Whitestone REIT (WSR) Reports In-Line Q2 EPS, Slight Miss on Revenues

Whitestone REIT (NYSE: WSR) reported Q2 EPS of $0.05, in-line with the analyst estimate of $0.05. Revenue for the quarter came in at $30.02 million versus the consensus estimate of $30.68 million.

The current guidance reflects the impact of the equity issuance and acquisitions in the second quarter, and lower than anticipated same store growth in the Company’s non-retail consolidated legacy portfolio. This guidance reflects the Board’s and management’s view of current and future market conditions, as well as the earnings impact of events referenced elsewhere in this release and during the Company’s conference call. This guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity. Please refer to the “2017 Financial Guidance” and “Reconciliation of Non-GAAP Measures - 2017 Financial Guidance” sections of the supplemental data package for the full list of guidance information.

Second Quarter 2017 Compared to Second Quarter 2016:

• 20.2% growth in revenues to $30.2 million
• Net income attributable to Whitestone REIT of $2.0 million
• 18.7% growth in net operating income (“NOI”) to $20.3 million
• 4.5% same store NOI growth in wholly owned properties. 2.8% same store growth in all properties, including consolidated partnership properties ("non-core" legacy assets)
• FFO was $8.5 million versus $7.0 million or $0.22 per diluted share versus $0.24
• FFO Core was $11.6 million versus $9.2 million or $0.31 per diluted share versus $0.32
• 23% increase in annualized base rent in wholly owned properties to $18.93 per leased square foot
• 6.4% rental rate increase on new and renewal leases executed in wholly owned properties. (GAAP basis, Trailing twelve months)
• 89.8% occupancy in Whitestone wholly owned operating properties, 89.3% including development portfolio

For earnings history and earnings-related data on Whitestone REIT (WSR) click here.

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