Weingarten Focuses on New Acquisitions

HOUSTON-The REIT's COO doesn’t agree with many of today's cap rates, yet he expects to invest $75 million to $125 million this year.

By Jennifer Duell Popovec | Updated on August 08, 2010

HOUSTON-Weingarten Realty has passed on quite a few acquisition opportunities because it doesn’t agree with the cap rates, according to the REIT’s management team. Even so, the REIT is on track to acquire $75 million to $125 million worth of properties this year.

The REIT executives discussed cap rates during the company’s second quarter conference call. “There’s a lot of capital chasing a few quality projects for sale today, putting a lot of pressure on cap rates,” said Executive Vice President and COO Johnny Hendrix. “It’s starting to look a lot like 2006 all over again – maybe not quite so frothy, but pretty close.”

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