Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001175535 | ||
Entity Registrant Name | Whitestone REIT | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-34855 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 76-0594970 | ||
Entity Address, Address Line One | 2600 South Gessner, 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 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.001 per share | ||
Trading Symbol | WSR | ||
Security Exchange Name | NYSE | ||
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 | $ 529,343,448 | ||
Entity Common Stock, Shares Outstanding | 49,424,019 | ||
Auditor Firm ID | 342 | ||
Auditor Name | Pannell Kerr Forster of Texas, P.C. | ||
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Property | $ 1,199,041 | $ 1,196,919 | |
Accumulated depreciation | (208,286) | (190,333) | |
Total real estate assets | 990,755 | 1,006,586 | |
Investment in real estate partnership | [1],[2] | 34,826 | 34,588 |
Cash and cash equivalents | 6,166 | 15,721 | |
Restricted cash | 189 | 193 | |
Escrows and acquisition deposits | 12,827 | 11,323 | |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 25,570 | 22,395 | |
Receivable due from related party | 1,377 | 847 | |
Unamortized lease commissions, legal fees and loan costs | 12,697 | 8,442 | |
Prepaid expenses and other assets(1) | [3] | 7,838 | 1,995 |
Finance lease right-of-use assets | 10,522 | 0 | |
Total assets(1) | 1,102,767 | 1,102,090 | |
Liabilities: | |||
Notes payable | 625,427 | 642,842 | |
Accounts payable and accrued expenses(2) | [4] | 36,154 | 45,777 |
Payable due to related party | 1,561 | 997 | |
Tenants' security deposits | 8,428 | 8,070 | |
Dividends and distributions payable | 6,008 | 5,366 | |
Finance lease liabilities | 735 | 0 | |
Total liabilities | 678,313 | 703,052 | |
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, 2022 and December 31, 2021 | 0 | 0 | |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,422,716 and 49,144,153 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 49 | 48 | |
Additional paid-in capital | 624,785 | 623,462 | |
Accumulated deficit | (212,366) | (223,973) | |
Accumulated other comprehensive income (loss) | 5,980 | (6,754) | |
Total Whitestone REIT shareholders' equity | 418,448 | 392,783 | |
Noncontrolling interest in subsidiary | 6,006 | 6,255 | |
Total equity | 424,454 | 399,038 | |
Total liabilities and equity(2) | 1,102,767 | 1,102,090 | |
(2) Operating lease liabilities | 129 | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Equity: | |||
(1) Operating lease right of use assets (net) | 124 | 222 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Equity: | |||
(2) Operating lease liabilities | $ 129 | $ 231 | |
[1]Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2022 and 2021.[2]We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated the value of the investment based on the information available to us at the time of this report.[3]Operating lease right of use assets (net) $ 124 $ 222[4]Operating lease liabilities $ 129 $ 231 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 49,422,716 | 49,144,153 |
Common stock, shares outstanding (in shares) | 49,422,716 | 49,144,153 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues | ||||
Rental(1) | [1] | $ 138,200 | $ 123,877 | $ 115,084 |
Management, transaction, and other fees | 1,221 | 1,488 | 2,831 | |
Total revenues | 139,421 | 125,365 | 117,915 | |
Operating expenses | ||||
Depreciation and amortization | 31,707 | 28,950 | 28,303 | |
Operating and maintenance | 25,688 | 22,560 | 20,563 | |
Real estate taxes | 17,607 | 16,762 | 18,015 | |
General and administrative | 18,066 | 22,625 | 21,303 | |
Total operating expenses | 93,068 | 90,897 | 88,184 | |
Other expenses (income) | ||||
Interest expense | 27,193 | 24,564 | 25,770 | |
Gain on sale of properties | (16,950) | (266) | (178) | |
Loss on disposal of assets | 192 | 90 | 542 | |
Gain on loan forgiveness | 0 | 0 | (1,734) | |
Interest, dividend and other investment income | (65) | (116) | (278) | |
Total other expenses | 10,370 | 24,272 | 24,122 | |
Income before equity investment in real estate partnership and income tax | 35,983 | 10,196 | 5,609 | |
Equity in earnings of real estate partnership | 239 | 609 | 921 | |
Provision for income tax | (422) | (385) | (379) | |
Income from continuing operations | 35,800 | 10,420 | 6,151 | |
Gain on sale of property from discontinued operations | 0 | 1,833 | 0 | |
Income from discontinued operations | 0 | 1,833 | 0 | |
Net income | 35,800 | 12,253 | 6,151 | |
Less: Net income attributable to noncontrolling interests | 530 | 205 | 117 | |
Net income attributable to Whitestone REIT | $ 35,270 | $ 12,048 | $ 6,034 | |
Basic Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.72 | $ 0.23 | $ 0.14 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.03 | 0 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.72 | 0.26 | 0.14 | |
Diluted Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.71 | 0.22 | 0.14 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.04 | 0 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.71 | $ 0.26 | $ 0.14 | |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 49,256 | 45,486 | 42,244 | |
Diluted (in shares) | 49,950 | 46,336 | 42,990 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income | $ 35,800 | $ 12,253 | $ 6,151 | |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on cash flow hedging activities | 12,925 | 7,803 | (9,062) | |
Comprehensive income (loss) | 48,725 | 20,056 | (2,911) | |
