Whitestone REIT Reports Strong Year-End Results and Strategic Growth Plans for 2025
Whitestone REIT Reports Strong Year-End Results and Strategic Growth Plans for 2025
Whitestone REIT reports strong asset value growth, significant shareholder returns, and enhanced operational metrics heading into 2025.
Whitestone REIT报告了强劲的资产价值增长、显著的股东回报和提升的运营指标,展望2025年。
Quiver AI Summary
Quiver AI 概要
Whitestone REIT has released a CEO letter addressing shareholders, highlighting the company's strong performance and strategic direction as it concludes 2024. The letter emphasizes the growth in asset value and solid Total Shareholder Return over the past three years. Whitestone's strategy focuses on high-growth, community-anchored shop spaces, shorter lease terms for maximizing rental income, and a proactive leasing team. The company has achieved notable operational metrics, including increased occupancy rates and positive leasing spreads, leading to a 16% rise in asset valuation according to analysts. Furthermore, the company has set positive financial expectations for 2025, including anticipated growth in Core Funds From Operations and dividend increases. The management team has also been refreshed, fostering a commitment to shareholder engagement as Whitestone targets further growth and value creation in the coming years.
Whitestone REIT发布了一封针对股东的CEO信,强调了公司在2024年结束时的强劲表现和战略方向。信中强调了过去三年资产价值的增长和坚实的总股东回报。Whitestone的策略专注于高增长、社区基础的商铺空间,以及短期租约以最大化租金收入和积极的租赁团队。公司实现了显著的运营指标,包括提高的入住率和正向的租赁差额,导致分析师认为资产估值上升了16%。此外,公司对2025年设定了乐观的财务预期,包括核心自有资金运营的增长和分红增加。管理团队也进行了调整,增强了与股东互动的承诺,Whitestone努力在未来几年实现进一步增长和价值创造。
Potential Positives
潜在的积极因素
- Whitestone REIT achieved the best performance among shopping center REITs with a total return of more than 60% over the past three years, significantly exceeding the peer average of 17%.
- The company's Net Asset Value has increased by 16% since Q3 2023, marking the second highest increase within its peer set, which reflects positively on investor confidence and market valuation.
- Core FFO per share for 2024 is projected to grow by 11% compared to 2023, indicating strong earnings growth potential moving forward.
- The recently declared dividend for Q1 2025 has increased by 9%, signaling the Board's confidence in the company's earnings growth trajectory and commitment to returning value to shareholders.
- 在过去三年中,Whitestone REIT在购物中心信托中表现最佳,总回报超过60%,显著超过同行的平均17%。
- 公司的净资产价值自2023年第三季度以来增加了16%,在同行中排名第二的增长,积极反映了投资者信心和市场估值。
- 2024年每股核心自由现金流预计将比2023年增长11%,表明未来强劲的盈利增长潜力。
- 最近宣布的2025年第一季度分红增加了9%,表明董事会对公司盈利增长轨迹和向股东返还价值的承诺充满信心。
Potential Negatives
潜在负面因素
- There are warnings about the company's reliance on assumptions regarding its ability to maintain REIT status, which could lead to significant tax implications if not managed properly.
- The press release highlights a significant geographic concentration in Texas and Arizona, which may expose the company to local economic downturns affecting its performance.
- The company is subject to various risks, including potential increases in interest rates that could increase operating costs, which could negatively impact financial performance.
- 关于公司依赖于其维持信托状态的假设的警告,若管理不当可能导致重大税务影响。
- 新闻稿强调公司在德克萨斯州和亚利桑那州的地域集中度较高,这可能使公司面临当地经济衰退对其业绩的影响。
- 公司面临各种风险,包括利率可能上升,导致运营成本增加,这可能对财务表现产生负面影响。
FAQ
常见问题
What is Whitestone REIT's strategy for asset value growth?
Whitestone REIT的资产价值增长策略是什么?
Whitestone REIT focuses on high-growth shop space and shorter lease terms, aiming to capture mark-to-market rents quickly.
Whitestone REIT专注于高增长商铺空间和较短租期,旨在迅速捕捉市场租金。
How has Whitestone REIT performed compared to its peers?
Whitestone REIT的表现与同业相比如何?
Whitestone has outperformed, achieving over 60% total return, significantly higher than the peer average of 17% over the last three years.
Whitestone的表现优异,取得了超过60%的总回报,远高于同行平均的17%。
What were the occupancy rates for Whitestone REIT in Q3 2024?
2024年第三季度Whitestone REIT的入住率是多少?
Whitestone achieved an occupancy rate of 94.1% in the third quarter of 2024, reflecting its strong leasing performance.
Whitestone在2024年第三季度的入住率为94.1%,反映了其强劲的租赁表现。
What is the forecast for Whitestone REIT's Core FFO in 2024?
2024年Whitestone REIT的核心FFO预期是什么?
The estimated Core FFO per share for 2024 is between $0.98 and $1.04, indicating an 11% growth from 2023.
2024年的每股核心FFO估计在0.98美元到1.04美元之间,表明从2023年增长了11%。
How is Whitestone REIT addressing shareholder feedback?
Whitestone REIT如何回应股东反馈?
The Company values shareholder engagement and has implemented constructive feedback to enhance performance and strategic decision-making.
公司重视股东参与,并已实施建设性的反馈以提升绩效和战略决策。
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
免责声明:这是由GlobeNewswire分发的新闻稿的人工智能生成摘要。用于总结这份稿件的模型可能会出错。请在这里查看完整发布。
$WSR Insider Trading Activity
$WSR内部交易活动
$WSR insiders have traded $WSR stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
$WSR内部人士在过去6个月内在公开市场上交易过$WSR股票1次。在这些交易中,1次为购买,0次为出售。
Here's a breakdown of recent trading of $WSR stock by insiders over the last 6 months:
以下是过去6个月内$WSR内部人士最近的交易概况:
- JULIA BRUNS BUTHMAN purchased 5,000 shares.
- JULIA BRUNS BUTHMAN购买了5000股。
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
要跟踪内部交易,请查看Quiver Quantitative的内部交易特斯拉-仪表。
$WSR Hedge Fund Activity
$WSR对冲基金活动
We have seen 82 institutional investors add shares of $WSR stock to their portfolio, and 96 decrease their positions in their most recent quarter.
我们看到82家机构投资者在最近一个季度增加了$WSR股票的持有量,96家减少了他们的持仓。
Here are some of the largest recent moves:
以下是最近的一些重大变动:
- BALYASNY ASSET MANAGEMENT L.P. added 604,414 shares (+inf%) to their portfolio in Q3 2024
- BOOTHBAY FUND MANAGEMENT, LLC removed 450,853 shares (-36.0%) from their portfolio in Q3 2024
- FOUNDRY PARTNERS, LLC removed 413,650 shares (-42.6%) from their portfolio in Q3 2024
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 241,669 shares (+130.7%) to their portfolio in Q3 2024
- BLACKROCK, INC. removed 204,327 shares (-2.7%) from their portfolio in Q3 2024
- DIGITALBRIDGE GROUP, INC. removed 186,901 shares (-49.8%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 183,963 shares (+100.7%) to their portfolio in Q3 2024
- BALYASNY 资产管理公司在2024年第三季度增加了604,414股(+inf%)至其投资组合中
- BOOTHBAY 基金管理公司在2024年第三季度从其投资组合中移除了450,853股(-36.0%)
- FOUNDRY PARTNERS, LLC在2024年第三季度从其投资组合中移除了413,650股(-42.6%)
- CHARLES SCHWAB 投资管理公司在2024年第三季度增加了241,669股(+130.7%)至其投资组合中
- BLACKROCK, INC. 在2024年第三季度从其投资组合中移除了204,327股(-2.7%)
- DIGITALBRIDGE GROUP, INC. 在2024年第三季度从其投资组合中移除了186,901股(-49.8%)
- 高盛集团在2024年第三季度增加了183,963股(+100.7%)至其投资组合中
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
要跟踪对冲基金的股票投资组合,请查看Quiver Quantitative的机构持有情况仪表。
Full Release
完整发布
HOUSTON, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) ("Whitestone" or the "Company") is pleased to share the following CEO letter with shareholders:
休斯顿,2024年12月17日(全球新闻通讯)-- Whitestone REIT(纽交所:WSR)(“Whitestone”或“公司”)很高兴与股东分享以下CEO信函:
At Whitestone, we are closing the year continuing to prove the value of our differentiated strategy and ability to execute. The value of our assets is steadily climbing as we show what a portfolio of high-return shop space can deliver when properly anchored to the community.
在Whitestone,我们在年末继续证明我们独特策略的价值和执行能力。随着我们展示一个高收益商铺组合在与社区良好结合时能实现的收益,我们的资产价值稳步攀升。
Our strong results continue to underscore that our strategy is the right one. Our success is reflected not only in best-in-class Total Shareholder Return over the last 3 years, but also in a steadily increasing assessment of the value of our assets by analysts and investors.
我们的强劲业绩继续强调我们的策略是正确的。我们的成功不仅反映在过去三年最佳的整体股东回报中,同时分析师和投资者对我们资产价值的评估也在稳步上升。
We have been deliberate and direct in communicating the key components of our strategy:
我们在传达我们策略的关键元件时采取了稳妥和直接的方法:
-
75% of ABR coming from high-growth, high-return optimally sized shop space
-
Shorter leases, with an average lease term of 4 years, allowing for quicker capture of mark-to-market rents
-
A dedicated leasing team trained to leverage technology and utilize strong underwriting skills to constantly evaluate and refresh tenants
-
75%的ABR来自于高增长、高回报的最优规模商铺
-
较短的租约,平均租期为4年,允许更快地捕捉市场租金
-
一支专注的租赁团队,经过培训,能够利用科技和强大的承保技能,持续评估和更新租户
The outside view of the value of our assets, as measured by sell-side analyst Net Asset Value calculations has risen dramatically over the past year, increasing 16% since the 3
rd
quarter of 2023. This represents the 2
nd
highest increase within the peer set as analysts reassess the value Whitestone has delivered - and is capable of delivering in the future.
The outside view of the value of our assets, as measured by sell-side analyst Net Asset Value calculations has risen dramatically over the past year, increasing 16% since the 3
rd
quarter of 2023. This represents the 2
nd
highest increase within the peer set as analysts reassess the value Whitestone has delivered - and is capable of delivering in the future.
Achieving 10 consecutive quarters of leasing spreads in excess of 17% is just one of the operational metrics bringing credibility to our differentiated strategy.
Achieving 10 consecutive quarters of leasing spreads in excess of 17% is just one of the operational metrics bringing credibility to our differentiated strategy.
The team at Whitestone views our strategy, our ability to drive earnings growth and the external view of the value of our assets as inexorably linked. We believe we have all the right ingredients to drive the value of our assets higher, while appropriately aligning external views to reflect both our intrinsic value and forward-looking expectations.
The team at Whitestone views our strategy, our ability to drive earnings growth and the external view of the value of our assets as inexorably linked. We believe we have all the right ingredients to drive the value of our assets higher, while appropriately aligning external views to reflect both our intrinsic value and forward-looking expectations.
Supporting our work is the feedback we have received from the investment community. 2024 was an invaluable year of shareholder engagement, and we have acted on many of the constructive perspectives provided by shareholders. In our recent discussions, we have heard support from many of you and appreciate your confidence in the results we're delivering and momentum we are gaining.
Supporting our work is the feedback we have received from the investment community. 2024 was an invaluable year of shareholder engagement, and we have acted on many of the constructive perspectives provided by shareholders. In our recent discussions, we have heard support from many of you and appreciate your confidence in the results we're delivering and momentum we are gaining.
Our financial and operational results underscore the meaningful advancement we are making against our strategic objectives. Since new management took over, Whitestone has been the best performing shopping center REIT, with a total return of more than 60%, significantly outpacing the peer average of 17%:
我们的财务和运营结果强调了我们在实现战略目标方面取得的重要进展。自新管理层接管以来,Whitestone已成为表现最好的购物中心信托,总回报超过60%,显著高于同行平均水平的17%。
Fueling our progress is an exceptional and revamped team at Whitestone dedicated to continuous improvement. From our operations, leasing and asset recycling to corporate governance, this mentality is being applied to every aspect of Whitestone.
推动我们进步的是Whitestone的一支卓越且焕然一新的团队,致力于持续改进。从我们的运营、租赁和资产回收再利用到公司治理,这种心态被应用于Whitestone的各个方面。
The results of our approach are evident in our financial and operational metrics:
我们方法的成果在我们的财务和运营指标中显而易见:
Improving Operations:
We drove occupancy to 94.1% in the third quarter of 2024, as we enter what is historically Whitestone's strongest quarter for leasing. We achieved a combined overall positive leasing spread of 25.3% and increased our Same Store NOI growth target to 3.75% - 4.75%, after delivering year-to-date Same Store NOI growth of 4.9%. Not only are we delivering top quartile Same Store NOI growth, we are utilizing less capital as the majority of our centers are already correctly configured with high-demand shop space.
改善运营:
在2024年第三季度,我们将入住率提高至94.1%,我们即将进入历史上Whitestone租赁最强的季度。我们实现了总租赁差价为25.3%的正增长,并将我们的同店净运营收入(NOI)增长目标提高至3.75% - 4.75%,在截至目前为止实现了4.9%的同店NOI增长。我们不仅实现了顶级的同店NOI增长,而且在大多数中心已经正确配置了高需求的商店空间的情况下,我们使用了更少的资金。
Driving Earnings Growth:
We reiterated our 2024 Core FFO per share estimate of $0.98 to $1.04, representing 11% growth in 2024 versus 2023 (at the midpoint). We anticipate Same Store NOI will continue to drive strong Core FFO per share growth in 2025 and beyond and we are eager to provide investors with 2025 guidance early next year.
推动收入增长:
我们重申2024年每股核心FFO的估计为0.98美元至1.04美元,代表2024年与2023年相比增长11%(中位数)。我们预计同店NOI将在2025年及之后持续推动强劲的每股核心FFO增长,我们期待在明年早些时候为投资者提供2025年的指导。
Increasing Returns
: Growing earnings allows Whitestone to significantly increase dividends while maintaining our payout ratio, which is among the healthiest in the shopping center sector. Whitestone recently declared dividends for the first quarter of 2025, growing the dividend by 9% and reflecting the Board's confidence in Whitestone's earnings growth trajectory. We are laser focused on growing Core FFO per share and accompanying that growth with an increasing dividend.
提高回报
盈利增长使Whitestone能够显著增加分红,同时维持我们的派息比率,这在购物中心行业中是最健康的之一。Whitestone最近宣布了2025年第一季度的分红,增长了9%,反映了董事会对Whitestone盈利增长轨迹的信心。我们专注于每股核心自由现金流的增长,并伴随增长逐步增加分红。
Ever Stronger Tenant Quality:
Whitestone's performance during the pandemic was amongst the best within the peer set, as measured by collections or by the change in Core FFO per share from 2019 to 2020. Since that time, the leasing team has relentlessly refreshed the tenant mix, driving the Bad Debt / Revenue percentage down 50% from the 2019 level.
租户质量不断增强:
在疫情期间,Whitestone的表现是同行中表现最好的之一,按照收款情况或从2019年到2020年的每股核心自由现金流变化来衡量。自那时以来,租赁团队不懈地更新租户组合,使坏账/营业收入比例从2019年水平下降了50%。
In evaluating businesses, we believe that strong underwriting and leasing team skills are vital to driving strong Same Store NOI growth, enhancing the credit quality of our portfolio and supporting our ability to deliver results in any environment.
在评估业务时,我们认为强大的承保和租赁团队技能对推动强劲的同店净营业收入增长、提升我们投资组合的信用质量以及支持我们在任何环境中交付结果的能力至关重要。
Strengthening Financial Profile
: We have reduced our leverage (measured as Net Debt / Pro Forma EBITDAre) to 7.2x, with an expected ratio range of 6.6x to 7.0x by the end of 2024. We have also been proactive in renewing our corporate credit facility and minimizing near-term debt maturities. Most recently, we shifted $20 million of our short-term variable rate debt to our term loan debt due 2028 and locked it in at a more favorable rate of 5.2%. These actions have led to a strengthened balance sheet and the ability to fund future growth investments in line with our strategic initiatives.
增强财务状况
我们已经将我们的杠杆率(以净债务/经修订的息税折旧摊销前利润计算)降低至7.2倍,预计到2024年底的比率区间为6.6倍至7.0倍。我们还积极地更新我们的企业信贷设施,最小化近期债务到期。最近,我们将2,000万短期浮动利率债务转移到到期于2028年的长期贷款债务,并锁定在5.2%更优惠的利率。这些措施导致资产负债表得到加强,并能够根据我们的战略举措资金未来的增长投资。
We are pleased with this progress, but what excites us most is the runway ahead that we see for additional growth and value creation.
我们对这一进展感到高兴,但最令我们兴奋的是我们所见的未来策略,预示着额外的增长和价值创造。
Our portfolio optimization strategy is just hitting stride.
我们的投资组合优化策略才刚刚起步。
Strong community connections and deep tenant relationships are key to the success of Whitestone's current centers and acquisition strategy. We have excellent visibility into fast-growing surrounding neighborhoods and dense areas that are supply-constrained, in terms of retail development, to ensure that our acquisitions are successful.
强大的社区联系和深厚的租户关系是Whitestone当前中心和收购策略成功的关键。我们对快速增长的周边社区和密集地区有出色的视野,这些地区在零售开发方面供应紧张,以确保我们的收购成功。
2024 brought the strongest environment we've seen in Texas and Arizona in all the categories we serve, across all our size spaces and mix of tenants of grocery, restaurants, health, wellness and beauty, financial services, other services, education and entertainment.
2024年在德克萨斯州和亚利桑那州,我们所服务的所有类别、所有规模和各种租户的环境是我们见过的最强大的,涵盖了杂货、餐厅、健康、保健与美容、金融服务、其他服务、教育和娱乐。
This year, we acquired Garden Oaks Shopping Center located in the Houston MSA and Scottsdale Commons located in the Phoenix MSA. Whitestone's acquisition program has been funded with timely, well-priced dispositions, is immediately accretive and directly enhances our growth. Disposition cap rates have been more than 100 basis points below our day one acquisition cap rates. This means that we are continuously improving our portfolio with higher quality revenues and more valuable assets. The assets we acquire generally have another 100 – 200 basis points of yield on cost improvement within the first 2 years as we apply our strategic operating model.
今年,我们收购了位于休斯顿大都会区的Garden Oaks购物中心和位于凤凰城大都会区的Scottsdale Commons。Whitestone的收购计划得到了及时且价格合理的处置资金支持,立即增值并直接推动我们的增长。处置资本化率比我们收购时的资本化率低100个基点以上。这意味着我们正在不断改善我们的投资组合,获得更高质量的营业收入和更有价值的资产。我们收购的资产通常在前两年内能够实现另100-200个基点的成本收益改善,随着我们应用我们的战略运营模式。
As we look ahead, we have all the right ingredients to find new acquisitions, scale the platform and reduce the percentage of our fixed costs while driving earnings growth.
展望未来,我们拥有所有成功收购的新条件,扩大平台,降低固定成本比例,同时推动盈利增长。
Above all, we welcome and deeply value the perspectives of our shareholders.
最重要的是,我们欢迎并深切重视股东的观点。
Shareholder engagement remains a top priority for the Board and management, and we will continue regularly considering your views as we make decisions about the future. Building and strengthening our shareholder relations will remain a perpetual priority for Whitestone.
股东参与仍然是董事会和管理层的首要任务,我们会在做出未来决策时定期考虑你的意见。建立和加强我们的股东关系将始终是Whitestone的长期优先事项。
Indeed, our recent Board refreshment with the additions of Krissy Gathright and Don Miller is the result of an effective and comprehensive refreshment process that took into account the views of our shareholders. Krissy brings deep real estate experience at both Board and executive levels, as well as significant B2C and capital markets experience. Don brings decades of real estate executive experience, including in acquisitions, asset management, property management and leasing.
实际上,我们最近的董事会刷新,引入了Krissy Gathright和Don Miller,是一项有效且全面的刷新过程的结果,该过程考虑了我们的股东的意见。Krissy在董事会和高管层拥有深厚的房地产经验,并且具有显著的B2C和资本市场经验。Don则带来了数十年的房地产高管经验,包括收购、资产管理、物业管理和租赁。
A word from our newest Trustees.
来自我们最新董事会成员的话。
"I am energized by what I've seen so far in the Whitestone boardroom. This is a company with phenomenal assets, a strong plan in place, engaged trustees and significant growth potential."
