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