Investor Presentation Fourth Quarter 2016 Forward Looking - - PowerPoint PPT Presentation

Investor Presentation Fourth Quarter 2016

Images from The Palms at Town & Country, Miami, FL

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Forward Looking Statements

Forward Looking North Creek Plaza Laredo, TX

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.

Richmond Square Houston, TX

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Company Overview

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Company Overview

7.60% 13.99% 15.18% 12.75% 3.68% 12.16% 13.12% 10.37% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 1 Year 3 Year 5 Year Since IPO

Total Return %

WRI NAREIT Equity REIT Index

Debt

Common Equity

Total Market Capitalization

$2.4 Billion 34% $4.6 Billion 66%

$7.0 Billion

(based on December 31, 2016 closing stock price of $35.79)

Company Overview

Transformed portfolio delivering sector leading results >75% Supermarket Anchored averaging $630 PSF Strong Balance Sheet with well laddered debt maturities ~ 4% Dividend Yield $1.54 annually

(as of 12/31/16)

As of 12/31/16

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Why Weingarten?

Over the 5 years (2010 – 2014), we have TRANSFORMED the portfolio through:

• Purchasing $0.5 Billion in target markets
• Disposing of $1.5 Billion of non-core properties

Resulting In:

• Properties that produce sustained growth in NOI
• Recession and internet resistant cash flow
• Quality properties that demand higher NAV per dollar of NOI

Peer Leading Operating Results over the last 3 years

• Same Property NOI averaged 3.3%
• Occupancy increased to 95%
• Average Base Rent increased 10%

Strong Balance Sheet Metrics positioned for growth opportunities

• Net Debt to EBITDA of 5.8x vs 7.8x in 2011
• Debt to Market Cap of 33.7% vs 53.1% in 2011
• Well laddered maturity schedule

This is not the Weingarten of the past

Company Overview

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Proven Management Team

Company Overview

Drew Alexander

President and CEO - 37 years in industry

Steve Richter

Exec VP / CFO - 35 years in industry

Johnny Hendrix

Exec VP / COO - 35 years in industry

Miles Sanchez

21 years in industry

Gerald Crump

16 years in industry

West / Mountain Central Mid-Atlantic Southeast Steven Weingarten

35 years in industry

Lee Brody

25 years in industry

Stanford Alexander

Chairman of the Board - 60 years in industry

Regional Office

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Focused Target Markets

• Solid job growth
• Pro business environment/low

tax states

• Highly educated population

Markets with Strong Demographic Profiles Locations with Strong Barriers

• Geographic / Physical
• Regulatory / Zoning
• Density / Economic

>90% of ABR is in Target Markets

Target Market

Target Market Selection Criteria

• High density / low GLA per capita
• Benefiting from migration within

the US

• Immigration to the US and strong

international trade

Company Overview

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Falls Pointe Shopping Center Raleigh, NC

High Quality Portfolio

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Top 12 Centers Comprise 20% of Total Portfolio

ABR: $21.28 PSF AHHI: $134,437 Major Tenants: Nordstrom Rack, Saks Off 5th, HomeGoods, Marshalls, Ross Dress For Less

• 3. Market at Town Center – Houston, TX
• 4. Westminster Center– Los Angeles, CA
• 2. River Oaks SC – Houston, TX
• 6. Colonial Plaza – Orlando, FL

ABR: $18.75 PSF 3 Mile Population: 210,492 Major Tenants: Home Depot, Albertsons, Ross Dress For Less, Petco, Rite Aid ABR: $36.70 PSF AHHI: $142,272 Major Tenants: Kroger, Barnes & Noble, Gap, Americas, Sur La Table, Talbots ABR: $14.41 PSF % College Grads: 50% Major Tenants: Ross Dress For Less, Marshalls, Old Navy, Floor & Décor, Hobby Lobby, Staples, Stein Mart, Barnes & Noble, Petco High Quality Portfolio ABR: $22.91 PSF 3 Mile Population: 171,455 Major Tenants: Publix, Kohl’s, Nordstrom Rack, Dick’s, Marshalls, CVS, Total Wines

• 1. The Palms at Town & Country – Miami, FL
• 5. Village Plaza at Bunker Hill – Houston, TX

ABR: $24.82 PSF AHHI: $122,996 Major Tenants: HEB, Academy, Toys R Us, Sam Moon, PetSmart, Nordstrom Rack

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Top 12 Centers Comprise 20% of Total Portfolio

ABR: $40.77 PSF AHHI: $112,390 Major Tenants: Trader Joe’s, CVS, Crunch Fitness, CB2, Sundance Cinemas

• 9. 8000 Sunset Strip – Los Angeles, CA
• 8. Chino Hills – Los Angeles, CA

ABR: $16.52 PSF % College Grads: 49% Major Tenants: Marshalls, Home Depot, Best Buy, PetSmart, Old Navy, Bed Bath & Beyond ABR: $21.96 PSF AHHI: $101,704 Major Tenants: Smart & Final, Rite Aid, Dollar Tree, 24 Hour Fitness ABR: $17.07 PSF 3 Mile Population: 111,771 Major Tenants: Target, PetSmart, Bealls, Marshalls, Bed Bath & Beyond, Michaels, Regal Theater High Quality Portfolio

• 7. Best In The West – Las Vegas, NV

ABR: $17.06 PSF 3 Mile Population: 193,378 Major Tenants: TJ Maxx, Best Buy, Bed Bath & Beyond, PetSmart, DSW, Stein Mart, Old Navy, Babies R Us

• 12. Mueller Regional Retail Ctr – Austin, TX
• 11. Largo Mall – Largo, FL
• 10. Centre at Post Oak – Houston, TX

ABR: $34.84 PSF AHHI: $130,679 Major Tenants: Marshalls, Nordstrom Rack, Old Navy, Arhaus, Grand Lux Café, Morton’s

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Proven Operating Results

Same Property NOI Leased Occupancy ABR PSF Rent Growth

The Company’s transformed shopping center portfolio has produced sector leading results

High Quality Portfolio

WRI Peer Average

• 0.6%
• 3.8%

0.2% 0.4% 4.2% 4.2% 3.4% 3.3% 2.7%

• 5.0%
• 2.5%

0.0% 2.5% 5.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016* 93.0% 91.8% 93.0% 93.0% 93.7% 94.8% 95.4% 95.1% 94.3% 90.0% 92.0% 94.0% 96.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016* $13.16 $13.31 $13.60 $14.51 $15.14 $15.66 $16.24 $16.92 $17.93 $12.00 $14.00 $16.00 $18.00 $20.00 2008 2009 2010 2011 2012 2013 2014 2015 2016* 11.0% 2.0%

• 2.5%
• 0.4%

4.2% 6.3% 10.1% 12.5% 12.8%

• 4.0%
• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2008 2009 2010 2011 2012 2013 2014 2015 Q4'16* Note: Peers Included: REG, KIM, DDR, RPAI and BRX *2016 excludes EQY to be reported at a later date

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Small Shop Leasing

Note: Number of leases for the 12 months ended 12/31/16.

Beauty

41 Leases

Service

31 Leases

Other

79 Leases

Quick Serve

46 Leases

Apparel

17 Leases

Health

63 Leases

5% 15% 25% 10% 20% 12% 13%

Full Service Restaurant

38 Leases

High Quality Portfolio

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Strong Tenant Base

66% 34% 76% 24%

0% 10% 20% 30% 40% 50% 60% 70% 80%

National/Regional Local 2008 2016

WRI Top Ten Tenants (% of Total Base Minimum Rent) 2.8% 2.7% 2.1% 1.7% 1.6% 1.6% 1.5% 1.3% 1.1%

17.8%

TOTAL

Transformation means stronger credit quality

1.4%

High Quality Portfolio

77% of Our ABR is in Shopping

Centers with a Grocer Component

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Highly Productive Grocers

Grocery with Another Anchor 40% Power and Specialty 23% Grocery Anchored 37%

Grocers Sales Average

$630 PSF

Strong Grocery Ties: Relating to a grocery store started in 1901, Weingarten Realty has always emphasized the stability of grocery anchored centers to

• ur continued

success.

Portfolio Segmentation Grocer Types

$623 PSF $638 PSF

% of ABR Sales PSF National 44% $609 Regional 24% $684 Specialty 8% $663 Independent 1% $313 Total 77% $630

High Quality Portfolio

77%

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Internet Resistant

% of WRI ABR

Internet Resistant 80%

• Quick Service and

Full Service Restaurants 18%

• Services

16%

• Supermarkets

12%

• Recreation/Entertainment

9%

• General Merchandise and

Other Misc. Retail 7%

• Discount Apparel

6%

• Home Furnishings

5%

• Medical

4%

• Pet Stores and Services

3%

Potential Risk 15%

• Some Apparel

5%

• Beauty Supplies

2%

• Sporting Goods

2%

• Footwear

2%

• Drugstores

1%

• Liquor/Tobacco

1%

• Optical

1%

• Party Supplies

1%

High Risk 5%

• Office

2%

• Electronics

2%

• Books

1%

80% 15% 5%

High Quality Portfolio

As of 12/31/16

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Corporate Responsibility

People

By promoting healthy lifestyles for associates and their families, we believe we are building a strong and healthy

• workforce. Weingarten’s Award Winning Wellness Program

includes exercise challenges, nutrition consultation, financial seminars and much more.

Weingarten Realty’s principals in Corporate Responsibility embrace achieving success in ways that honor and respect people, communities and the environment.

Green Lease Leader

Named a Green Lease Leader at the U.S. Dep.

• f Energy’s (DOE) Better Buildings Summit

2016 REME Award Finalist

Finalist in the category of Best Sustainability Program. WRI was one of only 5 finalists in this category

GRESB Survey Participant

Increased GRESB score each year of submission.

IREM Certified Sustainable Property

Centerwood Plaza (Bellflower, CA) has been recognized as an IREM Certified Sustainable Property

View our first annual Corporate Sustainability Report at

www.weingarten.com/about/GreenForward.aspx

Communities

Weingarten’s annual philanthropy campaign benefitting United Way raises over $150,000 for the communities we

• serve. Weingarten Realty also supports causes that are

important to our associates, often matching what they raise

• individually. Organizations backed include:

Environment

Weingarten Realty recognizes that environmental responsibility is both an obligation and an opportunity to benefit our patrons, tenants, investors and the property as a whole. Areas of focus include Recycling, Energy Management, Water Management and Alternative Transportation.

Awards and Acknowledgements:

High Quality Portfolio

High Quality Houston Portfolio

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Centre at Post Oak Houston, TX

LEGEND Super Zip

WRI Center Sold in whole or part

WRI in Houston - Transformed Portfolio

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Total Houston Portfolio Today

Average HH Income(a)

$114,000

Population(a)

142,000

Note: Demographics for 3 mile trade area (a) Weighted by ABR

As of 12-31-16

The per capita space in the trade area around our centers has declined over the past 5 years

Houston Centers primarily service Superzips WRI Key Centers have higher AHHI and % college grads than the Houston CBSA

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Houston Summary

• WRI’s transformation efforts in Houston have created a fortress portfolio resistant to

market changes

– WRI’s properties are located in dense, high income areas of the city primarily servicing superzips – Houston accounts for only 16% of WRI’s total ABR with average HHI of $114,000

• Lack of retail completions in the last five years combined with population growth has

created pent up demand for high quality, infill properties

– WRI’s same property occupancy in Houston is over 97% and rent growth for fourth quarter 2016 is 15.7%

• Houston’s economy is very diversified with healthcare, exports and energy being the

largest employee sectors

– The Medical Center is the largest healthcare complex in the world employing 106,000 – The Port of Houston has led the nation in exports the last three years and is expanding in anticipation of increased tonnage with the opening of the Panama Canal – Energy employment accounts for 38% of local GDP vs 75% in the 1980s – Houston Gulf Area active investment in chemical plant expansions of ~$50 billion (1)

The Houston economy has slowed, but will not significantly impact WRI

(1) Dr. Gilmer, UH Institute for Regional Forecasting How Do Oil Prices Impact WRI?

