Whitestone REIT Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	154.84	151.26	145.65	138.2	123.88	115.08
Property Management Fees	2.95	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	157.79	154.26	143.92	139.77	126.06	118.93
Revenue Growth (YoY	5.59%	7.18%	2.97%	10.87%	6.00%	-1.33%
Property Expenses	48	45.98	45.96	43.3	39.32	38.58
Selling, General & Administrative	21.26	23.19	20.65	18.07	22.63	21.3
Depreciation & Amortization	34.82	34.89	32.97	31.71	28.95	28.3
Total Operating Expenses	104.09	104.06	99.58	93.07	90.9	88.18
Operating Income	53.7	50.2	44.34	46.7	35.17	30.74
Interest Expense	-33.27	-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	20.64	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	25.63	21.58	8.48	16.76	0.18	-0.36
Other Unusual Items	-0.8	-	-	-	-	1.73
Pretax Income	45.47	37.82	19.9	36.22	10.81	6.53
Income Tax Expense	0.48	0.45	0.45	0.42	0.39	0.38
Earnings From Continuing Operations	44.99	37.37	19.45	35.8	10.42	6.15
Earnings From Discontinued Operations	-	-	-	-	1.83	-
Net Income to Company	44.99	37.37	19.45	35.8	12.25	6.15
Minority Interest in Earnings	-0.57	-0.48	-0.27	-0.53	-0.21	-0.12
Net Income	44.43	36.89	19.18	35.27	12.05	6.03
Net Income to Common	44.43	36.89	19.18	35.27	12.05	6.03
Net Income Growth	110.58%	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)	1.16%	1.05%	1.73%	7.80%	7.78%	3.69%
EPS (Basic)	0.87	0.73	0.39	0.72	0.26	0.14
EPS (Diluted)	0.86	0.72	0.38	0.71	0.26	0.14
EPS Growth	108.75%	89.47%	-46.48%	173.54%	85.40%	-75.62%
Dividend Per Share	0.529	0.491	0.480	0.467	0.428	0.600
Dividend Growth	8.42%	2.34%	2.67%	9.14%	-28.61%	-47.37%
Operating Margin	34.03%	32.54%	30.81%	33.41%	27.90%	25.85%
Profit Margin	28.16%	23.92%	13.33%	25.24%	9.56%	5.07%
EBITDA	88.63	85.18	77.4	78.41	64.12	59.05
EBITDA Margin	56.17%	55.22%	53.78%	56.10%	50.86%	49.65%
D&A For Ebitda	34.93	34.98	33.06	31.71	28.95	28.3
EBIT	53.7	50.2	44.34	46.7	35.17	30.74
EBIT Margin	34.03%	32.54%	30.81%	33.41%	27.90%	25.85%
Funds From Operations (FFO)	54.13	50.72	45.39	52.19	40.71	36.38
FFO Per Share	1.03	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	49.50%	48.45%	52.18%	43.99%	47.46%	69.29%
Effective Tax Rate	1.04%	1.19%	2.26%	1.17%	3.56%	5.80%
Revenue as Reported	157.78	154.28	146.97	139.42	125.37	117.92

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

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