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 announced the termination of its shareholder rights plan, also known as a “poison pill,” effective February 7, 2022, ahead of the scheduled expiration date of May 13, 2022. This move aligns with the company's commitment to corporate governance best practices, as noted by CEO David Holeman, who emphasized the importance of shareholder feedback in this decision. Whitestone, operating primarily in affluent Sunbelt markets, has a history of consistent monthly dividend payments for over 15 years, backed by a strong and balanced capital structure.
Whitestone REIT (NYSE: WSR) has disclosed the federal income tax treatment of its 2021 cash distributions to common shareholders. For 2021, the total distribution per share is reported at $0.428330, with ordinary dividends amounting to $0.345600 and an unrecaptured Section 1250 gain of $0.082730. Shareholders are advised to consult their tax advisors for personalized guidance on the tax treatment of these distributions. Whitestone REIT focuses on community-centered shopping centers in affluent markets across the Sunbelt, paying monthly dividends for over 15 years.
Whitestone REIT (NYSE:WSR) will release its financial results for Q4 and year-end 2021 on March 1, 2022. A conference call and webcast will follow on March 2, 2022, at 11:00 AM ET, providing detailed insights into the company's performance. Investors can access the earnings release and supplemental data via the Investor Relations section of the company's website. Whitestone has maintained a commitment to monthly dividends for over 15 years, highlighting its stability and growth potential in the competitive REIT market.
Whitestone REIT (NYSE: WSR) announced a leadership change on January 18, 2022, appointing Dave Holeman as CEO and Scott Hogan as CFO. This followed the termination of James Mastandrea for cause due to violations of company standards, although it was not related to the firm's financial performance. The Board emphasized their commitment to corporate governance and confidence in the company's operations and assets. Whitestone's upcoming financial results for Q4 2021 will be reported in early March.
Whitestone REIT (NYSE: WSR) has declared a monthly cash dividend of $0.035833 per share for the first quarter of 2022, totaling $0.1075 quarterly or $0.43 annually. This marks the company's 137th, 138th, and 139th consecutive monthly dividend distributions. With a current annual yield of 4.5% that exceeds the shopping center industry average of 3.3%, the dividend payout ratio to FFO Core stands at 43%, lower than the industry average of 53%. Notably, Whitestone continues to achieve increased occupancy rates and improve its debt leverage ratio.
Whitestone REIT (NYSE:WSR) has acquired Anderson Arbor, an open-air shopping center in northwest Austin, Texas, enhancing its portfolio in high-growth areas. This acquisition increases Whitestone's total leasable area in the Austin-San Antonio market to approximately 734,000 square feet. Anderson Arbor, which is 90.9% leased, is projected to add $2.5 million to revenues in 2022. The center benefits from a strong demographic profile and is strategically located near major corporations, providing significant growth opportunities.
Whitestone REIT (NYSE: WSR) has maintained strong demand for its restaurant spaces, comprising 18% of its gross leasable area, offering a 35% rental premium. The company has quickly filled vacancies, primarily with local restaurants that adapted well during the pandemic. With a focus on high-quality dining experiences, Whitestone’s properties are attracting restaurateurs seeking second-generation spaces, which ease costs and expedite openings. New restaurants, including Hudson House and Prey, are set to enhance the dining landscape in their respective locations.
Whitestone REIT (NYSE: WSR) reported third-quarter 2021 results showcasing a net income of $2.9 million, or $0.06 per share, compared to $0.9 million or $0.02 per share in Q3 2020. Revenue rose to $32.4 million, a 7% increase in Same-Store Net Operating Income (NOI) to $20.7 million, and an improvement in debt-to-EBITDA ratio to 8.1X. The Company continues to target high-growth markets for expansion, with significant leasing activity reflected in a 13.1% rental rate growth. A quarterly dividend of $0.1075 was announced for Q4 2021.
Whitestone REIT (NYSE:WSR) announced it will release its Q3 financial results after market close on October 26, 2021. A conference call will follow on October 27, 2021, at 11:00 A.M. ET, featuring CEO Jim Mastandrea and CFO Dave Holeman. Interested parties can access the call via the Investor Relations section of the Whitestone website. The earnings release and supplemental data will be available on its site, with a mail option for those without internet access. Whitestone REIT has maintained monthly dividends for over 15 years, supported by a strong capital structure.
Whitestone REIT (NYSE: WSR) announced its fourth quarter 2021 monthly cash dividend of $0.035833 per share, totaling $0.1075 quarterly and an annualized $0.43. This represents a 41% payout ratio of FFO Core. The dividend payment dates are October 14, November 12, and December 13, 2021. Whitestone's annual dividend yield stands at 4.4%, outperforming the industry average of 3.5%. The company aims to sustain predictable dividends and growth opportunities through a robust business model, managing costs effectively with rent increases built into leases.
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