Weingarten Realty (NYSE: WRI) announced the results of the operations for the third quarter ended September 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 read the transcript.
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Read the earnings transcript here.
Second Quarter Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.56 per diluted share (hereinafter “per share”) from $0.40 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 $0.58 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;
- Signed occupancy increased to 94.8% from 94.1% at the end of the third quarter of 2016;
- Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.8% over the same quarter of the prior year;
- Rental rates on new leases and renewals for the quarter were up 29.5% and 12.3%, respectively; and
- Dispositions totaled $110 million for the quarter and $214 million through September 30, 2017.
- During the quarter, the Company closed $110 million of dispositions and an additional $43.6 million subsequent to quarter end.
- The Company acquired one land parcel adjacent to an existing property during the quarter.
- The new developments include Gateway Alexandria and Columbia Pike, both of which are mixed-use developments in northern Virginia, and The Whittaker in West Seattle.
- Additionally, we continue to invest in 17 redevelopments at our existing properties representing $237.5 million of incremental investment at returns of 7.5% to 9.5%.
- Our most prominent redevelopment is The Driscoll at River Oaks Shopping Center, a 30-story luxury high-rise at the Company’s River Oaks Shopping Center in Houston.
Second Quarter Resources