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Weingarten Realty Increases Funds From Operations Per Share By 6.8%

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended June 30, 2012. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

Second Quarter Operating and Financial Highlights

  • Recurring Funds from Operations ("FFO") for the quarter increased 6.8% on a per share basis from a year ago to $0.47 per diluted share;
  • Same Property Net Operating Income increased 2.9% over the same quarter of the prior year;
  • Occupancy for spaces less than 10,000 square feet (referred to as "small shop space") increased 1.0% during the second quarter to 87.8% which helped increase the Company’s retail occupancy to 93.7% for the quarter from 92.4% in the second quarter of 2011;
  • The sale of the Company’s wholly-owned industrial assets for $382 million was closed; and,
  • Acquisitions totaling $130 million were completed since the end of the first quarter.

Financial Results

The Company reported net income attributable to common shareholders of $22.6 million or $0.19 per diluted share (hereinafter “per share”) for the second quarter of 2012, as compared to a net loss of $7.2 million or $0.06 per share for the same period in 2011. Included in these operating results were non-cash impairment charges of $0.20 per share in 2012 and $0.18 per share in 2011. Net income for the six months ended June 30, 2012 was $34.9 million or $0.29 per share compared to $0.1 million for 2011. Included in these operating results were non-cash impairment charges of $0.28 per share in 2012 and $0.19 per share in 2011.

Reported FFO was $54.7 million or $0.45 per share for the second quarter of 2012 compared to $34.3 million or $0.28 per share for 2011. Excluded from Reported FFO are impairments of $0.20 and $0.02 per share in 2012 and 2011, respectively, as they relate to operating properties. Year-to-date, Reported FFO was $110.5 million or $0.91 per share for 2012 compared to $84.5 million or $0.70 per share for 2011.

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