Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 09, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-34855 | ||
Entity Registrant Name | WHITESTONE REIT | ||
Entity Central Index Key | 0001175535 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 76-0594970 | ||
Entity Address, Address Line One | 2600 South Gessner | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77063 | ||
City Area Code | 713 | ||
Local Phone Number | 827-9595 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 376,965,526 | ||
Entity Common Stock, Shares Outstanding | 49,145,844 | ||
Documents Incorporated by Reference | We incorporate by reference in Part III of this Annual Report on Form 10-K portions of our definitive proxy statement for our 2022 Annual Meeting of Shareholders, which proxy statement will be filed no later than 120 days after the end of our fiscal year ended December 31, 2021. | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.001 per share | ||
Trading Symbol | WSR | ||
Security Exchange Name | NYSE | ||
Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Abstract] | |
Auditor Name | Pannell Kerr Forster of Texas, P.C. |
Auditor Location | Houston, Texas |
Auditor Firm ID | 342 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate assets, at cost | |||
Property | $ 1,196,919 | $ 1,106,426 | |
Accumulated depreciation | (190,333) | (163,712) | |
Total real estate assets | 1,006,586 | 942,714 | |
Investment in real estate partnership | 34,588 | 33,979 | |
Cash and cash equivalents | 15,721 | 25,777 | |
Restricted cash | 193 | 179 | |
Escrows and acquisition deposits | 11,323 | 9,274 | |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 22,395 | 23,009 | |
Receivable due from related party | 847 | 335 | |
Unamortized lease commissions, legal fees and loan costs | 8,442 | 7,686 | |
Prepaid expenses and other assets | [1] | 1,995 | 2,049 |
Operating lease right of use assets | 222 | 592 | |
Total assets | 1,102,090 | 1,045,002 | |
Liabilities: | |||
Notes payable | 642,842 | 644,185 | |
Accounts payable and accrued expenses | [2] | 45,777 | 50,918 |
Operating lease liabilities | 231 | 603 | |
Payable due to related party | 997 | 125 | |
Tenants' security deposits | 8,070 | 6,916 | |
Dividends and distributions payable | 5,366 | 4,532 | |
Total liabilities | 703,052 | 706,676 | |
Commitments and contingencies: | 0 | 0 | |
Equity: | |||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and December 31, 2020 | 0 | 0 | |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,144,153 and 42,391,316 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 48 | 42 | |
Additional paid-in capital | 623,462 | 562,250 | |
Accumulated deficit | (223,973) | (215,809) | |
Accumulated other comprehensive loss | (6,754) | (14,400) | |
Total Whitestone REIT shareholders' equity | 392,783 | 332,083 | |
Noncontrolling interest in subsidiary | 6,255 | 6,243 | |
Total equity | 399,038 | 338,326 | |
Total liabilities and equity | $ 1,102,090 | $ 1,045,002 | |
[1] | Operating lease right of use assets (net) | ||
[2] | Operating lease liabilities |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Stockholders' Equity [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) | 49,144,153 | 42,391,316 |
Common shares, outstanding (in shares) | 49,144,153 | 42,391,316 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues | ||||
Rental | [1] | $ 123,877 | $ 115,084 | $ 117,014 |
Management, transaction, and other fees | 1,488 | 2,831 | 2,237 | |
Total revenues | 125,365 | 117,915 | 119,251 | |
Operating expenses | ||||
Depreciation and amortization | 28,950 | 28,303 | 26,740 | |
Operating and maintenance | 22,560 | 20,563 | 20,611 | |
Real estate taxes | 16,762 | 18,015 | 16,293 | |
General and administrative | 22,625 | 21,303 | 21,661 | |
Total operating expenses | 90,897 | 88,184 | 85,305 | |
Other expenses (income) | ||||
Interest expense | 24,564 | 25,770 | 26,285 | |
(Gain) loss on sale or disposal of assets, net | (176) | 364 | (638) | |
Gain on loan forgiveness | 0 | (1,734) | 0 | |
Interest, dividend and other investment income | (116) | (278) | (659) | |
Total other expenses | 24,272 | 24,122 | 24,988 | |
Income before equity investment in real estate partnership and income tax | 10,196 | 5,609 | 8,958 | |
Equity in earnings of real estate partnership | 609 | 921 | 15,076 | |
Provision for income tax | (385) | (379) | (400) | |
Income from continuing operations | 10,420 | 6,151 | 23,634 | |
Gain on sale of property from discontinued operations | 1,833 | 0 | 594 | |
Income from discontinued operations | 1,833 | 0 | 594 | |
Net income | 12,253 | 6,151 | 24,228 | |
Less: Net income attributable to noncontrolling interests | 205 | 117 | 545 | |
Net income attributable to Whitestone REIT | $ 12,048 | $ 6,034 | $ 23,683 | |
Basic Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.23 | $ 0.14 | $ 0.57 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0.03 | 0 | 0.02 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.26 | 0.14 | 0.59 | |
Diluted Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.22 | 0.14 | 0.56 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0.04 | 0 | 0.01 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.26 | $ 0.14 | $ 0.57 | |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 45,486,000 | 42,244,000 | 40,184,000 | |
Diluted (in shares) | 46,336,000 | 42,990,000 | 41,462,000 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income | $ 12,253 | $ 6,151 | $ 24,228 | |
Other comprehensive income (loss) | ||||
Unrealized loss on change in fair value of cash flow hedge | 7,803 | (9,062) | (9,828) | |
Comprehensive income (loss) | 20,056 | (2,911) | 14,400 | |
Less: Net income attributable to noncontrolling interests | 205 | 117 | 545 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 130 | (173) | (221) | |
Comprehensive income (loss) attributable to Whitestone REIT | 19,721 | (2,855) | 14,076 | |
Rental revenues (under Topic 842) | ||||
Rental revenues | 90,859 | 87,291 | 86,750 | |
Recoveries | 32,928 | 33,442 | 31,748 | |
Bad debt | 90 | (5,649) | (1,484) | |
Total rental | [1] | $ 123,877 | $ 115,084 | $ 117,014 |
[1] | (1) Rental Rental revenues $ 90,859 $ 87,291 $ 86,750 Recoveries 32,928 33,442 31,748 Bad debt 90 (5,649) (1,484) Total rental $ 123,877 $ 115,084 $ 117,014 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Gain (Loss) | Total Shareholders' Equity | Noncontrolling Interests | |
Beginning Balance (in shares) at Dec. 31, 2018 | 39,778,000 | |||||||
Beginning Balance (in units) at Dec. 31, 2018 | 929,000 | |||||||
Beginning Balance at Dec. 31, 2018 | $ 359,150 | $ 39 | $ 527,662 | $ (181,361) | $ 4,116 | $ 350,456 | $ 8,694 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | 20,000 | (20,000) | ||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 186 | 186 | $ (186) | ||||
Issuance of common shares under dividend reinvestment plan (in shares) | 10,000 | |||||||
Issuance of common shares under dividend reinvestment plan | 137 | 137 | 137 | |||||
Issuance of common shares - ATM Program, net of offering costs (in shares) | 1,612,000 | |||||||
Issuance of common shares - ATM Program, net of offering costs | 21,246 | $ 2 | 21,244 | 21,246 | ||||
Exchange offer costs | (120) | (120) | (120) | |||||
Repurchase of common shares (in shares) | [1] | (65,000) | ||||||
Repurchase of common shares | [1] | (776) | (776) | (776) | ||||
Shared-based compensation (in shares) | 137,000 | |||||||
Share-based compensation | 6,483 | 6,483 | 6,483 | |||||
Distributions | (47,422) | (46,371) | (46,371) | (1,051) | ||||
Unrealized loss on change in fair value of cash flow hedge | (9,828) | (9,607) | (9,607) | (221) | ||||
Net income | 24,228 | 23,683 | 23,683 | 545 | ||||
Ending Balance at Dec. 31, 2019 | 353,098 | $ 41 | 554,816 | (204,049) | (5,491) | 345,317 | $ 7,781 | |
Ending Balance (in shares) at Dec. 31, 2019 | 41,492,000 | |||||||
Ending Balance (in units) at Dec. 31, 2019 | 909,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | 136,000 | (136,000) | ||||||
Exchange of noncontrolling interest OP units for common shares | 0 | $ 1 | 1,161 | 1,162 | $ (1,162) | |||
Issuance of common shares under dividend reinvestment plan (in shares) | 11,000 | |||||||
Issuance of common shares under dividend reinvestment plan | 89 | 89 | 89 | |||||
Issuance of common shares - ATM Program, net of offering costs (in shares) | 171,000 | |||||||
Issuance of common shares - ATM Program, net of offering costs | 2,241 | 2,241 | 2,241 | |||||
Exchange offer costs | (43) | (43) | (43) | |||||
Repurchase of common shares (in shares) | [1] | (178,000) | ||||||
Repurchase of common shares | [1] | (2,077) | (2,077) | (2,077) | ||||
Shared-based compensation (in shares) | 759,000 | |||||||
Share-based compensation | 6,063 | 6,063 | 6,063 | |||||
Distributions | (18,134) | (17,794) | (17,794) | (340) | ||||
Unrealized loss on change in fair value of cash flow hedge | (9,062) | (8,889) | (8,889) | (173) | ||||
Reallocation of ownership percentage between parent and subsidiary | 0 | (20) | (20) | 20 | ||||
Net income | 6,151 | 6,034 | 6,034 | 117 | ||||
Ending Balance at Dec. 31, 2020 | $ 338,326 | $ 42 | 562,250 | (215,809) | (14,400) | 332,083 | $ 6,243 | |
Ending Balance (in shares) at Dec. 31, 2020 | 42,391,316 | 42,391,000 | ||||||
Ending Balance (in units) at Dec. 31, 2020 | 773,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | 2,000 | (2,000) | ||||||
Exchange of noncontrolling interest OP units for common shares | $ 0 | 18 | 18 | $ (18) | ||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | |||||||
Issuance of common shares under dividend reinvestment plan | 60 | 60 | 60 | |||||
Issuance of common shares - ATM Program, net of offering costs (in shares) | 6,287,000 | |||||||
Issuance of common shares - ATM Program, net of offering costs | 55,981 | $ 6 | 55,975 | 55,981 | ||||
Exchange offer costs | (63) | (63) | (63) | |||||
Repurchase of common shares (in shares) | [1] | (78,000) | ||||||
Repurchase of common shares | [1] | (691) | (691) | (691) | ||||
Shared-based compensation (in shares) | 535,000 | |||||||
Share-based compensation | 5,913 | 5,913 | 5,913 | |||||
Distributions | (20,544) | (20,212) | (20,212) | (332) | ||||
Unrealized loss on change in fair value of cash flow hedge | 7,803 | 7,673 | 7,673 | 130 | ||||
Reallocation of ownership percentage between parent and subsidiary | 0 | (27) | (27) | 27 | ||||
Net income | 12,253 | 12,048 | 12,048 | 205 | ||||
Ending Balance at Dec. 31, 2021 | $ 399,038 | $ 48 | $ 623,462 | $ (223,973) | $ (6,754) | $ 392,783 | $ 6,255 | |
Ending Balance (in shares) at Dec. 31, 2021 | 49,144,153 | 49,144,000 | ||||||
Ending Balance (in units) at Dec. 31, 2021 | 771,000 | |||||||
[1] | During the years ended December 31, 2021, 2020 and 2019, 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 shares. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cash flows from operating activities: | |||
Income from continuing operations | $ 10,420 | $ 6,151 | $ 23,634 |
Net income from discontinued operations | 1,833 | 0 | 594 |
Net income | 12,253 | 6,151 | 24,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,950 | 28,303 | 26,740 |
Amortization of deferred loan costs | 1,096 | 1,113 | 1,095 |
Gain on sale or disposal of assets and loan forgiveness, net | (176) | (1,370) | (638) |
Bad debt | (90) | 5,649 | 1,484 |
Share-based compensation | 5,913 | 6,063 | 6,483 |
Equity in earnings of real estate partnership | (609) | (921) | (15,076) |
Changes in operating assets and liabilities: | |||
Escrows and acquisition deposits | (2,049) | (885) | (177) |
Accrued rents and accounts receivable | 704 | (6,055) | (2,998) |
Receivable due from related party | (512) | 142 | (83) |
Distributions from real estate partnership | 0 | 1,039 | 6,926 |
Unamortized lease commissions, legal fees and loan costs | (3,259) | (1,343) | (1,824) |
Prepaid expenses and other assets | 1,963 | 2,255 | (4,163) |
Accounts payable and accrued expenses | 2,663 | 2,518 | 5,609 |
Payable due to related party | 872 | (182) | 249 |
Tenants' security deposits | 1,154 | 299 | 487 |
Net cash provided by operating activities | 47,040 | 42,776 | 47,748 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (81,588) | 0 | (34,804) |
Additions to real estate | (9,642) | (7,362) | (13,243) |
Proceeds from note receivable | 0 | 922 | 0 |
Proceeds from financed receivable due from related party | 0 | 0 | 5,661 |
Net cash used in investing activities | (91,230) | (6,440) | (42,386) |
Net cash provided by investing activities of discontinued operations | 1,833 | 0 | 594 |
Cash flows from financing activities: | |||
Distributions paid to common shareholders | (19,320) | (25,203) | (45,627) |
Distributions paid to OP unit holders | (331) | (511) | (1,055) |
Proceeds from issuance of common shares, net of offering costs | 55,981 | 2,241 | 21,244 |
Payments of exchange offer costs | (63) | (43) | (120) |
Proceeds from bonds and notes payable | 0 | 1,734 | 100,000 |
Net proceeds from (payments of) credit facility | 0 | 10,000 | (66,700) |
Repayments of notes payable | (3,261) | (12,164) | (8,095) |
Payments of loan origination costs | 0 | 0 | (2,970) |
Repurchase of common shares | (691) | (2,077) | (776) |
Net cash provided by (used in) financing activities | 32,315 | (26,023) | (4,099) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (10,042) | 10,313 | 1,857 |
Cash, cash equivalents and restricted cash at beginning of period | 25,956 | 15,643 | 13,786 |
Cash, cash equivalents and restricted cash at end of period | 15,914 | 25,956 | 15,643 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 23,685 | 27,741 | 25,360 |
Cash paid for taxes | 364 | 353 | 396 |
Non cash investing and financing activities: | |||
Disposal of fully depreciated real estate | 297 | 88 | 234 |
Financed insurance premiums | 1,712 | 1,431 | 1,238 |
Value of shares issued under dividend reinvestment plan | 60 | 89 | 137 |
Value of common shares exchanged for OP units | 18 | 1,162 | 186 |
Change in fair value of cash flow hedge | 7,803 | (9,062) | (9,828) |
Reallocation of ownership percentage between parent and subsidiary | (27) | (20) | 0 |
Property received as termination fee | 0 | 251 | 0 |
Cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 15,721 | 25,777 | 15,530 |
Restricted cash | 193 | 179 | 113 |
Total cash, cash equivalents and restricted cash | $ 15,914 | $ 25,956 | $ 15,643 |
Description of Business and Nat
Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Nature of Operations | DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Whitestone REIT (“Whitestone”) was formed as a real estate investment trust, 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 real estate investment trust formed for the sole purpose of the reorganization and the conversion of each of our 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” or “WROP” or “OP”), 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 December 31, 2021, 2020 and 2019, we owned 60, 58, and 58 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. As of December 31, 2021, these properties consist of: Consolidated Operating Portfolio • 53 wholly-owned properties that meet our Community Centered Properties ® strategy; and Redevelopment, New Acquisitions Portfolio • two wholly owned properties, Lakeside Market and Anderson Arbor, that meet our Community Centered Properties ® containing approximately 0.2 and 0.1 million square feet of GLA and having total carrying amounts (net of accumulated depreciation) of $52.7 and $28.2 million, respectively. • five parcels of land held for future development. As of December 31, 2021, we, through our equity-method investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP”), owned a majority interest in eight properties that do not meet our Community Centered Property® strategy containing approximately 0.9 million square feet of GLA (the “Pillarstone Properties”). We own 81.4% of the total outstanding units of Pillarstone OP, which we account for using the equity method. We also manage the day-to-day operations of Pillarstone OP. The global health crisis caused by COVID-19 and the related responses intended to control its spread may continue to adversely affect business activity, particularly relating to our retail tenants, across the markets in which we operate. In light of the changing nature of the COVID-19 pandemic, we are unable to predict the extent that its impact will have on our financial condition, results of operations and cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021, 2020 and 2019, 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. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of operating 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 year. 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. Equity Method. In accordance with ASU 2014-09 (“Topic 606”) and ASC 610, “ Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets ,” the Company recognizes its investment in Pillarstone OP under the equity method. As of December 31, 2021, we, through our investment in Pillarstone OP, owned a majority interest in eight properties that do not meet our Community Centered Property® strategy containing approximately 0.9 million square feet of GLA. We own 81.4% of the total outstanding units of Pillarstone OP. We also manage the day-to-day operations of Pillarstone OP. In this Annual Report on Form 10-K, unless otherwise indicated, we do not include the Pillarstone Properties when we refer to our properties. 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. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at 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 grant date fair value of common share units included in share-based compensation expense, 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. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s operations and the operations of its tenants. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including revenues, expenses, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, the impact on our tenants’ businesses and financial condition, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year 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, 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. 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 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). 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 $5.9 million, $6.1 million and $6.5 million in share-based compensation expense for the years ended December 31, 2021, 2020 and 2019, respectively. At our annual meeting of shareholders on May 11, 2017, our shareholders voted to approve 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 became effective on July 30, 2018, which was the day after the 2008 Plan expired. Noncontrolling Interests. Noncontrolling interests are 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 and comprehensive income (loss), subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We combine lease and nonlease components in lease contracts, which includes combining base rent, recoveries, and percentage rents into a single line item, Rental , within the consolidated statements of operations and comprehensive income (loss). Additionally, we have tenants who pay real estate taxes directly to the taxing authority. We exclude these costs paid directly by the tenant to third parties on our behalf from revenue recognized and the associated property operating expense. Other property income primarily includes amounts recorded in connection with management fees and lease termination fees. Pillarstone OP pays us management fees for property management, leasing and day-to-day advisory and administrative services. Their obligations are satisfied over time. Pillarstone OP is billed monthly and typically pays quarterly. Revenues are governed by the Management Agreements (as defined in Note 4). Refer to Note 4 to our accompanying consolidated financial statements for additional information regarding the Management Agreements with Pillarstone OP. Additionally, we recognize lease termination fees in the year that the lease is terminated and collection of the fee is probable. Amounts recorded within other property income are accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2021 and 2020 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. Real Estate 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 year ended December 31, 2021, approximately $414,000 and $291,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2020, approximately $481,000 and $306,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2019, approximately $500,000 and $320,000 in interest expense and real estate taxes, respectively, were capitalized. Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2021. Accrued Rents and Accounts Receivable. Included in accrued rents and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. We review the collectability of charges under our tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located including the impact of the COVID-19 pandemic on tenants’ businesses and financial condition . We recognize an adjustment to rental revenue if we deem it probable that the receivable will not be collected. Our review of collectability under our operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. As of December 31, 2021 and 2020, we had an allowance for uncollectible accounts of $14.9 million and $16.4 million, respectively. For the years ending December 31, 2021, 2020 and 2019, we recorded an adjustment to rental revenue in the amount of $(0.1) million, $5.6 million and $1.5 million, respectively. Included in the adjustment to rental revenue for the years ending December 31, 2021 and 2020, was a bad debt adjustment of $0.1 million and $2.3 million, respectively, and a straight-line rent reserve adjustment of $0.9 million and $1.2 million, respectively, related to credit loss for the conversion of 59 and 102 tenants, respectively, to cash basis revenue as a result of COVID-19 collectability analysis. Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% 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 considered an income tax, Financial Accounting Standards Board (“FASB”) ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2021, 2020 and 2019, we recorded a margin tax provision of $0.4 million, $0.4 million and $0.4 million, respectively. Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable and accounts and notes payable. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $643.6 million and $646.4 million as compared to the book value of approximately $643.6 million and $645.2 million as of December 31, 2021 and 2020, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 basis (as provided by ASC 820, using a probability-weighted discounted cash flow analysis based on a discount rate, discounting the loan balance. The fair value of the loan guarantee is $0.1 million and $0.1 million as compared to the book value of approximately $0.1 million and $0.1 million as of December 31, 2021 and 2020, respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge’s 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 December 31, 2021, we consider our cash flow hedges to be highly effective. Concentration of Risk. Substantially all of our revenues are obtained from office and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate | REAL ESTATE As of December 31, 2021, we owned 60 commercial properties in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio areas comprised of approximately 5.2 million square feet of gross leasable area (“GLA”). Five of the 60 commercial properties are land parcels held for future development. Property Acquisitions. On December 1, 2021 we acquired Anderson Arbor, a property that meets our Community Centered Property ® strategy, for $28.1 million in cash and net prorations. Anderson Arbor, a 89,746 square foot property, was 89% leased at the time of purchase and is located in Austin, Texas. On July 8, 2021, we acquired Lakeside Market, a property that meets our Community Centered Property ® strategy, for $53.2 million in cash and net prorations. Lakeside Market, a 162,649 square foot property, was 80.5% leased at the time of purchase and is located in Plano, Texas. On December 6, 2019, we acquired Las Colinas Village, a property that meets our Community Centered Property ® strategy, for $34.8 million in cash and net prorations. Las Colinas Village, a 104,919 square foot property, was 86% leased at the time of purchase and is located in Irving, Texas. Unaudited pro forma results of operations. The following unaudited pro forma results summarized below reflect our consolidated results of operations as if our acquisitions for the years ended December 31, 2021, 2020 and 2019 were acquired on January 1, 2019. The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Total revenues $ 130,468 $ 125,384 $ 129,755 Net income $ 12,562 $ 6,257 $ 24,153 Net income attributable to Whitestone REIT (1) $ 12,357 $ 6,140 $ 23,608 Basic Earnings Per Share: $ 0.27 $ 0.15 $ 0.59 Diluted Earnings Per Share: $ 0.27 $ 0.14 $ 0.57 Weighted-average common shares outstanding: Basic 45,486 42,244 40,184 Diluted 46,336 42,990 41,462 ( 1) Net income attributable to Whitestone REIT reflects historical ownerhip percentages. Acquisition costs. Acquisition-related costs of $0.3 million and $0.0 million are capitalized in real estate assets in our balance sheets for the years ended December 31, 2021 and 2020, respectively. No acquisition-related costs are included in general and administrative expenses in our statements of operations and comprehensive income (loss) for the year ended 2019. Development properties. As of December 31, 2019, we had substantially completed construction at our Anthem Marketplace Phase II property. As of December 31, 2019, we had incurred approximately $1.4 million in construction costs. The 6,853 square foot Community Centered Property ® was 100% occupied as of December 31, 2021 and is located in Phoenix, Arizona, and adjacent to Anthem Marketplace. Property dispositions. During 2021, we received $1.8 million in principal payments in connection with the sale of three office buildings we completed on December 31, 2014. We recorded a gain on sale of $1.8 million during the year ended December 31, 2021. Previously, on April 24, 2019, we received a $0.7 million principal payment in connection with this sale, and recorded a gain on sale of $0.7 million during the year ended December 31, 2019. In 2014, we provided seller-financing for the office buildings, Zeta, Royal Crest and Featherwood, and deferred a $2.5 million gain until principal payments on the seller-financed loan were received. We have included these gains in discontinued operations in the respective years of the principal payment receipts as both met the definition of discontinued operations at the date of sale. As of December 31, 2021, we have recognized all the deferred gains associated with the three office buildings. On October 23, 2020, we received a $0.5 million principal payment in connection with the Centre South seller-financed retail building mentioned above. We recorded a $0.5 million gain when the principal payment on the seller-financed loan was received. We have not included the gain in discontinued operations as it did not meet the definition of discontinued operations at the date of the sale. On November 15, 2019, we received a $0.8 million principal payment in connection with the sale of two retail buildings we completed on November 29, 2016. We recorded a gain on sale of $0.8 million. In 2016, we provided seller-financing for the retail buildings, Webster Pointe and Centre South, and deferred a $1.7 million gain until principal payments on the seller-financed loan are received. The purchaser of the retail buildings sold Webster Pointe on November 15, 2019 and paid the entire principal balance of the loan related to the property. We have not included the gain in discontinued operations as it did not meet the definition of discontinued operations at the date of the sale. On April 24, 2019 we received a $0.7 million principal payment in connection with the sale of three office buildings we completed on December 31, 2014. We recorded a gain on sale of $0.7 million. In 2014, we provided seller-financing for the office buildings, Zeta, Royal Crest and Featherwood, and deferred a $2.5 million gain until principal payments on the seller-financed loan are received. The purchaser of the office buildings sold Zeta on April 24, 2019 and paid the entire principal balance of the loan related to the property. We have included the gain in discontinued operations as it did meet the definition of discontinued operations at the date of the sale. |
Investment in Real Estate Partn
Investment in Real Estate Partnership | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment in Real Estate Partnership | INVESTMENT IN REAL ESTATE PARTNERSHIP On December 8, 2016, we, through our Operating Partnership, entered into a Contribution Agreement (the “Contribution Agreement”) with Pillarstone OP and Pillarstone Capital REIT (“Pillarstone REIT”) pursuant to which we contributed all of the equity interests in four of our wholly-owned subsidiaries that, at the time, owned 14 non-core properties that did 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 of Class A units representing limited partnership interests in Pillarstone OP (“Pillarstone OP Units”) and (2) the assumption of approximately $65.9 million of liabilities (collectively, the “Contribution”). In connection with the Contribution, Whitestone TRS, Inc., a subsidiary of the Company (“Whitestone TRS”), entered into a management agreement with the entities that own the contributed Pillarstone Properties (collectively, the “Management Agreements”). Pursuant to the Management Agreements, Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services 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 of such Pillarstone Property, with the exception of Uptown Tower, in which case services to Pillarstone OP are provided 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 Management Agreements are 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 December 31, 2021. In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into a Tax Protection Agreement with Pillarstone REIT and Pillarstone OP pursuant to which Pillarstone OP 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 OP 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 December 31, 2021, we owned approximately 81.4% of the total outstanding units of Pillarstone OP. In accordance with ASU 2014-09 (“Topic 606”) and ASC 610, “ Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets ,” the Company recognizes its investment in Pillarstone OP under the equity method. The table below presents the real estate partnership investment in which the Company held an ownership interest (in thousands): The Company’s Investment as of December 31, 2021 (3) 2020 Real estate partnership Ownership Interest Pillarstone OP (1) 81.4% $ 34,588 $ 33,979 Total real estate partnership (2) $ 34,588 $ 33,979 (1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees. (2) Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2021 and 2020. (3) On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new rights agreement (the “Pillarstone Rights Agreement”), pursuant to which each holder of Pillarstone REIT common stock received one preferred share purchase right (a “Right”) per common share held as of the applicable record date. Each Right entitles the registered holder to purchase from Pillarstone REIT one one-thousandth (a “Unit”) of a series D preferred share of Pillarstone at a purchase price (“Purchase Price”) of $7.00 per Unit, subject to adjustment. The Rights are exercisable upon the occurrence of certain events as described in the Pillarstone Rights Agreement, including the acquisition by certain holders of 5% or more of the common shares of Pillarstone REIT (an “Acquiring Person”). Upon the acquisition of Pillarstone REIT common shares by an Acquiring Person, each holder of a Right (other than an Acquiring Person), will have the right to receive upon exercise a number of Pillarstone REIT common shares having a market value of two times the Purchase Price. As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 (the “Pillarstone Partnership Agreement”), we have the contractual right to have our limited partnership interests in Pillarstone redeemed at our discretion. However, upon receipt of a redemption notice, Pillarstone OP has the option of the applicable redemption price in cash, based on the market value of Pillarstone REIT common shares, or in Pillarstone REIT common shares. To the extent we seek to have our partnership units in Pillarstone OP redeemed and Pillarstone OP elects to pay the applicable redemption price in Pillarstone REIT common shares (and such shares represent 5% or more of the outstanding common shares of Pillarstone REIT), the Rights could become exercisable. To the extent the Rights are exercised as a result of our Pillarstone OP units being redeemed for Pillarstone REIT common shares, our ownership interest in Pillarstone REIT would be significantly diluted, which could adversely impact the value of our investment in Pillarstone OP. While we do not believe the overall impact of the Pillarstone Rights Agreement on the value of our investment in Pillarstone OP is material, we cannot reasonably estimate a range of possible loss at this time. On October 8, 2019, Pillarstone OP, through an indirect wholly owned subsidiary, Whitestone Industrial-Office, LLC, sold a portfolio of three properties in Houston, Texas to an unaffiliated third party for $39.7 million in cash. Pillarstone OP used the net proceeds to make a large distribution to Whitestone of $5.4 million after customary closing deductions, to pay off mortgage debt on the three properties, and to pay off the remaining $5.7 million of its $15.5 million loan from Whitestone. Included in 2019 equity in earnings from real estate partnership is a $13.8 million gain related to this sale. The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands): Year Ended December 31, 2021 2020 2019 Pillarstone OP $ 609 $ 921 $ 15,076 Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands): December 31, 2021 2020 Assets: Real estate, net $ 48,273 $ 49,113 Other assets 8,790 7,657 Total assets 57,063 56,770 Liabilities and equity: Notes payable 14,920 15,185 Other liabilities 3,200 3,533 Equity 38,943 38,052 Total liabilities and equity 57,063 56,770 Company’s share of equity 31,718 30,992 Cost of investment in excess of the Company’s share of underlying net book value 2,870 2,987 Carrying value of investment in real estate partnership $ 34,588 $ 33,979 Year Ended December 31, 2021 2020 2019 Rental revenues $ 9,272 $ 9,672 $ 14,253 Property expenses (6,988) (6,858) (9,045) Other expenses (1,407) (1,440) (3,449) Gain (loss) on sale of properties or disposal of assets 23 (112) 16,943 Net income $ 900 $ 1,262 $ 18,702 The amortization of the basis difference between the cost of investment and the Company's share of underlying net book value for both years ended December 31, 2021 and 2020 was $108,000. The Company amortized the difference into equity in earnings of real estate partnership on the consolidated statements of operations and comprehensive income (loss). The Company's maximum exposure to loss relating to Pillarstone OP is limited to its investment in Pillarstone OP and its guarantee of promissory notes issued to Pillarstone OP. Since the date of the Contribution, the Company has not provided financial support to Pillarstone OP that it was not previously contractually required to provide under the Management Agreements. The Company has evaluated its guarantee to Pillarstone OP pursuant to ASC 460, Guarantees , and has determined the guarantee to be a performance guarantee, for which ASC 460 contains initial recognition and measurement requirements, and related disclosure requirements. The Company is obligated in two respects: (i) a noncontingent liability, which represents the Company’s obligation to stand ready to perform under the terms of the guarantee in the event that the specified triggering event(s) occur; and (ii) the contingent liability, which represents the Company’s obligation to make future payments if those |
Accrued Rents and Accounts Rece
Accrued Rents and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
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): December 31, 2021 2020 Tenant receivables $ 18,410 $ 22,956 Accrued rents and other recoveries 18,681 16,348 Allowance for doubtful accounts (14,896) (16,426) Other receivables 200 131 Totals $ 22,395 $ 23,009 |
Unamortized Lease Commissions,
Unamortized Lease Commissions, Legal Fees and Loan Costs | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Unamortized Lease 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): December 31, 2021 2020 Leasing commissions $ 13,341 $ 10,380 Deferred legal cost 365 373 Deferred financing cost 3,898 3,898 Total cost 17,604 14,651 Less: leasing commissions accumulated amortization (6,305) (5,029) Less: deferred legal cost accumulated amortization (248) (216) Less: deferred financing cost accumulated amortization (2,609) (1,720) Total cost, net of accumulated amortization $ 8,442 $ 7,686 A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Legal Costs Deferred Financing Costs Total 2022 $ 1,634 $ 32 $ 829 $ 2,495 2023 1,344 22 241 1,607 2024 1,125 19 188 1,332 2025 874 18 31 923 2026 677 17 — 694 Thereafter 1,382 9 — 1,391 Total $ 7,036 $ 117 $ 1,289 $ 8,442 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LEASES As a Lessor. All leases on our properties are classified as noncancelable operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We combine lease and nonlease components in lease contracts, which includes combining base rent, recoveries, and percentage rents into a single line item, Rental , within the consolidated statements of operations and comprehensive income (loss). A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, contingent rents, and collectability adjustments under Topic 842) under noncancelable operating leases in existence as of December 31, 2021 is as follows (in thousands): Years Ended December 31, Minimum Future Rents (1) 2022 $ 91,846 2023 81,451 2024 67,717 2025 51,413 2026 36,719 Thereafter 112,922 Total $ 442,068 (1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases and exclude reimbursements of operating expenses and rental increases that are not fixed. As a Lessee. We have office space, automobile, and office machine leases, which qualify as operating leases, with remaining lease terms of approximately one The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our weighted average incremental borrowing rates to calculate the lease liabilities for our operating leases in existence as of December 31, 2021 in which we are the lessee (in thousands): Years Ended December 31, Minimum Future Rents 2022 $ 110 2023 65 2024 43 2025 31 2026 1 Total undiscounted rental payments 250 Less imputed interest 19 Total lease liabilities $ 231 For the year ended December 31, 2021, the total lease costs were $1,036,000. The weighted average remaining lease term for our operating leases was 2.9 years at December 31, 2021. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 4.5% at December 31, 2021. For the year ended December 31, 2020, the total lease costs were $1,077,000. The weighted average remaining lease term for our operating leases was 2.1 years at December 31, 2020. We do not include renewal options in the lease term for |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2021 2020 Fixed rate notes $100.0 million, 1.73% plus 1.35% to 1.90% Note, due October 30, 2022 (1) $ 100,000 $ 100,000 $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 (2) 165,000 165,000 $80.0 million, 3.72% Note, due June 1, 2027 80,000 80,000 $19.0 million 4.15% Note, due December 1, 2024 18,358 18,687 $20.2 million 4.28% Note, due June 6, 2023 17,808 18,222 $14.0 million 4.34% Note, due September 11, 2024 12,978 13,236 $14.3 million 4.34% Note, due September 11, 2024 13,773 14,014 $15.1 million 4.99% Note, due January 6, 2024 13,907 14,165 $2.6 million 5.46% Note, due October 1, 2023 2,289 2,339 $50.0 million, 5.09% Note, due March 22, 2029 50,000 50,000 $50.0 million, 5.17% Note, due March 22, 2029 50,000 50,000 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 119,500 119,500 Total notes payable principal 643,613 645,163 Less deferred financing costs, net of accumulated amortization (771) (978) $ 642,842 $ 644,185 (1) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73%. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of the interest rate at an average rate of 2.24% for the duration of the term through January 31, 2024. A number of our current debt agreements, including our 2019 Facility (as defined below), have an interest rate tied to the LIBOR. The U.K. Financial Conduct Authority announced in 2017 that it would no longer compel banks to submit rates for the calculation of LIBOR after 2021. It is not possible to predict whether banks will continue to provide LIBOR submissions to the administrator of LIBOR, whether LIBOR rates will cease to be published or supported after 2021 or whether any additional reforms to LIBOR may be enacted in the United Kingdom or elsewhere. It is expected that a transition away from the widespread use of LIBOR to alternative rates is likely to occur during the next several years. We cannot predict the impact of the phase out of LIBOR on our debt agreements and interest rates. While some of our current debt agreements provide procedures for determining an alternative base rate in the event that LIBOR is discontinued, not all do so. Regardless, there can be no assurances as to what alternative base rates may be and whether such base rate will be more or less favorable than LIBOR and any other unforeseen impacts of the potential discontinuation of LIBOR. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR on its financial condition or whether the discontinuation of LIBOR would have a material adverse effect on its results of operations. On April 30, 2020, the Company entered into a loan in the principal amount of $1,733,510 from U.S. Bank National Association, one of the Company’s existing lenders, pursuant to the Paycheck Protection Program (the “PPP Loan”) of the CARES Act. The PPP Loan was set to mature on May 6, 2022 (the “Maturity Date”), and accrued interest at 1.00% per annum and could be prepaid in whole or in part without penalty. Pursuant to the CARES Act, the Company applied for and was granted forgiveness for all of the PPP Loan. Forgiveness was determined by the U.S. Small Business Administration based on the use of loan proceeds for payroll costs, mortgage interest, rent or utility costs and the maintenance of employee and compensation levels. Pursuant to the guidance in FASB ASC 405-20, “Liabilities - Extinguishment of Liabilities,” the Company recognized a $1,734,000 gain for the PPP Loan forgiveness during the year ended December 31, 2020 based on the legal release from the U.S. Small Business Administration. On March 22, 2019, we, through our Operating Partnership, entered into a Note Purchase and Guarantee Agreement (the “Note Agreement”) together with certain subsidiary guarantors as initial guarantor parties thereto (the “Subsidiary Guarantors”) and The Prudential Insurance Company of America and the various other purchasers named therein (collectively, the “Purchasers”) providing for the issuance and sale of $100 million of senior unsecured notes of the Operating Partnership, of which (i) $50 million are designated as 5.09% Series A Senior Notes due March 22, 2029 (the “Series A Notes”) and (ii) $50 million are designated as 5.17% Series B Senior Notes due March 22, 2029 (the “Series B Notes” and, together with the Series A Notes, the “Notes”) pursuant to a private placement that closed on March 22, 2019 (the “Private Placement”). Obligations under the Notes are unconditionally guaranteed by the Company and by the Subsidiary Guarantors. The principal of the Series A Notes will begin to amortize on March 22, 2023 with annual principal payments of approximately $7.1 million. The principal of the Series B Notes will begin to amortize on March 22, 2025 with annual principal payments of $10.0 million. The Notes will pay interest quarterly on the 22nd day of March, June, September and December in each year until maturity. The Operating Partnership may prepay at any time all, or from time to time part of, the Notes, in an amount not less than $1,000,000 in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus a make-whole amount. The make-whole amount is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the Notes being prepaid over the aggregate principal amount of such Notes (as described in the Note Agreement). In addition, in connection with a Change of Control (as defined in the Note Purchase Agreement), the Operating Partnership is required to offer to prepay the Notes at 100% of the principal amount plus accrued and unpaid interest thereon. The Note Agreement contains representations, warranties, covenants, terms and conditions customary for transactions of this type and substantially similar to the Operating Partnership’s existing senior revolving credit facility, including limitations on liens, incurrence of investments, acquisitions, loans and advances and restrictions on dividends and certain other restricted payments. In addition, the Note Agreement contains certain financial covenants substantially similar to the Operating Partnership’s existing senior revolving credit facility, including the following: • maximum total indebtedness to total asset value ratio of 0.60 to 1.00; • maximum secured debt to total asset value ratio of 0.40 to 1.00; • minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges ratio of 1.50 to 1.00; • maximum other recourse debt to total asset value ratio of 0.15 to 1.00; and • maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $372 million plus 75% of the net proceeds from additional equity offerings (as defined therein). In addition, the Note Agreement contains a financial covenant requiring that maximum unsecured debt not exceed the lesser of (i) an amount equal to 60% of the aggregate unencumbered asset value and (ii) the debt service coverage amount (as described in the Note Agreement). That covenant is substantially similar to the borrowing base concept contained in the Operating Partnership’s existing senior revolving credit facility. The Note Agreement also contains default provisions, including defaults for non-payment, breach of representations and warranties, insolvency, non-performance of covenants, cross-defaults with other indebtedness and guarantor defaults. The occurrence of an event of default under the Note Agreement could result in the Purchasers accelerating the payment of all obligations under the Notes. The financial and restrictive covenants and default provisions in the Note Agreement are substantially similar to those contained in the Operating Partnership’s existing credit facility. Net proceeds from the Private Placement were used to refinance existing indebtedness. The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Notes were sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. On January 31, 2019, we, through our Operating Partnership, entered into an unsecured credit facility (the “2019 Facility”) with the lenders party thereto, Bank of Montreal, as administrative agent (the “Agent”), SunTrust Robinson Humphrey, as syndication agent, and BMO Capital Markets Corp., U.S. Bank National Association, SunTrust Robinson Humphrey and Regions Capital Markets, as co-lead arrangers and joint book runners. The 2019 Facility is comprised of the following three tranches: • $250.0 million unsecured revolving credit facility with a maturity date of January 1, 2023 (the “2019 Revolver”); • $165.0 million unsecured term loan with a maturity date of January 31, 2024 (“Term Loan A”); and • $100.0 million unsecured term loan with a maturity date of October 30, 2022 (“Term Loan B” and together with Term Loan A, the “2019 Term Loans”). Borrowings under the 2019 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. As of December 31, 2021, the interest rate on the 2019 Revolver was 1.74%. The applicable margin for Adjusted LIBOR borrowings ranges from 1.40% to 1.90% for the 2019 Revolver and 1.35% to 1.90% for the 2019 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. Pursuant to the 2019 Facility, in the event of certain circumstances that result in the unavailability of LIBOR, including but not limited to LIBOR no longer being a widely recognized benchmark rate for newly originated dollar loans in the U.S. market, the Operating Partnership and the Agent will establish an alternate interest rate to LIBOR giving due consideration to prevailing market conventions and will amend the 2019 Facility to give effect to such alternate interest rate. The 2019 Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity by $200.0 million, upon the satisfaction of certain conditions. On March 20, 2020, as a precautionary measure to preserve our financial flexibility in response to potential credit risks posed by the COVID-19 pandemic, the Company drew down approximately $30.0 million under the 2019 Revolver. As of December 31, 2021 , subject to any potential future paydowns or increases in the borrowing base, we hav e $86.8 million re maining availability under the 2019 Revolver. As of December 31, 2021, $384.5 million was drawn on the 2019 Facility and our unused borrowing capacity was $130.5 million, assuming that we use the proceeds of the 2019 Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. The Company used $446.2 million of proceeds from the 2019 Facility to repay amounts outstanding under the previous debt facility, which the 2019 Facility amended and restated, and intends to use the remaining proceeds from the 2019 Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and re-tenanting of properties in its portfolio and working capital. The Company, each direct and indirect material subsidiary of the Operating Partnership and any other subsidiary of the Operating Partnership that is a guarantor under any unsecured ratable debt will serve as a guarantor for funds borrowed by the Operating Partnership under the 2019 Facility. The 2019 Facility contains customary terms and conditions, including, without limitation, customary representations and warranties and affirmative and negative covenants including, without limitation, information reporting requirements, limitations on investments, acquisitions, loans and advances, mergers, consolidations and sales, incurrence of liens, dividends and restricted payments. In addition, the 2019 Facility contains certain financial covenants including the following: • maximum total indebtedness to total asset value ratio of 0.60 to 1.00; • maximum secured debt to total asset value ratio of 0.40 to 1.00; • minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges ratio of 1.50 to 1.00; • maximum other recourse debt to total asset value ratio of 0.15 to 1.00; and • maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $372 million plus 75% of the net proceeds from additional equity offerings (as defined therein). We serve as the guarantor for funds borrowed by the Operating Partnership under the 2019 Facility. The 2019 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 2019 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. On May 26, 2017, we, through our subsidiary, Whitestone BLVD Place LLC, a Delaware limited liability company, issued a $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. As of December 31, 2021, our $159.1 million in secured debt was collateralized by seven properties with a carrying value of $247.2 million. Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of the rents and leases associated with those properties. As of December 31, 2021, we were in compliance with all loan covenants. Scheduled maturities of our outstanding debt as of December 31, 2021 were as follows (in thousands): Year Amount Due 2022 $ 101,962 2023 147,363 2024 228,574 2025 17,143 2026 17,143 Thereafter 131,428 Total $ 643,613 As of December 31, 2021, we had the following contractual obligations (in thousands): Payment due by period (in thousands) Consolidated Contractual Obligations Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 643,613 $ 101,962 $ 375,937 $ 34,286 $ 131,428 Long-Term Debt - Fixed Interest 65,865 21,419 27,235 12,502 4,709 Long-Term Debt - Variable Interest (1) 4,959 4,959 — — — Unsecured credit facility - Unused commitment fee (2) 374 351 23 — — Operating Lease Obligations 232 92 108 32 — Related Party Rent Lease Obligations 18 18 — — — Total $ 715,061 $ 128,801 $ 403,303 $ 46,820 $ 136,137 (1) As of December 31, 2021, we had one loan totaling $119.5 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.90%, which reflects our new interest rates under the 2019 Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2021, of 0.10%. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES The estimated fair value of our interest rate swaps is as follows (in thousands): December 31, 2021 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (6,860) December 31, 2020 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (14,663) On January 31, 2019, we, through our Operating Partnership, entered into an interest rate swap of $65 million with Bank of Montreal that fixed the LIBOR portion of Term Loan A under the 2019 Facility at 2.43%. Pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $12.9 million of the swap to U.S. Bank, National Association, $11.6 million of the swap to Regions Bank, $15.7 million of the swap to SunTrust Bank, and $5.9 million of the swap to Associated Bank. See Note 8 (Debt) for additional information regarding the 2019 Facility. The swap began on February 7, 2019 and matured on November 9, 2020. We designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss). On January 31, 2019, we, through our Operating Partnership, entered into an interest rate swap of $115 million with Bank of Montreal that fixed the LIBOR portion of Term Loan A under the 2019 Facility at 2.43%. Pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $22.7 million of the swap to U.S. Bank, National Association, $20.5 million of the swap to Regions Bank, $27.9 million of the swap to SunTrust Bank, and $10.5 million of the swap to Associated Bank. See Note 8 (Debt) for additional information regarding the 2019 Facility. The swap began on November 9, 2020 and matured on February 8, 2021. We designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss). On January 31, 2019, we, through our Operating Partnership, entered into an interest rate swap of $165 million with Bank of Montreal that fixed the LIBOR portion of Term Loan A under the 2019 Facility at 2.43%. Pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $32.6 million of the swap to U.S. Bank, National Association, $29.4 million of the swap to Regions Bank, $40.0 million of the swap to SunTrust Bank, and $15.0 million of the swap to Associated Bank. See Note 8 (Debt) for additional information regarding the 2019 Facility. The swap began on February 8, 2021 and will mature on January 31, 2024. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. On September 5, 2018, we, through our Operating Partnership, entered into an interest rate swap with Bank of America that fixed the LIBOR portion of the $9.6 million extension loan on the Whitestone Terravita Marketplace property at 2.85%. The swap began on September 25, 2018 and matured on September 24, 2020. We designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss). 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 2018 Facility at 1.73%. 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 8 for additional information regarding the 2018 Facility. The swap began on November 30, 2015 and will mature on October 28, 2022. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. 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 2018 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 8 for additional information regarding the 2018 Facility. The swap began on February 3, 2017 and matured on October 30, 2020. We designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss). 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 2018 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 8 for additional information regarding the 2018 Facility. The swap began on December 7, 2015 and matured on January 29, 2021. We designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss). A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Income (Loss) Recognized in Earnings Amount of Income (Loss) Recognized in Earnings (1) Year ended December 31, 2021 $ 7,803 Interest expense $ 5,427 Year ended December 31, 2020 $ (9,062) Interest expense $ 3,578 Year ended December 31, 2019 $ (9,828) Interest expense $ 1,036 (1) There was no ineffective portion of our interest rate swaps recognized in earnings for the years ended December 31, 2021, 2020 and 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by our weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by the weighted-average number of common shares including any dilutive unvested restricted shares. Certain of our performance-based restricted common shares are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. During the years ended December 31, 2021, 2020 and 2019, 772,383, 820,563 and 924,314 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the years ended December 31, 2021, 2020 and 2019, distributions of $0, $0 and $41,000, respectively, were made to the holders of certain restricted common shares, none of which were charged against earnings. See Note 14 for information related to restricted common shares under the 2008 Plan. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income from continuing operations $ 10,420 $ 6,151 $ 23,634 Less: Net income attributable to noncontrolling interests (172) (117) (511) Distributions paid on unvested restricted shares — — (41) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 10,248 6,034 23,082 Income from discontinued operations 1,833 — 594 Less: Net income attributable to noncontrolling interests (33) — (34) Income from discontinued operations attributable to Whitestone REIT 1,800 — 560 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 12,048 $ 6,034 $ 23,642 Denominator: Weighted average number of common shares - basic 45,486 42,244 40,184 Effect of dilutive securities: Unvested restricted shares 850 746 1,278 Weighted average number of common shares - dilutive 46,336 42,990 41,462 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.23 $ 0.14 $ 0.57 Income from discontinued operations attributable to Whitestone REIT 0.03 0.00 0.02 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.26 $ 0.14 $ 0.59 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.14 $ 0.56 Income from discontinued operations attributable to Whitestone REIT 0.04 0.00 0.01 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.26 $ 0.14 $ 0.57 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | FEDERAL INCOME TAXES Federal income taxes are not provided because we intend to and believe we qualify as a REIT under the provisions of the Code and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. Our shareholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust 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 on our taxable income at regular corporate tax rates. Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2021 2020 2019 Ordinary income (unaudited) 80.7 % 59.9 % 28.6 % Return of capital (unaudited) 19.3 % 40.1 % 19.4 % Capital gain distributions (unaudited) — % — % 52.0 % Total 100.0 % 100.0 % 100.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Contribution. As of December 31, 2021, Mr. James C. Mastandrea, the Chairman and Chief Executive Officer of the Company, also served as the Chairman and Chief Executive Officer of Pillarstone REIT and beneficially owns approximately 66.7% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act of 1934, as amended (the “Exchange Act”)). As of December 31, 2021, Mr. John J. Dee, the Chief Operating Officer and Corporate Secretary of the Company, also served as the Senior Vice President and Chief Financial Officer of Pillarstone REIT and beneficially owns approximately 20.0% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act). In addition, Mr. Paul T. Lambert, a Trustee of the Company, also serves as a Trustee of Pillarstone REIT. Mr. James C. Mastandrea’s employment with the Company was terminated on January 18, 2022. He was also removed as Chairman of the Board following his termination. Mr. John J. Dee also departed the Company on February 9, 2022. The Contribution is pursuant to the Company’s strategy of recycling capital by disposing of Non-Core Properties that do not fit the Company’s Community Centered Property ® strategy and the terms of the Contribution Agreement, the OP Unit Purchase Agreement, the Tax Protection Agreement and the Contribution were determined through arm’s-length negotiations. The Contribution was unanimously approved and recommended by a special committee of independent Trustees of the Company. See Note 4 for additional disclosure on the Contribution. Pillarstone OP. In accordance with ASU 2014-09 (“Topic 606”) and ASC 610, “ Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets ,” the Company recognizes its investment in Pillarstone OP under the equity method. During the ordinary course of business, we have transactions with Pillarstone OP that include, but are not limited to, rental income, interest expense, general and administrative costs, commissions, management and asset management fees, and property expenses. The following table presents the revenue and expenses with Pillarstone OP included in our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (in thousands): Location of Revenue (Expense) 2021 2020 2019 Rent Operating and maintenance $ (899) $ (932) $ (813) Property management fee income Management, transaction, and other fees $ 568 $ 598 $ 856 Interest income Interest, dividend and other investment income $ — $ — $ 171 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Under our declaration of trust, as amended, we have authority to issue up to 400 million common shares of beneficial interest, $0.001 par value per share, and up to 50 million preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On May 31, 2019, we entered into nine equity distribution agreements for an at-the-market equity distribution program (the “2019 equity distribution agreements”) providing for the issuance and sale of up to an aggregate of $100 million of the Company’s common shares pursuant to our Registration Statement on Form S-3 (File No. 333-225007). Actual sales will depend on a variety of factors 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 were made in transactions that will be deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act. We have no obligation to sell any of our common shares and can at any time suspend offers under the 2019 equity distribution agreements or terminate the 2019 equity distribution agreements. For the years ended December 31, 2021 and 2020, we sold 6,287,087 and 170,942 common shares under the 2019 equity distribution agreements, with net proceeds to us of approximately $56.0 million and $2.2 million, respectively. In connection with such sales, we paid compensation of approximately $853,000 and $34,000, respectively, to the sales agents. Operating Partnership Units Substantially all of our business is conducted through the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2021, we owned a 98.5% 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 Whitestone common shares. As of December 31, 2021 and 2020, there were 49,793,803 and 43,043,251 OP units outstanding, respectively. We owned 49,023,313 and 42,270,476 OP units as of December 31, 2021 and 2020, respectively. The balance of the OP units is owned by third parties, including certain trustees. Our weighted-average share ownership in the Operating Partnership was approximately 98.3%, 98.1% and 97.7% for the years ended December 31, 2021, 2020 and 2019, respectively. For the years ended December 31, 2021 and 2020, 2,285 and 135,797 OP units, respectively, were redeemed for an equal number of common shares. Distributions The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2021 Fourth Quarter $ 0.1075 $ 5,257 $ 0.1075 $ 83 $ 5,340 Third Quarter 0.1075 4,981 0.1075 83 5,064 Second Quarter 0.1075 4,602 0.1075 83 4,685 First Quarter 0.1058 4,480 0.1058 82 4,562 Total $ 0.4283 $ 19,320 $ 0.4283 $ 331 $ 19,651 2020 Fourth Quarter $ 0.1050 $ 4,432 $ 0.1050 $ 81 $ 4,513 Third Quarter 0.1050 4,430 0.1050 81 4,511 Second Quarter 0.1050 4,413 0.1050 91 4,504 First Quarter 0.2850 11,928 0.2850 258 12,186 Total $ 0.6000 $ 25,203 $ 0.6000 $ 511 $ 25,714 On March 24, 2020 we announced that, in further pursuit of ensuring our financial flexibility, our board of trustees (the “Board”) determined to conserve additional liquidity by reducing our distribution in response to the COVID-19 pandemic. The distribution reduction has resulted in approximately $7.7 million of quarterly cash savings for 2020. The Board will regularly reassess the dividend, particularly as there is more clarity on the duration and severity of the COVID-19 pandemic and as business conditions improve. Shareholders' Rights Plan On May 14, 2020, the Board authorized a dividend of one preferred share purchase right (a “Right”) for each outstanding common share of beneficial interest, par value $0.001 per share, of the Company (the “Common Shares”). The dividend is payable on May 26, 2020 (the “Record Date”), to the holders of record of Common Shares as of 5:00 P.M., New York City time, on the Record Date. The description and terms of the Rights are set forth in a rights agreement, dated as of May 14, 2020 (as the same may be amended from time to time, the “Rights Agreement”), between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights Agent”). Each Right entitles the registered holder to purchase from the Company one one-thousandth (a “Unit”) of a Series A Preferred Share, par value $0.001 per share (each a “Preferred Share”), of the Company at a purchase price (“Purchase Price”) of $30.00 per Unit, subject to adjustment. The Board adopted the Rights Agreement to ensure that the Board remains in the best position to fulfill its duties and is intended to promote the fair and equal treatment of all shareholders by guarding against opportunistic efforts to capitalize on recent macroeconomic conditions, including open market accumulations or other tactics, aimed at gaining control of the Company without paying an appropriate control premium to deliver sufficient value for all Company shareholders. The Rights will expire on the earliest of (i) the close of business on May 13, 2021, (ii) the time at which the Rights are redeemed pursuant to the Rights Agreement, (iii) the closing of any merger or other acquisition transaction involving the Company that has been approved by the Board, at which time the Rights are terminated, and (iv) the time at which the Rights are exchanged pursuant to the Rights Agreement (such earliest date, the “Expiration Date”). On April 21, 2021, the Company entered into the First Amendment to Rights Agreement (the “First Amendment”) with the Rights Agent. The First Amendment amends the Rights Agreement by and between the Company and the Rights Agent, solely to extend the expiration date of the rights under the Rights Agreement from the close of business on May 13, 2021 to the close of business on May 13, 2022, unless earlier exercised, exchanged, amended, redeemed, or terminated. On February 7, 2022, the Company entered into the Second Amendment to Rights Agreement (the “Second Amendment”) with the Rights Agent. The Second Amendment amends the First Amendment to the Rights Agreement by and between the Company and the Rights Agent, solely to accelerate the expiration date of the rights under the Rights Agreement from the close of business on May 13, 2022 to the close of business on February 7, 2022. As a result of the Second Amendment, effective as of the close of business on February 7, 2022, the Rights as defined in the Rights Agreement have expired and cease to be outstanding. |
Incentive Share Plan
Incentive Share Plan | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Share Plan | INCENTIVE SHARE PLAN The Company’s 2008 Long-Term Equity Incentive Ownership Plan (as amended, the “2008 Plan”) expired in July 2018. At the Company’s 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 became effective on July 30, 2018, which is the day after the 2008 Plan expired. The Compensation Committee administered the 2008 Plan and administers the 2018 Plan except, in each case, with respect to awards to non-employee trustees, for which the 2008 Plan was and the 2018 Plan is administered by the 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 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 January 1, 2020, the remaining unvested 247,978 TSR units that were granted on September 6, 2017 vested at 200% achievement into 495,956 common shares. 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. On December 1, 2018, the Compensation Committee approved the grant of an aggregate of 229,684 TSR Units under the 2018 Plan to certain of our employees. Vesting was contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three On June 30, 2019, the Compensation Committee approved the grant of an aggregate of 405,417 TSR Units and 317,184 time-based restricted common share units under the 2018 Plan to certain of our employees. On September 30, 2019, the Compensation Committee approved the grant of 17,069 time-based restricted common share units under the 2018 Plan to certain of our employees. Vesting of the TSR Units is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three three On July 31, 2020, the Compensation Committee approved the grant of an aggregate of 545,000 TSR Units and 530,000 time-based restricted common share units under the 2018 Plan to certain of our employees. Vesting of the TSR Units is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three three On March 17, 2021, the Compensation Committee approved the grant of an aggregate of 2,490 common share units under the 2018 Plan to certain of our employees. The common share units had a grant date fair value of $10.04 each and vested immediately. On June 30, 2021, the Compensation Committee approved the grant of an aggregate of 433,200 TSR Units and 433,200 time-based restricted common share units under the 2018 Plan to certain of our employees. Vesting of the TSR Units 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 TSR Peer Group Ranking. Continued employment is required through the vesting date. The grant date fair value for each TSR Unit of $4.17 was determined using the Monte Carlo simulation method and is being recognized as share-based compensation expense ratably from the June 30, 2021 grant date to the end of the performance period, December 31, 2023. 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 3 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. The time-based restricted common share units have a grant date fair value of $7.51 and vest annually in three equal installments. The 433,200 TSR Units granted on June 30, 2021 include 111,465 TSR Units that will be converted into the right to receive cash in the amount of the fair market value of the common shares to the extent that common shares are not available for issuance under the 2018 Plan. On September 30, 2021, the Compensation Committee approved the grant of an aggregate of 5,500 time-based restricted common share units under the 2018 Plan to certain of our employees. The time-based common share units had a grant date fair value of $9.06 each and vest annually in three equal installments. A summary of the share-based incentive plan activity as of and for the year ended December 31, 2021 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2021 2,903,846 $ 9.45 Granted 904,215 5.99 Vested (1,024,808) 9.52 Forfeited (67,121) 7.28 Non-vested at December 31, 2021 2,716,132 8.32 Available for grant at December 31, 2021 289,958 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. A summary of our nonvested and vested shares activity for the years ended December 31, 2021, 2020 and 2019 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2021 904,215 $ 5.99 (1,024,808) $ 9,757 Year Ended December 31, 2020 1,108,014 $ 5.76 (511,621) $ 5,566 Year Ended December 31, 2019 762,630 $ 9.46 (284,964) $ 3,352 Total compensation recognized in earnings for share-based payments was $5.9 million, $6.1 million, and $6.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, there were 885,000 CIC Units outstanding that we do not expect to vest before their period of restriction lapses in 33 months because the Company considers a Change in Control unlikely on or before September 30, 2024. As of December 31, 2021, there was approximately $2.7 million in unrecognized compensation cost related to outstanding non-vested TSR Units, which are expected to vest over a period of 24 months and approximately $4.8 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 30 months beginning on January 1, 2022. |
Grants to Trustees
Grants to Trustees | 12 Months Ended |
Dec. 31, 2021 | |
Grants to Trustees [Abstract] | |
Grants to Trustees | GRANTS TO TRUSTEES On December 13, 2021, five independent trustees and one trustee emeritus were granted a total of 29,825 common shares, which vest immediately and are prorated based on date appointed. The 29,825 common shares granted to our trustees had a grant fair value of $9.32 per share. The fair value of the shares granted during the year ended December 31, 2021 was determined using quoted prices available on the date of grant. On December 4, 2020, six independent trustees, including one independent trustee who served on the board until the 2020 annual meeting of shareholders and did not stand for re-election, and one trustee emeritus were granted a total of 29,587 common shares, which vest immediately and are prorated based on date appointed. The 29,587 common shares granted to our trustees had a grant fair value of $8.17 per share. On December 4, 2020, one of our independent trustees elected to receive a total of 3,427 common shares with a grant date fair value of $8.17 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2020 was determined using quoted prices available on the date of grant. On December 12, 2019, each of our six independent trustees and one trustee emeritus were granted approximately 3,000 common shares, which vest immediately and are prorated based on date appointed. The 19,562 common shares granted to our trustees had a grant fair value of $13.54 per share. On December 12, 2019, two of our independent trustees each elected to receive a total of 3,398 common shares with a grant date fair value of $13.54 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2019 was determined using quoted prices available on the date of grant. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted the Pillarstone Rights Agreement. See Note 4 (Investment in Real Estate Partnership) for additional information regarding the Pilliarstone Rights Agreement. On December 12, 2017, a property owner that owns a land parcel adjacent to a Whitestone property filed suit against Whitestone Pinnacle of Scottsdale - Phase II, LLC (“Whitestone Pinnacle”), a wholly owned subsidiary of the Operating Partnership, alleging breach of contract and resulting in the delay of the construction of their assisted living facility. The claimant sought approximately $2.3 million in restitution from Whitestone Pinnacle. On June 28, 2021, the parties executed a confidential mutual settlement agreement and release resolving all claims between the parties, and the case has been dismissed. We are subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Our management historically has not differentiated by property types and therefore does not present segment information. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | SELECTED QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2021 and 2020 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2021 Revenues $ 29,045 $ 30,618 $ 32,444 $ 33,258 Net income $ 1,441 $ 5,218 $ 2,946 $ 2,648 Net income attributable to Whitestone REIT $ 1,415 $ 5,126 $ 2,899 $ 2,608 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.08 $ 0.06 $ 0.05 Income from discontinued operations attributable to Whitestone REIT (1) $ 0.00 $ 0.04 $ 0.00 $ 0.00 Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.12 $ 0.06 $ 0.05 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.08 $ 0.06 $ 0.05 Income from discontinued operations attributable to Whitestone REIT (1) $ 0.00 $ 0.04 $ 0.00 $ 0.00 Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.12 $ 0.06 $ 0.05 2020 Revenues $ 30,584 $ 27,597 $ 29,900 $ 29,834 Net income $ 1,647 $ 419 $ 914 $ 3,171 Net income attributable to Whitestone REIT $ 1,612 $ 410 $ 900 $ 3,112 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.01 $ 0.02 $ 0.07 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.01 $ 0.02 $ 0.07 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period’s computation being based on the weighted average number of common shares outstanding during that period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Shareholders' Rights Plan On February 7, 2022, the Company entered into the Second Amendment to Rights Agreement (the “Amendment”) with American Stock Transfer and Trust, LLC, as rights agent (the “Rights Agent”). The Amendment amends the First Amendment to the Rights Agreement (the “Rights Agreement”), dated as of April 21, 2021, by and between the Company and the Rights Agent, solely to accelerate the expiration date of the rights under the Rights Agreement from the close of business on May 13, 2022 to the close of business on February 7, 2022. As a result of the Amendment, effective as of the close of business on February 7, 2022, the Rights as defined in the Rights Agreement have expired and cease to be outstanding. Executive Officer Changes On January 18, 2022, the Board of Trustees terminated James Mastandrea, with cause, from his position as Chief Executive Officer. Mr. Mastandrea was also replaced as Chairman of the Board. Following his termination, the Board of Trustees appointed Dave Holeman, previously our Chief Financial Officer, as Chief Executive Officer. The Company also recently replaced its Chief Operating Officer and Executive Vice President of Acquisitions and Asset Management. As a result of these changes, we will recognize a reduction of share-based compensation of approximately $2 million in the first quarter of 2022 due to forfeitures. These changes, as well as future change, in our executive management team may be disruptive to, or cause uncertainty in, our business, and may have a negative impact on our ability to grow and manage our business effectively. Former CEO Litigation On February 23, 2022, Whitestone’s former CEO, James Mastandrea, filed suit against Whitestone REIT and certain of the Company’s trustees (Nandita Berry, Jeff Jones, Jack Mahaffey, and David Taylor) and officers (David Holeman, Christine Mastandrea, Peter Tropoli) in the District Court of Harris County, Texas, alleging claims relating to the termination of claimant’s employment. Claimant purports to assert claims for breach of contract, breach of fiduciary duties, tortious interference with contract, civil conspiracy, and declaratory judgment. The claimant seeks $25 million in damages and equitable relief. However, the Company denies the claims, has substantial legal and factual defenses against the claims, and intends to vigorously defend against the claims. The Company does not believe a probable loss will be incurred, nor does it anticipate a material adverse effect on its financial position, results of operations, cash flows or liquidity. Therefore, the Company has not recorded a charge as a result of this action. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | (in thousands) Balance at Deductions Balance at Beginning from End of Description of Year Charges (1) Reserves Year Allowance for doubtful accounts: Year ended December 31, 2021 $ 16,426 $ (90) $ (1,440) $ 14,896 Year ended December 31, 2020 11,173 5,649 (396) 16,426 Year ended December 31, 2019 9,746 1,484 (57) 11,173 (1) For the year ended December 31, 2021, 2020, and 2019 charges were reductions (additions) to revenue. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Whitestone Properties: Ahwatukee Plaza $ 5,126 $ 4,086 $ 370 $ — $ 5,126 $ 4,456 $ 9,582 Anderson Arbor 4,679 23,545 (48) — 4,679 23,497 28,176 Anthem Marketplace 4,790 17,973 1,817 — 4,790 19,790 24,580 Anthem Marketplace Phase II 204 — 502 — 204 502 706 Bissonnet Beltway 415 1,947 552 — 415 2,499 2,914 BLVD Place 63,893 90,942 2,921 — 63,893 93,863 157,756 The Citadel 472 1,777 3,271 — 472 5,048 5,520 City View Village 2,044 4,149 108 — 2,044 4,257 6,301 Davenport Village 11,367 34,101 1,622 — 11,367 35,723 47,090 Desert Canyon 1,976 1,704 960 — 1,976 2,664 4,640 Eldorado Plaza 16,551 30,746 771 — 16,551 31,517 48,068 Fountain Hills Plaza 5,113 15,340 632 — 5,113 15,972 21,085 Fountain Square 5,573 9,828 2,863 — 5,573 12,691 18,264 Fulton Ranch Towne Center 7,604 22,612 2,852 — 7,604 25,464 33,068 Gilbert Tuscany Village 1,767 3,233 1,356 — 1,767 4,589 6,356 Gilbert Tuscany Village Hard Corner 856 794 169 — 856 963 1,819 Heritage Trace Plaza 6,209 13,821 883 — 6,209 14,704 20,913 Headquarters Village 7,171 18,439 1,750 — 7,171 20,189 27,360 Keller Place 5,977 7,577 925 — 5,977 8,502 14,479 Kempwood Plaza 733 1,798 2,358 — 733 4,156 4,889 Lakeside Market 18,116 35,290 (291) — 18,116 34,999 53,115 La Mirada 12,853 24,464 1,465 — 12,853 25,929 38,782 Las Colinas Village 16,706 18,098 688 — 16,706 18,786 35,492 Lion Square 1,546 4,289 4,850 — 1,546 9,139 10,685 The Marketplace at Central 1,305 5,324 1,494 — 1,305 6,818 8,123 Market Street at DC Ranch 9,710 26,779 9,163 — 9,710 35,942 45,652 Mercado at Scottsdale Ranch 8,728 12,560 1,705 — 8,728 14,265 22,993 Paradise Plaza 6,155 10,221 1,307 — 6,155 11,528 17,683 Parkside Village North 3,877 8,629 192 — 3,877 8,821 12,698 Parkside Village South 5,562 27,154 939 — 5,562 28,093 33,655 Pima Norte 1,086 7,162 2,884 — 1,086 10,046 11,132 Pinnacle of Scottsdale 6,648 22,466 1,955 — 6,648 24,421 31,069 Pinnacle of Scottsdale Phase II 883 4,659 2,718 — 883 7,377 8,260 The Promenade at Fulton Ranch 5,198 13,367 689 — 5,198 14,056 19,254 Providence 918 3,675 2,887 — 918 6,562 7,480 Quinlan Crossing 9,561 28,683 1,151 — 9,561 29,834 39,395 Seville 6,913 25,518 1,157 — 6,913 26,675 33,588 Shaver 184 633 140 — 184 773 957 Shops at Pecos Ranch 3,781 15,123 893 — 3,781 16,016 19,797 Shops at Starwood 4,093 11,487 1,089 — 4,093 12,576 16,669 Shops at Starwood Phase III 1,818 7,069 3,575 — 1,818 10,644 12,462 The Shops at Williams Trace 5,920 14,297 1,156 — 5,920 15,453 21,373 South Richey 778 2,584 2,349 — 778 4,933 5,711 Spoerlein Commons 2,340 7,296 1,675 — 2,340 8,971 11,311 The Strand at Huebner Oaks 5,805 12,335 974 — 5,805 13,309 19,114 SugarPark Plaza 1,781 7,125 1,385 — 1,781 8,510 10,291 Sunridge 276 1,186 781 — 276 1,967 2,243 Sunset at Pinnacle Peak 3,610 2,734 860 — 3,610 3,594 7,204 Terravita Marketplace 7,171 9,392 1,481 — 7,171 10,873 18,044 Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Town Park 850 2,911 479 — 850 3,390 4,240 Village Square at Dana Park 10,877 40,250 4,846 — 10,877 45,096 55,973 Westchase 423 1,751 3,382 — 423 5,133 5,556 Williams Trace Plaza 6,800 14,003 1,768 — 6,800 15,771 22,571 Windsor Park 2,621 10,482 8,664 — 2,621 19,146 21,767 Woodlake Plaza 1,107 4,426 3,643 — 1,107 8,069 9,176 Total Whitestone Properties $ 328,520 $ 747,834 $ 100,727 $ — $ 328,520 $ 848,561 $ 1,177,081 Land Held for Development: BLVD Place Phase II-B 10,500 — 699 2,692 10,500 3,391 13,891 Dana Park Development 4,000 — 25 — 4,000 25 4,025 Eldorado Plaza Development 911 — 30 — 911 30 941 Fountain Hills 277 — — — 277 — 277 Market Street at DC Ranch 704 — — — 704 — 704 Total - Land Held for Development $ 16,392 $ — $ 754 $ 2,692 $ 16,392 $ 3,446 $ 19,838 Grand Totals - Whitestone Properties $ 344,912 $ 747,834 $ 101,481 $ 2,692 $ 344,912 $ 852,007 $ 1,196,919 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Whitestone Properties: Ahwatukee Plaza $ 1,193 8/16/2011 5-39 years Anderson Arbor 25 12/01/2021 5-39 years Anthem Marketplace (3) 4,302 6/28/2013 5-39 years Anthem Marketplace Phase II 146 3/1/2019 5-39 years Bissonnet Beltway 2,154 1/1/1999 5-39 years BLVD Place (4) 11,475 5/26/2017 5-39 years The Citadel 2,671 9/28/2010 5-39 years City View Village 779 3/31/2015 5-39 years Davenport Village 6,615 5/27/2015 5-39 years Desert Canyon 1,091 4/13/2011 5-39 years Eldorado Plaza 3,786 5/3/2017 5-39 years Fountain Hills Plaza 3,468 10/7/2013 5-39 years Fountain Square 3,774 9/21/2012 5-39 years Fulton Ranch Towne Center 4,761 11/5/2014 5-39 years Gilbert Tuscany Village 1,933 6/28/2011 5-39 years Gilbert Tuscany Village Hard Corner 235 8/28/2015 5-39 years Heritage Trace Plaza 3,087 7/1/2014 5-39 years Headquarters Village (5) 4,996 3/28/2013 5-39 years Keller Place 1,593 8/26/2015 5-39 years Kempwood Plaza 2,233 2/2/1999 5-39 years Lakeside Market 408 7/8/2021 5-39 years La Mirada 3,981 9/30/2016 5-39 years Las Colinas Village 1,009 12/6/2019 5-39 years Lion Square 6,101 1/1/2000 5-39 years The Marketplace at Central 2,477 11/1/2010 5-39 years Market Street at DC Ranch 10,461 12/5/2013 5-39 years Mercado at Scottsdale Ranch 3,604 6/19/2013 5-39 years Paradise Plaza 3,277 8/8/2012 5-39 years Parkside Village North 1,560 7/2/2015 5-39 years Parkside Village South 4,789 7/2/2015 5-39 years Pima Norte 3,836 10/4/2007 5-39 years Pinnacle of Scottsdale (6) 6,834 12/22/2011 5-39 years Pinnacle of Scottsdale Phase II 1,707 3/31/2017 5-39 years The Promenade at Fulton Ranch 2,841 11/5/2014 5-39 years Providence 3,137 3/30/2001 5-39 years Quinlan Crossing 5,130 8/26/2015 5-39 years Seville 3,798 9/30/2016 5-39 years Shaver 470 12/17/1999 5-39 years Shops at Pecos Ranch (7) 3,933 12/28/2012 5-39 years Shops at Starwood (8) 3,310 12/28/2011 5-39 years Shops at Starwood Phase III 2,056 12/31/2016 5-39 years The Shops at Williams Trace 3,028 12/24/2014 5-39 years South Richey 3,097 8/25/1999 5-39 years Spoerlein Commons 2,949 1/16/2009 5-39 years The Strand at Huebner Oaks 2,666 9/19/2014 5-39 years SugarPark Plaza 3,785 9/8/2004 5-39 years Sunridge 1,056 1/1/2002 5-39 years Sunset at Pinnacle Peak 1,156 5/29/2012 5-39 years Terravita Marketplace 2,991 8/8/2011 5-39 years Town Park 2,499 1/1/1999 5-39 years Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Village Square at Dana Park (9) 11,511 9/21/2012 5-39 years Westchase 2,768 1/1/2002 5-39 years Williams Trace Plaza 2,906 12/24/2014 5-39 years Windsor Park 11,052 12/16/2003 5-39 years Woodlake Plaza 3,833 3/14/2005 5-39 years $ 190,333 Land Held for Development: BLVD Place Phase II-B — 5/26/2017 Land - Not Depreciated Dana Park Development — 9/21/2012 Land - Not Depreciated Eldorado Plaza Development — 12/29/2017 Land - Not Depreciated Fountain Hills — 10/7/2013 Land - Not Depreciated Market Street at DC Ranch — 12/5/2013 Land - Not Depreciated Total - Land Held For Development $ — Grand Totals - Whitestone Properties $ 190,333 (1) Reconciliations of total real estate carrying value for the three years ended December 31, follows (in thousands): 2021 2020 2019 Balance at beginning of period $ 1,106,426 $ 1,099,955 $ 1,052,238 Additions during the period: Acquisitions 81,588 — 34,804 Improvements 9,642 7,613 13,474 91,230 7,613 48,278 Deductions - cost of real estate sold or retired (737) (1,142) (561) Balance at close of period $ 1,196,919 $ 1,106,426 $ 1,099,955 (2) The aggregate cost of real estate for federal income tax purposes is $1.2 billion. (3) This property secures a $15.1 million mortgage note. (4) This property secures a $80.0 million mortgage note. (5) This property secures a $19.0 million mortgage note. (6) This property secures a $20.2 million mortgage note. (7) This property secures a $14.0 million mortgage note. (8) This property secures a $14.3 million mortgage note. (9) A portions of this property secures a $2.6 million mortgage note. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021, 2020 and 2019, 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. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of operating 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 year. 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. |
Equity Method | Equity Method. In accordance with ASU 2014-09 (“Topic 606”) and ASC 610, “ Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets ,” the Company recognizes its investment in Pillarstone OP under the equity method. Noncontrolling Interests. Noncontrolling interests are 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 and comprehensive income (loss), subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. |
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. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at 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 grant date fair value of common share units included in share-based compensation expense, 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. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s operations and the operations of its tenants. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including revenues, expenses, reserves and allowances, fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, the impact on our tenants’ businesses and financial condition, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. |
Reclassifications | Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. |
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, 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. |
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 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). 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. |
Revenue Recognition | Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We combine lease and nonlease components in lease contracts, which includes combining base rent, recoveries, and percentage rents into a single line item, Rental , within the consolidated statements of operations and comprehensive income (loss). Additionally, we have tenants who pay real estate taxes directly to the taxing authority. We exclude these costs paid directly by the tenant to third parties on our behalf from revenue recognized and the associated property operating expense. Other property income primarily includes amounts recorded in connection with management fees and lease termination fees. Pillarstone OP pays us management fees for property management, leasing and day-to-day advisory and administrative services. Their obligations are satisfied over time. Pillarstone OP is billed monthly and typically pays quarterly. Revenues are governed by the Management Agreements (as defined in Note 4). Refer to Note 4 to our accompanying consolidated financial statements for additional information regarding the Management Agreements with Pillarstone OP. Additionally, we recognize lease termination fees in the year that the lease is terminated and collection of the fee is probable. Amounts recorded within other property income are accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2021 and 2020 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. |
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. |
Acquired Properties and Acquired Lease Intangibles | Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. |
Depreciation | Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. |
Impairment | Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. |
Accrued Rents and Accounts Receivable | Accrued Rents and Accounts Receivable. Included in accrued rents and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. We review the collectability of charges under our tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located including the impact of the COVID-19 pandemic on tenants’ businesses and financial condition . We recognize an adjustment to rental revenue if we deem it probable that the receivable will not be collected. Our review of collectability under our operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. |
Unamortized Lease Commissions and Loan Costs | Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. |
Prepaids and Other Assets, Policy | Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. |
Federal Income and State Taxes | Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% 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 considered an income tax, Financial Accounting Standards Board (“FASB”) ASC 740, “Income Taxes” (“ASC 740”) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable and accounts and notes payable. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $643.6 million and $646.4 million as compared to the book value of approximately $643.6 million and $645.2 million as of December 31, 2021 and 2020, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 basis (as provided by ASC 820, using a probability-weighted discounted cash flow analysis based on a discount rate, discounting the loan balance. The fair value of the loan guarantee is $0.1 million and $0.1 million as compared to the book value of approximately $0.1 million and $0.1 million as of December 31, 2021 and 2020, respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge’s 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 December 31, 2021, we consider our cash flow hedges to be highly effective. |
Concentration of Risk | Concentration of Risk. Substantially all of our revenues are obtained from office and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In April 2020, the FASB issued guidance on the application of Topic 842, relating to concessions being made by lessors in response to the COVID-19 pandemic. The guidance notes that it would be acceptable for entities to make an election to account for lease concessions relating to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed, even if such enforceable rights and obligations are not explicitly contained in the lease contract. Thus, for concessions relating to the COVID-19 pandemic, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract, and would have the option to apply, or not to apply, the general lease modification guidance in Topic 842 as it stands. We have elected this option to account for lease concessions relating to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed. Therefore, such concessions are not accounted for as a lease modification under Topic 842. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of pro forma results of operations | The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Total revenues $ 130,468 $ 125,384 $ 129,755 Net income $ 12,562 $ 6,257 $ 24,153 Net income attributable to Whitestone REIT (1) $ 12,357 $ 6,140 $ 23,608 Basic Earnings Per Share: $ 0.27 $ 0.15 $ 0.59 Diluted Earnings Per Share: $ 0.27 $ 0.14 $ 0.57 Weighted-average common shares outstanding: Basic 45,486 42,244 40,184 Diluted 46,336 42,990 41,462 ( 1) Net income attributable to Whitestone REIT reflects historical ownerhip percentages. |
Investment in Real Estate Par_2
Investment in Real Estate Partnership (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investments | The table below presents the real estate partnership investment in which the Company held an ownership interest (in thousands): The Company’s Investment as of December 31, 2021 (3) 2020 Real estate partnership Ownership Interest Pillarstone OP (1) 81.4% $ 34,588 $ 33,979 Total real estate partnership (2) $ 34,588 $ 33,979 (1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees. (2) Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2021 and 2020. (3) On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new rights agreement (the “Pillarstone Rights Agreement”), pursuant to which each holder of Pillarstone REIT common stock received one preferred share purchase right (a “Right”) per common share held as of the applicable record date. Each Right entitles the registered holder to purchase from Pillarstone REIT one one-thousandth (a “Unit”) of a series D preferred share of Pillarstone at a purchase price (“Purchase Price”) of $7.00 per Unit, subject to adjustment. The Rights are exercisable upon the occurrence of certain events as described in the Pillarstone Rights Agreement, including the acquisition by certain holders of 5% or more of the common shares of Pillarstone REIT (an “Acquiring Person”). Upon the acquisition of Pillarstone REIT common shares by an Acquiring Person, each holder of a Right (other than an Acquiring Person), will have the right to receive upon exercise a number of Pillarstone REIT common shares having a market value of two times the Purchase Price. As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 (the “Pillarstone Partnership Agreement”), we have the contractual right to have our limited partnership interests in Pillarstone redeemed at our discretion. However, upon receipt of a redemption notice, Pillarstone OP has the option of the applicable redemption price in cash, based on the market value of Pillarstone REIT common shares, or in Pillarstone REIT common shares. To the extent we seek to have our partnership units in Pillarstone OP redeemed and Pillarstone OP elects to pay the applicable redemption price in Pillarstone REIT common shares (and such shares represent 5% or more of the outstanding common shares of Pillarstone REIT), the Rights could become exercisable. To the extent the Rights are exercised as a result of our Pillarstone OP units being redeemed for Pillarstone REIT common shares, our ownership interest in Pillarstone REIT would be significantly diluted, which could adversely impact the value of our investment in Pillarstone OP. While we do not believe the overall impact of the Pillarstone Rights Agreement on the value of our investment in Pillarstone OP is material, we cannot reasonably estimate a range of possible loss at this time. Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands): December 31, 2021 2020 Assets: Real estate, net $ 48,273 $ 49,113 Other assets 8,790 7,657 Total assets 57,063 56,770 Liabilities and equity: Notes payable 14,920 15,185 Other liabilities 3,200 3,533 Equity 38,943 38,052 Total liabilities and equity 57,063 56,770 Company’s share of equity 31,718 30,992 Cost of investment in excess of the Company’s share of underlying net book value 2,870 2,987 Carrying value of investment in real estate partnership $ 34,588 $ 33,979 Year Ended December 31, 2021 2020 2019 Rental revenues $ 9,272 $ 9,672 $ 14,253 Property expenses (6,988) (6,858) (9,045) Other expenses (1,407) (1,440) (3,449) Gain (loss) on sale of properties or disposal of assets 23 (112) 16,943 Net income $ 900 $ 1,262 $ 18,702 |
Real Estate Investment Financial Statements, Disclosure | The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands): Year Ended December 31, 2021 2020 2019 Pillarstone OP $ 609 $ 921 $ 15,076 |
Accrued Rents and Accounts Re_2
Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): December 31, 2021 2020 Tenant receivables $ 18,410 $ 22,956 Accrued rents and other recoveries 18,681 16,348 Allowance for doubtful accounts (14,896) (16,426) Other receivables 200 131 Totals $ 22,395 $ 23,009 |
Unamortized Lease Commissions_2
Unamortized Lease Commissions, Legal Fees and Loan Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Unamortized Leasing Commissions and Loan Costs | Costs which have been deferred consist of the following (in thousands): December 31, 2021 2020 Leasing commissions $ 13,341 $ 10,380 Deferred legal cost 365 373 Deferred financing cost 3,898 3,898 Total cost 17,604 14,651 Less: leasing commissions accumulated amortization (6,305) (5,029) Less: deferred legal cost accumulated amortization (248) (216) Less: deferred financing cost accumulated amortization (2,609) (1,720) Total cost, net of accumulated amortization $ 8,442 $ 7,686 |
Schedule of Expected Future Amortization of Deferred Costs | A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Legal Costs Deferred Financing Costs Total 2022 $ 1,634 $ 32 $ 829 $ 2,495 2023 1,344 22 241 1,607 2024 1,125 19 188 1,332 2025 874 18 31 923 2026 677 17 — 694 Thereafter 1,382 9 — 1,391 Total $ 7,036 $ 117 $ 1,289 $ 8,442 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Minimum Future Rent Payments | A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, contingent rents, and collectability adjustments under Topic 842) under noncancelable operating leases in existence as of December 31, 2021 is as follows (in thousands): Years Ended December 31, Minimum Future Rents (1) 2022 $ 91,846 2023 81,451 2024 67,717 2025 51,413 2026 36,719 Thereafter 112,922 Total $ 442,068 (1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases and exclude reimbursements of operating expenses and rental increases that are not fixed. |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our weighted average incremental borrowing rates to calculate the lease liabilities for our operating leases in existence as of December 31, 2021 in which we are the lessee (in thousands): Years Ended December 31, Minimum Future Rents 2022 $ 110 2023 65 2024 43 2025 31 2026 1 Total undiscounted rental payments 250 Less imputed interest 19 Total lease liabilities $ 231 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2021 2020 Fixed rate notes $100.0 million, 1.73% plus 1.35% to 1.90% Note, due October 30, 2022 (1) $ 100,000 $ 100,000 $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 (2) 165,000 165,000 $80.0 million, 3.72% Note, due June 1, 2027 80,000 80,000 $19.0 million 4.15% Note, due December 1, 2024 18,358 18,687 $20.2 million 4.28% Note, due June 6, 2023 17,808 18,222 $14.0 million 4.34% Note, due September 11, 2024 12,978 13,236 $14.3 million 4.34% Note, due September 11, 2024 13,773 14,014 $15.1 million 4.99% Note, due January 6, 2024 13,907 14,165 $2.6 million 5.46% Note, due October 1, 2023 2,289 2,339 $50.0 million, 5.09% Note, due March 22, 2029 50,000 50,000 $50.0 million, 5.17% Note, due March 22, 2029 50,000 50,000 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 119,500 119,500 Total notes payable principal 643,613 645,163 Less deferred financing costs, net of accumulated amortization (771) (978) $ 642,842 $ 644,185 (1) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73%. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of the interest rate at an average rate of 2.24% for the duration of the term through January 31, 2024. |
Schedule of Maturities of Debt | Scheduled maturities of our outstanding debt as of December 31, 2021 were as follows (in thousands): Year Amount Due 2022 $ 101,962 2023 147,363 2024 228,574 2025 17,143 2026 17,143 Thereafter 131,428 Total $ 643,613 |
Schedule of Contractual Obligations | As of December 31, 2021, we had the following contractual obligations (in thousands): Payment due by period (in thousands) Consolidated Contractual Obligations Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 643,613 $ 101,962 $ 375,937 $ 34,286 $ 131,428 Long-Term Debt - Fixed Interest 65,865 21,419 27,235 12,502 4,709 Long-Term Debt - Variable Interest (1) 4,959 4,959 — — — Unsecured credit facility - Unused commitment fee (2) 374 351 23 — — Operating Lease Obligations 232 92 108 32 — Related Party Rent Lease Obligations 18 18 — — — Total $ 715,061 $ 128,801 $ 403,303 $ 46,820 $ 136,137 (1) As of December 31, 2021, we had one loan totaling $119.5 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.90%, which reflects our new interest rates under the 2019 Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2021, of 0.10%. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of activity and fair value of interest rate swaps | The estimated fair value of our interest rate swaps is as follows (in thousands): December 31, 2021 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (6,860) December 31, 2020 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (14,663) A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Income (Loss) Recognized in Earnings Amount of Income (Loss) Recognized in Earnings (1) Year ended December 31, 2021 $ 7,803 Interest expense $ 5,427 Year ended December 31, 2020 $ (9,062) Interest expense $ 3,578 Year ended December 31, 2019 $ (9,828) Interest expense $ 1,036 (1) There was no ineffective portion of our interest rate swaps recognized in earnings for the years ended December 31, 2021, 2020 and 2019. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Numerator: Income from continuing operations $ 10,420 $ 6,151 $ 23,634 Less: Net income attributable to noncontrolling interests (172) (117) (511) Distributions paid on unvested restricted shares — — (41) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 10,248 6,034 23,082 Income from discontinued operations 1,833 — 594 Less: Net income attributable to noncontrolling interests (33) — (34) Income from discontinued operations attributable to Whitestone REIT 1,800 — 560 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 12,048 $ 6,034 $ 23,642 Denominator: Weighted average number of common shares - basic 45,486 42,244 40,184 Effect of dilutive securities: Unvested restricted shares 850 746 1,278 Weighted average number of common shares - dilutive 46,336 42,990 41,462 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.23 $ 0.14 $ 0.57 Income from discontinued operations attributable to Whitestone REIT 0.03 0.00 0.02 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.26 $ 0.14 $ 0.59 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.14 $ 0.56 Income from discontinued operations attributable to Whitestone REIT 0.04 0.00 0.01 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.26 $ 0.14 $ 0.57 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Characterization of Cash Dividends Distrubuted for Income Tax Purpose | For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2021 2020 2019 Ordinary income (unaudited) 80.7 % 59.9 % 28.6 % Return of capital (unaudited) 19.3 % 40.1 % 19.4 % Capital gain distributions (unaudited) — % — % 52.0 % Total 100.0 % 100.0 % 100.0 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table presents the revenue and expenses with Pillarstone OP included in our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (in thousands): Location of Revenue (Expense) 2021 2020 2019 Rent Operating and maintenance $ (899) $ (932) $ (813) Property management fee income Management, transaction, and other fees $ 568 $ 598 $ 856 Interest income Interest, dividend and other investment income $ — $ — $ 171 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Distributions | The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2021 Fourth Quarter $ 0.1075 $ 5,257 $ 0.1075 $ 83 $ 5,340 Third Quarter 0.1075 4,981 0.1075 83 5,064 Second Quarter 0.1075 4,602 0.1075 83 4,685 First Quarter 0.1058 4,480 0.1058 82 4,562 Total $ 0.4283 $ 19,320 $ 0.4283 $ 331 $ 19,651 2020 Fourth Quarter $ 0.1050 $ 4,432 $ 0.1050 $ 81 $ 4,513 Third Quarter 0.1050 4,430 0.1050 81 4,511 Second Quarter 0.1050 4,413 0.1050 91 4,504 First Quarter 0.2850 11,928 0.2850 258 12,186 Total $ 0.6000 $ 25,203 $ 0.6000 $ 511 $ 25,714 |
Incentive Share Plan (Tables)
Incentive Share Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-Based Incentive Plan Activity | A summary of the share-based incentive plan activity as of and for the year ended December 31, 2021 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2021 2,903,846 $ 9.45 Granted 904,215 5.99 Vested (1,024,808) 9.52 Forfeited (67,121) 7.28 Non-vested at December 31, 2021 2,716,132 8.32 Available for grant at December 31, 2021 289,958 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. |
Schedule of Nonvested and Vested Shares Activity | A summary of our nonvested and vested shares activity for the years ended December 31, 2021, 2020 and 2019 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2021 904,215 $ 5.99 (1,024,808) $ 9,757 Year Ended December 31, 2020 1,108,014 $ 5.76 (511,621) $ 5,566 Year Ended December 31, 2019 762,630 $ 9.46 (284,964) $ 3,352 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2021 and 2020 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2021 Revenues $ 29,045 $ 30,618 $ 32,444 $ 33,258 Net income $ 1,441 $ 5,218 $ 2,946 $ 2,648 Net income attributable to Whitestone REIT $ 1,415 $ 5,126 $ 2,899 $ 2,608 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.08 $ 0.06 $ 0.05 Income from discontinued operations attributable to Whitestone REIT (1) $ 0.00 $ 0.04 $ 0.00 $ 0.00 Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.12 $ 0.06 $ 0.05 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.08 $ 0.06 $ 0.05 Income from discontinued operations attributable to Whitestone REIT (1) $ 0.00 $ 0.04 $ 0.00 $ 0.00 Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.03 $ 0.12 $ 0.06 $ 0.05 2020 Revenues $ 30,584 $ 27,597 $ 29,900 $ 29,834 Net income $ 1,647 $ 419 $ 914 $ 3,171 Net income attributable to Whitestone REIT $ 1,612 $ 410 $ 900 $ 3,112 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.01 $ 0.02 $ 0.07 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.01 $ 0.02 $ 0.07 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period’s computation being based on the weighted average number of common shares outstanding during that period. |
Description of Business and N_2
Description of Business and Nature of Operations (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2004shares | Dec. 31, 2021USD ($)ft²propertytarget | Dec. 01, 2021ft² | Jul. 08, 2021ft² | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019property | |
Real Estate Properties [Line Items] | ||||||
Reorganization and conversion, number of common shares (in shares) | shares | 1.42857 | |||||
Number of properties acquired | target | 2 | |||||
Carrying amount, net | $ | $ 1,006,586 | $ 942,714 | ||||
Lakeside Market | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property | ft² | 200,000 | 162,649 | ||||
Carrying amount, net | $ | $ 52,700 | |||||
Anderson Arbor | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property | ft² | 100,000 | 89,746 | ||||
Carrying amount, net | $ | $ 28,200 | |||||
Wholly Owned Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties | property | 60 | 58 | 58 | |||
Gross leasable area (in square feet) | ft² | 5,200,000 | |||||
Retail Site | Community Centered Properties | Wholly Owned Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties | property | 53 | |||||
Redevelopment, New Acquisitions Portfolio | Land | Parcels Held for Future Development | Wholly Owned Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties | property | 5 | |||||
Pillarstone Capital REIT Operating Partnership LP | ||||||
Real Estate Properties [Line Items] | ||||||
Ownership interest | 81.40% | |||||
Pillarstone Capital REIT Operating Partnership LP | Unconsolidated Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties | property | 8 | 8 | ||||
Gross leasable area (in square feet) | ft² | 900,000 | 900,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) ft² in Millions | 12 Months Ended | |||||
Dec. 31, 2021USD ($)ft²propertytenantshares | Dec. 31, 2020USD ($)ft²tenantproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 11, 2017shares | Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Conversion ratio for common stock to op unit | shares | 1 | |||||
Share-based compensation expense | $ 5,900,000 | $ 6,100,000 | $ 6,500,000 | |||
Interest expense capitalized | 414,000 | 481,000 | 500,000 | |||
Real estate taxes capitalized | 291,000 | 306,000 | 320,000 | |||
Allowance for doubtful accounts | (14,896,000) | (16,426,000) | ||||
Bad debt | (90,000) | 5,649,000 | 1,484,000 | |||
Bad debt adjustment | (100,000) | (2,300,000) | ||||
Straight-line rent reserve adjustment | $ (900,000) | $ (1,200,000) | ||||
Number of tenants | tenant | 59,000 | 102,000 | ||||
Fair value of long-term debt | $ 643,600,000 | $ 646,400,000 | ||||
Book value of long-term debt | 643,600,000 | 645,200,000 | ||||
Equity | 399,038,000 | 338,326,000 | 353,098,000 | $ 359,150,000 | ||
Operating lease liabilities | 231,000 | $ 603,000 | ||||
Operating lease payments | $ 250,000 | |||||
Lease, weighted average discount rate, percent | 4.50% | 4.50% | ||||
Operating lease right of use assets | $ 222,000 | $ 592,000 | ||||
Transaction costs | $ 300,000 | 0 | ||||
2008 Long-Term Equity Incentive Ownership Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | shares | 3,433,831 | |||||
Pillarstone Capital REIT Operating Partnership LP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Ownership interest | 81.40% | |||||
Pillarstone Capital REIT Operating Partnership LP | Level 3 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of long-term debt | $ 100,000 | 100,000 | ||||
Book value of long-term debt | $ 100,000 | $ 100,000 | ||||
Unconsolidated Properties | Pillarstone Capital REIT Operating Partnership LP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of properties | property | 8 | 8 | ||||
Gross leasable area (in square feet) | ft² | 0.9 | 0.9 | ||||
Accumulated Deficit | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity | $ (223,973,000) | $ (215,809,000) | (204,049,000) | $ (181,361,000) | ||
Anthem Marketplace Note | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Face amount of debt | $ 15,100,000 | |||||
Stated interest rate | 4.99% | |||||
Building and Building Improvements | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Building and Building Improvements | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Estimated useful life | 39 years | |||||
Texas | State and Local Jurisdiction | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Applicable tax rate used to determine state margin tax | 1.00% | |||||
Standard deduction rate used to determine state margin tax | 30.00% | |||||
Margin tax provision recognized | $ 400,000 | $ 400,000 | $ 400,000 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) | Dec. 01, 2021USD ($)ft² | Jul. 08, 2021USD ($)ft² | Oct. 23, 2020USD ($) | Dec. 06, 2019USD ($)ft² | Nov. 15, 2019USD ($)property | Apr. 24, 2019USD ($)property | Dec. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2014USD ($)property |
Real Estate Properties [Line Items] | ||||||||||
Transaction costs | $ 300,000 | $ 0 | ||||||||
Gain on property dispositions | $ 176,000 | $ 1,370,000 | $ 638,000 | |||||||
Lakeside Market | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Payments to acquire productive assets | $ 53,200,000 | |||||||||
Area of real estate property | ft² | 162,649 | 200,000 | ||||||||
Percent of property leased | 89.00% | 80.50% | ||||||||
Anderson Arbor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Payments to acquire productive assets | $ 28,100,000 | |||||||||
Area of real estate property | ft² | 89,746 | 100,000 | ||||||||
Anthem Marketplace Phase II | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of real estate property | ft² | 6,853 | |||||||||
Percent of property leased | 100.00% | |||||||||
Construction costs incurred | $ 1,400,000 | |||||||||
Las Colinas Village | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of real estate property | ft² | 104,919 | |||||||||
Percent of property leased | 86.00% | |||||||||
Consideration transferred | $ 34,800,000 | |||||||||
Webster Pointe and Centre South | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 2 | |||||||||
Proceeds from sale of real estate | $ 800,000 | |||||||||
Gain on property dispositions | 800,000 | |||||||||
Deferred gain on sale of property | $ 1,700,000 | |||||||||
Zeta, Royal Crest and Featherwood | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 3 | 3 | ||||||||
Proceeds from sale of real estate | $ 700,000 | 1,800,000 | ||||||||
Gain on property dispositions | 700,000 | $ 1,800,000 | $ 700,000 | |||||||
Deferred gain on sale of property | $ 2,500,000 | $ 2,500,000 | ||||||||
Centre South | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Proceeds from sale of real estate | $ 500,000 | |||||||||
Gain on property dispositions | $ 500,000 | |||||||||
Wholly Owned Properties | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 60 | 58 | 58 | |||||||
Gross leasable area (in square feet) | ft² | 5,200,000 | |||||||||
Parcels Held for Future Development | Land | Wholly Owned Properties | Redevelopment, New Acquisitions Portfolio | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 5 |
Real Estate - Pro Forma Results
Real Estate - Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Total revenues | $ 130,468 | $ 125,384 | $ 129,755 |
Net income | 12,562 | 6,257 | 24,153 |
Net income attributable to Whitestone REIT | $ 12,357 | $ 6,140 | $ 23,608 |
Basic Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.15 | $ 0.59 |
Diluted Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.14 | $ 0.57 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 45,486,000 | 42,244,000 | 40,184,000 |
Diluted (in shares) | 46,336,000 | 42,990,000 | 41,462,000 |
Investment in Real Estate Par_3
Investment in Real Estate Partnership - Narrative (Details) $ in Thousands | Oct. 08, 2019USD ($)property | Dec. 08, 2016USD ($)subsidiaryproperty | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Variable Interest Entity [Line Items] | |||||
Repayments of notes payable | $ 3,261 | $ 12,164 | $ 8,095 | ||
Notes payable | $ 642,842 | 644,185 | |||
Pillarstone Variable Interest Entity | |||||
Variable Interest Entity [Line Items] | |||||
Number of wholly-owned subsidiaries | subsidiary | 4 | ||||
Number of non-core properties | property | 14 | ||||
Consideration amount | $ 84,000 | ||||
Consideration, limited partnership interest | 18,100 | ||||
Liabilities assumed | $ 65,900 | ||||
Property management fee, percent fee | 5.00% | ||||
Asset management fee, percent fee | 0.125% | ||||
Uptown Tower | Pillarstone Variable Interest Entity | |||||
Variable Interest Entity [Line Items] | |||||
Property management fee, percent fee | 3.00% | ||||
Asset management fee, percent fee | 0.125% | ||||
Pillarstone Capital REIT Operating Partnership LP | |||||
Variable Interest Entity [Line Items] | |||||
Ownership interest | 81.40% | ||||
Amortization of the basis difference between the cost of investment and the Company's share of underlying net book value | $ 108 | 108 | |||
Pillarstone Capital REIT Operating Partnership LP | Consolidation, Eliminations | |||||
Variable Interest Entity [Line Items] | |||||
Distribution amount | $ 5,400 | ||||
Repayments of notes payable | 5,700 | ||||
Notes payable | $ 15,500 | ||||
Pillarstone Capital REIT Operating Partnership LP | Three Properties in Houston, Texas | |||||
Variable Interest Entity [Line Items] | |||||
Number of properties | property | 3 | ||||
Proceeds from sale of real estate | $ 39,700 | ||||
Gain on sale of properties recognized | $ 13,800 | ||||
Performance Guarantee | |||||
Variable Interest Entity [Line Items] | |||||
Noncontingent liability | $ 462 | ||||
Amortization period | 7 years | ||||
Amortization of guarantee liability | $ 38 | $ 39 | $ 182 |
Investment in Real Estate Par_4
Investment in Real Estate Partnership - Unconsolidated Real Estate Partnership Investments (Details) $ / shares in Units, $ in Thousands, ft² in Millions | Dec. 31, 2021USD ($)ft²property | Dec. 06, 2021$ / shares | Dec. 31, 2020USD ($)ft²property |
Schedule of Equity Method Investments [Line Items] | |||
Investment in real estate partnership | $ 34,588 | $ 33,979 | |
Pillarstone Capital REIT Operating Partnership LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest | 81.40% | ||
Investment in real estate partnership | $ 34,588 | $ 33,979 | |
Pillarstone Capital REIT Operating Partnership LP | Series D Preferred Stock | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase price per Unit (in dollars per share) | $ / shares | $ 7 | ||
Purchase price multiplier | 200.00% | ||
Pillarstone Capital REIT Operating Partnership LP | Unconsolidated Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 8 | 8 | |
Gross leasable area (in square feet) | ft² | 0.9 | 0.9 |
Investment in Real Estate Par_5
Investment in Real Estate Partnership - Net Income from Investments in Real Estate Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of real estate partnership | $ 609 | $ 921 | $ 15,076 |
Pillarstone Capital REIT Operating Partnership LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of real estate partnership | $ 609 | $ 921 | $ 15,076 |
Investment in Real Estate Par_6
Investment in Real Estate Partnership - Summarized Financial Information for Investment in Real Estate Partnership - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Total assets | $ 1,102,090 | $ 1,045,002 | ||
LIABILITIES AND EQUITY | ||||
Equity | 399,038 | 338,326 | $ 353,098 | $ 359,150 |
Total liabilities and equity | 1,102,090 | 1,045,002 | ||
Carrying value of investment in real estate partnership | 34,588 | 33,979 | ||
Pillarstone Capital REIT Operating Partnership LP | ||||
LIABILITIES AND EQUITY | ||||
Carrying value of investment in real estate partnership | 34,588 | 33,979 | ||
Pillarstone Capital REIT Operating Partnership LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
ASSETS | ||||
Real estate, net | 48,273 | 49,113 | ||
Other assets | 8,790 | 7,657 | ||
Total assets | 57,063 | 56,770 | ||
LIABILITIES AND EQUITY | ||||
Notes payable | 14,920 | 15,185 | ||
Other liabilities | 3,200 | 3,533 | ||
Equity | 38,943 | 38,052 | ||
Total liabilities and equity | 57,063 | 56,770 | ||
Company’s share of equity | 31,718 | 30,992 | ||
Cost of investment in excess of the Company’s share of underlying net book value | 2,870 | 2,987 | ||
Carrying value of investment in real estate partnership | $ 34,588 | $ 33,979 |
Investment in Real Estate Par_7
Investment in Real Estate Partnership - Summarized Financial Information for Investment in Real Estate Partnership - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | $ 33,258 | $ 32,444 | $ 30,618 | $ 29,045 | $ 29,834 | $ 29,900 | $ 27,597 | $ 30,584 | $ 125,365 | $ 117,915 | $ 119,251 |
Net income | $ 2,648 | $ 2,946 | $ 5,218 | $ 1,441 | $ 3,171 | $ 914 | $ 419 | $ 1,647 | 12,253 | 6,151 | 24,228 |
Pillarstone Capital REIT Operating Partnership LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 9,272 | 9,672 | 14,253 | ||||||||
Property expenses | (6,988) | (6,858) | (9,045) | ||||||||
Other expenses | (1,407) | (1,440) | (3,449) | ||||||||
Gain (loss) on sale of properties or disposal of assets | 23 | (112) | 16,943 | ||||||||
Net income | $ 900 | $ 1,262 | $ 18,702 |
Accrued Rents and Accounts Re_3
Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Tenant receivables | $ 18,410 | $ 22,956 |
Accrued rents and other recoveries | 18,681 | 16,348 |
Allowance for doubtful accounts | (14,896) | (16,426) |
Other receivables | 200 | 131 |
Totals | $ 22,395 | $ 23,009 |
Unamortized Lease Commissions_3
Unamortized Lease Commissions, Legal Fees and Loan Costs - Unamortized Leasing Commissions and Loan Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Leasing commissions | $ 13,341 | $ 10,380 |
Deferred legal cost | 365 | 373 |
Deferred financing cost | 3,898 | 3,898 |
Total cost | 17,604 | 14,651 |
Less: leasing commissions accumulated amortization | (6,305) | (5,029) |
Less: deferred legal cost accumulated amortization | (248) | (216) |
Less: deferred financing cost accumulated amortization | (2,609) | (1,720) |
Total cost, net of accumulated amortization | $ 8,442 | $ 7,686 |
Unamortized Lease Commissions_4
Unamortized Lease Commissions, Legal Fees and Loan Costs - Expected Future Amortization of Deferred Costs (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Expected Amortization of Deferred Leasing Commissions Year 2022 | $ 1,634 |
Expected Amortization of Deferred Leasing Commissions Year 2023 | 1,344 |
Expected Amortization of Deferred Leasing Commissions Year 2024 | 1,125 |
Expected Amortization of Deferred Leasing Commissions Year 2025 | 874 |
Expected Amortization of Deferred Leasing Commissions Year 2026 | 677 |
Expected Amortization of Deferred Leasing Commissions Thereafter | 1,382 |
Expected Amortization of Deferred Leasing Commissions | 7,036 |
Expected Amortization of Deferred Legal Costs Year 2022 | 32 |
Expected Amortization of Deferred Legal Costs Year 2023 | 22 |
Expected Amortization of Deferred Legal Costs Year 2024 | 19 |
Expected Amortization of Deferred Legal Costs Year 2025 | 18 |
Expected Amortization of Deferred Legal Costs Year 2026 | 17 |
Expected Amortization of Deferred Legal Costs Year Thereafter | 9 |
Expected Amortization of Deferred Legal Costs | 117 |
Expected Amortization of Deferred Financing Costs Year 2022 | 829 |
Expected Amortization of Deferred Financing Costs Year 2023 | 241 |
Expected Amortization of Deferred Financing Costs Year 2024 | 188 |
Expected Amortization of Deferred Financing Costs Year 2025 | 31 |
Expected Amortization of Deferred Financing Costs Year 2026 | 0 |
Expected Amortization of Deferred Financing Costs Thereafter | 0 |
Expected Amortization of Deferred Financing Costs | 1,289 |
Expected Amortization of Deferred Costs Year 2022 | 2,495 |
Expected Amortization of Deferred Costs Year 2023 | 1,607 |
Expected Amortization of Deferred Costs Year 2024 | 1,332 |
Expected Amortization of Deferred Costs Year 2025 | 923 |
Expected Amortization of Deferred Costs Year 2026 | 694 |
Expected Amortization of Deferred Costs Thereafter | 1,391 |
Expected Amortization of Deferred Costs | $ 8,442 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Lease cost | $ 1,036 | $ 1,077 |
Lease, weighted average remaining lease term | 2 years 10 months 24 days | 2 years 1 month 6 days |
Lease, weighted average discount rate, percent | 4.50% | 4.50% |
Office Space, Automobile, and Office Machine | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 1 year | |
Office Space, Automobile, and Office Machine | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 5 years |
Leases - Lessor, Minimum Future
Leases - Lessor, Minimum Future Rent Payments (Topic 842) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity (Topic 842) [Abstract] | |
2022 | $ 91,846 |
2023 | 81,451 |
2024 | 67,717 |
2025 | 51,413 |
2026 | 36,719 |
Thereafter | 112,922 |
Total | $ 442,068 |
Leases - Lessee, Minimum Future
Leases - Lessee, Minimum Future Rent Payments (Topic 842) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2022 | $ 110 | |
2023 | 65 | |
2024 | 43 | |
2025 | 31 | |
2026 | 1 | |
Total undiscounted rental payments | 250 | |
Less imputed interest | 19 | |
Total lease liabilities | $ 231 | $ 603 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | May 26, 2017 | |
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 643,613,000 | $ 645,163,000 | |
Less deferred financing costs, net of accumulated amortization | (771,000) | (978,000) | |
Long-term debt | 642,842,000 | 644,185,000 | |
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 | 1.35% | ||
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 | 1.90% | ||
Fixed Rate Notes | $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 165,000,000 | 165,000,000 | |
Face amount of debt | $ 165,000,000 | ||
Imputed interest rate | 2.24% | ||
Fixed Rate Notes | $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.35% | ||
Fixed Rate Notes | $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.90% | ||
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 | |
Face amount of debt | $ 80,000,000 | $ 80,000,000 | |
Stated interest rate | 3.72% | 3.72% | |
Fixed Rate Notes | $19.0 million 4.15% Note, due December 1, 2024 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 18,358,000 | 18,687,000 | |
Face amount of debt | $ 19,000,000 | ||
Stated interest rate | 4.15% | ||
Fixed Rate Notes | $20.2 million 4.28% Note, due June 6, 2023 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 17,808,000 | 18,222,000 | |
Face amount of debt | $ 20,200,000 | ||
Stated interest rate | 4.28% | ||
Fixed Rate Notes | $14.0 million 4.34% Note, due September 11, 2024 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 12,978,000 | 13,236,000 | |
Face amount of debt | $ 14,000,000 | ||
Stated interest rate | 4.34% | ||
Fixed Rate Notes | $14.3 million 4.34% Note, due September 11, 2024 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 13,773,000 | 14,014,000 | |
Face amount of debt | $ 14,300,000 | ||
Stated interest rate | 4.34% | ||
Fixed Rate Notes | $15.1 million 4.99% Note, due January 6, 2024 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 13,907,000 | 14,165,000 | |
Face amount of debt | $ 15,100,000 | ||
Stated interest rate | 4.99% | ||
Fixed Rate Notes | $2.6 million 5.46% Note, due October 1, 2023 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 2,289,000 | 2,339,000 | |
Face amount of debt | $ 2,600,000 | ||
Stated interest rate | 5.46% | ||
Fixed Rate Notes | $50.0 million, 5.09% Note, due March 22, 2029 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 50,000,000 | 50,000,000 | |
Face amount of debt | $ 50,000,000 | ||
Stated interest rate | 5.09% | ||
Fixed Rate Notes | $50.0 million, 5.17% Note, due March 22, 2029 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 50,000,000 | 50,000,000 | |
Face amount of debt | $ 50,000,000 | ||
Stated interest rate | 5.17% | ||
Floating Rate Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 119,500,000 | ||
Floating Rate Notes | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Floating Rate Notes | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.90% | ||
Floating Rate Notes | Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 | |||
Debt Instrument [Line Items] | |||
Total notes payable principal | $ 119,500,000 | $ 119,500,000 | |
Floating Rate Notes | Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Floating Rate Notes | Unsecured line of credit, LIBOR plus 1.40% to 1.90%, due January 31, 2023 | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.90% | ||
Interest Rate Swap | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 1.73% | ||
Interest Rate Swap | $165.0 million, 2.24% plus 1.35% to 1.90% Note, due January 31, 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.24% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Apr. 30, 2020USD ($) | Mar. 22, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2021USD ($)property | Mar. 20, 2020USD ($) | May 26, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Secured Debt | $ 159,100,000 | |||||
Number of collateralized properties | property | 7 | |||||
Carrying value of collateralized properties | $ 247,200,000 | |||||
U.S. Bank National Association | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 1,733,510 | |||||
Credit facility, interest rate | 1.00% | |||||
Credit facility, gain on loan forgiveness | $ (1,734,000) | |||||
Series A | ||||||
Debt Instrument [Line Items] | ||||||
Annual principal payments | $ 7,100,000 | |||||
Series B | ||||||
Debt Instrument [Line Items] | ||||||
Annual principal payments | 10,000,000 | |||||
2019 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, covenant, total debt to total assets ratio, maximum | 0.60 | |||||
Credit facility, covenant, secured debt to total assets ratio, maximum | 0.40 | |||||
Credit facility, covenant, EBITDA to fixed charges ratio, minimum | 1.50 | |||||
Credit facility, covenant, other recourse debt to total assets ratio, maximum | 0.15 | |||||
Credit facility, covenant, tangible net worth threshold before percentage of aggregate net proceeds, amount | $ 372,000,000 | |||||
Credit facility, covenant, tangible net worth, percentage of aggregate net proceeds, minimum | 75.00% | |||||
Interest rate at period end | 1.74% | |||||
Repayments of long-term debt | $ 446,200,000 | |||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt | 100,000,000 | |||||
Period principal payment | $ 1,000,000 | |||||
Credit facility, covenant, total debt to total assets ratio, maximum | 0.60 | |||||
Credit facility, covenant, secured debt to total assets ratio, maximum | 0.40 | |||||
Credit facility, covenant, EBITDA to fixed charges ratio, minimum | 1.50 | |||||
Credit facility, covenant, other recourse debt to total assets ratio, maximum | 0.15 | |||||
Credit facility, covenant, tangible net worth threshold before percentage of aggregate net proceeds, amount | $ 372,000,000 | |||||
Credit facility, covenant, tangible net worth, percentage of aggregate net proceeds, minimum | 75.00% | |||||
Senior Notes | Series A | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt | $ 50,000,000 | |||||
Stated interest rate | 5.09% | |||||
Senior Notes | Series B | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt | $ 50,000,000 | |||||
Stated interest rate | 5.17% | |||||
Floating Rate Notes | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Floating Rate Notes | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | |||||
Floating Rate Notes | One-month LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.10% | |||||
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, amount outstanding | $ 384,500,000 | |||||
Revolving Credit Facility | 2019 Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | $ 30,000,000 | |||||
Credit facility, remaining borrowing capacity | 86,800,000 | |||||
Revolving Credit Facility | 2019 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount outstanding | 384,500,000 | |||||
Credit facility, remaining borrowing capacity | $ 130,500,000 | |||||
Revolving Credit Facility | 2019 Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility | 2019 Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Revolving Credit Facility | 2019 Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | |||||
Term Loan | 2019 Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | |||||
Term Loan | 2019 Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | |||||
Term Loan | Unsecured Line of Credit | Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 165,000,000 | |||||
Term Loan | Unsecured Line of Credit | Term Loan B | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 100,000,000 | |||||
Revolving Credit Facility | 2019 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, accordion feature, increase limit | 200,000,000 | |||||
Revolving Credit Facility | Unsecured Line of Credit | 2019 Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 250,000,000 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Debt) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 101,962 |
2023 | 147,363 |
2024 | 228,574 |
2025 | 17,143 |
2026 | 17,143 |
Thereafter | 131,428 |
Total | $ 643,613 |
Debt (Contractual Obligations)
Debt (Contractual Obligations) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Total | $ 643,613 | |
Long-Term Debt - Principal, Less than 1 year (2022) | 101,962 | |
Long-Term Debt - Principal, 1 - 3 years (2023 - 2024) | 375,937 | |
Long-Term Debt - Principal, 3 - 5 years (2025 - 2026) | 34,286 | |
Long-Term Debt - Principal, More than 5 years (after 2026) | 131,428 | |
Long-Term Debt - Fixed Interest, Total | 65,865 | |
Long-Term Debt - Fixed Interest, Less than 1 year (2022) | 21,419 | |
Long-Term Debt - Fixed Interest, 1 - 3 years (2023 - 2024) | 27,235 | |
Long-Term Debt - Fixed Interest, 3 - 5 years (2025 - 2026) | 12,502 | |
Long-Term Debt - Fixed Interest, More than 5 years (after 2026) | 4,709 | |
Long-Term Debt - Variable Interest, Total | 4,959 | |
Long-Term Debt - Variable Interest, Less than 1 year (2022) | 4,959 | |
Long-Term Debt - Variable Interest, 1 - 3 years (2023 - 2024) | 0 | |
Long-Term Debt - Variable Interest, 3 - 5 years (2025 - 2026) | 0 | |
Long-Term Debt - Variable Interest, More than 5 years (after 2026) | 0 | |
Unsecured revolving credit facility - Unused commitment fee, Total | 374 | |
Unsecured revolving credit facility - Unused commitment fee, Less than 1 year (2022) | 351 | |
Unsecured revolving credit facility - Unused commitment fee, 1 - 3 years (2023 - 2024) | 23 | |
Unsecured revolving credit facility - Unused commitment fee, 3 - 5 years (2025 - 2026) | 0 | |
Unsecured revolving credit facility - Unused commitment fee, More than 5 years (after 2026) | 0 | |
Operating lease payments | 250 | |
2022 | 110 | |
Contractual Obligations, Total | 715,061 | |
Contractual Obligations, Less than 1 year (2022) | 128,801 | |
Contractual Obligations, 1 - 3 years (2023 - 2024) | 403,303 | |
Contractual Obligations, 3 - 5 years (2025 - 2026) | 46,820 | |
Contractual Obligations, More than 5 years (after 2026) | 136,137 | |
Long-term debt | $ 642,842 | $ 644,185 |
Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.20% | |
Facility usage | 50.00% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.25% | |
Facility usage | 50.00% | |
Floating Rate Notes | ||
Debt Instrument [Line Items] | ||
Number of loans | loan | 1 | |
Long-term debt | $ 119,500 | |
Floating Rate Notes | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Floating Rate Notes | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | |
Floating Rate Notes | One-month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.10% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 384,500 | |
Operating Lease Obligations | ||
Debt Instrument [Line Items] | ||
Operating lease payments | 232 | |
2022 | 92 | |
Operating Lease Obligations, 1 - 3 years (2023 - 2024) | 108 | |
Operating Lease Obligations, 3 - 5 years (2025 - 2026) | 32 | |
Operating Lease Obligations, More than 5 years (after 2026) | 0 | |
Operating Lease Obligations | Affiliated Entity | ||
Debt Instrument [Line Items] | ||
Operating lease payments | 18 | |
2022 | 18 | |
Operating Lease Obligations, 1 - 3 years (2023 - 2024) | 0 | |
Operating Lease Obligations, 3 - 5 years (2025 - 2026) | 0 | |
Operating Lease Obligations, More than 5 years (after 2026) | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 05, 2018 | Nov. 19, 2015 |
Interest Rate Swap | Interest Expense | |||||||
Derivative [Line Items] | |||||||
Amount Recognized as Comprehensive Income (Loss) | $ 7,803 | $ (9,062) | $ (9,828) | ||||
Amount of Gain (Loss) Recognized in Earnings | 5,427 | 3,578 | $ 1,036 | ||||
Interest Rate Swap | Accounts Payable and Accrued Expenses | |||||||
Derivative [Line Items] | |||||||
Estimated fair value | $ (6,860) | $ (14,663) | |||||
Term Loan 3 | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.73% | ||||||
Term Loan 3 | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 35,000 | ||||||
Term Loan 3 | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 15,000 | ||||||
Term Loan 1 | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 1 | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.75% | ||||||
Term Loan 1 | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 6,500 | ||||||
Term Loan 1 | Wells Fargo Bank, National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 1 | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 5,000 | ||||||
Term Loan 1 | Regions Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 3,800 | ||||||
Term Loan 2 | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.50% | ||||||
Term Loan 2 | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 6,500 | ||||||
Term Loan 2 | Wells Fargo Bank, National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 2 | Bank of American, N.A. | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 2 | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 5,000 | ||||||
Term Loan 2 | Regions Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 3,800 | ||||||
Terravita Marketplace | Extension Loan | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 2.85% | ||||||
Derivative, amount of hedged item | $ 9,600 | ||||||
February 7, 2019 | Term Loan A | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 2.43% | ||||||
February 7, 2019 | Term Loan A | Bank Of Montreal | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 65,000 | ||||||
February 7, 2019 | Term Loan A | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 12,900 | ||||||
February 7, 2019 | Term Loan A | Wells Fargo Bank, National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 5,900 | ||||||
February 7, 2019 | Term Loan A | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 15,700 | ||||||
February 7, 2019 | Term Loan A | Regions Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 11,600 | ||||||
November 9, 2020 | Term Loan A | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 2.43% | ||||||
November 9, 2020 | Term Loan A | Bank Of Montreal | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 115,000 | ||||||
November 9, 2020 | Term Loan A | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 22,700 | ||||||
November 9, 2020 | Term Loan A | Wells Fargo Bank, National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 10,500 | ||||||
November 9, 2020 | Term Loan A | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 27,900 | ||||||
November 9, 2020 | Term Loan A | Regions Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 20,500 | ||||||
February 8, 2021 | Term Loan A | Interest Rate Swap | Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 2.43% | ||||||
February 8, 2021 | Term Loan A | Bank Of Montreal | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 165,000 | ||||||
February 8, 2021 | Term Loan A | U.S. Bank National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 32,600 | ||||||
February 8, 2021 | Term Loan A | Wells Fargo Bank, National Association | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 15,000 | ||||||
February 8, 2021 | Term Loan A | SunTrust Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 40,000 | ||||||
February 8, 2021 | Term Loan A | Regions Bank | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 29,400 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Distributions to holders of certain restricted common shares charged against earnings | $ 5,900 | $ 6,100 | $ 6,500 | ||||||||
Numerator: | |||||||||||
Income from continuing operations | 10,420 | 6,151 | 23,634 | ||||||||
Less: Net income attributable to noncontrolling interests | (172) | (117) | (511) | ||||||||
Distributions paid on unvested restricted shares | 0 | 0 | (41) | ||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | 10,248 | 6,034 | 23,082 | ||||||||
Net income from discontinued operations | 1,833 | 0 | 594 | ||||||||
Less: Net income attributable to noncontrolling interests | (33) | 0 | (34) | ||||||||
Income from discontinued operations attributable to Whitestone REIT | 1,800 | 0 | 560 | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 12,048 | $ 6,034 | $ 23,642 | ||||||||
Denominator: | |||||||||||
Weighted average number of common shares - basic | 45,486,000 | 42,244,000 | 40,184,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted shares | 850,000 | 746,000 | 1,278,000 | ||||||||
Weighted average number of common shares - dilutive | 46,336,000 | 42,990,000 | 41,462,000 | ||||||||
Basic: | |||||||||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.23 | $ 0.14 | $ 0.57 | ||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0.03 | 0 | 0.02 | ||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | $ 0.07 | $ 0.02 | $ 0.01 | $ 0.04 | 0.26 | 0.14 | 0.59 |
Diluted: | |||||||||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.22 | 0.14 | 0.56 | ||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0.04 | 0 | 0.01 | ||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | $ 0.07 | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.26 | $ 0.14 | $ 0.57 |