Less: Net income attributable to noncontrolling interests | 530 | 205 | 117 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 191 | 130 | (173) | |
Comprehensive income (loss) attributable to Whitestone REIT | 48,004 | 19,721 | (2,855) | |
Rental revenues | 101,113 | 90,859 | 87,291 | |
Recoveries | 38,243 | 32,928 | 33,442 | |
Bad debt | (1,156) | 90 | (5,649) | |
Rental | [1] | $ 138,200 | $ 123,877 | $ 115,084 |
[1]Rental Rental revenues $ 101,113 $ 90,859 $ 87,291 Recoveries 38,243 32,928 33,442 Bad debt (1,156 ) 90 (5,649 ) Total rental $ 138,200 $ 123,877 $ 115,084 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | OP Units [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 41,492 | 909 | |||||||
Balance at Dec. 31, 2019 | $ 41 | $ 554,816 | $ (204,049) | $ (5,491) | $ 345,317 | $ 7,781 | $ 353,098 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 136 | (136) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 1 | 1,161 | 0 | 0 | 1,162 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (1,162) | ||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 11 | 0 | |||||||
Issuance of common shares under dividend reinvestment plan | $ 0 | 89 | 0 | 0 | 89 | 0 | 89 | ||
Issuance of common shares - ATM Program, net of offering costs (in shares) | 171 | 0 | |||||||
Issuance of common shares - ATM Program, net of offering costs | $ 0 | 2,241 | 0 | 0 | 2,241 | 0 | 2,241 | ||
Exchange offer costs | 0 | (43) | 0 | 0 | (43) | 0 | (43) | ||
Repurchase of common shares (1) | [1] | $ 0 | (2,077) | 0 | 0 | (2,077) | 0 | (2,077) | |
Share-based compensation (in shares) | 759 | 0 | |||||||
Share-based compensation | $ 0 | 6,063 | 0 | 0 | 6,063 | 0 | 6,063 | ||
Distributions | 0 | 0 | (17,794) | 0 | (17,794) | (18,134) | |||
Distributions | (340) | ||||||||
Unrealized gain (loss) on change in fair value of cash flow hedge | 0 | 0 | 0 | (8,889) | (8,889) | (173) | (9,062) | ||
Reallocation of ownership percentage between parent and subsidiary | 0 | 0 | 0 | (20) | (20) | 20 | 0 | ||
Net income | $ 0 | 0 | 6,034 | 0 | 6,034 | 117 | 6,151 | ||
Balance (in shares) at Dec. 31, 2020 | 42,391 | 773 | |||||||
Balance at Dec. 31, 2020 | $ 42 | 562,250 | (215,809) | (14,400) | 332,083 | 6,243 | 338,326 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 2 | (2) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 0 | 18 | 0 | 0 | 18 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (18) | ||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7 | 0 | |||||||
Issuance of common shares under dividend reinvestment plan | $ 0 | 60 | 0 | 0 | 60 | 0 | 60 | ||
Issuance of common shares - ATM Program, net of offering costs (in shares) | 6,287 | 0 | |||||||
Issuance of common shares - ATM Program, net of offering costs | $ 6 | 55,975 | 0 | 0 | 55,981 | 0 | 55,981 | ||
Exchange offer costs | 0 | (63) | 0 | 0 | (63) | 0 | (63) | ||
Repurchase of common shares (1) | [1] | $ 0 | (691) | 0 | 0 | (691) | 0 | (691) | |
Share-based compensation (in shares) | 535 | 0 | |||||||
Share-based compensation | $ 0 | 5,913 | 0 | 0 | 5,913 | 0 | 5,913 | ||
Distributions | 0 | 0 | (20,212) | 0 | (20,212) | (20,544) | |||
Distributions | (332) | ||||||||
Unrealized gain (loss) on change in fair value of cash flow hedge | 0 | 0 | 0 | 7,673 | 7,673 | 130 | 7,803 | ||
Reallocation of ownership percentage between parent and subsidiary | 0 | 0 | 0 | (27) | (27) | 27 | 0 | ||
Net income | $ 0 | 0 | 12,048 | 0 | 12,048 | 205 | 12,253 | ||
Repurchase of common shares (1) (in shares) | [1] | (78) | 0 | ||||||
Balance (in shares) at Dec. 31, 2021 | 49,144 | 771 | |||||||
Balance at Dec. 31, 2021 | $ 48 | 623,462 | (223,973) | (6,754) | 392,783 | 6,255 | 399,038 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 76 | (76) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 1 | 617 | 0 | 0 | 618 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (618) | ||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 6 | 0 | |||||||
Issuance of common shares under dividend reinvestment plan | $ 0 | 67 | 0 | 0 | 67 | 0 | 67 | ||
Exchange offer costs | 0 | (335) | 0 | 0 | (335) | 0 | (335) | ||
Repurchase of common shares (1) | [1] | $ 0 | (537) | 0 | 0 | (537) | 0 | (537) | |
Share-based compensation (in shares) | 245 | 0 | |||||||
Share-based compensation | $ 0 | 1,511 | 0 | 0 | 1,511 | 0 | 1,511 | ||
Distributions | 0 | 0 | (23,663) | 0 | (23,663) | (24,015) | |||
Distributions | (352) | ||||||||
Unrealized gain (loss) on change in fair value of cash flow hedge | 0 | 0 | 0 | 12,734 | 12,734 | 191 | 12,925 | ||
Net income | $ 0 | 0 | 35,270 | 0 | 35,270 | 530 | 35,800 | ||
Repurchase of common shares (1) (in shares) | [1] | (48) | 0 | ||||||
Balance (in shares) at Dec. 31, 2022 | 49,423 | 695 | |||||||
Balance at Dec. 31, 2022 | $ 49 | $ 624,785 | $ (212,366) | $ 5,980 | $ 418,448 | $ 6,006 | $ 424,454 | ||
[1]During the years ended December 31, 2022, 2021 and 2020, 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, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||||
Cash flows from operating activities: | ||||||
Net income from continuing operations | $ 35,800 | $ 10,420 | $ 6,151 | |||
Net income from discontinued operations | 0 | 1,833 | 0 | |||
Net income | 35,800 | 12,253 | 6,151 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 31,707 | 28,950 | 28,303 | |||
Amortization of deferred loan costs | 1,100 | 1,096 | 1,113 | |||
Gain on sale of properties | (16,950) | (266) | (178) | |||
Loss on disposal of assets | 192 | 90 | 542 | |||
Gain on loan forgiveness | 0 | 0 | (1,734) | |||
Bad debt | 1,156 | (90) | 5,649 | |||
Share-based compensation | 1,511 | 5,913 | 6,063 | |||
Equity in earnings of real estate partnership | (239) | (609) | (921) | |||
Changes in operating assets and liabilities: | ||||||
Escrows and acquisition deposits | (1,504) | (2,049) | (885) | |||
Accrued rents and accounts receivable | (4,331) | 704 | (6,055) | |||
Receivable due from related party | (530) | (512) | 142 | |||
Distributions from real estate partnership | 0 | 0 | 1,039 | |||
Unamortized lease commissions, legal fees and loan costs | (3,386) | (3,259) | (1,343) | |||
Prepaid expenses and other assets | 1,749 | 1,963 | 2,255 | |||
Accounts payable and accrued expenses | (2,766) | 2,663 | 2,518 | |||
Payable due to related party | 564 | 872 | (182) | |||
Tenants' security deposits | 358 | 1,154 | 299 | |||
Net cash provided by operating activities | 44,431 | 47,040 | 42,776 | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | (16,992) | (81,588) | 0 | |||
Acquisition of ground lease | (9,786) | 0 | 0 | |||
Additions to real estate | (13,659) | (9,642) | (7,362) | |||
Proceeds from sales of properties | 33,723 | 0 | 0 | |||
Proceeds from note receivable | 0 | 0 | 922 | |||
Net cash used in investing activities | (6,714) | (91,230) | (6,440) | |||
Net cash provided by investing activities of discontinued operations | 0 | 1,833 | 0 | |||
Cash flows from financing activities: | ||||||
Distributions paid to common shareholders | (22,958) | (19,320) | (25,203) | |||
Distributions paid to OP unit holders | (346) | (331) | (511) | |||
Proceeds from issuance of common shares, net of offering costs | 0 | 55,981 | 2,241 | |||
Payments of exchange offer costs | (335) | (63) | (43) | |||
Proceeds from bonds and notes payable | 0 | 0 | 1,734 | |||
Net proceeds from (payments of) credit facility | (16,000) | 0 | 10,000 | |||
Repayments of notes payable | (3,468) | (3,261) | (12,164) | |||
Payments of loan origination costs | (3,632) | 0 | 0 | |||
Repurchase of common shares | (537) | (691) | (2,077) | |||
Net cash provided by (used in) financing activities | (47,276) | 32,315 | (26,023) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (9,559) | (10,042) | 10,313 | |||
Cash, cash equivalents and restricted cash at beginning of period | 15,914 | [1] | 25,956 | [1] | 15,643 | |
Cash, cash equivalents and restricted cash at end of period (1) | 6,355 | [1] | 15,914 | [1] | 25,956 | [1] |
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | 26,493 | 23,685 | 27,741 | |||
Cash paid for taxes | 366 | 364 | 353 | |||
Non cash investing and financing activities: | ||||||
Disposal of fully depreciated real estate | 454 | 297 | 88 | |||
Financed insurance premiums | 1,846 | 1,712 | 1,431 | |||
Value of shares issued under dividend reinvestment plan | 67 | 60 | 89 | |||
Change in fair value of cash flow hedge | 12,925 | 7,803 | (9,062) | |||
Reallocation of ownership percentage between parent and subsidiary | 0 | (27) | (20) | |||
Property received as termination fee | 0 | 0 | 251 | |||
Recognition of finance lease liabilities | 735 | 0 | 0 | |||
Cash, cash equivalents and restricted cash | ||||||
Cash and cash equivalents | 6,166 | 15,721 | 25,777 | |||
Restricted cash | 189 | 193 | 179 | |||
Total cash, cash equivalents and restricted cash | 6,355 | 15,914 | 25,956 | |||
Conversion of OP Units to Common Stock [Member] | ||||||
Non cash investing and financing activities: | ||||||
Value of common shares exchanged for OP units | $ 618 | $ 18 | $ 1,162 | |||
[1]For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below. |
Note 1 - Description of Busines
Note 1 - Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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. July 2004, December 31, 1998 December 31, 2022, 2021 2020 As of December 31, 2022 Consolidated Operating Portfolio • 51 wholly-owned properties that meet our Community Centered Properties® strategy; and Redevelopment, New Acquisitions Portfolio • one wholly owned property, Lake Woodlands Crossing, that meets our Community Centered Properties® containing approximately 0.1 million square feet of GLA and having total carrying amounts (net of accumulated depreciation) of $11.7 million. • five As of December 31, 2022 eight not August 18, 2022. The global health crisis caused by COVID- 19 may 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. December 31, 2022, 2021 2020 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 one Equity Method. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets As of December 31, 2022 eight not August 18, 2022. 10 not Basis of Accounting. Use of Estimates. 19 not Reclassifications. no Restricted Cash. 2015, January 6, 2024, Share-Based Compensation. may 2018 “2018 $1.5 December 31, 2022, 2021 2020 At our annual meeting of shareholders on May 11, 2017, 2018 2018 2018 2018 July 30, 2018, 2008 Noncontrolling Interests. not not Revenue Recognition. Rental third Other property income primarily includes amounts recorded in connection with management fees and lease termination fees. Pillarstone OP paid us management fees for property management, leasing and day-to-day advisory and administrative services. The management agreement with Pillarstone OP was terminated on August 18, 2022. Cash and Cash Equivalents. three December 31, 2022 2021 may not not Real Estate Development Properties. December 31, 2022 December 31, 2021 December 31, 2020, Acquired Properties and Acquired Lease Intangibles. 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 sp may Depreciation. Impairment. may not first no December 31, 2022 Accrued Rents and Accounts Receivable. 19 not our operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. As of December 31, 2022 2021 , we had an allowance for uncollectible accounts of $13.8 million and $14.9 million, respectively. For the years ending December 31, 2022, 2021 2020 , we recorded an adjustment to rental revenue in the amount of $1.2 million, $(0.1) million and $5.6 million, respectively. Included in the adjustment to rental revenue for the years ending December 31, 2022 2021 , was a bad debt adjustment of $0.6 million and $0.1 million, respectively, and a straight-line rent reserve adjustment of $0.3 million and $0.9 million, respectively, related to credit loss for the conversion of 80 and 59 tenants, respectively, to cash basis revenue as a result of COVID- 19 Unamortized Lease Commissions and Loan Costs. Prepaids and Other Assets. Federal Income Taxes. December 31, 1999. not State Taxes. not 740, Income Taxes 740” December 31, 2022, 2021 2020 Fair Value of Financial Instruments. $579.7 December 31, 2022 2021 2 820, Fair Value Measurements and Disclosures 820” The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 820 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 December 31, 2022 2021 Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2022 2021 not not December 31, 2022, may Derivative Instruments and Hedging Activities. 2 820. 2 not December 31, 2022 Concentration of Risk. no Recent Accounting Pronouncements. April 2020, 842, 19 19 842 not 19 not not 842 19 842 not 842. In March 2020 , No. 2020 04 , 848 2020 04” January 2021, No. 2021 01, 848 2021 01” 2020 04 2021 01 September 2022. no |
Note 3 - Real Estate
Note 3 - Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. REAL ESTATE As of December 31, 2022 Five 57 Property Acquisitions. On December 21, 2022, On December 2, 2022 On December 1, 2021 On July 8, 2021, Unaudited pro forma results of operations. December 31, 2022, 2021 2020 January 1, 2020. not Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Total revenues $ 142,047 $ 133,175 $ 128,091 Net income $ 36,512 $ 13,205 $ 6,981 Net income attributable to Whitestone REIT (1) $ 35,982 $ 13,000 $ 6,864 Basic Earnings Per Share: $ 0.73 $ 0.29 $ 0.16 Diluted Earnings Per Share: $ 0.72 $ 0.28 $ 0.16 Weighted-average common shares outstanding: Basic 49,256 45,486 42,244 Diluted 49,950 46,336 42,990 ( 1 Net income attributable to Whitestone REIT reflects historical ownership percentages. Acquisition costs. December 31, 2022 2021 2020. Property dispositions. On November 30, 2022, $4.0 million. On November 21, 2022, $0.7 million. On November 16, 2022, $5.1 million. On November 14, 2022, $0.8 million. On November 10, 2022, $9.9 million. On October 31, 2022, $4.4 million. We have not 2022 in discontinued operations as they did not During 2021, three December 31, 2014. December 31, 2021. April 24, 2019, December 31, 2019. 2014, December 31, 2021, three On October 23, 2020, not not |
Note 4 - Investment in Real Est
Note 4 - Investment in Real Estate Partnership | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4. On December 8, 2016, four not 1 2 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. The management agreement was terminated on August 18, 2022. In connection with the Contribution, on December 8, 2016, December 8, 2021 As of December 31, 2022 In accordance with ASU 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets The table below presents the real estate partnership investment in which the Company held an ownership interest (in thousands): Company’s Investment as of December 31, 2022 December 31, 2021 Real estate partnership Ownership Interest Pillarstone OP (1) 81.4% $ 34,826 $ 34,588 Total real estate partnership (2)(3)(4) $ 34,826 $ 34,588 ( 1 The Company managed these real estate partnership investments and, where applicable, earned acquisition fees, leasing commissions, property management fees, and asset management fees. The management agreement was terminated on August 18, 2022. ( 2 Representing eight December 31, 2022 2021 ( 3 On December 26, 2021, one one one two December 8, 2016 ( July 12, 2022, no September 8, 2022, not not ( 4 We rely on reporting provided to us by our third December 31, 2022 not 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, 2022 2021 2020 Pillarstone OP $ 239 $ 609 $ 921 Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands): December 31, 2022 2021 Assets: Real estate, net $ 47,727 $ 48,273 Other assets 9,680 8,790 Total assets (1) 57,407 57,063 Liabilities and equity: Notes payable 14,616 14,920 Other liabilities 3,782 3,200 Equity 39,009 38,943 Total liabilities and equity (2) 57,407 57,063 Company’s share of equity 31,773 31,718 Cost of investment in excess of the Company’s share of underlying net book value 3,053 2,870 Carrying value of investment in real estate partnership (3) $ 34,826 $ 34,588 ( 1 We rely on reporting provided to us by our third December 31, 2022 not ( 2 We rely on reporting provided to us by our third December 31, 2022 not ( 3 We rely on reporting provided to us by our third December 31, 2022 not Year Ended December 31, 2022 2021 2020 Rental revenues $ 8,930 $ 9,272 $ 9,672 Property expenses (7,386 ) (6,988 ) (6,858 ) Other expenses (1,099 ) (1,407 ) (1,440 ) Gain (loss) on sale of properties or disposal of assets (20 ) 23 (112 ) Net income (1) $ 425 $ 900 $ 1,262 ( 1 We rely on reporting provided to us by our third December 31, 2022 not 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, 2022 2021 $108,000 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 not The Company has evaluated its guarantee to Pillarstone OP pursuant to ASC 460, Guarantees 460 two seven December 31, 2022 2021 2020 $37,000 |
Note 5 - Accrued Rents and Acco
Note 5 - Accrued Rents and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. 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, 2022 2021 Tenant receivables $ 16,828 $ 18,410 Accrued rents and other recoveries 22,103 18,681 Allowance for doubtful accounts (13,822 ) (14,896 ) Other receivables 461 200 Total $ 25,570 $ 22,395 |
Note 6 - Unamortized Lease Comm
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Unamortized Lease Commissions and Loan Costs [Text Block] | 6. UNAMORTIZED LEASE COMMISSIONS, LEGAL FEES AND LOAN COSTS Costs which have been deferred consist of the following (in thousands): December 31, 2022 2021 Leasing commissions $ 16,364 $ 13,341 Deferred legal cost 364 365 Deferred financing cost 4,149 3,898 Total cost 20,877 17,604 Less: leasing commissions accumulated amortization (7,649 ) (6,305 ) Less: deferred legal cost accumulated amortization (263 ) (248 ) Less: deferred financing cost accumulated amortization (268 ) (2,609 ) Total cost, net of accumulated amortization $ 12,697 $ 8,442 A summary of expected future amortization of deferred costs is as follows (in thousands): Leasing Deferred Deferred Years Ended December 31, Commissions Legal Costs Financing Costs Total 2023 $ 1,872 $ 45 $ 889 $ 2,806 2024 1,565 17 889 2,471 2025 1,300 15 889 2,204 2026 1,080 15 763 1,858 2027 819 6 387 1,212 Thereafter 2,079 3 64 2,146 Total $ 8,715 $ 101 $ 3,881 $ 12,697 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Leases [Text Block] | 7. LEASES As a Lessor. Rental A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, contingent rents, and collectability adjustments under Topic 842 December 31, 2022 Years Ended December 31, Minimum Future Rents (1) 2023 $ 95,724 2024 84,112 2025 67,628 2026 52,776 2027 40,869 Thereafter 124,747 Total $ 465,856 ( 1 These amounts do not not As a Lessee. one five As of December 31, 2022, 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 and finance leases in existence as of December 31, 2022 Years Ended December 31, Operating Leases Finance Lease 2023 $ 65 $ 60 2024 42 62 2025 28 63 2026 1 64 2027 — 65 Thereafter — 2,773 Total undiscounted rental payments 136 3,087 Less imputed interest 7 2,352 Total lease liabilities $ 129 $ 735 For the year ended December 31, 2022 December 31, 2022 not December 31, 2022 For the year ended December 31, 2021 December 31, 2021 not December 31, 2021 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. DEBT Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2022 2021 Fixed rate notes $ 100.0 1.73 1.35 1.90 (1) $ — $ 100,000 $ 165.0 2.24 1.35 1.90 (1) — 165,000 $ 265.0 3.18 1.45 2.10 January 31, 2028 (2) 265,000 — $ 80.0 3.72 June 1, 2027 80,000 80,000 $ 19.0 4.15 December 1, 2024 18,016 18,358 $ 20.2 4.28 June 6, 2023 17,375 17,808 $ 14.0 4.34 September 11, 2024 12,709 12,978 $ 14.3 4.34 September 11, 2024 13,520 13,773 $ 15.1 4.99 January 6, 2024 13,635 13,907 $ 2.6 5.46 October 1, 2023 2,236 2,289 $ 50.0 5.09 March 22, 2029 50,000 50,000 $ 50.0 5.17 March 22, 2029 50,000 50,000 Floating rate notes Unsecured line of credit, LIBOR plus 1.40 1.90 (3) — 119,500 Unsecured line of credit, SOFR plus 1.50 2.10 September 16, 2026 103,500 — Total notes payable principal 625,991 643,613 Less deferred financing costs, net of accumulated amortization (564 ) (771 ) Total notes payable $ 625,427 $ 642,842 ( 1 Loan was fully paid off on September 16, 2022. ( 2 Promissory note includes an interest rate swap that fixed the SOFR portion of the term loan at an interest rate of 2.16% through October 28, 2022, October 29, 2022 January 31, 2024, February 1, 2024 January 31, 2028. ( 3 Line of credit was paid off on September 16, 2022. As of December 31, 2022 On April 30, 2020, one May 6, 2022 ( 405 20, Liabilities - Extinguishment of Liabilities, December 31, 2020 On March 22, 2019, March 22, 2029 ( March 22, 2029 ( March 22, 2019 ( On December 16, 2022, March 22, 2019 ( No. 1 December 16, 2022 ( Neither the term of the Existing Note Agreement, the interest rate, nor the principal amounts, were amended. The purpose of the amendment is to conform certain covenants and defined terms contained in the Amended Note Agreement with the Company’s recently amended unsecured credit facility with the lenders party thereto, Bank of Montreal, as administrative agent, Truist Bank, as syndication agent, and BMO Capital Markets Corp., Truist Bank, Capital One, National Association, and U.S. Bank National Association, as co-lead arrangers and joint book runners. The principal of the Series A Notes will begin to amortize on March 22, 2023 March 22, 2025 22nd March, June, September December The Operating Partnership may not 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 secured recourse debt to total asset value ratio of 0.15 to 1.00; • maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of 75% of the Company's total net worth as of December 31, 2021 • minimum adjusted property NOI to implied unencumbered debt service ratio of 1.50 to 1.00. In addition, the Note Agreement contains a financial covenant requiring that maximum unsecured indebtedness to unencumbered asset pool of 0.60 to 1.00. 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 not 1933, may not 4 2 On September 16, 2022 , “2022 2022 January 31, 2019 ( “2019 The 2022 two • $250.0 million unsecured revolving credit facility with a maturity date of September 16, 2026 ( “2022 • $265.0 million unsecured term loan with a maturity date of January 31, 2028 ( Borrowings under the 2022 December 31, 2022, 2022 • 2.16% plus 1.55% through October 28, 2022 • 2.80% plus 1.55% from October 29, 2022 January 31, 2024 • 3.42% plus 1.55% from February 1, 2024 January 31, 2028 The 2022 one two 2 The 2022 December 31, 2022 million 2022 December 31, 2022 2022 2019 2022 2019 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 2022 2022 2022 • 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; • maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $449 million plus 75% of the net proceeds from additional equity offerings (as defined therein). The 2022 2022 may, 2022 As of December 31, 2022 seven December 31, 2022 Scheduled maturities of our outstanding debt as of December 31, 2022 Year Amount Due 2023 $ 28,204 2024 63,573 2025 17,143 2026 120,643 2027 97,143 Thereafter 299,285 Total $ 625,991 As of December 31, 2022 Payment due by period (in thousands) More than Less than 1 1 - 3 years 3 - 5 years 5 years Consolidated Contractual Obligations Total year (2023) (2024 - 2025) (2026 - 2027) (after 2027) Long-Term Debt - Principal $ 625,991 $ 28,204 $ 80,716 $ 217,786 $ 299,285 Long-Term Debt - Fixed Interest 101,004 23,393 40,899 34,398 2,314 Long-Term Debt - Variable Interest (1) 17,992 4,798 9,596 3,598 — Unsecured credit facility - Unused commitment fee (2) 1,373 366 732 275 — Operating Lease Obligations 136 65 70 1 — Finance Lease Obligations 3,087 60 125 129 2,773 Total $ 749,583 $ 56,886 $ 132,138 $ 256,187 $ 304,372 ( 1 As of December 31, 2022 one 2022 one December 31, 2022 of 4.31%. ( 2 The unused commitment fees on our unsecured credit facility, payable quarterly, are based on the average daily unused amount of our unsecured credit facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50%. The information in the table above reflects our projected obligations for our unsecured credit facility based on our December 31, 2022 |
Note 9 - Derivatives and Hedgin
Note 9 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. DERIVATIVES AND HEDGING ACTIVITIES The estimated fair value of our interest rate swaps is as follows (in thousands): December 31, 2022 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 6,065 December 31, 2021 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (6,860 ) On September 16, 2022, 2022 . October 29, 2022, February 1, 2024, January 31, 2028. 8 2022 not 12 On January 31, 2019, 2019 September 7, 2022, 8 2019 February 8, 2021 January 31, 2024 . September 16, 2022, not 12 On November 19, 2015, 2018 fourth 2015 , 8 2018 November 30, 2015 October 28, 2022 . 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, 2022 $ 12,925 Interest expense $ 1,523 Year Ended December 31, 2021 $ 7,803 Interest expense $ 5,427 Year Ended December 31, 2020 $ (9,062 ) Interest expense $ 3,578 ( 1 December 31, 2022, 2021 2020 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. 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 December 31, 2022, 2021 2020 737,983 For the years ended December 31, 2022, 2021 2020 $0, none 14 2008 Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Numerator: Income from continuing operations $ 35,800 $ 10,420 $ 6,151 Less: Net income attributable to noncontrolling interests (530 ) (172 ) (117 ) Distributions paid on unvested restricted shares — — — Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 35,270 10,248 6,034 Income from discontinued operations — 1,833 — Less: Net income attributable to noncontrolling interests — (33 ) — Income from discontinued operations attributable to Whitestone REIT — 1,800 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 35,270 $ 12,048 $ 6,034 Denominator: Weighted average number of common shares - basic 49,256 45,486 42,244 Effect of dilutive securities: Unvested restricted shares 694 850 746 Weighted average number of common shares - dilutive 49,950 46,336 42,990 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.72 $ 0.23 $ 0.14 Income from discontinued operations attributable to Whitestone REIT — 0.03 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.72 $ 0.26 $ 0.14 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.71 $ 0.22 $ 0.14 Income from discontinued operations attributable to Whitestone REIT — 0.04 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.71 $ 0.26 $ 0.14 |
Note 11 - Federal Income Taxes
Note 11 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. FEDERAL INCOME TAXES Federal income taxes are not 90% 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: 2022 2021 2020 Ordinary income (unaudited) 100.0 % 80.7 % 59.9 % Return of capital (unaudited) — 19.3 % 40.1 % Capital gain distributions (unaudited) — — — Total 100.0 % 100.0 % 100.0 % |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. RELATED PARTY TRANSACTIONS The Contribution. January 18, 2022, 13d 3 1 1934, April 18, 2022. February 9, 2022, 13d 3 1 The Contribution is pursuant to the Company’s strategy of recycling capital by disposing of Non-Core Properties that do not 4 Pillarstone OP. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets During the ordinary course of business, we had transactions with Pillarstone OP that include, but are not August 18, 2022. 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, 2022, 2021 2020 Location of Revenue (Expense) 2022 2021 2020 Rent Operating and maintenance $ (471 ) $ (899 ) $ (932 ) Property management fee income Management, transaction, and other fees $ 359 $ 568 $ 598 |
Note 13 - Equity
