In its first-quarter financials, Weingarten reports that the April 2 closing on the California shopping center portfolio had a dilutive effect on FFO per share from its common equity offering. The company says that on a diluted share basis, FFO increased to $1.05 per share in comparison to $1.03 per share the previous year. Weingarten estimates it would have been $1.11 per share without this dilutive effect of the common equity offering. This would have resulted in a 7.8% increase in comparison to 2000 statistics. Overall, Weingarten reports a 15.3% increase in FFO from $27.5 million in first quarter 2000 to $31.8 million for the same 2001 period.

Another highlight of the company's financial performance include $72.7 million in rental revenues, a 17% increase from first quarter 2000. Additionally, the company reports an overall portfolio occupancy rate of 92.3% for the first quarter. Weingarten has 274 income-producing properties in 15 states including 217 neighborhood and community shopping centers, 55 industrial properties, one multi-family complex and one office building.

Drew Alexander, Weingarten president and CEO, counts the acquisition of the19 shopping centers in California, the purchase of Colonial Plaza shopping center in Orlando and a successful common equity offering in January as the most important events of the first quarter. "The first quarter, has, without question been the most exciting in our 53 year history," says Alexander. "And we are very optimistic about the remainder of the year as we continue to discover acquisitions, create anchored development opportunities and work to maximize the potential of our existing portfolio."