WRI - Earnings call transcript Q4 2019 | Weingarten Realty Investors

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to the Weingarten Realty Inc. Fourth Quarter 2019 Earnings Call for February 26, 2020. My name is Brandon, and I'll be your operator for today. [Operator Instructions] Later, we will conduct a question-and-answer session. [Operator Instructions]

turn to now Wiggs. will I it Michelle over And Michelle, begin. you may

Michelle Wiggs

fourth welcome conference and morning, quarter to Good our XXXX call.

Joining me and Richter Hendrix, Johnny today is Joe Drew Shafer. Alexander, Steve

of call during As due those the of subject management's Litigation in More statements course a variety current statements to These Securities statements results from made such Actual Act. these based reminder, of the changes certain Private this about are are company's Reform meaning is expectations factors. forward-looking materially circumstances. in within projected uncertainty are the on to forward-looking factors statements and differ could in the a filings. information contained SEC and

or believe Weingarten's operating make investors package during to website. financial located as under financial understand certain FFO, of conference help to Investor available and better to tab non-GAAP information Reconciliation operations measures such our both which our NAREIT, analysts is management Also, in Relations core this and we may non-GAAP these reference measures results. from call, the funds supplemental

will over Alexander. to call now turn Drew I the

Drew Alexander

was continue thanks consumers NOI properties progressing and all nicely. Rental increases are Thank to and are of up were great very properties is proceeds use mixed close than investing us. frequent bought ever Same occupancy another nicely. and three great to to strong. grade disposition Michelle The We our $XXX million of and quarter of fitting to stronger centers. joining you a year. portfolio successful I'm growth you, remains pleased property for announce outstanding rate

with property strong closed of disposition sold. Our XXXX million program $XXX

our improved advantage billion of was we've the and transformation We trading realize, the a that's exiting efficiency property. was of and portfolio, tenants. the by our overall to magnitude, private retail power when strategy for exposure reduced markets bit discount at stock eight two-thirds taken about on of arbitrage to demographics the to our between $X I when operational public significantly existing sold Louisiana reflect about significant. spoken XXXX, NAV. retail including often the This portfolio transformation. selling our our quite reduced was the exposure announced, Since we've of significantly states, two-thirds a But improved our watch-list centers, and Kansas, Arkansas,

but primarily larger resulted These Our properties in tenant are concentrated great and urban from We've developments. bankruptcies. that reduced FFO locations, grocery portfolio reduced in with infill anchored, decline positioned. leverage has long pressure significant stronger run, we to much geo-correctly There from a are fallouts on the invested in our and in transformation, exposure our improvements new quality markets. acquisitions been the some in our has better

and benefit retail open in a residential have HQX, Teeter, Harris our occupied XX% from project Moving XX% Central specific are exceptionally leasing rental supermarket are units Both leased, the DC also good construction. rates. new an Northern The barriers residential total with well. Amazon expected market these vibrant is in of XX just leasing The is Harris of to along There which units center strong we're close new to move-ins the the beginning way. projects XXXX. leasing market to coming Arlington, proximity and well DC, already including around Alex is is West The a over near the for the developments. XXX and retail opened Teeter leased XX% anchor. to commenced. quality activity portion At retail and space activities strong, space Virginia leased XX% with of under mixed-use are progressing our of

and construction of residential second XXXX. the Oaks of half ahead is we River have plan at in should units Driscoll the At available

Weingarten capital. will year and tenant many provide in of ESG previous the GRESB engagement the management projects Realty has the on practices. over XXXX. This a alternative call redevelopment In created program focused communicate on other environment. that implemented areas; recycling. Lease our we pipeline the XXXX, primarily program and Leader a score returns remained improved have also and with on focuses management, We four invested excellent stewards also we sound sound GreenForward energy we our being Green been transportation, tenants tenants, water We've since on where

the new on year. terrific Steve, and progress Great financials? and a quarter development

Steve Richter

Drew. Good Thanks, everyone. morning,

debt low sector. At to Our XXXX. XX.X%, debt sheet EBITDA times strongest significant the schedule was solid a well-laddered among market a that by balance net very no supported to a has maturity was quarter remains our until and total in end, X.XX capitalization maturities

Our maintaining our capacity current provide acquisition liquidity This still reduced even to growth, position while our fund disposition allows us new to and for shareholders strong our activity. programs great metrics our redevelopments stability opportunities. leverage significant future to and the with pursue credit long-term flexibility pursue developments, and

to million date syndicate maturity XXXX company. an revolving periods. and to our facility six-month $XXX like our would for unsecured additional During thank extended quarter, to outstanding their banks amended for option of the credit support our March two extend I of with we the continued

fourth prior As year FFO ended per the prior for of an primarily was was year. due The of $XXX results, quarter XXXX the core million dispositions additional operating ended $X.XX the XX, XXXX. in share, XXXX, down our in $X.XX quarter in $XXX year decrease million December XX, from to December to the from the

more was XXXX. new the general decrease a the and and per quarter the costs same-store NOI expense X.X% acquisitions NOI prohibited $X.XX well same than $XXX of increase administrative of additional XXXX property of to for our from the share as an as offset leasing accounting the in standard as capitalization million. indirect in lease in contributing This Also legal

in expense. deferred plan the and interest Additionally, the to increases adjustment income, fair value, G&A our operating results in compensation

X However, as there supplemental, will of FFO on is note you impact. our no Page

core income in our share per reconciliation XXXX. FFO compared net $X.XX year, the core to A and per included $X.XX release. for for full of share For is FFO press NAREIT FFO was XXXX, to

for This $XXX to and million $XX share. million, new assumes to will and range latter that to the million. XXXX, of $XXX expect from redevelopment As guidance NAREIT per the developments and of year of FFO that range primarily half $XXX to investment the $X.XX acquisitions in core we FFO be in $X.XX million

We dispositions are budgeting $XXX in of the $XXX to million. range million

will to fallouts same X.X%. is last first in in NOI be the property comps of X.X% existing from and As same the portfolio, to to growth property with expected the the NOI year redevelopment lower year. Tenant range result in of half strong

we'll from an this our and to Included be is our XX development points in is additional rents will revenue relates commence fallout. XXXX up pick as of have comes where identified also begin fallout XXXX basis color XX will half the knowledge XXX new unidentified basis in affected of fallouts, nicely the second points year to we to of and Johnny plan upcoming FFO give closures points tenants, tenants credit and basis specifically beyond later. online. business or of loss, more expect

share Additionally, reduced in between share $X.XX from interest dispositions $X.XX the XXXX. the in to cash XXXX dilution decrease per year full per balances and XXXX of will and is due income excess NOI $X.XX

DC of two and the As of commence leasing mentioned, Driscoll our portion well around and Drew for The lease properties will under development residential up the is Houston way mid-year.

XXXX. generate per share to new of the projects and between $X.XX NOI $X.XX in expect We development

capitalized of increase $X.XX per $X.XX reduction However, offset a will this be interest between and in by share.

of details FFO of supplemental a with are forward Johnny? XXXX included our FFO our on XXXX the of XX guidance All guidance. along Page our roll to

Johnny Hendrix

a challenges the Weingarten is to of excited Steve. new meet Thanks, decade.

