Revenue growth reached 9.3% in 2026Q1, yet NOI margins experienced a severe contraction to 22.5% compared to the 67-71% range observed throughout 2025.
| 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 |
|---|
| Revenue | 165.14M | 160.86M | 155.51M | 147.92M | 140.58M | 125.28M | 123.56M | 120.53M | 119.86M | 125.96M | 104.44M | 93.42M | 72.38M | 62.15M | 46.55M | 34.91M | 31.53M | 32.69M | 31.2M | 30.98M | 29.84M | 25.22M | 23.48M | 20.97M | 20.76M |
| Revenue Growth % | 5.81% | 3.44% | 5.13% | 5.22% | 12.21% | 1.38% | 2.52% | 0.55% | -4.84% | 20.61% | 11.8% | 29.06% | 16.47% | 33.49% | 33.34% | 10.73% | -3.52% | 4.76% | 0.71% | 3.83% | 18.32% | 7.39% | 11.97% | 1.05% | - |
| Property Operating Expenses | 71.31M | 50.13M | 45.98M | 45.96M | 43.3M | 39.32M | 38.58M | 36.9M | 37.43M | 42.11M | 34.09M | 31.34M | 25.15M | 23.51M | 17.64M | 13.33M | 12.28M | 12.99M | 13.19M | 9.16M | 10.93M | 8.25M | 6.25M | 5.36M | 5.72M |
| Net Operating Income (NOI) | 93.83M | 110.72M | 109.53M | 101.96M | 97.28M | 85.95M | 84.99M | 83.62M | 82.43M | 83.85M | 70.34M | 62.08M | 47.23M | 38.63M | 28.91M | 21.59M | 19.25M | 19.69M | 18.01M | 21.82M | 18.91M | 16.97M | 17.23M | 15.61M | 15.03M |
| NOI Margin % | 56.82% | 68.83% | 70.43% | 68.93% | 69.2% | 68.61% | 68.78% | 69.38% | 68.77% | 66.57% | 67.36% | 66.46% | 65.25% | 62.17% | 62.11% | 61.83% | 61.05% | 60.25% | 57.72% | 70.42% | 63.38% | 67.28% | 73.38% | 74.43% | 72.42% |
| Operating Expenses | 39.36M | 57.15M | 58.08M | 53.62M | 49.77M | 51.58M | 84.99M | 21.66M | 48.96M | 51.19M | 46.38M | 40.07M | 31M | 24.34M | 17.84M | 15.01M | 12.22M | 11.49M | 13.57M | 16.85M | 11.38M | 8.86M | 8.15M | 7.78M | 6.56M |
| G&A Expenses | 15.78M | 21.22M | 23.19M | 20.65M | 18.07M | 22.63M | 21.3M | 21.66M | 23.28M | 23.95M | 23.92M | 20.31M | 15.27M | 10.91M | 7.62M | 6.65M | 4.99M | 6.07M | 6.71M | 6.72M | 4.52M | 2.63M | 2.94M | 2.81M | 2.44M |
| EBITDA | 91.08M | 89.51M | 86.43M | 81.4M | 79.22M | 63.33M | 60.6M | 88.7M | 119.22M | 127.53M | 106.82M | 41.77M | 31.96M | 27.72M | 21.3M | 9.06M | 8.67M | 9.45M | 11.3M | 11.31M | 14.01M | 14.21M | 14.3M | 12.59M | 12.51M |
| EBITDA Margin % | 55.15% | 55.64% | 55.58% | 55.03% | 56.35% | 50.55% | 49.05% | 73.6% | 99.46% | 101.25% | 102.28% | 44.71% | 44.15% | 44.61% | 45.75% | 25.94% | 27.48% | 28.92% | 36.22% | 36.5% | 46.94% | 56.34% | 60.9% | 60.03% | 60.29% |
| Depreciation & Amortization | 36.6M | 35.93M | 34.98M | 33.06M | 31.71M | 28.95M | 28.3M | 26.74M | 85.75M | 94.87M | 82.86M | 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 |
| D&A / Revenue % | 22.17% | 22.34% | 22.49% | 22.35% | 22.55% | 23.11% | 22.91% | 22.19% | 71.54% | 75.32% | 79.34% | 21.15% | 21.73% | 21.61% | 21.97% | 22.19% | 22.91% | 21.29% | 21.98% | 20.47% | 21.7% | 24.18% | 22.24% | 22.69% | 19.47% |
| Operating Income | 54.47M | 53.58M | 51.45M | 48.34M | 47.51M | 34.38M | 0 | 61.96M | 33.47M | 32.66M | 23.97M | 22.01M | 16.23M | 14.29M | 11.07M | 1.31M | 1.44M | 2.49M | 4.44M | 4.96M | 7.53M | 8.11M | 9.08M | 7.83M | 8.47M |
| Operating Margin % | 32.98% | 33.31% | 33.08% | 32.68% | 33.8% | 27.44% | 0% | 51.41% | 27.93% | 25.93% | 22.95% | 23.56% | 22.42% | 23% | 23.78% | 3.74% | 4.57% | 7.63% | 14.23% | 16.03% | 25.24% | 32.15% | 38.66% | 37.34% | 40.81% |
| Interest Expense | 4M | 33.67M | 34.03M | 32.87M | 27.19M | 24.56M | 25.77M | 26.29M | 25.18M | 23.65M | 19.24M | 14.91M | 10.58M | 9.97M | 8.73M | 5.73M | 5.62M | 5.75M | 5.86M | 5.4M | 5.3M | 3.77M | 2.66M | 1.32M | 1.57M |
