Whitestone Improves Tenant Mix, Increases Occupancy by 3.5%, and Increases NOI by 6.3% at Its Fountain Hills Plaza Property in AZ; Adds AutoZone to its High Quality, E-Commerce Resistant Tenant Base
HOUSTON, March 02, 2021 (GLOBE NEWSWIRE) -- Whitestone REIT gets “Into the Zone” by adding AutoZone to its Fountain Hills Plaza property in Arizona.
With the signing of AutoZone, Whitestone increased property occupancy by 3.5% and property net operating income by 6.3% by doing what it does best, crafting the optimal mix of tenants to meet the needs of the local community. The addition of the Fortune 500 company also improves the quality of cash flows to Whitestone’s shareholders and helps guarantee the long-term security of the property. AutoZone joins other essential tenants Bashas’ grocery store, Ace Hardware, and Verizon Wireless.
Chairman and CEO Jim Mastandrea commented, “Fountain Hills Plaza has been an essential staple in the community of Fountain Hills, providing for the neighborhood throughout COVID as evidenced by the consistent foot traffic we were able to track over the past eleven months of the pandemic. In fact, data sourced from our internal artificial intelligence platform has shown actual increases in year-over-year foot traffic during 15 weeks of the pandemic. This type of data speaks to the significantly important role our centers play in the everyday lives of our neighborhoods. The essential quality of our properties in turn, helps attract quality tenants who want to benefit from the steady and consistent consumer visits to our centers.”
About AutoZone
AutoZone is the nation's leading retailer and a leading distributor of automotive replacement parts and accessories with more than 6,000 stores in US, Puerto Rico, Mexico, and Brazil. Each store carries an extensive line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured hard parts, maintenance items and accessories. Since opening its first store in Forrest City, Ark. on July 4, 1979, the company has joined the New York Stock Exchange (NYSE: AZO) and earned a spot in the Fortune 500.
About Whitestone REIT
Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt.
Whitestone seeks to create Communities That Thrive through Creating Local Connections between consumers in the surrounding communities and a well-crafted mix of local, regional and national tenants that provide daily necessities, needed services, entertainment and experiences.
Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years.
Whitestone’s strong balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles. For additional information, please visit www.whitestonereit.com.
Investors Contact:
Kevin Reed, Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com