Whitestone REIT (WSR) Financials

$13.26 +0.09 (+0.65%)

Closing price 03:59 PM Eastern

Extended Trading

$13.26 +0.00 (+0.04%)

As of 04:52 PM Eastern

Annual Income Statements for Whitestone REIT

This table shows Whitestone REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	35	19	37
Consolidated Net Income / (Loss)	36	19	37
Net Income / (Loss) Continuing Operations	36	19	37
Total Pre-Tax Income	36	23	38
Total Operating Income	46	47	50
Total Gross Profit	114	119	108
Total Revenue	141	148	156
Operating Revenue	141	148	112
Other Revenue	-	-	44
Total Cost of Revenue	27	29	47
Operating Cost of Revenue	26	28	46
Other Cost of Revenue	1.16	0.95	1.23
Total Operating Expenses	67	72	59
Selling, General & Admin Expense	18	21	23
Depreciation Expense	32	33	35
Other Special Charges / (Income)	-	-	0.55
Total Other Income / (Expense), net	-10	-24	-12
Interest Expense	27	33	34
Interest & Investment Income	0.07	0.05	0.06
Other Income / (Expense), net	17	8.48	22
Income Tax Expense	0.42	0.45	0.45
Net Income / (Loss) Attributable to Noncontrolling Interest	0.53	0.27	0.48
Basic Earnings per Share	$0.72	$0.39	$0.73
Weighted Average Basic Shares Outstanding	49.26M	49.50M	50.21M
Diluted Earnings per Share	$0.71	$0.38	$0.72
Weighted Average Diluted Shares Outstanding	49.95M	50.81M	51.35M
Weighted Average Basic & Diluted Shares Outstanding	49.42M	49.96M	50.89M

This table shows Whitestone REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	3.92	20	3.85	11	2.49	1.54	9.34	2.59	7.62	17
Consolidated Net Income / (Loss)	3.98	20	3.90	11	2.52	1.56	9.46	2.63	7.72	18
Net Income / (Loss) Continuing Operations	3.98	20	3.90	11	2.52	1.56	9.46	2.63	7.72	18
Total Pre-Tax Income	4.02	20	4.24	13	2.99	3.20	9.61	2.72	7.84	18
Total Operating Income	11	12	4.22	11	11	21	12	12	13	14
Total Gross Profit	28	28	25	30	30	35	31	27	31	19
Total Revenue	36	35	36	37	37	38	38	38	39	41
Operating Revenue	36	35	26	37	37	48	38	28	39	7.67
Total Cost of Revenue	7.68	6.98	11	7.13	7.25	3.40	6.95	11	7.65	22
Operating Cost of Revenue	7.32	6.44	11	6.90	6.86	3.39	6.35	11	7.30	21
Other Cost of Revenue	0.37	0.54	0.32	0.23	0.39	0.01	0.60	0.09	0.35	0.20
Total Operating Expenses	17	17	21	18	18	14	19	15	19	5.63
Selling, General & Admin Expense	4.83	5.00	5.08	5.18	5.39	5.00	6.18	6.55	4.88	5.58
Depreciation Expense	7.89	8.05	7.85	8.36	8.33	8.43	8.80	8.52	8.92	8.65
Total Other Income / (Expense), net	-6.81	8.72	-7.89	1.37	-8.40	-9.41	-1.99	-8.86	-4.85	3.85
Interest Expense	6.82	8.08	-	8.26	8.40	-	8.52	8.79	8.51	8.22
Interest & Investment Income	0.01	0.02	0.02	0.02	0.01	0.00	0.01	0.00	0.00	0.04
Other Income / (Expense), net	-0.01	17	0.00	9.61	-0.01	-1.12	6.53	-0.08	3.65	12
Income Tax Expense	0.11	0.11	0.12	0.13	0.10	0.11	0.12	0.09	0.12	0.12
Net Income / (Loss) Attributable to Noncontrolling Interest	0.06	0.29	0.05	0.16	0.04	0.02	0.12	0.03	0.10	0.22
Basic Earnings per Share	$0.08	$0.41	$0.08	$0.23	$0.05	$0.03	$0.19	$0.05	$0.15	$0.34
Weighted Average Basic Shares Outstanding	49.27M	49.26M	49.42M	49.43M	49.53M	49.50M	49.94M	49.96M	50.30M	50.21M
Diluted Earnings per Share	$0.08	$0.40	$0.08	$0.22	$0.05	$0.03	$0.18	$0.05	$0.15	$0.34
Weighted Average Diluted Shares Outstanding	50.13M	49.95M	50.16M	50.26M	50.64M	50.81M	51.11M	51.12M	51.31M	51.35M
Weighted Average Basic & Diluted Shares Outstanding	49.39M	49.42M	49.43M	49.52M	49.59M	49.96M	49.96M	50.06M	50.65M	50.89M

This table details how cash moves in and out of Whitestone REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-9.56	-1.72	11
Net Cash From Operating Activities	44	48	58
Net Cash From Continuing Operating Activities	44	48	58
Net Income / (Loss) Continuing Operations	36	19	37
Consolidated Net Income / (Loss)	36	19	37
Depreciation Expense	32	33	35
Amortization Expense	1.10	1.18	1.19
Non-Cash Adjustments To Reconcile Net Income	-13	-0.45	-16
Changes in Operating Assets and Liabilities, net	-11	-5.55	0.58
Net Cash From Investing Activities	-6.71	-36	-16
Net Cash From Continuing Investing Activities	-6.71	-36	-16
Purchase of Property, Plant & Equipment	-17	-25	-56
Sale of Property, Plant & Equipment	34	20	52
Other Investing Activities, net	-23	-31	-12
Net Cash From Financing Activities	-47	-13	-31
Net Cash From Continuing Financing Activities	-47	-13	-31
Repayment of Debt	-23	12	-88
Repurchase of Common Equity	-0.87	-0.53	-2.72
Payment of Dividends	-23	-24	-25
Issuance of Debt	0.00	0.00	76
Issuance of Common Equity	0.00	0.00	7.62
Other Financing Activities, net	0.00	-0.01	-0.03
Cash Interest Paid	26	31	34
Cash Income Taxes Paid	0.37	0.44	0.43

This table details how cash moves in and out of Whitestone REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	0.92	-3.21	-2.68	-0.62	0.02	1.57	1.58	-2.98	-0.70	13
Net Cash From Operating Activities	15	11	4.92	17	14	12	12	12	16	18
Net Cash From Continuing Operating Activities	15	11	4.92	17	14	12	12	12	16	18
Net Income / (Loss) Continuing Operations	3.98	20	3.90	11	2.52	1.56	9.46	2.63	7.72	18
Consolidated Net Income / (Loss)	3.98	20	3.90	11	2.52	1.56	9.46	2.63	7.72	18
Depreciation Expense	7.89	8.05	7.85	8.36	8.33	8.43	8.80	8.52	8.92	8.65
Amortization Expense	0.28	0.28	0.31	0.30	0.29	0.29	0.29	0.29	0.31	0.31
Non-Cash Adjustments To Reconcile Net Income	1.43	-15	1.22	-7.54	2.29	3.59	-4.85	1.24	-1.99	-10
Changes in Operating Assets and Liabilities, net	1.57	-2.67	-8.36	4.22	0.71	-2.12	-2.18	-0.41	1.41	1.76
Net Cash From Investing Activities	-2.92	3.40	-3.53	-31	9.45	-12	-4.58	-28	14	3.17
Net Cash From Continuing Investing Activities	-2.92	3.40	-3.53	-31	9.45	-12	-4.58	-28	14	3.17
Purchase of Property, Plant & Equipment	-	-17	0.00	-25	-0.02	-	-27	-23	-0.00	-5.61
Sale of Property, Plant & Equipment	-	34	0.00	13	-	6.40	26	-	21	5.56
Other Investing Activities, net	-2.92	-13	-3.53	-19	9.47	-18	-3.04	-5.51	-6.94	3.22
Net Cash From Financing Activities	-11	-18	-4.07	13	-24	1.36	-5.37	13	-31	-8.40
Net Cash From Continuing Financing Activities	-11	-18	-4.07	13	-24	1.36	-5.37	13	-31	-8.40
Repayment of Debt	-5.07	-11	-7.57	29	-17	7.38	-21	-13	-32	-22
Payment of Dividends	-5.99	-5.99	-6.00	-6.00	-6.01	-6.01	-6.05	-6.24	-6.27	-6.33
Issuance of Debt	-	-	9.50	-9.50	-	-	23	33	-	20
Other Financing Activities, net	-	-	-0.00	-0.00	-0.00	-0.00	-0.01	-0.01	-0.01	-0.01
Cash Interest Paid	7.19	7.51	7.61	7.61	8.00	7.91	8.16	8.85	8.37	8.28

This table presents Whitestone REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	1,103	1,113	1,135
Total Current Assets	40	40	94
Cash & Equivalents	6.17	4.57	5.22
Accounts Receivable	26	31	81
Prepaid Expenses	7.84	4.77	7.81
Plant, Property, & Equipment, net	991	992	1,002
Plant, Property & Equipment, gross	1,199	1,221	1,248
Accumulated Depreciation	208	230	247
Total Noncurrent Assets	71	80	39
Long-Term Investments	35	32	0.00
Noncurrent Note & Lease Receivables	11	10	10
Other Noncurrent Operating Assets	26	38	29
Total Liabilities & Shareholders' Equity	1,103	1,113	1,135
Total Liabilities	678	694	691
Total Current Liabilities	42	43	48
Accounts Payable	36	37	41
Dividends Payable	6.01	6.03	6.93
Total Noncurrent Liabilities	636	651	643
Long-Term Debt	625	640	632
Other Noncurrent Operating Liabilities	11	11	12
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	424	420	444
Total Preferred & Common Equity	418	414	438
Preferred Stock	0.00	0.00	0.00
Total Common Equity	418	414	438
Common Stock	625	628	638
Retained Earnings	-212	-217	-206
Accumulated Other Comprehensive Income / (Loss)	5.98	2.58	5.71
Noncontrolling Interest	6.01	5.88	5.68

