Welcome to our dedicated page for Whitestone REIT news (Ticker: WSR), a resource for investors and traders seeking the latest updates and insights on Whitestone REIT stock.
Whitestone REIT (NYSE: WSR) is a fully integrated real estate investment trust (REIT) that specializes in acquiring, owning, managing, developing, and redeveloping high-quality retail centers. These centers are often described as 'internet-resistant,' meaning they are designed to serve essential community needs that can't easily be replaced by online shopping.
The company boasts a diversified portfolio concentrated in some of the fastest-growing and business-friendly metropolitan areas such as Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix, and San Antonio. Whitestone REIT focuses on owning and operating commercial properties in these culturally diverse markets, thereby providing a stable source of rental revenue.
Latest Achievements and Ventures:
- Whitestone REIT recently filed a definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (SEC) in connection with its 2024 Annual Meeting of Shareholders.
- In the most recent quarter, Whitestone declared a quarterly cash distribution of $0.12375 per common share and OP unit, marking a 3.13% increase from the previous quarter.
- The company has successfully reset its strategy under the new leadership of CEO David Holeman, which has resulted in superior total returns to shareholders since January 2022.
Core Business and Revenue:
Whitestone REIT's primary business is managing open-air retail centers that house tenants offering essential services, such as food, health and fitness, financial services, education, and entertainment. These tenants contribute to the company's revenue primarily through rental incomes, making Whitestone a reliable source of income for investors.
Financial Condition and Partnerships:
The company has updated its 2024 full-year guidance to reflect gains from the sale of Mercado at Scottsdale Ranch and expected proxy contest costs. Whitestone also emphasizes its commitment to maintaining a strong financial footing through strategic acquisitions and redevelopments, leveraging its community connections and deep tenant relationships.
Forward-Looking Statements:
Whitestone REIT has included several forward-looking statements in its latest reports, indicating the company's intent and belief in ongoing strong financial performance. However, these statements are subject to various risks and uncertainties, including economic downturns, changes in regulatory laws, and other market conditions that could impact the actual results.
For more detailed, up-to-date information, visit the company's official 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.
Whitestone REIT (NYSE: WSR) has unanimously rejected MCB Real Estate's $15 per share indication of interest, stating it undervalues the company based on Net Asset Value and Discounted Cash Flow analysis. The Board emphasized the company's strong performance, highlighting key metrics including: targeted 11% growth in 2024 Core FFO per share ($0.98-$1.04), increased Same Store NOI growth target of 3.75%-4.75%, improved Debt/EBITDAre ratio of 7.2x, and over 60% total shareholder returns since January 2022. The Board views the offer as opportunistically timed while the company gains momentum under new management.
Whitestone REIT (NYSE: WSR) reported strong Q3 2024 results with revenues of $38.6 million, up from $37.1 million in Q3 2023. Net income reached $7.6 million ($0.15 per share), compared to $2.5 million ($0.05 per share) in Q3 2023. The company achieved 4.6% Same Store NOI growth and 25.3% GAAP leasing spreads, with occupancy reaching 94.1%. Management raised Same Store NOI guidance to 3.75-4.75% and maintained Core FFO guidance projecting 11% year-over-year growth at midpoint. The company improved its Debt to EBITDAre ratio to 7.2x and secured a new $20 million term loan at 5.2% interest rate.
Whitestone REIT (NYSE:WSR) has announced its plans to release third quarter 2024 financial results after market close on Wednesday, October 30, 2024. The company will host a webcast and conference call to discuss these results on Thursday, October 31, 2024, at 8:30 A.M. Eastern Time. CEO Dave Holeman will lead the call.
Participants can access the call using the following details:
- Domestic dial-in: 1-877-407-0784
- International dial-in: 1-201-689-8560
- Passcode: 13742564
Whitestone REIT (NYSE: WSR) has announced its fourth quarter 2024 dividend. The Board of Trustees declared a monthly cash dividend of $0.04125 per share on the Company's common shares and operating partnership units. This translates to a quarterly amount of $0.12375 per share and an annualized amount of $0.495 per share. The dividend will be distributed in three installments:
- October: Record date 10/2/2024, Payment date 10/10/2024
- November: Record date 11/4/2024, Payment date 11/14/2024
- December: Record date 12/3/2024, Payment date 12/12/2024
Each monthly distribution will be $0.04125 per share/unit.
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