Weingarten Realty

Weingarten Realty Investors
IndustryReal estate investment trust
Founded1948; 77 years ago (1948)
DefunctAugust 4, 2021; 3 years ago (2021-08-04)
FateAcquired by Kimco Realty
HeadquartersHouston, Texas
Key people
 Stanford Alexander, Chairman
Andrew M. Alexander, CEO
Stephen C. Richter, CFO
RevenueDecrease $433 million (2020)
Decrease $118 million (2020)
Total assetsIncrease $3.961 billion (2020)
Total equityDecrease $1.800 billion (2020)
Number of employees
243 (2020)
Footnotes / references
[1]
Former Weingarten Realty headquarters

Weingarten Realty Investors was a real estate investment trust that invested in shopping centers, primarily in the Southern United States and primarily with grocery stores as the anchor stores.[1] In August 2021, the company was acquired by Kimco Realty.

As of December 31, 2020, the company owned interests in 159 properties comprising 30.2 million square feet.[1] In 2020, 20.6% of the company's revenues were generated from properties in the Houston area and 30.4% of the company's revenues were generated from properties in Texas.[1]

History

In the 1880s, Hersch Harris Weingarten, a poor Jewish immigrant from Łańcut (what was then Austria-Hungary),[2] started a grocery business in Houston called Weingarten's.[3]

In 1948, Joseph Joe Weingarten, the eldest son of Harris Weingarten founded Weingarten Realty to build stores for his father's business.[3] In 1980, Safeway Inc. purchased the grocery operations.[3]

In 1985, the company became a public company via an initial public offering.[3]

In 2002, the company acquired 3 shopping centers for $46.2 million.[4][5]

In 2012, the company sold all of its industrial assets for $382.4 million.[6]

In August 2021, Kimco Realty acquired the company.[7]

References

  1. ^ a b c d "Weingarten Realty Investors 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Hersch, Harris Weingarten 1854-1934". MyHeritage.
  3. ^ a b c d Keenan, Charles (November 11, 2016). "Weingarten Realty Investors is a Family Affair". National Association of Real Estate Investment Trusts.
  4. ^ "Weingarten adds three shopping centers". American City Business Journals. December 20, 2002.
  5. ^ "Raleigh shopping center part of $46.2M in deals". American City Business Journals. December 20, 2002.
  6. ^ Dawson, Jennifer (April 11, 2012). "Weingarten Realty selling $382.4M in assets". American City Business Journals.
  7. ^ "Kimco Realty and Weingarten Realty Investors Announce Closing of Merger" (Press release). Business Wire. August 4, 2021.