Exhibit 99.1
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Table of Contents
Page
Quarterly Earnings Press Release
i - xi
Company Information
1
 
 
 
Financial Summary
 
 
Condensed Consolidated Statements of Income
3
 
Condensed Consolidated Balance Sheets
4
 
Funds From Operations Attributable to Common Shareholders
5
 
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre
6
 
Supplemental Income Statement Detail
7
 
Supplemental Balance Sheet Detail
8
 
Capitalization and Debt Coverage Ratios
9
 
Guidance
10
 
 
 
Investment Activity
 
 
Capital Expenditures
12
 
Development and Redevelopment Projects
13
 
Land Held for Development
14
 
Acquisition and Disposition Summary
15
 
 
 
Summary of Debt
 
 
Debt Information
17
 
Debt Information Additional Disclosure
18
 
Schedule of Maturities
19
 
Schedule of Maturities Additional Disclosure
20
 
 
 
Joint Ventures
 
 
Unconsolidated Joint Venture Financial Information at 100%
22
 
Unconsolidated Joint Venture Financial Information at Pro rata Share
23
 
Investments in Unconsolidated Real Estate Joint Ventures & Partnerships at 100%
24
 
Unconsolidated Joint Venture Mortgage Debt Information at 100%
25
 
Unconsolidated Joint Venture Mortgage Debt Information Additional Disclosure
26
 
 
 
Portfolio Summary
 
 
Tenant Diversification by Percent of Base Minimum Rent
28
 
Portfolio Operating Information
29 - 30
 
Top 40 Core-Based Statistical Area (CBSA) Ranked by Population
31
 
 
 
Property Listing
 
 
Summary Property Listing
33
 
Property Listing
34 - 42
 
 
 
Other Topics of Interest
 
 
Share and Bond Repurchase Program Inception-To-Date
44
 
Revenue Classification Changes Impact
45
 
 
 
Corporate Profile
 
 
 
 
Weingarten Realty Investors is a real estate investment trust organized under the Texas Business Organizations Code that, through its predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. As of September 30, 2018, we owned or operated under long-term leases, interests in 185 properties which are located in 17 states that span the United States from coast to coast. These properties represent approximately 37.4 million square feet of which our interests in these properties aggregated approximately 24.1 million square feet of leasable area. Our properties were 94.4% leased as of September 30, 2018, and historically our portfolio occupancy rate has never been below 90%.
 
 
 
 
 
www.weingarten.com
 



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2600 Citadel Plaza Drive
P.O. Box 924133
Houston, Texas 77292-4133

NEWS RELEASE

Information: Michelle Wiggs, Phone: (713) 866-6050

WEINGARTEN REALTY
REPORTS THIRD QUARTER OPERATING RESULTS

HOUSTON, October 24, 2018 (BUSINESS WIRE) -- Weingarten Realty (NYSE: WRI) announced today the results of its operations for the quarter ended September 30, 2018. The supplemental financial package with additional information can be found on the Company's website under the Investor Relations tab.

Third Quarter Operating and Financial Highlights

Net income attributable to common shareholders (“Net Income”) for the quarter was $0.34 per diluted share (hereinafter “per share”) compared to $0.56 per share in the same quarter of 2017;

Core Funds From Operations Attributable to Common Shareholders ("Core FFO") for the quarter was $0.58 per share compared to $0.61 per share a year ago;

Same Property Net Operating Income (“SPNOI”) including redevelopments increased 2.2% over the same quarter of the prior year;

Occupancy was 94.4% at quarter-end compared to 94.6% in the prior quarter;

Rental rates on new leases and renewals for the quarter were up 12.7% and 5.9%, respectively; and

Dispositions totaled $49 million for the quarter and $394 million for the first nine months of 2018.

Financial Results

The Company reported Net Income of $43.0 million or $0.34 per share for the third quarter of 2018, as compared to $72.6 million or $0.56 per share for the same period in 2017. This decrease was due primarily to lower gains on sales of properties during the third quarter of 2018. Year-to-date, Net Income was $268.1 million or $2.08 per share for 2018 compared to $167.3 million or $1.30 per share for 2017, due primarily to higher gains on the sale of properties in 2018.

Core FFO for the quarter ended September 30, 2018 was $0.58 per share or $74.8 million compared to $0.61 per share or $79.7 million for the same quarter of last year. Dispositions in 2017 and 2018 decreased Core FFO which was partially offset by higher operating income driven by increased base rents and bad debt recoveries, reduced interest expense due to the reduction in debt outstanding with disposition proceeds and higher interest income from invested excess cash. For the nine months, Core FFO was $223.9 million or $1.72 per share for 2018 compared to $238.5 million or $1.83 per share for 2017.


Page i




NAREIT FFO was $76.5 million or $0.59 per share for the third quarter of 2018 compared to $78.9 million or $0.61 per share for 2017. Year-to-date, NAREIT FFO was $239.3 million or $1.84 per share for 2018 compared to $232.7 million or $1.79 per share for 2017. Included in 2018 is a benefit of $10.0 million, or $0.08 per share, from the write-off of under market rent intangibles related to terminated Toys R Us leases.

