Whitestone REIT Reports Second Quarter and Year-To-Date 2025 Results
Whitestone REIT (NYSE:WSR) reported strong Q2 2025 financial results, with notable improvements in key metrics. The company achieved a 5.4% year-over-year increase in Core FFO per share, reaching $0.26. Occupancy grew by 100 basis points from Q1 2025 to 93.9%, while average base rent per leased square foot increased 5.3% to $25.28.
Q2 2025 revenues reached $37.9 million, with net income of $5.1 million ($0.10 per share). Same-Store NOI grew 2.5% to $25.0 million. The company maintained its 2025 guidance, projecting Core FFO per share of $1.03-$1.07 and same-store NOI growth of 3.0-4.5%.
Whitestone's portfolio includes 56 Community-Centered Properties spanning 4.9 million square feet across Texas and Arizona markets, with 1,456 diverse tenants. The company declared a quarterly dividend of $0.135 per share for Q3 2025.
Whitestone REIT (NYSE:WSR) ha riportato risultati finanziari solidi per il secondo trimestre 2025, con miglioramenti significativi nei principali indicatori. La società ha registrato un aumento annuo del 5,4% nel Core FFO per azione, raggiungendo $0,26. L'occupazione è cresciuta di 100 punti base rispetto al primo trimestre 2025, arrivando al 93,9%, mentre l'affitto base medio per piede quadrato locato è aumentato del 5,3%, raggiungendo $25,28.
I ricavi del secondo trimestre 2025 hanno raggiunto i $37,9 milioni, con un utile netto di $5,1 milioni ($0,10 per azione). Il NOI Same-Store è cresciuto del 2,5% raggiungendo $25,0 milioni. La società ha confermato le previsioni per il 2025, prevedendo un Core FFO per azione tra $1,03 e $1,07 e una crescita del NOI Same-Store tra il 3,0% e il 4,5%.
Il portafoglio di Whitestone comprende 56 proprietà focalizzate sulle comunità per un totale di 4,9 milioni di piedi quadrati nei mercati del Texas e dell'Arizona, con 1.456 inquilini diversificati. La società ha dichiarato un dividendo trimestrale di $0,135 per azione per il terzo trimestre 2025.
Whitestone REIT (NYSE:WSR) reportó sólidos resultados financieros en el segundo trimestre de 2025, con mejoras destacadas en métricas clave. La compañía logró un aumento interanual del 5.4% en el Core FFO por acción, alcanzando $0.26. La ocupación creció 100 puntos básicos desde el primer trimestre de 2025 hasta un 93.9%, mientras que la renta base promedio por pie cuadrado arrendado aumentó un 5.3% hasta $25.28.
Los ingresos del segundo trimestre de 2025 alcanzaron los $37.9 millones, con un ingreso neto de $5.1 millones ($0.10 por acción). El NOI de Same-Store creció un 2.5% hasta $25.0 millones. La compañía mantuvo sus proyecciones para 2025, anticipando un Core FFO por acción entre $1.03 y $1.07 y un crecimiento del NOI Same-Store de entre 3.0% y 4.5%.
El portafolio de Whitestone incluye 56 propiedades centradas en la comunidad que abarcan 4.9 millones de pies cuadrados en los mercados de Texas y Arizona, con 1,456 arrendatarios diversos. La compañía declaró un dividendo trimestral de $0.135 por acción para el tercer trimestre de 2025.
Whitestone REIT (NYSE:WSR)는 2025년 2분기 강력한 재무 실적을 발표하며 주요 지표에서 눈에 띄는 개선을 보였습니다. 회사는 주당 핵심 FFO가 전년 대비 5.4% 증가하여 $0.26에 도달했습니다. 점유율은 2025년 1분기 대비 100 베이시스 포인트 상승하여 93.9%를 기록했으며, 임대된 평방피트당 평균 기본 임대료는 5.3% 증가하여 $25.28에 달했습니다.
2025년 2분기 매출은 $37.9백만에 달했으며, 순이익은 $5.1백만($0.10 주당)이었습니다. 동일 점포 순영업소득(NOI)은 2.5% 증가하여 $25.0백만을 기록했습니다. 회사는 2025년 가이던스를 유지하며, 주당 핵심 FFO를 $1.03-$1.07, 동일 점포 NOI 성장률을 3.0-4.5%로 전망했습니다.
Whitestone의 포트폴리오에는 텍사스와 애리조나 시장 전역에 걸쳐 56개의 커뮤니티 중심 부동산이 포함되어 있으며, 1,456명의 다양한 임차인이 입주해 있습니다. 회사는 2025년 3분기 분기 배당금을 주당 $0.135로 선언했습니다.
Whitestone REIT (NYSE:WSR) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec des améliorations notables sur les indicateurs clés. La société a enregistré une augmentation de 5,4 % en glissement annuel du Core FFO par action, atteignant 0,26 $. Le taux d’occupation a progressé de 100 points de base par rapport au premier trimestre 2025 pour atteindre 93,9 %, tandis que le loyer de base moyen par pied carré loué a augmenté de 5,3 % pour atteindre 25,28 $.
Les revenus du deuxième trimestre 2025 ont atteint 37,9 millions de dollars, avec un bénéfice net de 5,1 millions de dollars (0,10 $ par action). Le NOI Same-Store a augmenté de 2,5 % pour atteindre 25,0 millions de dollars. La société a maintenu ses prévisions pour 2025, prévoyant un Core FFO par action entre 1,03 $ et 1,07 $ ainsi qu’une croissance du NOI Same-Store entre 3,0 % et 4,5 %.
Le portefeuille de Whitestone comprend 56 propriétés centrées sur la communauté couvrant 4,9 millions de pieds carrés sur les marchés du Texas et de l’Arizona, avec 1 456 locataires diversifiés. La société a déclaré un dividende trimestriel de 0,135 $ par action pour le troisième trimestre 2025.
Whitestone REIT (NYSE:WSR) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit bemerkenswerten Verbesserungen bei wichtigen Kennzahlen. Das Unternehmen erzielte einen 5,4%igen Anstieg des Core FFO pro Aktie im Jahresvergleich und erreichte $0,26. Die Belegungsrate stieg von Q1 2025 um 100 Basispunkte auf 93,9%, während die durchschnittliche Grundmiete pro vermieteter Quadratfußfläche um 5,3% auf $25,28 zunahm.
Die Einnahmen im zweiten Quartal 2025 beliefen sich auf $37,9 Millionen, mit einem Nettogewinn von $5,1 Millionen ($0,10 pro Aktie). Das Same-Store-NOI wuchs um 2,5% auf $25,0 Millionen. Das Unternehmen bestätigte seine Prognose für 2025 und erwartet ein Core FFO pro Aktie von $1,03 bis $1,07 sowie ein Wachstum des Same-Store-NOI von 3,0 bis 4,5%.
Das Portfolio von Whitestone umfasst 56 Community-zentrierte Immobilien mit einer Gesamtfläche von 4,9 Millionen Quadratfuß in den Märkten von Texas und Arizona, mit 1.456 vielfältigen Mietern. Das Unternehmen erklärte eine Quartalsdividende von $0,135 pro Aktie für das dritte Quartal 2025.
- Core FFO per share increased 5.4% year-over-year to $0.26
- Occupancy improved by 100bps to 93.9% from Q1 2025
- Average base rent per leased square foot grew 5.3% to $25.28
- Strong rental rate growth of 17.9% (GAAP Basis)
- Same-Store NOI increased 2.5% year-over-year
- Net Income doubled to $5.1 million from $2.6 million year-over-year
- Total debt remains substantial at $671.2 million
- Occupancy for spaces >10,000 Sq Ft decreased to 95.9% from 97.0% year-over-year
- Interest expense guidance increased by $1 million to $33,000-$34,000
- Year-to-date net income per share decreased to $0.17 from $0.23 in 2024
Insights
Whitestone REIT delivered solid Q2 results with Core FFO growth of 5.4% YoY, occupancy gains, and 5.3% higher base rents.
Whitestone REIT's Q2 2025 results demonstrate strong operational momentum in its Sun Belt portfolio. Core FFO per share increased 5.4% year-over-year to
The company's leasing fundamentals show particular strength, with rental rate growth of
Same-store NOI growth of
Whitestone's portfolio of 56 community-centered properties spans 4.9 million square feet across Texas and Arizona, with a diversified tenant base of 1,456 tenants. The company's debt position stands at
The strong rental growth, especially on new leases, indicates Whitestone is successfully capitalizing on the favorable retail environment in its target markets, allowing it to enhance tenant quality while driving financial performance. The company's focus on convenience-oriented tenants providing essential services positions it well in the evolving retail landscape.
HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the second quarter and year-to-date of 2025. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in some of the largest, fastest-growing, high-household-income markets in the Sun Belt.
“Whitestone delivered a very strong quarter, increasing Core FFO per share by
| – Dave Holeman, Chief Executive Officer |
Second Quarter 2025 Operating and Financial Results
All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
Reconciliations of Net Income Attributable to Whitestone REIT to FFO, Core FFO, NOI and EBITDAre are included herein.
