WSR Whitestone REIT

Overview and Growth

Whitestone REIT generated $160.86M of revenue in fiscal 2025, with net income of $49.93M and an operating cash inflow of $50.77M. At $160.86M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 4.3% above fiscal 2024 revenue of $154.28M, marking a year-over-year increase. On a per-share basis, diluted EPS was $0.95, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 31.9% from $0.72 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 52.32M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 51.35M diluted shares in fiscal 2024, the current 52.32M base was 1.9% higher. At period end, total assets were $1.17B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.14x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The bottom-line result was net income of $49.93M, after the operating, financing, tax, and other items recognized for the period. Net margin was 31.0%, meaning that this portion of revenue remained as net income after all recognized expenses. The reported income-tax provision was $482.00K, the amount recognized between pretax income and the final net-income result. Return on period-end equity was 10.8%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 4.3%, showing earnings relative to the full balance sheet. Against $36.89M in fiscal 2024, the current $49.93M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $1.17B of assets against $707.40M of liabilities and $463.86M of equity, revealing how the asset base was financed. The company held $4.89M in cash and equivalents, a narrower liquidity measure than total current assets. The company carried $649.40M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 1.4x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 55.4% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 39.6%, placing book capital against the total resource base. Relative to total assets, liabilities measured 60.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $1.13B in fiscal 2024, the current asset base moved 3.2% and finished higher. Against $443.83M of equity in fiscal 2024, the current book-equity balance moved 4.5% and ended higher. The reported cash balance changed 6.4% from $5.22M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $50.77M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.02x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $300.00K, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 0.6%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $50.47M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 31.4%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 4.3%, comparing post-investment cash with the balance-sheet asset base. Compared with $58.23M in fiscal 2024, current operating cash flow of $50.77M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.