Weingarten Realty (NYSE: WRI) announced the results of the operations for the first quarter ended June 30, 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.
Do you want to listen to the call?
Read the transcript here.
Second Quarter Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.49 per diluted share (hereinafter “per share”) from $0.28 per share in the same quarter of 2016;
- Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter increased to $0.61 per share from $0.57 per share a year ago;
- Guidance was raised for Net Income, Funds From Operations Attributable to Common Shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”), and Core FFO;
- Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.6% over the same quarter of the prior year;
- Rental rates on new leases and renewals for the quarter were up 43.4% and 7.7%, respectively; and
- Dispositions totaled $56.4 million for the quarter and $103.8 million through June 30, 2017.
- During the quarter, the Company closed $56.4 million of dispositions and an additional $57.5 million subsequent to quarter end.
- The Company did not acquire any properties during the quarter.
- New developments include Gateway Alexandria and Columbia Pike, both of which are mixed-use developments in northern Virginia, and The Whittaker in West Seattle.
- The Company purchased the land at Columbia Pike during this quarter and commenced development.
- Additionally, we continue to invest in 17 redevelopments at our existing properties representing $238.1 million of incremental investment at returns of 7.5% to 9.5%.
Second Quarter Resources