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) 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.
Whitestone REIT (NYSE: WSR) declared a monthly cash dividend of $0.04 per share for the first quarter of 2023, amounting to $0.12 quarterly and $0.48 annually, reflecting a yield of approximately 5%. CEO Dave Holeman emphasized the company's strategy focusing on community-oriented tenants in high-income areas. The record and payment dates for the dividend are set for January 4, February 2, and March 2, 2023, with payments due on January 11, February 14, and March 14, 2023.
Whitestone REIT (NYSE: WSR) announced a long-term lease with EoS Fitness for 51,000 square feet at Williams Trace Plaza in Sugar Land, Texas. The partnership aims to replace an underutilized grocer, enhancing traffic and tenant demand. The move aligns with Whitestone's community-centered strategy and is expected to boost investment returns and future earnings growth. With a record occupancy of 92.5% in Q3 2022, the company continues to target growth in thriving markets. EoS Fitness is noted for its high-quality health and wellness offerings and strong community engagement.
Whitestone REIT (NYSE:WSR) announced the completion of approximately $36 million in property dispositions since Q3 2022, yielding net proceeds of about $34 million. The sales, completed at a 5.6% capitalization rate, are part of the Company's asset management strategy. The proceeds will be allocated for debt reduction and future acquisitions aimed at enhancing earnings and improving debt metrics. Key properties sold include locations in Houston and Phoenix, with an occupancy rate of 90.3% and average base rent of $14.51.
Whitestone REIT (NYSE: WSR) announced strong Q3 2022 results, reporting revenues of $35.4 million, up from $32.4 million YoY. Net income rose to $3.9 million ($0.08 per diluted share), while FFO per diluted share increased to $0.24. The company achieved a record occupancy rate of 92.5%, with notable growth in rental rates. Revised 2022 guidance estimates net income of $0.35 - $0.38 per share and FFO of $1.00 - $1.02 per share. The upcoming dividend of $0.12 per share represents an 11.6% increase from last year.
Whitestone REIT (NYSE:WSR) announced it will release its third quarter financial results for the period ending September 30, 2022, after market close on November 1, 2022. A conference call to discuss these results will take place on November 2, 2022, at 8:00 A.M. Eastern Time, led by CEO Dave Holeman. Investors can access the conference call through the company's website, with a replay available until November 16, 2022. Whitestone REIT focuses on acquiring and managing open-air retail centers in growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.
Whitestone REIT (NYSE: WSR) has amended and extended its $515 million credit facility, which includes a $250 million revolver and a $265 million term loan. The facility can increase to $715 million and features attractive terms with maturity dates extending to 2028. The interest rates are tied to the Base Rate or Adjusted Term SOFR, with an ESG pricing provision allowing for margin adjustments based on sustainability targets. CEO Dave Holeman emphasized the facility's role in enhancing liquidity and financial flexibility, showcasing the company's strong balance sheet.
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