Whitestone REIT reported a total revenue of $41.4 million for the first quarter of 2026, marking a 9% increase from $38.0 million in the same period of 2025. The growth was primarily driven by a rise in rental income, which reached $40.9 million, up from $37.4 million year-over-year. The company’s net income attributable to Whitestone REIT also saw an increase, rising to $4.1 million from $3.7 million, resulting in basic and diluted earnings per share of $0.08, compared to $0.07 in the prior year.
In terms of operational metrics, Whitestone REIT's occupancy rate improved to 94% as of March 31, 2026, compared to 93% a year earlier. The company completed 61 new and renewal leases during the quarter, totaling 245,053 square feet, which is an increase from 199,610 square feet in the same quarter of 2025. The company’s total assets decreased slightly to $1.17 billion from $1.17 billion at the end of 2025, while total liabilities also saw a reduction to $698.3 million from $707.4 million.
Strategically, Whitestone REIT has been active in acquisitions, having acquired several properties that align with its Community Centered Properties® strategy. Notable acquisitions include Dunlap Crossings for $0.8 million and World Cup Plaza for $34.1 million. The company also disposed of several properties, including Kempwood Plaza and Sugar Park Plaza, generating significant gains on these sales. As of March 31, 2026, Whitestone owned 57 commercial properties, with a total gross leasable area of approximately 4.86 million square feet.
The company’s financial position remains stable, with cash and cash equivalents totaling $6.0 million as of March 31, 2026, down from $7.4 million at the end of 2025. Whitestone REIT continues to manage its debt effectively, with total notes payable amounting to $655.1 million, reflecting a slight increase from $643.9 million. The company has access to a $375 million unsecured revolving credit facility, with $219 million available for future use.
Looking ahead, Whitestone REIT anticipates continued growth in rental income driven by property acquisitions and lease renewals. The company is also navigating the complexities of a pending merger agreement, which, if completed, will result in shareholders receiving $19.00 per share in cash. The merger is subject to customary closing conditions and shareholder approval, with expectations for completion in the second half of 2026.
About Whitestone REIT
Whitestone REIT is a Maryland-based real estate investment trust focused on owning and operating community-centered retail properties in diverse, high-growth markets in Texas and Arizona. Its portfolio includes approximately 4.9 million square feet of leasable space across 55 properties, primarily serving local neighborhoods with small tenants. The company emphasizes strategic acquisitions, redevelopment, and tenant relationships to enhance value and community engagement.
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