Whitestone REIT Segments Disclosure
17. SEGMENT REPORTING
The Company generates revenue from its portfolio of community and neighborhood shopping centers. The Chief Executive Officer, as the Company’s Chief Operating Decision Maker (CODM), evaluates performance and resource allocation at the portfolio level. The Company does not its operations geographically for performance measurement purposes. As a result, it operates as a single reportable segment (the “Reporting Segment”) under GAAP. The Reporting Segment follows the same accounting policies outlined in the summary of significant accounting policies (see Note 2 for details).
Net income attributable to Whitestone REIT, as shown in the Consolidated Statements of Operations, is a key metric used by the CODM to assess performance and allocate resources. Additionally, total assets, as presented in the Consolidated Balance Sheets, are used to measure the Reporting Segment’s assets.
The table below provides revenues and significant segment expenses (in thousands):
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenues | ||||||||||||
| Total revenues | $ | 160,859 | $ | 154,282 | $ | 146,969 | ||||||
| Less: | ||||||||||||
| Depreciation and amortization | 35,929 | 34,894 | 32,966 | |||||||||
| Operating and maintenance | 31,825 | 28,205 | 27,948 | |||||||||
| Real estate taxes | 18,310 | 17,773 | 18,016 | |||||||||
| General and administrative | 21,218 | 23,189 | 20,653 | |||||||||
| Interest expense | 33,672 | 34,035 | 32,866 | |||||||||
| Extinguishment of debt cost | 798 | — | — | |||||||||
| Gain on sale of properties | (29,957 | ) | (22,125 | ) | (9,006 | ) | ||||||
| Loss on disposal of assets, net | 239 | 547 | 522 | |||||||||
| Gain on partnership redemption | (2,075 | ) | — | — | ||||||||
| Interest, dividend and other investment income | (138 | ) | (87 | ) | (51 | ) | ||||||
| Add: | ||||||||||||
| Deficit in earnings of real estate partnership | — | (28 | ) | (3,155 | ) | |||||||
| Provision for income tax | (482 | ) | (450 | ) | (450 | ) | ||||||
| Net income | 50,556 | 37,373 | 19,450 | |||||||||
| Less: Net income attributable to noncontrolling interests | 630 | 480 | 270 | |||||||||
| Net income attributable to Whitestone REIT | $ | 49,926 | $ | 36,893 | $ | 19,180 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2017 | Mar 6, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.