Whitestone REIT (WSR) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Whitestone REIT
Entity Central Index Key	1,175,535
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		29,252,918

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate assets, at cost
Property	$ 918,562	$ 835,538
Accumulated depreciation	(103,721)	(89,580)
Total real estate assets	814,841	745,958
Cash and cash equivalents	8,786	2,587
Restricted cash	103	121
Marketable securities	456	435
Escrows and acquisition deposits	6,183	6,668
Accrued rents and accounts receivable, net of allowance for doubtful accounts	16,970	15,466
Unamortized lease commissions and loan costs	8,340	8,178
Prepaid expenses and other assets	2,808	2,672
Total assets	858,487	782,085
Liabilities:
Notes payable	549,671	497,955
Accounts payable and accrued expenses	31,920	24,051
Tenants' security deposits	6,066	5,254
Dividends and distributions payable	8,647	7,834
Total liabilities	596,304	535,094
Commitments and contingencies:	0	0
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	0	0
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 29,218,531 and 26,991,493 issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	29	27
Additional paid-in capital	390,966	359,971
Accumulated deficit	(133,779)	(116,895)
Accumulated other comprehensive loss	(6,951)	(129)
Total Whitestone REIT shareholders' equity	250,265	242,974
Noncontrolling interest in subsidiary	11,918	4,017
Total equity	262,183	246,991
Total liabilities and equity	$ 858,487	$ 782,085

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred shares, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred shares, shares authorized (in shares)	50,000,000	50,000,000
Preferred shares, shares issued (in shares)	0	0
Preferred shares, shares outstanding (in shares)	0	0
Common shares, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	400,000,000	400,000,000
Common shares, issued (in shares)	29,218,531	26,991,493
Common shares, outstanding (in shares)	29,218,531	26,991,493

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property revenues
Rental revenues	$ 19,844	$ 18,785	$ 58,915	$ 52,426
Other revenues	5,664	5,814	17,157	15,395
Total property revenues	25,508	24,599	76,072	67,821
Property expenses
Property operation and maintenance	4,904	4,823	14,381	13,245
Real estate taxes	3,414	3,474	10,072	9,303
Total property expenses	8,318	8,297	24,453	22,548
Other expenses (income)
General and administrative	6,218	5,687	16,467	15,170
Depreciation and amortization	5,449	5,149	16,362	14,388
Interest expense	4,669	3,740	14,221	10,664
Interest, dividend and other investment income	(164)	(73)	(339)	(244)
Total other expense	16,172	14,503	46,711	39,978
Income from continuing operations before gain on sale or disposal of properties or assets and income taxes	1,018	1,799	4,908	5,295
Provision for income taxes	(80)	(100)	(247)	(274)
Gain on sale of properties	0	0	2,890	0
Gain (loss) on sale or disposal of assets	26	(148)	10	(248)
Income from continuing operations	964	1,551	7,561	4,773
Income from discontinued operations	0	44	0	3
Income from discontinued operations	0	44	0	3
Net income	964	1,595	7,561	4,776
Less: Net income attributable to noncontrolling interests	15	25	131	78
Net income attributable to Whitestone REIT	$ 949	$ 1,570	$ 7,430	$ 4,698
Basic Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.03	$ 0.05	$ 0.25	$ 0.18
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)	0	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	0.03	0.05	0.25	0.18
Diluted Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)	0.03	0.05	0.25	0.17
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)	0	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.03	$ 0.05	$ 0.25	$ 0.17
Weighted average number of common shares outstanding:
Basic (in shares)	28,195	26,476	27,210	23,988
Diluted (in shares)	29,024	27,082	28,013	24,583
Distributions declared per common share / OP unit (in dollars per share)	$ 0.285	$ 0.285	$ 0.855	$ 0.855
Consolidated Statements of Comprehensive Income
Net income	$ 964	$ 1,595	$ 7,561	$ 4,776
Other comprehensive gain (loss)
Unrealized gain (loss) on cash flow hedging activities	1,529	(184)	(6,962)	(460)
Unrealized gain (loss) on available-for-sale marketable securities	(11)	(8)	20	(106)
Comprehensive income	2,482	1,403	619	4,210
Less: Comprehensive income attributable to noncontrolling interests	41	22	11	69
Comprehensive income attributable to Whitestone REIT	$ 2,441	$ 1,381	$ 608	$ 4,141

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands		Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance, at Dec. 31, 2015		$ 246,991	$ 27	$ 359,971	$ (116,895)	$ (129)	$ 242,974	$ 4,017
Beginning Balance (in shares), at Dec. 31, 2015		26,991,493	26,991,000
Beginning Balance (in units), at Dec. 31, 2015								497,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of noncontrolling interest OP units for common shares (in shares)			15,000					15,000
Exchange of noncontrolling interest OP units for common shares		$ 0		125			125	$ (125)
Issuance of shares under dividend reinvestment plan (in shares)			7,000
Issuance of common shares, net of offering costs		26,686	$ 2	26,684			26,686
Issuance of OP units (in shares)								621,000
Issuance of OP units		8,738						$ 8,738
Issuance of common shares, net of offering costs (in shares)			1,820,000
Issuance of shares under dividend reinvestment plan		83		83			83
Repurchase of common shares (in shares)	[1]		(209,000)
Repurchase of common shares	[1]	(2,904)		(2,904)			(2,904)
Share-based compensation (in shares)			595,000
Share-based compensation		6,874		6,874			6,874
Distributions		(24,904)			(24,314)		(24,314)	(590)
Unrealized loss on change in value of cash flow hedge		(6,962)				(6,842)	(6,842)	(120)
Unrealized gain on change in fair value of available-for-sale marketable securities		20				20	20
Reallocation of ownership percentage between parent and subsidiary		0		133			133	(133)
Net income		7,561			7,430		7,430	131
Ending Balance, at Sep. 30, 2016		$ 262,183	$ 29	$ 390,966	$ (133,779)	$ (6,951)	$ 250,265	$ 11,918
Ending Balance (in shares), at Sep. 30, 2016		29,218,531	29,219,000
Ending Balance (in units), at Sep. 30, 2016								1,103,000
[1]	During the nine months ended September 30, 2016, the Company acquired common shares held by employees who tendered owned common shares to satisfy the tax withholding on the lapse of certain restrictions on restricted common shares.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income from continuing operations	$ 7,561,000	$ 4,773,000
Income from discontinued operations	0	3,000
Net income	7,561,000	4,776,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,362,000	14,388,000
Amortization of deferred loan costs	1,202,000	902,000
Amortization of notes payable discount	241,000	222,000
Gain on sale of marketable securities	0	(44,000)
Loss (gain) on sale or disposal of assets and properties	(2,900,000)	248,000
Bad debt expense	1,298,000	1,318,000
Share-based compensation	6,874,000	5,209,000
Changes in operating assets and liabilities:
Escrows and acquisition deposits	485,000	(1,445,000)
Accrued rent and accounts receivable	(2,802,000)	(3,583,000)
Unamortized lease commissions	(2,126,000)	(1,207,000)
Prepaid expenses and other assets	725,000	341,000
Accounts payable and accrued expenses	261,000	4,201,000
Tenants' security deposits	812,000	671,000
Net cash provided by operating activities	27,993,000	25,994,000
Net cash provided by operating activities of discontinued operations	0	3,000
Cash flows from investing activities:
Acquisitions of real estate	(60,616,000)	(147,950,000)
Additions to real estate	(15,362,000)	(7,954,000)
Proceeds from sales of properties	3,957,000	0
Proceeds from sales of marketable securities	0	496,000
Net cash used in investing activities	(72,021,000)	(155,408,000)
Net cash used in investing activities of discontinued operations	0	0
Cash flows from financing activities:
Distributions paid to common shareholders	(23,606,000)	(20,791,000)
Distributions paid to OP unit holders	(415,000)	(346,000)
Proceeds from issuance of common shares, net of offering costs	26,686,000	49,717,000
Proceeds from revolving credit facility, net	64,000,000	105,500,000
Repayments of notes payable	(13,552,000)	(2,141,000)
Change in restricted cash	18,000	(86,000)
Repurchase of common shares	(2,904,000)	(1,018,000)
Net cash provided by financing activities	50,227,000	130,835,000
Net cash used in financing activities of discontinued operations	0	0
Net increase in cash and cash equivalents	6,199,000	1,424,000
Cash and cash equivalents at beginning of period	2,587,000	4,236,000
Cash and cash equivalents at end of period	8,786,000	5,660,000
Supplemental disclosure of cash flow information:
Cash paid for interest	13,700,000	9,826,000
Cash paid for taxes	284,000	315,000
Non cash investing and financing activities:
Disposal of fully depreciated real estate	544,000	57,000
Financed insurance premiums	1,060,000	1,057,000
Value of shares issued under dividend reinvestment plan	83,000	71,000
Value of common shares exchanged for OP units	125,000	84,000
Change in fair value of available-for-sale securities	20,000	(106,000)
Change in fair value of cash flow hedge	(6,962,000)	(460,000)
Acquisition of real estate in exchange for OP units	$ 8,738,000	$ 1,333,000

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	INTERIM FINANCIAL STATEMENTS The consolidated financial statements included in this report are unaudited; however, amounts presented in the consolidated balance sheet as of December 31, 2015 are derived from our audited consolidated financial statements as of that date. The unaudited financial statements as of and for the period ended September 30, 2016 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information on a basis consistent with the annual audited consolidated financial statements and with the instructions to Form 10-Q. The consolidated financial statements presented herein reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position of Whitestone and our subsidiaries as of September 30, 2016 , and the results of operations for the three and nine month periods ended September 30, 2016 and 2015 , the consolidated statements of changes in equity for the nine month period ended September 30, 2016 and cash flows for the nine month periods ended September 30, 2016 and 2015 . All of these adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results expected for a full year. The statements should be read in conjunction with the audited consolidated financial statements and the notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2015 . Business . Whitestone was formed as a real estate investment trust (“REIT”) pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland REIT formed for the sole purpose of the reorganization and the conversion of each of the outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of September 30, 2016 and December 31, 2015 , Whitestone owned and operated 71 and 70 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of September 30, 2016 and December 31, 2015 , we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone . Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. During the nine months ended September 30, 2016 , we reclassified certain deferred financing costs, previously classified as an asset as a direct reduction from the carrying amount of certain debt liabilities for all periods presented. Deferred financing costs related to our unsecured line of credit have not been reclassified. See Note 6 for additional information. These reclassifications had no effect on net income or equity. Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024 (See Note 6), which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities as change in restricted cash. Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of September 30, 2016 , we consider our cash flow hedges to be highly effective. Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction), are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended September 30, 2016 , approximately $103,000 and $16,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2016 , approximately $235,000 and $48,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended September 30, 2015 , approximately $25,000 and $16,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2015 , approximately $83,000 and $53,000 in interest expense and real estate taxes, respectively, were capitalized. Real Estate Held for Sale and Discontinued Operations. We consider a commercial property to be held for sale when it meets all of the criteria established under ASC 205, “Presentation of Financial Statements.” For commercial properties classified as held for sale, assets and liabilities are presented separately for all periods presented. In accordance with ASC 205, a discontinued operation may include a component of an entity or a group of components of an entity. A disposal of a component of an entity or a group of components of an entity is reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component of an entity or group of components of an entity is classified as held for sale, disposed of by sale or disposed of other than by sale, respectively. In addition, ASC 205 requires us to provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not meet the criteria for a discontinued operation. Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $3,042,000 and $1,859,000 in share-based compensation for the three months ended September 30, 2016 and 2015 , respectively, and we recognized $6,886,000 and $5,202,000 in share-based compensation for the nine months ended September 30, 2016 and 2015 , respectively. Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity. See our Annual Report on Form 10-K for the year ended December 31, 2015 for further discussion on significant accounting policies. Recent Accounting Pronouncements . In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued guidance to clarify that debt issuance costs related to line-of-credit agreements may still be presented as an asset and subsequently amortized ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit. This guidance was effective for reporting periods beginning on or after December 15, 2015 and is to be applied retrospectively. We have adopted this guidance for all periods presented. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of this guidance and its impact on our consolidated financial statements. In March 2016, the FASB issued guidance simplifying the accounting for share-based payment transactions, including the income tax consequences, balance sheet classification of awards and the classification on the statement of cash flows. This guidance will be effective for reporting periods beginning on or after December 15, 2016, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance and its impact on our consolidated financial statements.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES All of our marketable securities were classified as available-for-sale securities as of September 30, 2016 and December 31, 2015 . Available-for-sale securities consisted of the following (in thousands): September 30, 2016 Amortized Cost Gains in Accumulated Other Comprehensive Income (Loss) Losses in Accumulated Other Comprehensive Income (Loss) Estimated Fair Value Real estate sector common stock $ 654 $ — $ (198 ) $ 456 Total available-for-sale securities $ 654 $ — $ (198 ) $ 456 December 31, 2015 Amortized Cost Gains in Accumulated Other Comprehensive Income (Loss) Losses in Accumulated Other Comprehensive Income (Loss) Estimated Fair Value Real estate sector common stock $ 654 $ — $ (219 ) $ 435 Total available-for-sale securities $ 654 $ — $ (219 ) $ 435 During the three and nine months ended September 30, 2016 , no available-for-sale securities were sold. During the three months ended September 30, 2015 , no available-for-sale securities were sold and during the nine months ended September 30, 2015 , available-for-sale securities were sold for total proceeds of $496,000 . The gross realized gain on these sales during the nine months ended September 30, 2015 was $44,000 . For purposes of determining gross realized gains and losses, the cost of securities sold is based on specific identification. A net unrealized holding loss on available-for-sale securities in the amount of $198,000 and $240,000 for the nine months ended September 30, 2016 and 2015 , respectively, has been included in accumulated other comprehensive income (loss).

Accrued Rents and Accounts Rece

Accrued Rents and Accounts Receivable, Net	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Accrued Rent and Accounts Receivable, Net	ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET Accrued rents and accounts receivable, net consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): September 30, 2016 December 31, 2015 Tenant receivables $ 12,648 $ 10,494 Accrued rents and other recoveries 12,189 11,619 Allowance for doubtful accounts (7,867 ) (6,647 ) Total $ 16,970 $ 15,466

Unamortized Leasing Commissions

Unamortized Leasing Commissions and Loan Costs	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Unamortized Leasing Comissions and Loan Costs	UNAMORTIZED LEASE COMMISSIONS AND LOAN COSTS Costs which have been deferred consist of the following (in thousands): September 30, 2016 December 31, 2015 Lease commissions $ 8,669 $ 7,226 Deferred financing cost 4,071 4,070 Total cost 12,740 11,296 Less: lease commissions accumulated amortization (3,528 ) (2,960 ) Less: deferred financing cost accumulated amortization (872 ) (158 ) Total cost, net of accumulated amortization $ 8,340 $ 8,178

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure	DEBT Certain subsidiaries of Whitestone are the borrowers under various financing arrangements. These subsidiaries are separate legal entities and their respective assets and credit are not available to satisfy the debt of Whitestone or any of its other subsidiaries. Debt consisted of the following as of the dates indicated (in thousands): Description September 30, 2016 December 31, 2015 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 10,040 $ 10,220 $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 100,000 $37.0 million 3.76% Note, due December 1, 2020 34,414 35,146 $6.5 million 3.80% Note, due January 1, 2019 6,063 6,190 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,794 20,040 $14.0 million 4.34% Note, due September 11, 2024 14,000 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 16,357 16,450 $15.1 million 4.99% Note, due January 6, 2024 15,060 15,060 $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 (5) 7,873 7,886 $2.6 million 5.46% Note, due October 1, 2023 2,522 2,550 $11.1 million 5.87% Note, due August 6, 2016 — 11,305 $1.1 million 2.97% Note, due November 28, 2016 212 — Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 191,600 127,600 Total notes payable principal 551,235 499,747 Less deferred financing costs, net of accumulated amortization (1,564 ) (1,792 ) Total notes payable $ 549,671 $ 497,955 (1) Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% , (5) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% . On November 7, 2014, we, through our Operating Partnership, entered into an unsecured revolving credit facility (the “2014 Facility”) with the lenders party thereto, with BMO Capital Markets, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and U.S. Bank, National Association, as co-lead arrangers and joint book runners, and Bank of Montreal, as administrative agent (the “Agent”). The 2014 Facility amended and restated our previous unsecured revolving credit facility. On October 30, 2015, we, through our Operating Partnership, entered into the First Amendment to the 2014 Facility (the “First Amendment”) with the guarantors party thereto, the lenders party thereto and the Agent. We refer to the 2014 Facility, as amended by the First Amendment, as the “Facility.” Pursuant to the First Amendment, the Company made the following amendments to the 2014 Facility: • extended the maturity date of the $300 million unsecured revolving credit facility under the 2014 Facility (the “Revolver”) to October 30, 2019 from November 7, 2018; • converted $100 million of outstanding borrowings under the Revolver to a new $100 million unsecured term loan under the 2014 Facility (“Term Loan 3”) with a maturity date of October 30, 2022; • extended the maturity date of the first $50 million unsecured term loan under the 2014 Facility (“Term Loan 1”) to October 30, 2020 from February 17, 2017; and • extended the maturity date of the second $50 million unsecured term loan under the 2014 Facility (“Term Loan 2” and together with Term Loan 1 and Term Loan 3, the “Term Loans”) to January 29, 2021 from November 7, 2019. Borrowings under the Facility accrue interest (at the Operating Partnership's option) at a Base Rate or an Adjusted LIBOR plus an applicable margin based upon our then existing leverage. The applicable margin for Adjusted LIBOR borrowings ranges from 1.40% to 1.95% for the Revolver and 1.35% to 2.25% for the Term Loans. Base Rate means the higher of: (a) the Agent's prime commercial rate, (b) the sum of (i) the average rate quoted by the Agent by two or more federal funds brokers selected by the Agent for sale to the Agent at face value of federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus (ii) 1/2 of 1.00% , and (c) the LIBOR rate for such day plus 1.00% . Adjusted LIBOR means LIBOR divided by one minus the Eurodollar Reserve Percentage. The Eurodollar Reserve Percentage means the maximum reserve percentage at which reserves are imposed by the Board of Governors of the Federal Reserve System on eurocurrency liabilities. We serve as the guarantor for funds borrowed by the Operating Partnership under the Facility. The Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges, and maintenance of a minimum net worth. The Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. The Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity to $700 million , upon the satisfaction of certain conditions. As of September 30, 2016 , $391.6 million was drawn on the Facility, and our remaining borrowing capacity was $108.4 million . Proceeds from the Facility were used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and retenanting of properties in our portfolio and working capital. We intend to use the additional proceeds from the Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditure, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. As of September 30, 2016 , our $159.4 million in secured debt was collateralized by 19 properties with a carrying value of $191.2 million . Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of the rents and leases associated with those properties. As of September 30, 2016 , we were in compliance with all loan covenants. Scheduled maturities of our outstanding debt as of September 30, 2016 were as follows (in thousands): Year Amount Due 2016 $ 765 2017 10,213 2018 12,136 2019 199,649 2020 82,827 Thereafter 245,645 Total $ 551,235

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	DERIVATIVES AND HEDGING ACTIVITIES The fair value of our interest rate swaps is as follows (in thousands): Balance Sheet Location Estimated Fair Value Interest rate swaps: September 30, 2016 Accounts payable and accrued expenses $ 7,317 December 31, 2015 Accounts payable and accrued expenses $ 617 On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 3 under the Facility at 1.725% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $35.0 million of the swap to U.S. Bank, National Association, and $15.0 million of the swap to SunTrust Bank. See Note 6 for additional information regarding the Facility. The swap began on November 30, 2015 and will mature on October 28, 2022. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 1 under the Facility at 1.75% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 6 for additional information regarding the Facility. The swap will begin on February 3, 2017 and will mature on October 30, 2020. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 2 under the Facility at 1.50% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 6 for additional information regarding the Facility. The swap began on December 7, 2015 and will mature on January 29, 2021. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Three months ended September 30, 2016 $ 1,529 Interest expense $ (602 ) Three months ended September 30, 2015 $ (184 ) Interest expense $ (207 ) Nine months ended September 30, 2016 $ (6,962 ) Interest expense $ (1,810 ) Nine months ended September 30, 2015 $ (460 ) Interest expense $ (617 ) (1) We did not recognize any ineffective portion of our interest rate swaps in earnings for the three and nine months ended September 30, 2016 and 2015 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted common shares and the net income attributable to noncontrolling interests by our weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted common shares and the net income attributable to noncontrolling interests by the weighted average number of common shares including any dilutive unvested restricted common shares. Certain of our performance-based restricted common shares are considered participating securities that require the use of the two-class method for the computation of basic and diluted earnings per share. During the three months ended September 30, 2016 and 2015 , 487,090 and 435,440 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive, and during the nine months ended September 30, 2016 and 2015 , 487,510 and 406,277 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the three months ended September 30, 2016 and 2015 , distributions of $158,000 and $139,000 , respectively, were made to holders of certain restricted common shares, $12,000 and $9,000 , respectively, of which were charged against earnings. For the nine months ended September 30, 2016 and 2015 , distributions of $510,000 and $427,000 , respectively, were made to holders of certain restricted common shares, $12,000 and $27,000 , respectively, of which were charged against earnings. See Note 11 for information related to restricted common shares under the 2008 Plan. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Numerator: Income from continuing operations $ 964 $ 1,551 $ 7,561 $ 4,773 Less: Net income attributable to noncontrolling interests (15 ) (25 ) (131 ) (78 ) Distributions paid on unvested restricted shares (146 ) (130 ) (498 ) (400 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 803 1,396 6,932 4,295 Income from discontinued operations — 44 — 3 Less: Net income attributable to noncontrolling interests — — — — Income from discontinued operations attributable to Whitestone REIT — 44 — 3 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 803 $ 1,440 $ 6,932 $ 4,298 Denominator: Weighted average number of common shares - basic 28,195 26,476 27,210 23,988 Effect of dilutive securities: Unvested restricted shares 829 606 803 595 Weighted average number of common shares - dilutive 29,024 27,082 28,013 24,583 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.18 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.18 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.17 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.17

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES With the exception of our taxable REIT subsidiaries, federal income taxes are generally not provided because we intend to and believe we qualify as a REIT under the provisions of the Internal Revenue Code (the “Code”) and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. As a REIT, we must distribute at least 90% of our REIT taxable income to our shareholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates. Income earned by our taxable REIT subsidiary, Whitestone Davenport TRS LLC (“Davenport TRS”), is subject to federal income tax. For the nine months ended September 30, 2016 , we recognized $45,000 in income tax expense related to Davenport TRS for the 2016 taxable year. Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. We recorded $49,000 in credits to tax expense during the nine months ended September 30, 2016 for the 2015 taxable year. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate ( 0.75% for us) to the profit margin, which generally will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not an income tax, FASB ASC 740, “ Income Taxes ” applies to the Texas Margin Tax. For the three months ended September 30, 2016 and 2015 , we recognized approximately $75,000 and $104,000 in margin tax provision, respectively, and for the nine months ended September 30, 2016 and 2015 , we recognized approximately $237,000 and $292,000 in margin tax provision, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Equity	EQUITY Common Shares Under our declaration of trust, as amended, we have authority to issue up to 400,000,000 common shares of beneficial interest, $0.001 par value per share, and up to 50,000,000 preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On June 26, 2015, we completed the sale of 3,750,000 common shares, $0.001 par value per share, at a purchase price of $13.3386 per share. Total net proceeds from the offering, after deducting offering expenses, were approximately $49.7 million , which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from the offering to repay a portion of the Facility and for general corporate purposes. On June 4, 2015, we entered into six amended and restated equity distribution agreements for an at-the-market equity distribution program (the “2015 equity distribution agreements”). Pursuant to the terms and conditions of the 2015 equity distribution agreements, we can issue and sell up to an aggregate of $50 million of our common shares. Actual sales will depend on a variety of factors to be determined by us from time to time, including (among others) market conditions, the trading price of our common shares, capital needs and our determinations of the appropriate sources of funding for us, and will be made in transactions that will be deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act. We have no obligation to sell any of our common shares, and can at any time suspend offers under the 2015 equity distribution agreements or terminate the 2015 equity distribution agreements. During the three months ended September 30, 2016 , we sold 1,083,926 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $16.1 million . In connection with such sales, we paid compensation of approximately $0.2 million to the sales agents. During the nine months ended September 30, 2016 , we sold 1,819,681 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $26.7 million . In connection with such sales, we paid compensation of approximately $0.4 million to the sales agents. We had not sold any common shares under the 2015 equity distribution agreements as of September 30, 2015 . Operating Partnership Units Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of September 30, 2016 , we owned a 96.3% interest in the Operating Partnership. Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to holders of Whitestone common shares. As of September 30, 2016 and December 31, 2015 , there were 30,200,345 and 27,367,704 OP units outstanding, respectively. We owned 29,097,709 and 26,870,671 OP units as of September 30, 2016 and December 31, 2015 , respectively. The balance of the OP units is owned by third parties, including certain members of our board of trustees. Our weighted average share ownership in the Operating Partnership was approximately 98.3% and 98.4% for the three months ended September 30, 2016 and 2015 , respectively, and 98.3% and 98.4% for the nine months ended September 30, 2016 and 2015 , respectively. During the three months ended September 30, 2016 and 2015 , 2,434 and 1,693 OP units, respectively, were redeemed for an equal number of c ommon shares, and during the nine months ended September 30, 2016 and 2015 , 15,450 and 10,277 OP units, respectively, were redeemed for an equal number of common shares. Distributions The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2015 and the nine months ended September 30, 2016 (in thousands, except per share/unit data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distributions Per Common Share Amount Paid Distributions Per OP Unit Amount Paid Amount Paid 2016 Third Quarter $ 0.2850 $ 8,109 $ 0.2850 $ 138 $ 8,247 Second Quarter 0.2850 7,786 0.2850 138 7,924 First Quarter 0.2850 7,711 0.2850 139 7,850 Total $ 0.8550 $ 23,606 $ 0.8550 $ 415 $ 24,021 2015 Fourth Quarter $ 0.2850 $ 7,666 $ 0.2850 $ 143 $ 7,809 Third Quarter 0.2850 7,664 0.2850 122 7,786 Second Quarter 0.2850 6,601 0.2850 111 6,712 First Quarter 0.2850 6,526 0.2850 113 6,639 Total $ 1.1400 $ 28,457 $ 1.1400 $ 489 $ 28,946

Incentive Share Plan

Incentive Share Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Incentive Share Plan	INCENTIVE SHARE PLAN On July 29, 2008, our shareholders approved the 2008 Plan. On December 22, 2010, our board of trustees amended the 2008 Plan to allow for awards in or related to Class B common shares pursuant to the 2008 Plan. On June 27, 2012, our Class B common shares were redesignated as “common shares.” The 2008 Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units, which may be redeemed for cash or, at our option, common shares of Whitestone. The maximum aggregate number of common shares that may be issued under the 2008 Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of common shares that may be issued under the 2008 Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than common shares and/or OP units issued to or held by Whitestone). The Compensation Committee of our board of trustees administers the 2008 Plan, except with respect to awards to non-employee trustees, for which the 2008 Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. On April 2, 2014, the Compensation Committee approved the modification of the vesting provisions with respect to awards of an aggregate of 633,704 restricted common shares and restricted common share units for 51 of our employees. The modified time-based shares will vest annually in three equal installments. The modified performance-based restricted common shares and restricted common share units were modified to include performance-based vesting based on achievement of certain absolute financial goals, as well as one to two years of time-based vesting post achievement of financial goals. Continued employment is required through the applicable vesting date. Additionally, 2,049,116 restricted performance-based common share units were granted with the same vesting conditions as the modified performance-based grants described above. If the performance targets are not met prior to December 31, 2018, any unvested performance-based restricted common shares and restricted common share units will be forfeited. The Compensation Committee approved the grant of an aggregate of 320,000 and 143,000 time-based restricted common share units on June 30, 2016 and 2015, respectively, to James C. Mastandrea and David K. Holeman. A summary of the share-based incentive plan activity as of and for the nine months ended September 30, 2016 is as follows: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2016 2,288,260 $ 14.34 Granted 535,150 14.86 Vested (547,403 ) 14.41 Forfeited (50,552 ) 13.68 Non-vested at September 30, 2016 2,225,455 $ 14.46 Available for grant at September 30, 2016 822,077 A summary of our non-vested and vested shares activity for the nine months ended September 30, 2016 and years ended December 31, 2015, 2014 and 2013 is presented below: Shares Granted Shares Vested Non-Vested Shares Issued Weighted Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Nine Months Ended September 30, 2016 535,150 $ 14.86 (547,403 ) $ 7,890 Year Ended December 31, 2015 327,122 13.49 (348,786 ) 4,969 Year Ended December 31, 2014 2,058,930 14.40 (133,774 ) 1,721 Year Ended December 31, 2013 328,005 15.43 (15,270 ) 224 Total compensation recognized in earnings for share-based payments was $3,042,000 and $1,859,000 for the three months ended September 30, 2016 and 2015 , respectively, and $6,886,000 and $5,202,000 for the nine months ended September 30, 2016 and 2015 , respectively. Based on our current financial projections, we expect approximately 83% of the unvested awards to vest over the next 30 months. As of September 30, 2016 , there was approximately $6.8 million in unrecognized compensation cost related to outstanding non-vested performance-based shares, which are expected to vest over a period of 30 months and approximately $6.4 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 15 months beginning on October 1, 2016. We expect to record approximately $9.8 million in non-cash share-based compensation expense in 2016 and $10.3 million subsequent to 2016. The unrecognized share-based compensation cost is expected to vest over a weighted average period of 20 months. The dilutive impact of the performance-based shares will be included in the denominator of the earnings per share calculation beginning in the period that the performance conditions are expected to be met.

Grants to Trustees

Grants to Trustees	9 Months Ended
	Sep. 30, 2016
Grants to Trustees [Abstract]
Grants To Trustees	GRANTS TO TRUSTEES On December 21, 2015, each of our four independent trustees and one trustee emeritus was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our trustees had a grant fair value of $12.10 per share. On December 21, 2015, one of our independent trustees elected to receive a total of 992 common shares with a grant date fair value of $12.10 in lieu of cash for board fees. The fair value of the shares granted were determined using quoted prices available on the date of grant.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION Historically, our management has not differentiated results of operations by property type or location and, therefore, does not present segment information.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATE Property Acquisitions. On September 30, 2016, we acquired La Mirada and Seville, properties that meet our Community Centered Property™ strategy, for 621,053 OP units and $60.7 million in cash and net prorations. The OP units are redeemable for cash or, at our option, Whitestone REIT common shares on a one -for- one basis, subject to certain restrictions. La Mirada, a 147,209 square foot property, was 90% leased at the time of purchase. Seville, a 90,042 square foot property, was 88% leased at the time of purchase. Both properties are located in Scottsdale, Arizona. On August 28, 2015, we acquired the hard corner at our Gilbert Tuscany Village property for approximately $1.7 million in cash and net prorations. The 14,603 square foot single-tenant property was vacant at the time of purchase and is located in Gilbert, Arizona. On August 26, 2015, we acquired two parcels of undeveloped land totaling 3.12 acres for 120,000 OP units. The OP units are redeemable for cash or, at our option, for Whitestone REIT common shares on a one -for- one basis, subject to certain restrictions. The undeveloped land parcels are adjacent to our Keller Place property. On August 26, 2015, we acquired Keller Place, a property that meets our Community Centered Property™ strategy, for approximately $12.0 million in cash and net prorations. The 93,541 square foot property was 92% leased at the time of purchase and is located in the Keller suburb of Fort Worth, Texas. On August 26, 2015, we acquired Quinlan Crossing, a property that meets our Community Centered Property™ strategy, for approximately $37.5 million in cash and net prorations. The 109,892 square foot property was 95% leased at the time of purchase and is located in Austin, Texas. On July 2, 2015, we acquired Parkside Village North, a property that meets our Community Centered Property™ strategy, for approximately $12.5 million in cash and net prorations. The 27,045 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. On July 2, 2015, we acquired Parkside Village South, a property that meets our Community Centered Property™ strategy, for approximately $32.5 million in cash and net prorations. The 90,101 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. On May 27, 2015, we acquired Davenport Village, a property that meets our Community Centered Property™ strategy, for approximately $45.5 million in cash and net prorations. The 128,934 square foot property was 85% leased at the time of purchase and is located in Austin, Texas. On March 31, 2015, we acquired City View Village, a property that meets our Community Centered Property™ strategy, for approximately $6.3 million in cash and net prorations. The 17,870 square foot property was 100% leased at the time of purchase and is located in San Antonio, Texas. Property Dispositions. On March 3, 2016, we completed the sale of Brookhill, located in Houston, Texas, for $3.1 million . This disposition was pursuant to our strategy of recycling capital by disposing of non-core properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property™ strategy. We recorded a gain on sale of $1.9 million . The sale was structured as a like-kind exchange within the meaning of Section 1031 of the Code and sales proceeds were deposited into a Section 1031 exchange escrow account with a qualified intermediary and subsequently distributed for general corporate purposes. We have not included Brookhill in discontinued operations as it did not meet the definition of discontinued operations. On February 17, 2016, we completed the sale of approximately 0.5 acres of our 4.5 acre Pinnacle Phase II development parcel, located in Scottsdale, Arizona, for $1.1 million . We recorded a gain on sale of $1.0 million . Discontinued Operations. On December 31, 2014, we completed the sale of three office buildings (Zeta, Royal Crest and Featherwood), located in the Clear Lake suburb of Houston, Texas, for $10.3 million . This disposition was pursuant to our strategy of recycling capital by disposing of non-core properties that do not fit our Community Centered Property™ strategy. As part of the transaction, we provided short-term seller financing of $2.5 million . We recorded a gain on sale of $4.4 million , including recognizing a $1.9 million gain on sale for the year ended December 31, 2014 and deferring the remaining $2.5 million gain on sale to be recognized upon receipt of principal payments on the financing provided by us. The operating results for properties classified as discontinued operations consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Property revenues $ — $ 43 $ — $ 43 Property expenses — — — 41 Depreciation and amortization — — — — Interest expense — — — — Provision for income taxes — — — — Gain on sale or disposal of assets — (1 ) — (1 ) Income from discontinued operations $ — $ 44 $ — $ 3

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of September 30, 2016 and December 31, 2015 , we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone .
Basis of Accounting	Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates.
Reclassifications	Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. During the nine months ended September 30, 2016 , we reclassified certain deferred financing costs, previously classified as an asset as a direct reduction from the carrying amount of certain debt liabilities for all periods presented. Deferred financing costs related to our unsecured line of credit have not been reclassified. See Note 6 for additional information. These reclassifications had no effect on net income or equity.
Marketable Securities	Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income.
Restricted Cash	Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024 (See Note 6), which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities as change in restricted cash.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of September 30, 2016 , we consider our cash flow hedges to be highly effective.
Development Properties	Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction), are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended September 30, 2016 , approximately $103,000 and $16,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2016 , approximately $235,000 and $48,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended September 30, 2015 , approximately $25,000 and $16,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2015 , approximately $83,000 and $53,000 in interest expense and real estate taxes, respectively, were capitalized.
Real Estate Held for Sale and Discontinued Operations	Real Estate Held for Sale and Discontinued Operations. We consider a commercial property to be held for sale when it meets all of the criteria established under ASC 205, “Presentation of Financial Statements.” For commercial properties classified as held for sale, assets and liabilities are presented separately for all periods presented. In accordance with ASC 205, a discontinued operation may include a component of an entity or a group of components of an entity. A disposal of a component of an entity or a group of components of an entity is reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component of an entity or group of components of an entity is classified as held for sale, disposed of by sale or disposed of other than by sale, respectively. In addition, ASC 205 requires us to provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not meet the criteria for a discontinued operation.
Share-Based Compensation	Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $3,042,000 and $1,859,000 in share-based compensation for the three months ended September 30, 2016 and 2015 , respectively, and we recognized $6,886,000 and $5,202,000 in share-based compensation for the nine months ended September 30, 2016 and 2015 , respectively.
Noncontrolling Interests	Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements . In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued guidance to clarify that debt issuance costs related to line-of-credit agreements may still be presented as an asset and subsequently amortized ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit. This guidance was effective for reporting periods beginning on or after December 15, 2015 and is to be applied retrospectively. We have adopted this guidance for all periods presented. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of this guidance and its impact on our consolidated financial statements. In March 2016, the FASB issued guidance simplifying the accounting for share-based payment transactions, including the income tax consequences, balance sheet classification of awards and the classification on the statement of cash flows. This guidance will be effective for reporting periods beginning on or after December 15, 2016, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance and its impact on our consolidated financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	All of our marketable securities were classified as available-for-sale securities as of September 30, 2016 and December 31, 2015 . Available-for-sale securities consisted of the following (in thousands): September 30, 2016 Amortized Cost Gains in Accumulated Other Comprehensive Income (Loss) Losses in Accumulated Other Comprehensive Income (Loss) Estimated Fair Value Real estate sector common stock $ 654 $ — $ (198 ) $ 456 Total available-for-sale securities $ 654 $ — $ (198 ) $ 456 December 31, 2015 Amortized Cost Gains in Accumulated Other Comprehensive Income (Loss) Losses in Accumulated Other Comprehensive Income (Loss) Estimated Fair Value Real estate sector common stock $ 654 $ — $ (219 ) $ 435 Total available-for-sale securities $ 654 $ — $ (219 ) $ 435

Accrued Rents and Accounts Re23

Accrued Rents and Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Schedule of Accrued Rent and Accounts Receivable, Net	Accrued rents and accounts receivable, net consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): September 30, 2016 December 31, 2015 Tenant receivables $ 12,648 $ 10,494 Accrued rents and other recoveries 12,189 11,619 Allowance for doubtful accounts (7,867 ) (6,647 ) Total $ 16,970 $ 15,466

Unamortized Leasing Commissio24

Unamortized Leasing Commissions and Loan Costs (Tables)	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Unamortized Leasing Comissions and Loan Costs	Costs which have been deferred consist of the following (in thousands): September 30, 2016 December 31, 2015 Lease commissions $ 8,669 $ 7,226 Deferred financing cost 4,071 4,070 Total cost 12,740 11,296 Less: lease commissions accumulated amortization (3,528 ) (2,960 ) Less: deferred financing cost accumulated amortization (872 ) (158 ) Total cost, net of accumulated amortization $ 8,340 $ 8,178

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following as of the dates indicated (in thousands): Description September 30, 2016 December 31, 2015 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 10,040 $ 10,220 $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 100,000 $37.0 million 3.76% Note, due December 1, 2020 34,414 35,146 $6.5 million 3.80% Note, due January 1, 2019 6,063 6,190 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,794 20,040 $14.0 million 4.34% Note, due September 11, 2024 14,000 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 16,357 16,450 $15.1 million 4.99% Note, due January 6, 2024 15,060 15,060 $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 (5) 7,873 7,886 $2.6 million 5.46% Note, due October 1, 2023 2,522 2,550 $11.1 million 5.87% Note, due August 6, 2016 — 11,305 $1.1 million 2.97% Note, due November 28, 2016 212 — Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 191,600 127,600 Total notes payable principal 551,235 499,747 Less deferred financing costs, net of accumulated amortization (1,564 ) (1,792 ) Total notes payable $ 549,671 $ 497,955 (1) Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% , (5) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% .
Schedule of Maturities of Debt	Scheduled maturities of our outstanding debt as of September 30, 2016 were as follows (in thousands): Year Amount Due 2016 $ 765 2017 10,213 2018 12,136 2019 199,649 2020 82,827 Thereafter 245,645 Total $ 551,235

Derivatives and Hedging Activ26

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of activity and fair value of interest rate swaps	The fair value of our interest rate swaps is as follows (in thousands): Balance Sheet Location Estimated Fair Value Interest rate swaps: September 30, 2016 Accounts payable and accrued expenses $ 7,317 December 31, 2015 Accounts payable and accrued expenses $ 617 A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Three months ended September 30, 2016 $ 1,529 Interest expense $ (602 ) Three months ended September 30, 2015 $ (184 ) Interest expense $ (207 ) Nine months ended September 30, 2016 $ (6,962 ) Interest expense $ (1,810 ) Nine months ended September 30, 2015 $ (460 ) Interest expense $ (617 ) (1) We did not recognize any ineffective portion of our interest rate swaps in earnings for the three and nine months ended September 30, 2016 and 2015 .

