Whitestone REIT
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| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $140.58M | $147.92M | $155.51M | $161.74M |
| Cost of Revenue | $43.30M | $45.96M | $45.98M | $50.13M |
| Gross Profit | $97.28M | $101.96M | $109.53M | $111.60M |
| Selling, General & Admin | $18.07M | $20.65M | $23.19M | $21.22M |
| Operating Expenses | $49.77M | $53.62M | $58.08M | $57.15M |
| Operating Income | $47.51M | $48.34M | $51.45M | $54.45M |
| EBITDA | $95.12M | $85.83M | $106.84M | $120.73M |
| Pretax Income | $36.22M | $19.90M | $37.82M | $51.04M |
| Income Tax | $422.00K | $450.00K | $450.00K | $482.00K |
| Net Income | $35.27M | $19.18M | $36.89M | $49.93M |
| Diluted EPS | 0.71 | 0.38 | 0.72 | 0.98 |
| Diluted Shares | 49.95M | 50.81M | 51.35M | 51.06M |
| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cash & Equivalents | $6.17M | $4.57M | $5.22M | $4.89M |
| Receivables | $26.95M | $32.10M | $80.65M | $37.45M |
| Current Assets | $46.13M | $60.89M | $100.03M | $49.98M |
| Total Assets | $1.10B | $1.11B | $1.13B | $1.17B |
| Current Liabilities | $44.46M | $44.00M | $49.21M | $53.09M |
| Long-Term Debt | $625.43M | $640.17M | $631.52M | $643.92M |
| Total Debt | $626.16M | $641.00M | $632.30M | $644.67M |
| Total Liabilities | $678.31M | $693.62M | $690.80M | $707.40M |
| Retained Earnings | -$212.37M | -$216.96M | -$205.56M | -$183.59M |
| Shareholders' Equity | $418.45M | $413.74M | $438.15M | $458.09M |
| Working Capital | $1.67M | $16.89M | $50.81M | -$3.11M |
| Net Debt | $619.26M | $635.60M | $626.29M | $639.04M |
| USD | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating Cash Flow | $44.43M | $47.60M | $58.23M | $50.77M |
| Free Cash Flow | $44.43M | $47.60M | $58.23M | $50.77M |
| Depreciation & Amortisation | $31.71M | $33.06M | $34.98M | $36.02M |
| Stock-Based Compensation | $1.51M | $3.73M | $4.58M | $5.32M |
| Investing Cash Flow | -$6.71M | -$36.31M | -$16.01M | -$21.30M |
| Financing Cash Flow | -$47.28M | -$13.00M | -$31.49M | -$37.49M |
| Dividends Paid | -$22.96M | -$23.68M | -$24.57M | -$27.41M |
| Share Repurchases | -$537.00K | -$525.00K | -$2.64M | -$2.27M |
| Net Change in Cash | -$9.56M | -$1.72M | $10.73M | -$8.01M |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Revenue | $38.32M | $38.30M | $41.10M | $44.01M | $41.88M |
| Cost of Revenue | $11.26M | $11.14M | $13.28M | $14.46M | $12.49M |
| Gross Profit | $27.06M | $27.16M | $27.83M | $29.56M | $29.39M |
| Selling, General & Admin | $5.44M | $4.92M | $5.32M | $5.54M | $6.01M |
| Operating Expenses | $14.77M | $13.44M | $13.65M | $15.29M | $15.98M |
| Operating Income | $12.29M | $13.72M | $14.18M | $14.27M | $13.40M |
| EBITDA | $21.33M | $22.05M | $35.71M | $41.65M | $22.71M |
| Pretax Income | $3.88M | $5.21M | $18.70M | $23.25M | $4.33M |
| Income Tax | $127.00K | $94.00K | $131.00K | $130.00K | $132.00K |
| Net Income | $3.70M | $5.05M | $18.33M | $22.84M | $4.14M |
| Diluted EPS | 0.07 | 0.10 | 0.35 | 0.43 | 0.08 |
| Diluted Shares | 52.01M | 51.91M | 52.08M | 52.62M | 52.77M |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.59M | $5.32M | $6.85M | $4.89M | $6.02M |
| Receivables | $80.47M | $79.11M | $67.06M | $37.45M | $37.44M |
| Current Assets | $97.17M | $87.13M | $78.20M | $49.98M | $45.06M |
| Total Assets | $1.13B | $1.16B | $1.15B | $1.17B | $1.17B |
| Current Liabilities | $38.82M | $42.01M | $49.38M | $53.09M | $32.52M |
| Long-Term Debt | $641.29M | $670.35M | $641.63M | $643.92M | $655.08M |
| Total Debt | $642.12M | $671.11M | $642.38M | $644.67M | $655.81M |
| Total Liabilities | $690.12M | $722.53M | $701.23M | $707.40M | $698.32M |
| Retained Earnings | -$208.75M | -$210.59M | -$199.14M | -$183.59M | -$179.49M |
| Shareholders' Equity | $431.02M | $427.51M | $439.49M | $458.09M | $463.81M |
| Working Capital | $58.36M | $45.12M | $28.82M | -$3.11M | $12.54M |
| Net Debt | $635.71M | $665.02M | $634.78M | $639.04M | $649.06M |
| USD | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $3.08M | $13.84M | $17.99M | $15.87M | $3.56M |
| Free Cash Flow | $3.08M | $13.84M | $17.99M | $15.87M | $3.56M |
| Depreciation & Amortisation | $9.36M | $8.54M | $8.36M | $9.76M | $10.00M |
| Stock-Based Compensation | $981.00K | $980.00K | $1.33M | $2.03M | $1.12M |
| Investing Cash Flow | -$3.91M | -$46.38M | $23.37M | $5.63M | -$6.44M |
| Financing Cash Flow | $1.28M | $22.06M | -$39.84M | -$20.98M | $1.53M |
| Dividends Paid | -$6.84M | -$6.84M | -$6.86M | -$6.86M | -$7.29M |
| Share Repurchases | -$1.51M | $0.00 | -$758.00K | $0.00 | -$1.94M |
| Net Change in Cash | $444.00K | -$10.49M | $1.52M | $512.00K | -$1.34M |
Market Snapshot
About
Whitestone REIT is a community-centered retail real estate investment trust that acquires, owns, manages, develops, and redevelops high-quality open-air neighborhood shopping centers in the fastest-growing markets in the Sunbelt region. The company focuses on creating e-commerce-resistant retail properties anchored by grocery stores, restaurants, and service-oriented tenants.