Whitestone REIT(WSR)Earnings, Financials & Key Ratios

WSR•NYSE•REIT / Real Estate

$18.95

$974M mkt cap·19.9× P/E·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryOpen-Air Shopping Centers

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$161M+3.4%
FFO$86M+19.5%
FFO/Share1.66+18.3%
FFO Payout0%-100.0%
FFO per Share1.66+18.3%
NOI Margin68.83%-2.3%
FFO Margin53.37%+15.5%
ROE11%+28.7%
ROA4.33%+31.9%
Debt/Assets54.98%-1.4%
Net Debt/EBITDA7.14-1.6%
Book Value/Share8.94+3.5%

Technical→

WSR Key Insights

Whitestone REIT (WSR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y profit CAGR of 52.6%
✓Strong Piotroski F-Score: 7/9
✓FFO growing 19.5% TTM
✓Momentum leader: RS Rating 86 (top 14%)
✓High NOI margin of 68.8%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

WSR Price & Volume

Whitestone REIT (WSR) stock price & volume — 10-year historical chart

Loading chart...

WSR Growth Metrics

Whitestone REIT (WSR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.59%

5 Years5.42%

3 Years4.59%

TTM3.91%

Profit CAGR

10 Years22.15%

5 Years52.6%

3 Years12.28%

TTM35.33%

EPS CAGR

10 Years14.75%

5 Years46.66%

3 Years10.19%

TTM33.46%

Return on Capital

10 Years4.39%

5 Years4.67%

3 Years4.8%

Last Year4.79%

WSR Recent Earnings

Whitestone REIT (WSR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 7/12 qtrs (58%)●Beat Revenue 7/12 qtrs (58%)

Q1 2026Latest

Feb 25, 2026

EPS

$0.28

Est $0.12

+136.7%

Revenue

$43M

Est $41M

+5.5%

Q4 2025

Oct 29, 2025

EPS

$0.26

Est $0.26

+0.0%

Revenue

$41M

Est $41M

-0.5%

Q3 2025

Jul 30, 2025

EPS

$0.26

Est $0.25

+4.0%

Revenue

$38M

Est $39M

-3.7%

Q2 2025

Apr 30, 2025

EPS

$0.25

Est $0.24

+4.2%

Revenue

$38M

Est $39M

-2.4%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 25, 2026	$0.28vs $0.12+136.7%	$43Mvs $41M+5.5%
Q4 2025	Oct 29, 2025	$0.26vs $0.26+0.0%	$41Mvs $41M-0.5%
Q3 2025	Jul 30, 2025	$0.26vs $0.25+4.0%	$38Mvs $39M-3.7%
Q2 2025	Apr 30, 2025	$0.25vs $0.24+4.2%	$38Mvs $39M-2.4%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
WHLRWheeler Real Estate Investment Trust, Inc.Direct Competitor	127.21M	1.19	-0.03	-4.02%	11.86%	12.47%	5.11
NXRTNexPoint Residential Trust, Inc.Direct Competitor	757.54M	29.85	-23.69	-3.24%	-12.67%	-10.13%	5.18
PECOPhillips Edison & Company, Inc.Direct Competitor	5.07B	40.28	45.26	10.72%	15.61%	4.46%	0.96
CTOCTO Realty Growth, Inc.Direct Competitor	692.56M	20.50	256.57	20.1%	7.92%	2.16%	1.14
NTSTNETSTREIT Corp.Direct Competitor	1.72B	20.57	257.13	30%	0.1%	0.01%
KIMKimco Realty CorporationProduct Competitor	16.05B	23.80	28.67	5.06%	28.51%	5.81%	0.82
REGRegency Centers CorporationProduct Competitor	14.48B	79.08	28.04	3.39%	37.4%	9%	0.83
BRXBrixmor Property Group Inc.Product Competitor	9.29B	30.29	24.23	6.73%	31.99%	14.85%	1.95

Compare WSR vs Peers

Whitestone REIT (WSR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WHLR

Most directly comparable listed peer for WSR.

