Whitestone REIT (WSR) Q4 2025 earnings summary

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.