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Weingarten Packages Plan for $60M Retail Disposition

HOUSTON-Weingarten Realty Investors says it sell at least $60 million of assets in the next 15 months. The assets are either too small or too geographically removed from the rest of the REIT's holdings to hold onto them.

By Jennifer D. Duell | Updated on October 26, 2004

HOUSTON-In a move that deviates from its previous strategy, Weingarten Realty Investors plans to sell off $60 million from its portfolio. The strategy shift was disclosed during the local REIT’s third quarter earnings call.

To date this year, Weingarten disposed of $27 million of assets, according to Drew Alexander, the REIT’s president and CEO. “We anticipate our disposition activity to increase as we continue to focus on identifying properties across the portfolio that no longer meet our ownership criteria,” he says. “We have $60 million in our disposition pipeline.”

While analysts seemed surprised at Weingarten’s decision to ramp up its disposition activity, Alexander explained “we’re a very old company and have assets that go back to the ’50s…We realize that as we get larger as a company (that) certain assets that are smaller or geographically more outlying don’t make sense…for our company to own. In most cases they’re good properties, they just make more sense for others to own them.”

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