Houston

HOUSTON-Weingarten Realty’s positive Q2 2013 numbers have encouraged the REIT to increase its 2013 guidance across a variety of metrics. Specifically, Weingarten is increasing its recurring FFO per diluted share from its original guidance of $1.84-$1.90 to $1.89-$1.93.

Other guidance increases are:

   

Original Guidance

 

Revised Guidance

Same Property NOI

 

+2% to +3%

 

+3% to +3.5%

Acquisitions

 

$175-$225 million

 

$100-$150 million

New Development

 

$25-$75 million

 

$15-$50 million

Dispositions

 

$200 – $300 million

 

$250 – $350 million

Operating and financial highlights include:

  • An increase in recurring Funds from Operations to $0.49 per diluted share from $0.47 per diluted share a year ago;
  • An increase in Same Property Net Operating Income of 5.0% over the same quarter of the prior year;
  • An increase in occupancy of 0.5% over the prior quarter to 94.2% and 0.4% over the prior quarter to 88.6% for spaces less than 10,000 square feet; and
  • Acquisitions totaling $71 million and dispositions totaling $108 million completed since the end of the first quarter.

Additionally, Weingarten reported net income attributable to common shareholders of $45.4 million ($0.37 per diluted share) during Q2 2013, compared to the $22.6 million, or $0.19 per share for the same period in 2012.

Included in these operating results for 2013 was a non-cash write-off of preferred redemption costs of $0.13 per share related to the redemption of a portion of the company’s Series F preferred shares. Included in 2012 were non-cash impairment charges of $0.21 per share.