This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Whitestone REIT Announces Operating Results For The Second Quarter 2012

Whitestone REIT (NYSE: WSR - “Whitestone” or the “Company”), a fully integrated real estate company that owns, operates and re-develops Community Centered Properties TM, which are visibly located in established or developing culturally diverse neighborhoods, announced its financial results for the second quarter of 2012.

"We continue to focus on our value-add internal growth initiatives, which include re-developing, re-positioning, and re-leasing our core properties, and ended the quarter by increasing occupancy to 87%, the highest it has been since our August 2010 initial public offering, up 6% versus the same reporting period a year ago. We expect our increased occupancy to lead to increased revenue, NOI and FFO over the balance of the year. We are pleased with our leasing results and operating strategy, which confirms the effectiveness of our Community Center Property focus on small service based tenants," said James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer. "We also continue our external growth strategy to acquire value-add properties in markets with strong demographics. We closed on one acquisition of $6.4 million during the quarter, and have approximately $40 million of additional communities under contract that are expected to close. Our acquisitions pipeline, in addition to these properties remains substantial, and includes: properties in foreclosure; under distressed financial and operating pressure; and potential tenant in common exchanges for operating partnership units. These properties meet our criteria of having cash flow with a value-add component, and are each located in economically vibrant, resilient, and culturally diverse neighborhoods."

Highlights: Second Quarter 2012 Compared to Second Quarter 2011

  • Net income attributable to Whitestone REIT increased $627,000 to $431,000, or $0.04 per diluted common share, compared to a loss of $196,000 or $0.02 per diluted common share for the same period in 2011.
  • Funds from Operations ("FFO") increased 69% to $2.7 million, or $0.22 per diluted common share and operating partnership unit ("OP unit"), as compared to $1.6 million or $0.15 per diluted common share and OP unit for the second quarter 2011.
  • Funds from Operations-Core ("FFO-Core") increased 45% to $2.9 million, or $0.23 per diluted common share and OP unit, as compared to $2.0 million or $0.20 per diluted common share and OP unit for the second quarter 2011.
  • Property net operating income (“NOI”) increased 35% to $6.7 million as compared to $5.0 million for the same period in 2011. The increase of $1.7 million is primarily attributable to NOI of new acquisitions.
  • The Company declared a quarterly cash distribution of $0.285 per common share and OP unit, which was paid in three equal installments of $0.095 in April, May and June 2012. In May 2012, the Company also declared its second quarter cash distribution of $0.285 per common share and OP unit, which has been paid or will be paid in three equal installments of $0.095 in July, August and September 2012.

Second Quarter 2012 Leasing Highlights

The Company's total property occupancy increased 6% to 87% as compared to 81% at the same period in 2011. Total property occupancy includes properties under redevelopment, undergoing significant retenanting and recent acquisitions. Operating portfolio occupancy rate increased to 87% from 84% at the same period 2011. The Company defines Operating portfolio occupancy as physical occupancy in all properties, excluding (i) new acquisitions through the earlier of attainment of 90% occupancy or 18 months of ownership and (ii) properties that are undergoing significant redevelopment or re-tenanting.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs