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) 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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