Whitestone REIT (WSR) Financials

$12.26 -0.35 (-2.74%)

Closing price 05/21/2025 03:59 PM Eastern

Extended Trading

$12.48 +0.21 (+1.71%)

As of 05/21/2025 07:32 PM Eastern

Annual Income Statements for Whitestone REIT

This table shows Whitestone REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	37	19	35
Consolidated Net Income / (Loss)	37	19	36
Net Income / (Loss) Continuing Operations	37	19	36
Total Pre-Tax Income	38	23	36
Total Operating Income	50	47	46
Total Gross Profit	108	119	114
Total Revenue	156	148	141
Operating Revenue	112	148	141
Other Revenue	44	-	-
Total Cost of Revenue	47	29	27
Operating Cost of Revenue	46	28	26
Other Cost of Revenue	1.23	0.95	1.16
Total Operating Expenses	59	72	67
Selling, General & Admin Expense	23	21	18
Depreciation Expense	35	33	32
Other Special Charges / (Income)	0.55	-	-
Total Other Income / (Expense), net	-12	-24	-10
Interest Expense	34	33	27
Interest & Investment Income	0.06	0.05	0.07
Other Income / (Expense), net	22	8.48	17
Income Tax Expense	0.45	0.45	0.42
Net Income / (Loss) Attributable to Noncontrolling Interest	0.48	0.27	0.53
Basic Earnings per Share	$0.73	$0.39	$0.72
Weighted Average Basic Shares Outstanding	50.21M	49.50M	49.26M
Diluted Earnings per Share	$0.72	$0.38	$0.71
Weighted Average Diluted Shares Outstanding	51.35M	50.81M	49.95M
Weighted Average Basic & Diluted Shares Outstanding	50.89M	49.96M	49.42M

This table shows Whitestone REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	17	7.62	2.59	9.34	1.54	2.49	11	3.85	20	3.92
Consolidated Net Income / (Loss)	18	7.72	2.63	9.46	1.56	2.52	11	3.90	20	3.98
Net Income / (Loss) Continuing Operations	18	7.72	2.63	9.46	1.56	2.52	11	3.90	20	3.98
Total Pre-Tax Income	18	7.84	2.72	9.61	3.20	2.99	13	4.24	20	4.02
Total Operating Income	14	13	12	12	21	11	11	4.22	12	11
Total Gross Profit	19	31	27	31	35	30	30	25	28	28
Total Revenue	41	39	38	38	38	37	37	36	35	36
Operating Revenue	7.67	39	28	38	48	37	37	26	35	36
Total Cost of Revenue	22	7.65	11	6.95	3.40	7.25	7.13	11	6.98	7.68
Operating Cost of Revenue	21	7.30	11	6.35	3.39	6.86	6.90	11	6.44	7.32
Other Cost of Revenue	0.20	0.35	0.09	0.60	0.01	0.39	0.23	0.32	0.54	0.37
Total Operating Expenses	5.63	19	15	19	14	18	18	21	17	17
Selling, General & Admin Expense	5.58	4.88	6.55	6.18	5.00	5.39	5.18	5.08	5.00	4.83
Depreciation Expense	8.65	8.92	8.52	8.80	8.43	8.33	8.36	7.85	8.05	7.89
Total Other Income / (Expense), net	3.85	-4.85	-8.86	-1.99	-9.41	-8.40	1.37	-7.89	8.72	-6.81
Interest Expense	8.22	8.51	8.79	8.52	-	8.40	8.26	-	8.08	6.82
Interest & Investment Income	0.04	0.00	0.00	0.01	0.00	0.01	0.02	0.02	0.02	0.01
Other Income / (Expense), net	12	3.65	-0.08	6.53	-1.12	-0.01	9.61	0.00	17	-0.01
Income Tax Expense	0.12	0.12	0.09	0.12	0.11	0.10	0.13	0.12	0.11	0.11
Net Income / (Loss) Attributable to Noncontrolling Interest	0.22	0.10	0.03	0.12	0.02	0.04	0.16	0.05	0.29	0.06
Basic Earnings per Share	$0.34	$0.15	$0.05	$0.19	$0.03	$0.05	$0.23	$0.08	$0.41	$0.08
Weighted Average Basic Shares Outstanding	50.21M	50.30M	49.96M	49.94M	49.50M	49.53M	49.43M	49.42M	49.26M	49.27M
Diluted Earnings per Share	$0.34	$0.15	$0.05	$0.18	$0.03	$0.05	$0.22	$0.08	$0.40	$0.08
Weighted Average Diluted Shares Outstanding	51.35M	51.31M	51.12M	51.11M	50.81M	50.64M	50.26M	50.16M	49.95M	50.13M
Weighted Average Basic & Diluted Shares Outstanding	50.89M	50.65M	50.06M	49.96M	49.96M	49.59M	49.52M	49.43M	49.42M	49.39M

