logo
  Join        Login             Stock Quote

Weingarten Realty Investors (WRI) Closes Sale of Three Industrial Joint Venture Interests

 November 27, 2012 03:58 PM
 


(By Balaseshan) Weingarten Realty Investors (NYSE: WRI) said it has closed the sale of its interests in three industrial joint ventures to Exeter Property Group's Fund II.

The portfolio sale was comprised of nine industrial properties, aggregating approximately 2.6 million square feet of building area, all located in Houston, Texas.

The sale price totaled $21.1 million for all three ventures, including $7.8 million of secured debt assumed by Exeter in the transaction.

In addition, the Weingarten closed the sale of two non-core, retail assets in October including Burbank Station located in a suburb of Chicago and Johnston Road Plaza in Charlotte, North Carolina. Burbank was the company's last property in Illinois.

[Related -Which REIT Stocks To Own If We Go Over The Cliff?]

Both transactions demonstrate the continued execution of the capital recycling strategy. Year-to-date dispositions have totaled $631 million, including the sale of the industrial portfolio.

"The completion of this portfolio sale marks our exit from the industrial business and positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry and strong growth potential," said Drew Alexander, chief executive of WRI.

The company's primary business is leasing space to tenants in the shopping and industrial centers it owns or leases. It also provides property management services for both joint ventures in which it is partners and for other outside owners for which it charges fees.

[Related -3 Of The Best High-Yield Reits You Can Own]

WRI is trading down 0.19 percent at $26.97 on Tuesday. The stock has been trading between $19.73 and $28.99 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article image3 US Updates Show Ongoing Growth

Three economic updates today provide more evidence that moderate growth endures for the US. The numbers du read on...

article imageBuy These Solar Stocks Before They Snapback

Sometimes the market hands you a gift. And it would be foolish not to take it. Thanks to general market read on...

article imageInvestors Are Even More Euphoric And Confident.

As noted on the blog last Thursday, even though the market had been down for three straight weeks, last read on...

article imageThe Butterfly Machine

There’s a phenomenon called the Butterfly Effect. One common quotation is “It has been said that something read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.