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

Stocks in this article: WRI

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.

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