Whitestone REIT (WSR) 10-Year Financial Performance & Capital Metrics

WSR • • REIT / Real Estate

Real EstateRetail REITsOpen-Air Shopping CentersNational Open-Air Retail

AboutWhitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years. Whitestone's strong, balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles.Show more

Revenue $156M +5.1%
FFO $72M +37.6%
FFO/Share 1.40 +36.2%
FFO Payout 34.19% -24.6%
FFO per Share 1.40 +36.2%
NOI Margin 70.43% +2.2%
FFO Margin 46.22% +30.9%
ROE 8.55% +88.0%
ROA 3.28% +89.6%
Debt/Assets 55.73% -3.2%
Net Debt/EBITDA 7.26 -7.2%
Book Value/Share 8.64 +4.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FFO growing 42.1% TTM
✓Sustainable FFO payout ratio of 34.2%
✓High NOI margin of 70.4%
✓Healthy dividend yield of 3.4%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.95%

5Y5.23%

3Y7.47%

TTM4.41%

Profit (Net Income) CAGR

10Y17.14%

5Y9.27%

3Y45.21%

TTM110.58%

EPS CAGR

10Y8.45%

5Y4.78%

3Y40.43%

TTM-20.05%

ROCE

10Y Avg4.22%

5Y Avg4.64%

3Y Avg4.91%

Latest4.92%

Peer Comparison

National Open-Air Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRGKite Realty Group Trust	5.05B	23.34	1261.62	2.29%	16.34%	4.26%	5.5%	0.95
AKRAcadia Realty Trust	2.75B	20.96	110.32	6.2%	4.44%	0.66%	5.11%	0.66
BRXBrixmor Property Group Inc.	7.98B	26.07	23.49	3.21%	24.7%	11.22%	7.83%	1.79
WSRWhitestone REIT	719.38M	14.10	19.58	5.13%	27.99%	9.98%	8.09%	1.42
SITCSITE Centers Corp.	328.94M	6.27	0.64	-38.7%	72.14%	12.2%	17.04%	0.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	93.42M	104.44M	125.96M	119.86M	120.53M	123.56M	125.28M	140.58M	147.92M	155.51M
Revenue Growth %	0.29%	0.12%	0.21%	-0.05%	0.01%	0.03%	0.01%	0.12%	0.05%	0.05%
Property Operating Expenses	31.34M	34.09M	42.11M	37.43M	36.9M	38.58M	39.32M	43.3M	45.96M	45.98M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	40.07M	46.38M	51.19M	48.96M	21.66M	84.99M	51.58M	49.77M	53.62M	58.08M
G&A Expenses	20.31M	23.92M	23.95M	23.28M	21.66M	21.3M	22.63M	18.07M	20.65M	23.19M
EBITDA+	41.77M	106.82M	127.53M	119.22M	88.7M	60.6M	63.33M	79.22M	81.4M	86.43M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	19.76M	82.86M	94.87M	85.75M	26.74M	28.3M	28.95M	31.71M	33.06M	34.98M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	22.01M	23.97M	32.66M	33.47M	61.96M	0	34.38M	47.51M	48.34M	51.45M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	14.91M	19.24M	23.65M	25.18M	26.29M	25.77M	24.56M	27.19M	32.87M	34.03M
Interest Coverage	1.48x	1.25x	1.38x	1.33x	2.36x	-	1.40x	1.75x	1.47x	1.51x
Non-Operating Income	-128K	-3.67M	35K	13.74M	26.74M	-32.3M	-991K	-15.91M	-4.43M	-20.41M
Pretax Income+	7.23M	8.42M	9.25M	22.33M	24.03M	6.53M	10.8M	36.22M	19.9M	37.82M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	372K	289K	386K	347K	400K	379K	385K	422K	450K	450K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	6.75M	7.93M	8.33M	21.43M	23.68M	6.03M	12.05M	35.27M	19.18M	36.89M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.11%	0.18%	0.05%	1.57%	0.11%	-0.75%	1%	1.93%	-0.46%	0.92%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.14%	2.42%	0.14%	0.04%	-0.53%	-0.32%	0.19%	0.63%	-0.22%	0.38%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.24	0.26	0.22	0.53	0.57	0.14	0.26	0.71	0.38	0.72
