Weingarten Realty (NYSE: WRI) Reports Strong Fourth Quarter Operations And Issues 2019 Guidance

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Highlights

Fourth Quarter and Full Year Operating and Financial Highlights

• Net income attributable to common shareholders (“Net Income”) was $0.46 per diluted share (hereinafter “per share”) for the quarter and $2.55 per share for the year compared to $1.30 and $2.60 per share for each respective period in 2017;
• Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) was $0.55 per share for the quarter and $2.28 per share for the year compared to $0.61 and $2.45 per share for each respective period in 2017;
• Same Property Net Operating Income (“SPNOI”) including redevelopments increased by 3.4% over the fourth quarter of 2017 and by 2.5% over the full year 2017;
• Rental rates on new leases completed during the quarter were up 37.4% and 18.7% for the full year;
• Signed occupancy was unchanged from the third quarter of 2018 at 94.4%;
• Dispositions totaled $241 million in the fourth quarter and $635 million for the full year;
• Balance sheet leverage was reduced with Net Debt to Adjusted EBITDA declining to 5.00 times; and,
• A special dividend of $1.40 per share was paid to shareholders in December of 2018.

During the quarter, the Company closed $241 million of dispositions with the sale of the following shopping centers and two land parcels:

• Stoneridge Towne Centre in Moreno Valley, CA (Partial sale to complete disposition of the property)
• South Fulton Crossing (Land) in Union City, GA
• Regency Centre in Lexington, KY
• Surf City Crossing in Wilmington, NC
• Cullen Plaza in Houston, TX

During the quarter, the Company invested $139 million in new developments and redevelopments, and expects to spend around $200 million in 2019.

Balance Sheet improvements include:

• Net Debt to Core EBITDA was a strong 5.00 times, and
• Debt to Total Market Capitalization was 35.8% at year-end.

The Company’s guidance for 2019 is as follows:

Fourth Quarter Resources

Fact Sheet