Homology Medicines Inc
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Health Care : Biotechnology | Small Cap Blend
Company profile

Homology Medicines, Inc. is a clinical-stage genetic medicines company focused on providing treatment for rare genetic diseases. The Company’s clinical programs include HMI-102, is an investigational gene therapy candidate in clinical development for the treatment of adult patients with phenylketonuria (PKU); HMI-103, which is an investigational gene editing candidate in clinical development for the treatment of patients with PKU, and HMI-203, which is an investigational gene therapy candidate in clinical development for the treatment of patients with mucopolysaccharidosis type II (MPS II), or Hunter syndrome. Additionally, the Company is developing a gene therapy candidate, HMI-104, from its GTx-mAb platform for the treatment of patients with paroxysmal nocturnal hemoglobinuria (PNH), and conducting research in other diseases, including metachromatic leukodystrophy (MLD). Its platform is designed to utilize human hematopoietic stem cell derived adeno-associated virus vectors.

Closing Price
$1.52
Day's Change
-0.03 (-1.94%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.62
Day's Low
1.51
Volume
(Light)
Volume:
140,198

10-day average volume:
258,067
140,198

Whitestone REIT Reports Second Quarter 2022 Results

4:05 pm ET August 2, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NYSE:WSR), EQNX::TICKER_END Whitestone REIT (NYSE: WSR) ("Whitestone" or the "Company") today announced its operating and financial results for the second quarter of 2022. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in the largest, fastest-growing, high-household-income markets in the Sunbelt.

"We are very pleased to deliver strong second quarter operating and financial results with occupancy hitting a record 91.5% and Same Store NOI growth of 8%. Our strategic focus on community centers in high-growth sunbelt markets continues to drive improvements in our leasing efforts and our rent per square foot. We remain focused on maximizing shareholder value through organic growth, prudent capital allocation, reducing G&A, improving our debt leverage, and delivering on our targeted FFO per share growth of 14 to 19%."

-    Dave Holeman, Chief Executive Officer

Second Quarter 2022 Operating and Financial Results

All per share amounts are on a diluted per common share and operating partnership ("OP") unit basis unless stated otherwise.

Reconciliations of Net Income Attributable to Whitestone REIT to FFO, NOI and EBITDAre are included herein.

Operating Results

For the three-month periods ending June 30, 2022 and 2021 the Company's operating highlights were as follows:

                                                 Second Quarter 2022 Second Quarter 2021
Occupancy:
Wholly Owned Properties - All                           91.5   %            89.9   %
Same Store Property Net Operating Income Change         8.0    %            8.4    %
Rental Rate Growth - Total (GAAP Basis):                17.4   %            6.8    %
New Leases                                              15.6   %            3.1    %
Renewal Leases                                          17.6   %            7.9    %
Leasing Transactions:
Number of New Leases                                    34                  35
New Leases - Lease Term Revenue (millions)       $      13.0         $      12.3
Number of Renewal Leases                                56                  57
Renewal Leases - Lease Term Revenue (millions)   $      16.1         $      17.5

Balance Sheet and Debt Metrics

-- As of June 30, 2022, Whitestone had total debt of $637.8 million and net debt of $637.6 million, along with capacity and availability of $135.0 million and $110.1 million, respectively, under its $250 million revolving credit facility.

-- As of June 30, 2022, the Company has undepreciated real estate assets of $1.2 billion.

Dividend

On July 27, 2022, the Company declared a quarterly cash distribution of $0.12 per common share and OP unit for the fourth quarter of 2022, to be paid in three equal installments of $0.04 in October, November and December of 2022. The fourth quarter dividend represents an 11.6% increase from the fourth quarter of 2021.

On May 23, 2022, the Company declared a quarterly cash distribution of $0.12 per common share and OP unit for the third quarter of 2022, to be paid in three equal installments of $0.04 in July, August and September of 2022.

2022 Full Year Guidance

The Company reaffirms its previously released guidance for 2022 and estimates that U.S. generally accepted accounting principles ("GAAP") net income available to common shareholders will be within the range of $0.35 to $0.39 per diluted share, and FFO will be within the range of $0.98 to $1.02 per diluted share and OP Unit.

