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.
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV