Whitestone: Increases Across the Board

HOUSTON-Whitestone REIT's Q1 earnings showed positive growth in most areas of its balance sheet. Most notably, total revenues totaled $13.9 million (an increase of $3.5 million from Q1 2012); fund from operations core increased by 35% (or approximately $1.1 million to $4.2 million, compared to $3.1 million in the first quarter of 2012 and property net operating income increased by 32% to $9 million.

"On the operating side, our strategic focus on the small space business model continues to drive improvement in our leasing efforts and margins," comments James C. Mastandrea, the REIT's chairman and CEO in a press release. "On the acquisitions side, we continue to complete acquisitions at a regular pace, completing our first acquisition for 2013 in March, closing on a fully leased Community Centered property in Plano, Texas for $25.7 million, and expect to close another property we currently have under contract within the next 60 days."

Other Q1 highlights include:

• Net income attributable to Whitestone REIT was $949,000, or $0.06 per diluted common share, during the quarter, compared to $793,000, or $0.07 per diluted common share, for the same period in 2012.
• The company's operating portfolio occupancy rate was 86% as of March 31, a 1% decrease from the same period in 2012. The decrease in occupancy was primarily the result of re-tenanting efforts to continue to strengthen the overall tenant base and revenues.
• On February 4, 2013, Whitestone, through its operating partnership, closed on an amended and restated credit facility that amended its existing $125 million unsecured revolving credit facility.