Whitestone REIT Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Whitestone REIT reported strong financial results for Q4 and full year 2024, with a significant increase in net income attributable to common shareholders, reaching $0.33 per diluted share for Q4 2024 compared to$0.03 in Q4 2023, and $0.72 for the full year 2024 compared to$0.38 in 2023 [1][6][41] Financial Performance - Q4 2024 revenues were $40.8 million, up from$37.5 million in Q4 2023, while full year revenues increased to $154.3 million from$147.0 million in 2023 [6][41] - Core Funds from Operations (FFO) for Q4 2024 were $14.7 million, compared to$12.4 million in Q4 2023, with Core FFO per diluted share rising to $0.28 from$0.24 [6][41] - Same Store Net Operating Income (NOI) grew by 5.8% in Q4 2024, reaching $25.0 million, compared to$23.7 million in Q4 2023 [6][41] Leasing and Occupancy - The company achieved a combined GAAP leasing spread of 21.9% in Q4 2024, marking the 11th consecutive quarter with leasing spreads exceeding 17% [2] - Occupancy rates for wholly owned properties were 94.1% in Q4 2024, slightly down from 94.2% in Q4 2023 [7] Debt and Dividend - The debt to EBITDAre ratio improved to 6.6X in Q4 2024, a reduction of nearly one full turn from Q4 2023 [2] - The company declared a quarterly cash distribution of $0.135 per common share for Q1 2025, representing a 9$1.03 to $1.07, with net income per share projected between$0.33 and $0.37 [9][10] Portfolio Overview - As of December 31, 2024, Whitestone owned 55 Community-Centered Properties™ with a total gross leasable area of 4.9 million square feet, primarily located in Texas and Arizona [15] - The tenant base consisted of 1,445 tenants, with the largest tenant accounting for only 2.2% of annualized base rental revenues, indicating a well-diversified portfolio [16]