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Whitestone's first quarter earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website, www.
whitestonereit.com, in the Investor Relations section.
I will provide a brief overview on Whitestone and as well an update on our business, current events in the first quarter.
Following my remarks, I will turn the meeting over to Dave Holeman, who will provide a financial update on how we did during first quarter then we will follow with question and answers.
This quarter's result benefited from the decision to locate our portfolio in some of the country's fastest growing Sunbelt markets, where we are leading in our nation's reopening.
This contributed to our performance on leasing, showing the resilience of our business model and corporate culture.
Our operations team continues to provide their ability to be flexible and quickly adaptable with the support of our strong financial infrastructure.
At the end of Q1 this year, our operating portfolio occupancy was 89.1%, an increase of 0.5% from last quarter and down only 0.6% from a year ago.
Our rent collections versus billings continue to put us at the top of our industry peer group.
During Q1, our collections remains strong approximately 95% of our rents for the quarter and for the month of April.
Our new lease count was 46 in the quarter, significantly higher than last quarter's count of 28 and our total lease count was 94, 12% higher than the previous quarter.
Our blended leasing spread was 7.8%, 1 full percentage point higher than last quarter 6.8%.
And our same-store net operating increase -- decrease 4.3% was flat last quarter yet among the best in the industry.
Additionally, in Q1 we increased our quarterly dividend by 2.4% and have paid a monthly dividend to our shareholders for 120 consecutive months.
Our employees are back working safely at our properties and our tenant businesses are ramping up with increasing customer foot traffic as consumers continue to resume their daily lifestyle routines and visiting our properties while migration continues the flow into our markets.
Our targeted geographic portfolios comprise of institutional qualities open air real estate with predictable cash flow.
Our properties are adjacent to high-income communities and our tenants include grocery stores, pharmacies and restaurants.
Our centers are made up of e-commerce resistant tenants who provide necessities and essentials.
They drive 18 hour traffic, 7 days a week to our properties.
As a result, over the past year our centers have remained open and most of our tenants remained active.
Some of whom today are experiencing higher sales than their pre-pandemic levels.
A reminder of shareholder that Whitestone was built during the recession of 2008 to 2010 and many of the lessons that we learned during we incorporated into the fiber of the company.
Our company has built by acquiring properties that are located in our business friendly states, fast growing and really populated cities and high-income communities.
By creating an interest resistant business model, internet resistant business model that focuses on services and essential needs of consumers.
By creating a diverse portfolio of entrepreneurial tenants, by structuring leases with tenant owner recourse and minimal co-tenancy approval rights.
By providing annual rent increases of 2% to 3%, while passage through triple net expenses and by keeping our focus on training and developing our people for for continuity.
Our swift response to COVID-19 12 months ago strengthened our balance sheet liquidity and financial flexibility to successfully navigate economic impacts of the pandemic.
Fast forward, the first quarter of 2021.
We're activating our strategic growth plan.
We are making plans for future redevelopment and development projects.
We have reduced our overall debt level, we have increased our divided and we are continuing to scale our infrastructure.
Our history has been to grow our portfolio by making single off market, value ad acquisitions in four specific markets.
Austin, Dallas-Fort Worth, Houston and Phoenix Scottsdale.
We intend to continue this strategy to assemble valuable properties in markets where tenants want to lease and consumers want to visit.
By growing this way, we created a substantial value add portfolio of properties.
In fact, we are under contract to acquire a property in one of our identified markets, our first acquisition since the pandemic began and we expect to close this summer.
This acquisition will add just under 200,000 square feet and would be immediately accreted to Whitestone's FFO per share and positively contribute to Whitestone's long-term goals related to debt, leverage and G&A coverage.
In addition, our regional management team is in place giving us operational economies as we scale up our infrastructure.
We look forward to providing more details as we progress in the year.
Moving forward at Whitestone we're well positioned with the improving balance sheet, enhanced liquidity, a laser focus on driving occupancy and revenue growth and leasing, leveraging our deep knowledge of our markets, properties and opportunities along with our business model to provide and craft the tenant mix to lease, to credit entrepreneurial businesses.
This is how we create long-term shareholder value.