EPS Growth %	-0.25%	0.08%	-0.15%	1.41%	0.08%	-0.75%	0.86%	1.73%	-0.46%	0.89%
EPS (Basic)	0.25	0.26	0.22	0.55	0.59	0.14	0.26	0.72	0.39	0.73
Diluted Shares Outstanding	25.68M	28.38M	36.26M	40.61M	41.46M	42.99M	46.34M	49.95M	50.81M	51.35M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	783.88M	855.21M	1.07B	1.03B	1.06B	1.05B	1.1B	1.1B	1.11B	1.13B
Asset Growth %	0.24%	0.09%	0.25%	-0.04%	0.03%	-0.01%	0.05%	0%	0.01%	0.02%
Real Estate & Other Assets+	9.54M	8.08M	8.42M	945.64M	8.96M	7.69M	8.44M	1.01B	35.2M	1.02B
PP&E (Net)	745.96M	813.05M	1.02B	938.94M	963.35M	943.31M	1.01B	10.52M	980.82M	10.49M
Investment Securities	435K	517K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets+	27.95M	34.07M	44.89M	57M	49.85M	60.03M	52.25M	46.13M	65.55M	100.03M
Cash & Equivalents	2.59M	4.17M	7.82M	13.66M	15.53M	25.78M	15.72M	6.17M	4.57M	5.22M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	9.46M	9.44M	8.12M	15.64M	11.71M	11.38M	14.34M	13.02M	26.26M	14.15M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	536.89M	587.57M	713.41M	669.72M	703.16M	706.68M	703.05M	678.31M	693.62M	690.8M
Total Debt+	499.75M	544.02M	659.07M	618.21M	651.69M	659.45M	649.93M	626.16M	640.89M	632.36M
Net Debt	497.16M	539.85M	651.25M	604.55M	636.16M	633.67M	634.21M	620M	636.32M	627.13M
Long-Term Debt	499.75M	544.02M	659.07M	618.21M	650.36M	658.85M	384.7M	625.43M	576.34M	631.52M
Short-Term Borrowings	0	0	1000K	0	0	0	1000K	0	1000K	0
Capital Lease Obligations	0	0	0	0	1.33M	603K	231K	735K	721K	839K
Total Current Liabilities+	31.89M	37.42M	47.46M	45.39M	44.85M	40.31M	310.05M	44.46M	107.96M	49.15M
Accounts Payable	24.05M	28.69M	35.54M	33.73M	32.34M	35.65M	38.69M	36.15M	28.8M	40.65M
Deferred Revenue	-497.17M	-541.42M	0	-618.21M	0	0	0	0	0	0
Other Liabilities	5.25M	6.13M	6.88M	6.13M	6.62M	6.92M	8.07M	8.43M	8.61M	9.29M
Total Equity+	246.99M	267.64M	358.32M	359.15M	353.1M	338.33M	399.04M	424.45M	419.62M	443.83M
Equity Growth %	0.16%	0.08%	0.34%	0%	-0.02%	-0.04%	0.18%	0.06%	-0.01%	0.06%
Shareholders Equity	242.97M	255.69M	347.6M	350.46M	345.32M	332.08M	392.78M	418.45M	413.74M	438.15M
Minority Interest	4.02M	11.96M	10.71M	8.69M	7.78M	6.24M	6.25M	6.01M	5.88M	5.68M
Common Stock	27K	29K	38K	39K	41K	42K	48K	49K	50K	51K
Additional Paid-in Capital	359.97M	396.49M	521.31M	527.66M	554.82M	562.25M	623.46M	624.78M	628.08M	637.95M
Retained Earnings	-116.89M	-141.69M	-176.68M	-181.36M	-204.05M	-215.81M	-223.97M	-212.37M	-216.96M	-205.56M
Preferred Stock	0	859K	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.03%	0.02%	0.03%
Return on Equity (ROE)	0.03%	0.03%	0.03%	0.06%	0.07%	0.02%	0.03%	0.09%	0.05%	0.09%
Debt / Assets	0.64%	0.64%	0.61%	0.6%	0.62%	0.63%	0.59%	0.57%	0.58%	0.56%
Debt / Equity	2.02x	2.03x	1.84x	1.72x	1.85x	1.95x	1.63x	1.48x	1.53x	1.42x
Net Debt / EBITDA	11.90x	5.05x	5.11x	5.07x	7.17x	10.46x	10.01x	7.83x	7.82x	7.26x
Book Value per Share	9.62	9.43	9.88	8.84	8.52	7.87	8.61	8.50	8.26	8.64

