Yesterday, 8:58 AM
- Pillerstone Capital REIT (OTCPK:PRLE) agrees to purchase 14 non-core properties from Whitestone (NYSEMKT:WSR) for $84M. Whitestone will receive $18.1M operating partnership units in PRLE, and PRLE will assume about $65.9M in debt associated with the properties (PRLE is affiliated with certain of WSR's management and board).
- After the deal, Whitestone will own 84% of the operating partnership units of PRLE.
- The sale is expected to be FFO per share neutral in 2017. The price of the deal reflects an implied cap rate of 8.4%, and will lift Whitestone's occupancy rate by 260 basis points to 89.9%.
- WSR CEO James Mastandrea: "We were early to recognize the Ecommerce revolution that has disrupted the entire retail industry."
Thu, Dec. 1, 9:22 AM
- The sale of the legacy properties brings Whitestone (NYSEMKT:WSR) one step closer to being a pure-play retail REIT with a focused e-commerce-resistant business model, says CEO James Mastandrea.
- The total sale price was $4.9M, resulting in net proceeds of $2.9M (Whitestone will $1.7M in paper on the deal), and a cap rate of 7%.
- Whitestone expects to book a $2.1M gain on the sale, with $400K to be recognized this quarter.
Mon, Oct. 31, 4:27 PM
- Q3 core FFO of $9.7M or $0.33 per share vs. $9.3M and $0.34 one year ago. The company sold just over 1M shares through its ATM program during quarter, likely causing the penny per share shortfall in FFO. Dividend is an 84% core FFO payout ratio.
- Same-store NOI growth of 3.4%.
- New leases saw 11.9% increase in rent; renewal leases up 6.2%.
- 89.6% occupancy up 220 basis points Y/Y.
- Full-year core FFO guidance of $1.34-$1.37 per share.
- Conference call tomorrow at 11 ET
- Previously: Whitestone REIT misses by $0.01, misses on revenue (Oct. 31)
- WSR flat after hours
Mon, Oct. 31, 4:06 PM
Sun, Oct. 30, 5:35 PM
Tue, Oct. 4, 9:16 AM
- Whitestone REIT (NYSEMKT:WSR) expands portfolio through property acquisition in La Mirada and Seville for $72.5M, bringing total portfolio in the greater Phoenix metropolitan area to 27 community centered properties containing 2.3M leasable sq. ft.
- The acquisition was funded through 46% debt from unsecured credit facility and 54% equity through issuance of 621,053 OP units at $19.00/share and proceeds from the sale of common shares under the ATM program.
- La Mirada and Seville had a combined occupancy rate of 90.1% and an aggregate 7.0% in-place cash-on-cash return on the total purchase price.
Thu, Sep. 22, 6:50 AM
- Whitestone REIT (NYSEMKT:WSR) declares $0.095/share monthly dividend, in line with previous.
- Forward yield 8.17%
- Payable Oct. 12; for shareholders of record Oct. 3; ex-div Sept. 29.
- Payable Nov. 11; for shareholders of record Nov. 1; ex-div Oct. 28.
- Payable Dec. 9; for shareholders of record Dec. 1; ex-div Nov. 29.
Fri, Aug. 19, 11:38 AM
- Tearing higher by more than 60% from the February lows, Whitestone REIT (WSR -4.9%) pulls back a little further today as Baird rings the register, downgrading to Neutral from Outperform. The price target is cut to $15 from $16. With today's decline, the stock is at $14.43.
Wed, Jul. 27, 4:16 PM
- Q2 core FFO of $9.021M or $0.32 per share vs. $8.3M and $0.35 one year ago.
- Same-store NOI growth of 4.2% Y/Y. Rental rates on new and renewal leases up 8.2%.
- Occupancy of 89.6% up 170 basis points.
- Full-year core FFO per share guidance of $1.33-$1.39.
- Conference call tomorrow at 11 ET
- Previously: Whitestone REIT misses by $0.02, misses on revenue (July 27)
- WSR flat after hours
Wed, Jul. 27, 4:11 PM
Tue, Jul. 26, 5:35 PM
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Thu, Jul. 14, 10:34 AM
- With the stock up about 60% from the February lows, Hilliard Lyons downgrades Whitestone REIT (WSR -2.9%) to Neutral from Buy.
Mon, Jun. 6, 5:41 PM
- Whitestone REIT (NYSE:WSR) declares $0.095/share monthly dividend, in line with previous. (Quarterly $0.285/share in three installments).
- Forward yield 8.2%
- Payable July 8; for shareholders of record July 1; ex-div June 29.
- Payable Aug. 9; for shareholders of record Ayg. 1; ex-div July 28.
- Payable Sept. 9; for shareholders of record Sept. 1; ex-div Aug. 30.
Wed, Apr. 27, 4:41 PM
- Whitestone REIT (NYSE:WSR): Q1 FFO of $0.34 in-line.
- Revenue of $25.44M (+19.7% Y/Y) misses by $0.13M.
Tue, Apr. 26, 5:35 PM
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Mon, Mar. 14, 6:26 AM
- Whitestone REIT (NYSE:WSR) declares $0.095/share monthly dividend, in line with previous.
- Forward yield 9.37%
- Payable April 8; for shareholders of record April 1; ex-div March 30.
- Payable May 9; for shareholders of record May 2; ex-div April 28.
- Payable June 9; for shareholders of record June 2; ex-div May 31.