Revenue during the quarter grew 11.13 percent to $28.27 million from $25.44 million in the previous year period.

Cost of revenue rose 15.54 percent or $1.27 million during the quarter to $9.41 million. Gross margin for the quarter contracted 127 basis points over the previous year period to 66.70 percent.

Total expenses were $22.25 million for the quarter, up 71.60 percent or $9.28 million from year-ago period. Operating margin for the quarter contracted 2773 basis points over the previous year period to 21.30 percent.

For financial year 2017, Whitestone REIT projects diluted earnings per share to be in the range of $0.24 to $0.29.

Revenue from real estate activities during the quarter increased 11.13 percent or $2.83 million to $28.27 million.

Income from operating leases during the quarter rose 9.65 percent or $1.87 million to $21.30 million.

Revenue from other real estate activities during the quarter was $6.97 million, up 15.93 percent or $0.96 million from year-ago period.

"Our neighborhood centers, located on the best retail corners of affluent communities, with a well-crafted mix of E-commerce resistant tenants, continue to produce strong financial results," stated Jim Mastandrea, chairman and chief executive officer. "The power of our business model was again demonstrated by the positive revenue and same store NOI growth we produced to start 2017. Furthermore, early in the second quarter, we secured two additional assets that complement our focus on Community Centered Property for a combined purchase price of $204.6 million in the business friendly and high growth state of Texas. We also successfully executed on a follow-on offering with approximately $100 million of net proceeds being used to fund these accretive acquisitions that should close in the second quarter. Our team's efforts and proven business model, which differentiates us from traditional retail REITs, positions Whitestone to build on our past success and to continue to grow long-term shareholder value through increasing occupancies, rents and overall square footage and executing quickly on accretive acquisitions"

The company has spent $4.56 million cash to meet investing activities during the quarter as against cash outgo of $3.27 million in the last year period.

Cash flow from financing activities was $6.01 million for the quarter as against cash outgo of $2.55 million in the last year period.

Cash and cash equivalents stood at $6.50 million as on Mar. 31, 2017, up 165.75 percent or $4.06 million from $2.45 million on Mar. 31, 2016.

Net receivables were at $20.68 million as on Mar. 31, 2017, up 25.55 percent or $4.21 million from year-ago. Accounts payable stood at $18.04 million as on Mar. 31, 2017.

Investments stood at $0.52 million as on Mar. 31, 2017, up 20.23 percent or $0.09 million from year-ago.

Total assets grew 9.44 percent or $73.87 million to $856.83 million on Mar. 31, 2017. On the other hand, total liabilities were at $588.60 million as on Mar. 31, 2017, up 8.25 percent or $44.85 million from year-ago.

Return on assets moved down 88 basis points to 0.71 percent in the quarter. At the same time, return on equity moved down 155 basis points to 0.54 percent in the quarter.