Whitestone REIT (NYSE: WSR)

Whitestone REIT is a Maryland real estate investment trust that owns and operates commercial properties in culturally diverse neighborhoods of major metropolitan areas. The company follows its Community Centered Properties® strategy to acquire redevelop own and operate retail centers that serve the shared needs of surrounding communities. As of December 31 2025 Whitestone REIT wholly owned 56 properties with approximately 4.9 million square feet of gross leasable area located in Texas and Arizona. The consolidated portfolio had a gross book value of about $1.4 billion and book equity of roughly $464 million.

The company's primary source of revenue is base rent collected from tenants under leases of varying lengths. For the year ended December 31 2025 total revenues were approximately $161 million. The largest single property BLVD Place contributed about 9.7 percent of total revenue for that period. Whitestone REIT leases space to a mix of tenants including specialty retail grocers restaurants medical offices educational providers financial service firms and entertainment venues.

Whitestone REIT operates in a competitive landscape that includes other real estate investors developers operators insurance companies pension funds and other REITs. There is no dominant competitor in the Austin Dallas Houston Phoenix and San Antonio metropolitan areas. The company's competitive advantages stem from its Community Centered Properties® strategy its focus on culturally diverse neighborhoods its internal management model and its strong balance sheet with a debt net of cash to undepreciated book value ratio of 47 percent as of year end 2025. The high portfolio occupancy rate of 95 percent also supports its ability to attract and retain tenants.

Whitestone REIT's tenants consist of businesses that provide specialty retail grocery restaurant medical educational financial services and entertainment offerings to local communities. The company does not disclose specific tenant names in the filing but serves a diverse mix of retailers service providers and experiential businesses across its properties.