(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule #14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
N/A |
Whitestone REIT | |||||||||||
(Registrant) | |||||||||||
Date: | May 4, 2021 | By: /s/ David K. Holeman | |||||||||
Name: David K. Holeman Title: Chief Financial Officer |
First Quarter 2021 | First Quarter 2020 | |||||||
Occupancy: | ||||||||
Wholly Owned Properties | 88.7% | 89.7% | ||||||
Same Store Property Net Operating Income Change(2) | (4.3)% | (0.9)% | ||||||
Rental Rate Growth - Total (GAAP Basis): | 7.8% | 7.3% | ||||||
New Leases | 5.3% | (3.8)% | ||||||
Renewal Leases | 9.6% | 8.4% | ||||||
Leasing Transactions: | ||||||||
Number of New Leases | 46 | 24 | ||||||
New Leases - Annualized Revenue (millions) | $19.9 | $6.0 | ||||||
Number of Renewal Leases | 48 | 56 | ||||||
Renewal Leases - Annualized Revenue (millions) | $10.9 | $15.9 |
Replay number for domestic participants: | (844) 512-2921 | ||||
Replay number for international participants: | (412) 317-6671 | ||||
Passcode (for all participants): | 13715688 |
Whitestone REIT and Subsidiaries | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate assets, at cost | ||||||||||||||
Property | $ | 1,107,895 | $ | 1,106,426 | ||||||||||
Accumulated depreciation | (170,286) | (163,712) | ||||||||||||
Total real estate assets | 937,609 | 942,714 | ||||||||||||
Investment in real estate partnership | 34,068 | 33,979 | ||||||||||||
Cash and cash equivalents | 22,820 | 25,777 | ||||||||||||
Restricted cash | 106 | 179 | ||||||||||||
Escrows and acquisition deposits | 6,923 | 9,274 | ||||||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) | 23,309 | 23,009 | ||||||||||||
Receivable due from related party | 731 | 335 | ||||||||||||
Unamortized lease commissions, legal fees and loan costs | 7,951 | 7,686 | ||||||||||||
Prepaid expenses and other assets(2) | 3,127 | 2,049 | ||||||||||||
Total assets | $ | 1,036,644 | $ | 1,045,002 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Notes payable | $ | 645,230 | $ | 644,185 | ||||||||||
Accounts payable and accrued expenses(3) | 41,163 | 50,918 | ||||||||||||
Payable due to related party | 160 | 125 | ||||||||||||
Tenants' security deposits | 7,059 | 6,916 | ||||||||||||
Dividends and distributions payable | 4,660 | 4,532 | ||||||||||||
Total liabilities | 698,272 | 706,676 | ||||||||||||
Commitments and contingencies: | — | — | ||||||||||||
Equity: | ||||||||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2021 and December 31, 2020 | — | — | ||||||||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 42,579,059 and 42,391,316 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 43 | 42 | ||||||||||||
Additional paid-in capital | 563,338 | 562,250 | ||||||||||||
Accumulated deficit | (219,016) | (215,809) | ||||||||||||
Accumulated other comprehensive loss | (12,220) | (14,400) | ||||||||||||
Total Whitestone REIT shareholders' equity | 332,145 | 332,083 | ||||||||||||
Noncontrolling interest in subsidiary | 6,227 | 6,243 | ||||||||||||
Total equity | 338,372 | 338,326 | ||||||||||||
Total liabilities and equity | $ | 1,036,644 | $ | 1,045,002 |
March 31, 2021 | December 31, 2020 | |||||||||||||
(1) Accrued rents and accounts receivable, net of allowance for doubtful accounts | ||||||||||||||
Tenant receivables | $ | 22,900 | $ | 22,956 | ||||||||||
Accrued rents and other recoveries | 16,944 | 16,348 | ||||||||||||
Allowance for doubtful accounts | (16,792) | (16,426) | ||||||||||||
Other receivables | 257 | 131 | ||||||||||||
Total accrued rents and accounts receivable, net of allowance for doubtful accounts | $ | 23,309 | $ | 23,009 | ||||||||||
(2) Operating lease right of use assets (net) | $ | 548 | $ | 592 | ||||||||||
(3) Operating lease liabilities | $ | 558 | $ | 603 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues | ||||||||||||||
Rental(1) | $ | 28,695 | $ | 30,196 | ||||||||||
Management, transaction, and other fees | 350 | 388 | ||||||||||||
Total revenues | 29,045 | 30,584 | ||||||||||||
Operating expenses | ||||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Operating and maintenance | 4,839 | 5,597 | ||||||||||||
Real estate taxes | 4,038 | 4,536 | ||||||||||||
General and administrative | 5,634 | 5,100 | ||||||||||||
Total operating expenses | 21,524 | 22,204 | ||||||||||||
Other expenses (income) | ||||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
Interest, dividend and other investment income | (49) | (62) | ||||||||||||
Total other expense | 6,082 | 6,838 | ||||||||||||
Income before equity investment in real estate partnership and income tax | 1,439 | 1,542 | ||||||||||||
Equity in earnings of real estate partnership | 89 | 192 | ||||||||||||
Provision for income tax | (87) | (87) | ||||||||||||
Net income | 1,441 | 1,647 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Basic Earnings Per Share: | ||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.04 | ||||||||||
Diluted Earnings Per Share: | ||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.04 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||
Basic | 42,495 | 42,048 | ||||||||||||
Diluted | 43,331 | 43,009 | ||||||||||||
Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||
Net income | $ | 1,441 | $ | 1,647 | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Unrealized gain (loss) on cash flow hedging activities | 2,221 | (10,952) | ||||||||||||
Comprehensive income (loss) | 3,662 | (9,305) | ||||||||||||
Less: Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 41 | (231) | ||||||||||||
Comprehensive income (loss) attributable to Whitestone REIT | $ | 3,595 | $ | (9,109) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(1) Rental | ||||||||||||||
Rental revenues | $ | 21,626 | $ | 22,077 | ||||||||||
Recoveries | 7,598 | 8,963 | ||||||||||||
Bad debt | (529) | (844) | ||||||||||||
Total rental | $ | 28,695 | $ | 30,196 | ||||||||||
Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 1,441 | $ | 1,647 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Amortization of deferred loan costs | 274 | 282 | ||||||||||||
(Gain) loss on sale or disposal of assets and loan forgiveness, net | (1) | 207 | ||||||||||||
Bad debt | 529 | 844 | ||||||||||||
Share-based compensation | 1,398 | 1,248 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Escrows and acquisition deposits | 2,352 | 2,068 | ||||||||||||
Accrued rents and accounts receivable | (829) | (886) | ||||||||||||
Receivable due from related party | (396) | (419) | ||||||||||||
Unamortized lease commissions, legal fees and loan costs | (844) | (423) | ||||||||||||
Prepaid expenses and other assets | 611 | (10,154) | ||||||||||||
Accounts payable and accrued expenses | (7,534) | 3,737 | ||||||||||||
Payable due to related party | 35 | 144 | ||||||||||||
Tenants' security deposits | 143 | 139 | ||||||||||||
Net cash provided by operating activities | 4,103 | 5,213 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Additions to real estate | (1,528) | (1,593) | ||||||||||||
