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Whitestone REIT Announces 13% Increase in FFO Core Per Share for the 2015 Third Quarter; Raises Full Year Guidance

HOUSTON, Nov. 04, 2015 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”), today announced its financial results for the third quarter ended September 30, 2015.

Highlights for Third Quarter 2015 Compared to Third Quarter 2014

  • 20th consecutive quarter of year-over-year revenue and net operating income (“NOI”) growth with increases of 32.7% and 36.4%, respectively.
  • 21st consecutive quarter of year-over-year funds from operations (“FFO”) Core growth with a 36.1% increase.
  • 10th consecutive quarter of year-over-year FFO Core per diluted common share and operating partnership (“OP”) unit growth with a 13.3% increase to $0.34.
  • 3.1% increase in same store NOI.
  • Net income attributable to Whitestone REIT was $1.6 million, or $0.05 per diluted share, compared to $1.1 million, or $0.05 per diluted share, in the prior year third quarter.
  • 8.0% increase in rental rates on new and renewal leases on a GAAP basis.
  • Dividend to FFO Core ratio of 82.4%.
  • FFO Core guidance range for 2015 increased to $1.30 to $1.32 per diluted share and OP unit.

Subsequent Events

Subsequent to the end of the third quarter, the Company received approval of added value entitlements at its Village Square at Dana Park property. The Company plans a vibrant mix of retail, restaurant and executive office space, as well as multifamily housing and a hotel, which will increase the value of the property while generating additional NOI and cash flow. The Company also amended its $500 million credit facility, which extended and laddered the facility’s maturity dates on the revolving credit loan and two existing $50 million term loans and provided for a third $100 million seven-year term loan.

Jim Mastandrea, Chairman and Chief Executive Officer, stated, “We are pleased to announce another strong operating quarter, as well as to report on our significant progress. Our well positioned portfolio of Community Centered Properties™, located within the biggest and fastest growing markets in the business-friendly states of Texas and Arizona, continues to drive meaningful increases in our key financial metrics and provides us with substantial value-add opportunities. On top of our solid performance, we closed on additional accretive acquisitions that further enhance the value of our enterprise.

“Our disciplined approach to acquisitions and our concentrated work to create community centered properties that serve the needs of the communities where our properties are located is substantiated by the progress that we have made since Whitestone’s IPO five years ago. Our approach reflects the evolving consumer landscape and shifts in the manner that people shop which is impacting the retail property segment of the industry. Our actions have resulted in higher overall occupancy and rental rates, while diversifying the tenant mix to minimize the downside risk. We will also continue shedding our remaining non-core properties, which only represent approximately 10% of the carrying value of our portfolio, to become a pure play retail REIT, and we plan to use the process to recycle the capital and pay down debt.”

Mr. Mastandrea concluded, “We are once again increasing our annual guidance for the year to reflect our confidence in our ability to drive further top-line and bottom-line growth. We are pleased that Whitestone continues to deliver meaningful financial results and we expect to continue our profitable growth while remaining steadfastly focused on enhancing shareholder value.”

Leasing Activity

During the third quarter, the leasing team signed 111 leases totaling 244,527 square feet in new, expansion and renewal leases, compared to 82 leases totaling 226,645 square feet in the third quarter of 2014. The total lease value added was $18.3 million compared to $15.0 million during the same period last year. The Company's total occupancy increased 20 basis points compared to the end of the third quarter of 2014 to 86.0%.

Acquisition Activity

  • Parkside Village North and Parkside Village South in Austin, Texas was acquired for a total of approximately $45.0 million in cash. The two approximately 100% leased properties contain a total of 117,146 square feet.
  • Quinlan Crossing in Austin, Texas was acquired for approximately $37.5 million in cash. The 95% leased property contains 109,892 square feet, plus a developable pad with all entitlements and utilities available for the site.
  • Keller Place in Dallas/Fort Worth, along with two adjacent undeveloped parcels of land, was acquired for approximately $12.0 million in cash and 120,000 operating partnership units. The 90% leased property contains 93,541 square feet.
  • The hard corner at the Company’s Gilbert Tuscany Village property in Gilbert, Arizona was acquired for approximately $1.7 million in cash. The property includes a 14,603 square foot single-tenant building that was vacant at the time of purchase which provides upside potential.

