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Sep 30, 2020
Whitestone Q3 2020 Earnings Report
Whitestone's financial performance remained strong despite the challenges posed by the COVID-19 pandemic, with high tenant occupancy and rental collections.
Key Takeaways
Whitestone REIT reported net income of $0.9 million, or $0.02 per diluted share, and FFO Core of $10.1 million, or $0.23 per share, for the third quarter of 2020. The company's portfolio remained highly occupied, with 97% of tenants open and operating, and 90% of contractual rents collected during the quarter. Whitestone continues to focus on supporting its tenants and maintaining a strong balance sheet.
Net income attributable to common shareholders was $0.9 million, or $0.02 per diluted share.
FFO Core reached $10.1 million, or $0.23 per share.
The company collected 90% of third quarter 2020 contractual rents.
Cash and cash equivalents grew by 11% since March 31, 2020, reaching $40.7 million.
Forward Guidance
Whitestone's Board of Trustees will continue to evaluate dividend declarations each quarter and intends to maintain compliance with REIT taxable income distribution requirements.
Positive Outlook
- Company invites to listen to the its earnings release conference call to be broadcast live on Tuesday, October 27, 2020 at 8:30 A.M. Eastern Time
- Continue to produce strong operating results and lead the shopping center sector in cash rental collections
- Business has performed well during the pandemic as our entrepreneurial tenants persevere through these uncertain times.
- Team has worked tirelessly to help our service-focused, community-centered tenants find creative ways to utilize our open-air properties to serve their local neighborhoods.
- Focus remains on protecting our employees, tenants, and communities and the value we have created for the stakeholders we serve.
Challenges Ahead
- The COVID-19 pandemic continued to impact the Company’s operations.
- Bad debt/uncollectable revenue for the quarter was $1.4 million, or $0.03 per share, primarily due to COVID-19 pandemic and included $125,000 non-cash straight-line receivables
Historical Earnings Impact
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Avg. Return Before/After Earnings
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