The actual per share diluted increase was $1.15 per share as opposed to $1.05 per share in second quarter 2000. The total FFO for Q2 2001 were $37 million, up from $28 million in the same quarter last year.
Weingarten's numbers were up across the board, including hikes in rental revenues and net income. Occupancy remained basically the same at 92.7% for the entire portfolio of 281 properties in 17 states. As a result, the board of trust managers declared a 79 cents per common share dividend for the second quarter and reflects a 4-cent increase from last year's Q2.
Weingarten president and CEO Drew Alexander attributes the increases to the buy of the California portfolio as well as ongoing acquisition and new development programs and increased net operating income from the existing portfolio. The take also was boosted by 422 new leases, totaling 1.7 million sf, completed in the 17-state portfolio.
"The first six months of this year has been one of our most productive periods," says Alexander. "We have completed a record number of acquisitions thus far and have several others under review that we hope to close prior to yearend. Our new development program also remains extremely active with 15 projects under way and others in the pipeline."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
