Whitestone REIT
(NYSE:WSR)

Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through crea...

Website: http://www.whitestonereit.com

Full Time Employees: 85

Sector: Real Estate

Industry: REIT-Retail

REIT

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At a glance:

Bull Thesis:

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Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	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	2013-10-31	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	2010-09-30	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	2005-06-30	2005-03-31	2004-12-31	2004-03-31	2003-12-31	2003-09-30	2003-06-30

revenues
rental	43,371,000	40,828,000	37,681,000	37,395,000	38,932,000	38,107,000	37,480,000	36,741,000	37,247,000	36,667,000	36,241,000	35,497,000	34,700,000	35,029,000	34,663,000	33,808,000	32,961,000	32,069,000	30,152,000	28,695,000	28,968,000	28,868,000	27,052,000	30,196,000	87,646,000			29,033,000
management, transaction, and other fees	545,000	220,000	211,000	608,000	1,906,000	526,000	167,000	423,000	277,000	467,000	219,000	354,000	218,000	354,000	334,000	315,000	297,000	375,000	466,000	350,000	866,000	1,032,000	545,000	388,000	1,726,000			661,000
total revenues	43,916,000	41,048,000	37,892,000	38,003,000	40,838,000	38,633,000	37,647,000	37,164,000	37,524,000	37,134,000	36,460,000	35,851,000	34,918,000	35,383,000	34,997,000	34,123,000	33,258,000	32,444,000	30,618,000	29,045,000	29,834,000	29,900,000	27,597,000	30,584,000	89,372,000	29,879,000	29,578,000	29,694,000																																												8,125,000	8,064,000	7,805,000	7,568,000	7,545,000	7,076,336	7,476,443	7,776,850	7,510,371	6,431,555	6,204,629	6,270,409	6,312,640		5,486,426	4,916,112	5,034,083	5,485,617
yoy	7.54%	6.25%	0.65%	2.26%	8.83%	4.04%	3.26%	3.66%	7.46%	4.95%	4.18%	5.06%	4.99%	9.06%	14.30%	17.48%	11.48%	8.51%	10.95%	-5.03%	-66.62%	0.07%	-6.70%	3.00%																																																7.69%	13.96%	4.39%	-2.69%	0.46%	10.03%	20.50%	24.02%	18.97%		13.09%	27.55%	25.40%
qoq	6.99%	8.33%	-0.29%	-6.94%	5.71%	2.62%	1.30%	-0.96%	1.05%	1.85%	1.70%	2.67%	-1.31%	1.10%	2.56%	2.60%	2.51%	5.96%	5.42%	-2.64%	-0.22%	8.35%	-9.77%	-65.78%	199.11%	1.02%	-0.39%																																													0.76%	3.32%	3.13%	0.30%	6.62%	-5.35%	-3.86%	3.55%	16.77%	3.66%	-1.05%	-0.67%			11.60%	-2.34%	-8.23%
operating expenses
depreciation and amortization	9,757,000	8,331,000	8,517,000	9,324,000	8,652,000	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	7,862,000	7,910,000	7,492,000	7,340,000	7,105,000	7,013,000	7,191,000	7,171,000	6,970,000	6,971,000	19,951,000			6,464,000	-14,879,000	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	3,450,000	3,260,000	3,073,000	1,910,000	3,112,000	2,663,000	2,544,000	1,524,500	2,162,000	1,961,000	1,989,000	1,830,000	1,759,000	1,734,000	1,022,000	1,741,000	1,710,000	1,708,000	1,314,750	1,912,000	1,791,000	1,623,000	1,492,000	1,622,000
operating and maintenance	9,694,000	7,944,000	7,175,000	7,012,000	7,538,000	7,303,000	7,015,000	6,349,000	8,101,000	6,862,000	6,899,000	6,086,000	6,435,000	7,317,000	6,211,000	5,725,000	6,488,000	5,789,000	5,444,000	4,839,000	5,542,000	5,029,000	4,395,000	5,597,000	15,493,000			4,428,000
real estate taxes	4,762,000	5,331,000	3,965,000	4,252,000	4,785,000	4,838,000	3,912,000	4,238,000	3,848,000	4,693,000	4,767,000	4,708,000	3,740,000	4,513,000	4,987,000	4,367,000	3,975,000	4,589,000	4,160,000	4,038,000	4,424,000	4,670,000	4,385,000	4,536,000	11,883,000			4,045,000	-9,738,000	5,253,000	4,485,000	4,657,000	4,309,000	5,181,000	4,487,000	3,920,000	4,311,000	3,414,000	3,304,000	3,354,000	3,334,000	3,474,000	2,925,000	2,904,000	2,551,000	2,635,000	2,251,000	2,310,000	2,284,000	2,673,000	2,673,000	2,012,000	1,798,000	1,942,000	1,629,000	1,503,000	1,310,000	1,301,000	1,259,000	1,096,000	1,020,000	956,000	894,000	1,152,000	806,750	1,115,000	1,063,000	1,049,000	1,088,000	952,000	925,000	1,054,000	856,000	1,021,000	1,049,000	862,000	1,019,337	921,217	968,991	865,455	589,048	826,638	835,991	729,032		670,720	587,420	623,086	186,150
general and administrative	5,535,000	5,319,000	4,921,000	5,443,000	5,579,000	4,878,000	6,552,000	6,180,000	5,002,000	5,392,000	5,175,000	5,084,000	5,003,000	4,832,000	5,182,000	3,049,000	6,589,000	5,672,000	4,730,000	5,634,000	5,699,000	5,860,000	4,644,000	5,100,000	16,064,000			6,002,000	-11,583,000	4,959,000	6,624,000	6,314,000	6,351,000	5,581,000	5,848,000	6,169,000	7,455,000	6,218,000	5,413,000	4,836,000	5,142,000	5,687,000	4,998,000	4,485,000	4,523,000	4,212,000	3,582,000	2,957,000	3,230,000	2,722,000	2,722,000	2,516,000	2,444,000	2,224,000	1,888,000	1,863,000	1,641,000	1,911,000	1,495,000	1,778,000	1,464,000	1,263,000	1,272,000	1,200,000	-2,304,000	1,549,000	1,625,000	1,429,000	1,475,000	1,100,000	2,170,000	1,963,000	1,823,000	1,413,000	1,450,000	2,034,000	1,925,260	371,884	288,330	449,526	269,281	334,824	303,402	317,439		353,328	254,878	190,727	338,250
total operating expenses	29,748,000	26,925,000	24,578,000	26,031,000	26,554,000	25,940,000	26,000,000	25,567,000	25,379,000	25,279,000	25,201,000	23,724,000	23,224,000	24,551,000	24,242,000	21,051,000	24,544,000	23,390,000	21,439,000	21,524,000	22,856,000	22,730,000	20,394,000	22,204,000	63,391,000	21,914,000	20,760,000	20,939,000																																												6,830,000	6,805,000	6,414,000	6,188,000	6,608,000					5,848,479	5,310,457	4,930,540	4,790,959		4,101,619	3,526,025	3,586,726	3,518,456
other expenses
interest expense	8,626,000	8,658,000	8,291,000	8,097,000	8,222,000	8,506,000	8,788,000	8,519,000	8,303,000	8,400,000	8,260,000	7,903,000	8,082,000	6,816,000	6,234,000	6,061,000	6,147,000	6,142,000	6,143,000	6,132,000	6,209,000	6,400,000	6,468,000	6,693,000	19,606,000			6,533,000	-13,805,000	6,951,000	6,854,000	6,501,000	6,493,000	6,376,000	5,629,000	5,153,000	5,018,000	4,669,000	4,748,000	4,804,000	4,246,000	3,740,000	3,516,000	3,408,000	2,996,000	2,762,000	2,449,000	2,372,000	2,486,000	2,602,000	2,602,000	2,613,000	2,449,000	3,471,000	1,815,000	1,734,000	1,712,000	1,451,000	1,430,000	1,445,000	1,402,000	1,401,000	1,402,000	1,407,000	575,000	1,437,000	1,470,000	1,428,000	1,522,000	1,508,000	1,425,000	-1,402,000	-1,395,000	-1,375,000	-1,357,000	-1,275,000	-9,235,206	1,228,724	1,402,913	1,307,569	1,117,730	970,109	911,737	770,060		568,550	346,054	308,501	331,304
loss on extinguishment of debt	199,250	797,000
gain on sale of properties	-15,783,000	-13,967,000			-11,913,000	-3,762,000		-6,525,000			-9,621,000													-46,000	-816,000				-4,380,000	4,380,000		266,000			16,000		467,000			2,890,000
loss on disposal of assets	142,000	-56,000	53,000	100,000	364,000	111,000	72,000		22,000	480,000	14,000	6,000																																																		-72,000	-8,000	-33,000	255,000	-5,000	-12,000	-41,000
interest, dividend and other investment income	2,000	-5,000	-35,000	-100,000	-72,000	-3,000	-4,000	-8,000	-2,000	-11,000	-18,000	-20,000	-22,000	-13,000	-16,000	-14,000	-13,000	-31,000	-23,000	-49,000	-72,000	-71,000	-73,000	-62,000	-518,000			-245,000	203,000	-84,000	-119,000	-99,000	-29,000	-142,000	-101,000	-138,000	-90,000	-164,000	-78,000	-97,000	-69,000	-73,000	-162,000	-9,000	-19,000	-31,000	-19,000	-21,000	-22,000	-26,000	-26,000	-69,000	-19,000	-16,000	-121,000	-83,000	-70,000	-81,000	-264,000	-55,000	-60,000
total other expenses	-9,087,000	-4,573,000	8,102,000	8,097,000	-3,399,000	4,852,000	8,931,000	1,986,000	8,943,000	8,864,000	-1,365,000	7,889,000	-8,710,000	6,810,000	6,208,000	6,062,000	6,135,000	6,159,000																															6,253,750	8,748,000												4,487,000	4,428,000		3,442,000	4,230,000	4,794,000	4,554,000	4,569,000	4,490,000	5,347,000
income before equity investment in real estate partnership and income tax	23,255,000	18,696,000	5,212,000	3,875,000	17,683,000	7,841,000	2,716,000	9,611,000	3,202,000	2,991,000	12,624,000	4,238,000	20,404,000	4,022,000	4,547,000	7,010,000	2,579,000	2,895,000	3,283,000	1,439,000
deficit in earnings of real estate partnership					-7,000			-28,000
provision for income tax	-130,000	-131,000	-94,000	-127,000	-123,000	-118,000	-90,000	-119,000	-111,000	-95,000	-125,000	-119,000	-109,000	-112,000	-100,000	-101,000	-111,000	-100,000	-87,000	-87,000	-91,000	-105,000	-96,000	-87,000	-298,000			-118,000
net income	23,125,000	18,565,000	5,118,000	3,748,000	17,560,000	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	22,379,000		3,404,000	2,839,000	-9,470,000	7,837,000	1,755,000	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	635,000	1,003,000	986,000	-1,441,000	172,000	462,000	860,000	650,000	675,000	-238,000	246,000	234,000	255,000	335,000	1,879,000	930,000	72,000	-32,000	-156,000	-173,000	1,532,000	-69,000	-244,000	172,000	133,000	-138,000	-244,605	602,414	858,382	763,375	361,952	511,510	746,486	824,444		739,118	743,771	770,696	1,050,005
yoy	31.69%	140.39%	94.90%	-60.40%	1023.48%	206.35%	-77.10%	142.60%	-92.27%	-36.58%	160.21%	-45.74%	663.97%	34.93%	-15.56%	398.89%	-16.49%	222.32%	1145.35%	-12.51%	-85.83%		-87.69%	-41.99%	-336.31%		93.96%	-12.21%	-567.65%	149.59%	-18.14%	107.71%	257.14%	225.73%	42.08%	-69.40%	-72.86%	-39.56%	-3.27%	213.88%	-28.29%	42.28%	21.88%	-33.35%	124.94%	76.54%	101.57%	142.47%	31.34%	-144.07%	269.19%	117.10%	14.65%	-321.69%	-74.52%	-294.12%	249.59%	177.78%	164.71%	-171.04%	-86.91%	-74.84%	254.17%	-1146.88%	-1304.49%	-637.57%	-95.30%	-53.62%	-36.07%	-200.58%	1051.88%	-50.00%	-0.25%	-71.45%	-84.51%	-118.08%	-167.58%	17.77%	14.99%	-7.41%		-30.79%	0.37%	6.97%
qoq	24.56%	262.74%	36.55%	-78.66%	127.37%	194.10%	-72.25%	505.50%	-38.00%	-78.01%	193.90%	-80.72%	408.93%	-9.78%	-38.71%	171.49%	-10.12%	-43.54%	262.11%	-54.56%	246.94%	118.14%	-74.56%	-92.64%			19.90%	-129.98%	-220.84%	346.55%	-45.73%	59.70%	-35.51%	46.46%	37.70%	174.60%	-41.18%	-36.12%	-70.34%	143.56%	30.97%	2.24%	-3.76%	-44.35%	159.86%	-12.42%	-47.37%	87.80%	103.94%	0.00%	-36.69%	1.72%	-168.42%	-937.79%	-62.77%	-46.28%	32.31%	-3.70%	-383.61%	-196.75%	5.13%	-8.24%	-23.88%	-82.17%	102.04%	1191.67%	-325.00%	-79.49%	-9.83%	-111.29%	-2320.29%	-71.72%	-241.86%	29.32%	-196.38%	-43.58%	-140.60%	-29.82%	12.45%	110.91%	-29.24%	-31.48%	-9.46%			-0.63%	-3.49%	-26.60%
net income margin %	52.66%	45.23%	13.51%	9.86%	43.00%	19.99%	6.98%	25.47%	4.17%	6.79%	31.45%	10.88%	57.94%	11.23%	12.59%	21.07%	7.96%	9.08%	17.04%	4.96%	10.63%	3.06%	1.52%	5.39%	25.04%	0%	11.51%	9.56%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-0.85%	-3.03%	2.20%	1.76%	-1.83%	-3.46%	8.06%	11.04%	10.16%	5.63%	8.24%	11.90%	13.06%	NaN%	13.47%	15.13%	15.31%	19.14%
less: net income attributable to noncontrolling interests	287,000	232,000	64,000	47,000	223,000	99,000	34,000	124,000	22,000	35,000	159,000	54,000	291,000	60,000	68,000	111,000	40,000	47,000	92,000	26,000	59,000	14,000	9,000	35,000	503,000	42,000	77,000	65,000	-120,000	193,000	45,000	206,000	103,000	147,000	161,000	117,000	66,000	15,000	25,000	91,000	38,000	25,000	26,000	27,000	55,000	18,000	27,000	60,000	34,000	21,000	21,000	33,000	37,000	-96,000	9,000	31,000	67,000	88,000	97,000	-42,000	61,000	57,000	89,000	118,000	725,000	329,000	25,000
net income attributable to whitestone reit	22,838,000	18,333,000	5,054,000	3,701,000	17,337,000	7,624,000	2,592,000	9,340,000	1,541,000	2,486,000	11,306,000	3,847,000	19,939,000	3,915,000	4,338,000	7,078,000	2,608,000	2,899,000	5,126,000	1,415,000	3,112,000	900,000	410,000	1,612,000	21,876,000	1,807,000	3,327,000	2,774,000	-9,350,000	7,644,000	1,710,000	3,028,000	1,922,000	2,993,000	1,983,000	1,440,000	501,000	949,000	1,484,000	4,997,000	2,051,000	1,570,000	1,534,000	1,594,000	2,858,000	1,103,000	1,253,000	2,372,000	1,261,000	614,000	614,000	970,000	949,000	-1,345,000	163,000	431,000	793,000	562,000	578,000	-196,000	185,000	177,000	166,000	217,000	1,154,000	601,000	47,000