A reconciliation of Net Income to NAREIT FFO and Core FFO is included herein.

Operating Results

For the period ending September 30, 2018, the Company’s operating highlights were as follows:

 
Q3 2018
YTD 2018
Occupancy (Signed Basis):
 
 
Occupancy - Total
94.4%
 
Occupancy - Small Shop Spaces
91.0%
 
Occupancy - Same Property Portfolio
94.9%
 
 
 
 
Same Property Net Operating Income, with redevelopments
2.2%
2.2%
 
 
 
Rental Rate Growth - Total:
7.0%
7.6%
New Leases
12.7%
13.2%
Renewals
5.9%
6.3%
 
 
 
Leasing Transactions:
 
 
Number of New Leases
59
213
New Leases - Annualized Revenue (in millions)
$3.3
$14.0
Number of Renewals
156
456
Renewals - Annualized Revenue (in millions)
$10.5
$37.2

A reconciliation of Net Income to SPNOI is included herein.

“Operations remained strong this quarter, a reflection of our significantly improved portfolio of properties. Our increase in rental rates on new leases of 12.7% for the quarter and 13.2% year-to-date is a reflection of this improvement. Additionally, the number of tenant failures for the quarter was 25% lower than any other quarter in the last five years, a further validation of the improvement in the portfolio,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.

Portfolio Activity

During the quarter, the Company closed $49 million of dispositions. These dispositions included centers in Kentucky, North Carolina and Texas and the final portion of Stoneridge Towne Centre in Moreno Valley, California. The Company also sold 57 acres of land outside of Atlanta, Georgia.

The Company did not acquire any properties during the quarter.

During the quarter, the Company invested $40 million in new developments and redevelopments. We have broken ground on The Driscoll at River Oaks, a 30-story residential tower to be constructed at the Company’s River Oaks Shopping Center. Details of these projects can be found in the Company’s Supplemental Financial Information package on its website.


Page ii




“We continue to upgrade the quality of our portfolio by successfully disposing of assets that are in the bottom portion of our portfolio which has led to the increase in disposition guidance for 2018. As to our disposition outlook for 2019, we will continue to be opportunistic in our approach but we expect the volume of dispositions to be significantly less next year,” said Drew Alexander, President and Chief Executive Officer.

Balance Sheet

Proceeds from the Company’s 2017 and 2018 dispositions were used to strengthen its balance sheet. The Company has paid down all balances under its revolving credit facility and had $17 million of excess cash invested at quarter-end. Net Debt to Core EBITDAre was a strong 4.9 times and Debt to Total Market Capitalization was 31.7%.

“The use of proceeds from our disposition program has enabled us to further enhance our financial position. It will also provide funding for our new development and redevelopment programs, the repurchase of common shares on a leverage neutral basis and a relatively large special dividend at year-end that is required due to the significant tax gains generated by our disposition program. With one of the strongest balance sheets in our sector, we are positioned to pursue opportunities as they arise,” said Steve Richter, Executive Vice President and Chief Financial Officer.

2018 Guidance

With respect to 2018 guidance, the Company has increased the amount of property it is marketing for sale; therefore, it has increased its guidance for dispositions and tightened its guidance for Net Income, NAREIT FFO and Core FFO. Shown below is the Company’s guidance with adjusted items highlighted.

 
Previous Guidance
Revised Guidance
Net Income (per share)
$2.52 - $2.60
$2.52 - $2.55
NAREIT FFO (per share)
$2.37 - $2.43
$2.38 - $2.41
Core FFO (per share)
$2.27 - $2.33
$2.27 - $2.30
Acquisitions
$25 - $75 million
$25 - $75 million
Re / New Development
$125 - $175 million
$125 - $175 million
Dispositions
$400 - $550 million
$525 - $625 million
Same Property NOI with redevelopments
2.5% - 3.5%
2.5% - 3.5%
Same Property NOI w/o redevelopments
2.0% - 3.0%
2.0% - 3.0%

Dividends

The Board of Trust Managers declared a quarterly cash dividend of $0.395 per common share payable on December 14, 2018 to shareholders of record on December 7, 2018.

Conference Call Information

The Company also announced that it will host a live webcast of its quarterly conference call on October 25, 2018 at 10:00 a.m. Central Time. The live webcast can be accessed via the Company’s website at www.weingarten.com. Alternatively, if you are not able to access the call on the web, you can listen live by phone by calling (888) 771-4371 (conference ID # 45774520). A replay will be available through the Company’s website starting approximately two hours following the live call.

About Weingarten Realty Investors

Page iii





Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer.  At September 30, 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 185 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 37.4 million square feet of which our interests in these properties aggregated approximately 24.1 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. 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.

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.









Page iv




Weingarten Realty Investors
(in thousands, except per share amounts)
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
 
 
2018
 
 2017 (1)
 
2018
 
 2017 (1)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
(Unaudited)
Rentals, net
$
125,261

 
$
141,064

 
$
392,510

 
$
424,845

Other Income
3,529

 
3,046

 
10,818

 
8,951


Total Revenues
128,790

 
144,110

 
403,328

 
433,796

Depreciation and Amortization
38,042

 
41,509

 
126,558

 
126,115

Operating Expense
22,555

 
27,813

 
69,929

 
83,944

Real Estate Taxes, net
17,601

 
18,634

 
52,706

 
57,783

Impairment Loss
2,398

 

 
2,398

 
15,012

General and Administrative Expense
5,971

 
6,450

 
17,715

 
20,252


Total Expenses
86,567

 
94,406

 
269,306

 
303,106

Operating Income
42,223

 
49,704

 
134,022

 
130,690

Interest Expense, net
(15,996
)
 
(19,850
)
 
(47,685
)
 
(61,405
)
Interest and Other Income/Expense
1,847

 
1,398

 
4,735

 
4,210

Benefit (Provision) for Income Taxes
99

 
(577
)
 
(1,368
)
 
2,035

Equity in Earnings of Real Estate Joint Ventures and
Partnerships, net
8,022

 
5,219

 
19,333

 
17,966


Income from Continuing Operations
36,195

 
35,894

 
109,037

 
93,496

Gain on Sale of Property
17,079

 
38,579

 
173,077

 
86,566

Net Income
53,274

 
74,473

 
282,114

 
180,062

Less:
Net Income Attributable to Noncontrolling Interests
(10,293
)
 
(1,844
)
 
(14,020
)
 
(12,755
)
Net Income Attributable to Common Shareholders -- Basic
$
42,981

 
$
72,629

 
$
268,094

 
$
167,307

Net Income Attributable to Common Shareholders -- Diluted
$
42,981

 
$
73,144

 
$
269,678

 
$
168,874

Earnings Per Common Share -- Basic
$
.34

 
$
.57

 
$
2.10

 
$
1.31

Earnings Per Common Share -- Diluted
$
.34

 
$
.56

 
$
2.08

 
$
1.30

______________
(1) Reclassification of prior year's amounts were made to conform to current year presentation.



Page v




Weingarten Realty Investors
(in thousands)
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
September 30,
2018
 
December 31,
2017
 
 
 
 
(Unaudited)
 
(Audited)
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
ASSETS
 
 
 
Property
$
4,245,514

 
$
4,498,859

Accumulated Depreciation
(1,137,548
)
 
(1,166,126
)
Property Held for Sale, net
81,224

 
54,792

Investment in Real Estate Joint Ventures and Partnerships, net
344,024

 
317,763

Unamortized Lease Costs, net
151,165

 
181,047

Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net
94,807

 
104,357

Cash and Cash Equivalents
24,412

 
13,219

Restricted Deposits and Mortgage Escrows
22,369

 
8,115

Other, net
171,160

 
184,613

 
             Total Assets
$
3,997,127

 
$
4,196,639

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Debt, net
$
1,793,128

 
$
2,081,152

Accounts Payable and Accrued Expenses
111,691

 
116,463

Other, net
169,587

 
189,182

 
Total Liabilities
2,074,406

 
2,386,797

 
 
 
 
 
 
 
Commitments and Contingencies

 

 
 
 
 
EQUITY
 
 
 
Common Shares of Beneficial Interest
3,893

 
3,897

Additional Paid-In Capital
1,766,528

 
1,772,066

Net Income Less Than Accumulated Dividends
(15,584
)
 
(137,065
)
Accumulated Other Comprehensive Loss
(9,507
)
 
(6,170
)
 
Shareholders' Equity
1,745,330

 
1,632,728

Noncontrolling Interests
177,391

 
177,114

 
             Total Liabilities and Equity
$
3,997,127

 
$
4,196,639


Page vi




Non-GAAP Financial Measures

Certain aspects of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our Generally Accepted Accounting Principles ("GAAP") financial statements in order to evaluate our operating results. Management believes these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations Attributable to Common Shareholders
The National Association of Real Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. The Company calculates NAREIT FFO in a manner consistent with the NAREIT definition.

Management believes NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that NAREIT FFO presented by the Company is comparable to similarly titled measures of other REITs.

The Company also presents Core FFO as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets. NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.


Page vii




NAREIT FFO and Core FFO is calculated as follows (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Unaudited)
 
(Unaudited)
Net income attributable to common shareholders
$
42,981

 
$
72,629

 
$
268,094

 
$
167,307

Depreciation and amortization of real estate
37,784

 
41,240

 
125,659

 
125,379

Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships
3,035

 
3,453

 
9,480

 
10,640

Impairment of operating properties and real estate equity investments
2,398

 

 
2,398

 
12,007

(Gain) on sale of property and interests in real estate equity investments
(16,541
)
 
(38,548
)
 
(172,280
)
 
(86,266
)
(Gain) on dispositions of unconsolidated real estate joint ventures and partnerships
(2,714
)
 
(28
)
 
(6,296
)
 
(1,978
)
Provision (benefit) for income taxes (1)
1,296

 
71

 
1,779

 
(1,943
)
Noncontrolling interests and other (2)
7,723

 
(451
)
 
