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Operating Portfolio Occupancy up 2.2% from Q3 2013
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Total Occupancy up 1.8% from Q3 2013
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236,043 square feet in new, expansion and renewal leases in Q4 2013
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177 new tenants added in 2013
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE: WSR – “Whitestone” or the “Company”), a real
estate investment trust that acquires, owns and operates Community
Centered PropertiesTM, today reported its portfolio occupancy
and leasing highlights for the fourth quarter of 2013. The occupancy of
Whitestone's Operating Portfolio, which excludes new acquisitions and
properties undergoing significant redevelopment or re-tenanting, was
88.1% as of December 31, 2013, up 220 basis points from the prior
quarter and up 140 basis points from the same quarter in the prior year.
Total occupancy as of December 31, 2013 was 86.8%, up 180 basis points
from September 30, 2013, and up 200 basis points from December 31, 2012.
During the fourth quarter of 2013, the leasing team signed 91 leases
totaling 236,043 square feet in new, expansion and renewal leases. The
average lease size was 2,594 square feet. For the fourth quarter of
2013, total lease value added was $10.8 million, compared to $11.3
million of total lease value added in the fourth quarter of 2012. For
the twelve months ended December 31, 2013, total lease value added was
$44.2 million, up 25% when compared to full year 2012.
James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer,
said, “We continue to increase occupancy as the fourth quarter 2013
numbers reflect and our focus on leasing our centers with a tenant mix
that increases traffic is proving effective in serving the surrounding
communities.” Mastandrea added, “The fourth quarter acquisitions of
Fountain Hills and Market Street at DC Ranch in Phoenix, and Woodlands
II, north of Houston, add national credit tenants to our base and
provide additional value-add opportunities.” Mastandrea concluded, “Our
investment approach is to purchase properties that add value while
providing cash flow, and target redevelopment opportunities within
existing properties that include developing outparcels and vacant land
which we have embedded in our portfolio of properties in Houston,
Dallas, San Antonio and Phoenix. We remain optimistic about 2014 and our
ability to harvest our intrinsic value. As the economy continues to
strengthen, existing tenants expand their businesses, new tenants seek
space in our well-located centers, and the value of our assets increase.”
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment
trust that owns, operates and redevelops Community Centered PropertiesTM.
Whitestone focuses on value creation in its community centers,
concentrating on local service-oriented tenants that comprise
approximately 70% of its tenants. Whitestone’s diversified tenant base
provides service offerings including medical, education, casual dining,
and convenience services. The largest of its approximately 1,250 tenants
comprised less than 1.6% of its annualized base rental revenues as of
September 30, 2013. Founded in 1998, the Company is internally managed
with a portfolio of 59 commercial properties in Texas, Arizona, and
Illinois. For additional information about the Company, please visit www.whitestonereit.com.
The Investor Relations section of the Company's website contains filings
made with the Securities and Exchange Commission, news releases and
financial reports.
Forward-Looking Statements
Statements included herein that state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future
are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature, involve
known and unknown risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed
or implied by these statements. Reference is made to the Company's
regulatory filings with the Securities and Exchange Commission for
information or factors that may impact the Company's performance.
Whitestone REIT
Suzy Taylor, 713-435-2219
Director of
Investor Relations
STaylor@WhitestoneREIT.com
Source: Whitestone REIT