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WKN: A1JJ6F ISIN: US9660842041 Ticker-Symbol:  
NASDAQ
03.02.23
22:00 Uhr
10,355 US-Dollar
-0,150
-1,43 %
Branche
Immobilien
Aktienmarkt
S&P SmallCap 600
1-Jahres-Chart
WHITESTONE REIT Chart 1 Jahr
5-Tage-Chart
WHITESTONE REIT 5-Tage-Chart
GlobeNewswire (Europe)
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(1)

Whitestone REIT Reports Third Quarter 2022 Results

HOUSTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) ("Whitestone" or the "Company") today announced its operating and financial results for the third quarter of 2022. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in the largest, fastest-growing, high-household-income markets in the Sunbelt.

"Driven by strong demand for space across our portfolio, we are pleased to deliver great results for the third quarter.  Our occupancy has reached an all-time high of 92.5%, with a 320 basis point increase in our small space occupancy and an 160 basis point increase in our large space occupancy since a year ago.  We are narrowing our 2022 guidance to the upper portion of the previous range and look forward to delivering full year FFO per share growth of over 17%.  As we close out the year and head to 2023, we expect to build upon our 2022 momentum and remain focused on maximizing shareholder value through disciplined organic growth, prudent capital allocation, balance sheet strengthening and judicious expense management."

-    Dave Holeman, Chief Executive Officer

Third Quarter 2022 Operating and Financial Results
All per share amounts are on a diluted per common share and operating partnership ("OP") unit basis unless stated otherwise.
Reconciliations of Net Income Attributable to Whitestone REIT to FFO, NOI and EBITDAre are included herein.

  • Revenues of $35.4 million versus $32.4 million for the third quarter of 2021.
  • Net Income attributable to common shareholders of $3.9 million, or $0.08 per diluted share, versus $2.9 million, or $0.06 per diluted share for the third quarter of 2021.
  • Funds from Operations ("FFO") per diluted share of $0.24 versus $0.22 for the third quarter of 2021.
  • EBITDAre of $19.4 million versus $17.2 million for the third quarter of 2021.
  • Same-Store Net Operating Income ("NOI") grew 4.5% to $21.6 million versus $20.7 million for the third quarter of 2021.
  • Net Effective Annual Base Rental Revenue per leased square foot was up 6.5% to $21.73, compared to the prior year quarter.

Operating Results
For the three-month periods ending September 30, 2022 and 2021 the Company's operating highlights were as follows:

 Third Quarter
2022
Third Quarter
2021
Occupancy:  
Wholly Owned Properties - All92.5%89.9%
>10,000 Sq Ft Occupancy96.5%94.9%
= 10,000 Sq Ft Occupancy90.1%86.9%
Same Store Property Net Operating Income Change (1)4.5%6.8%
Rental Rate Growth - Total (GAAP Basis):19.2%13.1%
New Leases16.5%5.4%
Renewal Leases20.0%14.1%
Leasing Transactions:  
Number of New Leases3538
New Leases - Lease Term Revenue (millions)$16.7$12.7
Number of Renewal Leases5165
Renewal Leases - Lease Term Revenue (millions)$12.3$20.3

Balance Sheet and Debt Metrics

  • As of September 30, 2022, Whitestone had total debt of $637.1 million, along with capacity and availability of $135.0 million and $126.4 million, respectively, under its $250 million revolving credit facility.
  • As of September 30, 2022, the Company has undepreciated real estate assets of $1.2 billion.

Dividend

On July 27, 2022, the Company declared a quarterly cash distribution of $0.12 per common share and OP unit for the fourth quarter of 2022, to be paid in three equal installments of $0.04 in October, November and December of 2022. The fourth quarter dividend represents an 11.6% increase from the fourth quarter of 2021.

2022 Full Year Guidance

The Company narrows its previously released guidance for 2022 and estimates that U.S. generally accepted accounting principles ("GAAP") net income available to common shareholders will be within the range of $0.35 to $0.38 per diluted share, and FFO will be within the range of $1.00 to $1.02 per diluted share and OP Unit.

