Whitestone REIT (NYSE:WSR) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET

Company Participants

David Mordy - Director of Investor Relations

Dave Holeman - CEO & Director

Scott Hogan - Chief Financial Officer

Christine Mastandrea - Chief Operating Officer

Mitch Germain - JMP Securities

Michael Diana - Maxim Group

Operator

Ladies and gentlemen, good morning and welcome to the Whitestone REIT Third Quarter 2023 Earnings Conference 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, Director of Investor Relations. Please go ahead.

David Mordy

Good morning. Thank you for joining Whitestone REIT's third quarter 2023 earnings conference call. 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 1, 2023. 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 2023 slides on our website yesterday afternoon, which highlight topics to be discussed today.

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

Dave Holeman

Thank you, David. Good morning, and thank you for joining Whitestone's third quarter 2023 earnings conference call. We had another very strong quarter with combined straight-line leasing spreads of 24.4% and combined cash basis leasing spreads of 10.5%. Same-store net operating income increased 4.9% versus the third quarter of last year, and this now marks six consecutive quarters with a kind of straight line leasing spreads in excess of 17%. We're extremely proud of this accomplishment, which highlights the strength of our high-quality portfolio.