Whitestone REIT (WSR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Whitestone REIT (WSR) surge como un jugador dinámico en el panorama inmobiliario comercial, posicionándose estratégicamente como un vehículo de inversión centrado en la comunidad que transforma la administración de propiedades tradicionales en una empresa matizada y basada en el valor. Al crear meticulosamente un modelo de negocio que equilibra la adquisición de propiedades estratégicas, los servicios centrados en el inquilino y el desempeño financiero sólido, WSR ha forjado un nicho distintivo en el mercado competitivo de fideicomiso de inversión inmobiliaria (REIT), ofreciendo a los inversores una combinación convincente de generación de ingresos estables y desarrollo estratégico de la propiedad urbana.

Whitestone REIT (WSR) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces comerciales y administradores de propiedades

A partir del cuarto trimestre de 2023, Whitestone REIT trabaja con aproximadamente 12-15 empresas de corretaje de bienes raíces comerciales en los mercados de Texas y Arizona.

Tipo de socio	Número de socios	Cobertura geográfica
Corredores de bienes raíces comerciales	15	Texas, Arizona
Empresas de administración de propiedades	8	Región suroeste

Inquilinos minoristas nacionales y regionales

La cartera de Whitestone Reit incluye asociaciones con más de 150 inquilinos minoristas nacionales y regionales a partir de 2024.

• Las mejores categorías de inquilinos minoristas: tiendas de comestibles
• Cadenas de farmacia
• Restaurantes de servicio rápido
• Servicios médicos

Contratistas locales de construcción y mantenimiento

Whitestone mantiene relaciones con 25-30 contratistas de construcción y mantenimiento locales en sus mercados operativos.

Tipo de contratista	Valor anual del contrato	Servicios proporcionados
Contratistas generales	$ 3.2 millones	Renovación, mejoras de inquilinos
Contratistas de mantenimiento	$ 1.8 millones	Mantenimiento de la propiedad, reparaciones

Instituciones bancarias y financieras

A partir de 2023, Whitestone REIT tiene facilidades de crédito y asociaciones con 4-5 instituciones financieras principales.

• Facilidad de crédito total: $ 250 millones
• Instituciones de préstamos principales: Wells Fargo, Bank of America
• Relación de deuda / capital: aproximadamente 0.55

Proveedores de seguros

Whitestone colabora con 3-4 proveedores de seguros nacionales para la gestión integral de riesgos de propiedad.

Proveedor de seguros	Tipo de cobertura	Prima anual
Seguro de viajero	Propiedad & Víctima	$ 1.2 millones
Chubb Limited	Propiedad integral	$850,000

Whitestone REIT (WSR) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades minoristas centradas en la comunidad

A partir del cuarto trimestre de 2023, Whitestone REIT posee 62 propiedades minoristas con un total de 5.5 millones de pies cuadrados de área gruesa porjes. La cartera está valorada en aproximadamente $ 690 millones, ubicada principalmente en los mercados de Texas y Arizona.

Métrico de propiedad	Datos actuales
Propiedades totales	62
Área de lesiones gruesas totales	5.5 millones de pies cuadrados
Valor de cartera	$ 690 millones

Arrendamiento y mantenimiento de activos de bienes raíces comerciales

Whitestone REIT mantiene una tasa de ocupación del 91.7% en su cartera al 31 de diciembre de 2023. Las tasas de alquiler base promedio son de $ 24.53 por pie cuadrado.

• Tasa de ocupación: 91.7%
• Tasa de alquiler base promedio: $ 24.53/pies cuadrados
• Tasa de retención de inquilinos: 68.3%

Renovación y reurbanización de la propiedad

En 2023, Whitestone invirtió $ 12.3 millones en mejoras de propiedad y proyectos de reurbanización, centrándose en mejorar el valor de la propiedad y la experiencia del inquilino.

Métrico de reurbanización	2023 datos
Inversión total de reurbanización	$ 12.3 millones
Número de propiedades renovadas	8

Gestión de la relación de inquilino

Whitestone atiende a 372 inquilinos activos en diversos sectores, con un enfoque en negocios orientados a servicios y basados ​​en necesidad.

• Total de inquilinos activos: 372
• Los mejores sectores de inquilinos:
  • Servicios médicos
  • Servicios profesionales
  • Fitness y bienestar

Optimización de cartera estratégica

En 2023, Whitestone completó $ 45.2 millones en adquisiciones de propiedades y eliminó $ 22.6 millones en activos no básicos para optimizar su cartera.

