Tracy Pursell, investor relations director, tells GlobeSt.com that roughly 10% of the rental revenue increase, posting 28% higher than this time last year, came from new leases and renewals at existing properties. In the past year, the REIT completed 258 new leases or renewals, totaling one million sf.

New development and acquisitions played a significant role in the rental revenue jump.Pursell says the REIT delivered four shopping centers in the first quarter: two in Phoenix and one each in Dallas and Denver. Acquisitions include a 234,600-sf supermarket-anchored property in Florida, seven similar properties in North Carolina and one in Texas.

About 88% of the first quarter's revenues are derived from retail properties, with 11% coming from the industrial portfolio. Other highlights of the earnings report include an FFO increase of nearly 30% to $41.2 million from first quarter 2001's $31.8 million. Net income is 47 cents per diluted share in comparison to 45 cents in 2001. In the first quarter accounting, Weingarten reported a $1.2-million gain from the partial sale of the Fondren Southwest shopping center in Houston.

Weingarten currently has 16 properties in various construction stages. Pursell says the developments are supermarket- or discount department store-anchored centers. The projects are located in Shreveport, LA (Target-anchored); Baton Rouge, LA (Target); Las Vegas (Kmart); Avendale, AZ (Fry's); Lake Charles, LA (Target); Phoenix (Target); Fort Worth (Albertsons) and New Orleans (Target). Lafayette, LA is getting two shopping centers, one anchored by Target and the other, Albertsons. Dallas too has two properties coming on line, with Tom Thumb and Albertsons as the anchors. Denver has four centers under construction, two anchored by Target and the others by Wal-Mart and Albertsons. The projects have staggered delivery dates through mid-2003.

Alexander says the first quarter was very rewarding. "We are very optimistic," he says, "about the rest of 2002 as we continue to pursue and assess acquisition and development opportunities and work to maximize the potential of our existing portfolio.