- Revenues of
$37.9 million versus$37.6 million for the second quarter of 2024. - Net Income attributable to common shareholders of
$5.1 million , or$0.10 per diluted share, versus$2.6 million , or$0.05 per diluted share for the second quarter of 2024. - Core Funds from Operations (“FFO”) of
$13.5 million versus$12.6 million for the second quarter of 2024. - FFO per diluted share of
$0.26 versus$0.22 for the second quarter of 2024. - Core FFO per diluted share was
$0.26 versus$0.24 for the second quarter of 2024. - EBITDAre of
$21.9 million versus$20.2 million for the second quarter of 2024. - Same-Store Net Operating Income (“NOI”) grew
2.5% to$25.0 million versus$24.4 million for the second quarter of 2024. - Net Effective Annual Base Rental Revenue per leased square foot was up
5.3% to$25.28 , compared to the prior year quarter.
Year-to-date Operating and Financial Results
All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
Reconciliations of Net Income Attributable to Whitestone REIT to FFO, Core FFO, NOI and EBITDAre are included herein.
- Revenues of
$75.9 million versus$74.8 for the same period in 2024. - Net Income attributable to commons shareholders of
$8.8 million , or$0.17 per diluted share, versus$11.9 million , or$0.23 per diluted share for the same period in 2024. - Core Funds from Operations (“FFO”) of
$26.6 million versus$24.8 million for the same period in 2024. - FFO per diluted share of
$0.51 versus$0.45 for the same period in 2024. - Core FFO per diluted share was
$0.51 versus$0.48 for the same period in 2024. - EBITDAre of
$43.3 million versus$40.7 for the same period in 2024. - Same-Store Net Operating Income (“NOI”) grew
3.9% to$49.3 million versus$47.5 million for the same period in 2024.
Operating Results
For the three-month periods ending June 30, 2025 and 2024, the Company’s operating highlights were as follows:
| Second Quarter 2025 | Second Quarter 2024 | |||||
| Occupancy: | ||||||
| Wholly Owned Properties – All | ||||||
| >10,000 Sq Ft Occupancy | ||||||
| ≤ 10,000 Sq Ft Occupancy | ||||||
| Same Store Property Net Operating Income Change (1) | ||||||
| Rental Rate Growth - Total (GAAP Basis): | ||||||
| New Leases | ||||||
| Renewal Leases | ||||||
| Leasing Transactions: | ||||||
| Number of New Leases | 24 | 30 | ||||
| New Leases - Lease Term Revenue (millions) | ||||||
| Number of Renewal Leases | 54 | 47 | ||||
| Renewal Leases - Lease Term Revenue (millions) | ||||||
Balance Sheet and Debt Metrics
- As of June 30, 2025, Whitestone had total debt of
$671.2 million , along with capacity and availability of$68.7 million each under its$250 million revolving credit facility. - As of June 30, 2025, the Company has undepreciated real estate assets of
$1.3 billion .
Dividend
On June 10, 2025, the Company declared a quarterly cash distribution of
2025 Full Year Guidance
The Company has updated its 2025 full-year guidance for interest expense. The guidance update is as follows:
| Q2 2025 Revised Guidance | 2025 Original Guidance | |
| (unaudited, amounts in thousands except per share and percentages) | ||
| Net income attributable to Whitestone REIT | ||
| Core FFO (1) | ||
| Net income attributable to Whitestone REIT per share | ||
| Core FFO per diluted share and OP Unit (1) | ||
| Key Drivers: | ||
| Same store net operating income growth (2) | ||
| Bad debt as a percentage of revenue | ||
| General and administrative expense | ||
| Interest expense | ||
| Ending occupancy | ||
(1) For the reconciliation of forward-looking non-GAAP financial measure to the comparable GAAP financial measure, see the “Core FFO per diluted share and OP unit” reconciliation table. Core Funds from Operations (“Core FFO”) is a non-GAAP measure. Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.
(2) Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.
Portfolio Statistics
As of June 30, 2025, Whitestone wholly owned 56 Community-Centered Properties™ with 4.9 million square feet of gross leasable area (“GLA”). Five of the 56 Community-Centered Properties™ are land parcels held for future development. The portfolio is comprised of 32 properties in Texas and 24 in Arizona. Whitestone’s Community-Centered Properties™ are located in the MSA's of Austin (7), Dallas-Fort Worth (10), Houston (12), Phoenix (24), and San Antonio (3). The Company’s properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities.
