Thursday, Weingarten Realty Investors (WRI), a real estate investment trust, said that its second quarter profit decreased from the prior year on lower revenues coupled with higher expenses. Funds from operations rose from the prior year. Weingarten also reaffirmed its full-year 2009 FFO forecast.
The Houston, Texas-based company reported funds from operations or FFO of $69.67 million or $0.61 per share, compared to $65.81 million or $0.76 per share in the same quarter last year.
Net income for the second quarter of $39.24 million or $0.35 per share, compared to $64.92 million or $0.76 per share in the year-ago quarter.
On average, twelve analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimates typically excludes special items.
Total revenues for the quarter declined to $146.94 million from $152.28 million in the prior-year quarter. Seven analysts had a revenue consensus of $143.78 million for the quarter.
Total expenses rose to $91.81 million from $89.66 million in the same quarter a year ago. Operating income was $55.14 million, down from $62.63 million in the prior-year quarter.
Total occupancy was 90.9% at the end of the second quarter of 2009, compared to 91.5% during the fourth quarter of 2008, as a result of fallouts in the industrial division. Despite market conditions, occupancy for the retail properties was edged up to 92.1% from 91.7% in the prior quarter.
Further, the company's board declared a common dividend of $0.25 per share for the second quarter of payable in cash on September 15, to shareholders of record on September 7.
The board also declared dividends on the company's preferred shares. Dividends related to the 6.75% series D cumulative redeemable preferred shares (WRIPrD) are $0.421875 per share for the quarter. Dividends on the 6.95% series E cumulative redeemable preferred shares (WRIPrE) are $0.434375 per share for the same period. Dividends on the 6.50% series F cumulative redeemable preferred shares (WRIPrF) are $0.40625 per share for the quarter. All preferred dividends are also payable on September 15, to shareholders of record on September 7.
For the six-month period, net income attributable to the common shareholders declined to $72.38 million or $0.72 per share from $91.94 million or $1.08 per share in the same period last year.
Funds from operations for the period was $136.39 million or $1.36 per share, compared to $130.77 million or $1.51 per share in the comparable quarter last year.
Total revenues for the first half of fiscal 2009 decreased to $295.42 million from $302.97 million in the similar period of 2008.
Looking ahead to the full year 2009, the company confirmed FFO guidance range of $1.88 - $2.12 per share. Analysts currently expect the company to earn $2.06 per share.
WRI closed Thursday's regular trading at $15.46, up $0.52 or 3.48%, on a volume of 2.24 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.