generators, our and about transformed in traffic month. As Those anchored shopping shop we supermarkets, today. look sales. TJX landscape supermarkets remain at Along we continue traffic average Ross generating supermarkets. per the XX with to are XX% and foot discount XXX,XXX stores our strong rent to sweet of and tenants'. spot shopping These centers really of from $XXX tremendous stores our our comes square That changing have clothing retail, of we the centers delivering portfolio platform translates a our are average results. by base supermarkets positioned for confident

will Carolina this quarterly last the we will Before morning open shopping at of our part to of add and who parking and our lot. about pay space feet later North as in excited lease while assigned negotiations able target be shop to six XX,XXX we're remodeling announce square year. will Target Raleigh, the results, was the a this rent, to work center freestanding in get Kmart to pad

for accomplishments. leases was new fourth generated in occupancy rent. Now executed time best quarter X.X% growth XX% This strong. couple in XX to quarter of Same was X.X% years. shop the the of was production the rent is and base all million NOI production, with XX%. an new high year. Leasing Occupancy leasing growth rose total we've quarterly in Rent for XX.X%. our property was to minimum XX.X%, We leases, representing $X.X a and at

produce strong returns. Our redevelopment risk-adjusted program continues to

same we're mentioned, of in guiding NOI the range be Steve X.X% X.X%. As to XXXX our to property

occupancy strong As we XXXX, we have relatively leasing momentum. and start high

We that property quarters. come drag feet have over NOI. store have closings square will or that $XX.X will commenced that rent same XXX,XXX XXX our spread online million point time, five XXXX signed same basis represents next we some and from occupancy, mute between will in At the the

points related following of points mentioned, basis basis budget. Steve three to our identified closings. points in the We've of of fallouts broken into As strategic fallout apparel, loss XX and we XX basis other credit women's XX specifically points basis specific and have that XX components:

Avenue to DressBarn, First, which includes women's of stores. XX, closures couple and is Rue Rainbow specific apparel, related a

relatively in but of points. loss small resulting of one XX XX have a they're exposure retailers, these We closing to stores, any collectively basis

same in see from we're generate that NOI credit Second, loss NOI transactions. and XXXX. will of potential quality basis in in improvement strategically significant We'll spaces these points XX retenanting property

releasing Orangetheory at example, to store at furnishing office Oaks in examples Fitness of rental of bank in We're former and depots replacing improving and to are For spaces Burlington. Ross proactively with These home our early the restaurant, a in new we income the order stream. also deliver Houston replacing good strategic River we're replacing are Denver. center our River GAP with Oaks also where a terminating couple with

our specific we Finally, of closings anticipate represent XXXX locations. four we're XX X budgeting of they NOI. basis points occur Pier might five during and component property This includes other same

XXXX. but all River after location for budgeting the first all online to of are We We're quarter. keeping Oaks Oaks close River

Stage included as specific fallout. also a have We

$X We Stage six locations million has the closing annual second quarter. all The NOI. after in representing six stores budget have

of the Our budget does our not store. XX single fallout Forever include

it's While is closes, unit great budgeting entire for rent the risk year. some sales, store there with high this a we're through so

In online. expect where second the headwinds through we half on of properties a the space in the of to growth. our be NOI spite as of Lower property and couple continue the and have of same first newly little to produce some leased improving basis. comps comes quarterly We highlighted, a the quarters we've lumpy consistent strong stronger year

program to Our adjusted returns. great redevelopment deliver continues risk

we way. have XX under Excluding River projects Oaks, redevelopment

We to XXXX. to returns million million these are very projects XX%. with in around XX,XXX invested $XX during good The assets invest X,XXX majority We square seven feet. buildings in of outparcel $XXX expect these

In the three fourth quarter, we properties. purchased strong

center very center Total also includes with XXX,XXX $XXX,XXX strong with anchored average of Village Houston, demographics, Hilshire XXX,XXX a here center over Safeway incredible purchased mile at in in people also Jose a Marshalls income miles shops incomes and with people We in The As $XXX,XXX. household Wine. with X Kroger San demographics, anchored in an three radius.

in the Depot entry Covington center barriers Seattle a purchased anchored Home Esplanade, we with Finally, to metro. high

in X.XX% great for our We on over our will other coastal X.XX% Power rates in are trading look top steady of basis properties to portfolio. of to centers anchored further basis XXX continue primary tier to points and markets X% last markets XXXX to rates higher and depending cap improve half XXX held are for the Cap supermarket markets. points centers that trading tenancy. X% target

team our as changing are meet needs properties prepared of to to we the the and future. look forward consumers Our

Drew?

Drew Alexander

Thanks, Johnny.

position Our we focused the value goal. remain to maximize shareholders our job is company that for and on to the long-term

more redevelopments. especially 'XX XXXX XXXX. to continuing a those in in growth remains use invest return of coming improved from continue 'XX to grocery-anchored The that portfolio see retail will and through beyond. environment centers and normalized new these risk investments sense much mixed in will reward and primarily disposition current We we and opportunities significant our activity, A challenging online perspective results capital positively and developments conditions a impact make

a with reduced Our resulted locations base, resilient transformation watch-list tenant exposure has strategy in great to portfolio a tenants. highly diversified and

in into However, this loss we're environment. is built market. the XXX not disruption our current the characterizes credit of feel to immune tenant basis points that guidance retail XXXX adequate the We

arise. Our great maintaining of people, to requirements, the fund dry to today powder we're a to for when Weingarten. for they balance great very sheet remains growth thank very the strong I still your opportunities well and results. react in other capital necessary and call great equals positioned joining while continued properties our you platform and all interest Great

be now to happy we'd take Operator, questions.

Operator

Thank begin [Operator you, now the Instructions] Drew. will question-and-answer we And session.

the from Greg have we go And Scotiabank, Please McGinniss. ahead.

Greg McGinniss

Good on us Could NOI the in redevelopment? metric. the the from detail Hey. also Johnny, the appreciate loss same-store give morning. I expected spreads rent escalators, rent and embedded you contribution credit

Johnny Hendrix

generally We in for terms what rent number renewals, look X% certain that around steps. not at of is. I'm

from property be of So X% for would that steps. NOI increase same -- X.X% to rent

Greg McGinniss

Okay. And then year? the redevelopment contribution this

Johnny Hendrix

points. XX about Be basis

Greg McGinniss

were really costs to healthy particularly of is further what and spend spreads Could switching that for that level at And bit. over retailer drove you issues? potential kind spreads but about whether that there you. talk lease high. XX%, QX a little continued landlord Thank at considering are The Okay. impact newly

Johnny Hendrix

a question. bit That's quarter was Greg. really a of good Fourth anomaly. Yeah, an

First more of all, we weighted heavily the boxes. toward were

TI So little a that for bit is more. the

LA in to of done, And order we Fitness. the on raise shopping did we the roof center. boxes leased to that needed One those that was get

LA was We that Fitness generator. traffic a So a see quite great tenant strong and really expensive. is

do. So a several particularly we square TI eliminated with last was thing been it line the more that in right would quarters. If the felt foot, to like have $XX we

Greg McGinniss

previously shape which curious, question. just going what's redevelopment? you're there. development clearly, So reasonable in on the on are maintain no debt specific a throughout to leverage there the Steve, you've year? That to on be thoughts to mentioned, is expectation curious sense. Okay. then leaning leverage your this levels but makes I'm this I final And sheet, good is bit target in a what And year balance a is and on mind. that metric believe level as curious But

Steve Richter

morning, Greg. Good Yeah.

capital have fund, that for probably $XXX to Obviously, new In we dispositions bit terms in funds the credit neighborhood year. XX%, excess we little a of also the for capex of development XX% renewed full we our our some have the this from million program of still this line the capacity left that over have somewhere just year, we the of quarter.

shape from maturities capital there until 'XX, in we're So and perspective. liquidity no wise with a great

at we've position. we or very the give -- policy In the market guidance EBITDA think debt don't terms to a mid-X of opportunities. or we we is lots net giving something and the said in target, specific a -- I think a we're like that, of I as metrics. fine. that target but lots think room as looks out generally our to I think capacity is are don't range, got for, We typical We're conservative, seek where we of Having as a long