Note 13 - Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. 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 20, 2022, 3 On September 9, 2022, eleven “2022 3 No. 333 264881 415 no 2022 2022 We have in the past, and expect to in the future, enter into at-the-market equity distribution programs providing for the issuance and sale of common shares. 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 1933, December 31, 2022 2021, 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, 2022 98.6% 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 one December 31, 2022 2021 49,996,356 49,301,876 December 31, 2022 2021 third 98.3% and 98.1% f December 31, 2022, 2021 2020 December 31, 2022 2021 76,010 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 Distributions Per Common Share Amount Paid Distributions Per OP Unit Amount Paid Amount Paid 2022 Fourth Quarter $ 0.1200 $ 5,909 $ 0.1200 $ 83 $ 5,992 Third Quarter 0.1200 5,901 0.1200 88 5,989 Second Quarter 0.1200 5,880 0.1200 92 5,972 First Quarter 0.1075 5,268 0.1075 83 5,351 Total $ 0.4675 $ 22,958 $ 0.4675 $ 346 $ 23,304 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 The Board will regularly reassess the dividend, particularly as there is more clarity on the duration and severity of the COVID- 19 Shareholders' Rights Plan On May 14, 2020, one May 26, 2020 ( 5:00 May 14, 2020 ( may one one 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, ( On April 21, 2021, May 13, 2021 May 13, 2022, On February 7, 2022, May 13, 2022 February 7, 2022. February 7, 2022, |
Note 14 - Incentive Share Plan
Note 14 - Incentive Share Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. INCENTIVE SHARE PLAN The Company’s 2008 “2008 July 2018. May 11, 2017, 2018 “2018 2018 2018 2018 July 30, 2018, 2008 The Compensation Committee administered the 2008 2018 2008 2018 September 6, 2017, 2008 2008 September 30, 2024 ( not September 30, 2024, September 30, 2024 no January 1, 2020, September 6, 2017 On March 16, 2018, 2008 three On December 1, 2018, 2018 three December 1, 2018 December 31, 2020. three January 1, 2021, December 1, 2018 On June 30, 2019, 2018 September 30, 2019, 2018 three June 30, 2019 December 31, 2021. three December 31, 2021, June 30, 2019 September 30, 2019 three June 30, 2019 September 30, 2019 On July 31, 2020, 2018 three July 31, 2020 December 31, 2022. three three December 31, 2022, July 31, 2020 On March 17, 2021, 2018 On June 30, 2021, 2018 three June 30, 2021 December 31, 2023. 3 three June 30, 2021 not 2018 On September 30, 2021, 2018 three On March 28, 2022, 2018 three June 30, 2022 December 31, 2024. three three A summary of the share-based incentive plan activity as of and for the year ended December 31, 2022 Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2022 2,716,132 $ 8.32 Granted 360,334 11.61 Vested (519,003 ) 6.63 Forfeited (1,336,518 ) 8.30 Non-vested at December 31, 2022 1,220,945 10.03 Available for grant at December 31, 2022 1,739,465 ( 1 A summary of our nonvested and vested shares activity for the years ended December 31, 2022, 2021 2020 Shares Granted Shares Vested Non-Vested Shares Issued Weighted Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2022 360,334 $ 11.61 (519,003 ) $ 3,442 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 Total compensation recognized in earnings for share-based payments was $1.5 million, $5.9 million, and $6.1 million for the years ended December 31, 2022 2021 2020 As of December 31, 2022 not September 30, 2024. December 31, 2022 January 1, 2023. We expect to record approximately $4.7 million in share-based compensation subsequent to the year ended December 31, 2022 December 31, 2022 2021 2022 September 30, 2024 |
Note 15 - Grants to Trustees
Note 15 - Grants to Trustees | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Trustee Incentive Shares [Text Block] | 15. On December 19, 2022, December 31, 2022 On December 13, 2021, December 31, 2021 On December 4, 2020, one 2020 not December 4, 2020, December 31, 2020 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES Litigation between the Company and Pillarstone REIT On September 16, 2022, November 25, 2022, not not Former CEO Litigation On February 23, 2022, September 12, 2022, not not Pillarstone Rights Plan On December 26, 2021, one one As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 ( Because the Pillarstone Rights Agreement seeks to prevent Whitestone OP from exercising its contractual Redemption Right, on July 12, 2022, no On September 8, 2022, not While we do not 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 |
Note 17 - Segment Information
Note 17 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. SEGMENT INFORMATION Our management historically has not not |
Note 18 - Selected Quarterly Fi
Note 18 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. SELECTED QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2022 2021 First Second Third Fourth Quarter Quarter Quarter Quarter 2022 Revenues $ 34,123 $ 34,997 $ 35,383 $ 34,918 Net income $ 7,189 $ 4,406 $ 3,975 $ 20,230 Net income attributable to Whitestone REIT $ 7,078 $ 4,338 $ 3,915 $ 19,939 Basic Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.14 $ 0.09 $ 0.08 $ 0.40 Diluted Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.14 $ 0.09 $ 0.08 $ 0.40 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 ( 1 The sum of individual quarterly basic and diluted earnings per share amounts may not |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Management evaluated subsequent events through March 8, 2023, no |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation and Qualifying Accounts December 31, 2022 (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, 