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Whitestone REIT Income Statement 2025-2008 | WSR
Brief overview of income trends at Whitestone REIT
The conclusions below are based on five years of reported results. According to figures from Whitestone REIT, revenue changed from 118 million dollars to 43.9 million dollars over five years. The cumulative result was −62.8%, corresponding to roughly −17.9% per year. The negative rate indicates weakening core operations.
The operating result measured by EBITDA moved from $28.3 million to $35.9 million, or +26.9%. Operating profitability strengthened faster than the scale of sales. EBITDA margin was 24% at the start and 81.8% at the end. Higher profitability strengthens the quality of operating growth.
The net result moved from 6 million dollars to 22.8 million dollars, or +278.5%. Profit outpaced sales and strengthened the quality of growth.
Over the period, capitalization shifted from $308 million to $811 million (+163.7%). Investors responded cautiously to the improvement in the business.
Financial takeaway
The five-year picture requires weighing both strengths and weaknesses. The positive side is supported by an improving EBITDA margin and net-income growth. Caution is warranted because of weak sales momentum. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Whitestone REIT
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
811 M | 799 M | 612 M | 468 M | 456 M | 308 M | 532 M | 557 M | 457 M | 383 M | 271 M | 350 M | 246 M | 193 M | 114 M | - | - | - |
Shares |
51 M | 50.2 M | 49.5 M | 49.3 M | 45.5 M | 42.2 M | 40.2 M | 39.3 M | 35.4 M | 27.6 M | 24.6 M | 22.3 M | 18 M | 13.5 M | 9.03 M | 4.01 M | 3.24 M | - |
Historical Prices |
15.9 | 15.9 | 12.4 | 9.5 | 10 | 7.28 | 11.4 | 11.3 | 9.54 | 9.32 | 6.77 | 8.88 | 7.08 | 6.79 | 5.58 | |||
Net Income |
22.8 M | 17.3 M | 19.2 M | 35.3 M | 12 M | 6.03 M | 23.7 M | 21.4 M | 8.33 M | 7.93 M | 6.75 M | 7.59 M | 3.79 M | 50 K | 1.12 M | 1.1 M | 1.34 M | - |
Revenue |
43.9 M | 40.8 M | 147 M | 139 M | 125 M | 118 M | 119 M | 120 M | 126 M | 104 M | 93.4 M | 72.4 M | 62.1 M | 46.6 M | 34.9 M | - | - | - |
Cost of Revenue |
- | - | - | - | - | - | 85.3 M | 86.4 M | 93.3 M | 34.1 M | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 82.3 M | 82.4 M | 83.8 M | 70.3 M | 62.1 M | 47.2 M | 38.6 M | 28.9 M | 21.6 M | - | - | - |
Interest Expense |
- | - | 32.9 M | 27.2 M | 24.6 M | 25.8 M | 26.3 M | 25.2 M | 23.7 M | 19.2 M | 14.9 M | 10.6 M | 9.98 M | 8.55 M | 6.34 M | 6.04 M | 5.75 M | - |
EBITDA |
35.9 M | 34.9 M | 33 M | 31.7 M | 29 M | 28.3 M | 60.7 M | 59.2 M | 59.9 M | 46.4 M | 41.8 M | 32 M | 27.7 M | 21.3 M | 14.9 M | 6.8 M | 6.52 M | - |
Operating Expenses |
- | - | - | - | - | - | 48.4 M | 49 M | 51.2 M | 46.4 M | 40.1 M | 31 M | 24.3 M | 17.8 M | 15 M | - | - | - |
General and Administrative Expenses |
21.2 M | 23.2 M | 20.7 M | 18.1 M | 22.6 M | 21.3 M | 21.7 M | 23.3 M | 23.9 M | 23.9 M | 20.3 M | 15.3 M | 10.9 M | 7.62 M | 6.65 M | 4.99 M | 6.07 M | - |
All numbers in USD currency
Quarterly Income Statement Whitestone REIT
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