Operator

From have Citi, we ahead. Please McElroy. Christy go

Christy McElroy

your acceleration of up the Hi. into detail some of sort on some that on about you. of wanted Johnny, half. second Thank growth just I Good comments get follow more to morning. and

that the the about the fallout. rent, lease commence spread the talked $XX.X offset of but the then million and You rate, by assumed that's between

You're commenced flat was in occupancy rate XXXX. year-over-year

more more those is And about the back commencements that's should sort commencement that? not the how fallout cadence and how -- expecting so we is then given loaded And think factors, front commenced. of that loaded, think fallout of that yet you're or should the the executed we but rent about end end

Johnny Hendrix

fourth occurred really in quarter That's are, of lot that already fallout of Christy. we a has XXXX. Yeah, where the

impact tenants six be that won't over the significant quarter. the last strong the open into won't us fourth really months We've third and those of on and in pretty it's -- on year. So leasing beginning the had

exactly think where yeah, it So, that's will we lay.

Christy McElroy

have a rent occurring. point the is And NOI you is of good point XXX clarification, this a that in those points, basis rents? just commencements on degree or is confidence of at that on And

Johnny Hendrix

years confidence. one significant over all signed. we it down in chance budgeted I to income that And things is would say, we've the changes slow big The I our majority of permitting the a NOI. how the get tenant have long things slow that takes already -- in open. of seen is That's of several always a have construction vast There that last that down. is

be meeting that only the so delays would or stop thing And would us construction that entitlement from issues.

Christy McElroy

really Your about And Okay. additional good think as some cash have balance dispositions? side the doing do have sitting activity. the related acquisition the the impact dilution the is balance -- In I then, sheet that that fund the you match if about sheet? you're shape. recycling Why why capital thinking you feel from on in and to still and on when do of XXXX to XXXX, you $X.XX dispositions, like

Drew Alexander

lot advantage Good morning, different several I about, taking as that strong Christy. say factors, as difference an at and the of years of NAV. our It's a a the the ranked you through to at assets when some talked and cases or selling in would properties in price we underlying look Drew, lower to know, was of stock dispositions, above come we've we've internal NAV, at discount stock the

the have plan we've that point clear to hopefully $XXX very that's million disposition and is in range much $XXX our million. that XXXX of reached where been less We

that as look map. we have some some at trying we So, think opportunities. sell and opportunities time, as well improvements to it to the same development redevelopment hone, good watch-list the the at smaller we still were we centers some But the tenants prices, acquisition at can when

we disciplined amounts find certainly and of still but some neutral, capacity reward. approximately as some risk-reward that, things we'll but risk, do invest money. have we we if to find but be can good modest have good sheet the that see if the acquisition Steve balance before, could we We money spend some opportunities expect to be And mentioned capital

see. So XXXX excited that and of about lot a opportunities growth the we

Operator

From Bank ahead. America, we of go Schmidt. Please have Craig

Craig Schmidt

Yeah. already the percent Thank been leases XXXX completed? in of have you. What

Steve Richter

I would say XX%, XX% is probably, it the vast somewhere around majority of that. them,

terms -- an option. about leases of XX% new have In renewals leases terms in of that don't we're of

Craig Schmidt

of I be then them. that new might would use that long up review on step is your reinvesting know use And Great. hold projects. the mixed you you off projects thought additional period you mixed with How that before in to initial like start in where

Drew Alexander

question. say, We That's things, preliminary think on Board we've making fair Good of after we're excellent the that projects. we and are in the we progress some morning, the good spent Craig. to evaluation the at three phases that It's Drew. discussed time that meeting it's I excited big an so space because yesterday, and leasing some are all

So as multiple Oaks we Center, River towers look at see our there. we

several So we're to there we quarters pre-planning. because the want still more are get of intelligence but discussions any we starting yeah, specific away some also market from

we the residential and California, well Town plan to would like At Cambrian long. discussions have before with there moving city those a Country, we're pretty construction & in in Jose, both too and developers. At project under hope some our actively we're us San and Palms that be forward

at some project Looking leases in residential at area. some Scottsdale different for structures a there a negotiating including lease actively ground the ground

time announcements, what we Still the at to very the we're the future. seeing but big on specific pleased progress look some some pleased on starting So with are away for opportunities from three.

