10-K 1 form10k-2006.htm FORM 10-K FOR THE YEAR ENDED 2006 Form 10-K for the year ended 2006


 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2006
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from [__________________] to [________________]

Commission file number 1-9876
 

WEINGARTEN REALTY INVESTORS
(Exact name of registrant as specified in its charter)

TEXAS
 
74-1464203
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
2600 Citadel Plaza Drive
   
P.O. Box 924133
   
Houston, Texas
 
77292-4133
(Address of principal executive offices)
 
(Zip Code)
(713) 866-6000
(Registrant's telephone number)

Securities registered pursuant to Section 12(b) of the Act:
     
Title of Each Class
 
Name of Each Exchange on Which Registered
Common Shares of Beneficial Interest, $0.03 par value
 
New York Stock Exchange
Series D Cumulative Redeemable Preferred Shares, $0.03 par value
 
New York Stock Exchange
Series E Cumulative Redeemable Preferred Shares, $0.03 par value
 
New York Stock Exchange
Series F Cumulative Redeemable Preferred Shares, $0.03 par value
 
New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). YES x NO ¨.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ¨ NO x.



Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
    YES x     NO ¨.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer x     Accelerated filer ¨     Non-accelerated filer ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ¨     NO x.

The aggregate market value of the common shares held by non-affiliates (based upon the closing sale price on the New York Stock Exchange of $38.28) on June 30, 2006 was $3,003,015,509. As of June 30, 2006, there were 89,704,771 common shares of beneficial interest, $.03 par value, outstanding.

As of February 2, 2007 there were 85,857,373 common shares outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's Proxy Statement relating to its Annual Meeting of Shareholders to be held May 3, 2007 are incorporated by reference in Part III.






Item No.
 
Page No.
     
 
PART I
 
     
1.
2
1A.
4
1B.
9
2.
10
3.
23
4.
23
     
     
 
PART II
 
     
5.
24
6.
26
7.
27
7A.
44
8.
45
9.
74
9A.
74
9B.
77
     
     
 
PART III
 
     
10.
77
11.
77
12.
78
13.
78
14.
78
     
     
 
PART IV
 
     
15.
79





Forward-Looking Statements

This annual report on Form 10-K, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (iv) changes in governmental laws and regulations, (v) the level and volatility of interest rates, (vi) the availability of suitable acquisition opportunities and (vii) changes in operating costs. Accordingly, there is no assurance that our expectations will be realized.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this annual report on Form 10-K or the date of any document incorporated by reference. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Form 10-K.

PART I


General. Weingarten Realty Investors is a real estate investment trust organized under the Texas Real Estate Investment Trust Act. We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping and industrial centers we own or lease. We also manage centers for joint ventures in which we are partners or for other outside owners for which we charge fees.

At December 31, 2006, we owned or operated under long-term leases, either directly or through our interest in joint ventures or partnerships, a total of 363 developed income-producing properties and 26 properties under various stages of construction and development. The total number of centers includes 322 neighborhood and community shopping centers located in Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Maine, Missouri, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, Tennessee, Utah, Texas, South Carolina and Washington. We also owned 67 industrial projects located in California, Florida, Georgia, Tennessee and Texas. The portfolio of properties is approximately 65 million square feet.

We also owned interests in 15 parcels of unimproved land held for future development that totaled approximately 5.7 million square feet.

At December 31, 2006, we employed 457 full-time persons and our principal executive offices are located at 2600 Citadel Plaza Drive, Houston, Texas 77008, and our phone number is (713) 866-6000. We also have 13 regional offices located in various parts of the United States.


Investment and Operating Strategy. Our investment strategy is to increase cash flow and the value of our portfolio through intensive hands-on management of our existing portfolio of assets, selective remerchandising and renovation of properties and the acquisition and development of income-producing real estate assets where the returns on such investments exceed our blended long-term cost of capital. We have expanded our new development program to include both operating properties and a merchant developer component where we will build, lease and then sell the developed real estate. Our estimated gross investment in the 26 properties currently under development or predevelopment is $657 million.

To help fund our growth strategy we pursue the disposition of selective noncore assets as circumstances warrant when we believe the sales proceeds can be effectively redeployed into assets with higher growth potential.

At December 31, 2006, neighborhood and community shopping centers generated 89.7% of total revenue and industrial properties accounted for 9.8%. We expect to continue to focus the future growth of the portfolio in neighborhood and community centers and bulk and office/service industrial properties in markets where we currently operate as well as other markets primarily throughout the United States. While we do not anticipate significant investment in other classes of real estate such as multi-family or office assets, we remain open to opportunistic uses of our undeveloped land.

We may either purchase or lease income-producing properties in the future, and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership. Equity investments may be subject to existing mortgage financing and other indebtedness or such financing or indebtedness may be incurred in connection with acquiring such investments.

We may invest in mortgages; however, we currently have only invested in first mortgages to joint ventures or partnerships in which we own an equity interest. We may also invest in securities of other issuers for the purpose, among others, of exercising control over such entities, subject to the gross income and asset tests necessary for REIT qualification.

Our operating strategy consists of intensive hands-on management and leasing of our properties. In acquiring and developing properties, we attempt to accumulate enough properties in a geographic area to allow for the establishment of a regional office, which enables us to obtain in-depth knowledge of the market from a leasing perspective and to have easy access to the property and our tenants from a management viewpoint.

Diversification from both a geographic and tenancy perspective is a critical component of our operating strategy. While over 38% of the building square footage of our properties is located in the State of Texas, we continue to expand our holdings outside the state. With respect to tenant diversification, our two largest merchants accounted for 3.0% and 1.6%, respectively, of our total rental revenues for the year-end December 31, 2006. No other tenant accounted for more than 1.5% of our total rental revenues.

We finance our growth and working capital needs in a conservative manner. We have a credit rating of A- from Standard & Poors and Baa1 from Moody's Investor Services. We intend to maintain a conservative approach to managing our balance sheet, which, in turn, gives us many options to raising debt or equity capital when needed. At December 31, 2006, our fixed charge coverage ratio was 2.4 to 1 and our debt to total market capitalization was 40.6%.

Our policies with respect to the investment and operating strategies discussed above are reviewed by our Board of Trust Managers periodically and may be modified without a vote of our shareholders.

Location of Properties. Our properties are located in 22 states, primarily throughout the southern half of the country. Of our 389 properties that were owned or operated under long-term leases, either directly or through our interest in joint ventures or partnerships, as of December 31, 2006, 77 are located in the Houston metropolitan area and an additional 96 properties are located in other parts of Texas. We also have 15 parcels of unimproved land, nine of which are located in the Houston area and four of which are located in other parts of Texas. Because of our investments in the Houston area, as well as in other parts of Texas, the Houston and Texas economies affect, to a degree, our business and operations.


Economic Factors. The national economy remained strong in 2006. The US economy is expected to continue to grow in 2007, although at a more moderate pace. While the housing market and energy prices may indicate economic uncertainty, we are strategically positioned in markets that are forecasted to exceed the national average according to many economic measures. Many of our operating areas throughout the United States are showing high employment growth and higher than average rent growth among larger metropolitan areas. Any downturn in the economy could adversely affect us; however, the vast majority of our properties are located in densely populated metropolitan areas and are anchored by supermarkets and discount stores, which generally provide basic necessity-type items and tend to be less affected by economic changes.

Competition. We compete with numerous other developers and real estate companies (both public and private), financial institutions and other investors engaged in the development, acquisition and operation of shopping centers and commercial property in our trade areas. This results in competition for the acquisition of both existing income-producing properties and prime development sites. There is also competition for tenants to occupy the space that is developed, acquired and managed by our competitors or us.

We believe that the principal competitive factors in attracting tenants in our market areas are location, price, anchor tenants and maintenance of properties. We also believe that our competitive advantages include the favorable locations of our properties, knowledge of markets and customer bases, our ability to provide a retailer with multiple locations with anchor tenants and the practice of continuous maintenance and renovation of our properties.

Materials Available on Our Website. Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, as well as Reports on Forms 3, 4 and 5 regarding Officers, Trustees or 10% Beneficial Owners of the Company, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 are available free of charge through our website (www.weingarten.com) as soon as reasonably practicable after we electronically file the material with, or furnish it to, the Securities and Exchange Commission. We have also made available on our website copies of our Audit Committee Charter, Management Development and Compensation Committee Charter, Governance Committee Charter, Code of Conduct and Ethics and Governance Policies. In the event of any changes to these charters or the code or guidelines, changed copies will also be made available on our website. You may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549.

Financial Information. Additional financial information concerning us is included in the Consolidated Financial Statements located on pages 45 through 72 herein.


The economic performance and value of our shopping centers depend on many factors, each of which could have an adverse impact on our cash flows and operating results.

The economic performance and value of our properties can be affected by many factors, including the following:

§  
Changes in the national, regional and local economic climate;
§  
Local conditions such as an oversupply of space or a reduction in demand for real estate in the area;
§  
The attractiveness of the properties to tenants;
§  
Competition from other available space;
§  
Our ability to provide adequate management services and to maintain our properties;
§  
Increased operating costs, if these costs cannot be passed through to tenants; and
§  
The expense of periodically renovating, repairing and releasing spaces.


Our properties consist primarily of neighborhood and community shopping centers and, therefore, our performance is linked to general economic conditions in the market for retail space. The market for retail space has been and may continue to be adversely affected by weakness in the national, regional and local economies where our properties are located, the adverse financial condition of some large retailing companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through catalogues and the Internet. To the extent that any of these conditions occur, they are likely to affect market rents for retail space. In addition, we may face challenges in the management and maintenance of the properties or encounter increased operating costs, such as real estate taxes, insurance and utilities, which may make our properties unattractive to tenants.

Our acquisition activities may not produce the cash flows that we expect and may be limited by competitive pressures or other factors.

We intend to acquire existing retail properties to the extent that suitable acquisitions can be made on advantageous terms. Acquisitions of commercial properties involve risks such as:

§  
Our estimates on expected occupancy and rental rates may differ from actual conditions;
§  
Our estimates of the costs of any redevelopment or repositioning of acquired properties may prove to be inaccurate;
§  
We may be unable to operate successfully in new markets where acquired properties are located, due to a lack of market knowledge or understanding of local economies;
§  
We may be unable to successfully integrate new properties into our existing operations; or
§  
We may have difficulty obtaining financing on acceptable terms or paying the operating expenses and debt service associated with acquired properties prior to sufficient occupancy.

In addition, we may not be in a position or have the opportunity in the future to make suitable property acquisitions on advantageous terms due to competition for such properties with others engaged in real estate investment. Our inability to successfully acquire new properties may have an adverse effect on our results of operations.

Our dependence on rental income may adversely affect our ability to meet our debt obligations and make distributions to our shareholders.

The substantial majority of our income is derived from rental income from real property. As a result, our performance depends on our ability to collect rent from tenants. Our income and funds for distribution would be negatively affected if a significant number of our tenants, or any of our major tenants (as discussed in more detail below):

§  
Delay lease commencements;
§  
Decline to extend or renew leases upon expiration;
§  
Fail to make rental payments when due; or
§  
Close stores or declare bankruptcy.

Any of these actions could result in the termination of the tenant’s leases and the loss of rental income attributable to the terminated leases. Lease terminations by an anchor tenant or a failure by that anchor tenant to occupy the premises could also result in lease terminations or reductions in rent by other tenants in the same shopping centers under the terms of some leases. In addition, we cannot be sure that any tenant whose lease expires will renew that lease or that we will be able to re-lease space on economically advantageous terms. The loss of rental revenues from a number of our tenants and our inability to replace such tenants may adversely affect our profitability and our ability to meet debt and other financial obligations and make distributions to the shareholders.



Our development and construction activities could affect our operating results.

We intend to continue the selective development and construction of retail properties in accordance with our development and underwriting policies as opportunities arise. Our development and construction activities include risks that:

§  
We may abandon development opportunities after expending resources to determine feasibility;
§  
Construction costs of a project may exceed our original estimates;
§  
Occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable;
§  
Rental rates per square foot could be less than projected;
§  
Financing may not be available to us on favorable terms for development of a property;
§  
We may not complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs; and
§  
We may not be able to obtain, or may experience delays in obtaining necessary zoning, land use, building, occupancy and other required governmental permits and authorizations.

Additionally, the time frame required for development, construction and lease-up of these properties means that we may have to wait years for a significant cash return. If any of the above events occur, the development of properties may hinder our growth and have an adverse effect on our results of operations. In addition, new development activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management.

Real estate property investments are illiquid, and therefore we may not be able to dispose of properties when appropriate or on favorable terms.

Real estate property investments generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions on the ability of a REIT to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms, which could cause us to incur extended losses and reduce our cash flows and adversely affect distributions to shareholders.

Our cash flows and operating results could be adversely affected by required payments of debt or related interest and other risks of our debt financing.

We are generally subject to risks associated with debt financing. These risks include:

§  
Our cash flow may not satisfy required payments of principal and interest;
§  
We may not be able to refinance existing indebtedness on our properties as necessary or the terms of the refinancing may be less favorable to us than the terms of existing debt;
§  
Required debt payments are not reduced if the economic performance of any property declines;
§  
Debt service obligations could reduce funds available for distribution to our shareholders and funds available for acquisitions;
§  
Any default on our indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure; and
§  
The risk that necessary capital expenditures for purposes such as re−leasing space cannot be financed on favorable terms.

If a property is mortgaged to secure payment of indebtedness and we cannot make the mortgage payments, we may have to surrender the property to the lender with a consequent loss of any prospective income and equity value from such property. Any of these risks can place strains on our cash flows, reduce our ability to grow and adversely affect our results of operations.



Property ownership through partnerships and joint ventures could limit our control of those investments and reduce our expected return.

Partnership or joint venture investments may involve risks not otherwise present for investments made solely by us, including the possibility that our partner or co-venturer might become bankrupt, that our partner or co-venturer might at any time have different interests or goals than us, and that our partner or co-venturer may take action contrary to our instructions, requests, policies or objectives. Other risks of joint venture investments could include impasse on decisions, such as a sale, because neither our partner or co-venturer nor we would have full control over the partnership or joint venture. These factors could limit the return that we receive from those investments or cause our cash flows to be lower than our estimates.

Our financial condition could be adversely affected by financial covenants.

Our credit facilities and public debt indentures under which our indebtedness is, or may be, issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on our ability to incur secured and unsecured indebtedness, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants could limit our ability to obtain additional funds needed to address cash shortfalls or pursue growth opportunities or transactions that would provide substantial return to our shareholders. In addition, a breach of these covenants could cause a default under or accelerate some or all of our indebtedness, which could have a material adverse effect on our financial condition.
 
If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax as a regular corporation and could have significant tax liability.

We intend to operate in a manner that allows us to qualify as a REIT for U.S. federal income tax purposes. However, REIT qualification requires us to satisfy numerous requirements (some on an annual or quarterly basis) established under highly technical and complex provisions of the Internal Revenue Code, for which there are a limited number of judicial or administrative interpretations. Our status as a REIT requires an analysis of various factual matters and circumstances that are not entirely within our control. Accordingly, it is not certain we will be able to qualify and remain qualified as a REIT for U.S. federal income tax purposes. Even a technical or inadvertent violation of the REIT requirements could jeopardize our REIT qualification. Furthermore, Congress or the IRS might change the tax laws or regulations and the courts might issue new rulings, in each case potentially having retroactive effect that could make it more difficult or impossible for us to qualify as a REIT. If we fail to qualify as a REIT in any tax year, then:

§  
We would be taxed as a regular domestic corporation, which, among other things, means that we would be unable to deduct distributions to our shareholders in computing our taxable income and would be subject to U.S. federal income tax on our taxable income at regular corporate rates;
§  
Any resulting tax liability could be substantial and would reduce the amount of cash available for distribution to shareholders, and could force us to liquidate assets or take other actions that could have a detrimental effect on our operating results; and
§  
Unless we were entitled to relief under applicable statutory provisions, we would be disqualified from treatment as a REIT for the four taxable years following the year during which we lost our qualification, and our cash available for distribution to our shareholders therefore would be reduced for each of the years in which we do not qualify as a REIT.

Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow. We may also be subject to certain U.S. federal, state and local taxes on our income and property either directly or at the level of our subsidiaries. Any of these taxes would decrease cash available for distribution to our shareholders.

