Whitestone REIT (WSR)
NYSE:WSR
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Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
0.1Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and financial picture: record occupancy, solid same-store NOI and core FFO growth, materially improved leverage, very strong leasing spreads and a healthy redevelopment pipeline. Lowlights were largely timing- or market-related (interest expense headwinds experienced historically, a quarter of elevated property maintenance spend, modest near-term FFO growth, limited cash on hand and upcoming 2027 maturities). Overall, the positive achievements—improved balance sheet, durable leasing momentum, low bad debt, clear redevelopment plan and explicit long-term FFO growth and dividend strategy—substantially outweigh the manageable lowlights, supporting a constructive outlook.Company Guidance
Record Occupancy
Achieved a record physical occupancy of 94.6% at year-end 2025, with small-space occupancy at 92.7% (up 60 bps YoY) and larger-space occupancy at 97.7% (up 30 bps YoY).
Core FFO Per Share Growth
Delivered $1.05 core FFO per share for 2025, up from $1.01 in 2024 (+4% YoY). Core FFO improved from $0.86 in 2021, representing a ~5% CAGR since 2021.
Same-Store NOI Expansion and Guidance
Reported same-store NOI growth of 4.0% for full-year 2025 and 3.8% for Q4 2025. Issued 2026 same-store NOI guidance of 3.0% to 4.75% and longer-term same-store growth expectations of roughly 3% to 5%.
Strong Leasing Metrics and Mark-to-Market Momentum
Q4 combined straight-line leasing spreads were 18.2% (new leases +25.9%, renewals +16.6%); this marks the 15th consecutive quarter with leasing spreads >17%, supporting mark-to-market rent upside (Q4 average signed rent $32.58).
Improved Balance Sheet Leverage
Debt-to-EBITDAre improved from 9.1x in 2021 to 7.0x in 2025. Despite net acquisition activity in 2025, leverage strengthened and late-year proceeds were used to pay down the credit facility.
Strong Liquidity and Cash Flow
Maintained $7.4M cash and $220M available on the credit facility. Cash flow from operations was $50.8M in 2025 while dividends paid were $27.8M, leaving positive cash flow after dividends to fund growth.
Low Bad Debt and Durable Tenant Base
Bad debt rate declined to 0.55% for 2025—less than half pre-pandemic levels—attributed to selective tenant underwriting and a diversified base of ~1,500 shop-space tenants.
Redevelopment and Acquisition Activity
Redevelopment CapEx was approximately $5M in 2025 with a multi-year redevelopment forecast of $20M–$30M; redevelopment projects are underwritten to deliver double-digit unlevered IRRs. Over the past 3 years, acquisitions totaled roughly $213M, and 2025 acquisitions exceeded dispositions by ~$56M.
Dividend Growth and Long-Term FFO Target
Raised the dividend by 5.6% for Q1 2026 and reiterated a long-term core FFO per share growth target of 5%–7% with intent to grow dividends in line with FFO growth.
Traffic and Leasing Pipeline Strength
Foot traffic to centers increased 3.9% year-over-year and management described a robust leasing pipeline and very favorable leasing environment across core markets.
WSR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WSR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $15.07 | $15.21 | +0.99% |
Oct 29, 2025 | $11.85 | $12.75 | +7.56% |
Jul 30, 2025 | $12.06 | $11.87 | -1.62% |
Apr 30, 2025 | $12.56 | $12.12 | -3.50% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Whitestone REIT (WSR) report earnings?
Whitestone REIT (WSR) is schdueled to report earning on Aug 04, 2026, After Close (Confirmed).
What is Whitestone REIT (WSR) earnings time?
Whitestone REIT (WSR) earnings time is at Aug 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is WSR EPS forecast?
Currently, no data Available