Net cash used in investing activities | (1,528) | (1,593) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Distributions paid to common shareholders | (4,480) | (11,928) | ||||||||||||
Distributions paid to OP unit holders | (82) | (258) | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | — | 2,241 | ||||||||||||
Payments of exchange offer costs | — | (32) | ||||||||||||
Net proceeds from credit facility | — | 30,000 | ||||||||||||
Repayments of notes payable | (719) | (777) | ||||||||||||
Repurchase of common shares | (324) | (1,630) | ||||||||||||
Net cash provided by (used in) financing activities | (5,605) | 17,616 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,030) | 21,236 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 25,956 | 15,643 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period (1) | $ | 22,926 | $ | 36,879 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid for interest | $ | 5,936 | $ | 6,461 | ||||||||||
Non cash investing and financing activities: | ||||||||||||||
Disposal of fully depreciated real estate | $ | 3 | $ | 24 | ||||||||||
Financed insurance premiums | $ | 1,712 | $ | 1,431 | ||||||||||
Value of shares issued under dividend reinvestment plan | $ | 15 | $ | 42 | ||||||||||
Value of common shares exchanged for OP units | $ | — | $ | 44 | ||||||||||
Change in fair value of cash flow hedge | $ | 2,221 | $ | (10,952) |
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash, cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents | $ | 22,820 | $ | 36,774 | ||||||||||
Restricted cash | 106 | 105 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 22,926 | $ | 36,879 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
FFO (NAREIT) AND FFO CORE | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
Adjustments to reconcile to FFO: | ||||||||||||||
Depreciation and amortization of real estate assets | 6,980 | 6,909 | ||||||||||||
Depreciation and amortization of real estate assets of real estate partnership (pro rata) | 405 | 449 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
Loss on sale or disposal of properties or assets of real estate partnership (pro rata) | — | 53 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
FFO (NAREIT) | 8,825 | 9,265 | ||||||||||||
Adjustments to reconcile to FFO Core: | ||||||||||||||
Share-based compensation expense | 1,468 | 1,326 | ||||||||||||
FFO Core | $ | 10,293 | $ | 10,591 | ||||||||||
FFO PER SHARE AND OP UNIT CALCULATION | ||||||||||||||
Numerator: | ||||||||||||||
FFO | $ | 8,825 | $ | 9,265 | ||||||||||
Distributions paid on unvested restricted common shares | — | — | ||||||||||||
FFO excluding amounts attributable to unvested restricted common shares | $ | 8,825 | $ | 9,265 | ||||||||||
FFO Core excluding amounts attributable to unvested restricted common shares | $ | 10,293 | $ | 10,591 | ||||||||||
Denominator: | ||||||||||||||
Weighted average number of total common shares - basic | 42,495 | 42,048 | ||||||||||||
Weighted average number of total noncontrolling OP units - basic | 773 | 904 | ||||||||||||
Weighted average number of total common shares and noncontrolling OP units - basic | 43,268 | 42,952 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||
Unvested restricted shares | 836 | 961 | ||||||||||||
Weighted average number of total common shares and noncontrolling OP units - diluted | 44,104 | 43,913 | ||||||||||||
FFO per common share and OP unit - basic | $ | 0.20 | $ | 0.22 | ||||||||||
FFO per common share and OP unit - diluted | $ | 0.20 | $ | 0.21 | ||||||||||
FFO Core per common share and OP unit - basic | $ | 0.24 | $ | 0.25 | ||||||||||
FFO Core per common share and OP unit - diluted | $ | 0.23 | $ | 0.24 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
PROPERTY NET OPERATING INCOME | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
General and administrative expenses | 5,634 | 5,100 | ||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
Interest, dividend and other investment income | (49) | (62) | ||||||||||||
Provision for income taxes | 87 | 87 | ||||||||||||
Management fee, net of related expenses | 80 | 108 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
NOI of real estate partnership (pro rata) | 891 | 1,096 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
NOI | 21,139 | 21,655 | ||||||||||||
Non-Same Store NOI (1) | — | — | ||||||||||||
NOI of real estate partnership (pro rata) | (891) | (1,096) | ||||||||||||
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata) | 20,248 | 20,559 | ||||||||||||
Same Store straight-line rent adjustments | (210) | 334 | ||||||||||||
Same Store amortization of above/below market rents | (201) | (209) | ||||||||||||
Same Store lease termination fees | (76) | (30) | ||||||||||||
Same Store NOI (2) | $ | 19,761 | $ | 20,654 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
Provision for income taxes | 87 | 87 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
EBITDAre adjustments for real estate partnership | 685 | 887 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
EBITDAre | 15,268 | 16,300 | ||||||||||||
Management fee, net of related expenses | 80 | 108 | ||||||||||||
Share-based compensation expense | 1,468 | 1,326 | ||||||||||||
EBITDAre-Adjusted | $ | 16,816 | $ | 17,734 |
TABLE OF CONTENTS | |||||
Page | |||||
COVID-19 - Status of Tenants | |||||
CORPORATE PROFILE | ||||||||||||||||||||||||||
NYSE: WSR | Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that aquires, owns, manages, | |||||||||||||||||||||||||
Common Shares | develops and redevelops high quality open-air neighborhood centers primarily in the largest, fastest-growing and | |||||||||||||||||||||||||
most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through | ||||||||||||||||||||||||||
58 Community Centers | creating local connections between consumers in the surrounding communities and a well-crafted mix of national, | |||||||||||||||||||||||||
5.0 million sq. ft. of gross | regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone | |||||||||||||||||||||||||
leasable area | has consistently paid a monthly dividend for over 15 years. The Company’s balanced and well-managed | |||||||||||||||||||||||||
1,403 tenants | capital structure provides stability and flexibility to support it through a multitude of economic cycles. | |||||||||||||||||||||||||
6 Top Growth Markets | We invest in properties that are or can become Community Centered Properties® from which our tenants deliver | |||||||||||||||||||||||||
Austin | needed services to the surrounding population. We focus on properties with smaller rental spaces that present | |||||||||||||||||||||||||
Chicago | opportunities for attractive returns. | |||||||||||||||||||||||||
Dallas-Fort Worth | ||||||||||||||||||||||||||
Houston | Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their | |||||||||||||||||||||||||
Phoenix | respective surrounding communities. Operations include an internal management structure providing cost-effective | |||||||||||||||||||||||||
San Antonio | services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional | |||||||||||||||||||||||||
commercial real estate operators. We value diversity on our team and maintain in-house leasing, property | ||||||||||||||||||||||||||
Fiscal Year End | management, marketing, construction and maintenance departments with culturally diverse and multi-lingual | |||||||||||||||||||||||||
12/31 | associates who understand the particular needs of our tenants and neighborhoods. | |||||||||||||||||||||||||
Common Shares & | We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, | |||||||||||||||||||||||||
Units Outstanding*: | medical, educational and financial services and entertainment. These tenants tend to occupy smaller spaces (less | |||||||||||||||||||||||||
Common Shares: 42.8 million | than 3,000 square feet) and, as of March 31, 2021, provided a 50% premium rental rate compared to our larger | |||||||||||||||||||||||||
Operating Partnership Units: | space tenants. The largest of our 1,403 tenants at our wholly owned properties comprised only 2.8% of our | |||||||||||||||||||||||||
0.8 million | annualized base rental revenues for the three months ended March 31, 2021. | |||||||||||||||||||||||||
Distribution (per share / unit)*: | ||||||||||||||||||||||||||
Quarter: $ 0.1075 | Investor Relations: | |||||||||||||||||||||||||
Annualized: $ 0.43 | Whitestone REIT | ICR Inc. | ||||||||||||||||||||||||
Dividend Yield: 4.3%** | Kevin Reed, Director of Investor Relations | Brad Cohen | ||||||||||||||||||||||||
2600 South Gessner, Suite 500, Houston, Texas 77063 | 203.682.8211 | |||||||||||||||||||||||||
Board of Trustees: | 713.435.2219 email: ir@whitestonereit.com | |||||||||||||||||||||||||
Nandita V. Berry | website: www.whitestonereit.com | |||||||||||||||||||||||||
Jeffrey A. Jones | ||||||||||||||||||||||||||
Paul T. Lambert | Analyst Coverage: | |||||||||||||||||||||||||
Jack L. Mahaffey | B. Riley FBR | JMP Securities | Maxim Group | Ladenburg Thalmann | ||||||||||||||||||||||
James C. Mastandrea | Craig Kucera | Aaron Hecht | Michael Diana | John J. Massocca | ||||||||||||||||||||||
David F. Taylor | 540.277.3366 | 415.835.3963 | 212.895.3641 | 212.409.2543 | ||||||||||||||||||||||
Trustee Emeritus: | ckucera@brileyfbr.com | ahecht@jmpsecurities.com | mdiana@maximgrp.com | jmassocca@ladenburg.com | ||||||||||||||||||||||
Daniel G. DeVos | ||||||||||||||||||||||||||
* As of May 3, 2021 | ||||||||||||||||||||||||||
** Based on common share price | ||||||||||||||||||||||||||
of $9.96 as of close of market on | ||||||||||||||||||||||||||
May 3, 2021. | ||||||||||||||||||||||||||
We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations. |
First Quarter 2021 | First Quarter 2020 | |||||||
Occupancy: | ||||||||
Wholly Owned Properties | 88.7% | 89.7% | ||||||
Same Store Property Net Operating Income Change(2) | (4.3)% | (0.9)% | ||||||
Rental Rate Growth - Total (GAAP Basis): | 7.8% | 7.3% | ||||||
New Leases | 5.3% | (3.8)% | ||||||
Renewal Leases | 9.6% | 8.4% | ||||||
Leasing Transactions: | ||||||||
Number of New Leases | 46 | 24 | ||||||
New Leases - Annualized Revenue (millions) | $19.9 | $6.0 | ||||||
Number of Renewal Leases | 48 | 56 | ||||||
Renewal Leases - Annualized Revenue (millions) | $10.9 | $15.9 |
Replay number for domestic participants: | (844) 512-2921 | ||||
Replay number for international participants: | (412) 317-6671 | ||||
Passcode (for all participants): | 13715688 |
Whitestone REIT and Subsidiaries | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate assets, at cost | ||||||||||||||
Property | $ | 1,107,895 | $ | 1,106,426 | ||||||||||
Accumulated depreciation | (170,286) | (163,712) | ||||||||||||
Total real estate assets | 937,609 | 942,714 | ||||||||||||
Investment in real estate partnership | 34,068 | 33,979 | ||||||||||||
Cash and cash equivalents | 22,820 | 25,777 | ||||||||||||
Restricted cash | 106 | 179 | ||||||||||||
Escrows and acquisition deposits | 6,923 | 9,274 | ||||||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) | 23,309 | 23,009 | ||||||||||||
Receivable due from related party | 731 | 335 | ||||||||||||
Unamortized lease commissions, legal fees and loan costs | 7,951 | 7,686 | ||||||||||||
Prepaid expenses and other assets(2) | 3,127 | 2,049 | ||||||||||||
Total assets | $ | 1,036,644 | $ | 1,045,002 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Notes payable | $ | 645,230 | $ | 644,185 | ||||||||||
Accounts payable and accrued expenses(3) | 41,163 | 50,918 | ||||||||||||
Payable due to related party | 160 | 125 | ||||||||||||
Tenants' security deposits | 7,059 | 6,916 | ||||||||||||
Dividends and distributions payable | 4,660 | 4,532 | ||||||||||||
Total liabilities | 698,272 | 706,676 | ||||||||||||
Commitments and contingencies: | — | — | ||||||||||||
Equity: | ||||||||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2021 and December 31, 2020 | — | — | ||||||||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 42,579,059 and 42,391,316 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 43 | 42 | ||||||||||||
Additional paid-in capital | 563,338 | 562,250 | ||||||||||||
Accumulated deficit | (219,016) | (215,809) | ||||||||||||
Accumulated other comprehensive loss | (12,220) | (14,400) | ||||||||||||
Total Whitestone REIT shareholders' equity | 332,145 | 332,083 | ||||||||||||
Noncontrolling interest in subsidiary | 6,227 | 6,243 | ||||||||||||
Total equity | 338,372 | 338,326 | ||||||||||||
Total liabilities and equity | $ | 1,036,644 | $ | 1,045,002 |
March 31, 2021 | December 31, 2020 | |||||||||||||
(1) Accrued rents and accounts receivable, net of allowance for doubtful accounts | ||||||||||||||
Tenant receivables | $ | 22,900 | $ | 22,956 | ||||||||||
Accrued rents and other recoveries | 16,944 | 16,348 | ||||||||||||
Allowance for doubtful accounts | (16,792) | (16,426) | ||||||||||||
Other receivables | 257 | 131 | ||||||||||||
Total accrued rents and accounts receivable, net of allowance for doubtful accounts | $ | 23,309 | $ | 23,009 | ||||||||||
(2) Operating lease right of use assets (net) | $ | 548 | $ | 592 | ||||||||||
(3) Operating lease liabilities | $ | 558 | $ | 603 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues | ||||||||||||||
Rental(1) | $ | 28,695 | $ | 30,196 | ||||||||||
Management, transaction, and other fees | 350 | 388 | ||||||||||||
Total revenues | 29,045 | 30,584 | ||||||||||||
Operating expenses | ||||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Operating and maintenance | 4,839 | 5,597 | ||||||||||||
Real estate taxes | 4,038 | 4,536 | ||||||||||||
General and administrative | 5,634 | 5,100 | ||||||||||||
Total operating expenses | 21,524 | 22,204 | ||||||||||||
Other expenses (income) | ||||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
Interest, dividend and other investment income | (49) | (62) | ||||||||||||
Total other expense | 6,082 | 6,838 | ||||||||||||
Income before equity investment in real estate partnership and income tax | 1,439 | 1,542 | ||||||||||||
Equity in earnings of real estate partnership | 89 | 192 | ||||||||||||
Provision for income tax | (87) | (87) | ||||||||||||
Net income | 1,441 | 1,647 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Basic Earnings Per Share: | ||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.04 | ||||||||||
Diluted Earnings Per Share: | ||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.04 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||
Basic | 42,495 | 42,048 | ||||||||||||
Diluted | 43,331 | 43,009 | ||||||||||||
Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||
Net income | $ | 1,441 | $ | 1,647 | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Unrealized gain (loss) on cash flow hedging activities | 2,221 | (10,952) | ||||||||||||
Comprehensive income (loss) | 3,662 | (9,305) | ||||||||||||
Less: Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 41 | (231) | ||||||||||||
Comprehensive income (loss) attributable to Whitestone REIT | $ | 3,595 | $ | (9,109) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(1) Rental | ||||||||||||||
Rental revenues | $ | 21,626 | $ | 22,077 | ||||||||||
Recoveries | 7,598 | 8,963 | ||||||||||||
Bad debt | (529) | (844) | ||||||||||||
Total rental | $ | 28,695 | $ | 30,196 |
Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 1,441 | $ | 1,647 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Amortization of deferred loan costs | 274 | 282 | ||||||||||||
(Gain) loss on sale or disposal of assets and loan forgiveness, net | (1) | 207 | ||||||||||||
Bad debt | 529 | 844 | ||||||||||||
Share-based compensation | 1,398 | 1,248 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Escrows and acquisition deposits | 2,352 | 2,068 | ||||||||||||
Accrued rents and accounts receivable | (829) | (886) | ||||||||||||
Receivable due from related party | (396) | (419) | ||||||||||||
Unamortized lease commissions, legal fees and loan costs | (844) | (423) | ||||||||||||
Prepaid expenses and other assets | 611 | (10,154) | ||||||||||||
Accounts payable and accrued expenses | (7,534) | 3,737 | ||||||||||||
Payable due to related party | 35 | 144 | ||||||||||||
Tenants' security deposits | 143 | 139 | ||||||||||||
Net cash provided by operating activities | 4,103 | 5,213 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Additions to real estate | (1,528) | (1,593) | ||||||||||||
Net cash used in investing activities | (1,528) | (1,593) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Distributions paid to common shareholders | (4,480) | (11,928) | ||||||||||||
Distributions paid to OP unit holders | (82) | (258) | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | — | 2,241 | ||||||||||||
Payments of exchange offer costs | — | (32) | ||||||||||||
Net proceeds from credit facility | — | 30,000 | ||||||||||||
Repayments of notes payable | (719) | (777) | ||||||||||||
Repurchase of common shares | (324) | (1,630) | ||||||||||||
Net cash provided by (used in) financing activities | (5,605) | 17,616 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,030) | 21,236 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 25,956 | 15,643 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period (1) | $ | 22,926 | $ | 36,879 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid for interest | $ | 5,936 | $ | 6,461 | ||||||||||
Non cash investing and financing activities: | ||||||||||||||
Disposal of fully depreciated real estate | $ | 3 | $ | 24 | ||||||||||
Financed insurance premiums | $ | 1,712 | $ | 1,431 | ||||||||||
Value of shares issued under dividend reinvestment plan | $ | 15 | $ | 42 | ||||||||||
Value of common shares exchanged for OP units | $ | — | $ | 44 | ||||||||||
Change in fair value of cash flow hedge | $ | 2,221 | $ | (10,952) | ||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash, cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents | $ | 22,820 | $ | 36,774 | ||||||||||
Restricted cash | 106 | 105 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 22,926 | $ | 36,879 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
FFO (NAREIT) AND FFO CORE | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
Adjustments to reconcile to FFO: | ||||||||||||||
Depreciation and amortization of real estate assets | 6,980 | 6,909 | ||||||||||||
Depreciation and amortization of real estate assets of real estate partnership (pro rata) | 405 | 449 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
Loss on sale or disposal of properties or assets of real estate partnership (pro rata) | — | 53 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
FFO (NAREIT) | 8,825 | 9,265 | ||||||||||||
Adjustments to reconcile to FFO Core: | ||||||||||||||
Share-based compensation expense | 1,468 | 1,326 | ||||||||||||
FFO Core | $ | 10,293 | $ | 10,591 | ||||||||||
FFO PER SHARE AND OP UNIT CALCULATION | ||||||||||||||
Numerator: | ||||||||||||||
FFO | $ | 8,825 | $ | 9,265 | ||||||||||
Distributions paid on unvested restricted common shares | — | — | ||||||||||||
FFO excluding amounts attributable to unvested restricted common shares | $ | 8,825 | $ | 9,265 | ||||||||||
FFO Core excluding amounts attributable to unvested restricted common shares | $ | 10,293 | $ | 10,591 | ||||||||||
Denominator: | ||||||||||||||
Weighted average number of total common shares - basic | 42,495 | 42,048 | ||||||||||||
Weighted average number of total noncontrolling OP units - basic | 773 | 904 | ||||||||||||
Weighted average number of total common shares and noncontrolling OP units - basic | 43,268 | 42,952 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||
Unvested restricted shares | 836 | 961 | ||||||||||||
Weighted average number of total common shares and noncontrolling OP units - diluted | 44,104 | 43,913 | ||||||||||||
FFO per common share and OP unit - basic | $ | 0.20 | $ | 0.22 | ||||||||||
FFO per common share and OP unit - diluted | $ | 0.20 | $ | 0.21 | ||||||||||
FFO Core per common share and OP unit - basic | $ | 0.24 | $ | 0.25 | ||||||||||
FFO Core per common share and OP unit - diluted | $ | 0.23 | $ | 0.24 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
PROPERTY NET OPERATING INCOME | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
General and administrative expenses | 5,634 | 5,100 | ||||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
Interest, dividend and other investment income | (49) | (62) | ||||||||||||
Provision for income taxes | 87 | 87 | ||||||||||||
Management fee, net of related expenses | 80 | 108 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
NOI of real estate partnership (pro rata) | 891 | 1,096 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
NOI | 21,139 | 21,655 | ||||||||||||
Non-Same Store NOI (1) | — | — | ||||||||||||
NOI of real estate partnership (pro rata) | (891) | (1,096) | ||||||||||||
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata) | 20,248 | 20,559 | ||||||||||||
Same Store straight-line rent adjustments | (210) | 334 | ||||||||||||
Same Store amortization of above/below market rents | (201) | (209) | ||||||||||||
