Whitestone REIT (WSR) Tops Q2 EPS by 10c, Revenues Beat; Raises FY18 EPS Outlook Above Consensus

Whitestone REIT (NYSE: WSR) reported Q2 EPS of $0.19, $0.10 better than the analyst estimate of $0.09. Revenue for the quarter came in at $34.6 million versus the consensus estimate of $33.7 million.

• 2.8% growth in revenues to $34.6 million
• Net income attributable to Whitestone REIT of $7.6 million, or $0.19 per share, versus $3.0 million, or $0.07 per share
• 2.7% growth in net operating income (“NOI”) to $23.0 million
• G&A costs improved to 14.3% of revenue, compared to 16.6%
• Funds From Operations (“FFO”) of $10.7 million, or $0.25 per share, compared to $10.1 million, or $0.25 per share
• FFO Core of $12.2 million, or $0.29 per share, versus $13.1 million, or $0.33 per share
• Annualized base rent per square foot for wholly owned properties rises to $18.97
• Same Store NOI growth of 2.5% from the Prior Year Quarter, 2.1% in wholly owned portfolio
• Updates 2018 full year guidance

“Whitestone remained focused on generating strong leasing and was pleased to have ended the quarter with record occupancy approaching 92% representing a 180 basis point increase in year over year occupancy,” stated Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT. “With over 313,000 square feet leased in the third quarter, our leased total through September 2018 grew to a record 946,000 square feet. Additionally, we made further progress in reducing our general and administrative costs as a percentage of revenue. While we acknowledge that our FFO Core per share is down from 2017, primarily as a result of higher interest cost, we remain committed and focused on earning per share and cash flow growth as we execute on our differentiated E-Commerce Resistant business model in our efforts to grow long-term shareholder value.”

GUIDANCE:

Whitestone REIT sees FY2018 EPS of $0.37-$0.39, versus the consensus of $0.29.

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

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