Whitestone REIT 2024年度报告

GROWTH DIFFERENTIATORS 2024 FINANCIAL HIGHLIGHTS 5.1%Same Store NOI(1)Growth5.3% Avg Since 2021 6.6xDebt/EBITDAre(2)2.6x ImprovementVersus 2021 Disciplined, operationally focusedmanagement team 100% of portfolio growth within lowregulation states: TX & AZ 11%Core FFO Share(3)Growth5.5% CAGR Since 2021 9.1%Dividend Growth6.5% CAGRQ1 2021 - Q1 2025 1,400+ high-growth service-oriented tenants, operating onshorter duration leases 92% centers configured with high-demand 1,500 to 3,000 sq ft spaces 94.1%OccupancyUp 280 Basis PointsSince 2021 5.0%Revenue GrowthUp 23% Since 2021 Experts in utilizing technology tomatch neighborhood demands withhigh-growth businesses Advantages of our Leading Positionin High-Value Shop Space: •Very strong leasing spreads and SS NOI growth•Smaller tenants do not restrict real estate•Shorter WALT (4.1 years) provides inflationprotection•More efficient capital: lower capitalrequirements translates into higher SS NOIgrowth•Better risk dispersion•Approximately 100% Triple Net Leases allow forrecovery of over 90% of CAM, tax and insuranceexpenses Whitestone has shown its tremendous organic growthpotential over the last several years and has bolsteredearnings with a disciplined, opportunistic propertyacquisition strategy. Simultaneously growing earningsand meaningfully reducing leverage is an impressiveaccomplishment for any company and Whitestonecontinues to display strong momentum.” DONALD A. MILLER, CFATrustee DEAR SHAREHOLDERS We delivered very strong results in 2024. Our north star is consistently growingCore FFO on a per share basis. This allows us to steadily increase our dividend whilemaintaining an approximate 50% payout ratio. Since 2021, we have grown CoreFFO per share at a compound annual rate of 5.5%. That growth, plus the currentyield on the stock is ultimately the return we’re providing to shareholders. As we continue to execute, we are simultaneously proving the value of ourdifferentiated strategy and broadening our investor base. The value of our assetsis steadily climbing as we show what a portfolio of high-return shop space candeliver when properly anchored to the community. So, what do we mean when we say, properly anchored to the community? Weidentified early on that we had access to the technology and data that allow us toconstantly pay attention to the demand drivers that translate into success for thebusinesses populating our centers. Specifically, we utilize strong local knowledgein conjunction with data from ESRI and Placer.ai to identify which high-growthbusinesses will best succeed in our centers. Our business model is designed to thrive as change occurs. We are geared toproactively identify change and deliver results as retailers adapt and evolve tochanges in demand surrounding their physical locations. At a high level, ourformula for success is as follows: ACQUIRE THE RIGHT CENTERS:Acquire centers that fit our criteria. ANCHOR CENTERS TO THE COMMUNITY:Whitestone team members aredata centric in determining demand for a center’s surrounding community andmatching businesses to meet that demand. ALWAYS REMERCHANDISE:Team members constantly reassess the strength of alltenants, increasing a center’s traffic and enhancing the Quality of Revenue comingfrom our tenants. DRIVE RESULTS VIA CAPITAL EFFICIENCY:Redevelopment is done to matchchanges in the surrounding community and the associated demand – and is donewhile maintaining cash flow.This formula has been key to our delivering on a hostof financial and operational metrics, including our 11th consecutive quarter withleasing spreads in excess of 17%. The team at Whitestone views our strategy, our ability to drive earnings growthand the external view of the value of our assets as inexorably linked. We believewe have all the right ingredients to drive the value of our assets higher, whileappropriately aligning external views to reflect both our intrinsic value andforward-looking expectations. Supporting our work is the feedback we have received from the investmentcommunity. 2024 was an invaluable year of shareholder engagement, and we haveacted on many of the constructive perspectives provided by shareholders. In ourrecent discussions, we have heard support from many of you and appreciate yourconfidence in the results we’re delivering and momentum we are gaining. Our financial and operational results underscore the meaningful advancement weare making against our strategic objectives. Since the beginning of 2022, whennew management took over, Whitestone has been the best performing shoppingcenter REIT, with a total return of more than60%,significantly outpacing the peeraverage of8%. The results of our approach are evident in our financial andoperational metrics: IMPROVING OPERATIONS:We drove occupancy to 94.1% for the fourth quarter of2024. We achieved a combined overall positive leasing spread of 20.3% and SameStore NOI growth of 5.1% for the year. Not only is this top quartile Same Store N