"Leasing activity has been exceptionally strong so far in 2002, both in terms of demand for space and rental rates," Drew Alexander, president and CEO, said in a press release. "We see this as a testament to the resiliency of our product type--the supermarket-anchored shopping center."
To date this year, Weingarten completed 933 leases or renewals totaling 3.8 million sf. The bottom line is a 35% increase from the performance of the first nine months in 2001.
Rent revenue is up 8.3% on a gross basis. Tracy L. Pursell, Weingarten's director of investor relations, GlobeSt.com that the increase in rent revenue equates to about 50 cents per sf to $1 more per sf for grocery-anchored centers and $1 per sf to $2 per sf extra at smaller shopping centers in comparison to last year's prices.
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