Whitestone REIT (WSR) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,794,607

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Real estate assets, at cost
Property	[1]	$ 1,148,176,000	$ 1,149,454,000
Accumulated depreciation	[1]	(135,599,000)	(131,034,000)
Total real estate assets	[1]	1,012,577,000	1,018,420,000
Cash and cash equivalents	[1]	9,337,000	7,817,000
Cash, cash equivalents and restricted cash		9,594,000	8,022,000
Restricted cash	[1]	257,000	205,000
Marketable securities	[1]	0	32,000
Escrows and acquisition deposits	[1]	6,690,000	10,104,000
Accrued rents and accounts receivable, net of allowance for doubtful accounts	[1]	24,675,000	23,504,000
Unamortized lease commissions and loan costs	[1]	8,260,000	8,422,000
Prepaid expenses and other assets	[1]	9,451,000	6,263,000
Total assets	[1]	1,071,247,000	1,074,767,000
Liabilities:
Notes payable	[2]	668,526,000	659,068,000
Accounts payable and accrued expenses	[2]	30,198,000	39,030,000
Tenants' security deposits	[2]	7,028,000	6,885,000
Dividends and distributions payable	[2]	11,489,000	11,466,000
Total liabilities	[2]	717,241,000	716,449,000
Commitments and contingencies:	[2]	0	0
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	[2]	0	0
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,179,540 and 39,221,773 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	[2]	38,000	38,000
Additional paid-in capital	[2]	522,730,000	521,314,000
Accumulated deficit	[2]	(184,853,000)	(176,684,000)
Accumulated other comprehensive gain	[2]	5,528,000	2,936,000
Total Whitestone REIT shareholders' equity	[2]	343,443,000	347,604,000
Noncontrolling interests:
Redeemable operating partnership units	[2]	10,642,000	10,800,000
Noncontrolling interest in Consolidated Partnership	[2]	(79,000)	(86,000)
Total noncontrolling interests	[2]	10,563,000	10,714,000
Total equity	[2]	354,006,000	358,318,000
Total liabilities and equity	[2]	1,071,247,000	1,074,767,000
Pillarstone Variable Interest Entity
Real estate assets, at cost
Property		95,815,000	95,146,000
Accumulated depreciation		(36,810,000)	(35,980,000)
Total real estate assets		59,005,000	59,166,000
Cash, cash equivalents and restricted cash		2,361,000	2,812,000
Escrows and acquisition deposits		1,133,000	2,188,000
Accrued rents and accounts receivable, net of allowance for doubtful accounts		2,859,000	2,364,000
Unamortized lease commissions and loan costs		1,238,000	1,265,000
Prepaid expenses and other assets		9,000	65,000
Total assets		66,605,000	67,860,000
Liabilities:
Notes payable		48,540,000	48,840,000
Accounts payable and accrued expenses		2,189,000	3,494,000
Tenants' security deposits		1,262,000	1,191,000
Total liabilities		$ 51,991,000	$ 53,525,000
[1]	Assets of consolidated Variable Interest Entities included in the total assets
[2]	Liabilities of consolidated Variable Interest Entities included in the total liabilities

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	39,179,540	39,221,773
Common shares, outstanding (in shares)	39,179,540	39,221,773

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property revenues
Rental revenues	$ 24,946	$ 21,296
Other revenues	8,650	6,971
Total property revenues	33,596	28,267
Property expenses
Property operation and maintenance	5,708	5,494
Real estate taxes	4,657	3,920
Total property expenses	10,365	9,414
Other expenses (income)
General and administrative	6,314	6,169
Depreciation and amortization	7,221	6,008
Interest expense	6,501	5,153
Interest, dividend and other investment income	(99)	(138)
Total other expense	19,937	17,192
Income before gain (loss) on sale or disposal of properties or assets and income taxes	3,294	1,661
Provision for income taxes	(129)	(81)
Gain on sale of properties	266	0
Loss on sale or disposal of assets	(197)	(23)
Net income	3,234	1,557
Redeemable operating partnership units	84	53
Non-controlling interests in Consolidated Partnership	122	64
Less: Net income attributable to noncontrolling interests	206	117
Net income attributable to Whitestone REIT	$ 3,028	$ 1,440
Basic Earnings Per Share:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.08	$ 0.05
Diluted Earnings Per Share:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.07	$ 0.04
Weighted average number of common shares outstanding:
Basic (in shares)	39,066	29,416
Diluted (in shares)	40,088	30,409
Distributions declared per common share / OP unit (in dollars per share)	$ 0.285	$ 0.285
Consolidated Statements of Comprehensive Income
Net income	$ 3,234	$ 1,557
Other comprehensive gain
Unrealized gain on cash flow hedging activities	2,645	732
Unrealized gain on available-for-sale marketable securities	18	0
Comprehensive income	5,897	2,289
Less: Net income attributable to noncontrolling interests	206	117
Less: Comprehensive gain attributable to noncontrolling interests	71	26
Comprehensive income attributable to Whitestone REIT	$ 5,620	$ 2,146

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2018 - 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]	General Partner's Interest in Consolidated Partnership [Member]Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2017		$ 358,318	[1]	$ 38	$ 521,314	$ (176,684)	$ 2,936	$ 347,604		$ (86)
Beginning Balance (in shares) at Dec. 31, 2017		39,221,773		39,222,000
Beginning Balance, Redeemable Operating Partnership at Dec. 31, 2017		$ 10,800	[1]						$ 10,800
Beginning Balance, Redeemable Operating Partnership (in units) at Dec. 31, 2017									1,084,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of noncontrolling interest OP units for common shares (in shares)				1,000					1,000
Exchange of noncontrolling interest OP units for common shares		0			4			4	$ (4)
Issuance of shares under dividend reinvestment plan (in shares)				2,000
Issuance of shares under dividend reinvestment plan		33			33			33
Repurchase of common shares (in shares)	[2]			(45,000)
Repurchase of common shares	[2]	(466)			(466)			(466)
Share-based compensation		1,845			1,845			1,845
Distributions		(11,621)				(11,197)		(11,197)	(309)	(115)
Unrealized gain on change in value of cash flow hedge		2,645					2,574	2,574	71
Unrealized gain on change in fair value of available-for-sale marketable securities		18					18	18	0
Net income		3,234				3,028		3,028	84	122
Ending Balance at Mar. 31, 2018		$ 354,006	[1]	$ 38	$ 522,730	$ (184,853)	$ 5,528	$ 343,443		$ (79)
Ending Balance (in shares) at Mar. 31, 2018		39,179,540		39,180,000
Ending Balance, Redeemable Operating Partnership at Mar. 31, 2018		$ 10,642	[1]						$ 10,642
Ending Balance, Redeemable Operating Partnership (in units) at Mar. 31, 2018									1,083,000
[1]	Liabilities of consolidated Variable Interest Entities included in the total liabilities
[2]	During the three months ended March 31, 2018, 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 ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 3,234,000	$ 1,557,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,221,000	6,008,000
Amortization of deferred loan costs	327,000	310,000
Amortization of notes payable discount	0	149,000
Loss on sale of marketable securities	20,000	0
Loss (gain) on sale or disposal of assets and properties	(69,000)	23,000
Bad debt expense	478,000	609,000
Share-based compensation	1,845,000	2,447,000
Changes in operating assets and liabilities:
Escrows and acquisition deposits	3,414,000	880,000
Accrued rent and accounts receivable	(1,649,000)	(1,338,000)
Unamortized lease commissions	(493,000)	(383,000)
Prepaid expenses and other assets	494,000	444,000
Accounts payable and accrued expenses	(8,828,000)	(9,977,000)
Tenants' security deposits	143,000	154,000
Net cash provided by operating activities	6,137,000	883,000
Cash flows from investing activities:
Additions to real estate	(5,090,000)	(4,556,000)
Proceeds from sales of properties	4,433,000	0
Proceeds from sales of marketable securities	30,000	0
Net cash used in investing activities	(627,000)	(4,556,000)
Cash flows from financing activities:
Distributions paid to common shareholders	(11,145,000)	(8,453,000)
Distributions paid to OP unit holders	(309,000)	(313,000)
Distributions paid to noncontrolling interest in Consolidated Partnership	(115,000)	0
Proceeds from issuance of common shares, net of offering costs	0	5,334,000
Net proceeds from credit facility	9,000,000	11,000,000
Repayments of notes payable	(903,000)	(869,000)
Repurchase of common shares	(466,000)	(591,000)
Net cash provided by (used in) financing activities	(3,938,000)	6,108,000
Net increase in cash, cash equivalents and restricted cash	1,572,000	2,435,000
Cash, cash equivalents and restricted cash at beginning of period	8,022,000	4,224,000
Cash, cash equivalents and restricted cash at end of period	9,594,000	6,659,000
Supplemental disclosure of cash flow information:
Cash paid for interest	6,316,000	4,936,000
Non cash investing and financing activities:
Disposal of fully depreciated real estate	0	70,000
Financed insurance premiums	1,273,000	1,115,000
Value of shares issued under dividend reinvestment plan	33,000	33,000
Value of common shares exchanged for OP units	4,000	80,000
Change in fair value of available-for-sale securities	18,000	0
Change in fair value of cash flow hedge	2,645,000	732,000
Reallocation of ownership percentage between parent and subsidiary	0	13,000
Accrued distribution payable to General Partner's Interest in Consolidated Partnership	$ 0	$ 41,000

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2018
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, 2017 are derived from our audited consolidated financial statements as of that date. The unaudited financial statements as of and for the period ended March 31, 2018 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 March 31, 2018 , and the results of operations for the three month periods ended March 31, 2018 and 2017 , the consolidated statements of changes in equity for the three month period ended March 31, 2018 and cash flows for the three month periods ended March 31, 2018 and 2017 . 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, 2017 . 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 March 31, 2018 and December 31, 2017 , Whitestone owned or held a majority interest in 72 and 73 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. These properties consist of: Consolidated Operating Portfolio • 51 wholly-owned properties that meet our Community Centered Properties ® strategy; and • through our 81.4% majority interest in our consolidated subsidiary, Pillarstone Capital REIT Operating Partnership LP (“Pillarstone OP”), an interest in 14 consolidated properties that do not meet our Community Centered Properties ® strategy. See Note 6—Variable Interest Entities for more information. Redevelopment, New Acquisitions Portfolio • one retail property that meets our Community Centered Properties ® strategy; and • six parcels of land held for future development.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of 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 March 31, 2018 and December 31, 2017 , 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. We also consolidate a variable interest entity (“VIE”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management and other contractual agreements. See Note 6 for additional disclosure on our VIE. Noncontrolling interest 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 percentage of 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. These reclassifications had no effect on net income, total assets, total liabilities 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 7), 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. 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 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 March 31, 2018 , 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 March 31, 2018 , approximately $144,000 and $103,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended March 31, 2017 , approximately $72,000 and $29,000 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 $1,908,000 and $2,451,000 in share-based compensation for the three months ended March 31, 2018 and 2017 , 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, 2017 for further discussion on significant accounting policies. Recent Accounting Pronouncements . In May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseding most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018, and the adoption of this guidance did not have a material impact on our consolidated financial statements. 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 with the exception of changes related to costs which qualify as initial direct costs. 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 on or after December 15, 2018, with early adoption permitted. We will adopt this guidance on a modified retrospective basis beginning January 1, 2019, and such adoption will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $17,000 in legal related costs for the three months ended March 31, 2018. 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. We have adopted this guidance as of January 1, 2017. The main provision regarding excess tax benefits did not have an impact on our consolidated financial statements due to our status as a REIT for federal income tax purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and we will continue to classify cash paid by us for employee taxes when common shares were repurchased to cover minimum statutory requirements under cash flows from financing activities. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance effective January 1, 2018, and we have reconciled cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018, and the adoption of this guidance did not have a material impact on our consolidated financial statements.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES All of our marketable securities were classified as available-for-sale securities as of March 31, 2018 and December 31, 2017 . In January 2018, we sold all of our remaining marketable securities and had no marketable securities as of March 31, 2018 . Available-for-sale securities consisted of the following as of December 31, 2017 (in thousands): December 31, 2017 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 50 $ — $ (18 ) $ 32 Total available-for-sale securities $ 50 $ — $ (18 ) $ 32 During the three months ended March 31, 2018 , available-for-sale securities were sold for total proceeds of $30,000 . The gross realized loss on these sales during the three months ended March 31, 2018 was $20,000 . During the three months ended March 31, 2017 , no available-for-sale securities were sold. 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 $137,000 for the three months ended March 31, 2017 , has been included in accumulated other comprehensive income.

Accrued Rents and Accounts Rece

Accrued Rents and Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Accrued Rents 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): March 31, 2018 December 31, 2017 Tenant receivables $ 16,263 $ 15,124 Accrued rents and other recoveries 17,956 17,527 Allowance for doubtful accounts (9,544 ) (9,147 ) Total $ 24,675 $ 23,504

Unamortized Leasing Commissions

Unamortized Leasing Commissions, Legal Fees and Loan Costs	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Unamortized Leasing Commissions, Legal Fees and Loan Costs	UNAMORTIZED LEASE COMMISSIONS, LEGAL FEES AND LOAN COSTS Costs which have been deferred consist of the following (in thousands): March 31, 2018 December 31, 2017 Leasing commissions $ 11,151 $ 10,797 Deferred legal cost 453 436 Deferred financing cost 4,071 4,071 Total cost 15,675 15,304 Less: leasing commissions accumulated amortization (5,025 ) (4,753 ) Less: deferred legal cost accumulated amortization (89 ) (66 ) Less: deferred financing cost accumulated amortization (2,301 ) (2,063 ) Total cost, net of accumulated amortization $ 8,260 $ 8,422

