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Mar 31, 2023
Whitestone Q1 2023 Earnings Report
Reported strong results driven by high-quality open-air shopping centers in Texas and Arizona.
Key Takeaways
Whitestone REIT announced strong first quarter 2023 results, with revenues of $35.9 million and same-store NOI growth of 2.8%. The company is reiterating its 2023 guidance targets.
Revenues reached $35.9 million, compared to $34.1 million in Q1 2022.
Same-Store Net Operating Income (NOI) increased by 2.8% to $23.7 million.
Net Effective Annual Base Rental Revenue per leased square foot rose by 4.7% to $22.22.
The company reaffirms its previously released guidance for 2023.
Forward Guidance
The Company reaffirms its previously released guidance for 2023 and estimates that GAAP net income available to common shareholders will be within the range of $0.29 to $0.33 per diluted share, and FFO will be within the range of $0.95 to $0.99 per diluted share and OP Unit.
Positive Outlook
- GAAP net income available to common shareholders will be within the range of $0.29 to $0.33 per diluted share
- FFO will be within the range of $0.95 to $0.99 per diluted share and OP Unit.
- Same store net operating income growth of 2.5% – 4.5%
- Bad debt as a percentage of revenue 0.75% – 1.50%
- Ending occupancy 93.5% - 94.5%
Challenges Ahead
- General and administrative expense $19,200,000 - $19,700,000
- Interest expense $31,700,000 - $33,200,000
- Net Debt to EBITDAre Ratio 7.3X - 6.9X
- Uncertainties related to the national economy
Historical Earnings Impact
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Avg. Return Before/After Earnings
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