UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 4, 2002
WEINGARTEN REALTY INVESTORS
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(Exact name of registrant as specified in its charter)
1-9876
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(Commission File Number)
Texas 74-1464203
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2600 Citadel Plaza Drive, Suite 300, Houston, Texas 77008
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 866-6000
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On April 4, 2002, WRI completed the acquisition of 7 supermarket-anchored
shopping centers in the Raleigh-Durham market totaling 1.15 million square feet
from Bob Hughes and Associates and related partnerships. The following chart
reflects the specifics of these select community shopping centers:
SHOPPING CENTER TOTAL SQUARE FEET ANCHOR TENANT(S)
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Avent Ferry 111,600 Food Lion, U.S. Post Office, Department of Motor Vehicles
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Capital Square 156,600 Food Lion, Mars Music
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High House 90,000 Harris Teeter, Ace Hardware
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Mineral Springs 58,400 Food Lion, Eckerd
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Northwoods 77,800 Food Lion, Eckerd
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Stonehenge Market Place 188,300 Harris Teeter, Stein Mart, Eckerd
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Six Forks 468,100 Food Lion, Eckerd, Home Depot, Borders Books, Bed Bath & Beyond, Kmart
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The purchase price of the portfolio was $94.9 million, including the assumption
of $48.0 million of secured debt. The purchase was completed through the use of
a DownREIT structure whereby the sellers were issued either cash or DownREIT
Operating Partnership Units in exchange for their equity in the properties. A
total of 934,568 operating partnership units, which can be exchanged for a like
number of WRI common shares beginning one year after the closing, were issued to
the sellers based upon an agreed price of $46.00 per unit. This represented the
market price of WRI common shares on the date the purchase agreement was agreed
to (September 19, 2001). The remainder of the purchase price was funded under
WRI's revolving credit facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WEINGARTEN REALTY INVESTORS
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(Registrant)
BY: /s/ Joe D. Shafer
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Joe D. Shafer
Vice President/Controller
(Principal Accounting Officer)
DATE: April 8, 2002