Whitestone REIT (NYSE: WSR) is a real estate investment trust that owns and operates open-air retail and mixed-use commercial properties in high-growth Sun Belt markets. The company makes money by leasing space to tenants under net leases, collecting base rental revenue from a portfolio of 4,857,508 gross leasable square feet at 95% occupancy as of December 31, 2025. Whitestone focuses on what it calls Community Centered Properties, targeting specialty retail, grocery, restaurant, medical, educational, and financial services tenants serving a five-mile neighborhood radius around each property. The portfolio is concentrated in Austin, Dallas, Houston, Phoenix, and San Antonio. As of December 31, 2025, total long-term debt carried a book value of approximately $649.4 million. Annualized base rental revenue across Whitestone properties totaled $116.6 million as of December 31, 2025, with an average base rental revenue of $25.28 per square foot. The company had 51,391,734 common shares outstanding as of March 3, 2026.

Revenue model

Base rental revenue from net leases on open-air retail and mixed-use commercial properties. Tenants generally pay base rent plus property taxes and operating expenses. Annualized base rental revenue was $116.6 million as of December 31, 2025, at an average of $25.28 per leased square foot (FY2025 10-K).

Products and services

Open-air retail and mixed-use commercial properties marketed under the Community Centered Properties brand. Tenant mix targets specialty retail, grocery, restaurants, medical offices, educational services, and financial services. The portfolio comprised 4,857,508 gross leasable square feet as of December 31, 2025, including properties such as Williams Trace Plaza (Houston), Windsor Park (San Antonio), and World Cup Plaza (Dallas, acquired November 6, 2025 for $34.1 million).

Customers and end markets

Small and mid-size retail, restaurant, medical, educational, and financial services tenants serving neighborhood trade areas within a five-mile radius of each property. No individual tenant concentration data disclosed in the excerpts. End demand is driven by Sun Belt population growth and neighborhood-level consumer spending.

Value-chain role

Property owner and operator. Whitestone acquires, leases, and manages open-air commercial centers directly. It targets off-market acquisitions from owners and financial institutions and handles leasing and property management in-house.

Geographic exposure

Concentrated in Austin, Dallas, Houston, Phoenix, and San Antonio as of the FY2025 10-K. The company has identified Orlando, Florida and Denver, Colorado as secondary markets of interest. All properties subject to Texas Margin Tax where applicable.

Source: SEC 10-K, filed 2026-03-06

Industry: Real Estate Investment Trusts Peers: Necessity Retail REIT, Inc. CBL & Associates Properties Inc PENNSYLVANIA REAL ESTATE INVESTMENT TRUST RPT Realty Realty Income Corp Saul Centers Inc Wheeler Real Estate Investment Trust Inc