Weingarten Realty Investors, a Texas-based REIT, intends to raise up to $250 million by offering common shares of beneficial interest at a maximum aggregate offering price of $250 million. The offering includes previously registered but unsold shares, with a gross sales price of up to $34.1 million. The company plans to use the net proceeds for general trust purposes, potentially including reducing debt under its $500 million unsecured revolving credit facility, repaying other obligations, or repurchasing outstanding securities.
Investing in Weingarten Realty Investors' common shares carries risks, including market volatility, potential dilution from future equity issuances, and changes in distribution policy. The company's REIT status is subject to various federal income tax rules, and failure to meet these requirements could result in higher tax liabilities. Weingarten Realty Investors aims to maintain its REIT qualification by adhering to restrictions on ownership and transfer, ensuring at least 75% of its gross income comes from real estate-related sources, and meeting specific asset tests.
The offering is being underwritten by a group of investment banks, and shares will be sold on the New York Stock Exchange under the symbol "WRI". The prospectus supplement incorporates by reference various documents filed with the SEC, including the company's annual report and quarterly reports, providing further details on the company's business, financial condition, and risk factors.
