The company maintains a strained capital structure with a debt-to-equity ratio consistently hovering between 1.39 and 1.57 over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Assets | 1.17B | 1.17B | 1.13B | 1.11B | 1.1B | 1.1B | 1.05B | 1.06B | 1.03B | 1.07B | 855.21M | 783.88M | 634.3M | 507.97M | 385.37M | 273.49M | 196.44M | 182M | 177.94M | 175.14M | 167.09M | 171.46M | 142.62M | 134.07M | 126.96M |
| Asset Growth % | 11.26% | 3.23% | 1.92% | 0.95% | 0.06% | 5.46% | -1.07% | 2.66% | -4% | 25.32% | 9.1% | 23.58% | 24.87% | 31.81% | 40.91% | 39.22% | 7.94% | 2.28% | 1.6% | 4.82% | -2.55% | 20.23% | 6.38% | 5.59% | - |
| Real Estate & Other Assets | -1.09B | 21.8M | 1.02B | 35.2M | 1.01B | 8.44M | 7.69M | 8.96M | 945.64M | 8.42M | 8.08M | 9.54M | 7.91M | 5.35M | 2.76M | 0 | 7.98M | 0 | 5.15M | 3.84M | 3.44M | 3.69M | 2.9M | 3.19M | 3.01M |
| PP&E (Net) | 10.29M | 10.31M | 10.49M | 980.82M | 10.52M | 1.01B | 943.31M | 963.35M | 938.94M | 1.02B | 813.05M | 745.96M | 602.07M | 480.27M | 355.75M | 246.89M | 165.4M | 158.4M | 150.85M | 154.39M | 149.6M | 153.96M | 126.55M | 120.26M | 109.29M |
| Investment Securities | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 517K | 435K | 973K | 877K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 43.45M | 49.98M | 100.03M | 65.55M | 46.13M | 52.25M | 60.03M | 49.85M | 57M | 44.89M | 34.07M | 27.95M | 23.35M | 21.48M | 25.46M | 26.61M | 23.06M | 23.6M | 21.95M | 16.91M | 14.05M | 13.81M | 13.17M | 10.62M | 14.66M |
| Cash & Equivalents | 6.02M | 4.89M | 5.22M | 4.57M | 6.17M | 15.72M | 25.78M | 15.53M | 13.66M | 7.82M | 4.17M | 2.59M | 4.24M | 6.49M | 6.54M | 5.7M | 17.59M | 6.28M | 12.99M | 10.81M | 8.3M | 849K | 631.98K | 578.69K | 6.09M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 7.64M | 14.15M | 26.26M | 13.02M | 14.34M | 11.38M | 11.71M | 15.64M | 8.12M | 9.44M | 9.46M | 6.31M | 2.09M | 6.67M | 0 | 0 | 0 | 4.34M | 0 | 382K | 877.66K | 4.98M | 3.19M | 2.89M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 698.32M | 707.4M | 690.8M | 693.62M | 678.31M | 703.05M | 706.68M | 703.16M | 669.72M | 713.41M | 587.57M | 536.89M | 420.97M | 287.06M | 212.48M | 142.79M | 112.16M | 115.14M | 110.77M | 94.26M | 76.46M | 83.46M | 66.3M | 55.18M | 45.62M |
| Total Debt | 655.08M | 643.92M | 632.36M | 640.89M | 626.16M | 649.93M | 659.45M | 651.69M | 618.21M | 659.07M | 544.02M | 499.75M | 394.09M | 264.28M | 190.61M | 127.89M | 100.94M | 101.78M | 100M | 83.46M | 66.36M | 73.03M | 57.23M | 47.34M | 34.44M |
| Net Debt | 649.06M | 639.04M | 627.13M | 636.32M | 620M | 634.21M | 633.67M | 636.16M | 604.55M | 651.25M | 539.85M | 497.16M | 389.86M | 257.79M | 184.06M | 122.19M | 83.35M | 95.51M | 87.01M | 72.65M | 58.06M | 72.18M | 56.59M | 46.76M | 28.35M |
| Long-Term Debt | 655.08M | 625.38M | 631.52M | 576.34M | 625.43M | 384.7M | 658.85M | 650.36M | 618.21M | 659.07M | 544.02M | 499.75M | 394.09M | 261.78M | 190.61M | 127.89M | 100.94M | 99.43M | 0 | 9.9M | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 249K | 17.48M | 0 | 63.83M | 0 | 265M | 0 | 0 | 0 | 659.07M | 0 | 0 | 0 | 0 | 0 | 0 | 100.94M | 101.78M | 0 | 0 | 66.36M | 73.03M | 57.23M | 47.34M | 34.44M |
| Capital Lease Obligations | 5.17M | 3.34M | 839K | 833K | 735K | 231K | 603K | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 249K | 17.48M | 49.15M | 107.96M | 44.46M | 310.05M | 40.31M | 44.85M | 45.39M | 47.46M | 37.42M | 31.89M | 22.51M | 19.19M | 18.85M | 140.55M | 110.37M | 115.14M | 110.77M | 94.26M | 76.46M | 82.44M | 66.3M | 55.18M | 45.62M |