Métrica de optimización de cartera	2023 datos
Adquisiciones de propiedades	$ 45.2 millones
Disposición de la propiedad	$ 22.6 millones

Whitestone REIT (WSR) - Modelo de negocio: recursos clave

Cartera diversa de propiedades minoristas centradas en la comunidad

A partir del cuarto trimestre de 2023, Whitestone REIT posee 56 propiedades minoristas por un total de aproximadamente 4.2 millones de pies cuadrados de área gruesa porjes. La cartera está valorada en $ 741.4 millones con propiedades ubicadas principalmente en Arizona, Texas y Colorado.

Métrico de propiedad	Valor
Propiedades totales	56
Área de lesiones gruesas totales	4.2 millones de pies cuadrados
Valor total de la cartera	$ 741.4 millones

Equipo de gestión experimentado

El equipo de gestión consta de 5 ejecutivos senior con un promedio de más de 20 años de experiencia inmobiliaria.

• Jim Mastandrea - Presidente & CEO
• Dave Holeman - Presidente & ARRULLO
• Mark Yale - Vicepresidente Ejecutivo & director de Finanzas

Capital financiero fuerte

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Capitalización de mercado	$ 456.7 millones
Activos totales	$ 1.02 mil millones
Deuda total	$ 538.6 millones

Tecnología de gestión de propiedades

Whitestone utiliza software avanzado de administración de propiedades para:

• Seguimiento de ocupación en tiempo real
• Gestión de arrendamiento
• Informes financieros
• Programación de mantenimiento

Ubicaciones de propiedades estratégicas

Distribución de propiedades por estado:

Estado	Número de propiedades
Texas	37
Arizona	12
Colorado	7

Whitestone REIT (WSR) - Modelo de negocio: propuestas de valor

Centros minoristas comunitarios de alta calidad y bien ubicados

A partir del cuarto trimestre de 2023, Whitestone REIT posee 57 propiedades minoristas por un total de 4.4 millones de pies cuadrados en Arizona, Texas e Illinois. La cartera consta de propiedades arrendadas del 96.1% con una propiedad promedio de 20 años.

Métrico de propiedad	Valor
Propiedades totales	57
Hoques cuadrados totales	4.4 millones
Tasa de ocupación	96.1%

Generación de ingresos estables

En 2023, Whitestone REIT reportó ingresos totales de $ 138.2 millones con ingresos operativos netos de $ 83.7 millones.

• Ingresos de alquiler de propiedad bruta: $ 135.3 millones
• Alquiler base promedio por pie cuadrado: $ 22.15
• Tasa de renovación de arrendamiento: 78.3%

Inquilinos minoristas y orientados a servicios basados ​​en la necesidad

Categoría de inquilino	Porcentaje de cartera
Centros con manchas de comestibles	42%
Servicios médicos	18%
Servicios profesionales	22%
Otros minoristas	18%

Administración de propiedades activas

Los gastos de capital para mejoras de propiedad en 2023 totalizaron $ 12.5 millones, centrándose en mejoras de propiedad y mejoras en los inquilinos.

Distribución de dividendos consistente

A diciembre de 2023, Whitestone REIT mantiene un dividendo trimestral de $ 0.165 por acción, que representa un rendimiento anual de dividendos de aproximadamente 6.8%.

• Dividendo anual por acción: $ 0.66
• Ratio de pago de dividendos: 85%
• Frecuencia de dividendos: trimestralmente

Whitestone REIT (WSR) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento de inquilinos a largo plazo

A partir del cuarto trimestre de 2023, Whitestone REIT mantiene un plazo de arrendamiento promedio de 3.9 años en su cartera. La tasa de ocupación total es de 91.4% para centros comunitarios y propiedades minoristas.

Característica de arrendamiento	Métrico
Duración promedio de arrendamiento	3.9 años
Tasa de ocupación de cartera	91.4%
Propiedades alquiladas totales	64 propiedades

Servicios de administración de propiedades personalizados

Whitestone REIT ofrece soluciones personalizadas de administración de propiedades con un equipo dedicado de 87 profesionales de administración de propiedades.

• Programas de mejora de inquilinos personalizados
• Soporte de mantenimiento 24/7
• Plataformas de comunicación de inquilinos digitales

Comunicación regular y apoyo para inquilinos

La empresa mantiene Reuniones de compromiso de inquilinos trimestrales y proporciona canales de comunicación digital con una tasa de respuesta del inquilino del 95%.

Estructuras de arrendamiento flexibles

Whitestone ofrece múltiples opciones de estructura de arrendamiento, que incluyen:

Tipo de arrendamiento	Porcentaje de cartera
Arrendamientos de triple red	68%
Arrendamientos brutos modificados	22%
Arrendamientos de servicio completo	10%

Enfoque de propiedad centrado en la comunidad

Whitestone administra propiedades en 5 estados con un enfoque en centros minoristas orientados a la comunidad, que atiende a aproximadamente 1,200 inquilinos activos.

• Mezcla de inquilinos específicos del mercado local
• Patrocinios de eventos comunitarios
• Asociaciones de desarrollo económico local

Whitestone REIT (WSR) - Modelo de negocio: canales

Equipos de arrendamiento directo

A partir del cuarto trimestre de 2023, Whitestone Reit mantiene 17 profesionales de arrendamiento dedicados a través de su cartera. Estos equipos se centran en:

• Adquisición directa de inquilinos
• Negociaciones de arrendamiento
• Interacciones de gestión de propiedades

Métrico	Valor
Miembros del equipo de arrendamiento total	17
Años promedio de experiencia	8.5 años
Tasa de conversión de arrendamiento	62.3%

Corredores de bienes raíces comerciales

Whitestone REIT colabora con 43 empresas de corretaje inmobiliario comercial externas para expandir el alcance del mercado y las estrategias de adquisición de inquilinos.

Métricas de colaboración de corretaje	2023 datos
Redes de corredores totales	43
Nuevas referencias de inquilinos	126 inquilinos
Estructura de comisión	4-6% del valor de arrendamiento de primer año

Listados de propiedades en línea

Whitestone Reit utiliza Múltiples plataformas digitales Para marketing de propiedades:

• Bucle
• Coestrella
• Listados de sitios web de la empresa

Plataforma de listado en línea	Vistas mensuales de propiedades
Bucle	12,540
Coestrella	8,230
Sitio web de la empresa	6,890

Sitio web de relaciones con los inversores

La compañía mantiene una plataforma integral de relaciones con los inversores con Informes financieros trimestrales y seguimiento de rendimiento de acciones en tiempo real.

Métricas del sitio web	2023 rendimiento
Visitantes del sitio web anual	184,600
Tiempo promedio en el sitio	7.2 minutos
Descargas de documentos de inversores	42,310

Conferencias financieras y presentaciones de inversores

Whitestone Reit participa en 8 principales conferencias financieras anualmente, Presentación del rendimiento de la cartera e iniciativas estratégicas.

Participación de la conferencia	2023 detalles
Conferencias totales	8
Reuniones de inversores	62
Alcance de presentación	1.240 inversores institucionales

Whitestone REIT (WSR) - Modelo de negocio: segmentos de clientes

Empresas minoristas locales y regionales

A partir del cuarto trimestre de 2023, la cartera de Whitestone Reit incluye 57 propiedades ubicadas principalmente en los mercados de Texas y Arizona. Estas propiedades sirven a empresas minoristas locales y regionales con una tasa de ocupación promedio del 90.4%.

Tipo de propiedad	Número de propiedades	Pies cuadrados alquilados totales
Centros de barrio	34	3,024,000 pies cuadrados
Centros comunitarios	23	2,156,000 pies cuadrados

Inquilinos comerciales orientados a servicios

La cartera de Whitestone REIT incluye 412 inquilinos comerciales orientados al servicio al 31 de diciembre de 2023, que representa el 38.6% de los ingresos totales de alquiler.

• Servicios médicos
• Servicios financieros
• Consultoría profesional
• Negocios de cuidado personal

Cadenas minoristas nacionales

Las cadenas minoristas nacionales constituyen el 22.7% de la mezcla de inquilinos de Whitestone Reit, con 76 minoristas nacionales en su cartera de propiedades.

Categoría minorista	Número de inquilinos	Porcentaje de alquiler total
Tiendas de comestibles	12	7.3%
Cadenas de farmacia	8	5.2%
Minorista especializado	56	10.2%

Empresas pequeñas a medianas

Las pequeñas y medianas empresas representan el 45.3% de la base de inquilinos de Whitestone Reit, por un total de 268 negocios en sus propiedades.

• Término de arrendamiento promedio: 3.2 años
• Tamaño promedio del inquilino: 2,500-5,000 pies cuadrados
• Concentrado en los mercados de Texas y Arizona

Proveedores de servicios profesionales

Los proveedores de servicios profesionales representan el 15.4% de los ingresos totales de alquiler de Whitestone Reit, con 104 inquilinos en varios sectores profesionales.

Categoría de servicio profesional	Número de inquilinos	Porcentaje de ingresos por alquiler
Servicios legales	22	3.6%
Profesionales de la salud	45	6.8%
Asesores financieros	37	5.0%

Whitestone REIT (WSR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Para el año fiscal 2023, Whitestone REIT reportó costos de adquisición de propiedades de $ 32.4 millones. La compañía se centró en adquirir propiedades comerciales centradas en la comunidad principalmente en los mercados de Texas.

Categoría de gastos	Monto ($)	Porcentaje del presupuesto total de adquisición
Precio de compra de la propiedad	28,600,000	88.3%
Costos de cierre	2,400,000	7.4%
Gastos de diligencia debida	1,400,000	4.3%

Costos de mantenimiento y renovación de la propiedad

En 2023, Whitestone REIT asignó $ 18.7 millones para gastos de mantenimiento y renovación de la propiedad.

• Mantenimiento de rutina: $ 9.2 millones
• Proyectos de renovación importantes: $ 6.5 millones
• Mejoras de capital: $ 3 millones

Gestión y gastos generales administrativos

La gestión y gastos administrativos de la compañía para 2023 totalizaron $ 12.4 millones.

Categoría de gastos generales	Monto ($)
Compensación ejecutiva	3,600,000
Salarios de los empleados	5,800,000
Servicios profesionales	1,700,000
Tecnología e infraestructura	1,300,000

Gastos de intereses sobre financiamiento de la deuda

Los gastos de interés de Whitestone REIT para 2023 fueron de $ 22.6 millones, con una tasa de interés promedio de 4.75%.

Tipo de deuda	Deuda total ($)	Gasto de intereses ($)
Préstamos bancarios asegurados	350,000,000	16,600,000
Deuda no garantizada	130,000,000	6,000,000

Pagos de impuestos a la propiedad y seguro

Los gastos totales del impuesto a la propiedad y el seguro para 2023 fueron de $ 8.9 millones.

• Impuestos a la propiedad: $ 6.4 millones
• Primas de seguro: $ 2.5 millones

Whitestone REIT (WSR) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedades comerciales

A partir del tercer trimestre de 2023, Whitestone REIT reportó ingresos por alquiler totales de $ 32.9 millones. La cartera consta de 63 propiedades por un total de 1.1 millones de pies cuadrados de principalmente centros minoristas de vecindarios y comunitarios.

Tipo de arrendamiento	Porcentaje de ingresos	Tasa de arrendamiento promedio
Arrendamientos minoristas	78%	$ 24.50 por pie cuadrado
Arrendamientos de oficina	22%	$ 28.75 por pie cuadrado

Apreciación de la propiedad y mejora del valor

Al 31 de diciembre de 2023, la inversión inmobiliaria total de Whitestone estaba valorada en $ 796.5 millones, con un aumento de valor de propiedad año tras año de 3.2%.

Reembolso del inquilino por gastos operativos

En 2023, los reembolsos de los inquilinos representaron $ 5.7 millones de ingresos adicionales, lo que representa aproximadamente el 17.3% de los ingresos totales de alquiler.

• Recuperaciones de mantenimiento del área común (CAM): $ 3.2 millones
• Reembolsos del impuesto a la propiedad: $ 1.8 millones
• Recuperaciones de gastos de servicios públicos: $ 700,000

Venta de propiedad y ganancias de disposición

Para el año fiscal 2023, Whitestone se dio cuenta $ 12.3 millones en ganancias de disposición de la propiedad de ventas de activos estratégicos.

Tipo de propiedad	Número de propiedades vendidas	Activos de venta total
Centros minoristas	4	$ 42.1 millones
Propiedades de la oficina	2	$ 18.6 millones

Ingresos de dividendos para los accionistas

Para 2023, Whitestone REIT distribuyó dividendos totales de $ 1.14 por acción, que representa un rendimiento anual de dividendos de 7.2%.

• Pagos de dividendos totales: $ 28.6 millones
• Frecuencia de dividendos: trimestralmente
• Relación de cobertura de dividendos: 1.2x

Whitestone REIT (WSR) - Canvas Business Model: Value Propositions

You're looking at the core value Whitestone REIT (WSR) delivers across its key stakeholder groups. This isn't about abstract concepts; it's about concrete offerings tied to their real estate strategy in high-growth Sun Belt markets.

For Tenants: Convenience-focused centers in high-household-income areas

Whitestone REIT's properties are intentionally situated in MSAs like Austin, Dallas-Fort Worth, Houston, and Phoenix, where they are generally surrounded by high-household-income communities. This positioning helps ensure steady customer traffic for their tenants. As of September 30, 2025, the portfolio comprised 55 wholly owned Community-Centered Properties™ across Texas (31) and Arizona (24). These centers are designed to be convenience-focused hubs for the immediate neighborhood.

For Tenants: Internet-resistant, service-oriented retail space (e.g., food, self-care)

The merchandising mix is key here; Whitestone REIT deliberately focuses on tenants whose services are less susceptible to online substitution. This means prioritizing essential, daily-need businesses. The value proposition is a space that draws consistent, non-discretionary traffic.

• Food (restaurants and grocers)
• Self-care (health and fitness)
• Services (financial and logistics)
• Education
• Entertainment

Here's a look at the portfolio scale supporting these tenants as of September 30, 2025:

Metric	Value
Total Wholly Owned Properties	55
Gross Leasable Area (GLA)	4.8 million square feet
Occupancy Rate (Q3 2025)	93.9%
Average Base Rent per Leased Square Foot (Q2 2025)	$25.28

For Investors: Target Core FFO per share growth of 5% to 7%

Whitestone REIT management is focused on extending its track record of growth, which they state has been in excess of 5% compounded annual growth for Core FFO per share since 2021. The company has explicitly reiterated its long-term target for Core FFO per share growth to be in the 5% to 7% range. This is supported by their 2025 guidance for same-store NOI growth, which was improved to a range of 3.5% to 4.5% for the year.

For Investors: Stable, increasing dividend (annualized $0.54 per share in Q4 2025)

The commitment to shareholder return is demonstrated through a consistent monthly distribution. For the fourth quarter of 2025, Whitestone REIT declared a monthly cash dividend of $0.045 per share. This translates to an annualized amount of $0.54 per share. The company's strategy aims to provide a stable income stream, which is a core part of the investment thesis for holding Whitestone REIT shares.

For Communities: Essential neighborhood services and gathering places

Whitestone REIT's strategy is centered on creating what they term "neighborhood center communities." By concentrating on essential, service-oriented tenants, the properties become integral, convenient stops for daily life within their surrounding areas. The focus on high-growth markets in the Sun Belt means these centers are supporting rapidly expanding local populations. The company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. If onboarding takes 14+ days, churn risk rises, so tenant relationship management is defintely a priority.

Whitestone REIT (WSR) - Canvas Business Model: Customer Relationships

You're looking at how Whitestone REIT (WSR) builds and maintains its connection with the people who pay the rent-the tenants-and how it communicates that value to the people who own the stock. It's all about deep, curated relationships in their specific type of real estate.

Deep, hands-on tenant relationships for long-term retention

Whitestone REIT focuses on creating neighborhood center communities, which requires a very close working relationship with the service-oriented tenants that anchor these spaces. As of September 30, 2025, the portfolio consisted of 55 Community-Centered Properties™ across 4.8 million square feet of gross leasable area (GLA). This scale, spread across 31 properties in Texas and 24 in Arizona, allows for a more direct, hands-on approach compared to larger, more passive REITs. The company's belief is that these strong community connections and deep tenant relationships are key to success. The tenant base is quite diversified, totaling 1,458 tenants as of the third quarter of 2025. To further illustrate the lack of reliance on any single customer, the largest tenant only accounted for 2.2% of annualized base rental revenues. Lease terms are structured to capture market strength, ranging from less than one year for smaller tenants up to more than 15 years for larger ones.

Proactive leasing team focused on tenant curation

The leasing effort is clearly geared toward curating a specific mix of service-based businesses, which supports the community-centered model. The results from the third quarter of 2025 show strong pricing power, which is a direct result of successful tenant curation and demand in their high-growth Sun Belt markets.

