Investor Relations WRI 2019 Second Quarter Earnings

Weingarten Realty (NYSE: WRI) Reports Strong Same Property NOI Growth And Rental Rate Increases

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

Second Quarter Financial Highlights

Net income attributable to common shareholders (“Net Income”) for the quarter increased to $0.65 per diluted share (hereinafter “per share”) from $0.61 per share in the same quarter of 2018;
Core Funds From Operations Attributable to Common Shareholders (“Core FFO”) for the quarter was $0.53 per share;
Same Property Net Operating Income (“SPNOI”) including redevelopments increased a strong 4.2% over the same quarter of the prior year and is up 3.7% year-to-date;
Occupancy increased 50 basis points to 94.8% at quarter-end from 94.3% in the prior quarter;
Rental rates on new leases and renewals for the quarter were up significantly 20.0% and 6.3%, respectively;
Acquisition of a Sprouts Farmers Market-anchored shopping center in Scottsdale, Arizona for $33 million and subsequent to quarter-end, a Whole Foods-anchored center in North Decatur, Georgia (Atlanta) for $53 million (at 100%) in a joint venture with a Dutch pension fund; and
Dispositions totaled $133 million for the quarter and property sales closed subsequent to quarter-end totaled $114 million.

With respect to acquisitions during the quarter, the Company purchased the 144,000 square foot Camelback Miller Plaza in the upscale Scottsdale area of greater Phoenix, Arizona for $33 million.

Anchored by Sprouts Farmers Market and T J Maxx
Demographics are strong
Located in the heart of Scottsdale, the property has significant densification opportunities in the future

Subsequent to quarter-end, the Company, in partnership with Bouwinvest, purchased North Decatur Station for $53 million.

Part of a mixed-use development in North Decatur, a very affluent part of Atlanta
Anchored by a Whole Foods
Located in the heart of Scottsdale, the property has significant densification opportunities in the future

During the quarter, the Company closed $133 million of dispositions which included five shopping centers and three land parcels.

During the quarter, the Company invested $48 million in new developments and redevelopments.

“We continue to maintain one of the strongest balance sheets in our sector which not only provides significant security for our shareholders in the event of unexpected market events but also positions us to pursue growth opportunities. Our current position will further provide funding for our new development, redevelopment and acquisition programs. Our balance sheet has never been in better shape, and we are well-positioned for the future,” said Steve Richter, Executive Vice President and Chief Financial Officer.

Net Debt to Core EBITDA was a strong 5.05 times, and
Debt to Total Market Capitalization was 33.4%.

Second Quarter Resources

Fact Sheet