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Whitestone REIT (WSR)

- NYSE
  • Mon, Jan. 12, 12:11 PM
    • Whitestone REIT (WSR +0.3%) completed $132.2M in acquisitions (6 new community centered properties) in 2014, while unloading $10.3M of legacy properties. As of year-end, the portfolio stood at 63 properties, 38 in Texas, 24 in Arizona, and one in Illinois.
    • The company notes the disposition proceeds combined with its recently expanded $500M credit line gives it the firepower to respond to new buying opportunities as they arise.
    • Source: Press Release
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  • Mon, Jan. 12, 10:41 AM
    • "We certainly expect more malls to close than open over the next several years," says D.J. Busch, a mall-REIT analyst at Green Street Advisors. Those regional malls with low per-square-foot tenant sales that have lost relevance probably will be closed or reused for something other than retail over the next few years.
    • Morgan Stanley real estate debt analyst Richard Hill: “There’s a level of complacency among investors ... Competitive pressures that haven’t been seen in decades are making some retailers and some properties obsolete.”
    • RPAI, IRC, KIM, FRT, DDR, WHLR, WSR, EQY, CBL, TCO, SPG, GGP, WRI, MAC, PEI
    | 6 Comments
  • Mon, Jan. 5, 8:42 AM
    • The first of what should be a number of sales of non-core properties already in the portfolio when current management came to power in 2006, Whitestone REIT (NYSE:WSR) sells three for a total of $10.3M (7.7% cap rate).
    • Net proceeds to Whitestone are about $7.3M, and the company expects to report a $1.8M gain in Q4. Another $2.6M gain will be realized as principal payments are made on the seller financing Whitestone provided (nearly all to come in 2019).
    • The three properties are suburban office assets which do not fit with Whitestone's "Community Center Properties" business model, nor do they have re-development potential.
    • Source: Press Release
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  • Dec. 19, 2014, 8:35 AM
    • Whitestone REIT (NYSE:WSR) declares $0.285/share monthly dividend, in line with previous.
    • Forward yield 23.14%
    • Payable Jan 13, Feb 10 and Mar 10 (in 3 installments).
    | 5 Comments
  • Nov. 7, 2014, 4:25 PM
    • Whitestone REIT (NYSE:WSR): Q3 FFO of $0.30 beats by $0.03.
    • Revenue of $18.9M (+16.0% Y/Y) beats by $0.59M.
    • Press Release
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  • Nov. 6, 2014, 8:50 AM
    • Fulton Ranch Towne Center was purchased for $29.3M and The Promenade at Fulton Ranch for $18.6M. Current NOI totals about $3.6M or 7.5% of purchase price. Both properties have "considerable value-add upside" and are accretive to WSR FFO per share at current occupancies - expected at $0.02 this year and $0.10 in 2015.
    • Source: Press Release
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  • Oct. 6, 2014, 2:56 PM
    • With the signing of Crown Seafood to a 9.7K square foot lease, Whitestone's (WSR +0.1%) Lion Square Property  - whose redevelopment is nearing completion - brings its occupancy to 85% from 77%.
    • Typical of Whitestone's model, the company broke up vacant spaces previously rented to big-box retailers into smaller spaces. The result is hopefully boosted sales for tenants, higher tax revenues for municipalities, and a bigger bottom line for Whitestone owners.
    • Source: Press Release
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  • Sep. 22, 2014, 12:36 PM
    • The Strand at Huebner Oaks has 73.9K square feet of leasable area on 8.2 acres in the northwest submarket of San Antonio. It's 90% leased and Whitestone (WSR -1.8%) purchased the property for $18M.
    • The deal was funded with a draw on Whitestone's credit facility priced at 1.75%-2.5% over Libor.Current NOI makes for a 8.3% cap rate, and the purchase is expected to contribute $0.01-$0.05 to FFO per share, after interest cost, for 2014 and 2015.
    • It's Whitestone's 2nd San Antonio property.
    • Source: Press Release
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  • Sep. 3, 2014, 11:16 AM
    • The Pima Norte property was Whitestone's (WSR) first venture (2007) in the Phoenix area. "We set our foundation at this property as we prepared to purchase additional properties at or near the bottom of the market," says CEO James Mastandrea.
    • New tenants announced today are Berkshire Hathaway Home Services, Carefree Movement, and KT Financial.
    • The company expects leasing momentum to continue at an increasing rate over the next two years "with a positive impact on our enterprise value per share."
    • Source: Press Release
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  • Aug. 25, 2014, 4:40 PM
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  • Aug. 18, 2014, 3:50 PM
    • Whitestone REIT (WSR +0.9%) purchased the 118K square foot Fountain Square - located in northern Phoenix - out of foreclosure in 2012 for $130 per square foot. It has since redeveloped and repositioned the Safeway "shadow anchored" property, adding a number of new tenants and increasing the occupancy.
    • Whitestone now owns nearly 2M square feet of leasable space in the greater Phoenix area across 17 community centered properties.
    • Source: Press Release
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  • Aug. 11, 2014, 10:53 AM
    • Sugar Park Plaza is a 95K square foot property with daily traffic count of 259K. Providence Plaza is a 90K square foot property with a daily traffic count of 44K.
    • Whitestone REIT (NYSE:WSR) will begin construction this year and expects payback on its $1.4M investment to be less than 24 months.
    • Source: Press Release
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  • Aug. 5, 2014, 5:44 PM
    • Whitestone REIT (NYSE:WSR): Q2 FFO of $0.29 beats by $0.01.
    • Revenue of $17.7M (+19.6% Y/Y) misses by $0.46M.
    • Press Release
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  • Jul. 2, 2014, 7:43 AM
    • Whitestone REIT (WSR) purchases Heritage Trace Plaza - its first Fort Worth-area property - for $20.1M. The property has 70.4K square feet and is 98% leased, anchored by Texas Health Resources.
    • The purchase was funded with Whitestone's credit facility which is priced at 1.75% to 2.50% above Libor. Current NOI is $1.5M, or 7.5% of the purchase price. The deal is expected to boost FFO per share by $0.02 in 2014 and $0.04 in 2015.
    • Source: Press Release
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  • Jun. 24, 2014, 10:59 AM
    • Occupancy at Whitestone REIT's (WSR +0.5%) Market Street at D.C. Ranch property is up 600 basis points to 86% following December's purchase thanks to the signing of eight new leases totaling about 15K square feet. Additionally, anchor tenant Safeway has committed to investing another $500K to its store.
    • "Market Street demonstrates the ability of our value-add business model to create NOI and cash flow." says CEO James Mastandrea. "As we continue to gain traction in our newest region, Phoenix, we expect to expand in other markets in Texas.
    • Source: Press Release
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  • Jun. 11, 2014, 2:48 PM
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WSR vs. ETF Alternatives
Company Description
Whitestone REIT is engaged in owning and operating commercial properties in culturally diverse markets in metropolitan areas. The Company conducts all its operations and activities through the Operating Partnership.
Sector: Financial
Country: United States