Whitestone REIT (NYSE: WSR) has recently released its 10-Q report, providing an in-depth look at its financial condition and results of operations. The company, a community-centered real estate investment trust, focuses on acquiring, owning, operating, and developing open-air retail centers in fast-growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. Whitestone REIT's strategy revolves around creating Whitestone-branded retail communities that cater to the needs of the surrounding neighborhoods, with a diversified tenant base and a focus on convenience-oriented services.
In its 10-Q report, Whitestone REIT delves into its financial condition and results of operations. As of September 30, 2024, the company wholly owned 55 commercial properties, including 50 properties meeting its Community Centered Properties® strategy and five parcels of land held for future development. The consolidated operating portfolio contained approximately 4.9 million square feet of gross leasable area, with a total carrying amount of $977.0 million. Additionally, the company had an aggregate of 1,466 tenants, with lease terms ranging from less than one year for smaller tenants to over 15 years for larger tenants.
Furthermore, the report highlights the company's revenue sources, with substantially all revenue derived from rents received from leases at its properties. During the three months ended September 30, 2024, Whitestone REIT recorded total revenues of approximately $38.6 million, compared to $37.1 million for the same period in 2023. For the nine months ended September 30, 2024, the company reported total revenues of $113.4 million, up from $109.4 million for the same period in 2023.
The report also addresses potential factors that could impact the company's future performance, including economic and real estate industry uncertainties, legislative or regulatory changes, and risks related to natural disasters, geopolitical conflicts, and financial institution disruptions. Additionally, Whitestone REIT discusses its strategies to mitigate the effects of inflation and rising interest rates on its operations, such as adjusting rental rates to reflect inflation and entering into leases with terms of less than five years to allow for rate adjustments.
As a result of these announcements, the company's shares have moved -1.9% on the market, and are now trading at a price of $13.78. For the full picture, make sure to review Whitestone REIT's 10-Q report.