51.4 M | 51 M | 50.9 M | 50.9 M | 50.7 M | 50.3 M | 50 M | 49.9 M | 49.6 M | 49.5 M | 49.4 M | 49.4 M | 42.4 M | 49.3 M | 49.1 M | 49.1 M | 49.1 M | 46.9 M | 43.4 K | 42.5 M | 42.4 M | 42.3 M | 42.2 M | 42 M | 41.5 M | 40.2 M | 39.9 M | 39.6 M | 39.8 M | 39.3 M | 39.2 M | 39.1 M | 39.2 M | 38 M | 35.7 M | 29.4 M | 29.5 M | 28.2 M | 26.8 M | 26.6 M | 27 M | 26.5 M | 22.9 M | 22.6 M | 22.8 M | 22.5 M | 22.2 M | 21.8 M | 21.9 M | 17 M | 16.9 M | 16.8 M | 16.9 M | 13.8 M | 11.7 M | 11.6 M | 11.4 M | 10.8 M | 8.52 M | 5.48 M |
Net Income |
4.14 M | 18.3 M | 5.05 M | 3.7 M | - | 7.62 M | 2.59 M | 9.34 M | - | 2.49 M | 11.3 M | 3.85 M | - | 3.92 M | 4.34 M | 7.19 M | 2.61 M | 2.9 M | 5.22 M | 1.44 M | 3.11 M | 900 K | 410 K | 1.61 M | 15.8 M | 1.81 M | 3.33 M | 2.77 M | 8.46 M | 7.84 M | 1.95 M | 3.18 M | 1.92 M | 2.99 M | 1.98 M | 1.44 M | 532 K | 949 K | 1.48 M | 5 M | 2.05 M | 1.57 M | 1.53 M | 1.59 M | 2.86 M | 1.1 M | 1.25 M | 2.37 M | 1.26 M | 614 K | 970 K | 949 K | -1.34 M | 163 K | 431 K | 793 K | 556 K | 578 K | -196 K | 185 K |
Revenue |
41.4 M | 41 M | 37.9 M | 38 M | - | 38.6 M | 37.6 M | 37.2 M | - | 37.1 M | 36.5 M | 35.9 M | - | 35.4 M | 35 M | 34.1 M | 33.3 M | 32.4 M | 30.6 M | 29 M | 29.8 M | 29.9 M | 27.6 M | 30.6 M | 30.1 M | 29.9 M | 29.6 M | 29.7 M | 29.9 M | 30.7 M | 29.5 M | 29.8 M | 33.8 M | 33.7 M | 30.2 M | 28.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 21.1 M | - | 23.4 M | 21.4 M | 21.5 M | - | 22.7 M | 20.4 M | 22.2 M | - | 21.9 M | 20.8 M | 20.9 M | - | 21.3 M | 21.9 M | 21.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | 8.52 M | - | 8.4 M | 8.26 M | 7.9 M | - | 6.82 M | 6.23 M | 6.06 M | - | 6.14 M | 6.14 M | 6.13 M | - | 6.4 M | 6.47 M | 6.69 M | - | 6.68 M | 6.53 M | 6.53 M | - | 6.42 M | 6.31 M | 5.97 M | - | 6.38 M | 5.63 M | 5.15 M | - | 4.67 M | 4.75 M | 4.8 M | - | 3.74 M | 3.52 M | 3.41 M | - | 2.76 M | 2.43 M | 2.33 M | - | 2.6 M | 2.61 M | 2.45 M | - | 2.24 M | 2.11 M | 1.97 M | - | 1.43 M | 1.44 M | 1.4 M |
EBITDA |
9.97 M | 8.33 M | 8.52 M | 9.32 M | - | 8.92 M | 8.52 M | 8.8 M | - | 8.33 M | 8.36 M | 7.85 M | - | 7.89 M | 7.86 M | 7.91 M | - | 21.5 M | 14.1 M | 7.01 M | - | 21.1 M | 13.9 M | 6.97 M | - | 19.9 M | 13.1 M | 6.46 M | - | 19 M | 12.6 M | 6.27 M | - | 19.9 M | 12.7 M | 6.01 M | - | 16.4 M | 10.9 M | 5.39 M | - | 14.4 M | 9.24 M | 4.56 M | - | 11.6 M | 7.66 M | 3.83 M | - | 9.78 M | 6.33 M | 3.07 M | - | 7.26 M | 4.57 M | 2.28 M | - | 5.7 M | 3.74 M | 1.88 M |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.06 M | - | 6.16 M | 5.9 M | 6.08 M | - | 6.35 M | 7.05 M | 6.84 M | - | 6.54 M | 6.48 M | 6.29 M | - | 1.79 M | 6.1 M | 5.65 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
6.01 M | 5.32 M | 4.92 M | 5.44 M | - | 4.88 M | 6.55 M | 6.18 M | - | 5.39 M | 5.18 M | 5.08 M | - | 4.83 M | 5.18 M | 3.05 M | - | 5.67 M | 4.73 M | 5.63 M | - | 5.86 M | 4.64 M | 5.1 M | - | 5.6 M | 4.92 M | 6 M | - | 4.98 M | 6.68 M | 6.33 M | - | 5.58 M | 5.85 M | 6.17 M | - | 6.22 M | 5.41 M | 4.84 M | - | 5.69 M | 5 M | 4.48 M | - | 4.21 M | 3.58 M | 2.96 M | - | 2.72 M | 2.52 M | 2.44 M | - | 1.89 M | 1.86 M | 1.64 M | - | 1.5 M | 1.78 M | 1.46 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Whitestone REIT (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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