7/11/2019 | By Nareit Staff
Drew Alexander, president and CEO of Weingarten Realty Investors (NYSE: WRI), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Alexander said that Weingarten regularly looks at demos and the evolution of retail locations in order to stay on top of ever-changing retail concepts. He said the REIT sold about $600 million in 2018 but expects it to be less in 2019, at around $300 million.
“We always look for ways to improve shareholder value, and sometimes selling properties, especially when they’re at the bottom of our quality rankings and about NAV, is the right long-term thing,” he said.
Alexander said Weingarten is looking at a couple of development opportunities, but that redevelopment is a big part of the REIT’s growth plan going forward. He said Weingarten has also been active in the acquisition world since the company went public in 1985.
“We’ve already bought one center this year and have a couple of other things [in the works],” he added.