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

Dividend

On February 14, 2013, the Board of Trust Managers declared an increase in the common dividend to $0.305 per share for the first quarter of 2013. This represents a 5.2% increase resulting in an annualized dividend of $1.22 per share. The dividend is payable in cash on March 15, 2013 to shareholders of record on March 7, 2013.

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 also payable on March 15, 2013 to shareholders of record on March 7, 2013.

Recurring FFO Guidance

The Company’s full year Recurring FFO guidance remains in the range of $1.84 to $1.90 per share. This guidance assumes the following estimates:

    Dispositions     $200 million to $300 million
Acquisitions $175 million to $225 million
Incremental new development investment $25 million to $75 million
Same Property NOI +2% to +3%

Please refer to the full list of guidance information found on page 9 of the supplemental package.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on February 15, 2013 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 # 32913536). A replay and will be available through the Company’s web site starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At December 31, 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 292 developed income-producing properties and 2 properties under various stages of construction and development. The total number of properties includes 288 neighborhood and community shopping centers and 6 other operating properties located in 21 states spanning the country from coast to coast representing approximately 53.7 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 Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Unaudited)
Rentals, net $ 128,191 $ 116,752 $ 491,369 $ 464,234
Other Income   3,727     2,977     12,169     14,123  
Total Revenues   131,918     119,729     503,538     478,357  
Depreciation and Amortization 37,851 32,844 140,983 131,350
Operating Expense 25,440 23,436 98,426 89,998
Real Estate Taxes, net 14,363 13,353 58,077 55,522
Impairment Loss - 3,101 9,982 55,574
General and Administrative Expense   7,448     6,579     28,554     25,477  
Total Expenses   85,102     79,313     336,022     357,921  
Operating Income 46,816 40,416 167,516 120,436
Interest Expense, net (27,224 ) (31,449 ) (115,812 ) (139,717 )
Interest and Other Income, net 1,262 2,078 6,048 5,062
Gain on Sale of Real Estate Joint Venture and Partnership Interests 8,641 - 14,203 -
Equity in Earnings (Losses) of Real Estate Joint Ventures and Partnerships, net 5,157 3,892 (1,558 ) 7,834
Gain on Acquisition - - 1,869 -
Benefit (Provision) for Income Taxes   393     (202 )   (79 )   (146 )
Income (Loss) from Continuing Operations   35,045     14,735     72,187     (6,531 )
Operating Income from Discontinued Operations 890 8,057 10,611 11,318
Gain on Sale of Property from Discontinued Operations   18,865     9,687     68,589     10,273  
Income from Discontinued Operations 19,755 17,744 79,200 21,591
Gain on Sale of Property   175     91     1,034     1,679  
Net Income 54,975 32,570 152,421 16,739
Less: Net Income Attributable to Noncontrolling Interests   (1,224 )   (1,528 )   (5,781 )   (1,118 )
Net Income Adjusted for Noncontrolling Interests 53,751 31,042 146,640 15,621
Less: Preferred Share Dividends (8,323 ) (8,869 ) (34,930 ) (35,476 )
Less: Redemption Costs of Preferred Shares   (2,500 )   -     (2,500 )   -  
Net Income (Loss) Attributable to Common Shareholders -- Basic $ 42,928   $ 22,173   $ 109,210   $ (19,855 )
 
Net Income (Loss) Attributable to Common Shareholders -- Diluted $ 43,355   $ 22,173   $ 109,210   $ (19,855 )
 
