© Reuters.
HOUSTON – Whitestone REIT (NYSE: NYSE:), a community-centered real estate investment trust, announced a 3% increase in its monthly cash dividend from the first quarter to the second quarter of 2024. The declared dividend for the company’s common shares and operating partnership units amounts to $0.04125 per share, totaling $0.12375 per quarter and an annualized payout of $0.495 per share.
The CEO of Whitestone, Dave Holeman, attributed the dividend increase to the company’s solid performance, highlighting “very strong leasing spreads and record occupancy.” Holeman expressed the board’s confidence in the firm’s earnings growth trajectory and its ability to bolster the balance sheet while also increasing the dividend.
The upcoming dividend payments for the second quarter are scheduled as follows: April’s dividend will be paid on April 11 to shareholders of record as of April 2; May’s dividend on May 14 to shareholders of record as of May 2; and June’s dividend on June 13 to shareholders of record as of June 4.
Whitestone REIT specializes in acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. The company focuses on providing community convenience through a diverse mix of tenants that offer food, self-care, financial services, education, and entertainment.
While the company’s press release included forward-looking statements regarding financial conditions, acquisitions, and anticipated future cash distributions, it is important to note that such statements are subject to various risks and uncertainties. Factors that could influence actual results include economic conditions, legislative changes, market competition, and other risks detailed in the company’s regulatory filings.
The information in this article is based on a press release statement from Whitestone REIT.
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This story originally appeared on Investing