Operator

go Please have we Zhang. ahead. JPMorgan, Hong From

Hong Zhang

the of guess end you guys. be, year? to Hi, the quarter and expect the at do at occupancy where wondering, of end was I second I

Johnny Hendrix

Hey, quarter. it is a after down with of on those depending trending that morning. vacancies we bankruptcies Good be by mid-year. Hong. rising slightly. reach happens lot Again We of occurred what And couple or -- expect more then trough to a the the in would quarter would fourth probably quarters first the that, anticipate Johnny. This occupancy flat in

and For first not the instance actually occupancy X quarter. maybe the hit will DressBarn, the Pier after until

of So at then then, second see quarter a in troughed occupancy will fall and time. the and in more that the we quarter little kind in first a

Operator

Please have Tsai. Jefferies, ahead. we Linda From go

Linda Tsai

capital Hi. from Would accretion that X.X% is activities NOI your any growth SS you into guidance? expect X.X% factored to recycling to and

Drew Alexander

a Drew. it bit, I little more at This but will morning. might specific we good move of something-- that a a at be selling at if it and It's merits hey, specific price. it certainly think the we something It's We price the good think center it's and don't is significant. look look

but it, on So would NOI it's that and because it to dispositions, same think do always very right to say we're if this than move working will at much. hard going hurt make we don't decision, I time to help we're more it the property expect or long-term

Linda Tsai

spoke higher go you shop small that. feel Thanks I do how earlier, this XX.X%. over that bit just for generally much little of And at you about know Any could time? about view but how your

Drew Alexander

Johnny continue both service and but the So to mentioned, shops something at to first as then think of and I let Johnny probably commit occupancy the especially after I'll speak can shops add to we I resist, as hone continue tenants. boxes. on look demand, of improve he'll him portfolio, the we we When

that So optimistic XX%. a pleased This while can cautiously it's two continue. row we're in quarters and that I'm over a record we set we've is

that what think? now Johnny, you you, So, committed I've

Johnny Hendrix

you. I agree Drew, with

I think Hi, Linda. --

I think room some we to do go. have

spaces. to seeing Below, been see Dressbarn reaction demand America's excited shopping really we've atmosphere. able Avenue really to the are & -- of the of Bath really the spaces to And that -- Beauty, centers. all service always and sort are be of lease from restaurants in we've quality that Five These sort sort Pier good frankly, Best shop tenants' it's fun X good and We tenants, that from strong gotten in

Operator

Instructions] we Please And go Point, Compass have van from Floris ahead. [Operator Dijkum.

Floris van Dijkum

assets capital? the this prudent Can developments you why acquisitions allocate guys and to new that little versus Thanks a my obviously is growth into -- expectations you're you tell question. taking us redeploying about as well for morning. Drew capital maybe the as way sold bit think the highlight a on Good your

Drew Alexander

can most risk over of you sort Good is big of question a but in avoided sell the significant morning, have and portfolio, look you Floris. a Excellent watch-list the over you probably at the cases, numbers tenant, reward sales that probably, not problem. when maybe And question. some you all some explains amount the is portfolio, of for of dispositions itself reason extent, to if very some a

it's are blending close it at anything, tenants a the these but risk. more we certainty probability about is stores individual looking going with the not there at again, that and the that risk selling or where level about reward So to it's these -- all are thinking in centers that that

is growth the therefore So less.

hone also focus some and We to that efficiencies, in markets demand the which are us supply operational but map, are produces barriers Carolina to migrations. continue California but like see areas Florida, entry, more population to to we going importantly continues North good have Georgia in Texas, and that

So to lot very, demand. be they're lot the to of helps A space and more so densification the going very to built it mixed more limited. is new retail amount a continue use grow, going supply

more mix Development in there. elements some that Johnny on we on HQX upside who that's part in much those at the especially the come it that are more densification from and at DC Amazon, of efforts area, it then is great as and think And how River look we field, transformation things we ability all at changes, influenced definitely just Oaks of of see Oaks residential jobs are the a exciting So working reward. about by River nice positively the the going that the tenants online. the to the densify interested talked center, and projects, risk in we've basic been the work to we to the also thesis look

its upside development properties, a given in to but and nice profit there is locations. from those the sure, So see strong risky it great be we

Floris van Dijkum

basis disposition in more cap range. than the point developments rates and that actually acquisition And the but use I that enough cap high, to similar cap are guess mixed between growth XXX redevelopment are is spread offset rates. rates quite

is point So to gap. growth view your XXX offset sufficient the basis in that

Drew Alexander

really those that is any have I and if look the -- one benefit there it from things with it Clearly, is, some one been four pressure a think hurts long-term you're is XX problem. long-term. if that shopping NOI, portfolio chance your one has closes on for you the opposed chance going have to tenant that big center. you you each don't center, you of you a But theory if hurt. it's likelihood to think have some problem there is a one there not the likely short-term If throughout that have and portfolio to at in get four as centers that one the about particular in

avoidance risk. have period the strengths our the over you So the tenants. but very think of to strong gain long-term it in there not some to and company diversity -- and of portfolio. of an I We're great have look we list of at time, will pain that's from it's short-term look one through issues said, We be of extended work -- of the portfolio. tenants, Johnny have the at the of do And where as immune, the strength our the tenants, a

Floris van Dijkum

this relative things what key that maybe how other I are is use projects? and another some in with to of you but what's looking underwritten is your see and one Thanks. of maybe to for expectations you've you mixed-use rents these your the you development, Johnny, relative -- the that residential terms Drew, question ask can more potential the want mixed is -- they at press evidence, more to of before ahead

Drew Alexander

have add to mixed-use we getting quarters what's a to of the do we demonstrated I plate. said projects in lot away, as said to our period, close So, before, still want that before we but a we're anything are have of on couple certainly but our And plate absolutely digest more. we we want before that we to

River are We yet, but trending DC the Oaks haven't very at well. two started leasing projects

pro in leased to at over a Improving the little pleased. we the it remarks, where from right there. As little concessions better prepared and mentioned started at forma we're Centro, half very a

rents The We and a we convenience pleased come Amazon will future, are center leases XX Alex, supermarket And done of for the online. look The at leasing very in to forward that West the very beginning bring said there. pleased days opens where to are we've as activity jobs and activity year. very but when relative with that HQX that next to the the is more residents. the bright amount I weeks

with pleased results three is the see on and very what all far the projects. So so we future

Floris van Dijkum

Great.

left. for as or Vegas, is, to on in those you that exiting you me noticed going assets planning will question there continue you Last you have have forward? asset market on properties I an sold Okay. four Are

Drew Alexander

I'm no. exit quite but It's unlikely. have not don't sure very Wall it and Vegas of very, really shopping stronger in a good by Vegas, that has that than don't forever. Vegas, frankly a one classic people but market center I things or find barriers buy to I that be We been much we it's for would very Good don't any question, that Street. but say entry private It performed us. yes those immediate it's can ever possible, public know realize, I It's appreciated a lot a there to Is I'd definitive plans give of nicely. has know conceivable you will to it's

to prices intended with chips ability there do. sell and very to to the the seem things some us table be really right some much off to thing take I'm good the So

add to soon. real So it's will out nor we too, likely something we're not but get