This table details how cash moves in and out of Whitestone REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	11	-1.72	-9.56
Net Cash From Operating Activities	58	48	44
Net Cash From Continuing Operating Activities	58	48	44
Net Income / (Loss) Continuing Operations	37	19	36
Consolidated Net Income / (Loss)	37	19	36
Depreciation Expense	35	33	32
Amortization Expense	1.19	1.18	1.10
Non-Cash Adjustments To Reconcile Net Income	-16	-0.45	-13
Changes in Operating Assets and Liabilities, net	0.58	-5.55	-11
Net Cash From Investing Activities	-16	-36	-6.71
Net Cash From Continuing Investing Activities	-16	-36	-6.71
Purchase of Property, Plant & Equipment	-56	-25	-17
Sale of Property, Plant & Equipment	52	20	34
Other Investing Activities, net	-12	-31	-23
Net Cash From Financing Activities	-31	-13	-47
Net Cash From Continuing Financing Activities	-31	-13	-47
Repayment of Debt	-88	12	-23
Repurchase of Common Equity	-2.72	-0.53	-0.87
Payment of Dividends	-25	-24	-23
Issuance of Debt	76	0.00	0.00
Issuance of Common Equity	7.62	0.00	0.00
Other Financing Activities, net	-0.03	-0.01	0.00
Cash Interest Paid	34	31	26
Cash Income Taxes Paid	0.43	0.44	0.37

This table details how cash moves in and out of Whitestone REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	13	-0.70	-2.98	1.58	1.57	0.02	-0.62	-2.68	-3.21	0.92
Net Cash From Operating Activities	18	16	12	12	12	14	17	4.92	11	15
Net Cash From Continuing Operating Activities	18	16	12	12	12	14	17	4.92	11	15
Net Income / (Loss) Continuing Operations	18	7.72	2.63	9.46	1.56	2.52	11	3.90	20	3.98
Consolidated Net Income / (Loss)	18	7.72	2.63	9.46	1.56	2.52	11	3.90	20	3.98
Depreciation Expense	8.65	8.92	8.52	8.80	8.43	8.33	8.36	7.85	8.05	7.89
Amortization Expense	0.31	0.31	0.29	0.29	0.29	0.29	0.30	0.31	0.28	0.28
Non-Cash Adjustments To Reconcile Net Income	-10	-1.99	1.24	-4.85	3.59	2.29	-7.54	1.22	-15	1.43
Changes in Operating Assets and Liabilities, net	1.76	1.41	-0.41	-2.18	-2.12	0.71	4.22	-8.36	-2.67	1.57
Net Cash From Investing Activities	3.17	14	-28	-4.58	-12	9.45	-31	-3.53	3.40	-2.92
Net Cash From Continuing Investing Activities	3.17	14	-28	-4.58	-12	9.45	-31	-3.53	3.40	-2.92
Purchase of Property, Plant & Equipment	-5.61	-0.00	-23	-27	-	-0.02	-25	0.00	-17	-
Sale of Property, Plant & Equipment	5.56	21	-	26	6.40	-	13	0.00	34	-
Other Investing Activities, net	3.22	-6.94	-5.51	-3.04	-18	9.47	-19	-3.53	-13	-2.92
Net Cash From Financing Activities	-8.40	-31	13	-5.37	1.36	-24	13	-4.07	-18	-11
Net Cash From Continuing Financing Activities	-8.40	-31	13	-5.37	1.36	-24	13	-4.07	-18	-11
Repayment of Debt	-22	-32	-13	-21	7.38	-17	29	-7.57	-11	-5.07
Payment of Dividends	-6.33	-6.27	-6.24	-6.05	-6.01	-6.01	-6.00	-6.00	-5.99	-5.99
Issuance of Debt	20	-	33	23	-	-	-9.50	9.50	-	-
Other Financing Activities, net	-0.01	-0.01	-0.01	-0.01	-0.00	-0.00	-0.00	-0.00	-	-
Cash Interest Paid	8.28	8.37	8.85	8.16	7.91	8.00	7.61	7.61	7.51	7.19

This table presents Whitestone REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	1,135	1,113	1,103
Total Current Assets	94	40	40
Cash & Equivalents	5.22	4.57	6.17
Accounts Receivable	81	31	26
Prepaid Expenses	7.81	4.77	7.84
Plant, Property, & Equipment, net	1,002	992	991
Plant, Property & Equipment, gross	1,248	1,221	1,199
Accumulated Depreciation	247	230	208
Total Noncurrent Assets	39	80	71
Long-Term Investments	0.00	32	35
Noncurrent Note & Lease Receivables	10	10	11
Other Noncurrent Operating Assets	29	38	26
Total Liabilities & Shareholders' Equity	1,135	1,113	1,103
Total Liabilities	691	694	678
Total Current Liabilities	48	43	42
Accounts Payable	41	37	36
Dividends Payable	6.93	6.03	6.01
Total Noncurrent Liabilities	643	651	636
Long-Term Debt	632	640	625
Other Noncurrent Operating Liabilities	12	11	11
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	444	420	424
Total Preferred & Common Equity	438	414	418
Preferred Stock	0.00	0.00	0.00
Total Common Equity	438	414	418
Common Stock	638	628	625
Retained Earnings	-206	-217	-212
Accumulated Other Comprehensive Income / (Loss)	5.71	2.58	5.98
Noncontrolling Interest	5.68	5.88	6.01

