Whitestone REIT's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Whitestone REIT reported revenue of $160.9M (+4.3% year on year) and net income of $50.6M (+35.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental(1) | $159.3M | $151.3M | $145.7M | $138.2M |
| Management, transaction, and other fees | $1.6M | $3.0M | $1.3M | $1.2M |
| Total revenues | $160.9M | $154.3M | $147.0M | $139.4M |
| Depreciation and amortization | $35.9M | $34.9M | $33.0M | $31.7M |
| Operating and maintenance | $31.8M | $28.2M | $27.9M | $25.7M |
| Real estate taxes | $18.3M | $17.8M | $18.0M | $17.6M |
| General and administrative | $21.2M | $23.2M | $20.7M | $18.1M |
| Total operating expenses | $107.3M | $104.1M | $99.6M | $93.1M |
| Interest expense | $33.7M | $34.0M | $32.9M | $27.2M |
| Extinguishment of debt cost | $798.0K | — | — | $0 |
| Gain on sale of properties | ($30.0M) | ($22.1M) | ($9.0M) | ($16.9M) |
| Loss on disposal of assets, net | $239.0K | $547.0K | $522.0K | $192.0K |
| Gain on partnership redemption | ($2.1M) | — | — | — |
| Interest, dividend and other investment income | ($138.0K) | ($87.0K) | ($51.0K) | ($65.0K) |
| Total other expenses | $2.5M | $12.4M | $24.3M | $10.4M |
| Income before equity investment in real estate partnership and income tax | $51.0M | $37.9M | $23.1M | $36.0M |
| Deficit in earnings of real estate partnership | $0 | ($28.0K) | ($3.2M) | $239.0K |
| Provision for income tax | ($482.0K) | ($450.0K) | ($450.0K) | ($422.0K) |
| Net income attributable to Whitestone REIT | $49.9M | $36.9M | $19.2M | $35.3M |
| 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 |
| Diluted Earnings Per Share: (in dollars per share) | $0.95 | $0.72 | $0.38 | $0.71 |
| Basic (in shares) | 51.0M | 50.2M | 49.5M | 49.3M |
| Diluted (in shares) | 52.3M | 51.3M | 50.8M | 50.0M |
| Net income | $50.6M | $37.4M | $19.4M | $35.8M |
| Unrealized gain (loss) on cash flow hedging activities | ($5.4M) | $3.2M | ($3.5M) | $12.9M |
| Comprehensive income | $45.2M | $40.6M | $16.0M | $48.7M |
| Less: Net income attributable to noncontrolling interests | $630.0K | $480.0K | $270.0K | $530.0K |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | ($68.0K) | $41.0K | ($48.0K) | $191.0K |
| Comprehensive income attributable to Whitestone REIT | $44.6M | $40.0M | $15.8M | $48.0M |
| Rental revenues | $113.4M | $108.9M | $105.5M | $101.1M |
| Recoveries | $46.7M | $43.6M | $41.1M | $38.2M |
| Bad debt | ($877.0K) | ($1.2M) | ($951.0K) | ($1.2M) |
| Total rental | $159.3M | $151.3M | $145.7M | — |
| Line item | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 | Mar 31, 2025 · Q1 |
|---|---|---|---|---|
| Rental (1) | $40.9M | $40.8M | $37.7M | $37.4M |
| Other revenue | $492.0K | $220.0K | $211.0K | $608.0K |
| Total revenues | $41.4M | $41.0M | $37.9M | $38.0M |
| Depreciation and amortization | $10.0M | $8.3M | $8.5M | $9.3M |
| Operating and maintenance | $7.4M | $7.9M | $7.2M | $7.0M |
| Real estate taxes | $5.1M | $5.3M | $4.0M | $4.3M |
| General and administrative | $6.0M | $5.3M | $4.9M | $5.4M |
| Total operating expenses | $28.5M | $26.9M | $24.6M | $26.0M |
| Interest expense | $8.4M | $8.7M | $8.3M | $8.1M |
| Loss on disposal of assets, net | $215.0K | ($14.0M) | ($207.0K) | $0 |
| Interest, dividend and other investment income | ($9.0K) | ($5.0K) | ($35.0K) | ($100.0K) |
| Total other expenses | $8.6M | ($4.6M) | $8.1M | $8.1M |
| Income before income tax | $4.3M | — | — | — |
| Provision for income tax | ($132.0K) | ($131.0K) | ($94.0K) | ($127.0K) |
| Net income attributable to Whitestone REIT | $4.1M | $18.3M | $5.1M | $3.7M |
| Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.08 | $0.36 | $0.10 | $0.07 |
| Basic (in shares) | 51.4M | 51.0M | 50.9M | 50.9M |
| Diluted (in shares) | 52.8M | 52.1M | 51.9M | 52.0M |
| Net income | $4.2M | $18.6M | $5.1M | $3.7M |
| Amount Recognized as Comprehensive income | $2.4M | ($831.0K) | ($2.0M) | ($3.5M) |
| Comprehensive income | $6.6M | $17.7M | $3.2M | $222.0K |
| Less: Net income attributable to noncontrolling interests | $51.0K | $232.0K | $64.0K | $47.0K |
| Less: Comprehensive gain (loss) attributable to noncontrolling interests | $30.0K | ($10.0K) | ($25.0K) | ($44.0K) |
| Comprehensive income attributable to Whitestone REIT | $6.5M | $17.5M | $3.1M | $219.0K |
| Rental revenues | $29.1M | $28.5M | $27.9M | $27.2M |
| Recoveries | $12.3M | $12.4M | $10.2M | $10.5M |
| Bad debt | ($490.0K) | ($55.0K) | ($405.0K) | ($319.0K) |
| Total rental | $40.9M | $40.8M | $37.7M | $37.4M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Property | $1.4B | $1.2B | $1.2B | $1.2B |
| Accumulated depreciation | ($264.9M) | ($246.5M) | ($229.8M) | ($208.3M) |
| Total real estate assets | $1.1B | $1.0B | $991.7M | $990.8M |
| Cash and cash equivalents | $4.9M | $5.2M | $4.6M | $6.2M |
| Restricted cash | $2.5M | $10.1M | $68.0K | $189.0K |
| Escrows and deposits | $5.2M | $4.0M | $24.1M | $12.8M |
| Accrued rents and accounts receivable, net of allowance for doubtful accounts | $37.4M | $33.8M | $30.6M | $25.6M |
| Receivable | $1.3M | $32.9M | $1.5M | — |
| Unamortized lease commissions, legal fees and loan costs | $17.9M | $14.7M | $13.8M | $12.7M |
| Prepaid expenses and other assets(1) | $3.9M | $7.8M | $4.8M | $7.8M |
| Finance lease right-of-use assets | $10.3M | $10.4M | $10.4M | $10.5M |
| Total assets | $1.2B | $1.1B | $1.1B | $1.1B |
| Notes payable | $643.9M | $631.5M | $640.2M | $625.4M |
| Accounts payable and accrued expenses(2) | $45.7M | $40.7M | $36.5M | $36.2M |
| Payable due to related party | $0 | $1.6M | $1.6M | $1.6M |
| Tenants' security deposits | $9.7M | $9.3M | $8.6M | $8.4M |
| Dividends and distributions payable | $7.4M | $6.9M | $6.0M | $6.0M |
| Finance lease liabilities | $741.0K | $781.0K | $721.0K | $735.0K |
| Total liabilities | $707.4M | $690.8M | $693.6M | $678.3M |
| 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 | $0.00 | $0.00 | $0.00 | $0.00 |
| 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 | $51000.00 | $51000.00 | $50000.00 | $49000.00 |
| Additional paid-in capital | $641.2M | $637.9M | $628.1M | $624.8M |
| Accumulated deficit | ($183.6M) | ($205.6M) | ($217.0M) | ($212.4M) |
| Accumulated other comprehensive income | $391.0K | $5.7M | $2.6M | $6.0M |
| Total Whitestone REIT shareholders' equity | $458.1M | $438.2M | $413.7M | $418.4M |
| Noncontrolling interest in subsidiary | $5.8M | $5.7M | $5.9M | $6.0M |
| Total equity | $463.9M | $443.8M | $419.6M | $424.5M |
| Total liabilities and equity | $1.2B | $1.1B | $1.1B | $1.1B |
| (1) Operating lease right of use assets (net) | $539.0K | $59.0K | $109.0K | $124.0K |
| (2) Operating lease liabilities | $539.0K | $58.0K | $112.0K | $129.0K |
| Line item | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
|---|---|---|---|---|
| Property | $1.4B | $1.3B | $1.3B | $1.3B |
| Accumulated depreciation | ($273.5M) | ($259.5M) | ($257.0M) | ($254.8M) |
| Total real estate assets | $1.1B | $1.0B | $1.0B | $998.8M |
| Cash and cash equivalents | $6.0M | $6.8M | $5.3M | $5.6M |
| Restricted cash | $0 | $0 | $0 | $10.2M |
| Escrows and deposits | $1.6M | $4.3M | $2.7M | $894.0K |
| Accrued rents and accounts receivable, net of allowance for doubtful accounts | $37.4M | $34.1M | $32.5M | $33.9M |
| Unamortized lease commissions, legal fees and loan costs | $17.7M | $17.3M | $14.7M | $14.3M |
| Prepaid expenses and other assets (1) | $6.9M | $4.7M | $6.0M | $6.0M |
| Finance lease right-of-use assets | $10.3M | $10.3M | $10.4M | $10.4M |
| Total assets | $1.2B | $1.1B | $1.2B | $1.1B |
| Notes payable | $655.1M | $641.6M | $670.3M | $641.3M |
| Accounts payable and accrued expenses (2) | $32.5M | $40.9M | $33.5M | $30.4M |
| Tenants' security deposits | $10.0M | $9.5M | $9.4M | $9.2M |
| Dividends and distributions payable (3) | $0 | $7.0M | $7.0M | $7.0M |
| Finance lease liabilities | $732.0K | $751.0K | $760.0K | $772.0K |
| Total liabilities | $698.3M | $701.2M | $722.5M | $690.1M |
| Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025 | $0.00 | $0.00 | $0.00 | $0.00 |
| Common shares, $0.001 par value per share; 400,000,000 shares authorized; 51,393,977 and 51,088,833 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | $51000.00 | $51000.00 | $51000.00 | $51000.00 |
| Additional paid-in capital | $640.5M | $639.1M | $637.7M | $637.5M |
| Accumulated deficit | ($179.5M) | ($199.1M) | ($210.6M) | ($208.8M) |
| Accumulated other comprehensive income | $2.8M | ($520.0K) | $301.0K | $2.2M |
| Total Whitestone REIT shareholders' equity | $463.8M | $439.5M | $427.5M | $431.0M |
| Noncontrolling interest in subsidiary | $5.8M | $5.6M | $5.5M | $5.5M |
| Total equity | $469.7M | $445.1M | $433.0M | $436.6M |
| Total liabilities and equity | $1.2B | $1.1B | $1.2B | $1.1B |
| (1) Operating lease right-of-use assets (net) | $483.0K | $1.2M | $1.3M | $52.0K |
| (2) Operating lease liabilities | $482.0K | $1.2M | $1.3M | $51.0K |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $50.6M | $37.4M | $19.4M | $35.8M |
| Depreciation and amortization | $35.9M | $34.9M | $33.0M | $31.7M |
| Amortization of deferred loan costs | $1.3M | $1.1M | $1.1M | $1.1M |
| Gain on sale of properties | ($30.0M) | ($22.1M) | ($9.0M) | ($16.9M) |
| Gain on partnership redemption | ($2.1M) | — | — | — |
| Loss on disposal of assets, net | $239.0K | $547.0K | $522.0K | $192.0K |
