Whitestone REIT

WSR

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Whitestone REIT is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. Whitestone REIT was incorporated in 1998 in Maryland, USA.

Valuation

Market Cap$992M

Current Price$18.93as of Jun 23, 2026

P/E Ratio19.86

P/B Ratio2.16

EV / EBITDA13.51

EV / Sales10.09

Profitability

Operating Margin33.7%

Net Profit Margin30.9%

EBITDA Margin74.6%

Returns

ROE10.9%

ROCE4.9%

ROIC %-

ROA4.3%

Solvency

Current Ratio0.94

Debt / Equity1.41

Debt / Assets0.55

CFO / Net Profit1.02

Price History▲ 50.52% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$162M▲ 4.0%

EBITDA$121M▲ 13.0%

Net Profit$50M▲ 35.3%

Cash from Ops (CFO)$51M▼ 12.8%

Free Cash Flow (FCF)$51M▼ 12.8%

Revenue CAGR 3Y4.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y12.3%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$162M	$121M	$50M	$51M	10.9%	4.0%	35.3%
2024	$156M	$107M	$37M	$58M	8.4%	5.1%	92.4%
2023	$148M	$86M	$19M	$48M	4.6%	5.2%	-45.6%
2022	$141M	$95M	$35M	$44M	8.4%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	140.58	147.92	155.51	161.74
Operating Revenue	-	140.58	147.92	155.51	161.74
Cost Of Revenue	-	43.30	45.96	45.98	50.14
Gross Profit	-	97.28	101.96	109.53	111.60
Operating Expense	-	49.77	53.62	58.08	57.15
Selling General And Administration	-	18.07	20.65	23.19	21.22
Total Expenses	-	93.07	99.58	104.06	107.28
Operating Income	-	47.51	48.34	51.45	54.45
EBITDA	-	95.12	85.83	106.84	120.73
Normalized EBITDA	-	79.52	78.29	86.49	92.69
EBIT	-	63.42	52.77	71.86	84.71
Interest Income	-	0.06	0.05	0.09	0.14
Interest Expense	-	27.19	32.87	34.03	33.67
Net Interest Income	-	-27.13	-32.82	-33.95	-33.53
Other Non Operating Income Expenses	-	-	-	-	2.08
Other Income Expense	-	15.84	4.38	20.32	30.12
Interest Income Non Operating	-	0.06	0.05	0.09	0.14
Interest Expense Non Operating	-	27.19	32.87	34.03	33.67
Net Non Operating Interest Income Expense	-	-27.13	-32.82	-33.95	-33.53
Pretax Income	-	36.22	19.90	37.82	51.04
Tax Provision	-	0.42	0.45	0.45	0.48
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0.18	0.17	0.24	0.26
Net Income Continuous Operations	-	35.80	19.45	37.37	50.56
Net Income From Continuing And Discontinued Operation	-	35.27	19.18	36.89	49.93
Net Income From Continuing Operation Net Minority Interest	-	35.27	19.18	36.89	49.93
Net Income	-	35.27	19.18	36.89	49.93
Net Income Common Stockholders	-	35.27	19.18	36.89	49.93
Net Income Including Noncontrolling Interests	-	35.80	19.45	37.37	50.56
Normalized Income	-	19.85	11.82	16.79	22.15
Diluted NI Availto Com Stockholders	-	35.27	19.18	36.89	49.93
Basic Average Shares	-	49.26	49.50	50.21	49.59
Diluted Average Shares	-	-	-	-	51.06
Reconciled Depreciation	-	31.71	33.06	34.98	36.02
Reconciled Cost Of Revenue	-	43.30	45.87	45.89	50.04
Total Unusual Items	-	15.60	7.53	20.35	28.04
Total Unusual Items Excluding Goodwill	-	15.60	7.53	20.35	28.04
Minority Interests	-	-0.53	-0.27	-0.48	-0.63
Net Income Discontinuous Operations	1.83	0	0	-	-
Special Income Charges	-	-1.35	-1.47	-1.78	-1.91
Other Special Charges	-	-	-	-	0.80
Write Off	-	1.16	0.95	1.23	0.88
Gain On Sale Of Security	-	16.95	9.01	22.12	29.96
Depreciation Amortization Depletion Income Statement	-	31.71	32.97	34.89	35.93
Depreciation And Amortization In Income Statement	-	31.71	32.97	34.89	35.93
General And Administrative Expense	-	18.07	20.65	23.19	21.22
Other Gand A	-	18.07	20.65	23.19	21.22
Gain On Sale Of Ppe	-	-0.19	-0.52	-0.55	-0.24
Provision For Doubtful Accounts	-0.09	1.16	-	-	-
Earnings From Equity Interest	-	0.24	-3.16	-0.03	0

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Whitestone REITthis co.	WSR	$992M	19.86↑ premium	2.16	10.9%	13.51
Chimera Investment Corporation	CIM	$1.1B	7.69	0.43	5.6%	-
Safehold Inc.	SAFE	$1.1B	9.51	0.45	4.8%	16.59
eXp World Holdings, Inc.	EXPI	$1.1B	-47.26	4.42	-9.4%	-
Service Properties Trust	SVC	$1.1B	-5.28

Learn while you research

Hand-picked academy chapters to deepen your understanding of Whitestone REIT and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$162M

$121M

$50M

$51M

10.9%

4.0%

35.3%

2024

$156M

$107M

$37M

$58M

8.4%

5.1%

92.4%

2023

$148M

$86M

$19M

$48M

4.6%

5.2%

-45.6%

2022

$141M

$95M

$35M

$44M

8.4%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

140.58

147.92

155.51

161.74

Operating Revenue

140.58

147.92

155.51

161.74

Cost Of Revenue

43.30

45.96

45.98

50.14

Gross Profit

97.28

101.96

109.53

111.60

Operating Expense

49.77

53.62

58.08

57.15

Selling General And Administration

18.07

20.65

23.19

21.22

Total Expenses

93.07

99.58

104.06

107.28

Operating Income

47.51

48.34

51.45

54.45

EBITDA

95.12

85.83

106.84

120.73

Normalized EBITDA

79.52

78.29

86.49

92.69

EBIT

63.42

52.77

71.86

84.71

Interest Income

0.06

0.05

0.09

0.14

Interest Expense

27.19

32.87

34.03

33.67

Net Interest Income

-27.13

-32.82

-33.95

-33.53

Other Non Operating Income Expenses

2.08

Other Income Expense

15.84

4.38

20.32

30.12

Interest Income Non Operating

0.06

0.05

0.09

0.14

Interest Expense Non Operating

27.19

32.87

34.03

33.67

Net Non Operating Interest Income Expense

-27.13

-32.82

-33.95

-33.53

Pretax Income

36.22

19.90

37.82

51.04

Tax Provision

0.42

0.45

0.48

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.18

0.17

0.24

0.26

Net Income Continuous Operations

35.80

19.45

37.37

50.56

Net Income From Continuing And Discontinued Operation

35.27

19.18

36.89

49.93

Net Income From Continuing Operation Net Minority Interest

35.27

19.18

36.89

49.93

Net Income

35.27

19.18

36.89

49.93

Net Income Common Stockholders

35.27

19.18

36.89

49.93

Net Income Including Noncontrolling Interests

35.80

19.45

37.37

50.56

Normalized Income

19.85

11.82

16.79

22.15

Diluted NI Availto Com Stockholders

35.27

19.18

36.89

49.93

Basic Average Shares

49.26

49.50

50.21

49.59

Diluted Average Shares

51.06

Reconciled Depreciation

31.71

33.06

34.98

36.02

Reconciled Cost Of Revenue

43.30

45.87

45.89

50.04

Total Unusual Items

15.60

7.53

20.35

28.04

Total Unusual Items Excluding Goodwill

15.60

7.53

20.35

28.04

Minority Interests

-0.53

-0.27

-0.48

-0.63

Net Income Discontinuous Operations

1.83

Special Income Charges

-1.35

-1.47

-1.78

-1.91

Other Special Charges

0.80

Write Off

1.16

0.95

1.23

0.88

Gain On Sale Of Security

16.95

9.01

22.12

29.96

Depreciation Amortization Depletion Income Statement

31.71

32.97

34.89

35.93

Depreciation And Amortization In Income Statement

31.71

32.97

34.89

35.93

General And Administrative Expense

18.07

20.65

23.19

21.22

Other Gand A

18.07

20.65

23.19

21.22

Gain On Sale Of Ppe

-0.19

-0.52

-0.55

-0.24

Provision For Doubtful Accounts

-0.09

1.16

Earnings From Equity Interest

0.24

-3.16

-0.03

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Whitestone REITthis co.

WSR

$992M

19.86↑ premium

2.16

10.9%

13.51

Chimera Investment Corporation

CIM

$1.1B

7.69

0.43

5.6%

Safehold Inc.

SAFE

$1.1B

9.51

0.45

4.8%

16.59

eXp World Holdings, Inc.

EXPI

$1.1B

-47.26

4.42

-9.4%

Service Properties Trust

SVC

$1.1B

-5.28

Whitestone REIT

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Whitestone REIT

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on