Whitestone REIT reports Q4 core FFO 28c, consensus 26c

Reports Q4 revenue $40.84M, consensus $38.39M. “We are pleased to report strong fourth quarter and full year operating and financial results, highlighted by 11% year over year Core FFO per share growth, 5.1% Same Store NOI growth for the full year 2024 and a fourth quarter ratio of debt to EBITDAre of 6.6X, an improvement of almost one full turn over fourth quarter 2023. The leasing environment in our markets remains robust, evidenced by our 21.9% combined GAAP leasing spreads in the fourth quarter, extending our streak to 11 consecutive quarters with leasing spreads in excess of 17%. We remain confident in the quality of our portfolio, strength of our well-diversified tenant base and the ability of our team to execute on the opportunities before us to drive strong sustainable earnings growth through strategically focusing on sunbelt markets and leveraging our leadership position in high-value shop space. Our first quarter 2025 dividend represents a 9% increase from the prior quarter and today we are providing an initial 2025 Core FFO guidance range of $1.03 to $1.07. We look forward to providing more color on our fourth quarter earnings call tomorrow morning.”