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Numerator: Income from continuing operations $ 964 $ 1,551 $ 7,561 $ 4,773 Less: Net income attributable to noncontrolling interests (15 ) (25 ) (131 ) (78 ) Distributions paid on unvested restricted shares (146 ) (130 ) (498 ) (400 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 803 1,396 6,932 4,295 Income from discontinued operations — 44 — 3 Less: Net income attributable to noncontrolling interests — — — — Income from discontinued operations attributable to Whitestone REIT — 44 — 3 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 803 $ 1,440 $ 6,932 $ 4,298 Denominator: Weighted average number of common shares - basic 28,195 26,476 27,210 23,988 Effect of dilutive securities: Unvested restricted shares 829 606 803 595 Weighted average number of common shares - dilutive 29,024 27,082 28,013 24,583 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.18 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.18 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.17 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.03 $ 0.05 $ 0.25 $ 0.17

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Distributions	The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2015 and the nine months ended September 30, 2016 (in thousands, except per share/unit data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distributions Per Common Share Amount Paid Distributions Per OP Unit Amount Paid Amount Paid 2016 Third Quarter $ 0.2850 $ 8,109 $ 0.2850 $ 138 $ 8,247 Second Quarter 0.2850 7,786 0.2850 138 7,924 First Quarter 0.2850 7,711 0.2850 139 7,850 Total $ 0.8550 $ 23,606 $ 0.8550 $ 415 $ 24,021 2015 Fourth Quarter $ 0.2850 $ 7,666 $ 0.2850 $ 143 $ 7,809 Third Quarter 0.2850 7,664 0.2850 122 7,786 Second Quarter 0.2850 6,601 0.2850 111 6,712 First Quarter 0.2850 6,526 0.2850 113 6,639 Total $ 1.1400 $ 28,457 $ 1.1400 $ 489 $ 28,946

Incentive Share Plan (Tables)

Incentive Share Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-Based Incentive Plan Activity	A summary of the share-based incentive plan activity as of and for the nine months ended September 30, 2016 is as follows: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2016 2,288,260 $ 14.34 Granted 535,150 14.86 Vested (547,403 ) 14.41 Forfeited (50,552 ) 13.68 Non-vested at September 30, 2016 2,225,455 $ 14.46 Available for grant at September 30, 2016 822,077
Schedule of Nonvested and Vested Shares Activity	A summary of our non-vested and vested shares activity for the nine months ended September 30, 2016 and years ended December 31, 2015, 2014 and 2013 is presented below: Shares Granted Shares Vested Non-Vested Shares Issued Weighted Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Nine Months Ended September 30, 2016 535,150 $ 14.86 (547,403 ) $ 7,890 Year Ended December 31, 2015 327,122 13.49 (348,786 ) 4,969 Year Ended December 31, 2014 2,058,930 14.40 (133,774 ) 1,721 Year Ended December 31, 2013 328,005 15.43 (15,270 ) 224

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of operating results for properties classified as discontinued operations	The operating results for properties classified as discontinued operations consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Property revenues $ — $ 43 $ — $ 43 Property expenses — — — 41 Depreciation and amortization — — — — Interest expense — — — — Provision for income taxes — — — — Gain on sale or disposal of assets — (1 ) — (1 ) Income from discontinued operations $ — $ 44 $ — $ 3

Interim Financial Statements (D

Interim Financial Statements (Details)	1 Months Ended
	Jul. 31, 2004shares	Sep. 30, 2016CommercialProperties	Dec. 31, 2015CommercialProperties
Real Estate Properties [Line Items]
Reorganization and conversion, number of common shares (in shares) | shares	1.42857
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | CommercialProperties		71	70

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Conversion basis for common shares to OP units	1		1
Debt Instrument [Line Items]
Interest expense capitalized	$ 103,000	$ 25,000	$ 235,000	$ 83,000
Real estate tax capitalized	16,000	16,000	48,000	53,000
Share-based compensation	3,042,000	$ 1,859,000	6,886,000	$ 5,202,000
Anthem Marketplace Note [Member]
Debt Instrument [Line Items]
Face amount of debt	$ 15,100,000		$ 15,100,000
Stated interest rate	4.99%		4.99%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 654,000		$ 654,000		$ 654,000
Gains in Accumulated Other Comprehensive Income (Loss)	0		0		0
Losses in Accumulated Other Comprehensive Income (Loss)	(198,000)		(198,000)		(219,000)
Estimated Fair Value	456,000		456,000		435,000
Proceeds from sales of marketable securities	0	$ 0	0	$ 496,000
Gain on sale of marketable securities	44,000		0	44,000
Net unrealized holding loss on available-for-sale securities			(198,000)	$ (240,000)
Real Estate Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	654,000		654,000		654,000
Gains in Accumulated Other Comprehensive Income (Loss)	0		0		0
Losses in Accumulated Other Comprehensive Income (Loss)	(198,000)		(198,000)		(219,000)
Estimated Fair Value	$ 456,000		$ 456,000		$ 435,000

Accrued Rents and Accounts Re34

Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Tenant receivables	$ 12,648	$ 10,494
Accrued rents and other recoveries	12,189	11,619
Allowance for doubtful accounts	(7,867)	(6,647)
Total	$ 16,970	$ 15,466

Unamortized Leasing Commissio35

Unamortized Leasing Commissions and Loan Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease commissions	$ 8,669	$ 7,226
Deferred financing cost	4,071	4,070
Total cost	12,740	11,296
Less: lease commissions accumulated amortization	(3,528)	(2,960)
Less: deferred financing cost accumulated amortization	(872)	(158)
Total cost, net of accumulated amortization	$ 8,340	$ 8,178

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Feb. 03, 2017	Aug. 08, 2012
Debt Instrument [Line Items]
Total notes payable principal		$ 551,235		$ 499,747
Less deferred financing costs, net of accumulated amortization		(1,564)		(1,792)
Total notes payable		549,671		497,955
Fixed rate notes | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | LIBOR Rate
Debt Instrument [Line Items]
Total notes payable principal		10,040		10,220
Face amount of debt		$ 10,500		10,500
Basis spread on variable rate		2.00%	2.00%
Fixed rate notes | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020
Debt Instrument [Line Items]
Total notes payable principal		$ 50,000		50,000
Face amount of debt				$ 50,000	$ 50,000
Imputed interest rate				0.84%	0.84%
Fixed rate notes | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.35%	1.35%
Fixed rate notes | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.90%	1.90%
Fixed rate notes | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021
Debt Instrument [Line Items]
Total notes payable principal		50,000		$ 50,000
Face amount of debt				$ 50,000	$ 50,000
Imputed interest rate				1.50%	1.50%
Fixed rate notes | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.35%	1.35%
Fixed rate notes | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.90%	1.90%
Fixed rate notes | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022
Debt Instrument [Line Items]
Total notes payable principal		100,000		$ 100,000
Face amount of debt				$ 100,000	$ 100,000
Imputed interest rate				1.73%	1.73%
Fixed rate notes | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.65%	1.65%
Fixed rate notes | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%	2.25%
Fixed rate notes | $37.0 million 3.76% Note, due December 1, 2020
Debt Instrument [Line Items]
Total notes payable principal		$ 34,414		$ 35,146
Stated interest rate		3.76%		3.76%
Face amount of debt		$ 37,000		$ 37,000
Fixed rate notes | $6.5 million 3.80% Note, due January 1, 2019
Debt Instrument [Line Items]
Total notes payable principal		$ 6,063		$ 6,190
Stated interest rate		3.80%		3.80%
Face amount of debt		$ 6,500		$ 6,500
Fixed rate notes | $19.0 million 4.15% Note, due December 1, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 19,000		$ 19,000
Stated interest rate		4.15%		4.15%
Face amount of debt		$ 19,000		$ 19,000
Fixed rate notes | $20.2 million 4.28% Note, due June 6, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 19,794		$ 20,040
Stated interest rate		4.28%		4.28%
Face amount of debt		$ 20,200		$ 20,200
Fixed rate notes | $14.0 million 4.34% Note, due September 11, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 14,000		$ 14,000
Stated interest rate		4.34%		4.34%
Face amount of debt		$ 14,000		$ 14,000
Fixed rate notes | $14.3 million 4.34% Note, due September 11, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 14,300		$ 14,300
Stated interest rate		4.34%		4.34%
Face amount of debt		$ 14,300		$ 14,300
Fixed rate notes | $16.5 million 4.97% Note, due September 26, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 16,357		$ 16,450
Stated interest rate		4.97%		4.97%
Face amount of debt		$ 16,500		$ 16,500
Fixed rate notes | $15.1 million 4.99% Note, due January 6, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 15,060		$ 15,060
Stated interest rate		4.99%		4.99%
Face amount of debt		$ 15,100		$ 15,100
Fixed rate notes | $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017
Debt Instrument [Line Items]
Unamortized discount							$ 1,300
Imputed interest rate							4.13%
Fixed rate notes | $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 | Prime Rate
Debt Instrument [Line Items]
Total notes payable principal		7,873		7,886
Face amount of debt		$ 9,200		9,200
Basis spread on variable rate		2.00%	2.00%
Fixed rate notes | $2.6 million 5.46% Note, due October 1, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 2,522		$ 2,550
Stated interest rate		5.46%		5.46%
Face amount of debt		$ 2,600		$ 2,600
Fixed rate notes | $11.1 million 5.87% Note, due August 6, 2016
Debt Instrument [Line Items]
Total notes payable principal		$ 0		$ 11,305
Stated interest rate		5.87%		5.87%
Face amount of debt		$ 11,100		$ 11,100
Fixed rate notes | $1.1 million 2.97% Note, due November 28, 2016
Debt Instrument [Line Items]
Total notes payable principal		$ 212		$ 0
Stated interest rate		2.97%		2.97%
Face amount of debt		$ 1,100		$ 1,100
Floating rate notes | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | LIBOR Rate
Debt Instrument [Line Items]
Total notes payable principal		$ 191,600		$ 127,600
Floating rate notes | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | Minimum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%	1.40%
Floating rate notes | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | Maximum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.95%	1.95%
Interest rate swap | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018
Debt Instrument [Line Items]
Stated interest rate		3.55%
Interest rate swap | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020
Debt Instrument [Line Items]
Stated interest rate		0.84%
Interest rate swap | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Stated interest rate						1.75%
Interest rate swap | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021
Debt Instrument [Line Items]
Stated interest rate		1.50%
Interest rate swap | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022
Debt Instrument [Line Items]
Stated interest rate		1.73%
Interest rate swap | $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017
Debt Instrument [Line Items]
Stated interest rate		5.72%
Term loan | Minimum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Term loan | Maximum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Nov. 07, 2014USD ($)	Sep. 30, 2016USD ($)CollateralizedProperties
Debt Instrument [Line Items]
Secured debt		$ 159,400,000
Number of collateralized properties (in collateralized properties) | CollateralizedProperties		19
Carrying value of collateralized properties		$ 191,200,000
Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 300,000,000
Credit facility, expanded maximum borrowing capacity		700,000,000
Line of credit outstanding		391,600,000
Credit facility, remaining borrowing capacity		$ 108,400,000
Revolving credit facility | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving credit facility | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Revolving credit facility | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.95%
Term loan | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Term loan | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Term loan | Term Loan 1 [Member]
Debt Instrument [Line Items]
Face amount of debt	$ 50,000,000
Term loan | Term Loan 2 [Member]
Debt Instrument [Line Items]
Face amount of debt	50,000,000
Term loan | Term Loan 3 [Member]
Debt Instrument [Line Items]
Face amount of debt	$ 100,000,000

