Whitestone REIT (WSR) Cash Flow: Operating & Free Cash Flow

Whitestone REIT Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Whitestone REIT (WSR) - 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
Operating Activities
Net Income	50.56	37.37	19.45	35.80	24.51	6.03	23.63	21.98	8.87
Depreciation & Amortization	35.93	34.89	33.06	31.71	28.95	28.30	26.74	25.68	27.24
Deferred Income Tax	0.00	0.00	0.00	0.00	0.96	4.40	-7.30	-10.24	2.60
Stock Based Compensation	5.32	4.58	3.73	1.51	5.91	6.06	6.48	6.74	10.41
Change in Working Capital	-11.23	1.26	-5.35	-9.85	1.54	-2.21	-2.90	-5.69	-9.95
Change in Accounts Receivable	-4.12	-4.46	-6.11	-4.86	0.19	-6.06	-3.00	-1.89	-5.89
Change in Inventory	0.00	0.00	0.00	0.00	3.48	2.51	-3.51	0.60	1.30
Change in Accounts Payable	-2.77	-0.22	0.37	-2.77	2.66	2.52	5.61	-2.43	1.00
Change in Other Working Capital	-5.50	5.93	1.09	-2.22	-1.32	-2.23	-2.00	-1.97	-6.35
Other Operating Activities	-28.64	-19.88	1.09	-14.74	0.22	1.11	1.10	1.09	1.79
Net Cash from Operating Activities	50.77	58.23	47.60	44.43	47.04	42.78	47.75	39.56	40.96
Investing Activities
Capital Expenditures	-110.52	-78.16	0.00	-40.44	-91.23	0.00	0.00	0.94	-143.04
Purchases of Investments	-110.52	0.00	0.00	-30.65	-91.23	-7.36	-48.05	-11.64	-145.44
Sales/Maturities of Investments	89.22	0.00	0.00	33.72	0.00	0.92	5.66	0.03	0.51
Other Investing Activities	46.99	-16.01	-36.32	-9.79	1.83	0.00	0.59	9.81	0.03
Net Cash from Investing Activities	-21.30	-16.01	-36.32	-6.71	-89.40	-6.44	-41.79	10.78	-142.50
Financing Activities
Debt Repayment	-302.57	-66.02	-30.96	-3.47	-3.26	-0.43	25.21	6.46	34.06
Common Stock Issued	0.00	7.62	0.00	0.00	55.98	2.24	21.24	0.00	118.41
Common Stock Repurchased	-2.27	-2.64	-0.53	-0.54	-0.69	-2.08	-0.78	-1.96	-4.34
Dividends Paid	-27.41	-24.57	-23.68	-22.96	-19.32	-25.20	-45.63	-44.94	-40.47
Other Financing Activities	-7.03	-1.22	-0.33	-4.31	-0.39	-0.55	-4.15	-1.31	-1.94
Net Cash from Financing Activities	-37.49	-31.49	-13.00	-47.28	32.32	-26.02	-4.10	-41.76	105.19
Summary
Net Change in Cash	-8.01	10.73	-1.72	-9.56	-10.04	10.31	1.86	8.58	3.65
Cash at Beginning of Period	15.37	4.64	6.36	15.91	25.96	15.64	13.79	5.21	4.17
Cash at End of Period	7.36	15.37	4.64	6.36	15.91	25.96	15.64	13.79	7.82
Free Cash Flow	-59.75	-19.93	47.60	3.99	-44.19	42.78	47.75	40.49	-102.08
Supplemental Disclosures
Interest Paid	-	33.66	31.14	26.49	23.69	27.74	-	-	-
Income Taxes Paid	-	0.43	0.44	0.37	0.36	0.35	-	-	-

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 Cash Flow

What is Whitestone REIT's free cash flow?

Whitestone REIT had negative free cash flow of $59.74M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $50.77M minus $110.52M of capital expenditures.

How much does Whitestone REIT spend on capital expenditures?

Whitestone REIT spent $110.52M on capital expenditures in fiscal 2025, compared with $78.16M a year earlier. That equals 217.7% of operating cash flow.

Does Whitestone REIT pay dividends or buy back shares?

Yes. In fiscal 2025 Whitestone REIT returned $27.41M in dividends and $2.27M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition