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Weingarten Realty Increases Same Property NOI By 5.0% And Increases FFO Guidance

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended June 30, 2013. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

Second Quarter Operating and Financial Highlights

  • Recurring Funds from Operations ("FFO") for the quarter increased to $0.49 per diluted share from $0.47 per diluted share a year ago;
  • Same Property Net Operating Income increased 5.0% over the same quarter of the prior year;
  • Occupancy increased 0.5% over the prior quarter to 94.2% and 0.4% over the prior quarter to 88.6% for spaces less than 10,000 square feet (referred to as “small shop space”);
  • Acquisitions totaling $71 million and dispositions totaling $108 million were completed since the end of the first quarter; and,
  • 6.50% Series F Cumulative Redeemable Preferred Shares totaling $200 million were redeemed.

Financial Results and Preferred Redemption

The Company reported net income attributable to common shareholders of $45.4 million or $0.37 per diluted share (hereinafter “per share”) for the second quarter of 2013, as compared to $22.6 million or $0.19 per share for the same period in 2012. Included in these operating results for 2013 was a non-cash write-off of preferred redemption costs of $0.13 per share related to the redemption of a portion of the Company’s Series F preferred shares. Included in 2012 were non-cash impairment charges of $0.21 per share. Net income for the six months ended June 30, 2013 was $79.1 million or $0.65 per share compared to $34.9 million or $0.29 per share for 2012.

Reported FFO was $46.1 million or $0.37 per share for the second quarter of 2013, compared to $55.1 million or $0.45 per share for 2012. Included in the 2013 amount was the write-off of preferred redemption costs of $0.13 per share and excluded from 2012 amount are impairments of $0.20 per share, as they relate to operating properties. Year-to-date, Reported FFO was $112.1 million or $0.90 per share for 2013 compared to $111.4 million or $0.90 per share for 2012.

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