                                                      2022 Guidance
                                                      (unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT            $17,500 - $19,700
FFO                                                   $50,000 - $52,200
Net income attributable to Whitestone REIT per share  $0.35 - $0.39
FFO per diluted per share and OP Unit                 $0.98 - $1.02
Key Drivers:
Same store net operating income growth                3.0% - 5.0%
Bad debt as a percentage of revenue                   1.0% - 2.0%
General and administrative expense                    $19,200 - $19,700
Ending occupancy                                      92% - 93%

(1) The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sale or disposal of assets, gain on sale of property from discontinued operations and pro rata net gain or loss on sale or disposal of properties or assets of real estate partnership. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

(2) Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

Portfolio Statistics

As of June 30, 2022, Whitestone wholly owned 60 Community-Centered Properties(TM) with 5.2 million square feet of gross leasable area ("GLA"). Five of the 60 Community-Centered Properties(TM) are land parcels held for future development. The portfolio is comprised of 32 properties in Texas, 27 in Arizona and 1 in Illinois. Whitestone's Community-Centered Properties(TM) are located in the MSA's of Austin (5), Chicago (1), Dallas-Fort Worth (9), Houston (15), Phoenix (27), and San Antonio (3). The Company's properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities. The Company also owns an 81.4% equity interest in and manages eight properties containing 0.9 million square feet of GLA through its investment in Pillarstone OP.

At the end of the second quarter, the Company's diversified tenant base was comprised of 1,592 tenants, with the largest tenant accounting for only 2.5% of annualized base rental revenues. Lease terms range from less than one year for smaller tenants to more than 15 years for larger tenants. Whitestone's leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Conference Call Information

In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Wednesday, August 3rd, 2022, at 8:00 A.M Eastern Time / 7:00 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:

To listen to a webcast of the conference call, click on the Investor Relations tab of the Company's website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone's website via the webcast link until the Company's next earnings release. Additional information about Whitestone can be found on the Company's website.

Dial-in number for domestic participants:      1-877-407-0784
Dial-in number for international participants: 1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Wednesday, August 17, 2022. Replay access information is as follows:

Replay number for domestic participants:      1-844-512-2921
Replay number for international participants: 1-412-317-6671
Passcode (for all participants):              13727919

Supplemental Financial Information

The second quarter earnings release and supplemental data package will be located in the "News and Events" and "Financial Reporting" tabs of the Investor Relations section of the Company's website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition, pending acquisitions and the impact of such acquisitions on our financial condition and results of operations, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as "may," "will," "should," "potential," "predicts," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust ("REIT") in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy, the real estate industry in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston and Phoenix in particular, including the potential impact of COVID-19 on our tenants' ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; inflation and increases in interest rates, operating costs or general and administrative expenses; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; the need to fund tenant improvements or other capital expenditures out of operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Non-GAAP Financial Measures

This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles ("GAAP") including EBITDAre, FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.

EBITDAre: The National Association of Real Estate Investment Trusts ("NAREIT") defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity's share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. The Company calculates EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

FFO: Funds From Operations: The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income (loss) alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO as the primary metric for comparing the relative performance of equity REITs. FFO should not be considered as an alternative to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs.

NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition of assets.

Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company's property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company's performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define "Non-Same Stores" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.

Net debt: We present net debt, which we define as total debt less cash plus our proportional share of net debt of real estate partnership, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.

Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

ir@whitestonereit.com

Whitestone REIT and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

                                                                                                                                                                                    June 30, 2022        December 31, 2021
ASSETS
Real estate assets, at cost
Property                                                                                                                                                                            $      1,204,029     $        1,196,919
Accumulated depreciation                                                                                                                                                                   (205,058  )            (190,333  )
Total real estate assets                                                                                                                                                                   998,971                1,006,586
Investment in real estate partnership                                                                                                                                                      34,827                 34,588
Cash and cash equivalents                                                                                                                                                                  8,464                  15,721
Restricted cash                                                                                                                                                                            184                    193
Escrows and acquisition deposits                                                                                                                                                           10,672                 11,323
Accrued rents and accounts receivable, net of allowance for doubtful accounts                                                                                                              23,145                 22,395
Receivable due from related party                                                                                                                                                          1,220                  847
Unamortized lease commissions, legal fees and loan costs                                                                                                                                   8,493                  8,442
Prepaid expenses and other assets                                                                                                                                                          3,075                  1,995
Total assets                                                                                                                                                                        $      1,089,051     $        1,102,090
LIABILITIES AND EQUITY
Liabilities:
Notes payable                                                                                                                                                                       $      638,011       $        642,842
Accounts payable and accrued expenses                                                                                                                                                      28,864                 45,777
Payable due to related party                                                                                                                                                               1,435                  997
Tenants' security deposits                                                                                                                                                                 8,314                  8,070
Dividends and distributions payable                                                                                                                                                        6,001                  5,366
Total liabilities                                                                                                                                                                          682,625                703,052
Commitments and contingencies:                                                                                                                                                             --                     --
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of June 30, 2022 and December 31, 2021                                          --                     --
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,241,251 and 49,144,153 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively         49                     48
Additional paid-in capital                                                                                                                                                                 622,593                623,462
Accumulated deficit                                                                                                                                                                        (224,363  )            (223,973  )
Accumulated other comprehensive income (loss)                                                                                                                                              1,774                  (6,754    )
Total Whitestone REIT shareholders' equity                                                                                                                                                 400,053                392,783
Noncontrolling interest in subsidiary                                                                                                                                                      6,373                  6,255
Total equity                                                                                                                                                                               406,426                399,038
Total liabilities and equity                                                                                                                                                        $      1,089,051     $        1,102,090