8,848

 
5,955

NAREIT FFO – basic
75,962

 
78,366

 
237,682

 
231,101

Income attributable to operating partnership units
528

 
515

 
1,584

 
1,567

NAREIT FFO – diluted
76,490

 
78,881

 
239,266

 
232,668

Adjustments to Core FFO:
 
 
 
 
 
 
 
Other impairment loss

 

 

 
3,029

(Benefit) provision for income taxes (3)
(1,494
)
 

 
(1,494
)
 
(952
)
Loss (gain) on extinguishment of debt including related swap activity
368

 

 
(3,090
)
 

Storm damage costs

 
804

 

 
804

Lease terminations

 

 
(10,023
)
 

Other
(535
)
 

 
(775
)
 
2,904

Core FFO – diluted
$
74,829

 
$
79,685

 
$
223,884

 
$
238,453

 
 
 
 
 
 
 
 
FFO weighted average shares outstanding – basic
127,525

 
127,801

 
127,651

 
127,734

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
792

 
844

 
809

 
877

Operating partnership units
1,432

 
1,432

 
1,432

 
1,450

FFO weighted average shares outstanding – diluted
129,749

 
130,077

 
129,892

 
130,061

 
 
 
 
 
 
 
 
NAREIT FFO per common share – basic
$
.60

 
$
.61

 
$
1.86

 
$
1.81

 
 
 
 
 
 
 
 
NAREIT FFO per common share – diluted
$
.59

 
$
.61

 
$
1.84

 
$
1.79

 
 
 
 
 
 
 
 
Core FFO per common share – diluted
$
.58

 
$
.61

 
$
1.72

 
$
1.83

______________
(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
(3) The applicable taxes related to gains and impairments of non-operating assets.

Page viii




Same Property Net Operating Income
Management considers SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The Company calculates this most useful measurement by determining our proportional share of SPNOI from all owned properties, including the Company’s share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI (see page 1 of the supplemental disclosure regarding this presentation and limitations thereof) is a widely used measure among REITs, there can be no assurance that SPNOI presented by the Company is comparable to similarly titled measures of other REITs. Additionally, the Company does not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent its legal claim to such items.
Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties that have been sold. While there is judgment surrounding changes in designations, management moves new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in the Company’s same property designation is as follows:


 
Three Months Ended
September 30, 2018
 
Nine Months Ended
September 30, 2018
Beginning of the period
179

 
183

Properties added:
 
 
 
Acquisitions

 
6

New Developments

 
1

Redevelopments
2

 
4

Properties removed:
 
 
 
Dispositions
(4
)
 
(17
)
Other
(1
)
 
(1
)
End of the period
176

 
176



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The Company calculates SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of Net Income Attributable to Common Shareholders to SPNOI is as follows (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Unaudited)
 
(Unaudited)
Net income attributable to common shareholders
$
42,981

 
$
72,629

 
$
268,094

 
$
167,307

Add:
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
10,293

 
1,844

 
14,020

 
12,755

(Benefit) provision for income taxes
(99
)
 
577

 
1,368

 
(2,035
)
Interest expense, net
15,996

 
19,850

 
47,685

 
61,405

Less:
 
 
 
 
 
 
 
Gain on sale of property
(17,079
)
 
(38,579
)
 
(173,077
)
 
(86,566
)
Equity in earnings of real estate joint ventures and partnership interests
(8,022
)
 
(5,219
)
 
(19,333
)
 
(17,966
)
Interest and other income/expense
(1,847
)
 
(1,398
)
 
(4,735
)
 
(4,210
)
Operating Income
42,223

 
49,704

 
134,022

 
130,690

Less:
 
 
 
 
 
 
 
Revenue adjustments (1)
(3,945
)
 
(4,349
)
 
(21,985
)
 
(12,569
)
Add:
 
 
 
 
 
 
 
Property management fees
722

 
672

 
2,219

 
2,252

Depreciation and amortization
38,042

 
41,509

 
126,558

 
126,115

Impairment loss
2,398

 

 
2,398

 
15,012

General and administrative
5,971

 
6,450

 
17,715

 
20,252

Acquisition costs

 

 

 
1

Other (2)
279

 
1,103

 
(33
)
 
4,384

Net Operating Income
85,690

 
95,089

 
260,894

 
286,137

Less: NOI related to consolidated entities not defined as same property and noncontrolling interests
(2,866
)
 
(14,131
)
 
(13,148
)
 
(44,733
)
Add: Pro rata share of unconsolidated entities defined as same property
8,685

 
8,551

 
25,424

 
25,837

Same Property Net Operating Income
91,509

 
89,509

 
273,170

 
267,241

Less: Redevelopment Net Operating Income
(8,411
)
 
(8,166
)
 
(25,819
)
 
(24,576
)
Same Property Net Operating Income excluding Redevelopments
$
83,098

 
$
81,343

 
$
247,351

 
$
242,665

___________________
(1)
Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.
(2)
Other includes items such as environmental abatement costs, demolition expenses and lease termination fees.

Page x




Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate
NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition.
As mentioned above, NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparing earnings performance among other REITs based upon the unique capital structure of each REIT. However as a basis of comparability that is independent of a company's capital structure, management believes that since EBITDA is a widely known and understood measure of performance, EBITDAre will represent an additional supplemental non-GAAP performance measure that will provide investors with a relevant basis for comparing REITs. There can be no assurance that EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs.
The Company also presents Core EBITDAre as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core EBITDAre is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that hinder the comparability of operating results. Specific examples of items excluded from Core EBITDAre include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, and transactional costs associated with development activities. EBITDAre and Core EBITDAre should not be considered as alternatives to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre and Core EBITDAre do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
EBITDAre and Core EBITDAre is calculated as follows (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
 
 
 
 
 
 
 
Net income
$
53,274

 
$
74,473

 
$
282,114

 
$
180,062

Interest expense, net (1)
15,996

 
19,850

 
47,685

 
61,405

(Benefit) Provision for income taxes
(99
)
 
577

 
1,368

 
(2,035
)
Depreciation and amortization of real estate
38,042

 
41,509

 
126,558

 
126,115

Impairment loss on operating properties and real estate equity investments
2,398

 

 
2,398

 
15,012

Gain on sale of property (2)
(17,079
)
 
(38,579
)
 
(173,077
)
 
(86,566
)
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3)
1,590

 
4,621

 
7,397

 
12,425

Total EBITDAre
94,122

 
102,451

 
294,443

 
306,418

Adjustments for Core EBITDAre:
 
 
 
 
 
 
 
Storm damage costs

 
804

 

 
804

Lease terminations

 

 
(10,023
)
 

Other
3

 

 
3

 
3,154

Total Core EBITDAre
$
94,125

 
$
103,255

 
$
284,423

 
$
310,376

(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the nine months ended September 30, 2018.
(2) Includes a $.6 million and $.8 million gain on sale of non-operating assets for both the three and nine months ended September 30, 2018, respectively. Also includes a $.2 million gain on sale of non-operating assets for the nine months ended September 30, 2017.
(3) Includes a $.4 million and $.7 million loss on extinguishment of debt for the three and nine months ended September 30, 2018, respectively.

Page xi



Weingarten Realty Investors
Company Information



Corporate Office
 
 
 
2600 Citadel Plaza Drive
 
P. O. Box 924133
 
Houston, TX 77292-4133
 
713-866-6000
 
www.weingarten.com
 
 
 
Stock Listings
 
 
 
New York Stock Exchange:
 
Common Shares
WRI
 
 

Forward-Looking Statements
This supplement, together with other statements and information publicly disseminated by us, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements relate to the company’s intentions, beliefs, expectations or projections of the future. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in the tax laws and the failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized.

Pro rata Financial Information
Included herein is certain financial information presented on a pro rata share basis as we believe this information assists users of our financial information in understanding our proportionate economic interest in the operating results of our portfolio of properties. Such amounts include WRI’s proportional share of each financial line item or operational metric for both our consolidated and unconsolidated joint ventures and partnerships. Multiplying a financial statement line item or operational metric of an investee and adding it to WRI’s totals may not accurately depict the legal and economic implications of holding a non-controlling interest in the investee, nor does WRI control any of the investees presented under the equity method of accounting. Pro rata financial information is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles.





Page 1













Financial Summary




Weingarten Realty Investors
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
Twelve Months Ended December 31,
 
2018
 
2017(1)
 
2018
 
2017(1)
 
2017(1)
 
2016(1)
 
2015(1)
 
2014(1)
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rentals, net
$
125,261

 
$
141,064

 
$
392,510

 
$
424,845

 
$
560,643

 
$
537,265

 
$
502,464

 
$
503,128

Other
3,529

 
3,046

 
10,818

 
8,951

 
12,520

 
12,290

 
10,380

 
11,278

Total
128,790

 
144,110

 
403,328

 
433,796

 
573,163

 
549,555

 
512,844

 
514,406

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
38,042

 
41,509

 
126,558

 
126,115

 
167,101

 
162,535

 
145,940

 
150,356

Operating
22,555

 
27,813

 
69,929

 
83,944

 
109,310

 
98,855

 
94,244

 
95,318

Real estate taxes, net
17,601

 
18,634

 
52,706

 
57,783

 
75,636

 
66,358

 
60,289

 
60,768

Impairment loss
2,398

 

 
2,398

 
15,012

 
15,257

 
98

 
153

 
1,024

General and administrative
5,971

 
6,450

 
17,715

 
20,252

 
28,052

 
26,607

 
27,367

 
25,676

Total
86,567

 
94,406

 
269,306

 
303,106

 
395,356

 
354,453

 
327,993

 
333,142

Operating Income
42,223

 
49,704

 
134,022

 
130,690

 
177,807

 
195,102

 
184,851

 
181,264

Interest Expense, net
(15,996
)
 
(19,850
)
 
(47,685
)
 
(61,405
)
 
(80,326
)
 
(83,003
)
 
(87,783
)
 
(94,725
)
Interest and Other Income/Expense
1,847

 
1,398

 
4,735

 
4,210

 
7,532

 
1,910

 
4,406

 
4,530

Gain on Sale and Acquisition of Real Estate Joint Venture
 and Partnership Interests

 

 

 

 