This table presents Whitestone REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,113	1,140	1,122	1,118	1,129	38	1,100
Total Current Assets	85	79	80	47	43	3.48	45
Cash & Equivalents	2.53	3.23	6.22	2.98	2.93	3.48	9.50
Accounts Receivable	79	64	63	29	28	-	25
Prepaid Expenses	2.83	12	11	15	12	-	9.98
Plant, Property, & Equipment, net	1,000	1,018	998	1,002	1,006	0.00	995
Plant, Property & Equipment, gross	1,243	1,259	1,231	1,228	1,224	-	1,207
Accumulated Depreciation	244	241	233	226	218	-	212
Total Noncurrent Assets	28	43	42	67	79	35	61
Long-Term Investments	0.00	0.00	0.00	33	34	35	35
Noncurrent Note & Lease Receivables	10	10	10	10	10	-	-
Other Noncurrent Operating Assets	18	32	32	24	35	0.11	26
Total Liabilities & Shareholders' Equity	1,113	1,140	1,122	1,118	1,129	1,094	1,100
Total Liabilities	688	717	694	685	697	675	689
Total Current Liabilities	42	39	38	41	37	34	42
Accounts Payable	36	33	32	35	31	28	36
Dividends Payable	6.28	6.23	6.22	6.02	6.02	6.01	6.00
Total Noncurrent Liabilities	645	677	656	644	661	641	647
Long-Term Debt	634	666	645	633	650	630	637
Other Noncurrent Operating Liabilities	12	11	11	11	11	11	10
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	425	424	427	433	432	419	411
Total Preferred & Common Equity	420	418	422	427	425	413	405
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	420	418	422	427	425	413	405
Common Stock	636	628	628	627	626	626	624
Retained Earnings	-216	-217	-214	-213	-209	-214	-226
Accumulated Other Comprehensive Income / (Loss)	-0.68	8.15	7.52	12	8.45	1.46	7.65
Noncontrolling Interest	5.48	5.58	5.62	6.08	6.07	5.91	5.83

