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Weingarten Realty sells 2 shopping centers for $114M after Q2


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Weingarten Realty sells 2 shopping centers for $114M after Q2

Weingarten Realty Investors sold a pair of shopping centers for $114 million subsequent to the end of the second quarter, including the Jess Ranch Marketplace in Apple Valley, Calif., which went for $89 million.

Also subsequent to quarter-end, the shopping center real estate investment trust bought the North Decatur Station in Atlanta for $53 million in a 51/49 joint venture with Bouwinvest.

During the second quarter, the REIT sold five shopping centers and three land parcels for $133 million and paid $33 million to acquire the 144,000-square-foot Camelback Miller Plaza in the upscale Scottsdale area of Greater Phoenix.

The REIT also invested $48 million in new developments and redevelopments during the quarter, mainly in two projects in the Washington, D.C., area and a 30-story residential tower at its River Oaks Shopping Center in Houston.

In reporting its second-quarter earnings, the Weingarten Realty revised its full-year guidance for Nareit funds from operations and core FFO to a range of $2.05 to $2.11 per share from a previous range of $2.09 to $2.17 per share.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the year is $2.13.