Whitestone Reit (WSR)
NYSE:WSR
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Whitestone REIT
(NYSE:WSR)
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Rating:72Outperform
Price Target:
$21.00
▲(10.82% Upside)
Action:Upgraded
Date:06/05/26
The score is driven primarily by solid operating performance and strong technical uptrend, plus a supportive M&A catalyst with a defined cash deal value. Offsetting factors are leverage and weaker recent cash conversion, with valuation only moderately attractive.
Positive Factors
Necessity-focused portfolio in growth metros
Whitestone’s concentration in necessity-based tenants and supply-constrained, high-growth Texas and Arizona metros supports durable rent collection and lower vacancy sensitivity versus discretionary retail. Over months this tenant mix tends to produce steadier cash flow and simpler leasing dynamics during cycles.
Negative Factors
Meaningful leverage on the balance sheet
Debt consistently above equity makes the company rate-sensitive and raises refinancing risk if markets tighten. Elevated leverage constrains financial flexibility for capex or acquisitions, increases interest burden variability, and can limit resilience to economic or retail demand shocks over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Necessity-focused portfolio in growth metros
Whitestone’s concentration in necessity-based tenants and supply-constrained, high-growth Texas and Arizona metros supports durable rent collection and lower vacancy sensitivity versus discretionary retail. Over months this tenant mix tends to produce steadier cash flow and simpler leasing dynamics during cycles.
Read all positive factors
Whitestone REIT (WSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.95B
Dividend Yield3.97%
Average Volume (3M)415.52K
Price to Earnings (P/E)19.3
Beta (1Y)0.40
Revenue Growth5.91%
EPS Growth59.55%
CountryUS
Employees69
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.46
Shares Outstanding51,393,980
10 Day Avg. Volume321,644
30 Day Avg. Volume415,524
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)1.54
Price to Sales (P/S)4.37
P/FCF Ratio13.86
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue9.82
Enterprise Value/Gross Profit17.28
Enterprise Value/Ebitda13.26
Forecast
1Y Price Target
$19.00Price Target Upside0.26% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.39
Revenue Forecast (FY)$170.00M
Whitestone REIT Business Overview & Revenue Model
Company Description
Whitestone operates as a real estate investment trust (REIT) focused on enhancing local communities through its retail properties. The company strategically acquires, develops, manages, and repositions high-quality, open-air neighborhood retail hu...
How the Company Makes Money
Whitestone REIT makes money primarily by leasing space in its shopping center properties and collecting contractual rent from tenants. Its core revenue streams typically include (1) base minimum rent under long-term and short-to-medium term lease ...
Whitestone REIT Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
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.Positive Updates
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).
Negative Updates
Interest Expense Headwinds Experienced Historically
Management noted an $0.11 per-share step-up in interest expense between 2022 and 2023 due to rising rates, although much debt is now fixed and near-term maturities are limited.
Read all updates
Q4-2025 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
Whitestone guided same‑store NOI growth of 3.0%–4.75% for 2026 (longer‑term same‑store NOI of ~3%–5%) and set 2026 core FFO per share guidance at $1.10–$1.14 while reiterating a long‑term core FFO per share growth target of 5%–7%; management said 2026’s quarterly cadence should resemble 2025’s ($0.25/$0.26/$0.26/$0.28) with Q4 typically helped by percent‑of‑sales (roughly $0.01–$0.02) and intends to grow the dividend in line with core FFO (Q1‑2026 dividend +5.6%). They forecast $20M–$30M of redevelopment spend over the next few years (after ~$5M in 2025), expect redevelopments to deliver double‑digit unlevered IRRs and contribute meaningfully (roughly ~1% uplift cited) to same‑store NOI, and emphasized continued balance‑sheet strength (debt/EBITDAre ~7.0x, $7.4M cash, $220M available on the credit facility, no maturities in 2026 and $80M due in 2027), while noting G&A should be at similar levels and other operating metrics remain strong (record occupancy 94.6%, 2025 core FFO $1.05, 2025 same‑store NOI +4.0%, foot traffic +3.9%, bad debt 0.55%).Whitestone REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 165.14M | 160.86M | 155.51M | 147.92M | 140.58M | 125.28M |
| Gross Profit | 93.83M | 110.72M | 109.53M | 101.96M | 97.28M | 85.95M |
| EBITDA | 122.32M | 120.64M | 106.84M | 85.83M | 95.12M | 64.32M |
| Net Income | 50.37M | 49.93M | 36.89M | 19.18M | 35.27M | 12.05M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.17B | 1.13B | 1.11B | 1.10B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 6.02M | 4.89M | 5.22M | 7.18M | 6.17M | 15.72M |
| Total Debt | 655.08M | 643.92M | 632.36M | 640.89M | 626.16M | 649.93M |
| Total Liabilities | 698.32M | 707.40M | 690.80M | 693.62M | 678.31M | 703.05M |
| Stockholders Equity | 463.81M | 458.09M | 438.15M | 413.74M | 418.45M | 392.78M |
Cash Flow | ||||||
| Free Cash Flow | 51.25M | 50.77M | 58.23M | 47.60M | 44.43M | 48.87M |
| Operating Cash Flow | 51.25M | 50.77M | 58.23M | 47.60M | 44.43M | 48.87M |
| Investing Cash Flow | -23.82M | -21.30M | -16.01M | -36.31M | -6.71M | -91.23M |
| Financing Cash Flow | -37.23M | -37.49M | -31.49M | -13.00M | -47.28M | 32.31M |
Whitestone REIT Technical Analysis
Positive
18.95
Price Trends
18.85
Positive
17.09
Positive
14.94
Positive
Market Momentum
0.09
Positive
71.45
Negative
-21.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WSR, the sentiment is Positive. The current price of 18.95 is above the 20-day moving average (MA) of 18.90, above the 50-day MA of 18.85, and above the 200-day MA of 14.94, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 71.45 is Negative, neither overbought nor oversold. The STOCH value of -21.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WSR.
Whitestone REIT Risk Analysis
Whitestone REIT disclosed 53 risk factors in its most recent earnings report. Whitestone REIT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Whitestone REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.98B | 21.49 | 8.76% | 6.77% | 8.23% | 24.98% | |
72 Outperform | $1.95B | 19.33 | 11.26% | 3.97% | 5.91% | 59.55% | |
71 Outperform | $1.47B | 8.24 | 49.14% | 6.79% | 10.29% | 160.54% | |
67 Neutral | $884.02M | 23.67 | 11.80% | 7.89% | 8.31% | -28.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $1.88B | 168.34 | 0.78% | 4.61% | 20.51% | ― | |
51 Neutral | $1.32B | 64.75 | 17.37% | 8.39% | -3.73% | -48.13% |
* Real Estate Sector Average
WSR
Whitestone REIT
18.95
6.84
56.43%
ALX
Alexander's
259.37
48.30
22.88%
GTY
Getty Realty
32.68
5.30
19.37%
BFS
Saul Centers
36.03
3.23
9.86%
NTST
NETSTREIT
19.20
3.00
18.55%
CBL
CBL & Associates Properties
47.40
23.20
95.88%
Whitestone REIT Corporate Events
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsShareholder Meetings
Whitestone REIT to Be Acquired by Ares Funds
Positive
Apr 9, 2026
On April 8, 2026, Whitestone REIT agreed to be acquired by Ares Real Estate funds in an all-cash deal valuing the company at about $1.7 billion, with shareholders and operating partnership unitholders to receive $19 per share or unit, a 12.2% prem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.