Andrew M. Alexander, President and CEO of Weingarten Realty Investors (WRI), was very pleased with his company’s first-quarter earnings results.
“Even though occupancy was down slightly from year-end, it was still way better than plan, way better than it was a year ago. Renewals, we are seeing really strong rent growth. The same-property NOI at 3.3% is our ninth consecutive quarter in excess of 2.8%, and an average of over 4% since January of 2012,” Alexander said.
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Alexander says that the anchored shopping center business is historically a steady one, so he is confident with Weingarten‘s NOI results as well as its dividend yield.
“You are never going to see wild swings, so to be able to produce at the 3% to 4% range, we are very pleased with that and think that a dividend yielding somewhere in excess of 4% offers investors a very good risk-adjusted return,” Alexander said.
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