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WSR

Whitestone REIT

WSR

Whitestone REIT • NYSE
$13.29 ▼ -0.60% (-0.08)
Market Cap $678.06 M
52w High $15.36
52w Low $11.43
Dividend Yield 0.54%
P/E 15.45
Volume 93.64K
Outstanding Shares 51.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $41.048M ▲ $13.65M ▲ $18.333M ▲ 44.662% ▲ $-0.17 ▼ $35.685M ▲
Q2-2025 $38.297M ▼ $13.438M ▼ $5.054M ▲ 13.197% ▲ $0.1 ▲ $22.046M ▲
Q1-2025 $38.322M ▼ $14.767M ▲ $3.701M ▼ 9.658% ▼ $0.073 ▼ $21.33M ▼
Q4-2024 $41.035M ▲ $14.231M ▲ $17.337M ▲ 42.249% ▲ $0.34 ▲ $34.579M ▲
Q3-2024 $38.978M $13.799M $7.624M 19.56% $0.15 $25.29M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.848M ▲ $1.146B ▼ $701.226M ▼ $439.491M ▲
Q2-2025 $5.324M ▼ $1.156B ▲ $722.527M ▲ $427.513M ▼
Q1-2025 $5.586M ▲ $1.127B ▼ $690.124M ▼ $431.025M ▼
Q4-2024 $5.224M ▲ $1.135B ▲ $690.805M ▲ $438.153M ▲
Q3-2024 $2.534M $1.113B $687.557M $419.52M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.565M ▲ $17.99M ▲ $23.37M ▲ $-39.836M ▼ $1.524M ▲ $17.99M ▲
Q2-2025 $5.118M ▲ $13.836M ▲ $-46.382M ▼ $22.056M ▲ $-10.49M ▼ $13.836M ▲
Q1-2025 $3.748M ▼ $3.081M ▼ $-3.914M ▼ $1.277M ▲ $444K ▼ $3.081M ▼
Q4-2024 $17.56M ▲ $18.071M ▲ $3.167M ▼ $-8.402M ▲ $12.836M ▲ $18.071M ▲
Q3-2024 $7.723M $16.374M $13.845M $-30.916M $-697K $16.374M

Five-Year Company Overview

Income Statement

Income Statement Whitestone’s income statement shows a steady, gradual build in its core business. Rental revenue has inched higher each year, and profitability has improved more quickly than revenue, suggesting better cost control and more efficient operations. Operating profit and cash-style profit (EBITDA) have both trended upward, showing that the existing property base is being managed more productively. Net income has been a bit bumpy year to year, but the overall direction over the last several years is upward, with recent results noticeably stronger than the early period. This pattern is consistent with a REIT that has tightened its portfolio, raised rents over time, and benefited from healthier Sunbelt markets.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable and gradually strengthening. Total assets have inched up, indicating slow expansion or value gains in the property portfolio rather than aggressive, high-risk growth. Debt levels have stayed broadly flat while equity has grown, meaning the company is, over time, relying a bit less on borrowing and a bit more on its own capital. That points to modestly improving leverage. Cash on hand is lean, which is typical for many REITs that pay out much of their earnings, but it does mean Whitestone depends on steady property cash flows and continued access to financing. Overall, the balance sheet doesn’t look stretched, but it is not overly conservative either.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and has improved over time, which is encouraging for a property-based business that needs reliable income to cover interest, maintenance, and dividends. Free cash flow has closely tracked operating cash flow, reflecting limited reported capital spending in the period. That suggests either a relatively light redevelopment cycle in the reported numbers or that larger projects are financed and timed carefully. The key takeaway is that cash coming in from the properties has been sufficient to support the business, with a slow but visible upward trend that aligns with better earnings.

Competitive Edge

Competitive Edge Whitestone competes in a focused niche: community-oriented, open-air shopping centers in growing Sunbelt cities, especially in Texas and Arizona. Its centers emphasize everyday, service-based tenants—food, fitness, healthcare, and local services—that are harder to replace with online shopping. This makes the portfolio more “internet-resistant” than many traditional retail centers. The strategy of shorter leases allows Whitestone to push rents faster in strong markets, though it also means more frequent leasing work and possible turnover risk. Concentration in a few high-growth regions is a strength when those markets are booming but adds exposure if local economies slow. Its hands-on, curated approach and strong local knowledge differentiate it from more generic, national retail REITs, but the model depends heavily on continued execution and tenant health.

Innovation and R&D

Innovation and R&D Whitestone’s innovation is less about inventing new technology and more about how it uses existing tools and data. The company leans on advanced analytics and third-party platforms to understand where people live, work, and shop, then uses that information to design a tenant mix that fits each neighborhood. Its “re-merchandising” capability—actively swapping and clustering tenants to keep centers relevant—is a practical, ongoing form of innovation. Future efforts appear focused on refining this data-driven approach, selectively redeveloping existing properties, and acquiring centers where it can apply its model. There is no heavy research and development in the traditional sense, but there is a clear commitment to continually upgrading how the portfolio is managed and how tenants are chosen.

Summary

Whitestone REIT combines a steadily improving financial profile with a tightly focused operating strategy. Earnings and cash flow have grown at a measured pace, supported by stable assets, controlled leverage, and disciplined property management. The company’s edge lies in community-centered, service-focused retail in fast-growing Sunbelt markets, backed by intensive data use and hands-on leasing. That focus has created a portfolio that is more resilient to e-commerce trends, though it also concentrates risk in a specific region and tenant type. Going forward, modest balance sheet strengthening, incremental redevelopment, and continued refinement of its tenant mix are likely to be the main levers for growth rather than dramatic transformation. Overall, Whitestone appears to be evolving as a specialized, operationally driven retail REIT with a clear niche and a gradual, improvement-oriented mindset.

NEWS

November 20, 2025 · 7:00 AM UTC

Whitestone REIT Reaches 99% Occupancy at The Promenade at Fulton Ranch in Chandler, Arizona

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November 7, 2025 · 7:00 AM UTC

Whitestone REIT Acquires Primely Located World Cup Plaza in Frisco, Texas

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November 4, 2025 · 4:15 PM UTC

Whitestone REIT Receives Unsolicited, Non-Binding Acquisition Proposal

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November 4, 2025 · 8:00 AM UTC

MCB Real Estate Proposes to Acquire Whitestone REIT for $15.20 Per Share

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November 3, 2025 · 7:00 AM UTC

Whitestone REIT Acquires Grocer-Anchored Ashford Village in Houston

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