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Real Estate for Everyday Retail®
$28.91 NYSE: WRI
Financial Information
Other Information
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Financial Highlights

Financial Highlights
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property 3,847,191 4,300,096 4,596,757 4,082,173 3,883,230
Net Property Investment 2,739,003 3,133,970 3,412,211 2,994,531 2,854,611
Property Held for Sale: Nondepreciable 0 54,792 479 34,363 3,670
Construction in Progress 212,204 129,558 109,435 85,262 89,515
Mortgage Loans 24,995 27,063 28,784 30,235 30,365
Senior Secured Debt 315,354 392,690 422,129 441,756 571,818
Obligations Under Leases 21,898 21,000 21,000 21,000 21,000
Senior Unsecured Debt 1,457,432 1,667,462 1,913,399 1,650,521 1,337,191
Total Debt 1,794,684 2,081,152 2,356,528 2,113,277 1,930,009
Total Liabilities 2,076,262 2,386,797 2,665,274 2,356,935 2,166,972
Equity Attributable to Parent Company 1,573,906 1,632,728 1,535,178 1,389,462 1,485,186
Noncontrolling Interests 176,793 177,114 181,718 155,548 153,757
Total Equity 1,750,699 1,809,842 1,716,896 1,545,010 1,638,943
Market Capitalization($M) 3,183.90 4,222.10 4,583.70 4,286.20 4,277.30
Implied Market Cap($M) 3,219.50 4,269.10 4,636 4,336.80 4,329.40
Total Capitalization($M) 5,190.90 6,527.40 7,219 6,605.60 6,563.10
Total Enterprise Value($M) 5,125.10 6,514.20 7,202.80 6,583.40 6,540
Total Enterprise Value Plus JV Debt($M) 5,214.30 6,622.20 7,312.80 6,729.10 6,695.50
Income Statement ($000)
Rental Revenue 516,502 560,643 537,265 502,464 503,128
Rental Net Operating Income 356,680 376,570 373,834 348,938 347,295
NOI 356,680 376,570 373,834 348,938 347,295
Gain on Sale of Real Estate 214,165 224,798 106,574 62,058 152,927
Interest Expense 67,107 80,326 85,040 81,683 92,552
Revenue 552,281 602,914 615,228 535,149 535,560
Expense 419,725 477,014 438,115 415,933 427,093
Extraordinary Items 0 0 0 0 44,924
Net Income 345,343 350,715 276,831 181,222 307,579
Net Income Attributable to Noncontrolling Int 17,742 15,441 37,898 6,870 19,571
Net Income Attributable to Parent 327,601 335,274 238,933 174,352 288,008
Net Income Avail to Common 327,601 335,274 238,933 160,835 277,168
FFO 307,934 311,601 293,652 260,029 256,689
Operating Funds from Operations, as Reported 292,515 318,446 300,894 274,772 255,285
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 8.56 8.10 6.67 4.70 7.89
ROAE(%) 18.34 19.88 16.73 11.43 19.14
Implied Capitalization Rate(%) 7.49 6.70 5.92 6.22 6.54
Dividend Payout Ratio(%) 116.86 88.08 78.07 106.98 68.89
Dividend Yield(%) 6.37 4.69 4.08 3.99 3.72
FFO Payout(%) 65.83 64.17 64.04 66.67 63.11
FFO/ Total Revenue(%) 55.76 51.68 47.73 48.59 47.93
Price/ LTM FFO(x) 10.30 13.70 15.70 16.70 17
Price/ Last-twelve-months EPS(x) 9.70 12.60 19.10 26.80 15.50
Recurring EBITDA/ Interest Expense(x) 5.48 4.84 4.41 4.30 3.83
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.48 4.84 4.41 4.10 3.43
Debt and Preferred/ TEV(%) 36.13 33.06 33.73 33.57 33.39
Total Debt/ Gross Properties(%) 46.65 48.40 51.27 51.77 49.70
Loans/ Assets(%) 0.65 0.64 0.65 0.77 0.80
Credit Lines Drawn/ Available(%) 0.98 0 48.04 28.75 31.55
Changes and Trends (%)
Same-store NOI: Change 2.10 2.20 2.70 3.10 3.40
FFO Growth (1.18) 6.11 12.93 1.30 14.33
FFO/Share Growth 0 5.30 10.10 0.50 13.80
EPS Growth, before Extraordinary (1.90) 39 45 (31.70) 145.50
Real Estate Investment Growth (9.56) (4.86) 11.86 5.04 (8.92)
Per Share Information ($)
Common Shares Outstanding 128,333,000 128,447,000 128,072,000 123,951,000 122,489,000
Closing Price 24.81 32.87 35.79 34.58 34.92
Basic EPS before Extra 2.57 2.62 1.90 1.31 1.91
Diluted EPS before Extra 2.55 2.60 1.87 1.29 1.89
FFO/ Share 2.40 2.40 2.28 2.07 2.06
Operating FFO per Share, as Reported 2.28 2.45 2.34 2.18 2.05
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 2.98 2.29 1.46 1.38 1.55
NAV per Share, as Reported NA NA NA NA NA
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 73,004 115,110 88,385 173,034 227,780
Debt Due during Next Fiscal Year 10,296 57,937 82,110 283,524 234,995
Debt Due during Second Fiscal Year 18,434 239,479 57,936 63,896 330,512
Debt Due during Third Fiscal Year 307,922 19,375 484,479 57,597 61,807
Debt Due during Fourth Fiscal Year 347,815 309,331 19,375 239,124 55,427
Debt Due Thereafter 964,133 1,296,279 1,580,613 1,246,727 967,239
Adjustments to Debt Principal Schedule (4,718) (20,504) (23,495) (6,899) (3,016)
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