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES On December 8, 2016, we, through our Operating Partnership, entered into a Contribution Agreement (the “Contribution Agreement”) with Pillarstone Capital REIT Operating Partnership LP (“Pillarstone,” “Pillarstone OP” or the “Consolidated Partnership”) and Pillarstone Capital REIT (“Pillarstone REIT”) pursuant to which we contributed all of the equity interests in four of our wholly-owned subsidiaries: Whitestone CP Woodland Ph. 2, LLC, a Delaware limited liability company (“CP Woodland”); Whitestone Industrial-Office, LLC, a Texas limited liability company (“Industrial-Office”); Whitestone Offices, LLC, a Texas limited liability company (“Whitestone Offices”); and Whitestone Uptown Tower, LLC, a Delaware limited liability company (“Uptown Tower,” and together with CP Woodland, Industrial-Office and Whitestone Offices, the “Entities”) that own 14 non-core properties that do not fit our Community Centered Property ® strategy (the “Pillarstone Properties”), to Pillarstone OP for aggregate consideration of approximately $84 million , consisting of (1) approximately 18.1 million Class A units representing limited partnership interests in Pillarstone OP (“Pillarstone OP Units”), issued at a price of $1.331 per Pillarstone OP Unit; and (2) the assumption of approximately $65.9 million of liabilities, consisting of (a) approximately $15.5 million of our liability under the Facility (as defined in Note 7); (b) an approximately $16.3 million promissory note of Uptown Tower under the Loan Agreement, dated as of September 26, 2013, between Uptown Tower, as borrower, and U.S. Bank, National Association, as successor to Morgan Stanley Mortgage Capital Holdings LLC, as lender; and (c) an approximately $34.1 million promissory note (the “Industrial-Office Promissory Note”) of Industrial-Office issued under the Loan Agreement, dated as of November 26, 2013 (the “Industrial-Office Loan Agreement”), between Industrial-Office, as borrower, and Jackson National Life Insurance Company, as lender (collectively, the “Contribution”). In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into an OP Unit Purchase Agreement (the “OP Unit Purchase Agreement”) with Pillarstone REIT and Pillarstone OP pursuant to which the Operating Partnership agreed to purchase up to an aggregate of $3.0 million of Pillarstone OP Units at a price of $1.331 per Pillarstone OP Unit over the two -year term of the OP Unit Purchase Agreement on the terms set forth therein. The OP Unit Purchase Agreement contains customary closing conditions and the parties have made certain customary representations, warranties and indemnifications to each other in the OP Unit Purchase Agreement. In addition, pursuant to the OP Unit Purchase Agreement, in the event of a Change of Control (as defined therein) of the Company, Pillarstone OP shall have the right, but not the obligation, to repurchase the Pillarstone OP Units issued thereunder from the Operating Partnership at their initial issue price of $1.331 per Pillarstone OP Unit. In connection with the Contribution, (1) with respect to each Pillarstone Property (other than Uptown Tower), Whitestone TRS, Inc., a subsidiary of the Company (“Whitestone TRS”), entered into a Management Agreement with the Entity that owns such Pillarstone Property and (2) with respect to Uptown Tower, Whitestone TRS entered into a Management Agreement with Pillarstone OP (collectively, the “Management Agreements”). Pursuant to the Management Agreements with respect to each Pillarstone Property (other than Uptown Tower), Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to such Pillarstone Property in exchange for (x) a monthly property management fee equal to 5.0% of the monthly revenues of such Pillarstone Property and (y) a monthly asset management fee equal to 0.125% of GAV (as defined in each Management Agreement as, generally, the purchase price of the respective Pillarstone Property based upon the purchase price allocations determined pursuant to the Contribution Agreement, excluding all indebtedness, liabilities or claims of any nature) of such Pillarstone Property. Pursuant to the Management Agreement with respect to Uptown Tower, Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to Pillarstone OP in exchange for (x) a monthly property management fee equal to 3.0% of the monthly revenues of Uptown Tower and (y) a monthly asset management fee equal to 0.125% of GAV of Uptown Tower. The initial term of each Management Agreement expired on December 31, 2017, after which each Management Agreement became automatically renewable on a month to month basis; provided that each Management Agreement can be terminated by either party thereto upon not less than thirty days' prior written notice to the other party. None of the Management Agreements had been terminated as of March 31, 2018 . In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into a Tax Protection Agreement with Pillarstone REIT and Pillarstone pursuant to which Pillarstone agreed to indemnify the Operating Partnership for certain tax liabilities resulting from its recognition of income or gain prior to December 8, 2021 if such liabilities result from a transaction involving a direct or indirect taxable disposition of all or a portion of the Pillarstone Properties or if Pillarstone fails to maintain and allocate to the Operating Partnership for taxation purposes minimum levels of liabilities as specified in the Tax Protection Agreement, the result of which causes such recognition of income or gain and the Company incurs taxes that must be paid to maintain its REIT status for federal income tax purposes. As of March 31, 2018 , we owned approximately 81.4% of the total outstanding units of Pillarstone OP. Additionally, certain of our officers and trustees serve as officers and trustees of Pillarstone REIT. We have determined that we are the primary beneficiary of Pillarstone OP, through our power to direct the activities of Pillarstone OP, additional working capital required by Pillarstone OP under the OP Unit Purchase Agreement and our obligation to absorb losses and receive benefits based on our ownership percentage. Accordingly, we account for Pillarstone OP as a VIE and fully consolidate in our consolidated financial statements. In November 2017, we received a comment letter from the Staff of the SEC (the “Staff”) relating to our Annual Report on Form 10-K for the year ended December 31, 2016. In their letter, the Staff requested that we provide them with an analysis to support our determination that Pillarstone should be consolidated in our financial statements in accordance with GAAP. In response to the Staff’s comment, we reviewed for the staff the accounting and financial reporting obligations relating to our interest in Pillarstone. After communicating our analysis and conclusions to the Staff and responding to additional questions from the Staff relating to this matter, the Staff did not object to or otherwise take exception to our determination that Pillarstone was a VIE, we were the primary beneficiary and, as such we were required to consolidate Pillarstone, but noted that the terms of the Management Agreements with Pillarstone may warrant a going forward evaluation for such matters and suggested we consider pre-clearing future accounting treatment of Pillarstone. In connection with the preparation and review of our financial statements for the quarter ended March 31, 2018, we concluded, in accordance with the Staff’s recommendation, and after consultation with our outside accounting advisors, that it would be prudent to seek the pre-clearance of the Staff of the Office of the Chief Accountant (the “OCA”) with respect to our determination that Pillarstone should continue to be consolidated in our financial statements. Accordingly, in April 2018, we submitted a letter to the Staff of the OCA seeking their concurrence with our determination that we maintained our status as the primary beneficiary of Pillarstone and, accordingly, should continue to consolidate Pillarstone in our financial statements in accordance with GAAP. After correspondence, including several telephonic meetings between us, our advisors and the Staff of OCA, the Staff of the OCA informed us that it objected to our conclusion that we were the primary beneficiary and were required to consolidate Pillarstone in our financial statements since the Contribution in December 2016. We and our independent registered public accounting firm continue to believe that our accounting treatment of Pillarstone is correct. As a result, we are seeking a formal appeal to the Chief Accountant of the SEC of the determination of Staff of the OCA, which is pending as of the date of this Quarterly Report on Form 10-Q. If our appeal with the SEC is unsuccessful, we will not be permitted to consolidate Pillarstone in our financial statements under Variable Interest Entity accounting rules. While we believe the impact to net income, FFO and FFO Core resulting from this change would result in a nominal increase in these metrics, nonetheless, the required changes to our financial statements may require us to restate or revise our historical financial statements for the years ended December 31, 2016 and 2017 and the interim periods that are affected. For more information, see “Risk Factors” contained elsewhere in this Form 10-Q. The carrying amounts and classification of certain assets and liabilities for Pillarstone OP in our consolidated balance sheets as of March 31, 2018 and December 31, 2017 consists of the following (in thousands): March 31, 2018 December 31, 2017 Real estate assets, at cost Property $ 95,815 $ 95,146 Accumulated depreciation (36,810 ) (35,980 ) Total real estate assets 59,005 59,166 Cash, cash equivalents and restricted cash 2,361 2,812 Escrows and acquisition deposits 1,133 2,188 Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) 2,859 2,364 Unamortized lease commissions and loan costs 1,238 1,265 Prepaid expenses and other assets 9 65 Total assets $ 66,605 $ 67,860 Liabilities Notes payable (2) $ 48,540 $ 48,840 Accounts payable and accrued expenses (3) 2,189 3,494 Tenants' security deposits 1,262 1,191 Total liabilities $ 51,991 $ 53,525 (1) Excludes approximately $0.7 million and $1.3 million in accounts receivable due from Whitestone that were eliminated in consolidation as of March 31, 2018 and December 31, 2017 , respectively. (2) Excludes approximately $15.5 million in notes payable due to Whitestone that were eliminated in consolidation as of March 31, 2018 and December 31, 2017 . (3) Excludes approximately $0.6 million and $1.0 million in accounts payable due to Whitestone that were eliminated in consolidation as of both March 31, 2018 and December 31, 2017 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	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 March 31, 2018 December 31, 2017 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 9,680 $ 9,740 $50.0 million, 1.75% 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 $80.0 million, 3.72% Note, due June 1, 2027 80,000 80,000 $37.0 million 3.76% Note, due December 1, 2020 (5) 32,887 33,148 $6.5 million 3.80% Note, due January 1, 2019 5,796 5,842 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,268 19,360 $14.0 million 4.34% Note, due September 11, 2024 13,887 13,944 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 (5) 15,993 16,058 $15.1 million 4.99% Note, due January 6, 2024 14,808 14,865 $2.6 million 5.46% Note, due October 1, 2023 2,462 2,472 $1.3 million 3.47% Note, due November 28, 2018 1,019 — Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (6) 241,200 232,200 Total notes payable principal 670,300 660,929 Less deferred financing costs, net of accumulated amortization (1,774 ) (1,861 ) Total notes payable $ 668,526 $ 659,068 (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 notes were assumed by Pillarstone in December 2016. (6) Unsecured line of credit includes certain Pillarstone Properties (as defined and described in more detail below) in determining the amount of credit available under the Facility (as defined and described in more detail below). On May 26, 2017, we, through our subsidiary, Whitestone Houston BLVD Place LLC, a Delaware limited liability company, issued an $80.0 million promissory note to American General Life Insurance Company (the “BLVD Note”). The BLVD Note has a fixed interest rate of 3.72% and a maturity date of June 1, 2027. Proceeds from the BLVD Note were used to fund a portion of the purchase price of the acquisition of BLVD Place (see Note 15 below). 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, including new commitments from lenders. As of March 31, 2018 , $441.2 million was drawn on the Facility, and our remaining borrowing capacity was $58.8 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 any 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. On December 8, 2016, in connection with the Contribution, the Operating Partnership entered into the Second Amendment to the Facility and Reaffirmation of Guaranties (the “Second Amendment”) with Pillarstone, the Company and the other Guarantors party thereto, the lenders party thereto and the Agent. Pursuant to the Second Amendment, following the Contribution, Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC were permitted to remain Material Subsidiaries (as defined in the Facility) and Guarantors under the Facility and their respective Pillarstone Properties were each permitted to remain an Eligible Property (as defined in the Facility) and be included in the Borrowing Base (as defined in the Facility) under the Facility. In addition, on December 8, 2016, Pillarstone entered into the Limited Guarantee (the “Limited Guarantee”) with the Agent, pursuant to which Pillarstone agreed to be joined as a party to the Facility to provide a limited guarantee up to the amount of availability generated by the Pillarstone Properties owned by Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC. As of March 31, 2018 , Pillarstone accounted for approximately $15.5 million of the total amount drawn on the Facility. As of March 31, 2018 , our $228.1 million in secured debt was collateralized by 20 properties with a carrying value of $339.4 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 March 31, 2018 , we were in compliance with all loan covenants. Scheduled maturities of our outstanding debt as of March 31, 2018 were as follows (in thousands): Year Amount Due 2018 $ 12,579 2019 249,249 2020 82,827 2021 51,918 2022 102,007 Thereafter 171,720 Total $ 670,300

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 Prepaid expenses and other assets $ 5,680 December 31, 2017 Prepaid expenses and other assets $ 3,036 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 7 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 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 7 for additional information regarding the Facility. The swap began 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 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 7 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 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 Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Three months ended March 31, 2018 $ 2,645 Interest expense $ (35 ) Three months ended March 31, 2017 $ 732 Interest expense $ (508 ) (1) There was no ineffective portion of our interest rate swaps to recognize in earnings for the three months ended March 31, 2018 and 2017 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 the net income 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 the net income 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 March 31, 2018 and 2017 , 1,083,359 and 1,099,827 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 March 31, 2018 and 2017 , distributions of $45,000 and $95,000 , respectively, were made to holders of certain restricted common shares, $4,000 of which were charged against earnings in each period. See Note 12 for information related to restricted common shares under the 2008 Plan. Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Numerator: Net income $ 3,234 $ 1,557 Less: Net income attributable to noncontrolling interests (206 ) (117 ) Distributions paid on unvested restricted shares (41 ) (91 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2,987 $ 1,349 Denominator: Weighted average number of common shares - basic 39,066 29,416 Effect of dilutive securities: Unvested restricted shares 1,022 993 Weighted average number of common shares - dilutive 40,088 30,409 Earnings Per Share: Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.08 $ 0.05 Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.07 $ 0.04

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
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 continue to qualify as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (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. 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 March 31, 2018 and 2017 , we recognized approximately $115,000 and $79,000 in margin tax provision, respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2018
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 April 25, 2017, we completed the sale of 8,018,500 common shares, including 1,018,500 common shares purchased by the underwriters upon exercise of their option to purchase additional common shares, at a public offering price per share of $13.00 (the “April Offering”). Total net proceeds from the April Offering, after deducting offering expenses, were approximately $99.9 million , which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from the April Offering to repay a portion of the Facility and for general corporate purposes, including funding a portion of the purchase price of BLVD Place and Eldorado Plaza. 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 of 1933, as amended. 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. We did not sell any common shares under the 2015 equity distribution agreements during the three months ended March 31, 2018 . During the three months ended March 31, 2017 , we sold 390,726 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $5.3 million . In connection with such sales, we paid compensation of approximately $112,000 to the sales agents. 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 March 31, 2018 , we owned a 97.3% 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 March 31, 2018 and December 31, 2017 , there were 40,141,922 and 40,184,532 OP units outstanding, respectively. We owned 39,058,718 and 39,100,951 OP units as of March 31, 2018 and December 31, 2017 , 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 97.3% and 96.4% for the three months ended March 31, 2018 and 2017 , respectively. During the three months ended March 31, 2018 and 2017 , 377 and 7,355 OP units, respectively, were redeemed for an equal number of c ommon 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 2017 and the three months ended March 31, 2018 (in thousands, except per share/per OP 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 2018 First Quarter $ 0.2850 $ 11,145 $ 0.2850 $ 309 $ 11,454 Total $ 0.2850 $ 11,145 $ 0.2850 $ 309 $ 11,454 2017 Fourth Quarter $ 0.2850 $ 11,002 $ 0.2850 $ 309 $ 11,311 Third Quarter 0.2850 10,948 0.2850 309 11,257 Second Quarter 0.2850 10,093 0.2850 310 10,403 First Quarter 0.2850 8,429 0.2850 313 8,742 Total $ 1.1400 $ 40,472 $ 1.1400 $ 1,241 $ 41,713

Incentive Share Plan

Incentive Share Plan	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 certain of our employees. The modified time-based shares vested 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 was 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. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 267,783 performance-based restricted common share units under the 2008 Plan with market-based vesting conditions (the “TSR Units”) to certain of our employees. Vesting is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three -year performance period. At the end of the performance period, the number of common shares awarded for each vested TSR Unit will vary from 0% to 200% depending on the Company's ranking in the peer group (the “TSR Peer Group Ranking”). Continued employment is required through the vesting date. The grant date fair value for each TSR Unit of $12.37 was determined using the Monte Carlo simulation method and is being recognized as share-based compensation expense ratably from the September 30, 2017 grant date to the end of the performance period, December 31, 2019. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the performance period of approximately three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the expected life of the grant. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 965,000 performance-based restricted common share units under the 2008 Plan which only vest immediately prior to the consummation of a Change in Control (as defined in the 2008 Plan) that occurs on or before September 30, 2024 (the “CIC Units”) to certain of our employees. Continued employment is required through the vesting date. If a Change in Control does not occur on or before September 30, 2024, the CIC Units shall be immediately forfeited. The Company considers a Change in Control on or before September 30, 2024 to be improbable, and no expense has been recognized for the CIC Units. If a Change in Control occurs, any outstanding CIC Units would be expensed immediately on the date of the Change in Control using the grant date fair value. The grant date fair value for each CIC Unit of $13.05 was determined based on the Company's closing share price on the grant date. On March 16, 2018, the Compensation Committee approved the grant of an aggregate of 387,499 time-based restricted common share units under the 2008 Plan, which vest annually in three equal installments, and 4,300 performance-based restricted common share units to certain of our employees. A summary of the share-based incentive plan activity as of and for the three months ended March 31, 2018 is as follows: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2018 2,481,331 $ 13.60 Granted 391,799 8.74 Vested (129,201 ) 14.41 Forfeited (6,641 ) 12.88 Non-vested at March 31, 2018 2,737,288 $ 12.87 Available for grant at March 31, 2018 484,044 A summary of our non-vested and vested shares activity for the three months ended March 31, 2018 and years ended December 31, 2017 and 2016 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) Three Months Ended March 31, 2018 391,799 $ 8.74 (129,201 ) $ 1,862 Year Ended December 31, 2017 1,354,534 $ 12.92 (881,710 ) $ 12,829 Year Ended December 31, 2016 545,778 $ 14.85 (734,261 ) $ 10,577 Total compensation recognized in earnings for share-based payments was $1,908,000 and $2,451,000 for the three months ended March 31, 2018 and 2017 , respectively. Based on our current financial projections, we expect approximately 68% of the unvested awards, exclusive of 965,000 CIC Units, to vest over the next 36 months. As of March 31, 2018 , there was approximately $2.4 million in unrecognized compensation cost related to outstanding non-vested TSR Units, which are expected to vest over a period of 21 months, and approximately $5.0 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 36 months beginning on April 1, 2018. We expect to record approximately $5.2 million in non-cash share-based compensation expense in 2018 and $4.2 million subsequent to 2018. The unrecognized share-based compensation cost is expected to vest over a weighted average period of 25 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. The dilutive impact of the TSR Units is based on the Company's TSR Peer Group Ranking as of the reporting date and weighted according to the number of days outstanding in the period. As of March 31, 2018, the TSR Peer Group Ranking called for 100% attainment. The dilutive impact of the CIC Units is based on the probability of a Change in Control. Because the Company considers a Change in Control on or before September 30, 2024 to be improbable, no CIC Units are included in the Company's dilutive shares. At our annual meeting of shareholders on May 11, 2017, our shareholders voted to approve the 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of up to 3,433,831 common shares and OP units pursuant to awards under the 2018 Plan. The 2018 Plan will become effective on July 30, 2018, which is the day after the 2008 Plan expires.

Grants to Trustees

Grants to Trustees	3 Months Ended
	Mar. 31, 2018
Grants to Trustees [Abstract]
Grants To Trustees	GRANTS TO TRUSTEES On December 12, 2017, each of our six independent trustees and one trustee emeritus were granted 3,000 common shares, which vested immediately and were prorated based on date appointed. The 16,281 common shares granted to our trustees had a grant date fair value of $14.46 per share. On December 12, 2017, three of our independent trustees each elected to receive a total of 2,320 common shares with a grant date fair value of $14.46 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	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate	REAL ESTATE Property acquisitions. On May 26, 2017, we acquired BLVD Place, a property that meets our Community Centered Property ® strategy, for $158.0 million , including $80.0 million of asset level mortgage financing and $78.0 million in cash and net prorations using borrowings under our Facility and a portion of the net proceeds from the April Offering. BLVD Place, a 216,944 square foot property, was 99% leased at the time of purchase and is located in Houston, Texas. Included in the purchase of BLVD Place is approximately 1.43 acres of developable land. On May 3, 2017, we acquired Eldorado Plaza, a property that meets our Community Centered Property ® strategy, for $46.6 million in cash and net prorations using borrowings under our Facility and a portion of the net proceeds from the April Offering. Eldorado Plaza, a 221,577 square foot property, was 96% leased at the time of purchase and is located in McKinney, Texas, a suburb of Dallas, Texas. Unaudited pro forma financial information. The following unaudited pro forma consolidated operating data is presented for the three months ended March 31, 2018 and 2017 , as if the acquisition of BLVD Place had occurred on January 1, 2017. Revenue and net income attributable to BLVD Place of $4.0 million and $2.1 million , respectively, have been included in our results of operations for the three months ended March 31, 2018 . The related acquisition expenses of $0.4 million for the year ended December 31, 2017 have been reflected as a pro forma expense as of January 1, 2017. The unaudited pro forma consolidated operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transaction had been completed as set forth above, nor do they purport to represent the Company's results of operations for future periods. Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Actual Pro-Forma Total property revenues $ 33,596 $ 31,864 Net income $ 3,234 $ 2,297 Net income attributable to Whitestone REIT (1) $ 3,028 $ 2,154 Basic Earnings Per Share: $ 0.08 $ 0.06 Diluted Earnings Per Share: $ 0.07 $ 0.05 Weighted-average common shares outstanding: Basic (2) 39,066 37,435 Diluted (2) 40,088 38,428 (1) Net income attributable to Whitestone REIT reflects historical ownership percentages and does not reflect the effects of the April Offering, assuming the sale of the common shares took place on January 1, 2017, as the related impact on ownership percentage is minimal. (2) Pro forma weighted averages reflect the April Offering, assuming the sale of the common shares took place on January 1, 2017. Development properties. As of March 31, 2017, we had substantially completed construction at our Pinnacle of Scottsdale Phase II property. As of March 31, 2018, we had incurred approximately $5.2 million in construction costs, including approximately $0.6 million in previously capitalized interest and real estate taxes. The 27,063 square foot Community Centered Property ® was 91% leased as of March 31, 2018 and is located in Scottsdale, Arizona, and adjacent to Pinnacle of Scottsdale. On December 31, 2016, we had substantially completed construction at our Shops at Starwood Phase III property. As of March 31, 2018, we had incurred approximately $8.3 million in construction costs, including approximately $1.0 million in previously capitalized interest and real estate taxes. The 35,351 square foot Community Centered Property ® was 71% leased as of March 31, 2018 and is located in Frisco, Texas, a northern suburb of Dallas, Texas, and adjacent to Shops at Starwood. Property dispositions. On February 27, 2018, we completed the sale of Bellnott Square, located in Houston, Texas, for $4.7 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 $0.3 million . We have not included Bellnott Square in discontinued operations as it did not meet the definition of discontinued operations.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 , 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. We also consolidate a variable interest entity (“VIE”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management and other contractual agreements. See Note 6 for additional disclosure on our VIE. Noncontrolling interest 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 percentage of 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. These reclassifications had no effect on net income, total assets, total liabilities 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 7), 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.
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 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 March 31, 2018 , 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 March 31, 2018 , approximately $144,000 and $103,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended March 31, 2017 , approximately $72,000 and $29,000 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 $1,908,000 and $2,451,000 in share-based compensation for the three months ended March 31, 2018 and 2017 , 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 May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseding most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018, and the adoption of this guidance did not have a material impact on our consolidated financial statements. 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 with the exception of changes related to costs which qualify as initial direct costs. 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 on or after December 15, 2018, with early adoption permitted. We will adopt this guidance on a modified retrospective basis beginning January 1, 2019, and such adoption will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $17,000 in legal related costs for the three months ended March 31, 2018. 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. We have adopted this guidance as of January 1, 2017. The main provision regarding excess tax benefits did not have an impact on our consolidated financial statements due to our status as a REIT for federal income tax purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and we will continue to classify cash paid by us for employee taxes when common shares were repurchased to cover minimum statutory requirements under cash flows from financing activities. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance effective January 1, 2018, and we have reconciled cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018, and the adoption of this guidance did not have a material impact on our consolidated financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	Available-for-sale securities consisted of the following as of December 31, 2017 (in thousands): December 31, 2017 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 50 $ — $ (18 ) $ 32 Total available-for-sale securities $ 50 $ — $ (18 ) $ 32

Accrued Rents and Accounts Re24

Accrued Rents and Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Tenant receivables $ 16,263 $ 15,124 Accrued rents and other recoveries 17,956 17,527 Allowance for doubtful accounts (9,544 ) (9,147 ) Total $ 24,675 $ 23,504

Unamortized Leasing Commissio25

Unamortized Leasing Commissions, Legal Fees and Loan Costs (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Leasing commissions $ 11,151 $ 10,797 Deferred legal cost 453 436 Deferred financing cost 4,071 4,071 Total cost 15,675 15,304 Less: leasing commissions accumulated amortization (5,025 ) (4,753 ) Less: deferred legal cost accumulated amortization (89 ) (66 ) Less: deferred financing cost accumulated amortization (2,301 ) (2,063 ) Total cost, net of accumulated amortization $ 8,260 $ 8,422

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of certain assets and liabilities for Pillarstone OP in our consolidated balance sheets as of March 31, 2018 and December 31, 2017 consists of the following (in thousands): March 31, 2018 December 31, 2017 Real estate assets, at cost Property $ 95,815 $ 95,146 Accumulated depreciation (36,810 ) (35,980 ) Total real estate assets 59,005 59,166 Cash, cash equivalents and restricted cash 2,361 2,812 Escrows and acquisition deposits 1,133 2,188 Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) 2,859 2,364 Unamortized lease commissions and loan costs 1,238 1,265 Prepaid expenses and other assets 9 65 Total assets $ 66,605 $ 67,860 Liabilities Notes payable (2) $ 48,540 $ 48,840 Accounts payable and accrued expenses (3) 2,189 3,494 Tenants' security deposits 1,262 1,191 Total liabilities $ 51,991 $ 53,525 (1) Excludes approximately $0.7 million and $1.3 million in accounts receivable due from Whitestone that were eliminated in consolidation as of March 31, 2018 and December 31, 2017 , respectively. (2) Excludes approximately $15.5 million in notes payable due to Whitestone that were eliminated in consolidation as of March 31, 2018 and December 31, 2017 . (3) Excludes approximately $0.6 million and $1.0 million in accounts payable due to Whitestone that were eliminated in consolidation as of both March 31, 2018 and December 31, 2017 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following as of the dates indicated (in thousands): Description March 31, 2018 December 31, 2017 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 9,680 $ 9,740 $50.0 million, 1.75% 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 $80.0 million, 3.72% Note, due June 1, 2027 80,000 80,000 $37.0 million 3.76% Note, due December 1, 2020 (5) 32,887 33,148 $6.5 million 3.80% Note, due January 1, 2019 5,796 5,842 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,268 19,360 $14.0 million 4.34% Note, due September 11, 2024 13,887 13,944 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 (5) 15,993 16,058 $15.1 million 4.99% Note, due January 6, 2024 14,808 14,865 $2.6 million 5.46% Note, due October 1, 2023 2,462 2,472 $1.3 million 3.47% Note, due November 28, 2018 1,019 — Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (6) 241,200 232,200 Total notes payable principal 670,300 660,929 Less deferred financing costs, net of accumulated amortization (1,774 ) (1,861 ) Total notes payable $ 668,526 $ 659,068 (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 notes were assumed by Pillarstone in December 2016. (6) Unsecured line of credit includes certain Pillarstone Properties (as defined and described in more detail below) in determining the amount of credit available under the Facility (as defined and described in more detail below).
Schedule of Maturities of Debt	Scheduled maturities of our outstanding debt as of March 31, 2018 were as follows (in thousands): Year Amount Due 2018 $ 12,579 2019 249,249 2020 82,827 2021 51,918 2022 102,007 Thereafter 171,720 Total $ 670,300

Derivatives and Hedging Activ28

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 Prepaid expenses and other assets $ 5,680 December 31, 2017 Prepaid expenses and other assets $ 3,036 A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Three months ended March 31, 2018 $ 2,645 Interest expense $ (35 ) Three months ended March 31, 2017 $ 732 Interest expense $ (508 ) (1) There was no ineffective portion of our interest rate swaps to recognize in earnings for the three months ended March 31, 2018 and 2017 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Numerator: Net income $ 3,234 $ 1,557 Less: Net income attributable to noncontrolling interests (206 ) (117 ) Distributions paid on unvested restricted shares (41 ) (91 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2,987 $ 1,349 Denominator: Weighted average number of common shares - basic 39,066 29,416 Effect of dilutive securities: Unvested restricted shares 1,022 993 Weighted average number of common shares - dilutive 40,088 30,409 Earnings Per Share: Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.08 $ 0.05 Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.07 $ 0.04

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
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 2017 and the three months ended March 31, 2018 (in thousands, except per share/per OP 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 2018 First Quarter $ 0.2850 $ 11,145 $ 0.2850 $ 309 $ 11,454 Total $ 0.2850 $ 11,145 $ 0.2850 $ 309 $ 11,454 2017 Fourth Quarter $ 0.2850 $ 11,002 $ 0.2850 $ 309 $ 11,311 Third Quarter 0.2850 10,948 0.2850 309 11,257 Second Quarter 0.2850 10,093 0.2850 310 10,403 First Quarter 0.2850 8,429 0.2850 313 8,742 Total $ 1.1400 $ 40,472 $ 1.1400 $ 1,241 $ 41,713

Incentive Share Plan (Tables)

Incentive Share Plan (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 is as follows: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2018 2,481,331 $ 13.60 Granted 391,799 8.74 Vested (129,201 ) 14.41 Forfeited (6,641 ) 12.88 Non-vested at March 31, 2018 2,737,288 $ 12.87 Available for grant at March 31, 2018 484,044
Schedule of Nonvested and Vested Shares Activity	A summary of our non-vested and vested shares activity for the three months ended March 31, 2018 and years ended December 31, 2017 and 2016 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) Three Months Ended March 31, 2018 391,799 $ 8.74 (129,201 ) $ 1,862 Year Ended December 31, 2017 1,354,534 $ 12.92 (881,710 ) $ 12,829 Year Ended December 31, 2016 545,778 $ 14.85 (734,261 ) $ 10,577

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Unaudited pro forma financial information	The unaudited pro forma consolidated operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transaction had been completed as set forth above, nor do they purport to represent the Company's results of operations for future periods. Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Actual Pro-Forma Total property revenues $ 33,596 $ 31,864 Net income $ 3,234 $ 2,297 Net income attributable to Whitestone REIT (1) $ 3,028 $ 2,154 Basic Earnings Per Share: $ 0.08 $ 0.06 Diluted Earnings Per Share: $ 0.07 $ 0.05 Weighted-average common shares outstanding: Basic (2) 39,066 37,435 Diluted (2) 40,088 38,428 (1) Net income attributable to Whitestone REIT reflects historical ownership percentages and does not reflect the effects of the April Offering, assuming the sale of the common shares took place on January 1, 2017, as the related impact on ownership percentage is minimal. (2) Pro forma weighted averages reflect the April Offering, assuming the sale of the common shares took place on January 1, 2017.

Interim Financial Statements (D

Interim Financial Statements (Details)	1 Months Ended	3 Months Ended
	Jul. 31, 2004shares	Mar. 31, 2018property	Dec. 31, 2017property
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		72	73
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties		14
Pillarstone Variable Interest Entity
Real Estate Properties [Line Items]
Ownership percentage		81.40%
Retail Site [Member] | Wholly Owned Properties [Member] | Community Centered Properties™ [Member]
Real Estate Properties [Line Items]
Number of real estate properties		51
Retail Site [Member] | Wholly Owned Properties [Member] | Community Centered Properties™ [Member] | Redevelopment, New Acquisitions Portfolio [Member]
Real Estate Properties [Line Items]
Number of real estate properties		1
Land [Member] | Wholly Owned Properties [Member] | Parcels Held for Future Development [Member] | Redevelopment, New Acquisitions Portfolio [Member]
Real Estate Properties [Line Items]
Number of real estate properties		6

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Conversion basis for common shares to OP units (in shares)	1
Debt Instrument [Line Items]
Interest expense capitalized	$ 144,000	$ 72,000
Real estate tax capitalized	103,000	29,000
Share-based compensation	1,908,000	$ 2,451,000
Capitalized legal costs	17,000
Anthem Marketplace Note [Member]
Debt Instrument [Line Items]
Face amount of debt	$ 15,100,000
Stated interest rate	4.99%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost				$ 50,000
Gains in Accumulated Other Comprehensive Income				0
Losses in Accumulated Other Comprehensive Income				(18,000)
Estimated Fair Value	[1]	$ 0		32,000
Proceeds from sales of marketable securities		30,000	$ 0
Gross realized loss		$ 20,000
Net unrealized holding loss on available-for-sale securities			$ 137,000
Real Estate Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost				50,000
Gains in Accumulated Other Comprehensive Income				0
Losses in Accumulated Other Comprehensive Income				(18,000)
Estimated Fair Value				$ 32,000
[1]	Assets of consolidated Variable Interest Entities included in the total assets

Accrued Rents and Accounts Re36

Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Tenant receivables		$ 16,263	$ 15,124
Accrued rents and other recoveries		17,956	17,527
Allowance for doubtful accounts		(9,544)	(9,147)
Total	[1]	$ 24,675	$ 23,504
[1]	Assets of consolidated Variable Interest Entities included in the total assets

Unamortized Leasing Commissio37

Unamortized Leasing Commissions, Legal Fees and Loan Costs (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions		$ 11,151	$ 10,797
Deferred legal cost		453	436
Deferred financing cost		4,071	4,071
Total cost		15,675	15,304
Less: leasing commissions accumulated amortization		(5,025)	(4,753)
Less: deferred legal cost accumulated amortization		(89)	(66)
Less: deferred financing cost accumulated amortization		(2,301)	(2,063)
Total cost, net of accumulated amortization	[1]	$ 8,260	$ 8,422
[1]	Assets of consolidated Variable Interest Entities included in the total assets

