Ross Dress for Less, Beall’s Outlet Michigan Ave. at Stores, Dollar Tree, Delaney Ave., Albertsons + Market at Southside Orlando (O.B.O.) 100.00% Publix +(Vacant), Stein Mart, Office Dr. Phillips Boulevard Depot, Home and Sand Lake Road, Goods, Morton's of The Marketplace at Dr. Phillips Orlando Chicago 20.00% Semoran Blvd. at The Shoppes at South Semoran Pershing Ave. Save Rite + 100.00% T.J. Maxx, Petco, Shoe Carnival, SR 50 at Apopka Super Target + Westland Terrace Plaza Vineland Rd., Orlando (O.B.O.) 100.00% Alafaya Square Alafaya Trail, Oviedo Publix + 20.00% Alafaya Trail at McCullough Rd., Publix +, University Palms Oviedo Blockbuster 30.00% East Lake Road and Tampa Road, East Lake Woodlands Palm Harbor Publix +, Walgreens 20.00% Hillsboro Boulevard at State Road #7, BJ's Wholesale Club Shoppes at Parkland Parkland + 100.00%
(1)(3)
(1)(3)
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Shoppes of Port Charlotte
Pines Blvd. at Flamingo Rd., Pembroke Pines University at Pines Blvd., Pembroke Pines Sheridan St. at SW 196th Ave., Pembroke Pines Nob Hill Rd. at Cleary Blvd., Plantation Quesada Avenue and Toledo Blade Boulevard, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte
Marketplace at Seminole Towne Center
Central Florida Greenway and Rinehart Road, Sanford
Flamingo Pines
Pembroke Commons
Publix at Laguna Isles Vizcaya Square
Quesada Commons
Shoppes of Port Charlotte
Pineapple Commons
Sunrise West Shopping Center
Venice Pines
Winter Park Corners Florida Total:
Us Highway 1 and Britt Rd., Stuart West Commercial Drive and NW 91st Avenue, Sunrise Center Rd. at Jacaranda Blvd., Venice Aloma Ave. at Lakemont Ave., Winter Park # of Properties: 39
Publix +, U.S. Post Office, Keiser College 100.00% Publix +, Marshall’s, Office Depot, LA Fitness 100.00%
Publix + Winn Dixie +, Blockbuster
262,761
0
105,350
368,111
314,401
0
0
314,401
100.00%
69,475
0
0
69,475
100.00%
112,410
0
0
112,410
Publix +
25.00%
(1)(3)
14,722
44,168
0
58,890
Chick-Fil-A
25.00%
(1)(3)
978
2,934
0
3,912
Petco 25.00% Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Petco, Cost Plus, Super Target + (O.B.O.) 100.00% Best Buy, Ross, PetsMart, Ashley Furniture 20.00%
(1)(3)
10,253
30,758
0
41,011
308,751
0
185,000
493,751
(1)(3)
49,803
199,211
0
249,014
Publix +
(1)(3)
19,080
57,241
0
76,321
97,303
0
0
97,303
Sweet Bay + Whole Foods Market +, Outback Steakhouse
25.00%
100.00%
100.00%
102,397 0 0 102,397 5,135,843 1,995,517 783,822 7,915,182
Georgia
Lakeside Marketplace
Mansell Crossing
Camp Creek Marketplace II
Cherokee Plaza
Perimeter Village
Publix at Princeton Lakes
Brookwood Square
Ross Dress for Less, Petco, Office Max, Books-A-Million, Cobb Parkway (US Super Target + Hwy 41), Acworth (O.B.O.) 100.00% Ross Dress for Less, North Point Parkway Bed Bath & Beyond, at Mansell Rd Rooms to Go 20.00% Camp Creek Parkway DSW, American and Carmla Drive, Signature, LA Atlanta Fitness 100.00% Peachtree Road and Colonial Drive, Atlanta Kroger + 30.00% WalMart Supercenter +, Ashford-Dunwoody Cost Plus, DSW, Rd Borders 100.00% Carmia Drive and Camp Creek Drive, Atlanta Publix + 100.00% East-West Connector at Austell Rd., Marshall’s, Staples, Austell Home Depot 100.00%
(1)(3)
(1)
147,688
0
174,000
321,688
20,586
82,345
0
102,931
196,283
0
0
196,283
29,566
68,987
0
98,553
387,755
0
0
387,755
68,407
0
0
68,407
253,448
0
0
253,448
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Dallas Commons
US Highway 278 and Nathan Dean Boulevard, Dallas Kroger + (O.B.O.)
Page 27
100.00%
25,158
0
70,104
95,262
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Reynolds Crossing Thompson Bridge Commons Grayson Commons Sandy Plains Exchange
Brownsville Commons
Roswell Corners
Location Steve Reynolds and Old North Cross Rd., Duluth Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville Grayson Hwy at Rosebud Rd., Grayson Sandy Plains at Scufflegrit, Marietta Brownsville Road and Hiram-Lithia Springs Road, Powder Springs Woodstock Rd. at Hardscrabble Rd., Roswell
Peachtree Parkway at Mathis Airport Rd., Brookwood Marketplace Suwannee Georgia Total: # of Properties: 15
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
Kroger + (O.B.O.)
100.00%
45,758
0
70,225
115,983
Kroger +
100.00%
92,587
0
0
92,587
Kroger +
100.00%
76,611
0
0
76,611
Publix +
100.00%
72,784
0
0
72,784
Kroger + (O.B.O.) Staples, T.J. Maxx, Super Target + (O.B.O.) Office Max, Home Depot, Bed Bath & Beyond, Super Target + (O.B.O.)
100.00%
27,747
0
54,139
81,886
100.00%
144,964
0
173,535
318,499
100.00%
196,134 1,785,476
0 151,332
100.00%
303,566 303,566
0 0
0 0
303,566 303,566
100.00%
135,139
0
0
135,139
100.00%
115,716 250,855
0 0
0 0
115,716 250,855
Kroger +
100.00%
124,567
0
27,000
151,567
TJ Maxx, Michael's, Kroger (O.B.O)
100.00%
124,486
0
46,044
170,530
100.00%
179,450
0
0
179,450
100.00%
168,986 597,489
0 0
49,410 122,454
218,396 719,943
100.00%
226,102
0
0
226,102
174,000 370,134 716,003 2,652,811
Illinois Burbank Station Illinois Total:
S. Cicero Ave. at W. 78th St. # of Properties: 1
AJ Wright, Babies "R" Us, Food For Less +, Office Max
Kansas Shawnee Village
Kohl's Kansas Total:
Shawnee Mission Pkwy. at Quivera Rd., Shawnee
Burlington Coat Factory Barnes & Noble, Wanamaker Rd. at S.W. Kohl’s Department 17th St., Topeka Store # of Properties: 2
Kentucky Millpond Center Regency Shopping Centre Tates Creek
Festival at Jefferson Court Kentucky Total:
Boston at Man O’War, Lexington Nicholasville Rd.& West Lowry Lane, Lexington Tates Creek at Man O’ War, Lexington
Kroger +, Rite Aid Kroger +, PetsMart (O.B.O.), Factory Card Outer Loop at Jefferson Outlet, AJ Wright Blvd., Louisville (O.B.O.) # of Properties: 4
Louisiana
Town & Country Plaza
U.S. Hwy. 190 West, Hammond
Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s, Books-AMillion, Rent Way
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Manhattan Place Ambassador Plaza
River Marketplace Westwood Village
14/Park Plaza K-Mart Plaza
Prien Lake Plaza
Southgate
Danville Plaza Orleans Station
University Place Louisiana Total:
Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion Albertsons + (O.B.O.), Blockbuster Ross Dress for Less, Stage, Cost Plus, Ambassador Caffery at Super Target + Kaliste Saloom, (O.B.O.), Books A Lafayette Million W. Congress at Stage, Graham Central Bertrand, Lafayette Station Kroger +, Conn’s, Hwy. 14 at General Burke's Outlet, Anna's Doolittle, Lake Charles Linens, Family Dollar Albertsons +, Kmart, Ryan St., Lake Charles Stages Target (O.B.O.), Marshall’s (O.B.O.), Prien Lake Rd. at Ross Dress for Less Nelson Rd., Lake (O.B.O.), Bed Bath & Charles Beyond (O.B.O.) Market Basket +, Ryan at Eddy, Lake Office Depot, BooksCharles A-Million County Market +, Citi Louisville at 19th, Trends, Surplus Monroe Warehouse Paris, Robert E. Lee at Chatham, New Orleans Vacant Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy 70th St. at Youree Dr., (O.B.O), Bed Bath & Shreveport Beyond # of Properties: 12 Manhattan Blvd. at Gretna Blvd., Harvey Ambassador Caffery at W. Congress, Lafayette
100.00%
156,215
0
125,400
281,615
100.00%
0
0
101,950
101,950
13,142
147,100
174,700
334,942
100.00%
141,346
0
0
141,346
100.00%
172,068
0
0
172,068
107,974
107,974
0
215,948
100.00%
7,743
0
205,375
213,118
100.00%
170,588
0
0
170,588
100.00%
141,380
0
0
141,380
100.00%
0
0
0
0
7.80%
50.00%
(1)(3)
(1)(3)
20.40%
(1)(3)
46,237 1,182,795
180,417 435,491
75.00%
(1)
148,384 148,384
49,461 49,461
174,500 401,154 781,925 2,400,211
Maine The Promenade Maine Total:
Essex at Summit, Lewiston # of Properties: 1
Staples, Flagship Cinemas
Missouri
Page 28
0 0
197,845 197,845
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Ballwin Plaza Western Plaza Missouri Total:
Location
Anchors
Manchester Rd. at Vlasis Dr., Ballwin Hwy 141 at Hwy 30, Fenton # of Properties: 2
Schnucks +, Michael’s, Sears O'Reilly Automotive
WRI Owned %
Foot Notes
100.00%
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
200,915
0
0
200,915
28,317 229,232
28,317 28,317
0 0
56,634 257,549
100.00%
66,408
0
143,879
210,287
100.00%
436,814
0
0
436,814
100.00%
338,378
0
0
338,378
100.00%
167,654
0
0
167,654
100.00%
116,973
0
31,842
148,815
100.00%
152,475
0
55,745
208,220
100.00%
148,713
0
0
148,713
100.00%
278,416
0
0
278,416
100.00%
136,369
0
0
136,369
100.00%
87,367
0
0
87,367
100.00%
246,478
0
394,271
640,749
100.00%
142,728
0
0
142,728
50.00%
(1)(3)
Nevada Eastern Horizon
Best in the West
Charleston Commons
College Park S.C.
Francisco Centre
Mission Center Paradise Marketplace
Rainbow Plaza
Rainbow Plaza, Phase I Rancho Towne & Country
Tropicana Beltway Tropicana Marketplace
Eastern Ave. at Horizon Ridge Pkwy., Henderson
Kmart + (O.B.O.) Best Buy, Borders, Bed Bath & Beyond, Babies "R" Us, DSW Shoes, Office Depot, Old Navy, PetsMart, Rainbow at Lake Mead Jo-Ann Stores, The Rd., Las Vegas Sports Authority, Ulta Wal-Mart, Ross, Charleston and Nellis, Office Max, 99 Cents Las Vegas Only, PetsMart E. Lake Mead Blvd. at Albertsons +, Sav-On Civic Ctr. Dr., North Las Drug, Anna's Linens, Vegas Lucky's, Factory 2 U Ross Dress for Less E. Desert Inn Rd. at S. (O.B.O.), Fallas Eastern Ave., Las Paredes , La Bonita Vegas Grocery + Sav-On Drug (O.B.O.), Flamingo Rd. at Albertsons + (O.B.O.), Maryland Pkwy, Las Toys “R” Us, T.J. Vegas Maxx Flamingo Rd. at Smith’s Food +, Dollar Sandhill, Las Vegas Tree Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Rainbow Blvd. at Charleston Blvd., Las Vegas Smith’s Food + Lowe’s (O.B.O.), WalMart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Tropicana Beltway at Cent Only, Sports Fort Apache Rd., Las Authority, Pier 1 Vegas Imports Tropicana at Jones Smith’s Food +, Blvd., Las Vegas Family Dollar
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Westland Fair North Nevada Total:
Charleston Blvd. At Decatur Blvd., Las Vegas # of Properties: 12
Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels, Anna's Linens
100.00%
576,202 2,894,975
0 0
Albertsons +, Family Dollar
100.00%
117,623
0
0
117,623
100.00%
104,034
0
0
104,034
100.00%
195,944
0
0
195,944
100.00%
84,322
0
334,000
418,322
100.00%
267,886
0
0
267,886
100.00%
249,671 1,019,480
0 0
Food Lion + Harris Teeter +, Staples
100.00%
143,063
0
0
143,063
100.00%
130,934
0
0
130,934
Harris Teeter +
100.00%
89,997
0
0
89,997
Food Lion +
100.00%
77,802
0
0
77,802
Food Lion +, Rite-Aid Lowes Food +, CVS/pharmacy
100.00%
80,061
0
0
80,061
25.00%
(1)(3)
24,039
72,116
0
96,155
Dollar General Off Broadway Shoes, Wal-Mart (O.B.O.)
25.00%
(1)(3)
20,564
61,694
0
82,258
100.00%
120,542
0
207,602
328,144
Food Lion+
100.00%
79,508
0
0
79,508
100.00%
77,301
0
0
77,301
100.00%
41,876
0
402,620
444,496
100.00%
42,517
0
0
42,517
100.00%
134,295
0
0
134,295
100.00%
59,859
0
0
59,859
0 576,202 625,737 3,520,712
New Mexico
North Towne Plaza
Candelaria Rd. at Eubank Blvd., Albuquerque Academy Rd. at Wyoming Blvd., Albuquerque
Pavillions at San Mateo
I-40 at San Mateo, Albuquerque
Eastdale
Wyoming Mall
Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque Academy Rd. at Northeastern, Albuquerque
De Vargas New Mexico Total:
N. Guadalupe at Paseo de Peralta, Santa Fe # of Properties: 6
Plaza at Cottonwood
Whole Foods Market +, Borders Old Navy, Shoe Department, Circuit City, Skechers Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.), Party City Wal-Mart Supercenter +, Dollar Tree Albertsons + (O.B.O.), Sav-On (CVS), Ross Dress for Less, Office Depot, Hastings, United Artists
62,750 312,421 396,750 1,416,230
North Carolina Capital Square Harrison Pointe High House Crossing Northwoods Market Parkway Pointe Chatham Crossing Cole Park Plaza Galleria
Johnston Road Plaza Steele Creek Crossing
Whitehall Commons Bull City Market Durham Festival
Mineral Springs Village
Capital Blvd. at Huntleigh Dr., Cary Harrison Ave. at Maynard Rd., Cary NC Hwy 55 at Green Level W. Rd., Cary Maynard Rd. at Harrison Ave., Cary Cory Parkway at S. R. 1011, Cary US 15/501 at Plaza Dr., Chapel Hill US 15/501 and Plaza Dr., Chapel Hill Galleria Boulevard and Sardis Road, Charlotte Johnston Rd. at McMullen Creek Pkwy., Charlotte York Rd. at Steele Creek Rd., Charlotte
BI-LO +, Rite-Aid Blockbuster, WalMart Supercenter + (O.B.O.), Lowes NWC of Hwy. 49 at I(O.B.O.), BI-LO + 485, Charlotte (O.B.O.) Broad St. at West Main Whole Foods Market St., Durham + Hillsborough Rd. at Kroger +, Dollar LaSalle St., Durham General Mineral Springs Rd. at Wake Forest Rd., Durham Food Lion +, Rite-Aid
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Page 29
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Ravenstone Commons
Pinecrest Plaza Avent Ferry Falls Pointe
Leesville Town Centre
Little Brier Creek Lynnwood Collection
Six Forks Station
Stonehenge Market
Heritage Station North Carolina Total:
Location
Hwy 98 at Sherron Rd., Durham Hwy. 15-501 at Morganton Rd., Pinehurst Avent Ferry Rd. at Gorman St., Raleigh Neuce Rd. at Durant Rd., Raleigh Leesville Rd. at Leesville Church Rd., Raleigh Little Brier Creek Lane and Brier Leaf Lane, Raleigh Creedmoor Rd at Lynn Road, Raleigh
Anchors
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
Food Lion +, Blockbuster
100.00%
60,424
0
0
60,424
Food Lion +, Michael’s, Goody’s, Belk’s
100.00%
250,140
0
0
250,140
Food Lion +, Family Dollar Harris Teeter +, Kohl’s (O.B.O.)
100.00%
111,650
0
0
111,650
100.00%
106,981
0
86,350
193,331
Harris Teeter +, Rite-Aid
100.00%
112,576
0
0
112,576
Lowe's Food + (O.B.O.)
100.00%
17,209
0
45,802
63,011
100.00%
86,362
0
0
86,362
100.00%
467,270
0
0
467,270
100.00%
188,521
0
0
188,521
Kroger + Kmart, Home Depot, Food Six Forks Rd. at Lion +, Bed Bath & Strickland Rd., Raleigh Beyond, Borders Creedmoor Rd. at Bridgeport Dr., Harris Teeter +, SteinMart, Raleigh Eckerd’s Forestville Rd. at Rogers Rd., Wake Forest Harris Teeter + # of Properties: 24
100.00%
68,778 0 0 68,778 2,592,269 133,810 742,374 3,468,453
Oklahoma Market Boulevard
Town and Country Oklahoma Total:
E. Reno Ave. at N. Douglas Ave., Midwest City Reno Ave at North Air Depot, Midwest City # of Properties: 2
Color Tyme
100.00%
35,765
0
0
35,765
Office Depot, Big Lots, Westlake Hardware
100.00%
135,892 171,657
0 0
0 0
135,892 171,657
14,828
59,311
62,600
136,739
97,207
0
0
97,207
Oregon SE 82nd Avenue and SE Causey Avenue, Clackamas Square Portland SE Mcloughlin Blvd & Oak Grove Market Center Oak Grove Ave SW BeavertonHillsdale Hwy and SW Scholls Ferry Road, Raleigh Hills Plaza Portland Oregon Total: # of Properties: 3
T.J. Maxx, Winco Foods + (O.B.O.) Safeway +
20.00%
(1)(3)
100.00%
Walgreens, New Seasons Market +
20.00%
(1)(3)
7,904 119,939
31,616 90,927
0 62,600
39,520 273,466
The Fresh Market +
25.00%
(1)(3)
21,530 21,530
64,590 64,590
0 0
86,120 86,120
179,364
0
0
179,364
South Carolina Fresh Market Shoppes South Carolina Total:
890 William Hilton Head Pkwy, Hilton Head # of Properties: 1
Tennessee Bartlett Towne Center
Bartlett Blvd. at Stage Kroger +, Petco, Dollar Rd., Bartlett Tree, Shoe Carnival
100.00%
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Dexter at N. Germantown, Commons at Dexter Lake Memphis Dexter at N. Commons at Dexter Lake Germantown, Phase II Memphis Summer at Highland, Highland Square Memphis South Mendenahall Rd. and Sanderlin Mendenhall Commons Avenue, Memphis Summer Ave. at Summer Center Waring Rd., Memphis Tennessee Total: # of Properties: 5
Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Walgreen’s
30.00%
(1)
50,087
116,871
0
166,958
30.00%
(1)
18,461
43,077
0
61,538
14,490
0
0
14,490
23,961
55,910
0
79,871
148,581 0 434,944 215,858
0 0
148,581 650,802
100.00%
Kroger + Kroger +, Ross Dress for Less
30.00%
(1)
100.00%
Texas Bell Plaza Coronado Wolflin Village Calder
North Park Plaza Phelan Phelan West Southgate Westmont Lone Star Pavilions
Montgomery Plaza
45th Ave. at Bell St., Amarillo 34th St. at Wimberly Dr., Amarillo Wolflin Ave. at Georgia St., Amarillo Calder at 24th St., Beaumont Eastex Fwy. at Dowlen, Beaumont Phelan at 23rd St, Beaumont Phelan at 23rd St., Beaumont Calder Ave. at 6th St., Beaumont Dowlen at Phelan, Beaumont Texas at Lincoln Ave., College Station
United Supermarket +, Dollar Tree
19,579
110,950
0
130,529
100.00%
46,829
0
0
46,829
100.00%
153,084
0
0
153,084
Harmony Science Academy 100.00% Target (O.B.O.), Anna’s Linens, David’s Bridal, Toys “R” Us (O.B.O.) 50.00%
34,641
0
0
34,641
70,036
70,036
141,329
281,401
12,000
0
0
12,000
15,552
7,779
58,890
82,221
100.00%
33,555
0
0
33,555
100.00%
98,071
0
0
98,071
100.00%
106,907
0
0
106,907
100.00%
296,837
0
0
296,837
Blockbuster Office Depot, Sheplers Western Wear, Talbots
15.00%
Kroger + (O.B.O.)
100.00%
Kroger + (O.B.O.)