Community Centered PropertiesTM Portfolio Statistics

As of September 30, 2015, Whitestone owned 70 Community Centered PropertiesTM with 6.0 million square feet of gross leasable area, primarily located in the biggest and fastest-growing markets in in the United States: Austin, San Antonio, Dallas/Fort Worth, Houston and Phoenix.

With its consumer-centric discipline, the Company strives for a tenant mix of national, regional and local tenants at each of its properties that meet the daily needs of the residents living in the surrounding neighborhoods. At the end of the third quarter, the Company's diversified tenant base was comprised of 1,445 tenants, with the largest tenant accounting for only 2.6% of annualized base rental revenues. Lease terms range from less than one year for smaller tenants to over 15 years for larger tenants. The leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Balance Sheet and Liquidity

At September 30, 2015, the Company had total assets of $783.6 million compared to $634.3 million at December 31, 2014.

At September 30, 2015, 50 of the Company’s 70 properties were unencumbered by mortgage debt, with an undepreciated cost basis of $581.5 million. The Company had total real estate debt of $498.5 million, of which $222.9 million, or approximately 45%, was subject to fixed interest rates. The Company's weighted average interest rate on all fixed rate debt as of the end of the third quarter was 3.92%.

At quarter end, Whitestone had $5.7 million of cash available on its balance sheet and $174.4 million of available capacity under its credit facility, before the $200 million accordion option.

Dividend

On September 24, 2015, the Company declared a quarterly cash distribution of $0.285 per common share and OP unit for the fourth quarter of 2015, to be paid in three equal installments of $0.095 in October, November and December of 2015.

FFO Core Guidance

The Company is raising its full year FFO Core guidance to a range of $1.30 to $1.32 per share. This guidance reflects the Board’s and management’s view of current and future market conditions, as well as the earnings impact of events referenced in this release and during the Company’s scheduled conference call. This guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity. Please refer to the “2015 Financial Guidance” section of the supplemental data package for the full list of guidance information.

Supplemental Financial Information

Further details regarding Whitestone's results of operations, communities and tenants can be accessed through the Company's website at www.whitestonereit.com.

Conference Call Information

Whitestone will host a conference call to discuss its third quarter results on Thursday, November 5, 2015 at 11:00 A.M. Eastern Time. The call will be led by James C. Mastandrea, Chairman and Chief Executive Officer, and David K. Holeman, Chief Financial Officer. Investors and other interested parties can listen to a live webcast of the call via the internet by first clicking on the Investor Relations tab of the Company’s website, www.whitestonereit.com, and then clicking on the webcast link.

The conference call is also accessible via telephone by dialing 1-877-397-0292 for domestic participants or 1-719-325-4760 for international participants. Listeners should go to the website at least 15 minutes prior to the call to download and install any necessary audio software. Those dialing in should call in at least five to ten minutes prior to the start.

The conference call will be recorded and a telephonic replay will be available through November 20, 2015 by dialing 1-877-870-5176 for domestic listeners or 1-858-384-5517 for international listeners and entering the pass code 6888843. Additionally, a replay of the call will be available on the Company’s website via the webcast link until its next earnings release.

The earnings release and supplemental data package will be located in the Investor Relations section of the Company’s website. For those without internet access, the third quarter earnings release and supplemental data package will be available by mail upon request. To receive a copy, please call the Company’s Investor Relations line at 713-435-2219.

