In This Story
Whitestone REIT (WSR-4.30%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenues of $154,282,000, an increase from $146,969,000 in the previous year. This increase is attributed to higher rental income and management fees.
Operating expenses for the year were $104,061,000, up from $99,583,000 in 2023. The increase is primarily due to higher general and administrative expenses.
The company reported a net income of $37,373,000, compared to $19,450,000 in the previous year. The increase is largely due to gains from property sales.
Whitestone REIT's total assets as of December 31, 2024, were $1,134,639,000, with total liabilities amounting to $690,805,000.
The company declared dividends totaling $24,893,000 for the year, with a quarterly distribution increase to $0.135 per common share and OP unit starting January 2025.
Whitestone REIT's investment in Pillarstone Capital REIT Operating Partnership LP was redeemed in January 2024, and a claim has been filed in the related bankruptcy proceedings.
The filing also discusses the company's strategy of acquiring properties in high-growth markets and its focus on Community Centered Properties®.
Whitestone REIT's portfolio consists of 55 commercial properties, primarily located in Texas and Arizona, with a total gross leasable area of approximately 4.9 million square feet.
The company continues to focus on maintaining high occupancy rates and increasing rental income through strategic property acquisitions and management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Whitestone REIT annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.