Whitestone REIT (WSR) - Net Assets
Based on the latest financial reports, Whitestone REIT (WSR) has net assets worth $469.67 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.17 Billion) and total liabilities ($698.32 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Whitestone REIT to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $469.67 Million |
| % of Total Assets | 40.21% |
| Annual Growth Rate | 7.86% |
| 5-Year Change | 16.24% |
| 10-Year Change | 73.31% |
| Growth Volatility | 16.47 |
Whitestone REIT - Net Assets Trend (2002–2025)
This chart illustrates how Whitestone REIT's net assets have evolved over time, based on quarterly financial data. See how many days can Whitestone REIT fund operations to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Whitestone REIT (2002–2025)
The table below shows the annual net assets of Whitestone REIT from 2002 to 2025. For live valuation and market cap data, see Whitestone REIT stock valuation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $463.86 Million | +4.51% |
| 2024-12-31 | $443.83 Million | +5.77% |
| 2023-12-31 | $419.62 Million | -1.14% |
| 2022-12-31 | $424.45 Million | +6.37% |
| 2021-12-31 | $399.04 Million | +17.94% |
| 2020-12-31 | $338.33 Million | -4.18% |
| 2019-12-31 | $353.10 Million | -1.69% |
| 2018-12-31 | $359.15 Million | +0.23% |
| 2017-12-31 | $358.32 Million | +33.88% |
| 2016-12-31 | $267.64 Million | +8.36% |
| 2015-12-31 | $246.99 Million | +15.78% |
| 2014-12-31 | $213.32 Million | -3.44% |
| 2013-12-31 | $220.91 Million | +27.78% |
| 2012-12-31 | $172.89 Million | +32.27% |
| 2011-12-31 | $130.71 Million | +55.08% |
| 2010-12-31 | $84.28 Million | +26.06% |
| 2009-12-31 | $66.86 Million | -0.47% |
| 2008-12-31 | $67.17 Million | -16.95% |
| 2007-12-31 | $80.88 Million | -10.75% |
| 2006-12-31 | $90.62 Million | +2.98% |
| 2005-12-31 | $88.00 Million | +15.31% |
| 2004-12-31 | $76.32 Million | -3.25% |
| 2003-12-31 | $78.88 Million | -3.03% |
| 2002-12-31 | $81.35 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Whitestone REIT's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 18080075600.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $51.00K | 0.01% |
| Other Comprehensive Income | $391.00K | 0.09% |
| Other Components | $641.23 Million | 139.98% |
| Total Equity | $458.09 Million | 100.00% |
Whitestone REIT Competitors by Market Cap
The table below lists competitors of Whitestone REIT ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Econergy Renewable Energy Ltd
TA:ECNR
|
$973.94 Million |
|
First Hi-tec Enterprise Co Ltd
TWO:5439
|
$973.97 Million |
|
RIAMB (Beijing) Tech Dvlp Co
SHG:603082
|
$974.01 Million |
|
Oil-Dri Corporation Of America
NYSE:ODC
|
$974.40 Million |
|
China High-Speed Railway Technology
SHE:000008
|
$973.85 Million |
|
Redcare Pharmacy NV
F:RDC
|
$973.54 Million |
|
Shaanxi Fenghuo Electronics Co Ltd
SHE:000561
|
$973.53 Million |
|
ArcherMind Technology Nanjing Co Ltd
SHE:300598
|
$973.49 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Whitestone REIT's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 438,153,000 to 458,090,000, a change of 19,937,000 (4.6%).
- Net income of 49,926,000 contributed positively to equity growth.
- Dividend payments of 27,406,000 reduced retained earnings.
- Share repurchases of 2,268,000 reduced equity.
- Other comprehensive income decreased equity by 5,322,000.
- Other factors increased equity by 5,007,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $49.93 Million | +10.9% |
| Dividends Paid | $27.41 Million | -5.98% |
| Share Repurchases | $2.27 Million | -0.5% |
| Other Comprehensive Income | $-5.32 Million | -1.16% |
| Other Changes | $5.01 Million | +1.09% |
| Total Change | $- | 4.55% |
Book Value vs Market Value Analysis
This analysis compares Whitestone REIT's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.15x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 1.46x to 2.15x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | $12.95 | $18.95 | x |
| 2003-12-31 | $12.52 | $18.95 | x |
| 2004-12-31 | $12.07 | $18.95 | x |
| 2005-12-31 | $16.28 | $18.95 | x |
| 2006-12-31 | $17.85 | $18.95 | x |
| 2007-12-31 | $9.29 | $18.95 | x |
| 2008-12-31 | $8.07 | $18.95 | x |
| 2009-12-31 | $7.79 | $18.95 | x |
| 2010-12-31 | $11.21 | $18.95 | x |
| 2011-12-31 | $14.46 | $18.95 | x |
| 2012-12-31 | $12.20 | $18.95 | x |
| 2013-12-31 | $11.81 | $18.95 | x |
| 2014-12-31 | $9.36 | $18.95 | x |
| 2015-12-31 | $9.62 | $18.95 | x |
| 2016-12-31 | $9.43 | $18.95 | x |
| 2017-12-31 | $9.88 | $18.95 | x |
| 2018-12-31 | $8.84 | $18.95 | x |
| 2019-12-31 | $8.52 | $18.95 | x |
| 2020-12-31 | $7.87 | $18.95 | x |
| 2021-12-31 | $8.61 | $18.95 | x |
| 2022-12-31 | $8.50 | $18.95 | x |
| 2023-12-31 | $8.14 | $18.95 | x |
| 2024-12-31 | $8.53 | $18.95 | x |
| 2025-12-31 | $8.83 | $18.95 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Whitestone REIT utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.90%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 31.04%
- • Asset Turnover: 0.14x
- • Equity Multiplier: 2.56x
- Recent ROE (10.90%) is above the historical average (4.35%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 8.67% | 17.85% | 0.16x | 2.97x | $-569.77K |
| 2003 | 8.41% | 16.57% | 0.16x | 3.24x | $-657.42K |
| 2004 | 8.60% | 14.58% | 0.16x | 3.58x | $-559.28K |
| 2005 | 4.56% | 9.71% | 0.15x | 3.19x | $-2.92 Million |
| 2006 | 3.02% | 5.97% | 0.18x | 2.84x | $-4.11 Million |
| 2007 | -0.15% | -0.25% | 0.18x | 3.31x | $-5.36 Million |
| 2008 | 2.47% | 3.63% | 0.18x | 3.88x | $-3.46 Million |
| 2009 | 3.08% | 4.11% | 0.18x | 4.18x | $-3.02 Million |
| 2010 | 1.76% | 3.50% | 0.16x | 3.13x | $-5.17 Million |
| 2011 | 0.86% | 3.22% | 0.13x | 2.09x | $-11.95 Million |
| 2012 | 0.03% | 0.11% | 0.12x | 2.32x | $-16.55 Million |
| 2013 | 1.76% | 6.11% | 0.12x | 2.35x | $-17.79 Million |
| 2014 | 3.56% | 10.48% | 0.11x | 2.97x | $-13.75 Million |
| 2015 | 2.73% | 7.22% | 0.12x | 3.17x | $-17.95 Million |
| 2016 | 2.96% | 7.59% | 0.12x | 3.20x | $-18.83 Million |
| 2017 | 2.33% | 6.62% | 0.12x | 2.99x | $-27.50 Million |
| 2018 | 5.97% | 17.88% | 0.12x | 2.86x | $-14.48 Million |
| 2019 | 6.71% | 19.65% | 0.11x | 2.99x | $-11.63 Million |
| 2020 | 1.78% | 4.88% | 0.12x | 3.09x | $-27.80 Million |
| 2021 | 3.02% | 9.62% | 0.11x | 2.76x | $-27.86 Million |
| 2022 | 8.31% | 25.09% | 0.13x | 2.60x | $-7.18 Million |
| 2023 | 4.64% | 12.97% | 0.13x | 2.69x | $-22.19 Million |
| 2024 | 8.42% | 23.72% | 0.14x | 2.59x | $-6.92 Million |
| 2025 | 10.90% | 31.04% | 0.14x | 2.56x | $4.12 Million |
Industry Comparison
This section compares Whitestone REIT's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $619,346,784
- Average return on equity (ROE) among peers: -5.56%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Whitestone REIT (WSR) | $469.67 Million | 8.67% | 1.49x | $973.92 Million |
| Agree Realty Corporation (ADC) | $103.51 Million | 12.68% | 1.08x | $8.80 Billion |
| Acadia Realty Trust (AKR) | $229.17 Million | 3.14% | 1.49x | $2.82 Billion |
| Alexander & Baldwin Holdings Inc (ALEX) | $987.20 Million | 6.55% | 0.68x | $1.52 Billion |
| Alexanders Inc (ALX) | $314.63 Million | 42.01% | 4.42x | $1.26 Billion |
| Saul Centers Inc (BFS) | $239.81 Million | 15.33% | 3.23x | $884.02 Million |
| Brixmor Property (BRX) | $2.87 Billion | 12.36% | 1.94x | $9.16 Billion |
| CBL & Associates Properties Inc (CBL) | $401.10 Million | -155.12% | 6.34x | $993.50 Million |
| Curbline Properties Corp. (CURB) | $862.64 Million | 3.60% | 0.07x | $2.95 Billion |
| Essential Properties Realty Trust Inc (EPRT) | $181.40 Million | 3.47% | 4.19x | $6.35 Billion |
| Four Corners Property Trust Inc (FCPT) | $9.00 Million | 0.36% | 0.33x | $2.69 Billion |
About Whitestone REIT
Whitestone REIT is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers),… Read more