Whitestone REIT Q1 2022: Revenue $34.1M, FFO $0.30/sh, Same-Store NOI +12.9%

Whitestone REIT

2022-Q1 EPS reported $0.14 revenue$34,123,000

Revenue $34.1M vs $29.0M YoY; net income $7.1M ($0.14 diluted) vs $1.4M ($0.03).
FFO per diluted share $0.30 (incl. $0.04 one-time comp benefit) vs $0.20 YoY; EBITDAre $21.9M vs $15.3M.
Same-Store NOI growth 12.9% (vs -4.3% Q1 2021); occupancy 91.0% (up from 88.7%); rental rate growth +10.1%.
Quarterly dividend raised 11.6% to $0.12/share ($0.48 annualized); reaffirmed FY2022 FFO guidance $0.98-$1.02.
Total debt $643.2M, $96.2M available on $250M revolver; undepreciated real estate $1.2B.

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