Whitestone Pursues Further Expansion - Analyst Blog

By
A A A

Whitestone REIT ( WSR ) recently announced the purchase of a bank note and deed on a 4.45 acre expansion parcel of a commercial land at The Pinnacle of Scottsdale. The deal for the commercial land was settled at $950,000 in cash at a discount of 68%. Whitestone intends to develop a new retail and executive office lease space, spanning 55,000 square feet, along with a fitness club, which it expects to begin pre-leasing in the first quarter of 2012.

This property, which is an extension of the already established and upscale-quality The Pinnacle of Scottsdale, has excellent opportunities for development owing to a large frontage on Scottsdate road.

Whitestone reported third quarter 2011 funds from operations (FFO) of 17 cents per share compared with 34 cents in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and other non-cash expenses to net income.

Headquartered in Houston, Texas, Whitestone is a fully integrated real estate company that owns, operates and re-develops community centered properties, which are visibly located properties in established or developing culturally diverse neighborhoods.Whitestone has a diversified tenant base concentrated on service offerings including medical, education and casual dining.

Whitestone currently retains a Zacks #4 Rank, which translates into a short-term Sell rating. We are also maintaining our long-term Underperform recommendation on the stock. One of its competitors, General Growth Properties Inc. ( GGP ) currently has a Zacks #3 Rank, which translates into a short-term Hold rating.


 
GENL GRWTH PPTY ( GGP ): Free Stock Analysis Report
 
WHITESTONE REIT ( WSR ): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: GGP , WSR

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

67%
100%

Most Active by Volume

183,639,073
  • $42.32 ▲ 3.85%
82,623,623
  • $15.99 ▼ 22.79%
39,627,940
  • $119 ▲ 1.19%
32,107,751
  • $77.62 ▲ 2.63%
29,684,848
  • $10.60 ▲ 2.02%
27,615,309
  • $24.03 ▲ 0.38%
26,917,669
  • $31.10 ▲ 2.07%
26,464,306
  • $47.75 ▲ 0.59%
As of 11/26/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com