Weingarten Realty Announces Fourth Quarter and Full Year 2018 Disposition Activity
HOUSTON--(BUSINESS WIRE)--Jan 7, 2019--Weingarten Realty Investors (NYSE: WRI) announced today disposition activity for the fourth quarter and full year 2018.
During the fourth quarter of 2018, the Company closed $240 million of dispositions including Tropicana Beltway and Decatur 215 in Las Vegas, Nevada, Oracle Crossing and Shoppes at Parkwood Ranch in Arizona, Cherry Creek in Colorado, Seminole Towne Center in Florida, and 1919 North Loop West in Houston. The Company also sold two land parcels.
For the year ended December 31, 2018, the Company completed $634 million of dispositions. The average household income for the 3-mile trade area of these properties averaged $73,000 in 2018 which improved the remaining portfolio average to $93,000.
Currently, there is an additional $175 million of dispositions under contract expected to close in early 2019. All of the properties under contract are subject to customary closing conditions; therefore, there is no assurance that the timing of the closings will occur as previously discussed or that they will close at all.
“We are very pleased with the results of our disposition program which has improved the quality of our portfolio by reducing exposure to tertiary markets, power centers and other risk factors. While the effect is dilutive to 2019 FFO, the proceeds give us flexibility to pursue acquisitions, buy back stock or debt and preserve our strong balance sheet. As we have previously stated, we expect the volume of dispositions to be significantly less in 2019,” said Drew Alexander, President and Chief Executive Officer.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2018, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 185 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 37.4 million square feet of which our interests in these properties aggregated approximately 24.1 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
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Michelle Wiggs, Phone: 713.866.6050
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Weingarten Realty Investors
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PUB: 01/07/2019 04:15 PM/DISC: 01/07/2019 04:15 PM