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Weingarten Realty Increases Same Property NOI By 5.1% And Increases Dividend By 5.2%

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter Operating and Financial Highlights

  • Recurring Funds from Operations (“FFO”) was $0.47 per diluted share;
  • Same Property Net Operating Income (“NOI”) for retail properties increased by 5.1% over the fourth quarter of the prior year which is the highest reported increase since the fourth quarter of 2005;
  • Retail occupancy improved to 93.7% during the fourth quarter, up from 93.0% in the fourth quarter of last year; and
  • The Board of Trust Managers increased the common dividend per share 5.2% to $0.305 per quarter or $1.22 on an annualized basis.

Financial Results

The Company reported net income attributable to common shareholders of $42.9 million or $0.35 per diluted share (hereinafter “per share”) for the fourth quarter of 2012, as compared to $22.2 million or $0.18 per share for the same period in 2011. For the full year 2012, the Company reported net income of $109.2 million or $0.90 per share compared to a net loss of $19.9 million or ($0.17) per share for the full year 2011. Included in net income for both 2012 and 2011 were gains on the sale of properties and partnership interests of $0.69 and $0.10 per share, respectively. Included in 2012 and 2011 were non-cash impairments of $0.29 and $0.65, respectively.

For the current quarter, Reported FFO was $57.0 million or $0.46 per share compared to $58.1 million or $0.48 per share for 2011. Reported FFO for 2011 excludes impairments of operating properties of $0.02 per share. Recurring FFO for the fourth quarter of 2012 was $0.47 per share or $58.6 million. For the same quarter last year, Recurring FFO was $0.48 per share or $58.5 million. This decrease in Recurring FFO per share over the prior year was primarily due to the sale of $706.7 million of non-core assets during the year, offset by the Company’s acquisition and new development programs, increased operating income from the existing portfolio and reduced interest expense due to favorable refinancing transactions.

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