Whitestone Reit (WSR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Whitestone Reit
Ticker: WSR CIK: 1175535

Whitestone REIT Reports First Quarter 2019 Results

-Upsized Credit Facility to $515 Million-

-Successful Inaugural Private Placement of $100 Million of Senior Unsecured Notes-

-Reaffirms 2019 Full Year Guidance-

HOUSTON, May 1, 2019 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the first quarter ended March 31, 2019. Whitestone is a pure-play community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality “E-Commerce 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 provides daily necessities, needed services and entertainment to the communities in which they are located.

Highlights*

*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.

First Quarter 2019 Compared to First Quarter 2018:


•	Net Income attributable to Whitestone REIT was $2.8 million, or $0.07 per share compared to $3.2 million, or $0.08 per share


•	Annualized Base Rent (“ABR”) per Leased Squared Foot Grows 5.8% to $19.58


•	2.4% same store NOI growth


•	Funds from Operations (“FFO”) reach $9.9 million or $0.24 per share versus $10.1 million or $0.24 per share


•	8.4% increase in rental rates on new and renewal leases on a GAAP basis (trailing twelve months)

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our team has delivered a positive start to 2019 producing growth in most of our key financial metrics. Our e-commerce resistant model generated a strong increase in same store NOI as we worked to reinvigorate occupancy growth. We also strengthened our capital structure and financial flexibility with the successful closing and upsizing of our credit facility to $515,000,000 and the placement of our first private bond issuance of $100,000,000. While our cycle-tested experience and business model, focusing on high growth markets, may hit some road bumps from time to time, it provides stability and predictability to achieve our long-term goals. We have confidence that our high quality properties in strong growth markets, management team, and business model will continue to produce improving financial results as we move forward to create additional value for all Whitestone shareholders.”

Financial Results

Reconciliations of Net Income to FFO and FFO Core are included herein.

Net Income attributable to Whitestone REIT was $2.8 million, or $0.07 per share, for the first quarter of 2019, compared to $3.2 million, or $0.08 per share, for the same period in 2018. FFO was $9.9 million, or $0.24 per share, for the first quarter of 2019, compared to $10.1 million, or $0.24 per share, for the same period in 2018. FFO Core was $11.8 million, or $0.28 per share, in the first quarter of 2019, compared to $12.7 million, or $0.31 per share, in the same period of 2018.

Operating Results

For the period ending March 31, 2019, the Company’s operating highlights were as follows:



	Q1-2019
Occupancy:
Wholly Owned Properties	90.1%
Same Store Property Net Operating Income Growth	2.4%
Rental Rate Growth - Total (Comparable Leases, GAAP Basis):	7.2%
New Leases	9.3%
Renewal Leases	7.0%

Leasing Transactions:
Number of New Leases	27
New Leases - Total Term Revenue (millions)	$3.5
Number of Renewal Leases	54
Renewal Leases - Total Term Revenue (millions)	$12.3

The following information was filed by Whitestone Reit (WSR) on Wednesday, May 1, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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