Texas | 1-9876 | 74-1464203 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Common Shares of Beneficial Interest, $.03 par value | WRI | New York Stock Exchange |
99.1 |
WEINGARTEN REALTY INVESTORS | |||
By: | /s/ Joe D. Shafer | ||
Joe D. Shafer | |||
Senior Vice President/ Chief Accounting Officer |
99.1 |
Table of Contents | Page | |
Quarterly Earnings Press Release | i - xii | |
Company Information | 1 | |
Financial Summary | ||
Condensed Consolidated Statements of Income | 3 | |
Condensed Consolidated Balance Sheets | 4 | |
Funds From Operations Attributable to Common Shareholders | 5 | |
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre | 6 | |
Supplemental Income Statement Detail | 7 | |
Supplemental Balance Sheet Detail | 8 | |
Capitalization and Debt Coverage Ratios | 9 | |
Guidance | 10 | |
Investment Activity | ||
Capital Expenditures | 12 | |
Development and Redevelopment Projects | 13 | |
Land Held for Development | 14 | |
Acquisition and Disposition Summary | 15 | |
Summary of Debt | ||
Debt Information | 17 | |
Debt Information Additional Disclosure | 18 | |
Schedule of Maturities | 19 | |
Schedule of Maturities Additional Disclosure | 20 | |
Joint Ventures | ||
Unconsolidated Joint Venture Financial Information at 100% | 22 | |
Unconsolidated Joint Venture Financial Information at Pro rata Share | 23 | |
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100% | 24 | |
Unconsolidated Joint Venture Mortgage Debt Information at 100% | 25 | |
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure | 26 | |
Portfolio Summary | ||
Tenant Diversification by Percent of Base Minimum Rent | 28 | |
Portfolio Operating Information | 29 - 30 | |
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population | 31 | |
Property Listing | ||
Summary Property Listing | 33 | |
Property Listing | 34 - 41 | |
Other Topics of Interest | ||
New Lease Guidance Implementation | 43 | |
www.weingarten.com |
• | Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.65 per diluted share (hereinafter “per share”) from $0.61 per share in the same quarter of 2018; |
• | Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.53 per share; |
• | Same Property Net Operating Income (“SPNOI”) including redevelopments increased a strong 4.2% over the same quarter of the prior year and is up 3.7% year-to-date; |
• | Occupancy increased 50 basis points to 94.8% at quarter-end from 94.3% in the prior quarter; |
• | Rental rates on new leases and renewals for the quarter were up significantly 20.0% and 6.3%, respectively; |
• | Acquisition of a Sprouts Farmers Market-anchored shopping center in Scottsdale, Arizona for $33 million and subsequent to quarter-end, a Whole Foods-anchored center in North Decatur, Georgia (Atlanta) for $53 million (at 100%) in a joint venture with a Dutch pension fund; and |
• | Dispositions totaled $133 million for the quarter and property sales closed subsequent to quarter-end totaled $114 million. |
Q2 2019 | YTD 2019 | |
Occupancy (Signed Basis): | ||
Occupancy - Total | 94.8% | |
Occupancy - Small Shop Spaces | 90.4% | |
Occupancy - Same Property Portfolio | 95.0% | |
Same Property Net Operating Income, with redevelopments | 4.2% | 3.7% |
Rental Rate Growth - Total: | 9.1% | 6.0% |
New Leases | 20.0% | 15.3% |
Renewals | 6.3% | 3.8% |
Leasing Transactions: | ||
Number of New Leases | 71 | 136 |
New Leases - Annualized Revenue (in millions) | $6.5 | $11.1 |
Number of Renewals | 121 | 266 |
Renewals - Annualized Revenue (in millions) | $9.7 | $23.1 |
Previous Guidance | Revised Guidance | |
Net Income (per share) | $1.77 - $1.89 | $2.40 - $2.50 |
NAREIT FFO (per share) | $2.09 - $2.17 | $2.05 - $2.11 |
Core FFO (per share) | $2.09 - $2.17 | $2.05 - $2.11 |
Acquisitions | $50 - $150 million | $50 - $150 million |
Re / New Development | $175 - $225 million | $175 - $225 million |
Dispositions | $250 - $350 million | $350 - $450 million |
Same Property NOI with redevelopments | 2.0% - 3.0% | 2.5% - 3.5% |
Same Property NOI w/o redevelopments | 1.5% - 2.5% | 2.0% - 3.0% |
Weingarten Realty Investors | ||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
Financial Statements | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2019 | 2018 (1) | 2019 | 2018 (1) | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | (Unaudited) | ||||||||||||||||
Revenues: | ||||||||||||||||||
Rentals, net | $ | 119,462 | $ | 138,737 | $ | 239,288 | $ | 267,885 | ||||||||||
Other | 3,198 | 3,349 | 6,510 | 6,653 | ||||||||||||||
Total Revenues | 122,660 | 142,086 | 245,798 | 274,538 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||
Depreciation and amortization | 34,967 | 50,421 | 68,939 | 88,516 | ||||||||||||||
Operating | 22,767 | 24,104 | 47,015 | 47,374 | ||||||||||||||
Real estate taxes, net | 15,736 | 17,466 | 31,867 | 35,105 | ||||||||||||||
Impairment loss | — | — | 74 | — | ||||||||||||||
General and administrative | 8,880 | 6,149 | 18,461 | 11,744 | ||||||||||||||
Total Operating Expenses | 82,350 | 98,140 | 166,356 | 182,739 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||||
Interest expense, net | (14,953 | ) | (17,017 | ) | (30,242 | ) | (31,689 | ) | ||||||||||
Interest and other income (expense) | 1,921 | 1,355 | 6,305 | 2,888 | ||||||||||||||
Gain on sale of property | 52,061 | 46,953 | 69,848 | 155,998 | ||||||||||||||
Total Other Income | 39,029 | 31,291 | 45,911 | 127,197 | ||||||||||||||
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 79,339 | 75,237 | 125,353 | 218,996 | ||||||||||||||
Provision for Income Taxes | (484 | ) | (684 | ) | (661 | ) | (1,467 | ) | ||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 6,665 | 5,318 | 12,082 | 11,311 | ||||||||||||||
Net Income | 85,520 | 79,871 | 136,774 | 228,840 | ||||||||||||||
Less: | Net Income Attributable to Noncontrolling Interests | (1,711 | ) | (1,582 | ) | (3,299 | ) | (3,727 | ) | |||||||||
Net Income Attributable to Common Shareholders -- Basic | $ | 83,809 | $ | 78,289 | $ | 133,475 | $ | 225,113 | ||||||||||
Net Income Attributable to Common Shareholders -- Diluted | $ | 84,337 | $ | 78,817 | $ | 134,531 | $ | 226,169 | ||||||||||
Earnings Per Common Share -- Basic | $ | .66 | $ | .61 | $ | 1.04 | $ | 1.76 | ||||||||||
Earnings Per Common Share -- Diluted | $ | .65 | $ | .61 | $ | 1.03 | $ | 1.74 |
Weingarten Realty Investors | ||||||||||
(in thousands) | ||||||||||
Financial Statements | ||||||||||
June 30, 2019 | December 31, 2018 | |||||||||
(Unaudited) | (Audited) | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
ASSETS | ||||||||||
Property | $ | 4,084,476 | $ | 4,105,068 | ||||||
Accumulated Depreciation | (1,119,866 | ) | (1,108,188 | ) | ||||||
Investment in Real Estate Joint Ventures and Partnerships, net | 377,590 | 353,828 | ||||||||
Unamortized Lease Costs, net | 136,960 | 142,014 | ||||||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 74,784 | 97,924 | ||||||||
Cash and Cash Equivalents | 118,222 | 65,865 | ||||||||
Restricted Deposits and Mortgage Escrows | 14,854 | 10,272 | ||||||||
Other, net | 200,634 | 160,178 | ||||||||
Total Assets | $ | 3,887,654 | $ | 3,826,961 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Debt, net | $ | 1,787,400 | $ | 1,794,684 | ||||||
Accounts Payable and Accrued Expenses | 95,296 | 113,175 | ||||||||
Other, net | 210,108 | 168,403 | ||||||||
Total Liabilities | 2,092,804 | 2,076,262 | ||||||||
Commitments and Contingencies | — | — | ||||||||
EQUITY | ||||||||||
Common Shares of Beneficial Interest | 3,904 | 3,893 | ||||||||
Additional Paid-In Capital | 1,778,320 | 1,766,993 | ||||||||
Net Income Less Than Accumulated Dividends | (154,597 | ) | (186,431 | ) | ||||||
Accumulated Other Comprehensive Loss | (10,402 | ) | (10,549 | ) | ||||||
Shareholders' Equity | 1,617,225 | 1,573,906 | ||||||||
Noncontrolling Interests | 177,625 | 176,793 | ||||||||
Total Liabilities and Equity | $ | 3,887,654 | $ | 3,826,961 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 83,809 | $ | 78,289 | $ | 133,475 | $ | 225,113 | |||||||
Depreciation and amortization of real estate | 34,732 | 50,110 | 68,475 | 87,875 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 2,789 | 3,261 | 5,741 | 6,445 | |||||||||||
Impairment of properties and real estate equity investments | — | — | 74 | — | |||||||||||
(Gain) on sale of property, investment securities and interests in real estate equity investments | (51,605 | ) | (46,701 | ) | (70,554 | ) | (155,739 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (1,106 | ) | (1,219 | ) | (1,380 | ) | (3,582 | ) | |||||||
Provision for income taxes (1) | 44 | 322 | 44 | 483 | |||||||||||
Noncontrolling interests and other (2) | (484 | ) | (85 | ) | (973 | ) | 1,125 | ||||||||
NAREIT FFO – basic (3) | 68,179 | 83,977 | 134,902 | 161,720 | |||||||||||
Income attributable to operating partnership units | 528 | 528 | 1,056 | 1,056 | |||||||||||
NAREIT FFO – diluted (3) | 68,707 | 84,505 | 135,958 | 162,776 | |||||||||||
Adjustments for Core FFO: | |||||||||||||||
Loss (gain) on extinguishment of debt including related swap activity | — | 99 | — | (3,458 | ) | ||||||||||
Lease terminations | — | (10,023 | ) | — | (10,023 | ) | |||||||||
Other | — | (240 | ) | — | (240 | ) | |||||||||
Core FFO – diluted | $ | 68,707 | $ | 74,341 | $ | 135,958 | $ | 149,055 | |||||||
FFO weighted average shares outstanding – basic | 127,856 | 127,505 | 127,807 | 127,714 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 847 | 813 | 841 | 799 | |||||||||||
Operating partnership units | 1,432 | 1,432 | 1,432 | 1,432 | |||||||||||
FFO weighted average shares outstanding – diluted | 130,135 | 129,750 | 130,080 | 129,945 | |||||||||||
NAREIT FFO per common share – basic | $ | .53 | $ | .66 | $ | 1.06 | $ | 1.27 | |||||||
NAREIT FFO per common share – diluted | $ | .53 | $ | .65 | $ | 1.05 | $ | 1.25 | |||||||
Core FFO per common share – diluted | $ | .53 | $ | .57 | $ | 1.05 | $ | 1.15 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||
Beginning of the period | 168 | 171 | |||
Properties added: | |||||
New Developments | — | 1 | |||
Properties removed: | |||||
Dispositions | (4 | ) | (8 | ) | |
End of the period | 164 | 164 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income attributable to common shareholders | $ | 83,809 | $ | 78,289 | $ | 133,475 | $ | 225,113 | |||||||
Add: | |||||||||||||||
Net income attributable to noncontrolling interests | 1,711 | 1,582 | 3,299 | 3,727 | |||||||||||
Provision for income taxes | 484 | 684 | 661 | 1,467 | |||||||||||
Interest expense, net | 14,953 | 17,017 | 30,242 | 31,689 | |||||||||||
Property management fees | 683 | 630 | 1,556 | 1,497 | |||||||||||
Depreciation and amortization | 34,967 | 50,421 | 68,939 | 88,516 | |||||||||||
Impairment loss | — | — | 74 | — | |||||||||||
General and administrative | 8,880 | 6,149 | 18,461 | 11,744 | |||||||||||
Other (1) | 743 | 218 | 1,989 | 1,018 | |||||||||||
Less: | |||||||||||||||
Gain on sale of property | (52,061 | ) | (46,953 | ) | (69,848 | ) | (155,998 | ) | |||||||
Equity in earnings of real estate joint ventures and partnership interests, net | (6,665 | ) | (5,318 | ) | (12,082 | ) | (11,311 | ) | |||||||
Interest and other income/expense | (1,921 | ) | (1,355 | ) | (6,305 | ) | (2,888 | ) | |||||||
Revenue adjustments (2) | (3,060 | ) | (14,108 | ) | (6,279 | ) | (18,040 | ) | |||||||
Adjusted income | 82,523 | 87,256 | 164,182 | 176,534 | |||||||||||
Less: Adjusted income related to consolidated entities not defined as same property and noncontrolling interests | (2,828 | ) | (10,816 | ) | (5,285 | ) | (23,756 | ) | |||||||
Add: Pro rata share of unconsolidated entities defined as same property | 8,621 | 8,345 | 16,908 | 16,699 | |||||||||||
Same Property Net Operating Income | 88,316 | 84,785 | 175,805 | 169,477 | |||||||||||
Less: Redevelopment Net Operating Income | (8,219 | ) | (6,839 | ) | (15,991 | ) | (13,902 | ) | |||||||
Same Property Net Operating Income excluding Redevelopments | $ | 80,097 | $ | 77,946 | $ | 159,814 | $ | 155,575 |
(1) | Other includes items such as environmental abatement costs, demolition expenses, lease termination fees and ground rent. |
(2) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | |||||||||||||||
Net income | $ | 85,520 | $ | 79,871 | $ | 136,774 | $ | 228,840 | |||||||
Interest expense, net (1) | 14,953 | 17,017 | 30,242 | 31,689 | |||||||||||
Provision for income taxes | 484 | 684 | 661 | 1,467 | |||||||||||
Depreciation and amortization of real estate | 34,967 | 50,421 | 68,939 | 88,516 | |||||||||||
Impairment loss on operating properties and real estate equity investments | — | — | 74 | — | |||||||||||
Gain on sale of property and investment securities (2) | (51,619 | ) | (46,953 | ) | (70,589 | ) | (155,998 | ) | |||||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 2,643 | 3,319 | 6,267 | 5,807 | |||||||||||
Total EBITDAre | 86,948 | 104,359 | 172,368 | 200,321 | |||||||||||
Adjustments for Core EBITDAre: | |||||||||||||||
Lease terminations | — | (10,023 | ) | — | (10,023 | ) | |||||||||
Total Core EBITDAre | $ | 86,948 | $ | 94,336 | $ | 172,368 | $ | 190,298 |
