Weingarten reduces leverage ratio to 5.1x, will keep paying down debt

By Devika Patel

Knoxville, Tenn., June 5 – Weingarten Realty Investors has “significantly” improved its balance sheet, ending the first quarter with a leverage ratio of 5.1x, and intends to keep paying down debt.

It will also avoid “levering up” the balance sheet going forward.

“Over the last several years, we’ve significantly de-levered the balance sheet,” president and chief executive officer Andrew Alexander said at the Nareit REITweek conference in New York on Tuesday.

“[We’ve] very much improved our balance sheet with 5.1x net debt to EBITDA at the end of Q1,” Alexander said.

“We plan to move slowly and prudently without levering up the balance sheet,” Alexander said.

“We’ve used the proceeds [from asset sales] to pay down debt,” he said.

Weingarten is a Houston-based shopping center owner, manager and developer.

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