3rd Quarter 2021 Financial Supplement
WSR
TABLE OF CONTENTS
Page
Corporate Profile
1
Third Quarter 2021 Earnings Release
2
Financial Results
Consolidated Balance Sheets
10
Consolidated Statements of Operations and Comprehensive Income (Loss)
12
Consolidated Statements of Cash Flows
18
Reconciliation of Non-GAAP Measures
20
Same Store Property Analysis
24
Other Financial Information
26
Market Capitalization and Selected Ratios
27
Summary of Outstanding Debt and Debt Maturities
29
Summary of Occupancy and Top Tenants
30
Tenant Type Summary
33
Summary of Leasing Activity
34
Lease Expirations
37
Property Details
38
CORPORATE PROFILE
NYSE: WSR
Common Shares
59 Community Centers
5.1 million sq. ft. of gross leasable area
1,509 tenants
6 Top Growth Markets
Austin
Chicago
Dallas-Fort Worth
Houston
Phoenix
San Antonio
Fiscal Year End 12/31
Common Shares &
Units Outstanding*: Common Shares: 49.1 million Operating Partnership Units:
0.8 million
Distribution (per share / unit)*:
Quarter:
$ 0.1075
Annualized: $ 0.43
Dividend Yield: 4.3%**
Board of Trustees:
Nandita V. Berry
Jeffrey A. Jones
Paul T. Lambert
Jack L. Mahaffey
James C. Mastandrea
David F. Taylor
Trustee Emeritus:
Daniel G. DeVos
* As of October 25, 2021
Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-qualityopen-air neighborhood centers primarily in the largest, fastest-growing and high-household-income markets in the Sunbelt. Whitestone creates communities that thrive through
creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone has consistently paid a monthly dividend for more than 15 years. The Company's balanced and well-managed capital structure provides stability and flexibility to support it through a multitude of economic cycles.
We invest in properties that are or can become Community Centered Properties® from which our tenants deliver needed services to the surrounding population. We focus on properties with smaller rental spaces that present opportunities for attractive returns.
Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their respective surrounding communities. Operations include an internal management structure providing cost-effective services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional commercial real estate operators. We value diversity on our team and maintain in-house leasing, property management, marketing, construction, and maintenance departments with culturally diverse and multi-lingual associates who understand the particular needs of our tenants and neighborhoods.
We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, medical, educational and financial services, and entertainment. These tenants tend to occupy smaller spaces (less than 3,000 square feet) and, as of September 30, 2021, provided a 52% premium rental rate compared to our larger space tenants. The largest of our 1,509 tenants at our wholly owned properties comprised only 2.7% of our annualized base rental revenues for the three months ended September 30, 2021.
Investor Relations:
Whitestone REIT
ICR LLC.
Rebecca Elliott
Brad Cohen
Vice President, Corporate Communications
203.682.8211
2600 South Gessner, Suite 500, Houston, Texas 77063
713.435.2219 email: [email protected]
website: www.whitestonereit.com
Analyst Coverage:
B. Riley FBR
JMP Securities
Maxim Group
Craig Kucera
Aaron Hecht
Michael Diana
540.277.3366
415.835.3963
212.895.3641
We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations.
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Disclaimer
Whitestone REIT published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 21:47:02 UTC.