Q1 2024 Whitestone REIT Earnings Call Transcript
Key Points
- Whitestone REIT (WSR) reported a growth in FFO per share from $0.86 in 2021 to $0.91 in 2023, despite higher interest costs.
- The company successfully improved its balance sheet metrics, reducing debt to EBITDA from 9.2 times in Q4 2021 to 7.5 times in Q4 2023.
- Record occupancy was achieved in the portfolio, rising from 91.3% at the end of 2021 to 94.2% at the end of 2023.
- Whitestone REIT (WSR) has made significant progress with its balance sheet improvement plan, obtaining an investment grade credit rating.
- The company's asset recycling program has allowed for the upgrading of the overall quality of the portfolio, with approximately $80 million in asset sales completed at an aggregate cap rate of 6.2%.
- The company faced significant litigation expenses which impacted the financial metrics.
- Same-store net operating income growth slowed down to 2.7% in 2023 from 7.9% in 2022.
- Interest expenses increased due to the amendment of the credit facility in the third quarter of 2022.
- There are ongoing legal and bankruptcy proceedings related to the Pillarstone investment, which could affect financial stability.
- The company anticipates a dip in occupancy in the upcoming quarter due to strategic remerchandising, which could impact revenue short-term.
Greetings and welcome to the Whitestone REIT Fourth Quarter 2023 earnings call. (Operator Instructions) As reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. David Mordy, Director of Investor Relations for Whitestone Re. Thank you. You may begin.
Good morning and thank you for joining Whitestone REIT's Fourth Quarter 2023 earnings conference call. On today's call are Dave Holeman, Chief Executive Officer, Christine Masson, Dreyer, Chief Operating Officer, and Scott Hogan, Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward-looking statements.
Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainties and other factors, please refer to the Company's earnings news release and filings with the SEC, including Whitestone's most recent Form 10 Q and 10 K for a detailed discussion of these factors acknowledging the
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