HOUSTON-Weingarten Realty invested nearly $200 million in shopping centers in 2010, but the REIT doesn’t expect acquisition activity to be quite so robust this year, according to President and CEO Drew Alexander.
Alexander made the comments during Weingarten’s fourth quarter 2010 earnings conference call. He was joined on the call by Steve Richter, executive vice president and CFO, who said the REIT had budgeted acquisitions of $125 million to $175 million for 2011.
“So far this year, we've seen a bit of a lull in the quality product we want to acquire,” Alexander said during the call. “We currently have about $59 million under contract, with just a little more in the pipeline behind that.”
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