NYSE : WSR
Whitestone REIT — Financial statements
Real Estate · REIT - Retail · United States
Last price 18.99 USD (At close: Jul 13, 2026) · Market cap 988.01M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 162.77M | 159.28M | 151.26M | 145.65M | 138.20M | 123.88M |
| Property Management Fees | 1.58M | 1.58M | 3.02M | 1.32M | 1.22M | 1.49M |
| Other Revenue | -116.00K | -28.00K | -3.15M | 347.00K | 698.00K | |
| Total Revenue | 164.24M | 160.86M | 154.25M | 143.81M | 139.77M | 126.06M |
| Property Expenses | 51.36M | 50.13M | 45.98M | 45.96M | 43.30M | 39.32M |
| Selling, General & Administrative | 21.79M | 21.22M | 23.19M | 20.65M | 18.07M | 22.62M |
| Depreciation & Amortization | 36.58M | 35.93M | 34.89M | 32.97M | 31.71M | 28.95M |
| Total Operating Expenses | 109.72M | 107.28M | 104.06M | 99.58M | 93.07M | 90.90M |
| Operating Income | 54.52M | 53.58M | 50.19M | 44.23M | 46.70M | 35.17M |
| Interest Expense | -33.96M | -33.67M | -34.03M | -32.87M | -27.19M | -24.56M |
| Interest & Investment Income | 47.00K | 138.00K | 87.00K | 51.00K | 65.00K | 116.00K |
| EBT Excluding Unusual Items | 20.61M | 20.04M | 16.25M | 11.42M | 19.57M | 10.72M |
| Gain (Loss) on Sale of Investments | 2.08M | 2.08M | -108.00K | -89.00K | ||
| Gain (Loss) on Sale of Assets | 29.60M | 29.72M | 21.58M | 8.48M | 16.76M | 176.00K |
| Other Unusual Items | -798.00K | -798.00K | ||||
| Pretax Income | 51.49M | 51.04M | 37.82M | 19.90M | 36.22M | 10.80M |
| Income Tax Expense | 487.00K | 482.00K | 450.00K | 450.00K | 422.00K | 385.00K |
| Earnings From Continuing Operations | 51.00M | 50.56M | 37.37M | 19.45M | 35.80M | 10.42M |
| Earnings From Discontinued Operations | 1.83M | |||||
| Net Income to Company | 51.00M | 50.56M | 37.37M | 19.45M | 35.80M | 12.25M |
| Minority Interest in Earnings | -634.00K | -630.00K | -480.00K | -270.00K | -530.00K | -205.00K |
| Net Income | 50.37M | 49.93M | 36.89M | 19.18M | 35.27M | 12.05M |
| Net Income to Common | 50.37M | 49.93M | 36.89M | 19.18M | 35.27M | 12.05M |
| Basic Shares Outstanding | 51.08M | 50.96M | 50.21M | 49.50M | 49.26M | 45.49M |
| Diluted Shares Outstanding | 52.51M | 52.32M | 51.35M | 50.81M | 49.95M | 46.34M |
| EPS (Basic) | 0.99 | 0.98 | 0.73 | 0.39 | 0.72 | 0.26 |
| EPS (Diluted) | 0.96 | 0.95 | 0.72 | 0.38 | 0.71 | 0.26 |
| Dividend Per Share | 0.55 | 0.54 | 0.49 | 0.48 | 0.47 | 0.43 |
| Operating Margin | 33.20% | 33.31% | 32.54% | 30.76% | 33.41% | 27.90% |
| Profit Margin | 30.67% | 31.04% | 23.92% | 13.34% | 25.24% | 9.56% |
| EBITDA | 91.18M | 89.60M | 85.17M | 77.29M | 78.41M | 64.12M |
| EBITDA Margin | 55.52% | 55.70% | 55.22% | 53.74% | 56.10% | 50.86% |
| D&A For Ebitda | 36.66M | 36.02M | 34.98M | 33.06M | 31.71M | 28.95M |
| EBIT | 54.52M | 53.58M | 50.19M | 44.23M | 46.70M | 35.17M |
| EBIT Margin | 33.20% | 33.31% | 32.54% | 30.76% | 33.41% | 27.90% |
| Funds From Operations (FFO) | 55.85M | 54.63M | 50.72M | 45.39M | 52.19M | 40.70M |
| FFO Per Share | 1.03 | 0.98 | 0.88 | 1.03 | ||
| Adjusted Funds From Operations (AFFO) | 54.63M | 50.72M | 45.39M | 52.19M | 40.70M | |
| AFFO Per Share | 1.03 | 0.98 | 0.88 | 1.03 | ||
| FFO Payout Ratio | 49.86% | 50.17% | 48.45% | 52.18% | 43.99% | 47.46% |
| Effective Tax Rate | 0.95% | 0.94% | 1.19% | 2.26% | 1.17% | 3.56% |
| Revenue as Reported | 164.24M | 160.86M | 154.28M | 146.97M | 139.42M | 125.36M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.10B | 1.08B | 1.01B | 1.00B | 1.00B | 1.01B |
| Total Real Estate Assets | 1.10B | 1.10B | 1.01B | 1.00B | 1.00B | 1.01B |
| Cash & Equivalents | 6.02M | 4.89M | 5.22M | 4.57M | 6.17M | 15.72M |
| Accounts Receivable | 36.75M | 36.19M | 32.53M | 29.47M | 25.11M | 22.20M |
| Other Receivables | 685.00K | 1.26M | 48.12M | 2.64M | 1.84M | 1.05M |
| Restricted Cash | 2.47M | 10.15M | 68.00K | 189.00K | 193.00K | |
| Other Current Assets | 1.61M | 5.17M | 4.01M | 24.15M | 14.48M | 13.10M |
| Trading Asset Securities | 2.87M | 879.00K | 5.79M | 2.61M | 6.07M | |
| Deferred Long-Term Charges | 17.71M | 17.86M | 14.69M | 13.78M | 12.70M | 8.44M |
| Other Long-Term Assets | 3.54M | 2.52M | 1.95M | 33.71M | 34.83M | 34.59M |
| Total Assets | 1.17B | 1.17B | 1.13B | 1.11B | 1.10B | 1.10B |
| Current Portion of Long-Term Debt | 35.00K | 17.62M | 56.69M | 19.61M | 265.00M | |
| Current Portion of Leases | 249.00K | 333.00K | ||||
| Long-Term Debt | 655.08M | 626.78M | 631.09M | 583.48M | 605.82M | 384.70M |
| Long-Term Leases | 965.00K | 947.00K | 839.00K | 833.00K | 864.00K | 231.00K |
| Accounts Payable | 32.00M | 44.70M | 40.65M | 36.40M | 36.02M | 38.69M |
| Accrued Expenses | 1.58M | 1.56M | 997.00K | |||
| Other Current Liabilities | 7.37M | 8.51M | 6.03M | 6.01M | 5.37M | |
| Other Long-Term Liabilities | 9.99M | 9.65M | 9.29M | 8.61M | 8.43M | 8.07M |
| Total Liabilities | 698.32M | 707.40M | 690.80M | 693.62M | 678.31M | 703.05M |
| Common Stock | 51.00K | 51.00K | 51.00K | 50.00K | 49.00K | 48.00K |
| Additional Paid-In Capital | 640.46M | 641.23M | 637.95M | 628.08M | 624.78M | 623.46M |
| Retained Earnings | -179.49M | -183.59M | -205.56M | -216.96M | -212.37M | -223.97M |
| Comprehensive Income & Other | 2.79M | 391.00K | 5.71M | 2.58M | 5.98M | -6.75M |
| Total Common Equity | 463.81M | 458.09M | 438.15M | 413.74M | 418.45M | 392.78M |
| Minority Interest | 5.85M | 5.77M | 5.68M | 5.88M | 6.01M | 6.25M |
| Shareholders' Equity | 469.67M | 463.86M | 443.83M | 419.62M | 424.45M | 399.04M |
| Total Liabilities & Equity | 1.17B | 1.17B | 1.13B | 1.11B | 1.10B | 1.10B |
| Total Debt | 656.32M | 645.68M | 632.36M | 641.00M | 626.29M | 649.93M |
| Net Cash (Debt) | -647.44M | -639.92M | -621.34M | -633.82M | -614.06M | -634.21M |
| Net Cash Per Share | -12.33 | -12.23 | -12.10 | -12.47 | -12.29 | -13.69 |
| Filing Date Shares Outstanding | 51.39M | 51.39M | 50.89M | 49.96M | 49.42M | 49.15M |
| Total Common Shares Outstanding | 51.39M | 51.09M | 50.69M | 49.61M | 49.42M | 49.14M |
| Book Value Per Share | 9.02 | 8.97 | 8.64 | 8.34 | 8.47 | 7.99 |
| Tangible Book Value | 463.81M | 458.09M | 438.15M | 413.74M | 418.45M | 392.78M |
| Tangible Book Value Per Share | 9.02 | 8.97 | 8.64 | 8.34 | 8.47 | 7.99 |
| Land | 359.23M | |||||
| Buildings | 971.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 50.37M | 49.93M | 36.89M | 19.18M | 35.27M | 12.05M |
| Depreciation & Amortization | 36.66M | 36.02M | 34.98M | 33.06M | 31.71M | 28.95M |
| Other Amortization | 1.55M | 1.34M | 1.11M | 1.09M | 1.10M | 1.10M |
| Gain (Loss) on Sale of Assets | -29.60M | -29.72M | -21.58M | -8.48M | -16.76M | -176.00K |
| Gain (Loss) on Sale of Investments | -2.08M | -2.08M | 108.00K | 89.00K | ||
| Stock-Based Compensation | 5.46M | 5.32M | 4.58M | 3.73M | 1.51M | 5.91M |
| Income (Loss) on Equity Investments | 28.00K | 3.15M | -347.00K | -698.00K | ||
| Change in Accounts Receivable | -4.46M | -4.12M | -4.46M | -6.11M | -4.86M | 192.00K |
| Change in Accounts Payable | -5.62M | -2.77M | -220.00K | 355.00K | -2.77M | 2.66M |
| Change in Other Net Operating Assets | -3.60M | -5.50M | 5.93M | 406.00K | -2.22M | -1.32M |
| Other Operating Activities | 1.53M | 1.47M | -269.00K | 270.00K | 530.00K | -1.63M |
| Operating Cash Flow | 51.25M | 50.77M | 58.23M | 47.60M | 44.43M | 47.04M |
| Acquisition of Real Estate Assets | -113.04M | -110.52M | -78.16M | -42.53M | -40.44M | -91.23M |
| Sale of Real Estate Assets | 42.23M | 42.23M | 52.00M | 19.85M | 33.72M | |
| Net Sale / Acq. of Real Estate Assets | -70.81M | -68.28M | -26.16M | -22.68M | -6.71M | -91.23M |
| Investment in Marketable & Equity Securities | 33.35M | 33.35M | ||||
| Other Investing Activities | 13.63M | 13.63M | 10.15M | -13.63M | 1.83M | |
| Investing Cash Flow | -23.82M | -21.30M | -16.01M | -36.31M | -6.71M | -89.40M |
| Long-Term Debt Issued | 375.00M | 76.34M | 42.50M | |||
| Long-Term Debt Repaid | -375.82M | -87.04M | -30.96M | -19.47M | -3.26M | |
| Net Debt Issued (Repaid) | 308.00K | -821.00K | -10.70M | 11.54M | -19.47M | -3.26M |
| Issuance of Common Stock | 7.62M | 55.98M | ||||
| Repurchase of Common Stock | -2.69M | -2.27M | -2.64M | -525.00K | -537.00K | -691.00K |
| Common Dividends Paid | -27.85M | -27.41M | -24.57M | -23.68M | -22.96M | -19.32M |
| Other Financing Activities | -6.99M | -6.99M | -1.19M | -332.00K | -4.31M | -394.00K |
| Net Cash Flow | -9.80M | -8.01M | 10.73M | -1.72M | -9.56M | -10.04M |
| Levered Free Cash Flow | 105.92M | 107.75M | 17.43M | 30.68M | 39.97M | 45.05M |
| Unlevered Free Cash Flow | 125.60M | 127.45M | 37.60M | 50.13M | 55.87M | 59.30M |
| Cash Interest Paid | 33.57M | 33.58M | 33.66M | 31.14M | 26.49M | 23.68M |
| Cash Income Tax Paid | 457.00K | 457.00K | 432.00K | 435.00K | 366.00K | 364.00K |
| Change in Working Capital | -13.68M | -12.39M | 1.26M | -5.35M | -9.85M | 1.54M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 988.01M | 708.67M | 717.66M | 609.41M | 476.08M | 497.52M |
| Enterprise Value | 1.64B | 1.35B | 1.36B | 1.23B | 1.11B | 1.12B |
| Last Close Price | 18.99 | 13.67 | 13.37 | 11.17 | 8.34 | 8.38 |
| Price/FFO Ratio | 13.27 | 13.65 | 12.69 | 8.10 | ||
| Price/AFFO Ratio | 13.25 | 13.71 | 12.67 | 8.10 | ||
| PE Ratio | 19.83 | 14.19 | 19.45 | 31.77 | 13.50 | 41.29 |
| PS Ratio | 6.02 | 4.41 | 4.65 | 4.24 | 3.41 | 3.95 |
| PB Ratio | 2.10 | 1.53 | 1.62 | 1.45 | 1.12 | 1.25 |
| P/OCF Ratio | 19.28 | 13.96 | 12.32 | 12.80 | 10.71 | 10.58 |
| EV/Sales Ratio | 9.96 | 8.40 | 8.79 | 8.58 | 7.94 | 8.90 |
| EV/EBITDA Ratio | 17.94 | 15.08 | 15.92 | 15.96 | 14.15 | 17.50 |
| EV/EBIT Ratio | 30.00 | 25.23 | 27.01 | 27.89 | 23.76 | 31.90 |
| Debt / Equity Ratio | 1.40 | 1.39 | 1.43 | 1.53 | 1.48 | 1.63 |
| Debt / EBITDA Ratio | 7.17 | 7.18 | 7.42 | 8.29 | 7.93 | 9.98 |
| Net Debt / Equity Ratio | 1.38 | 1.38 | 1.40 | 1.51 | 1.45 | 1.59 |
| Net Debt / EBITDA Ratio | 7.10 | 7.14 | 7.29 | 8.20 | 7.83 | 9.89 |
| Asset Turnover | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 |
| Quick Ratio | 1.44 | 0.62 | 1.85 | 0.39 | 0.62 | 0.13 |
| Current Ratio | 1.49 | 0.73 | 2.13 | 0.63 | 0.85 | 0.17 |
| Return on Equity (ROE) | 11.26% | 11.14% | 8.66% | 4.61% | 8.70% | 2.83% |
| Return on Assets (ROA) | 2.97% | 2.90% | 2.79% | 2.50% | 2.65% | 2.05% |
| Return on Invested Capital (ROIC) | 4.83% | 4.86% | 4.64% | 4.09% | 4.40% | 3.31% |
| Earnings Yield | 5.10% | 7.04% | 5.14% | 3.15% | 7.41% | 2.42% |
| Dividend Yield | 3.00% | 3.89% | 3.47% | 3.91% | 4.85% | 4.23% |
| Payout Ratio | 53.26% | 54.89% | 66.60% | 123.48% | 65.09% | 160.36% |
| Buyback Yield / Dilution | -1.81% | -1.89% | -1.05% | -1.73% | -7.80% | -7.78% |
| Total Shareholder Return | 1.19% | 2.01% | 2.42% | 2.18% | -2.95% | -3.55% |