basic earnings per share:
net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	0.45	0.36	0.1	0.07	0.34	0.15	0.05	0.19	0.03	0.05	0.23	0.08	0.41	0.08	0.09	0.14	0.05	0.06	0.12	0.03	0.07	0.02	0.01	0.04	0.55			0.07	0.078	0.19	0.04	0.08
diluted earnings per share:
weighted-average number of common shares outstanding:
basic	50,959	51,018	50,897	50,890	50,214	50,297	49,960	49,940	49,501	49,534	49,426	49,424	49,256	49,274	49,147	49,145	45,486	46,883	43,378	42,495	42,244	42,346	42,212	42,048	40,184			39,649		39,327	39,204	39,066	35,428	37,992	35,716	29,416	27,618	28,195	26,819	26,604	24,631	26,476	22,869	22,577	22,278	22,482	22,235	21,823	18,027	17,036	17,036	16,891	16,819	13,496	13,842	11,746	11,624	9,028	10,797	8,520	5,479	4,020	9,845	9,721
diluted	52,316	52,079	51,914	52,010	51,347	51,305	51,120	51,112	50,813	50,637	50,259	50,160	49,950	50,129	50,047	50,306	46,336	47,825	44,125	43,331	42,990	43,440	42,763	43,009	41,462			40,626		40,635	40,679	40,088	36,255	38,589	36,544	30,409	28,383	29,024	27,513	27,489	25,683	27,082	23,401	23,226	22,793	22,690	22,443	21,949	18,273	17,331	17,331	17,111	16,939	13,613	13,961	11,754	11,638	9,042	10,809	8,520	5,499	4,040	9,900	9,910
consolidated statements of comprehensive income
other comprehensive loss																																																																								-370,000
unrealized loss on cash flow hedging activities	-1,578	-831																					-684	-10,952											-780					-6,041				-319				-38					-268	-2.25	-9
comprehensive income	24,047	17,734	3,163	222	24,034	-1,223	3,269	14,471	-8,491	6,615	18,560	-686	18,532	9,937	7,081	13,175	5,668	4,219	6,507	3,662	4,504	2,155			14,786			-631	4,221.25	8,442	2,668	5,897	4,015	3,305	1,397	2,289	8,520	2,482	-905	-958	2,616	1,403	1,464	1,343	2,776	1,410	1,043	2,477	1,310	265	265	1,676	1,021	-1,402	255	495	1,626	1,202	-997	-447
less: comprehensive loss attributable to noncontrolling interests	-19.75	-10																					-15	-231											-22
comprehensive income attributable to whitestone reit	23,749	17,512	3,124	219	23,729	-1,207	3,227	14,281	-8,374	6,524	18,302	-676	18,273	9,787	6,972	12,972	5,580	4,152	6,394	3,595	4,415	2,098			14,453			-616	4,113	8,234	2,600	5,620	3,854	3,153	1,258	2,146	8,311	2,441	-889	-941	2,570	1,381	1,440	1,320	2,723	1,384	1,020	2,416	1,277	257	257	1,619	983	-1,301	241	465	1,499	987	-854	-369
loss on sale of properties			-207,000				75,000		-2,406,500	-5,000
other comprehensive income
unrealized gain on cash flow hedging activities			-1,955	-3,526	6,474	-8,946	643	5,007	-10,054	4,094	7,095	-4,587	-1,698	5,962	2,675	5,986	3,020	1,273	1,289	2,221	1,333	1,241			-7,593			-3,470	1,040.75	605	913	2,645	1,898	172		732	7,891	1,529	-2,450		506	-184	43		-184	345	-259		11	-331	-331	761
less: comprehensive income attributable to noncontrolling interests			-25	-44	82	-115	8	66	-139	56	99	-64	-32	90	41	92	48	20	21	41	30	43														26	12	41	-16	-17	46	22	24	23	53	26	23	61	33	8	8	57	38	-101	14	30	127
equity (deficit) in earnings of real estate partnership									-1,528,000	-375,000	-1,034,000	-218,000			-41,000
loss on sale or disposal of assets													3,000	7,000	-10,000	15,000	1,000	48,000	-224,000	-1,000				253,000	178,000			2,000	89,000	-15,000	-74,000	-197,000			-72,000						63,000	-148,000		-105,000	-2,000		-24,000	-85,000	-8,000			-40,000	-8,000			-16,000	-12,000				-18,000										-68,000	-32,000
equity in earnings of real estate partnership													-65,000	65,000		280,000	180,000	151,000	189,000	89,000	169,000	196,000	364,000	192,000	14,552,000	524,000	464,000	492,000
income from continuing operations													20,230,000	3,975,000	4,406,000		2,648,000	2,946,000	3,385,000		3,171,000	914,000	419,000		21,785,000	1,849,000	2,703,000										567,000	964,000	1,509,000	5,088,000	2,081,000	1,551,000	1,593,000	1,629,000														62,500	289,000	-254,000					1,325,000	930,000	72,000				-529,000
gain on sale of property from discontinued operations																			1,833,000								701,000																															99,250	397,000
income from discontinued operations																			1,833,000																						8,000	44,000	-33,000	-8,000														9,000	-11,000	16,000											-378,000
income from continuing operations attributable to whitestone reit, excluding amounts attributable to unvested restricted shares													0.41	0.08	0.09		0.06	0.06	0.08		0.07	0.02	0.01
income from discontinued operations attributable to whitestone reit																	-0.01		0.04																																							0.013	0.03	0.01
total other expense																			5,896,000	6,082,000	3,885,000	6,347,000	7,052,000	6,838,000	18,450,000	6,538,000	6,475,000	6,290,000	-40,064,000	19,309,000	20,755,000	19,937,000	20,119,000	19,062,000	18,057,000	17,192,000	18,478,000	16,172,000	15,604,000	14,935,000	14,692,000	14,503,000	13,027,000	12,448,000	11,411,000	10,941,000	9,920,000	9,216,000				8,320,000	7,947,000	9,766,000	6,694,000	6,177,000	5,827,000	5,548,000	4,823,000	5,129,000	4,795,000			4,334,000
loss on sale or disposal of assets and assets held for sale																					220,500	18,000	657,000
income before equity investments in real estate partnerships and income tax																					629,000	823,000	151,000	1,542,000	7,531,000
consolidated statements of comprehensive loss
comprehensive loss																							-265	-9,305																																																-439,000
comprehensive loss attributable to whitestone reit																							-259	-9,109
number of properties owned and operated																										57,000	57,000
aggregate gla																										4,848,652,000	4,850,942,000
ending occupancy rate - operating portfolio																										90,000	89,000
ending occupancy rate																										90,000	89,000
income from operations before equity investments in real estate partnerships and income tax																										1,427,000	2,343,000	2,465,000
provision for income taxes																										-102,000	-104,000		199,000	-115,000	-84,000	-129,000	-90,000	-126,000	-89,000	-81,000	-42,000	-80,000	-11,000	-156,000	-98,000	-100,000	-91,000	-83,000	-67,000	-74,000	-57,000	-84,000	-78,000	-90,000		-72,000	-65,000	-74,000	-77,000	-70,000	-65,000	-61,000	-54,000	-58,000	-53,000	-57,000	-102,000	-54,000	-41,500	-55,000	-57,000	-54,000	-56,000	-53,000	-53,000	-57,000
funds from operations																										9,231,000	10,013,000
funds from operations core																										10,950,000	11,113,000
property net operating income																										22,051,000	21,982,000
distributions paid on common shares and op units																										11,694,000	11,581,000
distributions per common share and op unit																										285	285
distributions paid as a percentage of funds from operations core																										107,000	104,000
other comprehensive gain
unrealized gain on available-for-sale marketable securities																													4.5			18	92	-7	33		62	-11	36	-5	21	-8	-139	41	47	-56	22	83	4	-39	-39	-88	303	29	92	33	766
less: comprehensive gain attributable to noncontrolling interests																									-170			-80	26.75	15	23	71	58	5
property revenues
rental revenues																													-49,906,000	25,256,000	24,650,000	24,946,000	25,371,000	24,891,000	23,010,000	21,296,000	21,153,000	19,844,000	19,649,000	19,422,000	19,417,000	18,785,000	17,176,000	16,465,000	13,670,000	14,811,000	13,839,000	13,973,000	13,455,000	12,594,000	12,594,000	11,812,000	11,001,000	10,488,000	8,992,000	8,523,000	8,128,000	7,460,000	7,075,000	6,657,000	6,671,000	6,489,000	6,407,000	6,404,000	5,006,750	6,881,000	6,572,000	6,505,000	4,657,000	6,165,000	6,236,000
other revenues																													-17,762,000	9,340,000	8,422,000	8,650,000	8,460,000	8,762,000	7,198,000	6,971,000	7,212,000	5,664,000	5,480,000	6,013,000	6,178,000	5,814,000	4,794,000	4,787,000	4,323,000	4,117,000	3,835,000	3,814,000	3,735,000	3,697,000	3,697,000	2,983,000	2,868,000	3,035,000	2,626,000	2,464,000	2,298,000	2,686,000	1,704,000	1,338,000	1,415,000	1,444,000	1,425,000	1,305,000
total property revenues																													-67,668,000	34,596,000	33,072,000	33,596,000	33,831,000	33,653,000	30,208,000	28,267,000	28,365,000	25,508,000	25,129,000	25,435,000	25,595,000	24,599,000	21,970,000	21,252,000	17,993,000	18,928,000	17,674,000	17,787,000	17,190,000	16,291,000	16,291,000	14,795,000	13,869,000	13,523,000	11,618,000	10,987,000	10,426,000	10,146,000	8,779,000	7,995,000	8,086,000	7,933,000	7,832,000	7,709,000	6,182,750	8,484,000	8,203,000	8,044,000	8,052,000	7,643,000	7,750,000
property expenses
property operation and maintenance																													-12,212,000	6,374,000	5,838,000	5,708,000	7,240,000	6,104,000	5,375,000	5,494,000	5,328,000	4,904,000	4,683,000	4,794,000	5,453,000	4,823,000	4,339,000	4,083,000	3,446,000	4,157,000	4,142,000	3,660,000	4,185,000	4,145,000	4,145,000	3,348,000	3,065,000	3,175,000	2,969,000	2,759,000	2,352,000	2,421,000	2,355,000	1,966,000	1,954,000	2,127,000	2,145,000	1,801,000	1,635,500	2,149,000	2,205,000	2,378,000	2,513,000	2,396,000	2,188,000	2,190,000	2,634,000	2,358,000	1,127,000	1,279,000
total property expenses																													-21,950,000	11,627,000	10,323,000	10,365,000	11,549,000	11,285,000	9,862,000	9,414,000	9,639,000	8,318,000	7,987,000	8,148,000	8,787,000	8,297,000	7,264,000	6,987,000	5,997,000	6,792,000	6,393,000	5,970,000	6,469,000	6,818,000	6,818,000	5,360,000	4,863,000	5,117,000	4,598,000	4,262,000	3,662,000	3,722,000	3,614,000	3,062,000	2,974,000	3,083,000	3,039,000	2,953,000	2,442,250	3,264,000	3,268,000	3,427,000	3,601,000	3,348,000	3,113,000
income before gain on sale or disposal of properties or assets and income taxes																													2,237,000	3,660,000	1,994,000	3,294,000	2,163,000	3,306,000	2,289,000	1,661,000
profit sharing expense																													-69,000	-73,000	-81,000
distributions declared per common share / op unit																													0.214	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285	0.285
redeemable operating partnership units																																84,000	53,000	84,000	60,000	53,000
non-controlling interests in consolidated partnership																																122,000	50,000	63,000	101,000	64,000
gain on sale or disposal of assets																																	-33,750	-40,000		-23,000	2,500	26,000	-18,000	2,000			5,000											-26,250	-77,000			-4,250	1,000
net income attributable to common shareholders excluding amounts attributable to unvested restricted shares																																	0.04	0.07	0.05	0.05	0.01	0.03	0.05	0.18	0.07	0.05	0.06	0.07	0.12	0.05	0.05	0.11	0.06	0.04	0.04	0.06	0.06	0.028	0.01	0.04	0.07					0.04	0.02	0.02
unrealized loss on available-for-sale marketable securities																																																										552	-1,672	-209
income from continuing operations before gain on sale or disposal of properties or assets and income taxes																																					248,000	1,018,000	1,538,000	2,352,000
income from continuing operations attributable to whitestone reit excluding amounts attributable to unvested restricted shares																									0.01												0.01	0.03	0.05	0.18	0.07	0.05	0.06	0.07
loss from discontinued operations
income from continuing operations before loss on sale or disposal of assets and income taxes																																									2,116,000	1,799,000		1,817,000
