- FFO Core increased 62%, or approximately $1.8 million, to $4.6 million.
- FFO Core per diluted common share and unit of limited partnership interest in the Company's operating partnership ("OP unit") increased to $0.26, as compared to $0.23. FFO Core excludes acquisition expenses of $344,000 and $130,000 in the second quarter of 2013 and 2012, respectively.
- FFO was $4.3 million, or $0.24 per diluted common share and OP unit, as compared to $2.7 million, or $0.22 per diluted common share and OP unit.
- Property NOI increased 40% or $2.7 million to $9.4 million.
- Net income attributable to Whitestone REIT grew 125% to $970,000, or $0.06 per diluted common share.
Whitestone REIT (NYSE: WSR - “Whitestone” or the “Company”), a fully integrated real estate company that owns, re-develops, leases, manages, and operates Community Centered Properties TM, announced its financial results for the second quarter of 2013. Compared to the prior year, for the second quarter 2013, Revenue increased 35% to $14.8 million, Property net operating income ("NOI") increased 40%, to $9.4 million, and Funds from Operations Core (“FFO Core”) grew 13%, or $0.03 per share, to $0.26. The Company also increased its gross real estate assets by $177.4 million, or 58%, since June 30, 2012, and in the second quarter 2013, leased 207,609 square feet of new and renewal space. "We are pleased with our progress executing our strategic plan to grow and add value to our Community Centered Properties TM," said James C. Mastandrea, Chairman and Chief Executive Officer. "Our focus continues to be on new accretive acquisitions that can be repositioned, expanded, and leased to stabilized occupancy. Furthermore our team is committed to executing on the redevelopment, repositioning, and leasing of our owned core properties to stabilized occupancies; and, lowering our overall cost of capital through judicious refinancing. With our progress in these markets and our infra-structure in place, we expect to make additional acquisitions in Houston and expand our Dallas and San Antonio portfolios, while recycling capital through the select sale of some of our legacy properties in Texas.” Highlights: Second Quarter 2013 Compared to Second Quarter 2012