Variable Interest Entities (Det

Variable Interest Entities (Details) $ / shares in Units, $ in Thousands		Dec. 08, 2016USD ($)propertysubsidiary$ / shares	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real estate assets, at cost
Property	[1]		$ 1,148,176	$ 1,149,454
Accumulated depreciation	[1]		(135,599)	(131,034)
Total real estate assets	[1]		1,012,577	1,018,420
Cash, cash equivalents and restricted cash			9,594	8,022	$ 6,659	$ 4,224
Escrows and acquisition deposits	[1]		6,690	10,104
Accrued rents and accounts receivable, net of allowance for doubtful accounts	[1]		24,675	23,504
Unamortized lease commissions and loan costs	[1]		8,260	8,422
Prepaid expenses and other assets	[1]		9,451	6,263
Total assets	[1]		1,071,247	1,074,767
Liabilities:
Notes payable	[2]		668,526	659,068
Accounts payable and accrued expenses	[2]		30,198	39,030
Tenants' security deposits	[2]		7,028	6,885
Total liabilities	[2]		$ 717,241	716,449
Pillarstone Variable Interest Entity
Variable Interest Entity [Line Items]
Number of wholly-owned subsidiaries contributed to variable interest entity | subsidiary		4
Number of non-core properties contributed to variable interest entity | property		14
Consideration amount		$ 84,000
Consideration, limited partnership interest		$ 18,100
Consideration, limited partnership interest (in dollars per share) | $ / shares		$ 1.331
Liabilities assumed		$ 65,900
OP unit purchase agreement amount		$ 3,000
OP unit purchase agreement unit price (in dollars per share) | $ / shares		$ 1.331
OP unit purchase agreement term		2 years
Monthly property management fee		5.00%
Monthly asset management fee		0.125%
Ownership percentage			81.40%
Real estate assets, at cost
Property			$ 95,815	95,146
Accumulated depreciation			(36,810)	(35,980)
Total real estate assets			59,005	59,166
Cash, cash equivalents and restricted cash			2,361	2,812
Escrows and acquisition deposits			1,133	2,188
Accrued rents and accounts receivable, net of allowance for doubtful accounts			2,859	2,364
Unamortized lease commissions and loan costs			1,238	1,265
Prepaid expenses and other assets			9	65
Total assets			66,605	67,860
Liabilities:
Notes payable			48,540	48,840
Accounts payable and accrued expenses			2,189	3,494
Tenants' security deposits			1,262	1,191
Total liabilities			51,991	53,525
Pillarstone Variable Interest Entity | Consolidation, Eliminations [Member]
Real estate assets, at cost
Accrued rents and accounts receivable, net of allowance for doubtful accounts			700	1,300
Liabilities:
Notes payable			15,500	15,500
Accounts payable and accrued expenses			$ 600	$ 1,000
Pillarstone Variable Interest Entity | Uptown Tower [Member]
Variable Interest Entity [Line Items]
Monthly property management fee		3.00%
Monthly asset management fee		0.125%
Pillarstone Variable Interest Entity | Line of Credit [Member]
Variable Interest Entity [Line Items]
Liabilities assumed		$ 15,500
Pillarstone Variable Interest Entity | Notes Payable, Other Payables [Member] | Uptown Tower Promissory Note [Member]
Variable Interest Entity [Line Items]
Liabilities assumed		16,300
Pillarstone Variable Interest Entity | Notes Payable, Other Payables [Member] | Industrial-Office Promissory Note [Member]
Variable Interest Entity [Line Items]
Liabilities assumed		$ 34,100
[1]	Assets of consolidated Variable Interest Entities included in the total assets
[2]	Liabilities of consolidated Variable Interest Entities included in the total liabilities

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($)	Nov. 07, 2014	Mar. 31, 2018	Dec. 31, 2017	May 26, 2017	Feb. 03, 2017
Debt Instrument [Line Items]
Total notes payable principal		$ 670,300,000	$ 660,929,000
Less deferred financing costs, net of accumulated amortization		(1,774,000)	(1,861,000)
Total notes payable		668,526,000	659,068,000
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		9,680,000	9,740,000
Face amount of debt		$ 10,500,000
Basis spread on variable rate		2.00%
Fixed rate notes | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020
Debt Instrument [Line Items]
Total notes payable principal		$ 50,000,000	50,000,000
Face amount of debt		$ 50,000,000
Imputed interest rate		1.75%
Fixed rate notes | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Fixed rate notes | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		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		$ 50,000,000	50,000,000
Face amount of debt		$ 50,000,000
Imputed interest rate		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%
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%
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		$ 100,000,000	100,000,000
Face amount of debt		$ 100,000,000
Imputed interest rate		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%
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%
Fixed rate notes | $80.0 million, 3.72% Note, due June 1, 2027
Debt Instrument [Line Items]
Total notes payable principal		$ 80,000,000	80,000,000
Stated interest rate		3.72%		3.72%
Face amount of debt		$ 80,000,000		$ 80,000,000
Fixed rate notes | $37.0 million 3.76% Note, due December 1, 2020
Debt Instrument [Line Items]
Total notes payable principal		$ 32,887,000	33,148,000
Stated interest rate		3.76%
Face amount of debt		$ 37,000,000
Fixed rate notes | $6.5 million 3.80% Note, due January 1, 2019
Debt Instrument [Line Items]
Total notes payable principal		$ 5,796,000	5,842,000
Stated interest rate		3.80%
Face amount of debt		$ 6,500,000
Fixed rate notes | $19.0 million 4.15% Note, due December 1, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 19,000,000	19,000,000
Stated interest rate		4.15%
Face amount of debt		$ 19,000,000
Fixed rate notes | $20.2 million 4.28% Note, due June 6, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 19,268,000	19,360,000
Stated interest rate		4.28%
Face amount of debt		$ 20,200,000
Fixed rate notes | $14.0 million 4.34% Note, due September 11, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 13,887,000	13,944,000
Stated interest rate		4.34%
Face amount of debt		$ 14,000,000
Fixed rate notes | $14.3 million 4.34% Note, due September 11, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 14,300,000	14,300,000
Stated interest rate		4.34%
Face amount of debt		$ 14,300,000
Fixed rate notes | $16.5 million 4.97% Note, due September 26, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 15,993,000	16,058,000
Stated interest rate		4.97%
Face amount of debt		$ 16,500,000
Fixed rate notes | $15.1 million 4.99% Note, due January 6, 2024
Debt Instrument [Line Items]
Total notes payable principal		$ 14,808,000	14,865,000
Stated interest rate		4.99%
Face amount of debt		$ 15,100,000
Fixed rate notes | $2.6 million 5.46% Note, due October 1, 2023
Debt Instrument [Line Items]
Total notes payable principal		$ 2,462,000	2,472,000
Stated interest rate		5.46%
Face amount of debt		$ 2,600,000
Fixed rate notes | $1.3 million 3.47% Note, due November 28, 2018
Debt Instrument [Line Items]
Total notes payable principal		$ 1,019,000	0
Stated interest rate		3.47%
Face amount of debt		$ 1,300,000
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		$ 241,200,000	$ 232,200,000
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%
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%
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, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020
Debt Instrument [Line Items]
Stated interest rate		0.84%			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%
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 ($)	Mar. 31, 2018USD ($)property	May 26, 2017USD ($)
Debt Instrument [Line Items]
Secured debt		$ 228,100,000
Number of collateralized properties (in collateralized properties) | property		20
Carrying value of collateralized properties		$ 339,400,000
Fixed rate notes | $80.0 million, 3.72% Note, due June 1, 2027
Debt Instrument [Line Items]
Face amount of debt		$ 80,000,000	$ 80,000,000
Stated interest rate		3.72%	3.72%
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		441,200,000
Credit facility, remaining borrowing capacity		58,800,000
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
Pillarstone [Member] | Revolving credit facility
Debt Instrument [Line Items]
Line of credit outstanding		$ 15,500,000

Debt (Schedule of Maturities of

Debt (Schedule of Maturities of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,018	$ 12,579
2,019	249,249
2,020	82,827
2,021	51,918
2,022	102,007
Thereafter	171,720
Total	$ 670,300	$ 660,929

