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Whitestone REIT Announces Operating Results For Fourth Quarter And Full Year 2011

Stocks in this article: WSR

The Company signed new and renewal leases representing 797,000 square feet during 2011 primarily with tenants that required less than 3,000 square feet in multi-cultural neighborhoods, which drives premium rents. Leasing activity increased from the prior year as represented by:

  • An increase of 2% in average occupancy for same stores to 86% in 2011 versus 84% in 2010;
  • An increase of 1% in total lease value of new and renewal leases signed: $32.3 million in 2011 versus $31.9 million in 2010;
  • An increase of 5% in the number of new and renewal leases signed: 312 in 2011 versus 298 in 2010; and
  • An increase of 11% in the square footage of new and renewal leases signed: 797,000 for 2011 versus 716,000 in 2010.

Community Centered Properties TM Portfolio Statistics

As of December 31, 2011, Whitestone owned 45 Community Centered Properties TM with approximately 3.6 million square feet of gross leasable area, including two development land parcels, located in five of the top markets in the United States in terms of population growth: Houston, Dallas, San Antonio, Phoenix and Chicago.

The Company's strategic efforts target entrepreneurial tenants that provide services to the surrounding neighborhood at each Community Centered Property TM. These tenants tend to occupy smaller spaces (less than 3,000 square feet) and, as of December 31, 2011, provided a 69% premium rental rate compared to Whitestone's larger space tenants. The Company currently services 915 tenants throughout its portfolio. No single tenant accounted for more than 2.0% of the Company's annualized base rental revenues as of December 31, 2011.

Balance Sheet

Whitestone had 19 properties unencumbered by debt as of December 31, 2011, with an undepreciated cost basis of $114 million. The total undepreciated value of the Company's real estate assets and real estate indebtedness were $292 million and $127.9 million, respectively at December 31, 2011. As of December 31, 2011, 72% of the Company's debt was fixed-rate at a blended interest rate of 5.4%.

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