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Whitestone REIT

NYSE:WSR
Snowflake Description

Proven track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WSR
NYSE
$522M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality "E-Commerce resistant" neighborhood, community and lifestyle retail centers principally located in the largest, fastest growing and most affluent markets in the Sunbelt. The last earnings update was 17 days ago. More info.


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WSR Share Price and Events
7 Day Returns
-0.8%
NYSE:WSR
0.1%
US REITs
-1.4%
US Market
1 Year Returns
5.8%
NYSE:WSR
13.9%
US REITs
1.6%
US Market
WSR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Whitestone REIT (WSR) -0.8% 1.3% -10.5% 5.8% -6.9% -10.4%
US REITs 0.1% 2.1% 3.4% 13.9% 11.4% 25.6%
US Market -1.4% -3.9% 0.2% 1.6% 33.2% 38.2%
1 Year Return vs Industry and Market
  • WSR underperformed the REITs industry which returned 13.9% over the past year.
  • WSR outperformed the Market in United States of America which returned 1.6% over the past year.
Price Volatility
WSR
Industry
5yr Volatility vs Market

WSR Value

 Is Whitestone REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Whitestone REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Whitestone REIT.

NYSE:WSR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:WSR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (119.21%))
1.018
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.018 * 5.96%)
8.8%

Discounted Cash Flow Calculation for NYSE:WSR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Whitestone REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Whitestone REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:WSR DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.8%)
2019 34.95 Analyst x4 32.13
2020 33.92 Analyst x3 28.66
2021 29.70 Analyst x1 23.06
2022 30.40 Analyst x1 21.70
2023 31.60 Analyst x1 20.73
2024 31.42 Est @ -0.58% 18.94
2025 31.55 Est @ 0.41% 17.48
2026 31.90 Est @ 1.11% 16.25
2027 32.41 Est @ 1.6% 15.17
2028 33.03 Est @ 1.94% 14.22
Present value of next 10 years cash flows $208.33
NYSE:WSR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $33.03 × (1 + 2.73%) ÷ (8.8% – 2.73%)
$559.27
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $559.27 ÷ (1 + 8.8%)10
$240.67
NYSE:WSR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $208.33 + $240.67
$449.00
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $449.00 / 40.76
$11.02
NYSE:WSR Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.02
Current discount Discount to share price of $12.80
= -1 x ($12.80 - $11.02) / $11.02
-16.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Whitestone REIT is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Whitestone REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Whitestone REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:WSR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.53
NYSE:WSR Share Price ** NYSE (2019-05-24) in USD $12.8
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.61x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.44x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Whitestone REIT.

NYSE:WSR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:WSR Share Price ÷ EPS (both in USD)

= 12.8 ÷ 0.53

24.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whitestone REIT is good value based on earnings compared to the US REITs industry average.
  • Whitestone REIT is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Whitestone REIT's expected growth come at a high price?
Raw Data
NYSE:WSR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-4.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,121 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

NYSE:WSR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.35x ÷ -4.4%

-5.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whitestone REIT earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Whitestone REIT's assets?
Raw Data
NYSE:WSR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.53
NYSE:WSR Share Price * NYSE (2019-05-24) in USD $12.8
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NYSE:WSR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:WSR Share Price ÷ Book Value per Share (both in USD)

= 12.8 ÷ 8.53

1.5x

* Primary Listing of Whitestone REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whitestone REIT is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Whitestone REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Whitestone REIT has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

WSR Future Performance

 How is Whitestone REIT expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Whitestone REIT expected to grow at an attractive rate?
  • Whitestone REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Whitestone REIT's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Whitestone REIT's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:WSR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:WSR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -4.4%
NYSE:WSR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 6.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:WSR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:WSR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 159 11 1
2022-12-31 150 12 1
2021-12-31 140 12 1
2020-12-31 124 10 4
2019-12-31 121 10 5
NYSE:WSR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 122 41 21
2018-12-31 122 40 21
2018-09-30 131 45 14
2018-06-30 130 45 9
2018-03-31 127 46 10
2017-12-31 126 41 8
2017-09-30 120 39 6
2017-06-30 112 37 4
2017-03-31 107 34 4
2016-12-31 104 41 7
2016-09-30 102 38 9
2016-06-30 101 38 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Whitestone REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Whitestone REIT's revenue is expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:WSR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Whitestone REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WSR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.22 0.22 0.22 1.00
2022-12-31 0.25 0.25 0.25 1.00
2021-12-31 0.27 0.27 0.27 1.00
2020-12-31 0.27 0.34 0.20 4.00
2019-12-31 0.26 0.28 0.22 5.00
NYSE:WSR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.53
2018-12-31 0.54
2018-09-30 0.36
2018-06-30 0.24
2018-03-31 0.26
2017-12-31 0.22
2017-09-30 0.20
2017-06-30 0.14
2017-03-31 0.13
2016-12-31 0.26
2016-09-30 0.33
2016-06-30 0.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Whitestone REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Whitestone REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Whitestone REIT has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

