Weingarten Realty Investors (WRI) Tuesday said first-quarter funds from operations, or FFO, increased to $65.60 million or $0.53 per share from $55.80 million or $0.46 per share in the prior-year quarter.
Recurring FFO for the quarter was $58.90 million or $0.48 per share. On average, 12 analysts polled by Thomson Reuters expected FFO of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Net income improved to $44.82 million or $0.28 per share from $22.64 million or $0.10 per share last year.
Revenues totaled $131.68 million, up from $118.80 million last year. Analysts expected revenues of $126.55 million.
Looking ahead, the company affirmed its recurring FFO outlook of $1.84 to $1.90 per share. Analysts currently expect 2013 FFO of $1.88 per share.
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