“我对在Whitestone董事会看到的情况感到振奋。这是一家拥有出色资产、强有力计划、积极参与的托管人和显著增长潜力的公司。”
– Kristian M. Gathright
– Kristian m. Gathright
"Whitestone has shown its tremendous organic growth potential over the last several years and has bolstered earnings with a disciplined, opportunistic property acquisition strategy. Simultaneously growing earnings and meaningfully reducing leverage is an impressive accomplishment for any company and Whitestone continues to display strong momentum."
“Whitestone在过去几年中展示了其巨大的有机增长潜力,并通过严格、机遇导向的物业收购策略增强了收益。同时实现盈利的增长并有效减少杠杆,对于任何公司来说都是令人印象深刻的成就,而Whitestone继续展示强劲的势头。”
– Donald A. Miller, CFA
– Donald A. Miller, CFA
In all, we have an engaged independent Board that comprises highly qualified trustees with significant leadership, governance, investment, financial and operating experience across real estate, REITs and public companies. Whitestone's refreshed Board is committed to acting in the best interests of all shareholders and to enhancing the value of your investment.
总的来说,我们拥有一个积极的独立董事会,其成员均为在房地产、信托和上市公司领域拥有丰富领导、治理、投资、财务和运营经验的高素质托管人。Whitestone的新任董事会致力于以所有股东的最佳利益为重,提升您的投资价值。
We have strength and momentum heading into 2025.
在迈向2025年之际,我们拥有实力和势头。
With our leadership team and Board focused exclusively on realizing Whitestone's potential, we expect our underlying growth engine to become more visible to investors and the inherent value of our real estate platform to become clearer. We are excited to further advance our strategic objectives and drive even greater bottom line growth, fueled by strong organic performance and disciplined external growth.
在我们的领导团队和董事会专注于实现Whitestone的潜力的情况下,我们预计我们潜在的增长引擎将更清晰地展现在投资者面前,我们房地产平台的固有价值也将更加明确。我们期待进一步推进我们的战略目标,推动更大的净利润增长,这得益于强劲的有机业绩和严谨的外部增长。
The Whitestone that enters 2025 possesses a high-quality portfolio concentrated in fast growing sunbelt markets with a diversified and granular tenant base, a disciplined and focused team of operators with a proven record of curating centers to match demand and a refreshed Board composed of independent and experienced trustees focused on maximizing value for our shareholders.
进入2025年的Whitestone拥有高质量的资产组合,集中在快速增长的阳光带市场,租户基础多样而细分,并且有一个有纪律和专注的运营团队,具备丰富的经验,能够根据需求策划中心,同时还有一个更新的董事会,成员是专注于为股东创造最大价值的独立且经验丰富的受托人。
The momentum we are carrying into 2025 is a direct result of our continuous improvement mentality, and it gives me great confidence in the long-term value proposition of the new Whitestone REIT and our ability to continue improving our portfolio, driving earnings and growing free cash flow.
我们在2025年所延续的动力,直接源于我们持续改进的心态,这让我对新的Whitestone REIT的长期价值主张充满信心,并且我们有能力继续改善我们的资产组合,推动盈利,并增长自由现金流。
We are proud of all that we have achieved over the last year and energized by the opportunities ahead as we move into 2025 with great momentum. We look forward to providing you with a comprehensive update on 2024 and our 2025 guidance in early March.
我们为过去一年取得的所有成就感到自豪,并且在迈向2025年之际充满活力,期待未来的机遇。我们期待在三月初为您提供关于2024年及2025年指导的全面更新。
Thank you for your continued trust in Whitestone, and Happy Holidays!
感谢您对Whitestone的持续信任,祝您节日快乐!
– Dave Holeman, Whitestone CEO and Trustee
– Dave Holeman,Whitestone CEO和受托人
Forward-Looking Statements
前瞻性声明
This release contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition and results of operations, statements related to our expectations regarding the performance of our business, and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as "may," "will," "should," "potential," "predicts," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
本公告包含联邦证券法意义上的前瞻性声明,包括我们财务状况和运营结果的讨论与分析,关于我们业务表现的预期相关声明,以及其他事项。这些前瞻性声明不是历史事实,而是管理层基于其对我们业务和行业的知识及理解所持的意图、信念或当前预期。前瞻性声明通常通过使用诸如“可能”、“将”、“应该”、“潜在”、“预测”、“预期”、“期望”、“打算”、“计划”、“相信”、“寻求”、“估计”或这些术语及其变体的否定形式,以及相似的表达形式来识别,尽管并非所有前瞻性声明都包含这些词。这些声明并不保证未来的表现,并且受到风险、不确定性和其他因素的影响,其中一些超出了我们的控制范围,难以预测,并且可能导致实际结果与前瞻性声明中表达或预测的内容有重大差异。
Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust ("REIT") in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy and the real estate industry, both in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston, Dallas, and Phoenix in particular, including the potential impact of public health emergencies on our tenants' ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; increases in interest rates, including as a result of inflation, which may increase our operating costs or general and administrative expenses; our current geographic concentration in the Houston, Dallas, and Phoenix metropolitan area markets makes us susceptible to potential local economic downturns; natural disasters, such as floods and hurricanes, which may increase as a result of climate change may adversely affect our returns and adversely impact our existing and prospective tenants; increasing focus by stakeholders on environmental, social, and governance matters; financial institution disruptions; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of our operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all the ultimate amount we will collect in connection with the redemption of our equity investment in Pillarstone Capital REIT Operating Partnership LP ("Pillarstone" or "Pillarstone OP."); 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.
导致本报告中的任何前瞻性声明的实际结果与预期结果存在重大差异的因素包括:如果我们未能在任何应税年度满足股权房地产投资信托(\"REIT\")的资格或放弃确保REIT身份的机会,则可能会征收联邦所得税;与国家经济和房地产行业相关的不确定性,从一般情况到我们特定市场的情况;立法或监管变化,包括 governing REITs 的法律变更;德克萨斯州或亚利桑那州的经济或房地产不良发展或条件,特别是在休斯顿、达拉斯和凤凰城,包括公共健康紧急情况对我们租户支付租金能力的潜在影响,可能导致坏账准备金或直线租金储备调整;利率上升,包括由于通货膨胀可能导致的上升,这可能增加我们的运营成本或一般和行政费用;我们当前在休斯顿、达拉斯和凤凰城大都会区域市场的地理集中使我们容易受到潜在当地经济下滑的影响;自然灾害,如洪水和飓风,可能由于气候变化而增加,可能对我们的回报产生不利影响,并对我们现有和潜在的租户产生不利影响;利益相关者对环保、社会和治理事务的关注 increasing;金融机构的中断;资本和融资的可用性和条款,既用于资助我们的运营,也用于在到期时再融资我们的债务;租金率下降或空置率上升;因我们员工、代理人或商业伙伴的不当行为而损害我们的声誉、业务能力和经营结果;诉讼风险;租赁风险,包括来自与重要租户的租约中的独占性和同意条款引起的租赁风险;我们无法在现有租约到期时续租租户租约或获得新租户租约的风险;与生成人工智能工具和语言模型相关的风险,以及它们可能对我们的业务和前景做出的潜在解释和结论,特别是关于错误信息的传播;由于市场条件、竞争、未投保损失、税收或其他适用法律的变化而导致我们无法产生足够的现金流;地缘政治冲突,如俄罗斯与乌克兰之间的持续冲突、加沙地带的冲突和中东的不安;需要从我们的运营现金流中资助租户改善或其他资本支出;以及我们无法以吸引人的条款或根本无法为营运资金、收购或其他用途筹集资金的风险,我们从Pillarstone Capital REIT Operating Partnership LP(\"Pillarstone\"或\"Pillarstone OP.\")的股权投资赎回中最终收取的金额;以及公司在其最新的10-K表格年度报告、10-Q表格季度报告和公司不时向证券交易委员会提交的其他文件中详细列出的其他因素。
Non-GAAP Financial Measures
非公认会计原则财务指标
This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles ("GAAP") including EBITDAre, FFO, Core FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.
