Investor Presentation Third Quarter 2017 Forward Looking Statements - - PowerPoint PPT Presentation

Investor Presentation Third Quarter 2017

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

12.55% 10.24% 0.00% 5.00% 10.00% 15.00% Since IPO

Total Return %

WRI NAREIT Equity REIT Index

Debt

Common Equity

Total Market Capitalization

$2.2 Billion 35% $4.1 Billion 65%

$6.3 Billion

(based on September 30, 2017 closing stock price of $31.74)

Company Overview

Transformed portfolio delivering sector leading results 75% Supermarket Anchored averaging $632 PSF Strong Balance Sheet with well laddered debt maturities ~ 5% Dividend Yield $1.54 annually

(as of 9/30/17)

As of 9/30/17

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Why Weingarten?

Over the 7 years (2010 – 2016), we have TRANSFORMED the portfolio through:

• Purchasing $1.3 Billion in target markets
• Disposing of $1.9 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 3.2%
• Occupancy increased to 95%
• Average Base Rent increased 10%

Strong Balance Sheet Metrics positioned for growth opportunities

• Net Debt to EBITDA of 5.6x vs 7.8x in 2011
• Debt to Market Cap of 34.9% 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: $21.72 PSF AHHI: $139,542 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
• 5. Colonial Plaza – Orlando, FL

ABR: $19.49 PSF 3 Mile Population: 210,655 Major Tenants: Home Depot, Albertsons, Ross Dress For Less, Petco, Rite Aid ABR: $38.93 PSF AHHI: $144,908 Major Tenants: Kroger, Barnes & Noble, Gap, Americas, Sur La Table, Talbots ABR: $15.73 PSF % College Grads: 51% Major Tenants: Ross Dress For Less, Marshalls, Old Navy, Floor & Décor, Hobby Lobby, Staples, Stein Mart, Barnes & Noble, Petco High Quality Portfolio ABR: $22.69 PSF 3 Mile Population: 171,702 Major Tenants: Publix, Kohl’s, Nordstrom Rack, Dick’s, Marshalls, CVS, Total Wines

• 1. The Palms at Town & Country – Miami, FL
• 6. 8000 Sunset Strip – Los Angeles, CA

ABR: $42.70 PSF AHHI: $114,832 Major Tenants: Trader Joe’s, CVS, Crunch Fitness, CB2, Sundance Cinemas

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Top 12 Centers Comprise 20% of Total Portfolio

• 10. Chino Hills – Los Angeles, CA

ABR: $33.88 PSF % College Grads: 58% Major Tenants: Wegmans, L.A. Fitness ABR: $22.18 PSF AHHI: $102,750 Major Tenants: Smart & Final, Rite Aid, Dollar Tree, 24 Hour Fitness ABR: $17.61 PSF 3 Mile Population: 112,842 Major Tenants: Target, PetSmart, Bealls, Marshalls, Bed Bath & Beyond, Michaels, Regal Theater High Quality Portfolio

• 9. Best In The West – Las Vegas, NV

ABR: $16.72 PSF 3 Mile Population: 195,050 Major Tenants: TJ Maxx, Best Buy, Bed Bath & Beyond, PetSmart, DSW, Stein Mart, Old Navy, Babies R Us

• 12. Hilltop Village Center – Alexandria, VA
• 8. Largo Mall – Largo, FL
• 11. Centre at Post Oak – Houston, TX

ABR: $35.38 PSF AHHI: $134,918 Major Tenants: Marshalls, Nordstrom Rack, Old Navy, Arhaus, Grand Lux Café, Morton’s

• 7. Village Plaza at Bunker Hill – Houston, TX

ABR: $24.61 PSF AHHI: $127,045 Major Tenants: HEB, Academy, Toys R Us, Sam Moon, PetSmart, Nordstrom Rack

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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% 2.5%

• 5.0%
• 2.5%

0.0% 2.5% 5.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 17 93.0% 91.8% 93.0% 93.0% 93.7% 94.8% 95.4% 95.1% 94.3% 94.8% 90.0% 92.0% 94.0% 96.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 17 $13.16 $13.31 $13.60 $14.51 $15.14 $15.66 $16.24 $16.92 $17.93 $18.58 $12.00 $14.00 $16.00 $18.00 $20.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 17 11.0% 2.0%

• 2.5%
• 0.4%

4.2% 6.3% 10.1% 12.5% 13.1% 16.6%

• 5.0%

0.0% 5.0% 10.0% 15.0% 20.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 17 Note: Q3 17 peer information includes DDR, KIM, BRX, RPAI, and REG *SPNOI excludes redevelopment

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Small Shop Leasing

Note: Number of leases for the 12 months ended 9/30/2017.