Whitestone REIT and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(in thousands)

                                                                                     June 30, 2022     December 31, 2021
Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables                                                                   $      18,625     $        18,410
Accrued rents and other recoveries                                                          19,446              18,681
Allowance for doubtful accounts                                                             (15,285 )           (14,896  )
Other receivables                                                                           359                 200
Total accrued rents and accounts receivable, net of allowance for doubtful accounts  $      23,145     $        22,395
(2) Operating lease right of use assets (net)                                        $      171        $        222
(3) Operating lease liabilities                                                      $      171        $        231

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

                                                                           Three Months Ended June 30,      Six Months Ended June 30,
                                                                           2022              2021           2022              2021
Revenues
Rental                                                                     $    34,663       $    30,152    $    68,471       $    58,847
Management, transaction, and other fees                                         334               466            649               816
Total revenues                                                                  34,997            30,618         69,120            59,663
Operating expenses
Depreciation and amortization                                                   7,862             7,105          15,772            14,118
Operating and maintenance                                                       6,211             5,444          11,936            10,283
Real estate taxes                                                               4,987             4,160          9,354             8,198
General and administrative                                                      5,182             4,730          8,231             10,364
Total operating expenses                                                        24,242            21,439         45,293            42,963
Other expenses (income)
Interest expense                                                                6,234             6,143          12,295            12,275
(Gain) loss on sale or disposal of assets, net                                  (10    )          (224   )       5                 (225   )
Interest, dividend and other investment income                                  (16    )          (23    )       (30    )          (72    )
Total other expenses                                                            6,208             5,896          12,270            11,978
Income before equity investment in real estate partnership and income tax       4,547             3,283          11,557            4,722
Equity (deficit) in earnings of real estate partnership                         (41    )          189            239               278
Provision for income tax                                                        (100   )          (87    )       (201   )          (174   )
Income from continuing operations                                               4,406             3,385          11,595            4,826
Gain on sale of property from discontinued operations                           --                1,833          --                1,833
Income from discontinued operations                                             --                1,833          --                1,833
Net Income                                                                      4,406             5,218          11,595            6,659
Less: Net income attributable to noncontrolling interests                       68                92             179               118
Net income attributable to Whitestone REIT                                 $    4,338        $    5,126     $    11,416       $    6,541

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except per share data)

                                                                                                                                 Three Months Ended June 30,   Six Months Ended June 30,
                                                                                                                                 2022          2021            2022          2021
Basic Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares  $    0.09     $    0.08       $    0.23     $    0.11
Income from discontinued operations attributable to Whitestone REIT                                                                   --            0.04            --            0.04
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares                     $    0.09     $    0.12       $    0.23     $    0.15
Diluted Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares  $    0.09     $    0.08       $    0.23     $    0.11
Income from discontinued operations attributable to Whitestone REIT                                                                   --            0.04            --            0.04
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares                     $    0.09     $    0.12       $    0.23     $    0.15
Weighted average number of common shares outstanding:
Basic                                                                                                                                 49,147        43,378          49,147        42,939
Diluted                                                                                                                               50,047        44,125          50,177        43,730
Consolidated Statements of Comprehensive Income
Net income                                                                                                                       $    4,406    $    5,218      $    11,595   $    6,659
Other comprehensive income
Unrealized gain on cash flow hedging activities                                                                                       2,675         1,289           8,661         3,510
Comprehensive income                                                                                                                  7,081         6,507           20,256        10,169
Less: Net income attributable to noncontrolling interests                                                                             68            92              179           118
Less: Comprehensive income attributable to noncontrolling interests                                                                   41            21              133           62
Comprehensive income attributable to Whitestone REIT                                                                             $    6,972    $    6,394      $    19,944   $    9,989

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

                 Three Months Ended June 30,    Six Months Ended June 30,
                 2022          2021             2022              2021
(1) Rental
Rental revenues  $    24,935   $    22,238      $    49,779       $    43,864
Recoveries            9,603         8,057            18,940            15,655
Bad debt              125           (143     )       (248   )          (672   )
Total rental     $    34,663   $    30,152      $    68,471       $    58,847

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

                                                                                   Six Months Ended June 30,
                                                                                   2022               2021
Cash flows from operating activities:
Net income from continuing operations                                              $    11,595        $    4,826
Net income from discontinued operations                                                 --                 1,833
Net income                                                                              11,595             6,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                           15,772             14,118
Amortization of deferred loan costs                                                     548                548
(Gain) loss on sale or disposal of assets, net                                          5                  (225    )
Bad debt                                                                                247                672
Share-based compensation                                                                (630    )          2,575
Equity in earnings of real estate partnership                                           (239    )          (278    )
Changes in operating assets and liabilities:
Escrows and acquisition deposits                                                        651                (1,128  )
Accrued rents and accounts receivable                                                   (997    )          991
Receivable due from related party                                                       (373    )          (312    )
Unamortized lease commissions, legal fees and loan costs                                (1,402  )          (1,852  )
Prepaid expenses and other assets                                                       708                201
Accounts payable and accrued expenses                                                   (8,254  )          (6,800  )
Payable due to related party                                                            438                389
Tenants' security deposits                                                              244                364
Net cash provided by operating activities                                               18,313             14,089
Cash flows from investing activities:
Additions to real estate                                                                (7,196  )          (3,499  )
Net cash used in investing activities                                                   (7,196  )          (3,499  )
Net cash provided by investing activities of discontinued operations                    --                 1,833
Cash flows from financing activities:
Distributions paid to common shareholders                                               (11,148 )          (9,082  )
Distributions paid to OP unit holders                                                   (175    )          (165    )
Proceeds from issuance of common shares, net of offering costs                          --                 25,371
Payments of exchange offer costs                                                        --                 (31     )
Net payments of credit facility                                                         (5,000  )          (30,000 )
Repayments of notes payable                                                             (1,782  )          (1,559  )
Repurchase of common shares                                                             (278    )          (428    )
Net cash used in financing activities                                                   (18,383 )          (15,894 )
Net decrease in cash, cash equivalents and restricted cash                              (7,266  )          (3,471  )
Cash, cash equivalents and restricted cash at beginning of period                       15,914             25,956
Cash, cash equivalents and restricted cash at end of period                        $    8,648         $    22,485

For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

Supplemental Disclosures

(in thousands)

                                                         Six Months Ended June 30,
                                                         2022          2021
Supplemental disclosure of cash flow information:
Cash paid for interest                                   $    11,790   $    11,829
Cash paid for taxes                                      $    366      $    364
Non cash investing and financing activities:
Disposal of fully depreciated real estate                $    25       $    3
Financed insurance premiums                              $    1,846    $    1,712
Value of shares issued under dividend reinvestment plan  $    32       $    30
Value of common shares exchanged for OP units            $    8        $    --
Change in fair value of cash flow hedge                  $    8,661    $    3,510
                                                  June 30, 2022
                                                  2022       2021
Cash, cash equivalents and restricted cash
Cash and cash equivalents                         $  8,464   $  22,274
Restricted cash                                      184        211
Total cash, cash equivalents and restricted cash  $  8,648   $  22,485

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(in thousands, except per share and per unit data)

                                                                                               Three Months Ended June 30,      Six Months Ended June 30,
                                                                                               2022              2021           2022          2021
FFO (NAREIT)
Net income attributable to Whitestone REIT                                                     $    4,338        $    5,126     $    11,416   $    6,541
Adjustments to reconcile to FFO:
Depreciation and amortization of real estate assets                                                 7,820             7,068          15,688        14,048
Depreciation and amortization of real estate assets of real estate partnership (pro rata)           412               409            806           814
(Gain) loss on sale or disposal of properties or assets of real estate partnership (pro rata)       --                (20    )       --            (20    )
(Gain) loss on sale or disposal of assets, net                                                      (10    )          (224   )       5             (225   )
Gain on sale of property from discontinued operations                                               --                (1,833 )       --            (1,833 )
Net income attributable to noncontrolling interests                                                 68                92             179           118
FFO (NAREIT)                                                                                        12,628            10,618         28,094        19,443
FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO                                                                                            $    12,628       $    10,618    $    28,094   $    19,443
Denominator:
Weighted average number of total common shares - basic                                              49,147            43,378         49,147        42,939
Weighted average number of total noncontrolling OP units - basic                                    770               773            770           773
Weighted average number of total common shares and noncontrolling OP units - basic                  49,917            44,151         49,917        43,712
Effect of dilutive securities:
Unvested restricted shares                                                                          900               747            1,030         791
Weighted average number of total common shares and noncontrolling OP units - diluted                50,817            44,898         50,947        44,503
FFO per common share and OP unit - basic                                                       $    0.25         $    0.24      $    0.56     $    0.44
FFO per common share and OP unit - diluted                                                     $    0.25         $    0.24      $    0.55     $    0.44

