7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2005-12-31 2005-09-30 2004-03-31 2003-12-31 2003-09-30 
      
    		                                                                               
      cash flows from operating activities:
    		                                                                               
      net income
    		18,565,000 7,723,000 2,626,000 9,464,000 1,563,000 2,521,000 11,465,000 3,901,000 20,230,000 3,975,000 4,406,000 7,189,000 2,648,000 2,946,000 5,218,000 1,441,000 3,171,000 914,000 419,000 1,647,000 16,136,000 1,849,000 3,404,000 2,839,000 9,277,000 7,837,000 1,633,000 3,234,000 2,025,000 3,140,000 2,144,000 1,557,000 567,000 964,000 1,509,000 5,088,000 2,089,000 1,595,000 1,560,000 1,621,000 2,913,000 1,121,000 1,280,000 2,432,000 1,295,000 635,000 1,003,000 986,000 -1,441,000 172,000 462,000 860,000 650,000 675,000 -238,000 246,000 255,000 335,000  601,000 47,000 -21,000    -69,000 -244,000 172,000 133,000 -138,000 -244,605 403,847 858,383 763,375 361,952 515,300 739,118 743,771 770,696 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                                               
      depreciation and amortization
    		8,331,000 8,921,000 8,521,000 8,800,000 8,428,000 8,332,000 8,360,000 7,846,000 8,046,000 7,889,000 7,861,000 7,911,000 7,492,000 7,340,000 7,105,000 7,013,000 7,191,000 7,171,000 6,970,000 6,971,000 6,875,000 6,789,000 6,612,000 6,464,000 3,579,000 7,483,000 7,396,000 7,221,000 7,304,000 7,247,000 6,681,000 6,008,000 6,095,000 5,449,000 5,521,000 5,392,000 5,373,000 5,149,000 4,675,000 4,564,000 3,911,000 3,998,000 3,908,000 3,908,000 3,646,000 3,450,000 3,260,000 3,073,000 2,974,000 2,682,000 2,290,000 2,283,000 1,651,000 2,162,000 1,947,000 1,989,000 1,759,000 1,734,000 1,799,000 1,741,000 1,710,000 1,708,000 1,600,000 1,912,000 1,724,000 1,623,000              
      amortization of deferred loan costs
    		297,000 289,000 269,000 265,000 269,000 270,000 273,000 277,000 276,000 276,000 274,000 274,000 274,000 274,000 274,000 274,000 274,000 277,000 280,000 282,000 281,000 280,000 297,000 237,000 116,000 323,000 326,000 327,000 330,000 329,000 314,000 310,000 352,000 418,000 469,000 315,000 310,000 301,000 301,000 300,000 263,000 231,000 203,000 202,000 223,000 269,000 281,000 273,000 362,000 430,000 373,000 261,000                            
      gain on sale of properties
    		-13,967,000 -3,762,000 75,000 -6,525,000                                                                            
      loss on disposal of assets
    		-56,000 111,000   22,000 480,000 14,000 6,000                                                 8,000 33,000                      
      bad debt
    		55,000 345,000 86,000 600,000 5,000 389,000 233,000 324,000 541,000 368,000 -125,000 372,000 -590,000 -172,000 143,000 529,000 1,198,000 1,279,000 2,328,000 844,000 558,000 495,000 159,000 272,000                                                        
      share-based compensation
    		1,326,000 1,181,000 763,000 861,000 1,242,000 1,005,000 725,000 755,000 1,272,000 869,000 783,000 -1,413,000 1,847,000 1,491,000 1,177,000 1,398,000 2,083,000 1,592,000 1,140,000 1,248,000 1,935,000 1,640,000 1,025,000 1,883,000 1,847,000 1,648,000 1,401,000 1,845,000 3,063,000 2,514,000 2,386,000 2,447,000 3,357,000 3,030,000 1,819,000 2,025,000 2,128,000 1,850,000 1,660,000 1,699,000 1,607,000 1,460,000 1,191,000 373,000 783,000 834,000 311,000 356,000 341,000 118,000 188,000 78,000 77,000 78,000 77,000 78,000 72,000 71,000 268,000 248,000 256,000 241,000                  
      deficit in earnings of real estate partnership
    		 0 0 28,000                                                                            
      amortization of right-of-use assets - finance leases
    		26,000 22,000 21,000 22,000 22,000 21,000 22,000 29,000                                                                        
      loss on extinguishment of debt
    		                                                                               
      changes in operating assets and liabilities:
    		                                                                               