66.70%
Control Fluids
Talbot’s, Blockbuster Best Buy, Office Depot, Barnes & Noble Academy, Conn’s, Goody’s, 99 Cents Only, Loop 336 West at I-45, Petco, Anna's Linens, Conroe Spec's
Page 30
(1)
(1)(3)
(1)(3)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Moore Plaza Portairs
Overton Park Plaza Broadway Food King Place
Galveston Place 10/Federal Alabama-Shepherd Bayshore Plaza Bellaire Boulevard Braeswood Square
Centre at Post Oak
Champions Village Cullen Place Cullen Plaza
Cypress Pointe
Eastpark
Edgebrook Fiesta Village Fondren/West Airport Glenbrook Square
Griggs Road
Location
Anchors
Office Depot, Marshall’s, H. E. B. +, (O.B.O.), Target (O.B.O.), Circuit City, S. Padre Island Dr. at Old Navy, Hobby Staples, Corpus Christi Lobby Ayers St. at Horne Rd., CVS/pharmacy, Family Corpus Christi Dollar, Beall’s Sports Authority, Circuit City, PetsMart, Office Depot, T.J. SW Loop 820/Interstate Maxx, Albertsons +, 20 at South Hulen St., Home Depot (O.B.O.), Ft. Worth Anna’s Linens Broadway at 59th St., Galveston Big Lots, Family Dollar 25th St. at Avenue P, Galveston Vacant Randall’s +, Office Central City Blvd. at Depot, Spec's Liquor, 61st St., Galveston Palais Royal Citi Trends, Palais I-10 at Federal Royal, Sellers Bros. + S. Shepherd at W. Alabama Bookstop, PetsMart Spencer Hwy. at Burke Fitness Connections Rd. (O.B.O.) Bellaire at S. Rice Randall’s + N. Braeswood at Belden’s +, Chimney Rock Walgreen’s Marshall’s, Barnes & Westheimer at Post Oak Noble, Old Navy, Blvd. Grand Lux Café Randall’s +, SteinMart, Palais F.M. 1960 at Champions Royal, Cost Plus, Forest Dr. Barnes & Noble Kohl's (O.B.O.), Conn Cullen at Reed Appliances Fiesta +, Family Dollar, Cullen at Wilmington Beauty Empire Kroger +, Office Depot, Babies “R” Us, F.M. 1960 at Cypress America's Furniture Station Brands (O.B.O.) Jack in the Box, CVS (O.B.O.), US Postal Mesa Rd. at Tidwell Service (O.B.O.) Fiesta +, JPMorgan Chase Bank, Family Edgebrook at Gulf Fwy. Dollar Quitman at Fulton Fiesta + Fondren at W. Airport Save-A-Lot + Telephone Road Kroger +, Blockbuster Family Dollar, Modern City, Citi Griggs at Cullen Trends
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
100.00%
371,668
0
161,909
533,577
100.00%
118,233
0
0
118,233
100.00%
353,302
0
110,000
463,302
11,172
63,305
0
74,477
100.00%
28,062
0
0
28,062
100.00%
210,187
0
0
210,187
19,871
112,601
0
132,472
56,110
0
0
56,110
35,966 10,524
0 24,557
86,000 0
121,966 35,081
100.00%
103,336
0
0
103,336
100.00%
182,070
0
0
182,070
115,134
268,645
0
383,779
7,316
0
0
7,316
12,678
71,839
0
84,517
100.00%
190,704
0
96,660
287,364
100.00%
1,576
0
0
1,576
66,575 25,712 0 65,011
0 0 0 0
78,324 30,249 56,593 76,483
68,097
0
80,114
15.00%
15.00%
(1)
(1)
100.00% 100.00% 30.00%
30.00%
(1)
(1)
100.00% 15.00%
(1)
15.00% 15.00% 100.00% 15.00%
(1) (1) (1)
11,749 4,537 56,593 11,472
15.00%
(1)
12,017
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Harrisburg Plaza Heights Plaza
Humblewood Shopping Plaza I-45/Telephone Rd. Center Jacinto City Kirby Strip Center
Lawndale Little York Plaza Lyons Avenue Market at Westchase North Main Square
North Oaks North Triangle
Northbrook Center
Northwest Crossing Oak Forest Orchard Green Randall's /Cypress Station Randall's /Kings Crossing Randall's /Norchester Richmond Square River Oaks East
River Oaks West Sheldon Forest North Sheldon Forest South
Shops at Three Corners
Harrisburg at Wayside 20th St. at Yale
Fallas Paredes Kroger +, Walgreen’s Kroger +,Conn’s, Walgreen’s, Michael's Eastex Fwy. at F.M. (O.B.O.), DSW 1960 (O.B.O.) Sellers Bros. +, Dollar Tree, FAMSA, Falles I-45 at Maxwell Street Paredes Sellers Bros. +, Market at Baca CVS/pharmacy New Orleans Cajun Kirby Dr, Houston Restaurant Family Dollar, 99 Cents Only, LaMichoacana Meat Lawndale at 75th St. Market Sellers Bros. +, Fallas Little York at E. Hardy Paredes Fiesta +, Fallas Lyons at Shotwell Paredes Whole Foods Market Westheimer at Wilcrest + Pecore at N. Main O’Reilly Autoparts T.J. Maxx, Ross Dress for Less, Staples, Big Lots, DSW, Half Price Books, Anna's Linens, F.M. 1960 at Veterans Hobby Lobby, Memorial Mardels Steak & Ale, CiCi’s I-45 at F.M. 1960 Pizza Randall’s +, Office Depot, Citi Trends, Northwest Fwy. at W. Anna’s Linens, Dollar 34th Tree Target (O.B.O.), Marshall’s, Babies N.W. Fwy. at Hollister “R” Us, Best Buy Kroger +, Palais Royal, W. 43rd at Oak Forest Dollar Tree Sellers Bros. +, Family Gulfton at Renwick Dollar
15.00% 100.00%
F.M. 1960 at I-45 Kingwood Dr. at Lake Houston Pkwy. Grant at Jones Richmond Ave. at W. Loop 610 W. Gray at Woodhead
Randalls + Randall’s +, CVS/pharmacy CVS Best Buy (O.B.O.), Cost Plus Kroger + Talbot’s, JoS. A. Bank, Ann Taylor, W. Gray at S. Shepherd Gap, Barnes & Noble Gerland’s +, Burke’s North, I-10 at Sheldon Outlet North, I-10 at Sheldon Family Dollar Fiesta +, Office Depot, PetsMart, Ross Dress S. Main at Old Spanish for Less, Anna’s Trail Linens, Big Lots
Page 31
(1)
100.00%
14,016 71,777
79,422 0
0 0
93,438 71,777
178,837
0
99,000
277,837
15.00%
(1)
25,891
146,718
0
172,609
50.00%
(1)
24,569
24,569
0
49,138
10,000
0
0
10,000
100.00%
15.00%
(1)
7,819
44,308
0
52,127
15.00%
(1)
17,603
99,750
0
117,353
15.00%
(1)
10,144
57,485
0
67,629
84,084 18,515
0 0
0 0
84,084 18,515
60,710
344,023
0
404,733
100.00%
16,060
0
0
16,060
100.00%
172,479
0
0
172,479
137,507
45,836
120,721
304,064
100.00%
147,674
0
0
147,674
100.00%
74,983
0
0
74,983
100.00%
138,974
0
0
138,974
37,919 107,200
88,478 0
0 0
126,397 107,200
100.00% 100.00%
35,623 71,265
0 0
58,247 0
93,870 71,265
100.00%
255,978
0
0
255,978
100.00% 100.00%
15.00%
75.00%
30.00% 100.00%
(1)
(1)(3)
(1)
100.00% 50.00%
(1)
22,040 37,670
0 37,670
0 0
22,040 75,340
70.00%
(1)
172,990
74,139
0
247,129
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Southgate Spring Plaza
Steeplechase
Stella Link Studemont Ten Blalock Square Village Arcade Village Arcade-Phase II
Village Arcade-Phase III
Westchase Center
Westhill Village
Killeen Marketplace
Cedar Bayou
North Creek Plaza Plantation Centre League City Plaza Central Plaza Town and Country Angelina Village
Las Tiendas Plaza Northcross Old Navy Building
Location
Anchors
Food-A-Rama +, Palais Royal, W. Fuqua at Hiram CVS/pharmacy, Family Clark Dollar Sellers Bros. +, Family Hammerly at Campbell Dollar Palais Royal, 99 Cents Only, Anna's Linens, Jones Rd. at F.M. 1960 Goodwill Industries Seller Bros.+, Spec’s Stella Link at S. Liquor Warehouse, Braeswood Burke’s Outlet Studewood at E. 14th St Fiesta + I-10 at Blalock Vacant University at Kirby Gap, Baby Gap University at Kirby Talbot’s American Eagle Outfitters, Banana University at Kirby Republic, Express Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target Westheimer at Wilcrest (O.B.O.), Petco Ross Dress for Less, Office Depot, 99 Cents Westheimer at Hillcroft Only, Anna’s Linens Best Buy, Ross Dress 3200 E. Central Texas for Less, Staples, Expressway, Killeen Home Depot (O.B.O.) Dollar General, La Marque Fire Dept. Bayou Rd., La Marque (O.B.O.) Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H. E. Del Mar Blvd. at Hwy. B. + (O.B.O.), I-35, Laredo Marshall’s Del Mar Blvd. at McPherson Rd., Laredo H. E. B. +, Blockbuster I-45 at F.M. 518, League Kroger +, Spec’s City Liquor Warehouse Loop 289 at Slide Rd., Bed Bath & Beyond, Lubbock Old Navy, Staples 4th St. at University, Hasting’s Records & Lubbock Books Hwy. 59 at Loop 287, Kmart, Ashley Lufkin Furniture, Conn's Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Expressway 83 at Marshall’s, Office McColl Rd., McAllen Depot N. 10th St. at Nolana Loop, McAllen Barnes & Noble 1815 10th Street, McAllen Old Navy
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
15.00%
(1)
18,695
105,939
0
124,634
15.00%
(1)
8,890
50,376
0
59,266
100.00%
194,551
0
99,950
294,501
100.00% 100.00% 100.00% 100.00% 100.00%
96,396 28,466 97,217 57,219 28,371
0 0 0 0 0
0 0 0 0 0
96,396 28,466 97,217 57,219 28,371
100.00%
106,879
0
0
106,879
100.00%
232,994
0
99,550
332,544
100.00%
130,562
0
0
130,562
100.00%
115,203
0
135,934
251,137
100.00%
14,873
0
30,688
45,561
100.00%
242,293
0
206,463
448,756
100.00%
134,919
0
0
134,919
19,048
107,942
0
126,990
100.00%
151,196
0
0
151,196
100.00%
30,743
0
0
30,743
100.00%
248,199
0
0
248,199
15.00%
(1)
50.00%
(1)(3)
143,968
143,968
242,132
530,067
50.00%
(1)(3)
38,196
38,196
0
76,391
50.00%
(1)(3)
7,500
7,500
0
15,000
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South 10th St. HEB Independence Plaza Custer Park Pitman Corners
Preston Shepard Place Gillham Circle
S. 10th St. at Houston St., McAllen Town East Blvd., Mesquite SWC Custer Road at Parker Road, Plano Custer Road at West 15th, Plano
Preston Rd. at Park Blvd. Gillham Circle at Thomas, Port Arthur U.S. Hwy. 83 at Bridge St., Rio Grande City
H. E. B. + Babies “R” Us, Family Dollar Kroger + (O.B.O), Dollar General Albertsons +, Tuesday Morning SteinMart, Old Navy, Office Depot, Marshalls, Babies "R" Us, Borders
Family Dollar H. E. B.+, Beall’s, Starr Plaza Dollar General Office Max, Petco, Ross Dress for Less, I-30 at Market Center Old Navy, Linens ‘N Rockwall Street, Rockwall Things, Michael’s U.S. Hwy. 90A at Lane Family Dollar, Palais Rose-Rich Dr., Rosenberg Royal Tom Thumb + Dalrock Rd. at Lakeview (O.B.O.), Walgreen’s Lake Pointe Market Center Pkwy., Rowlett (O.B.O.) Highway 287 at Bailey Boswell Towne Center Boswell Rd., Saginaw Albertsons + (O.B.O) H. E. B. + (O.B.O.), Target (O.B.O.), Barnes & Noble, Act III Theatres, Marshall’s, Office I-10 at DeZavala Rd., Max, SteinMart, Fiesta Trails San Antonio Petco, Anna’s Linens Nacogdoches at New Oak Park Village Braunfels, San Antonio H. E. B. + Bernina New W. Ave. at Blanco, San Home Sewing Center, Parliament Square Antonio Anytime Fitness W. Ave. at Blanco, San Parliament Square II Antonio Incredible Pizza Thousand Oaks Dr. at Jones Maltsberger Rd., H. E. B. +, Beall’s, Thousand Oaks San Antonio Tuesday Morning Marshall’s, West Ave. at Blanco Blockbuster, Dollar Valley View Rd., San Antonio Tree Old Navy, Home Goods, Marshall’s, DSW Shoe Town Center Blvd., Warehouse, Ross Market at Town Center Sugar Land Dress for Less New Boston at Rehkopf’s Grocery +, New Boston Road Summerhill, Texarkana Salvation Army 6th St. at 9th Ave., Island Market Place Texas City Food King + F.M. 1764 at 34th St., Randall’s +, Big Lots Palmer Plaza Texas City (O.B.O.), Dollar Tree S. Broadway at W. 9th Broadway St., Tyler SteinMart Market Basket +, Beall’s, Baskin’s, Crossroads I-10 at N. Main, Vidor Burke’s Outlet
Page 32
50.00%
51,851
51,851
0
103,702
100.00%
179,182
0
0
179,182
100.00%
115,484
0
65,084
180,568
100.00%
192,283
0
0
192,283
72,667
290,670
0
363,337
33,134
0
0
33,134
88,406
88,406
0
176,812
100.00%
209,051
0
0
209,051
100.00%
103,385
0
0
103,385
100.00%
42,860
0
81,176
124,036
100.00%
26,088
0
61,747
87,835
100.00%
312,370
0
176,000
488,370
19,286
45,001
0
64,287
100.00%
64,950
0
0
64,950
100.00%
54,541
0
0
54,541
24,432
138,450
0
162,882
100.00%
89,859
0
0
89,859
100.00%
375,820
0
0
375,820
100.00%
97,000
0
0
97,000
100.00%
27,277
0
0
27,277
100.00%
96,526
0
99,980
196,506
100.00%
60,400
0
0
60,400
100.00%
115,692
0
0
115,692
20.00%
(1)(3)
(1)(3)
100.00% 50.00%
30.00%
15.00%
(1)(3)
(1)
(1)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Texas Total:
# of Properties: 99
Anchors
WRI Owned %
Foot Notes
WRI
Gross Leasable Area Joint Venture Owned by
Owned Share Other Total 9,362,617 3,065,804 2,231,460 14,659,879
Utah
Alpine Valley Center
Taylorsville Town Center
West Jordan Town Center Utah Total:
Main St. at State St., American Fork West 4700 South at Redwood Rd., Taylorsville West 7000 South at S. Redwood Rd., West Jordan # of Properties: 3
Super Target + (O.B.O.), Old Navy, Pier 1 Imports, Dollar Tree, Office Depot
33.30%
(1)(3)
Albertsons + (O.B.O.), Rite Aid 100.00% Albertsons +, Office Depot, Target (O.B.O.), Petco 100.00%
30,382
60,772
133,500
224,654
94,157
0
40,057
134,214
182,099 306,638
0 60,772
122,800 296,357
304,899 663,767
Washington
Mukilteo Speedway Center
Meridian Town Center
South Hill Center
Rainer Square Plaza Washington Total:
Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood Meridian Avenue East and 132nd Street East, Puyallup 43rd Avenue Southwest and Meridian Street South, Puyallup Rainer Avenue South and South Charleston Street, Seattle # of Properties: 4
Food Emporium +, Bartell Drugs Jo-Ann Fabric & Craft Store, Safeway + (O.B.O.)
20.00%
(1)(3)
18,055
72,218
0
90,273
20.00%
(1)(3)
15,533
62,133
65,346
143,012
Best Buy, Bed Bath & Beyond, Ross Dress for Less
20.00%
(1)(3)
26,804
107,216
0
134,020
Safeway +
20.00%
(1)(3)
21,485 81,877
85,938 327,505
0 65,346
107,423 474,728
20.00%
(1)(3)
145,353 145,353
581,413 581,413
0 0
726,766 726,766
100.00%
600,000
0
0
600,000
100.00%
168,400
0
0
168,400
Industrial Operating Properties California
Siempre Viva Business Park California Total:
Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., NYK Siempre Viva Rd. at Logistics, Eaton Kerns St., San Diego Corporation # of Properties: 1
Florida
Lakeland Industrial Center
I-4 at County Rd., Lakeland
Interstate Drive and Lakeland Interestate Industrial Kathleen Rd., Park I Lakeland
Rooms to Go, Amware Pallet Services, Publix, Star Distribution Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., Sunrise Medical HHG, Inc.
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Hopewell Industrial Center
1801 Massaro Blvd., Tampa Old Hopewell Boulevard and U.S. Highway 301, Tampa
Tampa East Industrial Portfolio Florida Total:
1841 Massaro Blvd., Tampa # of Properties: 5
1801 Massaro
MiTek Industries, Inc., JK Transportation 100.00% Parts Depot, Inc., American Tire Distributors 100.00% General Electric, Hughes Supply, Interline Brands, GE Polymershapes, Creative Recycling Systems 100.00%
159,000
0
0
159,000
224,483
0
0
224,483
512,923 1,664,806
0 0
0 0
512,923 1,664,806
100.00%
120,200
0
0
120,200
100.00%
382,100
0
0
382,100
100.00%
50,000
0
0
50,000
100.00%
265,200
0
0
265,200
80,511
322,043
0
402,554
100.00%
234,525
0
0
234,525
100.00%
72,000
0
0
72,000
100.00%
154,464
0
0
154,464
100.00%
178,467
0
0
178,467
72,092
288,368
0
360,460
Georgia Atlanta Industrial Georgia Aquarium, Pkwy. at Atlanta Inc., Cardinal Atlanta Industrial Park Industrial Dr., Atlanta Logistics Mgmt Co. Target Container Co., Sanderson Industries, Inc., Recall Secure Atlanta Industrial Destruction Pkwy. at Atlanta Services, Inc., GSC Atlanta Industrial Park II & VI Industrial Dr., Atlanta Packaging Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction Atlanta Industrial Services, Inc., Pkwy. at Atlanta Georgia Aquarium, Atlanta Industrial Parkway Industrial Dr., Atlanta Inc. Fulton Industrial Blvd. at Camp Creek Riverview Distribution Center Parkway CHEP USA 3700 Southside Industrial Way, Sears Logistics Sears Logistics Atlanta Services, Inc. Anvil Block Rd and SouthPark Blvd, American Tire SouthPark 3075 Atlanta Distributors Lowe Supply, Inc., Southside Industrial Mission Produce, Pkwy at Jonesboro Masco Contractor Southside Industrial Parkway Rd., Atlanta Services Maxwell Chase Technologies, LLC, Camp Creek Parkway Nissei ASB and Westlake Company, Berlin Westlake 125 Parkway, Atlanta Packaging Clorox Services 3850-3900 Kennesaw Company, Builders Kennesaw 75 Prkwy, Kennesaw Specialties, LLC Zurn, Pax Industries, Inc., I-85 at Jimmy Carter Prime Choice 6485 Crescent Drive Blvd., Norcross Properties, Inc.
Page 33
20.00%
20.00%
(1)(3)
(1)(3)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Georgia Total:
Location
Anchors
WRI Owned %
Foot Notes
# of Properties: 8
Gross Leasable Area Joint Owned WRI Venture by Owned Share Other Total 1,609,559 610,411 0 2,219,970
Tennessee Crowfarn Drive Warehouse
Outland Business Center
Southpoint I & II Tennessee Total:
Crowfarn Dr. at Getwell Rd., Memphis
Diamond Comic Distributors, Inc, Acorn International 20.00% Vistar Corporation, TricorBraun, Quest Communications Outland Center Dr., Corporation, Kuehne & Memphis Nagel, Inc., Concentra 20.00% Pleasant Hill Rd. at Shelby Dr., AF Services, Sunnywood Memphis Products, Inc., Wynit 100.00% # of Properties: 3
(1)(3)
31,770 127,079
0
158,849
(1)(3)
82,028 328,110
0
410,138
570,940 0 684,738 455,189
0 570,940 0 1,139,927
Texas Midpoint I-20 Distribution Center
New York Avenue and Arbrook Boulevard, Arlington
Corporate Center Park I and II
Randol Mill Road, Arlington Kramer Ln. at Metric Blvd., Austin Putnam Dr. at Research Blvd., Austin
Oak Hills Industrial Park
Industrial Oaks Blvd., Austin
Randol Mill Place
Braker 2 Business Center
Rutland 10 Business Center
Southpark A,B,C
Southpoint Service Center
1625 Diplomat Drive
Midway Business Center
Manana Office Center Newkirk Service Center Northeast Crossing Office/Service Center
Metric Blvd. At Centimeter Circle, Austin East St. Elmo Rd. at Woodward St., Austin Burleson at Promontory Point Dr., Austin SWC Diplomat Dr. at McDaniel Dr., Carrollton Midway at Boyington, Carrollton
I-35 at Manana, Dallas Newkirk near N.W. Hwy., Dallas East N.W. Hwy. at Shiloh, Dallas
DHL, INX International American Institute of Intradermal Cosmetics, Protech Electronics, Inc. Home Team Pest Defense, MJC Electronics Corporation Phoenix – Lamar Corp, Apria Healthcare, Inc., Walgreen Co. Terracon, Inc., Vindicator Technologies, Nanocoolers, Inc. Media Event Concepts, Inc., Technowood, Inc., Aramark, Liant Manufacturing
100.00%
253,165
0
0
253,165
100.00%
54,639
0
0
54,639
100.00%
27,359
0
0
27,359
100.00%
119,452
0
0
119,452
100.00%
89,858
0
0
89,858
100.00%
54,000
0
0
54,000
HJV Associates, Inc., EZ Corp, Inc., Viko Test Lab
100.00%
78,276
0
0
78,276
Browning Construction Co., Ltd.
100.00%
57,667
0
0
57,667
Rooftop Systems, Inc.
100.00%
106,140
0
0
106,140
100.00%
141,246
0
0
141,246
100.00%
223,128
0
0
223,128
100.00%
105,892
0
0
105,892
100.00%
78,700
0
0
78,700
ProSource, Luxury of Leather Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services Applied Industrial Technologies, AWC Capital Title, Garland Surgery Center
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Northwest Crossing Office/Service Center
N.W. Hwy. at Walton Walker, Dallas
Redbird Distribution Center
Joseph Hardin Drive, Dallas
Regal Distribution Center
Leston Avenue, Dallas
Pulaski St. at Irving Blvd., Dallas 420 E. Danieldale McGraw Hill Distribution Center Rd, DeSoto 610 and 11th St. Warehouse Loop 610 at 11th St. Space Center Industrial Park
610 and 11th St. Warehouse 610/288 Business Park
Loop 610 at 11th St. Cannon Street
Beltway 8 Business Park Blankenship Building
Beltway 8 at Petersham Dr. Kempwood Drive
Brookhollow Business Center
Dacoma at Directors Row
Central Park Northwest VI
Central Pkwy. at Dacoma
Central Park Northwest VII Crestview Crosspoint Warehouse Houston Cold Storage Warehouse
Central Pkwy. at Dacoma Bissonnet at Wilcrest Crosspoint 7080 Express Lane
Jester Plaza Office Service Center West T.C. Jester Kempwood Dr. at Kempwood Industrial Blankenship Dr. Kempwood Dr. at Kempwood Industrial Blankenship Dr. Lathrop St. at Lathrop Warehouse Larimer St. Navigation at N. Navigation Business Park York Loop 610 East at Northway Park II Homestead Railwood F Market at U.S. 90
Railwood Industrial Park
Mesa at U.S. 90
Corporate Care, Magnum Cable Corp. Consolidated Container Company; Texwood Industries, L.P. Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Global Industries Southwest Weir’s Furniture Village, Inc., Facility Interiors, Inc. McGraw Hill Companies, Inc. Prefco Corp. Iron Mountain, Luxury Motors Palmer Logistics Weingarten Realty Investors Corporate Office Classic Printers Surgeon's Management, Houston Digital Instruments, Pioneer Contract Services Houston Metallurgical Lab, Inc., Desktop Digital Printing, Inc. Lucent Technologies, Inc., Houston Graduate School of Theology
100.00%
126,984
0
0
126,984
100.00%
110,839
0
0
110,839
100.00%
202,559
0
0
202,559
100.00%
264,582
0
0
264,582
100.00% 100.00%
417,938 104,975
0 0
0 0
417,938 104,975
48,728 194,914 59,085 236,341
0 0
243,642 295,426
20.00% 20.00%
(1)(3) (1)(3)
100.00% 100.00%
157,498 59,729
0 0
0 0
157,498 59,729
100.00%
133,553
0
0
133,553
100.00%
175,348
0
0
175,348
100.00%
103,602
0
0
103,602
100.00% 100.00%
8,970 72,505
0 0
0 0
8,970 72,505
100.00%
128,752
0
0
128,752
100.00%
100,605
0
0
100,605
Pioneer Contract Services 100.00% Pioneer Contract Services, Veritas 20.00%
113,218
0
0
113,218
(1)(3)
43,898 175,591
0
219,489
United D.C., Inc.
20.00%
(1)(3)
50,378 201,512
0
251,890
Packwell, Inc.
20.00%
(1)(3)
47,664 190,657
0
238,321
Jet Lube, Inc. Shell Oil Company SIG Southwest, Global Stainless Supply, Inc., Meridian IQ
20.00% 20.00%
(1)(3) (1)(3)
60,697 242,786 60,000 240,000
0 0
303,483 300,000
0
402,680
Creative Connection Foam Enterprises, LLC. Houston Central Industries, Inc. Corporate Care of Houston, Milwaukee Electric Tool Corporation
Page 34
100.00%
402,680
0
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Railwood Industrial Park
South Loop Business Park
Southport Business Park 5 Southwest Park II Service Center Stonecrest Business Center Town & Country Commerce Center
Location
Anchors
Georgia Gulf, DSC Logistics 20.00% Plastic Plus Awards, Lumber S. Loop at Long Dr. Liquidators 50.00% International Surface Preparation Group, Inc., South Loop 610 Sandvik, Inc. 100.00% Bioassay Rockley Road Laboratory, Inc. 100.00% Aztec Facility Wilcrest at Fallstone Services, Inc. 100.00% Mesa at U.S. 90
Arizona Tile, Seitel Summers Group, West 10 Business Center II Wirt Rd. at I-10 Inc. Inter-Tel West Loop Commerce Center W. Loop N. at I-10 Technologies Aaron’s Office West-10 Business Center Wirt Rd. at I-10 Furniture Welltec, Inc.,Wood Group, 3M, Columbia Park Row Drive at Analytical Services, Westgate Service Center Whiteback Dr. Inc. McGraw Hill Sterling Street and Companies, Inc., Statesman Drive, TKS (U.S.A.), Inc., Freeport Commerce Center Irving Air Tiger Express Klein Rd. at Plano CK Management, Central Plano Business Park Pkwy., Plano Inc., Minarik Corp. Interceramic Tile, Jupiter near Plano Gemaire Jupiter Service Center Pkwy., Plano Distributors Leggett & Platt, Inc., The Volkswagen Store, Sherman at Phillips, Weingarten Sherman Plaza Business Park Richardson regional office All-American Sports, Gell Service Company, Inc., Alamo Downs Goodman Parkway, San Manufacturing Interwest Business Park Antonio Company, L.P. Gate Gourmet, 919-981 Isom Road, Gandi Innovations, Isom Business Park San Antonio Wells Fargo Bank O'Connor O’Connor Road, San Ingersoll Rand, TD Road Business Park Antonio Industries Fairfield Industries, 13215 N. Promenade Yokagawa, Freeport Business Center Blvd., Stafford Gurwitch Industries Texas Total: # of Properties: 50
Virginia
WRI Owned %
I-10 at Beltway 8
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Venture Owned by Share
Other
Total
(1)(3)
99,531
398,125
0
497,656
(1)(3)
46,225
46,225
0
92,450
160,653
0
0
160,653
67,700
0
0
67,700
110,641
0
0
110,641
100.00%
206,000
0
0
206,000
100.00%
82,658
0
0
82,658
100.00%
34,256
0
0
34,256
100.00%
102,087
0
0
102,087
100.00%
119,786
0
0
119,786
100.00%
50,590
0
0
50,590
100.00%
137,785
0
0
137,785
100.00%
78,480
0
0
78,480
100.00%
101,137
0
0
101,137
100.00%
219,244
0
0
219,244
100.00%
175,200
0
0
175,200
100.00%
150,091
0
0
150,091
100.00%
251,385 6,637,758
0 1,926,151
0 0
251,385 8,563,909
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Enterchange at Northlake A
11900-11998 North Lakeridge Parkway, Ashland
Vacant 100.00% Handleman North Lakeridge Company, Parkway & Northlake International Paper, Enterchange at Northlake C Park Dr, Ashland Owens & Minor 20.00% 2101 Bermuda Enterchange at Meadowville Hundred Dr, Chester Vacant 20.00% Mazda Motors of America, Inc., Xymid LLC, Central Enterchange at Walthall A & 1900-1998 Ruffin Mill NationalB Rd, Colonial Heights Gottesman, Inc. 20.00% PSS World 1936-1962 Ruffin Mill Medical, Hill Enterchange at Walthall C Rd, Colonial Heights Phoenix 20.00% 1700-1798 Ruffin Mill Recall, Jim's Formal Enterchange at Walthall D Rd, Colonial Heights Wear 100.00% Anderson News, 4800-4890 Eubank LLC, HD Business Interport Business Center A Road, Richmond LLC, Wyeth 20.00% Mid South Building Supply, Inc., Alcoa, 4700-4790 Eubank EGL Eagle Global Interport Business Center B Road, Richmond Logistics, LP 20.00% Sears Home Improvement 5300-5390 Laburnum Products, Inc., Interport Business Center C Ave, Richmond Ferguson 20.00% Virginia Total: # of Properties: 9
215,077
0
0
215,077
(1)(3)
58,623
234,492
0
293,115
(1)(3)
45,362
181,447
0
226,809
(1)(3)
121,356
485,424
0
606,780
(1)(3)
52,384
209,538
0
261,922
243,782
0
0
243,782
(1)(3)
89,482
357,930
0
447,412
(1)(3)
23,600
94,400
0
118,000
(1)(3)
10,977 860,643
43,908 1,607,139
0 0
54,885 2,467,782
100.00%
21,122 21,122
0 0
0 0
21,122 21,122
100.00%
139,449
0
0
139,449
100.00%
121,000 260,449
0 0
0 0
121,000 260,449
Other Operating Properties Arizona Campbell Ave. at North 36th St., Phoenix # of Properties: 1
Endurance Rehab, Weingarten Realty Regional Office
1919 North Loop West
Hacket Drive at West Loop 610 North
Citadel Plaza Texas Total:
Citadel Plaza Dr. # of Properties: 2
State of Texas, Weingarten Realty Regional Office Weingarten Realty Investors Corporate Office
Total Operating Properties
# of Properties: 374
Arcadia Biltmore Plaza Arizona Total:
Texas
45,458,933 12,650,710 9,191,441 67,301,080
Page 35
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
New Development Arizona Mohave Crossroads Raintree Ranch The Shoppes at Parkwood Ranch Arizona Total:
Bullhead Parkway at State Route 95, Bullhead City Ray Road at Price Road, Chandler Southern Avenue and Signal Butte Road, Mesa # of Properties: 3
100.00%
(2)
148,867
0
197,360
346,227
100.00%
(2)
136,230
0
0
136,230
100.00%
(2)
72,184 357,281
0 0
0 197,360
72,184 554,641
50.00% (1)(2)(3)
99,171
99,171
93,696
292,038
50.00% (1)(2)(3)
74,816 173,987
74,816 173,987
0 93,696
149,632 441,670
50.00% (1)(2)(3)
43,922
43,922
327,000
414,844
39.80% (1)(2)(3)
148,548 192,470
224,782 268,704
142,500 469,500
515,830 930,674
55.00% (1)(2)(3)
65,883
53,904
104,175
223,962
California Bear Valley Road at Jess Ranch Parkway, Jess Ranch Marketplace Apple Valley Bear Valley Road at Jess Ranch Parkway, Jess Ranch Phase III Apple Valley California Total: # of Properties: 2
Colorado Highway 77 and Highway 88, Sheridan Mississippi at Havana, The Gardens on Havana Aurora Colorado Total: # of Properties: 2 River Point at Sheridan
Florida Clermont Landing
Colonial Landing Epic Village - St. Augustine
Palm Coast Center Phillips Crossing Phillips Landing Florida Total:
U.S. 27 & Steve's Road East Colonial Dr. at Maguire Boulevard, Orlando SR 207 at Rolling Hills Dr State Road 100 & Belle Terre Parkway, Palm Coast Interstate 4 and Sand Lake Road, Orlando Turkey Lake Rd., Orlando # of Properties: 6
50.00%
(1)(2)
131,634
131,634
0
263,267
70.00%
(1)(2)
2,544
1,090
53,625
53,625
50.00% (1)(2)(3)
76,098
76,098
179,476
331,671
0
126,808
100.00%
(2)
126,808
0
100.00%
(2)
46,910 449,877
0 262,726
75.00%
(1)(2)
36,567
12,189
0
48,756
75.00%
(1)(2)
52,276 88,843
17,425 29,614
0 0
69,701 118,457
100.00%
(2)
71,587 71,587
0 0
137,740 137,740
209,327 209,327
100.00%
(2)
390,891
0
0
390,891
70.00%
(1)(2)
22,372
9,588
0
31,960
219,815 266,725 557,091 1,266,058
North Carolina Surf City Crossing Waterford Village North Carolina Total:
Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland # of Properties: 2
Tennessee Ridgeway Trace Tennessee Total:
Memphis # of Properties: 1
Texas Claywood Industrial Park Clay at Hollister I-35W and McAlister Gateway Station Rd., Burleson
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Horne Street Market Market at Nolana Market at Sharyland Place North Towne Plaza Railwood G Sharyland Towne Crossing The Shoppes at Wilderness Oaks Tomball Marketplace Westover Square
Westwood Center Texas Total:
I-30 & Horne Street, Fort Worth Nolana Ave and 29th St., McAllen U.S. Expressway 83 and Shary Road, Mission U.S. 77 and 83 at SHFM 802, Brownsville Mesa at U.S. 90 Shary Rd. at Hwy. 83, Mission US Hwy 281 at Wilderness Oaks FM 2920 and Future 249, Tomball 151 and Ingram, San Antonio Culebra Road and Westwood Loop, San Antonio # of Properties: 12
100.00%
Page 36
(2)
42,267
0
0
42,267
50.00% (1)(2)(3)
13,222
13,222
203,818
230,261
50.00% (1)(2)(3)
47,956
47,956
320,000
415,912
75.00% (1)(2) 50.00% (1)(2)(3)
0 105,425
0 105,425
117,000 0
117,000 210,850
50.00% (1)(2)(3)
172,234
172,234
131,909
476,376
100.00%
(2)
0
0
0
0
100.00%
(2)
37,189
0
85,000
122,189
66.70%
(1)(2)
0
0
0
0
100.00%
(2)
5,500 837,056
0 348,425
0 5,500 857,727 2,043,206
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
Gross Leasable Area Joint Venture Owned by Share Other
WRI Owned
Total
Utah 300 West Retail Center Utah Total:
Paxton Ave and 400 West St # of Properties: 1
31.80% (1)(2)(3)
0 0
0 0
0 0
0 0
50.00% (1)(2)(3)
0 0
0 0
132,874 132,874
132,874 132,874
Washington Village at Liberty Lake Washington Total:
E. Country Vista Dr. at N. Liberty Rd., Liberty Lake # of Properties: 1
Total New Developments
# of Properties: 30
2,171,101 1,083,456 2,445,988 5,696,907
Unimproved Land Arizona Lon Adams Rd at Tangerine Farms Rd, Marana Arizona Total:
464,785 464,785
California Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley California Total:
(1)(3)
139,392
(1)(3)
448,668 588,060
(1)(3)
418,717 418,717
Colorado Mississippi at Havana, Aurora Colorado Total:
Florida Young Pines and Curry Ford Rd, Orange County Florida Total:
132,422 132,422
Georgia NWC South Fulton Parkway @ Hwy 92, Union City Georgia Total:
(1)
3,554,000 3,554,000
Louisiana 70th St. at Mansfield Rd., Shreveport Louisiana Total:
41,704 41,704
Nevada SWC Highway 215 at Decatur, Las Vegas Nevada Total:
1,103,810 1,103,810
North Carolina US Hwy 17 & US Hwy 74/76, Leland
(1)
362,419
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Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh U.S. 15-501 and Bruce Wood Rd, Southern Pines Highway 17 and Highway 210, Surf City U.S. Highway 1 at Caveness Farms Rd., Wake Forest North Carolina Total:
576,000
1,047,000 (1)
1,590,811
3,479,317 7,055,547
Texas Rock Prairie Rd. at Hwy. 6, College Station River Pointe Drive at Interstate 45, Conroe Leslie Rd. at Bandera Rd., Helotes Bissonnet at Wilcrest, Houston Citadel Plaza at 610 North Loop, Houston East Orem
3,570,178 118,483 75,000 84,629 137,000 122,000
Page 37
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Kirkwood at Dashwood Drive, Houston Mesa Road at Tidwell, Houston Northwest Freeway at Gessner, Houston West Little York at Interstate 45, Houston West Loop North at Interstate 10, Houston Shary Rd. at North Hwy. 83, Mission Shaver at Southmore, Pasadena 9th Ave. at 25th St., Port Arthur Culebra Road and Westwood Loop, San Antonio FM 1957 (Pontranco Road) and FM 211, San Antonio Highway 3 at Highway 1765, Texas City FM 2920 and Highway 249, Tomball Texas Total:
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total 322,000 35,898 213,292 161,000 145,000
(1)(3)
1,607,364 17,000 243,000
403,366
(1)
8,656,243 201,000 363,944 16,476,397
Total Unimproved Land
29,835,442
Page 38
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 20, 2009
WEINGARTEN REALTY INVESTORS (Exact name of Registrant as specified in its Charter) Texas (State or other jurisdiction of incorporation or organization)
1-9876 (Commission file number)
2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 866-6000
Not applicable (Former name or former address, if changed since last report)
74-1464203 (I.R.S. Employer Identification Number)
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Item 2.02.