Beauty

51 Leases

Service

48 Leases

Other

94 Leases

Apparel

19 Leases

Health

72 Leases

5% 18% 25% 13% 19% 6% 14%

Full Service Restaurant

24 Leases

High Quality Portfolio

Quick Serve

67 Leases

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Leasing High Quality National Brands

High Quality Portfolio Note: Based on signed leases for the 18 months ended 9/30/17.

Three or more signed leases in the period

9 signed leases 4 signed leases 3 signed leases 5 signed leases 3 signed leases 3 signed leases 3 signed leases 3 signed leases 3 signed leases 3 signed leases 3 signed leases 3 signed leases

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Leasing High Quality Anchor Tenants

High Quality Portfolio Note: Based on signed leases for the 18 months ended 9/30/17.

Signed leases last 18 months

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Strong Tenant Base

66% 34% 75% 25%

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

National/Regional Local 2008 2017

WRI Top Ten Tenants (% of Total Base Minimum Rent) 2.6% 2.5% 2.0% 1.6% 1.6% 1.6% 1.3% 1.2% 1.1%

16.7%

TOTAL

Transformation means stronger credit quality

1.2%

High Quality Portfolio

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2017 Manageable Store Closures Impact to WRI

NO EXPOSURE LIMITED EXPOSURE

Expected manageable impact to cost around $0.01 in 2017 FFO and <1.5% of ABR

Closure Tenants since 3/31 WRI Store Count 6/30 WRI Store Count 9/30 9/30 % ABR 25 23 0.56% 21 14 0.22% 5 5 0.44% 6 5 0.09% 3 3 0.00% 3 1 0.00% 3 0.00% Total 61 51 1.31%

75% of Our ABR is in Shopping

Centers with a Grocer Component

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Highly Productive Grocers

Grocery with Another Anchor 41% Power and Specialty 25% Grocery Anchored 34%

Grocers Sales Average

$632 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

$627 PSF $638 PSF

% of ABR Sales PSF National 43% $606 Regional 23% $685 Specialty 8% $670 Independent 1% $302 Total 75% $632

High Quality Portfolio

75%

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Internet Resistant

% of WRI ABR

Internet Resistant 80%

• Quick Service and

Full Service Restaurants 19%

• Services

15%

• Supermarkets

12%

• General Merchandise and

Other Misc. Retail 8%

• Recreation/Entertainment

7%

• Discount Apparel

7%

• Home Furnishings

5%

• Medical

4%

• Pet Stores and Services

3%

Potential Risk 15%

• Some Apparel

5%

• Sporting Goods

2%

• Footwear

2%

• Beauty Supplies

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 9/30/17

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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)

$118,000

Population(a)

146,000

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

As of 9-30-17

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

Nearly 60% of NOI is within 5 miles of The Galleria

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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 $118,000

• 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 at 98% and rent growth for third quarter 2017 is 35.6%

• 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: 87,817 AHHI: $139,542 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: 197,408 % College Grads: 45% Major Tenants: Whole Foods, Target, Ross Dress For Less, Palais Royal, Petco Population: 170,725 AHHI: $144,908 Major Tenants: Kroger, Barnes & Noble, Gap, Americas, Sur La Table, Talbots Population: 206,784 AHHI: $133,751 Major Tenants: Best Buy, Cost Plus Population: 135,651 AHHI: $127,045 Major Tenants: HEB, Academy, Toys R Us, PetSmart, Nordstrom Rack Population: 188,788 AHHI: $134,918 Major Tenants: Marshalls, Nordstrom Rack, Old Navy, Arhaus, Grand Lux Café, Morton’s How Do Oil Prices Impact WRI?

Geographically Diversified Portfolio

71% 15.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 1985 Q3 17 ABR $7.30 PSF ABR $20.00 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 Total WRI 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 Q1 2017 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

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Strategic Growth

Large Re-Developments Developments

Strategic Growth (SF in thousands) Decatur 215 Las Vegas, NV

346 SF 100% Leased $79,039 AHHI / 137,244 pop.

Sunset Point 19 Clearwater, FL

266 SF 86% Leased $61,682 AHHI / 104,145 pop.

Centro Arlington (formerly

Columbia Pike)

Arlington, VA

65 SF (retail) $118,314 AHHI / 302,126 pop

West Alex (formerly Gateway

Alexandria)

Alexandria, VA

100 SF (retail) $109,746 AHHI / 288,679 pop

River Oaks Houston, TX

30 story mixed-use tower with 10 SF (retail) $144,908 AHHI / 170,725 pop

The Whittaker Seattle, WA

63 SF (retail) 89% Leased $98,131 AHHI / 85,170 pop.

Winter Park Corners Winter Park, FL

83 SF 100% Leased $86,631 AHHI / 104,772 pop.

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Creating Value through New / Re Development

Cost Incurred - YTD 2017 Cost Incurred - To - Date Estimated Final Est Final ROI% The Whittaker 25,857 26,096 31,064 West Alex (formerly Gateway Alexandria) 18,911 65,105 185,772 Centro Arlington (formerly Columbia Pike) 30,267 31,153 134,468 Total New Development $75,035 $122,354 $351,304 5.7%

Properties Currently Under Development

Strategic Growth

In thousands

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Creating Value through New / Re Development

Total Activity Cost Incurred: YTD 2017 Cost Incurred: Inception-to-Date Estimated Final Est Final ROI% Total $23,471 $82,271 $273,619 8.0 – 10.0%

2013 2014 2015 2016 2017 Future Total 155 500 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

Redevelopment Spotlight: The Driscoll at River Oaks Shopping Center, a 30- story residential high-rise with 300 luxury living spaces and 10,000 SF of ground floor

• retail. See page 34

for more information.

+

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New Development

Population 3 Mi: 85,170 Avg HH Income 3 Mi: $98,131 Property Size: 63,043 SF (retail) Investment: $31.1M 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

• WRI is under construction on 5.2 acres of land that will be the site of

West Alex, a premier mixed-used development in Alexandria, VA.

• The total project will feature 278 multi-family units, 100,000 SF of

retail anchored by an upscale 62,000 SF Harris Teeter grocery store, 93,000 SF of office space and 870 below-grade parking spaces.

• Net investment upon completion is estimated to be $185 million

and will include retail, luxury residences and approximately 23,000 SF

• f boutique office space.
• Construction commenced in 1Q 2017 with projected stabilization in

2021.

• After completion WRI plans to sell the residential component.

WRI Net Investment Summary

Retail ~$49M 100K SF Office ~$9M 23K SF Multifamily ~$127M 278 residences

• Est. Total Investment

~$185M

• High barrier infill site with impressive demographics, which has taken

seven years to entitle. 62% of the 3-mile population has a college degree.

• Nearly 290,000-people residing within 3 miles with median household

incomes of $86,000 and average incomes of $110,000

• Total Number of Employees - 133,000 workers within 3 miles and

379,000 workers within a 5-mile radius.

Demographics 3-Mile Radius 5-Mile Radius Population 288,679 551,853 Households 131,647 249,105 Avg HHI $109,746 $126,858 Median HHI $86,241 $98,946 % College Graduates 62.41% 67.25% Median Housing Value $519,855 $598,770

STRONG DEMOGRAPHICS

WEST ALEX FACT SHEET

INVESTMENT

West Alex | Alexandria, VA

100,000 SF (retail) | Acquired 11/1/16 (Formerly Gateway Alexandria) 30

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• “Expected population growth of 11.2% for RB (Rosslyn-Ballston) and 6.8% for Alexandria by 2020.” (HFF LP)
• “Washington DC Metro Area job growth has continued its strong performance with over 66,600 new jobs added in 2016,

approximately 150% over the average of 43,600. Experts consider 55,000 new jobs as “expansionary” job growth for the area.” (HFF LP)

• “Rent growth within West Alex

submarket is expected to reach 3.72% by the time the project delivers in 2019. It is also expected to be one of two multifamily projects to deliver that year.” (HFF LP)

• A Transit Oriented Development

(TOD), West Alex is one-half mile from I-395, three miles from the Pentagon, five miles from downtown D.C, four miles from Old Town Alexandria and three miles from the Capital Beltway.