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	36.18M	39.18M	40.96M	39.56M	47.75M	42.78M	48.87M	44.43M	47.6M	58.23M
Operating CF Growth %	0.41%	0.08%	0.05%	-0.03%	0.21%	-0.1%	0.14%	-0.09%	0.07%	0.22%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	6.85M	8.13M	8.87M	21.98M	23.63M	6.15M	10.42M	35.8M	19.45M	37.37M
Depreciation & Amortization	19.76M	22.46M	27.24M	25.68M	26.74M	28.3M	28.95M	31.71M	33.06M	34.98M
Stock-Based Compensation	7.34M	10.23M	10.41M	6.74M	6.48M	6.06M	5.91M	1.51M	3.73M	4.58M
Other Non-Cash Items	1.51M	1.95M	1.79M	1.09M	1.09M	1.11M	-2.16M	-14.74M	-3.29M	-19.96M
Working Capital Changes	-1.41M	-1.91M	-9.95M	-5.69M	-2.9M	-3.25M	4.79M	-9.85M	-5.35M	1.26M
Cash from Investing+	-160.17M	-75.75M	-142.5M	10.78M	-41.79M	-6.44M	-91.23M	-6.71M	-36.31M	-16.01M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-160.79M	-82.65M	-145.44M	-11.64M	-48.05M	-7.36M	-91.23M	-30.65M	0	0
Sale of Investments	496K	1000K	513K	30K	1000K	922K	0	1000K	0	0
Other Investing	-160.17M	6.9M	26K	9.81M	594K	0	0	-9.79M	-36.31M	-16.01M
Cash from Financing+	122.34M	38.16M	105.19M	-41.76M	-4.1M	-26.02M	32.31M	-47.28M	-13M	-31.49M
Dividends Paid	-28.46M	-31.91M	-40.47M	-44.94M	-45.63M	-25.2M	-19.32M	-22.96M	-23.68M	-24.57M
Common Dividends	-28.46M	-31.91M	-40.47M	-44.94M	-45.63M	-25.2M	-19.32M	-22.96M	-23.68M	-24.57M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-430K	-1000K	-1000K	1000K	-1000K
Share Repurchases	-1.36M	-3.95M	-4.34M	-1.96M	-776K	-2.08M	-691K	-537K	-525K	-2.64M
Other Financing	47.51M	-729K	-1.94M	-1.31M	-4.14M	-554K	-394K	-4.31M	-332K	-1.19M
Net Change in Cash+	-1.65M	1.58M	3.65M	8.58M	1.86M	10.31M	-10.04M	-9.56M	-1.72M	10.73M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	4.24M	2.59M	4.17M	5.21M	13.79M	15.64M	25.96M	15.91M	6.36M	4.64M
Cash at End	2.59M	4.17M	7.82M	13.79M	15.64M	25.96M	15.91M	6.36M	4.64M	15.37M
Free Cash Flow+	-124.49M	-43.47M	-102.08M	40.49M	47.75M	42.78M	48.87M	44.43M	47.6M	58.23M
FCF Growth %	-0.1%	0.65%	-1.35%	1.4%	0.18%	-0.1%	0.14%	-0.09%	0.07%	0.22%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.03	3.2	2.85	2.64	1.22	0.8	0.88	1.34	1.03	1.4
FFO Payout Ratio	107.34%	35.15%	39.21%	41.93%	90.49%	73.4%	47.12%	34.28%	45.34%	34.19%
NOI Margin	66.46%	67.36%	66.57%	68.77%	69.38%	68.78%	68.61%	69.2%	68.93%	70.43%
Net Debt / EBITDA	11.90x	5.05x	5.11x	5.07x	7.17x	10.46x	10.01x	7.83x	7.82x	7.26x
Debt / Assets	63.75%	63.61%	61.5%	60.09%	61.7%	63.11%	58.97%	56.78%	57.57%	55.73%
Interest Coverage	1.48x	1.25x	1.38x	1.33x	2.36x	-	1.40x	1.75x	1.47x	1.51x
Book Value / Share	9.62	9.43	9.88	8.84	8.52	7.87	8.61	8.5	8.26	8.64
Revenue Growth	29.06%	11.8%	20.61%	-4.84%	0.55%	2.52%	1.38%	12.21%	5.22%	5.13%

Frequently Asked Questions

Valuation & Price

Whitestone REIT (WSR) has a price-to-earnings (P/E) ratio of 19.6x. This is roughly in line with market averages.

Growth & Financials

Whitestone REIT (WSR) reported $158.7M in revenue for fiscal year 2024. This represents a 355% increase from $34.9M in 2011.

Whitestone REIT (WSR) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Whitestone REIT (WSR) is profitable, generating $44.4M in net income for fiscal year 2024 (23.7% net margin).

Dividend & Returns

Yes, Whitestone REIT (WSR) pays a dividend with a yield of 3.39%. This makes it attractive for income-focused investors.

Whitestone REIT (WSR) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

Industry Metrics

Whitestone REIT (WSR) generated Funds From Operations (FFO) of $79.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Whitestone REIT (WSR) offers a 3.39% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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