HOUSTON, Jan. 18 /PRNewswire-FirstCall/ -- Weingarten Realty Investors announced today that the Company purchased eleven shopping centers and three industrial projects during the fourth quarter of 2006, adding 1.9 million square feet to its portfolio and representing a gross investment, including our joint venture partners' interests, of $402 million. Of the $402 million acquisition total, $280 million was acquired through joint ventures with WRI owning 20% of the joint venture and our partners owning 80%.
Drew Alexander, President and Chief Executive Officer of Weingarten stated, "We are extremely pleased with the addition of these high-quality properties to our portfolio during the fourth quarter. This brings our gross acquisitions for the full year of 2006, including our joint venture partners' interests, to a record $1.0 billion. Consistent with our long-term growth strategy, the properties we acquired during 2006 have high barrier to entry locations within high growth markets providing strong future revenue growth opportunities. Additionally, we continued to sell non-core assets which, together with our joint venture program, provided more than 70% of the capital required for our 2006 acquisitions and reduced the need to issue additional equity. Non-core property dispositions for full year 2006 totaled $316 million."
Fourth Quarter 2006 Property Acquisitions:
Square
Name Feet Location Anchors
Alafaya Square 176,000 Ovieda (Orlando), Publix, Planet
FL Fitness
The Marketplace 328,000 Orlando, FL Albertson's,
at Dr. Phillips Stein Mart,
HomeGoods,
Office Depot
Meridian Town Center 78,000 Puyallup (Tacoma), Safeway,
WA Jo-Ann's
Mukilteo Speedway 90,000 Lynnwood (Seattle), Food Emporium,
WA Bartell Drugs
Rainier Valley Square 107,000 Seattle, WA Safeway, Longs
Drugs
South Hill Center 134,000 Puyallup (Tacoma), Best Buy,
WA Ross Dress
For Less,
Bed Bath &
Beyond
Clackamas Square 75,000 Portland, OR TJ Maxx
Raleigh Hills Plaza 40,000 Portland, OR New Seasons
Market,
Walgreens
Freeport Commerce 51,000 Irving, TX Industrial
Center
Galleria 108,000 Charlotte, NC Cato
Corporation,
Dollar Tree
Heritage Station 69,000 Wake Forest, NC OfficeMax
Charleston Commons 215,000 Las Vegas, NV WalMart,
OfficeMax,
Ross Dress For
Less, PetSmart
Midpoint I-20
Distribution 253,000 Arlington, TX Industrial
Center
Hopewell Industrial
Center 224,000 Tampa, FL Industrial
Fourth Quarter 2006 Asset Dispositions:
Square
Name Feet Location
Grand Plaza 157,000 Amarillo, TX
Spanish Crossroads 74,000 Amarillo, TX
Valle Del Sol 106,000 Albuquerque, NM
Miracle Corners 86,000 Pasadena, TX
Carefree Shopping Center 127,000 Colorado Springs, CO
Thomas Street Industrial Center 131,000 Memphis, TN
As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in 22 states that span the United States from coast to coast. The Company's portfolio of 386 properties includes 320 neighborhood and community shopping centers and 66 industrial properties, aggregating 47.3 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,500 tenants comprising approximately 3% of its rental revenues. To learn more about the Company's operations and growth strategies, please visit http://www.weingarten.com/ .
