Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended September 30, 2018.
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Third Quarter Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”) for the quarter was $0.34 per diluted share (hereinafter “per share”) compared to $0.56 per share in the same quarter of 2017;
- Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter was $0.58 per share compared to $0.61 per share a year ago;
- Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.2% over the same quarter of the prior year;
- Occupancy was 94.4% at quarter-end compared to 94.6% in the prior quarter;
- Rental rates on new leases and renewals for the quarter were up 12.7% and 5.9%, respectively; and
- Dispositions totaled $49 million for the quarter and $394 million for the first nine months of 2018.
During the quarter, the Company closed $49 million of dispositions with the sale of the following shopping centers:
- 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 $40 million in new developments and redevelopments. We have broken 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 has paid down all balances under its revolving credit facility.
- The Company had $17 million of excess cash invested at quarter-end.
- Net Debt to Core EBITDAre was a strong 4.9 times and Debt to Total Market Capitalization was 31.7%
Third Quarter Resources