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Weingarten Realty Announces Great Progress With Portfolio Transformation

Stocks in this article: WRI

Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today significant progress in its portfolio transformation through numerous transactions.

Acquisition Activity

As previously reported, in the fourth quarter the Company acquired Mueller Regional Retail Center in Austin, Texas. Mueller is a 350,000 square foot power center anchored by Home Depot, Marshalls, Bed Bath & Beyond and PetSmart.

Additionally, the Company added to its investment at Queen Ann Marketplace in Seattle, Washington by purchasing the 15,034 square foot condominium interest for the Bartell Drugs store. This property is owned in a joint venture with Bouwinvest, where Weingarten owns 51%.

Acquisition activity for the fourth quarter and full year totaled $85.3 million and $174.6 million respectively.

Disposition Activity

During the fourth quarter, Weingarten sold three non-core properties and one land parcel for $38.6 million. The disposed properties include:

1. Northwest Crossing Shopping Center – Houston, Texas2. Market Street Shopping Center – Houston, Texas3. Lake Washington Square – Melbourne, Florida4. An outparcel (pad site) in Orlando, Florida

For the full year 2013, Weingarten sold 33 properties, including three industrial buildings and six land parcels, comprising 3.9 million square feet for $278.3 million. Immediately subsequent to quarter end the Company sold an additional shopping center for $14.7 million, and has one other property that is expected to close shortly for $40.9 million.

Additional Transformation Activity

In addition to the ongoing acquisition and disposition activity described above, the Company completed two transactions with joint venture partners in the fourth quarter and an additional joint venture transaction in the first quarter of 2014. These transactions will have an immaterial impact on future earnings, but will simplify our financial structure, creating better balance sheet clarity.

First, the Company reported that it closed on a multi-property transaction with affiliates of Miller Real Estate Investments in Denver, Colorado, effectively completing the dissolution of this relationship. The Company reported that it received the remaining 50% interest in River Point at Sheridan (two consolidated joint ventures), cash, and a small building in Salt Lake City, Utah in exchange for the Company’s interest in two unconsolidated venture properties, Alpine Valley Center and 300 West, both in Salt Lake City. River Point is a 519,000 square foot power center anchored by Target and Costco who own their own facilities. The center is also anchored by Regal Cinema, Michaels and Tuesday Morning. This project includes 18.2 acres available for future development.

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