Corporate Office | |
2600 Citadel Plaza Drive | |
P. O. Box 924133 | |
Houston, TX 77292-4133 | |
713-866-6000 | |
www.weingarten.com | |
Stock Listings | |
New York Stock Exchange: | |
Common Shares | WRI |
Three Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018(1) | 2019 | 2018(1) | 2018(1) | 2017(1) | 2016(1) | 2015(1) | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Rentals, net | $ | 119,462 | $ | 138,737 | $ | 239,288 | $ | 267,885 | $ | 517,836 | $ | 563,183 | $ | 540,141 | $ | 504,724 | |||||||||||||||
Other | 3,198 | 3,349 | 6,510 | 6,653 | 13,311 | 9,980 | 9,414 | 8,120 | |||||||||||||||||||||||
Total Revenues | 122,660 | 142,086 | 245,798 | 274,538 | 531,147 | 573,163 | 549,555 | 512,844 | |||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 34,967 | 50,421 | 68,939 | 88,516 | 161,838 | 167,101 | 162,535 | 145,940 | |||||||||||||||||||||||
Operating | 22,767 | 24,104 | 47,015 | 47,374 | 90,554 | 109,310 | 98,855 | 94,244 | |||||||||||||||||||||||
Real estate taxes, net | 15,736 | 17,466 | 31,867 | 35,105 | 69,268 | 75,636 | 66,358 | 60,289 | |||||||||||||||||||||||
Impairment loss | — | — | 74 | — | 10,120 | 15,257 | 98 | 153 | |||||||||||||||||||||||
General and administrative | 8,880 | 6,149 | 18,461 | 11,744 | 25,040 | 28,052 | 26,607 | 27,367 | |||||||||||||||||||||||
Total Operating Expenses | 82,350 | 98,140 | 166,356 | 182,739 | 356,820 | 395,356 | 354,453 | 327,993 | |||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||
Interest expense, net | (14,953 | ) | (17,017 | ) | (30,242 | ) | (31,689 | ) | (63,348 | ) | (80,326 | ) | (83,003 | ) | (87,783 | ) | |||||||||||||||
Interest and other income (expense) | 1,921 | 1,355 | 6,305 | 2,888 | 2,807 | 7,532 | 1,910 | 4,406 | |||||||||||||||||||||||
Gain on sale of property | 52,061 | 46,953 | 69,848 | 155,998 | 207,865 | 218,611 | 100,714 | 59,621 | |||||||||||||||||||||||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | — | — | — | — | — | 48,322 | 879 | |||||||||||||||||||||||
Total Other Income (Expense) | 39,029 | 31,291 | 45,911 | 127,197 | 147,324 | 145,817 | 67,943 | (22,877 | ) | ||||||||||||||||||||||
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 79,339 | 75,237 | 125,353 | 218,996 | 321,651 | 323,624 | 263,045 | 161,974 | |||||||||||||||||||||||
(Provision) Benefit for Income Taxes | (484 | ) | (684 | ) | (661 | ) | (1,467 | ) | (1,378 | ) | 17 | (6,856 | ) | (52 | ) | ||||||||||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net (2) | 6,665 | 5,318 | 12,082 | 11,311 | 25,070 | 27,074 | 20,642 | 19,300 | |||||||||||||||||||||||
Net Income | 85,520 | 79,871 | 136,774 | 228,840 | 345,343 | 350,715 | 276,831 | 181,222 | |||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (1,711 | ) | (1,582 | ) | (3,299 | ) | (3,727 | ) | (17,742 | ) | (15,441 | ) | (37,898 | ) | (6,870 | ) | |||||||||||||||
Net Income Adjusted for Noncontrolling Interests | 83,809 | 78,289 | 133,475 | 225,113 | 327,601 | 335,274 | 238,933 | 174,352 | |||||||||||||||||||||||
Dividends on Preferred Shares | — | — | — | — | — | — | — | (3,830 | ) | ||||||||||||||||||||||
Redemption Costs of Preferred Shares | — | — | — | — | — | — | — | (9,687 | ) | ||||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 83,809 | $ | 78,289 | $ | 133,475 | $ | 225,113 | $ | 327,601 | $ | 335,274 | $ | 238,933 | $ | 160,835 | |||||||||||||||
Earnings Per Common Share - Basic | $ | 0.66 | $ | 0.61 | $ | 1.04 | $ | 1.76 | $ | 2.57 | $ | 2.62 | $ | 1.90 | $ | 1.31 | |||||||||||||||
Earnings Per Common Share - Diluted | $ | 0.65 | $ | 0.61 | $ | 1.03 | $ | 1.74 | $ | 2.55 | $ | 2.60 | $ | 1.87 | $ | 1.29 |
(1) | Reclassification of prior year's amounts were made to conform to the current year presentation. |
(2) | See page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships. |
June 30, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Property | $ | 4,084,476 | $ | 4,105,068 | |||
Accumulated Depreciation | (1,119,866 | ) | (1,108,188 | ) | |||
Property, net | 2,964,610 | 2,996,880 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | 377,590 | 353,828 | |||||
Total | 3,342,200 | 3,350,708 | |||||
Unamortized Lease Costs, net | 136,960 | 142,014 | |||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,855 in 2018) | 74,784 | 97,924 | |||||
Cash and Cash Equivalents | 118,222 | 65,865 | |||||
Restricted Deposits and Mortgage Escrows | 14,854 | 10,272 | |||||
Other, net | 200,634 | 160,178 | |||||
Total Assets | $ | 3,887,654 | $ | 3,826,961 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net | $ | 1,787,400 | $ | 1,794,684 | |||
Accounts Payable and Accrued Expenses | 95,296 | 113,175 | |||||
Other, net | 210,108 | 168,403 | |||||
Total Liabilities | 2,092,804 | 2,076,262 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
Shareholders' Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,670 in 2019 and 128,333 in 2018 | 3,904 | 3,893 | |||||
Additional Paid-In Capital | 1,778,320 | 1,766,993 | |||||
Net Income Less Than Accumulated Dividends | (154,597 | ) | (186,431 | ) | |||
Accumulated Other Comprehensive Loss | (10,402 | ) | (10,549 | ) | |||
Total Shareholders' Equity | 1,617,225 | 1,573,906 | |||||
Noncontrolling Interests | 177,625 | 176,793 | |||||
Total Equity | 1,794,850 | 1,750,699 | |||||
Total Liabilities and Equity | $ | 3,887,654 | $ | 3,826,961 |
(1) | This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Funds From Operations Attributable to Common Shareholders (FFO) | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to common shareholders | $ | 83,809 | $ | 78,289 | $ | 133,475 | $ | 225,113 | |||||||
Depreciation and amortization of real estate | 34,732 | 50,110 | 68,475 | 87,875 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 2,789 | 3,261 | 5,741 | 6,445 | |||||||||||
Impairment of properties and real estate equity investments | — | — | 74 | — | |||||||||||
(Gain) on sale of property, investment securities and interests in real estate equity investments | (51,605 | ) | (46,701 | ) | (70,554 | ) | (155,739 | ) | |||||||
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships | (1,106 | ) | (1,219 | ) | (1,380 | ) | (3,582 | ) | |||||||
Provision for income taxes (1) | 44 | 322 | 44 | 483 | |||||||||||
Noncontrolling interests and other (2) | (484 | ) | (85 | ) | (973 | ) | 1,125 | ||||||||
NAREIT FFO - Basic (3) | 68,179 | 83,977 | 134,902 | 161,720 | |||||||||||
Income attributable to operating partnership units | 528 | 528 | 1,056 | 1,056 | |||||||||||
NAREIT FFO - Diluted (3) | 68,707 | 84,505 | 135,958 | 162,776 | |||||||||||
Adjustments for Core FFO: | |||||||||||||||
Loss (gain) on extinguishment of debt including related swap activity | — | 99 | — | (3,458 | ) | ||||||||||
Lease terminations | — | (10,023 | ) | — | (10,023 | ) | |||||||||
Other | — | (240 | ) | — | (240 | ) | |||||||||
Core FFO - Diluted | $ | 68,707 | $ | 74,341 | $ | 135,958 | $ | 149,055 | |||||||
Denominator: | |||||||||||||||
FFO weighted average number of common shares outstanding - Basic | 127,856 | 127,505 | 127,807 | 127,714 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 847 | 813 | 841 | 799 | |||||||||||
Operating partnership units | 1,432 | 1,432 | 1,432 | 1,432 | |||||||||||
FFO weighted average number of common shares outstanding - Diluted | 130,135 | 129,750 | 130,080 | 129,945 | |||||||||||
NAREIT FFO Per Common Share - Basic | $ | 0.53 | $ | 0.66 | $ | 1.06 | $ | 1.27 | |||||||
NAREIT FFO Per Common Share - Diluted | $ | 0.53 | $ | 0.65 | $ | 1.05 | $ | 1.25 | |||||||
Adjustments for Core FFO per common share: | |||||||||||||||
(Gain) on extinguishment of debt including related swap activity | — | — | — | (0.02 | ) | ||||||||||
Lease terminations | — | (0.08 | ) | — | (0.08 | ) | |||||||||
Core FFO Per Common Share - Diluted | $ | 0.53 | $ | 0.57 | $ | 1.05 | $ | 1.15 | |||||||
(1) | The applicable taxes related to gains and impairments of properties. |
(2) | Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable. |
(3) | 2019 Nareit FFO is presented in accordance with 2018 Restatement of "Nareit's Funds from Operations White Paper." |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended December 31, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): | |||||||||||||||||||
Net income | $ | 85,520 | $ | 79,871 | $ | 136,774 | $ | 228,840 | $ | 63,229 | |||||||||
Interest expense, net (1) | 14,953 | 17,017 | 30,242 | 31,689 | 15,663 | ||||||||||||||
Provision for income taxes | 484 | 684 | 661 | 1,467 | 10 | ||||||||||||||
Depreciation and amortization of real estate | 34,967 | 50,421 | 68,939 | 88,516 | 35,280 | ||||||||||||||
Impairment loss on operating properties and real estate equity investments | — | — | 74 | — | 7,722 | ||||||||||||||
Gain on sale of property and investment securities (2) | (51,619 | ) | (46,953 | ) | (70,589 | ) | (155,998 | ) | (34,788 | ) | |||||||||
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) | 2,643 | 3,319 | 6,267 | 5,807 | 3,874 | ||||||||||||||
Total EBITDAre | 86,948 | 104,359 | 172,368 | 200,321 | 90,990 | ||||||||||||||
Adjustments for Core EBITDAre: | |||||||||||||||||||
Lease terminations | — | (10,023 | ) | — | (10,023 | ) | — | ||||||||||||
Other | — | — | — | — | (50 | ) | |||||||||||||
Total Core EBITDAre | $ | 86,948 | $ | 94,336 | $ | 172,368 | $ | 190,298 | $ | 90,940 | |||||||||
Net Debt to Core EBITDAre: | |||||||||||||||||||
Debt | $ | 1,787,400 | $ | 1,827,181 | $ | 1,794,684 | |||||||||||||
Less: Cash and cash equivalents | (118,222 | ) | (13,096 | ) | (65,865 | ) | |||||||||||||
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships | 86,872 | 96,585 | 89,199 | ||||||||||||||||
Total Net Debt | $ | 1,756,050 | $ | 1,910,670 | $ | 1,818,018 | |||||||||||||
Annualized Core EBITDAre | $ | 347,792 | $ | 377,344 | $ | 363,760 | |||||||||||||
Net Debt to Core EBITDAre | 5.05 | 5.06 | 5.00 | ||||||||||||||||
(1) | Includes a $3.8 million gain on extinguishment of debt including related swap activity for the six months ended June 30, 2018. |
(2) | Includes a $.2 million gain on sale of non-operating assets for the six months ended June 30, 2019. Includes a $.2 million gain on sale of non-operating assets for both the three and six months ended June 30, 2018. Also includes a $.1 million gain on sale of non-operating assets for the three months ended December 31, 2018. |
(3) | Includes a $.3 million gain on sale of non-operating assets for the six months ended June 30, 2019, and a $.1 million and $.3 million loss on extinguishment of debt for the three and six months ended June 30, 2018, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Rentals, net | |||||||||||||||
Fixed Payments: | |||||||||||||||
Base minimum rent, net | $ | 90,787 | $ | 95,581 | $ | 180,140 | $ | 192,846 | |||||||
Straight line rent | 832 | 1,531 | 1,804 | 2,851 | |||||||||||
Over/Under-market rentals, net | 779 | 10,814 | 1,439 | 11,580 | |||||||||||
Variable Payments: | |||||||||||||||
Percentage rent | 897 | 961 | 1,599 | 1,686 | |||||||||||
Tenant reimbursements | 25,999 | 29,633 | 53,816 | 58,286 | |||||||||||
Other rental revenues | 168 | 144 | 463 | 431 | |||||||||||
Lease cancellation revenue | — | 73 | 27 | 205 | |||||||||||
Total | $ | 119,462 | $ | 138,737 | $ | 239,288 | $ | 267,885 | |||||||
Other Revenues | |||||||||||||||
Customer contract revenue | $ | 2,551 | $ | 2,510 | $ | 5,130 | $ | 5,062 | |||||||
Miscellaneous revenue | 647 | 839 | 1,380 | 1,591 | |||||||||||
Total | $ | 3,198 | $ | 3,349 | $ | 6,510 | $ | 6,653 | |||||||
Interest Expense, net | |||||||||||||||
Interest paid or accrued | $ | 17,429 | $ | 17,896 | $ | 34,819 | $ | 36,985 | |||||||
Gain on extinguishment of debt including related swap activity | — | (1 | ) | — | (3,759 | ) | |||||||||
Amortization of debt deferred costs | 888 | 867 | 1,790 | 1,803 | |||||||||||
Over/Under-market mortgage adjustment of acquired properties, net | (81 | ) | (82 | ) | (163 | ) | (237 | ) | |||||||
Gross interest expense | 18,236 | 18,680 | 36,446 | 34,792 | |||||||||||
Capitalized interest | (3,283 | ) | (1,663 | ) | (6,204 | ) | (3,103 | ) | |||||||
Total | $ | 14,953 | $ | 17,017 | $ | 30,242 | $ | 31,689 | |||||||
Deferred Compensation Net Income Impact (1) | |||||||||||||||
Interest and other income (expense) | $ | 1,204 | $ | 873 | $ | 4,180 | $ | 1,966 | |||||||
Operating expense | (803 | ) | (582 | ) | (2,787 | ) | (1,311 | ) | |||||||
General and administrative expense | (401 | ) | (291 | ) | (1,393 | ) | (655 | ) | |||||||
Impact on Net Income | $ | — | $ | — | $ | — | $ | — | |||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | |||||||||||||||
Net income from unconsolidated real estate joint ventures and partnerships | $ | 5,849 | $ | 4,916 | $ | 10,438 | $ | 11,152 | |||||||
Intercompany fee income reclass | 646 | 627 | 1,332 | 1,316 | |||||||||||
Other adjustments | 170 | (225 | ) | 312 | (1,157 | ) | |||||||||
Equity in earnings of real estate joint ventures and partnerships, net | $ | 6,665 | $ | 5,318 | $ | 12,082 | $ | 11,311 | |||||||
Dividends | |||||||||||||||
Common Dividends per Share | $ | 0.395 | $ | 0.395 | $ | 0.790 | $ | 0.790 | |||||||