income from continuing operations before gain on sale or disposal of assets and income taxes																																											1,679,000
income before loss on sale or disposal of assets and income taxes																																													1,289,250	1,195,000	1,361,000	2,601,000	1,381,000	725,000	725,000	1,115,000	1,059,000
basic and diluted earnings per share:
other incomes
total other incomes																																																			8,748,000
benefit from income taxes																																																			-90,000
income before gain on sale or disposal of assets and income taxes																																																						452,750	326,000
income before gain on sale of property																																																						-1,441,000	172,000
gain on sale of property
income before loss on disposal of assets and income taxes																																																								548,000	937,000
income from continuing operations before gain on disposal of
assets and income taxes																																																										107,750	342,000	-196,000
earnings per share - basic
income from continuing operations attributable to whitestone
reit excluding amount attributable to unvested restricted shares																																																										0.005	0.02	-0.03
net income attributable to common shareholders excluding
amounts attributable to unvested restricted shares																																																										0.018	0.05	-0.02
earnings per share - diluted
dividends declared per class a common share																																																										0.285	0.285			0.285
dividends declared per class b common share																																																										0.285	0.285			0.285
other comprehensive loss:
less: comprehensive income attributable to noncontrolling
interests																																																										-53.5	-143	-78
income from continuing operations before loss on disposal of
dividends declared per common share																																																												0.285	0.285		0.095	0.113
other comprehensive gain:
income from continuing operations before loss on disposal of assets
and income taxes																																																													317,000
net income attributable to common shareholders excluding amounts attributable
to unvested restricted shares																																																													0.03
involuntary conversion																																																																	-74,750	-489,000
interest income																																																														-7,000	-5,000	-7,000	-7,500	-8,000	-11,000	-11,000	-28,000	-30,000	-39,000	85,000	128,000	157,000	155,000	136,000
income from continuing operations before loss on disposal of assets and income taxes																																																														363,000	365,000	422,000
earnings per share – basic
earnings per share – diluted
weighted-average number of total common shares outstanding:
basic	50,959	51,018	50,897	50,890	50,214	50,297	49,960	49,940	49,501	49,534	49,426	49,424	49,256	49,274	49,147	49,145	45,486	46,883	43,378	42,495	42,244	42,346	42,212	42,048	40,184			39,649		39,327	39,204	39,066	35,428	37,992	35,716	29,416	27,618	28,195	26,819	26,604	24,631	26,476	22,869	22,577	22,278	22,482	22,235	21,823	18,027	17,036	17,036	16,891	16,819	13,496	13,842	11,746	11,624	9,028	10,797	8,520	5,479	4,020	9,845	9,721
diluted	52,316	52,079	51,914	52,010	51,347	51,305	51,120	51,112	50,813	50,637	50,259	50,160	49,950	50,129	50,047	50,306	46,336	47,825	44,125	43,331	42,990	43,440	42,763	43,009	41,462			40,626		40,635	40,679	40,088	36,255	38,589	36,544	30,409	28,383	29,024	27,513	27,489	25,683	27,082	23,401	23,226	22,793	22,690	22,443	21,949	18,273	17,331	17,331	17,111	16,939	13,613	13,961	11,754	11,638	9,042	10,809	8,520	5,499	4,040	9,900	9,910
tenants' reimbursements and other property revenues																																																																	1,176,000	1,603,000	1,631,000				1,514,000
income from continuing operations before loss on
disposal of assets and income taxes																																																																	298,500	990,000	141,000
gain on sale of properties from discontinued operations																																																																					904,750		3,619,000
tenants’ reimbursements and other property revenues																																																																				1,539,000	1,130,250	1,478,000
income (loss) from continuing operations before loss on disposal of assets and income taxes																																																																				63,000
loss from continuing operations																																																																				-32,000
less: net loss attributable to noncontrolling interests																																																																				-11,000
net loss attributable to whitestone reit																																																																				-21,000
income (loss) from continuing operations before loss on disposal of assets, minority interest, change in fair value of derivative instrument and income taxes																																																																					-118,000	-195,000
gain (loss) on sale or disposal of assets																																																																					-86,000	-37,000
change in fair value of derivative instrument																																																																									-1,000	-45,000	36,000	-20,000
loss (income) allocated to minority interests																																																																					130,750	112,000
income (loss) from continuing operations																																																																					-156,000	-173,000
income (loss) from discontinued operations
income allocated to minority interests from discontinued operations																																																																					-312,000
disposal of assets, minority interest, change in fair
value of derivative instrument and income taxes																																																																							-710,000
loss allocated to minority interests																																																																							302,000
income allocated to minority interests																																																																							-1,180,000
rental income																																																																								6,503,000	6,251,000	6,453,000	6,151,000	6,095,000	6,192,349	6,318,272	6,156,653	5,976,726	5,286,712	4,967,156	5,041,536	4,777,193		4,431,851	3,978,711	4,039,561	4,491,223
tenants' reimbursements																																																																								1,507,000	1,017,750	1,338,000	1,377,000	1,355,000	930,704.25	1,122,530	1,219,958
other income																																																																								115,000	26,000	14,000	40,000	95,000
operating income																																																																								1,295,000	1,259,000	1,391,000	1,380,000	937,000
yoy																																																																								38.21%
qoq																																																																								2.86%	-9.49%	0.80%	47.28%
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	15.94%	15.61%	17.82%	18.23%	12.42%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%
loss before minority interests																																																																								-111,000
minority interests in operating partnership																																																																								42,000					219,552	-371,176	-544,541	-499,335	-221,124	-382,662	-593,383	-697,237
loss per common share - basic and diluted																																																																								-7
comprehensive loss:
unrealized loss on derivatives																																																																								-370,000
weighted-average shares outstanding																																																																								10,001,000	9,999,000	10,001,000	10,001,000	9,992,000	9,652,000	9,829,709	9,603,104	9,211,711	7,887,749	8,014,097	7,675,191	7,247,162	7,010,146	4,907,107	4,907,107	4,907,107	4,907,107
property management and asset
management fees to an affiliate																																																																													122,097	556,283	391,371		263,169.75	323,517	370,159	359,003
gain on sale of real estate																																																																									37,000	148,000
income before minority interests																																																																									-390,000	276,000			-464,157	973,590	1,402,923	1,262,710	583,076	894,172	1,339,869	1,521,681		1,384,807	1,390,087	1,447,357	1,967,161
minority interests in income of operating partnership																																																																									-25,000	-104,000
net income per common share																																																																									4.25	17	13	-14	184.788	0.061	0.089	0.083	0.037	0.064	0.097	0.114		0.151	0.152	0.157	0.214
insurance																																																																											127,000	172,000	137,710	169,877	147,655	133,758	123,604	110,516	116,698	104,759		127,808	137,459	131,533	130,802
electricity, water and gas utilities																																																																											618,000	480,000	546,616	645,646	600,635	512,103	862,865	251,379	253,585	219,610		185,866	189,793	225,176	200,591
depreciation																																																																											1,250,000	1,364,000	1,454,450	1,271,854	1,181,080	1,357,616	1,187,060	1,109,772	1,048,260	1,028,878		947,009	943,368	926,681	938,865
amortization																																																																											368,000	248,000	241,798	233,988	207,928	201,220	635,209	353,868	398,100	337,728		287,311	291,257	252,193	248,862
bad debt expense																																																																											199,000	169,000	140,661	129,189	127,440	-9,290	-25,600	86,225	-98,425	167,985			-68,750		127,725
income (loss) before minority interests																																																																											214,000	-222,000
minority interests in loss of operating partnership																																																																											-81,000	84,000
interest and other income																																																																													147,299	35,641	400,239	153,316	113,663	181,739	41,010	175,509		136,875	19,179	45,911	167,030
expenses
operation and maintenance																																																																													762,307.5	974,191	1,057,584	1,017,455	736,374	943,609	791,033	756,465		691,414	551,755	649,621	700,588
total expenses																																																																													4,862,626.75	6,502,853	6,373,927	6,247,661
tenants’ reimbursements																																																																																1,380,329	1,031,180	1,055,734	1,187,863	1,359,938		917,700	918,222	948,611	827,364
property management and asset management fees to an affiliate																																																																																412,249
management and partnership
management and partnership management fees to an affiliate																																																																																						324,138	292,791	281,208	315,319