Results of Operations and Financial Condition.
On February 20, 2009, we issued a press release describing our results of operations for the fourth quarter and full year ended December 31, 2008, as well as providing supplemental financial information pertaining to our operations. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2 to this report. The information, including exhibits hereto, in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. Item 9.01.
Financial Statements and Exhibits.
99.1 2008.
Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31,
99.2
Supplemental Financial Information.
2
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 24, 2009 WEINGARTEN REALTY INVESTORS
By: /s/ Joe D. Shafer Joe D. Shafer Vice President/Chief Accounting Officer
3
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INDEX TO EXHIBITS
99.1
Press release dated February 20, 2009, regarding our results of operations for the quarter and full year ended December 31, 2008.
99.2
Supplemental Financial Information.
4
EXHIBIT 99.1
WEINGARTEN REALTY 2600 Citadel Plaza Drive P.O. Box 924133 Houston, Texas 77292-4133
NEWS RELEASE Information: Kristin Gandy, Director of Investor Relations, Phone: (713) 866-6050
Weingarten Realty Announces Fourth Quarter and Full Year 2008 Results Houston, TX, February 20, 2009: Weingarten Realty (NYSE: WRI) announced today the results of its fourth quarter and full year ended December 31, 2008. As a result of certain non-recurring, non-cash charges the Company reported a net loss to common shareholders for the quarter ended December 31, 2008 totaling $9.7 million, or $0.11 per diluted share, compared to net income available to common shareholders of $58.8 million, or $0.67 per diluted share, for the quarter ended December 31, 2007. Net income available to common shareholders for the year ended December 31, 2008 totaled $115.1 million, or $1.36 per diluted share, compared to net income available to common stockholders of $217.0 million, or $2.44 per diluted share, for the year ended December 31, 2007. Excluding non-recurring items, net income for the quarter would have been $0.47 per diluted share for the quarter and $2.03 per diluted share for the year. Fund from Operations ("FFO"), again considering the non-recurring, non-cash charges for the quarter ended December 31, 2008, totaled $12.5 million, or $0.14 per diluted share compared to $68.3 million, or $0.78 per diluted share for quarter ended December 31, 2007. For the year ended December 31, 2008, FFO totaled $207.1 million, or $2.44 per diluted share compared to $272.1 million or $3.06 per diluted share in 2007. Excluding non-recurring items discussed below, FFO for the quarter would have been $0.72 per diluted share for the quarter and $3.11 per diluted share for the year. Net Income and FFO for both the quarter and the year were negatively affected by non-recurring items totaling $0.58 per diluted share for the quarter and $0.67 per diluted share for the year. The vast majority of these items are non-cash and the details are as follows: • • • •
A non-cash impairment charge in the fourth quarter of $46.1 million, net of taxes, or $0.54 per share, related primarily to land held for future development. Non-cash write-off of predevelopment costs totaling $13.8 million or $0.16 per share for the quarter and $16.8 million or $0.20 per share for the year. Losses on assets held in a grantor trust related to the supplemental executive retirement plan totaling $2.7 million or $0.03 per share for the quarter and $5.1 million or $0.06 per share for the year. Subsequent to year-end, the investments in the plan were sold, thus eliminating any future earnings volatility. A severance charge related to a workforce reduction of $1.5 million or $0.02 per share for the quarter and $2.4 million or $0.03 per share for the year offset by a reduction in accruals for incentive compensation of $3.1 million or $0.04 per share for the quarter and $4.2 million or $0.05 per share for the year.
1
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• • •
As reported in prior quarters, Hurricane Ike costs totaled $0.02 per share for the year and non-cash write-offs of original issuance costs related to the retirement of the Company’s Preferred G shares also totaled $0.02 per share. A gain of $10.7 million or $0.13 per share in the fourth quarter from the early retirement of a portion of the Company's 3.95% convertible bonds at a discount to par value. Gains on the settlement of an interest rate swap agreement of $2.8 million or $0.03 per share in the second quarter of 2008.
A reconciliation schedule of FFO excluding non-recurring items is included with this earnings press release following the financial statements. The quarter included several highlights, including the following: • • •
In October the Company issued $100 million of new common equity, Received cash of $121.8 million thus far for the ten properties sold in connection with the formation of a joint venture with a subsidiary of the Hines REIT Properties LP., and Stabilized a Super Target anchored new development owned in a 50% joint venture in Florida representing a net investment of $13 million.
Existing Portfolio Overall occupancy for the operating portfolio was 92.6% at the end of the fourth quarter of 2008 compared to 94.4% for the fourth quarter in 2007. Occupancy for the retail properties was 93.0% compared to 94.5% in the third quarter of 2008, while industrial occupancy was 91.6% compared to 91.4% in the previous quarter. For the full year 2008, the Company completed 1,243 new leases and renewals, totaling 6.3 million square feet. The average rental rate for leases that commenced in the fourth quarter increased 9.3% on a same space GAAP basis and 6.8% on a cash basis. Same property net operating income was down 3.5% from the fourth quarter of last year and down 0.4% for the full year 2008 due to increased bad debt expense and retailer fallouts. “The forecast for 2009 remains challenging,” states Johnny Hendrix, Executive Vice President of Asset Management. “However, I am confident that due to the quality of our shopping centers, which are primarily anchored by supermarkets, we will continue to remain resilient. Our very experienced and focused group of associates are executing the basic fundamentals, like cold calling, leasing space, collecting rent, and maintaining our centers every day.” New Development The Company currently has 25 properties under developments and WRI’s pro-rata share represents an investment of $471 million upon completion. From this pipeline we are 2
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projecting that 5 of our 25 projects will be stabilized by the end of 2009, of which one is an industrial project that we feel confident will stabilize by year end, and four shopping centers that are currently 92% leased including tenant owned square footage. At year end, the leasing level of the entire development pipeline inclusive of anchor owned parcels projected to stabilize over the next four years stood at 61%. As of the end of the fourth quarter, WRI had already invested $366 million as its pro-rata share. To complete these projects WRI needs to invest only an additional $105 million which equates to 78% funded. “In the fourth quarter, the company completed one significant development,” said Robert Smith, Senior Vice President and Director of New Development. “Palm Coast Landing at Town Center Phase I a 359,000 square foot power center located in Palm Coast, Florida, is a 50% joint venture and is anchored by a Super Target, Ross, TJ Maxx, Petsmart, Michaels, and Books a Million. Our investment in this center totaled $13 million, has a yield of 9.7%, and a current occupancy level in excess of 97%.” “Likewise we were pleased that for the full year, the company stabilized six projects with a total investment of $90 million and returns averaging 9.1%. Although we did not complete any merchant build transactions in the fourth quarter, our merchant build efforts for the year contributed FFO of $.09 per share after tax,” stated Smith. The Company achieved completions of $146 million for the year, exceeding guidance of $110 - $130 million. The anticipated range for completions in 2009 is estimated at $100 – 130 million. Impairments Given the current economic environment and, more specifically, the depressed state of commercial real estate, the Company performed a review of its operating assets, new development properties, land held for future development and its investments in unconsolidated real estate joint ventures and partnerships for impairment. Based on this analysis, the Company recorded non-cash impairment charges, net of taxes, of $46.1 million or $0.54 per diluted share in the fourth quarter. The impairment charges were almost exclusively on land held for future development. Additionally, in the fourth quarter the Company wrote off predevelopment costs of new development projects it no longer intends to pursue totaling $13.8 million or $0.16 per share. For the full year the write-off totaled $16.8 million or $0.20 per share. These charges are also non-cash in nature. After these charges, the Company has no remaining pursuit costs at risk on its balance sheet. Portfolio Enhancements In November the Company entered into a joint venture with a subsidiary of Hines REIT Properties, LP where they would acquire from the Company a 70% interest in a portfolio of 12 shopping centers. The aggregate transaction price was approximately $271 million. The transaction closed on multiple dates. To date, the joint venture has closed on ten of the properties for approximately $228 million; the purchase of the remaining two 3
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properties will be closed upon finalization of their loan assumptions within the next 30 days. In December this joint venture also completed a $100 million secured financing on the properties. "WRI is extremely pleased to become partners with a world-class organization that also has its deep roots in our wonderful headquarters city of Houston. We believe this transaction will provide stable and growing returns to the joint venture while also meeting our objective of recycling capital, providing liquidity and building our assets under management," stated Drew Alexander, President and CEO of WRI. In November the Company closed the disposition of a non-core property in Louisiana for $30 million. Year-to-date, dispositions excluding sales to joint ventures totaled $144 million, representing ten properties and 1.1 million square feet. These dispositions generated gains on sale of $69 million. There were no acquisitions in the fourth quarter. Balance Sheet Strength In October the Company’s strong balance sheet was further enhanced by the issuance of 3,000,000 common shares of beneficial generating net proceeds of $98.1 million. The proceeds were used to repay indebtedness outstanding under the Company’s revolving credit facility. “We are very pleased to have raised additional common equity in this very challenging financial market. This capital further enhances our liquidity and already strong balance sheet. Debt maturities for 2009 and 2010 are very manageable at $97.0 million and $128 million respectively, and the Company has investment grade credit ratings from both Standard & Poor’s and Moody’s supported by a fixed charge coverage ratio of 2.0x. In addition, we currently have $2.7 billion in unencumbered properties that could be mortgaged should we need to raise additional capital,” stated Steve Richter, Executive Vice President and Chief Financial Officer. Dividends The Board of Trust Managers of Weingarten Realty Investors declared a first quarter dividend of $0.525 per share to holders of record as of March 6, 2009 of its Common Shares of Beneficial Interest. The dividend is to be paid on March 16, 2009. The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% Series E Cumulative Redeemable Preferred Shares (NYSE:WRIPrE) are $0.434375 per share for the same period. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share. All preferred share dividends are payable on March 16, 2009 to shareholders of record on March 6, 2009. 4
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In an effort to further enhance our liquidity and equity position, the Board of Trust Manager also approved the issuance of up to $125 million of common shares under a continuous equity issuance program. Outlook “We are in a very challenging economic environment which is impacting our results in the short term. In this environment, we have kept our focus on leasing and maintaining the occupancy of our existing portfolio, completing our existing new development pipeline, deploying our capital wisely and increasing our liquidity. The economic picture does not look promising. However, we all know that we will emerge from this recession. I feel this company is extremely well positioned to perform well despite continued market pressure because we have great Properties, People and basic operating Practices,” said Alexander. “I take comfort in initiatives that have made this company strong for over 60 years now, through both good and difficult times. Weingarten has a truly superior management team, a diversified portfolio that is strategically located primarily in metropolitan areas and over 70% of our net operating income comes from shopping centers that have a supermarket component, the most recession-resilient product type in our sector.” The Company believes FFO will be in the range of $2.30 to $2.60 including gains from merchant development sales of $0.10 per share. Conference Call Information The Company also announced that it will host a live webcast of its quarterly conference call on February 23, 2009 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s Web site at www.weingarten.com. A replay is also available through the Company’s Web site starting approximately two hours following the live call or can be heard by calling 800-642-1687, identification number 81399595 until 11:59 PM Central Time on February 24, 2009. About Weingarten Realty Investors As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948. Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. The Company’s portfolio of 404 properties includes 323 neighborhood and community shopping centers and 81 industrial properties. Including tenant-owned square footage, the Company’s portfolio currently totals approximately 73 million square feet under management. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,300 tenants comprising less than 3% of its rental revenues. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com. Forward-Looking Statements Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their 5
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nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
6
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Financial Statements Weingarten Realty Investors (in thousands, except per share amounts)
STATEMENTS OF CONSOLIDATED INCOME AND FUNDS FROM OPERATIONS Rental Income Other Income Total Revenues Depreciation and Amortization Operating Expense Ad Valorem Taxes General and Administrative Expense Impairment Loss Total Expenses Operating Income (Loss) Interest Expense Interest and Other Income, net Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income from Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders--Basic Net Income (Loss) Per Common Share--Basic Net Income (Loss) Available to Common Shareholders--Diluted Net Income (Loss) Per Common Share--Diluted Funds from Operations: Net Income (Loss) Available to Common Shareholders Depreciation and Amortization Depreciation and Amortization of Unconsolidated Joint Ventures Gain on Sale of Properties (Gain) Loss on Sale of Properties of Unconsolidated Joint Ventures Funds from Operations--Basic Funds from Operations Per Common Share--Basic Funds from Operations--Diluted Funds from Operations Per Common Share--Diluted Weighted Average Shares Outstanding--Basic Weighted Average Shares Outstanding--Diluted
CONSOLIDATED BALANCE SHEETS Property Accumulated Depreciation Investment in Real Estate Joint Ventures and Partnerships Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable, net
$
Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) 147,576 $ 146,913 $ 600,918 $ 570,487 3,601 3,570 14,050 13,280 151,177 150,483 614,968 583,767 37,617 32,993 155,912 128,061 38,740 29,384 118,477 103,737 17,107 15,089 73,026 66,649 5,987 7,329 25,761 26,979 52,539 52,539 151,990 84,795 425,715 325,426 (813) 65,688 189,253 258,341 (35,637) (38,646) (148,475) (148,829) 414 1,648 4,334 8,486 10,658 10,658 (3,341) (1,975) 1,897 102 13,139 (15,556) (22) 14,739 14,717 (839) 8,869
7,340 (2,559) 1,076 8,235 (2,140) 40,642 1,975 23,975 25,950 66,592 8,890
$ $ $ $
(9,708) (0.11) (9,708) (0.11)
$ $ $ $
57,702 0.68 58,798 0.67
$ $ $ $
$
(9,708) 35,602 3,200 (16,629) 10 12,475 0.14 12,475 0.14 86,664 86,876
$
57,702 32,923 3,765 (25,065) (2,171) 67,154 0.80 68,250 0.78 84,286 87,379
$
$ $ $ $
$ $ $ $
December 31, December 31, 2008 2007 (Unaudited) (Audited) $ 4,915,472 $ 4,972,344 (812,323) (774,321) 357,634 300,756 232,544 81,818 119,951 114,969 103,873 94,607
$ $ $ $
12,196 (8,943) 1,998 8,342 10,148 79,511 3,448 68,722 72,170 151,681 34,711 1,850 115,120 1.36 115,120 1.36
115,120 150,137 11,898 (70,066) (2) 207,087 2.45 207,087 2.44 84,474 84,917
19,853 (10,237) 4,086 16,385 (4,073) 144,012 10,346 83,659 94,005 238,017 25,375 $ $ $ $
212,642 2.49 217,049 2.44
$
212,642 129,946 11,204 (83,907) (2,169) 267,716 3.13 272,123 3.06 85,504 88,893
$ $ $ $
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Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total Assets
$
Debt Accounts Payable and Accrued Expenses Other Total Liabilities
$
Commitments and Contingencies
58,946 33,252 105,350 5,114,699 3,171,537 179,432 90,461 3,441,430
$ $
65,777 38,884 98,509 4,993,343 3,165,059 155,137 104,439 3,424,635
41,000
Minority Interest Preferred Shares of Beneficial Interest Common Shares of Beneficial Interest Treasury Shares of Beneficial Interest Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Total Shareholders' Equity Total Liabilities and Shareholders' Equity
$
Page 7
204,031
96,885
8 2,625
8 2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343
1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $
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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions
Funds from Operations per Common Share - Diluted as Reported
Three Months Ended December 31, 2008
Twelve Months Ended December 31, 2008
$
$
0.14
2.44
Gain on Redemption of Convertible Senior Unsecured Notes
(0.13)
(0.13)
Impairment Loss, net of taxes
0.54
0.54
Write-off of Predevelopment Costs, net of taxes
0.16
0.20
Reduction of Incentive Compensation Accrual
(0.04)
(0.05)
Gain on Swap Settlement
-
(0.03)
Redemption Costs of Preferred G Shares
-
0.02
Hurricane Ike Costs
-
0.02
Severance Costs
0.02
0.03
Losses on Assets Held in Grantor Trust
0.03
0.06
Adjusted Funds from Operations per Common Share - Diluted
$
0.72
$
3.11
Page 8
EXHIBIT 99.2
Supplemental Financial Information December 31, 2008 (Unaudited)
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Table of Contents Corporate Profile Condensed Consolidated Statements of Income Condensed Consolidated Balance Sheets Summary Operating Data Funds from Operations Dividends General and Administrative Expenses Net Operating Income Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Rentals Interest Expense Fee Income From Real Estate Joint Ventures and Partnerships Property Net Operating Income including Joint Ventures Joint Venture Reporting Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share Investments in Unconsolidated Real Estate Joint Ventures & Partnerships Mortgage Debt Information for Unconsolidated Real Estate Joint Ventures & Partnerships Summary Balance Sheet Information Common Share Data Capitalization Capital Availability Credit Ratings Debt Information Outstanding Balance Summary Fixed vs Variable Rate Debt Secured vs Unsecured Debt Coverage Ratios Weighted Average Interest Rates Schedule of Maturities Other Information Tenant Diversification Lease Expirations Leasing Production Average Minimum Rent per Square Foot Occupancy Property Information Property Investment Summary New Development Properties (by Stabilization) Land Held for Development Acquisition Summary Disposition Summary Total Net Operating Income at Pro rata Share by Geographic Region Average Base Rents by CBSA Property Listing This supplemental financial information package contains historical information of the Company. Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that WRI’s expectations will be realized.
Page No. 1 2 3 4-6
7 - 10
11
12 - 13
14 - 15
16 - 38
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Weingarten Realty Investors is an unincorporated trust organized under the Texas Real Estate Investment Trust Act that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of December 31, 2008, we owned or operated under long-term leases, interests in 374 developed income-producing properties and 30 new development properties (including 14 which are income-producing), which are located in 23 states that span the United States from coast to coast. Included in the portfolio are 323 shopping centers, 78 industrial projects, and 3 other operating properties. Our interests in these properties aggregated approximately 47.6 million square feet of leasable area. Our properties were 92.6% leased as of December 31, 2008, and historically our portfolio occupancy rate has never been below 90%. Corporate Office 2600 Citadel Plaza Drive P. O. Box 924133 Houston, TX 77292-4133 713-866-6000 www.weingarten.com Regional Offices Atlanta, GA Dallas, TX Ft. Lauderdale, FL Las Vegas, NV Los Angeles, CA Orlando, FL Phoenix, AZ Raleigh, NC Sacramento, CA
Stock Listings New York Stock Exchange: Common Shares Series D Preferred Shares Series E Preferred Shares Series F Preferred Shares
WRI WRI-PD WRI-PE WRI-PF
Page 1
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Weingarten Realty Investors Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (as reported)
Three Months Ended December 31, 2008 2007 Revenues: Rentals Other Total
$
Expenses: Depreciation and amortization Operating Ad valorem taxes General and administrative Impairment loss Total Operating Income (Loss) Interest Expense Interest and Other Income, net Loss on Redemption of Preferred Shares Gain on Redemption of Convertible Senior Unsecured Notes Equity in Earnings (Loss) of Real Estate Joint Ventures and Partnerships, net (a) Income Allocated to Minority Interests Gain on Sale of Properties Gain on Land and Merchant Development Sales Benefit (Provision) for Income Taxes Income (Loss) From Continuing Operations Operating Income (Loss) From Discontinued Operations Gain on Sale of Properties From Discontinued Operations Income From Discontinued Operations Net Income (Loss) Less: Preferred Share Dividends Redemption Costs of Preferred Shares Net Income (Loss) Available to Common Shareholders - Basic $ Net Income (Loss) Per Common Share Basic $ Net Income (Loss) Per Common Share Diluted $
147,576 3,601 151,177
$
146,913 3,570 150,483
37,617 38,740 17,107 5,987 52,539 151,990
32,993 29,384 15,089 7,329
(813) (35,637) 414
Twelve Months Ended December 31, 2007 2006 2005
2008
$
600,918 14,050 614,968
$
570,487 13,280 583,767
$
516,669 6,755 523,424
$
467,811 6,163 473,974
2004
$
419,989 8,155 428,144
128,061 103,737 66,649 26,979
117,443 85,722 60,673 23,801
106,949 71,097 54,630 17,379
84,795
155,912 118,477 73,026 25,761 52,539 425,715
325,426
287,639
250,055
65,688 (38,646) 1,648
189,253 (148,475) 4,334
258,341 (148,829) 8,486
235,785 (145,374) 9,044
223,919 (129,160) 2,854
198,641 (116,142) 1,389 (3,566)
5,384 (4,928) 1,562
10,658
95,219 66,606 48,356 16,122 3,200 229,503
10,658
(3,341) (1,975) 1,897
7,340 (2,559) 1,076
12,196 (8,943) 1,998
19,853 (10,237) 4,086
14,655 (6,414) 22,493
6,610 (6,060) 22,306
102 13,139
8,235 (2,140)
8,342 10,148
16,385 (4,073)
7,166 (1,366)
804
(15,556)
40,642
79,511
144,012
135,989
121,273
82,340
(22)
1,975
3,448
10,346
23,527
32,921
34,158
14,739
23,975
68,722
83,659
145,494
65,459
24,883
14,717 (839) (8,869)
25,950 66,592 (8,890)
72,170 151,681 (34,711)
94,005 238,017 (25,375)
169,021 305,010 (10,101)
98,380 219,653 (10,101)
59,041 141,381 (7,470)
(1,850) (9,708) $
57,702
$
115,120
$
212,642
$
294,909
$
209,552
$
133,911
(0.11) $
0.68
$
1.36
$
2.49
$
3.36
$
2.35
$
1.55
(0.11) $
0.67
$
1.36
$
2.44
$
3.27
$
2.31
$
1.54
(a) See Page 7 for the Company's pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.
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Page 2
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Weingarten Realty Investors Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (as reported)
December 31, 2008 2007 ASSETS Property Accumulated Depreciation Property, net
$
Investment in Real Estate Joint Ventures and Partnerships (a) Total Notes Receivable from Real Estate Joint Ventures and Partnerships Unamortized Debt and Lease Costs Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $12,412 in 2008 and $8,721 in 2007) Cash and Cash Equivalents Restricted Deposits and Mortgage Escrows Other Total
$
4,915,472 $ (812,323) 4,103,149
4,972,344 (774,321) 4,198,023
357,634 4,460,783
300,756 4,498,779
232,544 119,951
81,818 114,969
103,873 58,946 33,252 105,350 5,114,699
94,607 65,777 38,884 98,509 4,993,343
$
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Accounts Payable and Accrued Expenses Other Total
$
Commitments and Contingencies
3,171,537 179,432 90,461 3,441,430
$
3,165,059 155,137 104,439 3,424,635
41,000
Minority Interest Shareholders' Equity: Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2008 and 2007; liquidation preference $75,000 6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2008 and 2007; liquidation preference $72,500 6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued; 140 and 80 shares outstanding in 2008 and 2007; liquidation preference $350,000 in 2008 and $200,000 in 2007 Variable-rate Series G cumulative redeemable preferred shares of beneficial interest, 80 shares issued; none in 2008 and 80 shares outstanding in 2007; liquidation preference $200,000 in 2007 Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 150,000; shares issued and outstanding: 87,102 in 2008 and 85,146 in 2007 Treasury Shares of Beneficial Interest - par value, $.03 per share; none in 2008 and 1,370 shares outstanding in 2007 Accumulated Additional Paid-In Capital Net Income in Excess of (Less Than) Accumulated Dividends Accumulated Other Comprehensive Loss Shareholders' Equity Total $
204,031
96,885
3
3
1
1
4
2 2
2,625
1,475,397 (20,116) (29,676) 1,428,238 5,114,699 $
2,565 (41) 1,442,027 42,739 (15,475) 1,471,823 4,993,343
(a) This represents the Company's investment of its unconsolidated real estate joint ventures and partnerships. See page 7 for additional information.
Page 3
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Weingarten Realty Investors Summary Operating Data (in thousands, except per share amounts)
Three Months Ended December 31, 2008 2007 Funds from Operations Numerator: Net income (loss) available to common shareholders Depreciation and amortization Depreciation and amortization of unconsolidated real estate joint ventures and partnerships Gain on sale of properties (Gain) loss on sale of properties of unconsolidated real estate joint ventures and partnerships Funds from Operations - Basic Funds from operations attributable to operating partnership units Funds from Operations - Diluted
$
$
Denominator: Weighted average shares outstanding - Basic Effect of dilutive securities: Share options and awards Operating partnership units Weighted average shares outstanding - Diluted
(9,708) 35,602
$
Twelve Months Ended December 31, 2008 2007
57,702 32,923
$
115,120 150,137
$
212,642 129,946
3,200 (16,629)
3,765 (25,065)
11,898 (70,066)
11,204 (83,907)
10 12,475
(2,171) 67,154 1,096 68,250
(2) 207,087
(2,169) 267,716 4,407 272,123
12,475
$
$
207,087
$
86,664
84,286
84,474
85,504
212
673 2,420 87,379
443
891 2,498 88,893
86,876
84,917
Funds from Operations per Share - Basic
$
0.14
$
0.80
$
2.45
$
3.13
Funds from Operations Per Share - Diluted
$
0.14
$
0.78
$
2.44
$
3.06
Growth in Funds from Operations per Share - Diluted
Dividends Common Dividends per Share Common Dividends Paid as a % of Funds from Operations
-82.1%
$
0.525
$
0.495
-20.3%
$
2.10
$
1.98
366.4%
61.7%
85.9%
63.2%
4.0%
4.9%
4.2%
4.6%
General and Administrative Expenses/Total Assets before Depreciation
0.10%
0.13%
0.43%
0.47%
Net Operating Income * Same Property NOI Growth: ** Cash Basis Retail Industrial Total
-3.7% -1.6% -3.5%
3.2% 3.4% 3.2%
-0.6% 1.5% -0.4%
2.7% 4.3% 2.8%
General and Administrative Expenses General and Administrative Expenses/Total Revenue
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*
Includes the Company's share of unconsolidated real estate joint ventures and partnerships and excludes its partners' share of consolidated real estate joint ventures and partnerships ("Pro rata Share").
**
Same Property NOI Growth excludes the effect of lease cancellation income and straight-line rent adjustments, but does include provisions for uncollectible amounts and related recoveries.
The National Association of Real Estate Investment Trusts defines funds from operations as net income (loss) available to common shareholders computed in accordance with generally accepted accounting principles, excluding gains or losses from sales of real estate assets and extraordinary items, plus depreciation and amortization of operating properties, including our share of unconsolidated real estate joint ventures and partnerships. We calculate FFO in a manner consistent with the NAREIT definition. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
Page 4
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Weingarten Realty Investors Reconciliation of Funds from Operations for Exclusion of Non-Recurring Transactions Three Months Ended December 31, 2008 Funds from Operations per Common Share - Diluted as Reported
$
Twelve Months Ended December 31, 2008
0.14
$
2.44
Gain on Redemption of Convertible Senior Unsecured Notes
(0.13)
(0.13)
Impairment Loss, net of taxes
0.54
0.54
Write-off of Predevelopment Costs, net of taxes
0.16
0.20
Reduction of Incentive Compensation Accrual
(0.04)
(0.05)
Gain on Swap Settlement
-
(0.03)
Redemption Costs of Preferred G Shares
-
0.02
Hurricane Ike Costs
-
0.02
Severance Costs
0.02
0.03
Losses on Assets Held in Grantor Trust
0.03
0.06
Adjusted Funds from Operations per Common Share - Diluted
$
Page 5
0.72
$
3.11
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Weingarten Realty Investors Summary Operating Data (continued) (in thousands)
Three Months Ended December 31, 2008 2007 Rentals Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Total
$
$
112,642 1,315 892 1,922 30,805 147,576
$
$
113,098 2,494 899 1,738 28,684 146,913
Twelve Months Ended December 31, 2008 2007 $
$
Three Months Ended December 31, 2008 2007 Interest Expense Interest paid or accrued Over-market mortgage adjustment Gross interest expense Less: Capitalized interest Interest expense
$
$
44,017 (3,466) 40,551 (4,914) 35,637
$
$
46,116 (1,601) 44,515 (5,869) 38,646
$
1,962
$
$
1,962
$
1,967 517 2,484
$
$
437,065 9,463 3,223 6,158 114,578 570,487
Twelve Months Ended December 31, 2008 2007 $
$
Three Months Ended December 31, 2008 2007 Fee Income from Real Estate Joint Ventures and Partnerships Recurring Non-Recurring Total
457,412 10,061 3,487 5,918 124,040 600,918
176,772 (8,007) 168,765 (20,290) 148,475
$
$
180,612 (6,758) 173,854 (25,025) 148,829
Twelve Months Ended December 31, 2008 2007 $ $
7,135 95 7,230
$ $
5,892 2,312 8,204
December 31, 2008 Property Land Land held for development Land under development Buildings and improvements Construction in-progress Total
Net Operating Income including Joint Ventures Revenues Operating expense Ad valorem taxes Total Net Operating Income from Discontinued Operations
$
$
2007
964,982 118,078 101,587 3,488,385 242,440 4,915,472
$
$
974,145 62,033 223,827 3,533,037 179,302 4,972,344
Three Months Ended December 31, 2008
Twelve Months Ended December 31, 2008
$
$
151,177 (38,740) (17,107) 95,330 195
614,968 (118,477) (73,026) 423,465 5,504
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Prorata Share of Unconsolidated Joint Ventures Revenues Operating expense Ad valorem taxes Total
14,258 (7,608) (1,331) 5,319
47,977 (12,981) (5,282) 29,714
Minority Interests Share of Net Operating Income and Other Adjustments
(7,137)
(18,232)
Net Operating Income including Joint Ventures
$
Page 6
93,707
$
440,451
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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at 100% (in thousands)
Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total
$
27,026 708 2,078 413 8,038 7,130 45,393
$
Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total
11,047 5,616 18,446 4,905 4,269 5,151 49,434
Gain on land and merchant development sales Gain (loss) on sale of properties Net income (loss)
(22) (4,063) $
$
29,058 931 1,322 262 7,295 1,727 40,595
Twelve Months Ended December 31, 2008 2007
$
13,278 5,593 6,822 3,479 622
111,678 3,026 5,849 927 30,817 10,440 162,737
$
103,412 4,014 5,057 689 27,483 5,987 146,642
29,794
41,146 20,424 37,592 18,739 6,055 5,151 129,107
101,073
1,295 5,427 17,523
933 13 34,576
1,295 5,422 52,286
$
38,574 23,093 22,396 15,767 1,243
$
December 31, 2008 2007 ASSETS Property Accumulated depreciation Property, net
$
Other assets
1,951,771 $ (129,227) 1,822,544 256,688
Total
1,660,915 (71,998) 1,588,917 238,166
$
2,079,232
$
1,827,083
$
472,486 248,969 149,265 1,208,512
$
378,206 87,191 138,150 1,223,536
$
2,079,232
$
1,827,083
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Accumulated equity Total
Page 7
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Weingarten Realty Investors Financial Statements of Unconsolidated Real Estate Joint Ventures and Partnerships at Pro rata Share (in thousands)
Three Months Ended December 31, 2008 2007 Revenues: Base minimum rent, net Straight line rent Over/Under-market rentals, net Percentage rent Tenant reimbursements Other income Total
$
Expenses: Depreciation and amortization Interest Operating Ad valorem taxes General and administrative Impairment loss Total
$
3,200 1,655 7,608 1,331 2,064 2,451 18,309
Gain on land and merchant development sales Gain (loss) on sale of property Net income (loss) **
7,668 229 419 169 2,378 3,395 14,258
$
Twelve Months Ended December 31, 2008 2007
8,446 379 279 89 2,243 632 12,068
$
31,998 977 1,180 335 9,027 4,460 47,977
3,765 1,595 1,965 1,077 194
$
30,810 1,392 1,129 247 8,312 2,408 44,298
11,204 6,951 6,517 4,623 413
8,596
11,898 5,591 12,981 5,282 2,740 2,451 40,943
(10)
647 2,171
402 2
647 2,169
(4,061) $
6,290
$
7,438
29,708
$
17,406
December 31, 2008
2007
ASSETS Property Accumulated depreciation Property, net Other assets Total
$
593,923 $ (48,476) 545,447
456,007 (26,604) 429,403
$
104,439 649,886
$
89,310 518,713
$
164,699
$
115,967
LIABILITIES AND SHAREHOLDERS' EQUITY Debt Amounts payable to Weingarten Realty Investors Other liabilities Total Accumulated equity Total
Net income from unconsolidated real estate joint ventures and **partnerships Intercompany fee income reclass
117,150 63,320 345,169
40,852 53,315 210,134
304,717
308,579
$
649,886
$
7,438 5,492
$
518,713
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Other adjustments Equity in earnings of real estate joint ventures and partnerships, net
$
(734) 12,196
Notes: The Consolidated Financial Statements at pro rata share include only the real estate operations of joint ventures and partnerships at WRI's ownership percentages. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 8
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Weingarten Realty Investors Investments in Unconsolidated Real Estate Joint Ventures & Partnerships December 31, 2008 (In Thousands)
Weingarten Realty
Joint Venture Partner
Number of Properties
Total GLA
Total Assets $
337,516 170,592 160,464 136,868 160,474
Total Debt
TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment ThirtySix, LP Eagle AN, LP
7 10 8 6 3
1,258 895 1,100 523 715
$
105,124 31,225 69,709 -
12 7
4,068 2,050
230,489 54,091
24,681 35,245
Other Total
29 82
4,088 14,697
828,739 $2,079,232
206,502 $ 472,486
Ownership Interest
Share of Debt
20.0% $ 25.0% 50.0% 20.0% 20.0% 20.0% 20.0%
26,281 15,612 13,942 -
Investment Balance
Equity in Earnings of Unconsolidated JVs
$
$
65,099 13,890 57,087 12,493 30,804
2,823 54 3,042 604 1,338
4,936 7,049
33,967 0
1,059 148
46.9% 96,878 28.3% $ 164,699
144,293 $ 357,634
3,128 12,196
$
Joint Venture Description RETAIL TIAA Florida Retail LLC
Joint venture with an institutional partner, TIAA-CREF Global Real Estate. Retail joint venture with an institutional partner through AEW Capital AEW SPR, LLC Management Collins Primarily a development joint venture in the Texas Rio Grande valley AEW - Institutional Client Joint venture with an institutional partner through AEW Capital Management BIT Retail Retail joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust INDUSTRIAL BIT Investment ThirtySix, LP Eagle AN, LP
Industrial joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust Industrial joint venture with American National Insurance Company
Page 9
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Weingarten Realty Investors Mortgage Debt Information for Unconsolidated Joint Ventures & Partnerships December 31, 2008 (In Thousands) # of Mortgaged Properties
Joint Venture Partner
Mortgage Balance
TIAA Florida Retail LLC AEW SRP, LLC Collins AEW - Institutional Client BIT Retail BIT Investment Thirty-Six, LP Eagle AN, LP
7 2 6 0 4 1
Other
8
Total
28
$
$
Average Interest Rate (1)
Average Remaining Term (yrs)
105,124 31,225 69,709 24,681 35,245
5.7% 6.2% 5.7% 6.4% 8.1%
7.0 12.6 5.2 2.8 1.7
128,730
5.7%
8.3
394,714
6.0%
6.6
Schedule of Maturities At 100% Average Maturities Interest Rate 2008 2009 2010 (1) 2011 2012 2013 2014 2015 2016 2017 Thereafter Total
$
$
44,419 13,341 15,440 47,821 54,226 37,272 99,710 44,540 37,945 394,714
$ 7.5% 7.3% 6.1% 6.1% 5.9% 5.3% 5.7% 5.6% 5.6% 6.0% $
At WRI Share Average Maturities Interest Rate 9,891 6,804 3,088 16,780 12,174 7,874 30,537 19,715 18,972 125,835
(1) All mortgages are fixed rate except for one of the "other" which has a variable rate mortgage ($3.4 million), maturing in 2010
Page 10
7.2% 7.3% 6.1% 5.9% 5.9% 5.3% 5.7% 5.6% 5.6% 5.9%
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Weingarten Realty Investors Summary Balance Sheet Information (in thousands, except common share data and percentages)
December 31, 2008 Common Share Data Closing Market Price
$
20.69
Dividend Yield
December 31, 2007
$
31.44
10.15%
90-Day, Average Daily Trading Volume
6.30%
1,290,339
Capitalization (As reported) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization
$
$
3,171,537 497,500 1,802,140 45,559 5,516,736
Debt to Total Market Capitalization
468,050
$
$
3,165,059 547,500 2,633,917 75,959 6,422,435
57.5%
Capitalization (Pro rata) Debt Preferred Shares Common Shares at Market Operating Partnership Units at Market Total Market Capitalization
$
$
3,131,883 497,500 1,802,140 45,559 5,477,082
Debt to Total Market Capitalization
49.3%
$
$
3,242,349 547,500 2,633,917 75,959 6,499,725
57.2%
Capital Availability Unused Portion of $575 MM Revolver Shelf Registration - $1 Billion Effective April 2003 Shelf Registration - $1.5 Billion Effective September 2004 Shelf Registration - $50 Million Effective September 2004 Total
$
$
181,943 181,943
49.9%
$
$
310,793 85,430 1,300,000 50,000 1,746,223
Credit Ratings
S&P
Moody's
Senior Debt Preferred Shares
BBB BB+
Baa2 Baa3
(1)
These shelf registrations have expired. Effective December 8, 2008, an automatic open shelf registration was filed, allowing us to issue various securities over the next three years as determined by the market.
Page 11
(1) (1) (1)
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Weingarten Realty Investors Debt Information (in thousands, except percentages)
December 31, 2008 Outstanding Balance Summary (1) Mortgage Debt 7% 2011 Bonds 3.95% Convertible Bonds (2) Unsecured Notes Payable Revolving Credit Agreements (3) Industrial Revenue Bonds Obligations under Capital Leases Total Debt - As Reported Less: Minority Partners' Interests Plus: WRI Share of Unconsolidated Joint Ventures Total Debt - Pro rata Share
$
$
1,003,709 200,000 537,199 1,014,567 383,000 3,337 29,725 3,171,537 (204,353) 164,699 3,131,883
December 31, 2008
4th Quarter Weighted Average Rate
December 31, 2007
6.37% $ 7.00% 3.95% 5.77% 2.55% 3.44% 5.98% 5.31%
5.31% $
% of Total
1,035,578 200,000 575,000 1,065,867 255,000 3,889 29,725 3,165,059 (38,677) 115,967 3,242,349
December 31, 2007
4th Quarter Weighted Average Rate 7.19% 7.00% 3.95% 5.87% 5.54% 4.92% 6.22% 6.08%
6.06%
% of Total
Fixed vs Variable Rate Debt (at Pro rata Share) (includes the effect of interest rate swaps) Fixed-rate debt Variable-rate debt Total
Secured vs Unsecured Debt (at Pro rata Share) Secured Debt Unsecured Debt Total
Coverage Ratios (at Pro rata Share trailing 4 quarters) Fixed Charge Coverage Interest Coverage Debt Service Coverage
$ $
$ $
2,682,169 449,714 3,131,883
85.6% $ 14.4% 100.0% $
2,919,947 322,402 3,242,349
90.1% 9.9% 100.0%
992,491 2,139,392 3,131,883
31.7% $ 68.3% 100.0% $
1,146,843 2,095,506 3,242,349
35.4% 64.6% 100.0%
1.99x 2.37x 2.31x
As Reported Weighted Average Interest Rates (1) Three months ended 12/31/08 Twelve months ended 12/31/08 Twelve months ended 12/31/07
5.31% 5.54% 6.08%
2.07x 2.29x 2.24x
Pro rata Share 5.31% 5.53% 6.07%
(1) Weighted average interest rates exclude the effects of FAS 141 and loan costs related to financing. The convertible bonds mature August 1, 2026 with a five year option to redeem anytime after August 2011 and an initial conversion price (2) of $49.075 per share. Weighted average revolving interest rate excluding the effect of the commitment fee was 2.34% in fourth quarter 2008 and 5.23% in fourth (3) quarter 2007.
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Weingarten Realty Investors Debt Information (in thousands, except percentages)
Schedule of Maturities at December 31, 2008
As Reported Maturities Rate (6) 96,987 6.48% 127,975 6.43% 303,412 6.76% 334,701 5.51% 413,440 5.75% 374,743 5.36% 249,780 6.06% 147,123 6.27% 29,391 6.90% 54,007 8.28% 609,636 4.39% 2,741,195
2009 (1) 2010 (2) 2011 (3) 2012 2013 2014 2015 2016 2017 2018 Thereafter (3) Subtotal Revolvers (4) Other (5) Swap Maturities: 2014 Total
383,000 47,342
$
3,171,537
3.30%
5.54% $
Maturities 99,649 139,391 310,742 338,091 317,278 386,364 217,433 176,995 33,792 33,942 647,864 2,701,541 383,000 47,342
3,131,883
Pro rata Share Rate (6) Floating Rate 6.54% 12,371 6.45% 2,424 6.75% 488 5.53% 679 5.66% 841 5.36% 3,102 5.57% 1,124 5.77% 1,296 6.43% 1,456 5.59% 1,553 4.10% 29,239 54,573 3.30%
5.53% $
Fixed Rate 87,278 136,967 310,254 337,412 316,437 383,262 216,309 175,699 32,336 32,389 618,625 2,646,968
383,000 (37,859)
85,201
50,000
(50,000)
449,714
$
2,682,169
(1) Includes $2.5 million of amortizing industrial revenue bonds with a final maturity date of 2015 that are currently callable by the lender. (2) Includes $9.7 million of MTN's maturing 2028 with 12 and 20 year put options. (3) Thereafter includes $537.2 million of Convertible debt maturing in 2026 which has a 5 year call and put option in 2011. (4) Includes the effect of the commitment fee. (5) Other includes capital leases, FAS 141 adjustment, market value of swaps, and a guarentee for the payment of bonds issued in connection with a project in Denver, Colorado. (6) Interest rates exclude the effects of FAS 141 and loan costs related to financing.
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Weingarten Realty Investors Tenant Diversification by Percent of Rental Revenues at Pro rata Share (in thousands, except percentages and # of units)
Rank
Tenant Name
DBA’s
% of Pro rata Rental Revenue
# of Units
Square Feet
1 THE KROGER CO.
Kroger, Smith Food, Ralphs, Fry's Food, King Soopers
30
2.15%
1,504
2 ROSS STORES, INC.
Ross Dress for Less
34
1.60%
749
3 T.J.X. COMPANIES, INC.
T.J. Maxx, Marshalls, Home Goods
32
1.60%
788
7
1.23%
806
23
1.21%
761
19
1.16%
780
7 OFFICE DEPOT, INC.
26
1.06%
525
8 PETSMART, INC.
20
0.97%
364
19
0.91%
297
50
0.86%
239
11
0.77%
232
PETCO ANIMAL SUPPLIES, 12 INC.
22
0.75%
251
13 BED BATH & BEYOND, INC.
19
0.66%
356
14 STAPLES
13
0.63%
282
15 HARRIS TEETER
7
0.63%
323
16 CIRCUIT CITY
6
0.62%
225
11
0.61%
250
6
0.61%
331
19 WHOLE FOODS
6
0.61%
218
20 H E BUTT GROCERY
6
0.61%
291
21 TOYS 'R' US
9
0.57%
312
22 BEST BUY, INC.
10
0.56%
225
23 DOLLAR TREE STORES, INC. Dollar Tree, Greenbacks
30
0.54%
270
WASHINGTON MUTUAL 24 BANK
29
0.53%
104
9
0.46%
335
454
21.91%
10,817
4 HOME DEPOT, INC. PUBLIX SUPER MARKETS, 5 INC. 6 SAFEWAY, INC.
9 GAP, INC.
Safeway, Randalls, Von's
Gap, Old Navy, Banana Republic
10 BLOCKBUSTER VIDEO 11 BARNES & NOBLE INC.
Barnes & Noble, Bookstop Booksellers
17 OFFICE MAX INC. 18 RALEY'S
25 FOOD LION Total
Raley's Bel Air Markets
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Weingarten Realty Investors Leasing Information (in thousands, except percentages and # of units and leases, pro rata share)
Lease Expirations Shopping Center Percentage of Pro rata Sq. Ft. Revenue 8.31% 8.89% 13.24% 14.34% 14.34% 15.32% 11.77% 12.82% 12.97% 13.10% 23.63% 23.15% 15.15% 11.72%
Year Expiring 2009 2010 2011 2012 2013 2014-2018 2019-2028
Industrial Percentage of Pro rata Sq. Ft. Revenue 18.51% 18.14% 19.10% 19.64% 13.87% 15.57% 14.06% 14.15% 14.78% 14.90% 18.79% 16.53% 0.89% 1.07%
Total Percentage of Pro rata Sq. Ft. Revenue 10.87% 9.95% 14.71% 14.95% 14.22% 15.35% 12.34% 12.98% 13.42% 13.30% 22.42% 22.40% 11.57% 10.49%
Leasing Production - New Leases and Renewals Number of Leases
Increase in Base Rent
Square Feet
Three Months Ended December 31, 2008 Retail Industrial Total
290 38 328
1,023 504 1,527
6.6% 7.7% 6.8%
Three Months Ended December 31, 2007 Retail Industrial Total
264 49 313
921 758 1,679
11.4% 9.8% 11.1%
Twelve Months Ended December 31, 2008 Retail Industrial Total
1,065 178 1,243
3,927 2,406 6,333
11.0% 7.4% 10.2%
Twelve Months Ended December 31, 2007 Retail Industrial Total
1,048 213 1,261
4,142 2,865 7,007
11.3% 6.0% 10.3%
Average Minimum Rent per Square Foot
December 31, 2008 Retail Industrial
$ $
13.16 4.98
September 30, 2008 $ $
13.05 4.92
Occupancy December 31, 2008 Shopping Center Portfolio
93.0%
September 30, 2008
94.5%
Quarter Ended June 30, 2008 $ $
12.96 4.91
Quarter Ended June 30, 2008
94.2%
March 31, 2008 $ $
12.73 4.92
March 31, 2008
94.8%
December 31, 2007 $ $
12.57 4.86
December 31, 2007
95.1%
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Industrial Portfolio Total Portfolio
91.6% 92.6%
91.4% 93.7%
91.9% 93.6%
Note: A space is considered occupied upon execution of a lease agreement.
