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Weingarten Realty Continues Portfolio Transformation And Increases Dividend By 6.6%

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter Operating and Financial Highlights

  • Recurring Funds from Operations (“FFO”) was $0.48 per diluted share;
  • Continued progress of the portfolio transformation with $85.3 million of high quality acquisitions and $38.6 million of non-core dispositions;
  • Same Property Net Operating Income (“NOI”) increased by 3.0% over the fourth quarter of the prior year and 4.2% over the full year 2012;
  • Occupancy improved to 94.8% during the fourth quarter, up from 93.6% in the fourth quarter of last year; and
  • The Board of Trust Managers increased the common dividend per share 6.6% to $0.325 per quarter or $1.30 on an annualized basis.

Financial Results

The Company reported net income attributable to common shareholders of $47.2 million or $0.38 per diluted share (hereinafter “per share”) for the fourth quarter of 2013, as compared to $42.9 million or $0.35 per share for the same period in 2012. For the full year 2013, the Company reported net income of $184.1 million or $1.50 per share compared to $109.2 million or $0.90 per share for the full year 2012. Included in net income for 2013 were, on a per share basis, gains on the sale of properties and partnership interests of $0.90, a gain on acquisition of $0.16 and the write off of an above market debt intangible of $.07. Offsetting these amounts were redemption costs on preferred shares of $0.15 and a non-cash deferred tax provision of $0.06 related to the gain on acquisition. Included in 2012 were gains on the sale of properties and partnership interests of $0.69 per share, offset by non-cash impairments of $0.28 per share.

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