Whitestone REIT Earnings Call Transcripts
Fiscal Year 2026
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Shareholders approved the merger with AREG Wizard Intermediate LP, meeting the required majority. The advisory vote on executive compensation related to the merger was not approved, and the adjournment proposal was not called. Final results will be filed with the SEC.
Fiscal Year 2025
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Core FFO per share rose 4% to $1.05 in 2025, with record 94.6% occupancy and 4% Same Store NOI growth. Guidance for 2026 targets 3–4.75% Same Store NOI growth and 5–7% long-term Core FFO growth, supported by strong leasing and disciplined capital allocation.
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Q3 saw 94.2% occupancy, 4.8% same store NOI growth, and strong leasing spreads above 19%. Guidance for 2025 core FFO per share was reiterated, with NOI growth range raised. Asset recycling and redevelopment continue, with robust demand in Texas and Arizona.
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Core FFO per share rose 5.4% year-over-year, with strong leasing, higher occupancy, and robust same store NOI growth. Strategic acquisitions, redevelopment, and capital recycling support long-term growth, while guidance for 2025 is reaffirmed.
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The panel highlighted robust leasing and foot traffic growth, ongoing tenant base upgrades, and a disciplined financial strategy with improved leverage and new capital avenues. Redevelopment and PAD expansion are set to drive 5–7% FFO growth, while risks remain tied to economic shifts and evolving retail trends.
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Core FFO per share rose 4.2% to $0.25, with same-store NOI up 4.8% and leasing spreads at 20.3%. Redevelopment and capital recycling are driving growth, with $50 million in acquisitions planned and leverage expected to decline to the low 6x range by year-end.
Fiscal Year 2024
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Core FFO per share grew 11% to $1.01 in 2024, driven by 5.1% same-store NOI growth and robust leasing spreads. Dividend increased over 9%, and leverage improved to 6.6x debt-to-EBITDA RE. Outlook targets 4-6% annual organic FFO growth and continued portfolio upgrades.
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Q3 saw robust leasing spreads, 94.1% occupancy, and 4.6% same-store NOI growth. Core FFO per share is on track for 11% growth in 2024, with continued deleveraging and strong demand in key tenant categories.
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Delivered strong Q2 results with 6.6% same-store NOI growth, 17.5% leasing spreads, and $0.24 core FFO per share. Raised full-year same-store NOI guidance and maintained robust occupancy, while continuing capital recycling and board refreshment initiatives.
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Focused on Sun Belt retail centers, the company has improved occupancy, tenant quality, and financial discipline since 2022. Strategic developments and active management support strong FFO and NOI growth, with plans to unlock further value through pad site and mixed-use projects.