Weingarten Realty Q3 FFO Declines - Quick Facts

(RTTNews) - Weingarten Realty Investors (WRI) reported Thursday that its third-quarter Funds From Operations or FFO attributable to shareholders was $57.0 million or $0.44 per share, compared to $68.5 million or $0.53 per share for 2019.

Attributable net income was $25.1 million or $0.20 per share, down from $106.7 million or $0.82 per share a year ago, as the coronavirus pandemic continues to negatively affect the company's tenants.

On average, five analysts polled by Thomson Reuters expected earnings of $0.08 per share. Analysts' estimates typically exclude special items.

The results were higher than the $0.34 core FFO per share and $0.09 attributable net profit per share recorded in the preceding second quarter.

Cash collections of rent and rebillable expenses increased to 90% of the total for the third quarter from 82% in the second quarter.

Total revenues declined to $112.36 million from last year's $121.36 million. Analysts were looking for revenues of $105.57 million.

Drew Alexander, Chairman, President and Chief Executive Officer, said, "Given the continued headwinds of the pandemic, we had a good quarter that showed solid improvement over the second quarter. The economy continues to gain traction in the majority of our markets with substantially all of our tenants open for business."