Whitestone Stock Price, News & Analysis

Whitestone REIT (NYSE:WSR) announced an investment grade issuer credit rating from Kroll Bond Rating Agency (KBRA) of BBB- with a Stable Outlook. This rating signifies the strength and progress of Whitestone over the past year, according to CFO Scott Hogan. The investment grade status will enhance the company's access to capital at competitive rates, facilitating future growth opportunities. KBRA conducted a thorough review of the company's strategy and operations.

Whitestone REIT specializes in acquiring, owning, and operating community-centered retail centers in rapidly growing markets, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.

Whitestone REIT (NYSE: WSR) will announce its fourth quarter financial results for the period ended December 31, 2022, on February 28, 2023. A conference call to discuss these results is scheduled for March 1, 2023, at 8:00 A.M. ET, led by CEO Dave Holeman. Investors can access the call via dial-in numbers provided and through a live webcast on the company's investor relations website. A replay will be available through March 15, 2023. Whitestone focuses on community-centered retail centers in regions like Phoenix, Austin, and Houston, emphasizing a tenant mix that supports local communities.

Whitestone REIT (NYSE: WSR) announced the acquisition of Lake Woodlands Crossing, a 60,246 square foot retail property in The Woodlands, TX. This marks Whitestone's first acquisition in the Houston market since 2017. The property is strategically located to benefit from high household incomes and strong community growth, with major tenants including Total Wine and Ulta Beauty. The acquisition aligns with the company's asset management strategy of utilizing proceeds from $36 million in recent dispositions for debt reduction and future acquisitions, aiming to fill an 11% vacancy at the new site.

Whitestone REIT (NYSE: WSR) shared a CEO letter reflecting on 2022 achievements and outlining four core initiatives: improving financial performance, aligning better with shareholders, strengthening the balance sheet, and monetizing its Pillarstone investment. Whitestone achieved a 16-19% growth in FFO per share and a record occupancy of 92.5%. The governance score improved from 9 to 3, with key changes in board structure and management compensation. The company anticipates continuing debt reduction and plans to leverage its real estate portfolio for future investments.

Whitestone REIT (NYSE: WSR) declared a monthly cash dividend of $0.04 per share for the first quarter of 2023, amounting to $0.12 quarterly and $0.48 annually, reflecting a yield of approximately 5%. CEO Dave Holeman emphasized the company's strategy focusing on community-oriented tenants in high-income areas. The record and payment dates for the dividend are set for January 4, February 2, and March 2, 2023, with payments due on January 11, February 14, and March 14, 2023.

Whitestone REIT (NYSE: WSR) announced a long-term lease with EoS Fitness for 51,000 square feet at Williams Trace Plaza in Sugar Land, Texas. The partnership aims to replace an underutilized grocer, enhancing traffic and tenant demand. The move aligns with Whitestone's community-centered strategy and is expected to boost investment returns and future earnings growth. With a record occupancy of 92.5% in Q3 2022, the company continues to target growth in thriving markets. EoS Fitness is noted for its high-quality health and wellness offerings and strong community engagement.

Whitestone REIT (NYSE:WSR) announced the completion of approximately $36 million in property dispositions since Q3 2022, yielding net proceeds of about $34 million. The sales, completed at a 5.6% capitalization rate, are part of the Company's asset management strategy. The proceeds will be allocated for debt reduction and future acquisitions aimed at enhancing earnings and improving debt metrics. Key properties sold include locations in Houston and Phoenix, with an occupancy rate of 90.3% and average base rent of $14.51.

Whitestone REIT (NYSE: WSR) announced strong Q3 2022 results, reporting revenues of $35.4 million, up from $32.4 million YoY. Net income rose to $3.9 million ($0.08 per diluted share), while FFO per diluted share increased to $0.24. The company achieved a record occupancy rate of 92.5%, with notable growth in rental rates. Revised 2022 guidance estimates net income of $0.35 - $0.38 per share and FFO of $1.00 - $1.02 per share. The upcoming dividend of $0.12 per share represents an 11.6% increase from last year.