Derivatives and Hedging Activ42

Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2017	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	$ 2,645	$ 732
Amount of Loss Recognized in Earnings (1)	(35)	$ (508)
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 3 [Member]
Derivative [Line Items]
Fixed interest rate					1.725%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 1 [Member]
Derivative [Line Items]
Fixed interest rate					1.75%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan 2 [Member]
Derivative [Line Items]
Fixed interest rate					1.502%
Prepaid expenses and other assets [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Estimated Fair Value	$ 5,680			$ 3,036

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions to holders of certain restricted common shares charged against earnings	$ 1,908	$ 2,451
Numerator:
Net income	3,234	1,557
Less: Net income attributable to noncontrolling interests	(206)	(117)
Distributions paid on unvested restricted shares	(41)	(91)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 2,987	$ 1,349
Denominator:
Weighted average number of common shares - basic (in shares)	39,066,000	29,416,000
Effect of dilutive securities:
Unvested restricted shares (in shares)	1,022,000	993,000
Weighted average number of common shares - dilutive (in shares)	40,088,000	30,409,000
Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.08	$ 0.05
Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 0.07	$ 0.04
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 (in shares)	1,083,359	1,099,827
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions to holders of certain restricted common shares	$ 45	$ 95
Distributions to holders of certain restricted common shares charged against earnings	$ 4

Income Taxes (Details)

Income Taxes (Details) - Texas [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 115	$ 79

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Apr. 25, 2017USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Jun. 04, 2015USD ($)agreement
Class of Stock [Line Items]
Common shares, authorized (in shares)		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
Preferred shares, shares authorized (in shares)		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
Proceeds from issuance of common shares, net of offering costs | $		$ 0				$ 5,334
Number of equity distribution agreements | agreement								6
Equity distribution agreements, authorized amount | $								$ 50,000
Ownership interest in operating partnership		97.30%
Conversion basis for common shares to OP units (in shares)		1
Weighted-average share ownership in operating partnership		97.30%				96.40%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred shares, shares authorized (in shares)		50,000,000
Preferred shares, par value per share (in dollars per share) | $ / shares		$ 0.001
OP Units [Member]
Class of Stock [Line Items]
OP units outstanding (in shares)		40,141,922	40,184,532				40,184,532
OP units owned (in shares)		39,058,718	39,100,951				39,100,951
Conversion of stock, shares converted (in shares)		377				7,355
April Offering [Member]
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares)	8,018,500
Share price (in shares) | $ / shares	$ 13
Proceeds from issuance of common shares, net of offering costs | $	$ 99,900
Underwriter Option [Member]
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares)	1,018,500
2015 Equity Distribution Agreement [Member]
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares)						390,726
Proceeds from issuance of common shares, net of offering costs | $						$ 5,300
Payments for compensation to sales agents | $						112
Cash Distribution [Member]
Class of Stock [Line Items]
Cash distribution paid | $		$ 11,454	$ 11,311	$ 11,257	$ 10,403	$ 8,742	$ 41,713
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	$ 1.1400
Cash distribution paid | $		$ 11,145	$ 11,002	$ 10,948	$ 10,093	$ 8,429	$ 40,472
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	$ 1.1400
Cash distribution paid | $		$ 309	$ 309	$ 309	$ 310	$ 313	$ 1,241

Incentive Share Plan (Narrative

Incentive Share Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2018	Sep. 06, 2017	Jun. 30, 2016	Jun. 30, 2015	Apr. 02, 2014	Mar. 31, 2018	Mar. 31, 2017	May 11, 2017	Dec. 22, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation						$ 1,908	$ 2,451
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]
Aggregate shares granted (in 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)			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)					2,049,116
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	4,300
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						21 months
Restricted stock granted (in shares)		267,783
Performance period		3 years
Award vesting percentage						100.00%
Grant date fair value (in dollars per share)		$ 12.37
Unrecognized compensation cost						$ 2,400
Restricted Stock [Member] | Immediate Vesting (CIC Units) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)		965,000				965,000
Grant date fair value (in dollars per share)		$ 13.05
Restricted Stock [Member] | Minimum | Market-Based Vesting (TSR Units) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		0.00%
Restricted Stock [Member] | Maximum | Market-Based Vesting (TSR Units) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		200.00%
Time-Based Restricted Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	387,499
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						36 months
Non-Cash Share Based Compensation in 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost						$ 5,200
Non-Cash Share Based Compensation Subsequent to 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost						$ 4,200
Unrecognized compensation cost, period for recognition						25 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]
Award vesting percentage						68.00%
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						$ 5,000
Unrecognized compensation cost, period for recognition						36 months
2018 Long-Term Equity Incentive Ownership Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)								3,433,831

Incentive Share Plan (Schedule

Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shares
Non-vested, beginning balance (in shares)	2,481,331
Granted (in shares)	391,799	1,354,534	545,778
Vested (in shares)	(129,201)	(881,710)	(734,261)
Forfeited (in shares)	(6,641)
Non-vested, ending balance (in shares)	2,737,288	2,481,331
Shares, Available for grant (in shares)	484,044
Weighted Average Grant Date Fair Value
Non-vested, ending balance (in dollars per share)	$ 12.87	$ 13.60
Granted (in dollars per share)	8.74	$ 12.92	$ 14.85
Vested (in dollars per share)	14.41
Forfeited (in dollars per share)	12.88
Non-vested, beginning balance (in dollars per share)	$ 13.60

Incentive Share Plan (Schedul48

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	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Non-Vested Shares Issued (in shares)	391,799	1,354,534	545,778
Shares Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 8.74	$ 12.92	$ 14.85
Shares Vested (in shares)	(129,201)	(881,710)	(734,261)
Shares Vested, Total Vest-Date Fair Value	$ 1,862	$ 12,829	$ 10,577

Grants to Trustees (Details)

Grants to Trustees (Details)	Dec. 12, 2017trustee$ / 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	6
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 trustees, vested in period (in shares) | shares	3,000
Restricted stock granted to each trustee (in shares) | shares	16,281
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 14.46
Individual Trustee Grant Agreements 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent trustees (in trustees) | trustee	3
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	2,320
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 14.46

Real Estate (Details)

Real Estate (Details)	Feb. 27, 2018USD ($)	May 26, 2017USD ($)ft²a	May 03, 2017USD ($)ft²	Mar. 31, 2018USD ($)ft²	Mar. 31, 2017USD ($)
Real Estate [Line Items]
Loss (gain) on sale or disposal of assets and properties				$ 69,000	$ (23,000)
Pinnacle of Scottsdale Phase II [Member]
Real Estate [Line Items]
Gross leasable area (in square feet) | ft²				27,063
Property percentage occupied				91.00%
Construction Payable				$ 5,230,000
Capitalized Interest and Real Estate Taxes				$ 565,000
Shops at Starwood Phase III [Member]
Real Estate [Line Items]
Gross leasable area (in square feet) | ft²				35,351
Property percentage occupied				71.00%
Construction Payable				$ 8,300,000
Capitalized Interest and Real Estate Taxes				1,000,000
Bellnot Square [Member]
Real Estate [Line Items]
Proceeds from sale of real estate	$ 4,700,000
Loss (gain) on sale or disposal of assets and properties	$ 300,000
BLVD Place [Member]
Real Estate [Line Items]
Consideration transfered		$ 158,000,000
Mortgage financing		80,000,000
Cash purchase price		$ 78,000,000
Gross leasable area (in square feet) | ft²		216,944
Property percentage occupied		99.00%
Area of land (in acres) | a		1.43
Revenue				4,000,000
Net income				$ 2,100,000
El Dorado Plaza [Member]
Real Estate [Line Items]
Consideration transfered			$ 46,600,000
Gross leasable area (in square feet) | ft²			221,577
Property percentage occupied			96.00%

Real Estate (Unaudited pro form

Real Estate (Unaudited pro forma financial information) (Details) - BLVD Place [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Revenue	$ 4,000
Net income	2,100
Acquisition expenses			$ 400
Total property revenues	33,596	$ 31,864
Net income	3,234	2,297
Net income attributable to Whitestone REIT	$ 3,028	$ 2,154
Basic Earnings Per Share (in dollars per share)	$ 0.08	$ 0.06
Diluted Earnings Per Share (in dollars per share)	$ 0.07	$ 0.05
Basic (in shares)	39,066	37,435
Diluted (in shares)	40,088	38,428