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Top 6 Houston Centers Comprise 50% of Houston Portfolio

Population: 87,112 AHHI: $134,437 Major Tenants: Nordstrom Rack, Saks Off 5th, HomeGoods, Marshalls, Ross Dress For Less

• 2. Market at Town Center – Houston, TX
• 3. Village Plaza at Bunker Hill– Houston, TX
• 4. Centre at Post Oak – Houston, TX
• 1. River Oaks SC – Houston, TX
• 6. Richmond Square – Houston, TX
• 5. Westchase Center– Houston, TX

Population: 198,966 % College Grads: 45% Major Tenants: Whole Foods, Target, Ross Dress For Less, Palais Royal, Petco Population: 169,734 AHHI: $142,272 Major Tenants: Kroger, Barnes & Noble, Gap, Americas, Sur La Table, Talbots Population: 206,056 AHHI: $129,531 Major Tenants: Best Buy, Cost Plus Population: 135,757 AHHI: $122,996 Major Tenants: HEB, Academy, Toys R Us, PetSmart, Nordstrom Rack Population: 188,165 AHHI: $130,679 Major Tenants: Marshalls, Nordstrom Rack, Old Navy, Arhaus, Grand Lux Café, Morton’s How Do Oil Prices Impact WRI?

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Geographically Diversified Portfolio

71% 16.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 1985 Q4 16 ABR $7.30 PSF ABR $19.23 PSF

How Do Oil Prices Impact WRI?

% of ABR in Houston

3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Population (000s) Retail Completions (000’s SF) Net Retail Completions (000's SF) Population (000s)

The per capita space in the trade area around our centers has declined over the past 5 years Healthy Houston Growth Occupancy Never Below 90%

84% 86% 88% 90% 92% 94% 96% 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Exposure to Houston is a small part of our overall portfolio Added over 800,000 people since 2010

*2016 Census estimate population

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Hilltop Village Center Alexandria, VA

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Strategic Growth

Deerfield Deerfield Beach, FL

399 SF 93% Leased $67,000 AHHI / 125,000 pop.

2200 Westlake Seattle, WA

87 SF (retail) 100% Leased $99,108 AHHI / 220,488 pop.

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Strategic Growth

The Whittaker Seattle, WA

63 SF (retail) 83% Leased $94,666 AHHI / 84,068 pop. Return on Investment ~7%

Large Re-Developments Developments Acquisitions

Strategic Growth Nottingham Commons Baltimore, MD

136 SF 100% Leased $79,126 AHHI / 74,477 pop. Return on Investment ~8%

The Parks at Walter Reed Washington, DC

250 SF $109,539 AHHI / 276,412 pop. Return on Investment ~7-8%

(SF in thousands) Decatur 215 Las Vegas, NV

346 SF 100% Leased $80,276 AHHI / 134,985 pop.

Humblewood Shopping Center Houston, TX

279 SF 88% Leased $65,699 AHHI / 40,898 pop.

Sunset Point 19 Clearwater, FL

277 SF 63% Leased $60,372 AHHI / 100,821 pop.

The Palms at Town & Country Miami, FL

650 SF 95% Leased $74,874 AHHI / 171,455 pop.

Westchase Center Houston, TX

350 SF 100% Leased $83,269 AHHI / 198,966 pop.

Scottsdale Waterfront Scottsdale, AZ

93 SF 94% Leased $87,598 AHHI / 89,996 pop.

Columbia Pike Arlington, VA

65 SF (retail) $121,121 AHHI / 300,919 pop Return on Investment ~6%

Gateway Alexandria Alexandria, VA

100 SF (retail) $107,749 AHHI / 289,201 pop Return on Investment ~6%

River Point at Sheridan Denver, CO

604 SF 96% Leased $70,305 AHHI / 128,795 pop.

River Oaks Houston, TX

10 SF (retail) $144,908 AHHI / 170,725 pop

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Acquisition Spotlight

Population: 3 Mi: 89,996 | 5 Mi: 193,744 Average Household Income: 3 Mi: $87,598 | 5 Mi: $84,849 Property Size: 93,334 SF

• Scottsdale Waterfront is one of Arizona’s most unique and well-located mixed-

use developments including retail, luxury condominiums, and Class A office space.

• The development is adjacent to Fashion Square Mall and in the same retail

node with Old Town Scottsdale encompassing over 3.5 million SF. Macerich recently announced the renovation of the luxury wing and addition of residences, class A office space and a new hotel.

• Located at one of the most significant, heavily trafficked retail intersections in

the state of Arizona, the retail component offers a strong mix of fast casual and full service restaurants catering to the affluent consumer base, surrounding neighborhoods, excellent daytime population and area attractions have nearly 8.9-million visitors a year.

Scottsdale Waterfront – Scottsdale, AZ

Purchase Price: $52M

Strategic Growth

Purchase Date: 8/17/16

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Acquisition Spotlight

Population: 3 Mi: 171,455 | 5 Mi: 473,803 Average Household Income: 3 Mi: $74,874 | 5 Mi: $75,870 Property Size: 650,225 SF

• The Palms at Town & Country features best-in-class operators including

Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods, Marshalls, CVS, and Total Wines.

• National and regional retailers comprise 87% of the revenue of the center.
• The shopping center serves the dense and affluent communities of

Kendall and West Kendall with 171,000 people and 59,000 households in a 3-mile trade area.

The Palms at Town & Country – Miami, FL

Purchase Price: $285M

Strategic Growth

Purchase Date: 7/27/16

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Acquisition Spotlight

Population: 3 Mi: 126,535 | 5 Mi: 323,257 Average Household Income: 3 Mi: $68,608 | 5 Mi: $75,048 Property Size: 398,963 SF

• Deerfield is a community power center anchored by

Publix, T.J. Maxx, and Marshalls.

• Located at a dominant retail intersection between IH-95

and the Florida turnpike, the property serves dense and affluent communities in northern Broward County and southern Palm Beach County, including Deerfield Beach, Boca Raton, and Coconut Creek.

N

Deerfield – Deerfield Beach, FL

Purchase Price: $92.8M

Strategic Growth

Purchase Date: 5/5/16

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Acquisition Spotlight

Population: 3 Mi: 220,488 | 5 Mi: 431,775 Average Household Income: 3 Mi: $99,108 | 5 Mi: $101,494 Property Size: 87,014 SF

2200 Westlake – Seattle, WA

• 2200 Westlake is a mixed-use, vertically-integrated property anchored by

a Whole Foods Market. The complex also contains an income-producing parking garage, an 11-story 153-room five-star Pan Pacific hotel, and residential condos.

• The property is located in the high-growth neighborhood of South Lake

Union in Seattle and will benefit from both geographic and demographic barriers to entry.

• The area is home to Amazon and its existing 4 million square feet of
• ffice space and one block away from the multi-million square foot

headquarters campus now under construction. WRI Purchase Price: $43.5M

Strategic Growth

Purchase Date: 2/29/16

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Creating Value through New / Re Development

Cost Incurred - YTD 2016 Cost Incurred - To - Date Estimated Final Est Final ROI% Nottingham Commons $17,329 $43,987 $45,784 The Whittaker 1 240 30,673 Gateway Alexandria 46,193 46,193 180,228 Columbia Pike 886 886 135,192 Total New Development $64,409 $91,306 $391,877 6.0%

Properties Currently Under Development

Strategic Growth

Pipeline Schedule Walter Reed Washington, DC River Oaks Shopping Center Houston, TX

In thousands

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Creating Value through New / Re Development

Total Activity Cost Incurred: YTD 2016 Cost Incurred: Inception-to-Date Estimated Final Est Final ROI% Active $17,238 $27,911 $61,905 9.5 – 12.5% Completed $14,946 $30,888 $32,231 10.0 – 12.0% Total $32,185 $58,799 $94,137 10.0- 12.0%

2013 2014 2015 2016 2017 Future Total 185 500 New Dev $13 $42 $27 $68 Redevelopment $16 $19 $23 $32

$- $100 $200 $300 $400 $500

Projected Investment ($MM) New / Re Developments

Strategic Growth

Redevelopments In thousands

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New Development

Population 3 Mi: 74,477 Avg HH Income 3 Mi: $79,126 Property Size: 135,697 SF

• Anchored by MOMs, an organic specialty market, TJ Maxx

and Petco

• Reached stabilization at year-end 2016
• Unique opportunity to where time from purchase of land to
• pening of anchors ~ 24 months

Investment: $45.8M NOI: $3.7M Return on Investment: ~8%

Nottingham Commons - Baltimore, MD

Strategic Growth

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New Development

Population 3 Mi: 84,068 Avg HH Income 3 Mi: $94,666 Property Size: 63,043 SF (retail) Investment: $30.7M NOI: $2.1M Return on Investment: ~7%

The Whittaker - Seattle, WA

• $130 million total project
• 63,000 SF of retail and

375 residential units with 2 levels of parking

• 6 story mixed-use development
• Lennar will construct and sell

WRI the retail and 1 level of parking

Strategic Growth

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New Development Spotlight

Population: 3 Mi: 289,201 | 5 Mi: 551,140 Average Household Income: 3 Mi: $107,749 | 5 Mi: $123,902 Property Size: 100,000 SF (retail)

• WRI will be the lead developer of this mixed-used development in

Alexandria, VA.

• This project will have approximately 282 residential units, 100,000

SF of retail anchored by an upscale Harris Teeter grocery store, and

• ffice pad.
• The property is served by local and regional bus lines and a new

rapid transit bus line will open with the project.

• Est. Investment: $180M Total Project

Gateway Alexandria– Alexandria, VA

Strategic Growth

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New Development Spotlight (continued)

• Nearly 62% of the 3-mile population has a college degree.
• Gateway Alexandria provides easy access to Alexandria/Arlington as well as the Washington DC area to the north and Springfield/Fort

Belvoir areas to the south.

Gateway Alexandria– Alexandria, VA

Strategic Growth

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New Development Spotlight

Population 3 Mi: 300,919 Avg HH Income 3 Mi: $121,121 Property Size: 65,000 SF (retail) Investment: $135M Return on Investment: ~6%

Columbia Pike - Arlington, VA

• WRI executed a partnership agreement with a prominent

residential developer for the development of Columbia Pike, a premier, mixed- use project in Arlington, Virginia.

• Project includes 365 multi-family units and 72,000 square feet of

retail anchored by a 50,000 square foot Harris Teeter grocery

• store. Harris Teeter projected store opening late 2019.
• Expect to commence development in the Second Quarter of 2017

Strategic Growth

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Potential New Development

Population 3 Mi: 276,412 Avg HH Income 3 Mi: $109,539 Property Size: 250,000 SF Investment: $80-$100M Return on Investment: ~7-8%

The Parks at Walter Reed- Washington, DC

• WRI chosen by the District of Columbia as part of a team to

redevelop the former Walter Reed Army Medical Center

• At completion, the project will consist of three million square feet

comprised of 2,000 residential units, 250,000 SF of retail, 190,000 SF of office, 150,000 SF of hospitality and 122,000 SF of arts

Strategic Growth

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Potential Development Spotlight

Population: 3 Mi: 170,725 | 5 Mi: 452,275 Average Household Income: 3 Mi: $144,908 | 5 Mi: $123,814 Property Size: 10,000 SF (retail)

• WRI is partnering with Hanover Company for the development of a 30-

story residential luxury high rise within River Oaks Shopping Center.

• The residential component will feature over 300 luxury living spaces and

estimated 10,000 SF of ground floor retail.

• Ground breaking is scheduled for 2018 with an estimated delivery date in

2021.

