Core Viewpoint - Whitestone REIT will release its financial results for Q4 2024 on March 3, 2025, after market close [1] - A conference call to discuss the results will be held on March 4, 2025, at 8:30 A.M. Eastern Time [2] Financial Results Announcement - The financial results for the fourth quarter ended December 31, 2024, will be announced after market close on March 3, 2025 [1] - The conference call will be led by the CEO, Dave Holeman, and will provide insights into the financial performance [2] Conference Call Details - Domestic participants can dial in at 1-877-407-0784, while international participants can use 1-201-689-8560 [2] - A recording of the conference call will be available until March 18, 2025 [2][3] Replay Access Information - Domestic replay number is 1-844-512-2921, and international replay number is 1-412-317-6671 with passcode 13747760 [3] Company Overview - Whitestone REIT is a community-centered real estate investment trust that focuses on acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [4] - The company emphasizes convenience-focused centers with a mix of service-oriented tenants, including food, self-care, services, education, and entertainment [5]

Core Insights - The Federal Reserve's recent meeting indicated a potential for fewer interest rate cuts in the coming year, which is significant for the REIT sector [6] - The company emphasizes a strategy of risk dispersion by focusing on smaller, flexible real estate spaces rather than traditional retail formats [3][4] - The service sector, particularly restaurants, is identified as an overlooked opportunity, with the company recognizing the competitive nature of restaurants against grocery stores [3] Interest Rate Impact - The company acknowledges the challenges posed by rising interest rates over the past couple of years, but is now seeing a relaxation in rates that could create future opportunities [3][4] - Interest rates are a critical factor in the company's strategy, necessitating a focus on laddering maturities and maintaining banking relationships to adapt to market changes [6] Retail Sector Focus - The company is concentrating on smaller format retail centers that cater to neighborhood convenience, distinguishing itself from traditional mall and big box retail strategies [3][4] - Contrary to the perception that retail is declining, the company asserts that there are vibrant opportunities within the retail space, particularly in service-oriented and convenience-focused locations [3]

Core Insights - Whitestone REIT continues to demonstrate the effectiveness of its differentiated strategy, with asset values steadily increasing and a strong total shareholder return over the past three years [1][2][7] - The company has achieved a 16% increase in net asset value as assessed by sell-side analysts since Q3 2023, indicating a positive reassessment of its future potential [3][5] Strategy and Operations - 75% of annual base rent (ABR) is derived from high-growth, high-return shop spaces, with an average lease term of 4 years, allowing for quicker adjustments to market rents [3] - The company has maintained a leasing spread exceeding 17% for 10 consecutive quarters, reinforcing the credibility of its operational strategy [4] - Occupancy rates improved to 94.1% in Q3 2024, with a same-store net operating income (NOI) growth target raised to 3.75% - 4.75% after achieving 4.9% year-to-date growth [8] Financial Performance - Core funds from operations (Core FFO) per share are estimated to be between $0.98 and $1.04 for 2024, reflecting an 11% growth compared to 2023 [9][10] - The company has reduced its leverage ratio to 7.2x, with expectations to lower it further to between 6.6x and 7.0x by the end of 2024 [13][45] - Whitestone REIT declared a 9% increase in dividends for Q1 2025, demonstrating confidence in its earnings growth trajectory [10] Portfolio and Growth Strategy - The company has successfully acquired properties such as Garden Oaks Shopping Center and Scottsdale Commons, funded through timely dispositions, enhancing growth potential [17] - Whitestone's portfolio is concentrated in fast-growing sunbelt markets, with a focus on optimizing community connections and tenant relationships [15][24] - The company anticipates further growth opportunities and value creation as it enters 2025, supported by a disciplined acquisition strategy and a refreshed board [23][24][25]

Core Points - Whitestone REIT's board declared a monthly cash dividend of 4.5 cents per share for Q1 2025, marking a 9% increase from the previous payout [1] - The dividend increase supports a payout ratio of approximately 50% of core funds from operations (FFO), reflecting the company's commitment to growing earnings and improving its balance sheet [2] - The company aims to align quarterly dividends with earnings growth and plans to leverage its expertise in high-return retail spaces for significant earnings growth in 2025 [3] Industry Insights - Solid dividend payouts are crucial for attracting REIT investors, and Whitestone's dividend hike demonstrates its ability to generate cash flow from its operating portfolio [4] - Over the past six months, Whitestone's shares have increased by 7.2%, while the industry has seen a growth of 13.3% [4] - Other REITs with better rankings include Welltower and Alpine Income Property Trust, with projected FFO per share growth of 17% and 15.7% respectively for 2024 [5][6]

Core Points - Whitestone REIT has declared a monthly cash dividend of $0.045 per share for the first quarter of 2025, representing a 9% increase from the previous quarterly dividend amount [1][2] - The company aims to maintain a healthy payout ratio of approximately 50% of Core FFO while targeting an 11% year-over-year growth in Core FFO per share for 2024 [2] - The dividend distribution schedule for the first quarter of 2025 includes payments in January, February, and March, each at $0.045 per share [2] Company Overview - Whitestone REIT is a community-centered real estate investment trust that focuses on acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [3] - The company's retail centers are designed to be convenience-focused, featuring a mix of service-oriented tenants that provide food, self-care, services, education, and entertainment to local communities [4] - Strong community connections and deep tenant relationships are considered key to the success of Whitestone's current centers and acquisition strategy [4]

Core Insights - Whitestone REIT focuses on community-centered retail centers in high-growth Sunbelt markets, particularly Texas and Arizona, providing a unique investment opportunity in the REIT sector [1][16] - The company's strategy emphasizes strategic acquisitions and redevelopment of existing properties rather than new developments, allowing for quicker value addition [2][10] Business Model and Strategy - Whitestone's business model is built on identifying properties with untapped potential and applying operational expertise to enhance value [3][4] - The company fosters strong tenant relationships through shorter lease terms, enabling adaptability to market changes and enhancing tenant satisfaction [4][5] - A data-driven approach is employed to analyze local market needs, ensuring a complementary tenant mix that benefits both tenants and the community [5][10] Financial Performance - In Q3 FY2024, Whitestone reported a 4.6% increase in same-store net operating income (NOI) to $24.2 million, driven by strategic tenant selection [6][8] - Revenue for the quarter rose to $38.6 million, up from $37.1 million in Q3 2023, with net income attributable to common shareholders increasing to $7.6 million from $2.5 million year-over-year [8] - The company achieved a robust occupancy rate of 94.1% and impressive leasing spreads of 25.3%, indicating strong demand for its properties [7][10] Growth Strategy - Whitestone's growth strategy includes organic expansion, strategic acquisitions in the Sunbelt markets, and proactive remerchandising initiatives [10][12] - Over the past two years, the company has invested approximately $100 million in acquisitions, demonstrating its commitment to growth [12] - The company also seeks to enhance value through redevelopment opportunities within existing centers, creating additional revenue streams [13] Market Outlook - Management expresses optimism about the long-term prospects for convenience-focused retail centers, citing a favorable supply environment and limited new developments [15][16] - The disciplined capital allocation and focus on core FFO per share growth highlight the company's commitment to long-term shareholder value [16][18] - Whitestone REIT is positioned for continued growth and value creation through its community-centered approach and strategic focus on high-growth markets [16][17]

It was a great time to buy Whitestone REIT (NYSE: WSR ) back in November 2023, when the current yield stood above 4.5% and the growth outlook seemed strong enough to deliver strong total return performance. Since then, WSR has registered moreFull time trader and investor. Instead of lengthy and boring articles, I prefer writing concise arguments about value stocks. My goal is to identify great entry levels. Prices that you can remember years later and say "it was a great time to buy". My focus is on quality ...

Core Viewpoint - Whitestone REIT is identified as a deep-value real estate investment trust with strong long-term growth prospects driven by positive leasing spreads and a low payout ratio, making it an attractive option for passive income investors [1][2][10]. Company Overview - Whitestone REIT operates open-air retail shopping centers primarily in Texas and Arizona, benefiting from strong economic fundamentals, growing populations, and above-average household incomes in these markets [3][8]. - The trust's markets are expected to experience sustained rental growth due to limited new strip center supply [3]. Financial Performance - In Q1 2024, Whitestone REIT reported a net operating income (NOI) of $23.9 million, reflecting a 3.1% year-over-year growth, with a focus on acquisitions and rental increases to drive future growth [7][9]. - The trust's funds from operations (FFO) guidance for the year is between $0.98 and $1.04 per share, indicating an 11% year-over-year increase [13]. Dividend and Payout Ratio - Whitestone REIT has a dividend payout ratio of 52%, slightly lower than the previous year's 55%, allowing for reinvestment in property portfolio growth while providing a dividend yield of 3.7% [9][10]. - The trust raised its dividend by 3% in the second quarter, enhancing its appeal to passive income investors [2][10]. Market Dynamics - Positive leasing spreads, which reached 17% in Q1 2024, indicate strong negotiation power for the trust, contributing to its operational success [6][7]. - The trust's concentrated exposure to high-performance markets in Texas positions it for above-average NOI and FFO growth [8][14].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Marylan ...

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