Investor Relations WRI 2016 Third Quarter Earnings Results

Weingarten Realty (NYSE: WRI) announced the results of the operations for the third quarter ended September 30, 2016. We then held the Earnings Conference Call, but don’t worry if you missed it, below are links to listen to or read the transcript from the call.

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Highlights

Third Quarter Operating and Financial Highlights

Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.40 per diluted share from $0.35 per diluted share in the same quarter of 2015;
Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter increased to $0.58 per diluted share from $0.56 per diluted share a year ago;
Same Property Net Operating Income (“SPNOI”) including redevelopments increased 3.4% over the same quarter of the prior year;
Rental rates on new leases and renewals were up 19.3% and 7.3%, respectively;
Sold $8 million of common shares during the quarter and $133 million for the nine months ended September 30, 2016.

During the quarter, the Company closed $359 million of acquisitions including:

The Palms at Town & Country, a 664,000 square foot premier shopping destination in Miami, Florida for $285 million. The center features best-in-class operators including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods, and Marshalls.
Scottsdale Waterfront for $52 million. This 93,000 square foot center located immediately across the street from Nordstrom’s at Fashion Square Mall in Scottsdale, Arizona is part of a mixed-use development that includes two high-rise condominium towers with 198 units and 85,000 square feet of class A office. Weingarten purchased only the retail component which is anchored by Urban Outfitters, a strong local gym and high-quality restaurants including Olive and Ivy, one of the highest volume restaurants in Phoenix.
The remaining 50% interest in Lowry Town Center for $13.5 million. This is a shopping center Weingarten developed at the former Lowry Air Force Base that services the affluent Cherry Creek neighborhood in Denver, Colorado.
The additional retail space at our 2200 Westlake in Seattle, Washington for $8 million.

In addition, the highlights of the Company’s new development program are as follows:

Completed Wake Forest II in North Carolina and sold the property together with a center purchased in 2015 that is adjacent to the development.
Reached an impasse with the City of Atlanta and have stopped pursuing the Civic Center redevelopment project. It’s a good site with solid supermarket interest but the Company needed more time to make an adequately informed decision. While the Company hopes to rekindle some dialog, the prudent course of action was to write off the pursuit costs and focus elsewhere.
Currently, have two projects under development representing an estimated final investment of $76.4 million and 13 redevelopments underway representing $86.4 of incremental investment.