Same Store lease termination fees | (76) | (30) | ||||||||||||
Same Store NOI (2) | $ | 19,761 | $ | 20,654 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) | 2021 | 2020 | ||||||||||||
Net income attributable to Whitestone REIT | $ | 1,415 | $ | 1,612 | ||||||||||
Depreciation and amortization | 7,013 | 6,971 | ||||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
Provision for income taxes | 87 | 87 | ||||||||||||
Net income attributable to noncontrolling interests | 26 | 35 | ||||||||||||
Equity in earnings of real estate partnership | (89) | (192) | ||||||||||||
EBITDAre adjustments for real estate partnership | 685 | 887 | ||||||||||||
(Gain) loss on sale or disposal of assets, net | (1) | 207 | ||||||||||||
EBITDAre | 15,268 | 16,300 | ||||||||||||
Management fee, net of related expenses | 80 | 108 | ||||||||||||
Share-based compensation expense | 1,468 | 1,326 | ||||||||||||
EBITDAre-Adjusted | $ | 16,816 | $ | 17,734 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change | Percent Change | |||||||||||||||||||||||
Same Store (53 properties, excluding development land) | ||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||
Rental | $ | 28,695 | $ | 30,196 | $ | (1,501) | (5) | % | ||||||||||||||||||
Management, transaction and other fees | 210 | 232 | (22) | (9) | % | |||||||||||||||||||||
Total property revenues | 28,905 | 30,428 | (1,523) | (5) | % | |||||||||||||||||||||
Property expenses | ||||||||||||||||||||||||||
Property operation and maintenance | 4,619 | 5,333 | (714) | (13) | % | |||||||||||||||||||||
Real estate taxes | 4,038 | 4,536 | (498) | (11) | % | |||||||||||||||||||||
Total property expenses | 8,657 | 9,869 | (1,212) | (12) | % | |||||||||||||||||||||
Total property revenues less total property expenses | 20,248 | 20,559 | (311) | (2) | % | |||||||||||||||||||||
Same Store straight-line rent adjustments | (210) | 334 | (544) | (163) | % | |||||||||||||||||||||
Same Store amortization of above/below market rents | (201) | (209) | 8 | (4) | % | |||||||||||||||||||||
Same Store lease termination fees | (76) | (30) | (46) | 153 | % | |||||||||||||||||||||
Same Store NOI (1) | $ | 19,761 | $ | 20,654 | $ | (893) | (4) | % | ||||||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Other Financial Information: | ||||||||||||||
Tenant improvements (1) (2) | $ | 480 | $ | 494 | ||||||||||
Leasing commissions (1) (2) | $ | 766 | $ | 370 | ||||||||||
Maintenance capital (1) | $ | 739 | $ | 1,086 | ||||||||||
Scheduled debt principal payments (1) | $ | 454 | $ | 483 | ||||||||||
Straight-line rent income (1) | $ | 214 | $ | (382) | ||||||||||
Market rent amortization income from acquired leases (1) | $ | 198 | $ | 207 | ||||||||||
Non-cash share-based compensation expense (1) | $ | 1,468 | $ | 1,326 | ||||||||||
Non-real estate depreciation and amortization (1) | $ | 34 | $ | 62 | ||||||||||
Amortization of loan fees (1) | $ | 280 | $ | 283 | ||||||||||
Undepreciated value of unencumbered properties | $ | 826,732 | $ | 803,952 | ||||||||||
Number of unencumbered properties | 51 | 50 | ||||||||||||
Full time employees | 90 | 92 |
As of March 31, 2021 | ||||||||||||||||||||
MARKET CAPITALIZATION: | Percent of Total Equity | Total Market Capitalization | Percent of Total Market Capitalization | |||||||||||||||||
Equity Capitalization: | ||||||||||||||||||||
Common shares outstanding | 98.2 | % | 42,579 | |||||||||||||||||
Operating partnership units outstanding | 1.8 | % | 773 | |||||||||||||||||
Total | 100.0 | % | 43,352 | |||||||||||||||||
Market price of common shares as of | ||||||||||||||||||||
March 31, 2021 | $ | 9.70 | ||||||||||||||||||
Total equity capitalization | 420,514 | 40 | % | |||||||||||||||||
Debt Capitalization: | ||||||||||||||||||||
Outstanding debt | $ | 646,157 | ||||||||||||||||||
Less: Cash and cash equivalents | (22,820) | |||||||||||||||||||
Total debt capitalization | 623,337 | 60 | % | |||||||||||||||||
Total Market Capitalization as of | ||||||||||||||||||||
March 31, 2021 | $ | 1,043,851 | 100 | % |
SELECTED RATIOS: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
INTEREST COVERAGE RATIO | 2021 | 2020 | ||||||||||||
EBITDAre/Interest Expense | ||||||||||||||
EBITDAre (1) | $ | 15,268 | $ | 16,300 | ||||||||||
Interest expense | 6,132 | 6,693 | ||||||||||||
Pro rata share of interest expense from real estate partnership | 161 | 156 | ||||||||||||
Less: amortization of loan fees, including pro rata share from real estate partnership | (280) | (283) | ||||||||||||
Interest expense, excluding amortization of loan fees | 6,013 | 6,566 | ||||||||||||
Ratio of EBITDAre to interest expense | 2.5 | 2.5 |
LEVERAGE RATIO | March 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Debt/Undepreciated Book Value | ||||||||||||||
Outstanding debt | $ | 644,771 | $ | 675,469 | ||||||||||
Less: Cash | (22,820) | (36,774) | ||||||||||||
Add: Proportional share of net debt of real estate partnership | 9,185 | 10,162 | ||||||||||||
Outstanding debt after cash | $ | 631,136 | $ | 648,857 | ||||||||||
Undepreciated real estate assets | $ | 1,107,895 | $ | 1,101,118 | ||||||||||
Add: Proportional share of real estate from unconsolidated partnership | 45,886 | 45,630 | ||||||||||||
Undepreciated real estate assets | $ | 1,153,781 | $ | 1,146,748 | ||||||||||
Ratio of debt to real estate assets | 55 | % | 57 | % |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Debt/EBITDAre Ratio | ||||||||||||||
Outstanding debt | $ | 644,771 | $ | 675,469 | ||||||||||
Less: Cash | (22,820) | (36,774) | ||||||||||||
Add: Proportional share of net debt of unconsolidated real estate partnership | 9,185 | 10,162 | ||||||||||||
Total Net Debt | $ | 631,136 | $ | 648,857 | ||||||||||
EBITDAre | $ | 15,268 | $ | 16,300 | ||||||||||
Management fee, net of related expenses | 80 | 108 | ||||||||||||
Share based compensation | 1,468 | 1,326 | ||||||||||||
EBITDAre-Adjusted | $ | 16,816 | $ | 17,734 | ||||||||||
Effect of partial period acquisitions and dispositions | — | — | ||||||||||||
Pro forma EBITDAre-Adjusted | 16,816 | 17,734 | ||||||||||||
Pro forma annualized EBITDAre-Adjusted | $ | 67,264 | $ | 70,936 | ||||||||||
Ratio of debt to pro forma EBITDAre-Adjusted | 9.4 | 9.1 |
Description | March 31, 2021 | December 31, 2020 | ||||||||||||
Fixed rate notes | ||||||||||||||
$100.0 million, 1.73% plus 1.35% to 1.90% Note, due October 30, 2022 (1) | $ | 100,000 | $ | 100,000 | ||||||||||
$165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 (2) | 165,000 | 165,000 | ||||||||||||
$80.0 million, 3.72% Note, due June 1, 2027 | 80,000 | 80,000 | ||||||||||||
$19.0 million 4.15% Note, due December 1, 2024 | 18,604 | 18,687 | ||||||||||||
$20.2 million 4.28% Note, due June 6, 2023 | 18,117 | 18,222 | ||||||||||||
$14.0 million 4.34% Note, due September 11, 2024 | 13,171 | 13,236 | ||||||||||||
$14.3 million 4.34% Note, due September 11, 2024 | 13,953 | 14,014 | ||||||||||||
$15.1 million 4.99% Note, due January 6, 2024 | 14,100 | 14,165 | ||||||||||||
