Deutsche Bank Maintains Hold on Weingarten Realty Investors (WRI)

Deutsche Bank is out with its report today on Weingarten Realty Investors WRI, maintaining Hold. In a note to clients, Deutsche Bank writes, "WRI hosted a well-attended analyst meeting where mngt shared a new 5-year business plan. While not intended as formal guidance, WRI laid out a plan that called for FFO to grow at a 5.7% CAGR from 2010 to 2015 as SS NOI stabilizes at +2.5%/yr, commenced occupancy moves to 94.3%, net investments grow to $225MM/yr, and net debt-to-EBITDA trends down to 5.1x. Overall, we think the plan is a reasonable one, though growth expectations in 2012 appear a bit aggressive to us. With our outlook unchanged, we maintain our Hold rating." Deutsche Bank has a $24 PT on WRI. Shares of WRI closed Thursday at $24.69.