Weingarten Realty swings to loss on write-downs
By Ben Fox
Weingarten Realty Investors (NYSE:WRI) swung to a third-quarter loss as the real-estate investment trust posted a big write-down, overshadowing revenue and occupancy rate improvements.
The company, which owns or operates more than 380 shopping centers and industrial properties, has seen stronger rental and occupancy rates lately as business has picked up. The REIT's well-diversified portfolio of predominantly grocery-anchored shopping centers generated relatively stable cash flow last year, according to Standard & Poor's Ratings Services.
Weingarten Realty posted a loss of $33.2 million, compared with a year-earlier profit of $17.5 million. On a per-share basis, the loss, which includes preferred dividend payments, was 35 cents compared with earnings of 7 cents. The latest results included write-downs of 44 cents a share tied to its plan to dispose of non-core assets, land held for development and other items.
Recurring funds from operations, a key profitability measure for REITs, increased to 47 cents from 44 cents.
Revenue rose 3.3% to $138.6 million.
Analysts polled by Thomson Reuters most recently expected per-share earnings of 9 cents, FFO of 46 cents and $140 million in revenue.
Total occupancy was 91.6% at the end of the quarter, up from 91.1% in the same period a year earlier.
Shares closed Friday at $23.95 and were inactive premarket. The stock is up 0.8% year to date.
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