About Whitestone REIT

Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, redevelops, 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 70 commercial properties in Texas, Arizona and Illinois. For additional information about the Company, please visit www.whitestonereit.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology, such as "may," "will," "plan," "expect," "intend," "anticipate," "believe," "continue" or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: the Company's ability to meet its assumptions regarding its earnings guidance, including its ability to execute effectively its acquisition and disposition strategy, to continue to execute its development pipeline on schedule and at the expected costs, and its ability to grow its NOI as expected, which could be impacted by a number of factors, including, among other things, its ability to continue to renew leases or re-let space on attractive terms and to otherwise address its leasing rollover; the Company's ability to successfully identify and consummate suitable acquisitions; current adverse market and economic conditions; lease terminations or lease defaults; the impact of competition on the Company's efforts to renew existing leases; changes in the economies and other conditions of the specific markets in which the Company operates; economic and regulatory changes; the success of the Company's real estate strategies and investment objectives; the Company's ability to continue to qualify as a REIT under the Internal Revenue Code; 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.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

This release contains the supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles ("GAAP") including FFO, FFO Core, and NOI. Following are explanations and reconciliations of these metrics 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.

Management considers FFO a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, management believes that FFO provides a more meaningful and accurate indication of the Company's performance and useful information for the investment community to compare Whitestone to other REITs since FFO is generally recognized as the industry standard for reporting the operations of REITs.

Other REITs may use different methodologies for calculating FFO, and accordingly, the Company's FFO may not be comparable to other REITs. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding OP units for the periods presented.

FFO Core: Management believes that the computation of FFO in accordance with NAREIT's definition includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. These items include, but are not limited to, legal settlements, non-cash share-based compensation expense, rent support agreement payments received from sellers on acquired assets and acquisition costs. In addition, the Company believes that FFO Core is a useful supplemental measure for the investing community to use in comparing the Company to other REITs as many REITs provide some form of adjusted or modified FFO. However, other REITs may use different adjustments, and the Company's FFO Core may not be comparable to the adjusted or modified FFO of other REITs.

NOI: Management believes that NOI is a useful measure of the Company's property operating performance. The Company defines NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because NOI excludes general and administrative expenses, depreciation and amortization, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets and capital expenditures and leasing costs, 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. The Company uses NOI to evaluate its operating performance since NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about the Company's 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 the Company's overall financial performance since it does not reflect general and administrative expenses, depreciation and amortization, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to that of other REITs.

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30, 2015 December 31, 2014
(unaudited)
ASSETS
Real estate assets, at cost
Property $ 831,425 $ 673,655
Accumulated depreciation (84,743) (71,587)
Total real estate assets 746,682 602,068
Cash and cash equivalents 5,660 4,236
Restricted cash 86
Marketable securities 414 973
Escrows and acquisition deposits 5,537 4,092
Accrued rents and accounts receivable, net of allowance for doubtful accounts 14,099 11,834
Unamortized lease commissions and loan costs 8,333 8,879
Prepaid expenses and other assets 2,817 2,215
Total assets $ 783,628 $ 634,297
LIABILITIES AND EQUITY
Liabilities:
Notes payable $ 498,468 $ 394,093
Accounts payable and accrued expenses 21,828 15,882
Tenants' security deposits 5,043 4,372
Dividends and distributions payable 7,834 6,627
Total liabilities 533,173 420,974
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, 2015 and December 31, 2014, respectively
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 26,977,957 and 22,835,695 issued and outstanding as of September 30, 2015 and December 31, 2014, respectively 27 23
Additional paid-in capital 358,136 304,078
Accumulated deficit (111,263) (93,938)
Accumulated other comprehensive loss (646) (91)
Total Whitestone REIT shareholders' equity 246,254 210,072
Noncontrolling interest in subsidiary 4,201 3,251
Total equity 250,455 213,323
Total liabilities and equity $ 783,628 $ 634,297