• Est. Investment: $150M Total Project

River Oaks Shopping Center– Houston, TX

Strategic Growth

Creating Value Through Redevelopment

Incremental Investment: $16.7M ROI: ~ 12% The redevelopment consists of re-tenanting a vacant grocer with Bed Bath & Beyond and adding Five Below, Cost Plus, Kirkland’s, Carters and 20,000 square feet of shop space in outparcel buildings.

Sunset Point 19 - Clearwater, FL

Strategic Growth

• Located at the SWC of Sunset Point Rd and US 19, one of

Clearwater's busiest intersections, Sunset Point 19 is the shopping destination for an expansive retail trade area. Consumers are attracted by the center’s exciting mix of big box retailers including Bed Bath & Beyond, Old Navy, Barnes & Noble, and Staples.

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38

City Center Englewood Denver, CO

Transformed Portfolio

39

Transformed Portfolio = Goodbye Kansas…Hello Hollywood!!

Acquisitions:

+ High barrier-to-entry trade areas + Located in strong growth markets + Primarily supermarket anchored + Larger properties to drive efficiencies

Properties that produce sustained growth in NOI Recession and internet resistant cash flow Quality Properties that demand higher NAV per dollar

• f NOI

+

Shawnee Village Shopping Center, Shawnee, KS 8000 Sunset Strip Shopping Center, Hollywood, CA =

Transformed Portfolio

Over the 5 years (2010 – 2014), sold $1.5 Billion and acquired $0.5 Billion of property

Dispositions:

• Non-core markets and

properties

• Smaller centers
• Limited growth prospects
• Independent

supermarkets

12/31/10 12/31/2014

Change

Number of Properties 312 234 GLA SF 32.8 M 27.5 M Avg Base Rent PSF $13.60 $16.24

19%

Average HH Income(a) $80,000 $83,000

4%

Households(a) 39,000 43,000

10%

Population(a) 103,000 109,000

6%

College Graduates(a) 37.0% 43.0%

16%

Grocer Sales PSF $460 $564

22%

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Strategic Portfolio Transformation Complete - As of 12/31/14

(a) Weighted by ABR

Acquisitions to improve the quality of the portfolio:

• High quality acquisitions with superior demographics in

major metropolitan markets

• Strong supermarkets (Whole Foods, H.E.B., Kroger,

Wegmans, Publix) to drive traffic to retailers

• Embedded growth

While selling lower quality properties in tertiary markets results in:

