Whitestone REIT Q4 EPS Rises to $0.43, Full-Year EPS $0.95 and Dividend Up 5.6%
Whitestone REIT delivered Q4 net income of $0.43 per diluted share, up from $0.33, and full-year net income of $0.95 per share versus $0.72 last year. Same-store NOI rose 4% to $97.5 million, occupancy hit a record 94.6%, and the board boosted the quarterly dividend 5.6% to $0.1425 per share.
1. Earnings Results
In Q4 2025, Whitestone REIT reported revenues of $43.9 million and net income attributable to common shareholders of $22.8 million, or $0.43 per diluted share, compared with $17.3 million, or $0.33 per share, a year earlier. For the full year, net income rose to $49.9 million, or $0.95 per diluted share, from $36.9 million, or $0.72 per share, in 2024.
2. Operating Performance
Same-store net operating income grew 3.8% to $26.3 million in Q4 and 4.0% to $97.5 million for the full year, driven by a 5% increase in net effective annual base rent to $25.73 per square foot. Occupancy across wholly owned properties reached a record 94.6%, with new leases accounting for $11.3 million in lease-term revenue.
3. Balance Sheet and Dividend
As of December 31, 2025, total debt was $649.4 million with $220.4 million available under a $375 million revolving credit facility and undepreciated real estate assets of $1.4 billion. The Board shifted to quarterly dividends, declaring $0.1425 per share for Q1 2026, a 5.6% increase over the prior monthly payout.