MeritValue

Whitestone REIT

WSRdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'

The thesis, from the filings

Whitestone REIT earns about 5% on invested capital, but has diluted owners by 13% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$125.4M1$139.4M2$147M3$154.3M3$160.9M3
Net income$12M4$35.3M5$19.2M6$36.9M6$49.9M6
Operating cash flow$47M7$44.4M8$47.6M9$58.2M9$50.8M9
Capital expenditure$300,00010$100,00011$100,00012$200,00012$300,00012
Free cash flow (derived)$46.7M7$44.3M8$47.5M9$58M9$50.5M9
Total debt$643.6M13$626M14$640.5M15$632.5M16$649.4M16
Cash & equivalents$15.7M17$6.17M18$4.57M19$5.22M19$4.89M19
Diluted shares46.3M50.0M50.8M51.3M52.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$87.56
your share of equity
Profit it earned you last year
$9.54
Free cash flow it threw off
$9.65
Debt you’d be carrying
$124.13

10 shares is a claim on $87.56 of net worth that earned you $9.54 and generated $9.65 of cash last year, against $124.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 3%FY22 6%FY23 5%FY24 4%FY25 5%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 5y

Share count is up 13% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-007627 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-007990 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-007232 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-007627 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-007990 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-007232 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-007627 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-007990 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-007232 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-007627 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-007990 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-007232 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-005812 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007627 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007990 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007232 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-24-007627 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-25-007990 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-26-007232 (CashAndCashEquivalentsAtCarryingValue)