Whitestone REIT (WSR)

Landsea Homes Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	152.12	151.26	145.65	138.2	123.88	115.08
Property Management Fees	3.25	3.02	1.32	1.22	1.49	2.83
Other Revenue	0.01	-0.02	-3.05	0.35	0.7	1.01
Total Revenue	155.37	154.26	143.92	139.77	126.06	118.93
Revenue Growth (YoY	5.27%	7.18%	2.97%	10.87%	6.00%	-1.33%
Property Expenses	46.87	45.98	45.96	43.3	39.32	38.58
Selling, General & Administrative	20.82	23.19	20.65	18.07	22.63	21.3
Depreciation & Amortization	35.41	34.89	32.97	31.71	28.95	28.3
Total Operating Expenses	103.1	104.06	99.58	93.07	90.9	88.18
Operating Income	52.27	50.2	44.34	46.7	35.17	30.74
Interest Expense	-33.12	-34.04	-32.87	-27.19	-24.56	-25.77
Interest & Investment Income	0.21	0.09	0.05	0.07	0.12	0.28
EBT Excluding Unusual Items	19.36	16.25	11.52	19.57	10.72	5.25
Gain (Loss) on Sale of Investments	-0.01	-0.01	-0.11	-0.11	-0.09	-0.09
Gain (Loss) on Sale of Assets	15.25	21.58	8.48	16.76	0.18	-0.36
Other Unusual Items	-	-	-	-	-	1.73
Pretax Income	34.61	37.82	19.9	36.22	10.81	6.53
Income Tax Expense	0.46	0.45	0.45	0.42	0.39	0.38
Earnings From Continuing Operations	34.15	37.37	19.45	35.8	10.42	6.15
Earnings From Discontinued Operations	-	-	-	-	1.83	-
Net Income to Company	34.15	37.37	19.45	35.8	12.25	6.15
Minority Interest in Earnings	-0.43	-0.48	-0.27	-0.53	-0.21	-0.12
Net Income	33.72	36.89	19.18	35.27	12.05	6.03
Net Income to Common	33.72	36.89	19.18	35.27	12.05	6.03
Net Income Growth	111.27%	92.35%	-45.62%	192.75%	99.67%	-74.52%
Basic Shares Outstanding	51	50	50	49	45	42
Diluted Shares Outstanding	52	51	51	50	46	43
Shares Change (YoY)	0.99%	1.05%	1.73%	7.80%	7.78%	3.69%
EPS (Basic)	0.67	0.73	0.39	0.72	0.26	0.14
EPS (Diluted)	0.66	0.72	0.38	0.71	0.26	0.14
EPS Growth	110.83%	89.47%	-46.48%	173.54%	85.40%	-75.62%
Dividend Per Share	0.517	0.491	0.480	0.467	0.428	0.600
Dividend Growth	6.96%	2.34%	2.67%	9.14%	-28.61%	-47.37%
Operating Margin	33.64%	32.54%	30.81%	33.41%	27.90%	25.85%
Profit Margin	21.70%	23.92%	13.33%	25.24%	9.56%	5.07%
EBITDA	87.79	85.18	77.4	78.41	64.12	59.05
EBITDA Margin	56.50%	55.22%	53.78%	56.10%	50.86%	49.65%
D&A For Ebitda	35.52	34.98	33.06	31.71	28.95	28.3
EBIT	52.27	50.2	44.34	46.7	35.17	30.74
EBIT Margin	33.64%	32.54%	30.81%	33.41%	27.90%	25.85%
Funds From Operations (FFO)	54.25	50.72	45.39	52.19	40.71	36.38
FFO Per Share	1.04	0.98	0.88	-	-	-
Adjusted Funds From Operations (AFFO)	-	50.72	45.39	52.19	40.71	36.38
AFFO Per Share	-	0.98	0.88	-	-	-
FFO Payout Ratio	48.17%	48.45%	52.18%	43.99%	47.46%	69.29%
Effective Tax Rate	1.33%	1.19%	2.26%	1.17%	3.56%	5.80%
Revenue as Reported	155.37	154.28	146.97	139.42	125.37	117.92

Updated Jul 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q