Weingarten Realty Investors (WRI) Tops Q4 EPS by 17c, Revenues Beat; Offers FY19 EPS Guidance

Weingarten Realty Investors (NYSE: WRI) reported Q4 EPS of $0.46, $0.17 better than the analyst estimate of $0.29. Revenue for the quarter came in at $127.82 million versus the consensus estimate of $124.26 million.

• Net income attributable to common shareholders (“Net Income”) was $0.46 per diluted share (hereinafter “per share”) for the quarter and $2.55 per share for the year compared to $1.30 and $2.60 per share for each respective period in 2017;
• Core Funds From Operations Attributable to Common Shareholders ("Core FFO”) was $0.55 per share for the quarter and $2.28 per share for the year compared to $0.61 and $2.45 per share for each respective period in 2017;
• Same Property Net Operating Income (“SPNOI”) including redevelopments increased by 3.4% over the fourth quarter of 2017 and by 2.5% over the full year 2017;
• Rental rates on new leases completed during the quarter were up 37.4% and 18.7% for the full year;
• Signed occupancy was unchanged from the third quarter of 2018 at 94.4%;
• Dispositions totaled $241 million in the fourth quarter and $635 million for the full year;
• Balance sheet leverage was reduced with Net Debt to Adjusted EBITDAre declining to 5.00 times; and,
• A special dividend of $1.40 per share was paid to shareholders in December of 2018.

GUIDANCE:

Weingarten Realty Investors sees FY2019 EPS of $1.77-$1.89, versus the consensus of $0.93.

For earnings history and earnings-related data on Weingarten Realty Investors (WRI) click here.

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