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HOUSTON-Locally based REIT, Weingarten Realty Investors, is selling $52 million of medium-term notes. The money will be used to pay down debts under Weingarten’s $350-million revolving credit facility, which is used to temporarily fund Weingarten’s real estate acquisitions and new development programs.

Of the $52 million, $10 million will be sold with five-year-terms, an interest rate of 5.295% and a due date of July 1, 2007. Another $15 million in notes will also carry a five-year term due on July 15, 2007 with a 5.14% interest rate. The remaining $27 million has an 11-year term due July 15, 2013 with a 6.11% interest rate.

“Weingarten Realty Investors remains committed to maintaining a strong balance sheet,” says Drew Alexander, president and CEO of Weingarten, in a statement. “Managing the amount of short-term floating-rate debt and staggering the company’s debt maturities is key to our continued success.”

Weingarten currently has a portfolio of 296 properties in 18 states across the southern half of the US. The portfolio includes 37.2 million sf in 239 neighborhood and community shopping centers and 57 industrial properties.

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