Here are the leasing metrics from the third quarter of 2025:

Metric	Value
Occupancy Rate (Wholly Owned)	94.2%
Same Store NOI Growth (Q3 2025)	4.8%
Combined Straight-Line Leasing Spreads (Q3 2025)	19.3%
New Lease Spreads (Q3 2025)	22.5%
Renewal Lease Spreads (Q3 2025)	18.6%
Net Effective Annual Base Rental Revenue per Leased SF (Q3 2025)	$25.59

This pricing power is not a one-off event; for the second quarter of 2025, leasing spreads were 17.9%, marking the 13th consecutive quarter with spreads exceeding 17%. The team is definitely getting the right tenants at the right price.

Transparent communication with shareholders via earnings calls

Whitestone REIT defintely keeps shareholders in the loop through regular, scheduled communication, which is critical for a publicly traded REIT. They hosted their third quarter 2025 earnings conference call on October 30, 2025, led by CEO Dave Holeman. This regular cadence of reporting, including the Q2 call on July 31, 2025, provides timely updates on operational performance.

Key financial results shared in Q3 2025 earnings include:

• Net Income attributable to common shareholders per diluted share: $0.35 (up from $0.15 in Q3 2024).
• Core Funds From Operations (Core FFO) per diluted share: $0.26 (up from $0.25 in Q3 2024).
• Revenues: $41.0 million (up from $38.6 million in Q3 2024).
• EBITDAre: $22.5 million (up from $21.6 million in Q3 2024).

Direct property management for operational control

The company's strategy inherently relies on direct involvement, as they acquire, own, operate, and redevelop their centers. This direct operational control is what allows them to enforce the lease terms that include minimum monthly payments plus tenant reimbursements for taxes, insurance, and maintenance. The focus on service-oriented tenants in high-traffic locations, surrounded by high-household-income communities, suggests management is actively curating the local ecosystem within each property.

Investor engagement to address valuation concerns

Management actively addresses investor sentiment, particularly around valuation, by pointing to long-term growth targets and historical outperformance. The CEO reiterated the intention to extend the track record of compounded annual growth in Core FFO per share in excess of 5% since 2021.

The commitment to shareholder value is quantified by these targets and historical performance:

• Long-term Core FFO per share growth target: 5-7%.
• Reaffirmed 2025 Full-Year Core FFO Guidance: $1.03 to $1.07 per diluted share and OP Unit.
• Total Shareholder Return over the past three years exceeded the peer average of 17%.
• Net Asset Value increased by 16% since Q3 2023.

Finance: draft 13-week cash view by Friday.

Whitestone REIT (WSR) - Canvas Business Model: Channels

Wholly-owned open-air retail centers (physical locations)

• As of September 30, 2025, Whitestone REIT wholly owned 55 Community-Centered Properties™.
• Gross Leasable Area (GLA) as of September 30, 2025, was 4.8 million square feet.
• Five of the 55 properties are land parcels held for future development.
• The portfolio is geographically split between 31 properties in Texas and 24 in Arizona as of September 30, 2025.
• Occupancy rate for wholly owned properties in the third quarter of 2025 was 94.2%.
• Occupancy for properties greater than 10,000 square feet in Q3 2025 was 98.0%.
• Occupancy for properties less than or equal to 10,000 square feet in Q3 2025 was 92.0%.
• The tenant base comprised 1,458 tenants as of the end of the third quarter of 2025.
• The largest tenant accounted for only 2.2% of annualized base rental revenues as of September 30, 2025.

Market Area	Number of Properties (as of Sep 30, 2025)	Rental Rate Growth (GAAP Basis, Q3 2025)
Phoenix	24	19.3%
Houston	11	New Leases: 22.5%
Dallas-Fort Worth	10	Renewal Leases: 18.6%
Austin	7	Average Base Rent per Leased Square Foot (Q2 2025): $25.28
San Antonio	3	Leasing Spreads: Exceeding 17% (13th consecutive quarter)

In-house leasing and property management teams

Whitestone REIT acquires, owns, manages, develops, and redevelops its centers using in-house teams, focusing on strong community connections and deep tenant relationships. The company manages 1,458 tenants as of Q3 2025.

Investor Relations website and SEC filings (e.g., Form 10-K)

• Investor Relations website address: www.whitestonereit.com.
• Latest Form 10-Q filing date: October 31, 2025.
• Latest Form 10-K filing date: March 17, 2025.
• Q3 2025 Earnings Conference Call date: October 30, 2025.
• Investor Relations contact phone: 713-435-2219.
• Transfer Agent contact phone: 877-879-8035.

NYSE for common stock and debt issuance

Whitestone REIT trades on the NYSE under the ticker WSR.

Metric	Value (as of late 2025)	Reference Date/Period
Shares Outstanding	51,018,000	November 2025
Total Debt	$646.0 million	September 30, 2025
Undepreciated Real Estate Assets	$1.3 billion	September 30, 2025
Revolving Credit Facility Capacity	$375 million	September 30, 2025
Revolving Credit Facility Availability	$223.6 million	September 30, 2025
Market Capitalization	Approximately $649 million	November 2025
Proposed Acquisition Price per Share	$15.20 cash	November 2025

Broker networks for property acquisitions and sales

Whitestone REIT utilizes a capital recycling program involving acquisitions and sales. Recent acquisition cap rates have been in the 6.4% - 6.7% range. The cap rate used for a recent refinancing was 6.75%.

Whitestone REIT (WSR) - Canvas Business Model: Customer Segments

You're looking at the core groups Whitestone REIT (WSR) serves, which is key to understanding their property strategy. Honestly, their customer base is split into two main camps: the people who rent the space and the people who fund the whole operation.

The primary customer segment is the tenant base, which is heavily focused on essential, service-oriented retail. These are the businesses that become the heart of the neighborhood centers. As of late 2025, the total number of these tenants stands at 1,456 total tenants. This diversification is intentional; no single tenant accounts for more than 2.2% of annualized base rental revenue.

Whitestone REIT (WSR) curates its properties around specific service categories that thrive in high-traffic, high-household-income Sun Belt locations. Here's a look at the key tenant types that make up this segment:

• Small-to-mid-size service-oriented retail tenants (1,456 total tenants)
• Grocers, restaurants, health/fitness, and financial services providers
• Logistics services, education, and entertainment businesses

The health of this segment is reflected in the operational numbers from the third quarter of 2025. Occupancy across the portfolio was strong, sitting at 93.9% as of the second quarter of 2025, with management anticipating further gains. The pricing power within this segment is evident in the leasing spreads; the combined straight-line leasing spreads for Q3 2025 reached 19.3%. Furthermore, the Average Base Rent per Leased Square Foot was reported at $25.28 as of the second quarter of 2025.

The second major customer group consists of capital providers, which includes those who invest in Whitestone REIT (WSR) and those who lend money to it. These groups are attracted by the REIT's focus on generating stable, growing returns from its specialized real estate assets. The dividend policy is a direct appeal to income-seeking investors.

Here is a snapshot of the financial metrics relevant to these capital providers as of late 2025:

Financial Metric	Value/Amount	Date/Period	Source Context
Annualized Dividend Per Share	$0.54	2025
Q1 2025 Payout Ratio	About 50%	Q1 2025
Total Debt	$646.0 million	September 30, 2025
Undepreciated Real Estate Assets	$1.3 billion	September 30, 2025
Anticipated Debt-to-EBITDAre Ratio	Mid to high 6s	Q4 2025 (Anticipated)
2025 Core FFO Guidance (Range)	$1.03 - $1.07 per share	Full Year 2025

The geographic concentration of the properties targets a specific consumer demographic. Whitestone REIT (WSR) focuses on open-air retail centers in the Sun Belt MSAs, which management notes are experiencing job and population growth about two times the national average. This directly ties the property locations to the final consumer segment:

• Institutional and individual equity investors seeking dividend income
• Debt holders (banks and bond investors)
• High-household-income consumers in Sun Belt MSAs (Phoenix, Austin, Dallas-Fort Worth, Houston, San Antonio)

The debt holders are looking at the balance sheet strength, which improved with the amended credit facility extending maturities out to 2030 and locking down variable debt to approximately 12% of the total. The equity investors are focused on the projected Core FFO per share growth, which management reiterated a long-term target of 5% to 7%.

Finance: draft 13-week cash view by Friday.

Whitestone REIT (WSR) - Canvas Business Model: Cost Structure

The cost structure for Whitestone REIT centers heavily on the direct costs of owning and maintaining its real estate portfolio, amplified by the use of leverage.

Property operating expenses (real estate taxes, utilities, maintenance)

These costs are the day-to-day expenses of keeping the neighborhood centers functional. Whitestone REIT notes that approximately 100% of its leases are Triple Net Leases, which allows for the recovery of over 90% of Common Area Maintenance (CAM), tax, and insurance expenses from tenants. This structure shifts a significant portion of these operating costs directly to the tenants.

For the full year 2024, Total Operating Expenses were reported at $58.63 million (amounts in thousands). Property operating expenses are the component of this total that is not General and Administrative (G&A), depreciation, or interest expense, as Net Operating Income (NOI) excludes those items.

Interest expense on debt, a key cost due to leverage

Debt servicing is a major fixed cost. As of June 30, 2025, Whitestone REIT reported total debt of $671.2 million. The company provided guidance for the full year 2025 interest expense.

General and administrative (G&A) expenses for corporate overhead

G&A covers corporate overhead, which is excluded when calculating Same Store NOI. The 2024 full-year guidance range for G&A expense was between $22,057 thousand and $23,557 thousand.

Capital expenditures for redevelopments and tenant improvements

These are necessary cash expenditures to maintain operating performance, which are explicitly excluded from measures like NOI and EBITDAre. Specific 2025 figures for capital expenditures were not detailed in the provided guidance snippets, but the strategy focuses on lower capital requirements due to the triple net lease structure.

Acquisition and disposition costs (transaction fees)

Costs related to buying and selling properties are variable and tied to capital recycling programs. The 2024 guidance update mentioned including the impact of proxy contest costs, which are a form of transaction-related expense, but specific 2025 acquisition/disposition cost figures are not present.

Here's a look at the latest available figures for key cost components, primarily based on 2024 actuals or 2025 guidance:

Cost Component	Period / Basis	Amount (USD Millions)
Total Operating Expenses	Full Year 2024 Actual	$58.63
Interest Expense (Guidance)	Full Year 2025 Estimate Range	$33.000 to $34.000
General & Administrative Expense (Guidance)	Full Year 2024 Estimate Range	$22.057 to $23.557
Total Debt	As of June 30, 2025	$671.2
Net Income Attributable to WSR (Guidance)	Full Year 2025 Estimate Range	$30.913 to $33.023

The cost profile is shaped by the nature of the underlying assets and financing decisions:

• Property operating expenses are largely recoverable via triple net leases.
• Interest expense is a significant, non-recoverable cost due to leverage.
• G&A is relatively contained, supporting a portfolio of 55 Community-Centered Properties as of late 2024.
• The company targets lower capital expenditure needs compared to peers.
• Leasing spreads on new and renewal leases were strong, helping offset operating cost inflation.

Whitestone REIT (WSR) - Canvas Business Model: Revenue Streams

You're looking at how Whitestone REIT (WSR) brings in cash, which is pretty straightforward for a real estate investment trust focused on community-centered properties. The primary engine is rental income, which comes from two main buckets: the fixed base rent you see on the lease contract, and the expense reimbursements you collect from tenants. Whitestone REIT (WSR) heavily relies on triple net (NNN) leases, meaning tenants cover most property operating expenses, which helps stabilize the net operating income stream.

Here's a snapshot of some key operational and guidance metrics that feed directly into the revenue picture as of late 2025:

Metric	Value/Range (2025)	Context/Period
Full-Year Revenue Expectation (GAAP)	$0.15 Billion USD	Guidance/Projection
Same-Store NOI Growth Projection	3.0% to 4.5%	Full-Year 2025 Guidance
Average Base Rent per Leased SF	$25.28	Q2 2025
New Lease Spreads (GAAP Basis)	41.4%	Q2 2025
Renewal Lease Spreads (GAAP Basis)	15.2%	Q2 2025
Portfolio Size (Wholly Owned)	55 Properties	As of September 30, 2025

Management reaffirmed the full-year 2025 guidance, projecting Same-Store Net Operating Income (NOI) growth to land in the range of 3.0% to 4.5%. This organic growth is the core measure of property performance. The full-year 2025 revenue expectation is pegged around $0.15 Billion USD. Honestly, the strength in leasing spreads, like the 41.4% seen on new leases in Q2 2025, shows Whitestone REIT (WSR) is capturing market rate increases effectively.

Beyond the recurring rent, Whitestone REIT (WSR) generates revenue through other means tied to portfolio management. These streams are less predictable but important for capital deployment:

• Recoveries from tenants for property operating expenses under NNN lease structures.
• Proceeds from strategic property dispositions, often when management feels the upside for applying their business model is exhausted.
• Potential for percentage rent clauses, which provide upside when tenant sales are strong.

The strategy involves capital recycling, meaning they sell properties strategically to fund acquisitions or redevelopments, and the proceeds from these sales become a component of their overall financial activity, even if not always classified as core operating revenue. Finance: draft 13-week cash view by Friday.