Whitestone REIT(WSR)2025-03-03 21:51Financial Performance - For Q4 2024, net income attributable to common shareholders per diluted share was 0.03 in Q4 2023, representing a significant increase[11]. - For the full year 2024, net income attributable to common shareholders per diluted share was 0.38 in 2023, indicating strong annual growth[11]. - Revenues for Q4 2024 were 37.5 million in Q4 2023, representing a growth of 8.8%[16]. - Net income attributable to common shareholders for Q4 2024 was 0.33 per diluted share, compared to 0.03 per diluted share in Q4 2023[16]. - Net income for the year ended December 31, 2024, was 19,450,000 in 2023, representing a 92% increase[51]. - Total revenues for Q4 2024 were 37,524,000 in Q4 2023[47]. - The company reported a comprehensive income of 8,491,000 in Q4 2023[48]. Operational Metrics - Core FFO per share grew by 11% year-over-year, demonstrating robust operational performance[12]. - Same Store NOI growth for the full year 2024 was 5.1%, reflecting effective property management and leasing strategies[12]. - Same-Store Net Operating Income (NOI) grew by 5.8% to 23.7 million in Q4 2023[16]. - Total property revenues for the year ended December 31, 2024, were 137,247,000 in 2023[72]. - Core Funds from Operations (FFO) for Q4 2024 were 12.4 million in Q4 2023[16]. - Funds from Operations (FFO) for the year ended December 31, 2024, were 45,390,000 in 2023[57]. - Core FFO for the year ended December 31, 2024, was 46,765,000 in 2023[57]. Debt and Financial Stability - The debt to EBITDAre ratio improved to 6.6X in Q4 2024, a reduction of nearly one full turn compared to Q4 2023, indicating enhanced financial stability[12]. - As of December 31, 2024, the company had total debt of 1.2 billion[22]. - The debt to undepreciated real estate assets ratio decreased to 48% in 2024 from 50% in 2023, indicating improved leverage[82]. - The interest coverage ratio improved to 2.9 in Q4 2024 from 2.2 in Q4 2023, indicating better ability to cover interest expenses[79]. - Total liabilities decreased slightly to 693,622,000 in 2023[43]. Leasing and Tenant Information - Whitestone REIT operates 55 community centers with a total gross leasable area of 4.9 million sq. ft. and 1,445 tenants, highlighting its extensive market presence[3]. - The largest tenant only accounted for 2.2% of annualized revenues, demonstrating a well-diversified tenant base[7]. - The company renewed 50 leases in Q4 2024, covering 167,112 square feet, with a total lease value of 40,643,000[98]. - The average square footage for new leases in Q4 2024 was 4,261 square feet, compared to 2,641 square feet for new leases in Q4 2023[98]. - The percentage of leased square footage for Restaurants & Food Service was 20%, contributing 27% to the annualized base rental revenue[95]. Future Guidance and Expectations - The initial 2025 Core FFO guidance range is set at 1.07, indicating positive expectations for future performance[12]. - The company expects 2025 GAAP net income per diluted share to be in the range of 0.37[18]. - Same-store NOI growth for 2025 is estimated to be between 3.0% and 4.5%[19]. - Full Year 2025 guidance projects FFO per diluted share and OP unit to be between 1.07[66]. Cash and Liquidity - Cash and cash equivalents rose to 4,572,000 in 2023, indicating improved liquidity[43]. - Cash, cash equivalents, and restricted cash at the end of the period increased to 4,640,000 in 2023[54]. - Net cash provided by operating activities increased to 47,600,000 in 2023, a growth of 22.5%[51]. Property and Development - The company holds several parcels of land for future development, which currently have no gross leasable area[115]. - The property with the largest gross leasable area is Market Street at DC Ranch, totaling 244,888 square feet with a 96% occupancy rate[113]. - The company continues to focus on market expansion and development opportunities in key locations[115].