Whitestone Q1 2020 Earnings Report
Key Takeaways
Whitestone REIT reported a net income of $1.6 million, or $0.04 per diluted share, for the quarter ended March 31, 2020. The results include a $0.9 million credit loss and straight-line rent reserve primarily associated with the COVID-19 pandemic. Same-store NOI decreased by 0.9% due to COVID-19 related credit loss reserves.
Net Income attributable to common shareholders for the quarter ended March 31, 2020 was $1.6 million, or $0.04 per diluted share, inclusive of $0.9 million related to COVID-19 impact.
FFO Core for the quarter ended March 31, 2020 was $10.6 million or $0.24 per share, inclusive of $0.9 million related to COVID-19 impact.
Rental rates on new and renewal leases signed for the twelve months ended March 31, 2020 increased 7.2% and 10.4%, respectively, on a GAAP basis.
Same-store NOI decreased by 0.9% for the first quarter primarily as a result of credit loss reserves of approximately 180 basis points associated with the COVID-19 pandemic.
Whitestone
Whitestone
Forward Guidance
Whitestone withdrew its 2020 FFO Guidance and suspended all acquisition activity.