Images from The Palms at Town & Country, Miami, FL Investor Presentation First Quarter 2017
Forward Looking Statements Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward - looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance. North Creek Plaza Forward Laredo, TX 2 Looking
Company Overview Richmond Square Houston, TX 3
Company Overview As of 3/31/17 Total Market Capitalization Transformed portfolio (based on March 31, 2017 closing stock price of $33.39) delivering sector leading Debt results $2.3 Billion Common 35% $6.7 Equity Billion $4.3 Billion 75% Supermarket 65% Anchored averaging $630 PSF Total Return % Strong Balance Sheet with 15.00% 12.59% well laddered debt 10.32% maturities 10.00% 5.00% ~ 4% Dividend Yield $1.54 annually 0.00% (as of 3/31/17) Since IPO WRI NAREIT Equity REIT Index Company Overview 4
Why Weingarten? This is not the Weingarten of the past Over the 7 years (2010 – 2016), we have TRANSFORMED the portfolio through: Purchasing $1.3 Billion in target markets • Disposing of $1.9 Billion of non-core properties • Resulting In: Properties that produce sustained growth in NOI • • Recession and internet resistant cash flow Quality properties that demand higher NAV per dollar of NOI • Peer Leading Operating Results over the last 3 years Same Property NOI averaged 3.4% • • Occupancy increased to 95% • Average Base Rent increased 10% Strong Balance Sheet Metrics positioned for growth opportunities • Net Debt to EBITDA of 5.9x vs 7.8x in 2011 Debt to Market Cap of 34.9% vs 53.1% in 2011 • • Well laddered maturity schedule Company Overview 5
Proven Management Team Drew Alexander Stanford Alexander President and CEO - 37 years in industry Chairman of the Board - 60 years in industry Steve Richter Johnny Hendrix Exec VP / CFO - 35 years in industry Exec VP / COO - 35 years in industry West / Mountain Central Mid-Atlantic Southeast Miles Sanchez Gerald Crump Lee Brody Steven Weingarten 21 years in industry 16 years in industry 25 years in industry 35 years in industry Company Overview 6
Focused Target Markets >90% of ABR is in Target Markets Regional Office Target Market Target Market Selection Criteria Markets with Strong Demographic Profiles Locations with Strong Barriers • Solid job growth • High density / low GLA per capita • Geographic / Physical • Pro business environment/low • Benefiting from migration within • Regulatory / Zoning tax states the US • Density / Economic • Highly educated population • Immigration to the US and strong international trade Company Overview 7
High Quality Portfolio Falls Pointe Shopping Center Raleigh, NC 8
Top 12 Centers Comprise 20% of Total Portfolio 2. River Oaks SC – Houston, TX 1. The Palms at Town & Country – Miami, FL 3. Market at Town Center – Houston, TX ABR: $21.24 PSF AHHI: $139,542 ABR: $22.84 PSF 3 Mile Population: 171,702 ABR: $38.16 PSF AHHI : $144,908 Major Tenants: Nordstrom Rack, Saks Off 5th, Major Tenants: Publix, Kohl’s, Nordstrom Rack, Major Tenants: Kroger, Barnes & Noble, Gap, HomeGoods, Marshalls, Ross Dress For Less Dick’s, Marshalls, CVS, Total Wines Americas, Sur La Table, Talbots 6. 8000 Sunset Strip – Los Angeles, CA 5. Colonial Plaza – Orlando, FL 4. Westminster Center – Los Angeles, CA ABR: $14.97 PSF % College Grads: 51% ABR: $19.27 PSF 3 Mile Population: 210,655 ABR: $42.03 PSF AHHI: $114,832 Major Tenants: Ross Dress For Less, Marshalls, Major Tenants: Home Depot, Albertsons, Ross Major Tenants: Trader Joe’s, CVS, Crunch Old Navy, Floor & Décor, Hobby Lobby, Staples, Dress For Less, Petco, Rite Aid Fitness, CB2, Sundance Cinemas Stein Mart, Barnes & Noble, Petco High Quality Portfolio 9
Top 12 Centers Comprise 20% of Total Portfolio 7. Village Plaza at Bunker Hill – Houston, TX 8. Centre at Post Oak – Houston, TX 9. Best In The West – Las Vegas, NV ABR: $17.03 PSF 3 Mile Population: 195,050 ABR: $24.63 PSF AHHI: $127,045 ABR: $36.42 PSF AHHI: $134,918 Major Tenants: TJ Maxx, Best Buy, Bed Bath & Major Tenants: HEB, Academy, Toys R Us, Major Tenants: Marshalls, Nordstrom Rack, Old Beyond, PetSmart, DSW, Stein Mart, Old Navy, Sam Moon, PetSmart, Nordstrom Rack Navy, Arhaus, Grand Lux Café, Morton’s Babies R Us 11. Largo Mall – Largo, FL 12. Mueller Regional Retail Ctr – Austin, TX 10. Chino Hills – Los Angeles, CA ABR: $17.29 PSF 3 Mile Population: 112,842 ABR: $16.59 PSF % College Grads: 49% ABR: $22.00 PSF AHHI: $102,750 Major Tenants: Marshalls, Home Depot, Best Major Tenants: Smart & Final, Rite Aid, Dollar Major Tenants: Target, PetSmart, Bealls, Marshalls, Buy, PetSmart, Old Navy, Bed Bath & Beyond Tree, 24 Hour Fitness Bed Bath & Beyond, Michaels, Regal Theater High Quality Portfolio 10
Proven Operating Results The Company’s transformed shopping center portfolio has produced sector leading results Leased Occupancy Same Property NOI* 5.0% 4.2% 4.2% 96.0% 95.4% 95.1% 3.4% 3.3% 2.7% 2.8% 94.8% 94.3% 2.5% 93.7% 93.7% 94.0% 0.2% 0.4% 93.0% 93.0% 93.0% 0.0% 91.8% -0.6% 92.0% -2.5% -3.8% -5.0% 90.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 ABR PSF Rent Growth 12.5% 13.1% $20.00 14.0% 11.0% 12.0% $18.22 10.1% $17.93 9.5% 10.0% $18.00 $16.92 8.0% 6.3% $16.24 $15.66 6.0% 4.2% $16.00 $15.14 4.0% 2.0% $14.51 2.0% $13.60 $14.00 $13.31 $13.16 0.0% -2.0% -0.4% $12.00 -4.0% -2.5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1'17 High Quality Peer Average WRI Note: Q1 17 peer information to be reported at a later date. Portfolio 11 *SPNOI excludes redevelopment
Small Shop Leasing Apparel Service 15 Leases 35 Leases 4% Other 11% Beauty 87 Leases 49 Leases 27% 15% 18% 13% Health 58 Leases 12% Full Service Restaurant 42 Leases Quick Serve 40 Leases Note: Number of leases for the 12 months ended 3/31/2017. High Quality Portfolio 12
Strong Tenant Base WRI Top Ten Tenants (% of Total Base Minimum Rent) 80% 2.7% 70% 2.6% 60% 76% 2.0% Transformation 50% means stronger 66% 1.6% credit quality 1.5% 2008 40% 2017 1.4% 30% 34% 1.4% 20% 1.2% 24% 1.2% 10% 1.1% 0% National/Regional Local 16.7% TOTAL High Quality Portfolio 13
Highly Productive Grocers 75% of Our ABR is in Shopping Grocers Sales Average $630 PSF Centers with a Grocer Component Grocer Types Portfolio Segmentation % of Sales ABR PSF 75% National 43% $599 Grocery Grocery with Anchored Another 35% Regional 23% $687 Anchor Strong 40% Grocery Ties: $622 PSF $644 PSF Relating to a grocery Specialty 8% $686 store started in 1901, Weingarten Realty Power and has always Independent 1% $313 Specialty emphasized the 25% stability of grocery Total 75% $630 anchored centers to our continued success. High Quality Portfolio 14
Internet Resistant Internet Resistant 80% Potential Risk 15% -Quick Service and -Some Apparel 5% 18% Full Service Restaurants -Beauty Supplies 2% -Services 16% 80% -Sporting Goods 2% -Supermarkets 12% -Footwear 2% -Recreation/Entertainment 9% -Drugstores 1% -General Merchandise and 7% -Liquor/Tobacco 1% Other Misc. Retail 15% -Optical 1% -Discount Apparel 6% -Party Supplies 1% -Home Furnishings 5% 5% High Risk 5% -Medical 4% -Pet Stores and Services 3% -Office 2% % of WRI ABR -Electronics 2% -Books 1% High Quality Portfolio 15
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