Whitestone REIT

NYSE:WSRUnited States

Oct 30, 2024

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• -- Earnings Flash (WSR) WHITESTONE REIT Posts Q3 FFO $0.25, from 4:53PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:53PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: WSR
  04:53 PM EDT, 10/30/2024 (MT Newswires) -- ...

• -- Earnings Flash (WSR) WHITESTONE REIT Posts Q3 Revenue $38.6M, from 4:51PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:51PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: WSR
  04:51 PM EDT, 10/30/2024 (MT Newswires) -- ...

• Whitestone REIT Responds to MCB Indication of Interest, from 4:30PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:30PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: WSR
  other investment income (3) (11) (15) (49) Provision for income taxes 118 95 327 339 Gain on sale of properties (3,762) (5) (10,212) (9,626) Management fee, net of related expenses -- -- -- 16 Loss on disposal of assets, net 111 480 183 500 NOI of real estate partnership (pro rata)(1) -- 667 183 1,883 Net income attributable to noncontrolling interests 99 35 257 248 ------ ------ ------- ------ NOI $26,492 $26,246 $ 79,972 $77,329 Non-Same Store NOI (2) (1,330) (1,074) (5,389) (4,228) NOI of real estate partnership (pro rata) (1) -- (667) (183) (1,883) ------ ------ ------- ------ NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata) 25,162 24,505 74,400 71,218 Same Store straight-line rent adjustments (695) (833) (2,581) (2,390) Same Store amortization of above/below market rents (221) (214) (600) (607) Same Store lease termination fees (30) (300) (298) (600) ------ ------ ------- ------ Same Store NOI (3) $24,216 $23,158 $ 70,921 $67,621 ====== ====== ======= ====== (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 for the three and nine months ended September 30, 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. As of September 30, 2024, our ownership in Pillarstone OP no longer represents a majority interest. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone OP. (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 purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Non- Same Store includes properties owned before July 1, 2023, and not sold before September 30, 2024, but not included in discontinued operations. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Non-Same Store includes properties acquired between January 1, 2023 and September 30, 2024 and properties sold between January 1, 2023 and September 30, 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 purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Same Store includes properties owned before July 1, 2023 and not sold before September 30, 2024. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Same Store includes properties owned before January 1, 2023 and not sold before September 30, 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 Nine Months Ended September 30, September 30, ------------------ ------------------ 2024 2023 2024 2023 -------- -------- --------- ------- EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) Net income attributable to Whitestone REIT $ 7,624 $ 2,486 $ 19,556 17,639 Depreciation and amortization 8,921 8,332 26,242 24,538 Interest expense 8,506 8,400 25,813 24,563 Provision for income taxes 118 95 327 339 Net income attributable to noncontrolling interests 99 35 257 248 Deficit in earnings of real estate partnership (1) -- 375 28 1,627 EBITDAre adjustments for real estate partnership (1) -- 223 136 169 Gain on sale of properties (3,762) (5) (10,212) (9,626) Loss on disposal of assets 111 480 183 500 ------ ------ ------- ------ EBITDAre $21,617 $20,421 $ 62,330 59,997 ====== ====== ======= ====== (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 for the three and nine months ended September 30, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings in Pillarstone OP no longer represents a majority interest. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone OP. Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 2024 2023 2024 2023 --------- --------- --------- --------- Debt/EBITDAre Ratio Outstanding debt, net of insurance financing $633,437 $632,353 $633,437 $632,353 Less: Cash (2,534) (2,976) (2,534) (2,976) Less: Deposit due to real estate partnership debt default (13,633) -- (13,633) -- Add: Proportional share of net debt of unconsolidated real estate partnership (1) -- 8,685 -- 8,685 ------- ------- ------- ------- Total Net Debt $617,270 $638,062 $617,270 $638,062 EBITDAre $ 21,617 $ 20,421 $ 62,330 $ 59,997 Effect of partial period acquisitions and dispositions $ (172) $ -- $ (1,004) $ -- Pro forma EBITDAre $ 21,445 $ 20,421 $ 61,326 $ 59,997 Annualized pro forma EBITDAre $ 85,780 $ 81,684 $ 81,768 $ 79,996 Ratio of debt to pro forma EBITDAre 7.2 7.8 7.5 8.0