The following is a summary of the Whitestone REIT. (WSR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Whitestone REIT reported robust core FFO per share growth, reaffirming their target of 11% growth for 2024.

• Achieved 10th consecutive quarter with leasing spreads above 17%, reaching a total straight-line leasing spread of 25.3% for Q3 2024.

• Improved debt-to-EBITDA ratio to 7.2 times, on track to reach 6.6 to 7 times by year-end.

• Raised same-store NOI guidance to a range of 3.75% to 4.75%, reflecting an increase of up to 75 basis points at the lower end and 25 basis points at the higher end.

Business Progress:

• Increased focus on strong lease management, resulting in the highest attention to addressing community needs and driving center performance through strategic tenant mix.

• Continued diversification into high-demand sectors such as health and fitness which drives customer engagement and compatibility.

• Advanced remerchandising initiatives to strengthen and upgrade tenant rosters, contributing to a high occupancy rate of 94.1%, nearing record levels.

• Pursued a proactive asset recycling program to balance acquisitions and dispositions, maintaining active portfolio optimization.

Opportunities:

• Leveraging strong market demand and demographic shifts to tailor tenant mix, particularly in fast-growing sectors like fitness and health.

• Capitalizing on strategic asset recycling to reinvest in higher-value opportunities and improve overall portfolio quality.

Risks:

• No explicit risks detected.

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