$2.6 million 5.46% Note, due October 1, 2023 | 2,326 | 2,339 | ||||||||||||
$1.7 million 3.25% Note, due December 28, 2021 | 1,386 | — | ||||||||||||
$50.0 million, 5.09% Note, due March 22, 2029 | 50,000 | 50,000 | ||||||||||||
$50.0 million, 5.17% Note, due March 22, 2029 | 50,000 | 50,000 | ||||||||||||
Floating rate notes | ||||||||||||||
Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 | 119,500 | 119,500 | ||||||||||||
Total notes payable principal | 646,157 | 645,163 | ||||||||||||
Less deferred financing costs, net of accumulated amortization | (927) | (978) | ||||||||||||
Total notes payable | $ | 645,230 | $ | 644,185 |
Year | Amount Due | |||||||
2021 (remaining) | $ | 2,822 | ||||||
2022 | 101,684 | |||||||
2023 | 147,363 | |||||||
2024 | 228,574 | |||||||
2025 | 17,143 | |||||||
Thereafter | 148,571 | |||||||
Total | $ | 646,157 |
Gross Leasable Area as of | Occupancy % as of | |||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||
Community Centered Properties® | 2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||||
Whitestone | 4,953,571 | 89 | % | 88 | % | 89 | % | 89 | % | |||||||||||||||||||||||
Unconsolidated real estate partnership | 926,798 | 59 | % | 61 | % | 62 | % | 67 | % |
Tenant Name | Location | Annualized Rental Revenue (in thousands) | Percentage of Total Annualized Base Rental Revenues (1) | Initial Lease Date | Year Expiring | |||||||||||||||||||||||||||
Safeway Stores Incorporated (2) | Austin, Houston and Phoenix | $ | 2,419 | 2.8 | % | 11/14/1982, 5/8/1991, 7/1/2000, 4/1/2014, 4/1/2014 and 10/19/16 | 2022, 2024, 2025, 2025, 2026 and 2034 | |||||||||||||||||||||||||
Whole Foods Market | Houston | 2,247 | 2.6 | % | 9/3/2014 | 2035 | ||||||||||||||||||||||||||
Frost Bank | Houston | 1,948 | 2.3 | % | 7/1/2014 | 2024 | ||||||||||||||||||||||||||
Newmark Real Estate of Houston LLC | Houston | 1,050 | 1.2 | % | 10/1/2015 | 2026 | ||||||||||||||||||||||||||
Bashas' Inc. (3) | Phoenix | 1,010 | 1.2 | % | 10/9/2004 and 4/1/2009 | 2024 and 2029 | ||||||||||||||||||||||||||
Verizon Wireless (4) | Houston and Phoenix | 952 | 1.1 | % | 8/16/1994, 2/1/2004, 5/10/2004, 1/27/2006 and 5/1/2014 | 2022, 2023, 2024, 2024 and 2038 | ||||||||||||||||||||||||||
Walgreens & Co. (5) | Houston and Phoenix | 946 | 1.1 | % | 11/14/1982, 11/2/1987, 8/24/1996 and 11/3/1996 | 2022, 2027, 2049 and 2056 | ||||||||||||||||||||||||||
Alamo Drafthouse Cinema | Austin | 690 | 0.8 | % | 2/1/2012 | 2031 | ||||||||||||||||||||||||||
Dollar Tree (6) | Houston and Phoenix | 635 | 0.7 | % | 8/10/1999, 6/29/2001, 11/8/2009, 12/17/2009, and 5/21/2013 | 2023, 2025, 2025, 2026 and 2027 | ||||||||||||||||||||||||||
Wells Fargo & Company (7) | Phoenix | 578 | 0.7 | % | 10/24/1996 and 4/16/1999 | 2022 and 2023 | ||||||||||||||||||||||||||
Kroger Co. | Dallas | 483 | 0.6 | % | 12/15/2000 | 2022 | ||||||||||||||||||||||||||
Regus Corporation | Houston | 451 | 0.5 | % | 5/23/14 | 2025 | ||||||||||||||||||||||||||
New 1960 Enterprises Company | Houston | 439 | 0.5 | % | 6/3/2014 | 2025 | ||||||||||||||||||||||||||
Paul's Ace Hardware | Phoenix | 427 | 0.5 | % | 3/1/2008 | 2023 | ||||||||||||||||||||||||||
Original Ninfas LP | Houston | 403 | 0.5 | % | 8/29/2018 | 2029 | ||||||||||||||||||||||||||
$ | 14,678 | 17.1 | % |
% of Leased SF | % of ABR | Q1 2021 Cash Payments Received %(1) | April Cash Payments Received %(1) | |||||||||||||||||||||||
Restaurants & Food Service | 17% | 23% | 95% | 96% | ||||||||||||||||||||||
Grocery | 15% | 9% | 100% | 97% | ||||||||||||||||||||||
Financial Services | 6% | 9% | 99% | 100% | ||||||||||||||||||||||
Salons | 6% | 8% | 93% | 95% | ||||||||||||||||||||||
Medical & Dental | 7% | 8% | 94% | 92% | ||||||||||||||||||||||
Non Retail | 5% | 6% | 91% | 94% | ||||||||||||||||||||||
Home Décor And Improvement | 7% | 5% | 98% | 98% | ||||||||||||||||||||||
General Retail | 7% | 5% | 93% | 95% | ||||||||||||||||||||||
Apparel | 4% | 4% | 89% | 97% | ||||||||||||||||||||||
Education | 4% | 4% | 99% | 95% | ||||||||||||||||||||||
Fitness | 5% | 4% | 92% | 93% | ||||||||||||||||||||||
Local Services | 2% | 3% | 95% | 96% | ||||||||||||||||||||||
Off-Price | 4% | 2% | 99% | 100% | ||||||||||||||||||||||
Pet Supply & Services | 3% | 2% | 95% | 96% | ||||||||||||||||||||||
Wireless | 1% | 2% | 93% | 98% | ||||||||||||||||||||||
Entertainment | 2% | 2% | 73% | 52% | ||||||||||||||||||||||
Pharmacies & Nutritional Supplies | 2% | 2% | 100% | 99% | ||||||||||||||||||||||
Sporting Goods | 1% | 1% | 100% | 100% | ||||||||||||||||||||||
Postal Services | 1% | 1% | 97% | 94% | ||||||||||||||||||||||
Automotive Supply & Services | 1% | 0% | 97% | 100% | ||||||||||||||||||||||
Electronics | 0% | 0% | 100% | 100% | ||||||||||||||||||||||
Total | 100% | 100% | 95% | 95% |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
RENEWALS | ||||||||||||||
Number of Leases | 48 | 56 | ||||||||||||
Total Square Feet (1) | 108,232 | 168,230 | ||||||||||||
Average Square Feet | 2,255 | 3,004 | ||||||||||||
Total Lease Value | $ | 10,929,000 | $ | 15,923,000 | ||||||||||
NEW LEASES | ||||||||||||||
Number of Leases | 46 | 24 | ||||||||||||
Total Square Feet (1) | 116,993 | 52,909 | ||||||||||||
Average Square Feet | 2,543 | 2,205 | ||||||||||||
Total Lease Value | $ | 19,895,000 | $ | 6,032,000 | ||||||||||
TOTAL LEASES | ||||||||||||||
Number of Leases | 94 | 80 | ||||||||||||
Total Square Feet (1) | 225,225 | 221,139 | ||||||||||||
Average Square Feet | 2,396 | 2,764 | ||||||||||||
Total Lease Value | $ | 30,824,000 | $ | 21,955,000 |
Type | Number of Leases Signed | Lease Value Signed | GLA Signed | Weighted Average Lease Term (2) | TI and Incentives (3) | TI and Incentives Per Sq. Ft. | Contractual Rent Per Sq. Ft. (4) | Prior Contractual Rent Per Sq. Ft. (5) | Annual Increase (Decrease) in Contractual Rent | Cash Basis Increase (Decrease) Over Prior Rent | Annual Increase (Decrease) in Straight-lined Rent | Straight-lined Basis Increase (Decrease) Over Prior Rent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparable: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparable Total Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 72 | $ | 21,870,651 | 160,509 | 5.4 | $ | 1,201,947 | $ | 7.49 | $ | 22.12 | $ | 23.14 | $ | (162,801) | (4.4) | % | $ | 273,174 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4th Quarter 2020 | 73 | 16,880,587 | 297,812 | 4.1 | 388,146 | 1.30 | 13.20 | 13.19 | 4,030 | 0.1 | % | 254,859 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 63 | 15,059,079 | 216,564 | 3.8 | 723,072 | 3.34 | 16.35 | 15.83 | 107,566 | 3.3 | % | 344,848 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 54 | 13,620,242 | 162,729 | 4.2 | 418,007 | 2.57 | 18.66 | 18.30 | 59,644 | 2.0 | % | 315,893 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total - 12 months | 262 | $ | 67,430,559 | 837,614 | 4.3 | $ | 2,731,172 | $ | 3.26 | $ | 16.78 | $ | 16.77 | $ | 8,439 | 0.1 | % | $ | 1,188,774 | 9.