The company currently has 37 properties in various stages of development, up from 16 properties a year ago. It also is under contract on 17 more development sites, and has identified 26 new sites for future negotiation, possibly in new territories.
"We're looking to expand in Virginia and a tad north of there," said Drew Alexander, president and CEO.
These properties generally are slated for completion in the next three to four years, the company said. The current housing slump is not a great concern. "The US economy continues to generate job growth, and job creation is the key to growth," said Robert Smith, senior vp and director of new development. "Virtually all of our locations are in major markets."
An example, he said, is Palm Coast Landing at Town Center, a 423,000-sf power center in Palm Coast, FL. The project, anchored by SuperTarget, TJ Maxx, Ross Dress For Less and Linens 'N Things, will open in spring 2008.
Acquisitions remained busy during the quarter, with Weingarten purchasing a portfolio of 10 industrial buildings, one shopping center, and an additional industrial building. Since then, the company has acquired a portfolio of five power centers and one additional shopping center.
Funds from operations, on a diluted per-share basis were $0.75, up 10% from 2006. Net income, on a diluted per share basis, for the second quarter of 2007 was $0.79, compared with $0.95 per share for the second quarter of 2006. Occupancy for the company's retail properties was 95.6%, up from 95.2% a year ago.
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