 
48,322

 
879

 
1,718

Benefit (Provision) for Income Taxes
99

 
(577
)
 
(1,368
)
 
2,035

 
17

 
(6,856
)
 
(52
)
 
1,261

Equity in Earnings of Real Estate Joint Ventures
 and Partnerships, net (2)
8,022

 
5,219

 
19,333

 
17,966

 
27,074

 
20,642

 
19,300

 
22,317

Income from Continuing Operations
36,195

 
35,894

 
109,037

 
93,496

 
132,104

 
176,117

 
121,601

 
116,365

Operating Income from Discontinued Operations

 

 

 

 

 

 

 
342

Gain on Sale of Property from Discontinued Operations

 

 

 

 

 

 

 
44,582

Income from Discontinued Operations

 

 

 

 

 

 

 
44,924

Gain on Sale of Property
17,079

 
38,579

 
173,077

 
86,566

 
218,611

 
100,714

 
59,621

 
146,290

Net Income
53,274

 
74,473

 
282,114

 
180,062

 
350,715

 
276,831

 
181,222

 
307,579

Less: Net Income Attributable to Noncontrolling Interests
(10,293
)
 
(1,844
)
 
(14,020
)
 
(12,755
)
 
(15,441
)
 
(37,898
)
 
(6,870
)
 
(19,571
)
Net Income Adjusted for Noncontrolling Interests
42,981

 
72,629

 
268,094

 
167,307

 
335,274

 
238,933

 
174,352

 
288,008

Dividends on Preferred Shares

 

 

 

 

 

 
(3,830
)
 
(10,840
)
Redemption Costs of Preferred Shares

 

 

 

 

 

 
(9,687
)
 

Net Income Attributable to Common Shareholders
$
42,981

 
$
72,629

 
$
268,094

 
$
167,307

 
$
335,274

 
$
238,933

 
$
160,835

 
$
277,168

Earnings Per Common Share - Basic
$
0.34

 
$
0.57

 
$
2.10

 
$
1.31

 
$
2.62

 
$
1.90

 
$
1.31

 
$
2.28

Earnings Per Common Share - Diluted
$
0.34

 
$
0.56

 
$
2.08

 
$
1.30

 
$
2.60

 
$
1.87

 
$
1.29

 
$
2.25

(1) Reclassification of prior year's amounts were made to conform to the current year presentation.
(2) See page 23 for the Company’s pro rata share of the operating results of its unconsolidated real estate joint ventures and partnerships.

Page 3



Weingarten Realty Investors
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)

 
September 30,
2018
 
December 31,
2017
 
 
 
 
ASSETS
 
 
 
Property
$
4,245,514

 
$
4,498,859

Accumulated Depreciation
(1,137,548
)
 
(1,166,126
)
Property Held for Sale, net
81,224

 
54,792

Property, net
3,189,190

 
3,387,525

 
 
 
 
Investment in Real Estate Joint Ventures and Partnerships, net (a)
344,024

 
317,763

Total
3,533,214

 
3,705,288

 
 
 
 
Unamortized Lease Costs, net
151,165

 
181,047

Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of
  allowance for doubtful accounts of $6,354 in 2018 and $7,516 in 2017)
94,807

 
104,357

Cash and Cash Equivalents
24,412

 
13,219

Restricted Deposits and Mortgage Escrows
22,369

 
8,115

Other, net
171,160

 
184,613

Total Assets
$
3,997,127

 
$
4,196,639

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Debt, net
$
1,793,128

 
$
2,081,152

Accounts Payable and Accrued Expenses
111,691

 
116,463

Other, net
169,587

 
189,182

Total Liabilities
2,074,406

 
2,386,797

 
 
 
 
Commitments and Contingencies

 

 
 
 
 
Equity:
 
 
 
Shareholders' Equity:
 
 
 
Common Shares of Beneficial Interest - par value, $.03 per share;
 shares authorized: 275,000; shares issued and outstanding:
 128,325 in 2018 and 128,447 in 2017
3,893

 
3,897

Additional Paid-In Capital
1,766,528

 
1,772,066

Net Income Less Than Accumulated Dividends
(15,584
)
 
(137,065
)
Accumulated Other Comprehensive Loss
(9,507
)
 
(6,170
)
Total Shareholders' Equity
1,745,330

 
1,632,728

Noncontrolling Interests
177,391

 
177,114

Total Equity
1,922,721

 
1,809,842

Total Liabilities and Equity
$
3,997,127

 
$
4,196,639

(a)
This represents the Company’s investment of its unconsolidated real estate joint ventures and partnerships. See page 23 for additional information.


Page 4



Weingarten Realty Investors
Funds From Operations Attributable to Common Shareholders
(in thousands, except per share amounts)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Funds From Operations Attributable to Common Shareholders (NAREIT FFO)
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
42,981

 
$
72,629

 
$
268,094

 
$
167,307

Depreciation and amortization of real estate
37,784

 
41,240

 
125,659

 
125,379

Depreciation and amortization of real estate of unconsolidated real estate
 joint ventures and partnerships
3,035

 
3,453

 
9,480

 
10,640

Impairment of operating properties and real estate equity investments
2,398

 

 
2,398

 
12,007

(Gain) on sale of property and interests in real estate equity investments
(16,541
)
 
(38,548
)
 
(172,280
)
 
(86,266
)
(Gain) on dispositions of unconsolidated real estate
 joint ventures and partnerships
(2,714
)
 
(28
)
 
(6,296
)
 
(1,978
)
Provision (benefit) for income taxes (1)
1,296

 
71

 
1,779

 
(1,943
)
Noncontrolling interests and other (2)
7,723

 
(451
)
 
8,848

 
5,955

NAREIT FFO - Basic
75,962

 
78,366

 
237,682

 
231,101

Income attributable to operating partnership units
528

 
515

 
1,584

 
1,567

NAREIT FFO - Diluted
76,490

 
78,881

 
239,266

 
232,668

Adjustments for Core FFO:
 
 
 
 
 
 
 
Other impairment loss

 

 

 
3,029

(Benefit) provision for income taxes (3)
(1,494
)
 

 
(1,494
)
 
(952
)
Loss (gain) on extinguishment of debt including related swap activity
368

 

 
(3,090
)
 

Lease terminations

 

 
(10,023
)
 

Storm damage costs

 
804

 

 
804

Other
(535
)
 

 
(775
)
 
2,904

Core FFO - Diluted
$
74,829

 
$
79,685

 
$
223,884

 
$
238,453

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
FFO weighted average number of common shares outstanding - Basic
127,525

 
127,801

 
127,651

 
127,734

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
792

 
844

 
809

 
877

Operating partnership units
1,432

 
1,432

 
1,432

 
1,450

FFO weighted average number of common shares outstanding - Diluted
129,749

 
130,077

 
129,892

 
130,061

 
 
 
 
 
 
 
 
NAREIT FFO Per Common Share - Basic
$
0.60

 
$
0.61

 
$
1.86

 
$
1.81

 
 
 
 
 
 
 
 
NAREIT FFO Per Common Share - Diluted
$
0.59

 
$
0.61

 
$
1.84

 
$
1.79

Adjustments for Core FFO per common share:
 
 
 
 
 
 
 
Other impairment loss

 

 

 
0.02

(Benefit) provision for income taxes
(0.01
)
 

 
(0.01
)
 

Loss (gain) on extinguishment of debt including related swap activity

 

 
(0.02
)
 

Lease terminations

 

 
(0.08
)
 

Other

 

 
(0.01
)
 
0.02

Core FFO Per Common Share - Diluted
$
0.58

 
$
0.61

 
$
1.72

 
$
1.83

 
 
 
 
 
 
 
 

(1) The applicable taxes related to gains and impairments of operating properties.
(2) Related to gains, impairments and depreciation on operating properties and unconsolidated real estate joint ventures, where applicable.
(3) The applicable taxes related to gains and impairments of non-operating assets.

Page 5



Weingarten Realty Investors
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate and Net Debt to Core EBITDAre
(in thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
Three Months Ended
December 31,
 
2018
 
2017
 
2018
 
2017
 
2017
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):
 
 
 
 
 
 
 
 
 
Net income
$
53,274

 
$
74,473

 
$
282,114

 
$
180,062

 
$
170,653

Interest expense, net (1)
15,996

 
19,850

 
47,685

 
61,405

 
18,921

(Benefit) Provision for income taxes
(99
)
 
577

 
1,368

 
(2,035
)
 
2,018

Depreciation and amortization of real estate
38,042

 
41,509

 
126,558

 
126,115

 
40,986

Impairment loss on operating properties and real estate equity investments
2,398

 

 
2,398

 
15,012

 
245

Gain on sale of property (2)
(17,079
)
 
(38,579
)
 
(173,077
)
 
(86,566
)
 
(132,045
)
EBITDAre adjustments of unconsolidated real estate joint ventures and partnerships, net (3)
1,590

 
4,621

 
7,397

 
12,425

 
397

Total EBITDAre
94,122

 
102,451

 
294,443

 
306,418

 
101,175

Adjustments for Core EBITDAre:
 
 
 
 
 
 
 
 
 
Storm damage costs

 
804

 

 
804

 
1,018

Recovery of pre-development costs

 

 

 

 
(949
)
Severance costs

 

 

 

 
1,378

Lease terminations

 

 
(10,023
)
 

 

Other
3

 

 
3

 
3,154

 
4

Total Core EBITDAre
$
94,125

 
$
103,255

 
$
284,423

 
$
310,376

 
$
102,626

 
 
 
 
 
 
 
 
 
 
Net Debt to Core EBITDAre:
 
 
 
 
 
 
 
 
 
Debt
$
1,793,128

 
$
2,214,319

 
$
1,793,128

 
$
2,214,319

 
$
2,081,152

Less: Cash and cash equivalents
(24,412
)
 
(39,246
)
 
(24,412
)
 
(39,246
)
 
(13,219
)
Add: Proportional share of net debt of unconsolidated real estate joint ventures and partnerships
89,933

 
108,816

 
89,933

 
108,816

 
108,024

Total Net Debt
$
1,858,649

 
$
2,283,889

 
$
1,858,649

 
$
2,283,889

 
$
2,175,957

 
 
