Weingarten Realty: 3Q Earnings Snapshot
HOUSTON – HOUSTON (AP) _ Weingarten Realty Investors (WRI) on Wednesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $74.8 million, or 58 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 58 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $43 million, or 34 cents per share.
The real estate investment trust posted revenue of $128.8 million in the period. Its adjusted revenue was $125.3 million, missing Street forecasts. Five analysts surveyed by Zacks expected $126.4 million.
Weingarten Realty expects full-year funds from operations in the range of $2.27 to $2.30 per share.
The company's shares have fallen 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.06, a decline of 14 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on WRI at https://www.zacks.com/ap/WRI