 Initial 2022 Guidance Updated 2022 Guidance
    
  
    
    
 (unaudited, amounts in thousands except per share and percentages)
    
  
    
    
Net income attributable to Whitestone REIT$17,500 - $19,700 $17,600 - $18,900
    
  
    
    
FFO (1)$50,000 - $52,200 $51,000 - $52,300
    
  
    
    
    
Net income attributable to Whitestone REIT per share$0.35 - $0.39 $0.35 - $0.38
FFO per diluted per share and OP Unit (1)$0.98 - $1.02 $1.00 - $1.02
    
Key Drivers:   
Same store net operating income growth (2)3.0% - 5.0% 5.0% - 7.0%
Bad debt as a percentage of revenue1.0% - 2.0% 0.75% - 1.25%
General and administrative expense$19,200 - $19,700 $17,600 - $18,800
Ending occupancy92% - 93% 92% - 93%
Net Debt to EBITDAre Ratio7.8X - 8.1X 7.8X - 8.1X

(1) The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sale or disposal of assets, gain on sale of property from discontinued operations and pro rata net gain or loss on sale or disposal of properties or assets of real estate partnership. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

(2) Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

Portfolio Statistics

As of September 30, 2022, Whitestone wholly owned 60 Community-Centered Properties™ with 5.2 million square feet of gross leasable area ("GLA"). Five of the 60 Community-Centered Properties™ are land parcels held for future development. The portfolio is comprised of 32 properties in Texas, 27 in Arizona and 1 in Illinois. Whitestone's Community-Centered Properties™ are located in the MSA's of Austin (5), Chicago (1), Dallas-Fort Worth (9), Houston (15), Phoenix (27), and San Antonio (3). The Company's properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities. The Company also owns an 81.4% equity interest in eight properties containing 0.9 million square feet of GLA through its investment in Pillarstone OP.

At the end of the third quarter, the Company's diversified tenant base was comprised of 1,555 tenants, with the largest tenant accounting for only 2.5% of annualized base rental revenues. Lease terms range from less than one year for smaller tenants to more than 15 years for larger tenants. Whitestone's leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Conference Call Information

In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Wednesday, November 2, 2022, at 8:00 A.M Eastern Time / 7:00 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:

To listen to a webcast of the conference call, click on the Investor Relations tab of the Company's website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone's website via the webcast link until the Company's next earnings release. Additional information about Whitestone can be found on the Company's website.

Dial-in number for domestic participants:  1-877-407-0784
Dial-in number for international participants: 1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Wednesday, November 16, 2022. Replay access information is as follows:

Replay number for domestic participants:1-844-512-2921
Replay number for international participants:1-412-317-6671
Passcode (for all participants):13727920

Supplemental Financial Information

The third quarter earnings release and supplemental data package will be located in the "News and Events" and "Financial Reporting" tabs of the Investor Relations section of the Company's website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition, pending acquisitions and the impact of such acquisitions on our financial condition and results of operations, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future 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.

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, the real estate industry 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 and Phoenix in particular, including the potential impact of COVID-19 on our tenants' ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; inflation and increases in interest rates, operating costs or general and administrative expenses; 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; 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; 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 need to fund tenant improvements or other capital expenditures out of 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 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.

Non-GAAP Financial Measures

This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles ("GAAP") including EBITDAre, FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.

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. The Company calculates 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.

FFO: Funds From Operations: The National Association of Real Estate Investment Trusts ("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.

Normalized Funds from Operations ("Normalized FFO") is a non-GAAP measure. We define Normalized FFO as FFO excluding extinguishment of debt costs.

Management uses FFO and Normalized FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income (loss) 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 and Normalized FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Normalized FFO should not be considered as an alternative 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 Normalized FFO does 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 Normalized FFO presented by us is comparable to similarly titled measures of other REITs.

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, 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 property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition 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 property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition of assets.

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.

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.

Investor and Media Relations:
David Mordy
Director, Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)


  September 30,
2022
  December 31,
2021
 
         
ASSETS 
Real estate assets, at cost        
Property $1,206,605  $1,196,919 
Accumulated depreciation  (212,084)  (190,333)
Total real estate assets  994,521   1,006,586 
Investment in real estate partnership  34,891   34,588 
Cash and cash equivalents  9,504   15,721 
Restricted cash  63   193 
Escrows and acquisition deposits  12,329   11,323 
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1)  25,183   22,395 
Receivable due from related party  1,333   847 
Unamortized lease commissions, legal fees and loan costs  12,131   8,442 
Prepaid expenses and other assets(2)  9,978   1,995 
Total assets $1,099,933  $1,102,090 
         