Compliance with REIT requirements may negatively affect our operating decisions.

To maintain our status as a REIT for U.S. federal income tax purposes, we must meet certain requirements, on an ongoing basis, including requirements regarding our sources of income, the nature and diversification of our assets, the amounts we distribute to our shareholders and the ownership of our shares. We may also be required to make distributions to our shareholders when we do not have funds readily available for distribution or at times when our funds are otherwise needed to fund capital expenditures.


As a REIT, we must distribute at least 90% of our annual net taxable income (excluding net capital gains) to our shareholders. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal corporate income tax on our undistributed taxable income. From time to time, we may generate taxable income greater than our income for financial reporting purposes, or our net taxable income may be greater than our cash flow available for distribution to our shareholders. If we do not have other funds available in these situations, we could be required to borrow funds, sell a portion of our securities at unfavorable prices or find other sources of funds in order to meet the REIT distribution requirements.

Dividends paid by REITs generally do not qualify for reduced tax rates.

In general, the maximum U.S. federal income tax rate for dividends paid to individual U.S. shareholders is 15% (through 2008). Unlike dividends received from a corporation that is not a REIT, our distributions to individual shareholders generally are not eligible for the reduced rates.

Our real estate investments may contain environmental risks that could adversely affect our operating results.

The acquisition of certain assets may subject us to liabilities, including environmental liabilities. Our operating expenses could be higher than anticipated due to the cost of complying with existing or future environmental laws and regulations. In addition, under various federal, state and local laws, ordinances and regulations, we may be considered an owner or operator of real property or to have arranged for the disposal or treatment of hazardous or toxic substances. As a result, we may become liable for the costs of removal or remediation of certain hazardous substances released on or in our property.

We may also be liable for other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). We may incur such liability whether or not we knew of, or were responsible for, the presence of such hazardous or toxic substances. Any liability could be of substantial magnitude and divert management’s attention from other aspects of our business and, as a result, could have a material adverse effect on our operating results and financial condition, as well as our ability to make distributions to the shareholders.

An uninsured loss or a loss that exceeds the policies on our properties could subject us to lost capital or revenue on those properties.

Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, on or off the premises, due to activities conducted on the properties, except for claims arising from our negligence or intentional misconduct or that of our agents. Tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies. We have obtained comprehensive liability, casualty, property, flood and rental loss insurance policies on our properties. All of these policies may involve substantial deductibles and certain exclusions. In addition, we cannot assure the shareholders that the tenants will properly maintain their insurance policies or have the ability to pay the deductibles. Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our operating results and financial condition, as well as our ability to make distributions to the shareholders.



Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unintended expenditures that adversely affect our cash flows.

All of our properties are required to comply with the Americans with Disabilities Act (ADA). The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers, and noncompliance could result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom we lease properties are obligated by law to comply with the ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs could be adversely affected. As a result, we could be required to expend funds to comply with the provisions of the ADA, which could adversely affect the results of operations and financial condition and our ability to make distributions to shareholders. In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to the properties. We may be required to make substantial capital expenditures to comply with those requirements, and these expenditures could have a material adverse effect on our ability to meet the financial obligations and make distributions to our shareholders.


None.



At December 31, 2006, our real estate properties consisted of 389 locations in 22 states. A complete listing of these properties, including the name, location, building area and land area:

       
Building
 
Land
 
Center and Location
     
Total
 
Total
 
               
Houston and Harris County, Total
         
6,804,000
   
23,395,000
 
Alabama-Shepherd, S. Shepherd at W. Alabama
         
56,000
   
176,000
 
Bayshore Plaza, Spencer Hwy. at Burke Rd.
         
122,000
   
196,000
 
Bellaire Boulevard, Bellaire at S. Rice
         
35,000
   
137,000
 
Braeswood Square, N. Braeswood at Chimney Rock
         
103,000
   
422,000
 
Centre at Post Oak, Westheimer at Post Oak Blvd.
         
184,000
   
505,000
 
Champions Village, F.M. 1960 at Champions Forest Dr.
         
408,000
   
1,391,000
 
Crestview, Bissonnet at Wilcrest
         
9,000
   
35,000
 
Cullen Place, Cullen at Reed
         
7,000
   
30,000
 
Cullen Plaza, Cullen at Wilmington
         
85,000
   
318,000
 
Cypress Pointe, F.M. 1960 at Cypress Station
         
288,000
   
737,000
 
Eastpark, Mesa Rd. at Tidwell
         
113,000
   
664,000
 
Edgebrook, Edgebrook at Gulf Fwy.
         
78,000
   
360,000
 
Fiesta Village, Quitman at Fulton
         
30,000
   
80,000
 
Fondren/West Airport, Fondren at W. Airport
         
62,000
   
223,000
 
Glenbrook Square, Telephone Road
         
76,000
   
320,000
 
Griggs Road, Griggs at Cullen
         
80,000
   
382,000
 
Harrisburg Plaza, Harrisburg at Wayside
         
93,000
   
334,000
 
Heights Plaza, 20th St. at Yale
         
72,000
   
228,000
 
Humblewood Shopping Plaza, Eastex Fwy. at F.M. 1960
         
279,000
   
784,000
 
I-45/Telephone Rd. Center, I-45 at Maxwell Street
         
164,000
   
819,000
 
Jacinto City, Market at Baca
   
*
   
50,000
   
134,000
 
Landmark, Gessner at Harwin
         
56,000
   
228,000
 
Lawndale, Lawndale at 75th St.
         
54,000
   
177,000
 
Little York Plaza, Little York at E. Hardy
         
117,000
   
483,000
 
Lyons Avenue, Lyons at Shotwell
         
68,000
   
178,000
 
Market at Westchase, Westheimer at Wilcrest
         
87,000
   
318,000
 
Northbrook Center, Northwest Fwy. at W. 34th
         
174,000
   
655,000
 
North Main Square, Pecore at N. Main
         
19,000
   
64,000
 
North Oaks, F.M. 1960 at Veterans Memorial
         
425,000
   
1,646,000
 
North Triangle , I-45 at F.M. 1960
         
16,000
   
113,000
 
Northway, Northwest Fwy. at 34th
         
209,000
   
793,000
 
Northwest Crossing, N.W. Fwy. at Hollister (75%)
   
* !
   
299,000
   
884,000
 
Oak Forest, W. 43rd at Oak Forest
         
164,000
   
541,000
 
Orchard Green, Gulfton at Renwick
         
74,000
   
273,000
 
Randall's /Cypress Station, F.M. 1960 at I-45
         
141,000
   
618,000
 
Randall's /Kings Crossing, Kingwood Dr. at Lake Houston Pkwy.
         
128,000
   
624,000
 
Randall's /Norchester, Grant at Jones
         
108,000
   
475,000
 
Richmond Square, Richmond Ave. at W. Loop 610
         
91,000
   
135,000
 
River Oaks East, W. Gray at Woodhead
         
71,000
   
206,000
 
River Oaks West, W. Gray at S. Shepherd
         
235,000
   
609,000
 
Sheldon Forest North , North, I-10 at Sheldon
   
*
   
22,000
   
131,000
 
Sheldon Forest South , North, I-10 at Sheldon
   
*
   
76,000
   
328,000
 
Shops at Three Corners, S. Main at Old Spanish Trail (70%)
   
*
   
252,000
   
1,007,000
 
Southgate, W. Fuqua at Hiram Clark
         
125,000
   
533,000
 
Spring Plaza, Hammerly at Campbell
         
56,000
   
202,000
 
Steeplechase, Jones Rd. at F.M. 1960
         
293,000
   
849,000
 
Stella Link , Stella Link at S. Braeswood
         
68,000
   
261,000
 
Studemont, Studewood at E. 14th St
         
28,000
   
91,000
 
Ten Blalock Square, I-10 at Blalock
         
97,000
   
321,000
 
10/Federal, I-10 at Federal
         
132,000
   
474,000
 
Village Arcade, University at Kirby
         
191,000
   
413,000
 
Westbury Triangle, Chimney Rock at W. Bellfort
         
67,000
   
257,000
 




Westchase Center, Westheimer at Wilcrest
         
336,000
   
754,000
 
Westhill Village, Westheimer at Hillcroft
         
131,000
   
479,000
 
                     
Texas (Excluding Houston & Harris Co.), Total
         
9,628,000
   
45,481,000
 
Bell Plaza, 45th Ave. at Bell St., Amarillo
         
129,000
   
682,000
 
Coronado, 34th St. at Wimberly Dr., Amarillo
         
48,000
   
201,000
 
Puckett Plaza, Bell Road, Amarillo
         
133,000
   
621,000
 
Wolflin Village, Wolflin Ave. at Georgia St., Amarillo
         
193,000
   
421,000
 
Brodie Oaks, South Lamar Blvd. at Loop 360, Austin
         
354,000
   
1,050,000
 
Southrigde Plaza, William Cannon Dr. at S. 1st St., Austin
         
143,000
   
565,000
 
Calder, Calder at 24th St., Beaumont
         
34,000
   
95,000
 
North Park Plaza, Eastex Fwy. at Dowlen, Beaumont
   
* !
   
