HOUSTON, Dec. 18, 2014 (GLOBE NEWSWIRE) -- The Board of Trustees of Whitestone REIT (NYSE:WSR) ("Whitestone"), a leading Community Centered Property REIT largely operating in the high job-growth states of Texas and Arizona, approved the Company's quarterly cash dividend of $0.285 per common share and Operating Partnership ("OP") unit, payable monthly in January, February, and March 2015.
Whitestone's continued growth in Funds From Operations from its value-add, service-based retail Community Centered Property business model, has provided strong cash flow to pay an annual dividend per share of $1.14, monthly for the last 4 ½ years.
Whitestone declares quarterly distributions to holders of its common shares and OP units, which are payable monthly in three installments of $0.095 per common share and OP unit. The record and payment dates for the first quarter 2015 period are shown in the following table:
|Month||Record Date||Payment Date|
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, manages, operates, leases and repositions and redevelops value–add Community Centered PropertiesTM. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants that comprise approximately 70% of its tenants. Whitestone's diversified tenant base provides service offerings including medical, education, casual dining, and convenience services. The largest of its 1,272 tenants comprised less than 1.8 % of its annualized base rental revenues as of September 30, 2014. Founded in 1998, the Company is internally managed with a portfolio of 64 commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com.
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.
Non-GAAP Financial Measures
This release references the supplemental financial measure of Funds From Operations ("FFO").
Following is an explanation of this metric to their most comparable GAAP metric.
FFO: Management believes that FFO is a useful measure of the Company's operating performance. The Company computes FFO as defined by the National Association of Real Estate Investment Trusts, ("NAREIT"), which states that FFO should represent net income available to common shareholders (computed in accordance with GAAP) excluding gains or losses from sales of operating assets, impairment charges and extraordinary items, plus depreciation and amortization of operating properties, including the Company's share of unconsolidated real estate joint ventures and partnerships. FFO does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of the Company's performance or to cash flow from operations as a measure of liquidity or ability to make distributions and service debt.
CONTACT: Whitestone REIT Suzy Taylor, Director of Investor Relations (713) 435 2219 STaylor@WhitestoneREIT.com