From GlobeNewswire: 2024-05-01 16:30:00

Houston-based real estate investment trust Whitestone REIT (NYSE: WSR) reported strong operating and financial results for the first quarter of 2024. The company saw a 26% increase on new lease leasing spreads and a 15% increase on renewal lease leasing spreads, with an occupancy rate of 93.6%. The portfolio annualized base rent per square foot rose 7% to $23.83. Core FFO is expected to grow 11% year-over-year.

In the first quarter of 2024, Whitestone REIT reported revenues of $37.2 million, an increase from $35.9 million in the first quarter of 2023. Net income attributable to common shareholders was $9.3 million, or $0.18 per diluted share, up from $3.8 million, or $0.08 per diluted share in the same period last year. Core FFO was $12.3 million, a slight increase from $12.1 million in the first quarter of 2023.

As of March 31, 2024, Whitestone REIT had total debt of $645.3 million, with $81.0 million available under its $250 million revolving credit facility. The company’s undepreciated real estate assets were valued at $1.2 billion. Whitestone’s portfolio consists of 55 Community-Centered Properties™ with 5.0 million square feet of gross leasable area across Texas and Arizona.

Whitestone REIT declared a quarterly cash distribution of $0.12375 per common share and OP unit for the second quarter of 2024, marking a 3.13% increase from the first quarter. The company has updated its 2024 full-year guidance to include the impact of a gain recognized on the sale of a property and anticipated proxy contest costs. The new guidance includes estimates for net income, FFO, general and administrative expenses, and other key metrics.



Read more at GlobeNewswire:: Whitestone REIT Reports First Quarter 2024 Results