238,000
   
636,000
 
Phelan West, Phelan at 23rd St., Beaumont (67%)
   
* !
   
83,000
   
89,000
 
Phelan, Phelan at 23rd St, Beaumont
         
12,000
   
63,000
 
Southgate, Calder Ave. at 6th St., Beaumont
         
34,000
   
118,000
 
Westmont, Dowlen at Phelan, Beaumont
         
98,000
   
507,000
 
North Towne Plaza, U.S. 77 and 83 at SHFM 802, Brownsville (75%)
   
# *
   
-
   
1,629,000
 
Gateway Station, I-35W and McAlister Rd., Burleson (70%)
   
# *
   
-
   
344,000
 
Lone Star Pavilions, Texas at Lincoln Ave., College Station
         
107,000
   
439,000
 
Rock Prairie Marketplace, Rock Prairie Rd. at Hwy. 6, College Station
   
#
   
-
   
2,590,000
 
Montgomery Plaza, Loop 336 West at I-45, Conroe
         
317,000
   
1,179,000
 
River Pointe, I-45 at Loop 336, Conroe
         
190,000
   
310,000
 
Moore Plaza, S. Padre Island Dr. at Staples, Corpus Christi
         
535,000
   
1,491,000
 
Portairs, Ayers St. at Horne Rd., Corpus Christi
         
117,000
   
416,000
 
Shoppes at Deer Creek, FM 731 at FM 1137, Crowley
         
75,000
   
635,000
 
Golden Beach Market Place, Golden Triangle Blvd. at N. Beach St., Ft. Worth
         
83,000
   
340,000
 
Overton Park Plaza, SW Loop 820/Interstate 20 at South Hulen St., Ft. Worth
         
463,000
   
1,636,000
 
Southcliff, I-20 at Grandbury Rd., Ft. Worth
         
116,000
   
568,000
 
Broadway , Broadway at 59th St., Galveston
         
76,000
   
220,000
 
Galveston Place, Central City Blvd. at 61st St., Galveston
         
210,000
   
828,000
 
Food King Place, 25th St. at Avenue P, Galveston
         
28,000
   
78,000
 
Festival Plaza, Helotes, TX
   
#
   
-
   
75,000
 
Killeen Marketplace, 3200 E. Central Texas Expressway, Killeen
         
251,000
   
512,000
 
Cedar Bayou, Bayou Rd., La Marque
         
46,000
   
51,000
 
North Creek Plaza, Del Mar Blvd. at Hwy. I-35, Laredo
         
451,000
   
1,251,000
 
Plantation Centre, Del Mar Blvd. at McPherson Rd., Laredo
         
135,000
   
596,000
 
League City Plaza, I-45 at F.M. 518, League City
         
127,000
   
680,000
 
Central Plaza, Loop 289 at Slide Rd., Lubbock
         
151,000
   
529,000
 
Northtown Plaza, 1st St. at University Plaza, Lubbock
         
74,000
   
308,000
 
Town and Country, 4th St. at University, Lubbock
         
51,000
   
339,000
 
Angelina Village, Hwy. 59 at Loop 287, Lufkin
         
257,000
   
1,835,000
 
Independence Plaza, Town East Blvd., Mesquite
         
179,000
   
787,000
 
South 10th St. HEB, S. 10th St. at Houston St., McAllen
   
* !
   
104,000
   
368,000
 
Las Tiendas Plaza, Expressway 83 at McColl Rd., McAllen
   
* !
   
530,000
   
910,000
 
Market at Nolana, Nolana Ave and 29th St., McAllen
   
# * !
   
-
   
508,000
 
Northcross, N. 10th St. at Nolana Loop, McAllen
   
* !
   
76,000
   
218,000
 
Old Navy Building, 1815 10th Street, McAllen
   
* !
   
16,000
   
62,000
 
Market at Sharyland Place, U.S. Expressway 83 and Shary Road, Mission
   
# * !
   
-
   
543,000
 
Sharyland Towne Crossing, U.S. Expressway 83 and Shary Road, Mission
   
* ! #
   
7,000
   
2,008,000
 
North Sharyland Crossing, Shary Rd. at North Hwy. 83, Mission
   
# * !
   
-
   
966,000
 
Custer Park, SWC Custer Road at Parker Road, Plano
         
181,000
   
376,000
 
Pitman Corners, Custer Road at West 15th, Plano
         
190,000
   
699,000
 
Gillham Circle, Gillham Circle at Thomas, Port Arthur
         
33,000
   
94,000
 
Starr Plaza, U.S. Hwy. 83 at Bridge St., Rio Grande City
   
* ! #
   
170,000
   
742,000
 
Rockwall, I-30 at Market Center Street, Rockwall
         
209,000
   
933,000
 
Plaza, Ave. H at Eighth Street, Rosenberg
   
*
   
82,000
   
270,000
 
Rose-Rich, U.S. Hwy. 90A at Lane Dr., Rosenberg
         
104,000
   
386,000
 
Lake Pointe Market Center, Dalrock Rd. at Lakeview Pkwy., Rowlett
         
121,000
   
294,000
 
Boswell Towne Center, Highway 287 at Bailey Boswell Rd., Saginaw
         
88,000
   
176,000
 
Fiesta Trails, I-10 at DeZavala Rd., San Antonio
         
488,000
   
1,589,000
 
Oak Park Village, Nacogdoches at New Braunfels, San Antonio
         
66,000
   
221,000
 




Parliament Square, W. Ave. at Blanco, San Antonio
         
120,000
   
484,000
 
Thousand Oaks, Thousand Oaks Dr. at Jones Maltsberger Rd., San Antonio
         
163,000
   
730,000
 
Valley View, West Ave. at Blanco Rd., San Antonio
         
90,000
   
341,000
 
Westover Square, 151 and Ingram, San Antonio (67%)
   
# *
   
-
   
501,000
 
First Colony Commons, Hwy. 59 at Williams Trace Blvd., Sugar Land
         
410,000
   
1,649,000
 
Market at Town Center, Town Center Blvd., Sugar Land
         
345,000
   
1,733,000
 
New Boston Road, New Boston at Summerhill, Texarkana
         
97,000
   
335,000
 
Island Market Place, 6th St. at 9th Ave., Texas City
         
27,000
   
90,000
 
Palmer Plaza, F.M. 1764 at 34th St., Texas City
         
197,000
   
367,000
 
Tomball Marketplace, FM 2920 and Future 249, Tomball
   
#
   
-
   
2,431,000
 
Broadway, S. Broadway at W. 9th St., Tyler
         
60,000
   
259,000
 
Crossroads, I-10 at N. Main, Vidor
         
116,000
   
484,000
 
                     
Florida, Total
         
7,217,000
   
30,934,000
 
Boca Lyons, Glades Rd. at Lyons Rd., Boca Raton
         
117,000
   
545,000
 
Sunset 19, US Hwy. 19 at Sunset Pointe Rd., Clearwater
         
273,000
   
1,078,000
 
Embassy Lakes, Sheraton St. at Hiatus Rd., Cooper City
         
180,000
   
618,000
 
Shoppes at Paradise Isle, 34940 Emerald Coast Pkwy, Destin (25%)
   
* !
   
