Whitestone REIT

NYSE:WSR Stock Report

Market Cap: US$988.0m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Whitestone REIT Past Earnings Performance

Past criteria checks 4/6

Whitestone REIT has been growing earnings at an average annual rate of 26.6%, while the Retail REITs industry saw earnings growing at 13.1% annually. Revenues have been growing at an average rate of 6% per year. Whitestone REIT's return on equity is 10.9%, and it has net margins of 30.7%.

Key information

26.65%

Earnings growth rate

24.73%

EPS growth rate

Retail REITs Industry Growth8.45%
Revenue growth rate5.97%
Return on equity10.86%
Net Margin30.67%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Narrative Update • Jun 23

WSR: Takeover Price And Downgrade Wave Will Shape Future Return Profile

Whitestone REIT's analyst price target has edged down, with recent cuts from multiple firms leaving the consensus view slightly softer as analysts factor in updated discount rate assumptions and modest tweaks to projected margins and valuation multiples. Analyst Commentary Recent Street research on Whitestone REIT has tilted cautious, with several firms moving to downgrade ratings as they reassess risk, return expectations, and the sensitivity of valuation to updated discount rate assumptions.
Narrative Update • Jun 05

WSR: Takeover Deal And Downgrades Will Shape Future Fair Value Outcome

Whitestone REIT's analyst price target has been adjusted to $19.00 as analysts react to a cluster of recent downgrades and slightly recalibrated assumptions around growth, margins and future P/E expectations. Analyst Commentary Recent research has come through in a tight window, with several firms shifting to more cautious views on Whitestone REIT on the back of updated assumptions for growth, margins and future P/E expectations.
Narrative Update • Apr 27

WSR: Takeover Deal And Proxy Disputes Will Shape Future Fair Value Outcome

Whitestone REIT's fair value estimate has been adjusted from $18 to $19.00 as analysts factor in recent price target moves, a higher assumed future P/E, and the mixed signal from both upgrades tied to potential takeover interest and a wave of subsequent downgrades citing limited upside around the $15.20 cash offer and proxy overhang. Analyst Commentary Recent research on Whitestone REIT has shifted quickly from optimism around potential takeover scenarios to caution regarding how much upside remains relative to the current cash bid and ongoing proxy issues.
Narrative Update • Apr 11

WSR: Takeover Deal And Proxy Disputes Will Shape Fair Outcome

Narrative Update The analyst price target for Whitestone REIT has been revised from $17.25 to $18.00. Analysts attribute this change to updated fair value work that incorporates recent takeover interest and prior Street target moves, while also acknowledging a series of more cautious rating changes across the sector.
Seeking Alpha • Apr 07

Whitestone REIT: Acquisition Buzz Keeps It Elevated While Risks Are Rising (Downgrade)

Summary Whitestone REIT (WSR) is downgraded to Hold as shares trade above intrinsic value amid rising macro risks thanks to Blackstone's acquisition offer. WSR delivered solid Core FFO growth, with 2026 guidance implying a 6.67% YoY increase and continued portfolio strength in Sun Belt markets. Acquisition offers from Blackstone/TPG and MCB highlight strategic interest in their shopping centers, but rejection could trigger downside as arbitrage demand would flee. Geopolitical risks, inflationary pressures, and relatively low dividend yield make the risk-reward unattractive at current levels. Read the full article on Seeking Alpha
Narrative Update • Mar 28

WSR: Takeover Bids And Proxy Fights Will Shape Fair Outlook

Whitestone REIT's analyst price target is updated to $17.25, with analysts pointing to higher published targets from several firms and heightened takeover interest as key factors supporting this revision. Analyst Commentary Bullish Takeaways Bullish analysts are anchoring their targets in the US$17 to US$18 range, which is above the US$15.20 cash takeover offer.
Narrative Update • Mar 14

WSR: Takeover Interest And Proxy Fights Will Shape Fair Outlook

The analyst fair value estimate for Whitestone REIT has been raised from $15.78 to $17.25. This reflects higher Street price targets around $17 to $18 and analysts' updated assumptions following recent takeover interest and revised revenue and expense forecasts.
Narrative Update • Feb 28

