Weingarten Realty Investors
, a real estate investment trust, said its fourth-quarter earnings jumped 16.2% from a year ago, as rental revenue rose.
The company earned $50.2 million, or 54 cents a share, compared with $43.2 million, or 46 cents a share, a year ago. Adjusted for items, the company earned $63.2 million, or 68 cents a share.
Fourth-quarter revenue rose 5.8% from a year ago to $138.9 million. Analysts were estimating revenue of $140.3 million for the fourth quarter.
The company expects funds from operations of $2.77 a share to $2.87 a share in 2006, including 10 cents a share expense related to its substantial disposition program.
Rental revenue for the fourth quarter rose 8.6% to $136.6 million.
The Company sold five shopping centers and one industrial project in the quarter. The company said the current market is an excellent time to be a seller of real estate, and it is taking advantage of this opportunity to sell non-core properties. The company has targeted the sale of $250 million to $350 million of non-core assets in 2006.
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