• In addition to the Metrobus and Dash

Bus system, upon completion of the project, the site will be served via a new Bus Rapid Transit station that will connect the Pentagon Metro station to the Van Dorn Street station.

WEST ALEX FACT SHEET

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• WRI, in partnership with a prominent residential developer, is under

construction on Centro Arlington, a premier, mixed- use project in Arlington, Virginia.

• This project will include 366 multi-family units and 72,000 square

feet of retail anchored by an upscale 52,000 square foot Harris Teeter grocery store.

• Net investment (at pro rata share) upon completion is estimated

at $135 million.

• Development commenced 2Q 2017 with Harris Teeter projected

store opening in 2020.

• After completion WRI plans to sell the residential component.

WRI Net Investment Summary

Retail ~$28M 65K SF Multifamily ~$107M 366 residences

• Est. Total Investment

~$135M

• Impressive demographics - 68% of the 3-mile population having a

college degree.

• 302,000-people residing within 3 miles and nearly 590,000-people

residing within 5 miles.

• Median household incomes of $93,000 and average incomes of

$118,000 within 3 miles.

• Total Number of Employees - 208,000 workers within 3 miles and

687,000 workers within a 5-mile radius.

Demographics 3-Mile Radius 5-Mile Radius Population 302,126 587,999 Households 142,677 270,572 Avg HHI $118,314 $128,982 Median HHI $93,115 $97,529 % College Graduates 67.86% 69.94% Median Housing Value $548,615 $596,558

STRONG DEMOGRAPHICS

CENTRO ARLINGTON FACT SHEET

INVESTMENT

Centro Arlington | Arlington, VA

65,000 SF (retail) | Acquired 6/23/17 (Formerly Columbia Pike Village Center) 32

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• Strategically located within Arlington on the NWC Columbia Pike and George Mason Drive.
• Columbia Pike is a major thoroughfare that stretches across South Arlington from the

Pentagon to Fairfax County.

• Via Metrobus and

Arlington Transit, Columbia Pike provides numerous bus routes serving the Columbia Pike corridor with connections to the Pentagon and Pentagon City, Washington Metro stations

• “Rent growth within

Centro Arlington submarket is expected to reach 3.72% by the time the project delivers in

• 2019. It is also

expected to be one of two multifamily projects to deliver that year.” (HFF LP)

CENTRO ARLINGTON FACT SHEET

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Potential New / Re 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: $12.1M ROI: ~ 10% The redevelopment consists of adding a 30,000 square foot Sprouts and adding around 14,500 square feet of shop space buildings.

Winter Park Corners – Winter Park, FL

Strategic Growth

Winter Park Corners caters to savvy consumers in the upscale, high-density Winter Park community in Northeast Orlando. This center offers an attractive location on the highly-traveled Aloma Avenue retail corridor and includes several restaurant options such as Outback Steakhouse and Jersey Mike's.

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City Center Englewood Denver, CO

Transformed Portfolio

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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 7 years (2010 – 2016), sold $1.9 Billion and acquired $1.3 Billion of property

Dispositions:

• Non-core markets and

properties

• Smaller centers
• Limited growth prospects
• Independent

supermarkets

12/31/10 12/31/2016

Change

Number of Properties 312 216 GLA SF 32.8 M 28.3 M Avg Base Rent PSF $13.60 $17.93

32%

Average HH Income(a) $80,000 $86,000

8%

Households(a) 39,000 46,000

18%

Population(a) 103,000 115,000

12%

College Graduates(a) 37.0% 44.4%

20%

Grocer Sales PSF $460 $630

37%

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Strategic Portfolio Transformation Complete - As of 12/31/16

(a) Weighted by ABR (b) Grocer Sales PSF As of 12/31/14

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 31 127 GLA SF 6.1 M 10.6 M Avg Base Rent PSF $20.88 $11.52

81%

Average HH Income(a) $94,000 $80,000

18%

Households(a) 57,000 39,000

46%

Population(a) 136,000 95,000

43%

College Graduates(a) 58.4% 36.6%

60%

Grocer Sales PSF(b) $700 $417

68%

Volume $1.3 Billion $1.8 Billion

Transformation results in dramatically improved portfolio quality

8000 Sunset Strip Shopping Center Los Angeles, CA

39

Strong Financial Position

40

Transformed Financial Position

Net Debt to EBITDA Debt to Market Capitalization

5.9 6.3 5.4 5.8 5.9 5.6 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x

2012 2013 2014 2015 2016 Q3 17

Debt Debt + Preferreds

37.2% 39.4% 30.2% 32.8% 33.7% 34.9%

28.0% 33.0% 38.0% 43.0% 48.0%

2012 2013 2014 2015 2016 Q3 17

Debt Debt + Preferred Strong Financial Position

*Remaining Series F Preferreds were redeemed May 2015

7.0 6.8 5.8

44.4% 42.0% 32.5%

Fixed Charge Coverage

2.1 2.4 2.8 3.4 3.8 3.9

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

2012 2013 2014 2015 2016 Q3 17

Secured Debt to Total Assets

18.5% 14.3% 12.8% 9.6% 8.3% 8.0%

6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

2012 2013 2014 2015 2016 Q3 17

* *

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Laddered Debt Maturities

39 35 60 93 53 9 7 54 5 10

• 10
• 200
• 300

300 250 250 273 34

• $39

$45 $60 $293 $53 $309 $307 $257 $304 $278 $42 $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 = 3.77%

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 9/30/17

Vision and Guidance

The Whittaker Seattle, WA

42

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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

44

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

45

Guidance

Vision and Guidance

As of 9/30/17

Previous Guidance Q3 Revised

Net income attributable to common shareholders $2.22 - $2.28 $2.47 - $2.52 Depreciation and amortization 1.39 – 1.41 1.38 – 1.40 Impairment of operating properties and real estate equity investments 0.08 – 0.10 0.08 – 0.10 (Gain) on sale of property and interests in real estate equity investments (1.40) – (1.44) (1.61) – (1.67) Noncontrolling interests 0.04 – 0.06 0.04 – 0.06 (Benefit) provision for income taxes (0.01) – (0.03) (0.00) – (0.02) NAREIT FFO - Basic 2.32 - 2.38 2.36 - 2.39 Income attributable to operating partnership units 0.02 - 0.02 0.02 - 0.02 NAREIT FFO Per Common Share - Diluted $2.34 - $2.40 $2.38 - $2.41 Other impairment loss 0.02 - 0.02 0.02 - 0.02 (Benefit) provision for income taxes (0.01) – (0.01) (0.01) – (0.01) Other 0.03 – 0.03 0.03 – 0.03 Core FFO Per Common Share - Diluted $2.38 - $2.44 $2.42 - $2.45 Portfolio Activity Acquisitions $50 - $150 M $50 - $150 M Re / New Development $125 - $175 M $125 - $175 M Dispositions $200 - $400 M $300 - $550 M Operating Information Same Property Net Operating Income with redevelopments +2.5% to +3.5% +2.5% to +3.5% Same Property Net Operating Income without redevelopments +2.0% to +3.0% +2.0% to +3.0%

2017 Guidance

Denotes change to guidance

Relative Peer Multiples

21.49 17.46 16.36 13.07 12.29 12.02 8.49 6.92 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 FRT REG ROIC WRI KIM RPAI BRX DDR

Core FFO* Stock Price (as of 11/6/17)

Stock Multiple

*Midpoint of 2017 Guidance **Previously stated Guidance

$5.91 $3.68 $1.13 $2.41 $1.52 $1.04 $2.07 $1.14** $126.92 $64.24 $18.49 $31.51 $18.62 $12.50 $17.57 $7.89

Vision and Guidance

46

47

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