Whitestone's shares Investors produced SNL of the estate This as quarter our for Whitestone all of our estate of a total joining Index, XXXX, XXXX against to our directly Yes. on they have period. own nine-year history. its real returned Thank you, for has you August and growth hedge real thank compares REIT Center conference if time Since call. all in these Kevin, own which directly attributes inflation. third return Shopping XXX%. IPO and a income, the provided same XXX% over shareholders throughout us
data with some illustrate five me years. Let the from last
$XXX We million in distributing have provided income over dividends.
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has annual during $XX the Our period dividend same million. grown by approximately
With record that like for and why highlight track Whitestone. background, provide history a to I our reasons four bright future would
the First increasing of nine for fourfold income property of and growth, we Since revenue, have our operating run. drivers over foremost, sustained estate to long net we times years $XXX $XX invested had million. over IPO, to approximately a X.X XXXX our and real key million
calling to over has $X.X been price. and higher our In market many the equity real stock This estate times is our what million grown has billion $XXX a are based capitalization time value grown estimated $X.X on today's than billion, to frame, X times the growth same accomplished today X valuation has retail which almost apocalypse. during market implied
quarter XXX our third progress second We accomplishments to quarter XX.X%. are and continued occupancy XXXX, the basis points our from the During noticeable. of improved
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who Foods that with are and nationally once revenue Starbucks, their recognized national as tenants local communities local primarily provide invest in like Whole tenants. entrepreneurial retailers, and services we tenants exalted growth Safeways, Second, profiles not credit to with
those Now face challenges. many of significant tenants
retail Whitestone's the estate portfolio REIT. traditional real concurrent is through
examples, tend Research a of have are service already fighting all total XX,XXX to of XXXX could companies. September that recorded end national, report tenants, XXXX. will and exceeded on the XXXX closures to according line by retailers store today not U.S. stay consumer announced of hardline come retailers from closures product soft These Coresight primarily the to by in and closures focus reach XXXX for good we apparel soft As relevant. Store
the and local service-based a By to meet to locations the right take Whitestone's mix and is as focus needs. right improving the in the high-growth drive resistance center to quality continue contrast, craft markets revenues, to right serve -- of Whitestone's to entrepreneurs. e-commerce on strive we make the tenants consumers' community primarily We consumer approach we meet
shareholder $XXX per square foot, been approximately record cost markets. replacement by Whitestone's track bolstered a returns within industry-leading of construction or our total acquisitions have at cost total off-market of our $X exceptional acquisition below billion, well
and timed, having analyzed with properties well-located well most substantial components. of our acquisitions value-add a been carefully Our we're have
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residual to cost, accomplished land in mix with market of little right the acquired rates. vacant at needs grasping of existing consumer the spaces acquisitions of and by through tenants lease-up surrounding our meet no the sites or tenant renewals increase Whitestone's at value the property community of development and we and of initial the is strategically pad many on
XXXX, annual in returns with pad Chandler completion that XX.X% which Arizona, a and multi-tenant Recent XXX% $XXXXXX lease-up include of the on net example return pad annual site produce an on pad completion will cost of total developments of income site investments. Arizona of Anthem a site unlevered at in one operating multi-tenant is generating similar
same approach we pad our incremental period achieve Whitestone's property as our the value exemplify embedded minimized the examples developments of over and pays time analysis successful from investment. also returns portfolio portfolio has These off on double-digit risk. and added extract strategic
of mortar, future is focused is through Land, opportunities Trace, redevelopment at bricks an including in located are robust Williams our additional and in patient the tenant base value strategy the operations acquisition have Sugar within located site portfolio, out Place In area Whitestone's pad that Galleria pipeline our and include; BLVD we unlocking which we a and Plaza accretive opportunities just on Kentwood remain in and current opportunities expansion invest development active our as existing the few. to there, are disciplined. Third,
powder capital from of sales. down million the And profitably value-add opportunities. example, subsequent all third to and quarter, dry finally, providing debt, $XX.X An recycling paid some non-core related assets sold we this asset of for additional
real profitability disciplined in stay the for to course maximize the approach estate which is and long investing run to plan, value to our on the company. of decisions our shareholder make strategic Fourth, is
our stated and acquisitions long-term we developing include, redeveloping improving and reducing and leverage, revenue parcels have before, and As making goals accretive expense land. dispositions, general and our administrative ratio, out to
Whitestone really at for enjoy is discipline they're is together And exciting from that over has decade. they The an result the really what's exceptional a that team been what doing.
nine talented, that that performance and diverse currently a we employee them We a with dedicated long-term As have to and goals. is and based strong years. the our workplace to dedicated people culture is further to remain talented fundamental future we've leaders. become excelled achieving developing By development team, a differing hire our vision, past creating belief backgrounds to prospectus and that a over
we've and like that to fact provide a would income remain In plan in closing, leader we with but so, committed a dividend In inflation. XXX say strive in a months, to want and industry. growth I to to monthly to shareholders been for against business we consecutive our our become doing hedge continue paying
that, turn over With call to I'll the Dave.