Includes pro-rata share attributable to real estate partnership.

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(continued)

(in thousands)

                                                                           Three Months Ended June 30,      Six Months Ended June 30,
                                                                           2022              2021           2022              2021
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT                                 $    4,338        $    5,126     $    11,416       $    6,541
General and administrative expenses                                             5,182             4,730          8,231             10,364
Depreciation and amortization                                                   7,862             7,105          15,772            14,118
(Equity) deficit in earnings of real estate partnership                         41                (189   )       (239   )          (278   )
Interest expense                                                                6,234             6,143          12,295            12,275
Interest, dividend and other investment income                                  (16    )          (23    )       (30    )          (72    )
Provision for income taxes                                                      100               87             201               174
Gain on sale of property from discontinued operations                           --                (1,833 )       --                (1,833 )
Management fee, net of related expenses                                         29                83             81                163
(Gain) loss on sale or disposal of assets, net                                  (10    )          (224   )       5                 (225   )
NOI of real estate partnership (pro rata)                                       709               952            1,706             1,843
Net income attributable to noncontrolling interests                             68                92             179               118
NOI                                                                             24,537            22,049         49,617            43,188
Non-Same Store NOI                                                              (1,497 )          --             (2,793 )          --
NOI of real estate partnership (pro rata)                                       (709   )          (952   )       (1,706 )          (1,843 )
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)       22,331            21,097         45,118            41,345
Same Store straight-line rent adjustments                                       (241   )          (484   )       (479   )          (694   )
Same Store amortization of above/below market rents                             (233   )          (240   )       (462   )          (441   )
Same Store lease termination fees                                               (13    )          (150   )       (22    )          (227   )
Same Store NOI                                                             $    21,844       $    20,223    $    44,155       $    39,983

We define "Non-Same Store" as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purposes of comparing the three months ended June 30, 2022 to the three months ended June 30, 2021, Non-Same Store includes properties acquired between April 1, 2021 and June 30, 2022 and properties sold between April 1, 2021 and June 30, 2022, but not included in discontinued operations. For purposes of comparing the six months ended June 30, 2022 to the six months ended June 30, 2021, Non-Same Store includes properties acquired between January 1, 2021 and June 30, 2022 and properties sold between January 1, 2021 and June 30, 2022, but not included in discontinued operations.

We define "Same Store" as properties that have been owned during the entire period being compared. For purposes of comparing the three months ended June 30, 2022 to the three months ended June 30, 2021, Same Store includes properties owned before April 1, 2021 and not sold before June 30, 2022. For purposes of comparing the six months ended June 30, 2022 to the six months ended June 30, 2021, Same Store includes properties owned before January 1, 2021 and not sold before June 30, 2022.

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(continued)

(in thousands)

                                                         Three Months Ended June 30,                       Six Months Ended June 30,
                                                         2022                     2021                     2022              2021
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)
Net income attributable to Whitestone REIT               $          4,338         $          5,126         $    11,416       $    6,541
Depreciation and amortization                                       7,862                    7,105              15,772            14,118
Interest expense                                                    6,234                    6,143              12,295            12,275
Provision for income taxes                                          100                      87                 201               174
Net income attributable to noncontrolling interests                 68                       92                 179               118
(Equity) deficit in earnings of real estate partnership             41                       (189       )       (239   )          (278   )
EBITDAre adjustments for real estate partnership                    564                      766                1,431             1,451
Gain on sale of property from discontinued operations               --                       (1,833     )       --                (1,833 )
(Gain) loss on sale or disposal of assets, net                      (10        )             (224       )       5                 (225   )
EBITDAre                                                 $          19,197        $          17,073        $    41,060       $    32,341

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comtex tracking

COMTEX_411442985/2010/2022-08-02T16:05:20

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