This table displays calculated financial ratios and metrics derived from Whitestone REIT's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	5.13%	5.22%	12.21%
EBITDA Growth	19.85%	-6.15%	48.27%
EBIT Growth	28.51%	-11.47%	82.17%
NOPAT Growth	5.64%	1.42%	38.12%
Net Income Growth	92.15%	-45.67%	192.17%
EPS Growth	89.47%	-46.48%	173.08%
Operating Cash Flow Growth	22.33%	7.13%	-5.55%
Free Cash Flow Firm Growth	-99.97%	53.06%	174.12%
Invested Capital Growth	4.77%	1.45%	2.53%
Revenue Q/Q Growth	1.99%	1.75%	1.64%
EBITDA Q/Q Growth	6.58%	-8.79%	17.32%
EBIT Q/Q Growth	9.83%	-13.96%	27.49%
NOPAT Q/Q Growth	-11.29%	21.85%	-5.25%
Net Income Q/Q Growth	74.84%	-48.97%	96.51%
EPS Q/Q Growth	75.61%	-49.33%	97.22%
Operating Cash Flow Q/Q Growth	12.19%	1.65%	-8.95%
Free Cash Flow Firm Q/Q Growth	-99.96%	131.09%	-97.91%
Invested Capital Q/Q Growth	1.39%	-0.59%	0.36%
Profitability Metrics	-	-	-
Gross Margin	69.64%	80.46%	80.90%
EBITDA Margin	69.38%	60.86%	68.23%
Operating Margin	31.94%	32.03%	32.97%
EBIT Margin	46.17%	37.77%	44.89%
Profit (Net Income) Margin	24.03%	13.15%	25.47%
Tax Burden Percent	98.74%	84.36%	99.49%
Interest Burden Percent	52.72%	41.27%	57.02%
Effective Tax Rate	1.19%	1.95%	1.17%
Return on Invested Capital (ROIC)	4.66%	4.55%	4.58%
ROIC Less NNEP Spread (ROIC-NNEP)	2.78%	0.04%	2.88%
Return on Net Nonoperating Assets (RNNOA)	3.99%	0.06%	4.12%
Return on Equity (ROE)	8.66%	4.61%	8.69%
Cash Return on Invested Capital (CROIC)	0.00%	3.12%	2.08%
Operating Return on Assets (OROA)	6.39%	5.04%	5.72%
Return on Assets (ROA)	3.33%	1.76%	3.25%
Return on Common Equity (ROCE)	8.54%	4.54%	8.57%
Return on Equity Simple (ROE_SIMPLE)	8.53%	4.70%	8.56%
Net Operating Profit after Tax (NOPAT)	49	46	46
NOPAT Margin	31.56%	31.41%	32.59%
Net Nonoperating Expense Percent (NNEP)	1.89%	4.51%	1.70%
Return On Investment Capital (ROIC_SIMPLE)	4.56%	4.38%	4.36%
Cost of Revenue to Revenue	30.36%	19.54%	19.10%
SG&A Expenses to Revenue	14.91%	13.96%	12.85%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.70%	48.43%	47.93%
Earnings before Interest and Taxes (EBIT)	72	56	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	108	90	96
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.62	1.40	1.03
Price to Tangible Book Value (P/TBV)	1.62	1.40	1.03
Price to Revenue (P/Rev)	4.57	3.93	3.07
Price to Earnings (P/E)	19.26	30.29	12.25
Dividend Yield	3.50%	4.10%	5.34%
Earnings Yield	5.19%	3.30%	8.17%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.16	1.01
Enterprise Value to Revenue (EV/Rev)	8.63	8.05	7.27
Enterprise Value to EBITDA (EV/EBITDA)	12.44	13.23	10.66
Enterprise Value to EBIT (EV/EBIT)	18.70	21.31	16.20
Enterprise Value to NOPAT (EV/NOPAT)	27.35	25.63	22.31
Enterprise Value to Operating Cash Flow (EV/OCF)	23.06	25.02	23.01
Enterprise Value to Free Cash Flow (EV/FCFF)	128,606.53	37.44	49.20
Leverage & Solvency	-	-	-
Debt to Equity	1.42	1.53	1.47
Long-Term Debt to Equity	1.42	1.53	1.47
Financial Leverage	1.44	1.42	1.43
Leverage Ratio	2.60	2.63	2.68
Compound Leverage Factor	1.37	1.08	1.53
Debt to Total Capital	58.73%	60.41%	59.57%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.73%	60.41%	59.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.53%	0.55%	0.57%
Common Equity to Total Capital	40.75%	39.04%	39.86%
Debt to EBITDA	5.85	7.11	6.52
Net Debt to EBITDA	5.81	6.71	6.09
Long-Term Debt to EBITDA	5.85	7.11	6.52
Debt to NOPAT	12.87	13.78	13.65
Net Debt to NOPAT	12.76	13.00	12.75
Long-Term Debt to NOPAT	12.87	13.78	13.65
Altman Z-Score	0.76	0.53	0.43
Noncontrolling Interest Sharing Ratio	1.34%	1.41%	1.49%
Liquidity Ratios	-	-	-
Current Ratio	1.97	0.94	0.94
Quick Ratio	1.80	0.82	0.75
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.01	32	21
Operating Cash Flow to CapEx	1,553.96%	845.92%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.97	0.76
Operating Cash Flow to Interest Expense	1.71	1.45	1.63
Operating Cash Flow Less CapEx to Interest Expense	1.60	1.28	2.25
Efficiency Ratios	-	-	-
Asset Turnover	0.14	0.13	0.13
Accounts Receivable Turnover	2.80	5.27	5.86
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.15	0.14
Accounts Payable Turnover	1.22	0.80	0.66
Days Sales Outstanding (DSO)	130.55	69.29	62.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	298.52	458.90	557.01
Cash Conversion Cycle (CCC)	-167.97	-389.61	-494.74
Capital & Investment Metrics	-	-	-
Invested Capital	1,077	1,028	1,013
Invested Capital Turnover	0.15	0.14	0.14
Increase / (Decrease) in Invested Capital	49	15	25
Enterprise Value (EV)	1,343	1,191	1,022
Market Capitalization	711	581	432
Book Value per Share	$8.65	$8.34	$8.47
Tangible Book Value per Share	$8.65	$8.34	$8.47
Total Capital	1,075	1,060	1,050
Total Debt	632	640	625
Total Long-Term Debt	632	640	625
Net Debt	626	604	584
Capital Expenditures (CapEx)	3.75	5.63	-17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	-7.29	-8.88
Debt-free Net Working Capital (DFNWC)	46	-2.65	-2.53
Net Working Capital (NWC)	46	-2.65	-2.53
Net Nonoperating Expense (NNE)	12	27	10
Net Nonoperating Obligations (NNO)	633	608	589
Total Depreciation and Amortization (D&A)	36	34	33
Debt-free, Cash-free Net Working Capital to Revenue	26.25%	-4.93%	-6.32%
Debt-free Net Working Capital to Revenue	29.61%	-1.79%	-1.80%
Net Working Capital to Revenue	29.61%	-1.79%	-1.80%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.73	$0.39	$0.72
Adjusted Weighted Average Basic Shares Outstanding	50.21M	49.50M	49.26M
Adjusted Diluted Earnings per Share	$0.72	$0.38	$0.71
Adjusted Weighted Average Diluted Shares Outstanding	51.35M	50.81M	49.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.89M	49.96M	49.42M
Normalized Net Operating Profit after Tax (NOPAT)	50	46	46
Normalized NOPAT Margin	31.91%	31.41%	32.59%
Pre Tax Income Margin	24.34%	15.59%	25.60%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.11	1.70	2.32
NOPAT to Interest Expense	1.44	1.41	1.68
EBIT Less CapEx to Interest Expense	2.00	1.53	2.94
NOPAT Less CapEx to Interest Expense	1.33	1.24	2.30
Payout Ratios	-	-	-
Dividend Payout Ratio	66.61%	123.48%	65.10%
Augmented Payout Ratio	73.89%	126.17%	67.53%

