HOUSTON, July 29, 2015 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) ("Whitestone" or "the Company") announced today that it is approaching its five year anniversary as a public company and that since its IPO in August 2010, the Company's forward-thinking Community Centered PropertiesTM business model of matching service-oriented tenants with the shared needs of the surrounding neighborhoods has generated outstanding results. Whitestone's diversified tenant base blends a complementary mix of grocery and dining, health, wellness and beauty, education and services.
Through the 2015 first quarter, the Company has generated phenomenal growth in the following key areas:
- Revenues (+174%)
- Net Operating Income (+198%)
- FFO Core (+332%)
- Gross Real Estate Assets (+253%)
Note: For all measures, except Gross Real Estate Assets, the growth percentages represent Q1 2015 vs. Q2 2010. For Gross Real Estate Assets the growth percentage represents the undepreciated book value of real estate at March 31, 2015 vs. June 30, 2010.
During that period, Whitestone has also transitioned its portfolio to 85% retail and 15% office and flex space (non-core assets) from the approximately 45% retail and 55% office and flex space mix that was existing at the time of the IPO, on an invested capital basis. Going forward, the Company will continue its efforts to fine-tune and upgrade its portfolio into profitable community centers while moving away from non-core assets.
James C. Mastandrea, Chairman and Chief Executive Officer stated, "Since our IPO and through the first quarter of 2015, we have produced exceptional results. We have delivered significant increases in revenues, NOI and FFO core and have seen FFO core per share stabilize and grow. We have also been successful in acquiring community centered properties in high growth markets, such as Texas and Arizona, while selectively divesting of slower growth, non-core assets. To that end, we have expanded in San Antonio, Dallas/Ft. Worth and Phoenix, while recently adding three properties in Austin to our portfolio. In addition to making acquisitions, we have been strategically investing in our existing community centers to help strengthen our tenants' connections with their customers, as well as to optimize tenant mix and increase overall occupancy rates."
Mr. Mastandrea concluded, "We have a proven business model and strategy for growth and we are proud of our accomplishments achieved these past five years. We have a rich history of success, and as we look ahead, we are even more energized by the opportunities that we have as a Company to further enhance shareholder value."
The Company noted that it will be releasing its second quarter 2015 financial results after the market closes on Wednesday, August 5, 2015, and will be hosting its earnings conference call on Thursday, August 6, 2015 at 11:00 A.M. Eastern Time.
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, re-develops, repositions, leases, manages and operates Community Centered PropertiesTM. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants. Whitestone's diversified tenant base provides service offerings including specialty retail, grocery, restaurants, medical, educational and financial services. Founded in 1998, the Company is internally managed with a portfolio of 67 commercial properties in Texas, Arizona and Illinois. For additional information about the Company, please visit www.whitestonereit.com.
CONTACT: Bob Aronson Director of Investor Relations (713) 435-2219 email@example.com