Whitestone Pursues Further Expansion - Analyst Blog
December 30 2011 - 3:30AM
Zacks
Whitestone REIT (WSR) recently announced the
purchase of a bank note and deed on a 4.45 acre expansion parcel of
a commercial land at The Pinnacle of Scottsdale. The deal for the
commercial land was settled at $950,000 in cash at a discount of
68%. Whitestone intends to develop a new retail and executive
office lease space, spanning 55,000 square feet, along with a
fitness club, which it expects to begin pre-leasing in the first
quarter of 2012.
This property, which is an extension of the already established
and upscale-quality The Pinnacle of Scottsdale, has excellent
opportunities for development owing to a large frontage on
Scottsdate road.
Whitestone reported third quarter 2011 funds from operations
(FFO) of 17 cents per share compared with 34 cents in the
year-earlier quarter. Fund from operations, a widely used metric to
gauge the performance of REITs, is obtained after adding
depreciation and other non-cash expenses to net income.
Headquartered in Houston, Texas, Whitestone is a fully
integrated real estate company that owns, operates and re-develops
community centered properties, which are visibly located properties
in established or developing culturally diverse
neighborhoods.Whitestone has a diversified tenant base concentrated
on service offerings including medical, education and casual
dining.
Whitestone currently retains a Zacks #4 Rank, which translates
into a short-term Sell rating. We are also maintaining our
long-term Underperform recommendation on the stock. One of its
competitors, General Growth Properties Inc.
(GGP) currently has a Zacks #3 Rank,
which translates into a short-term Hold rating.
GENL GRWTH PPTY (GGP): Free Stock Analysis Report
WHITESTONE REIT (WSR): Free Stock Analysis Report
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