Weingarten Realty Investors Earnings Cheat Sheet: FFO Increases
Weingarten Realty Investors (NASDAQ:WRI) reported its results for the second quarter. Weingarten Realty Investors is a real estate investment trust whose business include leasing space to tenants in the shopping and industrial centers and also manage centers for joint ventures.
Weingarten Realty Investors Earnings Cheat Sheet for the Second Quarter
Results: Funds from Operations (FFO) rose from $34.5 million or 29 cents per share to $36.4 million or 30 cents per share. FFO is a performance measure for Real Estate Investment Trusts (REIT).
Revenue: Rose 2.5% to $141.2 million from the year earlier.
Actual vs. Wall St. Expectations: WRI‘s reported FFO fell short of the mean analyst estimate of 32 cents per share.
Quoting Management: “We’re very pleased our shop space occupancy improved from 85.1% to 86.3%, quarter over quarter. Record shop leasing production and significantly reduced shop fallout contributed to the gain,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 2 cents with net income of 41 cents versus a mean estimate of net income of 43 cents per share.
Competitors to Watch: One Liberty Properties, Inc. (NYSE:OLP), Urstadt Biddle Properties Inc. (NYSE:UBA), General Growth Properties, Inc (NYSE:GGP), Inland Real Estate Corp. (NYSE:IRC), The Macerich Company (NYSE:MAC), Cedar Shopping Centers Inc (NYSE:CDR), Alexander’s, Inc. (NYSE:ALX), Roberts Realty Investors, Inc. (AMEX:RPI), Entertainment Properties Trust (NYSE:EPR), and Ramco-Gershenson Properties Trust (NYSE:RPT).
(Source: Xignite Financials)