HOUSTON – Whitestone REIT (NYSE: NYSE:), a public real estate investment trust, announced a 3% increase in its monthly cash dividend from the first quarter to the second quarter of 2024. The dividend declared on the company’s common stock and operating partnership interests is up to $0.04125 per share, representing a payout of $0.12375 for the quarter and an annual payout of $0.495 per share.
Whitestone CEO Dave Holeman attributed the dividend increase to the company’s strong performance, highlighting “very strong lease spreads and record occupancy.” Holeman expressed the board’s confidence in the company’s earnings growth trajectory and its ability to strengthen its balance sheet while increasing its dividend.
The upcoming second quarter dividend payments are scheduled as follows: April dividends will be paid on April 11 to shareholders of record on April 2; May dividends on May 14 to shareholders of record on May 2; and June dividends on June 13 to shareholders of record as of June 4.
Whitestone REIT specializes in the acquisition, ownership, operation and development of open-air shopping centers in high-growth markets such as Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. The company focuses on providing community amenities through a diverse tenant mix that offers food, personal care, financial services, education and entertainment.
Although the company’s press release included forward-looking statements regarding financial conditions, acquisitions and expected future cash distributions, it is important to note that such statements are subject to various risks and uncertainties. Factors that could affect actual results include economic conditions, changes in legislation, market competition and other risks detailed in the company’s regulatory filings.
The information in this article is based on a Whitestone REIT press statement.
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