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) is hosting its 'Coffee and Cars' event on December 5th, showcasing around 200 exotic cars at Market Street at DC Ranch in Scottsdale, Arizona. The event, co-sponsored by Scuderia Southwest, aims to enhance community engagement and boost local businesses. Previous events have resulted in up to a 25% sales increase for tenants. With expected attendance over 1,000, this initiative reflects Whitestone's strategy of creating thriving communities through local connections and events.
Whitestone REIT (NYSE: WSR) will host the Scottsdale Motorsports Gathering starting November 7, 2020, from 7 am to 10 am at its Market Street at DC Ranch location. The event, free for spectators, features over 60 member cars and welcomes non-member vehicles for a fee. Attendees can enjoy breakfast treats from local retailers. CEO Jim Mastandrea emphasizes the win-win partnership with Scuderia Southwest, aiming to enhance foot traffic and community engagement. This monthly gathering reflects a growing interest in outdoor events, showcasing high-performance cars and fostering local connections.
Whitestone REIT (WSR) announced its Q3 2020 results, highlighting net income of $0.9 million ($0.02 per diluted share) and funds from operations (FFO) of $8.5 million ($0.19 per share). The company reported a 4.5% drop in same-store net operating income (NOI) and has successfully collected 90% of its Q3 rents. Notably, occupancy for wholly owned properties decreased to 88.9%. Despite challenges from the COVID-19 pandemic, 97% of tenants remained operational. Whitestone maintains a strong balance sheet with $40.7 million in cash and has reduced real estate debt by $9.5 million.
Whitestone REIT (NYSE: WSR) reported a strong 90% rental collection rate for Q3-2020, a significant increase from 81% in Q2-2020. All 53 properties are operational, with 97% of tenants open based on annualized base rent. Only 10 out of 1,386 tenants closed due to bankruptcy, equating to less than 0.5% of annualized base rent. The company emphasizes its commitment to tenant support during the COVID-19 pandemic and maintains a well-covered dividend yielding about 7%. The current share price is viewed as a unique investment opportunity due to a COVID-related discount to net asset value.
Whitestone REIT (WSR) will release its third-quarter financial results for the period ending September 30, 2020, on October 26, 2020, after market close. A conference call, led by CEO Jim Mastandrea and CFO Dave Holeman, will take place on October 27, 2020, at 8:30 A.M. ET. Investors can access the call via the company's website. Whitestone, a REIT focused on community-centered shopping centers in fast-growing Sunbelt markets, has a history of consistent monthly dividend payments for over 15 years.
Whitestone REIT (NYSE:WSR) has declared a monthly cash dividend of $0.035 per share. This amounts to a quarterly total of $0.105 and an annualized rate of $0.42 per share. The fourth quarter payment dates are set for October 15, November 12, and December 10, with record dates on October 6, November 3, and December 2, respectively. The company remains committed to its shareholders, distributing its 123rd to 125th consecutive monthly dividends, emphasizing resilient markets and essential services.
Whitestone REIT (NYSE: WSR) announced that Jim Mastandrea, Chairman and CEO, and Dave Holeman, CFO, will present a business overview at the BMO 2020 Real Assets Virtual Conference on September 2-3, 2020. The company focuses on community-centered retail, acquiring and managing high-quality centers in affluent markets in the Sunbelt region. Whitestone has paid monthly dividends for over 15 years, emphasizing stability and growth even in economic downturns. For more information, visit www.whitestonereit.com.
Whitestone REIT (NYSE: WSR) reported its Q2 2020 financial results, revealing a net income of $0.4 million, or $0.01 per diluted share. Funds from Operations (FFO) were $8.4 million, or $0.19 per share, a decrease due to $2.8 million in bad debt related to COVID-19. The company collected 81% of Q2 contractual rents and 86% of July rents. Despite a 7.9% decrease in Same-store Net Operating Income, rental rates on new and renewal leases increased by 6.7% and 12.4% respectively. Whitestone holds $45 million in cash and has no immediate debt maturities.
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