Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Weingarten Realty To Sell Wholly-owned Industrial Portfolio To DRA

Weingarten Realty Investors (WRI: Quote) said it has reached a definitive agreement to sell its wholly-owned industrial portfolio to DRA Advisors LLC. The portfolio is comprised of 52 industrial properties, aggregating about 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia. The portfolio is predominately unencumbered, with DRA assuming one secured loan of $4.9 million. The sale price is $382.4 million, representing a capitalization rate of nearly 8%.

The company said the proceeds from this transaction would be used to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan, resulting in a further strengthening of the company's balance sheet and providing additional capacity to fund growth opportunities in its core retail markets.

The company retains an interest in two joint venture relationships, which at the Company's pro rata share, aggregates approximately 1.4 million square feet of industrial real estate. The transaction may occur within the next forty-five to sixty days.

Click here to receive FREE breaking news email alerts for Weingarten Realty Investors and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Home improvement and building products company Masco Corp. said Monday after the markets closed that its second quarter profit jumped 78% from last year, as revenue increased and margins improved amid strong performance of its Plumbing Products, Installation and Other Services and Decorative Architectural Products segments. American Financial Group Inc. (AFG) Monday reported second-quarter net earnings of $106 million or $1.15 per share, compared to $110 million or $1.20 per share last year. Core net operating earnings were $99 million or $1.07 per share, compared to $87 million or $0.96 per share last year. Total... Stocks showed a significant recovery over the course of the trading day on Monday after coming under pressure in early trading. The markets eventually ended the session roughly flat following the mixed performance that was seen last week.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.