Whitestone REIT reported a significant increase in financial performance for the third quarter of 2025, with total revenues reaching $41.0 million, up from $38.6 million in the same period last year. This represents a 6% increase year-over-year. The company's net income attributable to common shareholders also saw a notable rise, amounting to $18.3 million, compared to $7.6 million in the prior year, resulting in a basic earnings per share of $0.36, up from $0.15. For the nine months ended September 30, 2025, total revenues were $116.9 million, a 3% increase from $113.4 million in 2024, while net income attributable to Whitestone REIT increased to $27.1 million from $19.6 million.
The company experienced operational improvements, with a total of 230 new and renewal leases signed during the nine months ended September 30, 2025, totaling 686,267 square feet and approximately $93.5 million in total lease value. This is an increase from 219 leases totaling 735,695 square feet and $78.2 million in the same period last year. The occupancy rate remained stable at 94% for both periods. Additionally, Whitestone REIT's portfolio consisted of 55 properties with a total gross leasable area of approximately 4.8 million square feet as of September 30, 2025.
Strategically, Whitestone REIT has been active in property acquisitions, having acquired several properties in 2025, including the South Hulen Shopping Center for $32.4 million and San Clemente for $12 million. The company also completed the sale of Sugar Park Plaza for $20.8 million, recording a gain of $14 million. These transactions align with Whitestone's strategy to enhance its Community Centered Properties® portfolio, which focuses on properties in culturally diverse neighborhoods.
The company’s financial position remains strong, with total assets of $1.15 billion as of September 30, 2025, compared to $1.13 billion at the end of 2024. Total liabilities increased slightly to $701.2 million from $690.8 million, primarily due to increased notes payable. Whitestone REIT's cash and cash equivalents stood at $6.8 million, up from $5.2 million at the end of the previous fiscal year. The company has also entered into a new unsecured credit facility, providing additional liquidity for future acquisitions and operational needs.
Looking ahead, Whitestone REIT anticipates continued growth in rental income driven by property acquisitions and lease renewals. The company plans to maintain its quarterly distribution of $0.135 per common share and OP unit, reflecting its commitment to returning value to shareholders while pursuing strategic growth opportunities in its target markets.
About Whitestone REIT
Whitestone REIT is a Maryland-based real estate investment trust focused on owning and operating community-centered retail properties in diverse, high-growth markets in Texas and Arizona. Its portfolio includes approximately 4.9 million square feet of leasable space across 55 properties, primarily serving local neighborhoods with small tenants. The company emphasizes strategic acquisitions, redevelopment, and tenant relationships to enhance value and community engagement.
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