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Last $34.16 USD
Change Today -0.07 / -0.20%
Volume 332.9K
WRI On Other Exchanges
Symbol
Exchange
New York
Munich
As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

weingarten realty investors (WRI) Key Developments

Weingarten Realty Investors Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Recurring FFO Guidance for the Year 2015; Declares Quarterly cash Dividend, Payable on June 15, 2015

Weingarten Realty Investors reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $125,599,000 against $127,592,000 a year ago. Operating income was $44,864,000 against $41,791,000 a year ago. Income from continuing operations was $26,700,000 against $23,127,000 a year ago. Net income attributable to common shareholders was $44,937,000 or $0.36 per diluted share against $60,593,000 or $0.49 per diluted share a year ago. For the current quarter Reported FFO was $60.3 million or $0.48 per share compared to $63.1 million or $0.51 per share for 2014. Included in Reported FFO were debt extinguishment costs of $0.05 per share offset by a gain on the settlement of a lawsuit of $0.01 per share. Recurring FFO for the first quarter of 2015 was $0.52 per share or $65.4 million. For the same quarter last year, Recurring FFO was $0.49 per share or $61.2 million. This increase in Recurring FFO per share over the prior year was primarily due to the Company’s acquisition and new development programs, increased operating income from the existing portfolio and reduced interest expense due to favorable refinancing transactions. These increases were partially offset by the impact of the Company’s disposition program, which reduced Recurring FFO by $0.06 per share for the quarter compared to last year. Same Property NOI for the first quarter increased by 4.2% versus a year ago. These results are primarily driven by increased occupancy, rental rate increases and reduced tenant fallouts. Occupancy increased to 95.5% in the first quarter, an increase of 100 basis points over the same quarter of 2014. Occupancy of spaces less than 10,000 square feet, often referred to as shop occupancy, increased to 90.3% from 88.3% in the prior year, an increase of 200 basis points. For the year 2015, the company affirms its full year Recurring FFO guidance in the range of $2.12 to $2.17 per share. Including debt extinguishment costs of approximately $0.05 per share the Company incurred during the first quarter of 2015, full year guidance for Reported FFO remains in the range of $2.07 to $2.12 per share. The Board of Trust Managers declared a quarterly cash dividend of $0.345 per common share payable on June 15, 2015 to shareholders of record on June 8, 2015.

Weingarten Realty Investors to Report Q1, 2015 Results on Apr 28, 2015

Weingarten Realty Investors announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 28, 2015

Weingarten Realty Investors, Q1 2015 Earnings Call, Apr 29, 2015

Weingarten Realty Investors, Q1 2015 Earnings Call, Apr 29, 2015

Weingarten Realty Investors Enters $200,000,000 Unsecured Term Loan Agreement

On March 2, 2015, Weingarten Realty Investors entered into a $200,000,000 unsecured term loan pursuant to a term loan agreement with Regions Bank, as administrative agent, Regions Capital Markets and U.S. Bank National Association, as joint lead arrangers and joint book runners, and U.S. Bank National Association, as syndication agent. Other lenders involved in this transaction include: Royal Bank of Canada, The Bank of Nova Scotia, Branch Banking and Trust Company and The Northern Trust Company. The agreement is for a $200,000,000 unsecured term loan with floating borrowing rates at a margin above LIBOR and/or prime. The borrowing margin is priced off a grid in accordance with the company's senior unsecured credit ratings. The term loan matures on March 2, 2020, and the company has the option to repay the loan without penalty at any time. Additionally, the Agreement contains an accordion feature which allows the company to increase the loan amount up to an additional $100 million. The company intends to use the proceeds from the loan to repay amounts outstanding under its unsecured revolving credit facility. Pursuant to the terms of the agreement, the company is subject to various covenants, which include requiring the maintenance of maximum leverage ratios on both unsecured and secured debt and unsecured interest expense and fixed charge coverage ratios. The agreement also contains customary representations and warranties, affirmative covenants, notice provisions, and events of default, including change of control, cross-defaults to other debt, and judgment defaults.

Weingarten Realty Investors Announces Closing of $200 Million Unsecured Term Loan

Weingarten Realty Investors announced the closing of a $200 million unsecured term loan that will mature on March 2, 2020. The loan was priced at a spread of 115 basis points over LIBOR. The loan was swapped to a fixed coupon of 2.64%. Weingarten intends to use the proceeds of the term loan to repay amounts outstanding under its unsecured revolving credit facility.

 

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