WSR Past Performance

  How has Whitestone REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Whitestone REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Whitestone REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Whitestone REIT's 1-year earnings growth exceeds its 5-year average (114.3% vs 28.1%)
  • Whitestone REIT's earnings growth has exceeded the US REITs industry average in the past year (114.3% vs 16%).
Earnings and Revenue History
Whitestone REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Whitestone REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WSR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 121.97 20.72 22.96
2018-12-31 122.06 21.13 23.28
2018-09-30 131.28 14.12 24.47
2018-06-30 130.34 9.44 25.08
2018-03-31 127.48 9.67 24.39
2017-12-31 125.96 7.88 24.23
2017-09-30 120.49 6.45 25.28
2017-06-30 112.35 4.41 25.86
2017-03-31 107.27 3.82 25.26
2016-12-31 104.44 7.31 23.94
2016-09-30 101.67 8.85 21.61
2016-06-30 100.76 9.44 21.08
2016-03-31 97.60 9.56 20.66
2015-12-31 93.42 6.21 20.31
2015-09-30 87.03 5.06 19.69
2015-06-30 80.97 4.60 18.22
2015-03-31 76.26 4.25 16.80
2014-12-31 72.38 4.99 15.27
2014-09-30 68.71 5.17 13.98
2014-06-30 66.47 4.84 12.49
2014-03-31 64.00 4.74 11.43
2013-12-31 60.49 3.45 10.91
2013-09-30 58.48 1.15 9.80
2013-06-30 53.81 0.71 8.82
2013-03-31 50.00 0.18 8.17
2012-12-31 44.99 -0.19 7.62
2012-09-30 43.00 1.94 7.30
2012-06-30 40.17 1.93 7.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whitestone REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Whitestone REIT used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Whitestone REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Whitestone REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Whitestone REIT has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

WSR Health

 How is Whitestone REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Whitestone REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Whitestone REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Whitestone REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Whitestone REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Whitestone REIT Company Filings, last reported 1 month ago.

NYSE:WSR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 348.05 621.92 7.26
2018-12-31 359.15 618.15 17.94
2018-09-30 343.46 666.62 16.59
2018-06-30 345.80 667.60 9.72
2018-03-31 354.01 668.53 15.02
2017-12-31 358.40 659.07 8.04
2017-09-30 354.29 661.63 6.34
2017-06-30 359.83 662.69 9.27
2017-03-31 268.23 553.92 6.50
2016-12-31 267.64 543.36 4.17
2016-09-30 262.18 556.99 8.79
2016-06-30 241.54 509.49 5.93
2016-03-31 239.21 511.91 2.45
2015-12-31 246.99 498.57 2.59
2015-09-30 250.46 499.68 5.66
2015-06-30 253.94 404.40 6.25
2015-03-31 209.62 404.77 4.32
2014-12-31 213.32 395.11 4.24
2014-09-30 215.61 305.01 6.27
2014-06-30 218.18 265.48 5.04
2014-03-31 217.35 265.83 3.44
2013-12-31 220.92 262.60 6.49
2013-09-30 166.40 266.26 9.51
2013-06-30 166.23 266.40 6.02
2013-03-31 169.26 216.94 2.84
2012-12-31 172.89 192.36 6.54
2012-09-30 179.10 167.82 8.34
2012-06-30 125.50 140.05 3.86
  • Whitestone REIT's level of debt (178.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (122.3% vs 178.7% today).
  • Debt is not well covered by operating cash flow (6.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Whitestone REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Whitestone REIT has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

WSR Dividends

 What is Whitestone REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.91%
Current annual income from Whitestone REIT dividends. Estimated to be 8.91% next year.
If you bought $2,000 of Whitestone REIT shares you are expected to receive $178 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Whitestone REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Whitestone REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment

Purchase Whitestone REIT before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:WSR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2007 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:WSR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.14 1.00
2022-12-31 1.14 1.00
2021-12-31 1.14 1.00
2020-12-31 1.14 4.00
2019-12-31 1.14 5.00
NYSE:WSR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-15 1.140 8.886
2019-05-01 1.140 8.986
2018-12-20 1.140 8.881
2018-09-19 1.140 8.340
2018-03-06 1.140 9.539
2017-12-14 1.140 8.702
2017-09-13 1.140 8.251
2017-06-15 1.140 9.009
2017-03-20 1.140 9.023
2016-12-21 1.140 8.224
2016-09-22 1.140 8.475
2016-06-06 1.140 7.647
2016-03-14 1.140 8.750
2015-12-18 1.140 10.302
2015-09-24 1.140 9.511
2015-06-08 1.140 9.050
2014-12-19 1.140 7.457
2014-08-25 1.140 7.791
2014-06-11 1.140 7.605
2013-12-23 1.140 8.140
2013-09-12 1.140 8.306
2013-06-04 1.140 7.270
2013-03-11 1.140 7.114
2012-12-19 1.140 7.886
2012-08-07 1.140 8.580
2012-05-29 1.140 8.488
2012-02-24 1.140 8.653
2011-12-22 1.140 9.068
2011-08-08 1.140 9.847
2011-05-16 1.140 8.927
2011-02-22 1.140 8.203
2010-12-23 1.140 7.819
2010-09-21 1.140 8.607

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Whitestone REIT has been paying a dividend for less than 10 years.
  • Whitestone REIT has only been paying a dividend for 9 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Whitestone REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (44x coverage).
X
Income/ dividend checks
We assess Whitestone REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Whitestone REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Whitestone REIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

WSR Management

 What is the CEO of Whitestone REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Mastandrea
COMPENSATION $2,619,245
AGE 75
TENURE AS CEO 12.6 years
CEO Bio

Mr. James C. Mastandrea, also known as Jim, has been the Chief Executive Officer at Whitestone REIT since October 2006. Mr. Mastandrea has been the President and Chairman of the Board of Pillarstone Capital REIT since March 4, 2003 and also as its Chief Executive Officer since April 7, 2003. He has been the General Partner at Hampton since its formation in 1983. Mr. Mastandrea served as Interim Chief Executive Officer at Whitestone REIT from October 4, 2006 to June 5, 2007. He served as President at First Union Real Estate Investments from July 1993 to December 1993. Mr. Mastandrea served as Chief Executive Officer at MDC Realty Corporation since May 1998 which he founded in 1978. In 1999, he formed Eagle's Wings Aviation Corporation, where he served as Chief Executive Officer to purchase a troubled aviation services business. Mr. Mastandrea served as Chief Executive Officer at First Union Real Estate Investments from January 1994 to May 1998. He has been Chairman of Whitestone REIT and also serves its Trustee since October 2006. Mr. Mastandrea has been Chairman of Stonehaven Realty Trust since March 4, 2003. He served as the Chairman of the Board of Trustees of First Union Real Estate Investments from January 1994 to May 1998. Mr. Mastandrea served as Chairman of MDC Realty Corporation since 1998. He has been a Trustee of Hartman Commercial Properties Reit since July 5, 2006. Mr. Mastandrea serves as a Trustee of Stonehaven Realty Trust and Pillarstone Capital REIT. Mr. Mastandrea also served in the U.S. Army from 1964 to 1966. In 2017, Mr. Mastandrea was awarded the EY Entrepreneur of the Year Award for the Gulf Coast Texas Region in the Transformational CEO category. He serves as a Director of Cleveland State University Foundation Board and a Director and a member of the Real Estate Committee of University Circle Inc., Cleveland, Ohio.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jim's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Whitestone REIT management team in years:

11.6
Average Tenure
59
Average Age
  • The average tenure for the Whitestone REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jim Mastandrea

TITLE
Chairman & CEO
COMPENSATION
$3M
AGE
75
TENURE
12.6 yrs

Dave Holeman

TITLE
Chief Financial Officer
COMPENSATION
$1M
AGE
55
TENURE
12.5 yrs

John Dee

TITLE
COO, Executive VP & Secretary
COMPENSATION
$705K
AGE
66
TENURE
12.6 yrs

Bradford Johnson

TITLE
Executive Vice President of Acquisition & Asset Management
COMPENSATION
$770K
AGE
59

Christine C. Mastandrea

TITLE
Executive Vice President of Corporate Strategy
COMPENSATION
$770K
AGE
52
TENURE
1.3 yrs

Kevin Reed

TITLE
Director of Investor Relations

Vince Mouer

TITLE
Corporate Counsel
AGE
59

Michelle Siv

TITLE
Director of Human Resources

Scott Hogan

TITLE
VP & Controller
TENURE
10.8 yrs

Roger Moss

TITLE
Director of Leasing - Southwest
TENURE
7.7 yrs
Board of Directors Tenure

Average tenure and age of the Whitestone REIT board of directors in years:

6.3
Average Tenure
64.5
Average Age
  • The tenure for the Whitestone REIT board of directors is about average.
Board of Directors

Jim Mastandrea

TITLE
Chairman & CEO
COMPENSATION
$3M
AGE
75
TENURE
12.6 yrs

Jack Mahaffey

TITLE
COMPENSATION
$66K
AGE
86
TENURE
19.3 yrs

Don Keating

TITLE
COMPENSATION
$37K
AGE
86
TENURE
11.3 yrs

Dan DeVos

TITLE
Trustee Emeritus
COMPENSATION
$30K
AGE
60
TENURE
6.3 yrs

Paul Lambert

TITLE
COMPENSATION
$37K
AGE
65
TENURE
6.2 yrs

Nandita Berry

TITLE
COMPENSATION
$65K
AGE
50
TENURE
1.7 yrs

Najeeb Khan

TITLE
COMPENSATION
$85K
AGE
64
TENURE
1.7 yrs

David Taylor

TITLE
COMPENSATION
$65K
AGE
54
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Dec 18 Sell KBS Strategic Opportunity REIT, Inc. Company 16. Nov 18 06. Dec 18 -511,043 $14.18 $-7,186,318
15. Nov 18 Sell KBS Strategic Opportunity REIT, Inc. Company 07. Nov 18 15. Nov 18 -531,980 $14.30 $-7,488,726
06. Nov 18 Sell KBS Strategic Opportunity REIT, Inc. Company 10. Sep 18 06. Nov 18 -739,022 $14.10 $-10,215,783
X
Management checks
We assess Whitestone REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Whitestone REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

WSR News

Simply Wall St News

Those Who Purchased Whitestone REIT (NYSE:WSR) Shares Five Years Ago Have A 10% Loss To Show For It

But the main game is to find enough winners to more than offset the losers So we wouldn't blame long term Whitestone REIT (NYSE:WSR) shareholders for doubting their decision to hold, with the stock down 10% over a half decade. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … A Different Perspective It's nice to see that Whitestone REIT shareholders have received a total shareholder return of 16% over the last year.

Simply Wall St -

Does Whitestone REIT (NYSE:WSR) Deserve A Spot On Your Watchlist?

So if you're like me, you might be more interested in profitable, growing companies, like Whitestone REIT (NYSE:WSR). … Whitestone REIT's Earnings Per Share Are Growing. … Whitestone REIT's EBIT margins have actually improved by 3.5 percentage points in the last year, to reach 29%, but, on the flip side, revenue was down 3.1%.

Simply Wall St -

Taking A Look At Whitestone REIT's (NYSE:WSR) ROE

We'll use ROE to examine Whitestone REIT (NYSE:WSR), by way of a worked example. … That means that for every $1 worth of shareholders' equity, it generated $0.061 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Be Concerned About Whitestone REIT's (NYSE:WSR) Historical Volatility?

The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Do Directors Own Whitestone REIT (NYSE:WSR) Shares?

If you want to know who really controls Whitestone REIT (NYSE:WSR), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

Is It Too Late To Consider Buying Whitestone REIT (NYSE:WSR)?

Whitestone REIT (NYSE:WSR), which is in the reits business, and is based in United States,. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Whitestone REIT’s outlook and valuation to see if the opportunity still exists.

Simply Wall St -

Why Whitestone REIT's (NYSE:WSR) CEO Pay Matters To You

Jim Mastandrea became the CEO of Whitestone REIT (NYSE:WSR) in 2006. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jim Mastandrea's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Investing In Whitestone REIT (NYSE:WSR): What You Need To Know

Whitestone REIT is a US$525m. … real estate investment trust (REIT) based in Houston, United States. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

Whitestone REIT (NYSE:WSR): What We Can Expect From This Growth Stock

Looking at Whitestone REIT's (NYSE:WSR) earnings update in September 2018,. … with earnings expected to grow by 6.5% in the upcoming year … the higher past 5-year average growth rate of 21%

Simply Wall St -

Should You Be Worried About Whitestone REIT's (NYSE:WSR) 4.4% Return On Equity?

Our data shows Whitestone REIT has a return on equity of 4.4% for the last year. … That means that for every $1 worth of shareholders' equity, it generated $0.044 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

WSR Company Info

Description

Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality "E-Commerce resistant" neighborhood, community and lifestyle retail centers principally located in the largest, fastest growing and most affluent markets in the Sunbelt. Whitestone’s optimal mix of national, regional and local tenants provides daily necessities, needed services and entertainment to the communities in which they are located. Whitestone's properties are primarily located in business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which are among the fastest growing U.S. population centers with highly educated workforces, high household incomes and strong job growth. As of December 31, 2018, Whitestone's total shareholder return ranks #2 of 17, #1 of 17, and #2 of 16, of the U.S. public shopping center REITs for the one-year, three-year, and five-year periods, respectively.

Details
Name: Whitestone REIT
WSR
Exchange: NYSE
Founded: 1998
$521,703,590
$509,824,294
40,758,093
Website: http://www.whitestonereit.com
Address: Whitestone REIT
2600 South Gessner Road,
Suite 500,
Houston,
Texas, 77063,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE WSR Common Shares New York Stock Exchange US USD 26. Aug 2010
Number of employees
Current staff
Staff numbers
97
Whitestone REIT employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 00:22
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.