Near Record Occupancy
Whitestone REIT achieved 94.2% occupancy this quarter, up 30 basis points from Q2, suggesting strong leasing performance and setting up for a strong finish to the year.
Same-Store Net Operating Income Growth
The company reported a 4.8% increase in same-store net operating income for the quarter, driven by increases in shop space leases in Texas and Arizona.
Improved Credit Facility Terms
Whitestone REIT extended and improved its credit facility terms, locking down a key variable for achieving long-term core FFO per share growth targets of 5% to 7%.
Increased Average Base Rent
The average base rent is now $25.59, marking an 8.2% increase over the third quarter last year and a 26% increase since four years ago, translating to a 5.9% compound annual growth rate.
Strong Leasing Spreads
The company reported straight-line leasing spreads of 19.3% for the quarter, marking the 14th consecutive quarter above 17%.
Successful Asset Recycling
Whitestone disposed of one property, Sugar Park Plaza in Houston, after increasing its NOI by 22% over the last three years, and plans for more acquisitions and dispositions by year-end.