Whitestone REIT (NYSE: WSR – “Whitestone” or the “Company”), a real estate investment trust that acquires, owns and operates Community Centered Properties
, today reported occupancy and leasing highlights for the quarter ended June 30, 2013. The Company’s total occupancy was 86% as of the end of the second quarter, a 2% improvement from the prior quarter and down 1% from second quarter of 2012. The occupancy of Whitestone's Operating Portfolio
, which excludes new acquisitions and properties undergoing significant redevelopment or re-tenanting, was 87% as of June 30, 2013, up 1% from the prior quarter and flat compared to the same quarter in the prior year.
In the second quarter of 2013, Whitestone continued to expand its metro Phoenix area portfolio with the acquisition of two Community Centered Properties
, the 118,730 sf Mercado at Scottsdale Ranch and the 113,293 sf Anthem Marketplace. The two additions increased Whitestone’s Arizona portfolio to over 1.5 million square feet.
The leasing team signed 87 leases totaling 207,609 sf in new, expansion and renewal leases during the second quarter. The robust leasing activity, along with the two new acquisitions, resulted in a 6% increase in Whitestone’s tenant count from the first quarter of 2013. Whitestone’s current tenant roster now consists of approximately 1,200 primarily small entrepreneurial retail service business tenants.
"It is gratifying to see our intense focus on leasing up our Community Centered Properties
with highly desirable tenants gain traction. We are pleased with a 2% quarter-over-quarter increase in our total occupancy and the improvement in our tenant mix through the addition of businesses that serve the surrounding communities, offering highly sought-after services and dining options. As our centers add these popular businesses, traffic to the centers increases, making our properties the location of choice to prospective tenants,” said Whitestone’s Chairman and CEO, James Mastandrea. “Our properties are located in dynamic, growing markets and our robust acquisition activity continues to provide us inventory to lease and grow overall occupancies, which in turn increase revenues, net operating income and net asset value."
Operating Portfolio - excludes new acquisitions, through the earlier of (1) attainment of 90% occupancy or 18 months of ownership, and (2) properties which are undergoing significant redevelopment or re-tenanting.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a fully integrated real estate company that owns, operates and re-develops Community Centered Properties
, which are visibly located properties in established or developing culturally diverse neighborhoods. Whitestone focuses on value-creation in its Centers, as it markets, leases and manages its Centers to match tenants with the shared needs of surrounding neighborhoods. Operations are structured for providing cost-effective service to local service-oriented smaller space tenants (less than 3,000 square feet). Whitestone has a diversified tenant base concentrated on consumer service including medical, education, and casual dining. The Company has approximately 1,200 tenants, the largest of which comprised less than 1.2% of Whitestone’s rental revenues as of March 31, 2013. Headquartered in Houston, Texas and founded in 1998, the Company is internally managed with a portfolio of commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit
. The Investor Relations section of the Company's website has links to Whitestone’s filings with the Securities and Exchange Commission, news releases, financial reports and investor newsletters.
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.