Whitestone REIT (NYSE: WSR) reported Q2 EPS of $0.01, $0.02 worse than the analyst estimate of $0.03.

Second Quarter Operating and Financial Highlights:

• Net Income attributable to common shareholders for the quarter ended June 30, 2020 was $0.4 million, or $0.01 per diluted share
• Funds from Operations (“FFO”) was $8.4 million, or $0.19 per share
• FFO Core was $9.6 million or $0.22 per share
• 81% of total Q2 2020 contractual rents have been collected
• Rental rates on comparable new and renewal leases signed for the twelve months ended June 30, 2020 increased 6.7% and 12.4%, respectively, on a GAAP basis
• Same-store Net Operating Income decreased 7.9% and 4.4% for the three and six month periods, respectively
• Paid quarterly dividend of $0.105 per share

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our properties continue to perform well as our service-focused, community-centered tenants pursue creative ways to serve their local neighborhoods. We continue to support our entrepreneurial tenants as they persevere through these uncertain times. We also continue to demonstrate the resiliency of our portfolio as demonstrated by our strong rental collections. Our results underscore our entrepreneurial tenants’ sustainability through tough times and Whitestone’s ability to craft the right mix of tenants to serve the needs of our high household income neighborhoods in the high growth markets of Texas and Arizona. To date, we have seen minimal store closings in our diverse tenant mix and believe that Whitestone, our tenants and our communities will emerge stronger than ever as the pandemic subsides.”

Mr Mastandrea added, “Our focus continues to be on protecting the health of our employees, tenants and the communities that we serve. As local economies recover, we plan to build on the progress we demonstrated in the beginning of the year in our continuing efforts to position the Company to drive long term shareholder value.”

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