Whitestone REIT(US:WSR)2025-07-31 12:30Whitestone REIT's Strategy & Performance - Whitestone focuses on acquiring high total return potential centers, anchoring them to the community, and constantly remerchandising to drive results via capital efficiency[4] - The company targets a Core FFO growth of 4-6%, matched by sustained dividend growth, underpinned by 3-5% Same Store NOI growth[11] - Whitestone aims to enhance Core FFO growth to 5-7% by adding accretive acquisitions with short-term lease up opportunities[11] - The company's strategy involves scaling the Whitestone model to reduce fixed costs and broaden the investor base[11] Financial Highlights & Metrics - Whitestone reported Q2 2025 revenue of $37.9 million, compared to $37.6 million in Q2 2024[8] - Core FFO per share was $0.26 in Q2 2025, up from $0.24 in Q2 2024[8] - Straight Line Leasing Spreads were 17.9% in Q2 2025, compared to 17.5% in Q2 2024[8] - The company's occupancy rate was 93.9% in Q2 2025, slightly up from 93.5% in Q2 2024[8] - Whitestone's Debt/EBITDAre ratio has improved to 7.1x, a 2.0x improvement versus 2021[8] Shop Space & Leasing - 77% of Whitestone's Total Annual Base Rent (ABR) is driven by small shop space tenants under 10,000 square feet[8, 32] - Whitestone's leasing spreads have shown strong performance, with Q2 2025 at 17.9%[5, 8] - The company forecasts a sustainable Same Store NOI growth of 3-5%, driven by contractual escalators (2.3%), leasing (0.8-1.8%), and redevelopment (up to 1.0%)[12, 13] Acquisitions & Dispositions - Whitestone has acquired approximately $153 million in property since Q4 2022, including S Hulen in Ft Worth and San Clemente in Austin in Q2 2025[26] - The company has completed approximately $126 million in dispositions since Q4 2022, including Woodlake in Houston in Q2 2025[26]