Scale Benchmark

vs SPG

Larger-name benchmark to compare WSR against a more recognizable public peer.

Peer Set

Compare Top 5

vs WHLR, NXRT, PECO, CTO

WSR Income Statement

Whitestone REIT (WSR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	125.96M	119.86M	120.53M	123.56M	125.28M	140.58M	147.92M	155.51M	160.86M
Revenue Growth %	20.61%	-4.84%	0.55%	2.52%	1.38%	12.21%	5.22%	5.13%	3.44%
Property Operating Expenses	42.11M	37.43M	36.9M	38.58M	39.32M	43.3M	45.96M	45.98M	50.13M
Net Operating Income (NOI)	83.85M▲ 0%	82.43M▼ 1.7%	83.62M▲ 1.4%	84.99M▲ 1.6%	85.95M▲ 1.1%	97.28M▲ 13.2%	101.96M▲ 4.8%	109.53M▲ 7.4%	110.72M▲ 1.1%
NOI Margin %	66.57%	68.77%	69.38%	68.78%	68.61%	69.2%	68.93%	70.43%	68.83%
Operating Expenses	51.19M	48.96M	21.66M	84.99M	51.58M	49.77M	53.62M	58.08M	57.15M
G&A Expenses	23.95M	23.28M	21.66M	21.3M	22.63M	18.07M	20.65M	23.19M	21.22M
EBITDA	127.53M	119.22M	88.7M	60.6M	63.33M	79.22M	81.4M	86.43M	89.51M
EBITDA Margin %	101.25%	99.46%	73.6%	49.05%	50.55%	56.35%	55.03%	55.58%	55.64%
Depreciation & Amortization	94.87M	85.75M	26.74M	28.3M	28.95M	31.71M	33.06M	34.98M	35.93M
D&A / Revenue %	75.32%	71.54%	22.19%	22.91%	23.11%	22.55%	22.35%	22.49%	22.34%
Operating Income	32.66M▲ 0%	33.47M▲ 2.5%	61.96M▲ 85.1%	0▼ 100.0%	34.38M▲ 0%	47.51M▲ 38.2%	48.34M▲ 1.7%	51.45M▲ 6.4%	53.58M▲ 4.1%
Operating Margin %	25.93%	27.93%	51.41%	0%	27.44%	33.8%	32.68%	33.08%	33.31%
Interest Expense	23.65M	25.18M	26.29M	25.77M	24.56M	27.19M	32.87M	34.03M	33.67M
Interest Coverage	1.38x	1.89x	1.34x	1.25x	1.44x	2.33x	1.61x	2.11x	2.52x
Non-Operating Income	35K	13.74M	26.74M	-32.3M	-991K	-15.91M	-4.43M	-20.41M	-31.13M
Pretax Income	9.25M▲ 0%	22.33M▲ 141.3%	24.03M▲ 7.6%	6.53M▼ 72.8%	10.8M▲ 65.5%	36.22M▲ 235.2%	19.9M▼ 45.1%	37.82M▲ 90.1%	51.04M▲ 34.9%
Pretax Margin %	7.35%	18.63%	19.94%	5.28%	8.63%	25.77%	13.45%	24.32%	31.73%
Income Tax	386K	347K	400K	379K	385K	422K	450K	450K	482K
Effective Tax Rate %	4.17%	1.55%	1.66%	5.8%	3.56%	1.17%	2.26%	1.19%	0.94%
Net Income	8.33M▲ 0%	21.43M▲ 157.2%	23.68M▲ 10.5%	6.03M▼ 74.5%	12.05M▲ 99.7%	35.27M▲ 192.7%	19.18M▼ 45.6%	36.89M▲ 92.4%	49.93M▲ 35.3%
Net Margin %	6.62%	17.88%	19.65%	4.88%	9.62%	25.09%	12.97%	23.72%	31.04%
Net Income Growth %	5.08%	157.15%	10.51%	-74.52%	99.67%	192.75%	-45.62%	92.35%	35.33%
Funds From Operations (FFO)	103.21M▲ 0%	107.18M▲ 3.8%	50.42M▼ 53.0%	34.34M▼ 31.9%	41M▲ 19.4%	66.98M▲ 63.4%	52.24M▼ 22.0%	71.87M▲ 37.6%	85.86M▲ 19.5%
FFO Margin %	81.94%	89.42%	41.84%	27.79%	32.73%	47.64%	35.32%	46.22%	53.37%
FFO Growth %	13.68%	3.84%	-52.95%	-31.9%	19.4%	63.37%	-22%	37.58%	19.45%
FFO per Share	2.85	2.64	1.22	0.80	0.88	1.34	1.03	1.40	1.66
FFO Payout Ratio %	39.21%	41.93%	90.49%	73.4%	47.12%	34.28%	45.34%	34.19%	0%
EPS (Diluted)	0.22▲ 0%	0.53▲ 140.9%	0.57▲ 7.5%	0.14▼ 75.4%	0.26▲ 85.7%	0.71▲ 173.1%	0.38▼ 46.5%	0.72▲ 89.5%	0.95▲ 31.9%
EPS Growth %	-15.38%	140.91%	7.55%	-75.44%	85.71%	173.08%	-46.48%	89.47%	31.94%
EPS (Basic)	0.22	0.55	0.59	0.14	0.26	0.72	0.39	0.73	0.98
Diluted Shares Outstanding	36.26M	40.61M	41.46M	42.99M	46.34M	49.95M	50.81M	51.35M	51.86M

