Whitestone REIT (NYSE: WSR) reported Q3 EPS of $0.02, $0.01 worse than the analyst estimate of $0.03.

Third Quarter Operating and Financial Highlights:

• Net Income attributable to common shareholders of $0.9 million, or $0.02 per diluted share
• Funds from Operations (“FFO”) was $8.5 million, or $0.19 per share
• FFO Core was $10.1 million or $0.23 per share
• Paid quarterly dividend of $0.105 per share
• Rental rates on comparable new and renewal leases signed for the twelve months ended September 30, 2020 increased 4.9% and 12.1%, respectively, on a GAAP basis
• Same-store Net Operating Income (“NOI”) decreased 4.5% and 4.4% for the three and nine month periods, respectively
• Reduced real estate debt by $9.5 million

COVID-19 Update Summary (as of October 26, 2020)

• All 53 community centers are open and have remained open throughout the pandemic
• 97% of tenants are open and operating (based on ABR)
• 90% of third quarter 2020 contractual rents have been collected
• 90% of total October contractual rents have been collected to date
• Entered into rent deferral agreements representing 3% of third quarter 2020 revenue
• Grew cash and cash equivalents by 11% since March 31, 2020 to $40.7 million
• Bad debt/uncollectable revenue for the quarter was $1.4 million, or $0.03 per share, primarily due to COVID-19 pandemic and included $125,000 non-cash straight-line receivables

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT, commented, “We continue to produce strong operating results and lead the shopping center sector in cash rental collections. Our business has performed well during the pandemic as our entrepreneurial tenants persevere through these uncertain times. Our team has worked tirelessly to help our service-focused, community-centered tenants find creative ways to utilize our open-air properties to serve their local neighborhoods. Our focus remains on protecting our employees, tenants, and communities and the value we have created for the stakeholders we serve.”

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