Welcome to our dedicated page for Whitestone news (Ticker: WSR), a resource for investors and traders seeking the latest updates and insights on Whitestone stock.
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust focused on open-air, convenience-oriented retail centers in high-growth markets across Texas and Arizona. The Whitestone REIT news feed on this page aggregates company press releases, market announcements, and third-party coverage related to WSR stock and its operations.
Readers can follow updates on Whitestone’s acquisitions and property activity, including neighborhood shopping center purchases such as World Cup Plaza in Frisco, Texas, and Ashford Village in Houston, as well as property-level initiatives like remerchandising and occupancy milestones at centers such as The Promenade at Fulton Ranch in Chandler, Arizona. These stories illustrate how Whitestone curates tenant mixes and manages its portfolio of open-air retail centers.
The news stream also captures financial and corporate developments, such as quarterly and year-to-date operating results, Same-Store NOI trends, rental rate growth, and updates on Whitestone’s unsecured credit facility and at-the-market equity program. Dividend announcements, including changes in payment schedules and declared distribution amounts, appear alongside information on share repurchase authorizations and other capital allocation decisions disclosed in press releases and Form 8-K filings.
Another important category of coverage relates to strategic and shareholder matters. Recent items include Whitestone’s acknowledgement of an unsolicited, non-binding acquisition proposal from MCB Real Estate and subsequent public letters from MCB discussing its ownership stake and proposed purchase price. These communications provide context for investors tracking potential corporate transactions involving WSR.
By reviewing this news page, investors and researchers can see how Whitestone communicates about its neighborhood-focused retail strategy, portfolio performance, financing arrangements, and shareholder-related proposals. For deeper analysis, individual articles can be read in full to understand the details behind each headline and how they relate to Whitestone REIT’s broader business model.
Whitestone REIT (NYSE: WSR) reported strong Q2 2024 results, with 6.6% Same Store Net Operating Income growth and GAAP leasing spreads of 33% on new leases. Key highlights include:
- Revenues of $37.6 million, up from $36.5 million in Q2 2023
- Net Income of $2.6 million, or $0.05 per diluted share
- Core FFO of $12.6 million, or $0.24 per diluted share
- Occupancy at 93.5%
- Net Effective Annual Base Rental Revenue per leased square foot up 5.4% to $24.00
The company reiterated its 2024 Core FFO per share guidance, projecting 11% year-over-year growth at the midpoint. Whitestone's focus on high-growth Sunbelt markets and strong leasing environment contribute to its positive outlook.
Whitestone REIT (NYSE:WSR) announced it will release its second-quarter financial results for the period ending June 30, 2024, after the market closes on July 31, 2024.
A webcast and conference call to discuss these results will take place on August 1, 2024, at 8:30 AM Eastern Time, led by CEO Dave Holeman.
Domestic participants can dial 1-877-407-0784, and international participants can dial 1-201-689-8560, using passcode 13742563. A replay will be available until August 15, 2024, via 1-844-512-2921 (domestic) and 1-412-317-6671 (international), passcode 13742563.
Listeners can access the live webcast and replay via Whitestone's investor relations website.
On June 11, 2024, Whitestone REIT (NYSE: WSR) announced the opening of The Picklr at Eldorado Plaza in McKinney, Texas. The Picklr, North America's fastest-growing indoor pickleball franchise, replaces the former Bed, Bath, and Beyond space. This addition aims to increase foot traffic and cater to the community's needs. The Picklr plans to open 38 new clubs nationwide, with 52 more leases expected by 2025. NFL legend Drew Brees is a Brand Ambassador and investor. Whitestone's Eldorado Plaza, purchased in 2017, benefits from high local household incomes and is set to see accelerated growth due to this new tenant.
Whitestone REIT (NYSE: WSR) has announced a monthly cash dividend of $0.04125 per share for the third quarter of 2024. This equates to a quarterly dividend of $0.12375 per share and an annualized dividend of $0.495 per share. The dividends are scheduled as follows:
July: Record Date - 7/5/2024, Payment Date - 7/11/2024, Distribution - $0.04125 per share.
August: Record Date - 8/2/2024, Payment Date - 8/14/2024, Distribution - $0.04125 per share.
September: Record Date - 9/4/2024, Payment Date - 9/12/2024, Distribution - $0.04125 per share.
The Board of Trustees remains committed to delivering consistent returns to its shareholders.
Whitestone REIT (NYSE: WSR) has announced significant leadership changes within its Board of Trustees. Amy S. Feng has been appointed as the new Chair of the Board, while Julia B. Buthman will chair the Nominating and Governance Committee. Both trustees joined the board in 2022 and 2023, respectively, and have been instrumental in implementing a successful turnaround strategy, resulting in a 43.7% total shareholder return since 2022.
Whitestone is engaging a national search firm to find two new independent trustees to replace David F. Taylor and Nandita V. Berry, who will step down once successors are appointed. CEO Dave Holeman praised Taylor and Berry for their contributions, which included a strategic reset and governance improvements. The company has received strong support from shareholders at the recent Annual Meeting, and plans to continue evolving its board and strategies to enhance shareholder value and operational excellence.
Whitestone REIT (NYSE: WSR) announced that CEO Dave Holeman will participate in a 'Fireside Chat' at Nareit’s 2024 REITweek Investor Conference. The event will take place on Wednesday, June 5, 2024, at 2:00 PM Eastern. Mr. Holeman will be hosted by Citizens JMP Analyst Mitch Germain. The company has provided a link to access the audio of the event.
Whitestone REIT (NYSE:WSR) announced preliminary results from its 2024 Annual Meeting of Shareholders. All six board nominees were re-elected, and shareholders approved the company's executive compensation and the ratification of Pannell Kerr Forster of Texas, P.C. as auditor. The results are still subject to final certification. The board expressed gratitude for shareholder support and emphasized its commitment to creating value and incorporating feedback into its strategy and governance. The company will file a Form 8-K with the SEC to report these preliminary results and will amend it with final results once certified.
Whitestone REIT is urging shareholders to support its highly qualified trustee nominees at the upcoming Annual Meeting on May 14, 2024. The company's successful turnaround strategy under new leadership has resulted in strong operational performance, positive earnings growth, lower leverage, improved corporate governance, and successful resolution of past litigation matters. The market has recognized and rewarded Whitestone's efforts with a total return of +36% since January 18, 2022. However, Erez Asset Management is seeking to disrupt Whitestone's progress by nominating two candidates lacking relevant skillsets and a clear strategy. Glass Lewis and Egan Jones have recommended that shareholders vote 'FOR ALL' of Whitestone's board nominees on the WHITE proxy card, emphasizing the company's operational performance, financial condition, and corporate governance improvements.
Erez Asset Management, is advocating for change at Whitestone REIT by nominating two trustee candidates, Catherine Clark and Bruce Schanzer, to Whitestone's Board of Trustees. Erez criticizes Whitestone's underperformance, insufficient corporate governance, and poor financial management. They outline initiatives to address capital allocation, excessive G&A, financial management, and governance issues. Erez urges Whitestone shareholders to vote for their nominees for long-term value creation.
EREZ Asset Management questions Whitestone REIT Board's recent conduct and calls for urgent change to improve governance, capital allocation, and management oversight to create long-term shareholder value. EREZ nominates two candidates with relevant REIT experience, urging shareholders to vote for change at the upcoming Annual Meeting.
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