Weingarten Realty Investors Revises First Quarter 2020 Conference Call Time and Updates Investment Status
April 01 2020 - 4:27PM
Business Wire
Weingarten Realty Investors (NYSE:WRI) announced today that it
has revised the date and start time of its previously announced
first quarter 2020 conference call to Friday, May 8, 2020 at 12:00
p.m. Central Time. The earnings release will be distributed after
the market closes on Thursday, May 7, 2020.
Event:
Weingarten Realty’s First Quarter 2020
Earnings Results
When:
12:00 PM CT, Friday, May 8, 2020
Dial#:
1.800.447.0521 / Conference ID
#49202483
“The health, safety and welfare of our associates, tenants,
stakeholders and the broader community continues to be of the
utmost importance to the Weingarten team. We are monitoring the
progress of the pandemic and are communicating with all of our
tenants and assisting them where possible to operate safely. In
these challenging times, as previously reported, we drew down on
our Revolving Line of Credit to strengthen our liquidity position
in order to maintain maximum financial flexibility and withdrew our
2020 earnings guidance,” said Drew Alexander, Chairman and Chief
Executive Officer.
Portfolio Strength
The Company’s transformed portfolio of primarily supermarket
anchored shopping centers located in major metropolitan markets in
the Southern and Western United States is well positioned to cope
with the effects of the COVID-19 pandemic. The Company’s Portfolio
Information can be found on our Investor Relations page along with
additional information in its Supplemental Financial package
located on our website.
Liquidity
As previously announced, the Company has drawn down the
remaining $482 million available under its $500 million Revolving
Credit Facility to increase liquidity and preserve financial
flexibility. WRI has no debt maturities remaining in 2020 and, only
$53 million of secured debt maturities in 2021, which results in no
significant debt maturities until October of 2022. Additionally, at
December 2019, the Company’s Net Debt to EBITDAre was a very strong
5.17 times.
Investments
The Company’s new development pipeline consists of three
mixed-use developments currently under construction. The two
projects in the Washington DC market are substantially complete
with less than $25 million remaining to be spent with both projects
already generating revenue. Approximately $50 million remains to be
spent at the Driscoll at River Oaks in Houston in order for revenue
to begin to come on-line. The Company is also assessing all
construction projects as well as other non-essential capital
expenditures and will provide additional updates on its First
Quarter 2020 earnings call.
Revised Date and Time for the First Quarter Conference
Call
In order to provide a better update on the Company’s operations,
given the COVID-19 pandemic, the first quarter conference call has
been re-scheduled as noted above to Friday, May 8, 2020 at 12:00 PM
CT and will be webcast live at www.weingarten.com. The call can be
accessed under the Investor Relations tab of the Company’s website.
In addition, an audio archive will be available on the Company’s
website shortly after the call concludes. The complete earnings
release and supplemental data package will be located in the
Investor Relations section of the website on the Quarterly Earnings
page. For those without Internet access, the first quarter 2020
earnings release and supplemental data package will be available by
mail upon request. To receive a copy, please call Investor
Relations at (800) 298-9974.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center
owner, manager and developer. At December 31, 2019, the Company
owned or operated under long-term leases, either directly or
through its interest in real estate joint ventures or partnerships,
a total of 170 properties which are located in 16 states spanning
the country from coast to coast. These properties represent
approximately 32.5 million square feet of which our interests in
these properties aggregated approximately 21.5 million square feet
of leasable area. To learn more about the Company’s operations and
growth strategies, please visit www.weingarten.com.
Forward-Looking Statements
Statements included herein that state the Company’s or
Management’s intentions, hopes, beliefs, expectations or
predictions of the future are “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995
which by their nature, involve known and unknown risks and
uncertainties. The Company’s actual results, performance or
achievements could differ materially from those expressed or
implied by such statements. These risks and uncertainties include
those related to the COVID-19 pandemic, about which there are still
many unknowns, including the duration of the pandemic and the
extent of its impact, as well as those discussed in the Company’s
regulatory filings with the Securities and Exchange Commission,
which include other information or factors that may impact the
Company’s performance.
Projections involve numerous assumptions such as rental income
(including assumptions on percentage rent), interest rates, tenant
defaults, occupancy rates, volume and pricing of properties held
for disposition, volume and pricing of acquisitions, expenses
(including salaries and employee costs), insurance costs and
numerous other factors. Not all of these factors are determinable
at this time and actual results may vary from the projected
results, and may be above or below the ranges indicated. The above
ranges represents management’s estimate of results based upon these
assumptions as of the date of this press release. Accordingly,
there is no assurance that our projections will be realized.
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version on businesswire.com: https://www.businesswire.com/news/home/20200401005750/en/
Information: Michelle Wiggs, Phone: 713.866.6050
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