Whitestone REIT WSR Income Statement

Whitestone reit (WSR)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Rental
118,177	117,014	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental
-	-	-	0	-	117,464	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Management, transaction, and other fees
1,964	2,237	2,272	2,380	2,574	2,399	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues
-	-	-	-	-	-	-	-	-	-	30,143	27,045	25,327	-	23,335	23,485	22,799	21,573	19,772	18,090	17,115	16,089	15,359	14,924	14,088	13,195	12,556	11,485	10,966	10,396	10,004	9,083	7,984	7,101	5,895	5,587	0	0	0
Total revenues
120,141	119,251	119,052	119,877	119,772	119,863	123,793	126,742	127,477	125,959	120,493	112,348	107,269	104,437	101,667	100,758	97,599	93,416	87,027	80,967	76,259	72,382	68,713	66,465	63,998	60,492	56,918	52,245	48,437	44,994	42,999	40,172	37,255	34,915	32,803	31,778	0	0	0
Operating expenses
Operating expenses
Depreciation and amortization
27,247	26,740	26,500	26,188	25,869	25,679	26,348	27,118	27,506	27,240	26,031	24,233	23,073	22,457	21,735	21,435	20,589	19,761	18,526	17,301	16,460	15,725	14,904	14,430	13,856	13,100	12,416	11,649	10,679	9,889	8,879	8,357	8,043	7,749	7,942	7,526	0	0	0
Operating and maintenance
21,780	20,611	20,504	20,838	20,641	21,069	22,565	23,217	23,575	24,213	22,301	21,101	20,409	19,709	19,834	19,753	19,409	18,698	17,113	16,290	15,964	15,405	15,058	15,203	14,538	14,079	13,105	11,929	11,340	10,627	10,411	9,818	9,057	8,659	8,418	8,148	0	0	0
Real estate taxes
16,784	16,293	16,576	16,545	16,431	16,362	16,569	17,371	17,953	17,897	17,899	16,132	14,949	14,383	13,406	13,466	13,087	12,637	11,977	11,094	10,374	9,747	9,189	9,271	9,078	8,599	8,256	7,212	6,703	6,215	5,720	5,353	4,958	4,668	4,338	3,965	0	0	0
General and administrative
20,759	21,661	21,808	21,193	22,956	23,281	24,338	24,937	24,107	23,949	25,053	25,690	25,255	23,922	21,609	21,078	20,663	20,312	19,693	18,218	16,802	15,274	13,981	12,491	11,425	10,912	9,906	9,072	8,419	7,616	7,303	6,910	6,825	6,648	6,000	5,777	0	0	0
Total operating expenses
86,570	85,305	85,388	84,764	85,897	86,391	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total property expenses
-	-	-	-	-	-	-	-	-	-	40,200	37,233	35,358	-	33,240	33,219	32,496	31,335	29,090	27,384	26,338	25,152	24,247	24,474	23,616	22,678	21,361	19,141	18,043	16,842	16,131	15,171	14,015	13,327	12,756	12,113	0	0	0
Other expenses (income)
Interest expense
26,445	26,285	26,210	25,950	25,737	25,177	25,198	25,155	24,471	23,651	22,176	20,469	19,588	19,239	18,467	17,538	16,306	14,910	13,718	12,740	11,658	10,579	9,836	9,676	9,855	9,975	9,893	9,535	9,029	8,553	8,391	7,577	6,915	6,344	5,678	5,650	0	0	0
Gain on sale of properties
899	853	37	4,380	4,380	4,629	4,629	249	265	16	483	483	467	3,357	2,890	2,890	2,890	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Loss on sale or disposal of assets
-466	-215	22	56	96	-82	-304	-341	-340	-183	-241	-175	-121	-96	73	-101	-78	-185	-248	-100	-129	-111	-112	-112	-128	-49	-40	-117	-93	-97	-234	-156	-140	-146	-89	-98	0	0	0
Interest, dividend and other investment income
476	659	813	923	1,043	1,055	821	712	529	410	471	493	470	429	408	317	401	313	263	221	78	90	93	88	138	136	130	225	239	290	355	498	470	460	386	127	0	0	0
Total other expense
25,536	24,988	25,338	20,591	20,218	19,575	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other expense
-	-	-	-	-	-	-	-	-	-	72,789	69,899	67,446	-	61,403	59,734	57,157	54,670	51,674	48,038	44,842	41,488	38,628	36,509	34,998	33,851	34,262	32,208	30,065	27,945	24,218	22,346	21,313	20,281	19,234	18,826	0	0	0
Income before equity investments in real estate partnerships and income tax
8,035	8,958	8,326	14,522	13,657	13,897	13,802	9,485	10,296	9,252	7,504	5,216	4,465	5,156	7,024	7,805	7,946	7,411	6,263	5,545	5,079	5,742	5,838	5,482	5,384	3,963	1,295	896	329	207	2,650	2,655	1,927	1,307	813	839	0	0	0
Net Income (Loss) from Real Estate Investment Partnership, Attributable to Parent
14,776	15,076	8,149	8,127	8,249	8,431	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for income tax
369	400	410	400	355	347	351	385	415	386	338	292	214	289	345	365	445	372	348	320	284	282	274	292	309	293	290	277	275	275	272	249	237	225	221	269	0	0	0
Profit sharing expense
-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from continuing operations
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	6,854	5,667	5,125	4,666	5,349	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Gain on sale of property from discontinued operations
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Income from discontinued operations
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	11	2,022	2,090	2,269	2,397	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Income before gain on sale of property
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
23,036	24,228	16,766	22,950	21,551	21,981	15,218	10,262	10,300	8,588	7,229	5,116	4,582	8,113	9,650	10,281	10,332	6,865	7,689	7,215	6,935	7,746	6,128	5,642	5,365	3,919	1,183	720	179	53	2,144	2,647	1,947	1,333	917	497	0	0	0
Redeemable operating partnership units
-	-	-	-	-	-	-	-	-	-	-	-	144	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interests in Consolidated Partnership
-	-	-	-	-	-	-	-	-	-	-	-	79	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Less: Net income attributable to noncontrolling interests
515	545	397	553	527	550	330	216	225	254	312	243	208	182	169	179	180	116	133	126	127	160	139	142	148	125	-13	-25	-27	3	201	289	216	210	173	165	0	0	0
Net income attributable to Whitestone REIT
22,521	23,683	16,369	22,397	21,024	21,431	14,888	10,046	10,075	8,334	6,917	4,873	4,374	7,931	9,481	10,102	10,152	6,749	7,556	7,089	6,808	7,586	5,989	5,500	5,217	3,794	1,196	745	206	50	1,943	2,358	1,731	1,123	744	332	0	0	0
Basic Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share)
-	-	0.04	0.06	-	-	0.20	0.05	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)
-	-	0.00	0.02	-	-	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.07	0.05	0.06	0.07	0.04	0.04	0.05	0.10	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.08	0.01	0.00	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares
0.04	0.40	0.04	0.08	0.07	0.21	0.20	0.05	0.08	0.05	0.07	0.05	0.05	0.00	0.03	0.05	0.18	0.07	0.05	0.06	0.07	0.12	0.05	0.05	0.11	-	0.04	-	-	-	0.01	-	-	-	-	-	-	-	-
Diluted Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share)
-	-	0.04	0.06	-	-	0.19	0.05	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)
-	-	0.00	0.02	-	-	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.07	0.05	0.06	0.06	0.03	0.04	0.05	0.10	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.08	0.01	0.00	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares
0.04	0.38	0.04	0.08	0.07	0.20	0.19	0.05	0.08	0.06	0.07	0.05	0.04	0.00	0.03	0.05	0.18	0.07	0.05	0.06	0.06	0.11	0.05	0.05	0.11	0.05	0.03	0.06	0.06	-0.12	0.01	0.04	0.07	0.06	0.05	-0.02	0.03	-	-
Weighted average number of common shares outstanding:
Income from continuing operations attributable to Whitestone REIT excluding amount attributable to unvested restricted shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.05
Income from discontinued operations attributable to Whitestone REIT
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.05
Income from continuing operations attributable to Whitestone REIT excluding amount attributable to unvested restricted shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.05
Income from discontinued operations attributable to Whitestone REIT
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.05
Basic (in shares)
42,048	41,014	40,187	39,886	39,649	39,499	39,327	39,204	39,066	38,588	37,992	35,716	29,416	28,854	28,195	26,819	26,604	26,602	26,476	22,869	22,577	22,572	22,482	22,235	21,823	21,362	17,036	16,891	16,819	16,772	13,842	11,746	11,624	11,316	10,797	8,520	5,479	4,020	3,282
Diluted (in shares)
43,009	42,937	41,446	40,839	40,626	41,046	40,635	40,679	40,088	39,478	38,589	36,544	30,409	29,506	29,024	27,513	27,489	29,023	27,082	23,401	23,226	24,090	22,690	22,443	21,949	21,711	17,331	17,111	16,939	17,099	13,961	11,754	11,638	11,340	10,809	8,520	5,499	4,040	3,300
Distributions declared per common share / OP unit (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	-	0.28
Consolidated Statements of Comprehensive Income
Net income
23,036	24,228	16,766	22,950	21,551	21,981	15,218	10,262	10,300	8,588	7,229	5,116	4,582	8,113	9,650	10,281	10,332	6,865	7,689	7,215	6,935	7,746	6,128	5,642	5,365	3,919	1,183	720	179	53	2,144	2,647	1,947	1,333	917	497	0	0	0
Other comprehensive gain
Unrealized gain (loss) on cash flow hedging activities
-17,310	-9,828	-14,711	-11,871	-4,923	1,192	6,061	5,628	3,935	2,022	8,015	9,372	7,702	929	-6,456	-8,169	-5,676	46	-644	-115	-417	-136	59	-617	403	173	172	494	-267	1	-9	0	0	-	0	-	-	-	-
Unrealized gain on available-for-sale marketable securities
-	-	0	0	-	18	110	103	136	118	88	84	87	82	41	44	-131	-85	-59	-107	54	96	53	70	-40	180	205	336	457	920	1,443	-321	-563	-1,329	-1,881	-209	0	0	0
Comprehensive income (loss)
5,726	14,400	2,055	11,079	16,628	23,191	21,389	15,993	14,371	10,728	15,332	14,572	12,371	9,124	3,235	2,156	4,525	6,826	6,986	6,993	6,572	7,706	6,240	5,095	5,728	4,272	1,560	1,550	369	974	3,578	2,326	1,384	4	-964	288	0	0	0
Less: Net income attributable to noncontrolling interests
515	545	397	553	527	550	330	216	225	254	312	243	208	182	169	179	180	116	133	126	127	160	139	142	148	125	-13	-25	-27	3	201	289	216	210	173	165	0	0	0
Less: Comprehensive gain (loss) attributable to noncontrolling interests
-372	-221	-347	-281	-121	30	163	153	108	63	156	177	157	23	-194	-198	-132	-1	-41	-37	-38	0	143	125	159	136	-11	-5	-32	57	332	175	67	1	-103	129	0	0	0
Comprehensive income (loss) attributable to Whitestone REIT
5,583	14,076	2,005	10,807	16,222	22,611	20,896	15,624	14,038	10,411	14,865	14,153	12,006	8,919	3,181	2,121	4,450	6,711	6,867	6,870	6,450	7,546	6,097	4,970	5,569	4,136	1,571	1,555	401	917	3,246	2,151	1,317	3	-861	159	0	0	0
Rental Revenues
Rental revenues
87,076	86,750	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recoveries
33,157	31,748	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt
2,056	1,484	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Lease, Lease Income
0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental revenues (under Topic 840)
Rental revenues
-	-	-	-	-	86,644	90,389	93,316	94,944	94,568	90,350	85,303	81,942	-	78,332	77,273	74,800	71,843	67,255	62,877	59,144	56,293	53,354	51,541	49,910	47,297	44,362	40,760	37,471	34,598	32,995	31,089	29,271	27,814	26,908	26,191	0	0	0
Recoveries
-	-	-	-	-	30,820	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Leases, Income Statement, Lease Revenue
-	-	-	0	-	117,464	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt (prior to adoption of Topic 842)
-	-	-	-	-	1,391	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-