Weingarten says it will pay out about $75.5 million. The Houston-based REIT is getting the bulk of the capital to redeem the shares from proceeds of a $75-million sale of depository shares. For previous story, click here.
The exchange is to realize savings through a lower interest rate. Each share sold at the 6.75% interest rate will represent 1/30th of the value of the shares being redeemed. Mellon Investor Services LLC is acting as redemption agent for the transaction.
Weingarten has continued to turn in successful financial performances throughout the economic downturn. The REIT's most recent report showed an 18.2% increase for a total of $359 million in rental revenue last year in comparison to 2001. The 2002 FFO ended at $170.4 million, a 16.1% increase from 2001. The 305-property portfolio is about 92% occupied.
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