Whitestone REIT (WSR) Misses Q2 FFO by 2c

Whitestone REIT (NYSE: WSR) reported Q2 EPS of $0.32, $0.02 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $25.1 million versus the consensus estimate of $26.04 million.

“We are proud to deliver another quarter of profitable growth, driven by our innovative, sustainable and scalable business model,” stated Jim Mastandrea, Chairman and Chief Executive Officer. “Our model focuses on acquiring, developing and redeveloping go-to retail centers that provide daily necessities, needed services and entertainment which are not readily available online. By following this ‘internet-resistant’ strategy, we believe we are largely shielded from the threat of rising e-commerce sales.”

Mr. Mastandrea concluded, “The core of our business model is driving profitability and value. The successful execution of our model is best demonstrated by looking at our sustained results over the long-term, evidenced by the second quarter being our 23rd consecutive quarter of revenue and NOI growth, and our 24th consecutive quarter of FFO Core growth, on a year-over-year basis. Our pipeline of new acquisitions and leases remains active, and additional selective development and redevelopment of existing properties is ongoing, which gives us confidence that we will continue to drive profitable growth and shareholder value.”

For earnings history and earnings-related data on Whitestone REIT (WSR) click here.

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