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Real Estate for Everyday Retail®
$27.9 NYSE: WRI
Financial Information
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Financial Highlights

Financial Highlights
2019 FQ1 YTD
3/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 3,866,952 3,847,191 4,300,096 4,596,757 4,082,173
Net Property Investment 2,748,735 2,739,003 3,133,970 3,412,211 2,994,531
Property Held for Sale: Nondepreciable 0 0 54,792 479 34,363
Construction in Progress 238,924 212,204 129,558 109,435 85,262
Mortgage Loans 24,921 24,995 27,063 28,784 30,235
Senior Secured Debt 313,784 315,354 392,690 422,129 441,756
Obligations Under Leases 64,300 21,898 21,000 21,000 21,000
Senior Unsecured Debt 1,452,892 1,457,432 1,667,462 1,913,399 1,650,521
Total Debt 1,830,976 1,794,684 2,081,152 2,356,528 2,113,277
Total Liabilities 2,077,229 2,076,262 2,386,797 2,665,274 2,356,935
Equity Attributable to Parent Company 1,582,931 1,573,906 1,632,728 1,535,178 1,389,462
Noncontrolling Interests 177,503 176,793 177,114 181,718 155,548
Total Equity 1,760,434 1,750,699 1,809,842 1,716,896 1,545,010
Market Capitalization($M) 3,778.40 3,183.90 4,222.10 4,583.70 4,286.20
Implied Market Cap($M) 3,820.40 3,219.50 4,269.10 4,636 4,336.80
Total Capitalization($M) 5,828.90 5,190.90 6,527.40 7,219 6,605.60
Total Enterprise Value($M) 5,768.30 5,125.10 6,514.20 7,202.80 6,583.40
Total Enterprise Value Plus JV Debt($M) 5,856.80 5,214.30 6,622.20 7,312.80 6,729.10
Income Statement ($000)
Rental Revenue 119,826 517,836 563,183 540,141 504,724
Rental Net Operating Income 79,447 358,014 379,110 376,710 351,198
NOI 79,447 358,014 379,110 376,710 351,198
Gain on Sale of Real Estate 18,061 214,165 224,798 106,574 62,058
Interest Expense 15,289 67,107 80,326 85,040 81,683
Revenue 132,665 552,281 602,914 615,228 535,149
Expense 99,295 419,725 477,014 438,115 415,933
Extraordinary Items 0 0 0 0 0
Net Income 51,254 345,343 350,715 276,831 181,222
Net Income Attributable to Noncontrolling Int 1,588 17,742 15,441 37,898 6,870
Net Income Attributable to Parent 49,666 327,601 335,274 238,933 174,352
Net Income Avail to Common 49,666 327,601 335,274 238,933 160,835
FFO 67,251 307,934 311,601 293,652 260,029
Operating Funds from Operations, as Reported 67,251 292,515 318,446 300,894 274,772
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.35 8.56 8.10 6.67 4.70
ROAE(%) 11.68 18.34 19.88 16.73 11.43
Implied Capitalization Rate(%) 7.59 7.52 6.75 5.97 6.26
Dividend Payout Ratio(%) 101.28 116.86 88.08 78.07 106.98
Dividend Yield(%) 5.38 6.37 4.69 4.08 3.99
FFO Payout(%) 75.96 65.83 64.17 64.04 66.67
FFO/ Total Revenue(%) 50.69 55.76 51.68 47.73 48.59
Price/ LTM FFO(x) 12.70 10.30 13.70 15.70 16.70
Price/ Last-twelve-months EPS(x) 16.30 9.70 12.60 19.10 26.80
Recurring EBITDA/ Interest Expense(x) 5.41 5.48 4.84 4.41 4.30
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.41 5.48 4.84 4.41 4.10
Debt and Preferred/ TEV(%) 32.77 36.13 33.06 33.73 33.57
Total Debt/ Gross Properties(%) 47.35 46.65 48.40 51.27 51.77
Loans/ Assets(%) 0.65 0.65 0.64 0.65 0.77
Credit Lines Drawn/ Available(%) 0 0.98 0 48.04 28.75
Changes and Trends (%)
Same-store NOI: Change 2.60 2.10 2.20 2.70 3.10
FFO Growth (14.08) (1.18) 6.11 12.93 1.30
FFO/Share Growth (13.30) 0 5.30 10.10 0.50
EPS Growth, before Extraordinary (65.50) (1.90) 39 45 (31.70)
Real Estate Investment Growth 5.19 (9.56) (4.86) 11.86 5.04
Per Share Information ($)
Common Shares Outstanding 128,647,000 128,333,000 128,447,000 128,072,000 123,951,000
Closing Price 29.37 24.81 32.87 35.79 34.58
Basic EPS before Extra 0.39 2.57 2.62 1.90 1.31
Diluted EPS before Extra 0.39 2.55 2.60 1.87 1.29
FFO/ Share 0.52 2.40 2.40 2.28 2.07
Operating FFO per Share, as Reported 0.52 2.28 2.45 2.34 2.18
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.40 2.98 2.29 1.46 1.38
NAV per Share, as Reported NA NA NA NA NA
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 74,462 73,004 115,110 88,385 173,034
Debt Due during Next Fiscal Year 9,585 10,296 57,937 82,110 283,524
Debt Due during Second Fiscal Year 22,519 18,434 239,479 57,936 63,896
Debt Due during Third Fiscal Year 311,999 307,922 19,375 484,479 57,597
Debt Due during Fourth Fiscal Year 373,135 347,815 309,331 19,375 239,124
Debt Due Thereafter 1,063,435 964,133 1,296,279 1,580,613 1,246,727
Adjustments to Debt Principal Schedule (85,059) (4,718) (20,504) (23,495) (6,899)
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