This table displays calculated financial ratios and metrics derived from Whitestone REIT's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.00%	5.19%	2.83%	4.39%	7.15%	3.65%	5.22%	4.87%	6.81%	10.78%
EBITDA Growth	23.70%	27.86%	-31.20%	119.96%	-23.57%	5.33%	56.28%	-41.77%	62.74%	14.26%
EBIT Growth	33.12%	43.62%	-44.89%	329.63%	-31.85%	5.13%	94.01%	-67.70%	91.81%	20.20%
NOPAT Growth	-30.78%	13.38%	0.39%	179.38%	70.31%	4.71%	5.98%	-68.18%	-18.12%	20.47%
Net Income Growth	1,023.48%	206.35%	-77.10%	142.60%	-92.27%	-36.58%	160.21%	-45.74%	663.97%	34.93%
EPS Growth	1,033.33%	200.00%	-77.27%	125.00%	-92.50%	-37.50%	144.44%	-42.86%	700.00%	33.33%
Operating Cash Flow Growth	53.85%	15.77%	-27.02%	134.47%	7.05%	-6.62%	25.36%	0.00%	-28.46%	-14.01%
Free Cash Flow Firm Growth	-786.79%	-17.64%	25.96%	-204.43%	138.42%	-101.40%	-104.72%	20.41%	71.48%	194.37%
Invested Capital Growth	4.77%	2.73%	3.97%	2,856.60%	1.45%	2.41%	5.25%	-103.85%	2.53%	-48.35%
Revenue Q/Q Growth	5.28%	3.30%	-0.08%	-0.61%	2.54%	0.99%	1.43%	2.02%	-0.81%	2.52%
EBITDA Q/Q Growth	36.03%	25.92%	-25.35%	-3.26%	40.60%	-32.24%	138.65%	-66.38%	93.77%	0.53%
EBIT Q/Q Growth	58.06%	42.12%	-36.54%	-6.62%	70.53%	-45.46%	394.69%	-85.19%	163.04%	0.65%
NOPAT Q/Q Growth	9.69%	11.71%	-2.29%	-42.18%	79.66%	-1.09%	171.92%	-64.75%	10.46%	0.11%
Net Income Q/Q Growth	127.37%	194.10%	-72.25%	505.50%	-38.00%	-78.01%	193.90%	-80.72%	408.93%	-9.78%
EPS Q/Q Growth	126.67%	200.00%	-72.22%	500.00%	-40.00%	-77.27%	175.00%	-80.00%	400.00%	-11.11%
Operating Cash Flow Q/Q Growth	10.36%	33.58%	6.37%	-1.89%	-16.95%	-15.80%	241.73%	-55.20%	-27.56%	13.05%
Free Cash Flow Firm Q/Q Growth	-125.27%	48.66%	97.22%	-21,428.16%	138.59%	67.69%	-103.93%	7,946.19%	-101.40%	9.31%
Invested Capital Q/Q Growth	1.39%	-2.76%	2.03%	4.16%	-0.59%	-1.58%	2,805.16%	-103.83%	0.36%	1.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.37%	80.38%	70.81%	81.60%	91.06%	80.43%	80.56%	69.27%	80.33%	78.51%
EBITDA Margin	84.78%	65.62%	53.83%	72.05%	74.02%	53.98%	80.45%	34.19%	103.77%	53.12%
Operating Margin	33.65%	32.56%	30.68%	30.71%	54.01%	30.73%	30.68%	11.66%	32.98%	30.30%
EBIT Margin	62.95%	41.93%	30.48%	47.99%	51.07%	30.71%	56.87%	11.66%	80.30%	30.28%
Profit (Net Income) Margin	42.79%	19.81%	6.96%	25.06%	4.11%	6.80%	31.25%	10.78%	57.05%	11.12%
Tax Burden Percent	99.30%	98.50%	96.69%	98.47%	48.81%	84.29%	90.82%	92.05%	99.15%	98.83%
Interest Burden Percent	68.45%	47.97%	23.62%	53.04%	16.50%	26.28%	60.50%	100.47%	71.66%	37.15%
Effective Tax Rate	0.70%	1.50%	3.31%	1.24%	3.47%	3.18%	0.99%	2.81%	0.53%	2.78%
Return on Invested Capital (ROIC)	4.94%	4.67%	4.17%	8.79%	7.56%	4.23%	4.27%	3.32%	4.61%	2.75%
ROIC Less NNEP Spread (ROIC-NNEP)	5.56%	3.89%	2.84%	6.65%	4.51%	2.82%	4.32%	3.05%	6.07%	2.14%
Return on Net Nonoperating Assets (RNNOA)	7.99%	5.62%	4.27%	1.46%	6.39%	4.00%	6.25%	0.54%	8.68%	5.74%
Return on Equity (ROE)	12.93%	10.29%	8.44%	10.25%	13.95%	8.24%	10.52%	3.87%	13.29%	8.49%
Cash Return on Invested Capital (CROIC)	0.00%	2.59%	1.13%	-98.59%	3.12%	1.35%	-1.45%	0.00%	2.08%	67.02%
Operating Return on Assets (OROA)	8.71%	5.73%	4.04%	12.37%	6.82%	4.03%	7.39%	2.93%	10.24%	3.86%
Return on Assets (ROA)	5.92%	2.71%	0.92%	6.46%	0.55%	0.89%	4.06%	2.71%	7.28%	1.42%
Return on Common Equity (ROCE)	12.76%	10.15%	8.32%	10.11%	13.75%	8.12%	10.37%	3.81%	13.09%	8.36%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.10%	3.87%	5.93%	0.00%	8.93%	9.30%	7.88%	0.00%	4.50%
Net Operating Profit after Tax (NOPAT)	14	13	11	11	20	11	11	4.10	12	11
NOPAT Margin	33.42%	32.07%	29.66%	30.33%	52.14%	29.76%	30.38%	11.33%	32.80%	29.46%
Net Nonoperating Expense Percent (NNEP)	-0.62%	0.77%	1.33%	2.14%	3.05%	1.42%	-0.05%	0.27%	-1.46%	0.61%
Return On Investment Capital (ROIC_SIMPLE)	1.28%	-	-	-	1.87%	-	-	-	1.11%	-
