Whitestone REIT (WSR) Q4 2025 earnings summary

Executive summary

• Delivered $1.05 Core FFO per share for 2025, with 2026 guidance of $1.10–$1.14 and a 7.2% CAGR from 2023 to 2026 guidance midpoint.

• Achieved record occupancy of 94.6% in Q4 2025, up 330 basis points since Q4 2021, and 4% Same Store NOI growth for the year.

• Leasing spreads remained robust, with Q4 combined spreads at 18.2% and 15 consecutive quarters above 17%.

• Portfolio focused on high-value shop space in Sun Belt markets, supporting durable cash flows and risk dispersion.

• Net income per diluted share rose to $0.43 in Q4 2025 and $0.95 for the full year.

Financial highlights

• Q4 2025 revenue was $43.9M, up 24% year-over-year; full-year revenues reached $160.9M.

• Core FFO per share was $0.28 for Q4 and $1.05 for 2025, both up from prior year periods.

• Same Store NOI growth was 3.8% for Q4 and 4% for the full year.

• Debt/EBITDAre improved to 7.0x in 2025 from 9.1x in 2021.

• Q4 net income attributable to common shareholders was $22.8M, including a $0.30/share gain on property sales.

Outlook and guidance

• 2026 Core FFO per share guidance is $1.10–$1.14, targeting 5–7% long-term Core FFO per share growth.

• Same Store NOI growth guidance for 2026 is 3% to 4.75%; sustainable SS NOI growth forecasted at 3–5% annually.

• Dividend increased by 5.6% for Q1 2026, with intent to grow in line with Core FFO.

• Guidance excludes impact from unannounced acquisitions/dispositions and Pillarstone bankruptcy claims.

• Redevelopment spend of $20–30M expected to boost SS NOI growth by up to 1% in 2026–2027.