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Weingarten Expects to Meet FFO Goals

HOUSTON-Weingarten's president and CEO Drew Alexander says it's been the most exciting first quarter in the firm's 53 years. Acquisitions and a common equity offering highlight Weingarten's first-quarter activity.

By Jennifer Brenner Andrade | Updated on April 20, 2001

HOUSTON-Houston-based Weingarten Realty Investors says it expects to meet Wall Street’s expectations this year for FFO percentages despite a slight underperformance in the first quarter. The annual growth objective the company has set for FFO is 8% to 10% per share.

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.

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