This Day On The Street
Continue to site
ADVERTISEMENT
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

Weingarten Realty Transformation Results In Same Property Net Operating Income Increase Of 3.3%

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the first quarter ended March 31, 2014. The supplemental financial package can be found on the Company’s website under the Investor Relations tab.

First Quarter Operating and Financial Highlights

  • Net income attributable to common shareholders increased to $0.49 per diluted share compared to $0.28 per diluted share in the same quarter last year;
  • Recurring Funds from Operations (“FFO”) increased to $0.49 per diluted share compared to $0.48 per diluted share in the same quarter of last year;
  • Same Property Net Operating Income (“Same Property NOI”) for our portfolio increased by 3.3% over the prior year; and,
  • Dispositions of non-core properties totaling $79.1 million were completed during the quarter.

Financial Results

The Company reported net income attributable to common shareholders of $60.6 million or $0.49 per diluted share (hereinafter “per share”) for the first quarter of 2014, as compared to $33.7 million or $0.28 per share for the same period in 2013. The increase is due primarily to increased gains on sales of properties and partnership interests in 2014.

For the current quarter, Reported FFO was $63.1 million or $0.51 per share compared to $66.0 million or $0.53 per share for 2013. Included in Reported FFO for 2013 was a write-off of an above-market mortgage intangible from the early pay off of debt of $0.07 per share, offset by non-cash redemption costs of preferred shares of $0.02 per share. Recurring FFO for the first quarter of 2014 was $0.49 per share or $61.2 million. For the same quarter last year, Recurring FFO was $0.48 per share or $58.9 million. Recurring FFO increased due to improved operations of the Company’s existing portfolio, reduced interest expense due to favorable refinancing transactions and the impact of our 2013 acquisitions. These increases were offset by the significant decrease resulting from the $357 million of dispositions completed in 2013 and 2014 that reduced first quarter 2014 Recurring FFO by $0.03 per share. The Company noted these improved results were driven by its ongoing transformation program, which results in a higher quality portfolio of properties and a stronger, less leveraged balance sheet.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,076.27 +64.33 0.36%
S&P 500 2,114.07 +4.47 0.21%
NASDAQ 5,099.2310 +22.7070 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs