Weingarten Realty Investors and American National Insurance Company Announce Joint Venture and Property Sale

Weingarten Realty Investors and American National Insurance Company have announced a joint venture to co-own and operate a portfolio of industrial properties in the Houston area. The joint venture involves a 80% share of the properties being sold by Weingarten Realty Investors to American National, with Weingarten retaining a 20% interest. The portfolio includes approximately 2 million square feet of space, consisting primarily of bulk warehouses. The deal also includes Weingarten Realty Investors assuming the leasing and management of approximately 1.4 million square feet of Houston area bulk warehouse properties already owned by American National.

Key Takeaways:

• Weingarten Realty Investors and American National Insurance Company have formed a joint venture for the ownership and operation of a portfolio of industrial properties in the Houston area.
• The joint venture involves a 80% share of the properties being sold by Weingarten Realty Investors to American National, with Weingarten retaining a 20% interest.
• The portfolio includes approximately 2 million square feet of space, consisting primarily of bulk warehouses.
• The deal also includes Weingarten Realty Investors assuming the leasing and management of approximately 1.4 million square feet of Houston area bulk warehouse properties already owned by American National.
• American National Insurance Company received approximately $59 million in consideration for the improved buildings and unimproved land.
• The joint venture is expected to be a mutually rewarding business relationship, as stated by Stanford Alexander, Chairman and CEO of Weingarten Realty Investors.
• Weingarten Realty Investors continues to be committed to its industrial division through its co-ownership of these buildings and future Railwood land development opportunities with American National.

Statistics:

• The portfolio includes approximately 2 million square feet of space, consisting primarily of bulk warehouses.
• The deal also includes Weingarten Realty Investors assuming the leasing and management of approximately 1.4 million square feet of Houston area bulk warehouse properties already owned by American National.
• American National Insurance Company received approximately $59 million in consideration for the improved buildings and unimproved land.

Sources:

• Weingarten Realty Investors - http://www.weingarten.com
• NASDAQ - American National Insurance Company (ANAT)
• NYSE - Weingarten Realty Investors (WRI)
• Private Securities Litigation Reform Act of 1995