Cost of Revenue to Revenue	52.63%	19.62%	29.19%	18.40%	8.94%	19.57%	19.44%	30.73%	19.67%	21.49%
SG&A Expenses to Revenue	13.60%	12.51%	17.36%	16.36%	13.16%	14.55%	14.10%	14.05%	14.11%	13.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.72%	47.81%	40.14%	50.89%	37.05%	49.70%	49.88%	57.61%	47.35%	48.21%
Earnings before Interest and Taxes (EBIT)	26	16	12	18	19	11	21	4.22	28	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	35	26	20	27	28	20	30	12	37	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.62	1.61	1.58	1.46	1.40	1.07	1.07	1.03	1.03	0.94
Price to Tangible Book Value (P/TBV)	1.62	1.61	1.58	1.46	1.40	1.07	1.07	1.03	1.03	0.94
Price to Revenue (P/Rev)	4.57	4.43	4.39	4.13	3.93	3.14	3.17	3.00	3.07	2.76
Price to Earnings (P/E)	19.26	32.01	41.41	25.00	30.29	12.15	11.69	13.32	12.25	21.31
Dividend Yield	3.50%	3.62%	3.66%	3.89%	4.10%	5.21%	5.20%	5.56%	5.34%	5.87%
Earnings Yield	5.19%	3.12%	2.41%	4.00%	3.30%	8.23%	8.55%	7.51%	8.17%	4.69%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.23	1.22	1.18	1.16	1.02	1.02	0.00	1.01	0.97
Enterprise Value to Revenue (EV/Rev)	8.63	8.60	8.83	8.44	8.05	7.29	7.47	7.21	7.27	7.09
Enterprise Value to EBITDA (EV/EBITDA)	12.44	12.96	13.89	12.03	13.23	10.73	11.01	11.78	10.66	12.00
Enterprise Value to EBIT (EV/EBIT)	18.70	20.07	22.00	18.08	21.31	16.31	16.71	18.89	16.20	19.81
Enterprise Value to NOPAT (EV/NOPAT)	27.35	23.71	24.68	23.40	25.63	27.78	28.63	27.70	22.31	20.29
Enterprise Value to Operating Cash Flow (EV/OCF)	23.06	25.27	26.75	23.27	25.02	22.62	22.49	23.07	23.01	20.10
Enterprise Value to Free Cash Flow (EV/FCFF)	128,606.53	48.35	109.98	0.00	37.44	76.97	0.00	0.95	49.20	0.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.42	1.49	1.57	1.51	1.53	1.46	1.51	1.51	1.47	1.55
Long-Term Debt to Equity	1.42	1.49	1.57	1.51	1.53	1.46	1.51	1.51	1.47	1.55
Financial Leverage	1.44	1.44	1.51	0.22	1.42	1.42	1.45	0.18	1.43	2.68
Leverage Ratio	2.60	2.60	2.65	1.37	2.63	2.63	2.65	1.38	2.68	2.70
Compound Leverage Factor	1.78	1.25	0.63	0.73	0.43	0.69	1.60	1.38	1.92	1.00
Debt to Total Capital	58.73%	59.85%	61.10%	60.15%	60.41%	59.38%	60.10%	60.10%	59.57%	60.79%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.73%	59.85%	61.10%	60.15%	60.41%	59.38%	60.10%	60.10%	59.57%	60.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.53%	0.52%	0.51%	0.52%	0.55%	0.57%	0.56%	0.56%	0.57%	0.56%
Common Equity to Total Capital	40.75%	39.63%	38.39%	39.32%	39.04%	40.05%	39.34%	39.34%	39.86%	38.66%
Debt to EBITDA	5.85	6.26	6.96	6.15	7.11	6.41	6.65	7.24	6.52	7.79
Net Debt to EBITDA	5.81	6.23	6.93	6.09	6.71	6.05	6.28	6.80	6.09	7.25
Long-Term Debt to EBITDA	5.85	6.26	6.96	6.15	7.11	6.41	6.65	7.24	6.52	7.79
Debt to NOPAT	12.87	11.45	12.36	11.97	13.78	16.60	17.30	17.04	13.65	13.18
Net Debt to NOPAT	12.76	11.40	12.30	11.85	13.00	15.65	16.33	16.01	12.75	12.26
Long-Term Debt to NOPAT	12.87	11.45	12.36	11.97	13.78	16.60	17.30	17.04	13.65	13.18
Altman Z-Score	0.62	0.55	0.49	0.50	0.42	0.30	0.33	-4.36	0.32	0.21
Noncontrolling Interest Sharing Ratio	1.34%	1.35%	1.36%	1.36%	1.41%	1.41%	1.49%	1.49%	1.49%	1.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.97	2.00	2.01	2.09	0.94	1.14	1.18	0.10	0.94	1.07
Quick Ratio	1.80	1.93	1.71	1.79	0.82	0.78	0.85	0.10	0.75	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-35	-16	-31	-1,098	5.15	-13	-41	1,052	-13	956
Operating Cash Flow to CapEx	33,464.81%	0.00%	53.45%	746.86%	0.00%	74,436.84%	139.87%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.30	-1.85	-3.48	-128.90	0.00	-1.59	-5.00	0.00	-1.66	140.21
Operating Cash Flow to Interest Expense	2.20	1.93	1.39	1.35	0.00	1.68	2.03	0.00	1.36	2.22
Operating Cash Flow Less CapEx to Interest Expense	2.19	4.37	-1.21	1.17	0.00	1.68	0.58	0.00	3.43	2.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.13	0.26	0.13	0.13	0.13	0.25	0.13	0.13
