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- **Record Occupancy and Growth**: 94.2% occupancy, 4.8% same-store NOI growth, and 19.3% leasing spreads highlight strong execution.
- **Strategic Redevelopment**: $20-30M capital spend on redevelopments targeting 1%+ NOI growth, with projects like Lion Square 75% complete.
- **Financial Strength**: Core FFO guidance maintained at $1.03-$1.07, debt metrics improving to mid-6s, and $40M Pillarstone JV distribution expected in Q4.
- **Adaptability and Expansion**: Leveraging consumer trends (delivery, health/wellness) and demographic shifts to drive durable cash flows.

**【CEO Summary Section】**
- Achieved 94.2% occupancy, up 30 basis points from Q2, with Q4 expected to be the strongest leasing quarter.
- Delivered 4.8% same-store NOI growth, driven by shop space leases and tenant diversification.
- TAP score increased by 5 points over 2.5 years, leading the peer group, reflecting portfolio strength.
- Completed redevelopments at La Mirada and Lion Square, with Terravita underway, targeting $20-30M capital spend over two years.
- Core FFO per share guidance for 2025: $1.03-$1.07, with long-term growth target of 5%-7%.
- Pillarstone JV settlement expected to distribute $40M in December, pending court approval.

**【COO Summary Section】**
- Signed $29.1M in lease value with 19.3% straight-line spreads (14th consecutive quarter above 17%).
- Foot traffic up 4% YoY, driven by delivery services and health/wellness trends.
- Completed facade renovations at La Mirada and 75% progress on Lion Square, targeting grocery-anchored centers.
- Introduced pickleball at Boulevard, monetizing previously unused roof space.
- Emphasized adaptability to generational, migratory, and technological changes, leveraging Esri data for consumer insights.

**【CFO Financial Commentary】**
- Core FFO per share: $0.26 for Q3, with typical Q4 lift of a few cents.
- Debt-to-EBITDAre ratio expected to improve to mid-to-high 6s in Q4 from 7.2% in Q3.
- Amended credit facility expanded to $150M, with 4.8% weighted average fixed rate and 4.3-year weighted average term.
- Reduced G&A costs by 6% YoY, with dividend coverage maintained at healthy levels.
- Texas real estate tax accruals increased due to ARB valuation process, with costs passed through to tenants.

**【Q&A Highlights】**
- **Leasing Spreads**: 19.3% Q3 spreads expected to continue in 2026, driven by strong demand for retail space.
- **Occupancy**: Small space rollbacks for higher-quality tenants offset slight decline in smaller centers.
- **Acquisitions/Dispositions**: 1-2 more acquisitions and 1-2 dispositions expected in Q4, maintaining $40M+ annual pace.
- **Leverage**: Q4 debt-to-EBITDAre target of mid-to-high 6s, supported by Q4 NOI growth and balance sheet management.
- **Pillarstone JV**: $13.6M received in Q3, with $40M expected in December if court approves settlement.
- **Redevelopment Impact**: 2026 NOI growth from current projects, with Garden Oaks next in line for 2027 impact.

Whitestone REIT (WSR) Q3 2025 Earnings Call Transcript

Revenue

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Cost of Revenue

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Operating Expenses

Selling, General and Administrative Expenses

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WSR

WSR fundamentals

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