Weingarten Realty (NYSE: WRI) Reports Strong Same Property Net Operating Income

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.

Would you like to read the transcript?
Click Here

Highlights

First Quarter Financial Highlights

• Net income attributable to common shareholders (“Net Income”) for the quarter was $0.39 per diluted share (hereinafter “per share”) compared to $1.13 per share in the same quarter of 2018;
• Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter was $0.52 per share compared to $0.57 per share a year ago;
• Same Property Net Operating Income (“SPNOI”) including redevelopments increased 3.2% over the same quarter of the prior year;
• Investments in acquisitions of $20.3 million; and
• Dispositions for the quarter totaled $67 million.

During the quarter, the Company purchased Madison Village in Central Phoenix, Arizona at Seventh and Glendale for $20.3 million.

• Anchored by Safeway with strong sales
• Located in a densely populated area of Phoenix with 140,000 people within a three-mile radius
• 40,000 square feet of shop space with focused leasing efforts to improve the tenancy

During the quarter, the Company closed $67 million of dispositions with the sale of three shopping centers:

• Reynolds Crossing in Duluth, GA
• Brookwood Marketplace in Suwanee, GA
• Waterford Village in Leland, NC

During the quarter, the Company invested $44 million in new developments and redevelopments.

The Company continues to maintain one of the strongest balance sheets in its sector:

• Net Debt to Core EBITDA was a strong 5.3 times, and
• Debt to Total Market Capitalization was 31.9%.

Fourth Quarter Resources

Fact Sheet