10-Q - Whitestone REIT (0001175535) (Filer)

Mon, May 5, 8:27 PM (17 days ago)

**Whitestone REIT (WSR:NYSE)** **Q1 2025 Financial Performance:** - **Revenue:** $38.0M (Q1 2024: $37.2M) - **Net Income:** $3.7M (Q1 2024: $9.4M) - **EPS:** $0.07 (Q1 2024: $0.19) - **Occupancy Rate:** 93% (Q1 2024: 94%) - **Total Assets:** $1.13B (Q1 2024: $1.13B) - **Total Liabilities:** $690.1M (Q1 2024: $690.8M) - **Cash & Cash Equivalents:** $15.8M (Q1 2024: $15.4M) - **Debt:** $641.3M (Q1 2024: $631.5M) - **Distributions Paid:** $6.9M (Q1 2024: $6.0M) **Key Metrics:** - **FFO:** $13.1M (Q1 2024: $11.8M) - **NOI:** $26.7M (Q1 2024: $26.8M) **Operational Highlights:** - Acquired Village Shops at Dana Park, Scottsdale Commons, Anderson Arbor Pad, and Garden Oaks Shopping Center. - Sold Providence, Fountain Hills Plaza, and Mercado at Scottsdale Ranch. - Completed 84 new and renewal leases, totaling 199,610 sq. ft. and $31.3M in lease value. **Financial Health:** - **Liquidity:** Adequate cash flow and borrowing capacity to meet short-term obligations. - **Capital Expenditures:** $6.3M (Q1 2024: $5.8M) - **Debt Maturity:** $642.2M, with significant maturities in 2026 and 2028. **Uncertainties & Future Operations:** - **Economic Conditions:** Uncertainties related to national, international, regional, and local economic conditions. - **Interest Rates:** Rising interest rates may increase operating costs. - **Natural Disasters:** Potential impact of natural disasters on returns and tenants. - **Legal Proceedings:** Ongoing litigation with Pillarstone REIT and former executives. **Conclusion:** Whitestone REIT's Q1 2025 performance shows steady revenue growth and strategic property acquisitions. However, the company faces uncertainties related to economic conditions, interest rates, and legal proceedings. The company's focus on liquidity and capital management will be crucial in navigating these challenges.