Whitestone REIT

NYSE:WSRUnited States

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• -- Earnings Flash (WSR) WHITESTONE REIT Reports Q1 Revenue $37.2M, from 4 hours ago by MT Newswires

  4 hours ago by MT Newswires
  Companies Mentioned: WSR
  04:46 PM EDT, 05/01/2024 (MT Newswires) -- ...

• Whitestone REIT Reports First Quarter 2024 Results, from 4 hours ago by GlobeNewswire

  4 hours ago by GlobeNewswire
  Companies Mentioned: WSR

• *DJ Whitestone REIT 1Q Adj EPS 18c >WSR, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: WSR

• Whitestone REIT Reports First Quarter 2024 Results, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: WSR
  partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. (2) We define "Non-Same Store" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purposes of comparing the three months ended March 31, 2024 to the three months ended March 31, 2023, Non-Same Store includes properties acquired between January 1, 2023 and March 31, 2024 and properties sold between January 1, 2023 and March 31, 2024, but not included in discontinued operations. (3) We define "Same Store" as properties that have been owned during the entire period being compared. For purposes of comparing the three months ended March 31, 2024 to the three months ended March 31, 2023, Same Store includes properties owned before January 1, 2023 and not sold before March 31, 2024. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded. Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (continued) (in thousands) Three Months Ended March 31, ---------------------------------- 2024 2023 ---------------- ------------ EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) Net income attributable to Whitestone REIT $ 9,340 $ 3,847 Depreciation and amortization 8,800 7,846 Interest expense 8,519 7,903 Provision for income taxes 119 119 Net income attributable to noncontrolling interests 124 54 Deficit in earnings of real estate partnership (1) 28 218 EBITDAre adjustments for real estate partnership (1) 136 381 Gain on sale of properties (6,525) -- Loss on disposal of assets -- 6 ------------ ----------- EBITDAre $ 20,541 $ 20,374 ============ =========== (1) We rely on reporting provided to us by our third party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report. Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES Initial & Revised Full Year Guidance for 2024 (in thousands, except per share and per unit data) Revised Range Full Year Projected Range 2024 (1) Full Year 2024 ------------------------ ------------------- Low High Low High ----------- ----------- ------- ---------- FFO and Core FFO per diluted share and OP unit Net income attributable to Whitestone REIT $21,560 $24,560 $16,600 $ 19,600 Adjustments to reconcile to FFO Depreciation and amortization of real estate assets 34,252 34,252 34,252 34,252 Depreciation and amortization of real estate assets of real estate partnership (pro rata) 133 133 133 133 Gain on sale of properties (6,525) (6,525) -- -- ------ ------ ------ --------- FFO $49,420 $52,420 $50,985 $ 53,985 ====== ====== ====== ========= Adjustments to reconcile to Core FFO Proxy contest costs 1,565 1,565 -- -- ------ ------ ------ --------- Core FFO $50,985 $53,985 $50,985 $ 53,985 ====== ====== ====== ========= Denominator: Diluted shares 51,262 51,262 51,262 51,262 OP Units 695 695 695 695 ------ ------ ------ --------- Diluted share and OP Units 51,957 51,957 51,957 51,957 ====== ====== ====== ========= Net income attributable to Whitestone REIT per diluted share $ 0.42 $ 0.48 $ 0.32 $ 0.38 FFO per diluted share and OP Unit $ 0.95 $ 1.01 $ 0.98 $ 1.04 Core FFO per diluted share and OP Unit $ 0.98 $ 1.04 $ 0.98 $ 1.04 (1) Includes a $6,525 gain on the sale of property in the first quarter of 2024 and $1,565 in proxy contest costs expected to be incurred in the first and second quarters of 2024 for both the low and high end of the range. Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES Initial Full Year Guidance for 2024 (in thousands) Projected Range Fourth Quarter 2024 ------------------------------------------- Low High ------------------- ------------------ EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) Net income attributable to Whitestone REIT $ 6,161 $ 5,311 Depreciation and amortization 8,746 8,746 Interest expense 8,013 8,013 Provision for income taxes 134 134 Net income attributable to noncontrolling interests 89 89 --- -------------- -------------- EBITDAre $ 23,143 $ 22,293 === ============== ============== Annualized EBITDAre $ 92,572 $ 89,172 === ============== ============== Outstanding debt, net of insurance financing 616,290 624,290 Less: Cash (3,000) (3,000) Add: Proportional share on net debt of unconsolidated real estate partnership -- -- --- -------------- -------------- Total net debt $ 613,290 $ 621,290 === ============== ============== Ratio of Net Debt to EBITDAre 6.6 7.0 === ============== ==============