Cash conversion remains highly variable, evidenced by FFO/NI ratios that have fluctuated significantly from 0.69 in 2025Q4 to 7.62 in 2023Q4, indicating potential noise in earnings quality.
| 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 |
|---|
| Cash from Operations | 51.25M | 50.77M | 58.23M | 47.6M | 44.43M | 48.87M | 42.78M | 47.75M | 39.56M | 40.96M | 39.18M | 36.18M | 25.64M | 23.88M | 11.22M | 8.45M | 10.39M | 8.9M | 2.62M | 4.63M | 16.85M | 8.78M | 9.53M | 8.99M | 10.59M |
| Operating CF Growth % | 26.15% | -12.8% | 22.33% | 7.13% | -9.09% | 14.25% | -10.41% | 20.71% | -3.42% | 4.54% | 8.29% | 41.1% | 7.36% | 112.91% | 32.73% | -18.69% | 16.82% | 239.62% | -43.42% | -72.51% | 91.78% | -7.83% | 6.03% | -15.09% | - |
| Operating CF / Revenue % | 31.04% | 31.56% | 37.44% | 32.18% | 31.61% | 39.01% | 34.62% | 39.62% | 33% | 32.52% | 37.52% | 38.73% | 35.42% | 38.43% | 24.1% | 24.21% | 32.97% | 27.22% | 8.4% | 14.95% | 56.45% | 34.83% | 40.58% | 42.86% | 51% |
| Net Income | 50.37M | 50.56M | 37.37M | 19.45M | 35.8M | 10.42M | 6.15M | 23.63M | 21.98M | 8.87M | 8.13M | 6.85M | 5.35M | 3.92M | 53K | 1.33M | 1.57M | 1.34M | -1.05M | -77K | 1.78M | 2.45M | 3.42M | 3.47M | 3.71M |
| Depreciation & Amortization | 36.66M | 36.02M | 34.98M | 33.06M | 31.71M | 28.95M | 28.3M | 26.74M | 25.68M | 27.24M | 22.46M | 19.76M | 15.72M | 13.43M | 10.23M | 7.75M | 7.22M | 6.96M | 6.86M | 6.34M | 6.48M | 6.1M | 5.22M | 4.76M | 4.04M |
| Stock-Based Compensation | 5.46M | 5.32M | 4.58M | 3.73M | 1.51M | 5.91M | 6.06M | 6.48M | 6.74M | 10.41M | 10.23M | 7.34M | 4.63M | 2.28M | 725K | 310K | 297K | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -23.9M | -29.9M | -19.96M | -3.29M | -14.74M | -2.16M | 1.11M | 1.09M | 1.09M | 1.79M | 1.95M | 1.51M | 1.2M | 1.51M | 1.74M | 615K | 297K | 2.08M | 335K | 623K | 1.29M | 2.02M | 2.77M | 3.25M | 3.27M |
| Working Capital Changes | -17.97M | -11.22M | 1.26M | -5.35M | -9.85M | 4.79M | -3.25M | -2.9M | -5.69M | -9.95M | -1.91M | -1.41M | -3.43M | 1.07M | -2.54M | -1.73M | 602K | -2.22M | -3.52M | -2.26M | 7.3M | -1.78M | -1.89M | -2.49M | -427.74K |
| Cash from Investing | -23.82M | -21.3M | -16.01M | -36.31M | -6.71M | -91.23M | -6.44M | -41.79M | 10.78M | -142.5M | -75.75M | -160.17M | -131.46M | -124.65M | -104.41M | -78.18M | -12.77M | -9.23M | -5.16M | -9.37M | -677K | -31.76M | -10.05M | -8.51M | -1.92M |
| Acquisitions (Net) | 33.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -110.52M | 0 | 0 | -30.65M | -91.23M | -7.36M | -48.05M | -11.64M | -145.44M | -82.65M | -160.79M | 0 | 0 | -750K | -13.52M | 0 | 0 | 0 | 0 | 0 | 0 | -9.03M | 0 | 0 |
| Sale of Investments | 0 | 89.22M | 0 | 0 | 33.72M | 0 | 922K | 5.66M | 30K | 513K | 6.96M | 496K | 0 | 747K | 5.51M | 7.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -57.18M | 0 | -16.01M | -36.31M | -9.79M | 0 | 0 | 594K | 9.81M | 26K | 6.9M | -160.17M | 7.31M | -124.65M | -109.06M | 1.57M | -12.77M | 0 | -8K | 869K | 1.38M | 35.84K | 9.27M | -267K | 60K |
| Cash from Financing | -37.23M | -37.49M | -31.49M | -13M | -47.28M | 32.31M | -26.02M | -4.1M | -41.76M | 105.19M | 38.16M | 122.34M | 103.56M | 100.71M | 94.04M | 57.83M | 13.69M | -6.38M | 4.72M | 7.25M | -8.72M | 23.19M | 567.76K | -5.99M | -2.78M |
| Dividends Paid | -20.56M | 0 | -24.57M | -23.68M | -22.96M | -19.32M | -25.2M | -45.63M | -44.94M | -40.47M | -31.91M | -28.46M | -25.54M | -20.29M | -15.32M | -12.02M | -7.41M | -4.64M | -8.67M | -9.51M | -9.83M | -9.39M | -8.97M | -8.97M | -8.44M |
| Common Dividends | -20.56M | 0 | -24.57M | -23.68M | -22.96M | -19.32M | -25.2M | -45.63M | -44.94M | -40.47M | -31.91M | -28.46M | -25.54M | -20.29M | -15.32M | -10.04M | -5.16M | -6.93M | -8.67M | -9.51M | -9.83M | -5.29B | -8.97M | -8.97M | -8.44M |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | -1000K | -1000K | -430K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 544K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -2.69M | -2.27M | -2.64M | -525K | -537K | -691K | -2.08M | -776K | -1.96M | -4.34M | -3.95M | -1.36M | -24K | 0 | 0 | 0 | -249K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14.29M | -27.79M | -1.19M | -332K | -4.31M | -394K | -554K | -4.14M | -1.31M | -1.94M | -729K | 47.51M | -6.63M | -3.56M | -3.21M | -2.58M | 0 | 0 | 0 | 0 | -1.68M | 5.28B | -1.51M | -3.37M | 1.4M |
