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Whitestone Q1 2025 Earnings Report
Whitestone REIT reported its operating and financial results for the first quarter of 2025, highlighting strong Same Store Net Operating Income growth and leasing spreads.
Key Takeaways
Whitestone REIT delivered a strong first quarter in 2025, with Net Income attributable to common shareholders at $3.7 million, or $0.07 per diluted share, and total revenues of $38.0 million. The company achieved a 4.8% Same Store Net Operating Income growth and 20.3% GAAP leasing spreads, while reiterating its 2025 Core FFO per share guidance.
Revenues for Q1 2025 were $38.0 million, an increase from $37.2 million in Q1 2024.
Net Income attributable to common shareholders was $3.7 million, or $0.07 per diluted share, for Q1 2025.
Same-Store Net Operating Income (NOI) grew by 4.8% to $24.7 million in Q1 2025.
Core FFO per diluted share was $0.25 for Q1 2025.
Whitestone
Whitestone
Forward Guidance
Whitestone REIT reaffirmed its full-year 2025 guidance, projecting Net Income attributable to Whitestone REIT between $17.135 million and $19.219 million, and Core FFO between $54.158 million and $56.268 million.
Positive Outlook
- Projected Net Income attributable to Whitestone REIT per diluted share is between $0.33 and $0.37.
- Projected Core FFO per diluted share and OP Unit is between $1.03 and $1.07.
- Anticipated Same Store Net Operating Income growth between 3.0% and 4.5%.
- Expected ending occupancy between 94.0% and 95.0%.
- Guidance provides for 4% year-over-year growth at the midpoint for Core FFO per share.
Challenges Ahead
- Bad debt as a percentage of revenue is projected to be between 0.75% and 1.00%.
- General and administrative expense is projected to be between $20.8 million and $22.8 million.
- Interest expense is projected to be between $32.0 million and $33.0 million.
- Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity.
- Guidance does not include the collection of any amounts due from claims in the Pillarstone bankruptcy.