LIABILITIES AND EQUITY 
Liabilities:        
Notes payable $637,138  $642,842 
Accounts payable and accrued expenses(3)  35,797   45,777 
Payable due to related party  1,560   997 
Tenants' security deposits  8,443   8,070 
Dividends and distributions payable  6,004   5,366 
Total liabilities  688,942   703,052 
Commitments and contingencies:      
Equity:        
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021      
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,382,809 and 49,144,153 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively  49   48 
Additional paid-in capital  623,838   623,462 
Accumulated deficit  (226,374)  (223,973)
Accumulated other comprehensive income (loss)  7,646   (6,754)
Total Whitestone REIT shareholders' equity  405,159   392,783 
Noncontrolling interest in subsidiary  5,832   6,255 
Total equity  410,991   399,038 
Total liabilities and equity $1,099,933  $1,102,090 


Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)


 September 30,
2022
  December 31,
2021
 
(1) Accrued rents and accounts receivable, net of allowance for doubtful accounts       
Tenant receivables$18,867  $18,410 
Accrued rents and other recoveries 21,341   18,681 
Allowance for doubtful accounts (15,627)  (14,896)
Other receivables 602   200 
Total accrued rents and accounts receivable, net of allowance for doubtful accounts$25,183  $22,395 
        
(2) Operating lease right of use assets (net)$145  $222 
(3) Operating lease liabilities$150  $231 


Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands)


 Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
 2022  2021  2022  2021 
Revenues               
Rental(1)$35,029  $32,069  $103,500  $90,916 
Management, transaction, and other fees 354   375   1,003   1,191 
Total revenues 35,383   32,444   104,503   92,107 
                
Operating expenses               
Depreciation and amortization 7,889   7,340   23,661   21,458 
Operating and maintenance 7,317   5,789   19,253   16,072 
Real estate taxes 4,513   4,589   13,867   12,787 
General and administrative 4,832   5,672   13,063   16,036 
Total operating expenses 24,551   23,390   69,844   66,353 
                
Other expenses (income)               
Interest expense 6,816   6,142   19,111   18,417 
(Gain) loss on sale or disposal of assets, net 7   48   12   (177)
Interest, dividend and other investment income (13)  (31)  (43)  (103)
Total other expenses 6,810   6,159   19,080   18,137 
                
Income before equity investment in real estate partnership and income tax 4,022   2,895   15,579   7,617 
                
Equity (deficit) in earnings of real estate partnership 65   151   304   429 
Provision for income tax (112)  (100)  (313)  (274)
Income from continuing operations 3,975   2,946   15,570   7,772 
                
Gain on sale of property from discontinued operations          1,833 
Income from discontinued operations          1,833 
                
Net Income 3,975   2,946   15,570   9,605 
                
Less: Net income attributable to noncontrolling interests 60   47   239   165 
                
Net income attributable to Whitestone REIT$3,915  $2,899  $15,331  $9,440 


Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands, except per share data)


 Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
 2022  2021  2022  2021 
Basic Earnings Per Share:               
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares$0.08  $0.06  $0.31  $0.17 
Income from discontinued operations attributable to Whitestone REIT          0.04 
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares$0.08  $0.06  $0.31  $0.21 
Diluted Earnings Per Share:               
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares$0.08  $0.06  $0.31  $0.17 
Income from discontinued operations attributable to Whitestone REIT          0.04 
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares$0.08  $0.06  $0.31  $0.21 
                
Weighted average number of common shares outstanding:               
Basic 49,274   46,883   49,211   44,268 
Diluted 50,129   47,825   49,916   45,108 
                
Consolidated Statements of Comprehensive Income               
                
Net income$3,975  $2,946  $15,570  $9,605 
                
Other comprehensive income               
                
Unrealized gain on cash flow hedging activities 5,962   1,273   14,623   4,783 
                
Comprehensive income 9,937   4,219   30,193   14,388 
                
Less: Net income attributable to noncontrolling interests 60   47   239   165 
Less: Comprehensive income attributable to noncontrolling interests 90   20   223   82 
                
Comprehensive income attributable to Whitestone REIT$9,787  $4,152  $29,731  $14,141 


Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands)


 Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
 2022  2021  2022  2021 
(1)Rental               
Rental revenues$25,244  $23,177  $75,023  $67,041 
Recoveries 10,152   8,720   29,092   24,375 
Bad debt (367)  172   (615)  (500)
Total rental$35,029  $32,069  $103,500  $90,916 


Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)


 Nine Months Ended September 30, 
 2022  2021 
Cash flows from operating activities:       
Net income from continuing operations$15,570  $7,772 
Net income from discontinued operations    1,833 
Net income$15,570  $9,605 
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization 23,661   21,458 
Amortization of deferred loan costs 824   822 
(Gain) loss on sale or disposal of assets, net 12   (177)
Bad debt 615   500 
Share-based compensation 239   4,066 
Equity in earnings of real estate partnership (303)  (429)
Changes in operating assets and liabilities:       
Escrows and acquisition deposits (1,006)  (1,163)
Accrued rents and accounts receivable (3,403)  518 
Receivable due from related party (486)  (316)
Unamortized lease commissions, legal fees and loan costs (1,575)  (2,531)
Prepaid expenses and other assets (6,266)  1,548 
Accounts payable and accrued expenses 4,641   (1,572)
Payable due to related party 563   405 
Tenants' security deposits 373   802 
Net cash provided by operating activities 33,459   31,703 
Cash flows from investing activities:       
Acquisitions of real estate    (53,364)
Additions to real estate (10,118)  (6,058)
Net cash used in investing activities (10,118)  (59,422)
Net cash provided by investing activities of discontinued operations    1,833 
Cash flows from financing activities:       
Distributions paid to common shareholders (17,049)  (14,063)
Distributions paid to OP unit holders (263)  (248)
Proceeds from issuance of common shares, net of offering costs    53,335 
Payments of exchange offer costs    (49)
Net payments of credit facility (5,000)  (25,000)
Repayments of notes payable (2,705)  (2,403)
Payment of loan origination costs (4,144)    
Repurchase of common shares (527)  (678)
Net cash provided by (used) in financing activities (29,688)  10,894 
Net decrease in cash, cash equivalents and restricted cash (6,347)  (14,992)
Cash, cash equivalents and restricted cash at beginning of period 15,914   25,956 
Cash, cash equivalents and restricted cash at end of period (1)$9,567  $10,964 


(1)For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.


Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Supplemental Disclosures
(in thousands)


 Nine Months Ended September 30, 
 2022  2021 
Supplemental disclosure of cash flow information:       
Cash paid for interest$18,980  $17,732 
Cash paid for taxes$366  $364 
Non cash investing and financing activities:       
Disposal of fully depreciated real estate$80  $284 
Financed insurance premiums$1,846  $1,712 
Value of shares issued under dividend reinvestment plan$49  $45 
Value of common shares exchanged for OP units$616  $ 
Change in fair value of cash flow hedge$14,623  $4,783 


 September 30, 2022 
 2022  2021 
Cash, cash equivalents and restricted cash       
Cash and cash equivalents$9,504  $10,858 
Restricted cash 63   106 
Total cash, cash equivalents and restricted cash$9,567  $10,964 


Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share and per unit data)


  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2022  2021  2022  2021 
FFO (NAREIT) AND NORMALIZED FFO                
Net income attributable to Whitestone REIT $3,915  $2,899  $15,331  $9,440 
Adjustments to reconcile to FFO:(1)                
Depreciation and amortization of real estate assets  7,846   7,305   23,534   21,353 
Depreciation and amortization of real estate assets of real estate partnership (pro rata)(2)  403   440   1,209   1,254 
(Gain) loss on sale or disposal of assets, net  7   48   12   (177)
Gain on sale of property from discontinued operations           (1,833)
(Gain) loss on sale or disposal of properties or assets of real estate partnership (pro rata)     1      (19)
Net income attributable to noncontrolling interests  60   47   239   165 
FFO (NAREIT)  12,231   10,740   40,325   30,183 
Adjustments to reconcile to Normalized FFO:                
Extinguishment of debt costs  147      147    
Normalized FFO $12,378  $10,740  $40,472  $30,183 
                 
FFO PER SHARE AND OP UNIT CALCULATION                
Numerator:                
FFO $12,231  $10,740  $40,325  $30,183 
Normalized FFO $12,378  $10,740  $40,472  $30,183 
Denominator:                
Weighted average number of total common shares - basic  49,274   46,883   49,211   44,268 
Weighted average number of total noncontrolling OP units - basic  752   773   753   773 
Weighted average number of total common shares and noncontrolling OP units - basic  50,026   47,656   49,964   45,041 
                 