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	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	2013-10-31	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	2010-09-30	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	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30

assets
real estate assets, at cost
property	1,354,112,000	1,295,374,000	1,294,319,000	1,253,641,000	1,248,223,000	1,243,067,000	1,258,799,000	1,230,936,000	1,221,466,000	1,227,532,000	1,224,195,000	1,201,650,000	1,199,041,000	1,206,605,000	1,204,029,000	1,200,191,000	1,196,919,000	1,165,274,000	1,109,794,000	1,107,895,000	1,106,426,000	1,104,963,000	1,102,379,000	1,101,118,000	1,099,955,000	1,062,283,000	1,058,387,000	1,054,889,000	1,052,238,000	1,146,951,000	1,149,528,000	1,148,176,000	1,149,454,000	1,144,558,000	1,140,299,000	924,280,000	920,310,000	918,562,000	844,807,000	838,220,000	835,538,000	831,425,000	730,165,000	682,571,000	673,655,000	585,741,000	548,515,000	548,221,000	546,274,000	483,379,000	483,379,000	481,939,000	436,331,000	409,669,000	389,280,000	304,517,000	295,184,000	292,360,000	241,488,000	213,889,000	205,966,000	196,877,000	193,283,000	193,268,000	192,832,000	192,005,000	191,139,000	190,757,000	180,397,000	179,844,000	169,754,000	182,336,000	181,809,000	174,161,000
accumulated depreciation	-264,940,000	-259,530,000	-257,003,000	-254,819,000	-246,534,000	-243,500,000	-240,535,000	-232,867,000	-229,767,000	-225,636,000	-218,007,000	-214,684,000	-208,286,000	-212,084,000	-205,058,000	-197,713,000	-190,333,000	-183,383,000	-176,879,000	-170,286,000	-163,712,000	-157,303,000	-150,711,000	-144,316,000	-137,933,000	-131,508,000	-125,257,000	-119,288,000	-113,300,000	-145,807,000	-141,442,000	-135,599,000	-131,034,000	-124,268,000	-118,442,000	-112,418,000	-107,258,000	-103,721,000	-99,004,000	-93,942,000	-89,580,000	-84,743,000	-80,138,000	-75,782,000	-71,587,000	-70,962,000	-70,602,000	-69,509,000	-66,008,000	-62,737,000	-62,737,000	-59,569,000	-56,600,000	-53,920,000	-51,362,000	-48,999,000	-47,481,000	-45,472,000	-43,761,000	-42,185,000	-41,168,000	-38,218,000	-36,839,000	-35,809,000	-34,434,000	-33,083,000	-31,732,000	-30,411,000	-29,550,000	-28,729,000	-27,549,000	-28,070,000	-27,417,000	-27,168,000
total real estate assets	1,089,172,000	1,035,844,000	1,037,316,000	998,822,000	1,001,689,000	999,567,000	1,018,264,000	998,069,000	991,699,000	1,001,896,000	1,006,188,000	986,966,000	990,755,000	994,521,000	998,971,000	1,002,478,000	1,006,586,000	981,891,000	932,915,000	937,609,000	942,714,000	947,660,000	951,668,000	956,802,000	962,022,000	930,775,000	933,130,000	935,601,000	938,938,000	1,001,144,000	1,008,086,000	1,012,577,000	1,018,420,000	1,020,290,000	1,021,857,000	811,862,000	813,052,000	814,841,000	745,803,000	744,278,000	745,958,000	746,682,000	650,027,000	606,789,000	602,068,000	514,779,000	477,913,000	478,712,000	480,266,000	420,642,000	420,642,000	422,370,000	379,731,000	355,749,000	337,918,000	255,518,000	247,703,000	246,888,000	197,727,000	172,872,000	164,798,000	158,659,000	156,444,000	157,459,000	158,398,000	158,922,000	159,407,000	160,346,000	150,847,000	151,115,000	151,315,000
cash and cash equivalents	4,888,000	6,848,000	5,324,000	5,586,000	5,224,000	2,534,000	3,231,000	6,215,000	4,572,000	2,976,000	2,927,000	3,479,000	6,166,000	9,504,000	8,464,000	11,136,000	15,721,000	10,858,000	22,274,000	22,820,000	25,777,000	38,990,000	39,924,000	36,774,000	15,530,000	5,539,000	5,425,000	4,580,000	13,658,000	9,389,000	3,125,000	9,337,000	7,817,000	6,338,000	9,267,000	6,503,000	4,168,000	8,786,000	5,927,000	2,447,000	2,587,000	5,660,000	6,251,000	4,320,000	4,236,000	6,268,000	5,042,000	3,442,000	6,491,000	9,506,000	9,506,000	6,020,000	2,843,000	6,544,000	8,339,000	3,863,000	8,288,000	5,695,000	32,660,000	57,776,000	18,334,000	26,617,000	3,910,000	4,762,000	6,275,000	6,721,000	14,018,000	14,782,000	12,989,000	5,257,000	8,055,000	10,511,000	10,811,000	19,880,000	11,714,000	12,412,000	8,298,000		2,657,866	1,715,364		1,566,355	1,020,174	1,397,755	631,978	641,857	1,230,077	578,687	763,009	1,116,799
restricted cash	2,472,000			10,228,000	10,146,000				68,000	97,000	122,000	193,000	189,000	63,000	184,000	120,000	193,000	106,000	211,000	106,000	179,000	128,000	155,000	105,000	113,000	106,000	99,000	100,000	128,000	91,000	213,000	257,000	205,000	105,000	127,000	156,000	56,000	103,000	117,000	210,000	121,000	86,000
escrows and deposits	5,170,000	4,293,000	2,691,000	894,000	4,006,000	3,667,000	17,679,000	17,272,000	24,148,000
accrued rents and accounts receivable, net of allowance for doubtful accounts	37,447,000	34,090,000	32,508,000	33,865,000	33,820,000	32,541,000	30,919,000	31,055,000	30,592,000	28,983,000	27,027,000	26,892,000	25,570,000	25,183,000	23,145,000	23,936,000	22,395,000	21,991,000	21,346,000	23,309,000	23,009,000	23,604,000	24,676,000	22,896,000	22,854,000	22,232,000	22,179,000	22,746,000	21,642,000	21,906,000	20,464,000	24,675,000	23,504,000	22,212,000	20,482,000	20,680,000	19,951,000	16,970,000	16,717,000	16,471,000	15,466,000	14,099,000	12,830,000	12,188,000	11,834,000	10,735,000	10,316,000	10,523,000	9,929,000	9,169,000	9,169,000	8,850,000	9,059,000	7,947,000	7,177,000	6,727,000	6,472,000	6,053,000	5,309,000	4,998,000	5,195,000	4,393,000	4,515,000	4,470,000
receivable from partnership redemption		31,643,000	31,643,000	31,643,000	31,643,000	31,643,000	31,643,000	31,643,000
receivable due from related party		1,327,000	14,959,000	14,958,000	15,186,000	15,186,000	1,532,000	1,522,000	1,513,000	1,505,000	1,436,000	1,403,000	1,377,000	1,333,000	1,220,000	1,011,000	847,000	651,000	647,000	731,000	335,000	1,302,000	1,069,000	896,000	477,000	379,000	650,000	965,000	394,000
unamortized lease commissions, legal fees and loan costs	17,865,000	17,282,000	14,724,000	14,268,000	14,693,000	14,148,000	14,566,000	14,200,000	13,783,000	12,741,000	12,854,000	12,412,000	12,697,000	12,131,000	8,493,000	8,458,000	8,442,000	8,356,000	8,321,000	7,951,000	7,686,000	8,082,000	8,194,000	8,775,000	8,960,000	9,011,000	9,079,000
prepaid expenses and other assets	3,934,000	4,678,000	6,002,000	6,034,000	7,805,000	2,826,000	12,065,000	11,302,000	4,765,000	15,156,000	11,945,000	7,416,000	7,838,000	9,978,000	3,075,000	3,545,000	1,995,000	2,371,000	3,737,000	3,127,000	2,049,000	2,444,000	3,364,000	4,469,000	3,819,000	3,471,000	4,328,000	7,250,000	7,306,000	10,597,000	10,217,000	9,451,000	3,228,000	3,448,000	3,431,000	3,519,000	2,762,000	2,808,000	3,129,000	3,445,000	2,672,000	2,817,000	2,858,000	3,067,000	2,215,000	2,226,000	2,543,000	2,781,000	2,089,000	2,749,000	2,749,000	2,864,000	2,939,000	2,244,000	1,271,000	1,481,000	875,000	975,000	705,000	840,000	1,140,000	705,000	1,531,000	1,038,000	685,000	828,000	978,000	1,298,000	815,000	3,699,000	1,439,000	1,472,000	886,000	512,000	749,000	824,000	552,000		1,195,931	1,194,604		272,851	412,929	594,966	103,301	276,433	387,442	146,366	215,038	341,846
finance lease right-of-use assets	10,315,000	10,341,000	10,367,000	10,393,000	10,427,000	10,449,000	10,471,000	10,406,000	10,428,000	10,450,000	10,471,000	10,493,000	10,522,000
total assets	1,171,263,000	1,146,346,000	1,155,534,000	1,126,691,000	1,134,639,000	1,112,561,000	1,140,370,000	1,121,684,000	1,113,239,000	1,117,549,000	1,128,836,000	1,093,893,000	1,102,767,000	1,099,933,000	1,089,051,000	1,095,001,000	1,102,090,000	1,071,069,000	1,034,110,000	1,036,644,000	1,045,002,000	1,064,925,000	1,070,643,000	1,071,326,000	1,056,260,000	1,011,760,000	1,013,188,000	1,018,655,000	1,028,872,000	1,060,446,000	1,059,950,000	1,071,247,000	1,071,732,000	1,070,148,000	1,071,405,000	856,834,000	855,209,000	858,487,000	786,023,000	782,961,000	783,877,000	783,628,000	685,603,000	639,355,000	634,297,000	545,472,000	505,125,000	504,692,000	507,974,000	454,632,000	454,632,000	451,491,000	405,831,000	385,371,000	365,886,000	278,637,000	274,742,000	273,493,000	248,690,000	252,128,000	195,394,000	198,365,000	176,292,000	177,587,000	182,000,000	184,914,000	187,355,000	187,670,000	177,945,000	167,547,000	169,009,000	175,147,000	175,144,000	176,217,000	169,360,000	170,617,000	167,087,000	171,372,946	171,047,101	171,372,946	171,462,000	155,093,203	146,938,951	145,928,629	142,616,940	133,590,789	145,502,645	134,066,391	121,092,550	121,515,904
liabilities and equity
liabilities:
notes payable	643,925,000	641,626,000	670,345,000	641,295,000	631,518,000	633,552,000	665,667,000	644,981,000	640,172,000	632,750,000	650,024,000	630,409,000	625,427,000	637,138,000	638,011,000	643,876,000	642,842,000	618,649,000	614,441,000	645,230,000	644,185,000	666,516,000	676,371,000	675,409,000	644,699,000	621,737,000	622,333,000	622,918,000	618,205,000	666,624,000	667,595,000	668,526,000	659,068,000	662,675,000	663,480,000	555,399,000	544,020,000	549,671,000	500,553,000	505,337,000	499,747,000	498,468,000	403,287,000	403,524,000	394,093,000	304,090,000	264,123,000	264,649,000	264,277,000	266,260,000	266,260,000	266,401,000	216,935,000	190,608,000	167,816,000	140,051,000	134,208,000	127,890,000	102,234,000	103,050,000	103,760,000	101,667,000	100,837,000	101,569,000	101,782,000	102,461,000	109,409,000	109,994,000	100,003,000	88,633,000	88,488,000	88,532,000	83,461,000	83,610,000	75,519,000	75,656,000	66,363,000		70,858,404	73,316,704		63,520,797	57,656,589	60,062,756	57,226,111	49,042,069	57,834,269	47,343,182	34,531,382	34,668,455
accounts payable and accrued expenses	45,715,000	40,871,000	33,497,000	30,376,000	40,703,000	36,185,000	33,223,000	32,133,000	36,513,000	35,148,000	30,571,000	28,311,000	36,154,000	35,797,000	28,864,000	31,009,000	45,777,000	44,563,000	40,608,000	41,163,000	50,918,000	49,861,000	45,127,000	43,073,000	39,336,000	38,933,000	34,194,000	29,650,000	33,729,000	32,846,000	29,157,000	30,198,000	35,995,000	35,041,000	30,206,000	18,044,000	28,692,000	31,920,000	30,182,000	25,019,000	24,051,000	21,828,000	15,940,000	15,051,000	15,882,000	15,113,000	12,405,000	12,546,000	12,773,000	13,505,000	13,505,000	10,489,000	11,453,000	13,824,000	11,099,000	7,034,000	6,049,000	9,017,000	7,800,000	5,825,000	5,212,000	7,224,000	7,628,000	6,513,000	9,954,000	11,769,000	6,652,000	5,010,000	7,422,000	6,639,000	5,674,000	4,734,000	6,734,000	4,551,000	3,014,000	2,228,000	5,398,000		2,241,951	1,425,780		2,996,142	2,378,041	1,369,042	3,354,610	2,321,993	1,935,600	3,324,461	2,737,925	2,058,102
