Whitestone REIT Declares Third Quarter 2021 Dividends

Rhea-AI Summary

Whitestone REIT (NYSE: WSR) has declared a monthly cash dividend of $0.035833 per share, totaling a quarterly amount of $0.1075, and an annualized amount of $0.43 per share. The upcoming dividends will be distributed in July, August, and September 2021, with record and payment dates set for 7/2, 8/3, and 9/2, and payment dates of 7/14, 8/12, and 9/14, respectively. Current yields stand at 5%, with a payout ratio to FFO Core of 44%. The company aims to grow through $230 million in redevelopment and acquisition initiatives, reflecting its commitment to shareholder returns.

Positive

• Declared a monthly dividend of $0.035833 per share, maintaining a strong 5% yield.
• Consistent monthly dividends paid for over 15 years, showcasing strong financial stability.
• Plans to grow through $230 million redevelopment and acquisition projects.

Negative

• None.

HOUSTON, June 11, 2021 (GLOBE NEWSWIRE) --  Whitestone REIT’s (NYSE:WSR) (“Whitestone” or the “Company”) Board of Trustees has declared a monthly cash dividend of $0.035833 per share on the Company’s common shares and operating partnership units. The dividend amount represents a quarterly amount of $0.1075, and an annualized amount of $0.43 per share. The third quarter dividend distribution for 2021 will be as detailed below:

Month		Record Date	Payment Date
July		7/2/2021	7/14/2021
August		8/3/2021	8/12/2021
September		9/2/2021	9/14/2021

“We are pleased to announce Whitestone’s 131st, 132nd and 133rd consecutive monthly dividend distributions. As the economy reopens, we are proud of the fact that we have consistently provided our shareholders with uninterrupted monthly dividends throughout the pandemic. Currently, our dividend equates to a 5% yield⁽¹⁾ and our pay-out ratio to FFO Core is 44%⁽²⁾. Our business model and strategically chosen markets were stress tested and proven to be resilient and sustainable during the Covid pandemic and our recovery has been swift. We believe the strength of our business model provides our shareholders with a predictable dividend, as well as a growth opportunity,” commented Chairman and Chief Executive Officer, Jim Mastandrea.

“We look forward to continuing to accretively grow Whitestone both organically and externally through our internal re-development / development opportunities of $230 million, and our deep external pipeline of potential acquisitions in our current markets. Our current shareholders are beginning to recognize the financial rewards of our work and, as we continue to execute our business plan, we welcome new shareholders.”

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 (NYSE: WSR) pays monthly dividends to its shareholders and it has consistently done so for more than 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.

(1)   based on our June 10, 2021 closing price
(2)   for the Quarter ended March 31, 2021

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology, such as “may,” “will,” “plan,” “expect,” “intend,” “anticipate,” “believe,” “continue,” “goals” or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: the Company's ability to meet its long-term goals, its assumptions regarding its earnings guidance, including its ability to execute effectively its acquisition and disposition strategy, to continue to execute its development pipeline on schedule and at the expected costs, and its ability to grow its NOI as expected, which could be impacted by a number of factors, including, among other things, its ability to continue to renew leases or re-let space on attractive terms and to otherwise address its leasing rollover; its ability to successfully identify, finance and consummate suitable acquisitions, and the impact of such acquisitions, including financing developments, capitalization rates and internal rates of return; the Company’s ability to reduce or otherwise effectively manage its general and administrative expenses; the Company’s ability to fund from cash flows or otherwise distributions to its shareholders at current rates or at all; current adverse market and economic conditions; lease terminations or lease defaults; changes in the economies and other conditions of the specific markets in which the Company operates; economic, legislative and regulatory changes; the success of the Company's real estate strategies and investment objectives; the Company's ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended; and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

		Three Months Ended
		March 31,
FFO (NAREIT) AND FFO CORE		2021			2020
Net income attributable to Whitestone REIT	$	1,415		$	1,612
Adjustments to reconcile to FFO:
Depreciation and amortization of real estate assets		6,980			6,909
Depreciation and amortization of real estate assets of real estate partnership (pro rata)		405			449
(Gain) loss on sale or disposal of assets, net		(1	)		207
Loss (gain) on sale of property from discontinued operations		-			-
Loss on sale or disposal of properties or assets of real estate partnership (pro rata)		-			53
Net income attributable to noncontrolling interests		26			35
FFO (NAREIT)		8,825			9,265
Adjustments to reconcile to FFO Core:
Share-based compensation expense		1,468			1,326
Early debt extinguishment costs of real estate partnership		-			-
Gain on loan forgiveness		-			-
FFO Core	$	10,293		$	10,591

Contact Whitestone REIT:
Kevin Reed
Director of Investor Relations
(713) 435-2219
kreed@whitestonereit.com

Rebecca Elliott
Vice President, Corporate Communications
(713) 435-2228
relliott@whitestonereit.com

FAQ

What is the dividend amount for WSR in July 2021?

The dividend amount for WSR in July 2021 is $0.035833 per share.

When will WSR's next dividend be paid?

WSR's next dividend will be paid on July 14, 2021.

What is the annualized dividend amount for WSR?

The annualized dividend amount for WSR is $0.43 per share.

What is the yield of WSR's dividends?

The current yield of WSR's dividends is 5%.

What is the payout ratio for WSR's dividends?

The payout ratio for WSR's dividends is 44% relative to FFO Core.