Whitestone REIT Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Property Revenue	162.77	320.3	304.98	293.21	138.2	123.88
Service and Other Revenue	1.47	1.58	3.02	1.32	1.22	1.49
Revenue	164.24	160.86	154.28	146.97	139.42	125.37
Revenue Growth (YoY)	5.88%	4.26%	4.98%	5.41%	11.21%	6.32%
Property Expenses	32.17	31.83	28.21	27.95	25.69	22.56
Total Property Expenses	32.17	31.83	28.21	27.95	25.69	22.56
Property Taxes	19.19	18.31	17.77	18.02	17.61	16.76
Gross Profit	112.88	110.72	108.3	101.01	96.13	86.04
Selling, General & Admin	21.79	21.22	23.19	20.65	18.07	22.63
Depreciation & Amortization Expenses	36.58	35.93	34.89	32.97	31.71	28.95
Operating Income	54.52	53.58	50.22	47.39	46.35	34.47
Net Gains on Disposal of Properties	29.63	29.72	21.58	8.48	16.76	0.18
Interest Income	0.05	0.14	0.12	3.21	0.3	0.73
Interest Expense	-33.96	-33.67	-34.04	-32.87	-27.19	-24.56
Other Non-Operating Income (Expense)	1.28	1.28	-	-	-	-
Total Non-Operating Income (Expense)	-5.08	-2.54	-12.34	-21.18	-10.13	-23.66
Pretax Income	51.49	51.04	37.85	23.06	35.98	10.2
Provision for Income Taxes	0.49	0.48	0.45	0.45	0.42	0.39
Net Income	50.37	49.93	36.89	19.18	35.27	12.05
Minority Interest in Earnings	0.63	0.63	0.48	0.27	0.53	0.21
Earnings From Discontinued Operations	-	-	-	-	-	3.67
Net Income to Common	50.37	49.93	36.89	19.18	35.27	12.05
Net Income Growth	61.15%	35.33%	92.35%	-45.62%	192.75%	99.67%
Shares Outstanding (Basic)	51	51	50	50	49	45
Shares Outstanding (Diluted)	52	52	51	51	50	46
Shares Change (YoY)	1.50%	1.89%	1.05%	1.73%	7.80%	7.78%
EPS (Basic)	0.99	0.98	0.73	0.39	0.72	0.26
EPS (Diluted)	0.96	0.95	0.72	0.38	0.71	0.26
EPS Growth	60.00%	31.94%	89.47%	-46.48%	173.08%	85.71%
Shares Outstanding	51.39	51.09	50.69	49.61	49.42	49.14
Free Cash Flow	-66.86	-59.75	-19.93	5.07	3.99	-44.19
Free Cash Flow Growth	-	-	-	26.96%	-	-
Free Cash Flow Per Share	-1.28	-1.14	-0.39	0.10	0.08	-0.95
Dividends Per Share	0.547	0.540	0.491	0.480	0.467	0.428
Dividend Growth	1.39%	9.89%	2.38%	2.67%	9.14%	-28.61%
Gross Margin	68.73%	68.83%	70.20%	68.73%	68.95%	68.63%
Operating Margin	33.19%	33.31%	32.55%	32.24%	33.25%	27.49%
Profit Margin	31.05%	31.43%	24.24%	15.38%	25.51%	8.31%
FCF Margin	-40.71%	-37.14%	-12.92%	3.45%	2.86%	-35.25%
EBITDA	91.1	89.51	85.12	80.35	78.06	63.42
EBITDA Margin	55.47%	55.64%	55.17%	54.67%	55.99%	50.59%
EBIT	54.52	53.58	50.22	47.39	46.35	34.47
EBIT Margin	33.19%	33.31%	32.55%	32.24%	33.25%	27.49%
Effective Tax Rate	0.95%	0.94%	1.19%	1.95%	1.17%	3.78%

Updated May 6, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q