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Weingarten Realty Amends $500M Unsecured Credit Facility

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In order to boost its financial strength, Weingarten Realty Investors (WRI - Free Report) has made amendments to its $500 million unsecured revolving credit facility. The Houston, TX-based retail real estate investment trust (“REIT”) has plans to utilize the proceeds generated from this arrangement to finance new development and acquisition activities and to meet general corporate requirements.

The credit facility, slated to mature in Mar 2020, has the provision to extend the date of maturity by two successive 6-month periods. The rate of interest on this credit facility has been stipulated at London inter-bank offered rate (“LIBOR”) plus 90 basis points along with a facility fee. Previously, the rate of interest on this credit facility was at LIBOR plus 75 basis points. It includes an accordion feature which enables Weingarten Realty to enhance the facility up to $850 million. Besides this, the company may also appeal for bids amounting to $250 million.

Weingarten Realty is engaged in ownership, management, acquisition, development and redevelopment of strategically located neighborhood and community shopping centers and select industrial properties. The latest credit arrangement adds to Weingarten Realty’s liquidity strength and financial flexibility in order to execute its operations and growth objectives in a better way.

Weingarten Realty currently carries a Zacks Rank #3 (Hold).

Investors interested in the retail REIT industry may consider stocks like National Retail Properties, Inc. (NNN - Free Report) , Realty Income Corporation (O - Free Report) and Regency Centers Corporation (REG - Free Report) . Each of these stocks holds the Zacks Rank #2 (Buy).

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