FUNDS FROM OPERATIONS
Numerator:
Net Income (Loss) Attributable to Common Shareholders $ 42,928 $ 22,173 $ 109,210 $ (19,855 )
Depreciation and Amortization 37,232 37,271 143,783 150,668
Depreciation and Amortization of Unconsolidated Real Estate
Joint Ventures and Partnerships 4,694 5,605 20,955 22,887
Impairment of Operating Properties and Real Estate Equity Investments 26 2,780 15,033 28,995
Impairment of Operating Properties of Unconsolidated Real Estate
Joint Ventures and Partnerships - - 19,946 7,025
Gain on Acquisition - - (1,869 ) (4,559 )
Gain on Sale of Property and Interests in Real Estate Equity Investments (27,636 ) (9,717 ) (83,683 ) (11,846 )
(Gain) Loss on Sale of Property of Unconsolidated Real Estate
Joint Ventures and Partnerships   (689 )   -     (1,247 )   10  
Funds from Operations -- Basic 56,555 58,112 222,128 173,325
Funds from Operations Attributable to Operating Partnership Units   427     -     -     -  
Funds from Operations -- Diluted 56,982 58,112 222,128 173,325
Adjustments for Recurring FFO:
Other Impairment Loss, net of tax - 355 403 42,417
Severance Costs 702 - 2,825 -
Litigation Settlement, net of tax - - - (1,040 )
Redemption Costs of Preferred Shares 2,500 - 2,500 -
Extinguishment of Debt Costs, net of tax (1,650 ) - (1,650 ) 2,679
Acquisition Costs   21     19     1,494     295  
Recurring Funds from Operations -- Diluted $ 58,555   $ 58,486   $ 227,700   $ 217,676  
 
Denominator:
Weighted Average Shares Outstanding -- Basic   120,871     120,422     120,696     120,331  
 
Weighted Average Shares Outstanding -- Diluted   123,471     121,237     121,705     120,331  
 
PER SHARE DATA
Earnings Per Common Share -- Basic $ 0.36   $ 0.18   $ 0.90   $ (0.17 )
 
Earnings Per Common Share -- Diluted $ 0.35   $ 0.18   $ 0.90   $ (0.17 )
 
FFO -- Per Diluted Share
Net Income (Loss) Attributable to Common Shareholders per Share $ 0.35 $ 0.18 $ 0.90 $ (0.17 )
Adjustments for Reported FFO:
Impairment of Operating Properties 0.00 0.02 0.29 0.30
Depreciation, Amortization and Other Adjustments   0.11     0.28     0.64     1.31  
Reported Funds from Operations -- Diluted per Share $ 0.46 $ 0.48 $ 1.83 $ 1.44
Adjustments for Recurring FFO:
Other Impairment Loss, net of tax 0.00 0.00 0.00 0.36
All Other Adjustments   0.01     0.00     0.04     0.01  
Recurring Funds from Operations -- Diluted per Share $ 0.47   $ 0.48   $ 1.87   $ 1.81  
 
Weingarten Realty Investors
(in thousands)
Financial Statements
     
 
December 31, December 31,
2012 2011
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited)
ASSETS
 
Property $ 4,399,850 $ 4,688,526
Accumulated Depreciation (1,040,839 ) (1,059,531 )
Property Held for Sale, net - 73,241
Investment in Real Estate Joint Ventures and Partnerships, net 289,049 341,608
Notes Receivable from Real Estate Joint Ventures and Partnerships 89,776 149,204
Unamortized Debt and Lease Costs, net 135,783 115,191
Accrued Rent and Accounts Receivable, net 79,540 86,530
Cash and Cash Equivalents 19,604 13,642
Restricted Deposits and Mortgage Escrows 44,096 11,144
Other, net   167,925     168,671  
Total Assets $ 4,184,784   $ 4,588,226  
 
LIABILITIES AND EQUITY
 
Debt, net $ 2,204,030 $ 2,531,837
Accounts Payable and Accrued Expenses 119,699 124,888
Other, net   120,900     107,919  
Total Liabilities   2,444,629     2,764,644  
 
Commitments and Contingencies
 
EQUITY
 
Preferred Shares of Beneficial Interest 7 8
Common Shares of Beneficial Interest 3,663 3,641
Additional Paid-In Capital 1,934,183 1,983,978
Net Income Less Than Accumulated Dividends (335,980 ) (304,504 )
Accumulated Other Comprehensive Loss   (24,743 )   (27,743 )
Shareholders' Equity 1,577,130 1,655,380
Noncontrolling Interests   163,025     168,202  
Total Liabilities and Equity $ 4,184,784   $ 4,588,226  




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