WRI is pleased to announce yet another outstanding quarter. We continue to increase occupancy, aggressively increasing rental rates, strengthening our tenancy, and repositioning many of our assets. We continue to effectively recycle capital through the strategic pruning of the lower end of our portfolio and the reinvesting of the proceeds in outstanding acquisitions, new developments and redevelopments.

The fact that we’ve been able to consistently execute against these strategic initiatives from multiple quarters in a row, highlights the success of the transformation of our portfolio and our balance sheet.

Below is a summary of the earnings call, to view the full transcript click here.
To read the earnings press release, click here.

Q1 Earnings Reporting
• Recurring FFO was $0.57 per diluted share for the quarter, up 9.6% from the prior year
• Sold $40 million of common shares under the Company’s ATM program
• Extended and renewed its $500 million revolving credit facility

The Company reported net income attributable to common shareholders of $107.1 million or $0.85 per diluted share (hereinafter “per share”) for the first quarter of 2016, as compared to $44.9 million or $0.36 per share for the same period in 2015. Included in net income for 2016 were gains on the sale of properties and partnership interests of $0.65 per share compared to $0.19 per share in 2015.

Operations
• SPNOI for the quarter increased 3.1% over the first quarter of the prior year
• Rental rates on new leases and renewals increased 13.1 %
• 75% of our NOI comes from centers with a supermarket component
• Our supermarkets average $621 per square foot (image)
• Leased 1.5 million square feet for almost $26 million in annual base rent (image?)

Occupancy
• Occupancy is at 95.2%, an increase of 10 basis points over year-end 2015

Houston
• Only 16% of our ABR comes from Houston properties
• Houston properties average $113,000 in household income and 84% of the properties service super zips
• Houston same property occupancy is 96.9%, year-to-date rent growth is an outstanding 36.8%

Acquisitions
• 2200 Westlake, South Lake Union, Seattle, WA
o Co-invested with Bouinvest in the retail component
o Development includes a 153 room hotel and two condominium towers
o Anchored by a high-volume Whole Foods
o Located in the heart of the tech industry in Seattle, including Amazon’s eight million square feet of office space

Redevelopment
• 11 active redevelopments
• $59 million in investments with an incremental ROI of almost 11%

Developments
• Wake Forest Crossing II, Wake Forest, NC
o Expected to stabilize this year

• Nottingham Commons, Nottingham, MD
o Finalized a lease with DSW bringing signed occupancy to over 94%
o Tenants should start opening in the third quarter of 2016

• Whittaker, Seattle, WA
o Six story mixed-use project being co-developed with Lennar
o Tenants to begin opening in late 2017

• Parks at Walter Reed, Washington, DC
o  Closing on the land expected to occur in 2016
o Development of the retail component is estimated to commence in 2018

• Atlanta Civic Center, Downtown Atlanta, GA
o Currently, we are preliminary planning and our current investment in the retail portion is $70 million

Dispositions
• Q1 closed $112 million of dispositions
• Completing the sale of four shopping centers and three pad sites

The Q1 Fact sheet is found below. Click on it to view larger.