WSR Balance Sheet

Whitestone REIT (WSR) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	1.07B	1.03B	1.06B	1.05B	1.1B	1.1B	1.11B	1.13B	1.17B
Asset Growth %	25.32%	-4%	2.66%	-1.07%	5.46%	0.06%	0.95%	1.92%	3.23%
Real Estate & Other Assets	8.42M	945.64M	8.96M	7.69M	8.44M	1.01B	35.2M	1.02B	21.8M
PP&E (Net)	1.02B	938.94M	963.35M	943.31M	1.01B	10.52M	980.82M	10.49M	10.31M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Total Current Assets	44.89M	57M	49.85M	60.03M	52.25M	46.13M	65.55M	100.03M	49.98M
Cash & Equivalents	7.82M	13.66M	15.53M	25.78M	15.72M	6.17M	4.57M	5.22M	4.89M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	8.12M	15.64M	11.71M	11.38M	14.34M	13.02M	26.26M	14.15M	7.64M
Intangible Assets	0	0	0	0	0	0	0	0	0
Total Liabilities	713.41M	669.72M	703.16M	706.68M	703.05M	678.31M	693.62M	690.8M	707.4M
Total Debt	659.07M	618.21M	651.69M	659.45M	649.93M	626.16M	640.89M	632.36M	643.92M
Net Debt	651.25M	604.55M	636.16M	633.67M	634.21M	620M	636.32M	627.13M	639.04M
Long-Term Debt	659.07M	618.21M	650.36M	658.85M	384.7M	625.43M	576.34M	631.52M	625.38M
Short-Term Borrowings	659.07M	0	0	0	265M	0	63.83M	0	17.48M
Capital Lease Obligations	0	0	1.33M	603K	231K	735K	833K	839K	3.34M
Total Current Liabilities	47.46M	45.39M	44.85M	40.31M	310.05M	44.46M	107.96M	49.15M	17.48M
Accounts Payable	35.54M	33.73M	32.34M	35.65M	38.69M	36.15M	28.8M	40.65M	0
Deferred Revenue	711.76M	-618.21M	0	0	0	0	0	0	0
Other Liabilities	6.88M	6.13M	6.62M	6.92M	8.07M	8.43M	8.61M	9.29M	61.21M
Total Equity	358.32M▲ 0%	359.15M▲ 0.2%	353.1M▼ 1.7%	338.33M▼ 4.2%	399.04M▲ 17.9%	424.45M▲ 6.4%	419.62M▼ 1.1%	443.83M▲ 5.8%	463.86M▲ 4.5%
Equity Growth %	33.88%	0.23%	-1.69%	-4.18%	17.94%	6.37%	-1.14%	5.77%	4.51%
Shareholders Equity	347.6M	350.46M	345.32M	332.08M	392.78M	418.45M	413.74M	438.15M	458.09M
Minority Interest	10.71M	8.69M	7.78M	6.24M	6.25M	6.01M	5.88M	5.68M	5.77M
Common Stock	38K	39K	41K	42K	48K	49K	50K	51K	51K
Additional Paid-in Capital	521.31M	527.66M	554.82M	562.25M	623.46M	624.78M	628.08M	637.95M	641.23M
Retained Earnings	-176.68M	-181.36M	-204.05M	-215.81M	-223.97M	-212.37M	-216.96M	-205.56M	-183.59M
Preferred Stock	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.86%	2.04%	2.27%	0.57%	1.12%	3.2%	1.73%	3.28%	4.33%
Return on Equity (ROE)	2.66%	5.97%	6.65%	1.75%	3.27%	8.57%	4.54%	8.55%	11%
Debt / Assets	61.5%	60.09%	61.7%	63.11%	58.97%	56.78%	57.57%	55.73%	54.98%
Debt / Equity	1.84x	1.72x	1.85x	1.95x	1.63x	1.48x	1.53x	1.42x	1.39x
Net Debt / EBITDA	5.11x	5.07x	7.17x	10.46x	10.01x	7.83x	7.82x	7.26x	7.14x
Book Value per Share	9.88	8.84	8.52	7.87	8.61	8.50	8.26	8.64	8.94

