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Weingarten Realty Increases Same Store Net Operating Income By 4.9%

Balance Sheet

On October 9, 2012, the Company closed on the sale of $300 million of 3.375% notes due in October 2022. The notes yield interest at 3.42% and were sold at a discount to par value. The proceeds from the transaction were used to pay down all amounts outstanding under the Company’s $500 million revolving credit facility and to redeem $54 million of its 3.95% Convertible Notes.

Subsequent to this transaction, the Company also called for the redemption of $72.5 million of its 6.95% Series E Preferred Shares.

“The $300 million notes offering was exceptionally well received by the market as the transaction was more than six times over-subscribed with $1.2 billion of demand. The sale of these notes allowed us to lock in very favorable long-term rates for ten years and pay off our revolving credit facility to provide liquidity for future debt maturities and growth opportunities,” said Steve Richter, Executive Vice President and Chief Financial Officer.

Recurring FFO Guidance

With respect to 2012 guidance, the Company once again raised the lower end of guidance for Recurring FFO from $1.78 to $1.84 per share to $1.80 to $1.84 per share and also improved its rental growth assumption from -1% to +2% to +2% to +4%. Recurring FFO guidance for 2013 is a range from $1.84 to $1.90 per share. The Company’s guidance for 2012 and 2013 and assumptions for 2012 are provided in its supplemental package.

Dividends

The Board of Trust Managers declared a common dividend of $0.29 per share for the third quarter of 2012. The dividend is payable in cash on December 14, 2012 to shareholders of record on December 6, 2012.

The Board of Trust Managers also declared dividends on the Company’s preferred shares. Dividends related to the 6.75% Series D Cumulative Redeemable Preferred Shares (NYSE:WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.50% Series F Cumulative Redeemable Preferred Shares (NYSE:WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are payable on December 14, 2012 to shareholders of record on December 6, 2012.

Stock quotes in this article: WRI 

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