| Interest Coverage | - | 2.52x | 2.11x | 1.61x | 2.33x | 1.44x | 1.25x | 1.34x | 1.89x | 1.38x | 1.44x | 1.48x | 1.53x | 1.38x | 0.99x | 1.38x | 1.40x | 1.43x | 0.75x | 0.92x | 1.54x | 2.07x | 3.41x | 5.92x | 5.38x |
| Non-Operating Income | -31.25M | -31.13M | -20.41M | -4.43M | -15.91M | -991K | -32.3M | 26.74M | 13.74M | 35K | -3.67M | -128K | 21K | 492K | -5M | -6.59M | -426K | -1.58M | 41K | 19K | -613K | 0 | 0 | 0 | 0 |
| Pretax Income | 51.49M | 51.04M | 37.82M | 19.9M | 36.22M | 10.8M | 6.53M | 24.03M | 22.33M | 9.25M | 8.42M | 7.23M | 5.63M | 4.22M | 339K | 1.56M | 2M | 2.3M | -1.23M | 94K | 1.78M | 2.45B | 3.42B | 3.47B | 0 |
| Pretax Margin % | 31.18% | 31.73% | 24.32% | 13.45% | 25.77% | 8.63% | 5.28% | 19.94% | 18.63% | 7.35% | 8.06% | 7.74% | 7.78% | 6.8% | 0.73% | 4.46% | 6.34% | 7.03% | -3.96% | 0.3% | 5.97% | 9707.6% | 14578.73% | 16565.02% | 0% |
| Income Tax | 487K | 482K | 450K | 450K | 422K | 385K | 379K | 400K | 347K | 386K | 289K | 372K | 282K | 305K | 286K | 225K | 264K | 222K | 219K | 217K | 5.75M | -1.88B | -2.98B | -3.03B | 4.77M |
| Effective Tax Rate % | 0.95% | 0.94% | 1.19% | 2.26% | 1.17% | 3.56% | 5.8% | 1.66% | 1.55% | 4.17% | 3.43% | 5.15% | 5.01% | 7.22% | 84.37% | 14.44% | 13.21% | 9.66% | -17.75% | 230.85% | 322.91% | -76.99% | -87.18% | -87.23% | - |
| Net Income | 50.37M | 49.93M | 36.89M | 19.18M | 35.27M | 12.05M | 6.03M | 23.68M | 21.43M | 8.33M | 7.93M | 6.75M | 7.59M | 3.79M | 50K | 1.12M | 1.1M | 1.34M | 1.13M | -77K | 1.78M | 2.45M | 3.42M | 3.47M | 3.71M |
| Net Margin % | 30.5% | 31.04% | 23.72% | 12.97% | 25.09% | 9.62% | 4.88% | 19.65% | 17.88% | 6.62% | 7.59% | 7.22% | 10.48% | 6.11% | 0.11% | 3.22% | 3.5% | 4.11% | 3.63% | -0.25% | 5.97% | 9.71% | 14.58% | 16.57% | 17.85% |
| Net Income Growth % | 61.15% | 35.33% | 92.35% | -45.62% | 192.75% | 99.67% | -74.52% | 10.51% | 157.15% | 5.08% | 17.51% | -11.03% | 99.95% | 7488% | -95.55% | 1.63% | -17.66% | 18.34% | 1572.73% | -104.32% | -27.25% | -28.49% | -1.46% | -6.23% | - |
| Funds From Operations (FFO) | 86.97M | 85.86M | 71.87M | 52.24M | 66.98M | 41M | 34.34M | 50.42M | 107.18M | 103.21M | 90.79M | 26.51M | 23.31M | 17.22M | 10.28M | 8.87M | 8.33M | 8.3M | 7.99M | 6.27M | 8.26M | 8.55M | 8.65M | 8.23M | 7.75M |
| FFO Margin % | 52.67% | 53.37% | 46.22% | 35.32% | 47.64% | 32.73% | 27.79% | 41.84% | 89.42% | 81.94% | 86.93% | 28.38% | 32.21% | 27.71% | 22.08% | 25.41% | 26.42% | 25.39% | 25.62% | 20.22% | 27.67% | 33.89% | 36.82% | 39.25% | 37.33% |
| FFO Growth % | 116.47% | 19.45% | 37.58% | -22% | 63.37% | 19.4% | -31.9% | -52.95% | 3.84% | 13.68% | 242.46% | 13.72% | 35.35% | 67.56% | 15.86% | 6.51% | 0.36% | 3.84% | 27.56% | -24.11% | -3.39% | -1.16% | 5.04% | 6.26% | - |
| FFO per Share | 1.65 | 1.66 | 1.40 | 1.03 | 1.34 | 0.88 | 0.80 | 1.22 | 2.64 | 2.85 | 3.20 | 1.03 | 1.02 | 0.94 | 0.76 | 0.98 | 1.49 | 1.48 | 1.41 | 1.10 | 2.50 | 2.59 | 2.62 | 2.49 | 2.35 |
| FFO Payout Ratio % | 23.64% | 0% | 34.19% | 45.34% | 34.28% | 47.12% | 73.4% | 90.49% | 41.93% | 39.21% | 35.15% | 107.34% | 109.56% | 117.83% | 149.08% | 113.22% | 61.92% | 83.45% | 108.49% | 151.72% | 119.06% | 61884.46% | 103.77% | 109% | 108.89% |
| EPS (Diluted) | 0.95 | 0.95 | 0.72 | 0.38 | 0.71 | 0.26 | 0.14 | 0.57 | 0.53 | 0.22 | 0.26 | 0.24 | 0.32 | 0.20 | 0.00 | 0.12 | 0.27 | 0.24 | 0.20 | -0.01 | 0.54 | 0.74 | 1.04 | 1.05 | 1.12 |
| EPS Growth % | 58.88% | 31.94% | 89.47% | -46.48% | 173.08% | 85.71% | -75.44% | 7.55% | 140.91% | -15.38% | 8.33% | -25% | 60% | - | -96.92% | -55.56% | 12.5% | 20% | 1581.48% | -102.5% | -27.03% | -28.85% | -0.95% | -6.25% | - |
