Whitestone Improves Tenant Mix, Increases Occupancy by 3.5%, and Increases NOI by 6.3% at Its Fountain Hills Plaza Property i...
03 March 2021 - 9:35AM
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 AutoZoneAutoZone 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 REITWhitestone 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 RelationsWhitestone REIT(713)
435-2219ir@whitestonereit.com
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