      escrows and deposits
    		-1,752,000 -231,000 -407,000 6,876,000                                                                            
      accrued rents and accounts receivable
    		-1,704,000 -1,967,000 50,000 -1,063,000 -1,614,000 -2,345,000 -368,000 -1,646,000 -928,000 -2,406,000 916,000 -1,913,000 186,000 -473,000 1,820,000 -829,000 68,000 -1,129,000 -4,108,000 -886,000 -1,236,000 -794,000 408,000 -1,376,000                      -1,687,000 -189,000 -777,000  -812,000                              
      receivable due from related party
    		-1,000 -21,000 -10,000 -9,000 -8,000 -69,000 -33,000 -26,000 -44,000 -113,000 -209,000 -164,000 -196,000 -4,000 84,000 -396,000 967,000 -233,000 -173,000 -419,000  271,000 315,000 -571,000                                                        
      unamortized lease commissions, legal fees and loan costs
    		-889,000 -224,000 -951,000 -817,000 -1,948,000 -750,000 -1,373,000 -521,000 -1,811,000 -173,000 -705,000 -697,000 -728,000 -679,000 -1,008,000 -844,000 -385,000 -497,000 -38,000 -423,000 -1,622,000 -588,000                                                          
      prepaid expenses and other assets
    		438,000 706,000 2,000 997,000 52,000 1,002,000 2,547,000 -1,117,000 8,015,000 -6,974,000 413,000 295,000 415,000 1,347,000 -410,000 611,000 110,000 882,000 11,417,000 -10,154,000 2,675,000 -1,412,000 -3,181,000 -2,245,000 557,000 114,000 10,000 494,000 125,000 -100,000 67,000 444,000 322,000 266,000 268,000 191,000 53,000 18,000 178,000 145,000 -20,000 291,000 215,000 119,000 626,000 90,000 84,000 162,000 -1,155,000 332,000 121,000 177,000 -303,000 103,000 230,000 266,000 149,000 114,000 106,000 199,000 277,000 -55,000 441,000 83,000 327,000 -434,000 165,000 237,000 75,000 -272,000 250,435 197,205 194,428 -510,068 -489,103 22,533 58,702 -380,741 126,808 
      accounts payable and accrued expenses
    		6,471,000 3,144,000 902,000 -8,160,000 1,366,000 4,575,000 2,257,000 -7,843,000 -7,408,000 12,896,000 527,000 -8,781,000 4,235,000 5,228,000 734,000 -7,534,000 2,387,000 5,974,000 -9,580,000 3,737,000 403,000 4,741,000 4,543,000 -4,078,000 495,000 3,446,000 2,458,000 -8,828,000 2,717,000 5,038,000 3,221,000 -9,977,000 4,576,000 2,798,000 2,624,000 -5,161,000 3,218,000 4,436,000 887,000 -1,122,000 157,000 2,897,000 -444,000 -353,000 -777,000 2,597,000 -369,000 -2,621,000 2,675,000 2,117,000 1,063,000 -2,980,000 896,000 1,818,000 499,000 -2,220,000 446,000 -2,837,000 -1,819,000 5,114,000 1,639,000 -2,838,000 947,000 1,011,000 1,582,000 -2,885,000 1,551,000 864,000 786,000 -3,170,000 1,996,900 1,159,275 816,171 -2,637,346 1,066,982 618,101    
      payable due to related party
    		0    0 0 15,000 1,000 1,000 125,000 228,000 210,000 467,000 16,000 354,000 35,000 -720,000 140,000 254,000 144,000  -16,000 -115,000 146,000                                                        
      tenants' security deposits
    		53,000 137,000 239,000 185,000 169,000 42,000 60,000 -85,000 -15,000 129,000 221,000 23,000 352,000 438,000 221,000 143,000 1,000 34,000 125,000 139,000 177,000 53,000 174,000 83,000 210,000 151,000 -68,000 143,000 139,000 146,000 321,000 154,000 59,000 488,000 144,000 180,000 211,000 404,000 221,000 46,000 454,000 230,000 90,000 126,000 231,000 12,000 197,000 127,000 178,000 453,000 116,000 45,000 248,000 132,000 37,000 19,000   -16,000 -13,000     -55,000 38,000  94,000 40,000 30,000  -26,132        
      net cash from operating activities
    		17,990,000 16,374,000 12,258,000 11,524,000 11,746,000 14,143,000 16,796,000 4,915,000 10,972,000 15,146,000 13,398,000 4,915,000 15,337,000 17,614,000 9,986,000 4,103,000 13,556,000 15,300,000 8,707,000 5,213,000 17,772,000 11,361,000 12,550,000 6,065,000 7,096,000 13,519,000 12,805,000 6,137,000 12,960,000 14,295,000 12,821,000 883,000 11,187,000 11,878,000 10,439,000 5,676,000 10,175,000 11,391,000 7,084,000 7,519,000 5,323,000 7,637,000 6,250,000 5,981,000 9,157,000 6,447,000 4,347,000 3,933,000 1,297,000 4,665,000 2,842,000 2,414,000 2,120,000 2,188,000 1,364,000 2,780,000 2,344,000 1,474,000 3,261,000 2,420,000 1,949,000 1,268,000 -1,333,000 2,745,000 2,154,000 -954,000 2,740,000 2,312,000 2,330,000 -2,751,000 5,669,414 7,186,413 4,148,268 -158,095   2,126,617 2,300,881 2,421,742 
      cash flows from investing activities:
    		                                                                               