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparable New Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 26 | $ | 11,296,796 | 56,578 | 6.7 | $ | 1,002,823 | $ | 17.72 | $ | 23.87 | $ | 26.52 | $ | (149,925) | (10.0) | % | $ | 75,001 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4th Quarter 2020 | 20 | 4,653,817 | 30,371 | 5.5 | 291,222 | 9.59 | 23.58 | 26.73 | (95,836) | (11.8) | % | (42,922) | (5.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 18 | 5,437,366 | 45,158 | 4.8 | 630,803 | 13.97 | 22.39 | 21.80 | 26,323 | 2.7 | % | 25,687 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 11 | 3,864,386 | 25,792 | 5.9 | 227,075 | 8.80 | 22.65 | 24.05 | (35,900) | (5.8) | % | 19,331 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total - 12 months | 75 | $ | 25,252,365 | 157,899 | 5.8 | $ | 2,151,923 | $ | 13.63 | $ | 23.19 | $ | 24.81 | $ | (255,338) | (6.5) | % | $ | 77,097 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparable Renewal Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 46 | $ | 10,573,855 | 103,931 | 4.7 | $ | 199,124 | $ | 1.92 | $ | 21.17 | $ | 21.29 | $ | (12,876) | (0.6) | % | $ | 198,173 | 9.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4th Quarter 2020 | 53 | 12,226,770 | 267,441 | 3.9 | 96,924 | 0.36 | 12.02 | 11.65 | 99,866 | 3.2 | % | 297,781 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 45 | 9,621,713 | 171,406 | 3.5 | 92,269 | 0.54 | 14.76 | 14.28 | 81,243 | 3.4 | % | 319,161 | 13.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 43 | 9,755,856 | 136,937 | 3.9 | 190,932 | 1.39 | 17.91 | 17.21 | 95,544 | 4.1 | % | 296,562 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total - 12 months | 187 | $ | 42,178,194 | 679,715 | 3.9 | $ | 579,249 | $ | 0.85 | $ | 15.30 | $ | 14.91 | $ | 263,777 | 2.6 | % | $ | 1,111,677 | 11.6 | % |
Type | Number of Leases Signed | Lease Value Signed | GLA Signed | Weighted Average Lease Term (2) | TI and Incentives (3) | TI and Incentives per Sq. Ft. | Contractual Rent Per Sq. Ft. (4) | |||||||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||||||
New & Renewal | ||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 94 | $ | 30,824,156 | 225,225 | 5.7 | $ | 2,034,341 | $ | 9.03 | $ | 21.44 | |||||||||||||||||||||||||||||||||
4th Quarter 2020 | 84 | 19,013,353 | 322,875 | 4.0 | 502,216 | 1.56 | 13.69 | |||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 78 | 19,540,109 | 257,370 | 4.0 | 1,002,715 | 3.90 | 16.85 | |||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 64 | 14,993,431 | 180,245 | 4.4 | 528,868 | 2.93 | 18.49 | |||||||||||||||||||||||||||||||||||||
Total - 12 months | 320 | $ | 84,371,049 | 985,715 | 4.4 | $ | 4,068,140 | $ | 4.13 | $ | 17.17 | |||||||||||||||||||||||||||||||||
New | ||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 46 | $ | 19,895,385 | 116,993 | 6.7 | $ | 1,832,500 | $ | 15.66 | $ | 21.62 | |||||||||||||||||||||||||||||||||
4th Quarter 2020 | 28 | 6,477,724 | 49,664 | 4.9 | 401,475 | 8.08 | 22.27 | |||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 32 | 9,861,214 | 85,196 | 4.8 | 906,788 | 10.64 | 20.98 | |||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 21 | 5,237,575 | 43,308 | 5.4 | 337,936 | 7.80 | 20.33 | |||||||||||||||||||||||||||||||||||||
Total - 12 months | 127 | $ | 41,471,898 | 295,161 | 5.7 | $ | 3,478,699 | $ | 11.79 | $ | 21.36 | |||||||||||||||||||||||||||||||||
Renewal | ||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 48 | $ | 10,928,771 | 108,232 | 4.7 | $ | 201,841 | $ | 1.86 | $ | 21.24 | |||||||||||||||||||||||||||||||||
4th Quarter 2020 | 56 | 12,535,629 | 273,211 | 3.9 | 100,741 | 0.37 | 12.13 | |||||||||||||||||||||||||||||||||||||
3rd Quarter 2020 | 46 | 9,678,895 | 172,174 | 3.5 | 95,927 | 0.56 | 14.81 | |||||||||||||||||||||||||||||||||||||
2nd Quarter 2020 | 43 | 9,755,856 | 136,937 | 3.9 | 190,932 | 1.39 | 17.91 | |||||||||||||||||||||||||||||||||||||
Total - 12 months | 193 | $ | 42,899,151 | 690,554 | 3.9 | $ | 589,441 | $ | 0.85 | $ | 15.37 |
Annualized Base Rent(2) | ||||||||||||||||||||||||||||||||||||||
Gross Leasable Area | as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Year | Number of Leases | Square Feet | Percent of Gross Leasable Area | Amount (in thousands) | Percent of Total | Per Square Foot | ||||||||||||||||||||||||||||||||
2021 | 381 | 540,452 | 10.9 | % | $ | 9,999 | 11.7 | % | $ | 18.50 | ||||||||||||||||||||||||||||
2022 | 225 | 662,443 | 13.4 | % | 12,416 | 14.5 | % | 18.74 | ||||||||||||||||||||||||||||||
2023 | 194 | 595,659 | 12.0 | % | 11,800 | 13.8 | % | 19.81 | ||||||||||||||||||||||||||||||
2024 | 192 | 707,418 | 14.3 | % | 14,535 | 16.9 | % | 20.55 | ||||||||||||||||||||||||||||||
2025 | 182 | 722,293 | 14.6 | % | 12,979 | 15.1 | % | 17.97 | ||||||||||||||||||||||||||||||
2026 | 82 | 370,967 | 7.5 | % | 6,933 | 8.1 | % | 18.69 | ||||||||||||||||||||||||||||||
2027 | 40 | 171,289 | 3.5 | % | 3,828 | 4.4 | % | 22.35 | ||||||||||||||||||||||||||||||
2028 | 28 | 151,175 | 3.0 | % | 2,841 | 3.3 | % | 18.79 | ||||||||||||||||||||||||||||||
2029 | 19 | 160,086 | 3.2 | % | 2,884 | 3.4 | % | 18.02 | ||||||||||||||||||||||||||||||
2030 | 23 | 68,143 | 1.4 | % | 2,122 | 2.5 | % | 31.14 | ||||||||||||||||||||||||||||||
Total | 1,366 | 4,149,925 | 83.8 | % | $ | 80,337 | 93.7 | % | $ | 19.36 |
Community Name | Location | Year Built/ Renovated | Gross Leasable Square Feet | Percent Occupied at 03/31/2021 | Annualized Base Rental Revenue (in thousands) (1) | Average Base Rental Revenue Per Sq. Ft. (2) | Average Net Effective Annual Base Rent Per Leased Sq. Ft.(3) | |||||||||||||||||||||||||||||||||||||
Whitestone Properties: | ||||||||||||||||||||||||||||||||||||||||||||
Ahwatukee Plaza | Phoenix | 1979 | 72,650 | 82 | % | $ | 759 | $ | 12.74 | $ | 12.57 | |||||||||||||||||||||||||||||||||
Anthem Marketplace | Phoenix | 2000 | 113,293 | 88 | % | 1,348 | 13.52 | 14.02 | ||||||||||||||||||||||||||||||||||||
Anthem Marketplace Phase II | Phoenix | 2019 | 6,853 | 100 | % | 235 | 34.23 | 33.94 | ||||||||||||||||||||||||||||||||||||
Bissonnet/Beltway | Houston | 1978 | 29,205 | 88 | % | 369 | 14.38 | 14.53 | ||||||||||||||||||||||||||||||||||||
BLVD Place | Houston | 2014 | 216,944 | 97 | % | 9,136 | 43.41 | 43.18 | ||||||||||||||||||||||||||||||||||||
The Citadel | Phoenix | 2013 | 28,547 | 92 | % | 449 | 17.10 | 17.22 | ||||||||||||||||||||||||||||||||||||
City View Village | San Antonio | 2005 | 17,870 | 100 | % | 553 | 30.92 | 30.31 | ||||||||||||||||||||||||||||||||||||
Davenport Village | Austin | 1999 | 128,934 | 92 | % | 2,993 | 25.23 | 25.45 | ||||||||||||||||||||||||||||||||||||
Desert Canyon | Phoenix | 2000 | 62,533 | 81 | % | 708 | 13.98 | 13.52 | ||||||||||||||||||||||||||||||||||||
Eldorado Plaza | Dallas | 2004 | 219,287 | 89 | % | 2,823 | 14.47 | 15.45 | ||||||||||||||||||||||||||||||||||||
Fountain Hills | Phoenix | 2009 | 111,289 | 87 | % | 1,445 | 14.93 | 16.17 | ||||||||||||||||||||||||||||||||||||
Fountain Square | Phoenix | 1986 | 118,209 | 89 | % | 1,843 | 17.51 | 17.11 | ||||||||||||||||||||||||||||||||||||
Fulton Ranch Towne Center | Phoenix | 2005 | 120,575 | 94 | % | 1,923 | 16.96 | 17.56 | ||||||||||||||||||||||||||||||||||||
Gilbert Tuscany Village | Phoenix | 2009 | 49,415 | 100 | % | 992 | 20.08 | 19.98 | ||||||||||||||||||||||||||||||||||||
Gilbert Tuscany Village Hard Corner | Phoenix | 2009 | 14,603 | 100 | % | 124 | 8.50 | 8.91 | ||||||||||||||||||||||||||||||||||||
Heritage | Dallas | 2006 | 70,431 | 100 | % | 1,604 | 22.78 | 23.84 | ||||||||||||||||||||||||||||||||||||
HQ Village | Dallas | 2009 | 89,134 | 84 | % | 2,276 | 30.40 | 31.35 | ||||||||||||||||||||||||||||||||||||
Keller Place | Dallas | 2001 | 93,541 | 92 | % | 893 | 10.38 | 10.82 | ||||||||||||||||||||||||||||||||||||
Kempwood Plaza | Houston | 1974 | 91,302 | 92 | % | 1,191 | 14.18 | 14.11 | ||||||||||||||||||||||||||||||||||||
La Mirada | Phoenix | 1997 | 147,209 | 90 | % | 3,162 | 23.87 | 23.80 | ||||||||||||||||||||||||||||||||||||
Lion Square | Houston | 2014 | 117,592 | 92 | % | 1,668 | 15.41 | 14.45 | ||||||||||||||||||||||||||||||||||||
The MarketPlace at Central | Phoenix | 2012 | 111,130 | 98 | % | 1,070 | 9.82 | 9.71 | ||||||||||||||||||||||||||||||||||||
Market Street at DC Ranch | Phoenix | 2003 | 244,888 | 96 | % | 5,054 | 21.50 | 22.30 | ||||||||||||||||||||||||||||||||||||
Mercado at Scottsdale Ranch | Phoenix | 1987 | 118,730 | 84 | % | 1,649 | 16.54 | 16.25 | ||||||||||||||||||||||||||||||||||||
Paradise Plaza | Phoenix | 1983 | 125,898 | 93 | % | 1,592 | 13.60 | 12.91 | ||||||||||||||||||||||||||||||||||||
Parkside Village North | Austin | 2005 | 27,045 | 96 | % | 836 | 32.20 | 32.54 | ||||||||||||||||||||||||||||||||||||
Parkside Village South | Austin | 2012 | 90,101 | 100 | % | 2,141 | 23.76 | 23.69 | ||||||||||||||||||||||||||||||||||||
Pima Norte | Phoenix | 2007 | 35,110 | 63 | % | 389 | 17.57 | 18.92 | ||||||||||||||||||||||||||||||||||||
Pinnacle of Scottsdale | Phoenix | 1991 | 113,108 | 96 | % | 2,292 | 21.11 | 22.06 | ||||||||||||||||||||||||||||||||||||
Pinnacle Phase II | Phoenix | 2017 | 27,063 | 100 | % | 755 | 27.90 | 28.46 | ||||||||||||||||||||||||||||||||||||
The Promenade at Fulton Ranch | Phoenix | 2007 | 98,792 | 80 | % | 1,034 | 13.09 | 13.33 | ||||||||||||||||||||||||||||||||||||
Providence | Houston | 1980 | 90,327 | 96 | % | 1,024 | 11.80 | 12.03 | ||||||||||||||||||||||||||||||||||||
Quinlan Crossing | Austin | 2012 | 109,892 | 96 | % | 2,346 | 22.24 | 24.65 | ||||||||||||||||||||||||||||||||||||
Seville | Phoenix | 1990 | 90,042 | 85 | % | 2,179 | 28.48 | 30.40 | ||||||||||||||||||||||||||||||||||||
Shaver | Houston | 1978 | 21,926 | 100 | % | 355 | 16.20 | 16.15 | ||||||||||||||||||||||||||||||||||||
Shops at Pecos Ranch | Phoenix | 2009 | 78,767 | 88 | % | 1,720 | 24.81 | 26.40 | ||||||||||||||||||||||||||||||||||||
Shops at Starwood | Dallas | 2006 | 55,385 | 100 | % | 1,498 | 27.05 | 26.98 | ||||||||||||||||||||||||||||||||||||
The Shops at Williams Trace | Houston | 1985 | 132,991 | 82 | % | 1,855 | 17.01 | 16.57 | ||||||||||||||||||||||||||||||||||||
South Richey | Houston | 1980 | 69,928 | 96 | % | 701 | 10.45 | 10.56 | ||||||||||||||||||||||||||||||||||||
Spoerlein Commons | Chicago | 1987 | 41,455 | 87 | % | 685 | 19.00 | 19.80 | ||||||||||||||||||||||||||||||||||||
Starwood Phase II | Dallas | 2016 | 35,351 | 90 | % | 1,010 | 31.75 | 31.75 | ||||||||||||||||||||||||||||||||||||
Strand | San Antonio | 2000 | 73,920 | 100 | % | 1,709 | 23.13 | 22.81 | ||||||||||||||||||||||||||||||||||||
SugarPark Plaza | Houston | 1974 | 95,032 | 97 | % | 1,152 | 12.49 | 12.43 | ||||||||||||||||||||||||||||||||||||
Sunridge | Houston | 1979 | 49,359 | 83 | % | 545 | 13.31 | 12.97 | ||||||||||||||||||||||||||||||||||||
Sunset at Pinnacle Peak | Phoenix | 2000 | 41,530 | 95 | % | 708 | 17.95 | 18.33 | ||||||||||||||||||||||||||||||||||||
Terravita Marketplace | Phoenix | 1997 | 102,733 | 64 | % | 1,178 | 17.92 | 17.33 | ||||||||||||||||||||||||||||||||||||
Town Park | Houston | 1978 | 43,526 | 91 | % | 949 | 23.96 | 23.83 | ||||||||||||||||||||||||||||||||||||
Dana Park | Phoenix | 2009 | 323,026 | 76 | % | 5,511 | 22.45 | 21.79 | ||||||||||||||||||||||||||||||||||||
Westchase | Houston | 1978 | 50,332 | 75 | % | 579 | 15.33 | 14.83 | ||||||||||||||||||||||||||||||||||||
Williams Trace Plaza | Houston | 1983 | 129,222 | 89 | % | 1,702 | 14.80 | 15.13 | ||||||||||||||||||||||||||||||||||||
Windsor Park | San Antonio | 2012 | 196,458 | 97 | % | 1,960 | 10.28 | 12.27 | ||||||||||||||||||||||||||||||||||||
Woodlake Plaza | Houston | 1974 | 106,169 | 58 | % | 988 | 16.04 | 15.75 | ||||||||||||||||||||||||||||||||||||
Total/Weighted Average - Whitestone Properties | 4,848,652 | 89 | % | 83,660 | 19.39 | 19.69 | ||||||||||||||||||||||||||||||||||||||
Development Properties: | ||||||||||||||||||||||||||||||||||||||||||||
Las Colinas | Dallas | 2000 | 104,919 | 70 | % | 1,772 | 24.13 | 26.57 | ||||||||||||||||||||||||||||||||||||
Total/Weighted Average - Development Properties(4) | 104,919 | 70 | % | 1,772 | 24.13 | 26.57 | ||||||||||||||||||||||||||||||||||||||
Land Held for Development: | ||||||||||||||||||||||||||||||||||||||||||||
BLVD Phase II-B | Houston | N/A | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dana Park Development | Phoenix | N/A | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Eldorado Plaza Development | Dallas | N/A | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Fountain Hills | Phoenix | N/A | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Market Street at DC Ranch | Phoenix | N/A | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total/Weighted Average - Land Held For Development (5) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Grand Total/Weighted Average - Whitestone Properties | 4,953,571 | 89 | % | $ | 85,432 | $ | 19.38 | $ | 19.71 | |||||||||||||||||||||||||||||||||||
Properties owned in Unconsolidated Real Estate Partnership (81.4% ownership): | ||||||||||||||||||||||||||||||||||||||||||||
9101 LBJ Freeway | Dallas | 1985 | 125,874 | 46 | % | $ | 1,055 | $ | 18.22 | $ | 18.43 | |||||||||||||||||||||||||||||||||
Corporate Park Northwest | Houston | 1981 | 174,359 | 70 | % | 1,664 | 13.63 | 13.30 | ||||||||||||||||||||||||||||||||||||
Corporate Park Woodland II | Houston | 2000 | 14,344 | 100 | % | 247 | 17.22 | 17.22 | ||||||||||||||||||||||||||||||||||||
Holly Hall Industrial Park | Houston | 1980 | 90,000 | 49 | % | 315 | 7.14 | 7.21 | ||||||||||||||||||||||||||||||||||||
Holly Knight | Houston | 1984 | 20,015 | 100 | % | 411 | 20.53 | 20.48 | ||||||||||||||||||||||||||||||||||||
Interstate 10 Warehouse | Houston | 1980 | 151,000 | 31 | % | 278 | 5.94 | 5.90 | ||||||||||||||||||||||||||||||||||||
Uptown Tower | Dallas | 1982 | 253,981 | 64 | % | 3,771 | 23.20 | 23.38 | ||||||||||||||||||||||||||||||||||||
Westgate Service Center | Houston | 1984 | 97,225 | 79 | % | 631 | 8.22 | 8.08 | ||||||||||||||||||||||||||||||||||||
Total/Weighted Average - Unconsolidated Properties | 926,798 | 59 | % | $ | 8,372 | $ | 15.31 | $ | 15.29 |
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