Newsletters

Weingarten Returns to Roots for Growth

HOUSTON-The Texas REIT reports mixed Q1 results, accelerates new construction to $1.2 billion.

By Joe Clements | Updated on May 07, 2007

HOUSTON—Stunted on the acquisition front, Weingarten Realty Investors is building for the future the same way as in the past—by building.

Exemplified in the first-quarter purchase of nine shopping centers and another asset for $210 million, plus a 10-building warehouse portfolio consumed last month for $136 million, WRI is not averse to buying outright for its two favorite food groups, retail and industrial. During a financial conference call on Friday, management stressed that WRI covets existing opportunities in markets offering barriers to entry and solid demographics.

The problem is a lack of suitable real estate. Retail inventory was picked clean in 2006, says CFO Stephen Richter, and remaining properties either don’t fit the core-profile embraced by WRI or lack sufficient yield, making construction the best path to returns. Some projects will be owned outright, others put in partnerships, while a third—and expanding— “bucket” is merchant building; methodically spinning projects off to investors and/or operators.Seventeen of the 32 initiatives under construction fit the merchant build mold, says SVP Robert Smith, who oversees WRI’s development team.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Resource Center

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Assessment

Sponsored by Cherre

Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2025 ALM Global, LLC. All Rights Reserved.