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Dec 31, 2024
Whitestone Q4 2024 Earnings Report
Whitestone REIT reported strong Q4 2024 financial results with 9% revenue growth.
Key Takeaways
Whitestone REIT posted a solid fourth quarter with revenue increasing by 9% year-over-year to $40.8 million. Net income rose significantly to $17.3 million, including a $0.23 per share gain on the sale of properties. Core FFO per share increased to $0.28, reflecting continued operational improvements. The company achieved strong same-store NOI growth of 5.8%, extending its leasing momentum.
Q4 revenue grew by 9% year-over-year to $40.8 million.
Net income surged to $17.3 million, up from $1.5 million last year.
Core FFO per share increased to $0.28, reflecting operational efficiency.
Same-store NOI rose 5.8%, marking strong leasing performance.
Forward Guidance
Whitestone REIT expects continued growth in 2025, with projected Core FFO per share between $1.03 and $1.07. The company remains focused on leveraging high-value shop spaces and maintaining strong leasing spreads.
Positive Outlook
- Projected Core FFO per share of $1.03 to $1.07 in FY 2025.
- Continued strong demand in high-growth Sunbelt markets.
- Expected same-store NOI growth between 3.0% and 4.5%.
- Occupancy levels projected to remain between 94.0% and 95.0%.
- Strategic focus on leveraging leadership in high-value shop space.
Challenges Ahead
- Macroeconomic uncertainty may impact consumer spending.
- Higher interest expenses projected between $32M and $33M in 2025.
- Potential risks from inflation affecting operating costs.
- Competition in retail leasing could pressure future growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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