Weingarten Realty (NYSE: WRI) announced the results of the operations for the first quarter ended March 31, 2017. If you were unable to listen to the earnings conference call, we have you covered. Below are links to relisten to the call and the link to the transcript to read.
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Fourth Quarter and Full Year Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”) for the quarter was $0.24 per diluted share (hereinafter “per share”) compared to $0.85 per share in the same quarter of 2016;
- Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter increased 7% to $0.61 per share from $0.57 per share a year ago;
- Same Property Net Operating Income (“SPNOI”) including redevelopments increased 3.7% over the same quarter of the prior year;
- Rental rates on new leases and renewals were up 9.5%; and
- Dispositions for the quarter totaled $47.4 million and transactions closed after quarter-end totaled an additional $52.2 million.
The highlights of the Company’s new development program are as follows:
- The Gateway Alexandria, a premier, mixed-use development in Alexandria, Virginia, that will include 282 multi-family units, 100,000 square feet of retail anchored by a 62,000 square foot Harris Teeter grocery store, 23,000 square feet of office and a below-grade parking garage. The Company’s net investment upon completion is estimated at $181 million before the planned sale of the majority of the office and all of the residential components. The land was purchased in late 2016 and development is underway.
- Columbia Pike, a premier, mixed-use project in Arlington, Virginia, will include 330 multi-family units and 65,000 square feet of retail anchored by a 50,000 square foot Harris Teeter grocery store. The Company’s pro rata net investment upon completion is estimated at $135 million before the sale of the residential component. The Company expects to purchase the land and commence development next month.
- The Driscoll at River Oaks Shopping Center, a 30-story luxury high-rise with around 10,000 square feet of ground floor retail that the Company will construct at its River Oaks Shopping Center, located adjacent to the premier residential community in Houston. The tower will include over 300 residential units and a parking garage. The total project cost will approximate $150 million. Predevelopment activities are underway with construction expected to begin in 2018.
- An additional 15 redevelopments are underway representing $74.6 million of incremental investment.
First Quarter Resources