Weingarten president and CEO Drew Alexander noted the company has hiked dividends every year that it's been a public company. "Through the successful execution of our longstanding strategy of enhancing our existing portfolio and growing the portfolio through selective acquisitions and new developments, we have once again increased the dividend to our common shareholders," he said in a press release.
Rental revenues increased by 14.7% to $95.2 million in the fourth quarter in comparison to Q4 2001. The year-end tally reflected an increase of 18.2% for a grand total of $303.8 million from the prior year, according to the corporate release. Net income available to common shareholders rose 26.2% to $112.1 million from $88.8 million in 2001, Weingarten reported.
The REIT added three million sf in acquisition and new development projects to the portfolio last year to take the bottom line to 38 million sf, representing a $318-million investment for Weingarten. The REIT also sold five shopping centers, one industrial property and its lone multifamily property. Weingarten collected $44.8 million from the sale for a net gain of $19.5 million.
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