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Weingarten Realty Earnings Zoom

The third quarter beats by a dime.

Weingarten Realty Investors

(WRI) - Get Weingarten Realty Investors Report

, a real estate investment trust, said its third-quarter earnings rose 72%.

The Houston company earned $105.75 million, or $1.15 a share, in the quarter, compared with $61.5 million, or 65 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $62.12 million, or $1.05 a share.

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Third-quarter revenue rose 11.04% from a year ago to $145.3 million as against analysts' expectation of $141.64 million.

Third-quarter operating income rose 4.5% from a year ago to $63.57 million and operating margin decreased to 43.75% from 46.5% for the same period.

"We are making great progress in the implementation of our long-term strategy. During the third quarter, we had a record volume of acquisitions in high barrier to entry locations within high growth markets, closed on a new industrial joint venture, recorded merchant development gains of $0.04 per share, sold an additional $88 million of non-core properties, issued $575 million of convertible senior notes, and made significant progress building our new development pipeline. We did this while continuing to produce good results from existing operations. Our year-to-date portfolio net operating income by region is 33% from the Western Region, 38% from the Central Region, and 29% from the Eastern Region and we are only a few quarters into our new strategy. Since we last gave guidance at the end of July, we now have greater clarity on the timing of the many elements of this new strategy, including acquisitions, dispositions, joint ventures, and merchant development. As a result, we are tightening previous FFO guidance for 2006 to $2.81 to $2.85 per share," the company said.

The company's shares closed up 16 cents at $46.70 Tuesday.

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