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Weingarten Realty Increases Same Store Net Operating Income By 4.9%

Stocks in this article: WRI

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

Third Quarter Operating and Financial Highlights

  • Recurring Funds from Operations ("FFO") for the quarter totaled $56.2 million or $0.46 per diluted share;
  • Same Property Net Operating Income increased a strong 4.9% over the same quarter of the prior year;
  • Occupancy of the Company’s retail portfolio increased again this quarter by 1.1% to 93.9% from 92.8% for the third quarter of 2011;
  • Acquisitions totaling $114 million and dispositions of $89 million were completed during the quarter, and;
  • Ten-year notes totaling $300 million were sold subsequent to quarter-end at an attractive yield of 3.42%.

Financial Results

The Company reported net income attributable to common shareholders of $31.4 million or $0.26 per diluted share (hereinafter “per share”) for the third quarter of 2012, as compared to a net loss of $42.1 million or $0.35 per share for the same period in 2011. Included in the 2011 operating results were non-cash impairment charges of $0.44 per share. Net income for the nine months ended September 30, 2012 was $66.3 million or $0.54 per share compared to a net loss of $42.0 million or $0.35 per share for 2011. Included in the 2011 operating results were non-cash impairment charges of $0.63 per share.

Reported FFO was $55.1 million or $0.45 per share for the third quarter of 2012 compared to $30.7 million or $0.25 per share for 2011. Excluded from Reported FFO in 2011 were impairments of $0.25 per share as they related to operating properties. Year-to-date, Reported FFO was $165.6 million or $1.36 per share for 2012 compared to $115.2 million or $0.96 per share for 2011.

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