Whitestone REIT Common Shares (WSR)

FairStock Score: 67/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Whitestone is a small REIT owning convenience-focused open-air centers in Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio — markets with favorable population trends. That is a sensible niche, but I see little durable moat: tenants can move, competitors can build, and 70 employees running a $973 million portfolio means execution must be sharp. The latest reported quarter, fiscal Q1 2026, showed $41.9 million of revenue, $4.1 million of net income, and a 9.89% margin. Revenue growth of 9.27% and profit growth of 11.92% are respectable. However, for a REIT I cannot rely on the 19.78 P/E or $0.96 EPS because depreciation distorts them. FFO/AFFO are not in the data, so I would lean on dividend yield, leverage, revenue trend, and price-to-book. The 3.00% dividend yield is modest, and the 2.12 price-to-book at the 2026-07-13 close is not obviously cheap. Leverage is my main worry: debt-to-equity of 1.40, ROCE of only 2.97%, and an Altman Z-Score of 0.71 signal financial fragility. The 4/9 Piotroski score is mediocre. FCF yield of 5.3% and EV/EBITDA of 13.29 are reasonable but not compelling. With the shares near the top of their 52-week range and a FairStock score of 67/100, I see a fair-to-full price for an improving but leveraged retail landlord. I would want clearer REIT cash-flow metrics and a wider discount before calling it a bargain.

In plain English: Whitestone owns open-air shopping centers in fast-growing Texas and Arizona cities. The business is growing sales and profit, but it carries a lot of debt and its reported profit is not the best way to judge a property owner. At $18.99, the price looks fair or a bit rich compared with its accounting value and income, while the dividend and cash flow offer some support.

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Data as of 2026-07-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer