This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Recurring FFO for the quarter ended September 30, 2013 was $0.51 per share or $63.3 million compared to $56.6 million or $0.46 per share for 2012, an increase of 10.9% on a per share basis. This significant increase in Recurring FFO over the prior year was primarily due to solid leasing demand resulting in an increase in occupancy and the savings from the redemption of preferred shares and refinancing of debt maturities offset by the impact of the successful disposition program. For the nine months, Recurring FFO was $183.6 million or $1.48 per share for 2013 compared to $170.9 million or $1.39 per share for 2012, a 6.5% increase on a per share basis.

A reconciliation between net income attributable to common shareholders to Reported FFO and Recurring FFO is listed on page 5 of the Company’s supplemental package.

Operating Results

Occupancy of the retail portfolio increased to 94.4% in the third quarter from 93.9% in the third quarter of 2012. Anchor spaces increased 0.7% to 97.9% and occupancy of small shop space (less than 10,000 square feet) increased 0.4% to 88.7% from the same quarter of the prior year.

Same Property Net Operating Income ("SPNOI") for retail properties increased a strong 4.7% for the quarter primarily due to continued strength in both renewals and new leases and the improvement in occupancy mentioned above. Year-to-date, SPNOI has increased 4.5%, which was ahead of the Company’s business plan.

The Company produced strong leasing results during the third quarter with 330 new leases and renewals, totaling about one million square feet. These transactions were comprised of 109 new leases and 221 renewals, which represent annualized revenues of $6.4 million and $11.4 million, respectively. The average rental rate increase on comparable new leases signed during the quarter was a solid 9.4%.

"The continued rise in occupancy and, to a lesser degree, strong rental rate increases has enabled us to post the excellent Same Property NOI growth for the quarter and the year. Our best in class operating platform and quality portfolio of properties has allowed us to sustain this improvement in operating results for seven consecutive quarters,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,041.72 +2.23 0.01%
S&P 500 1,992.96 +0.59 0.03%
NASDAQ 4,538.0340 +5.93 0.13%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs