Whitestone REIT (NYSE: WSR) reported Q4 EPS of $0.07, $0.04 better than the analyst estimate of $0.03. Revenue for the quarter came in at $29.83 million versus the consensus estimate of $28.57 million.

Fourth Quarter Operating and Full Year Operating and Financial Highlights:All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise. Included in fourth quarter and full year net income attributable to common shareholders and funds from operations is a $1.7 million gain from PPP Loan forgiveness.

• Full Year Net Income attributable to common shareholders of $0.14 per diluted share
• Full Year 2020 Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), was $0.83 per share
• Full Year FFO Core was $0.93 per share
• Fourth Quarter Net Income attributable to common shareholders of $0.07 per diluted share
• Fourth Quarter FFO of $0.23 per share
• Fourth Quarter FFO Core of $0.24 per share
• Comparable GAAP-based leasing spreads of 6.8% for the quarter and 8.9% for the year
• Same-store Net Operating Income (“NOI”) decreased 4.2% and 4.4% for the three and twelve month periods, respectively
• Bad debt/uncollectable revenue for the quarter was $1.3 million, or $0.03 per share, primarily due to COVID-19 pandemic and included $151,000 of non-cash straight-line rent
• Total Net Debt, defined as outstanding debt plus pro rata share of outstanding debt of real estate partnership less cash and pro rata share of cash of real estate partnership, reduced $12.0 Million, or 2% from prior year

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT, commented, “Whitestone’s strong performance and operating trends throughout the pandemic, achieving near-or-top-of-the-industry’s quarterly cash rental collections, and leading the shopping center industry in foot traffic recovery at our properties, sets it apart. Our focus since the pandemic started was to protect our employees, tenants, and the value of our properties so we can continue to produce stable cash flows. Through the sheer dedication and unyielding efforts of our associates, we were able to stabilize our properties and produce stellar rental collection results, while also continuing to lease space. As exemplified by our recent dividend increase, our cash flow remains strong and we remain firmly committed to serving all of our stakeholders by continuing to outperform.”

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