Whitestone REIT (NYSE: WSR) reported Q1 EPS of $0.04, $0.01 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $30.58 million versus the consensus estimate of $31.09 million.

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our properties primarily located in the growth markets of Arizona and Texas performed well in the first quarter, as they generated positive same store NOI growth excluding the impact of the COVID-19 reserve recorded in the quarter. However, our service focused community centered properties were not immune to the unprecedented crisis that continues to evolve. First and foremost our focus is on protecting the health of our employees, tenants and the communities that we serve. During this difficult time, we continue to work diligently and thoughtfully with our valued tenants as U.S., state and local plans evolve to begin to reopen the economies in which we operate. As these economies recover, we plan to build on the progress we demonstrated to start the year in our efforts to position the Company to drive same store NOI while continuing to align G&A, and strengthen our balance sheet.”

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