172,000
   
765,000
 
Hollywood Hills Plaza, Hollywood Blvd. at North Park Rd., Hollywood
         
365,000
   
1,429,000
 
Indian Harbour Place, East Eau Gallie Boulevard, Indian Harbour Beach (25%)
   
* !
   
164,000
   
637,000
 
Argyle Village, Blanding at Argyle Forest Blvd., Jacksonville
         
305,000
   
1,329,000
 
TJ Maxx Plaza, 117th Avenue at Sunset Blvd., Kendall
         
162,000
   
540,000
 
Largo Mall, Ulmerton Rd. at Seminole Ave., Largo
         
576,000
   
1,888,000
 
Palm Lakes Plaza, Atlantic Boulevard and Rock Island Road, Maragate (20%)
   
* !
   
114,000
   
548,000
 
Lake Washington Crossing, Wickham Rd. at Lake Washington Rd., Melbourne (25%)
   
* !
   
119,000
   
580,000
 
Lake Washington Square, Wickham Rd. at Lake Washington Rd., Melbourne
         
112,000
   
688,000
 
Kendall Corners, Kendall Drive and SW 127th Avenue, Miami (20%)
   
* !
   
96,000
   
363,000
 
South Dade, South Dixie Highway and Eureka Drive, Miami (20%)
   
* !
   
220,000
   
1,229,000
 
Tamiami Trail Shops, S.W. 8th St. at S.W. 137th Ave., Miami
         
111,000
   
515,000
 
Northridge, E. Commercial Blvd. at Dixie Hwy., Oakland Park
         
235,000
   
901,000
 
Colonial Plaza, E. Colonial Dr. at Primrose Dr., Orlando
         
488,000
   
2,009,000
 
Colonial Landing, East Colonial Dr. at Maguire Boulevard, Orlando
   
* #
   
266,000
   
980,000
 
International Drive Value Center, International Drive and Touchstone Drive, Orlando (20%)
   
* !
   
186,000
   
985,000
 
Market at Southside, Michigan Ave. at Delaney Ave., Orlando
         
162,000
   
349,000
 
Phillips Crossing, Interstate 4 and Sand Lake Road, Orlando
   
#
   
-
   
697,000
 
Phillips Landing, Turkey Lake Rd., Orlando
   
#
   
-
   
311,000
 
The Marketplace at Dr. Phillips, Dr. Phillips Boulevard and Sand Lake Road, Orlando (20%)
   
* !
   
328,000
   
1,496,000
 
Westland Terrace Plaza, SR 50 at Apopka Vineland Rd., Orlando
         
251,000
   
361,000
 
Alafaya Square, Alafaya Trail, Oviedo (20%)
   
* !
   
176,000
   
917,000
 
University Palms, Alafaya Trail at McCullough Rd., Oviedo
         
99,000
   
522,000
 
East Lake Woodlands, East Lake Road and Tampa Road, Palm Harbor (20%)
   
* !
   
145,000
   
730,000
 
Shoppes at Parkland, Hillsboro Boulevard at State Road #7, Parkland
         
146,000
   
905,000
 
Flamingo Pines, Pines Blvd. at Flamingo Rd., Pembroke Pines
         
362,000
   
1,447,000
 
Pembroke Commons, University at Pines Blvd., Pembroke Pines
         
316,000
   
1,394,000
 
Publix at Laguna Isles, Sheridan St. at SW 196th Ave., Pembroke Pines
         
69,000
   
400,000
 
Vizcaya Square, Nob Hill Rd. at Cleary Blvd., Plantation
         
108,000
   
521,000
 
Quesada Commons, Quesada Avenue and Toledo Blade Boulevard, Port Charlotte (25%)
   
* !
   
59,000
   
313,000
 
Shoppes of Port Charlotte, Toledo Blade Boulevard and Tamiami Trail, Port Charlotte (25%)
   
* !
   
41,000
   
276,000
 
Marketplace at Seminole Towne Center, Central Florida Greenway and Rinehart Rd, Sanford
         
494,000
   
1,743,000
 
Venice Pines, Center Rd. at Jacaranda Blvd., Venice
         
97,000
   
525,000
 
Winter Park Corners, Aloma Ave. at Lakemont Ave., Winter Park
         
103,000
   
400,000
 
                     
California, Total
         
4,013,000
   
14,451,000
 
Jess Ranch Marketplace, Bear Valley Road at Jess Ranch Parkway, Apple Valley
   
* ! #
   
-
   
-
 
Centerwood Plaza, Lakewood Blvd. at Alondra Dr., Bellflower
         
71,000
   
333,000
 
Southampton Center, IH-780 at Southampton Rd., Benecia
         
162,000
   
596,000
 
580 Market Place, E. Castro Valley at Hwy. I-580, Castro Valley
         
100,000
   
444,000
 
Chino Hills Marketplace, Chino Hills Pkwy. at Pipeline Ave., Chino Hills
         
320,000
   
1,187,000
 
Buena Vista Marketplace, Huntington Dr. at Buena Vista St., Duarte
         
91,000
   
322,000
 
El Camino Promenade, El Camino Real at Via Molena, Encinitas
         
111,000
   
451,000
 
Freedom Centre, Freedom Blvd. At Airport Blvd., Watsonville
         
151,000
   
543,000
 




Fremont Gateway Plaza, Paseo Padre Pkwy. at Walnut Ave., Fremont
         
195,000
   
650,000
 
Hallmark Town Center, W. Cleveland Ave. at Stephanie Ln., Madera
         
85,000
   
365,000
 
Menifee Town Center, Antelope Rd. at Newport Rd., Menifee
         
248,000
   
658,000
 
Marshalls Plaza, McHenry at Sylvan Ave., Modesto
         
79,000
   
218,000
 
Prospectors Plaza, Missouri Flat Rd. at US Hwy. 50, Placerville
         
228,000
   
873,000
 
Shasta Crossroads, Churn Creek Rd. at Dana Dr., Redding
         
252,000
   
520,000
 
Ralphs Redondo, Hawthorne Blvd. at 182nd St., Redondo Beach
         
67,000
   
431,000
 
Arcade Square, Watt Ave. at Whitney Ave., Sacramento
         
76,000
   
234,000
 
Discovery Plaza, W. El Camino Ave. at Truxel Rd., Sacramento
         
93,000
   
417,000
 
Summerhill Plaza, Antelope Rd. at Lichen Dr., Sacramento
         
134,000
   
704,000
 
Valley, Franklin Boulevard and Mack Road, Sacramento
         
103,000
   
580,000
 
Silver Creek Plaza, E. Capital Expressway at Silver Creek Blvd., San Jose
         
196,000
   
573,000
 
Greenhouse Marketplace, Lewelling Blvd. at Washington Ave., San Leandro
         
238,000
   
578,000
 
Rancho San Marcos Village, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos
         
121,000
   
541,000
 
San Marcos Plaza, San Marcos Blvd. at Rancho Santa Fe Rd., San Marcos
         
81,000
   
116,000
 
Stony Point Plaza, Stony Point Rd. at Hwy. 12, Santa Rosa
         
199,000
   
619,000
 
Sunset Center, Sunset Ave. at State Hwy. 12, Suisun City
         
85,000
   
359,000
 
Creekside Center, Alamo Dr. at Nut Creek Rd., Vacaville
         
116,000
   
400,000
 
Westminster Center, Westminster Blvd. at Golden West St., Westminster
         
411,000
   
1,739,000
 
                     
Louisiana, Total
         
3,058,000
   
9,206,000
 
Seigen Plaza, Siegen Lane at Honore Lane, Baton Rouge
         
349,000
   
1,000,000
 
Park Terrace, U.S. Hwy. 171 at Parish, DeRidder
         
137,000
   
520,000
 
Town & Country Plaza, U.S. Hwy. 190 West, Hammond
         
227,000
   
645,000
 
Manhattan Place, Manhattan Blvd. at Gretna Blvd., Harvey
         
258,000
   
894,000
 
Ambassador Plaza, Ambassador Caffery at W. Congress, Lafayette
         
102,000
   
196,000
 
River Marketplace, Ambassador Caffery at Kaliste Saloom, Lafayette (20%)
   
* !
   
