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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 | - | - | - |
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 |
| 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 |
| Operating Income | - | 47.51 | 48.34 | 51.45 | 54.45 |
| EBITDA | - | 95.12 | 85.83 | 106.84 | 120.73 |
| EBIT | - | 63.42 | 52.77 | 71.86 | 84.71 |
| Pretax Income | - | 36.22 | 19.90 | 37.82 | 51.04 |
| Tax Provision | - | 0.42 | 0.45 | 0.45 | 0.48 |
| Net Income | - | 35.27 | 19.18 | 36.89 | 49.93 |
| Net Income Common Stockholders | - | 35.27 | 19.18 | 36.89 | 49.93 |
| Total Expenses | - | 93.07 | 99.58 | 104.06 | 107.28 |
| Interest Expense | - | 27.19 | 32.87 | 34.03 | 33.67 |
| Interest Income | - | 0.06 | 0.05 | 0.09 | 0.14 |
| Selling General And Administration | - | 18.07 | 20.65 | 23.19 | 21.22 |
| Normalized EBITDA | - | 79.52 | 78.29 | 86.49 | 92.69 |
| Normalized Income | - | 19.85 | 11.82 | 16.79 | 22.15 |
| Market Cap | 973.92 | 973.92 | 973.92 | 973.92 | 973.92 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Whitestone REITthis co. | WSR | - | 19.51↑ premium | 2.13 | 10.9% | 13.37 |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M | 688.67 |
| - |
| - |
| - |
| - |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |