falsedesktopWSR2020-09-30000117553520000126{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☐\tAccelerated filer\t☒\nNon-accelerated filer\t☐\tSmall reporting company\t☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "Item 1.\tFinancial Statements.\t1\n\tConsolidated Balance Sheets as of September 30 2020 (Unaudited) and December 31 2019\t1\n\tConsolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t3\n\tConsolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31 June 30 and September 30 2020 and 2019\t6\n\tConsolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30 2020 and 2019\t8\n\tNotes to Consolidated Financial Statements (Unaudited)\t10\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations.\t34\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk.\t62\nItem 4.\tControls and Procedures.\t62\n", "q10k_tbl_2": "Item 1.\tLegal Proceedings.\t64\nItem 1A.\tRisk Factors.\t64\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds.\t66\nItem 3.\tDefaults Upon Senior Securities.\t66\nItem 4.\tMine Safety Disclosures.\t66\nItem 5.\tOther Information.\t66\nItem 6.\tExhibits.\t66\n\tExhibit Index\t67\n\tSignatures\t68\n", "q10k_tbl_3": "\tSeptember 30 2020\tDecember 31 2019\n\t(unaudited)\t\nASSETS\t\t\nReal estate assets at cost\t\t\nProperty\t1104963\t1099955\nAccumulated depreciation\t(157303)\t(137933)\nTotal real estate assets\t947660\t962022\nInvestment in real estate partnership\t34849\t34097\nCash and cash equivalents\t38990\t15530\nRestricted cash\t128\t113\nEscrows and acquisition deposits\t7866\t8388\nAccrued rents and accounts receivable net of allowance for doubtful accounts\t23604\t22854\nReceivable due from related party\t1302\t477\nUnamortized lease commissions legal fees and loan costs\t8082\t8960\nPrepaid expenses and other assets(1)\t2444\t3819\nTotal assets\t1064925\t1056260\nLIABILITIES AND EQUITY\t\t\nLiabilities:\t\t\nNotes payable\t666516\t644699\nAccounts payable and accrued expenses(2)\t49861\t39336\nPayable due to related party\t845\t307\nTenants' security deposits\t6915\t6617\nDividends and distributions payable\t4528\t12203\nTotal liabilities\t728665\t703162\nCommitments and contingencies:\t0\t0\nEquity:\t\t\nPreferred shares $0.001 par value per share; 50000000 shares authorized; none issued and outstanding as of September 30 2020 and December 31 2019\t0\t0\nCommon shares $0.001 par value per share; 400000000 shares authorized; 42353309 and 41492117 issued and outstanding as of September 30 2020 and December 31 2019 respectively\t42\t41\nAdditional paid-in capital\t560129\t554816\nAccumulated deficit\t(214468)\t(204049)\nAccumulated other comprehensive loss\t(15707)\t(5491)\nTotal Whitestone REIT shareholders' equity\t329996\t345317\nNoncontrolling interest in subsidiary\t6264\t7781\nTotal equity\t336260\t353098\nTotal liabilities and equity\t1064925\t1056260\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nRental(1)\t28868\t29368\t86116\t87527\nManagement transaction and other fees\t1032\t511\t1965\t1624\nTotal revenues\t29900\t29879\t88081\t89151\nOperating expenses\t\t\t\t\nDepreciation and amortization\t7171\t6789\t21112\t19865\nOperating and maintenance\t5029\t5118\t15021\t14760\nReal estate taxes\t4670\t4410\t13591\t12474\nGeneral and administrative\t5860\t5597\t15604\t16514\nTotal operating expenses\t22730\t21914\t65328\t63613\nOther expenses (income)\t\t\t\t\nInterest expense\t6400\t6679\t19561\t19738\nLoss on sale or disposal of assets and assets held for sale\t18\t0\t882\t115\nInterest dividend and other investment income\t(71)\t(141)\t(206)\t(550)\nTotal other expense\t6347\t6538\t20237\t19303\nIncome before equity investments in real estate partnerships and income tax\t823\t1427\t2516\t6235\nEquity in earnings of real estate partnership\t196\t524\t752\t1480\nProvision for income tax\t(105)\t(102)\t(288)\t(324)\nIncome from continuing operations\t914\t1849\t2980\t7391\nGain on sale of property from discontinued operations\t0\t0\t0\t701\nIncome from discontinued operations\t0\t0\t0\t701\nNet income\t914\t1849\t2980\t8092\nLess: Net income attributable to noncontrolling interests\t14\t42\t58\t184\nNet income attributable to Whitestone REIT\t900\t1807\t2922\t7908\n", "q10k_tbl_5": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nBasic Earnings Per Share:\t\t\t\t\nIncome from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.18\nIncome from discontinued operations attributable to Whitestone REIT\t0.00\t0.00\t0.00\t0.02\nNet income attributable to common shareholders excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.20\nDiluted Earnings Per Share:\t\t\t\t\nIncome from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.17\nIncome from discontinued operations attributable to Whitestone REIT\t0.00\t0.00\t0.00\t0.02\nNet income attributable to common shareholders excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.19\nWeighted average number of common shares outstanding:\t\t\t\t\nBasic\t42346\t40187\t42202\t39942\nDiluted\t43440\t41446\t43040\t41084\nConsolidated Statements of Comprehensive Income (Loss)\t\t\t\t\nNet income\t914\t1849\t2980\t8092\nOther comprehensive income (loss)\t\t\t\t\nUnrealized gain (loss) on cash flow hedging activities\t1241\t(2235)\t(10395)\t(11740)\nComprehensive income (loss)\t2155\t(386)\t(7415)\t(3648)\nLess: Net income attributable to noncontrolling interests\t14\t42\t58\t184\nLess: Comprehensive income (loss) attributable to noncontrolling interests\t43\t(51)\t(203)\t(266)\nComprehensive income (loss) attributable to Whitestone REIT\t2098\t(377)\t(7270)\t(3566)\n", "q10k_tbl_6": "Three Months Ended September 30\t\tNine Months Ended September 30\t\n2020\t2019\t2020\t2019\n", "q10k_tbl_7": "(1) Rental\t\t\t\t\nRental revenues\t21808\t21623\t65591\t64752\nRecoveries\t8339\t8240\t24976\t23701\nBad debt\t(1279)\t(495)\t(4451)\t(926)\nTotal rental\t28868\t29368\t86116\t87527\n", "q10k_tbl_8": "\t\t\t\t\tAccumulated\t\t\t\t\n\t\t\tAdditional\t\tOther\tTotal\tNoncontrolling\t\t\n\tCommon Shares\t\tPaid-In\tAccumulated\tComprehensive\tShareholders'\tInterests\t\tTotal\n\tShares\tAmount\tCapital\tDeficit\tGain (Loss)\tEquity\tUnits\tDollars\tEquity\nBalance December 31 2019\t41492\t41\t554816\t(204049)\t(5491)\t345317\t909\t7781\t353098\nExchange of noncontrolling interest OP units for common shares\t5\t0\t44\t0\t0\t44\t(5)\t(44)\t0\nIssuance of common shares - ATM Program net of offering costs\t171\t0\t2241\t0\t0\t2241\t0\t0\t2241\nExchange offer costs\t0\t0\t(32)\t0\t0\t(32)\t0\t0\t(32)\nIssuance of shares under dividend reinvestment plan\t4\t0\t42\t0\t0\t42\t0\t0\t42\nRepurchase of common shares (1)\t(153)\t0\t(1630)\t0\t0\t(1630)\t0\t0\t(1630)\nShare-based compensation\t616\t0\t1248\t0\t0\t1248\t0\t0\t1248\nDistributions - $0.285 per common share / OP unit\t0\t0\t0\t(4449)\t0\t(4449)\t0\t(95)\t(4544)\nUnrealized loss on change in value of cash flow hedge\t0\t0\t0\t0\t(10721)\t(10721)\t0\t(231)\t(10952)\nNet income\t0\t0\t0\t1612\t0\t1612\t0\t35\t1647\nBalance March 31 2020\t42135\t41\t556729\t(206886)\t(16212)\t333672\t904\t7446\t341118\nExchange of noncontrolling interest OP units for common shares\t127\t1\t1082\t0\t0\t1083\t(127)\t(1083)\t0\nExchange offer costs\t0\t0\t(11)\t0\t0\t(11)\t0\t0\t(11)\nIssuance of shares under dividend reinvestment plan\t2\t0\t16\t0\t0\t16\t0\t0\t16\nRepurchase of common shares (1)\t(23)\t0\t(440)\t0\t0\t(440)\t0\t0\t(440)\nShare-based compensation\t103\t0\t1140\t0\t0\t1140\t0\t0\t1140\nDistributions - $0.105 per common share / OP unit\t0\t0\t0\t(4446)\t0\t(4446)\t0\t(81)\t(4527)\nUnrealized loss on change in value of cash flow hedge\t0\t0\t0\t0\t(669)\t(669)\t0\t(15)\t(684)\nReallocation of ownership between parent and subsidiary\t0\t0\t0\t1\t(34)\t(33)\t0\t33\t0\nNet income\t0\t0\t0\t410\t0\t410\t0\t9\t419\nBalance June 30 2020\t42344\t42\t558516\t(210921)\t(16915)\t330722\t777\t6309\t337031\nExchange of noncontrolling interest OP units for common shares\t1\t0\t11\t0\t0\t11\t(1)\t(11)\t0\nExchange offer costs\t0\t0\t0\t0\t0\t0\t0\t0\t0\nIssuance of shares under dividend reinvestment plan\t3\t0\t16\t0\t0\t16\t0\t0\t16\nRepurchase of common shares (1)\t(2)\t0\t(6)\t0\t0\t(6)\t0\t0\t(6)\nShare-based compensation\t7\t0\t1592\t0\t0\t1592\t0\t0\t1592\nDistributions - $0.105 per common share / OP unit\t0\t0\t0\t(4446)\t0\t(4446)\t0\t(82)\t(4528)\nUnrealized gain on change in value of cash flow hedge\t0\t0\t0\t0\t1198\t1198\t0\t43\t1241\nReallocation of ownership between parent and subsidiary\t0\t0\t0\t(1)\t10\t9\t0\t(9)\t0\nNet income\t0\t0\t0\t900\t0\t900\t0\t14\t914\nBalance September 30 2020\t42353\t42\t560129\t(214468)\t(15707)\t329996\t776\t6264\t336260\n", "q10k_tbl_9": "\t\t\t\t\tAccumulated\t\t\t\t\n\t\t\tAdditional\t\tOther\tTotal\tNoncontrolling\t\t\n\tCommon Shares\t\tPaid-In\tAccumulated\tComprehensive\tShareholders'\tInterests\t\tTotal\n\tShares\tAmount\tCapital\tDeficit\tGain (Loss)\tEquity\tUnits\tDollars\tEquity\nBalance December 31 2018\t39778\t39\t527662\t(181361)\t4116\t350456\t929\t8694\t359150\nExchange of noncontrolling interest OP units for common shares\t1\t0\t5\t0\t0\t5\t(1)\t(5)\t0\nStock issuance costs\t0\t0\t(6)\t0\t0\t(6)\t0\t0\t(6)\nIssuance of shares under dividend reinvestment plan\t3\t0\t34\t0\t0\t34\t0\t0\t34\nRepurchase of common shares (1)\t(64)\t0\t(762)\t0\t0\t(762)\t0\t0\t(762)\nShare-based compensation\t111\t1\t1882\t0\t0\t1883\t0\t0\t1883\nDistributions - $0.285 per common share / OP unit\t0\t0\t0\t(11351)\t0\t(11351)\t0\t(264)\t(11615)\nUnrealized loss on change in value of cash flow hedge\t0\t0\t0\t0\t(3390)\t(3390)\t0\t(80)\t(3470)\nNet income\t0\t0\t0\t2774\t0\t2774\t0\t65\t2839\nBalance March 31 2019\t39829\t40\t528815\t(189938)\t726\t339643\t928\t8410\t348053\nExchange of noncontrolling interest OP units for common shares\t0\t0\t5\t0\t0\t5\t0\t(5)\t0\nIssuance of common shares - ATM Program net of offering costs\t305\t0\t3716\t0\t0\t3716\t0\t0\t3716\nStock issuance costs\t0\t0\t1\t0\t0\t1\t0\t0\t1\nIssuance of shares under dividend reinvestment plan\t2\t0\t35\t0\t0\t35\t0\t0\t35\nRepurchase of common shares (1)\t0\t0\t(14)\t0\t0\t(14)\t0\t0\t(14)\nShare-based compensation\t0\t0\t1025\t0\t0\t1025\t0\t0\t1025\nDistributions - $0.285 per common share / OP unit\t0\t0\t0\t(11445)\t0\t(11445)\t0\t(265)\t(11710)\nUnrealized loss on change in value of cash flow hedge\t0\t0\t0\t0\t(5898)\t(5898)\t0\t(137)\t(6035)\nNet income\t0\t0\t0\t3327\t0\t3327\t0\t77\t3404\nBalance June 30 2019\t40136\t40\t533583\t(198056)\t(5172)\t330395\t928\t8080\t338475\nExchange of noncontrolling interest OP units for common shares\t3\t0\t27\t0\t0\t27\t(3)\t(27)\t0\nIssuance of common shares - ATM Program net of offering costs\t374\t0\t4830\t0\t0\t4830\t0\t0\t4830\nIssuance of shares under dividend reinvestment plan\t3\t0\t35\t0\t0\t35\t0\t0\t35\nShare-based compensation\t1\t0\t1641\t0\t0\t1641\t0\t0\t1641\nDistributions - $0.285 per common share / OP unit\t0\t0\t0\t(11575)\t0\t(11575)\t0\t(263)\t(11838)\nUnrealized loss on change in value of cash flow hedge\t0\t0\t0\t0\t(2184)\t(2184)\t0\t(51)\t(2235)\nNet income\t0\t0\t0\t1807\t0\t1807\t0\t42\t1849\nBalance September 30 2019\t40517\t40\t540116\t(207824)\t(7356)\t324976\t925\t7781\t332757\n", "q10k_tbl_10": "\tNine Months Ended\t\n\tSeptember 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income from continuing operations\t2980\t7391\nNet income from discontinued operations\t0\t701\nNet income\t2980\t8092\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nDepreciation and amortization\t21112\t19865\nAmortization of deferred loan costs\t839\t814\nLoss on sale or disposal of assets and assets held for sale\t882\t115\nBad debt\t4451\t926\nShare-based compensation\t3980\t4548\nEquity in earnings of real estate partnership\t(752)\t(1480)\nChanges in operating assets and liabilities:\t\t\nEscrows and acquisition deposits\t522\t48\nAccrued rents and accounts receivable\t(6123)\t(1762)\nReceivable due from related party\t(825)\t15\nDistributions from real estate partnership\t0\t1005\nUnamortized lease commissions legal fees and loan costs\t(958)\t(202)\nPrepaid expenses and other assets\t2145\t(6838)\nAccounts payable and accrued expenses\t131\t5206\nPayable due to related party\t538\t15\nTenants' security deposits\t298\t310\nNet cash provided by operating activities\t29220\t29976\nCash flows from investing activities:\t\t\nAdditions to real estate\t(5808)\t(9953)\nProceeds from note receivable\t922\t0\nNet cash used in investing activities\t(4886)\t(9953)\nNet cash provided by investing activities of discontinued operations\t0\t701\nCash flows from financing activities:\t\t\nDistributions paid to common shareholders\t(20771)\t(34047)\nDistributions paid to OP unit holders\t(430)\t(793)\nProceeds from issuance of common shares net of offering costs\t2241\t8546\nPayments of exchange offer costs\t(43)\t(5)\nProceeds from notes payable\t1734\t0\nProceeds from bonds payable\t0\t100000\nNet proceeds from (payments of) credit facility\t30000\t(90200)\nRepayments of notes payable\t(11514)\t(7502)\nPayments of loan origination costs\t0\t(4088)\nRepurchase of common shares\t(2076)\t(776)\nNet cash used in financing activities\t(859)\t(28865)\nNet increase (decrease) in cash cash equivalents and restricted cash\t23475\t(8141)\nCash cash equivalents and restricted cash at beginning of period\t15643\t13786\nCash cash equivalents and restricted cash at end of period (1)\t39118\t5645\n", "q10k_tbl_11": "\tNine Months Ended\t\n\tSeptember 30\t\n\t2020\t2019\nSupplemental disclosure of cash flow information:\t\t\nCash paid for interest\t18790\t19176\nCash paid for taxes\t353\t396\nNon cash investing and financing activities:\t\t\nDisposal of fully depreciated real estate\t34\t203\nFinanced insurance premiums\t1431\t1238\nValue of shares issued under dividend reinvestment plan\t74\t104\nValue of common shares exchanged for OP units\t1138\t37\nChange in fair value of cash flow hedge\t(10395)\t(11740)\n", "q10k_tbl_12": "\tSeptember 30\t\n\t2020\t2019\nCash cash equivalents and restricted cash\t\t\nCash and cash equivalents\t38990\t5539\nRestricted cash\t128\t106\nTotal cash cash equivalents and restricted cash\t39118\t5645\n", "q10k_tbl_13": "Years Ended December 31\tMinimum Future Rents(1)\n2020 (remaining)\t21140\n2021\t79101\n2022\t68060\n2023\t56561\n2024\t44593\nThereafter\t125900\nTotal\t395355\n", "q10k_tbl_14": "Years Ended December 31\tSeptember 30 2020\n2020 (remaining)\t226\n2021\t447\n2022\t85\n2023\t40\n2024\t35\n2025\t23\nTotal undiscounted rental payments\t856\nLess imputed interest\t37\nTotal lease liabilities\t819\n", "q10k_tbl_15": "\tSeptember 30 2020\tDecember 31 2019\nTenant receivables\t22944\t16741\nAccrued rents and other recoveries\t15926\t16983\nAllowance for doubtful