Weingarten Realty Continued Improvement in Cash Collections and Provides COVID-19 Update
Weingarten Realty (NYSE: WRI) reported a significant increase in rent collections, achieving 91% for Q3 and 90% for October 2020 despite the ongoing challenges posed by the COVID-19 pandemic. CEO Drew Alexander emphasized the resilience of their grocery-anchored properties, which provide essential goods and services. The company’s portfolio spans 162 properties across 15 states, totaling approximately 31 million square feet. Weingarten remains cautious about future projections due to uncertainties surrounding the pandemic, as outlined in their forward-looking statements.
- Rent collections reached 91% for Q3 and 90% for October 2020.
- Strong performance attributed to grocery-anchored properties providing essential services.
- Diverse portfolio comprising 162 properties across 15 states.
- Ongoing uncertainties related to the COVID-19 pandemic could impact future performance.
- No assurance that projections will be realized due to numerous unknown factors.
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
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.
