Weingarten Realty Investors (NYSE:WRI) reported its results for the first quarter. Weingarten Realty Investors is a real estate investment trust whose business includes leasing space to tenants in the shopping and industrial centers and also managing centers for joint ventures.
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Weingarten Realty Investors Earnings Cheat Sheet for the First Quarter
Results: The company’s funds from operations (FFO) rose 12.2% from the year-earlier quarter to 46 cents. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It was in line with the consensus estimate. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.
Quoting Management: “Our increase of 4.8% in retail Same Property NOI was the strongest we have attained in several years. This is a testament to not only the strength of our operating platform and our team, but also to the quality of our outstanding portfolio of properties,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for second quarter has fallen from 47 cents per share to 46 cents. The average estimate for the fiscal year is $1.84 per share, falling from $1.87 thirty days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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