Whitestone REIT (WSR) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Ladies and gentlemen, greetings, and welcome to the Whitestone REIT First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Modi, Director of Investor Relations. Please go ahead. Speaker1 Good morni ...

Core Insights - Kimco Realty raised its 2025 outlook due to strong growth in net income and funds from operations (FFO) [1][10] - The company reported a 3.9% increase in same property net operating income (NOI) and better-than-expected credit loss performance [1][4] - Kimco signed over four million square feet in leases, achieving new lease spreads approaching 49% [1][11] - The company reached its strategic target of deriving 85% of annual base rent from grocery-anchored properties [1][4] Financial Performance - For Q1 2025, net income available to common shareholders was $125.1 million, or $0.18 per diluted share, compared to a loss of $18.9 million, or ($0.03) per diluted share in Q1 2024 [4][21] - FFO for Q1 2025 was $301.9 million, or $0.44 per diluted share, reflecting a 12.8% increase from $261.8 million, or $0.39 per diluted share in Q1 2024 [6][24] - Consolidated revenues from rental properties increased by $32.4 million, primarily due to higher minimum rent and increased reimbursement income [5][21] Leasing and Occupancy - The company signed 583 leases totaling 4.4 million square feet in Q1 2025, with blended pro-rata cash rent spreads of 13.3% [11] - Pro-rata leased occupancy was 95.8%, with a slight anticipated reduction due to vacating leases [11] - Pro-rata small shop occupancy increased to 91.7%, while pro-rata anchor occupancy was at 97.4% [11] Strategic Initiatives - Kimco completed nine grocery leases, including a significant agreement with Sprouts Farmers Market, enhancing future cash flow visibility [3][4] - The company expanded its pipeline of near-term rent commencements to $60 million of annual base rent from signed leases [4][11] - Kimco acquired The Markets at Town Center, a 254,000-square-foot grocery-anchored property in Jacksonville, Florida, for $108 million [4][11] Capital Management - The company ended Q1 2025 with $2.0 billion in immediate liquidity, including $1.9 billion available on its unsecured revolving credit facility [11] - Subsequent to the quarter end, Kimco repurchased 3.0 million shares at an average price of $19.61 per share [11] - The board declared a quarterly cash dividend of $0.25 per common share, payable on June 20, 2025 [11]

2025 Paramount Group Investor Presentation A P R I L Cautionary Note on Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because ...

Whitestone REIT Q1 2025 Earnings Presentation Industry Leaders in High- Value Shop Space The Value of Shop Space "Shop Spaces" are the smaller spaces within centers, often in the high-demand 1,500 – 3,000 square foot range that suit regional or local service-based tenants | | Higher Growth | More Durable Cash Flows | | --- | --- | --- | | ➢ | Shop Spaces command higher rents and higher | ➢ Whitestone's underwriting assesses the full strength | | | contractual escalators due to the overall demand for | of th ...

HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the first quarter of 2025. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in some of the largest, fastest-growing, high-household-income markets in the Sunbelt. For the three months ended March 31, 2025 and 2024, Net income attributab ...

Financial Data and Key Metrics Changes - Cash basis NOI grew by nearly 2% year over year, while normalized FFO increased 43% year over year and 52% sequentially [7][15] - NOI for the quarter was reported at $87,500,000, with cash basis NOI at $83,800,000 and adjusted EBITDAre at $85,300,000, all showing increases year over year and sequentially [16] - Interest expense decreased to $69,800,000, reflecting a reduction in interest rate cap costs [16] Business Line Data and Key Metrics Changes - The company executed over 2,300,000 square feet of total leasing activity with an occupancy rate of 94.6%, reflecting a sequential increase of 20 basis points [7] - The Mainland properties accounted for nearly 80% of renewal activity, with significant leases signed with major tenants [11] - In Hawaii, 492,000 square feet of renewals were signed at rental rates 18.2% higher than prior rents [9] Market Data and Key Metrics Changes - The company is monitoring the evolving landscape surrounding global tariffs, which may impact tenant demand and the overall leasing environment [10] - The leasing pipeline includes 32 deals for more than 7,400,000 square feet, with anticipated roll-ups in rent of 20% on the Mainland and 30% in Hawaii [13] Company Strategy and Development Direction - The company aims to maximize mark-to-market growth opportunities, maintain strong tenant retention, and lease vacancies, particularly in undeveloped land parcels [10] - There is a focus on evaluating opportunities to improve the balance sheet and reduce leverage, potentially through refinancing existing debt and strategic property dispositions [10][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to withstand short-term volatility due to its high-quality assets and diversified tenant roster [10] - The company anticipates that tariffs may positively impact tenant demand, leading to higher tenant retention in the short term [38] Other Important Information - The company reported a strong start to the year with solid financial performance and steady demand for industrial real estate [17] - The company has no debt maturities until 2027, with all debt currently carried at fixed rates [17] Q&A Session Summary Question: Details on bad debt recovery impact - The financial impact from bad debt recovery in the first quarter was around $750,000, which is reflected in revenues [20][21] Question: Insights on leasing timelines - Leasing timelines have elongated, with tenants looking to start renewal processes earlier due to more stakeholders involved in lease decisions [22][23] Question: Status of notable vacancies in Hawaii and Indianapolis - Activity has been seen for the Hawaii property, with proposals out, while the Indianapolis property is actively being marketed with proposals but no finalized leases yet [24][26] Question: Motivation for leverage reduction and property sales - The company is evaluating unsolicited offers for properties, particularly from owner-users, which may lead to higher valuations [28][30] Question: Impact of tariffs on tenant decisions - Tariffs are anticipated to be beneficial for tenant demand, with some tenants opting to stay in place rather than relocate due to concerns about construction costs [37][38] Question: Exposure of Hawaii portfolio to inbound travel - The portfolio's exposure to inbound travel is minimal, as tenants generally serve the local economy rather than relying on tourism [39]

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to diff ...

Boston Properties Inc.’s (BXP) first-quarter 2025 funds from operations (FFO) per share of $1.64 missed the Zacks Consensus Estimate of $1.65. The reported figure fell 5.2% year over year.BXP’s quarterly results reflect better-than-anticipated revenues on healthy leasing activity. However, lower occupancy during the quarter marred its year-over-year FFO per share growth. BXP also revised its guidance for 2025 FFO per share.Quarterly lease revenues were $811.1 million, up 2.9% year over year. The Zacks Conse ...

Financial Results and Supplemental Information FIRST QUARTER 2025 April 29, 2025 2020 Joe B. Jackson Parkway Murfreesboro, TN 1,016,281 Square Feet ILPT Ownership: 100% Table of Contents QUARTERLY RESULTS | 4 | Industrial Logistics Properties Trust Announces First Quarter 2025 Financial Results | | | --- | --- | --- | | First Quarter 2025 Highlights | | 5 | | FINANCIALS | | | | Key Financial Data | | 7 | | Condensed Consolidated Statements of Income (Loss) | | 8 | | Condensed Consolidated Balance Sheets | | ...

SUPPLEMENTAL INFORMATION UNAUDITED FIRST QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of ...