) provided an update on its leasing and occupancy details for
fourth-quarter 2013 and full-year 2013. During the quarter under
review, Whitestone penned 91 new, expansion and renewal lease
deals for a total of 236,043 square feet of space.
Notably, the total lease value was $10.8 million in the
quarter, slightly down from $11.3 million in the fourth-quarter
2012. Nevertheless, for full-year 2013, the lease value totaled
$44.2 million, up 25% from a year-ago.
Higher annual leasing volumes helped in pushing up the
occupancy levels at Whitestone's properties. As of Dec 31, 2013,
operating portfolio occupancy stood at 88.1% that was 140 basis
points higher than the year-ago figure. Furthermore, overall
portfolio occupancy at Whitestone escalated 200 basis points on a
year-over-year basis to 86.8%, as of Dec 31, 2013.
Notably, these deals helped in adding 177 new tenants to
Whitestone's roster in the year. The leasing volumes of
Whitestone seem decent and are expected to strengthen its top
line and boost the tenant base. Moreover, the company has been
focusing on expanding its footprint by strategically acquiring
commercial properties in high-growth markets. Whitestone mainly
targets U.S. properties located in densely populated and
culturally diverse submarkets of Texas, Arizona, and
In relation to this, in fourth-quarter 2013, Whitestone
accomplished the buyout of 2 Arizona-based premium retail
centers. These are Market Street at DC Ranch in Scottsdale and
Fountain Hills Plaza in Fountain Hills. The inclusion of these
high-end assets enhanced the company's anchors list and bodes
well for its long-term growth.
Whitestone currently carries a Zacks Rank #2 (Buy). Other
players in the REIT-Equity Trust - Other industry, which look
attractive at current levels, include
First Industrial Realty Trust Inc.
PS Business Parks Inc
). All these stocks carry the same rank as Whitestone.
FIRST INDL RLTY (FR): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
PS BUSINESS PKS (PSB): Free Stock Analysis
WHITESTONE REIT (WSR): Free Stock Analysis
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