Common Dividends Paid as a % of Reported Funds from Operations - Basic | 74.5 | % | 60.2 | % | 75.3 | % | 62.7 | % | |||||||
Common Dividends Paid as a % of Core Funds from Operations - Basic | 74.5 | % | 68.5 | % | 75.3 | % | 68.5 | % | |||||||
General and Administrative Expenses | |||||||||||||||
General and Administrative Expenses/Total Revenue | 7.2 | % | 4.3 | % | 7.5 | % | 4.3 | % | |||||||
General and Administrative Expenses/Total Assets before Depreciation | 0.18 | % | 0.12 | % | 0.37 | % | 0.23 | % | |||||||
Additional Disclosures for Revenues and Operating Expenses | |||||||||||||||
Minority Interests Share of Revenues and Operating Expenses and Other Adjustments | $ | (1,232 | ) | $ | (1,577 | ) | $ | (2,318 | ) | $ | (2,819 | ) | |||
Pro rata Share of Unconsolidated Joint Ventures | |||||||||||||||
Revenues | 12,487 | 12,549 | 24,806 | 25,776 | |||||||||||
Operating expense | (2,146 | ) | (2,199 | ) | (4,432 | ) | (4,615 | ) | |||||||
Real estate taxes | (1,763 | ) | (2,082 | ) | (3,558 | ) | (4,092 | ) | |||||||
Revenues and Operating Expenses from Sold Properties | 1,449 | 8,997 | 3,904 | 20,654 |
(1) | Eligible associates of the Company may contribute a portion of their earnings to a Deferred Compensation plan for income tax deferral purposes. The Company does not match or contribute funds to the plan, as it is all the associates earnings. The asset and corresponding liability along with the related earnings are recorded in the Company financial statements on behalf of the participants. |
June 30, 2019 | December 31, 2018 | ||||||
Property | |||||||
Land | $ | 885,144 | $ | 919,237 | |||
Land held for development | 41,608 | 45,673 | |||||
Land under development | 56,595 | 55,793 | |||||
Buildings and improvements | 2,887,563 | 2,927,954 | |||||
Construction in-progress | 213,566 | 156,411 | |||||
Total | $ | 4,084,476 | $ | 4,105,068 | |||
Straight Line Rent Receivable | |||||||
$ | 59,606 | $ | 61,487 | ||||
Other Assets, net | |||||||
Notes receivable and mortgage bonds, net | $ | 24,974 | $ | 24,995 | |||
Debt service guaranty asset | 60,900 | 60,900 | |||||
Non-qualified benefit plan assets | 35,437 | 30,999 | |||||
Out-of-market leases, net | 17,218 | 18,564 | |||||
Investments | 1,250 | 9,635 | |||||
Deferred income tax asset | 7,828 | 6,495 | |||||
Unamortized debt costs, net | 926 | 1,307 | |||||
Right of use assets, net | 43,917 | — | |||||
Other | 8,184 | 7,283 | |||||
Total | $ | 200,634 | $ | 160,178 | |||
Other Liabilities, net | |||||||
Deferred revenue | $ | 8,526 | $ | 13,568 | |||
Non-qualified benefit plan liabilities | 71,541 | 68,387 | |||||
Deferred income tax payable | 6,124 | 6,488 | |||||
Out-of-market leases, net | 57,772 | 57,997 | |||||
Operating lease liabilities, net | 42,747 | — | |||||
Other | 23,398 | 21,963 | |||||
Total | $ | 210,108 | $ | 168,403 | |||
Identified Intangible Assets and Liabilities | |||||||
Identified Intangible Assets: | |||||||
Above-market leases (included in Other Assets, net) | $ | 38,311 | $ | 38,181 | |||
Above-market leases - Accumulated Amortization | (21,093 | ) | (19,617 | ) | |||
In place leases (included in Unamortized Lease Costs, net) | 181,768 | 193,658 | |||||
In place leases - Accumulated Amortization | (91,581 | ) | (99,352 | ) | |||
Total | $ | 107,405 | $ | 112,870 | |||
Identified Intangible Liabilities: | |||||||
Below-market leases (included in Other Liabilities, net) | $ | 87,843 | $ | 85,742 | |||
Below-market leases - Accumulated Amortization | (30,071 | ) | (27,745 | ) | |||
Above-market assumed mortgages (included in Debt, net) | 3,446 | 3,446 | |||||
Above-market assumed mortgages - Accumulated Amortization | (1,823 | ) | (1,660 | ) | |||
Total | $ | 59,395 | $ | 59,783 |
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
Common Share Data | |||||||
Closing Market Price | $ | 27.42 | $ | 24.81 | |||
Capitalization | |||||||
Debt | $ | 1,787,400 | $ | 1,794,684 | |||
Common Shares at Market | 3,528,131 | 3,183,942 | |||||
Operating Partnership Units at Market | 39,265 | 35,528 | |||||
Total Market Capitalization (As reported) | $ | 5,354,796 | $ | 5,014,154 | |||
Debt to Total Market Capitalization (As reported) | 33.4 | % | 35.8 | % | |||
Debt to Total Market Capitalization (As reported at a constant share price of $24.81) | 35.6 | % | 35.8 | % | |||
Debt to Total Market Capitalization (Pro rata) | 34.0 | % | 36.4 | % | |||
Capital Availability | |||||||
Revolving Credit Facility | $ | 500,000 | $ | 500,000 | |||
Less: | |||||||
Balance Outstanding Under Revolving Credit Facility | — | 5,000 | |||||
Outstanding Letters of Credit Under Revolving Facility | 2,054 | 2,054 | |||||
Unused Portion of Credit Facility | $ | 497,946 | $ | 492,946 |
Significant Covenant Ratios | ||||||||
Restrictions | ||||||||
Debt to Asset Ratio (Public) | Less than 60.0% | 37.2 | % | 38.1 | % | |||
Secured Debt to Asset Ratio (Public) | Less than 40.0% | 6.9 | % | 7.1 | % | |||
Unencumbered Asset Test (Public) | Greater than 150% | 291.3 | % | 284.0 | % | |||
Fixed Charge Coverage (Revolver) (Pro rata EBITDA/ (interest expense + scheduled principal payments)) | Greater than 1.5x | 4.1x | 4.3x |
Credit Ratings | |||
S&P | Moody's | ||
Senior Debt | BBB | Baa1 | |
Outlook | Stable | Stable |
2019 Guidance | ||||
Previous Guidance | Q2 Revised Guidance | |||
Net income attributable to common shareholders | $1.77 - $1.89 | $2.40 - $2.50 | ||
Depreciation and amortization | 1.23 - 1.25 | 1.13 - 1.15 | ||
(Gain) on sale of property and interests in RE equity investments | (0.93) - (0.99) | (1.50) - (1.56) | ||
NAREIT FFO - Basic | 2.07 - 2.15 | 2.03 - 2.09 | ||
Income attributable to operating partnership units | 0.02 - 0.02 | 0.02 - 0.02 | ||
NAREIT FFO Per Common Share - Diluted | $2.09 - $2.17 | $2.05 - $2.11 | ||
Core FFO Per Common Share - Diluted | $2.09 - $2.17 | $2.05 - $2.11 | ||
Portfolio Activity ($ in millions) | ||||
Acquisitions | $50 - $150 | $50 - $150 | ||
Re / New Development | $175 - $225 | $175 - $225 | ||
Dispositions | $250 - $350 | $350 - $450 | ||
Operating Information | ||||
Same Property Net Operating Income with redevelopments | +2.0% to +3.0% | +2.5% to +3.5% | ||
Same Property Net Operating Income without redevelopments | +1.5% to +2.5% | +2.0% to +3.0% | ||
Denotes Change to Guidance |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | Twelve Months Ended December 31, 2018 | |||||||||||
Acquisitions | $ | 33,350 | $ | 53,650 | $ | 1,250 | |||||||
New Development | 31,187 | 60,336 | 84,546 | ||||||||||
Redevelopment | 16,728 | 31,431 | 54,769 | ||||||||||
Building and Site Improvements | 3,518 | 5,925 | 20,859 | ||||||||||
Tenant Finish | 13,954 | 22,977 | 32,626 | ||||||||||
External Leasing Commissions | 1,012 | 2,075 | 3,939 | ||||||||||
Capital Expenditures | $ | 99,749 | $ | 176,394 | $ | 197,989 | |||||||
Project Description / | Total Cost at | Costs | Estimated/Actual | Stabilized | Percentage | ||||||||||
Property | SF | Completion | to Date | ROI | Operations | Leased (5) | Key Tenants / Description | ||||||||
Developments and Large Redevelopments Under Construction (1,2) | |||||||||||||||
West Alex - Alexandria, VA | Retail = 102 SF | $ | 200,000 | $ | 152,057 | 2H 22 | 73.1% | Harris Teeter anticipated opening 2H21 | |||||||
Office = 25 SF | 50.0% | ||||||||||||||
Multifamily = 278 units | — | Residential units available to lease 2H19 | |||||||||||||
Centro Arlington - Arlington, VA* (3) | Retail = 65 SF | 135,000 | 104,704 | 2H 20 | 79.3% | Harris Teeter anticipated opening 2H19 | |||||||||
Multifamily = 366 units | — | Residential units available to lease 2H19 | |||||||||||||
The Driscoll at River Oaks - Houston, TX | Retail = 11 SF | 150,000 | 40,257 | 1H 22 | — | ||||||||||
Multifamily = 318 units | — | Residential units available to lease 2020 | |||||||||||||
$ | 485,000 | $ | 297,018 | 5.5% | |||||||||||
Redevelopments Under Construction (2) | |||||||||||||||
Sunset Point 19 - Clearwater, FL | 142 | $ | 23,090 | $ | 22,273 | 2H 19 | Sprouts, Bed Bath & Beyond, DSW | ||||||||
River Point at Sheridan - Denver, CO | 53 | 12,541 | 5,432 | 2H 20 | Burlington, New Shop Space Building, and Pads | ||||||||||
Winter Park Corners - Orlando, FL | 43 | 12,082 | 10,089 | 1H 19 | Sprouts and Two New Shop Space Buildings | ||||||||||
Wilderness Oaks - San Antonio, TX | 20 | 7,295 | 8,909 | 2H 20 | 20,000 SF Multi-Tenant Building, and Pads | ||||||||||
Rock Prairie Mrktpl - College Station, TX | 28 | 6,056 | 4,565 | 1H 20 | Valero, Multi-Tenant Building, and Pads | ||||||||||
Fiesta Trails - San Antonio, TX | 20 | 5,869 | 641 | 2H 20 | Two New Shop Space Buildings | ||||||||||
Tomball Marketplace - Houston, TX | 27 | 5,367 | 4,165 | 1H 19 | Three New Shop Space Buildings | ||||||||||
All other redevelopments < $5 million (4 properties) | 25 | 14,290 | 9,085 | various | |||||||||||
$ | 86,590 | $ | 65,159 | 8.0 - 12.0% | |||||||||||
Completed Redevelopments (4) | |||||||||||||||
4 Properties | $ | 6,942 | 11.3% | ||||||||||||
Developments and Large Redevelopments Under Construction Completions | |||||||||||||||
3Q'19E | 4Q'19E | 1Q'20E | 2Q'20E | 3Q'20E | Remaining Balance | ||||||||||
Completions ($) | — | $34,300 - $36,800 | $40,100 - $45,100 | $50,000 - $55,000 | $70,000 - $75,000 | $279,200 - $284,200 | |||||||||
Weighted Return (%) | — | 5.7% - 6.2% | 5.3% - 5.8% | 5.3% - 5.8% | 5.2% - 5.7% | 5.4% - 6.0% | |||||||||
Net Operating Income (Annualized) | — | $1,950 - $2,285 | $2,135 - $2,625 | $2,640 - $3,180 | $3,600 - $4,270 | $15,000 - $16,940 | |||||||||
Cash NOI Developments and Large Redevelopments Under Construction (Current Quarter): | $ | — | |||||||||||||
Cash NOI Redevelopments Under Construction (Current Quarter): | $ | 1,094 | |||||||||||||
Cash NOI Redevelopments Completed (Current Quarter): | $ | 146 | |||||||||||||
(1) | Large redevelopment is defined where total incremental investment over $50 million. | ||||||||||||||
(2) | Redevelopment is defined where GLA is added either through new construction or expansion of an existing space. | ||||||||||||||
(3) | WRI will participate in the development of this mixed-use property. WRI will have a 90% equity interest in the property and is committed to fund an additional $32 million in imputed debt. | ||||||||||||||
(4) | Excludes completed redevelopments moved to operating properties or disposed. | ||||||||||||||
(5) | Percentage leased for retail and office is calculated as square footage for leases divided by gross leasable area. Percentage leased for multifamily is calculated as total units occupied divided by total units available. | ||||||||||||||
* | Unconsolidated Joint Venture | ||||||||||||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Ownership Interest | Gross Acres | Investment (1) | ||||||||||||
Location | 100% | Pro Rata | ||||||||||||
New Development Phased Projects | ||||||||||||||
Highway 17 and Highway 210, Surf City, NC | 100.0 | % | 44.7 | |||||||||||
US 77 & FM 802, Brownsville, TX | 100.0 | % | 21.0 | |||||||||||
US Hwy. 1 and Caveness Farms Rd., Wake Forest, NC | 100.0 | % | 20.9 | |||||||||||
Belle Terre Pkwy. & State Rd. 100, Palm Coast, FL | 100.0 | % | 6.7 | |||||||||||
Hwy. 85 & Hwy. 285, Sheridan, CO | 100.0 | % | 5.6 | |||||||||||
29th St. at Nolana Loop, McAllen, TX | 50.0 | % | 3.8 | |||||||||||
FM 2920 and Future 249, Tomball - Houston, TX | 100.0 | % | 2.2 | |||||||||||
SR 207 & Rolling Hills Drive, St. Augustine, FL | 70.0 | % | 1.6 | |||||||||||
Total New Development Phased Projects | 106.5 | $ | 14,971 | $ | 13,900 | |||||||||
Other Raw Land | ||||||||||||||
FM 1957 (Potranco Rd.) and FM 211, San Antonio, TX | 50.0 | % | 120.4 | |||||||||||
South Fulton Parkway and SH 92, Union City - Atlanta, GA | 100.0 | % | 24.1 | |||||||||||
Lon Adams Rd. at Tangerine Farms Rd. - Marana, AZ | 100.0 | % | 9.7 | |||||||||||
SH 281 & Wilderness Oaks, San Antonio, TX | 100.0 | % | 9.1 | |||||||||||
SH 151 & Ingram Rd., San Antonio, TX | 66.7 | % | 5.8 | |||||||||||
Rock Prairie Rd. at Hwy. 6, College Station, TX | 100.0 | % | 5.3 | |||||||||||
Shary Road and US Hwy. 83, Mission, TX | 50.0 | % | 4.0 | |||||||||||
Other | 100.0 | % | 22.6 | |||||||||||
Total Raw Land | 201.0 | $ | 32,338 | $ | 20,210 | |||||||||
Total Land Held For Development Properties | 307.5 | $ | 47,309 | $ | 34,110 |
Center | City/State | Sq. Ft. at 100% | Date Acquired | Purchase Price | Yield | ||||||||||
Acquisitions | |||||||||||||||
1st Quarter | |||||||||||||||
Madison Village | Phoenix, AZ | 90 | 03/28/19 | ||||||||||||
2nd Quarter | |||||||||||||||
Camelback Miller Plaza | Scottsdale, AZ | 144 | 06/27/19 | ||||||||||||
YTD June Acquisitions | $ | 53,650 | 4.7 | % | |||||||||||
3rd Quarter | |||||||||||||||
North Decatur Station* | Decatur, GA | 98 | 07/22/19 | ||||||||||||
Total Acquisitions | $ | 80,476 | 5.2 | % | |||||||||||
Date Sold | Sales Price (1) | Weighted Sales Cap (2) | |||||||||||||
Dispositions | |||||||||||||||
1st Quarter | |||||||||||||||
Waterford Village | Leland, NC | 108 | 02/14/19 | ||||||||||||
Waterford Village Land | Leland, NC | N/A | 02/14/19 | ||||||||||||
Reynolds Crossing | Duluth, GA | 46 | 03/12/19 | ||||||||||||
Brookwood Marketplace | Suwanee, GA | 200 | 03/25/19 | ||||||||||||
Stevens Ranch Shopping Center Land | San Antonio, TX | N/A | 03/29/19 | ||||||||||||
2nd Quarter | |||||||||||||||
Epic Village Shopping Center Pad | St Augustine, FL | N/A | 05/09/19 | ||||||||||||
Clermont Landing Pad* | Clermont, FL | 7 | 05/22/19 | ||||||||||||
Stella Link Land | Houston, TX | 22 | 05/30/19 | ||||||||||||
Laveen Village Marketplace | Phoenix, AZ | 40 | 05/30/19 | ||||||||||||
Nottingham Commons | Baltimore, MD | 131 | 06/06/19 | ||||||||||||
Prospectors Plaza | Placerville, CA | 244 | 06/13/19 | ||||||||||||
Epic Village Shopping Center Pad | St Augustine, FL | N/A | 06/14/19 | ||||||||||||
Oak Grove Market Center | Milwaukie, OR | 97 | 06/17/19 | ||||||||||||
YTD June Dispositions | $ | 200,187 | 6.3 | % | |||||||||||
3rd Quarter | |||||||||||||||
Menifee Town Center | Menifee, CA | 124 | 07/18/19 | ||||||||||||
Jess Ranch Marketplace(3) | Apple Valley, CA | 393 | 07/30/19 | ||||||||||||
Total Dispositions | $ | 314,537 | 6.9 | % | |||||||||||
(1) Sales price represents the total contract price. | |||||||||||||||
(2) Cap rates are based upon underwriting estimates and may be different than current returns. | |||||||||||||||
(3) Represents two centers on the property list. | |||||||||||||||
* Unconsolidated real estate joint venture activity. | |||||||||||||||
Note: | |||||||||||||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
June 30, 2019 | 2nd Quarter Weighted Average Rate (1) | December 31, 2018 | 4th Quarter Weighted Average Rate (1) | |||||||||||
Outstanding Balance Summary | ||||||||||||||
Mortgage Debt | $ | 313,005 | 4.66 | % | $ | 316,340 | 4.66 | % | ||||||
3.375% Notes due 2022 | 298,969 | 3.38 | % | 298,909 | 3.38 | % | ||||||||
3.5% Notes due 2023 | 299,081 | 3.50 | % | 299,008 | 3.50 | % | ||||||||
4.45% Notes due 2024 | 245,699 | 4.45 | % | 245,648 | 4.45 | % | ||||||||
3.85% Notes due 2025 | 239,331 | 3.85 | % | 239,245 | 3.85 | % | ||||||||
3.25% Notes due 2026 | 248,426 | 3.25 | % | 248,329 | 3.25 | % | ||||||||
Unsecured Notes Payable (MTN) | 66,285 | 6.70 | % | 66,285 | 6.70 | % | ||||||||
Revolving Credit Agreements (2) | — | 5,000 | 3.34 | % | ||||||||||
Finance Lease Obligations | 21,851 | 8.00 | % | 21,898 | 8.00 | % | ||||||||
Unamortized Loan Costs | (6,147 | ) | (6,878 | ) | ||||||||||
Subtotal Consolidated Debt | 1,726,500 | 4.01 | % | 1,733,784 | 4.01 | % | ||||||||
Debt Service Guarantee Liability (3) | 60,900 | 60,900 | ||||||||||||
Total Consolidated Debt - As Reported | $ | 1,787,400 | 4.01 | % | $ | 1,794,684 | 4.01 | % | ||||||
As Reported | ||||||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 6/30/19 | 4.01 | % | ||||||||||||
Six months ended 06/30/19 | 4.01 | % | ||||||||||||
Three months ended 12/31/18 | 4.01 | % | ||||||||||||
Twelve months ended 12/31/18 | 3.94 | % | ||||||||||||
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
(2) | Weighted average revolving interest rate excludes the effect of the facility fee of 15 basis points on the total commitment paid quarterly in arrears. |
(3) | Debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
Debt Balance | Weighted Average Rate (1) | % of Total | Weighted Average Remaining Life (yrs) | |||||||||||
Fixed vs. Variable Rate Debt (includes the effect of interest rate swaps) | ||||||||||||||
As of June 30, 2019 | ||||||||||||||
Fixed-rate debt | $ | 1,818,134 | 4.00 | % | 99.0 | % | 5.23 | |||||||
Variable-rate debt | 17,557 | 4.07 | % | 1.0 | % | 0.09 | ||||||||
Total | $ | 1,835,691 | 4.00 | % | 100.0 | % | 5.19 | |||||||
As of December 31, 2018 | ||||||||||||||
Fixed-rate debt | $ | 1,822,288 | 3.95 | % | 98.8 | % | ||||||||
Variable-rate debt | 22,685 | 4.01 | % | 1.2 | % | |||||||||
Total | $ | 1,844,973 | 3.95 | % | 100.0 | % | ||||||||
Secured vs. Unsecured Debt | ||||||||||||||
As of June 30, 2019 | ||||||||||||||
Secured Debt | $ | 382,337 | 4.84 | % | 20.8 | % | 5.05 | |||||||
Unsecured Debt | 1,453,354 | 3.77 | % | 79.2 | % | 5.22 | ||||||||
Total | $ | 1,835,691 | 4.00 | % | 100.0 | % | 5.19 | |||||||
As of December 31, 2018 | ||||||||||||||
Secured Debt | $ | 387,541 | 4.55 | % | 21.0 | % | ||||||||
Unsecured Debt | 1,457,432 | 3.78 | % | 79.0 | % | |||||||||
Total | $ | 1,844,973 | 3.95 | % | 100.0 | % | ||||||||
Additional Information | June 30, | December 31, | ||||||||||||
Reconciling items to pro rata debt | 2019 | 2018 | ||||||||||||
Noncontrolling Interests and Other Adjustments | $ | (39,636 | ) | $ | (39,174 | ) | ||||||||
WRI Share of Unconsolidated Joint Ventures | $ | 87,927 | $ | 89,463 | ||||||||||
Weighted Average Interest Rates (1) | ||||||||||||||
Three months ended 06/30/19 | 4.00 | % | ||||||||||||
Six months ended 06/30/19 | 4.00 | % | ||||||||||||
Three months ended 12/31/18 | 3.95 | % | ||||||||||||
Twelve months ended 12/31/18 | 3.93 | % | ||||||||||||
(1) | Weighted average interest rates exclude the effects of ASC 805 "Business Combinations", revolver facility fee, and other loan costs related to financing. |
As Reported | ||||||
Maturities | Weighted Average Rate (2) | |||||
2019 | $ | 69,831 | 4.32% | |||
2020 | 5,296 | 4.10% | ||||
2021 | 18,434 | 4.08% | ||||
2022 | 307,922 | 3.40% | ||||
2023 | 347,815 | 3.58% | ||||
2024 | 252,153 | 4.44% | ||||
2025 | 293,807 | 3.94% | ||||
2026 | 277,291 | 3.55% | ||||
2027 | 38,288 | 6.52% | ||||
2028 | 92,159 | 4.53% | ||||
Thereafter | 10,435 | 3.66% | ||||
Subtotal | 1,713,431 | |||||
Revolving Credit Agreements | — | |||||
Other (1) | 73,969 | |||||
Total | $ | 1,787,400 | 4.01% |
(1) | Other includes finance leases, ASC 805 “Business Combinations” adjustment, debt service guarantee liability, discounts on notes, and debt issuance costs. The debt service guarantee liability represents bonds issued in association with a guarantee in connection with a project in Denver, Colorado. |
(2) | Weighted average interest rates exclude the effects of ASC 805 “Business Combinations”, revolver facility fee paid quarterly on total commitment in arrears, and other loan costs related to financing. |
Maturities | Weighted Average Rate (2) | Floating Rate | Fixed Rate | Secured | Unsecured | ||||||||||||||||
2019 | $ | 70,216 | 4.47% | $ | 17,557 | $ | 52,659 | $ | 70,216 | ||||||||||||
2020 | 6,105 | 4.21% | 6,105 | 6,105 | |||||||||||||||||
2021 | 53,193 | 4.06% | 53,193 | 53,193 | |||||||||||||||||
2022 | 308,176 | 3.40% | 308,176 | 8,786 | $ | 299,390 | |||||||||||||||
2023 | 312,823 | 3.53% | 312,823 | 13,153 | 299,670 | ||||||||||||||||
2024 | 253,305 | 4.44% | 253,305 | 7,105 | 246,200 | ||||||||||||||||
2025 | 294,958 | 3.95% | 294,958 | 54,453 | 240,505 | ||||||||||||||||
2026 | 278,182 | 3.56% | 278,182 | 5,212 | 272,970 | ||||||||||||||||
2027 | 42,213 | 6.33% | 42,213 | 8,468 | 33,745 | ||||||||||||||||
2028 | 92,865 | 4.54% | 92,865 | 83,295 | 9,570 | ||||||||||||||||
Thereafter | 50,645 | 3.76% | 50,645 | 50,645 | |||||||||||||||||
Subtotal | 1,762,681 | 17,557 | 1,745,124 | 360,631 | 1,402,050 | ||||||||||||||||
Revolving Credit Agreements | — | — | — | ||||||||||||||||||
Other (1) | 73,010 | 73,010 | 21,706 | 51,304 | |||||||||||||||||
Total | $ | 1,835,691 | 4.00% | $ | 17,557 | $ | 1,818,134 | $ | 382,337 | $ | 1,453,354 |
(1) | Other includes finance leases, fair value adjustments, debt service guarantee liability, discounts on notes, and debt issuance costs. |
(2) | Weighted average interest rates exclude the effects of fair value adjustments, revolver facility fee paid quarterly on total commitment |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Condensed Statements of Income | 2019 | 2018(1) | 2019 | 2018(1) | |||||||||||
Revenues: | |||||||||||||||
Rentals, net | $ | 32,145 | $ | 32,081 | $ | 63,903 | $ | 65,331 | |||||||
Other | 732 | 729 | 1,489 | 1,365 | |||||||||||
Total | 32,877 | 32,810 | 65,392 | 66,696 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 7,646 | 8,196 | 15,495 | 16,239 | |||||||||||
Interest, net | 2,491 | 2,980 | 4,950 | 6,504 | |||||||||||
Operating | 5,685 | 5,645 | 11,785 | 12,073 | |||||||||||
Real estate taxes, net | 4,522 | 5,191 | 9,057 | 10,133 | |||||||||||
General and administrative | 243 | 95 | 312 | 320 | |||||||||||
Provision for income taxes | 36 | 37 | 69 | 73 | |||||||||||
Total | 20,623 | 22,144 | 41,668 | 45,342 | |||||||||||
Gain on dispositions | 1,474 | 1,906 | 2,009 | 5,439 | |||||||||||
Net income | $ | 13,728 | $ | 12,572 | $ | 25,733 | $ | 26,793 | |||||||
Condensed Balance Sheets | |||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 1,305,687 | $ | 1,268,557 | |||||||||||
Accumulated depreciation | (318,421 | ) | (305,327 | ) | |||||||||||
Property, net | 987,266 | 963,230 | |||||||||||||
Other assets, net | 100,815 | 104,267 | |||||||||||||
Total | $ | 1,088,081 | $ | 1,067,497 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 264,965 | $ | 269,113 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 11,626 | 11,732 | |||||||||||||
Other liabilities, net | 30,108 | 24,717 | |||||||||||||
Total | 306,699 | 305,562 | |||||||||||||
Equity | 781,382 | 761,935 | |||||||||||||
Total | $ | 1,088,081 | $ | 1,067,497 | |||||||||||
Supplemental Income Statement Detail | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018(1) | 2019 | 2018(1) | ||||||||||||
Rentals, net | |||||||||||||||
Fixed Payments: | |||||||||||||||
Base minimum rent, net | $ | 24,506 | $ | 23,149 | $ | 48,609 | $ | 47,763 | |||||||
Straight line rent | 14 | 343 | (115 | ) | 722 | ||||||||||
Over/Under-market rentals, net | 80 | 95 | 125 | 204 | |||||||||||
Variable Payments: | |||||||||||||||
Percentage rent | 28 | 32 | 99 | 130 | |||||||||||
Tenant reimbursements | 7,431 | 8,306 | 15,018 | 16,268 | |||||||||||
Other rental revenues | 72 | 67 | 153 | 155 | |||||||||||
Lease cancellation revenue | 14 | 89 | 14 | 89 | |||||||||||
Total | $ | 32,145 | $ | 32,081 | $ | 63,903 | $ | 65,331 |
(1) | Reclassification of prior year's amounts were made to conform to the current year presentation. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Condensed Statements of Income | 2019 | 2018 (1) | 2019 | 2018 (1) | |||||||||||
Revenues: | |||||||||||||||
Rentals, net | $ | 12,099 | $ | 12,150 | $ | 24,021 | $ | 25,017 | |||||||
Other | 388 | 399 | 785 | 759 | |||||||||||
Total | 12,487 | 12,549 | 24,806 | 25,776 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 2,789 | 3,261 | 5,741 | 6,445 | |||||||||||
Interest, net | 943 | 1,259 | 1,873 | 2,909 | |||||||||||
Operating | 2,146 | 2,199 | 4,432 | 4,615 | |||||||||||
Real estate taxes, net | 1,763 | 2,082 | 3,558 | 4,092 | |||||||||||
General and administrative | 86 | 33 | 111 | 110 | |||||||||||
Provision for income taxes | 17 | 18 | 33 | 35 | |||||||||||
Total | 7,744 | 8,852 | 15,748 | 18,206 | |||||||||||
Gain on dispositions | 1,106 | 1,219 | 1,380 | 3,582 | |||||||||||
Net income | $ | 5,849 | $ | 4,916 | $ | 10,438 | $ | 11,152 | |||||||
Condensed Balance Sheets | |||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||
ASSETS | |||||||||||||||
Property | $ | 543,289 | $ | 514,578 | |||||||||||
Accumulated depreciation | (116,945 | ) | (112,336 | ) | |||||||||||
Property, net | 426,344 | 402,242 | |||||||||||||
Notes receivable from real estate joint ventures and partnerships | 3,764 | 3,901 | |||||||||||||
Unamortized lease costs, net | 11,369 | 11,794 | |||||||||||||
Accrued rent, accrued customer contracts and accounts receivable (net of allowance for doubtful accounts of $293 in 2018) | 7,121 | 10,060 | |||||||||||||
Cash and cash equivalents | 15,541 | 14,436 | |||||||||||||
Out-of-market leases, net | 652 | 757 | |||||||||||||
Other assets, net | 1,079 | 1,774 | |||||||||||||
Total | $ | 465,870 | $ | 444,964 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Debt, net | $ | 86,872 | $ | 89,199 | |||||||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 4,891 | 4,950 | |||||||||||||
Accounts payable and accrued expenses | 11,974 | 8,129 | |||||||||||||
Deferred revenue | 1,455 | 1,098 | |||||||||||||
Out-of-market leases, net | 2,312 | 2,416 | |||||||||||||
Other liabilities, net | 296 | 281 | |||||||||||||
Total | 107,800 | 106,073 | |||||||||||||
Equity | 358,070 | 338,891 | |||||||||||||
Total | $ | 465,870 | $ | 444,964 | |||||||||||
Supplemental Income Statement Detail | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 (1) | 2019 | 2018 (1) | ||||||||||||
Rentals, net | |||||||||||||||
Fixed Payments: | |||||||||||||||
Base minimum rent, net | $ | 9,193 | $ | 8,647 | $ | 18,236 | $ | 18,273 | |||||||
Straight line rent | (1 | ) | 126 | (61 | ) | 205 | |||||||||
Over/Under-market rentals, net | 12 | 12 | — | 33 | |||||||||||
Variable Payments: | |||||||||||||||
Percentage rent | 13 | 8 | 52 | 41 | |||||||||||
Tenant reimbursements | 2,855 | 3,289 | 5,736 | 6,373 | |||||||||||
Other rental revenues | 24 | 23 | 55 | 47 | |||||||||||
Lease cancellation revenue | 3 | 45 | 3 | 45 | |||||||||||
Total | $ | 12,099 | $ | 12,150 | $ | 24,021 | $ | 25,017 |
Joint Venture Partner | Number of Operating Properties (1)(2) | Total GLA | Total Assets | Total Debt | ||||||||||
TIAA Florida Retail LLC | 2 | 431 | $ | 122,974 | $ | — | ||||||||
Collins | 8 | 1,169 | 110,778 | 14,889 | ||||||||||
AEW - Institutional Client | 5 | 437 | 100,644 | — | ||||||||||
BIT Retail | 3 | 721 | 137,469 | — | ||||||||||
Jamestown | 6 | 1,216 | 144,534 | 169,635 | ||||||||||
Fidelis Realty Partners | 1 | 490 | 122,437 | 68,142 | ||||||||||
Sleiman Enterprises | 2 | 177 | 16,446 | 12,299 | ||||||||||
Bouwinvest | 3 | 359 | 162,468 | — | ||||||||||
Other | 4 | 674 | 170,331 | — | ||||||||||
Total | 34 | 5,674 | $ | 1,088,081 | $ | 264,965 |
Joint Venture Description | ||
TIAA Florida Retail LLC | Joint venture with an institutional partner, TIAA-CREF Global Real Estate | |
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 | Joint venture with Mercantile Real Estate Advisors and its client, the AFL-CIO Building Investment Trust | |
Jamestown | Joint venture in Florida | |
Fidelis Realty Partners | Joint venture in Texas | |
Sleiman Enterprises | Joint venture in Florida | |
Bouwinvest | Joint venture with West Coast focus | |
(1) Excludes land held for development. | ||
(2) Excludes additional consolidated joint ventures. |
Balance Summary | |||||||||||
Joint Venture Partner | # of Mortgaged Properties (2) | Mortgage Balance (1)(2) | Average Interest Rate | Average Remaining Term (yrs) | |||||||
Collins | 2 | $ | 15,072 | 6.2% | 5.7 | ||||||
Jamestown | 6 | 170,000 | 2.7% | 2.0 | |||||||
Fidelis Realty Partners | 1 | 69,628 | 3.8% | 9.8 | |||||||
Sleiman Enterprises | 2 | 12,366 | 4.2% | 7.0 | |||||||
Total | 11 | $ | 267,066 | 3.2% | 4.3 | ||||||
Schedule of Maturities | ||||||||||
Maturities (1)(2) | Weighted Average Rate | |||||||||
2019 | $ | 1,465 | 5.3% | |||||||
2020 | 3,057 | 5.3% | ||||||||
2021 | 173,015 | 3.6% | ||||||||
2022 | 2,069 | 5.3% | ||||||||
2023 | 2,182 | 5.2% | ||||||||
2024 | 2,303 | 5.2% | ||||||||
2025 | 2,302 | 5.2% | ||||||||
2026 | 1,781 | 5.1% | ||||||||
2027 | 7,851 | 5.3% | ||||||||
2028 | 1,413 | 6.4% | ||||||||
Thereafter | 69,628 | 3.9% | ||||||||
Total | $ | 267,066 |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Schedule of Maturities | |||||||
Maturities (1)(2) | Weighted Average Rate | ||||||
2019 | $ | 733 | 5.3% | ||||
2020 | 1,528 | 5.3% | |||||
2021 | 35,507 | 4.1% | |||||
2022 | 1,034 | 5.3% | |||||
2023 | 1,091 | 5.2% | |||||
2024 | 1,151 | 5.2% | |||||
2025 | 1,151 | 5.2% | |||||
2026 | 890 | 5.1% | |||||
2027 | 3,926 | 5.3% | |||||
2028 | 706 | 6.4% | |||||
Thereafter | 40,210 | 3.9% | |||||
Total | $ | 87,927 |
(1) | Excludes non-cash debt related items. |
(2) | Excludes additional consolidated joint ventures such as AEW Capital Management. |
Rank | Tenant Name (1)(2) | Credit Ranking (S&P / Moody's) | # of Units | Total Annualized Base Minimum Rent | % of Total Annualized Base Minimum Rent | Total SF | % of Total SF | |||||||||||||
1 | TJX Companies, Inc. | A+/A2 | 34 | $ | 9,072 | 2.36 | % | 874 | 3.93 | % | ||||||||||
2 | The Kroger Co. | BBB/Baa1 | 19 | 8,997 | 2.34 | % | 1,121 | 5.04 | % | |||||||||||
3 | Whole Foods Market, Inc. | A+/A3 | 8 | 7,510 | 1.95 | % | 347 | 1.56 | % | |||||||||||
4 | H-E-B | N/A/N/A | 8 | 7,271 | 1.89 | % | 540 | 2.43 | % | |||||||||||
5 | Ross Stores, Inc. | A-/A3 | 28 | 7,128 | 1.85 | % | 583 | 2.62 | % | |||||||||||
6 | Petsmart, Inc. | B-/B3 | 20 | 5,743 | 1.49 | % | 363 | 1.63 | % | |||||||||||
7 | Albertsons | N/A/N/A | 14 | 5,487 | 1.42 | % | 630 | 2.83 | % | |||||||||||
8 | 24 Hour Fitness Inc. | B/B2 | 7 | 4,979 | 1.29 | % | 197 | 0.89 | % | |||||||||||
9 | Home Depot, Inc. | A/A2 | 3 | 4,555 | 1.18 | % | 333 | 1.50 | % | |||||||||||
10 | Dollar Tree Stores, Inc. | BBB-/Baa3 | 33 | 3,822 | 0.99 | % | 338 | 1.52 | % | |||||||||||
11 | Bed Bath & Beyond, Inc. | BB+/Baa3 | 14 | 3,611 | 0.94 | % | 330 | 1.48 | % | |||||||||||
12 | Best Buy, Inc. | BBB/Baa1 | 7 | 3,464 | 0.90 | % | 209 | 0.94 | % | |||||||||||
13 | Office Depot, Inc. | B/Ba3 | 15 | 3,149 | 0.82 | % | 259 | 1.16 | % | |||||||||||
14 | Walmart Stores, Inc. | AA/Aa2 | 6 | 3,035 | 0.79 | % | 453 | 2.04 | % | |||||||||||
15 | Sprouts | N/A/N/A | 6 | 2,808 | 0.73 | % | 184 | 0.83 | % | |||||||||||
16 | Petco Animal Supplies, Inc. | CCC+/B3 | 14 | 2,781 | 0.72 | % | 153 | 0.69 | % | |||||||||||
17 | Dick's Sporting Goods | N/A/N/A | 4 | 2,662 | 0.69 | % | 157 | 0.71 | % | |||||||||||
18 | Barnes & Noble Inc. | N/A/N/A | 6 | 2,600 | 0.68 | % | 153 | 0.69 | % | |||||||||||
19 | Starbucks Corporation | BBB+/Baa1 | 34 | 2,396 | 0.62 | % | 54 | 0.24 | % | |||||||||||
20 | JPMorgan Chase Bank | A+/Aa2 | 18 | 2,379 | 0.62 | % | 65 | 0.29 | % | |||||||||||
21 | Nordstrom | BBB+/Baa1 | 4 | 2,366 | 0.61 | % | 90 | 0.40 | % | |||||||||||
22 | Hobby Lobby Stores, Inc. | N/A/N/A | 5 | 2,309 | 0.60 | % | 258 | 1.16 | % | |||||||||||
23 | Party City | B+/Ba3 | 14 | 2,195 | 0.57 | % | 143 | 0.64 | % | |||||||||||
24 | Gap, Inc. | BB+/Baa2 | 7 | 2,168 | 0.56 | % | 99 | 0.45 | % | |||||||||||
25 | CVS | BBB/Baa2 | 12 | 2,144 | 0.56 | % | 130 | 0.58 | % | |||||||||||
Grand Total | 340 | $ | 104,631 | 27.17 | % | 8,063 | 36.25 | % |
(1 | ) | Tenant Names: | DBA Names: | |
TJX Companies, Inc. | Marshalls (15), T.J. Maxx (13), Home Goods (6) | |||
The Kroger Co. | Kroger (8), Harris Teeter (4), Fry's Food (3), King Soopers (2), Ralph's (1), Smith's Food (1) | |||
Ross Stores, Inc. | Ross Dress for Less (25), dd's Discounts (3) | |||
Albertsons | Safeway (7), Randall's (3), Von's (2), Albertsons (1), Lucky Supermarket (1) | |||
Dollar Tree Stores, Inc. | Dollar Tree (30), Family Dollar (3) | |||
Bed Bath & Beyond, Inc. | Bed Bath & Beyond (7), Cost Plus (5), buybuy BABY (2) | |||
Office Depot, Inc. | Office Depot (11), Office Max (4) | |||
Walmart Stores, Inc. | Walmart Neighborhood Market (4), Walmart (1), Walmart Supercenter (1) | |||
Sprouts | Sprouts Farmers Market (5), Sunflower Farmers Market (1) | |||
Dick's Sporting Goods | Dick's Sporting Goods (3), Golf Galaxy (1) | |||
Nordstrom | Nordstrom Rack (4) | |||
Gap, Inc. | Old Navy (6), Gap (1) | |||
(2 | ) | Target owns and occupies 18 units not included above. | ||
Note: | ||||
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. See page 1 for information regarding this presentation and the limitations thereof. |
Leasing Activity / Rent Growth | |||||||||||||||||||||||||||||
Signed Leases | |||||||||||||||||||||||||||||
Comparable: | Number of Leases | Square Feet | New Rent $/SF | Prior Rent $/SF | TI's $/SF | Cash Change in Base Rent | Weighted Average Term (Years) | ||||||||||||||||||||||
All Leases | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | 156 | 724 | $ | 17.20 | $ | 15.77 | $ | 5.35 | 9.1 | % | |||||||||||||||||||
Quarter Ended March 31, 2019 | 188 | 942 | 17.55 | 16.92 | 4.71 | 3.7 | % | ||||||||||||||||||||||
Quarter Ended December 31, 2018 | 155 | 741 | 16.82 | 15.03 | 4.53 | 11.9 | % | ||||||||||||||||||||||
Quarter Ended September 30, 2018 | 192 | 627 | 20.16 | 18.84 | 3.34 | 7.0 | % | ||||||||||||||||||||||
Rolling 12 months | 691 | 3,034 | $ | 17.84 | $ | 16.57 | $ | 4.54 | 7.7 | % | |||||||||||||||||||
New Leases | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | 35 | 103 | $ | 26.69 | $ | 22.25 | $ | 37.60 | 20.0 | % | 7.9 | ||||||||||||||||||
Quarter Ended March 31, 2019 | 43 | 117 | 26.94 | 24.16 | 37.98 | 11.5 | % | 6.2 | |||||||||||||||||||||
Quarter Ended December 31, 2018 | 39 | 144 | 21.89 | 15.94 | 23.33 | 37.4 | % | 6.6 | |||||||||||||||||||||
Quarter Ended September 30, 2018 | 36 | 77 | 28.22 | 25.04 | 26.78 | 12.7 | % | 6.6 | |||||||||||||||||||||
Rolling 12 months | 153 | 441 | $ | 25.46 | $ | 21.18 | $ | 31.17 | 20.2 | % | 6.8 | ||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | 121 | 621 | $ | 15.62 | $ | 14.69 | $ | — | 6.3 | % | |||||||||||||||||||
Quarter Ended March 31, 2019 | 145 | 825 | 16.22 | 15.89 | — | 2.0 | % | ||||||||||||||||||||||
Quarter Ended December 31, 2018 | 116 | 597 | 15.59 | 14.81 | — | 5.3 | % | ||||||||||||||||||||||
Quarter Ended September 30, 2018 | 156 | 550 | 19.03 | 17.97 | 0.07 | 5.9 | % | ||||||||||||||||||||||
Rolling 12 months | 538 | 2,593 | $ | 16.53 | $ | 15.80 | $ | 0.01 | 4.6 | % | |||||||||||||||||||
Comparable & Non-Comparable: | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | 192 | 913 | |||||||||||||||||||||||||||
Quarter Ended March 31, 2019 | 210 | 1,016 | |||||||||||||||||||||||||||
Quarter Ended December 31, 2018 | 181 | 837 | |||||||||||||||||||||||||||
Quarter Ended September 30, 2018 | 215 | 679 | |||||||||||||||||||||||||||
Rolling 12 months | 798 | 3,445 | |||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||
Expirations (1) | |||||||||||||||||||||||||||||
Assumes No Exercise of Renewal Options | |||||||||||||||||||||||||||||
Anchor Tenants (2) | Non-Anchor Tenants | Total Tenants | |||||||||||||||||||||||||||
Year | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | Square Feet | Percent of Total Square Feet | In Place Min Rent PSF | Percent of Total Revenue (3) | |||||||||||||||||
M-T-M | — | 0 | % | $ | — | 0 | % | 57 | 1 | % | $ | 22.26 | 1 | % | 57 | 0 | % | $ | 22.26 | 0 | % | ||||||||
2019 | 235 | 2 | % | 6.74 | 1 | % | 464 | 7 | % | 28.24 | 6 | % | 699 | 3 | % | 21.01 | 4 | % | |||||||||||
2020 | 1,442 | 11 | % | 11.80 | 10 | % | 1,119 | 16 | % | 28.90 | 16 | % | 2,561 | 13 | % | 19.27 | 13 | % | |||||||||||
2021 | 1,635 | 12 | % | 11.67 | 11 | % | 1,256 | 18 | % | 28.81 | 18 | % | 2,891 | 14 | % | 19.11 | 15 | % | |||||||||||
2022 | 2,057 | 15 | % | 13.23 | 16 | % | 1,062 | 15 | % | 29.54 | 15 | % | 3,119 | 15 | % | 18.79 | 16 | % | |||||||||||
2023 | 1,814 | 14 | % | 11.11 | 12 | % | 936 | 13 | % | 30.04 | 14 | % | 2,750 | 14 | % | 17.55 | 13 | % | |||||||||||
2024 - 2029 | 5,439 | 41 | % | 13.52 | 43 | % | 1,975 | 28 | % | 29.97 | 29 | % | 7,414 | 36 | % | 17.90 | 35 | % | |||||||||||
(1) | Reflects in-place leases as of June 30, 2019. |
(2) | Anchor tenants represent any tenant at least 10,000 square feet. |
(3) | Revenue includes minimum base rent only. |
Occupancy | ||||||||||||
Quarter Ended | ||||||||||||
June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | ||||||||
Signed Basis | ||||||||||||
Anchor (1) | 97.4% | 96.6% | 96.5% | 96.6% | 97.3% | |||||||
Non-Anchor | 90.4% | 90.3% | 90.7% | 91.0% | 90.3% | |||||||
Total Retail | 94.9% | 94.3% | 94.4% | 94.6% | 94.7% | |||||||
Other | 92.5% | 92.8% | 91.1% | 82.6% | 85.3% | |||||||
Total Signed | 94.8% | 94.3% | 94.4% | 94.4% | 94.6% | |||||||
Commenced Basis | ||||||||||||
Anchor (1) | 96.0% | 95.2% | 94.9% | 94.9% | 95.4% | |||||||
Non-Anchor | 87.3% | 87.4% | 88.2% | 87.8% | 87.0% | |||||||
Total Retail | 92.8% | 92.3% | 92.4% | 92.3% | 92.3% | |||||||
Other | 92.5% | 92.8% | 91.1% | 81.7% | 85.3% | |||||||
Total Commenced | 92.8% | 92.3% | 92.4% | 92.2% | 92.2% | |||||||
Same Property (2) | ||||||||||||
Signed Basis | 95.0% | 94.8% | 94.9% | 94.7% | 95.2% | |||||||
Commenced Basis | 93.0% | 92.8% | 93.0% | 92.6% | 93.0% |
Leases Signed but not Commenced | ||||||||||||||||
Number of Leases | Square Feet | Annual Base Rent | ABR PSF | |||||||||||||
Anchor (1) | 10 | 195 | $ | 2,561 | $ | 13.13 | ||||||||||
Non-Anchor | 107 | 255 | 7,082 | 27.77 | ||||||||||||
Total | 117 | 450 | $ | 9,643 | $ | 21.43 |
Average Base Rents (3) | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | ||||||||||||||||||
Commenced Basis | ||||||||||||||||||||||
Anchor (1) | $ | 13.65 | $ | 13.63 | $ | 13.56 | $ | 13.54 | $ | 13.38 | ||||||||||||
Non-Anchor | 29.43 | 29.40 | 29.05 | 28.78 | 28.60 | |||||||||||||||||
Total | $ | 19.37 | $ | 19.45 | $ | 19.35 | $ | 19.17 | $ | 18.97 |
Same Property Net Operating Income (4) | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||
Revenue | ||||||||||||||||||||||
Minimum Rent | $ | 93,278 | $ | 90,359 | 3.2 | % | $ | 185,912 | $ | 180,454 | 3.0 | % | ||||||||||
Uncollectible Lease Income | 811 | 103 | 687.4 | % | 697 | 273 | 155.3 | % | ||||||||||||||
Percentage Rent | 843 | 821 | 2.7 | % | 1,644 | 1,557 | 5.6 | % | ||||||||||||||
Tenant Reimbursements (6) | 28,232 | 28,593 | -1.3 | % | 55,772 | 55,846 | -0.1 | % | ||||||||||||||
Other | 1,758 | 1,122 | 56.7 | % | 4,015 | 2,676 | 50.0 | % | ||||||||||||||
$ | 124,922 | $ | 120,998 | 3.2 | % | $ | 248,040 | $ | 240,806 | 3.0 | % | |||||||||||
Expenses | ||||||||||||||||||||||
Property Operating Expenses | $ | 20,392 | $ | 19,256 | 5.9 | % | $ | 39,593 | $ | 37,578 | 5.4 | % | ||||||||||
Real Estate Taxes (6) | 16,214 | 16,957 | -4.4 | % | 32,642 | 33,751 | -3.3 | % | ||||||||||||||
36,606 | 36,213 | 1.1 | % | 72,235 | 71,329 | 1.3 | % | |||||||||||||||
SPNOI | $ | 88,316 | $ | 84,785 | 4.2 | % | $ | 175,805 | $ | 169,477 | 3.7 | % | ||||||||||
Redevelopment NOI (5) | 8,219 | 6,839 | 20.2 | % | 15,991 | 13,902 | 15.0 | % | ||||||||||||||
SPNOI (Excl. Redevelopment) | $ | 80,097 | $ | 77,946 | 2.8 | % | $ | 159,814 | $ | 155,575 | 2.7 | % |
(1) | Anchor tenants represent any tenant at least 10,000 square feet. |
(2) | Same Property Occupancy includes operating centers that have been owned for the same comparable time duration. |
(3) | Average Base rent per Leased SF excludes ground leases. |
