Whitestone REIT Reports Strong Q3 2024 Results

Whitestone Reit ( (WSR) ) has released its Q3 earnings. Here is a breakdown of the information Whitestone Reit presented to its investors.

Whitestone REIT is a community-centered real estate investment trust (REIT) that specializes in acquiring, owning, and developing open-air retail centers in some of the fastest-growing markets in the United States, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. The company focuses on convenience-oriented centers with a mix of service-oriented tenants.

In its third-quarter 2024 earnings report, Whitestone REIT announced a strong performance, with a notable 4.6% growth in Same Store Net Operating Income (NOI), a GAAP leasing spread of 25.3%, and an occupancy rate of 94.1%. The company also successfully improved its balance sheet by lowering its Debt to EBITDAre ratio and securing a new $20 million term loan.

Key financial metrics highlighted include a revenue increase to $38.6 million from $37.1 million in the same quarter last year, and a significant rise in net income attributable to common shareholders to $7.6 million. Core Funds from Operations (FFO) also saw an increase from $11.7 million to $13.0 million. The company’s leasing activities remained strong, with notable rental rate growth and high occupancy rates across its properties.

Whitestone’s strategic focus on its curated portfolio in rapidly growing U.S. markets provides a robust foundation for continued earnings growth. The management reiterated its Core FFO per share guidance, indicating confidence in achieving an 11% year-over-year growth at the midpoint.

Looking ahead, Whitestone REIT remains optimistic about its future performance, supported by its strategic positioning in high-growth markets and a resilient leasing environment. The company is poised to enhance shareholder value through continued operational excellence and balance sheet management.