Weingarten Realty Beats Estimates; Reaffirms Guidance (WRI)

Weingarten Realty Investors WRI reports Q2 EPS of $0.42 versus estimates of $0.41. Weingarten Realty Investors reports Q2 revenues of $138.8 million versus estimates of $136.88 million. Revenues decreased 2.5% year over year. The company also reaffirmed is FY 2010 FFO guidance of $1.58 to $1.70; that compares to the Street estimate of $1.66 per share. WRI also repurchased $19.8 million of near-term debt maturities during the quarter. For the first six months, the company has reduced future debt maturities by approximately $92.4 million. "We had another great quarter of leasing space. We've leased most of the junior boxes that closed over the last 18 months. We're also making very good progress on our renewals. Year-to-date we have renewed 80% of the leases expiring in 2010 and 25% of leases expiring in 2011. As the availability of the junior boxes shrinks, our team's focus will be on leasing small shop space throughout the remainder of the year as well as improving rental spreads as much as possible in 2010," said Johnny Hendrix, Executive Vice President and Chief Operating Officer. Shares of WRI are flat in the after-hours trade.