(4) | Same Property NOI includes the Company's share of unconsolidated real estate joint ventures and partnerships. |
(5) | Redevelopments refer to Page 13. |
(6) | For 2019, due to the implementation of ASU 2016-02, "Leases", real estate taxes paid directly by tenants are no longer included in revenues and expenses. |
CBSA | Property | Owned | % of | Occupancy | ||||
Rank | CBSA | Count | GLA | ABR (1) | % | |||
2 | Los Angeles-Long Beach-Anaheim, CA | 4 | 699 | 4.9 | % | 98.2 | % | |
4 | Dallas-Fort Worth-Arlington, TX | 2 | 425 | 1.7 | % | 86.9 | % | |
5 | Houston-The Woodlands-Sugar Land, TX | 31 | 3,480 | 16.4 | % | 95.5 | % | |
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 4 | 332 | 2.8 | % | 98.5 | % | |
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 13 | 2,023 | 10.3 | % | 94.9 | % | |
9 | Atlanta-Sandy Springs-Roswell, GA | 9 | 1,201 | 5.0 | % | 97.6 | % | |
11 | Phoenix-Mesa-Scottsdale, AZ | 15 | 1,499 | 6.3 | % | 93.9 | % | |
12 | San Francisco-Oakland-Hayward, CA | 3 | 438 | 3.0 | % | 94.9 | % | |
13 | Riverside-San Bernardino-Ontario, CA | 4 | 829 | 4.4 | % | 97.3 | % | |
15 | Seattle-Tacoma-Bellevue, WA | 6 | 229 | 1.8 | % | 98.6 | % | |
17 | San Diego-Carlsbad, CA | 3 | 286 | 1.5 | % | 81.5 | % | |
18 | Tampa-St. Petersburg-Clearwater, FL | 4 | 912 | 3.9 | % | 96.9 | % | |
19 | Denver-Aurora-Lakewood, CO | 5 | 797 | 3.4 | % | 94.2 | % | |
22 | Charlotte-Concord-Gastonia, NC-SC | 1 | 117 | 0.4 | % | 78.1 | % | |
23 | Orlando-Kissimmee-Sanford, FL | 6 | 1,039 | 5.0 | % | 97.3 | % | |
24 | San Antonio-New Braunfels, TX | 4 | 488 | 1.5 | % | 94.1 | % | |
25 | Portland-Vancouver-Hillsboro, OR-WA | 2 | 23 | 0.1 | % | 93.9 | % | |
27 | Sacramento--Roseville--Arden-Arcade, CA | 1 | 104 | 0.3 | % | 84.0 | % | |
28 | Las Vegas-Henderson-Paradise, NV | 5 | 914 | 3.4 | % | 96.5 | % | |
30 | Austin-Round Rock, TX | 1 | 351 | 1.7 | % | 98.8 | % | |
36 | San Jose-Sunnyvale-Santa Clara, CA | 2 | 303 | 1.6 | % | 70.9 | % | |
Top 40 CBSA's Ranked by Population | 125 | 16,489 | 79.4 | % | 94.8 | % | ||
All other CBSA's Ranked by Population | 48 | 5,749 | 20.6 | % | 94.8 | % | ||
Grand Total | 173 | 22,238 | 100.0 | % | 94.8 | % | ||
(1) ABR includes ground leases |
Gross Leasable Area | |||||||||||||||
ALL PROPERTIES BY STATE | # of Properties | WRI Owned | Joint Venture Share | Owned by Other | Total | ||||||||||
Arizona | 19 | 1,878,682 | 93,341 | 884,480 | 2,856,503 | ||||||||||
Arkansas | 1 | 180,200 | — | — | 180,200 | ||||||||||
California | 21 | 3,278,408 | — | 651,937 | 3,930,345 | ||||||||||
Colorado | 5 | 796,744 | 178,137 | 695,919 | 1,670,800 | ||||||||||
Florida | 28 | 4,428,963 | 1,604,013 | 918,898 | 6,951,874 | ||||||||||
Georgia | 10 | 1,204,374 | 137,068 | 559,234 | 1,900,676 | ||||||||||
Kentucky | 1 | 168,697 | — | 49,410 | 218,107 | ||||||||||
Maryland | 1 | 80,841 | — | — | 80,841 | ||||||||||
Nevada | 5 | 913,823 | — | 557,793 | 1,471,616 | ||||||||||
New Mexico | 1 | 118,521 | — | 27,330 | 145,851 | ||||||||||
North Carolina | 11 | 1,563,495 | — | 293,952 | 1,857,447 | ||||||||||
Oregon | 2 | 22,694 | 90,776 | 66,276 | 179,746 | ||||||||||
Tennessee | 4 | 500,210 | — | 154,340 | 654,550 | ||||||||||
Texas | 54 | 6,440,846 | 1,998,286 | 2,209,715 | 10,648,847 | ||||||||||
Utah | 1 | 182,099 | — | 122,800 | 304,899 | ||||||||||
Virginia | 3 | 250,811 | — | — | 250,811 | ||||||||||
Washington | 6 | 228,981 | 325,254 | 65,571 | 619,806 | ||||||||||
Total | 173 | 22,238,389 | 4,426,875 | 7,257,655 | 33,922,919 | ||||||||||
Footnotes for detail property listing |
(1) Denotes partial ownership. The square feet figures represent WRI's proportionate ownership of the property held by the joint venture or partnership. |
(2) Denotes property currently under development. |
(3) Denotes properties that are not consolidated for SEC reporting purposes. |
(4) Denotes single tenant retail property. |
(5) Denotes Hilltop Village Center 50/50 Joint Venture with 100% funding by WRI. |
( ) Retailers in parenthesis are not a part of the owned property. |
Notes: Square feet is reflective of area available to be leased. Average Base Rent per Leased SF excludes ground leases. |
Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles. |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Operating Properties | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Broadway Marketplace | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 82,757 | 87,379 | 14.22 | 92.3 | % | Office Max, Ace Hardware | |||||||||||||||
Camelback Miller Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 143,999 | 143,999 | 12.24 | 96.8 | % | Sprouts Farmers Market | T.J. Maxx, PetSmart | ||||||||||||||
Camelback Village Square | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 132,731 | 240,951 | 20.64 | 78.5 | % | Fry’s Supermarket | (LA Fitness) | ||||||||||||||
Desert Village Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 101,685 | 107,071 | 23.60 | 94.8 | % | AJ Fine Foods | CVS | ||||||||||||||
Fountain Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 112,055 | 304,107 | 9.04 | 92.4 | % | Fry’s Supermarket | Dollar Tree, (Lowe's) | ||||||||||||||
Madison Village | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 90,264 | 90,264 | 26.81 | 91.3 | % | Safeway | |||||||||||||||
Monte Vista Village Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 45,751 | 108,551 | 25.61 | 75.1 | % | (Safeway) | |||||||||||||||
Phoenix Office Building | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 21,122 | 21,122 | N/A | 84.0 | % | Weingarten Realty Regional Office, Endurance Rehab | |||||||||||||||
Pueblo Anozira Shopping Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 157,532 | 157,532 | 16.61 | 96.0 | % | Fry’s Supermarket | Petco, Dollar Tree | ||||||||||||||
Raintree Ranch Center | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 129,822 | 133,020 | 30.01 | 100.0 | % | Whole Foods | |||||||||||||||
Red Mountain Gateway | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 75,213 | 205,013 | 17.35 | 94.8 | % | (Target), Bed Bath & Beyond, Famous Footwear | |||||||||||||||
Scottsdale Horizon | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 155,093 | 155,093 | 33.31 | 97.7 | % | Safeway | CVS | ||||||||||||||
Scottsdale Waterfront | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 93,334 | 93,334 | 36.41 | 100.0 | % | Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters | |||||||||||||||
Squaw Peak Plaza | Phoenix-Mesa-Scottsdale, AZ | 100.0 | % | 60,713 | 60,713 | 19.85 | 100.0 | % | Sprouts Farmers Market | |||||||||||||||
Summit at Scottsdale | Phoenix-Mesa-Scottsdale, AZ | 51.0 | % | (1)(3) | 97,151 | 322,992 | 24.53 | 98.2 | % | Safeway | (Target), CVS, OfficeMax, PetSmart | |||||||||||||
Entrada de Oro Plaza Shopping Center | Tucson, AZ | 100.0 | % | 88,665 | 109,075 | 21.01 | 93.8 | % | Walmart Neighborhood Market | |||||||||||||||
Madera Village Shopping Center | Tucson, AZ | 100.0 | % | 96,697 | 106,858 | 12.96 | 98.1 | % | Safeway | Dollar Tree, Pet Club | ||||||||||||||
Oracle Wetmore Shopping Center | Tucson, AZ | 100.0 | % | 150,170 | 343,298 | 25.50 | 98.7 | % | (Home Depot), (Nordstrom Rack), Jo-Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty | |||||||||||||||
Shoppes at Bears Path | Tucson, AZ | 100.0 | % | 43,928 | 66,131 | 18.50 | 79.4 | % | (CVS Drug) | |||||||||||||||
Arizona Total: | # of Properties: | 19 | 1,878,682 | 2,856,503 | 20.54 | 94.1 | % | |||||||||||||||||
Arkansas | ||||||||||||||||||||||||
Markham West Shopping Center | Little Rock-North Little Rock-Conway, AR | 100.0 | % | 180,200 | 180,200 | 10.54 | 100.0 | % | Academy, Office Depot, Michaels, Dollar Tree | |||||||||||||||
Arkansas Total: | # of Properties: | 1 | 180,200 | 180,200 | 10.54 | 100.0 | % | |||||||||||||||||
California | ||||||||||||||||||||||||
8000 Sunset Strip Shopping Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 169,775 | 169,775 | 45.11 | 98.5 | % | Trader Joe's | CVS, Crunch, AMC Theaters, CB2 | ||||||||||||||
Centerwood Plaza | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 75,486 | 75,486 | 15.87 | 100.0 | % | Superior Grocers | Dollar Tree | ||||||||||||||
The Westside Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 36,540 | 36,540 | 47.26 | 82.1 | % | Guitar Center | |||||||||||||||
Westminster Center | Los Angeles-Long Beach-Anaheim, CA | 100.0 | % | 417,567 | 440,437 | 20.13 | 99.2 | % | Albertsons | Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness | ||||||||||||||
Chino Hills Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 310,913 | 310,913 | 22.18 | 97.6 | % | Smart & Final Stores | Dollar Tree, 24 Hour Fitness, Rite Aid | ||||||||||||||
Jess Ranch Marketplace | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 208,656 | 307,826 | 20.70 | 97.2 | % | (Winco Foods) | Burlington, PetSmart, Rite Aid, Big 5 | ||||||||||||||
Jess Ranch Marketplace Phase III | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 184,809 | 194,342 | 20.76 | 97.6 | % | (Winco Foods) | Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Menifee Town Center | Riverside-San Bernardino-Ontario, CA | 100.0 | % | 124,431 | 258,734 | 17.09 | 96.2 | % | Ralph's | Ross Dress for Less, Dollar Tree | ||||||||||||||
Valley Shopping Center | Sacramento--Roseville--Arden-Arcade, CA | 100.0 | % | 103,791 | 107,191 | 12.60 | 84.0 | % | Food 4 Less | |||||||||||||||
El Camino Promenade | San Diego-Carlsbad, CA | 100.0 | % | 129,676 | 129,676 | 27.87 | 65.1 | % | T.J. Maxx, Dollar Tree, BevMo | |||||||||||||||
Rancho San Marcos Village | San Diego-Carlsbad, CA | 100.0 | % | 120,160 | 134,420 | 19.55 | 95.5 | % | Vons | 24 Hour Fitness | ||||||||||||||
San Marcos Plaza | San Diego-Carlsbad, CA | 100.0 | % | 35,880 | 81,086 | 35.44 | 94.1 | % | (Albertsons) | |||||||||||||||
580 Market Place | San Francisco-Oakland-Hayward, CA | 100.0 | % | 100,097 | 100,097 | 31.48 | 100.0 | % | Safeway | 24 Hour Fitness, Petco | ||||||||||||||
Gateway Plaza | San Francisco-Oakland-Hayward, CA | 100.0 | % | 194,689 | 352,778 | 25.37 | 98.1 | % | Raley’s | 24 Hour Fitness | ||||||||||||||
Greenhouse Marketplace | San Francisco-Oakland-Hayward, CA | 100.0 | % | 143,055 | 232,824 | 26.61 | 87.1 | % | (Safeway) | (CVS), Jo-Ann Fabric, 99 Cents Only, Petco | ||||||||||||||
Cambrian Park Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 170,925 | 170,925 | 22.90 | 52.5 | % | BevMo, Dollar Tree | |||||||||||||||
Silver Creek Plaza | San Jose-Sunnyvale-Santa Clara, CA | 100.0 | % | 131,821 | 201,716 | 34.34 | 94.7 | % | Sprouts Farmers Market | Walgreens | ||||||||||||||
Freedom Centre | Santa Cruz-Watsonville, CA | 100.0 | % | 150,865 | 150,865 | 16.94 | 97.3 | % | Safeway | Rite Aid, Big Lots | ||||||||||||||
Stony Point Plaza | Santa Rosa, CA | 100.0 | % | 194,569 | 200,011 | 15.87 | 96.6 | % | Food Maxx | Ross Dress for Less, Fallas Paredes | ||||||||||||||
Creekside Center | Vallejo-Fairfield, CA | 100.0 | % | 112,677 | 112,677 | 22.10 | 98.2 | % | Raley’s | |||||||||||||||
Southampton Center | Vallejo-Fairfield, CA | 100.0 | % | 162,026 | 162,026 | 21.87 | 95.3 | % | Raley’s | Ace Hardware, Dollar Tree | ||||||||||||||
California Total: | # of Properties: | 21 | 3,278,408 | 3,930,345 | 23.47 | 92.8 | % | |||||||||||||||||
Colorado | ||||||||||||||||||||||||
Aurora City Place | Denver-Aurora-Lakewood, CO | 50.0 | % | (1)(3) | 178,137 | 538,274 | 17.21 | 82.2 | % | (Super Target) | Barnes & Noble, Ross Dress For Less, PetSmart, Michaels, Conn's | |||||||||||||
Crossing at Stonegate | Denver-Aurora-Lakewood, CO | 100.0 | % | 109,080 | 109,080 | 19.00 | 100.0 | % | King Sooper’s | |||||||||||||||
Edgewater Marketplace | Denver-Aurora-Lakewood, CO | 100.0 | % | 144,553 | 270,548 | 12.80 | 97.2 | % | King Sooper's | Ace Hardware, (Target) | ||||||||||||||
Lowry Town Center | Denver-Aurora-Lakewood, CO | 100.0 | % | 76,698 | 129,398 | 30.58 | 97.1 | % | (Safeway) | |||||||||||||||
River Point at Sheridan | Denver-Aurora-Lakewood, CO | 100.0 | % | 288,276 | 623,500 | 16.01 | 97.1 | % | (Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart | |||||||||||||||
Colorado Total: | # of Properties: | 5 | 796,744 | 1,670,800 | 17.80 | 94.2 | % | |||||||||||||||||
Florida | ||||||||||||||||||||||||
Argyle Village Shopping Center | Jacksonville, FL | 100.0 | % | 306,506 | 306,506 | 12.86 | 98.5 | % | Publix | Bed Bath & Beyond, T.J. Maxx, Jo-Ann Fabric, Michaels | ||||||||||||||
Atlantic West | Jacksonville, FL | 50.0 | % | (1)(3) | 46,134 | 188,278 | 13.99 | 98.2 | % | (Walmart Supercenter) | T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's) | |||||||||||||
Epic Village St. Augustine | Jacksonville, FL | 70.0 | % | (1) | 8,542 | 64,180 | 14.74 | 100.0 | % | (Epic Theaters) | ||||||||||||||
Kernan Village | Jacksonville, FL | 50.0 | % | (1)(3) | 42,579 | 288,780 | 16.58 | 100.0 | % | (Walmart Supercenter) | Ross Dress for Less, Petco | |||||||||||||
Boca Lyons Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 117,423 | 117,423 | 23.76 | 95.6 | % | Aroma Market & Catering | Ross Dress for Less | ||||||||||||||