343,000
   
1,031,000
 
Westwood Village, W. Congress at Bertrand, Lafayette
         
141,000
   
942,000
 
Conn's Building, Ryan at 17th St., Lake Charles
         
23,000
   
36,000
 
14/Park Plaza, Hwy. 14 at General Doolittle, Lake Charles
         
207,000
   
535,000
 
K-Mart Plaza, Ryan St., Lake Charles
   
* !
   
210,000
   
126,000
 
Prien Lake Plaza, Prien Lake Rd. at Nelson Rd., Lake Charles
         
252,000
   
730,000
 
Southgate, Ryan at Eddy, Lake Charles
         
171,000
   
511,000
 
Orleans Station, Paris, Robert E. Lee at Chatham, New Orleans
         
5,000
   
31,000
 
Danville Plaza, Louisville at 19th, Monroe
         
144,000
   
539,000
 
University Place, 70th St. at Youree Dr., Shreveport (20%)
   
* !
   
376,000
   
1,077,000
 
Westwood, Jewella at Greenwood, Shreveport
         
113,000
   
393,000
 
                     
Nevada, Total
         
3,499,000
   
12,004,000
 
Eastern Horizon, Eastern Ave. at Horizon Ridge Pkwy., Henderson
         
211,000
   
478,000
 
Best in the West, Rainbow at Lake Mead Rd., Las Vegas
         
437,000
   
1,516,000
 
Charleston Commons, Charleston and Nellis, Las Vegas
         
338,000
   
1,316,000
 
Francisco Centre, E. Desert Inn Rd. at S. Eastern Ave., Las Vegas
         
148,000
   
639,000
 
Mission Center, Flamingo Rd. at Maryland Pkwy, Las Vegas
         
208,000
   
570,000
 
Paradise Marketplace, Flamingo Rd. at Sandhill, Las Vegas
         
149,000
   
537,000
 
Rainbow Plaza, Rainbow Blvd. at Charleston Blvd., Las Vegas
         
410,000
   
1,548,000
 
Rancho Towne & Country, Rainbow Blvd. at Charleston Blvd., Las Vegas
         
87,000
   
350,000
 
Tropicana Beltway, Tropicana Beltway at Fort Apache Rd., Las Vegas
   
* !
   
638,000
   
1,466,000
 
Tropicana Marketplace, Tropicana at Jones Blvd., Las Vegas
         
143,000
   
519,000
 
Westland Fair North, Charleston Blvd. At Decatur Blvd., Las Vegas
         
566,000
   
2,344,000
 
College Park S.C., E. Lake Mead Blvd. at Civic Ctr. Dr., North Las Vegas
         
164,000
   
721,000
 
                     
North Carolina, Total
         
3,366,000
   
18,880,000
 
Capital Square, Capital Blvd. at Huntleigh Dr., Cary
         
157,000
   
607,000
 
Harrison Pointe, Harrison Ave. at Maynard Rd., Cary
         
124,000
   
1,343,000
 
High House Crossing, NC Hwy 55 at Green Level W. Rd., Cary
         
90,000
   
606,000
 
Northwoods Market, Maynard Rd. at Harrison Ave., Cary
         
78,000
   
431,000
 
Parkway Pointe, Cory Parkway at S. R. 1011, Cary
         
80,000
   
461,000
 
Chatham Crossing, US 15/501 at Plaza Dr., Chapel Hill (25%)
   
* !
   
96,000
   
425,000
 
Galleria, Galleria Boulevard and Sardis Road, Charlotte
         
316,000
   
799,000
 
Johnston Road Plaza, Johnston Rd. at McMullen Creek Pkwy., Charlotte
         
80,000
   
466,000
 




Steele Creek Crossing, York Rd. at Steele Creek Rd., Charlotte
         
77,000
   
491,000
 
Whitehall Commons, NWC of Hwy. 49 at I-485, Charlotte
         
436,000
   
360,000
 
Bull City Market, Broad St. at West Main St., Durham
         
43,000
   
112,000
 
Durham Festival, Hillsborough Rd. at LaSalle St., Durham
         
134,000
   
487,000
 
Mineral Springs Village, Mineral Springs Rd. at Wake Forest Rd., Durham
         
58,000
   
572,000
 
Ravenstone Commons, Hwy 98 at Sherron Rd., Durham
         
60,000
   
374,000
 
Waterford Village, US Hwy 17 & US Hwy 74/76, Leland (75%)
   
# *
   
-
   
1,264,000
 
Pinecrest Plaza, Hwy. 15-501 at Morganton Rd., Pinehurst
         
250,000
   
1,438,000
 
Avent Ferry, Avent Ferry Rd. at Gorman St., Raleigh
         
117,000
   
669,000
 
Falls Pointe, Neuce Rd. at Durant Rd., Raleigh
         
189,000
   
659,000
 
Leesville Town Centre, Leesville Rd. at Leesville Church Rd., Raleigh
         
114,000
   
904,000
 
Lynnwood Collection, Creedmoor Rd at Lynn Road, Raleigh
         
86,000
   
429,000
 
Six Forks Station, Six Forks Rd. at Strickland Rd., Raleigh
         
468,000
   
1,843,000
 
Little Brier Creek, Little Brier Creek Lane and Brier Leaf Lane, Raleigh
         
63,000
   
90,000
 
Stonehenge Market, Creedmoor Rd. at Bridgeport Dr., Raleigh
         
188,000
   
669,000
 
Surf City Crossing, Highway 17 and Highway 210, Surf City
   
#
   
-
   
1,359,000
 
Heritage Station, Forestville Rd. at Rogers Rd., Wake Forest
         
62,000
   
392,000
 
The Shoppes at Caveness Farms, Capitol Blvd and Caveness Farms Ave, Wake Forest
   
#
   
-
   
1,630,000
 
                     
Arizona, Total
         
2,132,000
   
7,186,000
 
Palmilla Center, Dysart Rd. at McDowell Rd., Avondale
         
170,000
   
264,000
 
Raintree Ranch, Ray Road at Price Road, Chandler
   
#
   
60,000
   
759,000
 
University Plaza, Plaza Way at Milton Rd., Flagstaff
         
162,000
   
919,000
 
Val Vista Towne Center, Warner at Val Vista Rd., Gilbert
         
216,000
   
366,000
 
Arrowhead Festival S.C., 75th Ave. at W. Bell Rd., Glendale
         
177,000
   
157,000
 
Fry's Ellsworth Plaza, Broadway Rd. at Ellsworth Rd., Mesa
         
74,000
   
58,000
 
Monte Vista Village Center, Baseline Rd. at Ellsworth Rd., Mesa
         
104,000
   
353,000
 
Red Mountain Gateway, Power Rd. at McKellips Rd., Mesa
         
206,000
   
353,000
 
Camelback Village Square, Camelback at 7th Avenue, Phoenix
         
235,000
   
543,000
 
Laveen Village Market, Baseline Rd. at 51st St., Phoenix
   
#
   
108,000
   
773,000
 
Rancho Encanto, 35th Avenue at Greenway Rd., Phoenix
         
74,000
   
290,000
 
Squaw Peak Plaza, 16th Street at Glendale Ave., Phoenix
         
61,000
   
220,000
 
Fountain Plaza, 77th St. at McDowell, Scottsdale
         
105,000
   
445,000
 
Fry's Valley Plaza, S. McClintock at E. Southern, Tempe
         
145,000
   
570,000
 
Broadway Marketplace, Broadway at Rural, Tempe
         
83,000
   
347,000
 
Pueblo Anozira, McClintock Dr. at Guadalupe Rd., Tempe
         
152,000
   
769,000
 
                     
New Mexico, Total
         
1,473,000
   
4,489,000
 
Eastdale, Candelaria Rd. at Eubank Blvd., Albuquerque
         
118,000
   
601,000
 
North Towne Plaza, Academy Rd. at Wyoming Blvd., Albuquerque
         
103,000
   
607,000
 
Pavillions at San Mateo, I-40 at San Mateo, Albuquerque
         
196,000
   
791,000
 
Plaza at Cottonwood, Coors Bypass Blvd. at Seven Bar Loop Rd., Albuquerque
         
418,000
   
386,000
 
Wyoming Mall, Academy Rd. at Northeastern, Albuquerque
         
326,000
   
1,309,000
 
De Vargas, N. Guadalupe at Paseo de Peralta, Santa Fe
         
312,000
   
795,000
 
                     
Colorado, Total
         
2,707,000
   
13,648,000
 
Aurora City Place, E. Alameda at I225, Aurora
   
*
   
528,000
   
2,260,000
 
Bridges at Smoky Hill, Smoky Hill Rd. at S. Picadilly St., Aurora
   
*
   
59,000
   
272,000
 
Buckingham Square, Mississippi at Havana, Aurora
   
* #
   
-
   
-
 
Academy Place, Academy Blvd. at Union Blvd., Colorado Springs
         
261,000
   
404,000
 
Uintah Gardens, NEC 19th St. at West Uintah, Colorado Springs
         
212,000
   
677,000
 
Green Valley Ranch Towne Center, Tower Rd. at 48th Ave., Denver (37%)
   
* !
   
