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

Stocks in this article: WRI

Capital Recycling

The Company reported significant progress in selling its non-core assets and redeploying that capital into higher quality properties in its target markets. Year-to-date, dispositions totaled $240 million. During the quarter, the Company sold eight shopping centers and two land parcels for $116 million. Disposition activity is expected to remain strong in the fourth quarter with full year results near the upper end of the Company’s guidance for property sales of $350 million.

Subsequent to quarter-end, the Company completed investments of $86 million with the purchase of an outstanding in-fill shopping center in Austin, Texas and the acquisition of a small building in Utah in connection with the dissolution of a joint venture. The acquired shopping center was Mueller Regional Retail Center, a 350,000 square foot power center anchored by national retailers such as Home Depot, Marshalls, Bed Bath & Beyond, and PetSmart. The property is part of the 700 acre Mueller master planned community that will include over four million square feet of commercial space and 4,600 residential units when completed. Year-to-date, the Company has invested $175 million in quality shopping centers in our targeted markets.

“We have continued the transformation of our portfolio through these acquisitions and dispositions. We continue to reduce the size of our non-core portfolio and recycle that capital into outstanding new properties, which has significantly contributed to the solid financial results we are experiencing,” said Drew Alexander, President and Chief Executive Officer.

Balance Sheet

On October 15, 2013, the Company closed on the sale of $250 million of 4.45% notes due in January 2024. The notes were priced at a slight discount yielding 4.50%. The proceeds from the transaction were used to pay down all amounts outstanding under the Company’s $500 million revolving credit facility with the remainder invested in short-term instruments. This transaction effectively pre-funded the majority of the Company’s $285 million of January 2014 debt maturities.

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