Deerfield | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 402,436 | 408,417 | 14.13 | 93.3 | % | Publix | T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta | ||||||||||||||
Embassy Lakes Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 131,723 | 142,751 | 14.53 | 85.8 | % | Ideal Food Basket | Tuesday Morning, Dollar Tree | ||||||||||||||
Flamingo Pines | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 25,373 | 148,841 | 18.93 | 94.6 | % | Publix | ||||||||||||||
Hollywood Hills Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 74,609 | 416,769 | 21.01 | 98.7 | % | Publix | Target, Chewy.com | |||||||||||||
Northridge | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 46,690 | 236,478 | 19.56 | 95.0 | % | Publix | Petco, Ross Dress for Less, Dollar Tree | |||||||||||||
Pembroke Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 60,684 | 323,677 | 15.50 | 100.0 | % | Publix | Marshalls, Office Depot, LA Fitness, Dollar Tree | |||||||||||||
Sea Ranch Centre | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 98,851 | 98,851 | 18.22 | 92.0 | % | Publix | CVS, Dollar Tree | ||||||||||||||
Tamiami Trail Shops | Miami-Fort Lauderdale-West Palm Beach, FL | 20.0 | % | (1)(3) | 22,173 | 132,562 | 18.34 | 98.6 | % | Publix | CVS |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
The Palms at Town & County | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 657,652 | 657,652 | 27.21 | 97.3 | % | Publix | Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, 24 Hour Fitness, Nordstrom Rack, CVS | ||||||||||||||
TJ Maxx Plaza | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 161,429 | 161,429 | 17.25 | 89.8 | % | Fresco Y Mas | T.J. Maxx, Dollar Tree | ||||||||||||||
Vizcaya Square Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 110,081 | 110,081 | 17.77 | 99.0 | % | Winn Dixie | |||||||||||||||
Wellington Green Commons | Miami-Fort Lauderdale-West Palm Beach, FL | 100.0 | % | 114,356 | 136,856 | 29.56 | 96.8 | % | Whole Foods Market | |||||||||||||||
Clermont Landing | Orlando-Kissimmee-Sanford, FL | 75.0 | % | (1)(3) | 133,220 | 347,284 | 18.88 | 98.3 | % | (J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels | ||||||||||||||
Colonial Plaza | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 497,693 | 497,693 | 15.65 | 97.9 | % | Hobby Lobby, Ross Dress for Less, Marshalls, Old Navy, Staples, Stein Mart, Barnes & Noble, Petco, Big Lots | |||||||||||||||
Phillips Crossing | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 145,644 | 145,644 | 29.74 | 92.4 | % | Whole Foods | Golf Galaxy, Michaels | ||||||||||||||
Shoppes of South Semoran | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 103,779 | 103,779 | 12.84 | 97.4 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
The Marketplace at Dr. Phillips | Orlando-Kissimmee-Sanford, FL | 20.0 | % | (1)(3) | 65,374 | 326,870 | 25.88 | 97.3 | % | Publix | HomeGoods, Stein Mart, Morton's of Chicago, Office Depot | |||||||||||||
Winter Park Corners | Orlando-Kissimmee-Sanford, FL | 100.0 | % | 93,311 | 93,311 | 28.51 | 100.0 | % | Sprouts Farmers Market | |||||||||||||||
Pineapple Commons | Port St. Lucie, FL | 20.0 | % | (1)(3) | 51,019 | 269,449 | 16.82 | 98.9 | % | Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS) | ||||||||||||||
Countryside Centre | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 245,958 | 245,958 | 15.41 | 95.9 | % | T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less | |||||||||||||||
East Lake Woodlands | Tampa-St. Petersburg-Clearwater, FL | 20.0 | % | (1)(3) | 20,886 | 104,430 | 14.44 | 95.0 | % | Walmart Neighborhood Market | Walgreens | |||||||||||||
Largo Mall | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 377,019 | 610,106 | 18.68 | 96.3 | % | (Publix) | Marshalls, Bealls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target) | ||||||||||||||
Sunset 19 Shopping Center | Tampa-St. Petersburg-Clearwater, FL | 100.0 | % | 267,819 | 267,819 | 16.00 | 98.8 | % | Sprouts Farmers Market | Hobby Lobby, Bed Bath & Beyond, Barnes & Noble, Old Navy, Cost Plus World Market | ||||||||||||||
Florida Total: | # of Properties: | 28 | 4,428,963 | 6,951,874 | 18.93 | 96.3 | % | |||||||||||||||||
Georgia | ||||||||||||||||||||||||
Brownsville Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 27,747 | 81,913 | 20.05 | 78.4 | % | (Kroger) | |||||||||||||||
Camp Creek Marketplace II | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 196,283 | 228,003 | 16.69 | 99.1 | % | Burlington, DSW, LA Fitness, American Signature | |||||||||||||||
Grayson Commons | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 76,581 | 76,581 | 15.95 | 98.5 | % | Kroger | |||||||||||||||
Lakeside Marketplace | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 137,503 | 332,699 | 17.37 | 94.1 | % | (Super Target) | Ross Dress for Less, Petco | ||||||||||||||
Mansell Crossing | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 20,586 | 102,930 | 15.07 | 100.0 | % | buybuy BABY, Ross Dress for Less, Party City | ||||||||||||||
Perimeter Village | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 381,738 | 381,738 | 21.54 | 99.2 | % | Walmart Supercenter | Hobby Lobby, Cost Plus World Market, DSW | ||||||||||||||
Publix at Princeton Lakes | Atlanta-Sandy Springs-Roswell, GA | 20.0 | % | (1)(3) | 13,681 | 72,205 | 18.00 | 100.0 | % | Publix | ||||||||||||||
Roswell Corners | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 145,496 | 327,261 | 21.37 | 96.8 | % | (Super Target), Fresh Market | T.J. Maxx | ||||||||||||||
Roswell Crossing Shopping Center | Atlanta-Sandy Springs-Roswell, GA | 100.0 | % | 201,759 | 201,759 | 16.44 | 98.1 | % | Trader Joe's | Office Max, PetSmart, Walgreens | ||||||||||||||
Thompson Bridge Commons | Gainesville, GA | 100.0 | % | (4) | 3,000 | 95,587 | N/A | 100.0 | % | (Kroger) | ||||||||||||||
Georgia Total: | # of Properties: | 10 | 1,204,374 | 1,900,676 | 18.32 | 97.6 | % | |||||||||||||||||
Kentucky | ||||||||||||||||||||||||
Festival on Jefferson Court | Louisville/Jefferson County, KY-IN | 100.0 | % | 168,697 | 218,107 | 14.74 | 95.1 | % | Kroger | (PetSmart), (T.J. Maxx), Staples, Party City | ||||||||||||||
Kentucky Total: | # of Properties: | 1 | 168,697 | 218,107 | 14.74 | 95.1 | % | |||||||||||||||||
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Maryland | ||||||||||||||||||||||||
Pike Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | 80,841 | 80,841 | 61.55 | 95.8 | % | Pier 1, DXL Mens Apparel | |||||||||||||||
Maryland Total: | # of Properties: | 1 | 80,841 | 80,841 | 61.55 | 95.8 | % | |||||||||||||||||
Nevada | ||||||||||||||||||||||||
Charleston Commons Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 332,298 | 366,952 | 18.53 | 99.3 | % | Walmart | Ross Dress for Less, Office Max, 99 Cents Only, PetSmart | ||||||||||||||
College Park Shopping Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 167,654 | 195,367 | 13.37 | 96.0 | % | El Super | Factory 2 U, CVS | ||||||||||||||
Francisco Center | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 116,973 | 148,815 | 12.76 | 97.5 | % | La Bonita Grocery | (Ross Dress for Less) | ||||||||||||||
Rancho Towne & Country | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 84,711 | 161,837 | 14.04 | 100.0 | % | Smith’s Food | |||||||||||||||
Westland Fair | Las Vegas-Henderson-Paradise, NV | 100.0 | % | 212,187 | 598,645 | 18.23 | 90.8 | % | (Walmart Supercenter) | (Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final | ||||||||||||||
Nevada Total: | # of Properties: | 5 | 913,823 | 1,471,616 | 15.98 | 96.5 | % | |||||||||||||||||
New Mexico | ||||||||||||||||||||||||
North Towne Plaza | Albuquerque, NM | 100.0 | % | 118,521 | 145,851 | 23.14 | 96.3 | % | Whole Foods Market | HomeGoods | ||||||||||||||
New Mexico Total: | # of Properties: | 1 | 118,521 | 145,851 | 23.14 | 96.3 | % | |||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Galleria Shopping Center | Charlotte-Concord-Gastonia, NC-SC | 100.0 | % | 117,102 | 324,704 | 17.94 | 78.1 | % | (Walmart Supercenter) | Retro Fitness | ||||||||||||||
Bull City Market | Durham-Chapel Hill, NC | 100.0 | % | 40,875 | 40,875 | 19.47 | 100.0 | % | Whole Foods Market | |||||||||||||||
Hope Valley Commons | Durham-Chapel Hill, NC | 100.0 | % | 81,327 | 81,327 | 28.32 | 100.0 | % | Harris Teeter | |||||||||||||||
Avent Ferry Shopping Center | Raleigh, NC | 100.0 | % | 119,652 | 119,652 | 18.27 | 89.4 | % | Food Lion | Family Dollar | ||||||||||||||
Capital Square | Raleigh, NC | 100.0 | % | 143,063 | 143,063 | 7.59 | 100.0 | % | Food Lion | |||||||||||||||
Falls Pointe Shopping Center | Raleigh, NC | 100.0 | % | 112,199 | 198,549 | 19.88 | 100.0 | % | Harris Teeter | (Kohl’s) | ||||||||||||||
High House Crossing | Raleigh, NC | 100.0 | % | 87,517 | 87,517 | 17.30 | 81.5 | % | Grocery Anchor | |||||||||||||||
Leesville Towne Centre | Raleigh, NC | 100.0 | % | 127,106 | 127,106 | 20.20 | 100.0 | % | Harris Teeter | Walgreens | ||||||||||||||
Northwoods Shopping Center | Raleigh, NC | 100.0 | % | 77,803 | 77,803 | 11.77 | 95.9 | % | Walmart Neighborhood Market | Dollar Tree | ||||||||||||||
Six Forks Shopping Center | Raleigh, NC | 100.0 | % | 468,414 | 468,414 | 12.23 | 98.1 | % | Food Lion | Kmart, Home Depot, Bed Bath & Beyond, PetSmart | ||||||||||||||
Stonehenge Market | Raleigh, NC | 100.0 | % | 188,437 | 188,437 | 13.73 | 92.1 | % | Harris Teeter | Stein Mart, Walgreens | ||||||||||||||
North Carolina Total: | # of Properties: | 11 | 1,563,495 | 1,857,447 | 15.22 | 94.8 | % | |||||||||||||||||
Oregon | ||||||||||||||||||||||||
Clackamas Square | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 14,790 | 140,226 | 19.48 | 90.7 | % | (Winco Foods) | T.J. Maxx | |||||||||||||
Raleigh Hills Plaza | Portland-Vancouver-Hillsboro, OR-WA | 20.0 | % | (1)(3) | 7,904 | 39,520 | 26.09 | 100.0 | % | New Seasons Market | Walgreens | |||||||||||||
Oregon Total: | # of Properties: | 2 | 22,694 | 179,746 | 21.98 | 93.9 | % | |||||||||||||||||
Tennessee | ||||||||||||||||||||||||
Highland Square | Memphis, TN-MS-AR | 100.0 | % | (4) | 14,490 | 14,490 | N/A | 100.0 | % | Walgreens | ||||||||||||||
Mendenhall Commons | Memphis, TN-MS-AR | 100.0 | % | 88,108 | 88,108 | 12.46 | 100.0 | % | Kroger |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Ridgeway Trace | Memphis, TN-MS-AR | 100.0 | % | 168,816 | 306,556 | 24.27 | 97.7 | % | (Target), Best Buy, PetSmart, REI | |||||||||||||||
The Commons at Dexter Lake | Memphis, TN-MS-AR | 100.0 | % | 228,796 | 245,396 | 11.10 | 92.9 | % | Kroger | Marshalls, HomeGoods, Stein Mart | ||||||||||||||
Tennessee Total: | # of Properties: | 4 | 500,210 | 654,550 | 15.70 | 96.0 | % | |||||||||||||||||
Texas | ||||||||||||||||||||||||
Mueller Regional Retail Center | Austin-Round Rock, TX | 100.0 | % | 351,099 | 351,099 | 17.74 | 98.8 | % | Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy, Total Wine | |||||||||||||||
North Park Plaza | Beaumont-Port Arthur, TX | 50.0 | % | (1)(3) | 69,963 | 281,255 | 18.85 | 89.8 | % | (Target), Spec's, Kirkland's | ||||||||||||||
North Towne Plaza | Brownsville-Harlingen, TX | 100.0 | % | 28,000 | 145,000 | 8.00 | 12.9 | % | (Lowe's) | |||||||||||||||
Rock Prairie Marketplace | College Station-Bryan, TX | 100.0 | % | 18,163 | 18,163 | 28.70 | 91.0 | % | ||||||||||||||||
Overton Park Plaza | Dallas-Fort Worth-Arlington, TX | 100.0 | % | 352,800 | 462,800 | 16.65 | 88.3 | % | Sprouts Farmers Market | Burlington, PetSmart, T.J. Maxx, (Home Depot), buybuy BABY | ||||||||||||||
Preston Shepard Place | Dallas-Fort Worth-Arlington, TX | 20.0 | % | (1)(3) | 72,667 | 363,335 | 18.21 | 80.0 | % | Nordstrom, Marshalls, Stein Mart, Office Depot, Petco | ||||||||||||||
10-Federal Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,871 | 132,473 | 9.39 | 98.7 | % | Sellers Bros. | Palais Royal, Harbor Freight Tools | |||||||||||||
Alabama Shepherd Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 59,120 | 59,120 | 22.09 | 100.0 | % | Trader Joe's | PetSmart | ||||||||||||||
Baybrook Gateway | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 241,149 | 241,149 | 16.91 | 85.4 | % | Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels | |||||||||||||||
Bellaire Blvd. Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,699 | 43,891 | 8.75 | 100.0 | % | Randall’s | |||||||||||||||
Blalock Market at I-10 | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 97,277 | 97,277 | 17.17 | 100.0 | % | 99 Ranch Market | |||||||||||||||
Citadel Building | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 121,000 | 121,000 | N/A | 100.0 | % | Weingarten Realty Investors Corporate Office | |||||||||||||||
Cypress Pointe | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 186,721 | 283,381 | 10.91 | 88.6 | % | Kroger | Ross Dress for Less | ||||||||||||||
Galveston Place | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 210,361 | 210,361 | 11.88 | 97.8 | % | Randall’s | Office Depot, Palais Royal, Spec's | ||||||||||||||
Griggs Road Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 12,014 | 80,093 | 9.85 | 86.5 | % | Family Dollar, Citi Trends | ||||||||||||||
