Q3 2024 Whitestone REIT Earnings Call Transcript
Key Points
- Whitestone REIT (WSR) achieved its 10th consecutive quarter with leasing spreads above 17%, with a combined total straight line leasing spread of 25.3% for the quarter.
- The company increased its same store net operating income target range for the second quarter in a row, delivering a same store NOI growth of 4.6% in the third quarter.
- Occupancy improved to 94.1%, marking the second highest in company history, with anchor occupancy at 97.4% and small space occupancy at 92.2%.
- Whitestone REIT (WSR) has been successful in its remerchandising initiative, leading to strong results and momentum going into the fourth quarter.
- The company has made progress in deleveraging, improving its debt to EBITDA ratio to 7.2 times and is on track to achieve its year-end target of 6.6 to 7 times.
- Whitestone REIT (WSR) faces uncertainties regarding the timing of proceeds from the Pillarstone settlement, which could impact financial projections.
- The company has a significant portion of its rents coming from the restaurant sector, which is facing challenges such as consumer pullback and higher wages.
- Real estate taxes increased due to potential tax rate hikes in Harris County, impacting financials.
- Despite progress, the company still has a relatively high leverage ratio, with plans to continue deleveraging over time.
- There is some uncertainty in the leasing pipeline, leading to a conservative outlook for same store NOI growth in the fourth quarter.
Greetings and welcome to Whitestone REIT third quarter 2024 earnings conference call. At this time. All participants are in a listen-only mode. (Operator Instructions). It is now my pleasure to introduce your host, Mr. David Mordy, Director of Investor Relations. Thank you, Mr Mordy. You may begin.
Good morning and thank you for joining Whitestone REITs third quarter 2024 earnings conference call. Joining me on today's call are Dave Holman, Chief Executive Officer; Christine Mastandrea, 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 fact that this call may
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
