Images from The Palms at Town & Country, Miami, FL Investor Presentation Fourth Quarter 2016
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 12/31/16 Total Market Capitalization Transformed portfolio (based on December 31, 2016 closing stock price of $35.79) delivering sector leading Debt results $2.4 Billion Common 34% $7.0 Equity Billion $4.6 Billion >75% Supermarket 66% Anchored averaging $630 PSF Total Return % Strong Balance Sheet with 25.00% well laddered debt 20.00% maturities 15.18% 13.99% 15.00% 13.12% 12.75% 12.16% 10.37% 10.00% 7.60% ~ 4% Dividend Yield 3.68% 5.00% $1.54 annually 0.00% (as of 12/31/16) 1 Year 3 Year 5 Year Since IPO WRI NAREIT Equity REIT Index Company Overview 4
Why Weingarten? This is not the Weingarten of the past Over the 5 years (2010 – 2014), we have TRANSFORMED the portfolio through: Purchasing $0.5 Billion in target markets • Disposing of $1.5 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 3.3% • • Occupancy increased to 95% • Average Base Rent increased 10% Strong Balance Sheet Metrics positioned for growth opportunities • Net Debt to EBITDA of 5.8x vs 7.8x in 2011 Debt to Market Cap of 33.7% 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: $21.28 PSF AHHI: $134,437 ABR: $22.91 PSF 3 Mile Population: 171,455 ABR: $36.70 PSF AHHI : $142,272 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 4. Westminster Center – Los Angeles, CA 5. Village Plaza at Bunker Hill – Houston, TX 6. Colonial Plaza – Orlando, FL ABR: $14.41 PSF % College Grads: 50% ABR: $24.82 PSF AHHI: $122,996 ABR: $18.75 PSF 3 Mile Population: 210,492 Major Tenants: Ross Dress For Less, Marshalls, Major Tenants: HEB, Academy, Toys R Us, Major Tenants: Home Depot, Albertsons, Ross Old Navy, Floor & Décor, Hobby Lobby, Staples, Sam Moon, PetSmart, Nordstrom Rack Dress For Less, Petco, Rite Aid Stein Mart, Barnes & Noble, Petco High Quality Portfolio 9
Top 12 Centers Comprise 20% of Total Portfolio 7. Best In The West – Las Vegas, NV 8. Chino Hills – Los Angeles, CA 9. 8000 Sunset Strip – Los Angeles, CA ABR: $17.06 PSF 3 Mile Population: 193,378 ABR: $21.96 PSF AHHI: $101,704 ABR: $40.77 PSF AHHI: $112,390 Major Tenants: TJ Maxx, Best Buy, Bed Bath & Major Tenants: Smart & Final, Rite Aid, Dollar Major Tenants: Trader Joe’s, CVS, Crunch Beyond, PetSmart, DSW, Stein Mart, Old Navy, Tree, 24 Hour Fitness Fitness, CB2, Sundance Cinemas Babies R Us 11. Largo Mall – Largo, FL 12. Mueller Regional Retail Ctr – Austin, TX 10. Centre at Post Oak – Houston, TX ABR: $34.84 PSF AHHI: $130,679 ABR: $17.07 PSF 3 Mile Population: 111,771 ABR: $16.52 PSF % College Grads: 49% Major Tenants: Marshalls, Nordstrom Rack, Old Major Tenants: Marshalls, Home Depot, Best Major Tenants: Target, PetSmart, Bealls, Marshalls, Navy, Arhaus, Grand Lux Café, Morton’s Buy, PetSmart, Old Navy, Bed Bath & Beyond 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% 94.8% 2.7% 94.3% 2.5% 93.7% 94.0% 0.4% 0.2% 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* 2008 2009 2010 2011 2012 2013 2014 2015 2016* ABR PSF Rent Growth $20.00 12.5% 12.8% 14.0% 11.0% 12.0% 10.1% $17.93 10.0% $18.00 $16.92 8.0% 6.3% $16.24 $15.14 $15.66 6.0% 4.2% $16.00 4.0% 2.0% $14.51 2.0% $13.16 $13.31 $13.60 $14.00 0.0% -2.0% -0.4% $12.00 -4.0% -2.5% 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2008 2009 2010 2011 2012 2013 2014 2015 Q4'16* Note: Peers Included: REG, KIM, DDR, RPAI and BRX High Quality Peer Average WRI *2016 excludes EQY to be reported at a later date Portfolio 11
Small Shop Leasing Apparel 17 Leases Service 31 Leases 5% Other 10% Beauty 79 Leases 41 Leases 25% 13% 20% Health 12% 63 Leases Full Service 15% Restaurant 38 Leases Quick Serve 46 Leases Note: Number of leases for the 12 months ended 12/31/16. High Quality Portfolio 12
Strong Tenant Base WRI Top Ten Tenants (% of Total Base Minimum Rent) 80% 2.8% 70% 2.7% 60% 76% 2.1% Transformation 50% means stronger 66% 1.7% credit quality 1.6% 2008 40% 2016 1.6% 30% 1.5% 34% 20% 1.4% 24% 1.3% 10% 1.1% 0% National/Regional Local 17.8% TOTAL High Quality Portfolio 13
Highly Productive Grocers 77% of Our ABR is in Shopping Grocers Sales Average $630 PSF Centers with a Grocer Component Grocer Types Portfolio Segmentation % of Sales ABR PSF 77% National 44% $609 Grocery Grocery with Anchored Another 37% Regional 24% $684 Anchor Strong 40% Grocery Ties: $623 PSF $638 PSF Relating to a grocery Specialty 8% $663 store started in 1901, Weingarten Realty Power and has always Independent 1% $313 Specialty emphasized the 23% stability of grocery Total 77% $630 anchored centers to our continued success. High Quality Portfolio 14
Internet Resistant As of 12/31/16 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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