Harrisburg Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 14,043 | 93,620 | 20.74 | 95.0 | % | dd's Discount | ||||||||||||||
HEB - Dairy Ashford & Memorial | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | (4) | 36,874 | 36,874 | N/A | 100.0 | % | H-E-B Fulfillment Center | ||||||||||||||
Heights Plaza Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,277 | 71,277 | 9.62 | 100.0 | % | Kroger | Goodwill | ||||||||||||||
I45/Telephone Rd. | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 25,740 | 171,600 | 13.09 | 96.6 | % | Sellers Bros. | Famsa, Harbor Freight Tools | |||||||||||||
League City Plaza | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 19,420 | 129,467 | 19.37 | 60.1 | % | Spec’s | ||||||||||||||
Market at Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 81,441 | 81,441 | 25.83 | 93.5 | % | Blink Fitness | |||||||||||||||
Northbrook Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 174,181 | 174,181 | 15.88 | 95.6 | % | El Rancho Supermarket | Office Depot, Dollar Tree | ||||||||||||||
Oak Forest Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 157,669 | 157,669 | 19.01 | 96.7 | % | Kroger | Ross Dress for Less, Dollar Tree, PetSmart | ||||||||||||||
Randalls Center/Kings Crossing | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 126,397 | 126,397 | 18.84 | 99.1 | % | Randall’s | CVS | ||||||||||||||
Richmond Square | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 92,657 | 92,657 | 29.73 | 100.0 | % | Best Buy, Cost Plus | |||||||||||||||
River Oaks Shopping Center - East | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 71,265 | 71,265 | 14.20 | 98.0 | % | Kroger | |||||||||||||||
River Oaks Shopping Center - West | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 229,792 | 229,792 | 40.53 | 96.0 | % | Kroger | Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank | ||||||||||||||
Shoppes at Memorial Villages | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 166,777 | 166,777 | 18.43 | 100.0 | % | Gulf Coast Veterinary Specialists | |||||||||||||||
Shops at Kirby Drive | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 10,000 | 55,460 | 35.69 | 88.5 | % | Freebirds Burrito |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Shops at Three Corners | Houston-The Woodlands-Sugar Land, TX | 70.0 | % | (1) | 172,873 | 277,603 | 15.78 | 100.0 | % | Fiesta | Ross Dress for Less, PetSmart, Office Depot, Big Lots | |||||||||||||
Southgate Shopping Center | Houston-The Woodlands-Sugar Land, TX | 15.0 | % | (1) | 18,668 | 124,453 | 12.47 | 93.5 | % | Food-A-Rama | CVS, Family Dollar, Palais Royal | |||||||||||||
The Centre at Post Oak | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 183,940 | 183,940 | 38.21 | 98.1 | % | Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus | |||||||||||||||
Tomball Marketplace | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 168,724 | 326,545 | 19.89 | 92.9 | % | (Academy), (Kohl's), Ross Dress For Less, Marshalls | |||||||||||||||
Village Plaza at Bunker Hill | Houston-The Woodlands-Sugar Land, TX | 57.8 | % | (1)(3) | 283,399 | 490,734 | 24.95 | 93.9 | % | H-E-B | PetSmart, Academy, Nordstrom Rack, Burlington | |||||||||||||
West Gray | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 37,421 | 37,421 | 26.25 | 74.8 | % | Pier 1 | |||||||||||||||
Westchase Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 221,601 | 350,320 | 17.70 | 100.0 | % | Whole Foods Market | (Target), Ross Dress for Less, Palais Royal, Petco | ||||||||||||||
Westhill Village Shopping Center | Houston-The Woodlands-Sugar Land, TX | 100.0 | % | 130,851 | 130,851 | 18.92 | 93.1 | % | Ross Dress for Less, Office Depot, 99 Cents Only | |||||||||||||||
Independence Plaza | Laredo, TX | 100.0 | % | 347,302 | 347,302 | 14.48 | 99.4 | % | H-E-B | T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty | ||||||||||||||
North Creek Plaza | Laredo, TX | 100.0 | % | 243,596 | 485,463 | 15.29 | 97.5 | % | (H-E-B) | (Target), Marshalls, Old Navy, Best Buy, HomeGoods | ||||||||||||||
Plantation Centre | Laredo, TX | 100.0 | % | 136,701 | 144,343 | 17.84 | 100.0 | % | H-E-B | |||||||||||||||
Las Tiendas Plaza | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 143,976 | 500,084 | 12.72 | 94.7 | % | (Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot, (HomeGoods), (Forever 21) | ||||||||||||||
Market at Nolana | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 20,569 | 245,057 | 23.53 | 76.4 | % | (Walmart Supercenter) | ||||||||||||||
Market at Sharyland Place | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 53,956 | 301,174 | 18.53 | 95.4 | % | (Walmart Supercenter) | Kohl's, Dollar Tree | |||||||||||||
North Sharyland Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 1,788 | 3,576 | N/A | 100.0 | % | |||||||||||||||
Northcross | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 37,644 | 75,288 | 18.75 | 87.4 | % | Barnes & Noble | ||||||||||||||
Old Navy Building | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 7,500 | 15,000 | N/A | 100.0 | % | Old Navy | ||||||||||||||
Sharyland Towne Crossing | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3) | 180,458 | 492,825 | 15.65 | 94.3 | % | H-E-B | (Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less | |||||||||||||
South 10th St. HEB | McAllen-Edinburg-Mission, TX | 50.0 | % | (1)(3)(4) | 51,851 | 103,702 | N/A | 100.0 | % | H-E-B | ||||||||||||||
Trenton Crossing | McAllen-Edinburg-Mission, TX | 100.0 | % | 266,105 | 571,266 | 13.04 | 87.2 | % | (Target), (Kohl's), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart | |||||||||||||||
Starr Plaza | Rio Grande City, TX | 50.0 | % | (1)(3) | 88,347 | 176,694 | 14.35 | 98.0 | % | H-E-B | Bealls | |||||||||||||
Fiesta Trails | San Antonio-New Braunfels, TX | 100.0 | % | 398,670 | 478,670 | 14.33 | 94.1 | % | (H-E-B) | Marshalls, Bob Mills Furniture, Act III Theatres, Stein Mart, Petco | ||||||||||||||
Parliament Square II | San Antonio-New Braunfels, TX | 100.0 | % | (4) | 54,541 | 54,541 | N/A | 100.0 | % | Incredible Pizza | ||||||||||||||
Stevens Ranch | San Antonio-New Braunfels, TX | 50.0 | % | (1) | 10,657 | 21,314 | N/A | 66.3 | % | |||||||||||||||
Thousand Oaks Shopping Center | San Antonio-New Braunfels, TX | 15.0 | % | (1) | 24,271 | 161,807 | 11.83 | 93.1 | % | H-E-B | Bealls, Tuesday Morning | |||||||||||||
Texas Total: | # of Properties: | 54 | 6,440,846 | 10,648,847 | 18.24 | 94.5 | % | |||||||||||||||||
Utah | ||||||||||||||||||||||||
West Jordan Town Center | Salt Lake City, UT | 100.0 | % | 182,099 | 304,899 | 11.83 | 68.9 | % | Lucky Supermarket | (Target), Petco | ||||||||||||||
Utah Total: | # of Properties: | 1 | 182,099 | 304,899 | 11.83 | 68.9 | % | |||||||||||||||||
Virginia | ||||||||||||||||||||||||
Hilltop Village Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (5) | 250,811 | 250,811 | 34.60 | 99.4 | % | Wegmans | L.A. Fitness | |||||||||||||
Virginia Total: | # of Properties: | 1 | 100.0 | % | 250,811 | 250,811 | 34.60 | 99.4 | % |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
Washington | ||||||||||||||||||||||||
2200 Westlake | Seattle-Tacoma-Bellevue, WA | 69.4 | % | (1)(3) | 60,366 | 87,014 | 38.29 | 100.0 | % | Whole Foods | ||||||||||||||
Meridian Town Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 15,533 | 143,236 | 17.54 | 100.0 | % | (Safeway) | Jo-Ann Fabric, Tuesday Morning | |||||||||||||
Queen Anne Marketplace | Seattle-Tacoma-Bellevue, WA | 51.0 | % | (1)(3) | 41,506 | 81,384 | 30.83 | 98.3 | % | Metropolitan Market | Bartell's Drug | |||||||||||||
Rainer Square Plaza | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 22,347 | 111,735 | 21.81 | 100.0 | % | Safeway | Ross Dress for Less | |||||||||||||
South Hill Center | Seattle-Tacoma-Bellevue, WA | 20.0 | % | (1)(3) | 26,802 | 134,010 | 16.92 | 98.9 | % | Bed Bath & Beyond, Ross Dress for Less, Best Buy | ||||||||||||||
The Whittaker | Seattle-Tacoma-Bellevue, WA | 100.0 | % | 62,427 | 62,427 | 34.40 | 96.6 | % | Whole Foods | |||||||||||||||
Washington Total: | # of Properties: | 6 | 228,981 | 619,806 | 30.37 | 98.6 | % | |||||||||||||||||
Total Operating Properties | # of Properties: | 171 | 22,238,389 | 33,922,919 | 19.37 | 94.8 | % | |||||||||||||||||
New Development | ||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||
Centro Arlington | Washington-Arlington-Alexandria, DC-VA-MD-WV | 90.0 | % | (1)(2)(3) | — | — | Harris Teeter | |||||||||||||||||
West Alex | Washington-Arlington-Alexandria, DC-VA-MD-WV | 100.0 | % | (2) | — | — | Harris Teeter | |||||||||||||||||
Virginia Total: | # of Properties: | 2 | — | — | ||||||||||||||||||||
Total New Developments | # of Properties: | 2 | — | — | ||||||||||||||||||||
Operating & New Development Properties | # of Properties: | 173 | 22,238,389 | 33,922,919 | ||||||||||||||||||||
Unimproved Land | ||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||
Lon Adams Rd. at Tangerine Farms Rd., Marana | 422,532 | |||||||||||||||||||||||
Arizona Total: | 422,532 | |||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||
Highway 85 and Highway 285, Sheridan | 247,247 | |||||||||||||||||||||||
Colorado Total: | 247,247 | |||||||||||||||||||||||
Florida | ||||||||||||||||||||||||
SR 207 at Rolling Hills Dr., St. Augustine | 69,696 | |||||||||||||||||||||||
State Road 100 & Belle Terre Parkway, Palm Coast | 292,288 | |||||||||||||||||||||||
Florida Total: | 361,984 | |||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||
NWC South Fulton Pkwy. @ Hwy. 92, Union City | 1,050,754 | |||||||||||||||||||||||
Georgia Total: | 1,050,754 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Capital Blvd & Stadium Drive, Wake Forest | 95,354 | |||||||||||||||||||||||
Highway 17 and Highway 210, Surf City | 1,948,831 |
Center | CBSA | Owned % | Foot Notes | Owned GLA | Total GLA | Average Base Rent (ABR) | Occupancy % | Grocer Anchor | Other Anchors ( ) indicates owned by others | |||||||||||||||
U.S. Highway 1 at Caveness Farms Rd., Wake Forest | 911,929 | |||||||||||||||||||||||
North Carolina Total: | 2,956,114 | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||
9th Ave. at 25th St., Port Arthur | 243,065 | |||||||||||||||||||||||
Culebra Road and Westwood Loop, San Antonio | 60,984 | |||||||||||||||||||||||
East Orem, Houston | 121,968 | |||||||||||||||||||||||
FM 1957 (Potranco Road) and FM 211, San Antonio | 5,245,321 | |||||||||||||||||||||||
FM 2920 and Highway 249, Tomball | 95,832 | |||||||||||||||||||||||
Gattis School Rd. at A.W. Grimes Blvd., Round Rock | 57,499 | |||||||||||||||||||||||
Highway 3 at Highway 1765, Texas City | 200,812 | |||||||||||||||||||||||
Nolana Ave. and 29th St., McAllen | 163,350 | |||||||||||||||||||||||
Northwest Freeway at Gessner, Houston | 43,396 | |||||||||||||||||||||||
Rock Prairie Rd. at Hwy. 6, College Station | 229,561 | |||||||||||||||||||||||
SH 151 and Ingram Rd., San Antonio | 252,692 | |||||||||||||||||||||||
Shary Rd. at North Hwy. 83, Mission | 172,498 | |||||||||||||||||||||||
U.S. 77 and 83 at SHFM 802, Brownsville | 914,723 | |||||||||||||||||||||||
US Hwy. 281 at Wilderness Oaks, San Antonio | 396,962 | |||||||||||||||||||||||
West Little York at Interstate 45, Houston | 161,172 | |||||||||||||||||||||||
Texas Total: | 8,359,835 | |||||||||||||||||||||||
Total Unimproved Land | 13,398,466 |
Three Months Ended | Six Months Ended | For the Year Ended | ||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | September 30, 2018 | December 31, 2018 | June 30, 2019 | June 30, 2018 | December 31, 2018 | ||||||||||||||||||||||
Rental Revenues: | ||||||||||||||||||||||||||||
Other rental income (restated in financial statements for prior periods) | $ | 217 | $ | 325 | $ | 373 | $ | 636 | $ | 1,334 | ||||||||||||||||||
Real estate taxes paid directly by tenants (no restatement for prior periods) | (1,003 | ) | (1,090 | ) | (1,037 | ) | (2,187 | ) | (4,314 | ) | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Other rental income (restated in financial statements for prior periods) | (217 | ) | (325 | ) | (373 | ) | (636 | ) | (1,334 | ) | ||||||||||||||||||
Total Revenues | (1,003 | ) | (1,090 | ) | (1,037 | ) | (2,187 | ) | (4,314 | ) | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||
Real estate taxes paid directly by tenants (no restatement for prior periods) | (1,003 | ) | (1,090 | ) | (1,037 | ) | (2,187 | ) | (4,314 | ) | ||||||||||||||||||
Total Operating Expenses | (1,003 | ) | (1,090 | ) | (1,037 | ) | (2,187 | ) | (4,314 | ) | ||||||||||||||||||
Net Income Changes | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Capitalized Amounts for Deferred Leasing Costs | $ | 213 | $ | 2,588 | $ | 2,530 | $ | 2,577 | $ | 440 | $ | 5,136 | $ | 10,243 | ||||||||||||||
Right-Of-Use Assets | 43,917 | 43,917 | ||||||||||||||||||||||||||
Lease Liabilities | 42,747 | 42,747 | ||||||||||||||||||||||||||
Note: Estimated material amounts have been presented to assist with prior period comparability due to the implementation of Financial Accounting Standards Board's Accounting Standard Update No. 2016-02, "Leases" as of January 1, 2019. |
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