Whitestone Stock Price, News & Analysis

Whitestone REIT (NYSE: WSR) reported strong performance despite COVID-19 challenges. Fourth quarter rental collections reached 94%, the highest in the shopping center sector. The company achieved a foot traffic recovery rate of 80.4%, outperforming industry averages. Additionally, renewal leases saw a 9.8% increase, while occupancy held steady at 89%-90%. Whitestone also fully repaid $30 million in COVID-19 liquidity borrowings, enhancing its financial stability. The firm published its inaugural Corporate Responsibility & Sustainability Report, reflecting its commitment to community engagement.

Whitestone REIT (NYSE: WSR) announced a growth in occupancy at The Shops of Starwood, reaching 100%, following the expansion of local realtors Re/Max DFW Associates and United Real Estate Dallas. This increase is expected to contribute 16% additional net operating income (NOI) in 2021. The Dallas/Fort Worth area is experiencing a corporate migration due to its favorable business environment, with new tenants including PGA and McKesson. Whitestone's Chairman noted a rebound in foot traffic to nearly pre-COVID levels, reinforcing the company's resiliency and growth potential.

Whitestone REIT (NYSE: WSR) has declared a monthly cash dividend of $0.035 per share for Q1 2021, totaling an annualized $0.42 per share. Record and payment dates are set for January 5, 2021 (payment January 14), February 2 (payment February 11), and March 2 (payment March 11). The company expects to fully repay $30 million in liquidity borrowings by year-end 2020, with approximately $10 million already repaid. November rental collections reached 92.4%, up from 90% in Q3 and 81% in Q2 2020, showcasing robust tenant performance amidst challenging conditions.

Whitestone REIT (NYSE: WSR) announced the opening of ALMA, a restaurant by entrepreneur Sheila Bryson, in Scottsdale Seville, AZ. This opening marks Bryson's fourth restaurant following successful ventures such as Soul Café and Vic & Ola’s. ALMA, focusing on authentic Southwestern and Mexican cuisine, is set in a prime location with high traffic counts and nearby luxury developments. CEO Jim Mastandrea expressed pride in supporting local entrepreneurs and highlighted the strength of their tenant base even during COVID. Whitestone REIT has consistently paid monthly dividends for over 15 years.

Whitestone REIT (NYSE: WSR) is hosting its 'Coffee and Cars' event on December 5th, showcasing around 200 exotic cars at Market Street at DC Ranch in Scottsdale, Arizona. The event, co-sponsored by Scuderia Southwest, aims to enhance community engagement and boost local businesses. Previous events have resulted in up to a 25% sales increase for tenants. With expected attendance over 1,000, this initiative reflects Whitestone's strategy of creating thriving communities through local connections and events.

Whitestone REIT (NYSE: WSR) will host the Scottsdale Motorsports Gathering starting November 7, 2020, from 7 am to 10 am at its Market Street at DC Ranch location. The event, free for spectators, features over 60 member cars and welcomes non-member vehicles for a fee. Attendees can enjoy breakfast treats from local retailers. CEO Jim Mastandrea emphasizes the win-win partnership with Scuderia Southwest, aiming to enhance foot traffic and community engagement. This monthly gathering reflects a growing interest in outdoor events, showcasing high-performance cars and fostering local connections.