At the end of the second quarter, the Company’s diversified tenant base was comprised of 1,456 tenants, with the largest tenant accounting for only
Conference Call Information
In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Thursday, July 31, 2025, at 8:30 A.M Eastern Time / 7:30 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:
To listen to a webcast of the conference call, click on the Investor Relations tab of the Company’s website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone’s website via the webcast link until the Company’s next earnings release. Additional information about Whitestone can be found on the Company’s website.
| Dial-in number for domestic participants: | 1-877-407-0784 |
| Dial-in number for international participants: | 1-201-689-8560 |
The conference call will be recorded, and a telephone replay will be available through Friday, August 15, 2025. Replay access information is as follows:
| Replay number for domestic participants: | 1-844-512-2921 |
| Replay number for international participants: | 1-412-317-6671 |
| Passcode (for all participants): | 13747766 |
Supplemental Financial Information
The second quarter earnings release and supplemental data package will be located in the “News and Events” and “Financial Reporting” tabs of the Investor Relations section of the Company’s website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.
Forward-Looking Statements
This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition and results of operations, statements related to our expectations regarding the performance of our business, and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, particularly in Austin, Houston, Dallas, San Antonio, Scottsdale and Phoenix in particular, including the potential impact of public health emergencies, on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; our current geographic concentration in the Austin, Houston, Dallas, San Antonio, Scottsdale and Phoenix metropolitan area markets makes us susceptible to potential local economic downturns; increases in interest rates, including as a result of inflation, which may increase our operating costs or general and administrative expenses; natural disasters, such as floods and hurricanes, which may increase as a result of climate change may adversely affect our returns and adversely impact our existing and prospective tenants; increasing focus by stakeholders on environmental, social, and governance matters; financial institution disruptions; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of our operating cash flow; the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all; and the ultimate amount we will collect in connection with the redemption of our equity investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP.”); and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.
Non-GAAP Financial Measures
This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”) including EBITDAre, FFO, Core FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.
EBITDAre: The National Association of Real Estate Investment Trusts (“NAREIT”) defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity’s share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. We calculate EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
FFO: Funds From Operations: NAREIT defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership.
Core Funds from Operations (“Core FFO”) is a non-GAAP measure. From time to time, we report or provide guidance with respect to “Core FFO” which removes the impact of certain non-recurring and non-operating transactions or other items we do not consider to be representative of our core operating results including, without limitation, default interest on debt of real estate partnership, extinguishment of debt cost, gains or losses associated with litigation involving the Company that is not in the normal course of business, and proxy contest costs.
Management uses FFO and Core FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO and Core FFO presented by us is comparable to similarly titled measures of other REITs.
NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, loss on disposal of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, and gain or loss on sale or disposition of assets.
Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company’s property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company’s performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define “Non-Same Stores” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.
Net debt: We present net debt, which we define as total debt net of insurance financing less cash plus our proportional share of net debt of real estate partnership, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.
Investor and Media Relations:
David Mordy
Director, Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED BALANCE SHEETS |
| (in thousands, except share and per share data) |
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Real estate assets, at cost | ||||||||
| Property | $ | 1,294,319 | $ | 1,248,223 | ||||
| Accumulated depreciation | (257,003) | (246,534) | ||||||
| Total real estate assets | 1,037,316 | 1,001,689 | ||||||
| Cash and cash equivalents | 5,324 | 5,224 | ||||||
| Restricted cash | — | 10,146 | ||||||
| Escrows and deposits | 2,691 | 4,006 | ||||||
| Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) | 32,508 | 33,820 | ||||||
| Receivable from partnership redemption | 31,643 | 31,643 | ||||||
| Receivable due from related party | 14,959 | 15,186 | ||||||
| Unamortized lease commissions, legal fees and loan costs | 14,724 | 14,693 | ||||||
| Prepaid expenses and other assets(2) | 6,002 | 7,805 | ||||||
| Finance lease right-of-use assets | 10,367 | 10,427 | ||||||
| Total assets | $ | 1,155,534 | $ | 1,134,639 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Notes payable | $ | 670,345 | $ | 631,518 | ||||
| Accounts payable and accrued expenses(3) | 33,497 | 40,703 | ||||||
| Payable due to related party | 1,535 | 1,577 | ||||||
| Tenants' security deposits | 9,416 | 9,295 | ||||||
| Dividends and distributions payable | 6,974 | 6,931 | ||||||
| Finance lease liabilities | 760 | 781 | ||||||
| Total liabilities | 722,527 | 690,805 | ||||||
| Commitments and contingencies: | — | — | ||||||
| Equity: | ||||||||
| Preferred shares, | — | — | ||||||
| Common shares, | 51 | 51 | ||||||
| Additional paid-in capital | 637,748 | 637,946 | ||||||
| Accumulated deficit | (210,587) | (205,557) | ||||||
| Accumulated other comprehensive income | 301 | 5,713 | ||||||
| Total Whitestone REIT shareholders' equity | 427,513 | 438,153 | ||||||
| Noncontrolling interest in subsidiary | 5,494 | 5,681 | ||||||
| Total equity | 433,007 | 443,834 | ||||||
| Total liabilities and equity | $ | 1,155,534 | $ | 1,134,639 | ||||
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED BALANCE SHEETS |
| (in thousands) |
| June 30, 2025 | December 31, 2024 | |||||||
| (1) Accrued rents and accounts receivable, net of allowance for doubtful accounts | ||||||||
| Tenant receivables | $ | 16,734 | $ | 17,285 | ||||
| Accrued rents and other recoveries | 28,331 | 29,964 | ||||||
| Allowance for doubtful accounts | (13,524) | (14,720) | ||||||
| Other receivables | 967 | 1,291 | ||||||
| Total accrued rents and accounts receivable, net of allowance for doubtful accounts | $ | 32,508 | $ | 33,820 | ||||
| (2) Operating lease right of use assets (net) | $ | 1,261 | $ | 59 | ||||
| (3) Operating lease liabilities | $ | 1,260 | $ | 58 | ||||
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| (in thousands) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Rental(1) | $ | 37,681 | $ | 37,480 | $ | 75,076 | $ | 74,221 | ||||||||
| Management, transaction, and other fees | 211 | 167 | 819 | 590 | ||||||||||||
| Total revenues | 37,892 | 37,647 | 75,895 | 74,811 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Depreciation and amortization | 8,517 | 8,521 | 17,841 | 17,321 | ||||||||||||
| Operating and maintenance | 7,175 | 7,015 | 14,187 | 13,364 | ||||||||||||
| Real estate taxes | 3,965 | 3,912 | 8,217 | 8,150 | ||||||||||||
| General and administrative | 4,921 | 6,552 | 10,364 | 12,732 | ||||||||||||
| Total operating expenses | 24,578 | 26,000 | 50,609 | 51,567 | ||||||||||||
| Other expenses (income) | ||||||||||||||||
| Interest expense | 8,291 | 8,788 | 16,388 | 17,307 | ||||||||||||
| (Gain) loss on sale of properties | (207) | 75 | (207) | (6,450) | ||||||||||||
| Loss on disposal of assets | 53 | 72 | 153 | 72 | ||||||||||||
| Interest, dividend and other investment income | (35) | (4) | (135) | (12) | ||||||||||||
| Total other expenses | 8,102 | 8,931 | 16,199 | 10,917 | ||||||||||||
| Income before equity investment in real estate partnership and income tax | 5,212 | 2,716 | 9,087 | 12,327 | ||||||||||||
| Deficit in earnings of real estate partnership | — | — | — | (28) | ||||||||||||
| Provision for income tax | (94) | (90) | (221) | (209) | ||||||||||||
| Net income | 5,118 | 2,626 | 8,866 | 12,090 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | 64 | 34 | 111 | 158 | ||||||||||||
| Net income attributable to Whitestone REIT | $ | 5,054 | $ | 2,592 | $ | 8,755 | $ | 11,932 | ||||||||
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| (in thousands, except per share data) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Basic Earnings Per Share: | ||||||||||||||||
| Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.10 | $ | 0.05 | $ | 0.17 | $ | 0.24 | ||||||||
| Diluted Earnings Per Share: | ||||||||||||||||
| Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.10 | $ | 0.05 | $ | 0.17 | $ | 0.23 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic | 50,897 | 49,960 | 50,894 | 49,951 | ||||||||||||
| Diluted | 51,914 | 51,120 | 51,912 | 51,116 | ||||||||||||
| Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||||
| Net income | $ | 5,118 | $ | 2,626 | $ | 8,866 | $ | 12,090 | ||||||||
| Other comprehensive income (loss) | ||||||||||||||||
| Unrealized gain (loss) on cash flow hedging activities | (1,955) | 643 | (5,481) | 5,650 | ||||||||||||
| Comprehensive income | 3,163 | 3,269 | 3,385 | 17,740 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | 64 | 34 | 111 | 158 | ||||||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (25) | 8 | (69) | 74 | ||||||||||||
| Comprehensive income attributable to Whitestone REIT | $ | 3,124 | $ | 3,227 | $ | 3,343 | $ | 17,508 | ||||||||
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| (in thousands) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (1) Rental | ||||||||||||||||
| Rental revenues | $ | 27,850 | $ | 27,372 | $ | 55,055 | $ | 54,236 | ||||||||
| Recoveries | 10,236 | 10,194 | 20,745 | 20,671 | ||||||||||||
| Bad debt | (405) | (86) | (724) | (686) | ||||||||||||
| Total rental | $ | 37,681 | $ | 37,480 | $ | 75,076 | $ | 74,221 | ||||||||
| Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 8,866 | $ | 12,090 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 17,841 | 17,321 | ||||||
| Amortization of deferred loan costs | 561 | 534 | ||||||
| Gain on sale of properties | (207) | (6,450) | ||||||
| Loss on disposal of assets | 153 | 72 | ||||||
| Bad debt | 724 | 686 | ||||||
| Share-based compensation | 1,961 | 1,624 | ||||||
| Deficit in earnings of real estate partnership | — | 28 | ||||||
| Amortization of right-of-use assets - finance leases | 60 | 43 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Escrows and deposits | 1,315 | 6,469 | ||||||
| Accrued rents and accounts receivable | 655 | (1,013) | ||||||
| Receivable due from related party | 227 | (19) | ||||||
| Unamortized lease commissions, legal fees and loan costs | (1,285) | (1,768) | ||||||
| Prepaid expenses and other assets | (2,310) | 999 | ||||||
| Accounts payable and accrued expenses | (11,723) | (7,258) | ||||||
| Payable due to related party | (42) | — | ||||||
| Tenants' security deposits | 121 | 424 | ||||||
| Net cash provided by operating activities | 16,917 | 23,782 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisitions of real estate | (34,226) | (50,136) | ||||||
| Acquisitions of real estate - release of restricted cash from 1031 exchange | (10,148) | — | ||||||
| Additions to real estate | (10,161) | (8,548) | ||||||
| Proceeds from sale of property | 4,239 | 25,661 | ||||||
| Net cash used in investing activities | (50,296) | (33,023) | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions paid to common shareholders | (13,690) | (12,131) | ||||||
| Distributions paid to OP unit holders | (174) | (160) | ||||||
| Net proceeds from (payments of) credit facility | 56,300 | (11,000) | ||||||
| Repayments of notes payable | (17,572) | (21,777) | ||||||
| Repurchase of common shares | (1,510) | (2,641) | ||||||
| Payment of finance lease liability | (21) | (10) | ||||||
| Proceeds from notes payable | — | 56,340 | ||||||
| Payment of loan origination costs | — | (789) | ||||||
| Net cash provided by financing activities | 23,333 | 7,832 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (10,046) | (1,409) | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 15,370 | 4,640 | ||||||
| Cash, cash equivalents and restricted cash at end of period (1) | $ | 5,324 | $ | 3,231 | ||||
| (1) | For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below. |
| Whitestone REIT and Subsidiaries |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| Supplemental Disclosures |
| (in thousands) |
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 16,522 | $ | 17,013 | ||||
| Cash paid for taxes | $ | 457 | $ | 432 | ||||
| Non cash investing and financing activities: | ||||||||
| Disposal of fully depreciated real estate | $ | 280 | $ | 45 | ||||
| Financed insurance premiums | $ | — | $ | 2,638 | ||||
| Value of shares issued under dividend reinvestment plan | $ | 54 | $ | 42 | ||||
| Value of common shares exchanged for OP units | $ | 55 | $ | 354 | ||||
| Change in fair value of cash flow hedge | $ | (5,481) | $ | 5,650 | ||||
| Accrued capital expenditures | $ | 719 | $ | 1,629 | ||||
| Receivable from partnership redemption | $ | — | $ | 31,643 | ||||
| Recognition of finance lease liability | $ | — | $ | 86 | ||||
| Recognition of operating lease liability | $ | 1,220 | $ | — | ||||
| Accrued taxes related to share repurchase | $ | 758 | $ | — | ||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash, cash equivalents and restricted cash | ||||||||