WSR Cash Flow Statement

Whitestone REIT (WSR) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	40.96M	39.56M	47.75M	42.78M	48.87M	44.43M	47.6M	58.23M	50.77M
Operating CF Growth %	4.54%	-3.42%	20.71%	-10.41%	14.25%	-9.09%	7.13%	22.33%	-12.8%
Operating CF / Revenue %	32.52%	33%	39.62%	34.62%	39.01%	31.61%	32.18%	37.44%	31.56%
Net Income	8.87M	21.98M	23.63M	6.15M	10.42M	35.8M	19.45M	37.37M	50.56M
Depreciation & Amortization	27.24M	25.68M	26.74M	28.3M	28.95M	31.71M	33.06M	34.98M	36.02M
Stock-Based Compensation	10.41M	6.74M	6.48M	6.06M	5.91M	1.51M	3.73M	4.58M	5.32M
Other Non-Cash Items	1.79M	1.09M	1.09M	1.11M	-2.16M	-14.74M	-3.29M	-19.96M	-29.9M
Working Capital Changes	-9.95M	-5.69M	-2.9M	-3.25M	4.79M	-9.85M	-5.35M	1.26M	-11.22M
Cash from Investing	-142.5M	10.78M	-41.79M	-6.44M	-91.23M	-6.71M	-36.31M	-16.01M	-21.3M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0
Purchase of Investments	-145.44M	-11.64M	-48.05M	-7.36M	-91.23M	-30.65M	0	0	-110.52M
Sale of Investments	513K	30K	5.66M	922K	0	33.72M	0	0	89.22M
Other Investing	26K	9.81M	594K	0	0	-9.79M	-36.31M	-16.01M	0
Cash from Financing	105.19M	-41.76M	-4.1M	-26.02M	32.31M	-47.28M	-13M	-31.49M	-37.49M
Dividends Paid	-40.47M	-44.94M	-45.63M	-25.2M	-19.32M	-22.96M	-23.68M	-24.57M	0
Common Dividends	-40.47M	-44.94M	-45.63M	-25.2M	-19.32M	-22.96M	-23.68M	-24.57M	0
Debt Issuance (Net)	1000K	1000K	1000K	-430K	-1000K	-1000K	1000K	-1000K	-1000K
Share Repurchases	-4.34M	-1.96M	-776K	-2.08M	-691K	-537K	-525K	-2.64M	-2.27M
Other Financing	-1.94M	-1.31M	-4.14M	-554K	-394K	-4.31M	-332K	-1.19M	-27.79M
Net Change in Cash	3.65M▲ 0%	8.58M▲ 135.0%	1.86M▼ 78.3%	10.31M▲ 455.4%	-10.04M▼ 197.4%	-9.56M▲ 4.8%	-1.72M▲ 82.1%	10.73M▲ 725.7%	-8.01M▼ 174.7%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0
Cash at Beginning	4.17M	5.21M	13.79M	15.64M	25.96M	15.91M	6.36M	4.64M	15.37M
Cash at End	7.82M	13.79M	15.64M	25.96M	15.91M	6.36M	4.64M	15.37M	7.36M
Free Cash Flow	-102.08M▲ 0%	40.49M▲ 139.7%	47.75M▲ 17.9%	42.78M▼ 10.4%	48.87M▲ 14.3%	44.43M▼ 9.1%	47.6M▲ 7.1%	58.23M▲ 22.3%	50.77M▼ 12.8%
FCF Growth %	-134.83%	139.67%	17.92%	-10.41%	14.25%	-9.09%	7.13%	22.33%	-12.8%
FCF / Revenue %	-81.05%	33.78%	39.62%	34.62%	39.01%	31.61%	32.18%	37.44%	31.56%

WSR Key Ratios

Whitestone REIT (WSR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	3.2	2.85	2.64	1.22	0.8	0.88	1.34	1.03	1.4	1.66
FFO Payout Ratio	35.15%	39.21%	41.93%	90.49%	73.4%	47.12%	34.28%	45.34%	34.19%	0%
NOI Margin	67.36%	66.57%	68.77%	69.38%	68.78%	68.61%	69.2%	68.93%	70.43%	68.83%
Net Debt / EBITDA	5.05x	5.11x	5.07x	7.17x	10.46x	10.01x	7.83x	7.82x	7.26x	7.14x
Debt / Assets	63.61%	61.5%	60.09%	61.7%	63.11%	58.97%	56.78%	57.57%	55.73%	54.98%
Interest Coverage	1.44x	1.38x	1.89x	1.34x	1.25x	1.44x	2.33x	1.61x	2.11x	2.52x
Book Value / Share	9.43	9.88	8.84	8.52	7.87	8.61	8.5	8.26	8.64	8.94
Revenue Growth	11.8%	20.61%	-4.84%	0.55%	2.52%	1.38%	12.21%	5.22%	5.13%	3.44%

WSR SEC Filings & Documents

Whitestone REIT (WSR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 9, 2026·SEC

Material company update

Feb 25, 2026·SEC

Material company update

Dec 19, 2025·SEC

10-K Annual Reports

FY 2026

Mar 6, 2026·SEC

FY 2025

Mar 17, 2025·SEC

FY 2024

Mar 13, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 6, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

WSR Frequently Asked Questions

Whitestone REIT (WSR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Whitestone REIT (WSR) reported $161.6M in revenue for fiscal year 2025. This represents a 679% increase from $20.8M in 2002.

Whitestone REIT (WSR) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, Whitestone REIT (WSR) is profitable, generating $49.9M in net income for fiscal year 2025 (31.0% net margin).

Dividend & Returns

Whitestone REIT (WSR) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

Industry Metrics

Whitestone REIT (WSR) generated Funds From Operations (FFO) of $85.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More WSR

Whitestone REIT (WSR) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

→

DCA Calculator

Dollar cost averaging vs lump sum

→

Dividend History

Yield, growth, payout safety & DRIP

→

Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→

Whitestone REIT(WSR)Earnings, Financials & Key Ratios

WSR Key Insights

✓Strengths

✗Weaknesses

WSR Price & Volume

WSR Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

WSR Recent Earnings

WSR Peer Comparison

Compare WSR vs Peers

vs WHLR

vs SPG

Compare Top 5

WSR Income Statement

WSR Balance Sheet

WSR Cash Flow Statement

WSR Key Ratios

WSR SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

WSR Frequently Asked Questions

Explore More WSR

Total Return Calculator

DCA Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Valuation