      acquisitions of real estate
    		-13,518,000 -1,000 -22,932,000 -27,204,000 0 -19,000       -28,224,000                -911,000 0   0    0 -96,150,000 -45,500,000 -6,300,000 -91,363,000    -60,699,000 0 -32,703,000 -25,700,000 -18,950,000 -73,000,000         0 0 0 -5,619,000                  
      additions to real estate
    		-7,019,000 -6,937,000 -5,507,000 -3,041,000 -4,307,000 -3,977,000 -5,242,000 -3,529,000 -3,541,000 -2,922,000 -3,837,000 -3,359,000 -3,584,000 -2,559,000 -1,971,000 -1,528,000 -1,554,000 -2,755,000 -1,460,000 -1,593,000 -3,290,000 -3,725,000 -3,773,000 -2,455,000 -338,000 -3,734,000 -2,476,000 -5,090,000 -4,076,000 -5,220,000 -3,723,000 -4,556,000 -6,674,000 -4,307,000 -6,691,000 -4,364,000 -4,765,000 -2,945,000 -2,133,000 -2,876,000 -1,914,000 -2,426,000 -2,867,000 -2,123,000 -2,366,000 -1,449,000 -1,279,000 -1,197,000 -1,518,000 -2,832,000 -3,572,000 -2,893,000 -3,602,000 -1,931,000 -993,000 -1,042,000 -430,000 -499,000 -1,021,000 -907,000 -434,000 -1,249,000 -969,000 -1,084,000 -1,970,000 -1,130,000 -8,799,000 -729,000 -566,000 -140,000 -827,072 -442,997 -458,979 -325,952 -17,772,689 -8,036,962    
      proceeds from sales of property
    		                                                                               
      receipt of funds from real estate partnership for loan repayment
    		                                                                               
      net cash from investing activities
    		23,370,000 13,845,000 -28,439,000 -4,584,000 -11,540,000 9,451,000 -30,697,000 -3,529,000 3,404,000 -2,922,000 -3,837,000 -3,359,000 -31,808,000 -55,923,000 -1,971,000 -1,528,000 -1,554,000 -1,833,000 -1,460,000 -1,593,000 -32,433,000 -3,725,000 -3,773,000 -2,455,000 8,631,000 5,899,000 -3,125,000 -627,000 -4,780,000 -4,914,000 -128,254,000 -4,556,000 -3,734,000 -64,923,000 -3,831,000 -3,267,000 -4,765,000 -99,095,000 -47,137,000 -9,176,000 -93,277,000 -40,502,000 -2,867,000 -2,123,000 -63,065,000 -1,449,000 -33,235,000 -26,897,000 -20,469,000 -74,249,000 -8,660,000 -1,029,000 -33,925,000 -24,017,000 -18,238,000 -1,999,000 -430,000 -499,000 -1,021,000 -907,000 -434,000 -6,868,000 -969,000 -1,084,000 -1,970,000 -1,130,000 -8,809,000 135,000 -558,000 -133,000 538,575 -438,290 -458,134 -319,151 -17,762,521 -8,034,008    
      cash flows from financing activities:
    		                                                                               