| Cash and cash equivalents | $ | 5,324 | $ | 3,231 | ||||
| Restricted cash | — | — | ||||||
| Total cash, cash equivalents and restricted cash | $ | 5,324 | $ | 3,231 | ||||
| Whitestone REIT and Subsidiaries |
| RECONCILIATION OF NON-GAAP MEASURES |
| (in thousands, except per share and per unit data) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| FFO (NAREIT) AND CORE FFO | ||||||||||||||||
| Net income attributable to Whitestone REIT | $ | 5,054 | $ | 2,592 | $ | 8,755 | $ | 11,932 | ||||||||
| Adjustments to reconcile to FFO:(1) | ||||||||||||||||
| Depreciation and amortization of real estate assets | 8,509 | 8,497 | 17,809 | 17,265 | ||||||||||||
| Depreciation and amortization of real estate assets of real estate partnership (pro rata) (2) | — | — | — | 111 | ||||||||||||
| Loss on disposal of assets | 53 | 72 | 153 | 72 | ||||||||||||
| (Gain) loss on sale of properties | (207) | 75 | (207) | (6,450) | ||||||||||||
| Net income attributable to noncontrolling interests | 64 | 34 | 111 | 158 | ||||||||||||
| FFO (NAREIT) | $ | 13,473 | $ | 11,270 | $ | 26,621 | $ | 23,088 | ||||||||
| Adjustments to reconcile to Core FFO: | ||||||||||||||||
| Proxy contest costs | — | 1,319 | — | 1,757 | ||||||||||||
| Core FFO | $ | 13,473 | $ | 12,589 | $ | 26,621 | $ | 24,845 | ||||||||
| FFO PER SHARE AND OP UNIT CALCULATION | ||||||||||||||||
| Numerator: | ||||||||||||||||
| FFO | $ | 13,473 | $ | 11,270 | $ | 26,621 | $ | 23,088 | ||||||||
| Core FFO | $ | 13,473 | $ | 12,589 | $ | 26,621 | $ | 24,845 | ||||||||
| Denominator: | ||||||||||||||||
| Weighted average number of total common shares - basic | 50,897 | 49,960 | 50,894 | 49,951 | ||||||||||||
| Weighted average number of total noncontrolling OP units - basic | 643 | 649 | 644 | 656 | ||||||||||||
| Weighted average number of total common shares and noncontrolling OP units - basic | 51,540 | 50,609 | 51,538 | 50,607 | ||||||||||||
| Effect of dilutive securities: | ||||||||||||||||
| Unvested restricted shares | 1,017 | 1,160 | 1,018 | 1,165 | ||||||||||||
| Weighted average number of total common shares and noncontrolling OP units - diluted | 52,557 | 51,769 | 52,556 | 51,772 | ||||||||||||
| FFO per common share and OP unit - basic | $ | 0.26 | $ | 0.22 | $ | 0.52 | $ | 0.46 | ||||||||
| FFO per common share and OP unit - diluted | $ | 0.26 | $ | 0.22 | $ | 0.51 | $ | 0.45 | ||||||||
| Core FFO per common share and OP unit - basic | $ | 0.26 | $ | 0.25 | $ | 0.52 | $ | 0.49 | ||||||||
| Core FFO per common share and OP unit - diluted | $ | 0.26 | $ | 0.24 | $ | 0.51 | $ | 0.48 | ||||||||
(1) Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.
(2) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of and for the period ended March 31, 2024 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.
| Whitestone REIT and Subsidiaries |
| RECONCILIATION OF NON-GAAP MEASURES |
| (continued) |
| (in thousands) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| PROPERTY NET OPERATING INCOME | ||||||||||||||||
| Net income attributable to Whitestone REIT | $ | 5,054 | $ | 2,592 | $ | 8,755 | $ | 11,932 | ||||||||
| General and administrative expenses | 4,921 | 6,552 | 10,364 | 12,732 | ||||||||||||
| Depreciation and amortization | 8,517 | 8,521 | 17,841 | 17,321 | ||||||||||||
| Deficit in earnings of real estate partnership (1) | — | — | — | 28 | ||||||||||||
| Interest expense | 8,291 | 8,788 | 16,388 | 17,307 | ||||||||||||
| Interest, dividend and other investment income | (35) | (4) | (135) | (12) | ||||||||||||
| Provision for income taxes | 94 | 90 | 221 | 209 | ||||||||||||
| (Gain) loss on sale of properties | (207) | 75 | (207) | (6,450) | ||||||||||||
| Loss on disposal of assets | 53 | 72 | 153 | 72 | ||||||||||||
| NOI of real estate partnership (pro rata)(1) | — | — | — | 183 | ||||||||||||
| Net income attributable to noncontrolling interests | 64 | 34 | 111 | 158 | ||||||||||||
| NOI | $ | 26,752 | $ | 26,720 | $ | 53,491 | $ | 53,480 | ||||||||
| Non-Same Store NOI (2) | (781) | (1,196) | (2,282) | (3,209) | ||||||||||||
| NOI of real estate partnership (pro rata) (1) | — | — | — | (183) | ||||||||||||
| NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata) | 25,971 | 25,524 | 51,209 | 50,088 | ||||||||||||
| Same Store straight-line rent adjustments | (738) | (839) | (1,220) | (1,944) | ||||||||||||
| Same Store amortization of above/below market rents | (165) | (252) | (228) | (408) | ||||||||||||
| Same Store lease termination fees | (19) | (1) | (445) | (269) | ||||||||||||
| Same Store NOI (3) | $ | 25,049 | $ | 24,432 | $ | 49,316 | $ | 47,467 | ||||||||
(1) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the six months ended June 30, 2024 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.
(2) We define “Non-Same Store” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purpose of comparing the three months ended June 30, 2025 to the three months ended June 30, 2024, Non-Same Store includes properties owned before April 1, 2024, and not sold before June 30, 2025, but not included in discontinued operations. For purposes of comparing the six months ended June 30, 2025 to the six months ended June 30, 2024, Non-Same Store includes properties acquired between January 1, 2024 and June 30, 2025 and properties sold between January 1, 2024 and June 30, 2025, but not included in discontinued operations.
(3) We define “Same Store” as properties that have been owned during the entire period being compared. For purpose of comparing the three months ended June 30, 2025 to the three months ended June 30, 2024, Same Store includes properties owned before April 1, 2024 and not sold before June 30, 2025. For purposes of comparing the six months ended June 30, 2024 to the six months ended June 30, 2024, Same Store includes properties owned before January 1, 2024 and not sold before June 30, 2025. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded.
| Whitestone REIT and Subsidiaries |
| RECONCILIATION OF NON-GAAP MEASURES |
| (continued) |
| (in thousands) |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) | ||||||||||||||||
| Net income attributable to Whitestone REIT | $ | 5,054 | $ | 2,592 | $ | 8,755 | $ | 11,932 | ||||||||
| Depreciation and amortization | 8,517 | 8,521 | 17,841 | 17,321 | ||||||||||||
| Interest expense | 8,291 | 8,788 | 16,388 | 17,307 | ||||||||||||
| Provision for income taxes | 94 | 90 | 221 | 209 | ||||||||||||
| Net income attributable to noncontrolling interests | 64 | 34 | 111 | 158 | ||||||||||||
| Deficit in earnings of real estate partnership (1) | — | — | — | 28 | ||||||||||||
| EBITDAre adjustments for real estate partnership (1) | — | — | — | 136 | ||||||||||||
| (Gain) loss on sale of properties | (207) | 75 | (207) | (6,450) | ||||||||||||
| Loss on disposal of assets | 53 | 72 | 153 | 72 | ||||||||||||
| EBITDAre | $ | 21,866 | $ | 20,172 | $ | 43,262 | $ | 40,713 | ||||||||
| (1 | ) | We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the six months ended June 30, 2024 have not been made available to us, we have estimated deficit in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest. |
| Whitestone REIT and Subsidiaries |
| RECONCILIATION OF NON-GAAP MEASURES |
| Initial Full Year Guidance for 2025 |
| (in thousands, except per share and per unit data) |
| Projected Range Full Year 2025 | ||||||||
| Low | High | |||||||
| FFO and Core FFO per diluted share and OP unit | ||||||||
| Net income attributable to Whitestone REIT | $ | 17,135 | $ | 19,219 | ||||
| Adjustments to reconcile to FFO | ||||||||
| Depreciation and amortization of real estate assets | 36,781 | 36,781 | ||||||
| Net income attributable to noncontrolling interests | 242 | 268 | ||||||
| FFO | $ | 54,158 | $ | 56,268 | ||||
| Adjustments to reconcile to Core FFO | ||||||||
| Adjustments | — | — | ||||||
| Core FFO (1) | $ | 54,158 | $ | 56,268 | ||||
| Denominator: | ||||||||
| Diluted shares | 52,084 | 52,084 | ||||||
| OP Units | 649 | 649 | ||||||
| Diluted share and OP Units | 52,733 | 52,733 | ||||||
| Net income attributable to Whitestone REIT per diluted share | $ | 0.33 | $ | 0.37 | ||||
| FFO per diluted share and OP Unit | $ | 1.03 | $ | 1.07 | ||||
| Core FFO per diluted share and OP Unit (1) | $ | 1.03 | $ | 1.07 | ||||
| (1) | Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy. |
FAQ
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