10-K · April 30, 2026
Whitestone REIT's 10-K filing for the year ended December 31, 2025, reveals a solid financial performance highlighted by a significant increase in EPS, from $0.72 in 2024 to $0.95 in 2025. The company is currently…
Earnings analysis · 10-Q
WSR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Whitestone REIT's Q1 2026 financial results reflect a year-over-year revenue growth, with total revenue increasing to $41.4 million from $38.0 million in Q1 2025. Although EPS saw an uptick to $0.54 from $0.24,…
Read full summary
Whitestone REIT's Q1 2026 financial results reflect a year-over-year revenue growth, with total revenue increasing to $41.4 million from $38.0 million in Q1 2025. Although EPS saw an uptick to $0.54 from $0.24, operating expenses rose faster, leading to a decline in operating margin. Management remains optimistic about future market conditions and tenant relationships as the company undergoes a merger with Ares Management. However, risks associated with the merger, local economic conditions, and potential increases in capital costs pose challenges ahead.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.54
What stood out
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Revenue Growth
Total revenues for Q1 2026 reached $41.4 million, up 8.6% from $38.0 million in Q1 2025.
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Increased EPS
Diluted EPS increased to $0.54 in Q1 2026 from $0.24 in Q1 2025.
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Improved Net Operating Income
NOI rose to $28.9 million, compared to $26.7 million in the prior year.
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Occupancy Rates
Occupancy improved slightly to 94% in Q1 2026, up from 93% in Q1 2025.
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Increased Cash Flow
Operating cash flow rose to $3.56 million in Q1 2026, compared to $3.08 million in Q1 2025.
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Increased Distribution
Distributions increased to $0.1425 per share, marking a 5.6% increase over the prior year.
What to watch
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Merger Completion Risks
To complete the merger with Ares Management, the company faces regulatory and shareholder approval risks.
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Local Economic Exposure
The company's concentration in Texas and Arizona makes it vulnerable to regional economic downturns.
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Rising Interest Rate Impact
A 1% increase in interest rates could lower net income by approximately $0.8 million due to variable rate debt exposure.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · March 6, 2026
Whitestone REIT positions itself as an owner/operator of 56 "Community Centered Properties®" concentrated in Texas and Arizona, targeting culturally diverse neighborhood retail with a hands-on leasing/management model.…
10-Q · October 31, 2025
Whitestone REIT reported Q3 revenues of $41,048,000 (up from $38,633,000 a year ago) and diluted EPS of $0.35 (vs $0.15 in Q3 2024), driven by higher rental revenue and a large gain on property sales. Operating margin…
10-Q · May 5, 2025
Whitestone REIT reported total revenues of $38,003,000 for the quarter ended March 31, 2025, up from $37,164,000 a year earlier, while diluted EPS declined to $0.07 from $0.18 in Q1 2024. Operating income remained…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.