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Dec 31, 2025
Whitestone Q4 2025 Earnings Report
Whitestone Q4 2025 Earnings Report
Key Takeaways
Whitestone REIT delivered strong fourth-quarter results with record occupancy of 94.6% and a 3.8% growth in Same-Store Net Operating Income. The company reported a significant increase in net income driven by property sales and remains on track with its long-term Core FFO growth targets.
Achieved record total occupancy of 94.6% for wholly owned properties.
Net income per diluted share rose to $0.43, inclusive of a $0.30 gain on property sales.
Same-Store Net Operating Income (NOI) grew by 3.8% compared to the prior year quarter.
Net Effective Annual Base Rental Revenue per leased square foot increased 5% to $25.73.
Revenue by Segment
Forward Guidance
Whitestone expects full-year 2026 Core FFO to be between $1.10 and $1.14 per diluted share, driven by continued same-store NOI growth.
Positive Outlook
- Projected Core FFO per diluted share growth to $1.10 - $1.14.
- Expected Same Store NOI growth of 3.0% to 4.75%.
- Quarterly dividend increased by 5.6% to $0.1425 per share.
- Robust leasing environment in Sunbelt markets.
- Strong balance sheet with $220.4 million in revolving credit availability.
Challenges Ahead
- Projected GAAP net income per share of $0.38 - $0.43 is lower than 2025 actuals due to lack of forecasted property sale gains.
- Bad debt expected to be between 0.50% and 1.00% of revenue.
- Interest expense projected to remain high at $32.6 million to $34.1 million.
- Geographic concentration in Texas and Arizona makes the company susceptible to local economic downturns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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