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Whitestone REIT (WSR) investor relations material
Whitestone REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue rose 6% year-over-year to $41.0M, with net income attributable to shareholders increasing to $18.3M from $7.6M in Q3 2024 and Core FFO per share up to $0.26.
Occupancy remained high at 94.2%, up 30 basis points from Q2 and 400 basis points since Q3 2021, near record levels.
Same store NOI grew 4.8% year-over-year in Q3 2025, with an average of 5.1% from 2021–2025, driven by robust leasing activity in Texas and Arizona.
Portfolio focused on high-value shop spaces and tenant diversity, with 1,400+ service-oriented tenants and no tenant accounting for more than 2.2% of annualized rental revenue.
Significant property acquisitions and dispositions completed, totaling ~$150M over three years, including three new acquisitions and two major sales in Q3 2025.
Financial highlights
Q3 2025 revenues were $41.0M, up from $38.6M in Q3 2024; net income attributable to shareholders was $18.3M, up from $7.6M; Core FFO per share was $0.26, up from $0.25.
Average base rent reached $25.59, up 8.2% year-over-year and 26% over four years, a 5.9% CAGR.
Distributions per share increased to $0.1350 in Q3 2025, with a payout ratio of 54% of FFO.
Debt as of September 30, 2025 was $646M, with a weighted average interest rate of 4.8–4.9% and 90% fixed-rate debt.
Total headcount down 6% from a year ago, with ongoing focus on lowering G&A costs.
Outlook and guidance
2025 Core FFO per share guidance reiterated at $1.03–$1.07, with a long-term target of 5–7% annual growth.
Same store NOI growth range raised to 3.5–4.5% for 2025; ending occupancy expected at 94.0–95.0%.
Redevelopment initiatives expected to add up to 1% to same store NOI growth by 2026, with $20–$30M capital spend.
Guidance assumes above-average termination fees in 2024 are replaced with ongoing NOI in 2025.
Bad debt as a percentage of revenue forecasted at 0.75–1.00%.
What drives Q4 debt-to-EBITDAre to mid-6s?
Redevelopment NOI tailwind beyond 2026?
Explain the cap rate arbitrage in acquisitions
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Next Whitestone REIT earnings date
Q4 20255 Mar, 2026
Next Whitestone REIT earnings date
Q4 20255 Mar, 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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