-Annualized Base Rent per Leased Squared Foot Grows 16% -
-Net Income of $0.01 per Share-
-Funds From Operations Core of $0.34 per Share-
-Introduces 2017 Full Year Guidance-
Houston, Texas, March 1, 2017 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the fourth quarter and year ended December 31, 2016. Whitestone is a pure-play community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality “Ecommerce-resistant” neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone’s optimal mix of national, regional and local tenants provide daily necessities, needed services and entertainment to the respective communities which are not readily available online.
All per share amounts presented in this news release are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
Fourth Quarter 2016 Compared to Fourth Quarter 2015:
10.8% growth in revenues to $28.4 million
Net income attributable to Whitestone REIT of $0.5 million
11.4% growth in net operating income (“NOI”) to $18.7 million
4.9% same store NOI growth
10.3% increase in Funds from Operations (“FFO”) Core to $10.6 million or $0.34 per share
15.8% increase in Annualized Base Rent (“ABR”) per leased square foot to $17.33
8.2% increase in rental rates on new and renewal leases on a GAAP basis (Trailing twelve months)
Full Year 2016 Compared to 2015:
11.8% growth in revenues to $104.4 million
17.5% growth in net income attributable to Whitestone REIT to $7.9 million
13.3% growth in NOI to $70.3 million
5.1% same store NOI growth
10.1% increase in FFO Core to $39.4 million
FFO Core per share of $1.34 compared to $1.35 in 2015
89.7% operating portfolio occupancy, up 200 basis points from December 31, 2015
“In 2016 our team executed on our strategy to produce sustained operating results as we leveraged our 'Ecommerce-resistant'
business model through the successful redevelopment and acquisition of properties in our targeted high growth markets,” stated Jim Mastandrea, Chairman and Chief Executive Officer. “Furthermore, both the fourth quarter and full year were marked by significant improvement in our same store growth, NOI and in our operating portfolio occupancy that was up 200 basis points year-over-year. With our laser focus on neighborhood centers located on the best retail corners of affluent communities with favorable demographics, combined with our improving capital structure to support future growth, Whitestone is poised to drive additional and sustained shareholder value.”
The following information was filed by Whitestone Reit (WSR) on Wednesday, March 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Whitestone Reit's financial trajectory
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Ticker: WSR CIK: 1175535 Form Type:10-K Annual Report Accession Number: 0001175535-17-000005 Submitted to the SEC: Fri Mar 03 2017 5:28:11 PM EST Accepted by the SEC: Fri Mar 03 2017 Period: Saturday, December 31, 2016 Industry: Real Estate Investment Trusts