This table presents Whitestone REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	1,100	38	1,129	1,118	1,122	1,140	1,113
Total Current Assets	45	3.48	43	47	80	79	85
Cash & Equivalents	9.50	3.48	2.93	2.98	6.22	3.23	2.53
Accounts Receivable	25	-	28	29	63	64	79
Prepaid Expenses	9.98	-	12	15	11	12	2.83
Plant, Property, & Equipment, net	995	0.00	1,006	1,002	998	1,018	1,000
Plant, Property & Equipment, gross	1,207	-	1,224	1,228	1,231	1,259	1,243
Accumulated Depreciation	212	-	218	226	233	241	244
Total Noncurrent Assets	61	35	79	67	42	43	28
Long-Term Investments	35	35	34	33	0.00	0.00	0.00
Noncurrent Note & Lease Receivables	-	-	10	10	10	10	10
Other Noncurrent Operating Assets	26	0.11	35	24	32	32	18
Total Liabilities & Shareholders' Equity	1,100	1,094	1,129	1,118	1,122	1,140	1,113
Total Liabilities	689	675	697	685	694	717	688
Total Current Liabilities	42	34	37	41	38	39	42
Accounts Payable	36	28	31	35	32	33	36
Dividends Payable	6.00	6.01	6.02	6.02	6.22	6.23	6.28
Total Noncurrent Liabilities	647	641	661	644	656	677	645
Long-Term Debt	637	630	650	633	645	666	634
Other Noncurrent Operating Liabilities	10	11	11	11	11	11	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	411	419	432	433	427	424	425
Total Preferred & Common Equity	405	413	425	427	422	418	420
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	405	413	425	427	422	418	420
Common Stock	624	626	626	627	628	628	636
Retained Earnings	-226	-214	-209	-213	-214	-217	-216
Accumulated Other Comprehensive Income / (Loss)	7.65	1.46	8.45	12	7.52	8.15	-0.68
Noncontrolling Interest	5.83	5.91	6.07	6.08	5.62	5.58	5.48

This table displays calculated financial ratios and metrics derived from Whitestone REIT's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	12.21%	5.22%	5.13%
EBITDA Growth	48.27%	-6.15%	19.85%
EBIT Growth	82.17%	-11.47%	28.51%
NOPAT Growth	38.12%	1.42%	5.64%
Net Income Growth	192.17%	-45.67%	92.15%
EPS Growth	173.08%	-46.48%	89.47%
Operating Cash Flow Growth	-5.55%	7.13%	22.33%
Free Cash Flow Firm Growth	174.12%	53.06%	-99.97%
Invested Capital Growth	2.53%	1.45%	4.77%
Revenue Q/Q Growth	1.64%	1.75%	1.99%
EBITDA Q/Q Growth	17.32%	-8.79%	6.58%
EBIT Q/Q Growth	27.49%	-13.96%	9.83%
NOPAT Q/Q Growth	-5.25%	21.85%	-11.29%
Net Income Q/Q Growth	96.51%	-48.97%	74.84%
EPS Q/Q Growth	97.22%	-49.33%	75.61%
Operating Cash Flow Q/Q Growth	-8.95%	1.65%	12.19%
Free Cash Flow Firm Q/Q Growth	-97.91%	131.09%	-99.96%
Invested Capital Q/Q Growth	0.36%	-0.59%	1.39%
Profitability Metrics	-	-	-
Gross Margin	80.90%	80.46%	69.64%
EBITDA Margin	68.23%	60.86%	69.38%
Operating Margin	32.97%	32.03%	31.94%
EBIT Margin	44.89%	37.77%	46.17%
Profit (Net Income) Margin	25.47%	13.15%	24.03%
Tax Burden Percent	99.49%	84.36%	98.74%
Interest Burden Percent	57.02%	41.27%	52.72%
Effective Tax Rate	1.17%	1.95%	1.19%
Return on Invested Capital (ROIC)	4.58%	4.55%	4.66%
ROIC Less NNEP Spread (ROIC-NNEP)	2.88%	0.04%	2.78%
Return on Net Nonoperating Assets (RNNOA)	4.12%	0.06%	3.99%
Return on Equity (ROE)	8.69%	4.61%	8.66%
Cash Return on Invested Capital (CROIC)	2.08%	3.12%	0.00%
Operating Return on Assets (OROA)	5.72%	5.04%	6.39%
Return on Assets (ROA)	3.25%	1.76%	3.33%
Return on Common Equity (ROCE)	8.57%	4.54%	8.54%
Return on Equity Simple (ROE_SIMPLE)	8.56%	4.70%	8.53%
Net Operating Profit after Tax (NOPAT)	46	46	49
NOPAT Margin	32.59%	31.41%	31.56%
Net Nonoperating Expense Percent (NNEP)	1.70%	4.51%	1.89%
Return On Investment Capital (ROIC_SIMPLE)	4.36%	4.38%	4.56%
Cost of Revenue to Revenue	19.10%	19.54%	30.36%
SG&A Expenses to Revenue	12.85%	13.96%	14.91%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.93%	48.43%	37.70%
Earnings before Interest and Taxes (EBIT)	63	56	72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	96	90	108
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.03	1.40	1.62
Price to Tangible Book Value (P/TBV)	1.03	1.40	1.62
Price to Revenue (P/Rev)	3.07	3.93	4.57
Price to Earnings (P/E)	12.25	30.29	19.26
Dividend Yield	5.34%	4.10%	3.50%
Earnings Yield	8.17%	3.30%	5.19%
Enterprise Value to Invested Capital (EV/IC)	1.01	1.16	1.25
Enterprise Value to Revenue (EV/Rev)	7.27	8.05	8.63
Enterprise Value to EBITDA (EV/EBITDA)	10.66	13.23	12.44
Enterprise Value to EBIT (EV/EBIT)	16.20	21.31	18.70
Enterprise Value to NOPAT (EV/NOPAT)	22.31	25.63	27.35
Enterprise Value to Operating Cash Flow (EV/OCF)	23.01	25.02	23.06
Enterprise Value to Free Cash Flow (EV/FCFF)	49.20	37.44	128,606.53
Leverage & Solvency	-	-	-
Debt to Equity	1.47	1.53	1.42
Long-Term Debt to Equity	1.47	1.53	1.42
Financial Leverage	1.43	1.42	1.44
Leverage Ratio	2.68	2.63	2.60
Compound Leverage Factor	1.53	1.08	1.37
Debt to Total Capital	59.57%	60.41%	58.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	59.57%	60.41%	58.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.57%	0.55%	0.53%
Common Equity to Total Capital	39.86%	39.04%	40.75%
Debt to EBITDA	6.52	7.11	5.85
Net Debt to EBITDA	6.09	6.71	5.81
Long-Term Debt to EBITDA	6.52	7.11	5.85
Debt to NOPAT	13.65	13.78	12.87
Net Debt to NOPAT	12.75	13.00	12.76
Long-Term Debt to NOPAT	13.65	13.78	12.87
Altman Z-Score	0.43	0.53	0.76
Noncontrolling Interest Sharing Ratio	1.49%	1.41%	1.34%
Liquidity Ratios	-	-	-
Current Ratio	0.94	0.94	1.97
Quick Ratio	0.75	0.82	1.80
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	21	32	0.01
Operating Cash Flow to CapEx	0.00%	845.92%	1,553.96%
Free Cash Flow to Firm to Interest Expense	0.76	0.97	0.00
Operating Cash Flow to Interest Expense	1.63	1.45	1.71
Operating Cash Flow Less CapEx to Interest Expense	2.25	1.28	1.60
Efficiency Ratios	-	-	-
Asset Turnover	0.13	0.13	0.14
Accounts Receivable Turnover	5.86	5.27	2.80
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.15	0.16
Accounts Payable Turnover	0.66	0.80	1.22
Days Sales Outstanding (DSO)	62.27	69.29	130.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	557.01	458.90	298.52
Cash Conversion Cycle (CCC)	-494.74	-389.61	-167.97
Capital & Investment Metrics	-	-	-
Invested Capital	1,013	1,028	1,077
Invested Capital Turnover	0.14	0.14	0.15
Increase / (Decrease) in Invested Capital	25	15	49
Enterprise Value (EV)	1,022	1,191	1,343
Market Capitalization	432	581	711
Book Value per Share	$8.47	$8.34	$8.65
Tangible Book Value per Share	$8.47	$8.34	$8.65
Total Capital	1,050	1,060	1,075
Total Debt	625	640	632
Total Long-Term Debt	625	640	632
Net Debt	584	604	626
Capital Expenditures (CapEx)	-17	5.63	3.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.88	-7.29	41
Debt-free Net Working Capital (DFNWC)	-2.53	-2.65	46
Net Working Capital (NWC)	-2.53	-2.65	46
Net Nonoperating Expense (NNE)	10	27	12
Net Nonoperating Obligations (NNO)	589	608	633
Total Depreciation and Amortization (D&A)	33	34	36
Debt-free, Cash-free Net Working Capital to Revenue	-6.32%	-4.93%	26.25%
Debt-free Net Working Capital to Revenue	-1.80%	-1.79%	29.61%
Net Working Capital to Revenue	-1.80%	-1.79%	29.61%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.72	$0.39	$0.73
Adjusted Weighted Average Basic Shares Outstanding	49.26M	49.50M	50.21M
Adjusted Diluted Earnings per Share	$0.71	$0.38	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	49.95M	50.81M	51.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.42M	49.96M	50.89M
Normalized Net Operating Profit after Tax (NOPAT)	46	46	50
Normalized NOPAT Margin	32.59%	31.41%	31.91%
Pre Tax Income Margin	25.60%	15.59%	24.34%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.32	1.70	2.11
NOPAT to Interest Expense	1.68	1.41	1.44
EBIT Less CapEx to Interest Expense	2.94	1.53	2.00
NOPAT Less CapEx to Interest Expense	2.30	1.24	1.33
Payout Ratios	-	-	-
Dividend Payout Ratio	65.10%	123.48%	66.61%
Augmented Payout Ratio	67.53%	126.17%	73.89%

This table displays calculated financial ratios and metrics derived from Whitestone REIT's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.78%	6.81%	4.87%	5.22%	3.65%	7.15%	4.39%	2.83%	5.19%	8.00%
EBITDA Growth	14.26%	62.74%	-41.77%	56.28%	5.33%	-23.57%	119.96%	-31.20%	27.86%	23.70%
EBIT Growth	20.20%	91.81%	-67.70%	94.01%	5.13%	-31.85%	329.63%	-44.89%	43.62%	33.12%
NOPAT Growth	20.47%	-18.12%	-68.18%	5.98%	4.71%	70.31%	179.38%	0.39%	13.38%	-30.78%
Net Income Growth	34.93%	663.97%	-45.74%	160.21%	-36.58%	-92.27%	142.60%	-77.10%	206.35%	1,023.48%
EPS Growth	33.33%	700.00%	-42.86%	144.44%	-37.50%	-92.50%	125.00%	-77.27%	200.00%	1,033.33%
Operating Cash Flow Growth	-14.01%	-28.46%	0.00%	25.36%	-6.62%	7.05%	134.47%	-27.02%	15.77%	53.85%
Free Cash Flow Firm Growth	194.37%	71.48%	20.41%	-104.72%	-101.40%	138.42%	-204.43%	25.96%	-17.64%	-786.79%
Invested Capital Growth	-48.35%	2.53%	-103.85%	5.25%	2.41%	1.45%	2,856.60%	3.97%	2.73%	4.77%
Revenue Q/Q Growth	2.52%	-0.81%	2.02%	1.43%	0.99%	2.54%	-0.61%	-0.08%	3.30%	5.28%
EBITDA Q/Q Growth	0.53%	93.77%	-66.38%	138.65%	-32.24%	40.60%	-3.26%	-25.35%	25.92%	36.03%
EBIT Q/Q Growth	0.65%	163.04%	-85.19%	394.69%	-45.46%	70.53%	-6.62%	-36.54%	42.12%	58.06%
NOPAT Q/Q Growth	0.11%	10.46%	-64.75%	171.92%	-1.09%	79.66%	-42.18%	-2.29%	11.71%	9.69%
Net Income Q/Q Growth	-9.78%	408.93%	-80.72%	193.90%	-78.01%	-38.00%	505.50%	-72.25%	194.10%	127.37%
EPS Q/Q Growth	-11.11%	400.00%	-80.00%	175.00%	-77.27%	-40.00%	500.00%	-72.22%	200.00%	126.67%
Operating Cash Flow Q/Q Growth	13.05%	-27.56%	-55.20%	241.73%	-15.80%	-16.95%	-1.89%	6.37%	33.58%	10.36%
Free Cash Flow Firm Q/Q Growth	9.31%	-101.40%	7,946.19%	-103.93%	67.69%	138.59%	-21,428.16%	97.22%	48.66%	-125.27%
Invested Capital Q/Q Growth	1.15%	0.36%	-103.83%	2,805.16%	-1.58%	-0.59%	4.16%	2.03%	-2.76%	1.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.51%	80.33%	69.27%	80.56%	80.43%	91.06%	81.60%	70.81%	80.38%	47.37%
EBITDA Margin	53.12%	103.77%	34.19%	80.45%	53.98%	74.02%	72.05%	53.83%	65.62%	84.78%
Operating Margin	30.30%	32.98%	11.66%	30.68%	30.73%	54.01%	30.71%	30.68%	32.56%	33.65%
EBIT Margin	30.28%	80.30%	11.66%	56.87%	30.71%	51.07%	47.99%	30.48%	41.93%	62.95%
Profit (Net Income) Margin	11.12%	57.05%	10.78%	31.25%	6.80%	4.11%	25.06%	6.96%	19.81%	42.79%
Tax Burden Percent	98.83%	99.15%	92.05%	90.82%	84.29%	48.81%	98.47%	96.69%	98.50%	99.30%
Interest Burden Percent	37.15%	71.66%	100.47%	60.50%	26.28%	16.50%	53.04%	23.62%	47.97%	68.45%
Effective Tax Rate	2.78%	0.53%	2.81%	0.99%	3.18%	3.47%	1.24%	3.31%	1.50%	0.70%
Return on Invested Capital (ROIC)	2.75%	4.61%	3.32%	4.27%	4.23%	7.56%	8.79%	4.17%	4.67%	4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	2.14%	6.07%	3.05%	4.32%	2.82%	4.51%	6.65%	2.84%	3.89%	5.56%
Return on Net Nonoperating Assets (RNNOA)	5.74%	8.68%	0.54%	6.25%	4.00%	6.39%	1.46%	4.27%	5.62%	7.99%
Return on Equity (ROE)	8.49%	13.29%	3.87%	10.52%	8.24%	13.95%	10.25%	8.44%	10.29%	12.93%
Cash Return on Invested Capital (CROIC)	67.02%	2.08%	0.00%	-1.45%	1.35%	3.12%	-98.59%	1.13%	2.59%	0.00%
Operating Return on Assets (OROA)	3.86%	10.24%	2.93%	7.39%	4.03%	6.82%	12.37%	4.04%	5.73%	8.71%
Return on Assets (ROA)	1.42%	7.28%	2.71%	4.06%	0.89%	0.55%	6.46%	0.92%	2.71%	5.92%
Return on Common Equity (ROCE)	8.36%	13.09%	3.81%	10.37%	8.12%	13.75%	10.11%	8.32%	10.15%	12.76%
Return on Equity Simple (ROE_SIMPLE)	4.50%	0.00%	7.88%	9.30%	8.93%	0.00%	5.93%	3.87%	5.10%	0.00%
Net Operating Profit after Tax (NOPAT)	11	12	4.10	11	11	20	11	11	13	14
NOPAT Margin	29.46%	32.80%	11.33%	30.38%	29.76%	52.14%	30.33%	29.66%	32.07%	33.42%
Net Nonoperating Expense Percent (NNEP)	0.61%	-1.46%	0.27%	-0.05%	1.42%	3.05%	2.14%	1.33%	0.77%	-0.62%
Return On Investment Capital (ROIC_SIMPLE)	-	1.11%	-	-	-	1.87%	-	-	-	1.28%
Cost of Revenue to Revenue	21.49%	19.67%	30.73%	19.44%	19.57%	8.94%	18.40%	29.19%	19.62%	52.63%
SG&A Expenses to Revenue	13.52%	14.11%	14.05%	14.10%	14.55%	13.16%	16.36%	17.36%	12.51%	13.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.21%	47.35%	57.61%	49.88%	49.70%	37.05%	50.89%	40.14%	47.81%	13.72%
Earnings before Interest and Taxes (EBIT)	11	28	4.22	21	11	19	18	12	16	26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	37	12	30	20	28	27	20	26	35
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.94	1.03	1.03	1.07	1.07	1.40	1.46	1.58	1.61	1.62
Price to Tangible Book Value (P/TBV)	0.94	1.03	1.03	1.07	1.07	1.40	1.46	1.58	1.61	1.62
Price to Revenue (P/Rev)	2.76	3.07	3.00	3.17	3.14	3.93	4.13	4.39	4.43	4.57
Price to Earnings (P/E)	21.31	12.25	13.32	11.69	12.15	30.29	25.00	41.41	32.01	19.26
Dividend Yield	5.87%	5.34%	5.56%	5.20%	5.21%	4.10%	3.89%	3.66%	3.62%	3.50%
Earnings Yield	4.69%	8.17%	7.51%	8.55%	8.23%	3.30%	4.00%	2.41%	3.12%	5.19%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.01	0.00	1.02	1.02	1.16	1.18	1.22	1.23	1.25
Enterprise Value to Revenue (EV/Rev)	7.09	7.27	7.21	7.47	7.29	8.05	8.44	8.83	8.60	8.63
Enterprise Value to EBITDA (EV/EBITDA)	12.00	10.66	11.78	11.01	10.73	13.23	12.03	13.89	12.96	12.44
Enterprise Value to EBIT (EV/EBIT)	19.81	16.20	18.89	16.71	16.31	21.31	18.08	22.00	20.07	18.70
Enterprise Value to NOPAT (EV/NOPAT)	20.29	22.31	27.70	28.63	27.78	25.63	23.40	24.68	23.71	27.35
Enterprise Value to Operating Cash Flow (EV/OCF)	20.10	23.01	23.07	22.49	22.62	25.02	23.27	26.75	25.27	23.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.99	49.20	0.95	0.00	76.97	37.44	0.00	109.98	48.35	128,606.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.47	1.51	1.51	1.46	1.53	1.51	1.57	1.49	1.42
Long-Term Debt to Equity	1.55	1.47	1.51	1.51	1.46	1.53	1.51	1.57	1.49	1.42
Financial Leverage	2.68	1.43	0.18	1.45	1.42	1.42	0.22	1.51	1.44	1.44
Leverage Ratio	2.70	2.68	1.38	2.65	2.63	2.63	1.37	2.65	2.60	2.60
Compound Leverage Factor	1.00	1.92	1.38	1.60	0.69	0.43	0.73	0.63	1.25	1.78
Debt to Total Capital	60.79%	59.57%	60.10%	60.10%	59.38%	60.41%	60.15%	61.10%	59.85%	58.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.79%	59.57%	60.10%	60.10%	59.38%	60.41%	60.15%	61.10%	59.85%	58.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.56%	0.57%	0.56%	0.56%	0.57%	0.55%	0.52%	0.51%	0.52%	0.53%
Common Equity to Total Capital	38.66%	39.86%	39.34%	39.34%	40.05%	39.04%	39.32%	38.39%	39.63%	40.75%
Debt to EBITDA	7.79	6.52	7.24	6.65	6.41	7.11	6.15	6.96	6.26	5.85
Net Debt to EBITDA	7.25	6.09	6.80	6.28	6.05	6.71	6.09	6.93	6.23	5.81
Long-Term Debt to EBITDA	7.79	6.52	7.24	6.65	6.41	7.11	6.15	6.96	6.26	5.85
Debt to NOPAT	13.18	13.65	17.04	17.30	16.60	13.78	11.97	12.36	11.45	12.87
Net Debt to NOPAT	12.26	12.75	16.01	16.33	15.65	13.00	11.85	12.30	11.40	12.76
Long-Term Debt to NOPAT	13.18	13.65	17.04	17.30	16.60	13.78	11.97	12.36	11.45	12.87
Altman Z-Score	0.21	0.32	-4.36	0.33	0.30	0.42	0.50	0.49	0.55	0.62
Noncontrolling Interest Sharing Ratio	1.50%	1.49%	1.49%	1.49%	1.41%	1.41%	1.36%	1.36%	1.35%	1.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	0.94	0.10	1.18	1.14	0.94	2.09	2.01	2.00	1.97
Quick Ratio	0.83	0.75	0.10	0.85	0.78	0.82	1.79	1.71	1.93	1.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	956	-13	1,052	-41	-13	5.15	-1,098	-31	-16	-35
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	139.87%	74,436.84%	0.00%	746.86%	53.45%	0.00%	33,464.81%
Free Cash Flow to Firm to Interest Expense	140.21	-1.66	0.00	-5.00	-1.59	0.00	-128.90	-3.48	-1.85	-4.30
Operating Cash Flow to Interest Expense	2.22	1.36	0.00	2.03	1.68	0.00	1.35	1.39	1.93	2.20
Operating Cash Flow Less CapEx to Interest Expense	2.22	3.43	0.00	0.58	1.68	0.00	1.17	-1.21	4.37	2.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.25	0.13	0.13	0.13	0.26	0.13	0.14	0.14
Accounts Receivable Turnover	5.86	5.86	0.00	5.62	5.37	5.27	0.00	3.26	2.81	2.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.00	0.14	0.15	0.15	0.00	0.15	0.15	0.16
Accounts Payable Turnover	0.55	0.66	1.07	1.11	0.92	0.80	0.82	0.90	0.81	1.22
Days Sales Outstanding (DSO)	62.24	62.27	0.00	64.98	67.99	69.29	0.00	111.82	129.69	130.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	658.93	557.01	339.75	329.59	398.67	458.90	446.06	406.92	448.78	298.52
Cash Conversion Cycle (CCC)	-596.68	-494.74	-339.75	-264.61	-330.67	-389.61	-446.06	-295.10	-319.09	-167.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,010	1,013	-39	1,051	1,034	1,028	1,071	1,093	1,062	1,077
Invested Capital Turnover	0.09	0.14	0.29	0.14	0.14	0.14	0.29	0.14	0.15	0.15
Increase / (Decrease) in Invested Capital	-945	25	-1,047	52	24	15	1,110	42	28	49
Enterprise Value (EV)	981	1,022	1,025	1,076	1,059	1,191	1,261	1,329	1,312	1,343
Market Capitalization	382	432	427	456	456	581	617	661	675	711
Book Value per Share	$8.21	$8.47	$8.35	$8.61	$8.62	$8.34	$8.44	$8.37	$8.38	$8.65
Tangible Book Value per Share	$8.21	$8.47	$8.35	$8.61	$8.62	$8.34	$8.44	$8.37	$8.38	$8.65
Total Capital	1,048	1,050	1,049	1,082	1,066	1,060	1,072	1,090	1,059	1,075
Total Debt	637	625	630	650	633	640	645	666	634	632
Total Long-Term Debt	637	625	630	650	633	640	645	666	634	632
Net Debt	593	584	592	614	597	604	639	662	631	626
Capital Expenditures (CapEx)	0.00	-17	0.00	12	0.02	-6.40	1.54	23	-21	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.64	-8.88	-34	3.51	2.97	-7.29	36	37	40	41
Debt-free Net Working Capital (DFNWC)	2.86	-2.53	-31	6.43	5.95	-2.65	42	40	42	46
Net Working Capital (NWC)	2.86	-2.53	-31	6.43	5.95	-2.65	42	40	42	46
Net Nonoperating Expense (NNE)	6.56	-8.60	0.20	-0.32	8.51	18	1.99	8.57	4.78	-3.85
Net Nonoperating Obligations (NNO)	599	589	-457	619	601	608	643	669	637	633
Total Depreciation and Amortization (D&A)	8.17	8.32	8.15	8.66	8.62	8.72	9.09	8.81	9.23	8.96
Debt-free, Cash-free Net Working Capital to Revenue	-4.80%	-6.32%	-24.13%	2.43%	2.04%	-4.93%	23.77%	24.38%	26.06%	26.25%
Debt-free Net Working Capital to Revenue	2.07%	-1.80%	-21.68%	4.47%	4.09%	-1.79%	27.93%	26.53%	27.72%	29.61%
Net Working Capital to Revenue	2.07%	-1.80%	-21.68%	4.47%	4.09%	-1.79%	27.93%	26.53%	27.72%	29.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.41	$0.08	$0.23	$0.05	$0.03	$0.19	$0.05	$0.15	$0.34
Adjusted Weighted Average Basic Shares Outstanding	49.27M	49.26M	49.42M	49.43M	49.53M	49.50M	49.94M	49.96M	50.30M	50.21M
Adjusted Diluted Earnings per Share	$0.08	$0.40	$0.08	$0.22	$0.05	$0.03	$0.18	$0.05	$0.15	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	50.13M	49.95M	50.16M	50.26M	50.64M	50.81M	51.11M	51.12M	51.31M	51.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.39M	49.42M	49.43M	49.52M	49.59M	49.96M	49.96M	50.06M	50.65M	50.89M
Normalized Net Operating Profit after Tax (NOPAT)	11	12	4.11	11	11	20	11	11	13	14
Normalized NOPAT Margin	29.46%	32.80%	11.35%	30.38%	29.76%	52.14%	30.33%	29.84%	32.07%	33.42%
Pre Tax Income Margin	11.25%	57.54%	11.72%	34.40%	8.07%	8.43%	25.45%	7.20%	20.12%	43.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.59	3.52	0.00	2.53	1.35	0.00	2.13	1.31	1.92	3.14
NOPAT to Interest Expense	1.54	1.44	0.00	1.35	1.31	0.00	1.34	1.27	1.47	1.67
EBIT Less CapEx to Interest Expense	1.59	5.59	0.00	1.07	1.35	0.00	1.95	-1.30	4.36	3.14
NOPAT Less CapEx to Interest Expense	1.54	3.51	0.00	-0.10	1.31	0.00	1.16	-1.34	3.91	1.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	124.34%	65.10%	73.66%	60.58%	62.95%	123.48%	96.23%	150.33%	114.98%	66.61%
Augmented Payout Ratio	127.38%	67.53%	73.66%	62.81%	65.23%	126.17%	104.09%	168.12%	127.71%	73.89%

Frequently Asked Questions About Whitestone REIT's Financials

When does Whitestone REIT's financial year end?

According to the most recent income statement we have on file, Whitestone REIT's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Whitestone REIT's net income changed over the last 2 years?

Whitestone REIT's net income appears to be on an upward trend, with a most recent value of $37.37 million in 2024, rising from $35.80 million in 2022. The previous period was $19.45 million in 2023.

What is Whitestone REIT's operating income?

Whitestone REIT's total operating income in 2024 was $49.67 million, based on the following breakdown:

Total Gross Profit: $108.30 million
Total Operating Expenses: $58.63 million

How has Whitestone REIT revenue changed over the last 2 years?

Over the last 2 years, Whitestone REIT's total revenue changed from $140.58 million in 2022 to $155.51 million in 2024, a change of 10.6%.

How much debt does Whitestone REIT have?

Whitestone REIT's total liabilities were at $690.81 million at the end of 2024, a 0.4% decrease from 2023, and a 1.8% increase since 2022.

How much cash does Whitestone REIT have?

In the past 2 years, Whitestone REIT's cash and equivalents has ranged from $4.57 million in 2023 to $6.17 million in 2022, and is currently $5.22 million as of their latest financial filing in 2024.

How has Whitestone REIT's book value per share changed over the last 2 years?

Over the last 2 years, Whitestone REIT's book value per share changed from 8.47 in 2022 to 8.65 in 2024, a change of 2.1%.

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This page (NYSE:WSR) was last updated on 4/17/2025 by MarketBeat.com Staff

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Whitestone REIT (WSR) Financials

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Whitestone REIT (WSR) Financials

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