The following is a summary of the Whitestone REIT (WSR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Whitestone REIT's Q1 revenue grew by 3.7%, with a same-store NOI growth of 3.1% and a core FFO per share of $0.24.

• Their debt-to-EBITDAre ratio stands at 7.8 times, impacted negatively by professional fees from a proxy contest, but a sub 7 times ratio is forecasted for Q4.

• Occupancy increased to 93.6% from the previous year, and net effective annual rent per sq. foot is up to $23.83, rising 7.2%.

• The company signed new leases and renewals with a 17% increase over past leases on a straight-line basis and a 9.3% increase on a cash basis.

Business Progress:

• Whitestone REIT successfully completed asset sales and acquisitions worth $84 million and $104 million respectively, at an aggregate cap rate of 7.1%.

• The company plans further capital recycling and strategic acquisitions like Garden Oaks and Scottsdale Commons.

• Whitestone aims to maintain an 11% FFO per share growth for 2024, with majority of debt secured till 2027.

• The company is actively managing bad debt and re-merchandising weak tenant leases in strong market conditions.

• They are improving the quality of revenue and tenancy type by re-tenanting properties with stronger businesses to match community needs.

• The executed strategy aims to better serve the communities around its properties.

More details: Whitestone REIT IR

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