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Dec 31, 2023
Whitestone Q4 2023 Earnings Report
Whitestone reported strong Q4 2023 results with record occupancy, GAAP leasing spreads, and revenue increase.
Key Takeaways
Whitestone REIT reported a strong fourth quarter of 2023, with record occupancy of 94.2%, GAAP leasing spreads of nearly 22%, and a year-over-year revenue increase in excess of 5%. The company initiated 2024 Core FFO per share guidance of $0.98 - $1.04 and grew the dividend by 3%.
Achieved record occupancy of 94.2%.
GAAP leasing spreads were nearly 22%.
Year-over-year revenue increased by over 5%.
Core FFO per share for Q4 2023 was $0.24, compared to $0.23 for Q4 2022.
Whitestone
Whitestone
Forward Guidance
The Company currently estimates that GAAP net income available to common shareholders will be within the range of $0.32 to $0.38 per diluted share, and Core FFO will be within the range of $0.98 to $1.04 per diluted share and OP Unit.
Positive Outlook
- Net income attributable to Whitestone REIT $16,600 - $19,600
- Core FFO $50,985 - $53,985
- Net income attributable to Whitestone REIT per share $0.32 - $0.38
- Core FFO per diluted share and OP Unit $0.98 - $1.04
- Same store net operating income growth 2.5% - 4.0%
Challenges Ahead
- Bad debt as a percentage of revenue 0.60% - 1.10%
- General and administrative expense $19,700 - $21,200
- Interest expense $32,600 - $34,100
- Ending occupancy 93.8% - 94.8%
- Net Debt to EBITDAre Ratio 7.0X - 6.6X