HOUSTON--(BUSINESS WIRE)--
On May 11, 2015, Whitestone REIT (NYSE:WSR) held its annual
shareholders meeting in Houston, Texas. Shareholders gathered to hear
management discuss the Company’s 2014 accomplishments and to learn about
their vision for the future.
During the meeting, David Holeman, Chief Financial Officer, recapped
Whitestone REIT’s solid 2014 financial performance and also reported a
strong start to 2015. Holeman noted year-over-year increases for 2014 in
the Company’s key financial metrics, such as Revenue (+19.7%), Revenue
per Average Leased Square Foot (+7.0%), Net Operating Income (+24.9%),
Funds From Operations Core (35.4%) and Funds From Operations Core per
Share (+9.1%). Holeman concluded his presentation by discussing
Whitestone REIT’s solid balance sheet, conservative capital structure
and flexible business model, which continues to provide the Company with
ample liquidity to pursue its growth initiatives.
James Mastandrea, Chairman and Chief Executive Officer, spoke about
Whitestone REIT’s continued progress and growth and laid out the
company’s strategic goals for 2015 and beyond.
“I’m very pleased with the results we delivered in 2014, which reflect
the successful execution of our forward-thinking operating model,” Mr.
Mastandrea said. “In addition to our stellar performance, we continued
to acquire properties in high-growth, geographically aggregated markets
and strategically invest in our communities to strengthen our tenants’
connections with customers, as well as to optimize tenant mix and
increase occupancy rates.”
Mr. Mastandrea continued, “I’m excited about the opportunities we have
as a company, and have established the following goals for 2015 and
beyond:
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Increase overall occupancy,
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Increase the portfolio’s quality and size,
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Continue repositioning and redeveloping legacy properties,
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Sell or spin off non-core assets,
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Continue to grow FFO Core per share, resulting in a dividend to FFO
Core payout ratio of less than 85%, and
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Deliver exceptional returns to our shareholders.”
Mr. Mastandrea concluded his presentation by saying, “We have a proven
business model and strategy to drive tenant growth and demand. With our
balanced capital structure, experienced management team, focus on
community-centered properties, deep knowledge of our local markets and
disciplined approach to acquisitions, redevelopment and repositioning,
we are well positioned to drive top-line and bottom-line growth and for
optimal value creation.”
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment
trust ("REIT") that owns, re-develops, repositions, leases, manages and
operates Community Centered PropertiesTM. Whitestone focuses
on value creation in its community centers, concentrating on local
service-oriented tenants. Whitestone's diversified tenant base provides
service offerings including specialty retail, grocery, restaurants,
medical, educational and financial services. Founded in 1998, the
Company is internally managed with a portfolio of 64 commercial
properties in Texas, Arizona, and Illinois. For additional information
about the Company, please visit www.whitestonereit.com.
Whitestone REIT
David K. Holeman, 713-435-2227
CFO
dholeman@whitestonereit.com
Source: Whitestone REIT