Whitestone Provides a 2020 Year-End Highlights Recap
- Cash Rental Collections Consistently Ranking Near or At the Top of the Shopping Center Industry for FY2020 and Fourth Quarter Collections to Date of 94%
- Foot Traffic Recovery the Highest Ranking of All US Publicly-Traded Shopping Center REITs According to S&P Global Market Intelligence
- Full Debt Repayment of $30 Million COVID19 Liquidity Borrowings
- Healthy Renewal and New Leasing Spreads of 9.8% and 2.5%, Respectively
- Occupancy Holding Steady 89% - 90% Throughout the Pandemic
- Publication of its Inaugural Corporate Responsibility & Sustainability Report
HOUSTON, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) provides investors with a recap of positive developments despite the challenges the COVID19 Pandemic imposed on the broader economy.
Top Ranking Rental Collections(1)(2)
|WSR % of Billed Recurring Rents Collected - Cash||94%||90%||81%|
|Peer % of Billed Recurring Rents Collected - Cash||n/a||87%||72%|
(1) Collection rates are calculated as the cash base rents and NNN payments received during the applicable quarter through December 24,
2020, divided by the contractual base rents and estimated NNN charges billed each quarter. Contractual base rents and NNN payments billed have not been adjusted for any COVID19
related rent relief.
(2) Sources: Goldman Sachs (Peer group includes UBA, REG, FRT, AKR, WHLR, ROIC, WRI, BFS, UE, SITC, RPAI, CDR, BRX, KRG, KIM and RPT), Whitestone REIT
Whitestone’s success in cash rental collections is attributed to its specialization in neighborhood centers catering to the essential services and needs of the local community, with 97% of its tenants open and operating (based on ABR) at the end of the Third Quarter 2020.
In addition, Whitestone operates in Texas and Arizona, less restrictive states that were quicker to reopen their economies relative to the rest of the US.
Whitestone’s consistent engagement with tenants to help support and protect their businesses included helping them apply for COVID19 CARES Act Relief Resources, including the Paycheck Protection Program (PPP loans), the U.S. Small Business Administration (SBA) Coronavirus Assistance program, and other resources.