Weingarten Realty Investors Debt Ratings Change by Moody's
October 25 2006 - 7:40PM
PR Newswire (US)
HOUSTON, Oct. 25 /PRNewswire-FirstCall/ -- Moody's Investors
Services today lowered the rating of Weingarten Realty Investors
(NYSE:WRI) senior unsecured debt from A3 to Baa1 and cumulative
preferred shares to Baa2 from Baa1, both with a stable outlook.
These investment grade ratings are still among the highest in the
real estate investment trust industry. In February 2006, the
Company announced a new strategy which includes a significant
increase in development, an aggressive acquisitions program
financed in large part through the use of joint ventures with
institutions and private parties, and a disposition program
designed to recycle capital by selling non-core properties and
reinvesting that capital into high growth and high barrier to entry
markets. "This one notch ratings downgrade was not surprising given
this long-term strategy initiative which is designed to produce
stronger growth in FFO per share resulting in higher returns to
shareholders. The implementation of this plan involves some
additional leverage and an increase in the use of joint ventures
but will result in much stronger growth in FFO per share and higher
risk adjusted returns on investment over the long term. Management
had the option of issuing additional common equity to maintain
leverage ratios, but chose not to dilute the interests of existing
shareholders. We remain confident in our ability to successfully
execute this strategy," stated Steve Richter, Executive Vice
President and Chief Financial Officer. As one of the largest real
estate investment trusts listed on the New York Stock Exchange,
Weingarten Realty Investors (NYSE:WRI) is focused on delivering
solid returns to shareholders by actively developing, acquiring,
and intensively managing properties in 21 states that span the
southern portion of the United States from coast to coast. The
Company's portfolio of 372 properties includes 308 neighborhood and
community shopping centers and 64 industrial properties,
aggregating 47.5 million square feet. Weingarten has one of the
most diversified tenant bases of any major REIT in its sector, with
the largest of its 5,200 tenants comprising approximately 3% of its
rental revenues. To learn more about the Company's operations and
growth strategies, please visit http://www.weingarten.com/ .
DATASOURCE: Weingarten Realty Investors CONTACT: Richard Summers of
Weingarten Realty Investors, +1-713-866-6050 Web site:
http://www.weingarten.com/
Copyright
Weingarten Realty Invest... (NYSE:WRI)
Historical Stock Chart
From May 2024 to Jun 2024
Weingarten Realty Invest... (NYSE:WRI)
Historical Stock Chart
From Jun 2023 to Jun 2024