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Weingarten Realty Investors Reports Operating Results (10-Q)

August 09, 2012 | About:

Weingarten Realty Investors (NYSE:WRI) filed Quarterly Report for the period ended 2012-06-30.

Weingarten Realty Investors has a market cap of $3.35 billion; its shares were traded at around $27.2899 with a P/E ratio of 16.2 and P/S ratio of 6.2. The dividend yield of Weingarten Realty Investors stocks is 4.2%.

Highlight of Business Operations:

We operate a portfolio of rental properties, primarily neighborhood and community shopping centers, that totals approximately 63.8 million square feet. We have a diversified tenant base with our largest tenant comprising only 3.3% of total rental revenues during the first six months of 2012.

Fee income from joint venture and third party managed operations for the six months ended June 30, 2012 and 2011 was approximately $3.4 million and $3.2 million, respectively. This fee income is based upon revenues, net income, collected cash and in some cases appraised property values. In 2012, we anticipate these fees will be consistent with our 2011 performance until we exit our industrial joint venture interests; which would result in a reduction of approximately $.3 million.

For the first six months of 2012, we have received gross sales proceeds of $476.0 million related to dispositions. These proceeds were used to pay down our $200.0 million unsecured term loan and a $115.0 million 5.3% fixed-rate medium term note that matured in May 2012, and to fund $118.3 million in acquisitions. Operating cash flows from discontinued operations are included in net cash from operating activities in our Consolidated Statements of Cash Flows, while proceeds from discontinued operations are included as investing activities. Currently, discontinued operations represent 14.2% of our net cash from operating activities, and we would expect future net cash from operating activities to decrease accordingly when compared to prior periods.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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