accounts\t(15465)\t(11173)\nOther receivables\t199\t303\nTotal\t23604\t22854\n", "q10k_tbl_16": "\tSeptember 30 2020\tDecember 31 2019\nLeasing commissions\t10320\t9868\nDeferred legal cost\t374\t393\nDeferred financing cost\t3898\t3908\nTotal cost\t14592\t14169\nLess: leasing commissions accumulated amortization\t(4807)\t(4200)\nLess: deferred legal cost accumulated amortization\t(206)\t(179)\nLess: deferred financing cost accumulated amortization\t(1497)\t(830)\nTotal cost net of accumulated amortization\t8082\t8960\n", "q10k_tbl_17": "\t\tCompany's Investment as of\t\n\t\tSeptember 30 2020\tDecember 31 2019\nReal estate partnership\tOwnership Interest\t\t\nPillarstone OP(1)\t81.4%\t34849\t34097\nTotal real estate partnership(2)\t\t34849\t34097\n", "q10k_tbl_18": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nPillarstone OP\t196\t524\t752\t1480\n", "q10k_tbl_19": "\tSeptember 30\tDecember 31\n\t2020\t2019\nAssets:\t\t\nReal estate net\t49512\t50338\nOther assets\t8926\t6742\nTotal assets\t58438\t57080\nLiabilities and equity:\t\t\nNotes payable\t15250\t15434\nOther liabilities\t4102\t3575\nEquity\t39086\t38071\nTotal liabilities and equity\t58438\t57080\nCompany's share of equity\t31835\t31008\nCost of investment in excess of the Company's share of underlying net book value\t3014\t3089\nCarrying value of investment in real estate partnership\t34849\t34097\n", "q10k_tbl_20": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t2371\t3863\t7396\t11536\nOperating expenses\t(1713)\t(2410)\t(5195)\t(7218)\nOther expenses\t(391)\t(776)\t(1184)\t(2341)\nNet income\t267\t677\t1017\t1977\n", "q10k_tbl_21": "Description\tSeptember 30 2020\tDecember 31 2019\nFixed rate notes\t\t\n10.5 million 4.85% Note due September 24 2020 (1)\t0\t9260\n100.0 million 1.73% plus 1.35% to 1.90% Note due October 30 2022 (2)\t100000\t100000\n165.0 million 2.24% plus 1.35% to 1.90% Note due January 31 2024 (3)\t165000\t165000\n80.0 million 3.72% Note due June 1 2027\t80000\t80000\n19.0 million 4.15% Note due December 1 2024\t18768\t19000\n20.2 million 4.28% Note due June 6 2023\t18323\t18616\n14.0 million 4.34% Note due September 11 2024\t13300\t13482\n14.3 million 4.34% Note due September 11 2024\t14073\t14243\n15.1 million 4.99% Note due January 6 2024\t14228\t14409\n2.6 million 5.46% Note due October 1 2023\t2351\t2386\n50.0 million 5.09% Note due March 22 2029\t50000\t50000\n50.0 million 5.17% Note due March 22 2029\t50000\t50000\n1.7 million 1.00% Note due May 6 2022\t1734\t0\n1.1 million 4.53% Note due November 28 2020\t270\t0\nFloating rate notes\t\t\nUnsecured line of credit LIBOR plus 1.40% to 1.90% due January 31 2023\t139500\t109500\nTotal notes payable principal\t667547\t645896\nLess deferred financing costs net of accumulated amortization\t(1031)\t(1197)\nTotal notes payable\t666516\t644699\n", "q10k_tbl_22": "Year\tAmount Due\n2020 (remaining)\t964\n2021\t2762\n2022\t102170\n2023\t167363\n2024\t228573\nThereafter\t165715\nTotal\t667547\n", "q10k_tbl_23": "\tAmount Recognized as Comprehensive Income (Loss)\tLocation of Income (Loss) Recognized in Earnings\tAmount of Income (Loss) Recognized in Earnings (1)\nThree months ended September 30 2020\t1241\tInterest expense\t(1217)\nThree months ended September 30 2019\t(2235)\tInterest expense\t274\nNine months ended September 30 2020\t(10395)\tInterest expense\t(2388)\nNine months ended September 30 2019\t(11740)\tInterest expense\t1091\n", "q10k_tbl_24": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in thousands except per share data)\t2020\t2019\t2020\t2019\nNumerator:\t\t\t\t\nNet income\t914\t1849\t2980\t7391\nLess: Net income attributable to noncontrolling interests\t(14)\t(42)\t(58)\t(168)\nDistributions paid on unvested restricted shares\t0\t0\t0\t(41)\nIncome from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares\t900\t1807\t2922\t7182\nIncome from discontinued operations\t0\t0\t0\t701\nLess: Net income attributable to noncontrolling interests\t0\t0\t0\t(16)\nIncome from discontinued operations attributable to Whitestone REIT\t0\t0\t0\t685\nNet income attributable to common shareholders excluding amounts attributable to unvested restricted shares\t900\t1807\t2922\t7867\nDenominator:\t\t\t\t\nWeighted average number of common shares - basic\t42346\t40187\t42202\t39942\nEffect of dilutive securities:\t\t\t\t\nUnvested restricted shares\t1094\t1259\t838\t1142\nWeighted average number of common shares - dilutive\t43440\t41446\t43040\t41084\nEarnings Per Share:\t\t\t\t\nBasic:\t\t\t\t\nIncome from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.18\nIncome from discontinued operations attributable to Whitestone REIT\t0.00\t0.00\t0.00\t0.02\nNet income attributable to common shareholders excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.20\nDiluted:\t\t\t\t\nIncome from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.17\nIncome from discontinued operations attributable to Whitestone REIT\t0.00\t0.00\t0.00\t0.02\nNet income attributable to common shareholders excluding amounts attributable to unvested restricted shares\t0.02\t0.04\t0.07\t0.19\n", "q10k_tbl_25": "\tCommon Shares\t\tNoncontrolling OP Unit Holders\t\tTotal\nQuarter Paid\tDistributions Per Common Share\tAmount Paid\tDistributions Per OP Unit\tAmount Paid\tAmount Paid\n2020\t\t\t\t\t\nThird Quarter\t0.1050\t4430\t0.1050\t81\t4511\nSecond Quarter\t0.1050\t4413\t0.1050\t91\t4504\nFirst Quarter\t0.2850\t11928\t0.2850\t258\t12186\nTotal\t0.4950\t20771\t0.4950\t430\t21201\n2019\t\t\t\t\t\nFourth Quarter\t0.2850\t11580\t0.2850\t262\t11842\nThird Quarter\t0.2850\t11430\t0.2850\t264\t11694\nSecond Quarter\t0.2850\t11316\t0.2850\t265\t11581\nFirst Quarter\t0.2850\t11301\t0.2850\t264\t11565\nTotal\t1.1400\t45627\t1.1400\t1055\t46682\n", "q10k_tbl_26": "\tShares\tWeighted Average Grant Date Fair Value\nNon-vested at January 1 2020\t2339932\t11.52\nGranted\t1075000\t5.69\nVested\t(478607)\t11.07\nForfeited\t(32479)\t10.80\nNon-vested at September 30 2020\t2903846\t9.45\nAvailable for grant at September 30 2020\t409344\t\n", "q10k_tbl_27": "\tShares Granted\t\tShares Vested\t\n\tNon-Vested Shares Issued\tWeighted Average Grant-Date Fair Value\tVested Shares\tTotal Vest-Date Fair Value\n\t\t\t\t(in thousands)\nNine Months Ended September 30 2020\t1075000\t5.69\t(478607)\t5297\nYear Ended December 31 2019\t762630\t9.46\t(284964)\t3352\nYear Ended December 31 2018\t653472\t11.07\t(560126)\t7978\n", "q10k_tbl_28": "\t\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\tLocation of Revenue (Expense)\t2020\t2019\t2020\t2019\nRent\tOperating and maintenance\t(225)\t(213)\t(701)\t(628)\nProperty management fee income\tManagement transaction and other fees\t145\t228\t456\t693\nInterest income\tInterest dividend and other investment income\t0\t52\t0\t161\n", "q10k_tbl_29": "\tNumber of Leases Signed\tGLA Signed\tWeighted Average Lease Term (2)\tTI and Incentives per Sq. Ft. (3)\tContractual Rent Per Sq. Ft. (4)\tPrior Contractual Rent Per Sq. Ft. (5)\tStraight-lined Basis Increase (Decrease) Over Prior Rent\nComparable (1)\t\t\t\t\t\t\t\nRenewal Leases\t143\t474778\t3.9\t1.31\t17.70\t17.08\t11.6%\nNew Leases\t37\t83529\t5.1\t11.55\t22.43\t22.98\t1.9%\nTotal\t180\t558307\t4.1\t2.85\t18.41\t17.96\t9.8%\n\tNumber of Leases Signed\tGLA Signed\tWeighted Average Lease Term (2)\tTI and Incentives per Sq. Ft. (3)\tContractual Rent Per Sq. Ft. (4)\t\t\nNon-Comparable\t\t\t\t\t\t\t\nRenewal Leases\t2\t2563\t4.7\t30.64\t46.08\t\t\nNew Leases\t40\t97884\t4.7\t8.82\t19.24\t\t\nTotal\t42\t100447\t4.7\t9.38\t19.93\t\t\n", "q10k_tbl_30": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n\t2020\t2019\t2020\t2019\nCapital expenditures:\t\t\t\t\nTenant improvements and allowances\t1820\t1790\t3048\t3185\nDevelopments / redevelopments\t95\t728\t474\t3576\nLeasing commissions and costs\t235\t625\t913\t1993\nMaintenance capital expenditures\t840\t1205\t2286\t3190\nTotal capital expenditures\t2990\t4348\t6721\t11944\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\n\t2020\t2019\nNumber of properties owned and operated\t58\t57\nAggregate GLA (sq. ft.)(1)\t4848652\t4848652\nEnding occupancy rate - operating portfolio(1)\t89%\t90%\nEnding occupancy rate\t89%\t90%\nTotal revenues\t29900\t29879\nTotal operating expenses\t22730\t21914\nTotal other expense\t6347\t6538\nIncome from operations before equity investments in real estate partnerships and income tax\t823\t1427\nEquity in earnings of real estate partnership\t196\t524\nProvision for income taxes\t(105)\t(102)\nIncome from continuing operations\t914\t1849\nNet income\t914\t1849\nLess: Net income attributable to noncontrolling interests\t14\t42\nNet income attributable to Whitestone REIT\t900\t1807\nFunds from operations(2)\t8467\t9231\nFunds from operations core(3)\t10112\t10950\nProperty net operating income(4)\t21272\t22051\nDistributions paid on common shares and OP units\t4511\t11694\nDistributions per common share and OP unit\t0.1050\t0.2850\nDistributions paid as a percentage of funds from operations core\t45%\t107%\n", "q10k_tbl_32": "\tThree Months Ended September 30\t\t\t\nRevenue\t2020\t2019\tChange\t% Change\nSame Store\t\t\t\t\nRental revenues (1) (3)\t21217\t21623\t(406)\t(2)%\nRecoveries(2)\t8010\t8240\t(230)\t(3)%\nBad debt(3)\t(1167)\t(495)\t(672)\t136%\nTotal rental\t28060\t29368\t(1308)\t(4)%\nOther revenues (4)\t887\t283\t604\t213%\nSame Store Total\t28947\t29651\t(704)\t(2)%\nNon-Same Store and Management Fees\t\t\t\t\nRental revenues\t591\t0\t591\tNot meaningful\nRecoveries\t329\t0\t329\tNot meaningful\nBad debt\t(112)\t0\t(112)\tNot meaningful\nTotal rental (5)\t808\t0\t808\tNot meaningful\nManagement fees\t145\t228\t(83)\t(36)%\nNon-Same Store and Management Fees Total\t953\t228\t725\t318%\nTotal revenue\t29900\t29879\t21\t-%\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\t\t\nOperating Expenses\t2020\t2019\tChange\t% Change\nSame Store\t\t\t\t\nOperating and maintenance (1)\t4649\t4888\t(239)\t(5)%\nReal estate taxes\t4437\t4410\t27\t1%\nSame Store total\t9086\t9298\t(212)\t(2)%\nNon-Same Store and affiliated company rents\t\t\t\t\nOperating and maintenance (2)\t155\t16\t139\t869%\nReal estate taxes (2)\t233\t0\t233\tNot meaningful\nAffiliated company rents (3)\t225\t214\t11\t5%\nNon-Same Store and affiliated company rents total\t613\t230\t383\t167%\nDepreciation and amortization\t7171\t6789\t382\t6%\nGeneral and administrative (4)\t5860\t5597\t263\t5%\nTotal operating expenses\t22730\t21914\t816\t4%\n", "q10k_tbl_34": "\tThree Months Ended September 30\t\t\t\nOther Expenses (Income)\t2020\t2019\tChange\t% Change\nInterest expense\t6400\t6679\t(279)\t(4)%\nLoss on sale or disposal of assets and assets held for sale\t18\t0\t18\tNot meaningful\nInterest dividend and other investment income\t(71)\t(141)\t70\t(50)%\nTotal other expense\t6347\t6538\t(191)\t(3)%\n", "q10k_tbl_35": "\tThree Months Ended September 30\t\tIncrease\t% Increase\n\t2020\t2019\t(Decrease)\t(Decrease)\nSame Store (51 properties excluding development land)\t\t\t\t\nProperty revenues\t\t\t\t\nRental\t28060\t29368\t(1308)\t(4)%\nManagement transaction and other fees\t887\t283\t604\t213%\nTotal property revenues\t28947\t29651\t(704)\t(2)%\nProperty expenses\t\t\t\t\nProperty operation and maintenance\t4649\t4888\t(239)\t(5)%\nReal estate taxes\t4437\t4410\t27\t1%\nTotal property expenses\t9086\t9298\t(212)\t(2)%\nTotal property revenues less total property expenses\t19861\t20353\t(492)\t(2)%\nSame Store straight-line rent adjustments\t(50)\t(178)\t128\t(72)%\nSame Store amortization of above/below market rents\t(148)\t(226)\t78\t(35)%\nSame Store lease termination fees\t(727)\t(127)\t(600)\t472%\nSame Store NOI(1)\t18936\t19822\t(886)\t(4)%\n", "q10k_tbl_36": "\tThree Months Ended September 30\t\nPROPERTY NET OPERATING INCOME (\"NOI\")\t2020\t2019\nNet income attributable to Whitestone REIT\t900\t1807\nGeneral and administrative expenses\t5860\t5597\nDepreciation and amortization\t7171\t6789\nEquity in earnings of real estate partnership\t(196)\t(524)\nInterest expense\t6400\t6679\nInterest dividend and other investment income\t(71)\t(141)\nProvision for income taxes\t105\t102\nManagement fee net of related expenses\t81\t(14)\nLoss on sale or disposal of assets and assets held for sale of continuing operations net\t18\t0\nNOI of real estate partnership (pro rata)\t990\t1714\nNet income attributable to noncontrolling interests\t14\t42\nNOI\t21272\t22051\nNon-Same Store NOI (1)\t(421)\t16\nNOI of real estate partnership (pro rata)\t(990)\t(1714)\nNOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)\t19861\t20353\nSame Store straight-line rent adjustments\t(50)\t(178)\nSame Store amortization of above/below market rents\t(148)\t(226)\nSame Store lease termination fees\t(727)\t(127)\nSame Store NOI (2)\t18936\t19822\n", "q10k_tbl_37": "\tNine Months Ended September 30\t\n\t2020\t2019\nNumber of properties owned and operated\t58\t57\nAggregate GLA (sq. ft.)(1)\t4848652\t4848652\nEnding occupancy rate - operating portfolio(1)\t89%\t90%\nEnding occupancy rate\t89%\t90%\nTotal revenues\t88081\t89151\nTotal operating expenses\t65328\t63613\nTotal other expense\t20237\t19303\nIncome from operations before equity investments in real estate partnerships and income tax\t2516\t6235\nEquity in earnings of real estate partnership\t752\t1480\nProvision for income taxes\t(288)\t(324)\nIncome from continuing operations\t2980\t7391\nGain on sale of property from discontinued operations\t0\t701\nNet income\t2980\t8092\nLess: Net income attributable to noncontrolling interests\t58\t184\nNet income attributable to Whitestone REIT\t2922\t7908\nFunds from operations(2)\t26145\t29104\nFunds from operations core(3)\t30312\t33874\nProperty net operating income(4)\t62965\t67005\nDistributions paid on common shares and OP units\t21201\t34840\nDistributions per common share and OP unit\t0.4950\t0.8550\nDistributions paid as a percentage of funds from operations core\t70%\t103%\n", "q10k_tbl_38": "\tNine Months Ended September 30\t\t\t\nRevenue\t2020\t2019\tChange\t% Change\nSame Store\t\t\t\t\nRental revenues (1) (3)\t63766\t64752\t(986)\t(2)%\nRecoveries(2)\t24094\t23701\t393\t2%\nBad debt(3)\t(4187)\t(926)\t(3261)\t352%\nTotal rental\t83673\t87527\t(3854)\t(4)%\nOther revenues (4)\t1475\t931\t544\t58%\nSame Store Total\t85148\t88458\t(3310)\t(4)%\nNon-Same Store and Management Fees\t\t\t\t\nRental revenues\t1825\t0\t1825\tNot meaningful\nRecoveries\t882\t0\t882\tNot meaningful\nBad debt\t(264)\t0\t(264)\tNot meaningful\nTotal rental (5)\t2443\t0\t2443\tNot meaningful\nOther revenues\t34\t0\t34\tNot meaningful\nManagement fees\t456\t693\t(237)\t(34)%\nNon-Same Store and Management Fees Total\t2933\t693\t2240\t323%\nTotal revenue\t88081\t89151\t(1070)\t(1)%\n", "q10k_tbl_39": "\tNine Months Ended September 30\t\t\t\nOperating Expenses\t2020\t2019\tChange\t% Change\nSame Store\t\t\t\t\nOperating and maintenance\t13895\t14015\t(120)\t(1)%\nReal estate taxes\t12972\t12474\t498\t4%\nSame Store total\t26867\t26489\t378\t1%\nNon-Same Store and affiliated company rents\t\t\t\t\nOperating and maintenance (1)\t425\t116\t309\t266%\nReal estate taxes (1)\t619\t0\t619\tNot meaningful\nAffiliated company rents (2)\t701\t629\t72\t11%\nNon-Same Store and affiliated company rents total\t1745\t745\t1000\t134%\nDepreciation and amortization\t21112\t19865\t1247\t6%\nGeneral and administrative (3)\t15604\t16514\t(910)\t(6)%\nTotal operating expenses\t65328\t63613\t1715\t3%\n", "q10k_tbl_40": "\tNine Months Ended September 30\t\t\t\nOther Expenses (Income)\t2020\t2019\tChange\t% Change\nInterest expense\t19561\t19738\t(177)\t(1)%\nLoss on sale or disposal of assets and assets held for sale\t882\t115\t767\t667%\nInterest dividend and other investment income\t(206)\t(550)\t344\t(63)%\nTotal other expense\t20237\t19303\t934\t5%\n", "q10k_tbl_41": "\tNine Months Ended September 30\t\tIncrease\t% Increase\n\t2020\t2019\t(Decrease)\t(Decrease)\nSame Store (51 properties excluding development land)\t\t\t\t\nProperty revenues\t\t\t\t\nRental\t83673\t87527\t(3854)\t(4)%\nManagement transaction and other fees\t1475\t931\t544\t58%\nTotal property revenues\t85148\t88458\t(3310)\t(4)%\nProperty expenses\t\t\t\t\nProperty operation and maintenance\t13895\t14015\t(120)\t(1)%\nReal estate taxes\t12972\t12474\t498\t4%\nTotal property expenses\t26867\t26489\t378\t1%\nTotal property revenues less total property expenses\t58281\t61969\t(3688)\t(6)%\nSame Store straight-line rent adjustments\t640\t(919)\t1559\t(170)%\nSame Store amortization of above/below market rents\t(589)\t(690)\t101\t(15)%\nSame Store lease termination fees\t(1028)\t(401)\t(627)\t156%\nSame Store NOI(1)\t57304\t59959\t(2655)\t(4)%\n", "q10k_tbl_42": "\tNine Months Ended September 30\t\nPROPERTY NET OPERATING INCOME (\"NOI\")\t2020\t2019\nNet income attributable to Whitestone REIT\t2922\t7908\nGeneral and administrative expenses\t15604\t16514\nDepreciation and amortization\t21112\t19865\nEquity in earnings of real estate partnership\t(752)\t(1480)\nInterest expense\t19561\t19738\nInterest dividend and other investment income\t(206)\t(550)\nProvision for income taxes\t288\t324\nGain on sale of property from discontinued operations net\t0\t(701)\nManagement fee net of related expenses\t246\t(64)\nLoss on sale or disposal of assets and assets held for sale of continuing operations net\t882\t115\nNOI of real estate partnership (pro rata)\t3250\t5152\nNet income attributable to noncontrolling interests\t58\t184\nNOI\t62965\t67005\nNon-Same Store NOI (1)\t(1434)\t116\nNOI of real estate partnership (pro rata)\t(3250)\t(5152)\nNOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)\t58281\t61969\nSame Store straight-line rent adjustments\t640\t(919)\nSame Store amortization of above/below market rents\t(589)\t(690)\nSame Store lease termination fees\t(1028)\t(401)\nSame Store NOI (2)\t57304\t59959\n", "q10k_tbl_43": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\nFFO (NAREIT) AND FFO-CORE\t2020\t2019\t2020\t2019\nNet income attributable to Whitestone REIT\t900\t1807\t2922\t7908\nAdjustments to reconcile to FFO:(1)\t\t\t\t\nDepreciation and amortization of real estate\t7125\t6718\t20943\t19657\nDepreciation and amortization of real estate assets of real estate partnership (pro rata)\t386\t651\t1262\t1921\nLoss on disposal or impairment of assets and properties of continuing operations net\t18\t0\t882\t115\nGain on sale of property from discontinued operations net\t0\t0\t0\t(701)\nLoss on sale or disposal of properties or assets of real estate partnership (pro rata)(2)\t24\t13\t78\t20\nNet income attributable to noncontrolling interests\t14\t42\t58\t184\nFFO (NAREIT)\t8467\t9231\t26145\t29104\nShare-based compensation expense\t1645\t1719\t4167\t4770\nFFO Core\t10112\t10950\t30312\t33874\n", "q10k_tbl_44": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\nPROPERTY NET OPERATING INCOME\t2020\t2019\t2020\t2019\nNet income attributable to Whitestone REIT\t900\t1807\t2922\t7908\nGeneral and administrative expenses\t5860\t5597\t15604\t16514\nDepreciation and amortization\t7171\t6789\t21112\t19865\nEquity in earnings of real estate partnership\t(196)\t(524)\t(752)\t(1480)\nInterest expense\t6400\t6679\t19561\t19738\nInterest dividend and other investment income\t(71)\t(141)\t(206)\t(550)\nProvision for income taxes\t105\t102\t288\t324\nGain on sale of property from discontinued operations net\t0\t0\t0\t(701)\nManagement fee net of related expenses\t81\t(14)\t246\t(64)\nLoss on sale or disposal of assets and assets held for sale of continuing operations net\t18\t0\t882\t115\nNOI of real estate partnership (pro rata)\t990\t1714\t3250\t5152\nNet income