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Weingarten Realty Increases Same Store Net Operating Income By 4.9%

Stocks in this article: WRI

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on October 29, 2012 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 32594657). A replay will be available through the Company’s website starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2012, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 301 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 295 neighborhood and community shopping centers and 17 other operating properties located in 22 states spanning the country from coast to coast representing approximately 59.8 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.

               
Weingarten Realty Investors(in thousands, except per share amounts)Financial Statements
 
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Unaudited)
Rentals, net $ 126,406 $ 119,746 $ 363,770 $ 347,882
Other Income   3,139     3,123     8,444     11,123  
Total Revenues   129,545     122,869     372,214     359,005  
Depreciation and Amortization 36,623 33,487 103,909 98,489
Operating Expense 26,583 22,494 73,088 66,777
Real Estate Taxes, net 15,259 14,658 43,557 42,054
Impairment Loss 159 31,658 9,908 51,319
General and Administrative Expense   6,421     5,762     21,105     18,898  
Total Expenses   85,045     108,059     251,567     277,537  
Operating Income 44,500 14,810 120,647 81,468
Interest Expense, net (28,109 ) (35,475 ) (88,587 ) (108,268 )
Interest and Other Income (Loss), net 1,818 (494 ) 4,786 2,984
Gain on Sale of Real Estate Joint Venture and Partnership Interests - - 5,562 -
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net 4,905 (3,034 ) (6,715 ) 3,942
Gain on Acquisition 1,869 - 1,869 -
(Provision) Benefit for Income Taxes   (733 )   (471 )   (462 )   67  
Income (Loss) from Continuing Operations   24,250     (24,664 )   37,100     (19,807 )
Operating Income (Loss) from Discontinued Operations 2,636 (12,272 ) 9,763 1,802
Gain on Sale of Property from Discontinued Operations   14,826     586     49,724     586  
Income (Loss) from Discontinued Operations 17,462 (11,686 ) 59,487 2,388
Gain on Sale of Property   335     392     859     1,588  
Net Income (Loss) 42,047 (35,958 ) 97,446 (15,831 )

Less: Net (Income) Loss Attributable to Noncontrolling Interests

  (1,774 )   2,738     (4,557 )   410  
Net Income (Loss) Adjusted for Noncontrolling Interests 40,273 (33,220 ) 92,889 (15,421 )

Less: Preferred Share Dividends

  (8,869 )   (8,869 )   (26,607 )   (26,607 )
Net Income (Loss) Attributable to Common Shareholders -- Basic $ 31,404   $ (42,089 ) $ 66,282   $ (42,028 )
 
Net Income (Loss) Attributable to Common Shareholders -- Diluted $ 31,404   $ (42,089 ) $ 66,282   $ (42,028 )
 
FUNDS FROM OPERATIONS
Numerator:
Net Income (Loss) Attributable to Common Shareholders $ 31,404 $ (42,089 ) $ 66,282 $ (42,028 )
Depreciation and Amortization 35,611 38,470 106,551 113,397
Depreciation and Amortization of Unconsolidated Real Estate
Joint Ventures and Partnerships 5,254 5,689 16,261 17,282
Impairment of Operating Properties and Real Estate Equity Investments 177 24,341 15,007 27,576
Impairment of Operating Properties of Unconsolidated Real Estate
Joint Ventures and Partnerships 57 5,253 19,946 5,664
Gain on Acquisition (1,869 ) - (1,869 ) (4,559 )
Gain on Sale of Property and Interests in Real Estate Equity Investments (15,140 ) (979 ) (56,047 ) (2,129 )
(Gain) Loss on Sale of Property of Unconsolidated Real Estate
Joint Ventures and Partnerships   (435 )   -     (558 )   10  
Funds from Operations -- Basic 55,059 30,685 165,573 115,213
Funds from Operations Attributable to Operating Partnership Units   -     -     -     -  
Funds from Operations -- Diluted 55,059 30,685 165,573 115,213
Adjustments for Recurring FFO:
Other Impairment Loss, net of tax 159 23,048 403 42,062
Severance Costs - - 2,123 -
Litigation Settlement, net of tax - - - (1,040 )
Extinguishment of Debt Costs, net of tax - 2,429 - 2,679
Acquisition Costs   981     12     1,473     276  
Recurring Funds from Operations -- Diluted $ 56,199   $ 56,174   $ 169,572   $ 159,190  
 
Denominator:
Weighted Average Shares Outstanding -- Basic   120,766     120,413     120,637     120,301  
 
Weighted Average Shares Outstanding -- Diluted   121,844     120,413     121,653     120,301  
 
PER SHARE DATA
Earnings Per Common Share -- Basic $ 0.26   $ (0.35 ) $ 0.55   $ (0.35 )
 
Earnings Per Common Share -- Diluted $ 0.26   $ (0.35 ) $ 0.54   $ (0.35 )
 
FFO -- Per Diluted Share
Net Income (Loss) Attributable to Common Shareholders per Share $ 0.26 $ (0.35 ) $ 0.54 $ (0.35 )
Adjustments for Reported FFO:
Impairment of Operating Properties 0.00 0.24 0.29 0.28
Depreciation, Amortization and Other Adjustments   0.19     0.36     0.53     1.03  
Reported Funds from Operations -- Diluted per Share $ 0.45 $ 0.25 $ 1.36 $ 0.96
Adjustments for Recurring FFO:
Other Impairment Loss, net of tax 0.00 0.20 0.00 0.35
All Other Adjustments   0.01     0.02     0.03     0.01  
Recurring Funds from Operations -- Diluted per Share $ 0.46   $ 0.47   $ 1.39   $ 1.32  
             
Weingarten Realty Investors(in thousands)Financial Statements
 
September 30, December 31,
2012 2011
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited)
ASSETS
 
Property $ 4,392,028 $ 4,688,526
Accumulated Depreciation (1,013,294 ) (1,059,531 )
Property Held for Sale, net 73,404 73,241
Investment in Real Estate Joint Ventures and Partnerships, net 300,471 341,608
Notes Receivable from Real Estate Joint Ventures and Partnerships 90,385 149,204
Unamortized Debt and Lease Costs, net 138,718 115,191
Accrued Rent and Accounts Receivable, net 77,741 86,530
Cash and Cash Equivalents 19,089 13,642
Restricted Deposits and Mortgage Escrows 13,813 11,144
Other, net   170,304     168,671  
Total Assets $ 4,262,659   $ 4,588,226  
 
LIABILITIES AND EQUITY
 
Debt, net $ 2,227,419 $ 2,531,837
Accounts Payable and Accrued Expenses 117,956 124,888
Other, net   120,433     107,919  
Total Liabilities   2,465,808     2,764,644  
 
Commitments and Contingencies
 
EQUITY
 
Preferred Shares of Beneficial Interest 8 8
Common Shares of Beneficial Interest 3,658 3,641
Additional Paid-In Capital 1,997,230 1,983,978
Net Income Less Than Accumulated Dividends (343,688 ) (304,504 )
Accumulated Other Comprehensive Loss   (25,939 )   (27,743 )
Shareholders' Equity 1,631,269 1,655,380
Noncontrolling Interests   165,582     168,202  
Total Liabilities and Equity $ 4,262,659   $ 4,588,226  




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