Operator

From Capital Please ahead. One, Lucas. go we have Chris

Chris Lucas

guys. morning, Good

property NOI a of West you your where me the you sort the Driscoll. guidance and up bit, lease breaking versus the goes what even? Alex you On terms unit assuming running as in projects could of breakeven then the is little assumptions in sort Centro, of help a sort of is of at it guys for understand I to guess, each at loss monthly where And relates Steve, maybe development, do if from

Steve Richter

X% remarks, NOI This the prepared of Chris. morning, we is Steve. projects. Good $X.XX In X% gave to -- the the to $X.XX three for

a obviously the mentioned, we for of of we two specifics. the capping you And is are, by we we think these the in then The I that interest Drew end without the projects. As plus have spot of big lot some year cap of builds stop cycle. policy think when of good leasing of sweet the of a but the I as both cap summer QX part into projects. getting DC issue, at -- momentum cap see occupancy XX indirectly residential this certificate the in driving the the that Most piece kind is is are stopped the throughout leasing interest the of day

kind NOI I offsets So an that all we and offsetting that $X.XX $X.XX tied to of -- articulated, together of mean that's as and that. foot to we've as of a $X.XX $X.XX well, think

And projects. will of of seeing mixed-use NOI Drew leasing we then, mentioned the kind the two Oaks in of that have that's point prepared in come to operating our So $X.XX issue that the mid-year. of other that River that $X.XX the I as are included includes the his commence one way note remarks DC the total. The would kind on costs in at that guidance we projects also NOI, is two

So built you that. that initial that's into have drag

Chris Lucas

sort Centro to them and the what that WhyHotel, is for is $X.XX NOI? factored Okay. And $X.XX expectation their at your then lease of of to into commence with

Drew Alexander

and of many do sort are and fact, factored treated units actually We're leasing we we reducing. going for as it's already the back but It's pairing in. well so certainly not They've in to as long as thought, is we're commenced going differently. them

Steve Richter

into revenue the operations a there accountants It's for Technically, without the issue. Yeah. reduction it's That's incidental no the getting in way it. about accounting is talk the of coming cost. WhyHotel,

play $X.XX doesn't into to $X.XX NOI. really WhyHotel So of the

Chris Lucas

cost So reduction of on basis? your

Drew Alexander

That's correct.

Chris Lucas

interesting. Okay,

Thank had. you. I all that's Okay,

Steve Richter

WhyHotel, on -- whole the projected. about I half talked delivering that of were other as units projects one we're they're mean very initial and the just it's taking rooms the are the Chris, point that Drew immaterial

not day, at significant end will the effect WhyHotel at of be the all. the So

Operator

We ahead. follow-up do go McGinniss. a from have [Operator Greg Instructions] Please

Greg McGinniss

Hi. Yes.

Just follow a quick up here.

acquisition the timing So of on $X.XX net drag. understand And range transaction help it's or already despite then, similar what's us acquisitions the transactions much dispositions disposition, an you those magnitude this whether expected is is just it an identified? Could drag, year is rates? to cap generating how

Drew Alexander

the a X.X%. So at bulk colleagues in. guess and this my is is Drew, by dispositions driven and My of can X% acquisitions that's take I'll stab chime at

So it. it's of the bulk

Steve Richter

dispositions as acquisitions we equally quarters Yeah, averaged issue I the loaded. the kind back mentioned out is over biggest the that and spread that's of more the are end think,

difference think a in the bit there issue I is little dilutive the of have cap of as effect difference you But So a just well. the rates. big

Operator

it closing. No at turn further for Drew you All right. we'll questions time. this back to

Drew Alexander

you and to thank Appreciate great many and Thank questions our thanks to much. chat day And forward it. around you, so Brandon. next for Appreciate you attention and happy wonderful week seeing to if interest with We're at of all of look Have a conference. your you you in it. other and Weingarten.

Operator

This joining. And concludes Thank ladies disconnect. Thank now may today’s conference. you and you, you gentlemen. for

Weingarten Realty Investors (WRI) 26 Feb 202019 Q4 Earnings call transcript