Whitestone REIT reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $38.6 million, up from $37.1 million in Q3 2023, while total revenues for the nine months increased to $113.4 million from $109.4 million. Rental revenues for Q3 2024 were $38.1 million, a 4% increase from $36.7 million in Q3 2023. For the nine months, rental revenues rose to $105.6 million, compared to $102.5 million in the prior year.
Net income for Q3 2024 was $7.7 million, significantly higher than $2.5 million in Q3 2023. For the nine-month period, net income increased to $19.8 million from $17.9 million. Basic earnings per share for Q3 2024 were $0.15, up from $0.05 in Q3 2023, while for the nine months, it rose to $0.39 from $0.36.
Whitestone REIT's total operating expenses for Q3 2024 were $25.9 million, slightly higher than $25.3 million in Q3 2023. The increase in expenses was attributed to higher insurance, contract services, and utility costs, partially offset by reduced legal fees. The company reported a decrease in bad debt adjustments, which negatively impacted rental revenue by $0.3 million in Q3 2024, compared to a $0.4 million decrease in Q3 2023.
Strategically, Whitestone REIT has been active in acquisitions and dispositions. Notable acquisitions include Scottsdale Commons for $22.2 million and Garden Oaks Shopping Center for $27.2 million, both acquired in 2024. The company also sold Fountain Hills Plaza for $21.3 million, realizing a gain of $3.6 million. The total capital expenditures for the nine months ended September 30, 2024, were $19.1 million, compared to $14.1 million in 2023.
As of September 30, 2024, Whitestone REIT's total assets were approximately $999.6 million, with total liabilities of $687.6 million, resulting in total equity of $425.0 million. The company had cash and cash equivalents of $2.5 million, down from $4.6 million at the end of 2023. The company’s ownership in Pillarstone OP is no longer a majority interest following a redemption notice in January 2024, and Pillarstone Capital REIT filed for Chapter 11 bankruptcy in March 2024, which has impacted Whitestone's financials.
Overall, Whitestone REIT's performance reflects a positive trajectory in revenue and profitability, supported by strategic acquisitions and effective management of operating expenses.
About Whitestone REIT
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