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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Whitestone REIT
Whitestone REIT (WSR) investor relations material
Whitestone REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Delivered $1.05 Core FFO per share for 2025, up from $0.86 in 2021, with a 5% CAGR and 7.2% CAGR from 2023 to 2026 guidance midpoint; 2026 Core FFO guidance is $1.10–$1.14 per share.
Achieved record occupancy of 94.6% in Q4 2025, up 330 bps since Q4 2021, with 4% Same Store NOI growth and robust leasing spreads.
Portfolio focused on high-value shop space in Sun Belt markets, supporting durable cash flows, risk dispersion, and tenant quality improvements.
Acquired World Cup Plaza and Ashford Village in Q4 2025, disposed of Kempwood Plaza, and completed $213M in acquisitions and $166M in dispositions since Q4 2022.
Net income per diluted share rose to $0.43 in Q4 2025 and $0.95 for the full year, both up from prior periods.
Financial highlights
Q4 2025 revenues were $43.9M, up 24% year-over-year; full-year revenues reached $160.9M.
Core FFO per share grew 4% year-over-year to $1.05 in 2025; quarterly Core FFO was $0.25, $0.26, $0.26, and $0.28.
Same Store NOI growth was 3.8% in Q4 and 4% for the full year; averaged 5.1% from 2021–2025.
Debt/EBITDAre improved to 7.0x in 2025 from 9.1x in 2021; weighted average interest rate on debt is 4.7%, with 92% fixed rate.
Cash flow from operations was $50.8M; dividends paid totaled $27.8M.
Outlook and guidance
2026 Core FFO per share guidance is $1.10–$1.14, targeting 5–7% long-term growth.
Same Store NOI growth guidance for 2026 is 3% to 4.75%, driven by contractual escalators, leasing spreads, and redevelopment.
Dividend increased by 5.6% for Q1 2026, with intent to grow in line with Core FFO; transitioned to quarterly payments.
Redevelopment spend of $20–30M expected to boost SS NOI growth by up to 1% in 2026–2027.
2026 GAAP net income guidance: $0.38–$0.43 per diluted share.
Explain Q4 2025 leasing volume and rate declines?
What drives the 2026 bad debt guidance increase?
Detail 2026 capital allocation for balance sheet?
How do redevelopments impact future NOI growth?
What's the long-term occupancy upside potential?
Describe current acquisition strategy and market
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Next Whitestone REIT earnings date
Q1 202630 Apr, 2026
Whitestone REIT
Next Whitestone REIT earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Whitestone REIT is a real estate investment trust (REIT) that acquires, owns, and manages open-air shopping centers in high-growth metropolitan areas. Its portfolio primarily consists of properties in Texas and Arizona, with a tenant mix focused on services, convenience, and necessity-based businesses. The company emphasizes community engagement and tenant diversification. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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