本发布包含一些未按照美国普遍接受的会计原则("GAAP")计算的补充财务指标,包括EBITDAre、FFO、核心FFO、NOI和净债务。以下是对这些指标的解释和与其最相关的GAAP指标的对账。
EBITDAre: The National Association of Real Estate Investment Trusts ("NAREIT") defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity's share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. We calculate EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.
EBITDAre: 全国房地产投资信托协会("NAREIT")将EBITDAre定义为根据GAAP计算的净收入,加上利息支出、所得税支出、折旧和摊销,以及因可折旧财产的价值下降而对可折旧财产和投资于非合并关联公司的减值计提的减值支出,加上或减去关于可折旧财产处置的损失和收益,包括控制权变更的损失/收益以及调整以反映实体在非合并关联公司和有非控股权益的合并公司的EBITDAre的份额。我们以与NAREIT定义一致的方式计算EBITDAre。管理层认为EBITDAre代表了一种补充的非GAAP绩效衡量标准,为投资者提供了比较信托的相关依据。无法保证公司所呈现的EBITDAre与其他信托的类似标题的衡量标准具有可比性。EBITDAre不应被视为净收入或其他GAAP指标的替代品,作为操作绩效的指标或作为流动性的现金流量的衡量标准。EBITDAre不反映运营资本变化、资本改善的现金支出或债务的本金偿付。
FFO: Funds From Operations: NAREIT defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership.
FFO: 运营基金:NAREIT将FFO定义为净收入(损失)(根据GAAP计算),不包括与房地产相关的折旧和摊销、某些房地产资产销售的损益、控制权变更的损益及某些房地产资产和投资于实体的减值计提,当减值直接归因于被持有的可折旧房地产价值的下降时。我们以与NAREIT定义一致的方式计算FFO,并同时对我们的非合并房地产合伙企业进行调整。
Core Funds from Operations ("Core FFO") is a non-GAAP measure. From time to time, we report or provide guidance with respect to "Core FFO" which removes the impact of certain non-recurring and non-operating transactions or other items we do not consider to be representative of our core operating results including, without limitation, default interest on debt of real estate partnership, extinguishment of debt cost, gains or losses associated with litigation involving the Company that is not in the normal course of business, and proxy contest costs.
核心运营资金("核心FFO")是一种非GAAP度量。我们不时报告或提供与"核心FFO"相关的指导,该指标剔除了某些非经常性和非经营交易的影响,以及我们认为不代表核心经营结果的其他事项,包括但不限于房地产合伙企业的债务违约利息、债务清偿成本、与公司有关的诉讼所产生的损益(这些诉讼不在正常经营过程之中)以及代理争夺成本。
Management uses FFO and Core FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO and Core FFO presented by us is comparable to similarly titled measures of other REITs.
管理层使用FFO和核心FFO作为补充指标来进行和评估我们的业务,因为仅使用GAAP净利润作为我们经营业绩的主要衡量标准存在一定的局限性。根据GAAP对房地产资产的历史成本会计隐含假设,房地产资产的价值以可预测的方式随着时间的推移而减少。由于房地产价值历史上是随着市场条件上升或下降的,因此管理层认为,使用历史成本会计的房地产公司所呈现的经营结果仅凭借这一点是不够的。此外,证券分析师、投资者和其他相关方将FFO视为比较权益信托相对表现的主要指标。FFO和核心FFO不应被视为GAAP净利润或其他测量标准的替代品,也不应作为我们经营绩效或与经营、投资或融资活动相关的现金流的流动性指标。FFO和核心FFO并不反映营运资本的变化、资本改善的现金支出或债务的本金偿还。尽管我们的FFO计算与NAREIt一致,但无法保证我们所呈现的FFO和核心FFO可与其他REITs的类似度量进行比较。
NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, loss on disposal of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, and gain or loss on sale or disposition of assets.
NOI:净营业收入:管理层认为,NOI是我们物业经营绩效的一个有用指标。我们将NOI定义为营业收入(租金和其他收入)减去物业和相关费用(物业运营和维护以及房地产税)。其他REITs可能使用不同的方法计算NOI,因此我们的NOI可能无法与其他REITs进行比较。由于NOI排除了一般和管理费用、折旧和摊销、房地产合伙企业的收益亏损、利息费用、利息、分红和其他投资收入、所得税的准备、物业销售收益、资产处置损失,并包括房地产合伙企业的NOI(按比例)和归属于非控股权益的净利润,因此它提供了一种绩效指标,当与去年相比时,反映出直接与拥有和经营商业房地产物业相关的收入和费用,以及租赁率、租金和运营成本趋势对运营的影响,从而提供了一种从净利润中无法立即看出的视角。我们使用NOI来评估我们的经营绩效,因为NOI使我们能够评估例如入住率、租赁结构、租金水平和租户基础等因素对我们的结果、利润率和回报的影响。此外,管理层认为,NOI为投资社区提供了有用的信息,帮助他们了解我们的物业和经营绩效,并与其他REITs进行比较,因为NOI通常被公认为房地产行业评估物业绩效的标准指标。然而,NOI不应被视为我们整体财务绩效的一个指标,因为它未能反映维持我们物业经营绩效所需的资本支出和租赁成本,包括一般和管理费用、折旧和摊销、房地产合伙企业的收益或亏损、利息费用、利息、分红和其他投资收入、所得税的准备、物业销售收益,以及资产的销售或处置收益或损失。
Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company's property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company's performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define "Non-Same Stores" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.
同店 NOI:管理层认为同店 NOI 是衡量公司物业运营绩效的一个有用指标,因为它仅包括在比较期间内完全拥有的物业,并且经常被投资界使用。同店 NOI 有助于消除由于在报告期间内收购或处置物业而导致的 NOI 差异,从而提供了一个更一致的公司绩效衡量标准。公司将同店 NOI 定义为运营收入(租金和其他收入,不包括直线租金调整、上述/低于市场租金的摊销,以及租赁终止费用)减去物业及相关费用(物业运营和维护及房地产税),非同店 NOI,及我们在 Pillarstone OP 的投资的 NOI(按比例)。我们将“非同店”定义为自比较期开始以来收购的物业和已出售但未分类为终止运营的物业。其他 REIT 可能会使用不同的方法计算同店 NOI,因此,公司的同店 NOI 可能无法与其他 REIT 的同店 NOI 进行比较。
Net debt: We present net debt, which we define as total debt net of insurance financing less cash plus our proportional share of net debt of real estate partnership, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.
净债务:我们呈现净债务,定义为总债务减去保险融资再减去现金,加上我们在房地产合伙企业的净债务的比例份额,以及净债务与 pro forma EBITDAre 之比,定义为净债务除以 EBITDAre,因为我们认为这些作为补充指标有助于评估我们履行融资义务的能力以及评估资产负债表杠杆与其他 REIT 的比较。然而,净债务和净债务与 pro forma EBITDAre 的比率不应被视为我们整体流动性和杠杆的单独指标。此外,我们的 REIT 可能会使用不同的方法计算净债务和净债务与 pro forma EBITDAre 的比率,因此我们的净债务和净债务与 pro forma EBITDAre 的比率可能无法与其他 REIT 的相比。
Whitestone REIT and Subsidiaries | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
Initial & Revised Full Year Guidance for 2024 | |||||||||||||||
(in thousands, except per share and per unit data) | |||||||||||||||
|
|||||||||||||||
Q3 Revised Range Full Year 2024 (1) |
Projected Range Full Year 2024 |
||||||||||||||
Low |
High |
Low |
High |
||||||||||||
FFO and Core FFO per diluted share and OP unit |
|||||||||||||||
Net income attributable to Whitestone REIT |
$ |
24,602 |
$ |
27,602 |
$ |
16,600 |
$ |
19,600 |
|||||||
Adjustments to reconcile to FFO |
|||||||||||||||
Depreciation and amortization of real estate assets |
34,705 |
34,705 |
34,252 |
34,252 |
|||||||||||
Depreciation and amortization of real estate assets of real estate partnership (pro rata) |
133 |
133 |
133 |
133 |
|||||||||||
Gain on sale of properties |
(10,212 ) |
(10,212 ) |
— |
— |
|||||||||||
FFO |
$ |
49,228 |
$ |
52,228 |
$ |
50,985 |
53,985 |
||||||||
Adjustments to reconcile to Core FFO |
|||||||||||||||
Proxy contest costs |
1,757 |
1,757 |
— |
— |
|||||||||||
Core FFO |
$ |
50,985 |
53,985 |
$ |
50,985 |
$ |
53,985 |
||||||||
Denominator: |
|||||||||||||||
Diluted shares |
51,262 |
51,262 |
51,262 |
51,262 |
|||||||||||
OP Units |
695 |
695 |
695 |
695 |
|||||||||||
Diluted share and OP Units |
51,957 |
51,957 |
51,957 |
51,957 |
|||||||||||
Net income attributable to Whitestone REIT per diluted share |
$ |
0.47 |
$ |
0.53 |
$ |
0.32 |
$ |
0.38 |
|||||||
FFO per diluted share and OP Unit |
$ |
0.95 |
$ |
1.01 |
$ |
0.98 |
$ |
1.04 |
|||||||
Core FFO per diluted share and OP Unit |
$ |
0.98 |
$ |
1.04 |
$ |
0.98 |
$ |
1.04 |
|||||||
(1) Includes a $10,212 gain on sale of properties and $1,757 in proxy contest costs. |
Whitestone REIT及其子公司 | |||||||||||||||
非公认会计准则的调解 | |||||||||||||||
2024年初步及修订全年指导 | |||||||||||||||
(以千为单位,除每股和每单位数据外) | |||||||||||||||
|
|||||||||||||||
Q3修订区间2024全年 (1) |
2024年全年预计区间 |
||||||||||||||
低 |
高 |
低 |
高 |
||||||||||||
每稀释股份和OP单位的FFO和核心FFO |
|||||||||||||||
归属于Whitestone REIT的净利润 |
$ |
24,602 |
$ |
27,602 |
$ |
16,600 |
$ |
19,600 |
|||||||
调整以核对到FFO |
|||||||||||||||
房地产资产的折旧和摊销 |
34,705 |
34,705 |
34,252 |
34,252 |
|||||||||||
房地产合伙企业(按比例)房地产资产的折旧和摊销 |
133 |
133 |
133 |
133 |
|||||||||||
房地产销售收益 |
(10,212 ) |
(10,212 ) |
— |
— |
|||||||||||
FFO |
$ |
49,228 |
$ |
52,228 |
$ |
50,985 |
53,985 |
||||||||
调整以与核心FFO对账 |
|||||||||||||||
代理争夺战费用 |
1,757 |
1,757 |
— |
— |
|||||||||||
核心自由现金流 |
$ |
50,985 |
53,985 |
$ |
50,985 |
$ |
53,985 |
||||||||
分母: |
|||||||||||||||
稀释股 |
51,262 |
51,262 |
51,262 |
51,262 |
|||||||||||
OP单元 |
695 |
695 |
695 |
695 |
|||||||||||
摊薄股份和OP单位 |
51,957 |
51,957 |
51,957 |
51,957 |
|||||||||||
归属于Whitestone REIT的摊薄股份净利润 |
$ |
0.47 |
$ |
0.53 |
$ |
0.32 |
$ |
0.38 |
|||||||
每股摊薄的FFO和OP单位 |
$ |
0.95 |
$ |
1.01 |
$ |
0.98 |
$ |
1.04 |
|||||||
每稀释股和 OP 单位的核心 FFO |
$ |
0.98 |
$ |
1.04 |
$ |
0.98 |
$ |
1.04 |
|||||||
(1) 包括$10,212的地产销售收益和$1,757的股东大会费用。 |
Whitestone REIT and Subsidiaries | ||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
(continued) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
PROPERTY NET OPERATING INCOME |
||||||||||||||||
Net income attributable to Whitestone REIT |
$ |
7,624 |
$ |
2,486 |
$ |
19,556 |
$ |
17,639 |
||||||||
General and administrative expenses |
4,878 |
5,392 |
17,610 |
15,651 |
||||||||||||
Depreciation and amortization |
8,921 |
8,332 |
26,242 |
24,538 |
||||||||||||
Deficit in earnings of real estate partnership (1) |
— |
375 |
28 |
1,627 |
||||||||||||
Interest expense |
8,506 |
8,400 |
25,813 |
24,563 |
||||||||||||
Interest, dividend and other investment income |
(3 ) |
(11 ) |
(15 ) |
(49 ) |
||||||||||||
Provision for income taxes |
118 |
95 |
327 |
339 |
||||||||||||
Gain on sale of properties |
(3,762 ) |
(5 ) |
(10,212 ) |
(9,626 ) |
||||||||||||
Management fee, net of related expenses |
— |
— |
— |
16 |
||||||||||||
Loss on disposal of assets, net |
111 |
480 |
183 |
500 |
||||||||||||
NOI of real estate partnership (pro rata)(1) |
— |
667 |
183 |
1,883 |
||||||||||||
Net income attributable to noncontrolling interests |
99 |
35 |
257 |
248 |
||||||||||||
NOI |
$ |
26,492 |
$ |
26,246 |
$ |
79,972 |
$ |
77,329 |
||||||||
Non-Same Store NOI (2) |
(1,330 ) |
(1,074 ) |
(5,389 ) |
(4,228 ) |
||||||||||||
NOI of real estate partnership (pro rata) (1) |
— |
(667 ) |
(183 ) |
(1,883 ) |
||||||||||||
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata) |
25,162 |
24,505 |
74,400 |
71,218 |
||||||||||||
Same Store straight-line rent adjustments |
(695 ) |
(833 ) |
(2,581 ) |
(2,390 ) |
||||||||||||
Same Store amortization of above/below market rents |
(221 ) |
(214 ) |
(600 ) |
(607 ) |
||||||||||||
Same Store lease termination fees |
(30 ) |
(300 ) |
(298 ) |
(600 ) |
||||||||||||
Same Store NOI (3) |
$ |
24,216 |
$ |
23,158 |
$ |
70,921 |
$ |
67,621 |
||||||||
(1) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the three and nine months ended September 30, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. As of September 30, 2024, our ownership in Pillarstone OP no longer represents a majority interest. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone OP. | ||||||||||||||||
(2) We define "Non-Same Store" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Non- Same Store includes properties owned before July 1, 2023, and not sold before September 30, 2024, but not included in discontinued operations. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Non-Same Store includes properties acquired between January 1, 2023 and September 30, 2024 and properties sold between January 1, 2023 and September 30, 2024, but not included in discontinued operations. | ||||||||||||||||
(3) We define "Same Store" as properties that have been owned during the entire period being compared. For purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Same Store includes properties owned before July 1, 2023 and not sold before September 30, 2024. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Same Store includes properties owned before January 1, 2023 and not sold before September 30, 2024. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded. |
Whitestone REIT及其附属公司 | ||||||||||||||||
非公认会计准则的调解 | ||||||||||||||||
(续) | ||||||||||||||||
(以千为单位) | ||||||||||||||||
截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
物业净运营收入 |
||||||||||||||||
归属于Whitestone REIT的净利润 |
$ |
7,624 |
$ |
2,486 |
$ |
19,556 |
$ |
17,639 |
||||||||
一般及行政费用 |
4,878 |
5,392 |
17,610 |
15,651 |
||||||||||||
折旧和摊销 |
8,921 |
8,332 |
26,242 |
24,538 |
||||||||||||
房地产合伙企业的亏损(1) |
— |
375 |
28 |
1,627 |
||||||||||||
利息支出 |
8,506 |
8,400 |
25,813 |
24,563 |
||||||||||||
利息、股息及其他投资收益 |
(3 ) |
(11 ) |
(15 ) |
(49 ) |
||||||||||||
所得税准备 |
118 |
95 |
327 |
339 |
||||||||||||
物业出售的收益 |
(3,762 ) |
(5 ) |
(10,212 ) |
(9,626 ) |
||||||||||||
管理费,减去相关费用 |
— |
— |
— |
16 |
||||||||||||
资产处置损失,净额 |
111 |
480 |
183 |
500 |
||||||||||||
房地产合伙企业的净营业收入(按比例)(1) |
— |
667 |
183 |
1,883 |
||||||||||||
归属于非控制性权益的净利润 |
99 |
35 |
257 |
248 |
||||||||||||
净营业收入 |
$ |
26,492 |
$ |
26,246 |
$ |
79,972 |
$ |
77,329 |
||||||||
非同店净营业收入 (2) |
(1,330 ) |
(1,074 ) |
(5,389 ) |
(4,228 ) |
||||||||||||
房地产合伙企业的净营收(按比例分配)(1) |
— |
(667 ) |
(183 ) |
(1,883 ) |
||||||||||||
不包括非同店的 NOI 和房地产合伙企业的 NOI(按比例计算) |
25,162 |
24,505 |
74,400 |
71,218 |
||||||||||||
同店直线租金调整 |
(695 ) |
(833 ) |
(2,581 ) |
(2,390 ) |
||||||||||||
同店的市场租金摊销 |
(221 ) |
(214 ) |
(600 ) |
(607 ) |
||||||||||||
同店租赁终止费用 |
(30 ) |
(300 ) |
(298 ) |
(600 ) |
||||||||||||
同店NOI (3) |
$ |
24,216 |
$ |
23,158 |
$ |
70,921 |
$ |
67,621 |
||||||||
(1) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the three and nine months ended September 30, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. As of September 30, 2024, our ownership in Pillarstone OP no longer represents a majority interest. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone OP. | ||||||||||||||||
(2) We define "Non-Same Store" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Non- Same Store includes properties owned before July 1, 2023, and not sold before September 30, 2024, but not included in discontinued operations. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Non-Same Store includes properties acquired between January 1, 2023 and September 30, 2024 and properties sold between January 1, 2023 and September 30, 2024, but not included in discontinued operations. | ||||||||||||||||
(3) We define "Same Store" as properties that have been owned during the entire period being compared. For purpose of comparing the three months ended September 30, 2024 to the three months ended September 30, 2023, Same Store includes properties owned before July 1, 2023 and not sold before September 30, 2024. For purposes of comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, Same Store includes properties owned before January 1, 2023 and not sold before September 30, 2024. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded. |
Whitestone REIT and Subsidiaries | ||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
(continued) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) |
||||||||||||||||
Net income attributable to Whitestone REIT |
$ |
7,624 |
$ |
2,486 |
$ |
19,556 |
$ |
17,639 |
||||||||
Depreciation and amortization |
8,921 |
8,332 |
26,242 |
24,538 |
||||||||||||
Interest expense |
8,506 |
8,400 |
25,813 |
24,563 |
||||||||||||
Provision for income taxes |
118 |
95 |
327 |
339 |
||||||||||||
Net income attributable to noncontrolling interests |
99 |
35 |
257 |
248 |
||||||||||||
Deficit in earnings of real estate partnership (1) |
— |
375 |
28 |
1,627 |
||||||||||||
EBITDAre adjustments for real estate partnership (1) |
— |
223 |
136 |
169 |
||||||||||||
Gain on sale of properties |
(3,762 ) |
(5 ) |
(10,212 ) |
(9,626 ) |
||||||||||||
Loss on disposal of assets |
111 |
480 |
183 |
500 |
||||||||||||
EBITDAre |
$ |
21,617 |
$ |
20,421 |
$ |
62,330 |
$ |
59,997 |
||||||||
(1) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the three and nine months ended September 30, 2024 and 2023 have not been made available to us, we have estimated deficit in earnings in Pillarstone OP no longer represents a majority interest. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone OP. |
Whitestone REIT及其附属公司 | ||||||||||||||||
非公认会计准则的调解 | ||||||||||||||||
(续) | ||||||||||||||||
(以千为单位) | ||||||||||||||||
截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
房地产息税折旧摊销前利润(EBITDAre) |
||||||||||||||||
归属于Whitestone REIT的净利润 |
$ |
7,624 |
$ |
2,486 |
$ |
19,556 |
$ |
17,639 |
||||||||
折旧和摊销 |
8,921 |
8,332 |
26,242 |
24,538 |
||||||||||||
利息支出 |
8,506 |
8,400 |
25,813 |
24,563 |
||||||||||||
所得税准备 |
118 |
95 |
327 |
339 |
||||||||||||
归属于非控制性权益的净利润 |
99 |
35 |
257 |
248 |
||||||||||||
房地产合伙企业的收益亏损(1) |
— |
375 |
28 |
1,627 |
||||||||||||
房地产合伙企业的EBITDAre调整(1) |
— |
223 |
136 |
169 |
||||||||||||
房地产销售收益 |
(3,762 ) |
(5 ) |
(10,212 ) |
(9,626 ) |
||||||||||||
资产处置损失 |
111 |
480 |
183 |
500 |
||||||||||||
EBITDAre |
$ |
21,617 |
$ |
20,421 |
$ |
62,330 |
$ |
59,997 |
||||||||
(1) 我们依赖第三方合作伙伴提供的财务信息来获取关于公司在Pillarstone OP投资的相关数据。由于Pillarstone OP截至2024年和2023年9月30日的财务报表尚未提供给我们,我们估计在Pillarstone OP的收益缺口不再代表多数权益。2024年1月25日,我们行使了对几乎全部Pillarstone OP投资的赎回通知。 |
Three Months Ended |
Nine Months Ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Debt/EBITDAre Ratio |
||||||||||||||||
Outstanding debt, net of insurance financing |
$ |
633,437 |
$ |
632,353 |
$ |
633,437 |
$ |
632,353 |
||||||||
Less: Cash |
(2,534 ) |
(2,976 ) |
(2,534 ) |
(2,976 ) |
||||||||||||
Less: Deposit due to real estate partnership debt default |
(13,633 ) |
— |
(13,633 ) |
— |
||||||||||||
Add: Proportional share of net debt of unconsolidated real estate partnership (1) |
— |
8,685 |
— |
8,685 |
||||||||||||
Total Net Debt |
$ |
617,270 |
$ |
638,062 |
$ |
617,270 |
$ |
638,062 |
||||||||
EBITDAre |
$ |
21,617 |
$ |
20,421 |
$ |
62,330 |
$ |
59,997 |
||||||||
Effect of partial period acquisitions and dispositions |
$ |
(172 ) |
$ |
— |
$ |
(1,004 ) |
$ |
— |
||||||||
Pro forma EBITDAre |
$ |
21,445 |
$ |
20,421 |
$ |
61,326 |
$ |
59,997 |
||||||||
Annualized pro forma EBITDAre |
$ |
85,780 |
$ |
81,684 |
$ |
81,768 |
$ |
79,996 |
||||||||
Ratio of debt to pro forma EBITDAre |
7.2 |
7.8 |
7.5 |
8.0 |
||||||||||||
|
|
|
|
|||||||||||||
(1) We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of September 30, 2023 have not been made available to us, we have estimated proportional share of net debt based on the information available to us at the time of this Report |
截至三个月 |
截至九个月 |
|||||||||||||||
九月三十日 |
九月三十日 |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
债务/ EBITDA比率 |
||||||||||||||||
未偿债务,扣除保险融资 |
$ |
633,437 |
$ |
632,353 |
$ |
633,437 |
$ |
632,353 |
||||||||
减:现金 |
(2,534 ) |
(2,976 ) |
(2,534 ) |
(2,976 ) |
||||||||||||
减少:由于房地产合伙企业债务违约而需存入的资金 |
(13,633 ) |
— |
(13,633 ) |
— |
||||||||||||
增加:未合并房地产合伙企业的净债务按比例份额(1) |
— |
8,685 |
— |
8,685 |
||||||||||||
总净债务 |
$ |
617,270 |
$ |
638,062 |
$ |
617,270 |
$ |
638,062 |
||||||||
EBITDAre |
$ |
21,617 |
$ |
20,421 |
$ |
62,330 |
$ |
59,997 |
||||||||
部分期间收购和处置的影响 |
$ |
(172 ) |
$ |
— |
$ |
(1,004 ) |
$ |
— |
||||||||
调整后的EBITDAre |
$ |
21,445 |
$ |
20,421 |
$ |
61,326 |
$ |
59,997 |
||||||||
年化拟合EBITDAre |
$ |
85,780 |
$ |
81,684 |
$ |
81,768 |
$ |
79,996 |
||||||||
债务与公允EBITDAre之比 |
7.2 |
7.8 |
7.5 |
8.0 |
||||||||||||
|
|
|
|
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(1) 我们依赖第三方合作伙伴提供的报告,以获取关于公司在Pillarstone OP投资的财务信息。由于截至2023年9月30日的Pillarstone OP财务报表尚未提供给我们,因此我们根据报告时可获得的信息估算了净债务的按比例份额 |
Whitestone REIT and Subsidiaries | ||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||
Initial Full Year Guidance for 2024 | ||||||||
(in thousands) | ||||||||
Projected Range Fourth Quarter 2024 |
||||||||
Low |
High |
|||||||
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) | ||||||||
Net income attributable to Whitestone REIT |
$ |
6,161 |
$ |
5,311 |
||||
Depreciation and amortization |
8,746 |
8,746 |
||||||
Interest expense |
8,013 |
8,013 |
||||||
Provision for income taxes |
134 |
134 |
||||||
Net income attributable to noncontrolling interests |
86 |
86 |
||||||
EBITDAre |
$ |
23,140 |
$ |
22,290 |
||||
Annualized EBITDAre |
$ |
92,560 |
$ |
89,160 |
||||
Outstanding debt, net of insurance financing |
616,290 |
624,290 |
||||||
Less: Cash |
(3,000 ) |
(3,000 ) |
||||||
Total net debt |
$ |
613,290 |
$ |
621,290 |
||||
Ratio of Net Debt to EBITDAre |
6.6 |
7.0 |
Whitestone REIT及其子公司 | ||||||||
非公认会计准则的调解 | ||||||||
2024年初步全年指导 | ||||||||
(以千为单位) | ||||||||
2024年第四季度预计区间 |
||||||||
低 |
高 |
|||||||
房地产息税折旧摊销前利润(EBITDAre) | ||||||||
归属于Whitestone REIT的净利润 |
$ |
6,161 |
$ |
5,311 |
||||
折旧和摊销 |
8,746 |
8,746 |
||||||
利息支出 |
8,013 |
8,013 |
||||||
所得税准备 |
134 |
134 |
||||||
归属于非控制性权益的净利润 |
86 |
86 |
||||||
EBITDAre |
$ |
23,140 |
$ |
22,290 |
||||
年化EBITDAre |
$ |
92,560 |
$ |
89,160 |
||||
未偿债务,扣除保险融资 |
616,290 |
624,290 |
||||||
减:现金 |
(3,000 ) |
(3,000 ) |
||||||
总净债务 |
$ |
613,290 |
$ |
621,290 |
||||
净负债与 EBITDAre 的比率 |
6.6 |
7.0 |
Investor and Media Contact:
David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
投资者及媒体联系:
大卫·莫尔迪
董事-投资者关系
Whitestone reit
(713) 435-2219
ir@whitestonereit.com
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