Debt (Schedule of Maturities of

Debt (Schedule of Maturities of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 765
2,017	10,213
2,018	12,136
2,019	199,649
2,020	82,827
Thereafter	245,645
Total	$ 551,235	$ 499,747

Derivatives and Hedging Activ39

Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Nov. 19, 2015
Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		$ 14,000
U.S. Bank National Association [Member] | Term Loan 3 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		35,000
U.S. Bank National Association [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		6,500
U.S. Bank National Association [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		6,500
Wells Fargo Bank, National Association [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		14,000
Wells Fargo Bank, National Association [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		14,000
Bank of American, N.A. [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		14,000
SunTrust Bank [Member] | Term Loan 3 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		15,000
SunTrust Bank [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		5,000
SunTrust Bank [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		5,000
Regions Bank [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		3,800
Regions Bank [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Assigned to Counterparty		3,800
Interest Rate Swaps [Member] | Interest Expense [Member]
Derivative [Line Items]
Amount Recognized as Comprehensive Income (Loss)	$ 1,529		$ (184)	$ (6,962)	$ (460)
Amount of Gain (Loss) Recognized in Earnings	(602)		$ (207)	(1,810)	$ (617)
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 3 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate						1.725%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate						1.75%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate						1.50%
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Estimated Fair Value	$ 7,317	$ 617		$ 7,317

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions to holders of certain restricted common shares charged against earnings	$ 3,042,000	$ 1,859,000	$ 6,886,000	$ 5,202,000
Numerator:
Income from continuing operations	964,000	1,551,000	7,561,000	4,773,000
Less: Net income attributable to noncontrolling interests	(15,000)	(25,000)	(131,000)	(78,000)
Distributions paid on unvested restricted shares	(146,000)	(130,000)	(498,000)	(400,000)
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares	803,000	1,396,000	6,932,000	4,295,000
Income from discontinued operations	0	44,000	0	3,000
Less: Net income attributable to noncontrolling interests	0	0		0	$ 0
Income from discontinued operations attributable to Whitestone REIT	0	44,000	0	3,000
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares	$ 803,000	$ 1,440,000	$ 6,932,000	$ 4,298,000
Denominator:
Weighted average number of common shares - basic (in shares)	28,195,000	26,476,000	27,210,000	23,988,000	27,210,000
Effect of dilutive securities:
Unvested restricted shares (in shares)	829,000	606,000	803,000	595,000
Weighted average number of common shares - dilutive (in shares)	29,024,000	27,082,000	28,013,000	24,583,000
Basic:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.03	$ 0.05	$ 0.25	$ 0.18
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)	0	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	0.03	0.05	0.25	0.18
Diluted:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share)	0.03	0.05	0.25	0.17
Income from discontinued operations attributable to Whitestone REIT (in dollars per share)	0	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.03	$ 0.05	$ 0.25	$ 0.17
OP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP units excluded from diluted earnings per share because their effect would be anti-dilutive	487,090	435,440	487,510	406,277
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions to holders of certain restricted common shares	$ 158,000	$ 139,000	$ 510,000	$ 427,000
Distributions to holders of certain restricted common shares charged against earnings	$ 12,000	$ 9,000	$ 12,000	$ 27,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Contingency [Line Items]
Provision for income taxes	$ 80	$ 100	$ 247	$ 274
Credits to tax expense due to timing of recognition of interest, real estate taxes, depreciation, and rental revenue			$ 49
Texas [Member]
Income Tax Contingency [Line Items]
Applicable tax rate used to determine state margin tax			0.75%
Standard deduction rate used to determine state margin tax			30.00%
Margin tax provision recognized	$ 75	$ 104	$ 237	$ 292
Davenport TRS [Member]
Income Tax Contingency [Line Items]
Provision for income taxes			$ 45

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Jun. 26, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Jun. 04, 2015USD ($)agreement
Class of Stock [Line Items]
Common shares, authorized (in shares)		400,000,000			400,000,000				400,000,000		400,000,000
Common shares, par value per share (in dollars per share) | $ / shares	$ 0.001	$ 0.001			$ 0.001				$ 0.001		$ 0.001
Preferred shares, shares authorized (in shares)		50,000,000			50,000,000				50,000,000		50,000,000
Preferred shares, par value per share (in dollars per share) | $ / shares		$ 0.001			$ 0.001				$ 0.001		$ 0.001
Common shares, issued (in shares)	3,750,000	29,218,531			26,991,493				29,218,531		26,991,493
Share price (in dollars per share) | $ / shares	$ 13.3386
Proceeds from issuance of common shares, net of offering costs | $	$ 49,700								$ 26,686	$ 49,717
Equity distribution agreements, authorized amount | $												$ 50,000
Number of equity distribution agreements | agreement												6
Ownership interest in operating partnership									96.30%
Conversion basis for common shares to OP units		1							1
Weighted-average share ownership in operating partnership		98.30%				98.40%			98.30%	98.40%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred shares, shares authorized (in shares)		50,000,000							50,000,000
Preferred shares, par value per share (in dollars per share) | $ / shares		$ 0.001							$ 0.001
OP Units [Member]
Class of Stock [Line Items]
OP units outstanding (in shares)		30,200,345			27,367,704				30,200,345		27,367,704
OP units owned (in shares)		29,097,709			26,870,671				29,097,709		26,870,671
Conversion of stock, shares converted (in shares)		2,434				1,693			15,450	10,277
2015 Equity Distribution Agreement [Member]
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares)		1,083,926							1,819,681
Proceeds from issuance of common shares, net of offering costs | $		$ 16,100							$ 26,700
Payments for compensation to sales agents | $		200							400
Cash Distribution [Member]
Class of Stock [Line Items]
Cash distribution paid | $		$ 8,247	$ 7,924	$ 7,850	$ 7,809	$ 7,786	$ 6,712	$ 6,639	$ 24,021		$ 28,946
Cash Distribution [Member] | Common Stock [Member]
Class of Stock [Line Items]
Cash distribution paid (in dollars per share) | $ / shares		$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.8550		$ 1.1400
Cash distribution paid | $		$ 8,109	$ 7,786	$ 7,711	$ 7,666	$ 7,664	$ 6,601	$ 6,526	$ 23,606		$ 28,457
Cash Distribution [Member] | OP Units [Member]
Class of Stock [Line Items]
Cash distribution paid (in dollars per share) | $ / shares		$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.2850	$ 0.8550		$ 1.1400
Cash distribution paid | $		$ 138	$ 138	$ 139	$ 143	$ 122	$ 111	$ 113	$ 415		$ 489