 
 
 
 
 
 
 
 
Annualized Core EBITDAre
$
376,500

 
$
413,020

 
$
379,231

 
$
413,835

 
$
410,504

 
 
 
 
 
 
 
 
 
 
Net Debt to Core EBITDAre
4.94

 
5.53

 
4.90

 
5.52

 
5.30

 
 
 
 
 
 
 
 
 
 

(1) Includes a $3.8 million gain on extinguishment of debt including related swap activity for the nine months ended September 30, 2018.
(2) Includes a $.6 million and $.8 million gain on sale of non-operating assets for the three and nine months ended September 30, 2018, respectively. Also includes a $.2 million and $.6 million gain on sale of non-operating assets for the nine months ended September 30, 2017 and the three months ended December 31, 2017, respectively.
(3) Includes a $.4 million and $.7 million loss on extinguishment of debt for the three and nine months ended September 30, 2018, respectively.


Page 6



Weingarten Realty Investors
Supplemental Income Statement Detail
(in thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Rentals, net
 
 
 
 
 
 
 
Base minimum rent, net
$
93,279

 
$
104,919

 
$
286,125

 
$
318,126

Straight line rent
1,989

 
1,365

 
4,840

 
4,135

Over/Under-market rentals, net
535

 
1,134

 
12,115

 
2,964

Percentage rent
1,199

 
1,264

 
2,885

 
3,051

Tenant reimbursements
28,259

 
32,382

 
86,545

 
96,569

Total
$
125,261

 
$
141,064

 
$
392,510

 
$
424,845

 
 
 
 
 
 
 
 
Other Revenues
 
 
 
 
 
 
 
Customer contract revenue
$
2,427

 
$

 
$
7,489

 
$

Outside fee income (1)

 
1,594

 

 
4,891

Miscellaneous revenue
777

 
661

 
2,368

 
2,041

Other rental revenues
208

 
535

 
639

 
1,440

Lease cancellation revenue
117

 
256

 
322

 
579

Total
$
3,529

 
$
3,046

 
$
10,818

 
$
8,951

 
 
 
 
 
 
 
 
Interest Expense, net
 
 
 
 
 
 
 
Interest paid or accrued
$
17,492

 
$
20,577

 
$
54,477

 
$
62,614

Gain on extinguishment of debt including related swap activity

 

 
(3,759
)
 

Amortization of debt deferred costs
869

 
985

 
2,672

 
2,903

Over/Under-market mortgage adjustment of acquired properties, net
(81
)
 
(301
)
 
(318
)
 
(798
)
Gross interest expense
18,280

 
21,261

 
53,072

 
64,719

Capitalized interest
(2,284
)
 
(1,411
)
 
(5,387
)
 
(3,314
)
Total
$
15,996

 
$
19,850

 
$
47,685

 
$
61,405

 
 
 
 
 
 
 
 
Interest and Other Income/Expense
 
 
 
 
 
 
 
Deferred compensation investment income
$
526

 
$
1,357

 
$
2,492

 
$
4,238

Pension costs
202

 
(87
)
 
197

 
(315
)
Other
1,119

 
128

 
2,046

 
287

Total
$
1,847

 
$
1,398

 
$
4,735

 
$
4,210

 
 
 
 
 
 
 
 
Supplemental Analyst Information
 
 
 
 
 
 
 
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net
 
 
 
 
 
 
 
Net income from unconsolidated real estate joint ventures and partnerships
$
7,020

 
$
4,477

 
$
18,172

 
$
15,355

Intercompany fee income reclass
610

 
595

 
1,926

 
1,949

Other adjustments
392

 
147

 
(765
)
 
662

Equity in earnings of real estate joint ventures and partnerships, net
$
8,022

 
$
5,219

 
$
19,333

 
$
17,966

 
 
 
 
 
 
 
 
Dividends
 
 
 
 
 
 
 
Common Dividends per Share
$
0.395

 
$
0.385

 
$
1.185

 
$
1.155

 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Reported Funds from Operations - Basic
66.7
%
 
63.1
%
 
64.0
%
 
64.2
%
 
 
 
 
 
 
 
 
Common Dividends Paid as a % of Core Funds from Operations - Basic
68.2
%
 
62.5
%
 
68.4
%
 
62.6
%
 
 
 
 
 
 
 
 
General and Administrative Expenses
 
 
 
 
 
 
 
General and Administrative Expenses/Total Revenue
4.6
%
 
4.5
%
 
4.4
%
 
4.7
%
 
 
 
 
 
 
 
 
General and Administrative Expenses/Total Assets before Depreciation
0.12
%
 
0.12
%
 
0.34
%
 
0.37
%
 
 
 
 
 
 
 
 
Net Operating Income Additional Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minority Interests Share of Net Operating Income and Other Adjustments
$
(1,489
)
 
$
(1,588
)
 
$
(4,308
)
 
$
(4,211
)
 
 
 
 
 
 
 
 
Pro rata Share of Unconsolidated Joint Ventures
 
 
 
 
 
 
 
Revenues
12,969

 
13,202