Search
 

Weingarten Bags Strong FFO

HOUSTON-The REIT plans to continue a steady acquisition pace in '05, if the numbers make sense.

By Dees Stribling | Updated on February 25, 2005

HOUSTON-Weingarten Realty Investors has turned in strong FFO growth for its fourth quarter (ended Dec. 31), as well as all of 2004. FFO for Q4 was $61.6 million, or $0.66 per share, compared to $47.9 million, or $0.58 per share, for the same period in 2003. For 2004, Weingarten’s FFO was $225.7 million, or $2.52 per share, compared to $184.0 million, or $2.26 per share, in 2003.

In 2004, Weingarten bought 22 shopping centers, two industrial properties, and interest in four other properties for a total of 3.6 million sf in acquisitions, representing a total investment of about $511.2 million. The year’s purchases included 11 properties in Texas (primarily in the Rio Grande Valley), five in Georgia, three in North Carolina, two each in California, Florida, New Mexico and Kentucky, and one in Missouri. The company owns about 288 neighborhood and community shopping centers, which generated about 90% of the REIT’s revenues, plus 60 industrial properties.

The REIT also completed 11 development projects last year totaling 851,000 sf. Weingarten currently has five shopping centers in various stages of development, which will add 284,000 sf to its portfolio. The projects are located in North Carolina, Arizona, Colorado and Utah, and most of them will come on-line later this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.