attributable to noncontrolling interests\t14\t42\t58\t184\nNOI\t21272\t22051\t62965\t67005\n", "q10k_tbl_45": "Description\tSeptember 30 2020\tDecember 31 2019\nFixed rate notes\t\t\n10.5 million 4.85% Note due September 24 2020 (1)\t0\t9260\n100.0 million 1.73% plus 1.35% to 1.90% Note due October 30 2022 (2)\t100000\t100000\n165.0 million 2.24% plus 1.35% to 1.90% Note due January 31 2024 (3)\t165000\t165000\n80.0 million 3.72% Note due June 1 2027\t80000\t80000\n19.0 million 4.15% Note due December 1 2024\t18768\t19000\n20.2 million 4.28% Note due June 6 2023\t18323\t18616\n14.0 million 4.34% Note due September 11 2024\t13300\t13482\n14.3 million 4.34% Note due September 11 2024\t14073\t14243\n15.1 million 4.99% Note due January 6 2024\t14228\t14409\n2.6 million 5.46% Note due October 1 2023\t2351\t2386\n50.0 million 5.09% Note due March 22 2029\t50000\t50000\n50.0 million 5.17% Note due March 22 2029\t50000\t50000\n1.7 million 1.00% Note due May 6 2022\t1734\t0\n1.1 million 4.53% Note due November 28 2020\t270\t0\nFloating rate notes\t\t\nUnsecured line of credit LIBOR plus 1.40% to 1.90% due January 31 2023\t139500\t109500\nTotal notes payable principal\t667547\t645896\nLess deferred financing costs net of accumulated amortization\t(1031)\t(1197)\nTotal notes payable\t666516\t644699\n", "q10k_tbl_46": "Year\tAmount Due\n2020 (remaining)\t964\n2021\t2762\n2022\t102170\n2023\t167363\n2024\t228573\nThereafter\t165715\nTotal\t667547\n", "q10k_tbl_47": "\tCommon Shares\t\tNoncontrolling OP Unit Holders\t\tTotal\nQuarter Paid\tDistributions Per Common Share\tAmount Paid\tDistributions Per OP Unit\tAmount Paid\tAmount Paid\n2020\t\t\t\t\t\nThird Quarter\t0.1050\t4430\t0.1050\t81\t4511\nSecond Quarter\t0.1050\t4413\t0.1050\t91\t4504\nFirst Quarter\t0.2850\t11928\t0.2850\t258\t12186\nTotal\t0.4950\t20771\t0.4950\t430\t21201\n2019\t\t\t\t\t\nFourth Quarter\t0.2850\t11580\t0.2850\t262\t11842\nThird Quarter\t0.2850\t11430\t0.2850\t264\t11694\nSecond Quarter\t0.2850\t11316\t0.2850\t265\t11581\nFirst Quarter\t0.2850\t11301\t0.2850\t264\t11565\nTotal\t1.1400\t45627\t1.1400\t1055\t46682\n", "q10k_tbl_48": "Period\tTotal Number of Shares Purchased (1)\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs\tMaximum Number of Shares that May Yet be Purchased Under the Plans or Programs\nJuly 1 2020 through July 31 2020\t0\t0\tN/A\tN/A\nAugust 1 2020 through August 31 2020\t0\t0\tN/A\tN/A\nSeptember 1 2020 through September 30 2020\t1173\t6.00\tN/A\tN/A\nTotal\t1173\t6.00\t\t\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_31", "cf": "q10k_tbl_10"}None
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
Exhibits
EX-10.1
exhibit101timevested.htm
EX-10.2
exhibit102perfvest.htm
EX-31.1
exhibit3112020-09.htm
EX-31.2
exhibit3122020-09.htm
EX-32.1
exhibit3212020-09.htm
EX-32.2
exhibit3222020-09.htm
Whitestone REIT Earnings 2020-09-30
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
wsr-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-34855
WHITESTONE REIT
(Exact Name of Registrant as Specified in Its Charter)
Maryland
76-0594970
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
2600 South Gessner,
Suite 500
77063
Houston,
Texas
(Address of Principal Executive Offices)
(Zip Code)
(713) 827-9595
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares of Beneficial Interest, par value $0.001 per share
WSR
New York Stock Exchange
Preferred Stock Purchase Rights
N/A
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Small reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐Yes ☒ No
As of October 29, 2020, there were 42,354,265 common shares of beneficial interest, $0.001 par value per share, outstanding.
Accrued rents and accounts receivable, net of allowance for doubtful accounts
23,604
22,854
Receivable due from related party
1,302
477
Unamortized lease commissions, legal fees and loan costs
8,082
8,960
Prepaid expenses and other assets(1)
2,444
3,819
Total assets
$
1,064,925
$
1,056,260
LIABILITIES AND EQUITY
Liabilities:
Notes payable
$
666,516
$
644,699
Accounts payable and accrued expenses(2)
49,861
39,336
Payable due to related party
845
307
Tenants' security deposits
6,915
6,617
Dividends and distributions payable
4,528
12,203
Total liabilities
728,665
703,162
Commitments and contingencies:
—
—
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of September 30, 2020 and December 31, 2019
—
—
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 42,353,309 and 41,492,117 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
42
41
Additional paid-in capital
560,129
554,816
Accumulated deficit
(214,468)
(204,049)
Accumulated other comprehensive loss
(15,707)
(5,491)
Total Whitestone REIT shareholders' equity
329,996
345,317
Noncontrolling interest in subsidiary
6,264
7,781
Total equity
336,260
353,098
Total liabilities and equity
$
1,064,925
$
1,056,260
See accompanying notes to Consolidated Financial Statements.