Weingarten Realty Reports Strong Fourth Quarter Operations and Issues 2019 Guidance

Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended December 31, 2018. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

Fourth Quarter and Full Year Operating and Financial Highlights

  • Net income attributable to common shareholders (“Net Income”) was $0.46 per diluted share (hereinafter “per share”) for the quarter and $2.55 per share for the year compared to $1.30 and $2.60 per share for each respective period in 2017;
  • Core Funds From Operations Attributable to Common Shareholders ("Core FFO”) was $0.55 per share for the quarter and $2.28 per share for the year compared to $0.61 and $2.45 per share for each respective period in 2017;
  • Same Property Net Operating Income (“SPNOI”) including redevelopments increased by 3.4% over the fourth quarter of 2017 and by 2.5% over the full year 2017;
  • Rental rates on new leases completed during the quarter were up 37.4% and 18.7% for the full year;
  • Signed occupancy was unchanged from the third quarter of 2018 at 94.4%;
  • Dispositions totaled $241 million in the fourth quarter and $635 million for the full year;
  • Balance sheet leverage was reduced with Net Debt to Adjusted EBITDAre declining to 5.00 times; and,
  • A special dividend of $1.40 per share was paid to shareholders in December of 2018.

Financial Results

In evaluating earnings, it is necessary to understand that the Company disposed of unprecedented volumes of properties during 2017 and 2018. While these dispositions have resulted in a much higher quality portfolio of properties for the Company, the negative impact of these dispositions on 2018 earnings was significant and will also materially impact 2019. Aside from the dilutive impact of the dispositions, the operating performance of the Company’s portfolio was very strong.

The Company reported Net Income of $59.5 million or $0.46 per share for the fourth quarter of 2018, as compared to $168.0 million or $1.30 per share for the same period in 2017. For the year, Net Income was $327.6 million or $2.55 per share for 2018 compared to $335.3 million or $2.60 per share for 2017.

Funds From Operations attributable to common shareholders in accordance with the National Association of Real Estate Investment Trusts definition (“NAREIT FFO”) was $70.3 million or $0.55 per share for the fourth quarter of 2018 compared to $77.4 million or $0.60 per share for 2017. For the year, NAREIT FFO was $307.9 million or $2.40 per share for 2018 compared to $311.6 million or $2.40 per share for 2017.

Core FFO for the quarter ended December 31, 2018 was $0.55 per share or $70.2 million, as compared to $0.61 per share or $78.5 million for the same quarter of last year. Higher income driven by increased rental rates and reduced interest expense from lower levels of debt outstanding were more than offset by the impact of dispositions in 2017 and 2018. General and administrative expense was comparable to the fourth quarter of 2017 but $1.4 million higher than the third quarter of 2018. This was the result of a $0.02 per share increase in expense related to a true-up of the accrual for restricted share grants. The significant drop in the Company’s share price at year-end 2018 resulted in more shares being granted in accordance with the Company’s Long Term Incentive program, thus the increase in expense. This was offset by a decrease of $0.01 per share related to assets held in its deferred compensation plan. For the full year, Core FFO was $292.5 million or $2.28 per share for 2018 compared to $318.4 million or $2.45 per share for 2017.

Additionally, the $1.40 per share special dividend paid in December caused our operating partnership units to be antidilutive which reduced Core FFO per share in the fourth quarter by around a penny per share had those shares been considered in the dilutive calculation.

A reconciliation of Net Income to NAREIT FFO and Core FFO is included herein.

Operating Results

For the period ending December 31, 2018, the Company’s operating highlights were as follows:

Q4 2018

YTD 2018

Occupancy (Signed Basis):
Occupancy - Total 94.4%
Occupancy - Small Shop Spaces 90.7%
Occupancy - Same Property Portfolio 94.8%
Same Property Net Operating Income, with redevelopments 3.4% 2.5%
Rental Rate Growth - Total: 11.9% 8.5%
New Leases 37.4% 18.7%
Renewals 5.3% 6.1%
Leasing Transactions:
Number of New Leases 65 278
New Leases - Annualized Revenue (in millions) $5.8 $19.8
Number of Renewals 116 572
Renewals - Annualized Revenue (in millions) $9.3 $46.5

A reconciliation of Net Income to SPNOI is included herein.

“Operations remained strong this quarter, a reflection of our significantly improved portfolio of properties. Our increase in rental rates on new leases of 37.4% for the quarter and 18.7% for the full year is a reflection of this improvement. We have done a great job in leasing three of our four Toys R Us spaces,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Portfolio Activity

During the quarter, the Company sold seven properties and two land parcels for $241 million. This included two properties in Nevada, two in Arizona and one each in Colorado, Florida and Texas. For all of 2018, WRI sold $635 million of assets with the disposition of 23 shopping centers, an office building and other real estate.

As for acquisitions in 2018, the Company purchased one land parcel which is adjacent to existing shopping centers for $1.3 million. No acquisitions have been closed to-date in 2019.

The Company invested $139 million in new developments and redevelopments in 2018 and expects to spend around $200 million in 2019, with the majority of the investment in its two projects in the Washington D.C. area and its 30-story residential tower at its River Oaks Shopping Center in Houston.

“While the recent disposition volume reduces Funds From Operations in the short-term, Weingarten remains focused on maximizing long-term value to our shareholders. Our dispositions improve the overall quality of our portfolio by reducing exposure to tertiary markets and power centers, and provide capital for future growth including our redevelopment and new development programs. We expect our disposition volumes to decrease significantly in 2019, however we will continue to monitor the market and adjust our strategy appropriately,” said Drew Alexander, Chairman, President and Chief Executive Officer.

Balance Sheet

Proceeds from the Company’s dispositions were used to strengthen its balance sheet. Net Debt to Core EBITDAre was a strong 5.00 times and Debt to Total Market Capitalization was 35.8% at year end.

“As we remain dedicated to maintaining a strong capital structure supported by low leverage, the amount of capital we allocate to various opportunities, including repurchasing our common shares, will be carefully considered. With one of the strongest balance sheets in our sector, we are well positioned to pursue growth opportunities as they arise,” said Steve Richter, Executive Vice President and Chief Financial Officer.

2019 Guidance

The Company’s guidance for 2019 is as follows:

2019 Guidance

Net Income (per share) $1.77 - $1.89
NAREIT FFO (per share) $2.09 - $2.17
Core FFO (per share) $2.09 - $2.17
Acquisitions $50 - $150 million
Re / New Development $175 - $225 million
Dispositions $250 - $350 million
Same Property NOI with redevelopments 2.00% - 3.00%

Other issues which will impact 2019 results include:

  • This level of dispositions will probably result in the payment of a special dividend in 2019, albeit considerably less than 2018;
  • With the implementation of the new leasing standard, the Company will not be capitalizing any indirect leasing and legal costs; however, it will continue to capitalize some of the internal and external leasing commissions going forward. For 2019, this will increase general and administrative expense by between $9.0 and $10.0 million or $0.07 to $0.08 per share; and,
  • Preleasing activities and the phased stabilization of both projects in Washington D.C. will result in costs that will be expensed prior to revenue coming on-line. These costs will total approximately $0.01 per share in 2019.

A rollforward detailing the components of the change in 2018 Core FFO per share to 2019 Core FFO per share guidance is included on page 10 of the Company’s Supplemental.

Dividends

The Board of Trust Managers declared a quarterly cash dividend of $0.395 per common share payable on March 15, 2019 to shareholders of record on March 8, 2019. The Company also paid a special dividend of $1.40 per common share in December 2018.

New Officer Elections

The Board of Trust Managers elected Stanford Alexander Chairman Emeritus. Additionally, Andrew M. “Drew” Alexander was elected Chairman of the Board and will continue as President and Chief Executive Officer. “As the founder of Weingarten Realty, I am very proud of the outstanding Company we created and the wonderful things we have accomplished. Looking ahead, I will continue to provide advice and consultation to my associates and look forward to the future,” said Stanford Alexander, Chairman Emeritus.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on February 21, 2019 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 47807259). A replay will be available through the Company’s website starting approximately two hours following the live call.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At December 31, 2018, 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 178 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 35.1 million square feet of which our interests in these properties aggregated approximately 22.9 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. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for 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.

Weingarten Realty Investors
(in thousands, except per share amounts)
Financial Statements
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2018

2017 (1)

2018

2017 (1)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(Unaudited)
Revenues:
Rentals, net $ 123,992 $ 135,798 $ 516,502 $ 560,643
Other 3,827 3,569 14,645 12,520
Total Revenues 127,819 139,367 531,147 573,163
Operating Expenses:
Depreciation and amortization 35,280 40,986 161,838 167,101
Operating expense 20,625 25,366 90,554 109,310
Real estate taxes, net 16,562 17,853 69,268 75,636
Impairment loss 7,722 245 10,120 15,257
General and administrative expense 7,325 7,800 25,040 28,052
Total Operating Expenses 87,514 92,250 356,820 395,356
Other Income (Expense):
Interest expense, net (15,663 ) (18,921 ) (63,348 ) (80,326 )
Interest and other income (expense) (1,928 ) 3,322 2,807 7,532
Gain on sale of property 34,788 132,045 207,865 218,611
Total Other Income 17,197 116,446 147,324 145,817
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships 57,502 163,563 321,651 323,624
(Provision) Benefit for Income Taxes (10 ) (2,018 ) (1,378 ) 17
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net 5,737 9,108 25,070 27,074
Net Income 63,229 170,653 345,343 350,715

Less: Net Income Attributable to Noncontrolling Interests

(3,722 ) (2,686 ) (17,742 ) (15,441 )
Net Income Attributable to Common Shareholders -- Basic $ 59,507 $ 167,967 $ 327,601 $ 335,274
Net Income Attributable to Common Shareholders -- Diluted $ 59,507 $ 169,484 $ 327,601 $ 338,358
Earnings Per Common Share -- Basic $ .47 $ 1.31 $ 2.57 $ 2.62
Earnings Per Common Share -- Diluted $ .46 $ 1.30 $ 2.55 $ 2.60

______________

(1) Reclassification of prior year's amounts were made to conform to current year presentation.

Weingarten Realty Investors
(in thousands)
Financial Statements
December 31,
2018
December 31,
2017
(Unaudited)(Audited)
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
Property $ 4,105,068 $ 4,498,859
Accumulated Depreciation (1,108,188 ) (1,166,126 )
Property Held for Sale, net 54,792
Investment in Real Estate Joint Ventures and Partnerships, net 353,828 317,763
Unamortized Lease Costs, net 142,014 181,047
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net 97,924 104,357
Cash and Cash Equivalents 65,865 13,219
Restricted Deposits and Mortgage Escrows 10,272 8,115
Other, net 160,178 184,613
Total Assets $ 3,826,961 $ 4,196,639
LIABILITIES AND EQUITY
Debt, net $ 1,794,684 $ 2,081,152
Accounts Payable and Accrued Expenses 113,175 116,463
Other, net 168,403 189,182
Total Liabilities 2,076,262 2,386,797
Commitments and Contingencies
EQUITY
Common Shares of Beneficial Interest 3,893 3,897
Additional Paid-In Capital 1,766,993 1,772,066
Net Income Less Than Accumulated Dividends (186,431 ) (137,065 )
Accumulated Other Comprehensive Loss (10,549 ) (6,170 )
Shareholders' Equity 1,573,906 1,632,728
Noncontrolling Interests 176,793 177,114
Total Liabilities and Equity $ 3,826,961 $ 4,196,639

Non-GAAP Financial Measures

Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations Attributable to Common Shareholders

The National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.

Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.

The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

NAREIT FFO and Core FFO is calculated as follows (in thousands):

Three Months Ended
December 31,
Twelve Months Ended
December 31,
2018201720182017
(Unaudited)(Unaudited)
Net income attributable to common shareholders $ 59,507 $ 167,967 $ 327,601 $ 335,274
Depreciation and amortization of real estate 35,020 40,746 160,679 166,125
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships 2,974 3,380 12,454 14,020
Impairment of operating properties and real estate equity investments 7,571 240 9,969 12,247
(Gain) on sale of property and interests in real estate equity investments (34,650 ) (131,393 ) (206,930 ) (217,659 )
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships (4 ) (4,209 ) (6,300 ) (6,187 )
Provision (benefit) for income taxes (1) 444 1,232 2,223 (711 )
Noncontrolling interests and other (2) (610 ) (547 ) 8,238 5,408
NAREIT FFO – basic 70,252 77,416 307,934 308,517
Income attributable to operating partnership units 3,084
NAREIT FFO – diluted 70,252 77,416 307,934 311,601
Adjustments to Core FFO:
Other impairment loss 134 2 134 3,031
Provision (benefit) for income taxes (3) 6 223 (1,488 ) (729 )
(Gain) on extinguishment of debt including related swap activity (41 ) (3,131 )
Lease terminations (10,023 )
Severance costs 1,378 1,378
Storm damage costs 1,018 1,822
Recovery of Pre-development costs (949 ) (949 )
Other (136 ) (612 ) (911 ) 2,292
Core FFO – diluted $ 70,215 $ 78,476 $ 292,515 $ 318,446
FFO weighted average shares outstanding – basic 127,653 127,816 127,651 127,755
Effect of dilutive securities:
Share options and awards 730 848 790 870
Operating partnership units 1,446
FFO weighted average shares outstanding – diluted 128,383 128,664 128,441 130,071
NAREIT FFO per common share – basic $ .55 $ .61 $ 2.41 $ 2.41
NAREIT FFO per common share – diluted $ .55 $ .60 $ 2.40 $ 2.40
Core FFO per common share – diluted $ .55 $ .61 $ 2.28 $ 2.45
______________
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
(3) The applicable taxes related to gains and impairments of non-operating assets.

Same Property Net Operating Income

Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.

Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties that have been sold. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:

Three Months Ended
December 31, 2018
Twelve Months Ended
December 31, 2018
Beginning of the period 176 183
Properties added:
Acquisitions 6
New Developments 1
Redevelopments 4
Properties removed:
Dispositions (5 ) (22 )
Other (1 )
End of the period 171 171

We calculate SPNOI using net income attributable to common shareholders excluding net income attributable to noncontrolling interests, other income (expense), income taxes and equity in earnings of real estate joint ventures and partnerships. Additionally to reconcile to SPNOI, we exclude the effects of property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation and amortization, impairment losses, general and administrative expenses and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of net income attributable to common shareholders to SPNOI is as follows (in thousands):

Three Months Ended
December 31,
Twelve Months Ended
December 31,
2018201720182017
(Unaudited)(Unaudited)
Net income attributable to common shareholders $ 59,507 $ 167,967 $ 327,601 $ 335,274
Add:
Net income attributable to noncontrolling interests 3,722 2,686 17,742 15,441
Provision (benefit) for income taxes 10 2,018 1,378 (17 )
Interest expense, net 15,663 18,921 63,348 80,326
Property management fees 685 649 2,904 2,902
Depreciation and amortization 35,280 40,986 161,838 167,101
Impairment loss 7,722 245 10,120 15,257
General and administrative 7,325 7,800 25,040 28,052
Other (1) 84 (798 ) 51 3,586
Less:
Gain on sale of property (34,788 ) (132,045 ) (207,865 ) (218,611 )
Equity in earnings of real estate joint ventures and partnership interests, net (5,737 ) (9,108 ) (25,070 ) (27,074 )
Interest and other income/expense 1,928 (3,322 ) (2,807 ) (7,532 )
Revenue adjustments (2) (3,022 ) (4,308 ) (25,007 ) (16,877 )
Adjusted income 88,379 91,691 349,273 377,828
Less: Adjusted income related to consolidated entities not defined as same property and noncontrolling interests (6,499 ) (12,319 ) (29,114 ) (66,366 )
Add: Pro rata share of unconsolidated entities defined as same property 8,861 8,366 34,285 34,203
Same Property Net Operating Income 90,741 87,738 354,444 345,665
Less: Redevelopment Net Operating Income (8,705 ) (7,691 ) (32,939 ) (30,725 )
Same Property Net Operating Income excluding Redevelopments $ 82,036 $ 80,047 $ 321,505 $ 314,940

___________________

(1) Other includes items such as environmental abatement costs, demolition expenses and lease termination fees.
(2) Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate

NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.

As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.

The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

EBITDAre and Core EBITDAre is calculated as follows (in thousands):

Three Months Ended
December 31,

Twelve Months Ended
December 31,
2018201720182017
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
Net income $ 63,229 $ 170,653 $ 345,343 $ 350,715
Interest expense, net (1) 15,663 18,921 63,348 80,326
Provision (benefit) for income taxes 10 2,018 1,378 (17 )
Depreciation and amortization of real estate 35,280 40,986 161,838 167,101
Impairment loss on operating properties and real estate equity investments 7,722 245 10,120 15,257
Gain on sale of property (2) (34,788 ) (132,045 ) (207,865 ) (218,611 )
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3) 3,874 397 11,271 12,822
Total EBITDAre90,990101,175385,433407,593
Adjustments for Core EBITDAre:
Storm damage costs 1,018 1,822
Recovery of pre-development costs (949 ) (949 )
Severance costs 1,378 1,378
Lease terminations (10,023 )
Other (50 ) 4 (47 ) 3,158
Total Core EBITDAre$90,940$102,626$375,363$413,002
(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the twelve months ended December 31, 2018.
(2) Includes a $.1 million and $.9 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2018, respectively. Also includes a $.6 and $.8 million gain on sale of non-operating assets for the three and twelve months ended December 31, 2017, respectively.
(3) Includes a $(.7) million loss on extinguishment of debt for the twelve months ended December 31, 2018.

Contacts:

Michelle Wiggs, Phone: (713) 866-6050

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.