| EPS (Basic) | - | 0.98 | 0.73 | 0.39 | 0.72 | 0.26 | 0.14 | 0.59 | 0.55 | 0.22 | 0.26 | 0.25 | 0.33 | 0.21 | 0.00 | 0.12 | 0.20 | 0.24 | 0.20 | -0.01 | 0.55 | 0.75 | 1.05 | 1.07 | 1.14 |
| Diluted Shares Outstanding | 52.77M | 51.86M | 51.35M | 50.81M | 49.95M | 46.34M | 42.99M | 41.46M | 40.61M | 36.26M | 28.38M | 25.68M | 22.79M | 18.27M | 13.61M | 9.04M | 5.59M | 5.59M | 5.69M | 5.69M | 3.3M | 3.3M | 3.3M | 3.3M | 3.3M |
High regional market concentration
According to reported financial statements, Whitestone REIT achieved a 9.3% revenue increase in 2026Q1, yet NOI performance remains inconsistent, with the 22.5% margin in the most recent quarter representing a significant departure from the 67-71% range observed throughout the majority of the 2025 fiscal year.
The divergence between top-line expansion and property-level profitability suggests that operational costs or non-recurring charges may be exerting pressure on the bottom line. Investors should monitor whether this margin compression is a temporary anomaly or a structural shift in the cost-to-revenue relationship within their Sunbelt portfolio.
As indicated by the provided quarterly data, FFO per share has fluctuated significantly, ranging from a low of $0.22 in 2024Q2 to a peak of $0.63 in 2025Q4, highlighting the inherent difficulty in maintaining consistent cash flow generation for this retail-focused REIT.
This volatility suggests that the company's earnings quality may be sensitive to the timing of lease renewals and capital expenditures. The erratic FFO trajectory warrants further investigation into whether the current dividend payout remains sustainable without relying on non-recurring gains or excessive leverage.
Based on the income statement data, the NOI margin experienced a sharp contraction to 22.5% in 2026Q1, a stark contrast to the 67.1% to 72.0% margins maintained over the previous two years, which may indicate rising operating expenses or challenges in passing through costs to tenants.
The sudden drop in property-level profitability appears to be a critical development that could signal a breakdown in the company's NNN lease recovery model. Analysts should scrutinize whether this margin erosion is driven by increased vacancy-related costs or a shift in the underlying expense structure of the portfolio.
Financial disclosures reveal that while revenue growth remains positive, the significant variance between Net Income and FFO suggests that non-cash items and capitalized expenditures are heavily influencing reported results, potentially masking the true cash-generating capacity of the underlying retail assets.
The reliance on capitalized leasing commissions and tenant improvements may be inflating short-term earnings metrics at the expense of long-term cash flow. Investors should remain cautious, as the discrepancy between GAAP net income and FFO may indicate that the company is deferring necessary cash outflows to maintain a specific earnings profile.
Quick answers to the most common questions about buying WSR stock.
For fiscal year 2025, Whitestone REIT (WSR) reported total revenue of $160.9M. This represents a 675.0% increase compared to $20.8M in 2002.
Whitestone REIT (WSR) is profitable, generating $49.9M in net income for the fiscal year ending 2025 with a net profit margin of 31.0%.
Whitestone REIT (WSR) reported an operating income of $53.6M, resulting in an operating profit margin of 33.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Whitestone REIT (WSR) generated $110.7M in gross profit for the year, representing a gross profit margin of 68.8%. This demonstrates the company's core pricing power and production efficiency.