HOUSTON--(BUSINESS WIRE)--On May 11, 2015, Whitestone REIT (NYSE:WSR) held its annual shareholders meeting in Houston, Texas. Shareholders gathered to hear management discuss the Company’s 2014 accomplishments and to learn about their vision for the future.
During the meeting, David Holeman, Chief Financial Officer, recapped Whitestone REIT’s solid 2014 financial performance and also reported a strong start to 2015. Holeman noted year-over-year increases for 2014 in the Company’s key financial metrics, such as Revenue (+19.7%), Revenue per Average Leased Square Foot (+7.0%), Net Operating Income (+24.9%), Funds From Operations Core (35.4%) and Funds From Operations Core per Share (+9.1%). Holeman concluded his presentation by discussing Whitestone REIT’s solid balance sheet, conservative capital structure and flexible business model, which continues to provide the Company with ample liquidity to pursue its growth initiatives.
James Mastandrea, Chairman and Chief Executive Officer, spoke about Whitestone REIT’s continued progress and growth and laid out the company’s strategic goals for 2015 and beyond.
“I’m very pleased with the results we delivered in 2014, which reflect the successful execution of our forward-thinking operating model,” Mr. Mastandrea said. “In addition to our stellar performance, we continued to acquire properties in high-growth, geographically aggregated markets and strategically invest in our communities to strengthen our tenants’ connections with customers, as well as to optimize tenant mix and increase occupancy rates.”
Mr. Mastandrea continued, “I’m excited about the opportunities we have as a company, and have established the following goals for 2015 and beyond:
- Increase overall occupancy,
- Increase the portfolio’s quality and size,
- Continue repositioning and redeveloping legacy properties,
- Sell or spin off non-core assets,
- Continue to grow FFO Core per share, resulting in a dividend to FFO Core payout ratio of less than 85%, and
- Deliver exceptional returns to our shareholders.”
Mr. Mastandrea concluded his presentation by saying, “We have a proven business model and strategy to drive tenant growth and demand. With our balanced capital structure, experienced management team, focus on community-centered properties, deep knowledge of our local markets and disciplined approach to acquisitions, redevelopment and repositioning, we are well positioned to drive top-line and bottom-line growth and for optimal value creation.”
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, re-develops, 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 64 commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com.