      distributions paid to common shareholders
    		-6,858,000 -6,194,000 -6,162,000 -5,969,000 -5,930,000 -5,928,000 -5,913,000 -5,913,000 -5,909,000 -5,901,000 -5,880,000 -5,268,000 -5,257,000 -4,981,000 -4,602,000 -4,480,000 -4,432,000 -4,430,000 -4,413,000 -11,928,000 -11,580,000 -11,430,000 -11,316,000 -11,301,000 -11,302,000 -11,294,000 -11,203,000 -11,145,000 -10,978,000 -10,948,000 -10,093,000 -8,453,000 -8,305,000 -8,109,000 -7,786,000 -7,711,000 -7,666,000 -7,664,000 -6,601,000 -6,526,000 -6,484,000 -6,457,000 -6,367,000 -6,231,000 -5,790,000 -4,865,000 -4,832,000 -4,807,000 -4,781,000 -3,859,000 -3,362,000 -3,322,000                            
      distributions paid to op unit holders
    		-87,000 -80,000 -80,000 -80,000 -83,000 -83,000 -83,000 -83,000 -83,000 -88,000 -92,000 -83,000 -83,000 -83,000 -83,000 -82,000 -81,000 -81,000 -91,000 -258,000 -262,000 -264,000 -265,000 -264,000 -265,000 -286,000 -295,000 -309,000 -309,000 -309,000 -310,000 -313,000 -314,000 -138,000 -138,000 -139,000 -143,000 -122,000 -111,000 -113,000 -114,000 -126,000 -152,000 -158,000 -163,000 -165,000 -169,000 -194,000 -221,000 -224,000 -258,000 -301,000 -430,000 -514,000 -515,000 -515,000 -609,000 -610,000 -610,000 -609,000 -531,000 -531,000 -539,000 -738,000 -946,000 -871,000 -837,000 -871,000 -872,000 -905,000 -827,922 -871,250 -1,026,914 -1,026,914 -1,026,914 -1,026,914    
      proceeds from issuance of common shares, net of offering costs
    		            2,646,000 27,964,000   0 0 0 2,241,000 12,698,000 4,830,000       10,793,000 0 102,285,000 5,334,000 3,328,000 16,086,000   -68,000 -8,000   0 1,191,000   59,703,000                                   
      payments of exchange offer costs
    		            -14,000 -18,000   0 0 -11,000 -32,000 -115,000 0 1,000 -6,000 2,000 0               -69,000 -61,000 8,000 -14,000 -17,000 0 11,000 -34,000 -230,000 57,000 -81,000 -225,000                            
      net payments of revolving credit facility
    		                                                                               
      proceeds from borrowings under unsecured term loan
    		                                                                               
      repayment of borrowings under unsecured term loan
    		                                                                               
      repayments of notes payable
    		0 -26,173,000 -908,000 -20,869,000 -1,122,000 -3,319,000 -18,933,000 -7,571,000 -763,000 -923,000 -919,000 -863,000 -858,000 -844,000 -840,000 -719,000 -650,000 -9,911,000 -826,000 -777,000 -593,000 -651,000 -649,000 -6,202,000 406,000 -1,026,000 -1,020,000 -903,000 -8,755,000 -962,000 -957,000 -869,000 -783,000 -11,967,000 -846,000 -739,000 -706,000 -805,000 -724,000 -612,000 1,335,000 -622,000 -3,515,000 -504,000 -52,931,000 -42,092,000 -14,827,000 -1,017,000 -1,293,000 -1,034,000 -1,106,000 -713,000 -772,000 -816,000 -809,000 -731,000 -732,000 -715,000 -679,000 -7,038,000 -585,000 -423,000 -61,395,000 -11,218,000 -44,000 -6,333,000 -230,000 -209,000 -137,000 -5,176,000 -239,213 -4,256,250 -37,208,300 -239,237 -6,372,649 -1,620,355    
      repurchase of common shares
    		-758,000 0 -1,199,000 -1,442,000 0 -236,000   -10,000 -249,000   -13,000 -250,000 -104,000 -324,000 -1,000 -6,000 -440,000 -1,630,000 0 0 -14,000 -762,000 -262,000 -640,000 -593,000 -466,000 -2,352,000 0 -1,396,000 -591,000 -1,044,000 -982,000 -1,051,000 -871,000 -339,000 -246,000   0 0                                      
      payment of finance lease liability
    		-9,000 -8,000 -5,000 -5,000 -4,000 -4,000 -4,000 -2,000                                                                        
      proceeds from notes payable
    		 0                0                       19,000,000    58,560,000 26,950,000     6,200,000 6,956,000 11,000,000 0 0 2,905,000   -234,000 0 0 9,791,000 72,286,000 11,363,000 0 11,404,000 -377,000 8,300,000 0 14,469,000 594 0 34,750,000 530,406 15,950,000 7,600,228 10,356,818   
      payment of loan origination costs
    		                                                                               
