We had the pleasure of hosting an investor call with the Whitestone REIT management team. I’ve gotten to know them pretty well over the last few years, and I always enjoy our conversations.
Whitestone operates in the Sunbelt region, home to some of the fastest-growing markets in the country. Think of Phoenix, Austin, Dallas-Forth Worth, Houston, and San Antonio. All great places to be, and business has been good for them.
The company places a (very) heavy emphasis on engagement with their communities, which are largely made up of smaller tenants. Their sweet spot is in the 1,500 – 3,000 square foot spaces, composed of businesses that are additive to their communities. Their CEO, Dave Holeman, says they’re a “strong user of data”, which works to everyone’s benefit. Whitestone doesn’t just look for tenants that can pay rent – effort is put into finding “the right tenants”.
Demand has been very strong and their initiatives are working well. Last QTR marked the ninth consecutive QTR of positive leasing spreads. Their leasing terms are generally shorter than their peers, which is by design. That’s helpful for several reasons, including the ability to “remerchandise” when needed – rotating in new tenants.
Their success isn’t happening by accident. They have a very thoughtful approach to what they’re doing, and that’s good for all of their tenants.
Thank You to the Whitestone REIT team, and Thank You to all of the investors who joined – it was our genuine pleasure to host the call!
Learn more about Whitestone here: https://www.whitestonereit.com/
