Whitestone REIT Declares Third Quarter 2021 Dividends
June 11 2021 - 8:00AM
Whitestone REIT’s (NYSE:WSR) (“Whitestone”
or the “Company”) Board of Trustees has declared a monthly cash
dividend of $0.035833 per share on the Company’s common shares and
operating partnership units. The dividend amount represents a
quarterly amount of $0.1075, and an annualized amount of $0.43 per
share. The third quarter dividend distribution for 2021 will be as
detailed below:
Month |
|
Record
Date |
Payment
Date |
July |
|
7/2/2021 |
7/14/2021 |
August |
|
8/3/2021 |
8/12/2021 |
September |
|
9/2/2021 |
9/14/2021 |
“We are pleased to announce Whitestone’s 131st,
132nd and 133rd consecutive monthly dividend distributions. As the
economy reopens, we are proud of the fact that we have consistently
provided our shareholders with uninterrupted monthly dividends
throughout the pandemic. Currently, our dividend equates to a 5%
yield(1) and our pay-out ratio to FFO Core is 44%(2). Our business
model and strategically chosen markets were stress tested and
proven to be resilient and sustainable during the Covid pandemic
and our recovery has been swift. We believe the strength of our
business model provides our shareholders with a predictable
dividend, as well as a growth opportunity,” commented Chairman and
Chief Executive Officer, Jim Mastandrea.
“We look forward to continuing to accretively
grow Whitestone both organically and externally through our
internal re-development / development opportunities of $230
million, and our deep external pipeline of potential acquisitions
in our current markets. Our current shareholders are beginning to
recognize the financial rewards of our work and, as we continue to
execute our business plan, we welcome new shareholders.”
About Whitestone REIT
Whitestone is a community-centered shopping center REIT that
acquires, owns, manages, develops, and redevelops high-quality
neighborhood centers primarily in the largest, fastest-growing and
most affluent markets in the Sunbelt.
Whitestone seeks to create Communities That Thrive through
Creating Local Connections between consumers in the surrounding
communities and a well-crafted mix of local, regional and national
tenants that provide daily necessities, needed services,
entertainment, and experiences.
Whitestone (NYSE: WSR) pays monthly dividends to its
shareholders and it has consistently done so for more than 15
years. Whitestone’s strong balanced and managed capital structure
provides stability and flexibility for growth and positions
Whitestone to perform well through economic cycles. For additional
information, please visit www.whitestonereit.com.
(1) based on our June 10, 2021 closing
price(2) for the Quarter ended March 31, 2021
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”) and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). The Company intends for all such forward-looking
statements to be covered by the safe-harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act and Section 21E of the Exchange Act, as applicable.
Such information is subject to certain risks and uncertainties, as
well as known and unknown risks, which could cause actual results
to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of
our performance in future periods. Such forward-looking statements
can generally be identified by the Company's use of forward-looking
terminology, such as “may,” “will,” “plan,” “expect,” “intend,”
“anticipate,” “believe,” “continue,” “goals” or similar words or
phrases that are predictions of future events or trends and which
do not relate solely to historical matters.
The following are some of the factors that could cause the
Company's actual results and its expectations to differ materially
from those described in the Company's forward-looking statements:
the Company's ability to meet its long-term goals, its assumptions
regarding its earnings guidance, including its ability to execute
effectively its acquisition and disposition strategy, to continue
to execute its development pipeline on schedule and at the expected
costs, and its ability to grow its NOI as expected, which could be
impacted by a number of factors, including, among other things, its
ability to continue to renew leases or re-let space on attractive
terms and to otherwise address its leasing rollover; its ability to
successfully identify, finance and consummate suitable
acquisitions, and the impact of such acquisitions, including
financing developments, capitalization rates and internal rates of
return; the Company’s ability to reduce or otherwise effectively
manage its general and administrative expenses; the Company’s
ability to fund from cash flows or otherwise distributions to its
shareholders at current rates or at all; current adverse market and
economic conditions; lease terminations or lease defaults; changes
in the economies and other conditions of the specific markets in
which the Company operates; economic, legislative and regulatory
changes; the success of the Company's real estate strategies and
investment objectives; the Company's ability to continue to qualify
as a REIT under the Internal Revenue Code of 1986, as amended; and
other factors detailed in the Company's most recent Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and other documents
the Company files with the Securities and Exchange Commission from
time to time.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
FFO (NAREIT) AND FFO CORE |
|
2021 |
|
|
2020 |
|
|
Net income attributable to Whitestone REIT |
$ |
1,415 |
|
$ |
1,612 |
|
|
Adjustments to reconcile to FFO: |
|
|
|
Depreciation and amortization of real estate assets |
|
6,980 |
|
|
6,909 |
|
|
Depreciation
and amortization of real estate assets of real estate partnership
(pro rata) |
|
405 |
|
|
449 |
|
|
(Gain) loss on sale or disposal of assets, net |
|
(1 |
) |
|
207 |
|
|
Loss (gain) on sale of property from discontinued operations |
|
- |
|
|
- |
|
|
Loss on sale or disposal of properties or assets of real estate
partnership (pro rata) |
|
- |
|
|
53 |
|
|
Net income
attributable to noncontrolling interests |
|
26 |
|
|
35 |
|
|
FFO
(NAREIT) |
|
8,825 |
|
|
9,265 |
|
|
Adjustments to reconcile to FFO Core: |
|
|
|
Share-based compensation expense |
|
1,468 |
|
|
1,326 |
|
|
Early debt extinguishment costs of real estate partnership |
|
- |
|
|
- |
|
|
Gain on loan forgiveness |
|
- |
|
|
- |
|
|
FFO
Core |
$ |
10,293 |
|
$ |
10,591 |
|
|
Contact Whitestone REIT:Kevin
ReedDirector of Investor Relations(713)
435-2219kreed@whitestonereit.com
Rebecca ElliottVice President, Corporate Communications(713)
435-2228relliott@whitestonereit.com
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