HOUSTON--(BUSINESS WIRE)--Weingarten Realty Investors (NYSE: WRI) announced today transaction activity for the second quarter and year-to-date 2018.
During the second quarter of 2018, the Company closed $77 million of dispositions including Tropicana Marketplace and Eastern Commons in Nevada, Braeswood Square and Valley View Center in Texas, Dallas Commons in Georgia, Wake Forest Crossing II in North Carolina and a portion of Stoneridge Towne Centre in California. The Company also sold one land parcel.
Through June 30, 2018, the Company has closed $345 million of dispositions.
“Market conditions remain conducive to the execution of our disposition strategy, which has allowed us to further improve the quality of our portfolio by reducing exposure to tertiary markets, power centers and other at-risk assets. As previously mentioned, with the assets we currently have out in the market, we could reach the high end of our disposition guidance of $450 million by year-end. We continue to improve our balance sheet with the proceeds from these sales, which will ultimately provide capital for future growth including our acquisition, redevelopment and new development programs. This further strengthening of our capital position will also provide us with great flexibility in reacting to the variety of opportunities that arise in this ever-changing market.” said Drew Alexander, President and Chief Executive Officer.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 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 196 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 39.5 million square feet of which our interests in these properties aggregated approximately 25.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
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.