Whitestone Q4 2022 Earnings Report
Key Takeaways
Whitestone REIT reported strong fourth quarter results, with revenue of $34.9 million compared to $33.3 million for the fourth quarter of 2021. Same-Store Net Operating Income increased by 7.1% to $23.4 million. The company's occupancy grew to a record 93.7%.
Revenue increased to $34.9 million compared to $33.3 million in Q4 2021.
Funds from Operations (FFO) per diluted share was $0.23, compared to $0.21 in Q4 2021.
EBITDAre reached $20.3 million, up from $17.0 million in Q4 2021.
Same-Store Net Operating Income (NOI) grew by 7.1% to $23.4 million.
Whitestone
Whitestone
Forward Guidance
The Company currently estimates GAAP net income available to common shareholders will be within the range of $0.29 to $0.33 per diluted share, and FFO will be within the range of $0.95 to $0.99 per diluted share and OP Unit.
Positive Outlook
- Net income attributable to Whitestone REIT $14,400 - $16,500
- FFO $48,300 - $50,400
- Net income attributable to Whitestone REIT per share $0.29 - $0.33
- FFO per diluted share and OP Unit $0.95 - $0.99
- Ending occupancy
Challenges Ahead
- Same store net operating income growth
- Bad debt as a percentage of revenue
- General and administrative expense $19,200 - $19,700
- Interest expense $31,700 - $33,200
- Net Debt to EBITDAre Ratio 7.3X - 6.9X