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Weingarten Realty Increases Same Property NOI By 4.7% And Recurring FFO By 10.9%

Stocks in this article: WRI

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

Third Quarter Operating and Financial Highlights

  • Recurring Funds from Operations ("FFO") for the third quarter totaled $63.3 million or $0.51 per diluted share, a 10.9% per share increase over the same quarter of 2012;
  • Same Property Net Operating Income for the quarter increased a strong 4.7% over the prior year;
  • Occupancy of the Company’s retail portfolio increased again this quarter by 0.5% to 94.4% from 93.9% a year earlier;
  • Dispositions of $116 million were completed during the quarter, and;
  • Ten-year notes totaling $250 million were sold subsequent to quarter-end at an attractive yield of 4.50%.

Financial Results

The Company reported net income attributable to common shareholders of $57.8 million or $0.47 per diluted share (hereinafter “per share”) for the third quarter of 2013, as compared to $31.4 million or $0.26 per share for the same period in 2012. Gains on sales of property totaled $38.4 million in 2013 compared to $15.2 million in 2012. The 2013 operating results also included non-cash impairment charges of $0.02 per share. Net income for the nine months ended September 30, 2013 was $136.9 million or $1.12 per share compared to $66.3 million or $0.54 per share for 2012. Year-to-date, gains on sales of property totaled $116.8 million in 2013 compared to $50.6 million in 2012.

Reported FFO was $60.5 million or $0.49 per share for the third quarter of 2013 compared to $55.5 million or $0.45 per share for 2012. Year-to-date, Reported FFO was $172.6 million or $1.39 per share for 2013 compared to $166.9 million or $1.35 per share for 2012.

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