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90.7% 93.7%
92.0% 94.4%
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Weingarten Realty Investors Property Information (in thousands at pro rata share)
Property Investment Summary
Twelve Months Ended 12/31/2008 Year Ended 12/31/2007 Year Ended 12/31/2006 Year Ended 12/31/2005 Year Ended 12/31/2004
Acquisitions
New Development
$
$
2,685 565,427 602,987 358,990 511,245
Page 16
193,235 218,239 166,999 33,171 37,836
Major Repairs $
20,570 18,236 14,338 12,858 12,265
All Other $
81,302 64,035 32,757 36,791 41,983
Total $
297,791 865,938 817,081 441,810 603,329
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Weingarten Realty Investors New Development Properties (By Stabilization) (in thousands at pro rata share, except percentages)
Center Name Location
Anchors
Palm Coast Landing at Town Center 1 Phase 1* Palm Coast, Florida Target # Raintree Chandler Whole 2 Ranch Center (Phoenix),Arizona Foods The Village at Liberty Lake, Home 3 Liberty Lake* Washington Depot # TSA, HH Greg, Bed Colonial Bath, 4 Landing Orlando, Florida PetSmart Railwood G Global Stainless BTS 5 (industrial)* Houston, Texas Sumotiomo Sharyland Towne HEB, 6 Crossing* Mission, Texas Target # Total 2008 Stabilizations Horne Street 24 Hour 1 Market Ft. Worth, Texas Fitness Market at Kohl's, Sharyland Wal-Mart 2 Place* Mission, Texas # Jess Ranch Marketplace Apple Valley (Los 3 Phase II* Angeles),California Winco # ClayPoint Distribution Park 4 (Industrial) Houston, Texas Pioneer Golf Galaxy, Whole Phillips Foods, 5 Crossing Orlando, Florida Michael's Total 2009 Stabilizations Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 1 Phase 1 Tennessee Authority Riverpoint at Sheridan Sheridan Costco #, 2 Phase 1* (Denver),Colorado Target # Gardens on Havana Aurora Kohl's, 3 Phase 1* (Denver),Colorado Target # Leland (Wilmington),NorthHarris 4 Waterford Carolina Teeter
WRI Own %
Percent Total Square Leased Feet of (1) building Area Net (1) @ (Gross) Net 100% Gross
50.0%
359
80 97.9%
100.0%
140
137 97.2%
50.0%
159
50.0%
267
133 95.2%
50.0%
50.0%
Spent Year-ToSpent Date Inception 2008 to Date
Total Estimated Investment (2) WRI Gross Costs Costs
Est. Final Estim ROI Stab % D
99.1% $
5,429 $ 14,194 $ 12,881 $ 25,763 (4)
97.3%
1,893
29,679
29,679
0 100.0% 100.0%
(175)
0
0
95.2%
1,644
14,635
15,413
30,825
211
105 100.0% 100.0%
5,409
5,409
5,686
11,372
489
178 97.6%
1,006
25,884
25,884
51,767
98.2%
29,679 0 (3)
1,624 634 97.5% 98.2% $ 15,206 $ 89,802 $ 89,543 $149,407 100.0%
47
42 100.0%
89.4%
4,458
9,033
10,614
10,614
50.0%
313
56 84.9%
94.6%
632
2,454
3,031
6,062
50.0%
308
107 90.5%
93.4%
4,197
17,210
19,012
38,025
100.0%
359
359 16.8%
16.8%
12,419
13,355
19,047
19,047
100.0%
146
146 84.9%
84.9%
12,744
26,053
28,007
28,007
1,173 711 59.0% 69.0% $ 34,449 $ 68,105 $ 79,711 $101,754
100.0%
267
129 55.5%
78.4%
6,316
26,624
44,779
44,779
50.0%
519
86 50.9%
80.3%
8,391
17,790
22,507
45,015
39.8%
419
167 77.9%
77.9%
12,473
13,173
17,454
43,866
75.0%
109
66 78.7%
68.8%
3,740
11,607
11,203
14,937
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Westwood 5 Center
Wal-Mart San Antonio, Texas # 100.0% 444 91 5.2% 49.4% Cinemark, Best Buy, Jess Ranch Bed Bath, Marketplace Apple Valley (Los 24 Hour 6 Phase III* Angeles),California Fitness 50.0% 195 97 76.9% 76.9% JC Penney Clermont Clermont #, Epic 7 Landing (Orlando),Florida Theater # 55.0% 367 104 63.6% 79.6% The Shoppes at Parkwood Ranch Phase Mesa Hobby 81 (Phoenix),Arizona Lobby 100.0% 106 93 77.5% 80.3% Mohave Crossroads Bullhead City, Target #, 9 Phase 1 Arizona Kohl's # 100.0% 397 193 77.8% 87.5% Wal-Mart 10 PhillipsVillageOrlando, Florida # 100.0% 286 66 54.4% 89.4% Market at Wal-Mart 11 Nolana* McAllen, Texas # 50.0% 263 24 55.1% 86.1% Total 2010 Stabilizations 3,372 1,116 66.2% 77.2% $ Westover All Pad 1 Square San Antonio, Texas Site 67.0% 60 0 0.0% 0.0% Gardens on Havana Aurora Kohl's, 2 Phase 2* (Denver),Colorado Target # 39.8% 76 30 0.0% 0.0% Conn's, Kohl's #, Best Buy #, Gateway Michaels 3 Station Ft. Worth, Texas #, Ross # 70.0% 256 65 32.1% 75.2% Best Buy, Ridgeway Target #, Trace Center Memphis, Sports 4 Phase 2 Tennessee Authority 100.0% 45 45 0.0% 0.0% Surf City Surf City (Wilmington),NorthHarris 5 Crossing Carolina Teeter 75.0% 101 50 72.6% 52.3% The Shoppes at Parkwood Ranch Phase Mesa Hobby 62 (Phoenix),Arizona Lobby 100.0% 15 15 0.0% 0.0% Epic Village Phase I - St. St. Augustine, Epic 7 Augustine Florida Theatre # 70.0% 98 31 16.3% 62.3% 300 West Town 8 Center* Salt Lake City, UtahTarget # 31.8% 247 26 0.0% 10.9% Total 2011 Stabilizations 896 262 20.4% 37.2% $ Riverpoint at Sheridan Sheridan Costco #, 1 Phase 2* (Denver),Colorado Target # 50.0% 260 130 0.0% 0.0% Palm Coast Landing at Town Center 2 Phase 2* Palm Coast, Florida Target # 50.0% 78 0 0.0% 0.0% Mohave Crossroads Bullhead City, Target #, 3 Phase 2 Arizona Kohl's # 100.0% 31 31 0.0% 0.0% Tomball Tomball Academy 4 Marketplace (Houston),Texas # 100.0% 351 245 14.7% 34.5%
7,909
15,971
16,653
16,653 (4)
13,423
17,429
23,216
46,432
8,460
15,771
19,058
34,651
6,681
10,554
15,878
15,878
26,835
38,913
43,470
43,470
758
13,604
14,823
14,823
475
4,746
4,532
9,064 (4)
95,462 $186,181 $233,574 $329,569 334
2,688
0
0 (3)
2,563
3,329
4,457
11,201
4,351
7,207
10,517
15,024
668
7,771
13,116
13,116
102
4,536
7,025
9,367
414
1,679
3,453
3,453
3,722
3,780
7,277
10,396
4,116
4,209
6,876
21,624
16,270 $ 35,199 $ 52,721 $ 84,181
4,512
13,374
21,100
42,200
3,649
5,133
2,272
4,543 (4)
2,661
4,610
5,526
5,526
5,827
30,480
47,878
47,878
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The Shoppes at Wilderness All Pad 5 Oaks San Antonio, Texas Site North Towne 6 Plaza Brownsville, Texas Lowe's # Total 2012 Stabilizations Total 25 Properties Under Development (exclusive of phasing) Total 30 New Development Properties (exclusive of phasing)
(1) (2) (3) (4)
100.0%
79
44
3.4%
1.9%
11,861
11,861
9,480
75.0%
276
111
0.0%
42.4%
3,337
11,161
18,413
1,075 562
9,480 (4) 24,551
5.2% 22.3% $ 31,847 $ 76,618 $104,668 $134,177
6,517 2,651 47.3% 61.2% $178,029 $366,104 $470,674 $649,681
8.1%
8,141 3,285 59.0% 68.6% $193,235 $455,905 $560,217 $799,088
8.3%
* Unconsolidated Joint Venture # Denotes anchors that are not owned by Weingarten Total Building Area (Gross) square footage reflects 100% ownership including square feet owned by other. WRI's share of building area (Ne square footage reflects WRI's ownership percentage excluding square feet owned by other and excluding other possible future building area Net of expected proceeds not yet received from anchor and pad sales WRI will not have an investment interest after pad sale considerations Total estimated costs are net of land sales Note: Phased projects are counted as one project
Page 17
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Weingarten Realty Investors As of December 31, 2008 in thousands, except acres Land Held for Development Ownership Interest
Location FM 1957 (Potranco Rd) and FM 211, San Antonio (Stevens Ranch) Rock Prairie Rd. at Hwy. 6, College Station South Fulton Parkway and SH 92, Union City - Atlanta US Hwy 1 and Caveness Farms Road, Wake Forest - Raleigh Shary Road and US Hwy 83, Mission (North Sharyland) Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh Northwest Freeway at Gessner, Houston * West Loop North at Interstate 10, Houston * Citadel Plaza at 610 North Loop, Houston * US Hwy 15-501 & Bruce Wood Rd., Southern Pines, NC FM 2920 and Future 249, Tomball - Houston Culebra Road and Westwood Loop, San Antonio (Westwood) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch II) Bear Valley Road at Jess Ranch Parkway, Apple Valley (Jess Ranch III) Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland (Waterford) Decatur at 215 - Las Vegas Mississippi at Havana, Aurora (Gardens on Havana) - Denver Lon Adams Rd at Tangerine Farms Rd (Gladden Farms) Tuscan Young Pines and Curry Ford Rd, Orange County, Florida Orlando (Curry Ford) Other * Total Land Held Properties
Gross Acres
Investment 100% Pro Rata
50.0% 100.0% 100.0% 100.0% 50.0% 100.0%
198.7 82.0 81.6 79.9 36.9 13.2
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
4.9 3.3 3.1 24.0 8.4 9.3
50.0%
3.2
50.0% 75.0% 75.0% 100.0% 39.8%
10.3 36.5 8.3 25.3 9.6
50.0%
10.7
100.0% 100.0%
3.0 32.6 684.9
$
143,197
$
114,232
* Represents land parcels held by WRI for many years that have never been reported as new development assets. Note: Land costs account for $123.4 million of total investment at 100%, $96.0 million at pro rata share.
Acquisitions
Center
City/State
Sq. Ft. of Bldg. Area at 100%
Date Acquired
Wholly-Owned Acquisitions Shopping Centers Kirby Strip Center Joint Venture Acquisitions Shopping Centers
Houston, TX
10
05/27/08
Total Investment
Yield
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Shoppes of Port Charlotte (25%) Grand Total Acquisitions (Y-T-D)
Port Charlotte, FL
4 14
Page 18
01/08/08 $
2,685
6.64%
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Weingarten Realty Investors Disposition Summary (in thousands at pro rata share)
Center
City/State
Sq. Ft. of Bldg. Area at 100%
Date Sold
Sales Proceeds
Weighted Sales Cap
Operating Property Sales Shopping Centers Eastpark Shopping Center Ralph's Center Southcliff Shopping Center Park Terrace Shopping Center Brodie Oaks Northway Shopping Center River Pointe Conn's Building Siegen Plaza Subtotal - Shopping Centers
Houston, TX Redondo Beach, CA Fort Worth, TX De Ridder, LA Austin, TX Houston, TX Conroe, TX Lake Charles, LA Baton Rouge, LA
113 60 116 131 227 217 45 23 156 1,088
2/1/08 3/11/08 4/7/08 5/28/08 6/20/08 6/25/08 7/17/08 8/5/08 11/6/08
59 59
5/8/08
Industrial Wells Branch Corporate Center Subtotal - Industrial
Austin, TX
Total Operating Property Sales (Y-T-D)
1,147
$
Land and Merchant Development Sales Shopping Centers Green Valley Ranch - KFC Eastpark - Land Westwood Center - Firstmark Credit Union Clermont Landing - Red Lobster Clermont Landing - Olive Garden Harrison Pointe Shopping Center Undeveloped Pad Rock Prairie Marketplace - Undeveloped Pad Shoppes of Caverness Farms - Red Robin Waterford Shopping Center Undeveloped Pad US 290 at Gessner - Rudy's BBQ and Country Store Westwood Center - Arby's Bridges at Smoky Hill - Undeveloped Pad Charleston Commons - Bus Turnout Raintree Ranch Shopping Center - Panda Express Westland Fair Shopping Center - Two Tracts Shoppes of Caverness Farms - Chili's Village at Liberty Lake - Washington Federal S & L The Shoppes at Parkwood Ranch Undeveloped Pad Shoppes of Caverness Farms - Texas Roadhouse Surf City Crossing - Undeveloped Pad
Denver, CO Houston, TX
1/9/08 1/31/08
San Antonio, TX Clermont, FL Clermont, FL
3/14/08 4/14/08 4/14/08
Clermont, FL
4/15/08
College Station, TX Wake Forest, NC
5/6/08 5/20/08
Leland, NC
5/27/08
Houston, TX San Antonio, TX Centennial, CO Las Vegas, NV
5/29/08 6/6/08 6/17/08 6/24/08
Chandler, AZ
6/26/08
Las Vegas, NV Wake Forest, NC
7/3/08 7/11/08
Liberty Lake, WA
7/16/08
Mesa, AZ Wake Forest, NC Surf City, NC
8/6/08 9/3/08 9/11/08
144,025
7.75%
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Palm Coast Landing - McDonald's Palm Coast Landing - SunTrust Bank Summerhill Plaza Shopping Center - Two Tracts Kennesaw 75 - Right of Way for Road Widening
Palm Coast, FL Palm Coast, FL
9/17/08 9/22/08
Citrus Heights, CA
11/25/08
Kennesaw, GA
12/2/08
Total Land and Merchant Development Sales (Y-T-D)
$
18,955
Grand Total
$
162,980
Page 19
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Weingarten Realty Investors Total Net Operating Income at Pro rata Share by Geographic Region (1) (in thousands, except percentages)
2008
%
2007
Twelve Months Ended December 31, % 2006 % 2005
%
2004
%
Western Region California $ 51,176 Nevada 34,360 Arizona 26,181 Colorado 10,779 New Mexico 11,355 Utah 3,614 Oregon 1,385 Washington 1,193 Total Western Region 140,044
11.8% $ 50,503 7.9% 31,338 6.0% 23,192 2.5% 12,162 2.6% 10,472 0.8% 3,545 0.3% 929 0.3% 1,295 32.2% 133,437
11.3% $ 50,074 7.0% 27,796 5.2% 15,009 2.7% 13,488 2.3% 11,394 0.8% 3,231 0.2% 46 0.3% 251 29.8% 121,289
12.1% $ 47,868 6.7% 25,161 3.6% 14,965 3.3% 11,447 2.8% 10,315 0.8% 2,926 0.0% 0.1% 29.4% 112,683
12.2% $ 42,159 6.4% 19,705 3.8% 13,312 2.9% 10,907 2.6% 8,356 0.7% 2,741 0.0% 0.0% 28.6% 97,179
11.9% 5.5% 3.7% 3.1% 2.3% 0.8% 0.0% 0.0% 27.3%
Central Region Texas Louisiana Kansas Arkansas Mississippi Illinois Missouri Oklahoma Total Central Region
$ 134,805 10,907 1,949 3,006 (0) 3,129 1,182 955 155,934
31.0% $ 154,800 2.5% 12,831 0.4% 1,980 0.7% 3,028 0.0% (0) 0.6% 2,378 0.3% 1,439 0.2% 1,009 35.7% 177,465
34.7% $ 154,473 2.9% 12,754 0.4% 3,714 0.7% 3,505 0.0% (6) 0.5% 2,985 0.3% 2,193 0.2% 3,002 39.7% 182,621
37.4% $ 157,357 3.1% 13,600 0.9% 6,282 0.9% 3,855 0.0% 956 0.7% 2,870 0.5% 2,827 0.7% 3,616 44.2% 191,364
40.0% $ 150,296 3.5% 15,693 1.6% 6,926 1.0% 3,351 0.2% 1,016 0.7% 2,959 0.7% 2,719 0.9% 3,558 48.6% 186,518
42.3% 4.4% 1.9% 0.9% 0.3% 0.8% 0.8% 1.0% 52.4%
Eastern Region Florida North Carolina Virginia South Carolina Georgia Tennessee Kentucky Maine Total Eastern Region
$ 70,335 26,978 2,551 276 25,039 7,015 6,629 278 139,101
16.2% $ 67,400 6.2% 27,027 0.6% 2,036 0.1% 287 5.8% 23,929 1.6% 6,964 1.5% 6,787 0.1% 381 32.1% 134,811
15.1% $ 56,601 6.2% 23,694 0.5% 0.1% 242 5.4% 14,861 1.6% 7,386 1.5% 5,944 0.1% 433 30.5% 109,161
13.7% $ 46,076 5.7% 19,749 0.0% 0.1% 3.6% 12,119 1.8% 5,967 1.4% 4,719 0.1% 538 26.4% 89,167
11.9% $ 40,054 5.0% 14,948 0.0% 0.0% 3.1% 8,483 1.5% 5,777 1.2% 2,179 0.1% 457 22.8% 71,899
11.4% 4.2% 0.0% 0.0% 2.4% 1.6% 0.6% 0.1% 20.3%
Total Net Operating Income
$435,079
100.0% $445,713
100.0% $413,072
100.0% $393,214
100.0% $355,596
100.0%
(1) The Net Operating Income at Pro rata Share includes the real estate operations of joint ventures at WRI's ownership percentages ranging from 7.8% to 81% except for the operations of down-reit partnerships, which are included at 100% with the applicable minority interest. Net Operating Income excludes the effect of lease cancellation income and straight-line rent adjustments. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.
Page 20
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Weingarten Realty Investors Average Base Rents by CBSA As of: 12/31/2008 In Thousands, except per square foot amounts Economics reflect WRI's pro rata ownership interest
Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
Retail West Region Flagstaff, AZ Lake Havasu CityKingman, AZ Phoenix-Mesa-Scottsdale, AZ Tucson, AZ Arizona Los Angeles-Long Beach et al, CA Madera, CA Modesto, CA Redding, CA Riverside et al, CA Sacramento--Arden et al, CA San Diego-Carlsbad et al, CA San Francisco-Oakland et al, CA San Jose-Sunnyvale et al, CA Santa Cruz-Watsonville, CA Santa Rosa-Petaluma, CA Vallejo-Fairfield, CA California Colorado Springs, CO Denver-Aurora, CO None Colorado Las Vegas-Paradise, NV Nevada Albuquerque, NM Santa Fe, NM New Mexico Portland-Vancouver et al, OR-WA Oregon Provo-Orem, UT Salt Lake City, UT Utah Seattle-Tacoma-Bellevue, WA Washington
Total West Region Central Region
1
166
$
10.39
126
$
1,018
$
8.07
37
$
679
$
18.22
1
149
$
13.85
92
$
995
$
10.82
29
$
682
$
23.38
17 5 24
1,360 729 2,403
$ 14.59 $ 13.40 $ 13.87
700 460 1,378
$ $ $
6,075 4,080 12,167
$ $ $
8.67 8.88 8.83
507 182 756
$ $ $
11,542 4,512 17,416
3 1 1 1 4
584 85 79 121 608
$ $ $ $ $
17.05 12.27 15.19 17.15 18.90
395 52 47 65 293
$ $ $ $ $
5,583 488 515 560 3,411
$ $ $ $ $
14.12 9.37 10.84 8.67 11.65
152 26 30 53 210
$ $ $ $ $
3,748 464 664 1,451 6,095
$ $ $ $ $
24.71 18.18 22.07 27.55 28.99
5
630
$
12.49
330
$
1,751
$
5.30
238
$
5,342
$
22.47
2
157
$
20.70
73
$
739
$
10.16
80
$
2,431
$
30.23
3
447
$
21.48
246
$
3,509
$
14.28
181
$
5,660
$
31.23
2
146
$
18.86
66
$
423
$
6.43
69
$
2,128
$
30.65
1 1 3 27 2 8 1 11 12 12 4 1 5
150 199 364 3,569 297 643 111 1,050 2,746 2,746 502 250 752
$ $ $ $ $ $ $ $ $ $ $ $ $
9.28 13.53 16.91 16.76 9.09 17.24 10.84 13.86 13.37 13.37 15.04 13.92 14.72
93 55 165 1,879 243 259 87 589 1,945 1,945 310 105 416
$ $ $ $ $ $ $ $ $ $ $ $ $
466 393 1,214 19,053 1,843 3,178 640 5,661 18,080 18,080 3,662 1,120 4,782
$ 5.00 $ 7.20 $ 7.37 $ 10.14 $ 7.59 $ 12.26 $ 7.39 $ 9.61 $ 9.30 $ 9.30 $ 11.80 $ 10.62 $ 11.50
47 30 155 1,272 50 252 23 325 691 691 166 86 252
$ $ $ $ $ $ $ $ $ $ $ $ $
836 758 4,190 33,768 817 5,637 546 7,001 17,148 17,148 3,493 1,547 5,040
$ $ $ $ $ $ $ $ $ $ $ $ $
17.74 24.88 27.04 26.55 16.48 22.36 23.90 21.57 24.82 24.82 21.09 17.98 20.02
3 3 1 2 3
120 120 30 276 307
$ 13.09 $ 13.09 $ 15.07 $ 12.42 $ 12.69
66 66 12 175 187
$ $ $ $ $
559 559 158 1,771 1,929
$ 8.51 $ 8.51 $ 13.43 $ 10.11 $ 10.32
46 46 18 84 102
$ $ $ $ $
897 897 287 1,455 1,741
$ 19.69 $ 19.69 $ 16.16 $ 17.24 $ 17.05
4 4
82 82
$ 16.95 $ 16.95
64 64
$ $
938 938
$ 14.72 $ 14.72
15 15
$ $
388 388
$ 26.75 $ 26.75
89
11,029
$ 14.69
6,523
$
63,169
3,457
$
83,399
$ 24.13
$
9.68
$ 22.76 $ 24.81 $ 23.05
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Little Rock-N. Little Rock, AR Arkansas Chicago et al, IL-IN-WI Illinois Kansas City, MO-KS Topeka, KS Kansas Hammond, LA Lafayette, LA
3 3 1 1 1 1 2 1 2
358 358 304 304 135 116 251 226 154
$ 8.74 $ 8.74 $ 11.31 $ 11.31 $ 9.58 $ 11.26 $ 10.44 $ 6.69 $ 9.91
298 298 268 268 76 116 192 135 73
Page 21
$ $ $ $ $ $ $ $ $
2,262 2,262 2,675 2,675 601 1,303 1,904 544 572
$ $ $ $ $ $ $ $ $
7.59 7.59 9.97 9.97 7.89 11.26 9.92 4.02 7.82
48 48 24 24 36 0 36 86 76
$ $ $ $ $ $ $ $ $
758 758 625 625 469 0 469 939 907
$ 15.92 $ 15.92 $ 26.59 $ 26.59 $ 13.20 $ 0.00 $ 13.20 $ 10.88 $ 11.91
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Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties Lake Charles, LA Monroe, LA New Orleans-MetairieKenner, LA Shreveport-Bossier City, LA Louisiana St. Louis, MO-IL Missouri Oklahoma City, OK Oklahoma Amarillo, TX Beaumont-Port Arthur, TX College Station-Bryan, TX Corpus Christi, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX Killeen-Temple-Fort Hood, TX Laredo, TX Lubbock, TX Lufkin, TX McAllen-Edinburg-Pharr, TX Rio Grande City, TX San Antonio, TX Texarkana, TX-Texarkana, AR Tyler, TX Texas
Total Central Region East Region Fort Walton Beach et al, FL Jacksonville, FL Miami-Fort Lauderdale et al, FL Orlando, FL Palm Bay-Melbourne et al, FL Palm Coast, FL Port St. Lucie-Fort Pierce, FL Punta Gorda, FL Sarasota-BradentonVenice, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Gainesville, GA Georgia
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
4 1
458 141
$ $
7.15 5.47
301 87
$ $
1,609 293
$ $
5.34 3.37
99 50
$ $
1,253 454
$ $
12.62 9.12
1
156
$
14.94
78
$
772
$
9.87
74
$
1,498
$
20.33
1 10 2 2 2 2 3 8 1 2
46 1,183 229 229 172 172 219 413 107 490
$ 16.16 $ 8.63 $ 10.09 $ 10.09 $ 7.62 $ 7.62 $ 10.66 $ 9.21 $ 10.77 $ 12.87
27 701 115 115 107 107 68 159 86 281
$ $ $ $ $ $ $ $ $ $
357 4,146 1,028 1,028 580 580 492 749 923 2,789
$ $ $ $ $ $ $ $ $ $
13.43 5.91 8.93 8.93 5.40 5.40 7.27 4.71 10.74 9.92
14 399 50 50 55 55 125 138 15 191
$ $ $ $ $ $ $ $ $ $
302 5,354 637 637 655 655 1,566 1,990 164 3,283
$ 21.28 $ 13.40 $ 12.79 $ 12.79 $ 11.99 $ 11.99 $ 12.48 $ 14.41 $ 10.95 $ 17.21
9
1,213
$
12.47
635
$
5,942
$
9.36
436
$
7,404
$
16.99
61
4,614
$
13.21
2,586
$
24,182
$
9.35
1,508
$
29,896
$
19.83
1 2 2 1
115 377 182 248
$ $ $ $
11.82 14.04 8.49 6.90
98 260 143 205
$ $ $ $
1,033 3,024 955 1,069
$ $ $ $
10.52 11.65 6.67 5.22
15 100 36 34
$ $ $ $
304 2,024 569 578
$ $ $ $
20.41 20.25 15.68 17.07
7 1 7
475 88 571
$ $ $
11.78 11.31 11.74
372 76 363
$ $ $
3,645 788 3,151
$ $ $
9.81 10.42 8.69
86 12 164
$ $ $
1,751 202 3,031
$ $ $
20.33 16.98 18.50
1 1 107
97 60 9,271
$ 4.32 $ 7.77 $ 12.30
54 33 5,418
$ $ $
173 212 49,126
$ $ $
3.18 6.35 9.07
20 11 2,891
$ $ $
150 132 53,043
$ 7.35 $ 12.11 $ 18.35
127
11,767
$ 11.63
7,100
$
61,722
$
8.69
3,502
$
61,540
$ 17.57
2 1
70 312
$ $
15.67 9.22
51 250
$ $
698 1,847
$ $
13.63 7.38
16 52
$ $
348 937
$ $
22.44 18.13
16 13
2,132 1,652
$ $
14.79 15.56
1,172 1,071
$ $
11,225 13,487
$ $
9.58 12.59
785 433
$ $
17,720 9,916
$ $
22.56 22.89
3 1
182 76
$ $
8.84 16.59
106 53
$ $
618 739
$ $
5.82 13.81
61 13
$ $
865 360
$ $
14.07 28.29
1 2
50 25
$ $
10.51 17.84
37 15
$ $
315 215
$ $
8.51 14.34
5 8
$ $
123 187
$ $
26.54 24.85
1
97
$
10.60
46
$
324
$
7.13
40
$
580
$
14.58
4 44
920 5,517
$ 13.52 $ 14.21
577 3,380
$ $
5,834 35,303
$ 10.10 $ 10.45
305 1,717
$ $
6,089 37,124
$ 19.99 $ 21.63
14 1 15
1,693 93 1,785
$ 13.56 $ 13.36 $ 13.55
1,090 70 1,160
$ $ $
10,859 795 11,654
$ 9.97 $ 11.31 $ 10.05
506 19 524
$ $ $
10,771 394 11,165
$ 21.30 $ 21.07 $ 21.29
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Lexington-Fayette, KY Louisville, KY-IN Kentucky Lewiston-Auburn, ME Maine Charlotte-Gastonia et al, NC-SC Durham, NC Raleigh-Cary, NC Southern Pines-Pinehurst, NC Wilmington, NC North Carolina Hilton Head IslandBeaufort, SC South Carolina
2 1 3 1 1
304 169 473 148 148
$ 13.63 $ 12.04 $ 13.22 $ 4.94 $ 4.94
207 73 280 96 96
$ $ $ $ $
1,837 628 2,464 418 418
$ $ $ $ $
8.88 8.56 8.80 4.36 4.36
191 63 254 27 27
$ $ $ $ $
3,587 1,016 4,602 188 188
$ 18.77 $ 16.07 $ 18.10 $ 7.05 $ 7.05
4 6 13
319 342 1,681
$ $ $
17.23 10.96 11.50
154 172 1,054
$ $ $
2,099 1,512 8,080
$ $ $
13.67 8.78 7.67
128 120 574
$ $ $
2,756 1,688 10,642
$ $ $
1 1 25
250 52 2,645
$ 8.29 $ 11.74 $ 11.79
162 37 1,578
$ $ $
859 300 12,850
$ $ $
5.31 8.20 8.14
72 13 908
$ $ $
1,079 287 16,452
$ 15.02 $ 21.38 $ 18.13
1 1
22 22
$ 15.06 $ 15.06
5 5
$ $
45 45
$ $
8.50 8.50
14 14
$ $
248 248
$ 17.49 $ 17.49
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21.47 14.11 18.53
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Occupied SF
Avg. Base Rents
Annualized Rents
Occupied SF
Avg. Base Rents
Annualized Rents
# of Properties
Total ABR
GLA
Greater than 10K SF
Less than 10K SF
Memphis, TN-MS-AR Tennessee
6 6
435 435
$ 11.12 $ 11.12
264 264
$ $
2,279 2,279
$ $
8.64 8.64
127 127
$ $
2,067 2,067
$ 16.26 $ 16.26
Total East Region
95
11,025
$ 13.24
6,762
$
65,013
$
9.61
3,571
$
71,846
$ 20.12
311
33,821
$ 13.16
20,386
$ 189,905
$
9.32
10,529
$ 216,785
$ 20.59
West Region San Diego-Carlsbad et al, CA California
1 1
145 145
$ $
7.06 7.06
66 66
$ $
463 463
$ $
6.98 6.98
1 1
$ $
11 11
$ 12.60 $ 12.60
Total West Region
1
145
$
7.06
66
$
463
$
6.98
1
$
11
$ 12.60
6
446
$
9.71
88
$
894
$
10.20
281
$
2,683
$
9.55
Total Retail Industrial
Central Region Austin-Round Rock, TX Dallas-Fort WorthArlington, TX Houston-Baytown-Sugar Land, TX San Antonio, TX Texas
16
2,454
$
4.78
1,659
$
6,915
$
4.17
547
$
3,640
$
6.65
31 3 56
3,663 545 7,107
$ $ $
5.48 5.93 5.52
2,755 313 4,815
$ $ $
13,851 1,784 23,444
$ $ $
5.03 5.69 4.87
675 185 1,688
$ $ $
4,937 1,175 12,435
$ $ $
7.32 6.33 7.36
Total Central Region
56
7,107
$
5.52
4,815
$
23,444
$
4.87
1,688
$
12,435
$
7.36
2
768
$
4.54
708
$
3,213
$
4.54
0
$
0
$
0.00 5.64 5.64
East Region Lakeland, FL Tampa-St. Petersburg et al, FL Florida Atlanta-Sandy Springs et al, GA Georgia Memphis, TN-MS-AR Tennessee Richmond, VA Virginia
3 5
896 1,665
$ $
4.43 4.48
788 1,495
$ $
3,468 6,682
$ $
4.40 4.47
17 17
$ $
97 97
$ $
10 10 3 3 9 9
1,610 1,610 685 685 861 861
$ $ $ $ $ $
3.75 3.75 2.54 2.54 4.81 4.81
1,216 1,216 520 520 715 715
$ $ $ $ $ $
4,545 4,545 1,322 1,322 3,396 3,396
$ $ $ $ $ $
3.74 3.74 2.54 2.54 4.75 4.75
21 21 1 1 5 5
$ $ $ $ $ $
96 96 3 3 62 62
$ 4.61 $ 4.61 $ 4.55 $ 4.55 $ 13.30 $ 13.30
Total East Region
27
4,820
$
4.06
3,946
$
15,944
$
4.04
43
$
257
$
5.95
Total Industrial
84
12,072
$
4.98
8,827
$
39,851
$
4.51
1,733
$
12,703
$
7.33
Joint venture properties are reflected at WRI's pro rata share Occupied SF based on commenced leases # of properties and GLA differ from property list due to new development properties with no commenced leases and the combining of certain properties on the property list
Page 23
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Weingarten Realty Investors Property Listing at December 31, 2008
ALL PROPERTIES BY STATE Arizona Arkansas California Colorado Florida Georgia Illinois Kansas Kentucky Louisiana Maine Missouri Nevada New Mexico North Carolina Oklahoma Oregon South Carolina Tennessee Texas Utah Virginia Washington Grand Total
Gross Leasable Area Joint Venture Owned Share by Other 1,191,002 859,793 551,304 1,015,334 1,384,863 2,258,243 1,340,913 761,743 716,003 122,454 435,491 781,925 49,461 28,317 625,737 396,750 163,424 742,374 90,927 62,600 64,590 671,047 137,740 5,340,380 3,089,187 60,772 296,357 1,607,139 327,505 198,220 13,734,166 11,637,429
# of Properties 25 3 29 12 50 23 1 2 4 12 1 2 12 6 26 2 3 1 9 163 4 9 5 404
WRI Owned 2,424,408 357,740 3,844,080 1,198,924 7,250,526 3,395,035 303,566 250,855 597,489 1,182,795 148,384 229,232 2,894,975 1,019,480 2,681,112 171,657 119,939 21,530 1,191,269 17,097,880 306,638 860,643 81,877 47,630,034
323
35,249,290
8,448,438
78
12,099,173
5,285,728
3
281,571
Total Retail Total Industrial Total Other
-
11,637,429
Total 3,615,410 357,740 5,255,177 3,599,119 10,846,046 4,872,781 303,566 250,855 719,943 2,400,211 197,845 257,549 3,520,712 1,416,230 3,586,910 171,657 273,466 86,120 2,000,056 25,527,443 663,767 2,467,782 607,602 72,997,987 55,331,515
-
17,384,901
-
281,571
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. (+) Denotes supermarket or discount store offering full service grocery along with general merchandise. NOTE: Square feet is reflective of area available to be leased. Certain listed properties may have additional square feet under WRI ownership.