| Bad debt | $877.0K | $1.2M | $951.0K | $1.2M |
| Accretion of debt discount | $38.0K | — | — | — |
| Share-based compensation | $5.3M | $4.6M | $3.7M | $1.5M |
| Deficit in earnings of real estate partnership | $0 | $28.0K | $3.2M | ($239.0K) |
| Amortization of right-of-use assets - finance leases | $93.0K | $87.0K | $94.0K | — |
| Extinguishment of debt cost | $798.0K | — | — | $0 |
| Escrows and deposits | ($1.2M) | $6.5M | $2.3M | ($1.5M) |
| Accrued rents and accounts receivable | ($4.3M) | ($4.4M) | ($6.0M) | ($4.3M) |
| Receivable due from related party | $224.0K | ($40.0K) | ($136.0K) | ($530.0K) |
| Unamortized lease commissions, legal fees and loan costs | ($3.6M) | ($3.5M) | ($4.6M) | ($3.4M) |
| Prepaid expenses and other assets | ($1.0M) | $2.3M | $2.5M | $1.7M |
| Accounts payable and accrued expenses | ($2.8M) | ($220.0K) | $355.0K | ($2.8M) |
| Payable due to related party | ($42.0K) | $0 | $16.0K | $564.0K |
| Tenants' security deposits | $357.0K | $681.0K | $186.0K | $358.0K |
| Net cash provided by operating activities | $50.8M | $58.2M | $47.6M | $44.4M |
| Acquisitions of real estate | ($86.2M) | ($55.8M) | ($25.5M) | ($17.0M) |
| Additions to real estate | ($24.4M) | ($22.4M) | ($17.1M) | ($13.7M) |
| Proceeds from sales of properties | $42.2M | $52.0M | $19.8M | $33.7M |
| Proceeds from sale of property held in restricted cash (1031 exchange) | $0 | $10.1M | — | — |
| Escrowed loan repayment on behalf of real estate partnership | $0 | $0 | ($13.6M) | — |
| Receipt of funds from real estate partnership for loan repayment | $13.6M | — | — | — |
| Proceeds from partnership redemption | $33.4M | — | — | — |
| Net cash used in investing activities | ($21.3M) | ($16.0M) | ($36.3M) | ($6.7M) |
| Distributions paid to common shareholders | ($27.4M) | ($24.6M) | ($23.7M) | ($23.0M) |
| Distributions paid to OP unit holders | ($348.0K) | ($321.0K) | ($332.0K) | ($346.0K) |
| Proceeds from issuance of common shares, net of offering costs | 0 | 7.6M | 0 | 0 |
| Payments of exchange offer costs | $0 | ($81.0K) | $0 | ($335.0K) |
| Net proceeds from (payment of) revolving credit facility | ($73.2M) | ($21.0M) | $42.5M | ($16.0M) |
| Proceeds from notes payable | $0 | $76.3M | — | $0 |
| Repayments of notes payable | ($17.6M) | ($66.0M) | ($30.9M) | ($3.5M) |
| Payments of loan origination costs | ($6.6M) | ($789.0K) | $0 | ($3.6M) |
| Repurchase of common shares | -2.3M | -2.6M | -525.0K | -537.0K |
| Proceeds from borrowings under unsecured term loan | $375.0M | — | — | — |
| Repayment of borrowings under unsecured term loan | ($285.0M) | — | — | — |
| Payment of finance lease liability | ($40.0K) | ($26.0K) | ($14.0K) | — |
| Net cash used in financing activities | ($37.5M) | ($31.5M) | ($13.0M) | ($47.3M) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($8.0M) | $10.7M | ($1.7M) | ($9.6M) |
| Cash, cash equivalents and restricted cash at beginning of period | $15.4M | $4.6M | $6.4M | $15.9M |
| Cash, cash equivalents and restricted cash at end of period (1) | $7.4M | $15.4M | $4.6M | $6.4M |
