WSR earnings analysis
What we found in WSR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenues for Q1 2026 reached $41.4 million, up 8.6% from $38.0 million in Q1 2025.
- Increased EPS
- Diluted EPS increased to $0.54 in Q1 2026 from $0.24 in Q1 2025.
- Improved Net Operating Income
- NOI rose to $28.9 million, compared to $26.7 million in the prior year.
- Occupancy Rates
- Occupancy improved slightly to 94% in Q1 2026, up from 93% in Q1 2025.
- Increased Cash Flow
- Operating cash flow rose to $3.56 million in Q1 2026, compared to $3.08 million in Q1 2025.
- Increased Distribution
- Distributions increased to $0.1425 per share, marking a 5.6% increase over the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Merger Completion Risks
- To complete the merger with Ares Management, the company faces regulatory and shareholder approval risks.
- Local Economic Exposure
- The company's concentration in Texas and Arizona makes it vulnerable to regional economic downturns.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.54
- Gross margin
- 100%
- Operating margin
- 25%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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