Effect of dilutive securities:                
Unvested restricted shares  855   942   705   840 
Weighted average number of total common shares and noncontrolling OP units - diluted  50,881   48,598   50,669   45,881 
                 
FFO per common share and OP unit - basic $0.24  $0.23  $0.81  $0.67 
FFO per common share and OP unit - diluted $0.24  $0.22  $0.80  $0.66 
                 
Normalized FFO per common share and OP unit - basic $0.25  $0.23  $0.81  $0.67 
Normalized FFO per common share and OP unit - diluted $0.24  $0.22  $0.80  $0.66 


(1)Includes pro-rata share attributable to real estate partnership.
  
(2)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, 2022 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report.


Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)


  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2022  2021  2022  2021 
PROPERTY NET OPERATING INCOME                
Net income attributable to Whitestone REIT $3,915  $2,899  $15,331  $9,440 
General and administrative expenses  4,832   5,672   13,063   16,036 
Depreciation and amortization  7,889   7,340   23,661   21,458 
Equity in earnings of real estate partnership(1)  (65)  (151)  (304)  (429)
Interest expense  6,816   6,142   19,111   18,417 
Interest, dividend and other investment income  (13)  (31)  (43)  (103)
Provision for income taxes  112   100   313   274 
Gain on sale of property from discontinued operations  -   -   -   (1,833)
Management fee, net of related expenses  31   83   112   246 
(Gain) loss on sale or disposal of assets, net  7   48   12   (177)
NOI of real estate partnership (pro rata)(1)  723   1,003   2,429   2,846 
Net income attributable to noncontrolling interests  60   47   239   165 
NOI $24,307  $23,152  $73,924  $66,340 
Non-Same Store NOI (2)  (1,309)  (730)  (4,102)  (730)
NOI of real estate partnership (pro rata)(1)  (723)  (1,003)  (2,429)  (2,846)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)  22,275   21,419   67,393   62,764 
Same Store straight-line rent adjustments  (366)  (507)  (845)  (1,201)
Same Store amortization of above/below market rents  (224)  (177)  (686)  (618)
Same Store lease termination fees  (96)  (79)  (118)  (306)
Same Store NOI(3) $21,589  $20,656  $65,744  $60,639 


(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, 2022 have not been made available to us, we have estimated equity 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.
  
(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 purposes of comparing the three months ended September 30, 2022 to the three months ended September 30, 2021, Non-Same Store includes properties acquired between July 1, 2021 and September 30, 2022 and properties sold between July 1, 2021 and September 30, 2022, but not included in discontinued operations. For purposes of comparing the nine months ended September 30, 2022 to the nine months ended September 30, 2021, Non-Same Store includes properties acquired between January 1, 2021 and September 30, 2022 and properties sold between January 1, 2021 and September 30, 2022, but not included in discontinued operations.
  
(3)We define "Same Store" as properties that have been owned during the entire period being compared. For purposes of comparing the three months ended September 30, 2022 to the three months ended September 30, 2021, Same Store includes properties owned before July 1, 2021 and not sold before September 30, 2022.  For purposes of comparing the nine months ended September 30, 2022 to the nine months ended September 30, 2021, Same Store includes properties owned before January 1, 2021 and not sold before September 30, 2022.


Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)


 Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
 2022  2021  2022  2021 
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)         
                
Net income attributable to Whitestone REIT$3,915  $2,899  $15,331  $9,440 
Depreciation and amortization 7,889   7,340   23,661   21,458 
Interest expense 6,816   6,142   19,111   18,417 
Provision for income taxes 112   100   313   274 
Net income attributable to noncontrolling interests 60   47   239   165 
Equity in earnings of real estate partnership(1) (65)  (151)  (304)  (429)
EBITDAre adjustments for real estate partnership(1) 662   807   2,093   2,258 
Gain on sale of property from discontinued operations -   -   -   (1,833)
(Gain) loss on sale or disposal of assets, net 7   48   12   (177)
EBITDAre$19,396  $17,232  $60,456  $49,573 


(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, 2022 have not been made available to us, we have estimated equity in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report.

 


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