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Dec 31, 2022
Whitestone Q4 2022 Earnings Report
Whitestone reported strong Q4 2022 results with revenue growth and increased occupancy.
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