104,000
   
421,000
 
Lowry Town Center, 2nd Ave. at Lowry Ave., Denver
   
*
   
131,000
   
246,000
 
Gold Creek, Hwy. 86 at Elizabeth St., Elizabeth
   
*
   
80,000
   
160,000
 
CityCenter Englewood, S. Santa Fe at Hampden Ave., Englewood (51%)
   
*
   
307,000
   
453,000
 
Glenwood Meadows, Midland Ave. at W. Meadows, Glenwood Springs (41%)
   
* ! #
   
350,000
   
1,288,000
 
Highlands Ranch University Park, Highlands Ranch at University Blvd., Highlands Ranch (40%)
   
* !
   
88,000
   
534,000
 
Crossing at Stonegate, Jordon Rd. at Lincoln Ave., Parker (51%)
   
*
   
109,000
   
870,000
 
River Point at Sheridan, Highway 77 and Highway 88, Sheridan
   
# *
   
-
   
4,270,000
 
Thorncreek Crossing, Washington St. at 120th St., Thornton (51%)
   
*
   
386,000
   
1,157,000
 
Westminster Plaza, North Federal Blvd. at 72nd Ave., Westminster
   
*
   
92,000
   
636,000
 




Kansas, Total
         
251,000
   
454,000
 
Shawnee Village, Shawnee Mission Pkwy. at Quivera Rd., Shawnee
         
135,000
   
10,000
 
Kohl's, Wanamaker Rd. at S.W. 17th St., Topeka
         
116,000
   
444,000
 
                     
Oklahoma, Total
         
174,000
   
682,000
 
Market Boulevard , E. Reno Ave. at N. Douglas Ave., Midwest City
         
36,000
   
142,000
 
Town and Country, Reno Ave at North Air Depot, Midwest City
         
138,000
   
540,000
 
                     
Arkansas, Total
         
355,000
   
1,489,000
 
Markham Square, W. Markham at John Barrow, Little Rock
         
127,000
   
514,000
 
Markham West, 11400 W. Markham, Little Rock
         
178,000
   
769,000
 
Westgate, Cantrell at Bryant, Little Rock
         
50,000
   
206,000
 
                     
Tennessee, Total
         
656,000
   
3,396,000
 
Bartlett Towne Center, Bartlett Blvd. at Stage Rd., Bartlett
         
179,000
   
774,000
 
Mendenhall Commons, South Mendenahall Rd. and Sanderlin Avenue, Memphis
         
80,000
   
250,000
 
Commons at Dexter Lake, Dexter at N. Germantown, Memphis
         
229,000
   
1,013,000
 
Highland Square, Summer at Highland, Memphis
         
14,000
   
84,000
 
Ridgeway Trace, Memphis
   
#
   
-
   
715,000
 
Summer Center, Summer Ave. at Waring Rd., Memphis
         
154,000
   
560,000
 
                     
Missouri, Total
         
259,000
   
1,307,000
 
Ballwin Plaza, Manchester Rd. at Vlasis Dr., Ballwin
         
203,000
   
653,000
 
Western Plaza, Hwy 141 at Hwy 30, Fenton
   
* !
   
56,000
   
654,000
 
                     
Georgia, Total
         
2,167,000
   
8,199,000
 
Lakeside Marketplace, Cobb Parkway (US Hwy 41), Acworth
         
322,000
   
736,000
 
Camp Creek Marketplace II, Camp Creek Parkway and Carmia Drive, Atlanta
         
196,000
   
724,000
 
Publix at Princeton Lakes, Carmia Drive and Camp Creek Drive, Atlanta
         
68,000
   
336,000
 
Brookwood Square, East-West Connector at Austell Rd., Austell
         
253,000
   
971,000
 
Dallas Commons, US Highway 278 and Nathan Dean Boulevard, Dallas
         
95,000
   
244,000
 
Reynolds Crossing, Steve Reynolds and Old North Cross Rd., Duluth
         
116,000
   
407,000
 
Thompson Bridge Commons, Thompson Bridge Rd. at Mt. Vernon Rd., Gainesville
         
78,000
   
540,000
 
Grayson Commons, Grayson Hwy at Rosebud Rd., Grayson
         
77,000
   
510,000
 
Village Shoppes of Sugarloaf, Sugarloaf Pkwy at Five Forks Trickum Rd., Lawrenceville
         
148,000
   
831,000
 
Sandy Plains Exchange, Sandy Plains at Scufflegrit, Marietta
         
73,000
   
452,000
 
Brownsville Commons, Brownsville Road and Hiram-Lithia Springs Road, Powder Springs
         
82,000
   
205,000
 
Roswell Corners, Woodstock Rd. at Hardscrabble Rd., Roswell
         
319,000
   
784,000
 
Brookwood Marketplace, Peachtree Parkway at Mathis Airport Rd., Suwannee
         
340,000
   
1,459,000
 
                     
Utah, Total
         
633,000
   
1,660,000
 
Alpine Valley Center, Main St. at State St., American Fork (33%)
   
* !
   
200,000
   
447,000
 
Taylorsville Town Center, West 4700 South at Redwood Rd., Taylorsville
         
134,000
   
399,000
 
West Jordan Town Center, West 7000 South at S. Redwood Rd., West Jordan
         
299,000
   
814,000
 
                     
Illinois, Total
         
394,000
   
1,268,000
 
Lincoln Place, Hwy. 59, Fairview Heights
         
224,000
   
503,000
 
Lincoln Place II, Route 159 at Hwy. 50, Fairview Heights
         
170,000
   
765,000
 
                     
Maine, Total
         
205,000
   
963,000
 
The Promenade, Essex at Summit, Lewiston (75%)
   
*
   
205,000
   
963,000
 
                     
Kentucky, Total
         
683,000
   
3,176,000
 
Millpond Center, Boston at Man O’War, Lexington
         
144,000
   
773,000
 
Tates Creek, Tates Creek at Man O’ War, Lexington
         
185,000
   
660,000
 
Regency Shopping Centre, Nicholasville Rd.& West Lowry Lane, Lexington
         
136,000
   
590,000
 
Festival at Jefferson Court, Outer Loop at Jefferson Blvd., Louisville
         
218,000
   
1,153,000
 
                     
Washington, Total
         
617,000
   
1,888,000
 
Village at Liberty Lake, E. Country Vista Dr. at N. Liberty Rd., Liberty Lake
   
* ! #
   
143,000
   
142,000
 
Mukilteo Speedway Center, Mukilteo Speedway, Lincoln Way, and Highway 99, Lynnwood (20%)
   
* !
   
90,000
   
353,000
 




Meridian Town Center, Meridian Avenue East and 132nd Street East, Puyallup (20%)
 
 * !
 
 143,000
 
 535,000
 
South Hill Center, 43rd Avenue Southwest and Meridian Street South, Puyallup (20%)
   
* !
   
134,000
   
514,000
 
Rainier Square Plaza, Rainer Avenue South and South Charleston Street, Seattle (20%)
   
* !
   
107,000
   
344,000
 
                     
                     
Oregon Total
         
177,000
   
382,000
 
Clackamas Square, SE 82nd Avenue and SE Causey Avenue, Portland (20%)
   
* !
   
137,000
   
216,000
 
Raleigh Hills Plaza, SW Beaverton-Hillsdale Hwy and SW Scholls Ferry Road, Portland (20%)
   
* !
   
40,000
   
166,000
 
                     
South Carolina, Total
         
87,000
   
436,000
 
Fresh Market Shoppes, 890 William Hilton Head Pkwy, Hilton Head (25%)
   
* !
   
87,000
   
436,000
 
                     
                     
INDUSTRIAL
                   
                     
Houston and Harris County, Total
         
5,242,000
   
13,308,000
 
1919 North Loop West, Hacket Drive at West Loop 610 North
         
140,000
   
157,000
 
Beltway 8 Business Park, Beltway 8 at Petersham Dr.
         
158,000
   
499,000
 
Blankenship Building, Kempwood Drive
         
59,000
   
175,000
 
Brookhollow Business Center, Dacoma at Directors Row
         
133,000
   
405,000
 
Central Park Northwest VI, Central Pkwy. at Dacoma
         
175,000
   
518,000
 
Central Park Northwest VII, Central Pkwy. at Dacoma
         
103,000
   
283,000
 
Claywood Industrial Park, Clay at Hollister
         
330,000
   
1,761,000
 
Crosspoint Warehouse, Crosspoint
         
73,000
   
179,000
 
Jester Plaza Office Service Center, West T.C. Jester
         
101,000
   
244,000
 
Kempwood Industrial, Kempwood Dr. at Blankenship Dr.
         
113,000
   
327,000
 
Kempwood Industrial, Kempwood Dr. at Blankenship Dr. (20%)
   
* !
   
207,000
   
531,000
 
Lathrop Warehouse, Lathrop St. at Larimer St. (20%)
   
* !
   
253,000
   
435,000
 
Navigation Business Park, Navigation at N. York (20%)
   
* !
   
238,000
   
555,000
 
Northway Park II, Loop 610 East at Homestead (20%)
   
* !
   
304,000
   
746,000
 
Railwood F, Market at U.S. 90 (20%)
   
* !
   
300,000
   
559,000
 
Railwood Industrial Park, Mesa at U.S. 90
         
616,000
   
1,651,000
 
Railwood Industrial Park, Mesa at U.S. 90 (20%)
   
* !
   
498,000
   
1,061,000
 
South Loop Business Park, S. Loop at Long Dr.
   
* !
   
92,000
   
206,000
 
Southport Business Park 5, South Loop 610
         
161,000
   
358,000
 
Southwest Park II Service Center, Rockley Road
         
68,000
   
216,000
 
Stonecrest Business Center, Wilcrest at Fallstone
         
111,000
   
308,000
 
West-10 Business Center, Wirt Rd. at I-10
         
129,000
   
331,000
 
West 10 Business Center II, Wirt Rd. at I-10
         
83,000
   
147,000
 
Westgate Service Center, Park Row Drive at Whiteback Dr.
         
119,000
   
499,000
 
West Loop Commerce Center, W. Loop N. at I-10
         
34,000
   
91,000
 
610 and 11th St. Warehouse, Loop 610 at 11th St.
         
105,000
   
202,000
 
610 and 11th St. Warehouse, Loop 610 at 11th St. (20%)
   
* !
   
244,000
   
539,000
 
610/288 Business Park , Cannon Street (20%)
   
* !
   
295,000
   
482,000
 
                     
Texas (excluding Houston & Harris Co.), Total
         
3,879,000
   
9,515,000
 
Midpoint I-20 Distribution Center, New York Avenue and Arbrook Boulevard, Arlington
         
253,000
   
593,000
 
Randol Mill Place, Randol Mill Road, Arlington
         
55,000
   
178,000
 
Braker 2 Business Center, Kramer Ln. at Metric Blvd., Austin
         
27,000
   
93,000
 
Corporate Center Park I and II, Putnam Dr. at Research Blvd., Austin
         
117,000
   
326,000
 
Oak Hills Industrial Park, Industrial Oaks Blvd., Austin
         
90,000
   
340,000
 
Rutland 10 Business Center, Metric Blvd. At Centimeter Circle, Austin
         
54,000
   
139,000
 
Southpark A,B,C, East St. Elmo Rd. at Woodward St., Austin
         
78,000
   
238,000
 
Southpoint Service Center, Burleson at Promontory Point Dr., Austin
         
54,000
   
234,000
 
Wells Branch Corporate Center, Wells Branch Pkwy., Austin
         
59,000
   
183,000
 
1625 Diplomat Drive, SWC Diplomat Dr. at McDaniel Dr., Carrollton
         
106,000
   
199,000
 
Midway Business Center, Midway at Boyington, Carrollton
         
141,000
   
309,000
 
Manana Office Center, I-35 at Manana, Dallas
         
223,000
   
473,000
 
Newkirk Service Center, Newkirk near N.W. Hwy., Dallas
         
106,000
   
223,000
 
Northaven Business Center, Northaven Rd., Dallas
         
151,000
   
178,000
 
Northeast Crossing Office/Service Center, East N.W. Hwy. at Shiloh, Dallas
         
79,000
   
199,000
 




Northwest Crossing Office/Service Center, N.W. Hwy. at Walton Walker, Dallas
         
127,000
   
290,000
 
Redbird Distribution Center, Joseph Hardin Drive, Dallas
         
111,000
   
233,000
 
Regal Distribution Center, Leston Avenue, Dallas
         
203,000
   
318,000
 
Space Center Industrial Park, Pulaski St. at Irving Blvd., Dallas
         
265,000
   
426,000
 
McGraw Hill Distribution Center, 420 E. Danieldale Rd, DeSoto
         
418,000
   
888,000
 
Freeport Commerce Center, Sterling Street and Statesman Drive, Irving
         
51,000
   
196,000
 
Central Plano Business Park, Klein Rd. at Plano Pkwy., Plano
         
138,000
   
415,000
 
Jupiter Service Center, Jupiter near Plano Pkwy., Plano
         
78,000
   
234,000
 
Sherman Plaza Business Park, Sherman at Phillips, Richardson
         
101,000
   
312,000
 
Interwest Business Park, Alamo Downs Parkway, San Antonio
         
218,000
   
742,000
 
Isom Business Park, 919-981 Isom Road, San Antonio
         
175,000
   
462,000
 
O'Connor Road Business Park, O’Connor Road, San Antonio
         
150,000
   
459,000
 
Freeport Business Center, 13215 N. Promenade Blvd., Stafford
         
251,000
   
635,000
 
                     
Georgia, Total
         
1,568,000
   
4,343,000
 
Atlanta Industrial Park II & VI, Atlanta Industrial Pkwy. at Atlanta Industrial Dr., Atlanta
         
552,000
   
1,755,000
 
Sears Logistics, 3700 Southside Industrial Way, Atlanta (20%)
   
* !
   
403,000
   
890,000
 
Southside Industrial Parkway, Southside Industrial Pkwy at Jonesboro Rd., Atlanta
         
72,000
   
242,000
 
Kennesaw 75, 3850-3900 Kennesaw Prkwy, Kennesaw
         
178,000
   
491,000
 
6485 Crescent Drive, I-85 at Jimmy Carter Blvd., Norcross (20%)
   
* !
   
363,000
   
965,000
 
                     
Tennessee, Total
         
1,142,000
   
2,658,000
 
Crowfarn Drive Warehouse, Crowfarn Dr. at Getwell Rd., Memphis (20%)
   
* !
   
161,000
   
316,000
 
Outland Business Center, Outland Center Dr., Memphis (20%)
   
* !
   
410,000
   
1,215,000
 
Southpoint I & II, Pleasant Hill Rd. at Shelby Dr., Memphis
         
571,000
   
1,127,000
 
                     
Florida, Total
         
1,496,000
   
3,700,000
 
Lakeland Industrial Center, I-4 at County Rd., Lakeland
         
600,000
   
1,535,000
 
1801 Massaro, 1801 Massaro Blvd., Tampa
         
159,000
   
337,000
 
Hopewell Industrial Center, Old Hopewell Boulevard and U.S. Highway 301, Tampa
         
224,000
   
486,000
 
Tampa East Industrial Portfolio, 1841 Massaro Blvd., Tampa
         
513,000
   
1,342,000
 
                     
California, Total
         
1,043,000
   
2,548,000
 
1725 Dornoch, Donroch Court, San Diego
         
112,000
   
268,000
 
1855 Dornoch, Donroch Court, San Diego
         
205,000
   
520,000
 
Siempre Viva Business Park, Siempre Viva Rd. at Kerns St., San Diego (20%)
   
* !
   
726,000