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

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.