- Retail Property Occupancy Increases to 89.6%, up 160 basis points from Q3-15
HOUSTON, Jan. 25, 2016 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today reported its year-end 2015 portfolio occupancy levels.
- The occupancy of Whitestone’s Operating Portfolio(1) was 87.7% as of December 31, 2015, which is 140 basis points higher than the level at September 30, 2015 and 70 basis points higher than the level at December 31, 2014.
- Total occupancy in the Company’s retail properties, which represent almost 90% of the Company’s invested capital, reached 89.6% as of December 31, 2015, up 160 basis points from the level at September 30, 2015 and 90 basis points from the level at December 31, 2014.
- Total occupancy as of December 31, 2015 was 87.1%, an increase of 110 basis points over the level at September 30, 2015 and 30 basis points over the level at December 31, 2014.
“We are very pleased that our differentiated operating and leasing approach, which is a core foundation to our continued resiliency to macro-economic factors such as depressed commodity prices, has resulted in increased occupancy in our retail properties to 89.6%,” stated Jim Mastandrea, Chairman and Chief Executive Officer. “Our business model focuses on community-based tenants that occupy smaller spaces than traditional retailers, produce premium rents and allow Whitestone to retain significant rights, including the ability to more regularly adjust rents. The majority of our tenants provide essential daily services that cannot be replicated online to meet the rising demand for convenience.
“Our tenants place great value on our deep, local market knowledge that helps their businesses succeed and prosper through an innovative and thoughtful approach to optimizing visibility, improving pedestrian and traffic flow, and enhancing community gathering places. Our portfolio is geographically diverse, with ideally-located properties that can be redeveloped to meet the changing needs of the surrounding affluent communities, many of which have the highest household incomes in the nation.”
Mr. Mastandrea concluded, “Our leasing team had an outstanding finish to 2015 and has positioned us well for continuing increases in our overall occupancy levels and profitability.”
(1) excludes certain new acquisitions and properties undergoing significant redevelopment or re-tenanting
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.
Contact Whitestone REIT: Bob Aronson Director of Investor Relations Direct: (713) 435-2219; Mobile: 832-364-8314 firstname.lastname@example.org