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Weingarten Realty Increases Quarterly Dividend 5.5% And Reports Fourth Quarter And Full Year 2011 Results

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2011. The supplemental financial package can be found on the Company’s website under the Investor Relations tab.

Fourth Quarter Operating and Financial Highlights

  • Recurring Funds from Operations (“FFO”) increased 11.6% to $0.48 per diluted share over the same quarter of last year;
  • Same Property Net Operating Income (“NOI”) increased by 1.4% over the fourth quarter of the prior year, with retail properties up 1.8%;
  • Retail occupancy improved to 93.0% during the fourth quarter, up from 92.8% last quarter; and
  • The Board of Trust Managers increased the common dividend per share 5.5% to $0.29 per quarter or $1.16 on an annualized basis.

Financial Results

The Company reported net income attributable to common shareholders of $22.2 million or $0.18 per diluted share (hereinafter “per share”) for the fourth quarter of 2011, as compared to a net loss of $2.6 million or $0.02 per share for the same period in 2010. For the full year 2011, the Company reported a net loss of $19.9 million or $0.17 per share compared to net income of $10.7 million or $0.09 per share for the full year 2010. Included in net income for both 2011 and 2010 were non-cash impairments of $0.65 and $0.28 per share, respectively.

In accordance with the recently clarified definition of FFO issued by the National Association of Real Estate Investment Trusts, FFO excludes the effect of impairments of operating properties. Impairments of non-operating assets such as land held for future development are included in Reported FFO but are excluded in the calculation of Recurring FFO.

For the current quarter, Reported FFO was $58.1 million or $0.48 per share compared to $39.0 million or $0.33 per share for 2010. Reported FFO for 2011 excludes a non-cash impairment of an operating property of $0.02 per share. Recurring FFO for the fourth quarter of 2011 was $0.48 per share or $58.5 million. For the same quarter last year, Recurring FFO was $0.43 per share or $51.6 million which excludes an impairment of a non-operating asset of $.10 per share. This increase in Recurring FFO per share of 11.6% over the prior year was primarily due to the Company’s acquisition and new development programs and reduced interest expense due to favorable refinancing transactions.

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