Whitestone REIT reported that its The Promenade at Fulton Ranch shopping center in Chandler, Arizona, has reached a 99 % occupancy rate, the highest level in the property’s history. The milestone was announced on November 20, 2025, following a strategic remerchandising effort that began in early 2023 aimed at aligning the tenant mix with the upscale Fulton Ranch community’s demand for health‑ and wellness‑oriented services.
The remerchandising strategy added tenants such as Salon Suites, Oxygen Yoga & Fitness, and Spooner Physical Therapy, while retaining popular anchors like Milkshake Factory and Nozomi Sushi House. The new mix has driven a noticeable uptick in sales and repeat traffic, reinforcing the property’s value proposition and supporting Whitestone’s broader growth plan in Texas and Arizona, where short lease terms and high‑value shop space are key drivers of earnings growth.
Prior to the remerchandising push, The Promenade’s occupancy hovered in the low 90s. The jump to 99 % marks a historic peak and demonstrates the effectiveness of Whitestone’s community‑centered approach, which has been replicated across its portfolio with similar results.
The occupancy achievement dovetails with Whitestone’s Q3 2025 financial results, in which the company posted earnings per share of $0.26—meeting consensus estimates of $0.26 and matching the $0.26 per diluted share Core FFO. Revenue rose to $41.05 million, up from $38.6 million in Q3 2024, and net income attributable to common shareholders climbed to $18.3 million. Management highlighted that the strong performance is driven by operational excellence and the high percentage of shop space within the peer group, while CEO Dave Holeman emphasized the company’s confidence in extending its Core FFO growth trajectory.
Whitestone’s focus on short lease terms and a service‑heavy tenant mix has positioned it to adapt quickly to local demand shifts, a strategy that has proven resilient in the Sun Belt’s dynamic retail environment. The company’s balance sheet remains robust, with a lower debt‑to‑EBITDA ratio and extended debt maturities, reinforcing its capacity to invest in high‑return opportunities.
Analysts reacted positively to the occupancy milestone, noting that the 99 % rate underscores Whitestone’s ability to execute its remerchandising strategy and supports the company’s outlook for continued Core FFO growth in the coming quarters.
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