Page 24
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
Retail Operating Properties Arizona
Palmilla Center
Dysart Rd. at McDowell Rd., Avondale
University Plaza
Plaza Way at Milton Rd., Flagstaff
Val Vista Towne Center
Warner at Val Vista Rd., Gilbert
Office Max, PetsMart, Dollar Tree, Fry’s Supermarket + (O.B.O.) PetsMart, Safeway +, Ross Dress for Less, Bed Bath & Beyond, Dollar Tree Target (O.B.O.), Staples, Ross Dress for Less, Petco Borders (O.B.O.), Sports Authority (O.B.O.), Toys “R” Us (O.B.O.), Bed Bath & Beyond (O.B.O.) Fry’s Supermarket + (O.B.O.)
75th Ave. at W. Bell Rd., Glendale Broadway Rd. at Fry's Ellsworth Plaza Ellsworth Rd., Mesa Baseline Rd. Monte Vista Village Center at Ellsworth Rd., Mesa Safeway + (O.B.O.) Target (O.B.O.), Bed Power Rd. at McKellips Bath & Beyond, Red Mountain Gateway Rd., Mesa Famous Footwear Fry’s Supermarket +, Camelback at 7th Target (O.B.O.), Camelback Village Square Avenue, Phoenix Office Max Fry’s Supermarket + Baseline Rd. at 51st (O.B.O.), Home Depot Laveen Village Market St., Phoenix (O.B.O.) 35th Avenue at Blockbuster, Fresh N Rancho Encanto Greenway Rd., Phoenix Easy +, Family Dollar 16th Street at Glendale Basha's +, Squaw Peak Plaza Ave., Phoenix Blockbuster Fry’s Supermarket +, 77th St. at McDowell, Dollar Tree, Lowes Fountain Plaza Scottsdale (O.B.O.) Frank Lloyd Wright Blvd and Thompson Peak Parkway, Baja Fresh Mexican Scottsdale Horizon Scottsdale Grill S. McClintock at E. Basha’s +, Ross Basha's Valley Plaza Southern, Tempe Dress for Less Broadway at Rural, Office Max, Ace Broadway Marketplace Tempe Hardware McClintock Dr. at Fry’s Food & Drug +, Pueblo Anozira Guadalupe Rd., Tempe Petco, Dollar Tree Wal-Mart Magee Road and Neighborhood Entrada de Oro Oracle Road, Tucson Market Safeway +, Tanque Verde Rd. and Walgreen's, Ace Madera Village Catalina Hwy, Tucson Hardware Arrowhead Festival S.C.
100.00%
103,568
0
65,574
169,142
100.00%
165,621
0
0
165,621
100.00%
93,372
0
123,000
216,372
100.00%
29,834
0
146,624
176,458
100.00%
9,034
0
64,574
73,608
100.00%
45,751
0
58,400
104,151
100.00%
69,568
0
136,000
205,568
100.00%
134,494
0
100,000
234,494
100.00%
40,025
0
71,619
111,644
100.00%
66,837
0
0
66,837
100.00%
61,060
0
0
61,060
100.00%
102,271
0
165,000
267,271
100.00%
10,337
0
0
10,337
100.00%
145,104
0
0
145,104
100.00%
82,757
0
0
82,757
100.00%
157,309
0
0
157,309
100.00%
88,685
0
20,406
109,091
100.00%
96,732
0
10,594
107,326
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Oracle Wetmore
Oracle Highway and Magee Road, Tucson Wetmore Road and Oracle Highway, Tucson
Shoppes at Bears Path Arizona Total:
Tanque Verde Rd. and Bear Canyon Rd., Tucson # of Properties: 21
Oracle Crossings
Kohl's, Sprouts Farmers Market + Home Depot, Circuit City, PetSmart, Walgreens Osco Drug (O.B.O.), Carondelet Health Care Corp., Leslie Pools
100.00%
243,625
0
10,000
253,625
100.00%
256,093
0
0
256,093
100.00%
43,928 2,046,005
0 0
100.00%
126,904
0
0
126,904
100.00%
178,210
0
0
178,210
100.00%
52,626 357,740
0 0
0 0
52,626 357,740
100.00%
75,500
0
0
75,500
100.00%
162,390
0
0
162,390
100.00%
100,165
0
0
100,165
100.00%
309,098
0
0
309,098
100.00%
90,805
0
0
90,805
100.00%
129,753
0
0
129,753
100.00%
194,601
0
0
194,601
100.00%
85,066
0
0
85,066
100.00%
124,494
0
124,000
248,494
100.00%
78,752
0
0
78,752
100.00%
228,345
0
0
228,345
100.00%
121,334
0
131,468
252,802
100.00%
76,497
0
0
76,497
100.00%
93,398
0
0
93,398
21,851 65,779 993,642 3,039,647
Arkansas Markham Square
Markham West Westgate Arkansas Total:
W. Markham at John Barrow, Little Rock
Burlington Coat Factory Office Depot, Michael’s, Academy, Bassett Furniture, Dollar Tree
11400 W. Markham, Little Rock Cantrell at Bryant, Little Rock SteinMart # of Properties: 3
California Centerwood Plaza
Southampton Center
580 Market Place
Chino Hills Marketplace Buena Vista Marketplace
El Camino Promenade
Fremont Gateway Plaza Hallmark Town Center
Menifee Town Center Marshalls Plaza Prospectors Plaza
Shasta Crossroads Arcade Square Discovery Plaza
Lakewood Blvd. at Bestway Supermarket Alondra Dr., Bellflower +, Buck-A-Roos Raley’s +, Ace IH-780 at Southampton Hardware, Hollywood Rd., Benecia Video E. Castro Valley at P. W. Supermarkets +, Hwy. I-580, Castro Petco, 24 Hour Valley Fitness Chino Hills Pkwy. at Rite Aid, Von’s +, 24 Pipeline Ave., Chino Hour Fitness, Dollar Hills Tree, Ace Hardware Huntington Dr. at Buena Vista St., Duarte Ralph's + T.J. Maxx, Beverages El Camino Real at Via & More, Staples, Golf Molena, Encinitas Galaxy Raley’s +, NAZ Paseo Padre Pkwy. at Cinema, 24 Hour Walnut Ave., Fremont Fitness W. Cleveland Ave. at Food 4 Less + , Stephanie Ln., Madera Bally’s Ralph's +, Target Antelope Rd. at (O.B.O.), Ross Dress Newport Rd., Menifee for Less McHenry at Sylvan Marshall’s, Dress Ave., Modesto Barn, Guitar Center Missouri Flat Rd. at US SaveMart +, Kmart, Hwy. 50, Placerville Long’s Drug Store Food Maxx +, Target (O.B.O.), Sports Authority (O.B.O.), Churn Creek Rd. at Ashley Furniture Dana Dr., Redding (O.B.O.) Watt Ave. at Whitney Ave., Sacramento Grocery Outlet + W. El Camino Ave. at Bel Air Market +, Truxel Rd., Sacramento Blockbuster
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Summerhill Plaza
Valley
Location
Antelope Rd. at Lichen Dr., Sacramento Franklin Boulevard and Mack Road, Sacramento
Anchors
Raley’s +
Westminster Center
Raley's + Safeway +, E. Capital Expressway Walgreen’s, at Silver Creek Blvd., Orchard Supply San Jose (O.B.O.) Tully Rd at Quimby Rd, San Jose Food Maxx +, Petco Safeway + (O.B.O.), Longs Drug Stores Lewelling Blvd. at (O.B.O.), Big Lots, Washington Ave., 99 Cents Only, San Leandro Factory 2 U San Marcos Blvd. at Rancho Santa Fe Rd., Von’s +, 24 Hour San Marcos Fitness San Marcos Blvd. at Rancho Santa Fe Rd., Albertsons + San Marcos (O.B.O.) Stony Point Rd. at Food Maxx +, WalHwy. 12, Santa Rosa Mart Sunset Ave. at State Albertsons +, Rite Hwy. 12, Suisun City Aid Alamo Dr. at Nut Raley’s +, Creek Rd., Vacaville Blockbuster Freedom Blvd. At Rite Aid, Big Lots, Airport Blvd., Safeway +, Ace Watsonville Hardware Albertsons +, Home Westminster Blvd. at Depot, Edward’s Golden West St., Cinema, Rite Aid, Westminster Petco
California Total:
# of Properties: 26
Silver Creek Plaza Tully Corners Shopping Center
Greenhouse Marketplace
Rancho San Marcos Village
San Marcos Plaza Stony Point Plaza Sunset Center Creekside Center
Freedom Centre
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
100.00%
133,614
0
0
133,614
100.00%
98,240
0
5,365
103,605
100.00%
134,179
0
65,000
199,179
11,599
104,393
0
115,992
100.00%
152,095
0
86,569
238,664
100.00%
120,829
0
0
120,829
100.00%
35,880
0
45,206
81,086
100.00%
198,528
0
0
198,528
100.00%
85,238
0
0
85,238
100.00%
116,229
0
0
116,229
100.00%
150,241
0
0
150,241
100.00%
417,870
0
0
417,870
10.00%
(1)(3)
3,524,740 104,393 457,608 4,086,741
Colorado
Aurora City Place
Academy Place
Uintah Gardens
PetsMart, Sportsman Warehouse, Barnes & Noble, Ross Dress For Less, Super Target + E. Alameda at I225, (O.B.O.), Pier 1 Aurora Imports Safeway + (O.B.O.), Academy Blvd. at Ross Dress For Union Blvd., Less, Target Colorado Springs (O.B.O.) King Sooper’s +, NEC 19th St. at West Walgreens, Petco, Uintah, Colorado Big 5 Sporting Springs Goods
50.00%
(1)(3)
182,642
182,642
182,000
547,283
100.00%
84,057
0
177,362
261,419
100.00%
212,638
0
0
212,638
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Tower Rd. at 48th Green Valley Ranch Towne Center Ave., Denver
50.00%
(1)(3)
27,503
27,503
58,000
113,006
Lowry Town Center
50.00%
(1)(3)
38,370
38,370
52,700
129,439
51.00%
(1)(3)
137,977
132,566
90,000
360,543
41.00%
(1)(3)
110,940
159,646
125,174
395,760
51.00%
(1)(3)
55,620
53,438
0
109,058
51.00%
(1)(3)
108,186
103,944
174,000
386,130
50.00%
(1)
CityCenter Englewood
Glenwood Meadows Crossing at Stonegate
Thorncreek Crossing
Westminster Plaza Colorado Total:
King Sooper’s + (O.B.O.) Super Target + (O.B.O.), Barnes & Noble, Office Max, Michael’s, Pier 1 2nd Ave. at Lowry Imports, Cost Plus, Ave., Denver Linens ‘N Things Wal-Mart (O.B.O.), Ross Dress for S. Santa Fe at Less, Gart Sports, Hampden Ave., Office Depot, Bally Englewood Total Fitness, Petco Target (O.B.O.), Pier 1 Imports, The Sports Authority, Midland Ave. at W. Bed Bath & Meadows, Glenwood Beyond, Petco, Springs Lowe's Jordon Rd. at Lincoln Ave., Parker King Sooper’s + Super Target + (O.B.O.), Barnes & Noble, Office Max, Washington St. at Michael’s, Pier 1 120th St., Thornton Imports, Cost Plus North Federal Blvd. at 72nd Ave., Safeway +, Westminster Walgreens (O.B.O.) # of Properties: 10
48,521 48,521 56,127 153,169 1,006,454 746,630 915,363 2,668,445
Florida Boca Lyons
Countryside Centre
Sunset 19
Embassy Lakes
Paradise Key at Kelly Plantation
Shoppes at Paradise Isle
Hollywood Hills Plaza
Indian Harbour Place
Argyle Village TJ Maxx Plaza
Glades Rd. at Lyons Rd., Boca Raton US Highway 19 at Countryside Boulevard
Ross Dress for Less, Ethan Allen Publix+ (Vacant), T.J. Maxx, Home Goods Publix +, Bed Bath & Beyond, Staples, Comp USA, Barnes & Noble, Sports US Hwy. 19 at Sunset Authority, Old Pointe Rd., Clearwater Navy Winn Dixie +, Sheraton St. at Hiatus Walgreen’s, Rd., Cooper City Tuesday Morning Publix +, Bed Bath US Highway 98 and & Beyond, Ross, Mid Bay Bridge Rd, Old Navy, Destin SteinMart Best Buy, Michaels, 34940 Emerald Coast Office Depot, Pkwy, Destin PetsMart Hollywood Blvd. at North Park Rd., Publix +, Target, Hollywood CVS/pharmacy East Eau Gallie Boulevard, Indian Harbour Beach Beall's, Publix + Bed Bath & Beyond, Publix +, Blanding at Argyle T.J. Maxx, Babies Forest Blvd., “R” Us, Jo-Ann’s Jacksonville Fabrics, Michael's 117th Avenue at T.J. Maxx, Winn Sunset Blvd., Kendall Dixie + Beall’s Department
100.00%
113,689
0
0
113,689
100.00%
242,123
0
0
242,123
100.00%
275,910
0
0
275,910
100.00%
127,900
0
48,214
176,114
10.00%
(1)(3)
27,178
244,599
0
271,777
25.00%
(1)(3)
42,959
128,878
0
171,837
364,714
0
0
364,714
40,880
122,641
0
163,521
100.00%
312,447
0
0
312,447
100.00%
161,572
0
0
161,572
100.00%
25.00%
(1)(3)
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Largo Mall
Stores, Marshall’s, PetsMart, Bed Bath & Beyond, Staples, Michael’s, Target (O.B.O.), Ulmerton Rd. at Albertsons + Seminole Ave., Largo (O.B.O.) 100.00%
Page 26
374,007
0
197,631
571,638
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Palm Lakes Plaza
Lake Washington Crossing
Lake Washington Square
Kendall Corners
Location
Atlantic Boulevard and Rock Island Road, Maragate Wickham Rd. at Lake Washington Rd., Melbourne Wickham Rd. at Lake Washington Rd., Melbourne Kendall Drive and SW 127th Avenue, Miami South Dixie Highway and Eureka Drive, Miami S.W. 8th St. at S.W. 137th Ave., Miami E. Commercial Blvd. at Dixie Hwy., Oakland Park
Anchors
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
Publix +, CVS/pharmacy
20.00%
(1)(3)
22,750
91,002
0
113,752
Publix +, Beall’s Outlet Stores
25.00%
(1)(3)
29,707
89,121
0
118,828
111,811
0
0
111,811
(1)(3)
19,303
77,212
0
96,515
(1)(3)
43,882
175,530
0
219,412
110,867
0
0
110,867
236,170
0
0
236,170
496,751
0
0
496,751
37,133
148,531
0
185,664
92,328
0
64,627
156,955
65,250
261,000
0
326,250
101,535
0
0
101,535
(1)(3)
77,521 35,297
0 141,189
183,000 0
260,521 176,486
(1)
29,752
69,420
0
99,172
(1)(3)
28,021
112,082
0
140,103
152,052
0
0
152,052
Albertsons +, Tuesday Morning
100.00%
City Furniture 20.00% Publix +, Petco, Chuck E. Cheese, South Dade Bed Bath & Beyond 20.00% Publix +, Tamiami Trail Shops CVS/pharmacy 100.00% Publix +, Petco, Ross Dress for Less, Northridge Anna's Linen 100.00% Staples, Circuit City, Ross Dress for Less, Babies “R” Us, Marshall’s, Old Navy, SteinMart, E. Colonial Dr. at Barnes & Noble, Colonial Plaza Primrose Dr., Orlando Petco 100.00% International Drive and Touchstone Bed Bath & Beyond, International Drive Value Center Drive, Orlando Ross, T.J. Maxx 20.00% Ross Dress for Less, Beall’s Outlet Michigan Ave. at Stores, Dollar Tree, Delaney Ave., Albertsons + Market at Southside Orlando (O.B.O.) 100.00% Publix +(Vacant), Stein Mart, Office Dr. Phillips Boulevard Depot, Home and Sand Lake Road, Goods, Morton's of The Marketplace at Dr. Phillips Orlando Chicago 20.00% Semoran Blvd. at The Shoppes at South Semoran Pershing Ave. Save Rite + 100.00% T.J. Maxx, Petco, Shoe Carnival, SR 50 at Apopka Super Target + Westland Terrace Plaza Vineland Rd., Orlando (O.B.O.) 100.00% Alafaya Square Alafaya Trail, Oviedo Publix + 20.00% Alafaya Trail at McCullough Rd., Publix +, University Palms Oviedo Blockbuster 30.00% East Lake Road and Tampa Road, East Lake Woodlands Palm Harbor Publix +, Walgreens 20.00% Hillsboro Boulevard at State Road #7, BJ's Wholesale Club Shoppes at Parkland Parkland + 100.00%
(1)(3)
(1)(3)
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Shoppes of Port Charlotte
Pines Blvd. at Flamingo Rd., Pembroke Pines University at Pines Blvd., Pembroke Pines Sheridan St. at SW 196th Ave., Pembroke Pines Nob Hill Rd. at Cleary Blvd., Plantation Quesada Avenue and Toledo Blade Boulevard, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte Toledo Blade Boulevard and Tamiami Trail, Port Charlotte
Marketplace at Seminole Towne Center
Central Florida Greenway and Rinehart Road, Sanford
Flamingo Pines
Pembroke Commons
Publix at Laguna Isles Vizcaya Square
Quesada Commons
Shoppes of Port Charlotte
Pineapple Commons
Sunrise West Shopping Center
Venice Pines
Winter Park Corners Florida Total:
Us Highway 1 and Britt Rd., Stuart West Commercial Drive and NW 91st Avenue, Sunrise Center Rd. at Jacaranda Blvd., Venice Aloma Ave. at Lakemont Ave., Winter Park # of Properties: 39
Publix +, U.S. Post Office, Keiser College 100.00% Publix +, Marshall’s, Office Depot, LA Fitness 100.00%
Publix + Winn Dixie +, Blockbuster
262,761
0
105,350
368,111
314,401
0
0
314,401
100.00%
69,475
0
0
69,475
100.00%
112,410
0
0
112,410
Publix +
25.00%
(1)(3)
14,722
44,168
0
58,890
Chick-Fil-A
25.00%
(1)(3)
978
2,934
0
3,912
Petco 25.00% Circuit City, Sports Authority, DSW, Marshalls, Old Navy, Petco, Cost Plus, Super Target + (O.B.O.) 100.00% Best Buy, Ross, PetsMart, Ashley Furniture 20.00%
(1)(3)
10,253
30,758
0
41,011
308,751
0
185,000
493,751
(1)(3)
49,803
199,211
0
249,014
Publix +
(1)(3)
19,080
57,241
0
76,321
97,303
0
0
97,303
Sweet Bay + Whole Foods Market +, Outback Steakhouse
25.00%
100.00%
100.00%
102,397 0 0 102,397 5,135,843 1,995,517 783,822 7,915,182
Georgia
Lakeside Marketplace
Mansell Crossing
Camp Creek Marketplace II
Cherokee Plaza
Perimeter Village
Publix at Princeton Lakes
Brookwood Square
Ross Dress for Less, Petco, Office Max, Books-A-Million, Cobb Parkway (US Super Target + Hwy 41), Acworth (O.B.O.) 100.00% Ross Dress for Less, North Point Parkway Bed Bath & Beyond, at Mansell Rd Rooms to Go 20.00% Camp Creek Parkway DSW, American and Carmla Drive, Signature, LA Atlanta Fitness 100.00% Peachtree Road and Colonial Drive, Atlanta Kroger + 30.00% WalMart Supercenter +, Ashford-Dunwoody Cost Plus, DSW, Rd Borders 100.00% Carmia Drive and Camp Creek Drive, Atlanta Publix + 100.00% East-West Connector at Austell Rd., Marshall’s, Staples, Austell Home Depot 100.00%
(1)(3)
(1)
147,688
0
174,000
321,688
20,586
82,345
0
102,931
196,283
0
0
196,283
29,566
68,987
0
98,553
387,755
0
0
387,755
68,407
0
0
68,407
253,448
0
0
253,448
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Dallas Commons
US Highway 278 and Nathan Dean Boulevard, Dallas Kroger + (O.B.O.)
Page 27
100.00%
25,158
0
70,104
95,262
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Reynolds Crossing Thompson Bridge Commons Grayson Commons Sandy Plains Exchange
Brownsville Commons
Roswell Corners
Location Steve Reynolds and Old North Cross Rd., Duluth Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville Grayson Hwy at Rosebud Rd., Grayson Sandy Plains at Scufflegrit, Marietta Brownsville Road and Hiram-Lithia Springs Road, Powder Springs Woodstock Rd. at Hardscrabble Rd., Roswell
Peachtree Parkway at Mathis Airport Rd., Brookwood Marketplace Suwannee Georgia Total: # of Properties: 15
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
Kroger + (O.B.O.)
100.00%
45,758
0
70,225
115,983
Kroger +
100.00%
92,587
0
0
92,587
Kroger +
100.00%
76,611
0
0
76,611
Publix +
100.00%
72,784
0
0
72,784
Kroger + (O.B.O.) Staples, T.J. Maxx, Super Target + (O.B.O.) Office Max, Home Depot, Bed Bath & Beyond, Super Target + (O.B.O.)
100.00%
27,747
0
54,139
81,886
100.00%
144,964
0
173,535
318,499
100.00%
196,134 1,785,476
0 151,332
100.00%
303,566 303,566
0 0
0 0
303,566 303,566
100.00%
135,139
0
0
135,139
100.00%
115,716 250,855
0 0
0 0
115,716 250,855
Kroger +
100.00%
124,567
0
27,000
151,567
TJ Maxx, Michael's, Kroger (O.B.O)
100.00%
124,486
0
46,044
170,530
100.00%
179,450
0
0
179,450
100.00%
168,986 597,489
0 0
49,410 122,454
218,396 719,943
100.00%
226,102
0
0
226,102
174,000 370,134 716,003 2,652,811
Illinois Burbank Station Illinois Total:
S. Cicero Ave. at W. 78th St. # of Properties: 1
AJ Wright, Babies "R" Us, Food For Less +, Office Max
Kansas Shawnee Village
Kohl's Kansas Total:
Shawnee Mission Pkwy. at Quivera Rd., Shawnee
Burlington Coat Factory Barnes & Noble, Wanamaker Rd. at S.W. Kohl’s Department 17th St., Topeka Store # of Properties: 2
Kentucky Millpond Center Regency Shopping Centre Tates Creek
Festival at Jefferson Court Kentucky Total:
Boston at Man O’War, Lexington Nicholasville Rd.& West Lowry Lane, Lexington Tates Creek at Man O’ War, Lexington
Kroger +, Rite Aid Kroger +, PetsMart (O.B.O.), Factory Card Outer Loop at Jefferson Outlet, AJ Wright Blvd., Louisville (O.B.O.) # of Properties: 4
Louisiana
Town & Country Plaza
U.S. Hwy. 190 West, Hammond
Winn Dixie +, Office Depot, CVS/pharmacy, Goody’s, Books-AMillion, Rent Way
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Manhattan Place Ambassador Plaza
River Marketplace Westwood Village
14/Park Plaza K-Mart Plaza
Prien Lake Plaza
Southgate
Danville Plaza Orleans Station
University Place Louisiana Total:
Target (O.B.O.), Ross Dress for Less, Stage, K&G Fashion Albertsons + (O.B.O.), Blockbuster Ross Dress for Less, Stage, Cost Plus, Ambassador Caffery at Super Target + Kaliste Saloom, (O.B.O.), Books A Lafayette Million W. Congress at Stage, Graham Central Bertrand, Lafayette Station Kroger +, Conn’s, Hwy. 14 at General Burke's Outlet, Anna's Doolittle, Lake Charles Linens, Family Dollar Albertsons +, Kmart, Ryan St., Lake Charles Stages Target (O.B.O.), Marshall’s (O.B.O.), Prien Lake Rd. at Ross Dress for Less Nelson Rd., Lake (O.B.O.), Bed Bath & Charles Beyond (O.B.O.) Market Basket +, Ryan at Eddy, Lake Office Depot, BooksCharles A-Million County Market +, Citi Louisville at 19th, Trends, Surplus Monroe Warehouse Paris, Robert E. Lee at Chatham, New Orleans Vacant Super Target + (O.B.O.), Best Buy, T.J. Maxx, CVS/pharmacy 70th St. at Youree Dr., (O.B.O), Bed Bath & Shreveport Beyond # of Properties: 12 Manhattan Blvd. at Gretna Blvd., Harvey Ambassador Caffery at W. Congress, Lafayette
100.00%
156,215
0
125,400
281,615
100.00%
0
0
101,950
101,950
13,142
147,100
174,700
334,942
100.00%
141,346
0
0
141,346
100.00%
172,068
0
0
172,068
107,974
107,974
0
215,948
100.00%
7,743
0
205,375
213,118
100.00%
170,588
0
0
170,588
100.00%
141,380
0
0
141,380
100.00%
0
0
0
0
7.80%
50.00%
(1)(3)
(1)(3)
20.40%
(1)(3)
46,237 1,182,795
180,417 435,491
75.00%
(1)
148,384 148,384
49,461 49,461
174,500 401,154 781,925 2,400,211
Maine The Promenade Maine Total:
Essex at Summit, Lewiston # of Properties: 1
Staples, Flagship Cinemas
Missouri
Page 28
0 0
197,845 197,845
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Ballwin Plaza Western Plaza Missouri Total:
Location
Anchors
Manchester Rd. at Vlasis Dr., Ballwin Hwy 141 at Hwy 30, Fenton # of Properties: 2
Schnucks +, Michael’s, Sears O'Reilly Automotive
WRI Owned %
Foot Notes
100.00%
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
200,915
0
0
200,915
28,317 229,232
28,317 28,317
0 0
56,634 257,549
100.00%
66,408
0
143,879
210,287
100.00%
436,814
0
0
436,814
100.00%
338,378
0
0
338,378
100.00%
167,654
0
0
167,654
100.00%
116,973
0
31,842
148,815
100.00%
152,475
0
55,745
208,220
100.00%
148,713
0
0
148,713
100.00%
278,416
0
0
278,416
100.00%
136,369
0
0
136,369
100.00%
87,367
0
0
87,367
100.00%
246,478
0
394,271
640,749
100.00%
142,728
0
0
142,728
50.00%
(1)(3)
Nevada Eastern Horizon
Best in the West
Charleston Commons
College Park S.C.
Francisco Centre
Mission Center Paradise Marketplace
Rainbow Plaza
Rainbow Plaza, Phase I Rancho Towne & Country
Tropicana Beltway Tropicana Marketplace
Eastern Ave. at Horizon Ridge Pkwy., Henderson
Kmart + (O.B.O.) Best Buy, Borders, Bed Bath & Beyond, Babies "R" Us, DSW Shoes, Office Depot, Old Navy, PetsMart, Rainbow at Lake Mead Jo-Ann Stores, The Rd., Las Vegas Sports Authority, Ulta Wal-Mart, Ross, Charleston and Nellis, Office Max, 99 Cents Las Vegas Only, PetsMart E. Lake Mead Blvd. at Albertsons +, Sav-On Civic Ctr. Dr., North Las Drug, Anna's Linens, Vegas Lucky's, Factory 2 U Ross Dress for Less E. Desert Inn Rd. at S. (O.B.O.), Fallas Eastern Ave., Las Paredes , La Bonita Vegas Grocery + Sav-On Drug (O.B.O.), Flamingo Rd. at Albertsons + (O.B.O.), Maryland Pkwy, Las Toys “R” Us, T.J. Vegas Maxx Flamingo Rd. at Smith’s Food +, Dollar Sandhill, Las Vegas Tree Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Albertsons +, JC Penney, Ultimate Rainbow Blvd. at Electronics, Home Charleston Blvd., Las Depot, 24 Hour Vegas Fitness Rainbow Blvd. at Charleston Blvd., Las Vegas Smith’s Food + Lowe’s (O.B.O.), WalMart Supercenter + (O.B.O.), PetsMart, Office Depot, Ross Dress for Less, 99 Tropicana Beltway at Cent Only, Sports Fort Apache Rd., Las Authority, Pier 1 Vegas Imports Tropicana at Jones Smith’s Food +, Blvd., Las Vegas Family Dollar
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Westland Fair North Nevada Total:
Charleston Blvd. At Decatur Blvd., Las Vegas # of Properties: 12
Wal-Mart Supercenter +, Lowe’s, PetsMart, Office Depot, Michaels, Anna's Linens
100.00%
576,202 2,894,975
0 0
Albertsons +, Family Dollar
100.00%
117,623
0
0
117,623
100.00%
104,034
0
0
104,034
100.00%
195,944
0
0
195,944
100.00%
84,322
0
334,000
418,322
100.00%
267,886
0
0
267,886
100.00%
249,671 1,019,480
0 0
Food Lion + Harris Teeter +, Staples
100.00%
143,063
0
0
143,063
100.00%
130,934
0
0
130,934
Harris Teeter +
100.00%
89,997
0
0
89,997
Food Lion +
100.00%
77,802
0
0
77,802
Food Lion +, Rite-Aid Lowes Food +, CVS/pharmacy
100.00%
80,061
0
0
80,061
25.00%
(1)(3)
24,039
72,116
0
96,155
Dollar General Off Broadway Shoes, Wal-Mart (O.B.O.)
25.00%
(1)(3)
20,564
61,694
0
82,258
100.00%
120,542
0
207,602
328,144
Food Lion+
100.00%
79,508
0
0
79,508
100.00%
77,301
0
0
77,301
100.00%
41,876
0
402,620
444,496
100.00%
42,517
0
0
42,517
100.00%
134,295
0
0
134,295
100.00%
59,859
0
0
59,859
0 576,202 625,737 3,520,712
New Mexico
North Towne Plaza
Candelaria Rd. at Eubank Blvd., Albuquerque Academy Rd. at Wyoming Blvd., Albuquerque
Pavillions at San Mateo
I-40 at San Mateo, Albuquerque
Eastdale
Wyoming Mall
Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque Academy Rd. at Northeastern, Albuquerque
De Vargas New Mexico Total:
N. Guadalupe at Paseo de Peralta, Santa Fe # of Properties: 6
Plaza at Cottonwood
Whole Foods Market +, Borders Old Navy, Shoe Department, Circuit City, Skechers Staples, PetsMart, Wal-Mart Supercenter +(O.B.O.), Home Depot (O.B.O.), Party City Wal-Mart Supercenter +, Dollar Tree Albertsons + (O.B.O.), Sav-On (CVS), Ross Dress for Less, Office Depot, Hastings, United Artists
62,750 312,421 396,750 1,416,230
North Carolina Capital Square Harrison Pointe High House Crossing Northwoods Market Parkway Pointe Chatham Crossing Cole Park Plaza Galleria
Johnston Road Plaza Steele Creek Crossing
Whitehall Commons Bull City Market Durham Festival
Mineral Springs Village
Capital Blvd. at Huntleigh Dr., Cary Harrison Ave. at Maynard Rd., Cary NC Hwy 55 at Green Level W. Rd., Cary Maynard Rd. at Harrison Ave., Cary Cory Parkway at S. R. 1011, Cary US 15/501 at Plaza Dr., Chapel Hill US 15/501 and Plaza Dr., Chapel Hill Galleria Boulevard and Sardis Road, Charlotte Johnston Rd. at McMullen Creek Pkwy., Charlotte York Rd. at Steele Creek Rd., Charlotte
BI-LO +, Rite-Aid Blockbuster, WalMart Supercenter + (O.B.O.), Lowes NWC of Hwy. 49 at I(O.B.O.), BI-LO + 485, Charlotte (O.B.O.) Broad St. at West Main Whole Foods Market St., Durham + Hillsborough Rd. at Kroger +, Dollar LaSalle St., Durham General Mineral Springs Rd. at Wake Forest Rd., Durham Food Lion +, Rite-Aid
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Page 29
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Ravenstone Commons
Pinecrest Plaza Avent Ferry Falls Pointe
Leesville Town Centre
Little Brier Creek Lynnwood Collection
Six Forks Station
Stonehenge Market
Heritage Station North Carolina Total:
Location
Hwy 98 at Sherron Rd., Durham Hwy. 15-501 at Morganton Rd., Pinehurst Avent Ferry Rd. at Gorman St., Raleigh Neuce Rd. at Durant Rd., Raleigh Leesville Rd. at Leesville Church Rd., Raleigh Little Brier Creek Lane and Brier Leaf Lane, Raleigh Creedmoor Rd at Lynn Road, Raleigh
Anchors
WRI Owned %
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Owned Venture by Share
Other
Total
Food Lion +, Blockbuster
100.00%
60,424
0
0
60,424
Food Lion +, Michael’s, Goody’s, Belk’s
100.00%
250,140
0
0
250,140
Food Lion +, Family Dollar Harris Teeter +, Kohl’s (O.B.O.)
100.00%
111,650
0
0
111,650
100.00%
106,981
0
86,350
193,331
Harris Teeter +, Rite-Aid
100.00%
112,576
0
0
112,576
Lowe's Food + (O.B.O.)
100.00%
17,209
0
45,802
63,011
100.00%
86,362
0
0
86,362
100.00%
467,270
0
0
467,270
100.00%
188,521
0
0
188,521
Kroger + Kmart, Home Depot, Food Six Forks Rd. at Lion +, Bed Bath & Strickland Rd., Raleigh Beyond, Borders Creedmoor Rd. at Bridgeport Dr., Harris Teeter +, SteinMart, Raleigh Eckerd’s Forestville Rd. at Rogers Rd., Wake Forest Harris Teeter + # of Properties: 24
100.00%
68,778 0 0 68,778 2,592,269 133,810 742,374 3,468,453
Oklahoma Market Boulevard
Town and Country Oklahoma Total:
E. Reno Ave. at N. Douglas Ave., Midwest City Reno Ave at North Air Depot, Midwest City # of Properties: 2
Color Tyme
100.00%
35,765
0
0
35,765
Office Depot, Big Lots, Westlake Hardware
100.00%
135,892 171,657
0 0
0 0
135,892 171,657
14,828
59,311
62,600
136,739
97,207
0
0
97,207
Oregon SE 82nd Avenue and SE Causey Avenue, Clackamas Square Portland SE Mcloughlin Blvd & Oak Grove Market Center Oak Grove Ave SW BeavertonHillsdale Hwy and SW Scholls Ferry Road, Raleigh Hills Plaza Portland Oregon Total: # of Properties: 3
T.J. Maxx, Winco Foods + (O.B.O.) Safeway +
20.00%
(1)(3)
100.00%
Walgreens, New Seasons Market +
20.00%
(1)(3)
7,904 119,939
31,616 90,927
0 62,600
39,520 273,466
The Fresh Market +
25.00%
(1)(3)
21,530 21,530
64,590 64,590
0 0
86,120 86,120
179,364
0
0
179,364
South Carolina Fresh Market Shoppes South Carolina Total:
890 William Hilton Head Pkwy, Hilton Head # of Properties: 1
Tennessee Bartlett Towne Center
Bartlett Blvd. at Stage Kroger +, Petco, Dollar Rd., Bartlett Tree, Shoe Carnival
100.00%
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Dexter at N. Germantown, Commons at Dexter Lake Memphis Dexter at N. Commons at Dexter Lake Germantown, Phase II Memphis Summer at Highland, Highland Square Memphis South Mendenahall Rd. and Sanderlin Mendenhall Commons Avenue, Memphis Summer Ave. at Summer Center Waring Rd., Memphis Tennessee Total: # of Properties: 5
Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Kroger +, SteinMart, Marshall’s, Samuels Furniture and Interior Walgreen’s
30.00%
(1)
50,087
116,871
0
166,958
30.00%
(1)
18,461
43,077
0
61,538
14,490
0
0
14,490
23,961
55,910
0
79,871
148,581 0 434,944 215,858
0 0
148,581 650,802
100.00%
Kroger + Kroger +, Ross Dress for Less
30.00%
(1)
100.00%
Texas Bell Plaza Coronado Wolflin Village Calder
North Park Plaza Phelan Phelan West Southgate Westmont Lone Star Pavilions
Montgomery Plaza
45th Ave. at Bell St., Amarillo 34th St. at Wimberly Dr., Amarillo Wolflin Ave. at Georgia St., Amarillo Calder at 24th St., Beaumont Eastex Fwy. at Dowlen, Beaumont Phelan at 23rd St, Beaumont Phelan at 23rd St., Beaumont Calder Ave. at 6th St., Beaumont Dowlen at Phelan, Beaumont Texas at Lincoln Ave., College Station
United Supermarket +, Dollar Tree
19,579
110,950
0
130,529
100.00%
46,829
0
0
46,829
100.00%
153,084
0
0
153,084
Harmony Science Academy 100.00% Target (O.B.O.), Anna’s Linens, David’s Bridal, Toys “R” Us (O.B.O.) 50.00%
34,641
0
0
34,641
70,036
70,036
141,329
281,401
12,000
0
0
12,000
15,552
7,779
58,890
82,221
100.00%
33,555
0
0
33,555
100.00%
98,071
0
0
98,071
100.00%
106,907
0
0
106,907
100.00%
296,837
0
0
296,837
Blockbuster Office Depot, Sheplers Western Wear, Talbots
15.00%
Kroger + (O.B.O.)
100.00%
Kroger + (O.B.O.)
66.70%
Control Fluids
Talbot’s, Blockbuster Best Buy, Office Depot, Barnes & Noble Academy, Conn’s, Goody’s, 99 Cents Only, Loop 336 West at I-45, Petco, Anna's Linens, Conroe Spec's
Page 30
(1)
(1)(3)
(1)(3)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Moore Plaza Portairs
Overton Park Plaza Broadway Food King Place
Galveston Place 10/Federal Alabama-Shepherd Bayshore Plaza Bellaire Boulevard Braeswood Square
Centre at Post Oak
Champions Village Cullen Place Cullen Plaza
Cypress Pointe
Eastpark
Edgebrook Fiesta Village Fondren/West Airport Glenbrook Square
Griggs Road
Location
Anchors
Office Depot, Marshall’s, H. E. B. +, (O.B.O.), Target (O.B.O.), Circuit City, S. Padre Island Dr. at Old Navy, Hobby Staples, Corpus Christi Lobby Ayers St. at Horne Rd., CVS/pharmacy, Family Corpus Christi Dollar, Beall’s Sports Authority, Circuit City, PetsMart, Office Depot, T.J. SW Loop 820/Interstate Maxx, Albertsons +, 20 at South Hulen St., Home Depot (O.B.O.), Ft. Worth Anna’s Linens Broadway at 59th St., Galveston Big Lots, Family Dollar 25th St. at Avenue P, Galveston Vacant Randall’s +, Office Central City Blvd. at Depot, Spec's Liquor, 61st St., Galveston Palais Royal Citi Trends, Palais I-10 at Federal Royal, Sellers Bros. + S. Shepherd at W. Alabama Bookstop, PetsMart Spencer Hwy. at Burke Fitness Connections Rd. (O.B.O.) Bellaire at S. Rice Randall’s + N. Braeswood at Belden’s +, Chimney Rock Walgreen’s Marshall’s, Barnes & Westheimer at Post Oak Noble, Old Navy, Blvd. Grand Lux Café Randall’s +, SteinMart, Palais F.M. 1960 at Champions Royal, Cost Plus, Forest Dr. Barnes & Noble Kohl's (O.B.O.), Conn Cullen at Reed Appliances Fiesta +, Family Dollar, Cullen at Wilmington Beauty Empire Kroger +, Office Depot, Babies “R” Us, F.M. 1960 at Cypress America's Furniture Station Brands (O.B.O.) Jack in the Box, CVS (O.B.O.), US Postal Mesa Rd. at Tidwell Service (O.B.O.) Fiesta +, JPMorgan Chase Bank, Family Edgebrook at Gulf Fwy. Dollar Quitman at Fulton Fiesta + Fondren at W. Airport Save-A-Lot + Telephone Road Kroger +, Blockbuster Family Dollar, Modern City, Citi Griggs at Cullen Trends
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
100.00%
371,668
0
161,909
533,577
100.00%
118,233
0
0
118,233
100.00%
353,302
0
110,000
463,302
11,172
63,305
0
74,477
100.00%
28,062
0
0
28,062
100.00%
210,187
0
0
210,187
19,871
112,601
0
132,472
56,110
0
0
56,110
35,966 10,524
0 24,557
86,000 0
121,966 35,081
100.00%
103,336
0
0
103,336
100.00%
182,070
0
0
182,070
115,134
268,645
0
383,779
7,316
0
0
7,316
12,678
71,839
0
84,517
100.00%
190,704
0
96,660
287,364
100.00%
1,576
0
0
1,576
66,575 25,712 0 65,011
0 0 0 0
78,324 30,249 56,593 76,483
68,097
0
80,114
15.00%
15.00%
(1)
(1)
100.00% 100.00% 30.00%
30.00%
(1)
(1)
100.00% 15.00%
(1)
15.00% 15.00% 100.00% 15.00%
(1) (1) (1)
11,749 4,537 56,593 11,472
15.00%
(1)
12,017
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Harrisburg Plaza Heights Plaza
Humblewood Shopping Plaza I-45/Telephone Rd. Center Jacinto City Kirby Strip Center
Lawndale Little York Plaza Lyons Avenue Market at Westchase North Main Square
North Oaks North Triangle
Northbrook Center
Northwest Crossing Oak Forest Orchard Green Randall's /Cypress Station Randall's /Kings Crossing Randall's /Norchester Richmond Square River Oaks East
River Oaks West Sheldon Forest North Sheldon Forest South
Shops at Three Corners
Harrisburg at Wayside 20th St. at Yale
Fallas Paredes Kroger +, Walgreen’s Kroger +,Conn’s, Walgreen’s, Michael's Eastex Fwy. at F.M. (O.B.O.), DSW 1960 (O.B.O.) Sellers Bros. +, Dollar Tree, FAMSA, Falles I-45 at Maxwell Street Paredes Sellers Bros. +, Market at Baca CVS/pharmacy New Orleans Cajun Kirby Dr, Houston Restaurant Family Dollar, 99 Cents Only, LaMichoacana Meat Lawndale at 75th St. Market Sellers Bros. +, Fallas Little York at E. Hardy Paredes Fiesta +, Fallas Lyons at Shotwell Paredes Whole Foods Market Westheimer at Wilcrest + Pecore at N. Main O’Reilly Autoparts T.J. Maxx, Ross Dress for Less, Staples, Big Lots, DSW, Half Price Books, Anna's Linens, F.M. 1960 at Veterans Hobby Lobby, Memorial Mardels Steak & Ale, CiCi’s I-45 at F.M. 1960 Pizza Randall’s +, Office Depot, Citi Trends, Northwest Fwy. at W. Anna’s Linens, Dollar 34th Tree Target (O.B.O.), Marshall’s, Babies N.W. Fwy. at Hollister “R” Us, Best Buy Kroger +, Palais Royal, W. 43rd at Oak Forest Dollar Tree Sellers Bros. +, Family Gulfton at Renwick Dollar
15.00% 100.00%
F.M. 1960 at I-45 Kingwood Dr. at Lake Houston Pkwy. Grant at Jones Richmond Ave. at W. Loop 610 W. Gray at Woodhead
Randalls + Randall’s +, CVS/pharmacy CVS Best Buy (O.B.O.), Cost Plus Kroger + Talbot’s, JoS. A. Bank, Ann Taylor, W. Gray at S. Shepherd Gap, Barnes & Noble Gerland’s +, Burke’s North, I-10 at Sheldon Outlet North, I-10 at Sheldon Family Dollar Fiesta +, Office Depot, PetsMart, Ross Dress S. Main at Old Spanish for Less, Anna’s Trail Linens, Big Lots
Page 31
(1)
100.00%
14,016 71,777
79,422 0
0 0
93,438 71,777
178,837
0
99,000
277,837
15.00%
(1)
25,891
146,718
0
172,609
50.00%
(1)
24,569
24,569
0
49,138
10,000
0
0
10,000
100.00%
15.00%
(1)
7,819
44,308
0
52,127
15.00%
(1)
17,603
99,750
0
117,353
15.00%
(1)
10,144
57,485
0
67,629
84,084 18,515
0 0
0 0
84,084 18,515
60,710
344,023
0
404,733
100.00%
16,060
0
0
16,060
100.00%
172,479
0
0
172,479
137,507
45,836
120,721
304,064
100.00%
147,674
0
0
147,674
100.00%
74,983
0
0
74,983
100.00%
138,974
0
0
138,974
37,919 107,200
88,478 0
0 0
126,397 107,200
100.00% 100.00%
35,623 71,265
0 0
58,247 0
93,870 71,265
100.00%
255,978
0
0
255,978
100.00% 100.00%
15.00%
75.00%
30.00% 100.00%
(1)
(1)(3)
(1)
100.00% 50.00%
(1)
22,040 37,670
0 37,670
0 0
22,040 75,340
70.00%
(1)
172,990
74,139
0
247,129
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Southgate Spring Plaza
Steeplechase
Stella Link Studemont Ten Blalock Square Village Arcade Village Arcade-Phase II
Village Arcade-Phase III
Westchase Center
Westhill Village
Killeen Marketplace
Cedar Bayou
North Creek Plaza Plantation Centre League City Plaza Central Plaza Town and Country Angelina Village
Las Tiendas Plaza Northcross Old Navy Building
Location
Anchors
Food-A-Rama +, Palais Royal, W. Fuqua at Hiram CVS/pharmacy, Family Clark Dollar Sellers Bros. +, Family Hammerly at Campbell Dollar Palais Royal, 99 Cents Only, Anna's Linens, Jones Rd. at F.M. 1960 Goodwill Industries Seller Bros.+, Spec’s Stella Link at S. Liquor Warehouse, Braeswood Burke’s Outlet Studewood at E. 14th St Fiesta + I-10 at Blalock Vacant University at Kirby Gap, Baby Gap University at Kirby Talbot’s American Eagle Outfitters, Banana University at Kirby Republic, Express Ross Dress for Less, Randall’s +, Golfsmith, Palais Royal, Target Westheimer at Wilcrest (O.B.O.), Petco Ross Dress for Less, Office Depot, 99 Cents Westheimer at Hillcroft Only, Anna’s Linens Best Buy, Ross Dress 3200 E. Central Texas for Less, Staples, Expressway, Killeen Home Depot (O.B.O.) Dollar General, La Marque Fire Dept. Bayou Rd., La Marque (O.B.O.) Old Navy, Bed Bath & Beyond, Best Buy, Target (O.B.O.), H. E. Del Mar Blvd. at Hwy. B. + (O.B.O.), I-35, Laredo Marshall’s Del Mar Blvd. at McPherson Rd., Laredo H. E. B. +, Blockbuster I-45 at F.M. 518, League Kroger +, Spec’s City Liquor Warehouse Loop 289 at Slide Rd., Bed Bath & Beyond, Lubbock Old Navy, Staples 4th St. at University, Hasting’s Records & Lubbock Books Hwy. 59 at Loop 287, Kmart, Ashley Lufkin Furniture, Conn's Target (O.B.O.), Mervyn’s (O.B.O.), Academy, Conn’s, Ross Dress for Less, Expressway 83 at Marshall’s, Office McColl Rd., McAllen Depot N. 10th St. at Nolana Loop, McAllen Barnes & Noble 1815 10th Street, McAllen Old Navy
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
15.00%
(1)
18,695
105,939
0
124,634
15.00%
(1)
8,890
50,376
0
59,266
100.00%
194,551
0
99,950
294,501
100.00% 100.00% 100.00% 100.00% 100.00%
96,396 28,466 97,217 57,219 28,371
0 0 0 0 0
0 0 0 0 0
96,396 28,466 97,217 57,219 28,371
100.00%
106,879
0
0
106,879
100.00%
232,994
0
99,550
332,544
100.00%
130,562
0
0
130,562
100.00%
115,203
0
135,934
251,137
100.00%
14,873
0
30,688
45,561
100.00%
242,293
0
206,463
448,756
100.00%
134,919
0
0
134,919
19,048
107,942
0
126,990
100.00%
151,196
0
0
151,196
100.00%
30,743
0
0
30,743
100.00%
248,199
0
0
248,199
15.00%
(1)
50.00%
(1)(3)
143,968
143,968
242,132
530,067
50.00%
(1)(3)
38,196
38,196
0
76,391
50.00%
(1)(3)
7,500
7,500
0
15,000
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South 10th St. HEB Independence Plaza Custer Park Pitman Corners
Preston Shepard Place Gillham Circle
S. 10th St. at Houston St., McAllen Town East Blvd., Mesquite SWC Custer Road at Parker Road, Plano Custer Road at West 15th, Plano
Preston Rd. at Park Blvd. Gillham Circle at Thomas, Port Arthur U.S. Hwy. 83 at Bridge St., Rio Grande City
H. E. B. + Babies “R” Us, Family Dollar Kroger + (O.B.O), Dollar General Albertsons +, Tuesday Morning SteinMart, Old Navy, Office Depot, Marshalls, Babies "R" Us, Borders
Family Dollar H. E. B.+, Beall’s, Starr Plaza Dollar General Office Max, Petco, Ross Dress for Less, I-30 at Market Center Old Navy, Linens ‘N Rockwall Street, Rockwall Things, Michael’s U.S. Hwy. 90A at Lane Family Dollar, Palais Rose-Rich Dr., Rosenberg Royal Tom Thumb + Dalrock Rd. at Lakeview (O.B.O.), Walgreen’s Lake Pointe Market Center Pkwy., Rowlett (O.B.O.) Highway 287 at Bailey Boswell Towne Center Boswell Rd., Saginaw Albertsons + (O.B.O) H. E. B. + (O.B.O.), Target (O.B.O.), Barnes & Noble, Act III Theatres, Marshall’s, Office I-10 at DeZavala Rd., Max, SteinMart, Fiesta Trails San Antonio Petco, Anna’s Linens Nacogdoches at New Oak Park Village Braunfels, San Antonio H. E. B. + Bernina New W. Ave. at Blanco, San Home Sewing Center, Parliament Square Antonio Anytime Fitness W. Ave. at Blanco, San Parliament Square II Antonio Incredible Pizza Thousand Oaks Dr. at Jones Maltsberger Rd., H. E. B. +, Beall’s, Thousand Oaks San Antonio Tuesday Morning Marshall’s, West Ave. at Blanco Blockbuster, Dollar Valley View Rd., San Antonio Tree Old Navy, Home Goods, Marshall’s, DSW Shoe Town Center Blvd., Warehouse, Ross Market at Town Center Sugar Land Dress for Less New Boston at Rehkopf’s Grocery +, New Boston Road Summerhill, Texarkana Salvation Army 6th St. at 9th Ave., Island Market Place Texas City Food King + F.M. 1764 at 34th St., Randall’s +, Big Lots Palmer Plaza Texas City (O.B.O.), Dollar Tree S. Broadway at W. 9th Broadway St., Tyler SteinMart Market Basket +, Beall’s, Baskin’s, Crossroads I-10 at N. Main, Vidor Burke’s Outlet
Page 32
50.00%
51,851
51,851
0
103,702
100.00%
179,182
0
0
179,182
100.00%
115,484
0
65,084
180,568
100.00%
192,283
0
0
192,283
72,667
290,670
0
363,337
33,134
0
0
33,134
88,406
88,406
0
176,812
100.00%
209,051
0
0
209,051
100.00%
103,385
0
0
103,385
100.00%
42,860
0
81,176
124,036
100.00%
26,088
0
61,747
87,835
100.00%
312,370
0
176,000
488,370
19,286
45,001
0
64,287
100.00%
64,950
0
0
64,950
100.00%
54,541
0
0
54,541
24,432
138,450
0
162,882
100.00%
89,859
0
0
89,859
100.00%
375,820
0
0
375,820
100.00%
97,000
0
0
97,000
100.00%
27,277
0
0
27,277
100.00%
96,526
0
99,980
196,506
100.00%
60,400
0
0
60,400
100.00%
115,692
0
0
115,692
20.00%
(1)(3)
(1)(3)
100.00% 50.00%
30.00%
15.00%
(1)(3)
(1)
(1)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Texas Total:
# of Properties: 99
Anchors
WRI Owned %
Foot Notes
WRI
Gross Leasable Area Joint Venture Owned by
Owned Share Other Total 9,362,617 3,065,804 2,231,460 14,659,879
Utah
Alpine Valley Center
Taylorsville Town Center
West Jordan Town Center Utah Total:
Main St. at State St., American Fork West 4700 South at Redwood Rd., Taylorsville West 7000 South at S. Redwood Rd., West Jordan # of Properties: 3
Super Target + (O.B.O.), Old Navy, Pier 1 Imports, Dollar Tree, Office Depot
33.30%
(1)(3)
Albertsons + (O.B.O.), Rite Aid 100.00% Albertsons +, Office Depot, Target (O.B.O.), Petco 100.00%
30,382
60,772
133,500
224,654
94,157
0
40,057
134,214
182,099 306,638
0 60,772
122,800 296,357
304,899 663,767
Washington
Mukilteo Speedway Center
Meridian Town Center
South Hill Center
Rainer Square Plaza Washington Total:
Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood Meridian Avenue East and 132nd Street East, Puyallup 43rd Avenue Southwest and Meridian Street South, Puyallup Rainer Avenue South and South Charleston Street, Seattle # of Properties: 4
Food Emporium +, Bartell Drugs Jo-Ann Fabric & Craft Store, Safeway + (O.B.O.)
20.00%
(1)(3)
18,055
72,218
0
90,273
20.00%
(1)(3)
15,533
62,133
65,346
143,012
Best Buy, Bed Bath & Beyond, Ross Dress for Less
20.00%
(1)(3)
26,804
107,216
0
134,020
Safeway +
20.00%
(1)(3)
21,485 81,877
85,938 327,505
0 65,346
107,423 474,728
20.00%
(1)(3)
145,353 145,353
581,413 581,413
0 0
726,766 726,766
100.00%
600,000
0
0
600,000
100.00%
168,400
0
0
168,400
Industrial Operating Properties California
Siempre Viva Business Park California Total:
Hitachi Transport, UPS Supply Chain Solutions, Inc., Bose Corp., NYK Siempre Viva Rd. at Logistics, Eaton Kerns St., San Diego Corporation # of Properties: 1
Florida
Lakeland Industrial Center
I-4 at County Rd., Lakeland
Interstate Drive and Lakeland Interestate Industrial Kathleen Rd., Park I Lakeland
Rooms to Go, Amware Pallet Services, Publix, Star Distribution Carolina Logistics Services, Inc., Acuity Specialty Products Group, Inc., Sunrise Medical HHG, Inc.
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Hopewell Industrial Center
1801 Massaro Blvd., Tampa Old Hopewell Boulevard and U.S. Highway 301, Tampa
Tampa East Industrial Portfolio Florida Total:
1841 Massaro Blvd., Tampa # of Properties: 5
1801 Massaro
MiTek Industries, Inc., JK Transportation 100.00% Parts Depot, Inc., American Tire Distributors 100.00% General Electric, Hughes Supply, Interline Brands, GE Polymershapes, Creative Recycling Systems 100.00%
159,000
0
0
159,000
224,483
0
0
224,483
512,923 1,664,806
0 0
0 0
512,923 1,664,806
100.00%
120,200
0
0
120,200
100.00%
382,100
0
0
382,100
100.00%
50,000
0
0
50,000
100.00%
265,200
0
0
265,200
80,511
322,043
0
402,554
100.00%
234,525
0
0
234,525
100.00%
72,000
0
0
72,000
100.00%
154,464
0
0
154,464
100.00%
178,467
0
0
178,467
72,092
288,368
0
360,460
Georgia Atlanta Industrial Georgia Aquarium, Pkwy. at Atlanta Inc., Cardinal Atlanta Industrial Park Industrial Dr., Atlanta Logistics Mgmt Co. Target Container Co., Sanderson Industries, Inc., Recall Secure Atlanta Industrial Destruction Pkwy. at Atlanta Services, Inc., GSC Atlanta Industrial Park II & VI Industrial Dr., Atlanta Packaging Target Container Co., Sanderson Industries, Inc., Recall Secure Destruction Atlanta Industrial Services, Inc., Pkwy. at Atlanta Georgia Aquarium, Atlanta Industrial Parkway Industrial Dr., Atlanta Inc. Fulton Industrial Blvd. at Camp Creek Riverview Distribution Center Parkway CHEP USA 3700 Southside Industrial Way, Sears Logistics Sears Logistics Atlanta Services, Inc. Anvil Block Rd and SouthPark Blvd, American Tire SouthPark 3075 Atlanta Distributors Lowe Supply, Inc., Southside Industrial Mission Produce, Pkwy at Jonesboro Masco Contractor Southside Industrial Parkway Rd., Atlanta Services Maxwell Chase Technologies, LLC, Camp Creek Parkway Nissei ASB and Westlake Company, Berlin Westlake 125 Parkway, Atlanta Packaging Clorox Services 3850-3900 Kennesaw Company, Builders Kennesaw 75 Prkwy, Kennesaw Specialties, LLC Zurn, Pax Industries, Inc., I-85 at Jimmy Carter Prime Choice 6485 Crescent Drive Blvd., Norcross Properties, Inc.
Page 33
20.00%
20.00%
(1)(3)
(1)(3)
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Georgia Total:
Location
Anchors
WRI Owned %
Foot Notes
# of Properties: 8
Gross Leasable Area Joint Owned WRI Venture by Owned Share Other Total 1,609,559 610,411 0 2,219,970
Tennessee Crowfarn Drive Warehouse
Outland Business Center
Southpoint I & II Tennessee Total:
Crowfarn Dr. at Getwell Rd., Memphis
Diamond Comic Distributors, Inc, Acorn International 20.00% Vistar Corporation, TricorBraun, Quest Communications Outland Center Dr., Corporation, Kuehne & Memphis Nagel, Inc., Concentra 20.00% Pleasant Hill Rd. at Shelby Dr., AF Services, Sunnywood Memphis Products, Inc., Wynit 100.00% # of Properties: 3
(1)(3)
31,770 127,079
0
158,849
(1)(3)
82,028 328,110
0
410,138
570,940 0 684,738 455,189
0 570,940 0 1,139,927
Texas Midpoint I-20 Distribution Center
New York Avenue and Arbrook Boulevard, Arlington
Corporate Center Park I and II
Randol Mill Road, Arlington Kramer Ln. at Metric Blvd., Austin Putnam Dr. at Research Blvd., Austin
Oak Hills Industrial Park
Industrial Oaks Blvd., Austin
Randol Mill Place
Braker 2 Business Center
Rutland 10 Business Center
Southpark A,B,C
Southpoint Service Center
1625 Diplomat Drive
Midway Business Center
Manana Office Center Newkirk Service Center Northeast Crossing Office/Service Center
Metric Blvd. At Centimeter Circle, Austin East St. Elmo Rd. at Woodward St., Austin Burleson at Promontory Point Dr., Austin SWC Diplomat Dr. at McDaniel Dr., Carrollton Midway at Boyington, Carrollton
I-35 at Manana, Dallas Newkirk near N.W. Hwy., Dallas East N.W. Hwy. at Shiloh, Dallas
DHL, INX International American Institute of Intradermal Cosmetics, Protech Electronics, Inc. Home Team Pest Defense, MJC Electronics Corporation Phoenix – Lamar Corp, Apria Healthcare, Inc., Walgreen Co. Terracon, Inc., Vindicator Technologies, Nanocoolers, Inc. Media Event Concepts, Inc., Technowood, Inc., Aramark, Liant Manufacturing
100.00%
253,165
0
0
253,165
100.00%
54,639
0
0
54,639
100.00%
27,359
0
0
27,359
100.00%
119,452
0
0
119,452
100.00%
89,858
0
0
89,858
100.00%
54,000
0
0
54,000
HJV Associates, Inc., EZ Corp, Inc., Viko Test Lab
100.00%
78,276
0
0
78,276
Browning Construction Co., Ltd.
100.00%
57,667
0
0
57,667
Rooftop Systems, Inc.
100.00%
106,140
0
0
106,140
100.00%
141,246
0
0
141,246
100.00%
223,128
0
0
223,128
100.00%
105,892
0
0
105,892
100.00%
78,700
0
0
78,700
ProSource, Luxury of Leather Omega Environmental Technologies, Dave & Busters, B&B Graphics Finishing Services Applied Industrial Technologies, AWC Capital Title, Garland Surgery Center
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Northwest Crossing Office/Service Center
N.W. Hwy. at Walton Walker, Dallas
Redbird Distribution Center
Joseph Hardin Drive, Dallas
Regal Distribution Center
Leston Avenue, Dallas
Pulaski St. at Irving Blvd., Dallas 420 E. Danieldale McGraw Hill Distribution Center Rd, DeSoto 610 and 11th St. Warehouse Loop 610 at 11th St. Space Center Industrial Park
610 and 11th St. Warehouse 610/288 Business Park
Loop 610 at 11th St. Cannon Street
Beltway 8 Business Park Blankenship Building
Beltway 8 at Petersham Dr. Kempwood Drive
Brookhollow Business Center
Dacoma at Directors Row
Central Park Northwest VI
Central Pkwy. at Dacoma
Central Park Northwest VII Crestview Crosspoint Warehouse Houston Cold Storage Warehouse
Central Pkwy. at Dacoma Bissonnet at Wilcrest Crosspoint 7080 Express Lane
Jester Plaza Office Service Center West T.C. Jester Kempwood Dr. at Kempwood Industrial Blankenship Dr. Kempwood Dr. at Kempwood Industrial Blankenship Dr. Lathrop St. at Lathrop Warehouse Larimer St. Navigation at N. Navigation Business Park York Loop 610 East at Northway Park II Homestead Railwood F Market at U.S. 90
Railwood Industrial Park
Mesa at U.S. 90
Corporate Care, Magnum Cable Corp. Consolidated Container Company; Texwood Industries, L.P. Parkland Health & Hosp System, BKM Total Office of Texas, L.P., Global Industries Southwest Weir’s Furniture Village, Inc., Facility Interiors, Inc. McGraw Hill Companies, Inc. Prefco Corp. Iron Mountain, Luxury Motors Palmer Logistics Weingarten Realty Investors Corporate Office Classic Printers Surgeon's Management, Houston Digital Instruments, Pioneer Contract Services Houston Metallurgical Lab, Inc., Desktop Digital Printing, Inc. Lucent Technologies, Inc., Houston Graduate School of Theology
100.00%
126,984
0
0
126,984
100.00%
110,839
0
0
110,839
100.00%
202,559
0
0
202,559
100.00%
264,582
0
0
264,582
100.00% 100.00%
417,938 104,975
0 0
0 0
417,938 104,975
48,728 194,914 59,085 236,341
0 0
243,642 295,426
20.00% 20.00%
(1)(3) (1)(3)
100.00% 100.00%
157,498 59,729
0 0
0 0
157,498 59,729
100.00%
133,553
0
0
133,553
100.00%
175,348
0
0
175,348
100.00%
103,602
0
0
103,602
100.00% 100.00%
8,970 72,505
0 0
0 0
8,970 72,505
100.00%
128,752
0
0
128,752
100.00%
100,605
0
0
100,605
Pioneer Contract Services 100.00% Pioneer Contract Services, Veritas 20.00%
113,218
0
0
113,218
(1)(3)
43,898 175,591
0
219,489
United D.C., Inc.
20.00%
(1)(3)
50,378 201,512
0
251,890
Packwell, Inc.
20.00%
(1)(3)
47,664 190,657
0
238,321
Jet Lube, Inc. Shell Oil Company SIG Southwest, Global Stainless Supply, Inc., Meridian IQ
20.00% 20.00%
(1)(3) (1)(3)
60,697 242,786 60,000 240,000
0 0
303,483 300,000
0
402,680
Creative Connection Foam Enterprises, LLC. Houston Central Industries, Inc. Corporate Care of Houston, Milwaukee Electric Tool Corporation
Page 34
100.00%
402,680
0
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Railwood Industrial Park
South Loop Business Park
Southport Business Park 5 Southwest Park II Service Center Stonecrest Business Center Town & Country Commerce Center
Location
Anchors
Georgia Gulf, DSC Logistics 20.00% Plastic Plus Awards, Lumber S. Loop at Long Dr. Liquidators 50.00% International Surface Preparation Group, Inc., South Loop 610 Sandvik, Inc. 100.00% Bioassay Rockley Road Laboratory, Inc. 100.00% Aztec Facility Wilcrest at Fallstone Services, Inc. 100.00% Mesa at U.S. 90
Arizona Tile, Seitel Summers Group, West 10 Business Center II Wirt Rd. at I-10 Inc. Inter-Tel West Loop Commerce Center W. Loop N. at I-10 Technologies Aaron’s Office West-10 Business Center Wirt Rd. at I-10 Furniture Welltec, Inc.,Wood Group, 3M, Columbia Park Row Drive at Analytical Services, Westgate Service Center Whiteback Dr. Inc. McGraw Hill Sterling Street and Companies, Inc., Statesman Drive, TKS (U.S.A.), Inc., Freeport Commerce Center Irving Air Tiger Express Klein Rd. at Plano CK Management, Central Plano Business Park Pkwy., Plano Inc., Minarik Corp. Interceramic Tile, Jupiter near Plano Gemaire Jupiter Service Center Pkwy., Plano Distributors Leggett & Platt, Inc., The Volkswagen Store, Sherman at Phillips, Weingarten Sherman Plaza Business Park Richardson regional office All-American Sports, Gell Service Company, Inc., Alamo Downs Goodman Parkway, San Manufacturing Interwest Business Park Antonio Company, L.P. Gate Gourmet, 919-981 Isom Road, Gandi Innovations, Isom Business Park San Antonio Wells Fargo Bank O'Connor O’Connor Road, San Ingersoll Rand, TD Road Business Park Antonio Industries Fairfield Industries, 13215 N. Promenade Yokagawa, Freeport Business Center Blvd., Stafford Gurwitch Industries Texas Total: # of Properties: 50
Virginia
WRI Owned %
I-10 at Beltway 8
Foot
WRI
Notes
Owned
Gross Leasable Area Joint Venture Owned by Share
Other
Total
(1)(3)
99,531
398,125
0
497,656
(1)(3)
46,225
46,225
0
92,450
160,653
0
0
160,653
67,700
0
0
67,700
110,641
0
0
110,641
100.00%
206,000
0
0
206,000
100.00%
82,658
0
0
82,658
100.00%
34,256
0
0
34,256
100.00%
102,087
0
0
102,087
100.00%
119,786
0
0
119,786
100.00%
50,590
0
0
50,590
100.00%
137,785
0
0
137,785
100.00%
78,480
0
0
78,480
100.00%
101,137
0
0
101,137
100.00%
219,244
0
0
219,244
100.00%
175,200
0
0
175,200
100.00%
150,091
0
0
150,091
100.00%
251,385 6,637,758
0 1,926,151
0 0
251,385 8,563,909
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Enterchange at Northlake A
11900-11998 North Lakeridge Parkway, Ashland
Vacant 100.00% Handleman North Lakeridge Company, Parkway & Northlake International Paper, Enterchange at Northlake C Park Dr, Ashland Owens & Minor 20.00% 2101 Bermuda Enterchange at Meadowville Hundred Dr, Chester Vacant 20.00% Mazda Motors of America, Inc., Xymid LLC, Central Enterchange at Walthall A & 1900-1998 Ruffin Mill NationalB Rd, Colonial Heights Gottesman, Inc. 20.00% PSS World 1936-1962 Ruffin Mill Medical, Hill Enterchange at Walthall C Rd, Colonial Heights Phoenix 20.00% 1700-1798 Ruffin Mill Recall, Jim's Formal Enterchange at Walthall D Rd, Colonial Heights Wear 100.00% Anderson News, 4800-4890 Eubank LLC, HD Business Interport Business Center A Road, Richmond LLC, Wyeth 20.00% Mid South Building Supply, Inc., Alcoa, 4700-4790 Eubank EGL Eagle Global Interport Business Center B Road, Richmond Logistics, LP 20.00% Sears Home Improvement 5300-5390 Laburnum Products, Inc., Interport Business Center C Ave, Richmond Ferguson 20.00% Virginia Total: # of Properties: 9
215,077
0
0
215,077
(1)(3)
58,623
234,492
0
293,115
(1)(3)
45,362
181,447
0
226,809
(1)(3)
121,356
485,424
0
606,780
(1)(3)
52,384
209,538
0
261,922
243,782
0
0
243,782
(1)(3)
89,482
357,930
0
447,412
(1)(3)
23,600
94,400
0
118,000
(1)(3)
10,977 860,643
43,908 1,607,139
0 0
54,885 2,467,782
100.00%
21,122 21,122
0 0
0 0
21,122 21,122
100.00%
139,449
0
0
139,449
100.00%
121,000 260,449
0 0
0 0
121,000 260,449
Other Operating Properties Arizona Campbell Ave. at North 36th St., Phoenix # of Properties: 1
Endurance Rehab, Weingarten Realty Regional Office
1919 North Loop West
Hacket Drive at West Loop 610 North
Citadel Plaza Texas Total:
Citadel Plaza Dr. # of Properties: 2
State of Texas, Weingarten Realty Regional Office Weingarten Realty Investors Corporate Office
Total Operating Properties
# of Properties: 374
Arcadia Biltmore Plaza Arizona Total:
Texas
45,458,933 12,650,710 9,191,441 67,301,080
Page 35
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total
New Development Arizona Mohave Crossroads Raintree Ranch The Shoppes at Parkwood Ranch Arizona Total:
Bullhead Parkway at State Route 95, Bullhead City Ray Road at Price Road, Chandler Southern Avenue and Signal Butte Road, Mesa # of Properties: 3
100.00%
(2)
148,867
0
197,360
346,227
100.00%
(2)
136,230
0
0
136,230
100.00%
(2)
72,184 357,281
0 0
0 197,360
72,184 554,641
50.00% (1)(2)(3)
99,171
99,171
93,696
292,038
50.00% (1)(2)(3)
74,816 173,987
74,816 173,987
0 93,696
149,632 441,670
50.00% (1)(2)(3)
43,922
43,922
327,000
414,844
39.80% (1)(2)(3)
148,548 192,470
224,782 268,704
142,500 469,500
515,830 930,674
55.00% (1)(2)(3)
65,883
53,904
104,175
223,962
California Bear Valley Road at Jess Ranch Parkway, Jess Ranch Marketplace Apple Valley Bear Valley Road at Jess Ranch Parkway, Jess Ranch Phase III Apple Valley California Total: # of Properties: 2
Colorado Highway 77 and Highway 88, Sheridan Mississippi at Havana, The Gardens on Havana Aurora Colorado Total: # of Properties: 2 River Point at Sheridan
Florida Clermont Landing
Colonial Landing Epic Village - St. Augustine
Palm Coast Center Phillips Crossing Phillips Landing Florida Total:
U.S. 27 & Steve's Road East Colonial Dr. at Maguire Boulevard, Orlando SR 207 at Rolling Hills Dr State Road 100 & Belle Terre Parkway, Palm Coast Interstate 4 and Sand Lake Road, Orlando Turkey Lake Rd., Orlando # of Properties: 6
50.00%
(1)(2)
131,634
131,634
0
263,267
70.00%
(1)(2)
2,544
1,090
53,625
53,625
50.00% (1)(2)(3)
76,098
76,098
179,476
331,671
0
126,808
100.00%
(2)
126,808
0
100.00%
(2)
46,910 449,877
0 262,726
75.00%
(1)(2)
36,567
12,189
0
48,756
75.00%
(1)(2)
52,276 88,843
17,425 29,614
0 0
69,701 118,457
100.00%
(2)
71,587 71,587
0 0
137,740 137,740
209,327 209,327
100.00%
(2)
390,891
0
0
390,891
70.00%
(1)(2)
22,372
9,588
0
31,960
219,815 266,725 557,091 1,266,058
North Carolina Surf City Crossing Waterford Village North Carolina Total:
Highway 17 and Highway 210, Surf City US Hwy 17 & US Hwy 74/76, Leland # of Properties: 2
Tennessee Ridgeway Trace Tennessee Total:
Memphis # of Properties: 1
Texas Claywood Industrial Park Clay at Hollister I-35W and McAlister Gateway Station Rd., Burleson
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Horne Street Market Market at Nolana Market at Sharyland Place North Towne Plaza Railwood G Sharyland Towne Crossing The Shoppes at Wilderness Oaks Tomball Marketplace Westover Square
Westwood Center Texas Total:
I-30 & Horne Street, Fort Worth Nolana Ave and 29th St., McAllen U.S. Expressway 83 and Shary Road, Mission U.S. 77 and 83 at SHFM 802, Brownsville Mesa at U.S. 90 Shary Rd. at Hwy. 83, Mission US Hwy 281 at Wilderness Oaks FM 2920 and Future 249, Tomball 151 and Ingram, San Antonio Culebra Road and Westwood Loop, San Antonio # of Properties: 12
100.00%
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(2)
42,267
0
0
42,267
50.00% (1)(2)(3)
13,222
13,222
203,818
230,261
50.00% (1)(2)(3)
47,956
47,956
320,000
415,912
75.00% (1)(2) 50.00% (1)(2)(3)
0 105,425
0 105,425
117,000 0
117,000 210,850
50.00% (1)(2)(3)
172,234
172,234
131,909
476,376
100.00%
(2)
0
0
0
0
100.00%
(2)
37,189
0
85,000
122,189
66.70%
(1)(2)
0
0
0
0
100.00%
(2)
5,500 837,056
0 348,425
0 5,500 857,727 2,043,206
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Foot Notes
Gross Leasable Area Joint Venture Owned by Share Other
WRI Owned
Total
Utah 300 West Retail Center Utah Total:
Paxton Ave and 400 West St # of Properties: 1
31.80% (1)(2)(3)
0 0
0 0
0 0
0 0
50.00% (1)(2)(3)
0 0
0 0
132,874 132,874
132,874 132,874
Washington Village at Liberty Lake Washington Total:
E. Country Vista Dr. at N. Liberty Rd., Liberty Lake # of Properties: 1
Total New Developments
# of Properties: 30
2,171,101 1,083,456 2,445,988 5,696,907
Unimproved Land Arizona Lon Adams Rd at Tangerine Farms Rd, Marana Arizona Total:
464,785 464,785
California Bear Valley Road at Jess Ranch Parkway Phase II, Apple Valley Bear Valley Road at Jess Ranch Parkway Phase III, Apple Valley California Total:
(1)(3)
139,392
(1)(3)
448,668 588,060
(1)(3)
418,717 418,717
Colorado Mississippi at Havana, Aurora Colorado Total:
Florida Young Pines and Curry Ford Rd, Orange County Florida Total:
132,422 132,422
Georgia NWC South Fulton Parkway @ Hwy 92, Union City Georgia Total:
(1)
3,554,000 3,554,000
Louisiana 70th St. at Mansfield Rd., Shreveport Louisiana Total:
41,704 41,704
Nevada SWC Highway 215 at Decatur, Las Vegas Nevada Total:
1,103,810 1,103,810
North Carolina US Hwy 17 & US Hwy 74/76, Leland
(1)
362,419
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Creedmoor (Highway 50) and Crabtree Valley Avenue, Raleigh U.S. 15-501 and Bruce Wood Rd, Southern Pines Highway 17 and Highway 210, Surf City U.S. Highway 1 at Caveness Farms Rd., Wake Forest North Carolina Total:
576,000
1,047,000 (1)
1,590,811
3,479,317 7,055,547
Texas Rock Prairie Rd. at Hwy. 6, College Station River Pointe Drive at Interstate 45, Conroe Leslie Rd. at Bandera Rd., Helotes Bissonnet at Wilcrest, Houston Citadel Plaza at 610 North Loop, Houston East Orem
3,570,178 118,483 75,000 84,629 137,000 122,000
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Weingarten Realty Investors Property Listing at December 31, 2008
Center
Location
Anchors
WRI Owned %
Kirkwood at Dashwood Drive, Houston Mesa Road at Tidwell, Houston Northwest Freeway at Gessner, Houston West Little York at Interstate 45, Houston West Loop North at Interstate 10, Houston Shary Rd. at North Hwy. 83, Mission Shaver at Southmore, Pasadena 9th Ave. at 25th St., Port Arthur Culebra Road and Westwood Loop, San Antonio FM 1957 (Pontranco Road) and FM 211, San Antonio Highway 3 at Highway 1765, Texas City FM 2920 and Highway 249, Tomball Texas Total:
Foot Notes
WRI Owned
Gross Leasable Area Joint Owned Venture by Share Other
Total 322,000 35,898 213,292 161,000 145,000
(1)(3)
1,607,364 17,000 243,000
403,366
(1)
8,656,243 201,000 363,944 16,476,397
Total Unimproved Land
29,835,442
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