WRI 2018 Second Quarter Earnings

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In: Investor Relations

WRI 2018 Second Quarter Earnings

Weingarten Realty (NYSE: WRI) announced the results of the operations for the second quarter ended June 30, 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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Highlights

Second Quarter Operating and Financial Highlights
  • Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.61 per diluted share (hereinafter “per share”) from $0.49 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 2.7% over the same quarter of the prior year;
  • Occupancy increased to 94.6% at quarter end from 94.5% in the prior year;
  • Rental rates on new leases and renewals for the quarter were up 21.4% and 7.1%, respectively; and
  • Dispositions totaled $77 million for the quarter and $358 million to-date.
During the quarter, the Company closed $77 million of dispositions and an additional $13 million subsequent to quarter end with the sale of eight shopping centers including:
  • Stoneridge Towne Centre in Moreno Valley, CA (Partial Sale)
  • Tropicana Marketplace in Las Vegas, NV
  • Braeswood Square in Houston, TX
  • Cresview Land in Houston, TX
  • Eastern Commons in Henderson, NV
  • Valley View Center in San Antonio, TX
  • Dallas Commons in Dallas, GA
  • Wake Forest Crossing II in WAke Forest, NC
During the quarter, the Company invested $34 million in new developments and redevelopments. We are breaking ground on the Driscoll at River Oaks, a 30-story residential tower to be constructed at the Company’s River Oaks Shopping Center.
Balance Sheet improvements include:
  • The Company paid down the remaining $100 million outstanding under its $200 million term loan.
  • The Company used additional proceeds to repurchase $0.6 million of its unsecured bonds and $10.4 million of its common shares at an average price of $26.90 per share.
  • Year-to date, the Company has repurchased $14.3 million of its unsecured bonds and $18.5 million of its common shares at an average price of $27.10 per share.
  • At quarter-end, Net Debt to Core EBITDAre was a strong 5.1 times and Debt to Total Market Capitalization was 31.4%.

Second Quarter Resources

Fact Sheet