Whitestone REIT Reports Second Quarter and Year-To-Date 2025 Results

Core Viewpoint - Whitestone REIT reported strong operating and financial results for Q2 2025, highlighting growth in Core FFO per share, occupancy rates, and average base rent, driven by a favorable leasing environment in high-growth markets [2][7][19]. Financial Performance - Revenues for Q2 2025 were $37.9 million, up from $37.6 million in Q2 2024 [7]. - Net income attributable to common shareholders increased to $5.1 million, or $0.10 per diluted share, compared to $2.6 million, or $0.05 per diluted share in Q2 2024 [7]. - Core FFO for Q2 2025 was $13.5 million, up from $12.6 million in Q2 2024, with Core FFO per diluted share rising to $0.26 from $0.24 [7]. - EBITDAre for Q2 2025 was $21.9 million, compared to $20.2 million in Q2 2024 [7]. Operational Highlights - Occupancy rate for wholly owned properties increased to 93.9% in Q2 2025 from 93.5% in Q2 2024 [6]. - Same-Store Net Operating Income (NOI) grew by 2.5% to $25.0 million compared to $24.4 million in Q2 2024 [7]. - Average base rent per leased square foot increased by 5.3% year-over-year to $25.28 [7]. Year-to-Date Results - Year-to-date revenues reached $75.9 million, up from $74.8 million in the same period of 2024 [7]. - Year-to-date net income attributable to common shareholders was $8.8 million, or $0.17 per diluted share, compared to $11.9 million, or $0.23 per diluted share in the same period of 2024 [7]. - Year-to-date Core FFO was $26.6 million, up from $24.8 million in the same period of 2024, with Core FFO per diluted share increasing to $0.51 from $0.48 [7]. Guidance and Future Outlook - The company reiterated its guidance for Core FFO per share and Same Store NOI growth for the year, expecting net income attributable to Whitestone REIT to be in the range of $17.1 million to $19.2 million [10][11]. - The company anticipates Same Store NOI growth of 3.0% to 4.5% for the full year [11]. Portfolio and Market Position - As of June 30, 2025, Whitestone owned 56 Community-Centered Properties™ with a total gross leasable area of 4.9 million square feet, primarily located in Texas and Arizona [15]. - The diversified tenant base consisted of 1,456 tenants, with the largest tenant accounting for only 2.2% of annualized base rental revenues [16].