Accounts Receivable Turnover	2.80	2.81	3.26	0.00	5.27	5.37	5.62	0.00	5.86	5.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.15	0.15	0.00	0.15	0.15	0.14	0.00	0.14	0.14
Accounts Payable Turnover	1.22	0.81	0.90	0.82	0.80	0.92	1.11	1.07	0.66	0.55
Days Sales Outstanding (DSO)	130.55	129.69	111.82	0.00	69.29	67.99	64.98	0.00	62.27	62.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	298.52	448.78	406.92	446.06	458.90	398.67	329.59	339.75	557.01	658.93
Cash Conversion Cycle (CCC)	-167.97	-319.09	-295.10	-446.06	-389.61	-330.67	-264.61	-339.75	-494.74	-596.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,077	1,062	1,093	1,071	1,028	1,034	1,051	-39	1,013	1,010
Invested Capital Turnover	0.15	0.15	0.14	0.29	0.14	0.14	0.14	0.29	0.14	0.09
Increase / (Decrease) in Invested Capital	49	28	42	1,110	15	24	52	-1,047	25	-945
Enterprise Value (EV)	1,343	1,312	1,329	1,261	1,191	1,059	1,076	1,025	1,022	981
Market Capitalization	711	675	661	617	581	456	456	427	432	382
Book Value per Share	$8.65	$8.38	$8.37	$8.44	$8.34	$8.62	$8.61	$8.35	$8.47	$8.21
Tangible Book Value per Share	$8.65	$8.38	$8.37	$8.44	$8.34	$8.62	$8.61	$8.35	$8.47	$8.21
Total Capital	1,075	1,059	1,090	1,072	1,060	1,066	1,082	1,049	1,050	1,048
Total Debt	632	634	666	645	640	633	650	630	625	637
Total Long-Term Debt	632	634	666	645	640	633	650	630	625	637
Net Debt	626	631	662	639	604	597	614	592	584	593
Capital Expenditures (CapEx)	0.05	-21	23	1.54	-6.40	0.02	12	0.00	-17	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	40	37	36	-7.29	2.97	3.51	-34	-8.88	-6.64
Debt-free Net Working Capital (DFNWC)	46	42	40	42	-2.65	5.95	6.43	-31	-2.53	2.86
Net Working Capital (NWC)	46	42	40	42	-2.65	5.95	6.43	-31	-2.53	2.86
Net Nonoperating Expense (NNE)	-3.85	4.78	8.57	1.99	18	8.51	-0.32	0.20	-8.60	6.56
Net Nonoperating Obligations (NNO)	633	637	669	643	608	601	619	-457	589	599
Total Depreciation and Amortization (D&A)	8.96	9.23	8.81	9.09	8.72	8.62	8.66	8.15	8.32	8.17
Debt-free, Cash-free Net Working Capital to Revenue	26.25%	26.06%	24.38%	23.77%	-4.93%	2.04%	2.43%	-24.13%	-6.32%	-4.80%
Debt-free Net Working Capital to Revenue	29.61%	27.72%	26.53%	27.93%	-1.79%	4.09%	4.47%	-21.68%	-1.80%	2.07%
Net Working Capital to Revenue	29.61%	27.72%	26.53%	27.93%	-1.79%	4.09%	4.47%	-21.68%	-1.80%	2.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.15	$0.05	$0.19	$0.03	$0.05	$0.23	$0.08	$0.41	$0.08
Adjusted Weighted Average Basic Shares Outstanding	50.21M	50.30M	49.96M	49.94M	49.50M	49.53M	49.43M	49.42M	49.26M	49.27M
Adjusted Diluted Earnings per Share	$0.34	$0.15	$0.05	$0.18	$0.03	$0.05	$0.22	$0.08	$0.40	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	51.35M	51.31M	51.12M	51.11M	50.81M	50.64M	50.26M	50.16M	49.95M	50.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.89M	50.65M	50.06M	49.96M	49.96M	49.59M	49.52M	49.43M	49.42M	49.39M
Normalized Net Operating Profit after Tax (NOPAT)	14	13	11	11	20	11	11	4.11	12	11
Normalized NOPAT Margin	33.42%	32.07%	29.84%	30.33%	52.14%	29.76%	30.38%	11.35%	32.80%	29.46%
Pre Tax Income Margin	43.09%	20.12%	7.20%	25.45%	8.43%	8.07%	34.40%	11.72%	57.54%	11.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.14	1.92	1.31	2.13	0.00	1.35	2.53	0.00	3.52	1.59
NOPAT to Interest Expense	1.67	1.47	1.27	1.34	0.00	1.31	1.35	0.00	1.44	1.54
EBIT Less CapEx to Interest Expense	3.14	4.36	-1.30	1.95	0.00	1.35	1.07	0.00	5.59	1.59
NOPAT Less CapEx to Interest Expense	1.66	3.91	-1.34	1.16	0.00	1.31	-0.10	0.00	3.51	1.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.61%	114.98%	150.33%	96.23%	123.48%	62.95%	60.58%	73.66%	65.10%	124.34%
Augmented Payout Ratio	73.89%	127.71%	168.12%	104.09%	126.17%	65.23%	62.81%	73.66%	67.53%	127.38%

