Whitestone REIT

Greetings, and welcome to the Whitestone Rate Third Quarter 2022 Earnings Call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Mordy. Thank you. You may begin.

Good morning. Thank you for joining Whitestone REIT's third quarter 2022 earnings conference call. Joining me on today's call are Dave Holman, Chief Executive Officer, Christine Mastandrea, Chief Operating Officer, and Scott Hogan, Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward-looking statements. Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainties, and other factors. Please refer to the company's earnings news release and filings with the SEC, including Whitestone's most recent Form 10-Q and 10-K, for a detailed discussion of these factors. Acknowledging the fact that this call may be webcast for a period of time, it is also important to note that this call includes time-sensitive information that may be accurate only as of today's date. November 2nd, 2022. The company undertakes no obligation to update this information. Whitestone's third quarter earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website in the investor relations section. We published third quarter 2022 slides on our website yesterday afternoon, which highlight topics to be discussed today. I will now turn the call over to Dave Holman, our Chief Executive Officer.

Thank you, David. Good morning, and thank you for joining Whitestone's third quarter 2022 earnings conference call. We delivered another very strong quarter of operating and financial results. Versus the third quarter of 2021, our revenue grew over 9%. Our FFO per share is 24 cents, up from 22 cents. Same store net operating income increased 4.5% and is up over 8% for the nine months of the year. Our total occupancy is 92.5%, up 260 basis points from Q3 2021 and 100 basis points from the second quarter. As of the end of the third quarter, our net effective annual base rent per square foot was $21.73, up 6.5% from 2021. And our balance sheet continues to strengthen with lower debt leverage, as shown by the improvement in our year-to-date net debt to EBITDA RE ratio of 7.9 times versus nine times for the first nine months of 2021. I am very proud of the team for delivering these results. We know that consistent execution is vital to producing strong results, and that's exactly where our focus is throughout the company. Specifically, since I was appointed, we're 100% focused on our core business and on executing the company's strategic plan. It has been a process that started with the elimination of numerous distractions. We turned our attention to unlocking value and aligning interests to ensure that this unique business model was able to deliver results from a portfolio of properties that are positioned to serve their respective communities on a daily basis and drive strong, consistent cash flow growth. We have delivered 80 cents FFO per share year-to-date, and we are narrowing our 2022 guidance range to the upper portion of the range making our new target $1 to $1.2 per share. Today, we thought we might take a little different approach to make the call a bit more interactive. We'll share and answer some of the questions we have received from the investment community. Following that, we'll take additional questions from the audience on our call today. David?