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Dec 31, 2019
Whitestone Q4 2019 Earnings Report
Whitestone reported a net income of $15.8 million and same store NOI grew by 4.7%.
Key Takeaways
Whitestone REIT reported strong underlying fundamentals in 2019, with same-store NOI growth of 4.7% in the fourth quarter and 2.4% for the full year. The company also made progress in increasing rental rates and scaling G&A.
Same Store NOI grew by 4.7% for the fourth quarter compared to the same period in 2018.
Net Income attributable to Whitestone REIT was $0.37 per share for the fourth quarter of 2019.
Rental rates on new and renewal leases signed in 2019 increased 9.6% and 10.2%, respectively, on a GAAP basis.
Acquired Las Colinas Village in Irving, Texas for $34.8 Million.
Forward Guidance
The Company’s outlook for 2020 includes Net income attributable to Whitestone REIT (per share) of $0.20 - $0.24, NAREIT FFO (per share) of $0.87 - $0.91, FFO Core of $1.05 - $1.09 and Same Store NOI growth of 1.0% - 3.0%.
Positive Outlook
- Net income attributable to Whitestone REIT (per share) of $0.20 - $0.24
- NAREIT FFO (per share) of $0.87 - $0.91
- FFO Core of $1.05 - $1.09
- Same Store NOI growth of 1.0% - 3.0%.
- Occupancy (Average) 90.5% - 92.0%
Challenges Ahead
- Estimates involve numerous assumptions such as rental income, interest rates, tenant default, occupancy rates, expenses and numerous other factors.
- Not all of the factors are determinable at this time and actual results may vary from the projected results and may be above or below the range indicated.
- Guidance does not include the operational or capital impact of any future unannounced acquisition, disposition, development or redevelopment activity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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