| Line item | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD | Mar 31, 2025 · Q1 |
|---|---|---|---|---|
| Net income | $4.2M | $27.4M | $8.9M | $3.7M |
| Depreciation and amortization | $10.0M | $26.2M | $17.8M | $9.3M |
| Amortization of deferred loan costs | $483.0K | $858.0K | $561.0K | $280.0K |
| Loss on disposal of assets, net | $215.0K | $97.0K | $153.0K | $100.0K |
| Bad debt | $490.0K | $779.0K | $724.0K | $319.0K |
| Accretion of debt discount | $58.0K | — | — | — |
| Share-based compensation | $1.1M | $3.3M | $2.0M | $981.0K |
| Amortization of right-of-use assets - finance leases | $26.0K | $86.0K | $60.0K | $34.0K |
| Escrows and deposits | $3.6M | ($437.0K) | $1.3M | $3.1M |
| Accrued rents and accounts receivable | ($478.0K) | ($1.0M) | $655.0K | ($364.0K) |
| Receivable due from related party | $0 | $226.0K | $227.0K | $228.0K |
| Unamortized lease commissions, legal fees and loan costs | ($994.0K) | ($2.2M) | ($1.3M) | ($728.0K) |
| Prepaid expenses and other assets | ($529.0K) | ($1.9M) | ($2.3M) | ($1.8M) |
| Accounts payable and accrued expenses | ($14.9M) | ($5.3M) | ($11.7M) | ($12.0M) |
| Payable due to related party | $0 | ($42.0K) | ($42.0K) | ($42.0K) |
| Tenants' security deposits | $337.0K | $174.0K | $121.0K | ($107.0K) |
| Net cash provided by operating activities | $3.6M | $34.9M | $16.9M | $3.1M |
| Acquisitions of real estate | ($814.0K) | ($47.7M) | ($34.2M) | $0 |
| Additions to real estate | ($5.6M) | ($17.2M) | ($10.2M) | ($3.9M) |
| Net cash used in investing activities | ($6.4M) | ($26.9M) | ($50.3M) | ($3.9M) |
| Distributions paid to common shareholders | ($7.3M) | ($20.5M) | ($13.7M) | ($6.8M) |
| Distributions paid to OP unit holders | ($90.0K) | ($261.0K) | ($174.0K) | ($87.0K) |
| Proceeds from credit facility | $28.0M | ($58.9M) | $56.3M | $27.3M |
| Repayments of notes payable | ($17.1M) | ($17.6M) | ($17.6M) | ($17.6M) |
| Repurchase of common shares | -1.9M | -2.3M | -1.5M | -1.5M |
| Payment of finance lease liability | ($9.0K) | ($30.0K) | ($21.0K) | ($9.0K) |
| Net cash provided by financing activities | $1.5M | ($16.5M) | $23.3M | $1.3M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($1.3M) | ($8.5M) | ($10.0M) | $444.0K |
| Cash, cash equivalents and restricted cash at beginning of period | $7.4M | $15.4M | $15.4M | $15.4M |
| Cash, cash equivalents and restricted cash at end of period (1) | $6.0M | $6.8M | $5.3M | $15.8M |
| Cash paid for interest | $8.0M | $25.3M | $16.5M | $8.0M |
| Disposal of fully depreciated real estate | $390.0K | $330.0K | $280.0K | $0 |
| Value of shares issued under dividend reinvestment plan | 36.0K | 81.0K | 54.0K | 25.0K |
| Value of common shares exchanged for OP units | 0 | 55.0K | 55.0K | 55.0K |
| Change in fair value of cash flow hedge | $2.4M | ($6.3M) | ($5.5M) | ($3.5M) |
| Accrued capital expenditures | $1.7M | $2.4M | $719.0K | $1.7M |
| Cash and cash equivalents | $6.0M | $6.8M | $5.3M | $5.6M |
| Restricted cash | $0 | $0 | $0 | $10.2M |
| Total cash, cash equivalents and restricted cash | $6.0M | $6.8M | $5.3M | $15.8M |
Whitestone REIT score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.