Whitestone REIT (NYSE:WSR) Q3 2022 Earnings Conference Call November 2, 2022 8:00 AM ET

Company Participants

David Mordy - Director, Investor Relations

David Holeman - Chief Executive Officer

Christine Mastandrea - Chief Operating Officer

Scott Hogan - Chief Financial Officer

Conference Call Participants

Mitchell Germain - JMP Securities LLC

Gaurav Mehta - EF Hutton

Craig Kucera - B. Riley FBR Inc.

Michael Diana - Maxim Group

Operator

Greetings and welcome to Whitestone REIT Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

It is now my pleasure to introduce your host, David Mordy. Thank you, you may begin.

David Mordy

Good morning and thank you for joining Whitestone REIT’s third quarter 2022 earnings conference call. Joining me on today’s call are Dave Holeman, Chief Executive Officer; Christine Mastandrea, Chief Operating Officer; and Scott Hogan, Chief Financial Officer.

Please note, that some statements made during this call are not historical and may be deemed forward-looking statements. Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainties and other factors. Please refer to the Company’s earnings news release and filings with the SEC including Whitestone’s most recent Form 10-Q and 10-K for a detailed discussion of these factors.

Acknowledging the fact that this call may be webcast for a period of time, it is also important to note that this call includes time-sensitive information that may be accurate only as of today’s date, November 2, 2022. The company undertakes no obligation to update this information.

Whitestone's third quarter earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website in the Investor Relations section. We published third quarter 2022 slides on our website yesterday afternoon which highlights topics to be discussed today.

I will now turn the call over to Dave Holeman, our Chief Executive Officer.

David Holeman

Thank you, David. Good morning. And thank you for joining Whitestone’s third quarter 2022 earnings conference call. We delivered another very strong quarter of operating and financial results. First is the third quarter of 2021, our revenue grew over 9%, our FFO per share is $0.24, up from $0.22. Same-store net operating income increased 4.5%, and is up over 8% for the nine months of the year. Our total occupancy is 92.5%, up 260 basis points from Q3 2021 and 100 basis points from the second quarter.