Whitestone REIT

Listed Company

WSRCIK 0001175535NYSEAcceleratedReal Estate Investment TrustsTexasFY ends Dec 31

Period

FY 2025

Revenue

$160.86M

Net Income

$49.93M

Total Assets

—

Equity

—

Shares Out

51.39M

Op. Cash Flow

$50.77M

Business

Whitestone REIT is a Maryland real estate investment trust that owns and operates commercial retail properties under a Community Centered Property® strategy. It markets, leases, redevelops and manages neighborhood and community retail centers, providing leasing and property management services to tenants such as specialty retailers, grocers, restaurants, medical, educational, financial services and entertainment. Its operations are conducted primarily through Whitestone REIT Operating Partnership, L.P., encompassing acquisition, redevelopment, re-tenanting and asset disposition activities. The company concentrates its portfolio in Texas and Arizona, focusing on Austin, Dallas‑Fort Worth, Houston, Phoenix/Scottsdale and San Antonio markets.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental(1)	159	151	146	138	124
Management, transaction, and other fees	2	3	1	1	1
Total revenues	161	154	147	139	125
Depreciation and amortization	36	35	33	32	29
Operating and maintenance	32	28	28	26	23
Real estate taxes	18	18	18	18	17
General and administrative	21	23	21	18	23
Total operating expenses	107	104	100	93	91
Interest expense	34	34	33	27	—
Extinguishment of debt cost	798,000	0	0	0	0
Gain on sale of properties	−30	−22	−9	−17	−266,000
Loss on disposal of assets, net	239,000	547,000	522,000	192,000	90,000
Gain on partnership redemption	−2	0	0	—	—
Interest, dividend and other investment income	−138,000	−87,000	−51,000	−65,000	−116,000
Total other expenses	3	12	24	10	24
Income before equity investment in real estate partnership and income tax	51	38	23	36	10
Deficit in earnings of real estate partnership	0	−28,000	−3	239,000	609,000
Provision for income tax	−482,000	−450,000	−450,000	−422,000	−385,000
Net income	51	37	19	36	12
Less: Net income attributable to noncontrolling interests	630,000	480,000	270,000	530,000	205,000
Net income attributable to Whitestone REIT	50	37	19	35	12
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share)	0.98	0.73	0.39	0.72	0.26
Diluted Earnings Per Share: (in dollars per share)	0.95	0.72	0.38	0.71	0.26
Basic (in shares)	51	50	50	49	45
Diluted (in shares)	52	51	51	50	46
Unrealized gain (loss) on cash flow hedging activities	−5	3	−3	13	8
Comprehensive income	45	41	16	49	20
Less: Comprehensive income (loss) attributable to noncontrolling interests	−68,000	41,000	−48,000	191,000	130,000
Comprehensive income attributable to Whitestone REIT	45	40	16	48	20
Rental revenues	113	109	105	101	91
Recoveries	47	44	41	38	33
Bad debt	−900,000	−1	−1	−1	100,000

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property	1,354	1,248	1,221	1,199	1,197
Accumulated depreciation	−265	−247	−230	−208	−190
Total real estate assets	1,089	1,002	992	991	1,007
Cash and cash equivalents	5	5	5	6	16
Restricted cash	2	10	68,000	189,000	193,000
Escrows and deposits	5	4	24	13	11
Accrued rents and accounts receivable, net of allowance for doubtful accounts	37	34	31	26	22
Unamortized lease commissions, legal fees and loan costs	18	15	14	13	8
Prepaid expenses and other assets(1)	4	8	5	8	2
Finance lease right-of-use assets	10	10	10	11	0
Total assets	1,171	1,135	1,113	1,103	1,102
Notes payable	644	632	640	625	643
Accounts payable and accrued expenses(2)	46	41	37	36	46
Tenants' security deposits	10	9	9	8	8
Dividends and distributions payable	7	7	6	6	5
Finance lease liabilities	741,000	781,000	721,000	735,000	0
Total liabilities	707	691	694	678	703
Commitments and contingencies:	—	—	—	—	0
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 51,088,833 and 50,690,163 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	51,000	51,000	50,000	49,000	48,000
Additional paid-in capital	641	638	628	625	623
Accumulated deficit	−184	−206	−217	−212	−224
Accumulated other comprehensive income	391,000	6	3	6	−7
Total Whitestone REIT shareholders' equity	458	438	414	418	393
Noncontrolling interest in subsidiary	6	6	6	6	6
Total equity	464	444	420	424	399
Total liabilities and equity	1,171	1,135	1,113	1,103	1,102
(1) Operating lease right of use assets (net)	539,000	59,000	109,000	124,000	222,000
(2) Operating lease liabilities	539,000	58,000	112,000	129,000	231,000

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	36	35	33	32	29
Amortization of deferred loan costs	1	1	1	1	1
Bad debt	877,000	1	951,000	1	−90,000
Accretion of debt discount	38,000	0	0	—	—
Share-based compensation	5	5	4	2	6
Amortization of right-of-use assets - finance leases	93,000	87,000	94,000	0	0
Building improvements received due to lease termination	0	−749,000	0	0	—
Escrows and deposits	−1	7	2	−2	−2
Accrued rents and accounts receivable	−4	−4	−6	−4	704,000
Receivable due from related party	224,000	−40,000	−136,000	−530,000	−512,000
Unamortized lease commissions, legal fees and loan costs	−4	−4	−5	−3	−3
Prepaid expenses and other assets	−1	2	2	2	2
Accounts payable and accrued expenses	−3	−220,000	355,000	−3	3
Payable due to related party	−42,000	0	16,000	564,000	872,000
Tenants' security deposits	357,000	681,000	186,000	358,000	1
Net cash provided by operating activities	51	58	48	44	47
Acquisitions of real estate	−86	−56	−25	−17	−82
Additions to real estate	−24	−22	−17	−14	−10
Proceeds from sales of properties	42	52	20	34	0
Proceeds from sale of property held in restricted cash (1031 exchange)	0	10	0	0	—
Escrowed loan repayment on behalf of real estate partnership	0	0	−14	0	0
Receipt of funds from real estate partnership for loan repayment	14	0	0	—	—
Proceeds from partnership redemption	33	0	0	—	—
Net cash used in investing activities	−21	−16	−36	−7	−91
Distributions paid to common shareholders	−27	−25	−24	−23	−19
Distributions paid to OP unit holders	−348,000	−321,000	−332,000	−346,000	−331,000
Proceeds from issuance of common shares, net of offering costs	0	8	0	0	56
Payments of exchange offer costs	0	−81,000	0	−335,000	−63,000
Net proceeds from (payment of) revolving credit facility	−73	−21	43	−16	0
Proceeds from notes payable	0	76	0	0	0
Repayments of notes payable	−18	−66	−31	−3	−3
Payments of loan origination costs	−7	−789,000	0	−4	0
Repurchase of common shares	−2	−3	−525,000	−537,000	−691,000
Proceeds from borrowings under unsecured term loan	375	0	0	—	—
Repayment of borrowings under unsecured term loan	−285	0	0	—	—
Payment of finance lease liability	−40,000	−26,000	−14,000	0	0
Net cash used in financing activities	−37	−31	−13	−47	32
Net increase (decrease) in cash, cash equivalents and restricted cash	−8	11	−2	−10	−10
Cash paid for interest	34	34	31	26	24
Cash paid for taxes	457,000	432,000	435,000	366,000	364,000
Disposal of fully depreciated real estate	330,000	58,000	976,000	454,000	297,000
Financed insurance premiums	0	3	3	2	2
Value of shares issued under dividend reinvestment plan	112,000	36,000	75,000	67,000	60,000
Change in fair value of cash flow hedge	−5	3	−3	13	—
Recognition of finance lease liability	0	86,000	0	735,000	0
Accrued capital expenditures	3	2	0	0	—
Receivable from partnership redemption	0	32	0	0	—
Building improvements received due to lease termination	0	749,000	0	0	—
Recognition of operating lease liability	606,000	0	0	—	—
Receivable recognized for partnership interest redemption	158,000	0	0	—	—
Note payable assumed through property acquisition	18	0	0	—	—

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