Whitestone REIT Reports Strong Q4 2025 Results

REIT highlights record occupancy, leasing momentum, and balance sheet improvements

Mar. 3, 2026 at 1:55am

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Whitestone REIT (NYSE:WSR) executives reported strong fourth-quarter and full-year 2025 results, including record occupancy, continued leasing momentum, and a strengthened balance sheet. The company outlined expectations for ongoing earnings growth and provided guidance for 2026.

Why it matters

As a real estate investment trust focused on open-air neighborhood and community shopping centers in high-growth Texas markets, Whitestone's performance is an important indicator of the health of the retail real estate sector. The company's results and outlook provide insights into trends around occupancy, leasing, and capital allocation that can impact investors and the broader commercial real estate landscape.

The details

Whitestone reported $1.05 in Core FFO per share for 2025, up from $0.86 in 2021, representing a 5% compound annual growth rate. The company also improved its leverage, with Debt-to-EBITDAre improving to 7.0x for full-year 2025 from 9.1x in 2021. Management noted navigating interest rate headwinds, including a $0.11 per share step-up in interest expense between 2022 and 2023.

  • Whitestone delivered its fourth-quarter 2025 earnings call on February 26, 2026.
  • The company reported 4% same-store NOI growth for the full year 2025.

The players

Whitestone REIT

A real estate investment trust headquartered in San Antonio, Texas, that specializes in the acquisition, development, and management of retail and mixed-use properties, primarily in high-growth Texas markets.

Dave Holeman

Chief Executive Officer of Whitestone REIT.

Scott Hogan

Chief Financial Officer of Whitestone REIT.

Christine Mastandrea

President and Chief Operating Officer of Whitestone REIT.

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What they’re saying

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— Robert Jenkins, San Francisco resident

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— Gordon Edgar, grocery employee

What’s next

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The takeaway

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