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
Property revenues
Rental revenues $ 18,785 $ 14,407 $ 52,426 $ 41,464
Other revenues 5,814 4,132 15,395 11,712
Total property revenues 24,599 18,539 67,821 53,176
Property expenses
Property operation and maintenance 4,823 4,000 13,245 11,537
Real estate taxes 3,474 2,591 9,303 7,073
Total property expenses 8,297 6,591 22,548 18,610
Other expenses (income)
General and administrative 5,687 4,212 15,170 10,751
Depreciation and amortization 5,149 3,924 14,388 11,587
Interest expense 3,740 2,762 10,664 7,525
Interest, dividend and other investment income (73) (31) (244) (71)
Total other expense 14,503 10,867 39,978 29,792
Income from continuing operations before loss on sale or disposal of assets and income taxes 1,799 1,081 5,295 4,774
Provision for income taxes (100) (72) (274) (208)
Loss on sale or disposal of assets (148) (248) (111)
Income from continuing operations 1,551 1,009 4,773 4,455
Income from discontinued operations 44 112 3 378
Income from discontinued operations 44 112 3 378
Net income 1,595 1,121 4,776 4,833
Less: Net income attributable to noncontrolling interests 25 18 78 105
Net income attributable to Whitestone REIT $ 1,570 $ 1,103 $ 4,698 $ 4,728
Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
Basic Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.04 $ 0.18 $ 0.19
Income from discontinued operations attributable to Whitestone REIT 0.01 0.02
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.05 $ 0.18 $ 0.21
Diluted Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.04 $ 0.17 $ 0.19
Income from discontinued operations attributable to Whitestone REIT 0.01 0.02
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.05 $ 0.17 $ 0.21
Weighted average number of common shares outstanding:
Basic 26,476 22,482 23,988 22,182
Diluted 27,082 22,690 24,583 22,359
Distributions declared per common share / OP unit $ 0.2850 $ 0.2850 $ 0.8550 $ 0.8550
Consolidated Statements of Comprehensive Income
Net income $ 1,595 $ 1,121 $ 4,776 $ 4,833
Other comprehensive gain (loss)
Unrealized gain (loss) on cash flow hedging activities (184) 345 (460) 48
Unrealized gain (loss) on available-for-sale marketable securities (8) (56) (106) 49
Comprehensive income 1,403 1,410 4,210 4,930
Less: Comprehensive income attributable to noncontrolling interests 22 26 69 107
Comprehensive income attributable to Whitestone REIT $ 1,381 $ 1,384 $ 4,141 $ 4,823

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Nine Months Ended September 30,
2015 2014
Cash flows from operating activities:
Net income from continuing operations $ 4,773 $ 4,455
Net income from discontinued operations 3 378
Net income 4,776 4,833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 14,388 11,587
Amortization of deferred loan costs 902 636
Amortization of notes payable discount 222 229
Gain on sale of marketable securities (44)
Loss on sale or disposal of assets and properties 248 111
Bad debt expense 1,318 1,487
Share-based compensation 5,209 3,024
Changes in operating assets and liabilities:
Escrows and acquisition deposits (1,445) (2,021)
Accrued rent and accounts receivable (3,583) (2,187)
Unamortized lease commissions (1,207) (1,109)
Prepaid expenses and other assets 341 631
Accounts payable and accrued expenses 4,201 2,145
Tenants' security deposits 671 440
Net cash provided by operating activities 25,994 19,428
Net cash provided by operating activities of discontinued operations 3 440
Cash flows from investing activities:
Acquisitions of real estate (147,950) (38,076)
Additions to real estate (7,954) (7,233)
Proceeds from sales of marketable securities 496
Net cash used in investing activities (155,408) (45,309)
Net cash used in investing activities of discontinued operations (183)
Cash flows from financing activities:
Distributions paid to common shareholders (20,791) (19,055)
Distributions paid to OP unit holders (346) (436)
Proceeds from issuance of common shares, net of offering costs 49,717 6,458
Payments of exchange offer costs (67)
Proceeds from notes payable 28,300
Proceeds from revolving credit facility, net 105,500 15,300
Repayments of notes payable (2,141) (1,736)
Payments of loan origination costs (434)
Change in restricted cash (86)
Repurchase of common shares (1,018) (24)
Net cash provided by financing activities 130,835 28,306
Net cash used in financing activities of discontinued operations (2,905)
Net increase (decrease) in cash and cash equivalents 1,424 (223)
Cash and cash equivalents at beginning of period 4,236 6,491
Cash and cash equivalents at end of period $ 5,660 $ 6,268
Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Nine Months Ended September 30,
2015 2014
Supplemental disclosure of cash flow information:
Cash paid for interest $ 9,826 $ 6,852
Cash paid for taxes $ 315 $ 238
Non cash investing and financing activities:
Disposal of fully depreciated real estate $ 57 $ 6,111
Financed insurance premiums $ 1,057 $ 888
Value of shares issued under dividend reinvestment plan $ 71 $ 71
Value of common shares exchanged for OP units $ 84 $ 1,452
Change in fair value of available-for-sale securities $ (106) $ 49
Change in fair value of cash flow hedge $ (460) $ 48
Acquisition of real estate in exchange for OP units $ 1,333 $

