WRI 2018 Third Quarter Earnings

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In: Investor Relations

WRI 2018 Third Quarter Earnings

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended September 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

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

Fact Sheet