Looking forward, the REIT will likely rely on dispositions in order to grow the portfolio rather than tapping the capital markets for equity. "It's a good way for us to go to the market less than we have in the past," Stanford Alexander says. Currently, Weingarten has an acquisition pipeline of $145 million.

According to Drew Alexander, there is a distinct possibility that Weingarten will sell off more than $60 million in assets, perhaps through its joint venture partnerships. "There might be another group of assets that we'll be selling percentages of," he says.

Tracy Pursell, Weingarten's investor relations director, tells GlobeSt.com that the decision to sell is a combination of factors, not just age, size or market. It is, she says, more a decision based on the dynamics of the property and whether there is any more upside to be gained. For example, Weingarten has owned a center in River Oaks in Houston since the 1930s and will never sell because of the market despite the fact that it is old and small whereas the Promenade Shopping Center in Lewiston, ME is definitely on the "to go" list.

The one common thread is at least 90% of the disposition package has been in the portfolio at least 10 years, she says. In most cases, Weingarten's hold has been long enough to have garnered a good gain. Most stand-alone stores or centers under 60,000 sf are on the way out.

CEO Alexander says Weingarten is raising its 2004 FFO guidance to range between $2.54 to $2.57 per share and expects 2005 FFO to growth about 7% per share. The REIT is planning for $500 million of new investments in 2005.