Weingarten Realty Ramps Up $1.2B Pipeline

HOUSTON-Weingarten Realty Investors’ “go” strategy, which stands for growth opportunity and began 20 months ago, is picking up speed. During a conference call, management said at the end of third quarter it had a pipeline of $1.2 billion.

There are now 37 properties in various stages of development, up from 21 at the same time a year ago. To date, Weingarten has invested $386 million in the properties and anticipates a total investment of $820 million. In addition, 18 development sites are under contract with a projected final investment of $370 million.

Of the 37 underway, the company expects to “substantially complete” 13 by the end of 2008, said Robert Smith, SVP and director of new development. “These centers are 87% leased,” he said. “By the end of 2009, we are projecting that 23 of the 37 . . . will be substantially complete and these projects are currently 69% leased,” he added.