Weingarten Realty (NYSE: WRI) announced the results of the operations for the first quarter ended March 31, 2018. If you were unable to listen to the earnings conference call, we have you covered. Below is the link to the transcript to read or you can watch the highlight video.
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First Quarter Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”) for the quarter was $1.13 per diluted share (hereinafter “per share”) compared to $0.24 per share in the same quarter of 2017;
- Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter was $0.57 per share compared to $0.61 per share a year ago;
- Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.0% over the same quarter of the prior year;
- Occupancy increased to 94.8% from 93.7% at the end of the first quarter of 2017
- Dispositions for the quarter totaled $268 million; and
- Common shares totaling $13.9 million and unsecured debt totaling $14.3 million were repurchased to-date in 2018.
During the quarter, the Company closed $268 million of dispositions with the sale of eight shopping centers including:
- Moore Plaza in Corpus Christi, Texas
- Best in the West and Paradise Marketplace in Las Vegas, Nevada
- Millpond Center and Tates Creek Centre in Lexington, Kentucky
- Horne Street Market in Fort Worth, Texas
- Palmilla Center in Avondale, Arizona
- Portion of Stoneridge Towne Centre in Moreno Valley, California
- Two land parcels
As for acquisitions, the Company purchased a land parcel adjacent to an existing shopping center for $1.3 million during the quarter and will begin construction of a 9,000 square foot multi-tenant building in the next 30 days.
Balance Sheet improvements include:
- The Company paid down its $200 million term loan in two $100 million tranches, the second of which closed on April 3rd.
- During the first quarter of 2018, the Company repurchased $13.7 million of its unsecured bonds and $8.1 million of its common shares at an average price of $27.37 per share.
- Subsequent to quarter-end, the Company repurchased an additional $0.6 million of its unsecured bonds and $5.8 million of its common shares at an average price of $26.89.
- At quarter-end, Net Debt to Core EBITDAre was a strong 5.1 times and Debt to Total Market Capitalization was 34.6%.
First Quarter Resources