Thu, Aug 1, 8:59 PM (340 days ago)
Whitestone REIT's quarterly report for the period ending June 30, 2024, indicates a stable financial position with total revenues of $37.6 million, a 3% increase from $36.5 million in the same quarter last year. Rental income rose due to higher occupancy and increased rental rates. Operating expenses were $26.0 million, up 3%, primarily due to increased general and administrative costs. Interest expenses increased by 6% due to higher interest rates. The company reported a net income of $2.6 million, down from $11.5 million in the previous year, largely due to lower gains on property sales. Funds from operations (FFO) and Core FFO were $11.3 million and $12.6 million, respectively. The company continues to focus on its Community Centered Properties® strategy, acquiring new properties and maintaining a high occupancy rate of 93%. Whitestone's financial health remains solid, although uncertainties such as interest rate fluctuations and ongoing litigation could impact future operations.