payable due to related party		1,535,000	1,535,000	1,535,000	1,577,000	1,577,000	1,577,000	1,577,000	1,577,000	1,577,000	1,577,000	1,562,000	1,561,000	1,560,000	1,435,000	1,207,000	997,000	530,000	514,000	160,000	125,000	845,000	705,000	451,000	307,000	73,000	89,000	204,000	58,000
tenants' security deposits	9,652,000	9,469,000	9,416,000	9,188,000	9,295,000	9,175,000	9,038,000	8,799,000	8,614,000	8,445,000	8,403,000	8,343,000	8,428,000	8,443,000	8,314,000	8,093,000	8,070,000	7,718,000	7,280,000	7,059,000	6,916,000	6,915,000	6,881,000	6,756,000	6,617,000	6,440,000	6,387,000	6,213,000	6,130,000	5,920,000	5,769,000	7,028,000	6,885,000	6,746,000	6,600,000	6,279,000	6,125,000	6,066,000	5,578,000	5,434,000	5,254,000	5,043,000	4,639,000	4,418,000	4,372,000	4,037,000	3,807,000	3,717,000	3,591,000	3,360,000	3,360,000	3,348,000	3,151,000	3,024,000	2,846,000	2,393,000	2,277,000	2,232,000	1,956,000	1,824,000	1,815,000				1,630,000	1,646,000	1,659,000				1,582,000	1,702,000		1,619,000	1,525,000	1,485,000			1,531,448
dividends and distributions payable	7,370,000	6,974,000	6,974,000	6,958,000	6,931,000	6,279,000	6,228,000	6,215,000	6,025,000	6,022,000	6,020,000	6,009,000	6,008,000	6,004,000	6,001,000	5,990,000	5,366,000	5,333,000	4,995,000	4,660,000	4,532,000	4,528,000	4,528,000	4,519,000	12,203,000	11,820,000	11,710,000	11,617,000	11,600,000	11,600,000	11,628,000	11,489,000	11,466,000	11,401,000	11,289,000	8,883,000	8,729,000	8,647,000	8,169,000	7,962,000	7,834,000	7,834,000	7,800,000	6,747,000	6,627,000	6,625,000	6,609,000	6,428,000	6,418,000	5,109,000	5,109,000	5,028,000	5,028,000	5,028,000	5,027,000	3,655,000	3,649,000	3,647,000	3,647,000	3,647,000	2,133,000	2,133,000	1,511,000	596,000	1,775,000	1,775,000	1,775,000	1,696,000	1,719,000	1,657,000	2,167,000	2,371,000	2,403,000	2,403,000
finance lease liabilities	741,000	751,000	760,000	772,000	781,000	789,000	797,000	716,000	721,000	725,000	729,000	733,000	735,000
total liabilities	707,403,000	701,226,000	722,527,000	690,124,000	690,805,000	687,557,000	716,530,000	694,421,000	693,622,000	684,667,000	697,324,000	675,367,000	678,313,000	688,942,000	682,625,000	690,175,000	703,052,000	676,793,000	667,838,000	698,272,000	706,676,000	728,665,000	733,612,000	730,208,000	703,162,000	679,003,000	674,713,000	670,602,000	669,722,000	716,990,000	714,149,000	717,241,000	713,414,000	715,863,000	711,575,000	588,605,000	587,566,000	596,304,000	544,482,000	543,752,000	536,886,000	533,173,000	431,666,000	429,740,000	420,974,000	329,865,000	286,944,000	287,340,000	287,059,000	288,234,000	288,234,000	285,266,000	236,567,000	212,484,000	186,788,000	153,133,000	146,183,000	142,786,000	115,637,000	114,414,000	112,920,000	112,728,000	111,642,000	110,312,000	115,141,000	117,651,000	119,495,000	118,362,000	110,773,000	98,559,000	97,911,000	97,339,000	94,262,000	92,183,000	83,229,000	82,322,000	76,464,000		78,284,615	80,908,500		72,262,445	65,594,977	66,592,770	66,298,834	55,824,342	64,182,357	55,182,961	41,355,970	40,983,444
commitments and contingencies:
equity:
preferred shares, 0.001 par value per share...
common shares, 0.001 par value per share...	51,000	51,000	51,000	51,000	51,000	51,000	50,000	50,000	50,000	50,000	50,000	49,000	49,000	49,000	49,000	48,000	48,000	48,000	45,000	43,000	42,000	42,000	42,000	41,000	41,000	40,000	40,000	40,000	39,000	38,000	38,000	38,000	38,000	38,000	38,000	30,000	29,000	29,000	28,000	27,000	27,000	27,000	27,000	23,000	23,000	23,000	23,000	22,000	22,000	17,000	17,000	17,000	17,000	16,000	15,000								10,000	10,000				10,000	10,000	10,000			10,000							9,346					7,010		4,907	4,907	4,907	4,907
additional paid-in capital	641,234,000	639,101,000	637,748,000	637,497,000	637,946,000	636,192,000	627,459,000	627,876,000	628,079,000	626,815,000	626,022,000	625,557,000	624,785,000	623,838,000	622,593,000	622,064,000	623,462,000	618,963,000	589,764,000	563,338,000	562,250,000	560,129,000	558,516,000	556,729,000	554,816,000	540,116,000	533,583,000	528,815,000	527,662,000	525,780,000	524,191,000	522,730,000	521,314,000	509,774,000	507,227,000	403,783,000	396,494,000	390,966,000	372,650,000	361,250,000	359,971,000	358,136,000	356,517,000	305,862,000	304,078,000	302,483,000	299,291,000	292,040,000	291,571,000	231,001,000	231,001,000	225,916,000	225,365,000	224,237,000	223,007,000	164,231,000	162,870,000	158,127,000	153,105,000	153,170,000	93,386,000				69,952,000	69,753,000	69,566,000	69,372,000	69,188,000	71,667,000	72,273,000	72,273,000	72,273,000							66,420,123		55,415,884	52,377,496	49,331,505	45,527,152	45,527,152	45,529,255	45,529,255	45,529,255	45,529,255
accumulated deficit	-183,586,000	-199,141,000	-210,587,000	-208,754,000	-205,557,000	-216,044,000	-217,401,000	-213,798,000	-216,963,000	-212,551,000	-209,087,000	-214,450,000	-212,366,000	-226,374,000	-224,363,000	-222,792,000	-223,973,000	-221,277,000	-218,842,000	-219,016,000	-215,809,000	-214,468,000	-210,921,000	-206,886,000	-204,049,000	-207,824,000	-198,056,000	-189,938,000	-181,361,000	-198,199,000	-194,520,000	-184,853,000	-176,684,000	-167,397,000	-159,413,000	-148,828,000	-141,695,000	-133,779,000	-126,300,000	-119,765,000	-116,895,000	-111,263,000	-105,140,000	-99,006,000	-93,938,000	-90,289,000	-84,911,000	-79,598,000	-75,721,000	-69,879,000	-69,879,000	-65,555,000	-61,697,000	-57,830,000	-51,686,000	-46,639,000	-43,692,000	-41,060,000	-38,413,000	-35,799,000	-32,035,000	-29,632,000	-28,036,000	-26,486,000	-26,372,000	-25,991,000	-25,490,000	-24,436,000	-23,307,000	-21,995,000	-20,732,000	-20,779,000	-19,210,000	-17,444,000	-16,115,000	-14,743,000	-13,108,000		-10,294,183	-9,709,518		-7,671,128	-6,767,221	-6,162,526		-4,976,093		-4,218,178
accumulated other comprehensive income	391,000	-520,000	301,000	2,231,000	5,713,000	-679,000	8,152,000	7,517,000	2,576,000	12,491,000	8,453,000	1,457,000	5,980,000	7,646,000	1,774,000
total whitestone reit shareholders' equity	458,090,000	439,491,000	427,513,000	431,025,000	438,153,000	419,520,000	418,260,000	421,645,000	413,742,000	426,805,000	425,438,000	412,613,000	418,448,000	405,159,000	400,053,000	398,460,000	392,783,000	388,008,000	360,001,000	332,145,000	332,083,000	329,996,000	330,722,000	333,672,000	345,317,000	324,976,000	330,395,000	339,643,000	350,456,000	334,653,000	336,139,000	343,443,000	347,604,000	343,419,000	348,697,000	256,550,000	255,687,000	250,265,000	237,930,000	235,445,000	242,974,000	246,254,000	250,943,000	206,516,000	210,072,000	212,259,000	214,161,000	212,454,000	215,818,000	161,071,000	161,071,000	160,668,000	163,325,000	166,031,000	170,909,000	117,105,000	118,775,000	115,958,000	113,157,000	117,213,000	61,356,000				43,590,000	43,772,000	44,086,000
noncontrolling interest in subsidiary	5,770,000	5,629,000	5,494,000	5,542,000	5,681,000	5,484,000	5,580,000	5,618,000	5,875,000	6,077,000	6,074,000	5,913,000	6,006,000	5,832,000	6,373,000	6,366,000	6,255,000	6,268,000	6,271,000	6,227,000	6,243,000	6,264,000	6,309,000	7,446,000	7,781,000	7,781,000	8,080,000	8,410,000	8,694,000	8,803,000	9,662,000							11,918,000	3,611,000	3,764,000	4,017,000	4,201,000	2,994,000	3,099,000	3,251,000	3,348,000	4,020,000	4,898,000	5,097,000	5,327,000	5,327,000	5,557,000	5,939,000	6,856,000	8,189,000	8,399,000	9,784,000	14,749,000				21,886,000	22,346,000	23,183,000	23,269,000	23,491,000	23,774,000	24,362,000
total equity	463,860,000	445,120,000	433,007,000	436,567,000	443,834,000	425,004,000	423,840,000	427,263,000	419,617,000	432,882,000	431,512,000	418,526,000	424,454,000	410,991,000	406,426,000	404,826,000	399,038,000	394,276,000	366,272,000	338,372,000	338,326,000	336,260,000	337,031,000	341,118,000	353,098,000	332,757,000	338,475,000	348,053,000	359,150,000	343,456,000	345,801,000	354,006,000	358,318,000	354,285,000	359,830,000	268,229,000	267,643,000	262,183,000	241,541,000	239,209,000	246,991,000	250,455,000	253,937,000	209,615,000	213,323,000	215,607,000	218,181,000	217,352,000	220,915,000	166,398,000	166,398,000	166,225,000	169,264,000	172,887,000	179,098,000	125,504,000	128,559,000	130,707,000	133,053,000	137,714,000	82,474,000	85,637,000	64,650,000	67,275,000	66,859,000	67,263,000	67,860,000	69,308,000
total liabilities and equity	1,171,263,000	1,146,346,000	1,155,534,000	1,126,691,000	1,134,639,000	1,112,561,000	1,140,370,000	1,121,684,000	1,113,239,000	1,117,549,000	1,128,836,000	1,093,893,000	1,102,767,000	1,099,933,000	1,089,051,000	1,095,001,000	1,102,090,000	1,071,069,000	1,034,110,000	1,036,644,000	1,045,002,000	1,064,925,000	1,070,643,000	1,071,326,000	1,056,260,000	1,011,760,000	1,013,188,000	1,018,655,000	1,028,872,000	1,060,446,000	1,059,950,000	1,071,247,000	1,071,732,000	1,070,148,000	1,071,405,000	856,834,000	855,209,000	858,487,000	786,023,000	782,961,000	783,877,000	783,628,000	685,603,000	639,355,000	634,297,000	545,472,000	505,125,000	504,692,000	507,974,000	454,632,000	454,632,000	451,491,000	405,831,000	385,371,000	365,886,000	278,637,000	274,742,000	273,493,000	248,690,000	252,128,000	195,394,000	198,365,000	176,292,000	177,587,000	182,000,000	184,914,000	187,355,000	187,670,000
investment in real estate partnership									31,671,000	33,200,000	33,574,000	34,608,000	34,826,000	34,891,000	34,827,000	34,868,000	34,588,000	34,408,000	34,257,000	34,068,000	33,979,000	34,849,000	34,653,000	34,289,000	34,097,000	26,423,000	26,014,000	26,138,000	26,236,000	2,770,000	4,419,000
escrows and acquisition deposits										10,545,000	22,292,000	10,031,000	12,827,000	12,329,000	10,672,000	9,449,000	11,323,000	10,437,000	10,402,000	6,923,000	9,274,000	7,866,000	6,940,000	6,320,000	8,388,000	8,163,000	6,623,000	6,386,000	8,211,000	7,702,000	6,515,000	6,690,000	10,104,000	9,116,000	7,408,000	5,740,000	6,620,000	6,183,000	5,824,000	7,675,000	6,668,000	5,537,000	4,864,000	3,386,000	4,092,000	4,116,000	2,419,000	2,191,000	2,095,000	6,129,000	6,129,000	5,396,000	4,529,000	6,672,000	5,539,000	3,767,000	2,618,000	4,996,000	4,092,000	2,491,000	1,456,000	4,332,000	6,149,000	6,108,000	8,155,000	4,754,000	3,036,000	1,818,000	4,076,000				486,000	606,000	308,000	248,000	382,000		4,414,617	4,525,647		4,612,768	4,110,973	2,320,159	4,978,362	2,674,235	2,269,852	3,188,649	2,863,060	2,253,406