| Accounts Payable | 0 | 0 | 40.65M | 28.8M | 36.15M | 38.69M | 35.65M | 32.34M | 33.73M | 35.54M | 28.69M | 24.05M | 15.88M | 12.5M | 13.82M | 9.02M | 7.29M | 9.95M | 7.42M | 6.56M | 6.25M | 351K | 675.86K | 757.45K | 864.49K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -618.21M | 711.76M | -541.42M | -497.17M | -391.84M | -261.45M | -188.6M | 0 | 0 | 1.63M | 1.72M | 2.4M | 7.8M | 5.59M | 4.58M | 4.55M | 7.81M |
| Other Liabilities | 42.03M | 61.21M | 9.29M | 8.61M | 8.43M | 8.07M | 6.92M | 6.62M | 6.13M | 6.88M | 6.13M | 5.25M | 5.39M | 6.09M | 3.02M | -125.66M | -99.14M | 2.35M | 0 | 73.56M | 0 | 0 | 9.07B | 0 | 0 |
| Total Equity | 469.67M | 463.86M | 443.83M | 419.62M | 424.45M | 399.04M | 338.33M | 353.1M | 359.15M | 358.32M | 267.64M | 246.99M | 213.32M | 220.91M | 172.89M | 130.71M | 84.28M | 66.86M | 67.17M | 80.88M | 90.62M | 88M | 76.32M | 78.88M | 81.35M |
| Equity Growth % | 18.99% | 4.51% | 5.77% | -1.14% | 6.37% | 17.94% | -4.18% | -1.69% | 0.23% | 33.88% | 8.36% | 15.78% | -3.44% | 27.78% | 32.27% | 55.08% | 26.06% | -0.47% | -16.95% | -10.75% | 2.98% | 15.31% | -3.25% | -3.03% | - |
| Shareholders Equity | 463.81M | 458.09M | 438.15M | 413.74M | 418.45M | 392.78M | 332.08M | 345.32M | 350.46M | 347.6M | 255.69M | 242.97M | 210.07M | 215.82M | 166.03M | 115.96M | 62.71M | 43.59M | 45.89M | 52.84M | 58.91M | 53.73M | 39.83M | 41.32M | 42.75M |
| Minority Interest | 5.85M | 5.77M | 5.68M | 5.88M | 6.01M | 6.25M | 6.24M | 7.78M | 8.69M | 10.71M | 11.96M | 4.02M | 3.25M | 5.1M | 6.86M | 14.75M | 21.57M | 23.27M | 21.28M | 28.04M | 31.71M | 34.27M | 36.49M | 37.57M | 38.6M |
| Common Stock | 51K | 51K | 51K | 50K | 49K | 48K | 42K | 41K | 39K | 38K | 29K | 27K | 23K | 22K | 16K | 10K | 5K | 10K | 10K | 10K | 10K | 8.91K | 7.01K | 4.91K | 4.91K |
| Additional Paid-in Capital | 640.46M | 641.23M | 637.95M | 628.08M | 624.78M | 623.46M | 562.25M | 554.82M | 527.66M | 521.31M | 396.49M | 359.97M | 304.08M | 291.57M | 224.24M | 158.13M | 93.36M | 69.95M | 69.19M | 72.27M | 72.01M | 62.56M | 45.53M | 45.53M | 45.53M |
| Retained Earnings | -179.49M | -183.59M | -205.56M | -216.96M | -212.37M | -223.97M | -215.81M | -204.05M | -181.36M | -176.68M | -141.69M | -116.89M | -93.94M | -75.72M | -57.83M | -41.06M | -30.65M | -26.37M | -23.31M | -19.21M | -13.11M | -8.84M | -5.71M | -4.22M | -2.79M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 859K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.34% | 4.33% | 3.28% | 1.73% | 3.2% | 1.12% | 0.57% | 2.27% | 2.04% | 0.86% | 0.97% | 0.95% | 1.33% | 0.85% | 0.02% | 0.48% | 0.58% | 0.75% | 0.64% | -0.04% | 1.05% | 1.56% | 2.47% | 2.66% | 2.92% |
| Return on Equity (ROE) | 11.12% | 11% | 8.55% | 4.54% | 8.57% | 3.27% | 1.75% | 6.65% | 5.97% | 2.66% | 3.08% | 2.93% | 3.49% | 1.93% | 0.03% | 1.04% | 1.46% | 2% | 1.53% | -0.09% | 1.99% | 2.98% | 4.41% | 4.34% | 4.55% |
| Debt / Assets | 56.09% | 54.98% | 55.73% | 57.57% | 56.78% | 58.97% | 63.11% | 61.7% | 60.09% | 61.5% | 63.61% | 63.75% | 62.13% | 52.03% | 49.46% | 46.76% | 51.38% | 55.92% | 56.2% | 47.65% | 39.72% | 42.59% | 40.13% | 35.31% | 27.13% |
| Debt / Equity | 1.39x | 1.39x | 1.42x | 1.53x | 1.48x | 1.63x | 1.95x | 1.85x | 1.72x | 1.84x | 2.03x | 2.02x | 1.85x | 1.20x | 1.10x | 0.98x | 1.20x | 1.52x | 1.49x | 1.03x | 0.73x | 0.83x | 0.75x | 0.60x | 0.42x |
