Whitestone Q4 2021 Earnings Report
Key Takeaways
Whitestone REIT reported strong Q4 2021 results, driven by positive momentum with occupancy rates and ABR. Revenues increased to $33.3 million, and Same-Store NOI grew by 12.8%. The company is focused on maximizing shareholder value through organic growth, prudent capital allocation, and debt leverage improvement.
Revenues of $33.3 million versus $29.8 million for the fourth quarter of 2020.
Net Income attributable to common shareholders of $2.6 million, or $0.05 per diluted share, versus $3.1 million, or $0.07 per diluted share inclusive of a $0.04 per share gain on loan forgiveness for the fourth quarter of 2020.
FFO Core per diluted share of $0.24 versus $0.24 for the fourth quarter of 2020.
Same-Store Net Operating Income ("NOI") of $21.6 million versus $19.1 million for the fourth quarter of 2020, representing 12.8% growth.
Whitestone
Whitestone
Forward Guidance
The Company’s currently estimates that GAAP net income available to common shareholders will be within the range of $0.35 to $0.39 per diluted share, and FFO will be within the range of $0.98 to $1.02 per diluted share and OP Unit.
Positive Outlook
- GAAP net income available to common shareholders will be within the range of $0.35 to $0.39 per diluted share
- FFO will be within the range of $0.98 to $1.02 per diluted share and OP Unit
- Same store net operating income growth of 3.0% – 5.0%
- Bad debt as a percentage of revenue of 1.0% – 2.0%
- Ending occupancy of 92% - 93%