Phoenix Property TourPhoenix Property TourApril 8April 8--9, 20089, 2008
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Safe Harbor StatementSafe Harbor Statement
Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature involve known and
unknown risks and uncertainties.
The Company’s actual results, performance or achievementscould differ materially from those expressed or implied by such statements. Reference is made to the Company’s
regulatory filings with the Securities and Exchange Commission for information or factors which may impact the
Company’s performance.
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AgendaAgendaStrategic Plan Progress Drew AlexanderNew Development President/CEO
Balance Sheet Strength Steve RichterOperating Portfolio Executive Vice President/CFO
Phoenix Portfolio Chris ByrdRegional Leasing Director
Phoenix Market David DaleidenDirector of Research Strategy
Questions
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Strategic Growth PlanStrategic Growth PlanNew Development
º Completions of $250-$300 millionº Merchant Build Activities
Institutional Joint Venturesº Acquisition Financingº Assets Under Managementº Fee Income
Acquisitionsº Barriers to Entryº Joint Ventures
Asset Managementº Stronger Internal Growthº Dispositions
Achieve 7%Achieve 7%--9% Annual FFO/Share Growth9% Annual FFO/Share Growth
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Strategic Plan Progress: 2006Strategic Plan Progress: 2006--20072007New Development
º 32 projects under development with final investment of $629 million
º Merchant build gains of $.16 per share
º Delivered completions of $96 million in 2007 at a 9.3% yield
Institutional Joint Venturesº Six new joint ventures over the
last two yearsº Assets under management
increased to $2.8 billionº Fee income increased from $1.3
million in 2005 to $8.2 million in 2007
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Strategic Plan Progress: 2006Strategic Plan Progress: 2006--20072007Acquisitions
º Acquisitions of $1.9 billion in 2006-2007
º 90% of acquisitions in eastern and western regions
º 49% of acquisitions through JVs
Asset Managementº Non-core property dispositions
totaling $581 million in 2006-2007º Portfolio diversified geographicallyº Same-store NOI growth averaged
3.2% on a cash basis in 2006-2007
2007 FFO/Share Growth of 8.1%2007 FFO/Share Growth of 8.1%
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• Slowing Economy
• Challenging Credit Market
• Housing Slowdown
2008 Target
FFO per share Growth 5%-7%
New Development Completions $150-$160 million
Merchant Build Gains $.14-$.20 per share
Gross Acquisitions through Joint Ventures $300-$500 million
Non-Core Property Dispositions $200-$250 million
Asset Recapitalization Joint Ventures $250-$350 million
2008 Guidance2008 Guidance
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Key TakeawaysKey Takeaways
• Achieving and exceeding strategic plan goals
• Attractively valued stock
º 11.4X price*/2008 FFO
º 16.0X peer average
º Discount to net asset value
Our peer group includes: Developers Diversified, Equity One, Federal Realty, Kimco and Regency*Reflects closing stock price on April 1, 2008
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New DevelopmentNew Development
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New DevelopmentNew Development
• 32 projects under developmentº Half stabilizing in 2008-2009º Half stabilizing in 2010 & Beyond
• WRI costsº $341 million spent inception to dateº $629 million total estimated investment
• Over 9% projected yield
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Stabilization Date
Number of Projects
%Leased
Spent to Date
(millions)
Final Investment (millions)
Trade Area
Population2008 6 93% $92.1
$78.9$171.0
107,343$103.42009 10 63% $170.4 89,092
$273.8 95,93673%Total 16
16 Projects Stabilizing 200816 Projects Stabilizing 2008--20092009
• 9.5% projected yield
• 16 project completions by the end of 2009:º 9 supermarket anchored
º 7 anchored by national big box retailers
• Limit Development Risk:º Project phasing
º Modest speculative space
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StabilizationDate
Number of Projects
Projects w/ Committed
Anchors
Spent to Date
(millions)
Final Investment (millions)
$128.6 $278.6$35.3$40.9
$354.8
2011 4 2 $21.1 75,6822013 1 - $20.3 34,847
$170.0
Trade Area
Population2010 11 9 145,981
121,46111Total 16
16 Projects Stabilizing 2010 & Beyond16 Projects Stabilizing 2010 & Beyond
• Approximately 9% projected yield
• Anchors include:º 3 major grocers
º 4 Targets
º Kohl’s, Costco, Lowe’s, Conn’s, Academy, 24 Hour Fitness and Bed, Bath & Beyond
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Property Name Anchors Occupancy SquareFootage
2007 ROI
Palmilla CenterAvondale, AZ
Fry’s (OBO), Office Max, PetSmart 98.6% 169,142 11.8% 2001
Fry’s Ellsworth PlazaMesa, AZ Fry’s (OBO) 100% 73,608 13.5% 2002
13.3%
9.8%
14.3%
14.6%
Raintree Ranch CenterChandler, AZ Whole Foods 93.7% 140,109 9.3%* 2008
Total 97.6% 1,020,594 11.3%*
Val Vista Towne CenterGilbert, AZ
Target (OBO), Staples, Ross, Petco 100% 216,372 2001
Red Mountain GatewayMesa, AZ
Target (OBO), BB&B, Famous Footwear 96.6% 205,568 2002
Monte Vista Village CenterMesa, AZ Safeway (OBO) 100% 104,151 2004
Laveen Village MarketPhoenix, AZ Fry’s (OBO) 100% 111,644 2004
Completion Date
*Projected yield; Total includes Raintree Ranch Center’s projected yieldNote: Properties highlighted in yellow are on the property tour
Phoenix New Development PropertiesPhoenix New Development Properties
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Key Takeaways Key Takeaways –– New DevelopmentNew Development
• Strategy is working – Over 9% projected yield
• Long history as a developer
• Risks are well-controlled
• Quality and experience of our professionals
• $250-$300 million in completions in 2009
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Balance SheetBalance SheetStrengthStrength
Operating PortfolioOperating Portfolioby Steve Richterby Steve Richter
Executive Vice President/Executive Vice President/Chief Financial OfficerChief Financial Officer
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Balance Sheet StrengthBalance Sheet Strength
• Investment Grade Ratings:º Moody’s – Baa1
º S&P – BBB+
• Current debt capacity of $925 million after Lone Star Portfolio recapitalization
• Expanded corporate bank facility to $575 million
Pro-Forma YE 2007
Debt to Market Capitalization 48.3%
Debt to Assets at Cost 53.6%
Fixed Charge Coverage 2.0X
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Lone Star Retail Portfolio RecapLone Star Retail Portfolio Recap• Recapitalization of 18 existing WRI properties• Geographic distribution:
º 16 in Houston areaº 2 in other parts of Texas
• Total Gross Investment: $229 million• Cash proceeds to WRI: $214 million• Equity Commitment:
º JV Partner – 85%º WRI – 15%
• Leverage of 65% LTV• $500/sf average annual sales volume for supermarkets• WRI to receive:
º Property management, leasing and asset management feesº Performance enhancement incentives above certain hurdles
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• Cap rate of 7%-7.5%• Average HH income of $53,100 for Trade Areas vs. $69,600 for WRI• Independent supermarket anchors vs. large national/regional retailers• Same-property NOI growth of 2%-2.5% vs. 3% for WRI• Average shop rent of $15.18 vs. $18.77 for WRI’s post-recap Houston portfolio
Pricing/Valuation Pricing/Valuation –– WRI PortfolioWRI Portfolio
Pricing/Valuation Pricing/Valuation –– Lone Star AssetsLone Star Assets
Current ForwardCap Rate
7.1%
Range NAV RangeCap Rate
6.80%-7.25% $39.35 7.6% 7.00%-
8.50%
NAV
6 Analysts* $38.08
*Bank of America, Citigroup, Deutsche Bank, Green Street Advisors, Goldman Sachs and Merrill Lynch
Existing Portfolio Valuation???Existing Portfolio Valuation???
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Significant Joint Venture VolumeSignificant Joint Venture VolumePrivate Investor
Size$500 Million
(Initial Seed of $123 Million)
$150 Million $129 Million $325 Million $92 Million $229 Million
Specified Retail
Portfolio Acquisition
Specified Retail
Portfolio Recap
TexasCalifornia Florida
Specified Retail
Portfolio Acquisition
Florida
Specified Retail
Portfolio Acquisition
Pacific Northwest
Specified Retail
Portfolio Acquisition
FloridaGeorgiaTexas
Program Industrial
Acquisition
National
Type
Geographic Focus
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Operating PortfolioOperating Portfolio
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Sources of NOI Sources of NOI –– Product TypeProduct Type
Junior BoxJunior BoxAnchoredAnchored
4%4%
Power CenterPower Center23%23%
SpecialtySpecialty4%4%
OtherOther2%2%
SupermarketAnchored
67%
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NOI Migration Through YE 2007NOI Migration Through YE 2007
Western Western RegionRegion
34%34%Central Central RegionRegion
32%32%
Eastern Eastern RegionRegion
34%34%
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2.7%2.7% 1.7%1.7% 1.4%1.4% 1.4%1.4% 1.2%1.2%
1.1%1.1% 1.0%1.0% 0.9%0.9% 0.9%0.9% 0.9%0.9%
Top 10 tenants represent only 13.2% of total rental revenuesTop 10 tenants represent only 13.2% of total rental revenues
Strong Diversified PortfolioStrong Diversified Portfolio
66% of rental income is from National and Regional tenants66% of rental income is from National and Regional tenants
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Strong Portfolio PerformanceStrong Portfolio Performance19
8619
8719
8819
8919
9019
9119
9219
9319
9419
9519
9619
9719
9819
9920
0020
0120
0220
0320
0420
0520
0620
07Fe
b-08
75%
Occupancy always above 90%Occupancy always above 90%
90%
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Major Market Annual Rents(thousands)
WRI ABR*
Market Average
ABR*
SpreadAmount
Spread %
$18.77**
$21.36
$23.68
$20.80
$21.71
$15.47
$17.82
$20.31
$19.39
+21.3%+$3.30
+$1.97
+$1.32
+$4.34
+$2.80
$22.36
+$0.69
+10.2%
+5.9%
+26.4%
+14.8%
+4.0%
$16.46
$18.91
+$3.62 +21.7%
$17.13
$16.69
Houston, TX $34,538**
Phoenix-Mesa-Scottsdale, AZ $10,897
Raleigh, NC $10,495
Miami-Fort Lauderdale, FL $17,909
Las Vegas, NV $17,308
Atlanta, GA $11,339
Orlando, FL $10,021
Average Base Rents by Major MarketAverage Base Rents by Major Market
Source: Company reports and REIS Inc.*Represents ABRs for units less than 10,000 square feet through 4Q 2007; Market average represents effective rents
for anchored community centers ranging from 100,000 square feet to 350,000 square feet**Figures adjusted for impact of recapitalization of Houston properties via the Lone Star Portfolio
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Total Portfolio Quarterly SameTotal Portfolio Quarterly Same--Store Store NOI Growth NOI Growth –– Cash BasisCash Basis
3.4%
4.3%4.1%
6.2%
4.6%
2.6%2.2%
3.3%3.1% 3.1% 3.1% 3.2%
0%
1%
2%
3%
4%
5%
6%
7%
1Q 2
005
2Q 2
005
3Q 2
005
4Q 2
005
1Q 2
006
2Q 2
006
3Q 2
006
4Q 2
006
1Q 2
007
2Q 2
007
3Q 2
007
4Q 2
007
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Key TakeawaysKey Takeaways
• Strong investment grade credit ratings
• More than adequate capital capacity to fully executestrategic plan
• Operating portfolio produces strong internal growth
• High quality portfolio with above-market average base rent per square foot
• Most diversified tenant base – largest tenant contributes less than 3% of revenue
• 67% supermarket anchored – most resilient in sector
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Phoenix PortfolioPhoenix Portfolioby Chris Byrdby Chris Byrd
Regional Leasing DirectorRegional Leasing Director
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Phoenix Office OverviewPhoenix Office Overview
• First regional office and one of the largest today
• Manages roughly 10 million square feet covering AZ, NM, CO, UT and NV
• Oversees new development, construction, leasing and property management for the entire southwestern region
• Houses 20 employees
• Key personnel:º Development – Tim Frakes, VP/Sr. Regional Director of Development
º Leasing – Alan Houston, VP/Regional Leasing Director
º Construction – George Vesely, Sr. Project Manager
º Leasing – Chris Byrd, Regional Leasing Director
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Geographically WellGeographically Well--Positioned Positioned Phoenix• 15 existing properties• 1,921,184 square feet• 2 new development projects
Tucson• 5 existing properties• 791,214 square feet• 1 new development project
Flagstaff• 1 existing property
Bullhead City• 1 merchant build project
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Property Name Anchors Occupancy SquareFootage
2007ROI
Broadway MarketplaceTempe, AZ
Office Max, Ace Hardware 97.4% 82,757 17.4% Acquired
1993
Arrowhead FestivalGlendale, AZ
Sports Authority, BB&B, Borders (all OBO) 100% 176,458 15.5% Acquired
2001
Laveen Village MarketPhoenix, AZ Fry’s (OBO) 100% 111,644 14.6% Developed
2004
Fry’s Ellsworth PlazaMesa, AZ Fry’s (OBO) 100% 73,608 13.5% Developed
2002
Val Vista Towne CenterGilbert, AZ
Target (OBO), Staples, Ross, Petco 100% 216,372 13.3% Developed
2001
Monte Vista Village CenterMesa, AZ Safeway (OBO) 100% 104,151 14.3% Developed
2004
12.1%
Camelback Village SquarePhoenix, AZ
Fry’s, Target (OBO), Office Max 100% 234,494 11.9% Acquired
1994
Fountain PlazaScottsdale, AZ Fry’s, Dollar Tree 94.0% 102,271 Acquired
1994
Acquisition/Completion
Phoenix Portfolio PropertiesPhoenix Portfolio Properties
Note: Highlighted properties are on the property tour
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Property Name(continued) Anchors Occupancy Square
Footage2007 ROI
Pueblo AnoziraTempe, AZ Fry’s, Petco, Dollar Tree 100% 157,309 11.8% Acquired
1994
Palmilla CenterAvondale, AZ
Fry’s (OBO), Office Max, PetSmart 98.6% 169,142 11.8% Developed
2001
Squaw Peak PlazaPhoenix, AZ Basha’s 100% 61,060 11.6% Acquired
1994
Basha’s Valley PlazaTempe, AZ Basha’s 81.7% 145,104 10.6% Acquired
1993
Red Mountain GatewayMesa, AZ
Target (OBO), BB&B, Famous Footwear 96.6% 205,568 9.8% Developed
2002
Raintree Ranch CenterChandler, AZ Whole Foods 93.7% 140,109 9.3%* Developed
2008
Scottsdale HorizonScottsdale, AZ
Baja Fresh Mexican Grille 100% 10,337 6.3% Acquired
2007
Rancho EncantoPhoenix, AZ
Fresh & Easy Neighborhood Market 66.5% 70,909 2.6% Acquired
1997
Total 94.5% 2,061,293* 11.4%*
Acquisition/Completion
*Projected yield; Total includes Raintree Ranch Center’s square footage and projected yield
Phoenix Portfolio PropertiesPhoenix Portfolio Properties
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Phoenix MarketPhoenix Marketby David by David DaleidenDaleiden
Director of Research StrategyDirector of Research Strategy
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• Transportation Network
• Phoenix Economic Structure
• Population Base and Growth
• Spending Capacity of Phoenix
• Demographic Layout of Phoenix
• Dynamics of our tour plan
The Story of PhoenixThe Story of Phoenix
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ScottsdaleScottsdale
MesaMesa
GlendaleGlendale
DowntownDowntownPhoenixPhoenix
TempeTempe
ChandlerChandler
SH 1
01
SH 202
SH 101
SH 202
SH 3
03
Phoenix Road Structure
Sun CitySun City
To East ArizonaTo East Arizona
To Flagstaff
To Flagstaff
To Los AngelesTo Los AngelesTo Tucson &
Texas
To Tucson & Texas
SH
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SH 60
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ScottsdaleScottsdale
MesaMesa
GlendaleGlendale
DowntownDowntownPhoenixPhoenix
TempeTempe
ChandlerChandler
Sun CitySun City
Phoenix Road Structure
Loop 101
Loop
202
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DowntownDowntownPhoenixPhoenix
National Forest
Indian Reservation
Mountains
Federal Land
State Land
Phoenix BarriersPhoenix Barriers
Loop 101
Loop
202
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• Phoenix’s Beginningsº Cotton, Copper, Citrus and Cattle
• Phoenix Todayº Tourism
• 13.5 million visitors per year
• Home to 45 major resorts
º High Tech Manufacturing
º Construction
PhoenixPhoenix’’s Economic Structures Economic Structure
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Phoenix Population GrowthPhoenix Population Growth
Year Population Growth % Growth
1960 726,183 - -
1970 1,039,807 313,624 43.2%
1980 1,599,970 560,163 53.9%
1990 2,238,480 638,510 39.9%
2000 3,251,876 1,013,396 45.3%
2007 4,123,626 871,750 26.8%
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DowntownPhoenix
Phoenix Growth PatternsPhoenix Growth Patterns
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United States Phoenix
Area (Square Miles) 3,009,790 14,605
Ave HH Size 2.7 2.8
% Owner Occupied 63.0% 64.0%
% Renter Occupied 31.0% 29.0%
% Vacant Housing 5.9% 7.3%
Median Age 37.0 35.0
% Age Under 18 24.5% 27.2%
% Age Over 65 13.2% 13.3%
Median HH Income $49,979 $55,421
Average HH Income $66,753 $72,083
% College Graduates 30.8% 30.8%
Demographics & Income CharacteristicsDemographics & Income Characteristics
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Average Income Adjusted forAverage Income Adjusted forCost of Living Cost of Living –– Select Metro AreasSelect Metro Areas
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
Housto
n, TX
Atlanta
, GA
Phoen
ix, A
ZChic
ago,
ILSea
ttle, W
ABos
ton, M
A
San F
rancis
co, C
ASan
Dieg
o, CA
New Y
ork, N
Y
AvgAvg HH IncHH Inc
AvgAvg HH Inc HH Inc –– AdjAdj for COLfor COLSource: ACCRA Cost of Living Index
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DowntownDowntownPhoenixPhoenix MesaMesa
ChandlerChandler
ScottsdaleScottsdale
AhwatukeeAhwatukeeTempeTempe
Phoenix Income PatternsPhoenix Income Patterns
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Phoenix Tour RoutePhoenix Tour Route
Phoenix Property TourPhoenix Property TourApril 8April 8--9, 20089, 2008