Whitestone Reports Third Quarter 2019 Results
-Solid Results Reflect Steady Long Term Approach-
-Portfolio Occupancy Increases 100 Basis Points from Prior Quarter to 90.4%-
-100% Lease Up of Two Recent Pad Site Developments-
-$39.7 Million of Non-Core Dispositions (Owned through Equity Investment in Real Estate Partnership) Post Quarter-
-Increases 2019 Net Income Guidance and Affirms 2019 FFO and FFO Core Guidance-

HOUSTON, October 30, 2019 -
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) 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, today announced operating and financial results for the third quarter ended September 30, 2019.

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.
Third Quarter 2019 Compared to Third Quarter 2018:
Net Income attributable to Whitestone REIT was $1.8 million, or $0.04 per share, compared to $7.8 million, or $0.19 per share. Third quarter 2018 included a gain on sale of properties of $4.4 million, representing $0.11 per share.
Grew rental rates 6.6% and 7.6% (GAAP basis) on new and renewal leases signed last twelve months, respectively.
Occupancy improved 100 basis points from the second quarter to 90.4%.
Average Annual Base Rent per Square Foot (Straight Line Basis) increased 4% to $19.64 from $18.97 in third quarter of 2018.
Funds from Operations (“FFO”) of $9.2 million, or $0.22 per share, compared to $10.8 million, or $0.26 per share
FFO Core of $11.0 million, or $0.26 per share, compared to $12.3 million, or $0.29 per share

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT, stated, “We are pleased to have driven a sequential increase of 100 basis points in occupancy from the second quarter, while effectively managing operating costs in the third quarter. We continue to extract value from our portfolio of well-positioned Community Centered Properties® in high growth markets to create incremental cashflow. By making timely investments in our existing assets, we can ultimately improve occupancy and create meaningful long-term value for our shareholders.”

Financial Results
Reconciliations of Net Income to FFO and FFO Core are included herein.
Net Income attributable to Whitestone REIT was $1.8 million, or $0.04 per share, for the third quarter of 2019, compared to $7.8 million, or $0.19 per share, for the same period in 2018. Included in third quarter 2018 net income was a $4.4 million gain from sale of properties, representing $0.11 per share. FFO was $9.2 million, or $0.22 per share, for the third quarter of 2019, compared to $10.8 million, or $0.26 per share, for the same period in 2018. FFO Core was $11.0 million, or $0.26 per share, in the third quarter of 2019, compared to $12.3 million, or $0.29 per share, in the same period of 2018.

Operating Results
For the period ending September 30, 2019, the Company’s operating highlights were as follows:
 
3Q-2019
 
YTD 2019
 
 
 
 
Ending Occupancy - Wholly Owned Properties
90.4%
 
90.4%
Same Store Property NOI Growth from 2018 Period
(1.2)%
 
0.34%
Rental Rate Growth (1):
 
 
 
Total Leases
14.4%
 
8.4%
New Leases
6.6%
 
6.5%
Renewal Leases
16.4%
 
8.7%
 
 
 
 
Leasing Transactions:
 
 
 
Number of New Leases
26
 
88
New Leases - Lease Term Revenue (millions)
$9.3
 
$23.5
Number of Renewal Leases
42
 
153
Renewal Leases - Lease Term Revenue (millions)
$9.4
 
$37.1

1

The following information was filed by Whitestone Reit (WSR) on Wednesday, October 30, 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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