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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