Whitestone Provides a Business Update Related to COVID-19
Collects Industry-Leading April Rental Collections of 83.6%
May Rental Collection of 67.4%, Higher than Reported Industry Average of 59.5%(1)
HOUSTON, June 04, 2020 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”), a leading owner and operator of e-commerce resistant, community-centered retail properties producing industry leading, long-term Total Shareholder Returns, provides a business update regarding operations and May and April rent collections.
- All 58 properties remain open and operating.
- Approximately 83.6% of total April 2020 billed recurring rents have been collected to date, up from 64% reported as of May 5, 2020.
- Approximately 67.4% of total May 2020 billed recurring rents have been collected through May month-end, 7% ahead of April 2020 collections at April month-end.
- 91.0% of our tenants are open and operating based on annualized base rent. Openings are expected to continue to increase over the next few weeks as Texas and Arizona have begun and phased re-openings in June. Annualized base rent reflects the aggregate, annualized in-place contractual (defined as cash-basis excluding rent abatements) minimum rent for all occupied spaces as of June 1, 2020.
“Our e-commerce resistant business model, with quality properties in high household income neighborhoods, focuses on tenants who serve the needs (and essentials) of the consumer and continues to demonstrate its financial strength, durability, stability, and predictability.”
“Whitestone’s well-mixed tenant base of national, regional and local tenants provide daily necessities, needed services and entertainment to their respective communities and have been nimble and quick to adjust to the rapidly changing environment. The prudent and swift decisions we made in late March to preserve cash, reduce cash outflows, and focus on helping our tenants has produced impressive results relative to our peers. We have been pleased with the performance of our dedicated employees during the handling of the pandemic thus far, evidenced by our industry leading collection rates, which are significantly higher than the reported industry averages, and continue to increase,” said Jim Mastandrea, Chairman and Chief Executive Officer.