Weingarten Realty Investors Debt Ratings Change by Standard & Poor's
November 16 2006 - 3:17PM
PR Newswire (US)
HOUSTON, Nov. 16 /PRNewswire-FirstCall/ -- Standard & Poor's
lowered the rating of Weingarten Realty Investors (NYSE:WRI)
Corporate credit rating from A to A- with a stable outlook. The
senior unsecured debt was lowered from A to A- and cumulative
preferred shares to BBB+ from A-. 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
acquisition 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 barrier to entry locations
within high growth markets. 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. "This one
level ratings downgrade was not surprising given this long-term
strategy initiative which is designed to produce stronger growth in
FFO per share. 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 373 properties includes
309 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 5,400 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/
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