WSR: Fair Outlook Will Hinge On Activist Pressure And Buyback Execution

Analysts have raised their Whitestone REIT price target by about $0.85 to reflect updated views on fair value, discount rate, revenue growth, profit margins, and a lower future P/E, supported by recent positive coverage and target increases from Wall Street. Analyst Commentary Bullish Takeaways Bullish analysts highlight the recent initiation with a positive view as support for the updated fair value framework, suggesting that the current price target move is aligned with where they see the shares trading on a normalized P/E.
Seeking Alpha • Apr 16

Whitestone REIT: Undervalued Gem With Double-Digit Rent Spreads

Summary Whitestone REIT focuses on high-growth Sunbelt markets and small shops, offering high margins, pricing power, and robust lease spreads. WSR has demonstrated strong fundamentals, including double-digit FFO/share growth, consistent occupancy, and proactive leasing, driving impressive lease spreads and NOI growth. Redevelopment initiatives provide upside potential, while WSR's improving balance sheet and well-covered monthly dividend enhance its attractiveness. With a guided long-term FFO/share growth of 5-7%, WSR is positioned for strong total returns, making it a compelling opportunity for value and growth investors. Read the full article on Seeking Alpha
Seeking Alpha • Jan 30

Whitestone REIT: Sunbelt Powerhouse Poised For Potential Market-Beating Returns

Summary Whitestone REIT owns high-quality open-air retail centers in fast-growing Sunbelt markets, achieving strong leasing spreads and consistent NOI growth. WSR's remerchandising and asset recycling initiatives are enhancing portfolio quality, driving robust Core FFO/share growth, and improving financial flexibility. The improved balance sheet, with a declining leverage ratio and well-covered 4% dividend yield, supports further deleveraging and growth. Read the full article on Seeking Alpha
Seeking Alpha • Dec 23

Whitestone REIT: Retail Has Finally Right Sized

Summary Whitestone REIT's COO Christine Mastandrea emphasizes the resilience of retail, focusing on smaller format centers that prioritize services and convenience. Geographic trends show a demographic shift towards Southern states, with Whitestone strategically investing in Texas and Arizona due to pro-growth policies and university expansions. Key metrics for Whitestone include sales per square foot, customer stickiness, and net operating income, ensuring profitable growth and value for shareholders. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Whitestone REIT makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:WSR Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 2616450220
31 Dec 2516150210
30 Sep 2515844210
30 Jun 2515534210
31 Mar 2515531220
31 Dec 2415437230
30 Sep 2414921230
30 Jun 2414816230
31 Mar 2414525220
31 Dec 2314419210
30 Sep 2314338210
30 Jun 2314139200
31 Mar 2314132200
31 Dec 2214035180
30 Sep 2213818200
30 Jun 2213617200
31 Mar 2213116200
31 Dec 2112610230
30 Sep 2112311220
30 Jun 211209220
31 Mar 211176220
31 Dec 201196210
30 Sep 2011919210
30 Jun 2011920200
31 Mar 2012122210
31 Dec 1912123220
30 Sep 1912116220
30 Jun 1912221210
31 Mar 1912221230
31 Dec 1812221230
30 Sep 1812615240
30 Jun 1812810250
31 Mar 1812810240
31 Dec 171268240
30 Sep 171206250
30 Jun 171124260
31 Mar 171074250
31 Dec 161047240
30 Sep 161029220
30 Jun 161019210
31 Mar 169810210
31 Dec 15936200
30 Sep 15875200

Quality Earnings: WSR has a large one-off gain of $30.9M impacting its last 12 months of financial results to 31st March, 2026.

Growing Profit Margin: WSR's current net profit margins (30.7%) are higher than last year (20.1%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: WSR's earnings have grown significantly by 26.6% per year over the past 5 years.

Accelerating Growth: WSR's earnings growth over the past year (61.2%) exceeds its 5-year average (26.6% per year).

Earnings vs Industry: WSR earnings growth over the past year (61.2%) exceeded the Retail REITs industry 38.2%.

Return on Equity

High ROE: WSR's Return on Equity (10.9%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/13 15:45
End of Day Share Price 2026/07/13 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Whitestone REIT is covered by 14 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gaurav MehtaAlliance Global Partners
Richard MilliganBaird
Paul AdornatoBMO Capital Markets Equity Research