accumulated other comprehensive loss																-860,000	-6,754,000	-9,726,000	-10,966,000	-12,220,000	-14,400,000	-15,707,000	-16,915,000	-16,212,000														-6,951,000	-8,448,000	-6,067,000	-129,000	-646,000	-461,000	-363,000	-91,000		-242,000	-10,000	-54,000	-68,000	-68,000		-360,000	-392,000	-427,000	-497,000	-413,000	-1,119,000	-1,545,000	-168,000										-73,000	-332,000	-600,000	-230,000
financed receivable due from related party																										5,661,000	5,661,000	5,661,000	5,661,000
accumulated other comprehensive gain																									-5,491,000	-7,356,000	-5,172,000	726,000	4,116,000	7,034,000	6,430,000	5,528,000	2,936,000	1,004,000	845,000	1,565,000	859,000									42,000						290,000
unamortized lease commissions and loan costs																												9,228,000	6,698,000	6,847,000	6,911,000	8,260,000	8,422,000	8,397,000	8,283,000	7,857,000	8,083,000	8,340,000	8,039,000	8,005,000	9,970,000	8,333,000	8,351,000	8,590,000	8,879,000	6,422,000	5,910,000	6,083,000	6,227,000	5,564,000	5,564,000	5,079,000	5,025,000	4,160,000	4,269,000	4,495,000	4,752,000	3,755,000	3,618,000	3,684,000	3,476,000	3,659,000	3,743,000	3,750,000	3,973,000	4,211,000	4,299,000	4,400,000	4,338,000	3,098,000	3,356,000	3,747,000	2,958,000	2,868,000
marketable securities																																	32,000	242,000	550,000	517,000	517,000	456,000	467,000	430,000	435,000	414,000	422,000	1,015,000	973,000	926,000	982,000	960,000	877,000	873,000	873,000	912,000	1,705,000	1,403,000	1,373,000	2,786,000	4,034,000	5,131,000	4,579,000	9,381,000	995,000
noncontrolling interests:
redeemable operating partnership units																																10,642,000	10,800,000	11,002,000	11,219,000	11,641,000	11,941,000
noncontrolling interest in consolidated partnership																																-79,000	-86,000	-136,000	-86,000	38,000	15,000
total noncontrolling interests																																10,563,000	10,714,000	10,866,000	11,133,000	11,679,000	11,956,000
other assets - discontinued operations																																																												86,000
other liabilities - discontinued operations																																																												68,000
related party receivable																																																						652,000
class a common shares, 0.001 par value per share...																																																									1,000	2,000				3,000
class b common shares, 0.001 par value per share...																																																								10,000	9,000	8,000				2,000
real estate assets, at cost:
commitments and contingencies
net operating real estate assets																																																											197,727,000	171,704,000									150,847,000	151,115,000	142,205,000
real estate assets held-for-sale																																																												1,168,000
and outstanding at september 30, 2011 and december 31, 2010
3,471,090 and 3,471,187 issued and outstanding as of september 30, 2011 and
december 31, 2010, respectively																																																											3,000	3,000	3,000
7,511,269 and 2,200,000 issued and outstanding as of september 30, 2011 and
noncontrolling interests in subsidiary																																																											19,896,000	20,501,000	21,118,000
and outstanding at june 30, 2011 and december 31, 2010, respectively
3,471,157 and 3,471,187 issued and outstanding as of june 30, 2011 and
7,510,000 and 2,200,000 issued and outstanding as of june 30, 2011 and
and outstanding at march 31, 2011 and december 31, 2010, respectively
3,471,157 and 3,471,187 issued and outstanding as of march 31, 2011 and
2,200,000 issued and outstanding as of march 31, 2011 and december 31, 2010,
respectively																																																													2,000
tenants’ security deposits																																																														1,704,000	1,666,000	1,634,000				1,662,000	1,629,000	1,630,000			1,664,000				1,455,000			1,467,069		1,278,777	1,200,413	1,101,119	1,066,147	1,051,239	1,052,671	1,061,209	1,076,842	1,107,089
additional paid-in-capital																																																														93,378,000	70,330,000	70,568,000										72,273,000	72,273,000	72,274,000	72,012,000		69,629,173
total whitestone reit shareholders’ equity																																																														63,751,000	42,304,000	44,092,000				44,946,000
accrued rent and accounts receivable, net of allowance for doubtful accounts																																																																	4,514,000	9,478,000	5,617,000	5,026,000	4,880,000				5,611,000
shares authorized; none issued and outstanding at december 31, 2009 and 2008
shares authorized; 10,337,307 and 9,707,307 issued and outstanding at december 31, 2009 and 2008, respectively																																																																	10,000
shares authorized; none issued and outstanding
as of september 30, 2009 and december 31, 2008
shares authorized; 10,337,307 and 9,707,307 issued and
outstanding as of september 30, 2009 and december 31, 2008, respectively																																																																		10,000
as of june 30, 2009 and december 31, 2008
outstanding as of june 30, 2009 and december 31, 2008, respectively																																																																			10,000
properties under development, including land
properties - discontinued operations
liabilities and shareholders’ equity
minority interests of unit holders in operating partnership:
4,739,886 and 5,808,337 units at december 31, 2008 and 2007, respectively																																																																					21,281,000
shareholders’ equity																																																																																	53,728,000
total shareholders’ equity																																																																					45,891,000	47,130,000			52,843,000				58,914,000			56,719,951		47,752,894	45,618,068	43,176,422	39,828,992	40,558,069	40,828,325	41,315,984	41,798,990	42,255,071
total liabilities and shareholders’ equity																																																																					177,945,000	167,547,000			175,144,000				167,087,000			171,372,946		155,093,203	146,938,951	145,928,629	142,616,940	133,590,789	145,502,645	134,066,391	121,092,550	121,515,904
accrued rent and accounts receivable																																																																						4,378,000	4,844,000
minority interests of unit holders in operating partnership; 4,739,886 and 5,808,337 units at september 30, 2008 and december 31, 2007, respectively																																																																						21,858,000
shareholders’ equity:
treasury shares, at cost																																																																						-2,479,000	-2,479,000
properties under development																																																																							9,110,000
liabilities and shareholders' equity
liabilities																																																																																	83,462,000
minority interests of unit holders in operating partnership;
4,739,886 and 5,808,337 units at june 30, 2008
and december 31, 2007, respectively																																																																							22,358,000
shareholders' equity
at june 30, 2008 and december 31, 2007
shares authorized; 9,707,307 and 10,001,269 issued and
outstanding at june 30, 2008 and december 31, 2007, respectively																																																																							10,000
total shareholders' equity																																																																							48,740,000	50,904,000		54,839,000	56,168,000	57,541,000			59,344,700
total liabilities and shareholders' equity																																																																							169,009,000	175,147,000		176,217,000	169,360,000	170,617,000		171,372,946	171,047,101
accrued rent and accounts receivable, net of allowance for
doubtful accounts																																																																								5,151,000		5,358,000
5,808,337 units at march 31, 2008 and december 31, 2007																																																																								26,904,000
at march 31, 2008 and december 31, 2007
shares authorized; 10,001,269 issued and
outstanding at march 31, 2008 and december 31, 2007																																																																								10,000
note receivable																																																																											589,000	597,000	604,000		621,290	622,135		639,104	642,058	652,030	655,035	671,393	686,358	687,003	694,400	710,329
minority interests of unit holders in operating partnership; 5,808,337 units at december 31, 2007 and 2006																																																																									28,039,000
5,808,337 units at september 30, 2007 and december 31, 2006																																																																										29,195,000
at september 30, 2007 and december 31, 2006
shares authorized; 10,001,269 and 9,974,362 issued and
outstanding at september 30, 2007 and december 31, 2006, respectively																																																																										10,000
real estate																																																																											147,691,000	148,375,000	149,599,000		152,211,225	152,933,326	153,965,000	137,379,365	130,452,171	131,316,330	126,547,214	119,146,165	119,571,894	120,256,354	107,853,291	108,368,821
land																																																																											32,662,000	32,662,000	32,662,000		32,770,566	32,770,566		30,750,645	29,552,752	29,552,752	28,446,210	26,664,999	26,664,999	26,664,999	24,044,499	24,044,499
buildings and improvements																																																																											140,941,000	140,428,000	141,196,000		141,803,741	141,344,762		125,266,042	118,426,973	118,242,872	113,551,420	105,863,155	105,318,184	105,055,635	94,329,704	93,918,553
less accumulated depreciation																																																																											-25,912,000	-24,715,000	-24,259,000		-22,363,082	-21,182,002		-18,637,322	-17,527,554	-16,479,294		-13,381,989		-11,464,280
receivables																																																																											5,354,000	5,224,000	4,762,000		6,614,112	7,192,534		6,826,267	6,894,330	6,921,235	6,903,756	6,559,763	5,973,776	6,169,671	5,780,821	5,713,224
accounts receivable																																																																											2,007,000	2,010,000	1,727,000			1,259,745					1,008,621		354,869	526,855	99,658	263,566
accrued rent receivable																																																																											3,090,000	3,002,000	3,035,000		2,773,999	2,691,821		2,823,313	2,769,000	2,609,683	2,594,933	2,172,151	2,019,980	1,963,214	2,067,514	1,928,959
other receivables																																																																											257,000	212,000
deferred costs																																																																											2,955,000	2,937,000	2,890,000	3,189,336	3,332,060	3,189,336		3,796,493	3,406,316	2,726,154	2,797,294	2,904,392	2,958,454	3,039,661	2,922,931	3,011,479
due to affiliates																																																																													103,000		175,245	308,669		168,692	217,218	310,845	675,861	746,076	763,149	757,451	766,584	906,561
prepaid rent																																																																											768,000	595,000	745,000		580,355	428,160		373,844	494,381	302,604	254,765	419,728	353,431	453,421
dividends payable																																																																											1,532,000	1,487,000	1,495,000		1,443,346	1,631,724		1,412,087	1,351,181	1,281,800	1,230,281	1,226,777	1,226,777	1,226,777	1,226,777	1,226,777
distributions payable																																																																											871,000	871,000	905,000
5,808,337 units at june 30, 2007 and december 31, 2006																																																																											29,963,000
at june 30, 2007 and december 31, 2006
oustanding at june 30, 2007 and december 31, 2006, respectively																																																																											10,000
whitestone reit and subsidiary
consolidated balance sheets
5,808,337 units at march 31, 2007 and december 31, 2006																																																																												30,754,000
at march 31, 2007 and december 31, 2006
oustanding at march 31, 2007 and december 31, 2006, respectively																																																																												10,000
due from affiliates																																																																															2,891,102	3,240,968		3,110,627	3,211,957	3,213,160	3,300,202	3,711,865	3,598,927	3,679,602	3,613,649	3,520,699
offering proceeds escrowed																																																																															582,616	1,303,480		1,485,192	1,270,240	1,137,690	1,471,696
5,808,337 units at december 31, 2006 and 2005																																																																													31,709,000
at december 31, 2006 and 2005
shares authorized; 9,974,362 and 8,913,654 issued and
oustanding at december 31, 2006 and 2005, respectively																																																																													10,000
consolidated balance sheet
minority interests of unit holders in operating partnership																																																																														33,744,495
total shareholders'equity																																																																														56,719,951
consolidated statement of income
amortization expense																																																																														201,220
income before minority interests																																																																														1,262,710			4,339,000
minority interests in operating partnership																																																																														-499,335			34,272,000
net income																																																																														763,375			2,448,000
net income per common share																																																																														0.083			310
accounts of 590,525 and 472,875 as of june 30, 2006
and december 31, 2005, respectively																																																																															949,011
other liabilities																																																																															871,250	1,026,914		1,026,914	1,026,914	1,026,914	1,019,363	1,016,460	1,016,460	1,016,460	1,016,460	1,016,460
5,808,337 units at june 30, 2006
and december 31, 2005																																																																															33,417,786
at june 30, 2006 and december 31, 2005
shares authorized; 9,709,871 and 8,913,654 issued and
oustanding at june 30, 2006 and december 31, 2005																																																																															9,710
minority interests of unit holders in operating partnership; 5,808,337 units at march 31, 2006 and december 31, 2005																																																																																33,744,495
income statement data:
revenues																																																																																	25,219,000
operating expenses																																																																																	11,011,000
interest																																																																																	3,770,000
depreciation and amortization																																																																																	6,099,000
total expenses																																																																																	20,880,000
minority interest in income																																																																																	-1,891,000
weighted average shares outstanding																																																																																	7,888,000
balance sheet data:
other assets																																																																																	17,497,000
cash flow data:
proceeds from issuance of common shares																																																																																	17,035,000
additions to real estate																																																																																	31,792,000
other financial data:
distributions per share																																																																																	707.2
accounts of 498,475 and 342,690 as of september 30, 2005
and december 31, 2004, respectively																																																																																		892,327	913,373	1,098,392
liabilities, minority interests and shareholders’ equity
5,808,337 units at september 30, 2005
and december 31, 2004																																																																																		35,077,864	35,725,906	36,159,437
at september 30, 2005 and december 31, 2004
shares authorized; 8,137,746 and 7,010,146 issued and
outstanding at september 30, 2005 and december 31, 2004																																																																																		8,138
accounts of 412,250 and 342,690 as of june 30, 2005
5,808,337 units at june 30, 2005
at june 30, 2005 and december 31, 2004
shares authorized; 7,793,103 and 7,010,146 issued and
outstanding at june 30, 2005 and december 31, 2004																																																																																			7,793
accounts of 510,675 and 342,690 as of march 31, 2005
5,808,337 units at march 31, 2005
at march 31, 2005 and december 31, 2004
shares authorized; 7,443,420 and 7,010,146 issued and
outstanding at march 31, 2005 and december 31, 2004																																																																																				7,443
minority interests of unit holders in operating partnership, 5,808,337 units at december 31, 2004 and 2003																																																																																					36,489,114
investment in real estate held for sale																																																																																						716,551	12,424,792
accounts of 375,625 and 350,750 as of june 30, 2004
and december 31, 2003, respectively																																																																																						675,747
5,808,337 units at june 30, 2004
and december 31, 2003																																																																																						37,015,821
minority interests in real estate held for sale																																																																																						192,557	3,295,288
at june 30, 2004 and december 31, 2003
shares authorized; 7,010,146 issued and outstanding at
june 30, 2004 and december 31, 2003																																																																																						7,010
minority interests of unit holders in operating partnership; 4,065,840 units at march 31, 2004 and december 31, 2003																																																																																							37,196,675
note payable to affiliate
minority interests of unit holders in operating partnership; 4,065,840 units at december 31, 2003 and 2002																																																																																								37,567,446
minority interests of unit holders in operating partnership; 4,065,840 units at september 30, 2003 and december 31, 2002																																																																																									37,937,590
current liabilities
minority interests of unit holders in operating partnership; 4,065,840 and 4,065,840 units at june 30, 2003 and december 31, 2002, respectively																																																																																										38,277,389

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	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	2010-09-30	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	23,125,000	18,565,000	5,118,000	3,748,000	17,560,000	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	234,000	255,000	335,000		601,000							-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	9,757,000	8,331,000	8,517,000	9,324,000	8,652,000	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	1,830,000	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	487,000	297,000	281,000	280,000	283,000	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	-15,783,000	-13,967,000			-11,913,000	-3,762,000	75,000	-6,525,000
gain on partnership redemption
loss on disposal of assets	142,000	-56,000	53,000	100,000	364,000	111,000			22,000	480,000	14,000	6,000																																																	72,000	8,000	33,000
bad debt	98,000	55,000	405,000	319,000	197,000	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
accretion of debt discount
share-based compensation	2,032,000	1,326,000	980,000	981,000	1,774,000	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	76,000	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	7,000	26,000	26,000	34,000	22,000	22,000	21,000	22,000	22,000	21,000	22,000	29,000
building improvements received due to lease termination
extinguishment of debt cost
changes in operating assets and liabilities:
escrows and deposits	-727,000	-1,752,000	-1,797,000	3,112,000	271,000	-231,000	-407,000	6,876,000
accrued rents and accounts receivable	-3,297,000	-1,704,000	1,019,000	-364,000	-1,435,000	-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	-2,000	-1,000	-1,000	228,000	0	-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	-1,460,000	-889,000	-557,000	-728,000	-1,544,000	-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	859,000	438,000	-544,000	-1,766,000	575,000	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	251,000	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	2,481,000	6,471,000	315,000	-12,038,000	3,894,000	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	234,000	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	-42,000					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	183,000	53,000	228,000	-107,000	120,000	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	15,866,000	17,990,000	13,836,000	3,081,000	18,071,000	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	4,592,000	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
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0
free cash flows	15,866,000	17,990,000	13,836,000	3,081,000	18,071,000	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	4,592,000	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	-38,412,000	-13,518,000			-5,614,000	-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	-7,182,000	-7,019,000	-6,247,000	-3,914,000	-6,925,000	-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	-1,510,000	-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 properties					5,560,000	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
proceeds from sale of property held in restricted cash
escrowed loan repayment on behalf of real estate partnership
receipt of funds from real estate partnership for loan repayment	0
proceeds from partnership redemption
net cash from investing activities	5,629,000	23,370,000	-46,382,000	-3,914,000	3,167,000	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	-3,735,000	-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	-6,858,000	-6,845,000	-6,845,000	-6,247,000	-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	-87,000	-87,000	-87,000	-81,000	-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	-523,000	-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					0												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					0												-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 proceeds from (payment of) revolving credit facility
proceeds from notes payable					20,000,000	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
repayments of notes payable	0	0	0	-17,572,000	-18,066,000	-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	-784,000	-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
payments of loan origination costs					0								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
repurchase of common shares	0	-758,000	0	-1,510,000	0	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															0
proceeds from borrowings under unsecured term loan	0
repayment of borrowings under unsecured term loan	0
payment of finance lease liability	-10,000	-9,000	-12,000	-9,000	-8,000	-8,000	-5,000	-5,000	-4,000	-4,000	-4,000	-2,000
net cash from financing activities	-20,983,000	-39,836,000	22,056,000	1,277,000	-8,402,000	-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	21,850,000	-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 increase in cash, cash equivalents and restricted cash				444,000				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
cash, cash equivalents and restricted cash at beginning of period	0	0	0	15,370,000	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	512,000	1,524,000	-10,490,000	15,814,000	12,836,000	-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
loss on extinguishment of debt
proceeds from sales of property
net payments of revolving credit facility
payment of loan origination costs
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
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 credit facility				27,300,000
deficit (equity) in earnings of real estate partnership
acquisition of ground lease
net (payments of) proceeds from credit facility
reverse 1031 exchange
net proceeds from credit facility							-34,000,000	23,000,000				9,500,000																	0	0	0	9,000,000	5,000,000	0
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
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
net cash from investing activities of discontinued operations																	0	0							-107,000	0																																1,584,000										0	0
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	1,887,000	-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
loss on sale or disposal of assets														7,000	-10,000	15,000																																		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
net payments of credit facility														0
gain on sale or disposal of assets and loan forgiveness
proceeds from financed receivable due from related party
loss on sale or disposal of assets and loan forgiveness																		48,000	-224,000	-1,000
loss on sale of marketable securities																													0	0	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		0	113,000	2,000	-187,000	-4,365,000	74,000	-69,000	48,000	40,000	56,000	23,000	-361,000	-26,000	18,000	-2,892,000	-63,000	148,000	-5,000	105,000	2,000	0	24,000	85,000					7,000
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
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	-152,000	-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	137,000	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	-15,000	-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
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	22,707,000	-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	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	22,707,000	-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
gain on sale of marketable securities																																									0	0							0	0			0	-78,000	-31,000	-1,000	0	-154,000	0	-38,000
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
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	1,345,000	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	31,000	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	114,000	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																																																													38,000	32,000	4,000				33,000	-1,000											26,205	162,087	78,364
dividends paid on common shares and common share equivalents																																																													-1,195,000	-1,176,000	-1,163,000		-1,163,000
cash paid for taxes																																																													0			0	0
noncash investing and financing activities:
acquisition of real estate in exchange for op units
change in par value of class a common shares
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
payments of loan deposits
acquisition of real estate asset in exchange for op units																																																																	0	0	3,625,000
net loss from continuing operations																																																																			-21,000		-173,000
net loss																																																																			-21,000				-69,000
adjustments to reconcile net loss to net cash from operating activities:
net loss attributable to noncontrolling interest																																																																			-11,000
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
(gain) loss on sale or disposal of assets
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
loss (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
adjustments to reconcile net loss to
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
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 loss of operating partnership																																																																											-84,000
equity in income of real estate partnership																																																																																	1,880
increase (decrease) in stock offering proceeds escrowed																																																																												-468,951
net cash from
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
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
operating activities																																																																																	1,739,990
financing activities																																																																																	6,840,199
net cash provided by operating activities
cash flows used in investing activities:
net cash used in investing activities
purchase of nonaccredited investors’ shares
proceeds from (repayment of) note payable to affiliate
net increase (decrease) in cash
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

Whitestone REIT(NYSE:WSR)

Whitestone REIT
(NYSE:WSR)