Drew Alexander, the Houston REIT's president, attributes the strong numbers to acquisitions and new developments as well as increased rental revenue in the 306-property portfolio. Weingarten paid out $41.8 million in the first quarter for the 121,000-sf Rancho San Marcos Village San Marcos, CA, and two industrial properties, totaling 905,000 sf, in Atlanta. Alexander says there several other potential acquisitions in various stages of due diligence.
In the development arena, the quarter also brought completions for 393,000 sf in five projects, valued at $55.7 million. The holdings are 96.4% leased. Meanwhile, another 17 shopping centers and an industrial project are underway, with completions planned for this year and next.
In a press release, Weingarten says the first quarter generated $96.9 million in rent, a 16.2% increase from the $83.4 million posted in Q1 2002. In a quarter-to-quarter comparison, FFO increased to $43.9 million from last year's $41.2 million or a 6.6% jump.
The portfolio's overall occupancy was 91.8% in comparison to 91.7% at the first quarter's close, according to the REIT's Q1 earnings report. Retail occupancies ended the quarter at 92.6% versus 92.8% at the end of Q1 2002.
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