Whitestone REIT - WSR STOCK NEWS

Whitestone REIT (NYSE:WSR) announced it will release its financial results for Q1 2023 after market close on May 2, 2023. A webcast and conference call will be held on May 3, 2023, at 8:00 A.M. ET to discuss the results, led by CEO Dave Holeman. The call will be accessible via dial-in numbers provided for domestic and international participants, with a passcode required. A replay will be available until May 17, 2023. Whitestone focuses on acquiring and operating community-centered retail centers in high-growth markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.

Whitestone REIT (NYSE: WSR) announced a monthly cash dividend of $0.04 per share, totaling $0.12 for the second quarter of 2023. This leads to an annualized dividend of $0.48 per share, providing shareholders with an approximate 5% yield. The dividends will be distributed in April, May, and June, with respective record dates on April 4, May 2, and June 2, and payment dates on April 11, May 11, and June 13. CEO Dave Holeman stated that the company is focused on improving financial performance while working towards a debt/EBITDAre ratio of approximately 7x by year-end 2023.

Whitestone REIT (WSR) reported strong fourth quarter and full year 2022 results, highlighting a record occupancy rate of 93.7%, a 240 basis point increase. Revenue rose to $34.9 million for Q4 2022, up from $33.3 million in Q4 2021, while net income reached $19.9 million, up significantly from $2.6 million. The Funds from Operations (FFO) per share increased nearly 20% to $1.03 for the full year. The company’s same-store NOI grew by 7.9% year-over-year. For 2023, Whitestone anticipates net income per share of $0.29 to $0.33 and FFO per diluted share of $0.95 to $0.99. The fourth quarter dividend reflects an 11.6% increase from 2021.

Whitestone REIT (NYSE: WSR) announced the federal income tax treatment of 2022 cash distributions for its common shareholders. For the total distribution of $0.467499 per share, all of it qualifies as ordinary dividends. The distributions were made on a monthly basis throughout 2022, with specific amounts of $0.035833 for the first three months and increasing to $0.040000 in the latter months. Shareholders are advised to consult their tax advisors for personalized tax treatment regarding these distributions.

Whitestone focuses on community-centered, open-air retail centers in high-growth markets across Texas and Arizona.

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.