OP Units | |||||||||||
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) | 772,383 | 820,563 | 924,314 | ||||||||
Restricted Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Distributions to holders of certain restricted common shares | $ 0 | $ 0 | $ 41 | ||||||||
Distributions to holders of certain restricted common shares charged against earnings | $ 0 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income (unaudited) | 80.70% | 59.90% | 28.60% |
Return of capital (unaudited) | 19.30% | 40.10% | 19.40% |
Capital gain distributions (unaudited) | 0.00% | 0.00% | 52.00% |
Total | 100.00% | 100.00% | 100.00% |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 08, 2016 | |
Beneficial Owner | James C. Mastandrea | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 66.70% | |
Beneficial Owner | John J. Dee | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 20.00% | |
Pillarstone OP | ||
Related Party Transaction [Line Items] | ||
Financed receivable due from related party | $ 15.4 | |
Minimum | LIBOR | Pillarstone OP | ||
Related Party Transaction [Line Items] | ||
Financing receivable, basis spread on variable rate | 1.40% | |
Maximum | LIBOR | Pillarstone OP | ||
Related Party Transaction [Line Items] | ||
Financing receivable, basis spread on variable rate | 1.95% |
Related Party Transactions - Re
Related Party Transactions - Revenue and Expenses (Details) - Pillarstone OP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating and maintenance | |||
Related Party Transaction [Line Items] | |||
Rent | $ (899) | $ (932) | $ (813) |
Management, transaction, and other fees | |||
Related Party Transaction [Line Items] | |||
Property management fee income | 568 | 598 | 856 |
Interest, dividend and other investment income | |||
Related Party Transaction [Line Items] | |||
Interest income | $ 0 | $ 0 | $ 171 |
Equity (Details)
Equity (Details) | May 14, 2020$ / shares | Mar. 24, 2020USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019 | May 31, 2019USD ($)agreement |
Class of Stock [Line Items] | ||||||||||||||
Common shares, authorized (in shares) | shares | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Common shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Preferred shares, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||
Preferred shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Weighted-average share ownership in operating partnership | 98.30% | 98.10% | 97.70% | |||||||||||
Conversion ratio for common stock to op unit | shares | 1 | 1 | ||||||||||||
Operating Partnership | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Ownership interest in operating partnership | 98.50% | |||||||||||||
OP Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
OP units outstanding (in shares) | shares | 49,793,803 | 43,043,251 | 49,793,803 | 43,043,251 | ||||||||||
OP units owned (in shares) | shares | 49,023,313 | 42,270,476 | 49,023,313 | 42,270,476 | ||||||||||
Conversion of stock, shares converted (in shares) | shares | 2,285 | 135,797 | ||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 30 | |||||||||||||
Series A Preferred Stock | Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Conversion ratio | 1 | |||||||||||||
Cash Distribution | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Total Amount Paid | $ | $ 5,340,000 | $ 5,064,000 | $ 4,685,000 | $ 4,562,000 | $ 4,513,000 | $ 4,511,000 | $ 4,504,000 | $ 12,186,000 | $ 19,651,000 | $ 25,714,000 | ||||
Cash Distribution | Minimum | COVID-19 | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Total Amount Paid | $ | $ 7,700,000 | |||||||||||||
Cash Distribution | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1058 | $ 0.1050 | $ 0.1050 | $ 0.1050 | $ 0.2850 | $ 0.4283 | $ 0.6000 | ||||
Total Amount Paid | $ | $ 5,257,000 | $ 4,981,000 | $ 4,602,000 | $ 4,480,000 | $ 4,432,000 | $ 4,430,000 | $ 4,413,000 | $ 11,928,000 | $ 19,320,000 | $ 25,203,000 | ||||
Cash Distribution | OP Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1058 | $ 0.1050 | $ 0.1050 | $ 0.1050 | $ 0.2850 | $ 0.4283 | $ 0.6000 | ||||
Total Amount Paid | $ | $ 83,000 | $ 83,000 | $ 83,000 | $ 82,000 | $ 81,000 | $ 81,000 | $ 91,000 | $ 258,000 | $ 331,000 | $ 511,000 | ||||
2019 Equity Distribution Agreement | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of equity distribution agreements | agreement | 9 | |||||||||||||
Amount authorized | $ | $ 100,000,000 | |||||||||||||
Net proceeds | $ | 56,000,000 | 2,200,000 | ||||||||||||
Compensation paid | $ | $ 853,000 | $ 34,000 | ||||||||||||
2019 Equity Distribution Agreement | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Issuance of commons shares (in shares) | shares | 6,287,087 | 170,942 |
Incentive Share Plan (Narrative
Incentive Share Plan (Narrative) (Details) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)shares | Sep. 30, 2021installment$ / sharesshares | Jun. 30, 2021installment$ / sharesshares | Mar. 17, 2021$ / sharesshares | Jan. 01, 2021shares | Jul. 31, 2020$ / sharesshares | Jan. 01, 2020shares | Sep. 30, 2019$ / sharesshares | Jun. 30, 2019$ / sharesshares | Dec. 01, 2018$ / sharesshares | Mar. 16, 2018shares | Sep. 06, 2017$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2022USD ($) | May 11, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation expense | $ | $ 5.9 | $ 6.1 | $ 6.5 | ||||||||||||||
Restricted Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 4,300 | ||||||||||||||||
Restricted Stock | Market-Based Vesting (TSR Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period | 24 months | ||||||||||||||||
Award vesting percentage | 200.00% | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 14.89 | ||||||||||||||||
Stock granted to trustees, vested in period (in shares) | 208,210 | 247,978 | |||||||||||||||
Unrecognized compensation cost | $ | $ 2.7 | $ 2.7 | |||||||||||||||
Restricted Stock | Market-Based Vesting (TSR Units) | Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 50.00% | 50.00% | |||||||||||||||
Restricted Stock | Immediate Vesting (CIC Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period | 33 months | ||||||||||||||||
Restricted stock granted (in shares) | 965,000 | 885,000 | |||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 13.05 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 495,956 | ||||||||||||||||
Time-Based Restricted Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 387,499 | ||||||||||||||||
Non-Cash Share Based Compensation in 2014 | Subsequent Event | Forecast | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Unrecognized compensation cost | $ | $ 7.5 | ||||||||||||||||
Common Stock | Market-Based Vesting (TSR Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 104,105 | ||||||||||||||||
2008 Long-Term Equity Incentive Ownership Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Non-vested balance | 2,716,132 | 2,716,132 | 2,903,846 | ||||||||||||||
Number of shares authorized (in shares) | 3,433,831 | ||||||||||||||||
2008 Long-Term Equity Incentive Ownership Plan | Non-Vested Time Based Shares | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Unrecognized compensation cost | $ | $ 4.8 | $ 4.8 | |||||||||||||||
Period from recognition | 30 months | ||||||||||||||||
2008 Long-Term Equity Incentive Ownership Plan | Non-Cash Share Based Compensation in 2014 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Period from recognition | 22 months | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Non-vested balance | 385,648 | 385,648 | |||||||||||||||
Number of shares authorized (in shares) | 3,433,831 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Stock | Market-Based Vesting (TSR Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 433,200 | 545,000 | 405,417 | 229,684 | |||||||||||||
Performance period | 3 years | 3 years | 3 years | 3 years | |||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 4.17 | $ 5.55 | $ 8.22 | ||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Stock | Market-Based Vesting (TSR Units) | Minimum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 0.00% | 0.00% | 0.00% | ||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Stock | Market-Based Vesting (TSR Units) | Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 0.00% | 200.00% | 200.00% | ||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Stock | Immediate Vesting (CIC Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 111,465 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Time-Based Restricted Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 433,200 | 530,000 | 17,069 | 317,184 | |||||||||||||
Performance period | 3 years | 3 years | 3 years | ||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 7.51 | $ 5.83 | $ 11.69 | $ 10.63 | |||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Common Stock | Market-Based Vesting (TSR Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 0 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Common Stock | Immediate Vesting (CIC Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 2,490 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 10.04 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Common Shares | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
2018 Long-Term Equity Incentive Ownership Plan | Restricted Common Shares | Time-Based Vesting | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Restricted stock granted (in shares) | 5,500 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 9.06 | ||||||||||||||||
Shares issued 2020 | Restricted Stock | Market-Based Vesting (TSR Units) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 0.00% |
Incentive Share Plan (Schedule
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Non-vested, beginning balance (in shares) | 2,903,846 | ||
Granted (in shares) | 904,215 | 1,108,014 | 762,630 |
Vested (in shares) | (1,024,808) | (511,621) | (284,964) |
Forfeited (in shares) | (67,121) | ||
Non-vested, ending balance (in shares) | 2,716,132 | 2,903,846 | |
Available for grant (in shares) | 289,958 | ||
Weighted-Average Grant Date Fair Value | |||
Non-vested, beginning balance (in dollars per share) | $ 9.45 | ||
Granted (in dollars per share) | 5.99 | $ 5.76 | $ 9.46 |
Vested (in dollars per share) | 9.52 | ||
Forfeited (in dollars per share) | 7.28 | ||
Non-vested, ending balance (in dollars per share) | $ 8.32 | $ 9.45 |
Incentive Share Plan (Schedul_2
Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-Vested Shares Issued (in shares) | 904,215 | 1,108,014 | 762,630 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.99 | $ 5.76 | $ 9.46 |
Vested Shares (in shares) | (1,024,808) | (511,621) | (284,964) |
Total Vest-Date Fair Value | $ 9,757 | $ 5,566 | $ 3,352 |
Grants to Trustees (Details)
Grants to Trustees (Details) | Dec. 13, 2021trustee$ / sharesshares | Dec. 04, 2020trustee$ / sharesshares | Dec. 12, 2019trustee$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | 5 | ||
Number of trustee emeritus | 1 | ||
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees (in shares) | shares | 29,825 | ||
Stock granted to trustees, vested in period (in shares) | shares | 29,825 | 19,562 | |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 9.32 | $ 13.54 | |
Individual Trustee Grant Agreements 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | 6 | 6 | |
Number of independent trustees that did not stand for re-election | 1 | ||
Number of trustee emeritus | 1 | 1 | |
Individual Trustee Grant Agreements 1 | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees, vested in period (in shares) | shares | 29,587 | 3,000 | |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 8.17 | ||
Individual Trustee Grant Agreements 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | 1 | 2 | |
Individual Trustee Grant Agreements 2 | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees, vested in period (in shares) | shares | 3,427 | 3,398 | |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 8.17 | $ 13.54 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Feb. 23, 2022 | Dec. 12, 2017 |
Mastandrea v. Whitestone REIT, et al. | Pending Litigation | Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Damages sought, value | $ 25 | |
Clark v. Whitestone REIT, et al. | Settled Litigation | ||
Loss Contingencies [Line Items] | ||
Damages sought, value | $ 2.3 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) - Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 33,258 | $ 32,444 | $ 30,618 | $ 29,045 | $ 29,834 | $ 29,900 | $ 27,597 | $ 30,584 | $ 125,365 | $ 117,915 | $ 119,251 |
Net income | 2,648 | 2,946 | 5,218 | 1,441 | 3,171 | 914 | 419 | 1,647 | 12,253 | 6,151 | 24,228 |
Net income (loss) attributable to Whitestone REIT | $ 2,608 | $ 2,899 | $ 5,126 | $ 1,415 | $ 3,112 | $ 900 | $ 410 | $ 1,612 | $ 12,048 | $ 6,034 | $ 23,683 |
Basic Earnings Per Share: | |||||||||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.06 | $ 0.08 | $ 0.03 | |||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.04 | 0 | |||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.05 | 0.06 | 0.12 | 0.03 | $ 0.07 | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.26 | $ 0.14 | $ 0.59 |
Diluted Earnings Per Share: | |||||||||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.05 | 0.06 | 0.08 | 0.03 | |||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.04 | 0 | |||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | $ 0.07 | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.26 | $ 0.14 | $ 0.57 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands | Feb. 23, 2022 | Mar. 08, 2022 |
Chief Executive Officer, Chief Operating Officer, Executive Vice President of Acquisitions and Asset Management | ||
Subsequent Event [Line Items] | ||
Reduction in share-based compensation expense | $ 2,000 | |
Mastandrea v. Whitestone REIT, et al. | Pending Litigation | ||
Subsequent Event [Line Items] | ||
Damages sought, value | $ 25,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Charges | $ (90) | $ 5,649 | $ 1,484 |
SEC Schedule, 12-09, Allowance, Credit Loss | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 16,426 | 11,173 | 9,746 |
Charges | (90) | 5,649 | 1,484 |
Deductions from Reserves | (1,440) | (396) | (57) |
Balance at End of Year | $ 14,896 | $ 16,426 | $ 11,173 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Initial Cost | |||
Land | $ 344,912 | ||
Building and Improvements | 747,834 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 101,481 | ||
Carrying Costs | 2,692 | ||
Gross Amount at which Carried at End of Period | |||
Land | 344,912 | ||
Building and Improvements | 852,007 | ||
Total | 1,196,919 | $ 1,106,426 | $ 1,099,955 |
Accumulated Depreciation | 190,333 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | 1,106,426 | 1,099,955 | 1,052,238 |
Additions during the period: | |||
Acquisitions | 81,588 | 0 | 34,804 |
Improvements | 9,642 | 7,613 | 13,474 |
Real estate, total additions | 91,230 | 7,613 | 48,278 |
Deductions - cost of real estate sold or retired | (737) | (1,142) | (561) |
Balance at close of period | 1,196,919 | $ 1,106,426 | $ 1,099,955 |
Aggregate cost of real estate for federal income tax purposes | 1,200,000 | ||
Retail Communities | |||
Initial Cost | |||
Land | 328,520 | ||
Building and Improvements | 747,834 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 100,727 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 328,520 | ||
Building and Improvements | 848,561 | ||
Total | 1,177,081 | ||
Accumulated Depreciation | 190,333 | ||
Additions during the period: | |||
Balance at close of period | 1,177,081 | ||
Retail Communities | Ahwatukee Plaza | |||
Initial Cost | |||
Land | 5,126 | ||
Building and Improvements | 4,086 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 370 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,126 | ||
Building and Improvements | 4,456 | ||
Total | 9,582 | ||
Accumulated Depreciation | 1,193 | ||
Additions during the period: | |||
Balance at close of period | 9,582 | ||
Retail Communities | Anderson Arbor | |||
Initial Cost | |||
Land | 4,679 | ||
Building and Improvements | 23,545 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | (48) | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 4,679 | ||
Building and Improvements | 23,497 | ||
Total | 28,176 | ||
Additions during the period: | |||
Balance at close of period | 28,176 | ||
Retail Communities | Anthem Marketplace | |||
Initial Cost | |||
Land | 4,790 | ||
Building and Improvements | 17,973 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,817 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 4,790 | ||
Building and Improvements | 19,790 | ||
Total | 24,580 | ||
Accumulated Depreciation | 4,302 | ||
Additions during the period: | |||
Balance at close of period | 24,580 | ||
Amount of encumbrances | 15,100 | ||
Retail Communities | Anthem Marketplace Phase II | |||
Initial Cost | |||
Land | 204 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 502 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 204 | ||
Building and Improvements | 502 | ||
Total | 706 | ||
Accumulated Depreciation | 146 | ||
Additions during the period: | |||
Balance at close of period | 706 | ||
Retail Communities | Bissonnet Beltway | |||
Initial Cost | |||
Land | 415 | ||
Building and Improvements | 1,947 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 552 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 415 | ||
Building and Improvements | 2,499 | ||
Total | 2,914 | ||
Accumulated Depreciation | 2,154 | ||
Additions during the period: | |||
Balance at close of period | 2,914 | ||
Retail Communities | BLVD Place | |||
Initial Cost | |||
Land | 63,893 | ||
Building and Improvements | 90,942 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,921 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 63,893 | ||
Building and Improvements | 93,863 | ||
Total | 157,756 | ||
Accumulated Depreciation | 11,475 | ||
Additions during the period: | |||
Balance at close of period | 157,756 | ||
Amount of encumbrances | 80,000 | ||
Retail Communities | The Citadel | |||
Initial Cost | |||
Land | 472 | ||
Building and Improvements | 1,777 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 3,271 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 472 | ||
Building and Improvements | 5,048 | ||
Total | 5,520 | ||
Accumulated Depreciation | 2,671 | ||
Additions during the period: | |||
Balance at close of period | 5,520 | ||
Retail Communities | City View Village | |||
Initial Cost | |||
Land | 2,044 | ||
Building and Improvements | 4,149 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 108 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 2,044 | ||
Building and Improvements | 4,257 | ||
Total | 6,301 | ||
Accumulated Depreciation | 779 | ||
Additions during the period: | |||
Balance at close of period | 6,301 | ||
Retail Communities | Davenport Village | |||
Initial Cost | |||
Land | 11,367 | ||
Building and Improvements | 34,101 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,622 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 11,367 | ||
Building and Improvements | 35,723 | ||
Total | 47,090 | ||
Accumulated Depreciation | 6,615 | ||
Additions during the period: | |||
Balance at close of period | 47,090 | ||
Retail Communities | Desert Canyon | |||
Initial Cost | |||
Land | 1,976 | ||
Building and Improvements | 1,704 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 960 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,976 | ||
Building and Improvements | 2,664 | ||
Total | 4,640 | ||
Accumulated Depreciation | 1,091 | ||
Additions during the period: | |||
Balance at close of period | 4,640 | ||
Retail Communities | El Dorado Plaza | |||
Initial Cost | |||
Land | 16,551 | ||
Building and Improvements | 30,746 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 771 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 16,551 | ||
Building and Improvements | 31,517 | ||
Total | 48,068 | ||
Accumulated Depreciation | 3,786 | ||
Additions during the period: | |||
Balance at close of period | 48,068 | ||
Retail Communities | Fountain Hills Plaza | |||
Initial Cost | |||
Land | 5,113 | ||
Building and Improvements | 15,340 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 632 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,113 | ||
Building and Improvements | 15,972 | ||
Total | 21,085 | ||
Accumulated Depreciation | 3,468 | ||
Additions during the period: | |||
Balance at close of period | 21,085 | ||
Retail Communities | Fountain Square | |||
Initial Cost | |||
Land | 5,573 | ||
Building and Improvements | 9,828 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,863 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,573 | ||
Building and Improvements | 12,691 | ||
Total | 18,264 | ||
Accumulated Depreciation | 3,774 | ||
Additions during the period: | |||
Balance at close of period | 18,264 | ||
Retail Communities | Fulton Ranch Towne Center | |||
Initial Cost | |||
Land | 7,604 | ||
Building and Improvements | 22,612 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,852 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 7,604 | ||
Building and Improvements | 25,464 | ||
Total | 33,068 | ||
Accumulated Depreciation | 4,761 | ||
Additions during the period: | |||
Balance at close of period | 33,068 | ||
Retail Communities | Gilbert Tuscany Village | |||
Initial Cost | |||
Land | 1,767 | ||
Building and Improvements | 3,233 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,356 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,767 | ||
Building and Improvements | 4,589 | ||
Total | 6,356 | ||
Accumulated Depreciation | 1,933 | ||
Additions during the period: | |||
Balance at close of period | 6,356 | ||
Retail Communities | Gilbert Tuscany Village Hard Corner | |||
Initial Cost | |||
Land | 856 | ||
Building and Improvements | 794 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 169 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 856 | ||
Building and Improvements | 963 | ||
Total | 1,819 | ||
Accumulated Depreciation | 235 | ||
Additions during the period: | |||
Balance at close of period | 1,819 | ||
Retail Communities | Heritage Trace Plaza | |||
Initial Cost | |||
Land | 6,209 | ||
Building and Improvements | 13,821 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 883 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 6,209 | ||
Building and Improvements | 14,704 | ||
Total | 20,913 | ||
Accumulated Depreciation | 3,087 | ||
Additions during the period: | |||
Balance at close of period | 20,913 | ||
Retail Communities | Headquarters Village | |||
Initial Cost | |||
Land | 7,171 | ||
Building and Improvements | 18,439 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,750 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 7,171 | ||
Building and Improvements | 20,189 | ||
Total | 27,360 | ||
Accumulated Depreciation | 4,996 | ||
Additions during the period: | |||
Balance at close of period | 27,360 | ||
Amount of encumbrances | 19,000 | ||
Retail Communities | Keller Place | |||
Initial Cost | |||
Land | 5,977 | ||
Building and Improvements | 7,577 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 925 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,977 | ||
Building and Improvements | 8,502 | ||
Total | 14,479 | ||
Accumulated Depreciation | 1,593 | ||
Additions during the period: | |||
Balance at close of period | 14,479 | ||
Retail Communities | Kempwood Plaza | |||
Initial Cost | |||
Land | 733 | ||
Building and Improvements | 1,798 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,358 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 733 | ||
Building and Improvements | 4,156 | ||
Total | 4,889 | ||
Accumulated Depreciation | 2,233 | ||
Additions during the period: | |||
Balance at close of period | 4,889 | ||
Retail Communities | Lakeside Market | |||
Initial Cost | |||
Land | 18,116 | ||
Building and Improvements | 35,290 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | (291) | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 18,116 | ||
Building and Improvements | 34,999 | ||
Total | 53,115 | ||
Additions during the period: | |||
Balance at close of period | 53,115 | ||
Retail Communities | La Mirada | |||
Initial Cost | |||
Land | 12,853 | ||
Building and Improvements | 24,464 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,465 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 12,853 | ||
Building and Improvements | 25,929 | ||
Total | 38,782 | ||
Accumulated Depreciation | 3,981 | ||
Additions during the period: | |||
Balance at close of period | 38,782 | ||
Retail Communities | Las Colinas Village | |||
Initial Cost | |||
Land | 16,706 | ||
Building and Improvements | 18,098 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 688 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 16,706 | ||
Building and Improvements | 18,786 | ||
Total | 35,492 | ||
Accumulated Depreciation | 1,009 | ||
Additions during the period: | |||
Balance at close of period | 35,492 | ||
Retail Communities | Lion Square | |||
Initial Cost | |||
Land | 1,546 | ||
Building and Improvements | 4,289 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 4,850 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,546 | ||
Building and Improvements | 9,139 | ||
Total | 10,685 | ||
Accumulated Depreciation | 6,101 | ||
Additions during the period: | |||
Balance at close of period | 10,685 | ||
Retail Communities | MarketPlace at Central | |||
Initial Cost | |||
Land | 1,305 | ||
Building and Improvements | 5,324 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,494 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,305 | ||
Building and Improvements | 6,818 | ||
Total | 8,123 | ||
Accumulated Depreciation | 2,477 | ||
Additions during the period: | |||
Balance at close of period | 8,123 | ||
Retail Communities | Market Street at DC Ranch | |||
Initial Cost | |||
Land | 9,710 | ||
Building and Improvements | 26,779 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 9,163 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 9,710 | ||
Building and Improvements | 35,942 | ||
Total | 45,652 | ||
Accumulated Depreciation | 10,461 | ||
Additions during the period: | |||
Balance at close of period | 45,652 | ||
Retail Communities | Mercado at Scottsdale Ranch | |||
Initial Cost | |||
Land | 8,728 | ||
Building and Improvements | 12,560 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,705 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 8,728 | ||
Building and Improvements | 14,265 | ||
Total | 22,993 | ||
Accumulated Depreciation | 3,604 | ||
Additions during the period: | |||
Balance at close of period | 22,993 | ||
Retail Communities | Paradise Plaza | |||
Initial Cost | |||
Land | 6,155 | ||
Building and Improvements | 10,221 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,307 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 6,155 | ||
Building and Improvements | 11,528 | ||
Total | 17,683 | ||
Accumulated Depreciation | 3,277 | ||
Additions during the period: | |||
Balance at close of period | 17,683 | ||
Retail Communities | Parkside Village North | |||
Initial Cost | |||
Land | 3,877 | ||
Building and Improvements | 8,629 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 192 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 3,877 | ||
Building and Improvements | 8,821 | ||
Total | 12,698 | ||
Accumulated Depreciation | 1,560 | ||
Additions during the period: | |||
Balance at close of period | 12,698 | ||
Retail Communities | Parkside Village South | |||
Initial Cost | |||
Land | 5,562 | ||
Building and Improvements | 27,154 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 939 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,562 | ||
Building and Improvements | 28,093 | ||
Total | 33,655 | ||
Accumulated Depreciation | 4,789 | ||
Additions during the period: | |||
Balance at close of period | 33,655 | ||
Retail Communities | Pima Norte | |||
Initial Cost | |||
Land | 1,086 | ||
Building and Improvements | 7,162 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,884 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,086 | ||
Building and Improvements | 10,046 | ||
Total | 11,132 | ||
Accumulated Depreciation | 3,836 | ||
Additions during the period: | |||
Balance at close of period | 11,132 | ||
Retail Communities | Pinnacle of Scottsdale | |||
Initial Cost | |||
Land | 6,648 | ||
Building and Improvements | 22,466 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,955 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 6,648 | ||
Building and Improvements | 24,421 | ||
Total | 31,069 | ||
Accumulated Depreciation | 6,834 | ||
Additions during the period: | |||
Balance at close of period | 31,069 | ||
Amount of encumbrances | 20,200 | ||
Retail Communities | Pinnacle of Scottsdale Phase II | |||
Initial Cost | |||
Land | 883 | ||
Building and Improvements | 4,659 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,718 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 883 | ||
Building and Improvements | 7,377 | ||
Total | 8,260 | ||
Accumulated Depreciation | 1,707 | ||
Additions during the period: | |||
Balance at close of period | 8,260 | ||
Retail Communities | The Promenade at Fulton Ranch | |||
Initial Cost | |||
Land | 5,198 | ||
Building and Improvements | 13,367 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 689 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,198 | ||
Building and Improvements | 14,056 | ||
Total | 19,254 | ||
Accumulated Depreciation | 2,841 | ||
Additions during the period: | |||
Balance at close of period | 19,254 | ||
Retail Communities | Providence | |||
Initial Cost | |||
Land | 918 | ||
Building and Improvements | 3,675 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,887 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 918 | ||
Building and Improvements | 6,562 | ||
Total | 7,480 | ||
Accumulated Depreciation | 3,137 | ||
Additions during the period: | |||
Balance at close of period | 7,480 | ||
Retail Communities | Quinlan Crossing | |||
Initial Cost | |||
Land | 9,561 | ||
Building and Improvements | 28,683 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,151 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 9,561 | ||
Building and Improvements | 29,834 | ||
Total | 39,395 | ||
Accumulated Depreciation | 5,130 | ||
Additions during the period: | |||
Balance at close of period | 39,395 | ||
Retail Communities | Seville | |||
Initial Cost | |||
Land | 6,913 | ||
Building and Improvements | 25,518 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,157 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 6,913 | ||
Building and Improvements | 26,675 | ||
Total | 33,588 | ||
Accumulated Depreciation | 3,798 | ||
Additions during the period: | |||
Balance at close of period | 33,588 | ||
Retail Communities | Shaver | |||
Initial Cost | |||
Land | 184 | ||
Building and Improvements | 633 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 140 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 184 | ||
Building and Improvements | 773 | ||
Total | 957 | ||
Accumulated Depreciation | 470 | ||
Additions during the period: | |||
Balance at close of period | 957 | ||
Retail Communities | Shops at Pecos Ranch | |||
Initial Cost | |||
Land | 3,781 | ||
Building and Improvements | 15,123 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 893 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 3,781 | ||
Building and Improvements | 16,016 | ||
Total | 19,797 | ||
Accumulated Depreciation | 3,933 | ||
Additions during the period: | |||
Balance at close of period | 19,797 | ||
Amount of encumbrances | 14,000 | ||
Retail Communities | Shops at Starwood | |||
Initial Cost | |||
Land | 4,093 | ||
Building and Improvements | 11,487 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,089 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 4,093 | ||
Building and Improvements | 12,576 | ||
Total | 16,669 | ||
Accumulated Depreciation | 3,310 | ||
Additions during the period: | |||
Balance at close of period | 16,669 | ||
Amount of encumbrances | 14,300 | ||
Retail Communities | Shops at Starwood Phase III | |||
Initial Cost | |||
Land | 1,818 | ||
Building and Improvements | 7,069 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 3,575 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,818 | ||
Building and Improvements | 10,644 | ||
Total | 12,462 | ||
Accumulated Depreciation | 2,056 | ||
Additions during the period: | |||
Balance at close of period | 12,462 | ||
Retail Communities | The Shops at Williams Trace | |||
Initial Cost | |||
Land | 5,920 | ||
Building and Improvements | 14,297 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,156 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,920 | ||
Building and Improvements | 15,453 | ||
Total | 21,373 | ||
Accumulated Depreciation | 3,028 | ||
Additions during the period: | |||
Balance at close of period | 21,373 | ||
Retail Communities | South Richey | |||
Initial Cost | |||
Land | 778 | ||
Building and Improvements | 2,584 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 2,349 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 778 | ||
Building and Improvements | 4,933 | ||
Total | 5,711 | ||
Accumulated Depreciation | 3,097 | ||
Additions during the period: | |||
Balance at close of period | 5,711 | ||
Retail Communities | Spoerlein Commons | |||
Initial Cost | |||
Land | 2,340 | ||
Building and Improvements | 7,296 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,675 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 2,340 | ||
Building and Improvements | 8,971 | ||
Total | 11,311 | ||
Accumulated Depreciation | 2,949 | ||
Additions during the period: | |||
Balance at close of period | 11,311 | ||
Retail Communities | The Strand at Huebner Oaks | |||
Initial Cost | |||
Land | 5,805 | ||
Building and Improvements | 12,335 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 974 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 5,805 | ||
Building and Improvements | 13,309 | ||
Total | 19,114 | ||
Accumulated Depreciation | 2,666 | ||
Additions during the period: | |||
Balance at close of period | 19,114 | ||
Retail Communities | SugarPark Plaza | |||
Initial Cost | |||
Land | 1,781 | ||
Building and Improvements | 7,125 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,385 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,781 | ||
Building and Improvements | 8,510 | ||
Total | 10,291 | ||
Accumulated Depreciation | 3,785 | ||
Additions during the period: | |||
Balance at close of period | 10,291 | ||
Retail Communities | Sunridge | |||
Initial Cost | |||
Land | 276 | ||
Building and Improvements | 1,186 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 781 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 276 | ||
Building and Improvements | 1,967 | ||
Total | 2,243 | ||
Accumulated Depreciation | 1,056 | ||
Additions during the period: | |||
Balance at close of period | 2,243 | ||
Retail Communities | Sunset at Pinnacle Peak | |||
Initial Cost | |||
Land | 3,610 | ||
Building and Improvements | 2,734 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 860 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 3,610 | ||
Building and Improvements | 3,594 | ||
Total | 7,204 | ||
Accumulated Depreciation | 1,156 | ||
Additions during the period: | |||
Balance at close of period | 7,204 | ||
Retail Communities | Terravita Marketplace | |||
Initial Cost | |||
Land | 7,171 | ||
Building and Improvements | 9,392 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,481 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 7,171 | ||
Building and Improvements | 10,873 | ||
Total | 18,044 | ||
Accumulated Depreciation | 2,991 | ||
Additions during the period: | |||
Balance at close of period | 18,044 | ||
Retail Communities | Town Park | |||
Initial Cost | |||
Land | 850 | ||
Building and Improvements | 2,911 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 479 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 850 | ||
Building and Improvements | 3,390 | ||
Total | 4,240 | ||
Accumulated Depreciation | 2,499 | ||
Additions during the period: | |||
Balance at close of period | 4,240 | ||
Retail Communities | Village Square at Dana Park | |||
Initial Cost | |||
Land | 10,877 | ||
Building and Improvements | 40,250 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 4,846 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 10,877 | ||
Building and Improvements | 45,096 | ||
Total | 55,973 | ||
Accumulated Depreciation | 11,511 | ||
Additions during the period: | |||
Balance at close of period | 55,973 | ||
Amount of encumbrances | 2,600 | ||
Retail Communities | Westchase | |||
Initial Cost | |||
Land | 423 | ||
Building and Improvements | 1,751 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 3,382 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 423 | ||
Building and Improvements | 5,133 | ||
Total | 5,556 | ||
Accumulated Depreciation | 2,768 | ||
Additions during the period: | |||
Balance at close of period | 5,556 | ||
Retail Communities | Williams Trace Plaza | |||
Initial Cost | |||
Land | 6,800 | ||
Building and Improvements | 14,003 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 1,768 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 6,800 | ||
Building and Improvements | 15,771 | ||
Total | 22,571 | ||
Accumulated Depreciation | 2,906 | ||
Additions during the period: | |||
Balance at close of period | 22,571 | ||
Retail Communities | Windsor Park | |||
Initial Cost | |||
Land | 2,621 | ||
Building and Improvements | 10,482 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 8,664 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 2,621 | ||
Building and Improvements | 19,146 | ||
Total | 21,767 | ||
Accumulated Depreciation | 11,052 | ||
Additions during the period: | |||
Balance at close of period | 21,767 | ||
Retail Communities | Woodlake Plaza | |||
Initial Cost | |||
Land | 1,107 | ||
Building and Improvements | 4,426 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 3,643 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 1,107 | ||
Building and Improvements | 8,069 | ||
Total | 9,176 | ||
Accumulated Depreciation | 3,833 | ||
Additions during the period: | |||
Balance at close of period | 9,176 | ||
Land Held for Development | |||
Initial Cost | |||
Land | 16,392 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 754 | ||
Carrying Costs | 2,692 | ||
Gross Amount at which Carried at End of Period | |||
Land | 16,392 | ||
Building and Improvements | 3,446 | ||
Total | 19,838 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | 19,838 | ||
Land Held for Development | Market Street at DC Ranch | |||
Initial Cost | |||
Land | 704 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 0 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 704 | ||
Building and Improvements | 0 | ||
Total | 704 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | 704 | ||
Land Held for Development | BLVD Place Phase II-B | |||
Initial Cost | |||
Land | 10,500 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 699 | ||
Carrying Costs | 2,692 | ||
Gross Amount at which Carried at End of Period | |||
Land | 10,500 | ||
Building and Improvements | 3,391 | ||
Total | 13,891 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | 13,891 | ||
Land Held for Development | Dana Park Development | |||
Initial Cost | |||
Land | 4,000 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 25 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 4,000 | ||
Building and Improvements | 25 | ||
Total | 4,025 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | 4,025 | ||
Land Held for Development | Eldorado Plaza Development | |||
Initial Cost | |||
Land | 911 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 30 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 911 | ||
Building and Improvements | 30 | ||
Total | 941 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | 941 | ||
Land Held for Development | Fountain Hills | |||
Initial Cost | |||
Land | 277 | ||
Building and Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | |||
Improvements (net) | 0 | ||
Carrying Costs | 0 | ||
Gross Amount at which Carried at End of Period | |||
Land | 277 | ||
Building and Improvements | 0 | ||
Total | 277 | ||
Accumulated Depreciation | 0 | ||
Additions during the period: | |||
Balance at close of period | $ 277 | ||
Minimum | Retail Communities | Ahwatukee Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Anthem Marketplace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Anthem Marketplace Phase II | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Bissonnet Beltway | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | BLVD Place | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | The Citadel | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | City View Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Davenport Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Desert Canyon | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | El Dorado Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Fountain Hills Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Fountain Square | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Fulton Ranch Towne Center | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Gilbert Tuscany Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Gilbert Tuscany Village Hard Corner | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Heritage Trace Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Headquarters Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Keller Place | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Kempwood Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | La Mirada | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Las Colinas Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Lion Square | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | MarketPlace at Central | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Market Street at DC Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Mercado at Scottsdale Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Paradise Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Parkside Village North | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Parkside Village South | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Pima Norte | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Pinnacle of Scottsdale | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Pinnacle of Scottsdale Phase II | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | The Promenade at Fulton Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Providence | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Quinlan Crossing | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Seville | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Shaver | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Shops at Pecos Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Shops at Starwood | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Shops at Starwood Phase III | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | The Shops at Williams Trace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | South Richey | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Spoerlein Commons | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | The Strand at Huebner Oaks | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | SugarPark Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Sunridge | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Sunset at Pinnacle Peak | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Terravita Marketplace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Town Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Village Square at Dana Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Westchase | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Williams Trace Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Windsor Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Minimum | Retail Communities | Woodlake Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 5 years | ||
Maximum | Retail Communities | Ahwatukee Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Anthem Marketplace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Anthem Marketplace Phase II | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Bissonnet Beltway | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | BLVD Place | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | The Citadel | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | City View Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Davenport Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Desert Canyon | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | El Dorado Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Fountain Hills Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Fountain Square | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Fulton Ranch Towne Center | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Gilbert Tuscany Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Gilbert Tuscany Village Hard Corner | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Heritage Trace Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Headquarters Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Keller Place | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Kempwood Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | La Mirada | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Las Colinas Village | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Lion Square | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | MarketPlace at Central | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Market Street at DC Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Mercado at Scottsdale Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Paradise Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Parkside Village North | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Parkside Village South | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Pima Norte | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Pinnacle of Scottsdale | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Pinnacle of Scottsdale Phase II | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | The Promenade at Fulton Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Providence | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Quinlan Crossing | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Seville | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Shaver | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Shops at Pecos Ranch | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Shops at Starwood | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Shops at Starwood Phase III | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | The Shops at Williams Trace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | South Richey | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Spoerlein Commons | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | The Strand at Huebner Oaks | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | SugarPark Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Sunridge | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Sunset at Pinnacle Peak | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Terravita Marketplace | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Town Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Village Square at Dana Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Westchase | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Williams Trace Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Windsor Park | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years | ||
Maximum | Retail Communities | Woodlake Plaza | |||
Gross Amount at which Carried at End of Period | |||
Depreciation Life | 39 years |