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, expect per share and per unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
FFO AND FFO CORE 2015 2014 2015 2014
Net income attributable to Whitestone REIT $ 1,570 $ 1,103 $ 4,698 $ 4,728
Depreciation and amortization of real estate assets (1) 5,121 3,975 14,304 11,747
Loss on disposal of assets (1) 148 248 109
Net income attributable to noncontrolling interests (1) 25 18 78 105
FFO 6,864 5,096 19,328 16,689
Non cash share-based compensation expense 1,859 1,485 5,202 3,092
Acquisition costs 729 365 1,569 673
Rent support agreement payments received 156
FFO Core $ 9,452 $ 6,946 $ 26,099 $ 20,610
FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO $ 6,864 $ 5,096 $ 19,328 $ 16,689
Distributions paid on unvested restricted common shares (130) (54) (400) (127)
FFO excluding amounts attributable to unvested restricted common shares $ 6,734 $ 5,042 $ 18,928 $ 16,562
FFO Core excluding amounts attributable to unvested restricted common shares $ 9,322 $ 6,892 $ 25,699 $ 20,483
Denominator:
Weighted average number of total common shares - basic 26,476 22,482 23,988 22,182
Weighted average number of total noncontrolling OP units - basic 435 425 406 495
Weighted average number of total commons shares and noncontrolling OP units - basic 26,911 22,907 24,394 22,677
Effect of dilutive securities:
Unvested restricted shares 606 208 595 177
Weighted average number of total common shares and noncontrolling OP units - dilutive 27,517 23,115 24,989 22,854
FFO per common share and OP unit - basic $ 0.25 $ 0.22 $ 0.78 $ 0.73
FFO per common share and OP unit - diluted $ 0.24 $ 0.22 $ 0.76 $ 0.72
FFO Core per common share and OP unit - basic $ 0.35 $ 0.30 $ 1.05 $ 0.90
FFO Core per common share and OP unit - diluted $ 0.34 $ 0.30 $ 1.03 $ 0.90
(1) Includes amounts from discontinued operations.
Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, expect per share and per unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT $ 1,570 $ 1,103 $ 4,698 $ 4,728
General and administrative expenses 5,687 4,212 15,170 10,751
Depreciation and amortization 5,149 3,924 14,388 11,587
Interest expense 3,740 2,762 10,664 7,525
Interest, dividend and other investment income (73) (31) (244) (71)
Provision for income taxes 100 72 274 208
Loss on disposal of assets 148 248 111
Income from discontinued operations (44) (112) (3) (378)
Net income attributable to noncontrolling interests 25 18 78 105
NOI $ 16,302 $ 11,948 $ 45,273 $ 34,566


Contact Whitestone REIT: Bob Aronson Director of Investor Relations Direct: (713) 435-2219; Mobile: (832) 364-8314

Source:Whitestone REIT