UPDATE: Hilliard Lyons Downgrades Whitestone REIT to Neutral Due to Price Appreciation
In a report published Wednesday, Hilliard Lyons analyst Carol L. Kemple downgraded the rating on Whitestone REIT (NYSE: WSR) from Long-Term Buy to Neutral.
In the report, Kemple noted, “First quarter Core FFO per share were $0.24, flat with the year ago period. Our FFO per share estimate was $0.28. Weighted average shares and units outstanding rose 39.3% from the year ago period. Total property revenue increased 33.0%. WSR completed one acquisition in the quarter. Headquarters Village was purchased for $25.7 million. The 89,134 square foot center was 100% occupied at quarter end. The acquisition pipeline remains very active for Whitestone. Currently, WSR has a property under contract for $21 million. There are in excess of $500 million of acquisitions in the pipeline.”
Whitestone REIT closed on Tuesday at $16.88.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.