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Weingarten Realty Increases Same Property Net Operating Income By 4.8% And Funds From Operations By 9.5%

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the first quarter ended March 31, 2012. The supplemental financial package can be found on the Company’s website under the Investor Relations tab.

First Quarter Operating and Financial Highlights

  • Recurring Funds from Operations (“FFO”) increased 9.5% to $0.46 per diluted share over the same quarter of last year;
  • Same Property Net Operating Income (“NOI”) for our retail portfolio increased by 4.8% over the prior year;
  • Retail occupancy improved to 93.4% during the quarter, up from 92.3% for the same quarter of last year; and
  • As previously reported, the Company entered into a definitive agreement subsequent to quarter-end to sell its wholly-owned industrial portfolio for $382 million.

Financial Results

The Company reported net income attributable to common shareholders of $12.3 million or $0.10 per diluted share (hereinafter “per share”) for the first quarter of 2012, as compared to $7.2 million or $0.06 per share for the same period in 2011. Included in net income for both 2012 and 2011 were non-cash impairments of $0.08 and $0.01 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 $55.8 million or $0.46 per share compared to $50.2 million or $0.41 per share for 2011. Reported FFO for 2012 and 2011 exclude non-cash impairments of operating properties of $0.08 and $0.01 per share, respectively. Recurring FFO for the first quarter of 2012 was $0.46 per share or $56.4 million. For the same quarter last year, Recurring FFO was $0.42 per share or $50.5 million. This increase in Recurring FFO per share of 9.5% over the prior year was primarily due to improved operations of the Company’s existing portfolio and reduced interest expense due to favorable refinancing transactions.

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