Incentive Share Plan (Narrative

Incentive Share Plan (Narrative) (Details)	Jun. 30, 2016shares	Jun. 30, 2015shares	Apr. 02, 2014employeeshares	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 22, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation				$ 3,042,000	$ 1,859,000	$ 6,886,000	$ 5,202,000
Minimum | Time-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Maximum | Time-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Restricted Common Shares and Restricted Share Units [Member] | Time and Performance-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees granted an award | employee			51
Aggregate shares granted (in shares) | shares			633,704
Restricted Common Shares and Restricted Share Units [Member] | Time-Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted (in shares) | shares	320,000	143,000
Restricted Common Shares and Restricted Share Units [Member] | Performance Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted (in shares) | shares			2,049,116
Non-Cash Share Based Compensation in 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				9,800,000		9,800,000
Non-Cash Share Based Compensation Subsequent to 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 10,300,000		$ 10,300,000
Unrecognized compensation cost, period for recognition						20 months
2008 Long-Term Equity Incentive Ownership Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of maximum number of shares issued under plan to aggregate shares								12.50%
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				83.00%		83.00%
2008 Long-Term Equity Incentive Ownership Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 6,800,000		$ 6,800,000
Award vesting period						30 months
2008 Long-Term Equity Incentive Ownership Plan [Member] | Non-Vested Time Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 6,400,000		$ 6,400,000
Unrecognized compensation cost, period for recognition						15 months

Incentive Share Plan (Schedule

Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares, Non-vested (in shares)	2,288,260
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share)	$ 14.34
Shares, Granted (in shares)	535,150	327,122	2,058,930	328,005
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	$ 14.86	$ 13.49	$ 14.40	$ 15.43
Shares, Vested (in shares)	(547,403)	(348,786)	(133,774)	(15,270)
Weighted-Average Grant Date Fair Value, Vested (in dollars per share)	$ 14.41
Shares, Forfeited (in shares)	(50,552)
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share)	$ 13.68
Shares, Non-vested (in shares)	2,225,455	2,288,260
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share)	$ 14.46	$ 14.34
Shares, Available for grant (in shares)	822,077

Incentive Share Plan (Schedul45

Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Granted, Non-Vested Shares Isused (in shares)	535,150	327,122	2,058,930	328,005
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	$ 14.86	$ 13.49	$ 14.40	$ 15.43
Shares, Vested (in shares)	(547,403)	(348,786)	(133,774)	(15,270)
Shares Vested, Total Vest-Date Fair Value	$ 7,890	$ 4,969	$ 1,721	$ 224

Grants to Trustees (Details)

Grants to Trustees (Details)	Dec. 21, 2015trustee$ / sharesshares
Individual Trustee Grant Agreements 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent trustees (in trustees) | trustee	4
Number of trustee emeritus (in trustees) | trustee	1
Individual Trustee Grant Agreements 1 [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted to each trustee (in shares) | shares	7,500
Restricted stock granted to trustees, vested in period (in shares) | shares	1,500
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 12.10
Individual Trustee Grant Agreements 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent trustees (in trustees) | trustee	1
Individual Trustee Grant Agreements 2 [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted to each trustee (in shares) | shares	992
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 12.10

Real Estate (Details)

Real Estate (Details) $ in Thousands	Sep. 30, 2016USD ($)ft²shares	Mar. 03, 2016USD ($)	Feb. 17, 2016USD ($)a	Aug. 28, 2015USD ($)ft²	Aug. 26, 2015USD ($)ft²aparcelshares	Jul. 02, 2015USD ($)ft²	May 27, 2015USD ($)ft²	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)ft²shares	Sep. 30, 2015USD ($)ft²	Sep. 30, 2016USD ($)ft²shares	Sep. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)property
Real Estate [Line Items]
Payments to acquire property											$ 60,616	$ 147,950
Conversion basis for common shares to OP units | shares	1								1		1
Gain on sale of properties									$ 0	$ 0	$ 2,890	0
Loss (gain) on sale or disposal of assets and properties											2,900	(248)
Schedule of operating results for properties classified as discontinued operations
Property revenues									0	43	0	43
Property expenses									0	0	0	41
Interest expense									0	0	0	0
Interest expense									0	0	0	0
Provision for income taxes									0	0	0	0
Gain on sale or disposal of assets									0	(1)	0	(1)
Income from discontinued operations									$ 0	$ 44	$ 0	$ 3
La Mirada and Seville [Member]
Real Estate [Line Items]
Consideration transfered	$ 60,700
Equity interest (in shares) | shares	621,053
Conversion basis for common shares to OP units | shares	1								1		1
La Mirada [Member]
Real Estate [Line Items]
Gross leasable area (in square feet) | ft²	147,209								147,209		147,209
Property percentage occupied	90.00%								90.00%		90.00%
Seville [Member]
Real Estate [Line Items]
Gross leasable area (in square feet) | ft²	90,042								90,042		90,042
Property percentage occupied	88.00%								88.00%		88.00%
Gilbert Tuscany Village [Member]
Real Estate [Line Items]
Payments to acquire property				$ 1,700
Gross leasable area (in square feet) | ft²				14,603
Keller Place [Member]
Real Estate [Line Items]
Equity interest (in shares) | shares					120,000
Payments to acquire property					$ 12,000
Gross leasable area (in square feet) | ft²					93,541
Property percentage occupied					92.00%
Number of undeveloped parcels | parcel					2
Area of land (in acres) | a					3.12
Conversion basis for common shares to OP units | shares	1								1		1
Quinlan Crossing [Member]
Real Estate [Line Items]
Payments to acquire property					$ 37,500
Gross leasable area (in square feet) | ft²					109,892
Property percentage occupied					95.00%
Parkside Village North [Member]
Real Estate [Line Items]
Payments to acquire property						$ 12,500
Gross leasable area (in square feet) | ft²						27,045
Property percentage occupied						100.00%
Parkside Village South [Member]
Real Estate [Line Items]
Payments to acquire property						$ 32,500
Gross leasable area (in square feet) | ft²						90,101
Property percentage occupied						100.00%
Davenport Village [Member]
Real Estate [Line Items]
Payments to acquire property							$ 45,500
Gross leasable area (in square feet) | ft²							128,934
Property percentage occupied							85.00%
City View Village [Member]
Real Estate [Line Items]
Payments to acquire property								$ 6,300
Gross leasable area (in square feet) | ft²										17,870		17,870
Property percentage occupied										100.00%		100.00%
Brookhill [Member]
Real Estate [Line Items]
Proceeds from the sale of real estate		$ 3,100
Gain on sale of properties		$ 1,900
Pinnacle Phase II [Member]
Real Estate [Line Items]
Area of land (in acres) | a			4.5
Proceeds from the sale of real estate			$ 1,100
Area of land sold | a			0.5
Gain on sale of properties			$ 1,000
Zeta, Royal Crest and Featherwood [Member]
Real Estate [Line Items]
Proceeds from the sale of real estate													$ 10,300
Number of real estate properties | property													3
Seller provided financing													$ 2,500
Loss (gain) on sale or disposal of assets and properties													4,400
Gain on sale of properties													1,900
Deferred gain on sale of property													$ 2,500