Whitestone REIT (WSR) Financial Statements & Analysis

Whitestone REIT (WSR) Income Statement

Whitestone REIT reported revenue of $161.74M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 4.0% from $155.51M a year earlier. Net income was $49.93M, up 35.3% year over year, a net margin of 30.9%. Gross margin was 69.0% and operating margin 33.7%. In the most recent quarter, Q1 fiscal 2026 (ended Mar 31, 2026), revenue was $41.39M, up 8.9% from the same quarter a year earlier.

Whitestone REIT Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Whitestone REIT income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	161.74	155.51	146.97	139.42	125.37	123.56	120.53	119.86	125.96
Cost of Revenue	50.14	45.98	45.96	43.30	39.32	38.58	36.90	37.43	42.11
Gross Profit	111.60	109.53	101.01	96.13	86.04	84.99	83.62	82.43	83.85
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Selling, General & Administrative	21.22	23.19	20.65	18.07	22.63	21.30	21.66	23.28	23.95
Operating Expenses	57.15	58.08	53.62	49.77	51.58	84.99	21.66	48.96	51.19
Operating Income	54.45	51.45	47.39	46.35	34.47	0.00	61.96	33.47	32.66
Other Income/Expense
Interest Income	0.14	0.09	3.21	0.30	0.73	0.28	0.66	1.06	0.41
Interest Expense	33.67	34.04	32.87	27.19	24.56	25.77	26.29	25.18	23.65
Other Income/Expense	30.12	20.32	-21.18	-10.13	-23.66	6.53	-37.93	-38.91	-23.69
Income
Income Before Tax	51.04	37.82	19.90	36.22	10.81	6.53	24.03	22.33	9.25
Income Tax Expense	0.48	0.45	0.45	0.42	0.39	0.38	0.40	0.35	0.39
Net Income	49.93	36.89	19.18	35.27	12.05	6.03	23.68	21.43	8.33
Net Income - Continuous Operations	50.56	37.37	19.18	35.80	10.42	6.03	23.68	21.43	8.33
Net Income - Discontinued Operations	-	-	-	-	1.83	-	-	-	-
EBITDA	120.73	106.84	77.29	78.41	64.12	59.05	61.96	61.24	58.33
EBIT	84.71	71.86	44.23	46.70	35.17	30.74	-	-	-
Depreciation & Amortization	35.93	34.89	33.06	31.71	28.95	28.30	26.74	85.75	94.87
Earnings Per Share
Basic EPS	1.00	1.00	-	1.00	-	-	1.00	1.00	-
Diluted EPS	1.00	1.00	-	1.00	-	-	1.00	1.00	-
Basic Shares Outstanding	49.59	50.21	49.50	49.26	45.49	42.24	40.18	39.27	35.43
Diluted Shares Outstanding	51.06	51.35	50.81	49.95	46.34	42.99	41.46	40.61	36.26

Source: Company financial statements from annual and quarterly filings. Data as of Mar 31, 2026. Data sources and methodology

Frequently Asked Questions About Whitestone REIT Financial Statements

What was Whitestone REIT's revenue in fiscal 2025?

Whitestone REIT reported revenue of $161.74M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 4.0% from $155.51M a year earlier.

Is Whitestone REIT profitable?

Yes. Whitestone REIT earned net income of $49.93M in fiscal 2025, a net margin of 30.9%. In fiscal 2024 it earned $36.89M.

What is Whitestone REIT's operating margin?

Whitestone REIT's operating income was $54.45M on revenue of $161.74M in fiscal 2025, an operating margin of 33.7%, compared with 33.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition