2021-02-22 16:08:19 WRI Weingarten Realty
02/22/21 02/2216:08 02/22/2116:08 | Weingarten Realty sees FY21 core FFO $1.65-$1.75, consensus $1.76The Company is providing initial guidance for its 2021 fiscal year. There remains significant uncertainty regarding the impact of the pandemic going forward and the related economic outlook for the year. This guidance is based on an expected gradual improvement in the economy and the retail environment as the country moves through the vaccination process during the remainder of the year. The Company anticipates that bad debt expense/uncollectible revenue will decrease from 2020 levels, but this benefit will be largely offset by tenant fallout and terminations, both fallout that has occurred and additional fallout anticipated. Additionally, the guidance does not anticipate taking any new tenants to cash basis or additional straight line rent write-offs, so this along with a normalized straight line rent forecast anticipates a benefit of $.12 per share to 2021. The new development program will contribute approximately $.01 per share composed of net operating income coming on line of $.08, offset by a reduction in interest capitalized of $0.05 per share and capitalized overhead of $.02 per share. Also included in this FFO guidance is the impact of $100 to $150 million of dispositions which is front-end loaded and $50 to $100 million of acquisitions which is back-end loaded. The net impact of these projected transactions on FFO is a decrease $.05 per share. Additionally, the impact of 2020 dispositions will further reduce 2021 FFO by $.07 per share. Guidance for 2021 is as follows: |
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