      net cash from financing activities
    		-39,836,000 -30,916,000 13,197,000 -5,365,000 1,361,000 -23,570,000 13,278,000 -4,069,000 -17,588,000 -11,305,000 -12,169,000 -6,214,000 21,421,000 26,788,000 -10,289,000 -5,605,000 -25,164,000 -14,428,000 -4,047,000 17,616,000 24,766,000 -7,515,000 -8,634,000 -12,716,000 -11,421,000 -13,276,000 -13,124,000 -3,938,000 -6,701,000 -12,310,000 118,197,000 6,008,000 -12,071,000 55,904,000 -3,128,000 -2,549,000 -8,491,000 87,069,000 42,017,000 1,749,000 81,066,000 34,091,000 -1,783,000 -6,907,000 50,893,000 -1,512,000 32,065,000 19,263,000 17,377,000 74,060,000 1,393,000 1,208,000 6,385,000 -4,859,000 56,343,000 -38,000 -2,766,000 -2,488,000 -2,686,000 -8,810,000 -2,279,000 7,393,000 10,034,000 -4,459,000 -2,640,000 1,784,000 -3,000,000 5,719,000 -2,470,000 6,998,000 -2,331,722 -4,984,258 -2,747,632 1,343,612   7,916,181   
      net decrease in cash, cash equivalents and restricted cash
    		1,524,000 -697,000   1,567,000 24,000 -623,000 -2,683,000  919,000 -2,608,000 -4,658,000                                                                    
      cash, cash equivalents and restricted cash at beginning of period
    		0 0 0 4,640,000 0 0 0 6,355,000 0 0 0 15,914,000 0 0 0 25,956,000 0 0 0 15,643,000 0 0 0 13,786,000 0 0 -2,812,000 8,022,000                                                    
      cash, cash equivalents and restricted cash at end of period
    		1,524,000 -697,000 -2,984,000 6,215,000 1,567,000 24,000 -623,000 3,672,000 -3,212,000 919,000 -2,608,000 11,256,000 4,950,000 -11,521,000 -441,000 22,926,000 -13,162,000 -961,000 3,200,000 36,879,000 9,998,000 121,000 844,000 4,680,000 4,306,000 6,142,000 -6,256,000 9,594,000                                                    
      acquisitions of real estate - release of restricted cash from 1031 exchange
    		                                                                               
      proceeds from sale of property
    		                                   1,097,000                                            
      net proceeds from (payments of) credit facility
    		    8,500,000 -14,000,000        5,000,000   -20,000,000 0 0 30,000,000                                                            
      proceeds from sales of properties
    		 20,783,000 0 25,661,000 6,400,000 0                   0 8,141,000 0 4,433,000 0 0   2,940,000 0                                              
      net (payments of) proceeds from credit facility
    		                                                                               
      payments of loan origination costs
    		        512,000            1,118,000 0 -107,000 -3,981,000 0    0 0           -2,602,000    -869,000 -524,000 -318,000 -1,085,000 -142,000 -359,000 0 -1,187,000 -236,000 -15,000 -278,000 -81,000   0 0 0 -288,000 -1,507,000 -161,000 -88,000 -916,000 0 0 0 -147,000 -460 2   -15,615 -8,144    
      reverse 1031 exchange
    		                                                                               
      net (payments) proceeds from credit facility
    		                                                                               
      net proceeds from credit facility
    		   23,000,000    9,500,000                 0 0 0 9,000,000 5,000,000 0                                                  
      net increase in cash, cash equivalents and restricted cash
    		   1,575,000         4,950,000 -11,521,000 -441,000 -3,030,000 -13,162,000 -961,000 3,200,000 21,236,000 9,998,000   -9,106,000 4,306,000 6,142,000 -3,444,000 1,572,000                                                    
      net income from continuing operations
    		        20,230,000 3,975,000   2,648,000 2,946,000   3,171,000 914,000   16,243,000 1,849,000           567,000 964,000 1,509,000 5,088,000 2,081,000 1,551,000 1,593,000 1,629,000                    601,000 47,000 -21,000 -156,000 -173,000                
      net income from discontinued operations
    		            0 0       -107,000 0               8,000 44,000 -33,000 -8,000                       0 0                
      (equity) deficit in earnings of real estate partnership
    		    1,528,000 375,000 1,034,000 218,000                                                                        
      acquisition of ground lease
    		                                                                               
      escrowed loan repayment on behalf of real estate partnership
    		                                                                               
      net cash from investing activities of discontinued operations
    		            0 0       -107,000 0                                1,584,000         0 0                
      (gain) loss on sale of properties
    		                                                                               
      escrows and acquisition deposits
    		     -1,700,000 1,186,000 2,796,000 -498,000 -1,657,000 -1,223,000 1,874,000 -886,000 -35,000 -3,480,000 2,352,000 -1,407,000 -926,000 -620,000 2,068,000 -225,000 -1,539,000 -238,000 1,825,000 -509,000 -1,187,000 -2,013,000 3,414,000 -988,000 -1,708,000 -1,668,000 880,000 -437,000 -359,000 -1,009,000 1,853,000 -1,131,000 -673,000 -1,478,000 706,000 23,000 -1,697,000 -228,000 -96,000 4,034,000 -733,000 -524,000 2,143,000 -1,133,000 -1,200,000 -1,149,000 2,378,000 -904,000 -1,601,000 -1,035,000 3,021,000 -41,000 2,047,000 -3,167,000 -1,718,000 -1,219,000 2,404,000   -43,000 334,000 150,000 -343,000 -25,000 114,000 969,298 3,033,656 111,030 782,016 -694,895 -501,795 918,797 -251,903 -609,654 
      gain on loan forgiveness
    		                                                                               
      equity in earnings of real estate partnership
    		        65,000 -65,000 41,000 -280,000 -180,000 -151,000 -189,000 -89,000 -169,000 -196,000 -364,000 -192,000 -13,596,000 -524,000 -464,000 -492,000                                                        
      distributions from real estate partnership
    		                    5,921,000 116,000 588,000 301,000                                                        
      proceeds from note receivable
    		                0                                                               
      proceeds from bonds and notes payable
    		                                                                               
      (gain) loss on sale or disposal of assets
    		         7,000 -10,000 15,000                                                                    
      net payments of credit facility
    		         0                                                                      
      gain on sale or disposal of assets and loan forgiveness
    		                                                                               
      proceeds from financed receivable due from related party
    		                                                                               
      (gain) loss on sale or disposal of assets and loan forgiveness
    		             48,000 -224,000 -1,000                                                                
      loss on sale of marketable securities
    		                          0 20,000                                                    
      proceeds from sales of marketable securities
    		                        0 0 0 30,000 207,000        0 0       0 0   -1,000 1,583,000 1,312,000 2,614,000 0 6,343,000 1,000 908,000                        
      loss on sale or disposal of assets and assets held for sale
    		                 18,000                                                              
      proceeds from bonds payable
    		                    0 0 0 100,000,000                                                        
      loss on sale or disposal of assets and properties
    		                   207,000                 -63,000 148,000 -5,000 105,000 2,000 0 24,000 85,000                                    
      amortization of notes payable discount
    		                            61,000 149,000 149,000 149,000 150,000 96,000 73,000 72,000 73,000 73,000 75,000 74,000 75,000 76,000 77,000 76,000 76,000 88,000 150,000 149,000 231,000                               
      gain on sale or disposal of assets and properties
    		                    -753,000   2,000 -187,000   -69,000 48,000 40,000 56,000 23,000 -361,000 -26,000 18,000 -2,892,000             7,000                               
      receivable due from (to) related party
    		                                                                               
      payable due to (from) related party
    		                                                                               
      investment in real estate partnership
    		                         1,492,000                                                      
      net proceeds from (payments to) credit facility
    		                     0 0 -90,200,000                                                        
      unamortized lease commissions and loan costs
    		                       775,000                            -280,000 -267,000 -327,000 -268,000 -133,000 -291,000 -71,000 -117,000 -225,000 -204,000 -88,000  -239,000                
      bad debt expense
    		                        268,000 362,000 283,000 478,000 898,000 535,000 298,000 609,000 287,000 535,000 391,000 372,000 656,000 547,000 587,000 184,000 136,000 415,000 662,000 389,000 227,000 716,000 398,000 317,000 284,000 362,000 226,000 132,000 236,000 165,000 145,000 69,000 191,000 29,000 74,000 339,000 246,000 218,000 331,000 178,000 57,000 165,000 60,000 195,000 199,000 169,000 140,661 129,689 126,940 -9,290 -25,600 86,225  -68,750 -2,000 
      accrued rent and accounts receivable
    		                        -157,000 -1,751,000 1,664,000 -1,649,000 -2,190,000 -2,265,000 -100,000 -1,338,000 -3,268,000 -788,000 -637,000 -1,377,000 -2,023,000 -1,816,000 -1,229,000 -538,000 -1,396,000 -834,000 -455,000 -983,000        -551,000  -476,000 17,000 -535,000 -236,000 15,000 4,890,000 -4,200,000 -837,000 -364,000  290,000                
      unamortized lease commissions
    		                        -282,000 -542,000 -359,000 -493,000 -668,000 -765,000 -1,048,000 -383,000 -512,000 -993,000 -751,000 -382,000 -711,000 -597,000 -337,000 -273,000 -405,000 -551,000 -273,000 -297,000 -228,000 -476,000 -254,000 -263,000 -320,000 -74,000                              
      gain on sale of marketable securities
    		                            96,000        0 0       0 0   0 -78,000 -31,000 -1,000 0 -154,000 0 -38,000                        
      distributions paid to noncontrolling interest in consolidated partnership
    		                           -115,000 0 -113,000                                                  
      net cash from operating activities of discontinued operations
    		                                    8,000 44,000 -33,000 -8,000              -12,000         0 0                
      change in restricted cash
    		                            -100,000 22,000 29,000 -100,000 47,000 14,000 93,000 -89,000 -35,000                                           
      net cash from financing activities of discontinued operations
    		                                                                               
      net increase in cash and cash equivalents
    		                            1,479,000 -2,929,000 2,764,000 2,335,000 -4,618,000 2,859,000 3,480,000 -140,000  -591,000 1,931,000 84,000 -2,032,000    -3,015,000   -3,701,000 -1,795,000 4,476,000 -4,425,000 2,593,000 -26,965,000 -25,116,000 39,442,000 743,000 -852,000 -1,513,000   -764,000 1,793,000 7,732,000 -2,798,000 -2,456,000 -300,000 -9,069,000 8,166,000 -698,000 4,114,000 3,876,267 1,763,865 942,502 866,366  546,181 651,390   
      cash and cash equivalents at beginning of period
    		                            0 0 0 4,168,000 0 0 0 2,587,000 0 0 0 4,236,000 0 0 0 6,491,000 0 0 0 6,544,000 0 0 0 5,695,000 0 0 0 17,591,000 0 6,275,000 0 0 0 12,989,000 0 0 0 10,811,000 0 0 0 8,298,000 2 0 0 848,998  0 578,687  0 
      cash and cash equivalents at end of period
    		                            1,479,000 -2,929,000 2,764,000 6,503,000 -4,618,000 2,859,000 3,480,000 2,447,000 -3,073,000 -591,000 1,931,000 4,320,000 -2,032,000 1,226,000 1,600,000 3,442,000 -3,015,000 3,486,000 3,177,000 2,843,000 -1,795,000 4,476,000 -4,425,000 8,288,000 -26,965,000 -25,116,000 39,442,000 18,334,000 -852,000 4,762,000 -446,000 -7,297,000 -764,000 14,782,000 7,732,000 -2,798,000 -2,456,000 10,511,000 -9,069,000 8,166,000 -698,000 12,412,000 3,876,269 1,763,865 942,502 1,715,364  546,181 1,230,077  -353,790 
      proceeds from revolving credit facility
    		                               11,000,000 -5,000,000 61,000,000 -4,000,000 7,000,000 2,000,000 96,000,000 500,000 9,000,000 70,000,000 12,300,000   -7,600,000 15,000,000 32,000,000 26,400,000 24,044,000                               
      related party receivable
    		                                            0                                   
      net decrease in cash and cash equivalents
    		                                          1,600,000 -3,049,000                                    
      investments in marketable securities
    		                                                0 0 0 -750,000 0 -3,059,000 -8,596,000 -1,865,000                        
      loss on sale or disposal of assets
    		                                             0 40,000 8,000   16,000 12,000  -1,000 0 18,000   138,000 5,000 12,000 41,000   68,000 32,000              
      repurchase of common stock
    		                                                                               
      proceeds from issuance of common shares
    		                                                     -399,000             0 0 -1,000 262,000 728,818 1,654,290 3,209,414 3,860,478  3,038,733    
      dividends paid
    		                                                    -3,193,000 -3,115,000 -2,121,000 -1,616,000         -1,562,000 -1,500,000 -1,556,000 -1,501,000 -1,460,000 -1,505,000 -1,524,588 -1,396,824 -1,631,426 -1,525,162 -1,418,918 -1,358,301    
      income from continuing operations
    		                                                     289,000                          
      income from discontinued operations
    		                                                     386,000                          
      real estate acquisitions
    		                                                     -25,370,000                          
      supplemental disclosure of cash flow information:
    		                                                                               
      cash paid for interest
    		                                                       1,404,000 1,463,000 1,409,000 1,419,000 1,448,000 1,468,000 1,200,000 856,000 1,514,000 1,374,000 1,445,000 1,297,000 1,354,000 1,329,000 1,364,000          
      non cash investing and financing activities:
    		                                                                               
      disposal of fully depreciated real estate
    		                                                       1,000 417,000 20,000 33,000 27,000 48,000 456,000 339,000 -227,000 15,000 571,000              
      financed insurance premiums
    		                                                       550,000 0 502,000 90,000 0 -101,000 579,000 12,000 0 73,000 391,000              
      accrued offering costs
    		                                                       138,000                        
      tenants’ security deposits
    		                                                        32,000 4,000    33,000 -1,000           26,205 162,087 78,364    
      dividends paid on common shares and common share equivalents
    		                                                        -1,176,000 -1,163,000  -1,163,000                    
      cash paid for taxes
    		                                                          0 0                    
      noncash investing and financing activities:
    		                                                                               
