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Sep 30, 2022
Whitestone Q3 2022 Earnings Report
Announced operating and financial results, driven by strong demand for space and all-time high occupancy.
Key Takeaways
Whitestone REIT reported strong third-quarter results, driven by high demand and record occupancy. The company's occupancy reached an all-time high of 92.5%. Whitestone is narrowing its 2022 guidance to the upper portion of the previous range and look forward to delivering full year FFO per share growth of over 17%.
Revenues reached $35.4 million, compared to $32.4 million in Q3 2021.
FFO per diluted share was $0.24, up from $0.22 in Q3 2021.
EBITDAre totaled $19.4 million, versus $17.2 million in Q3 2021.
Same-Store Net Operating Income (NOI) grew 4.5% to $21.6 million, compared to $20.7 million in Q3 2021.
Whitestone
Whitestone
Forward Guidance
The Company narrows its previously released guidance for 2022 and estimates that GAAP net income available to common shareholders will be within the range of $0.35 to $0.38 per diluted share, and FFO will be within the range of $1.00 to $1.02 per diluted share and OP Unit.
Positive Outlook
- Net income attributable to Whitestone REIT $17,600 - $18,900 (in thousands)
- FFO $51,000 - $52,300 (in thousands)
- Net income attributable to Whitestone REIT per share $0.35 - $0.38
- FFO per diluted per share and OP Unit $1.00 - $1.02
- Ending occupancy
Challenges Ahead
- Same store net operating income growth
- Bad debt as a percentage of revenue
- General and administrative expense $17,600 - $18,800 (in thousands)
- Net Debt to EBITDAre Ratio 7.8X - 8.1X
- The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations.