Weingarten Realty Continued Improvement in Cash Collections and Provides COVID-19 Update
HOUSTON–(BUSINESS WIRE)–
Weingarten Realty (NYSE: WRI) provided the following business update regarding the COVID-19 pandemic for the REITworld: 2020 Investors Conference, including an update on rent collections for the third quarter and October of 2020. To view the Company’s updated investor presentation, please visit the REITworld 2020 Investor Presentation on our Webcasts & Presentations page at www.weingarten.com.
“Weingarten is well positioned to navigate the COVID pandemic. We are pleased with the increase in cash collections to 91% for the third quarter and 90% for October which we are reporting today. This demonstrates the strength of our transformed portfolio of primarily grocery-anchored centers that provide basic goods and services,” said Drew Alexander, Chairman, President and Chief Executive Officer.
For further details of the updated collections information, please refer to the Company’s REITworld 2020 investor presentation that can be found on its website at www.weingarten.com.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2020, 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 162 properties which are located in 15 states spanning the country from coast to coast. These properties represent approximately 31.0 million square feet of which our interests in these properties aggregated approximately 21.0 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005180/en/
Michelle Wiggs, Phone: (713) 866-6050
KEYWORDS: United States North America Texas
INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property REIT
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