All major financial markers are up. Weingarten's FFO had spiked 8.1% in year 2000, coming in at $113.9 million in comparison to 1999's $105.4 million. The year-end FFO had tallied $4.42 on a diluted per share basis, up from $3.93 in 1999.
Rental revenues are 14.4% higher, bringing in $264.6 million. In 1999, rental revenues had totaled $231.3 million. Net income had dipped to $79 million in comparison to the $96.1 million that had been posted in 1999. But, it's a direct reflection of a large number of industrial property sales in 1999, says Weingarten. The upside is net income available to common shareholders for year 2000 is up 5.3% on a per share basis, equating to 79 cents per share for quarterly dividends. The annual dividend totals $3.16 per share in comparison to $3 for 1999.
Weingarten has 254 income-producing properties in 14 southwestern states. Occupancy for the company's 197 shopping centers had been riding at 93.4% at the end of last year. In addition to the shopping centers, Weingarten's portfolio has 55 industrial properties, one apartment complex and one office building for an aggregate of 30.5 million sf.
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