Whitestone Reit Stock Earnings Reports

Whitestone REIT reported a strong Q3 2025 with occupancy at 94.2% (up 30 bps QoQ) and same-store NOI growth of 4.8%. Leasing remained healthy: $29.1M of lease signings with combined straight-line leasing spreads of 19.3% (new leases 22.5%, renewals 18.6%); foot traffic was up 4% YoY. Core FFO per share for the quarter was $0.26; full-year 2025 core FFO guidance of $1.03–$1.07 was reiterated. Management raised the lower end of the same-store NOI growth target and reiterated its long-term core FFO growth target of 5%–7% (driven partly by planned redevelopments expected to add up to ~1% same-store NOI with $20–30M of capex). The company amended and extended its credit facility, expanding revolver capacity, improving its valuation cap to 6.75%, lengthening weighted average debt term to 4.3 years, and increasing the percent of fixed-rate debt (weighted average fixed debt rate 4.8%). Leverage is improving — Q4 annualized debt-to-EBITDAre is expected in the mid-to-high 6s (vs. ~7.2% in Q3) — and Pillarstone-related proceeds are near receipt ($13.6M received in the quarter and an expected ~ $40M distribution pending court approval in December). Portfolio recycling continues (one disposition this quarter) and several acquisitions/dispositions are expected to close in Q4. Management emphasized durable cash flows, operational execution, and continued focus on asset quality, tenant mix, and technology-enabled leasing/underwriting.