This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Weingarten Realty Announces Great Progress With Portfolio Transformation

Stocks in this article: WRI

In the second transaction, the Company purchased control of both phases of a grocery anchored shopping center in Apple Valley, California (Jess Ranch Marketplace and Jess Ranch Phase III). The center totals over 502,000 square feet and is anchored by Winco Foods, who owns their own facility, Burlington Coat Factory, Cinemark Theaters, Bed Bath & Beyond, Ulta Salon, PetSmart and others.

In the first quarter of 2014, the Company completed the dissolution of its consolidated joint venture with the Hines Retail REIT (“Hines”), where the Company owned a 30% interest. The joint venture held a portfolio of 13 properties located in Texas (4), Tennessee (3), Georgia (3), Florida (2), and North Carolina (1). The transaction was completed through the distribution of five properties to the Company and eight properties to Hines. The Company now owns 100% of:

1. Mendenhall Commons – Memphis, Tennessee2. Commons at Dexter Lake – Memphis, Tennessee3. Commons at Dexter Lake Phase II – Memphis, Tennessee4. Randall’s/Kings Crossing – Houston, Texas5. Bellaire Boulevard – Houston, Texas

The transaction resulted in the disposition of its interest in:

1. Oak Park Village – San Antonio, Texas2. Champions Village – Houston, Texas3. University Palms – Oviedo, Florida4. Shoppes at Parkland – Parkland, Florida5. Sandy Plains Exchange – Marietta, Georgia6. Cherokee Plaza – Atlanta, Georgia7. Thompson Bridge Commons – Gainesville, Georgia8. Heritage Station – Wake Forest, North Carolina

WRI will continue to lease and manage the eight properties owned by Hines.

All three of these transactions will not materially change the Company’s 2014 Funds from Operations (“FFO”), but clarifies and simplifies its balance sheet. The net impact of these transactions on debt as of September 30, 2013 is a decrease of $111.2 million on a consolidated basis and a $2.2 million increase on a prorata basis. The transactions also resulted in the repayment of $70.4 million in Notes Receivable from Real Estate Joint Ventures and Partnerships outstanding as of September 30, 2013.

2 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,786.60 +8.45 0.05%
S&P 500 2,064.91 +3.68 0.18%
NASDAQ 4,757.8120 +9.4160 0.20%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs