Whitestone Improves Tenant Mix, Increases Occupancy by 3.5%, and Increases NOI by 6.3% at Its Fountain Hills Plaza Property in AZ; Adds AutoZone to its High Quality, E-Commerce Resistant Tenant Base
Whitestone REIT has enhanced its Fountain Hills Plaza property in Arizona by signing a lease with AutoZone, resulting in a 3.5% increase in occupancy and a 6.3% boost in net operating income. This strategic move not only diversifies tenant offerings but also strengthens cash flow for shareholders. The presence of AutoZone, alongside existing tenants like Bashas', Ace Hardware, and Verizon, highlights the community-centric approach of Whitestone, especially during the ongoing pandemic, which has shown increased foot traffic in the area.
- Increased property occupancy by 3.5%.
- Boosted property net operating income by 6.3%.
- Enhanced quality of cash flows for shareholders.
- None.
HOUSTON, March 02, 2021 (GLOBE NEWSWIRE) -- Whitestone REIT gets “Into the Zone” by adding AutoZone to its Fountain Hills Plaza property in Arizona.
With the signing of AutoZone, Whitestone increased property occupancy by
Chairman and CEO Jim Mastandrea commented, “Fountain Hills Plaza has been an essential staple in the community of Fountain Hills, providing for the neighborhood throughout COVID as evidenced by the consistent foot traffic we were able to track over the past eleven months of the pandemic. In fact, data sourced from our internal artificial intelligence platform has shown actual increases in year-over-year foot traffic during 15 weeks of the pandemic. This type of data speaks to the significantly important role our centers play in the everyday lives of our neighborhoods. The essential quality of our properties in turn, helps attract quality tenants who want to benefit from the steady and consistent consumer visits to our centers.”
About AutoZone
AutoZone is the nation's leading retailer and a leading distributor of automotive replacement parts and accessories with more than 6,000 stores in US, Puerto Rico, Mexico, and Brazil. Each store carries an extensive line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured hard parts, maintenance items and accessories. Since opening its first store in Forrest City, Ark. on July 4, 1979, the company has joined the New York Stock Exchange (NYSE: AZO) and earned a spot in the Fortune 500.
About Whitestone REIT
Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt.
Whitestone seeks to create Communities That Thrive through Creating Local Connections between consumers in the surrounding communities and a well-crafted mix of local, regional and national tenants that provide daily necessities, needed services, entertainment and experiences.
Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years.
Whitestone’s strong balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles. For additional information, please visit www.whitestonereit.com.
Investors Contact:
Kevin Reed, Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
