Whitestone Stock Price, News & Analysis

Whitestone REIT (NYSE: WSR) reported strong Q4 and full year 2024 results, with Net income per diluted share reaching $0.33 in Q4 (vs $0.03 in Q4 2023) and $0.72 for full year 2024 (vs $0.38 in 2023). The company achieved notable metrics including:

- 11% year-over-year Core FFO per share growth
- 5.1% Same Store NOI growth for 2024
- 6.6X debt to EBITDAre ratio in Q4
- 21.9% combined GAAP leasing spreads in Q4

Q4 2024 revenues increased to $40.8M from $37.5M in Q4 2023. The company declared a Q1 2025 dividend of $0.135 per share, representing a 9% increase from the previous quarter. For 2025, Whitestone provided Core FFO guidance of $1.03-$1.07 per diluted share.

The company owns 55 Community-Centered Properties across Texas and Arizona, totaling 4.9M square feet, with 1,445 diverse tenants.

Whitestone REIT (NYSE: WSR) has released the federal income tax treatment details for its 2024 cash distributions to common shareholders. The company paid total distributions of $0.491250 per share throughout 2024, distributed monthly. The tax characteristics breakdown shows:

- Ordinary Dividends: $0.300597 (61.2%)
- Total Capital Gain Distribution: $0.182841 (37.2%)
- Unrecaptured Sec 1250 Gain: $0.061227
- Return of Capital: $0.007812 (1.6%)
- Section 199A Dividends: $0.300597

Monthly distributions increased from $0.040000 per share in Q1 to $0.041250 for the remaining months of 2024.

Whitestone REIT (NYSE:WSR) has scheduled its fourth quarter 2024 earnings release and conference call. The company will release financial results for the quarter ended December 31, 2024, after market close on Monday, March 3, 2025. A webcast and conference call, led by CEO Dave Holeman, will follow on Tuesday, March 4, 2025, at 8:30 A.M. Eastern Time.

The conference call will be accessible via domestic (1-877-407-0784) and international (1-201-689-8560) dial-in numbers. A telephone replay will be available through March 18, 2025, with replay numbers provided for both domestic (1-844-512-2921) and international (1-412-317-6671) participants using passcode 13747760. The webcast can be accessed through Whitestone's investor relations website.

Whitestone REIT (NYSE: WSR) reports strong performance in their 2024 year-end CEO letter, highlighting their successful differentiated strategy focused on high-return shop spaces. The company's portfolio value has seen significant appreciation, with analyst Net Asset Value calculations increasing 16% since Q3 2023, marking the second-highest increase among peers.

Key strategic components include:

• 75% of ABR from high-growth, optimally sized shop space
• Average lease terms of 4 years to capture market-rate adjustments
• Dedicated leasing team utilizing technology and strong underwriting

Whitestone REIT (NYSE: WSR) has signed a lease with EoS Fitness for a 40,000-square-foot location at Windsor Park Center in San Antonio, marking their second partnership. This follows EoS Fitness's successful opening at Williams Trace Plaza in Sugar Land, Texas, where it has increased customer traffic by 60% since September 2024.

The gym chain, known for its High Value Low Price (HVLP)® model, will open at Windsor Park Center in 2026. At Williams Trace Plaza, recent tenant additions including EoS Fitness have contributed to a 30% increase in Net Operating Income from Q3 2022. The company expects further growth in 2025 with the development of a new pad site along Williams Trace Boulevard.

Whitestone REIT (NYSE: WSR) has announced a 9% increase in its quarterly dividend, raising it to $0.135 per share for the first quarter of 2025. The dividend will be paid in three monthly installments of $0.045 per share. CEO Dave Holeman confirmed the company's 2024 Core FFO per share guidance, targeting 11% year-over-year growth at the midpoint.

The company expects to maintain a healthy payout ratio of approximately 50% of Core FFO while continuing its strategy of growing earnings, increasing dividend levels, and strengthening its balance sheet through lower debt leverage. Monthly distributions for Q1 2025 are scheduled for January 14, February 11, and March 11, 2025.

MCB Real Estate has withdrawn its proposal to acquire Whitestone REIT (NYSE: WSR) following the board's refusal to engage in meaningful discussions. MCB had offered $15 per share in an all-cash transaction, representing a 14.5% premium to Whitestone's share price before their initial June 3, 2024 proposal and a 61.8% premium to the price before the Fortress proposal. As Whitestone's largest actively managed shareholder with 9.4% ownership, MCB criticizes the board's entrenchment and lack of strategic review process. The company threatens potential board removal at the next annual meeting if the pattern of delay continues.

Whitestone REIT (NYSE: WSR) has appointed two new independent trustees to its Board: Kristian M. Gathright and Donald A. Miller, effective immediately. Gathright, former Executive VP and COO of Apple Hospitality REIT, brings extensive operational and strategic experience, including B2C knowledge and Board expertise. Miller, former CEO of Piedmont Office Realty Trust, contributes significant real estate leadership experience and Sun Belt market expertise. These appointments maintain the Board at six trustees, with five being independent, as Nandita V. Berry and David F. Taylor step down.

MCB Real Estate, managing approximately $3 billion in assets, has issued a statement regarding its $15.00 per share cash proposal to acquire Whitestone REIT (NYSE: WSR). The offer represents a 14.5% premium to Whitestone's share price prior to MCB's initial June 2024 proposal and a 61.8% premium to the price before the rumored Fortress proposal in October 2023. The Whitestone Board has rejected MCB's improved proposal and refused to engage in meaningful discussions. MCB highlights that Whitestone delivered only 0.1% total shareholder returns under current management before takeover interest emerged, and questions the board's refusal to grant due diligence or explore strategic alternatives.