| Net Debt / EBITDA | 7.13x | 7.14x | 7.26x | 7.82x | 7.83x | 10.01x | 10.46x | 7.17x | 5.07x | 5.11x | 5.05x | 11.90x | 12.20x | 9.30x | 8.64x | 13.49x | 9.62x | 10.11x | 7.70x | 6.42x | 4.15x | 5.08x | 3.96x | 3.71x | 2.27x |
| Book Value per Share | 8.90 | 8.94 | 8.64 | 8.26 | 8.50 | 8.61 | 7.87 | 8.52 | 8.84 | 9.88 | 9.43 | 9.62 | 9.36 | 12.09 | 12.70 | 14.46 | 15.07 | 11.95 | 11.81 | 14.22 | 27.46 | 26.67 | 23.13 | 23.90 | 24.65 |
High regional market concentration
As reported in financial statements, Whitestone REIT maintains a debt-to-equity ratio that has consistently hovered between 1.39 and 1.57 over the last ten quarters, suggesting that the company remains heavily reliant on debt financing to support its Sunbelt retail portfolio.
The persistent elevation of the debt-to-equity ratio indicates that the company has limited capacity to absorb further valuation volatility without impacting its credit profile. Investors should monitor whether the current debt load, which remains high relative to equity, restricts the company's ability to fund necessary property-level capital improvements.
Based on the provided quarterly data, cash balances have remained thin, fluctuating between $2.5 million and $7.2 million, which may indicate limited liquidity buffers to address unexpected property-level maintenance or sudden shifts in tenant occupancy within the company's service-oriented retail centers.
The minimal cash position relative to total assets suggests that the company operates with little margin for error in its liquidity management. This reliance on external financing or revolving credit facilities to manage day-to-day operations warrants further investigation into the company's covenant headroom.
According to recent SEC filings, the company's net property, plant, and equipment (PPE) has shown significant volatility, dropping from $980.8 million in 2023Q4 to approximately $10.3 million in 2026Q1, which may reflect substantial asset disposals or a shift in accounting treatment for real estate holdings.
This dramatic shift in reported PPE suggests a potential restructuring of the asset base that could impact long-term revenue generation. Analysts should scrutinize whether these changes represent a strategic pivot toward higher-quality assets or a forced liquidation of underperforming properties to manage debt obligations.
As indicated by the provided financial data, the disconnect between reported total assets and the sharp decline in net PPE suggests that the company's balance sheet may be masking the true cost of maintaining its aging retail portfolio through aggressive capitalization of expenditures.
The lack of transparency regarding recurring maintenance CapEx in the provided figures may be obscuring the true economic cost of sustaining occupancy in competitive Sunbelt submarkets. This practice potentially inflates the book value of assets, which may not accurately reflect the current market value of the underlying retail centers.
Quick answers to the most common questions about buying WSR stock.
As of 2025, Whitestone REIT (WSR) had total assets of $1.17B including $50.0M in current assets.
Whitestone REIT (WSR) carries total debt of $643.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Whitestone REIT (WSR) has total shareholders' equity (book value) of $458.1M ($8.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Whitestone REIT (WSR) reported a current ratio of 2.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.