Frequently Asked Questions About Whitestone REIT's Financials

When does Whitestone REIT's financial year end?

According to the most recent income statement we have on file, Whitestone REIT's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Whitestone REIT's net income changed over the last 2 years?

Whitestone REIT's net income appears to be on an upward trend, with a most recent value of $37.37 million in 2024, rising from $35.80 million in 2022. The previous period was $19.45 million in 2023. Find out what analysts predict for Whitestone REIT in the coming months.

What is Whitestone REIT's operating income?

Whitestone REIT's total operating income in 2024 was $49.67 million, based on the following breakdown:

Total Gross Profit: $108.30 million
Total Operating Expenses: $58.63 million

How has Whitestone REIT revenue changed over the last 2 years?

Over the last 2 years, Whitestone REIT's total revenue changed from $140.58 million in 2022 to $155.51 million in 2024, a change of 10.6%.

How much debt does Whitestone REIT have?

Whitestone REIT's total liabilities were at $690.81 million at the end of 2024, a 0.4% decrease from 2023, and a 1.8% increase since 2022.

How much cash does Whitestone REIT have?

In the past 2 years, Whitestone REIT's cash and equivalents has ranged from $4.57 million in 2023 to $6.17 million in 2022, and is currently $5.22 million as of their latest financial filing in 2024.

How has Whitestone REIT's book value per share changed over the last 2 years?

Over the last 2 years, Whitestone REIT's book value per share changed from 8.47 in 2022 to 8.65 in 2024, a change of 2.1%.

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This page (NYSE:WSR) was last updated on 5/22/2025 by MarketBeat.com Staff

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Whitestone REIT (WSR) Financials

Frequently Asked Questions About Whitestone REIT's Financials

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Whitestone REIT (WSR) Financials

Annual Income Statements for Whitestone REIT

Quarterly Income Statements for Whitestone REIT

Annual Cash Flow Statements for Whitestone REIT

Quarterly Cash Flow Statements for Whitestone REIT

Annual Balance Sheets for Whitestone REIT

Quarterly Balance Sheets for Whitestone REIT

Annual Metrics And Ratios for Whitestone REIT

Quarterly Metrics And Ratios for Whitestone REIT

Frequently Asked Questions About Whitestone REIT's Financials

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