      acquisition of real estate in exchange for op units
    		                                                                               
      net income from continuing operations attributable to whitestone reit
    		                                                                               
      net income from discontinued operations attributable to whitestone reit
    		                                                                               
      adjustments to reconcile net income to
    		                                                                               
      net cash from operating activities:
    		                                                                               
      noncontrolling interests
    		                                                                               
      change in fair value of derivative instrument
    		                                                                  1,000 44,000 -35,000 20,000          
      proceeds from sale of real estate
    		                                                                               
      repayment of note receivable
    		                                                                  0 589,000 8,000 7,000 12,647 4,707 845 6,801  2,954 645   
      disposal of real estate in settlement of lawsuit
    		                                                              0 0                
      net income attributable to noncontrolling interest
    		                                                           329,000 25,000 -11,000                  
      payments of loan deposits
    		                                                                               
      acquisition of real estate asset in exchange for op units
    		                                                           0 0 3,625,000                  
      dividends paid on common shares
    		                                                             -1,156,000                  
      minority interests in operating partnership
    		                                                              -104,000 -112,000 -369,000 -42,000     -219,552 243,676 544,541 499,335 221,124 378,872 645,689 646,316 676,661 
      receivables
    		                                                                 295,000 -313,000 -199,000 -329,000 -631,000 -926,141 -383,244 101,616 -100,231 -100,805 -119,492 169,745   
      due from affiliates
    		                                                                      2,279,465 539,594   112,137 52,804 86,373   
      deferred costs
    		                                                                 -271,000   -385,000 -148,000 -199,800 -159,753 -231,109 -386,338 172,687 -735,905    
      proceeds from legal settlement
    		                                                                               
      decrease in stock offering proceeds escrowed
    		                                                                               
      supplemental disclosure of cash flow information
    		                                                                               
      gain on sale or disposal of assets
    		                                                                               
      proceeds from disposition of real estate assets
    		                                                                               
      cash paid for income taxes
    		                                                               0                
      due to affiliates
    		                                                                    0 -103,000          
      non cash investing and financing activities
    		                                                                               
      prepaid rent
    		                                                                 260,000 263,000 -198,000 173,000 -150,000 140,215 24,678 152,195 -42,088 96,404 -120,537    
      distributions received from real estate partnership
    		                                                                          0 0    
      increase in stock offering proceeds escrowed
    		                                                                      -468,951         
      depreciation
    		                                                                   1,301,000 1,250,000 1,364,000 1,454,450 1,271,854 1,181,080 1,357,616 1,187,060 1,109,772 947,009 943,368 926,681 
      amortization
    		                                                                   321,000 367,000 248,000 241,798 560,055 207,927 201,220 635,209 353,868 287,311 291,257 252,193 
      minority interests in income of operating partnership
    		                                                                   103,000            
      gain on sale of real estate
    		                                                                               
      proceeds from the sale of real estate
    		                                                                               
      minority interests in (income) loss of operating partnership
    		                                                                     -84,000          
      equity in income of real estate partnership
    		                                                                           1,880    
      net cash provided by
    		                                                                               
      operating activities:
    		                                                                               
      fair value of derivative instrument
    		                                                                       192,013        
      proceeds from stock offering escrowed
    		                                                                        -720,864 -255,959 74,247 214,952    
      due to/from affiliates
    		                                                                         -102,501      
      cash flows used in investing activities:
    		                                                                               
      adjustments to reconcile net income to net cash from operating activities
    		                                                                               
      issuance of note receivable
    		                                                                               
      collections of note receivable
    		                                                                               
      proceeds from stock offering
    		                                                                               
      proceeds from payment of note payable to affiliate
    		                                                                               
      net increase in cash
    		                                                                               
      cash and cash equivalents at beginning of year
    		                                                                               
      cash and cash equivalents at end of year
    		                                                                               
      net cash from
    		                                                                               
      operating activities
    		                                                                           1,739,990    
      financing activities
    		                                                                           6,840,199    
      purchase of nonaccredited investors’ shares
    		                                                                               
      proceeds from (repayment of) note payable to affiliate
    		                                                                               
      purchase of investment securities
    		                                                                               
      debt assumed in connection with acquisition of properties
    		                                                                               
      op units issued in connection with acquisition of properties
    		                                                                               
      shares issued in connection with acquisition of properties
    		                                                                               
      note receivable
    		                                                                               
      proceeds for purchase of nonaccredited investors’ shares
    		                                                                               
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.