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Weingarten Realty’s Transformed Portfolio Produces Same Property NOI Increase Of 3.5%

Stocks in this article: WRI

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended June 30, 2014. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

Second Quarter Operating and Financial Highlights

  • Recurring Funds from Operations ("FFO") for the quarter increased to $0.51 per diluted share from $0.49 per diluted share a year ago;
  • Same Property Net Operating Income increased 3.5% over the same quarter of the prior year;
  • Occupancy increased 0.6% over the same quarter of the prior year to 94.8% and 0.3% over the prior quarter; and
  • Rental rates on new leases and renewals were up 10.9% and 8.9%, respectively.

Financial Results

The Company reported net income attributable to common shareholders of $32.7 million or $0.27 per diluted share (hereinafter “per share”) for the second quarter of 2014, as compared to $45.4 million or $0.37 per share for the same period in 2013. The decrease is due primarily to significant gains on sales of properties and partnership interests in 2013.

Reported FFO was $65.5 million or $0.53 per share for the second quarter of 2014 compared to $46.1 million or $0.37 per share for 2013. Included in the 2013 amount was the write-off of preferred redemption costs of $0.13 per share. Year-to-date, Reported FFO was $128.6 million or $1.04 per share for 2014 compared to $112.1 million or $0.90 per share for 2013.

Recurring FFO for the quarter ended June 30, 2014 was $0.51 per share or $63.9 million. For the same quarter last year, Recurring FFO was $0.49 per share or $61.4 million. The increase in Recurring FFO over the prior year was primarily due to increases in net operating income from our existing portfolio, reduced interest expense from favorable debt refinancings and reduced preferred share dividends due to redemptions. These increases were partially offset by the impact of the Company’s disposition program, which reduced Recurring FFO by $0.03 per share year-over-year. For the six months, Recurring FFO was $125.1 million or $1.01 per share for 2014 compared to $120.3 million or $0.97 per share for 2013.

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