First, I would like to provide a little more perspective on the strength of our markets.
Our targeted geographic focus on top MSAs in the Sunbelt continues to produce great results.
Texas and Arizona, continue to see significant population migration and corporate relocations producing jobs from other areas of the countries.
This is best evidenced by our first quarter leasing activity, occupancy levels, leasing spreads and our average base rent per leased square foot.
Our leasing activity in the quarter was very strong with 46 new leases, representing 117,000 square feet of newly occupied spaces.
This level of new lease square footage was 90% higher than our average quarterly lease volume for the previous three year period.
And 21% higher than the highest quarter over the past three years.
On a total lease value basis, this quarter was more than double our average quarterly lease volume for the previous three year period and 38% higher than the highest quarter over the past three years.
Regarding occupancy, our operating portfolio occupancy stood at 89.1%, up 1.5% from the fourth quarter and down only 6 -- 0.6% from a year ago with our Austin market leading the way with almost 4% increase in occupancy from Q4.
Leasing spreads on a GAAP basis have been positive 9% over the last 12 months, and first quarter leasing spreads increased 5.3% on new leases and 9.6% on renewal leases signed.
Our annualized base rent per square foot on a GAAP basis at the end of the quarter grew 1% to $19.71, from $19.58 in the previous quarter, and basically in line with our pre-COVID ABR from a year ago.
Funds from operations core was $0.23 per share in Q1, compared to $0.24 per share in the prior year.
As Jim, mentioned our collection continued to trend toward normal pre-COVID levels, with 95% of our contractual rents collected in Q1.
Restaurants and food service, our largest tenant category, which represents 23% of our ABR and 17% of our leases square footage continued to perform very well, staying 95% in the quarter and we also saw positive movements in some of our impacted customer types, with entertainment representing only 2% of our ABR, and leased square footage paying 73% of their rents in the quarter, up from 48% in Q4.
During the quarter we had minimal rent deferrals, representing 45% of our total contractual billings.
Our same-store net operating income was down 4.3% for the quarter versus the prior year quarter, and we expect our same-store growth to resume as we move throughout the balance of the year and into 2022.
Reflecting the continued improvement in the portfolio, our reserve for uncollectible revenue was $529,000 or 1.8% of revenue, down from 4% of revenue in Q4.
To put this in further perspective, our first quarter reserve equates to only 9% of 2020s full year reserves.
Our interest expense was 8% lower than a year ago, reflecting $15 million in lower average debt, and a decrease in our overall interest rate from 3.9% to 3.6%.
Our first quarter is an encouraging start to 2021, and underscores the resilience of our forward thinking, well-crafted business model and the strength of our strategically chosen high-growth markets.
Let me provide some further details on our collections, and related receivable balances.
Included on Page 27 of our soft data is a breakdown of our tenants by type.
All of our credit category were above 89% collection in Q1, with the exception of entertainment, which I previously discussed.
Our three largest categories, restaurants, grocery and financial services were at 95%, 100% and 99% respectively.
At quarter end, we had $23.3 million in accrued rents and accounts receivable, included in this amount is $16.9 million of accrued straight-line rents, and $1.8 million of agreed upon deferrals.
Our agreed upon deferral balance is down 18% from year end, reflecting tenants honoring their payment plans.
Since early last year, we've implemented various measures to strengthen our liquidity, and navigate the economic pressures caused by the pandemic.
Our total net debt is $632 million, down $17 million from a year ago, and our liquidity representing cash and availability on our corporate credit facility, stands at $39 million at quarter end.
We continue to make progress on our publicly stated goal of reducing leverage.
During April, we paid down an additional $10 million of our corporate credit facility.
Currently, we have a $140.5 million of undrawn capacity, and $25.9 million of borrowing availability under our credit facility.
We are in full compliance with all of our debt and expect to remain so in the future.
As I stated earlier, 2021 is off to a very promising start.
These results are a testament to the resiliency of Whitestone's business model.
We are encouraged by the recovery and we look forward to reengaging our growth strategy, and our continued delivery of value to all of Whitestone stakeholders.
With that, we will now take questions.
Operator, please open the lines.

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qtrly ffo core of $0.23 per share.

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