• Superior quality portfolio of national and regional

tenants

• Sector leading operating results
• Platform positioned for sustainable growth

Total Portfolio Transformation

Transformed Portfolio

Acquisitions Dispositions

Change

Number of Properties 19 97 GLA SF 3.3 M 8.6 M Avg Base Rent PSF $19.80 $11.62

70%

Average HH Income(a) $96,000 $76,000

26%

Households(a) 59,000 36,000

64%

Population(a) 132,000 91,000

45%

College Graduates(a) 58.5% 38.8%

51%

Grocer Sales PSF $700 $417

68%

Volume $0.5 Billion $1.5 Billion

Transformation results in dramatically improved portfolio quality

8000 Sunset Strip Shopping Center Los Angeles, CA

41

Strong Financial Position

42

Transformed Financial Position

Net Debt to EBITDA Debt to Market Capitalization

6.5 5.9 6.3 5.4 5.8 5.9 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x

2011 2012 2013 2014 2015 2016

Debt Debt + Preferreds

44.4% 37.2% 39.4% 30.2% 32.8% 33.7%

25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0%

2011 2012 2013 2014 2015 2016

Debt Debt + Preferred 8.0 Strong Financial Position

*Remaining Series F Preferreds were redeemed May 2015

7.0 6.8 6.3

53.1% 44.4% 42.0% 32.5%

Fixed Charge Coverage

2.0 2.1 2.4 2.8 3.4 3.8

1.9x 2.2x 2.5x 2.8x 3.1x 3.4x 3.7x 4.0x

2011 2012 2013 2014 2015 2016

Secured Debt to Total Assets

18.2% 17.2% 14.5% 12.8% 10.6% 8.0%

7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0%

2011 2012 2013 2014 2015 2016

* *

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Laddered Debt Maturities

67 35 60 93 53 9 7 54 5 10 25 10

• 200
• 300

300 250 250 273 9

• $92

$45 $60 $293 $53 $309 $307 $257 $304 $278 $14 $83 $10

$0 $50 $100 $150 $200 $250 $300 $350

Mortgage Debt Med-Term Notes/Bonds

In Millions, at pro-rata

Strong Financial Position

Weighted Average Interest Rate = 3.98%

S&P: BBB, Stable Moody’s: Baa1, Stable

* Year 2020 includes the Term Loan ($200 million) which is at a floating rate of LIBOR + 97.5 bps that has been swapped to a fixed rate of 2.47%. The weighted average rate reflects the fixed rate.

As of 12/31/16

Vision and Guidance

The Whittaker Seattle, WA

44

45

Future Vision FFO Growth

FFO Growth Range

Assumptions

Same Property NOI 3.75 – 4.50%

Assumes 2.75% - 3.25% SPNOI growth

Redevelopment 0.75 – 1.50%

$15 - $30 million at a 12% return

Acquisitions 0.00 – 0.25%

$200 - $300 million at 0 to 25 bps spread*

Dispositions (0.75)– (1.00%)

$125 - $175 million at 100 bps spread*

New Development 0.75 – 1.25%

$75 - $125 million of completions at 250 bps spread*

Annual FFO Growth Range 4.50 – 6.50%

* All spreads are to our Weighted Average Cost of Capital which is assumed to be 60% equity and 40% debt

Vision and Guidance

46

Same Property NOI Growth

1.00% - 1.25%

1.35% - 1.50% 0.40% - 0.50%

Misc

• Other items including percentage

rent and ancillary income account for ~ 0.4% - 0.5% to SPNOI annually

Rent Growth

• 15% of the portfolio GLA turns

in a typical year

• Rent growth of 10-15% results

in SPNOI impact of 1.35% - 1.50%

Contractual Rent Steps

• Average annual rent steps of 1-3%

Stabilized SPNOI Growth 2.75% - 3.25%

Vision and Guidance

47

Guidance

Vision and Guidance

As of 12/31/16

2017 Original Guidance

Net income attributable to common shareholders $1.18 - $1.22 Depreciation and amortization 1.16 – 1.18 NAREIT FFO - Basic 2.34 - 2.40 Income attributable to operating partnership units 0.02 - 0.02 NAREIT FFO Per Common Share - Diluted $2.36 - $2.42 Other 0.00 – 0.01 Core FFO Per Common Share - Diluted $2.37 - $2.43 Portfolio Activity Acquisitions $125 - $225 M Re / New Development $135 - $235 M Dispositions $125 - $225 M Operating Information Same Property Net Operating Income with redevelopments +2.5% to +3.5% Same Property Net Operating Income without redevelopments +2.0% to +3.0%

Relative Peer Multiples

23.92 22.51 20.10 19.80 16.01 14.90 14.70 12.71 11.24 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 FRT EQY REG ROIC KIM WRI RPAI DDR BRX

Core FFO* Stock Price (as of 2/17/17)

Stock Multiple

*Midpoint of 2017 Guidance **Midpoint of 2016 Guidance

$5.88 $1.39** $3.47 $1.06** $1.52 $2.40 $1.03 $1.14 $2.09 $140.66 $31.29 $69.75 $20.99 $24.33 $35.77 $15.07 $14.49 $23.44

Vision and Guidance

48

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WRI Key Points

• Transformed Portfolio of

High Quality, Grocery Anchored Shopping Centers

• Strong Balance Sheet with

Great Laddering of Debt Maturities

• Enhanced Growth in Cash

Flow, FFO and NAV

• Improved Valuation and

Expansion of Multiple

• Experienced Team of Real

Estate Professionals with a Best in Class Operating Platform

Hilltop Village Center Alexandria, VA

Images from The Palms at Town & Country, Miami, FL