| Net Change in Cash | -9.8M | -8.01M | 10.73M | -1.72M | -9.56M | -10.04M | 10.31M | 1.86M | 8.58M | 3.65M | 1.58M | -1.65M | -2.25M | -53K | 849K | -11.9M | 11.32M | -6.71M | 2.18M | 2.51M | 7.45M | 217.02K | 53.29K | -5.51M | 5.89M |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 7.36M | 15.37M | 4.64M | 6.36M | 15.91M | 25.96M | 15.64M | 13.79M | 5.21M | 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 | 203.42K |
| Cash at End | 6.02M | 7.36M | 15.37M | 4.64M | 6.36M | 15.91M | 25.96M | 15.64M | 13.79M | 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 |
| Free Cash Flow | 51.25M | 50.77M | 58.23M | 47.6M | 44.43M | 48.87M | 42.78M | 47.75M | 40.49M | -102.08M | -43.47M | -124.49M | -113.13M | -101.51M | -97.95M | -65.03M | -2.37M | -332K | -2.53M | -5.6M | 14.79M | -23.01M | -746.43K | 746.26K | 8.6M |
| FCF Growth % | 2.95% | -12.8% | 22.33% | 7.13% | -9.09% | 14.25% | -10.41% | 17.92% | 139.67% | -134.83% | 65.08% | -10.04% | -11.45% | -3.64% | -50.63% | -2640.24% | -614.76% | 86.89% | 54.79% | -137.88% | 164.29% | -2982.33% | -200.02% | -91.33% | - |
| FCF / Revenue % | 31.04% | 31.56% | 37.44% | 32.18% | 31.61% | 39.01% | 34.62% | 39.62% | 33.78% | -81.05% | -41.63% | -133.26% | -156.29% | -163.34% | -210.39% | -186.24% | -7.53% | -1.02% | -8.12% | -18.08% | 49.57% | -91.23% | -3.18% | 3.56% | 41.45% |
High regional market concentration
As reported in quarterly financial filings, the relationship between FFO and GAAP operating cash flow exhibits significant volatility, with FFO/NI ratios swinging from 0.69 in 2025Q4 to 7.62 in 2023Q4, suggesting that non-cash adjustments are creating substantial noise in the company's reported earnings quality.
The wide variance between FFO and operating cash flow indicates that standard REIT metrics may be heavily influenced by non-cash accounting adjustments rather than pure cash generation. Investors should monitor whether this divergence stems from aggressive straight-line rent recognition or timing differences in working capital, as it complicates the assessment of true operational performance.
Based on the provided quarterly data, the dividend payout ratio relative to AFFO has fluctuated between 0.21 and 0.59, indicating that while the dividend appears covered on a headline basis, the underlying cash flow volatility warrants caution regarding the long-term sustainability of current distribution levels.
The lack of consistent AFFO reporting in the provided dataset makes it difficult to ascertain the exact margin of safety for the dividend. The observed payout ratios suggest that while the company is not currently over-distributing, the sensitivity of cash flow to regional economic shifts in the Sunbelt could quickly compress this buffer.
According to the historical data, the consistent gap between Net Income and FFO highlights the heavy reliance on depreciation add-backs, which obscures the actual cash-generating capacity of the portfolio and necessitates a focus on cash-based metrics to understand the true economic performance of the retail assets.
The reliance on FFO as a primary performance indicator is standard, yet the extreme swings in FFO/NI ratios suggest that Net Income is a poor proxy for the company's health. This distortion implies that the market may be mispricing the company by focusing on GAAP earnings rather than the underlying cash flow volatility inherent in the small-shop retail model.
Financial disclosures suggest that the absence of reported property-level CapEx in the provided data may be masking significant recurring maintenance costs, which are essential for maintaining the competitiveness of the company's small-format retail centers in high-growth Sunbelt submarkets.
The lack of explicit CapEx reporting in the provided figures warrants further investigation into whether maintenance costs are being capitalized or deferred. If these costs are not being properly expensed, the reported FFO may be artificially inflated, potentially overstating the actual cash available for distribution to shareholders.
Quick answers to the most common questions about buying WSR stock.
Whitestone REIT (WSR) generated $50.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Whitestone REIT (WSR) generated $50.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Whitestone REIT (WSR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Whitestone REIT (WSR) spent $2.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.