2022 $ 14,896 $ 1,156 $ (2,230) $ 13,822 Year ended December 31, 2021 16,426 (90 ) (1,440 ) 14,896 Year ended December 31, 2020 11,173 5,649 (396 ) 16,426 ( 1 For the year ended December 31, 2022 2021 2020 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 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 $ 387 $ — $ 5,126 $ 4,473 $ 9,599 Anderson Arbor 4,679 23,545 (3 ) — 4,679 23,542 28,221 Anthem Marketplace 4,790 17,973 1,851 — 4,790 19,824 24,614 Anthem Marketplace Phase II 204 — 502 — 204 502 706 BLVD Place 63,893 90,942 3,161 — 63,893 94,103 157,996 The Citadel 472 1,777 3,357 — 472 5,134 5,606 City View Village 2,044 4,149 120 — 2,044 4,269 6,313 Dana Park Pad 890 4,034 (87 ) — 890 3,947 4,837 Davenport Village 11,367 34,101 1,761 — 11,367 35,862 47,229 Eldorado Plaza 16,551 30,746 908 — 16,551 31,654 48,205 Fountain Hills 5,113 15,340 1,110 — 5,113 16,450 21,563 Fountain Square 5,573 9,828 3,078 — 5,573 12,906 18,479 Fulton Ranch Towne Center 7,604 22,612 2,762 — 7,604 25,374 32,978 Gilbert Tuscany Village 1,767 3,233 1,451 — 1,767 4,684 6,451 Heritage Trace Plaza 6,209 13,821 1,151 — 6,209 14,972 21,181 HQ Village 7,171 18,439 2,097 — 7,171 20,536 27,707 Keller Place 5,977 7,577 995 — 5,977 8,572 14,549 Kempwood Plaza 733 1,798 2,422 — 733 4,220 4,953 Lakeside Market 18,116 35,290 789 — 18,116 36,079 54,195 Lake Woodlands Crossing — 12,069 (310 ) — — 11,759 11,759 La Mirada 12,853 24,464 1,798 — 12,853 26,262 39,115 Las Colinas 16,706 18,098 1,027 — 16,706 19,125 35,831 Lion Square 1,546 4,289 4,774 — 1,546 9,063 10,609 The MarketPlace at Central 1,305 5,324 1,518 — 1,305 6,842 8,147 Market Street at DC Ranch 9,710 26,779 10,063 — 9,710 36,842 46,552 Mercado at Scottsdale Ranch 8,728 12,560 1,939 — 8,728 14,499 23,227 Paradise Plaza 6,155 10,221 1,374 — 6,155 11,595 17,750 Parkside Village North 3,877 8,629 406 — 3,877 9,035 12,912 Parkside Village South 5,562 27,154 983 — 5,562 28,137 33,699 Pinnacle of Scottsdale 6,648 22,466 2,319 — 6,648 24,785 31,433 Pinnacle of Scottsdale Phase II 883 4,659 2,781 — 883 7,440 8,323 The Promenade at Fulton Ranch 5,198 13,367 823 — 5,198 14,190 19,388 Providence 918 3,675 3,062 — 918 6,737 7,655 Quinlan Crossing 9,561 28,683 1,175 — 9,561 29,858 39,419 Seville 6,913 25,518 2,669 — 6,913 28,187 35,100 Shaver 184 633 176 — 184 809 993 Shops at Pecos Ranch 3,781 15,123 1,224 — 3,781 16,347 20,128 Shops at Starwood 4,093 11,487 1,370 — 4,093 12,857 16,950 Starwood Phase III 1,818 7,069 3,633 — 1,818 10,702 12,520 The Shops at Williams Trace 5,920 14,297 2,420 — 5,920 16,717 22,637 Spoerlein Commons 2,340 7,296 984 — 2,340 8,280 10,620 The Strand at Huebner Oaks 5,805 12,335 1,035 — 5,805 13,370 19,175 SugarPark Plaza 1,781 7,125 1,490 — 1,781 8,615 10,396 Sunridge 276 1,186 954 — 276 2,140 2,416 Sunset at Pinnacle Peak 3,610 2,734 873 — 3,610 3,607 7,217 Terravita Marketplace 7,171 9,392 1,675 — 7,171 11,067 18,238 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 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 2,911 517 — 850 3,428 4,278 Village Square at Dana Park 10,877 40,250 6,138 — 10,877 46,388 57,265 Westchase 423 1,751 3,480 — 423 5,231 5,654 Williams Trace Plaza 6,800 14,003 1,792 — 6,800 15,795 22,595 Windsor Park 2,621 10,482 8,701 — 2,621 19,183 21,804 Woodlake Plaza 1,107 4,426 3,773 — 1,107 8,199 9,306 Total Whitestone Properties $ 324,299 $ 749,746 $ 104,447 $ — $ 324,299 $ 854,193 $ 1,178,492 Land Held for Development: BLVD Place Phase II-B 10,500 — 1,410 2,692 10,500 4,102 14,602 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 $ — $ 1,465 $ 2,692 $ 16,392 $ 4,157 $ 20,549 Grand Totals - Whitestone Properties $ 340,691 $ 749,746 $ 105,912 $ 2,692 $ 340,691 $ 858,350 $ 1,199,041 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life (in years) Whitestone Properties: Ahwatukee Plaza $ 1,321 8/16/2011 3 - 39 Anderson Arbor 629 12/01/2021 3 - 39 Anthem Marketplace (3) 4,847 6/28/2013 3 - 39 Anthem Marketplace Phase II 215 3/1/2019 3 - 39 BLVD Place (4) 14,195 5/26/2017 3 - 39 The Citadel 3,025 9/28/2010 3 - 39 City View Village 888 3/31/2015 3 - 39 Dana Park Pad 6 12/2/2022 3 - 40 Davenport Village 7,808 5/27/2015 3 - 39 Eldorado Plaza 4,711 5/3/2017 3 - 39 Fountain Hills Plaza 3,973 10/7/2013 3 - 39 Fountain Square 4,397 9/21/2012 3 - 39 Fulton Ranch Towne Center 5,518 11/5/2014 3 - 39 Gilbert Tuscany Village 2,090 6/28/2011 3 - 39 Heritage Trace Plaza 3,624 7/1/2014 3 - 39 Headquarters Village (5) 5,708 3/28/2013 3 - 39 Keller Place 1,903 8/26/2015 3 - 39 Kempwood Plaza 2,475 2/2/1999 3 - 39 Lakeside Market 1,373 7/8/2021 3 - 39 Lake Woodlands Crossing 34 12/21/2022 3 - 43 La Mirada 4,921 9/30/2016 3 - 39 Las Colinas Village 1,625 12/6/2019 3 - 39 Lion Square 6,232 1/1/2000 3 - 39 The Marketplace at Central 2,748 11/1/2010 3 - 39 Market Street at DC Ranch 12,129 12/5/2013 3 - 39 Mercado at Scottsdale Ranch 4,142 6/19/2013 3 - 39 Paradise Plaza 3,660 8/8/2012 3 - 39 Parkside Village North 1,826 7/2/2015 3 - 39 Parkside Village South 5,697 7/2/2015 3 - 39 Pinnacle of Scottsdale (6) 7,592 12/22/2011 3 - 39 Pinnacle of Scottsdale Phase II 1,989 3/31/2017 3 - 39 The Promenade at Fulton Ranch 3,287 11/5/2014 3 - 39 Providence 3,550 3/30/2001 3 - 39 Quinlan Crossing 6,059 8/26/2015 3 - 39 Seville 4,680 9/30/2016 3 - 39 Shaver 517 12/17/1999 3 - 39 Shops at Pecos Ranch (7) 4,450 12/28/2012 3 - 39 Shops at Starwood (8) 3,742 12/28/2011 3 - 39 Shops at Starwood Phase III 2,616 12/31/2016 3 - 39 The Shops at Williams Trace 3,574 12/24/2014 3 - 39 Spoerlein Commons 3,265 1/16/2009 3 - 39 The Strand at Huebner Oaks 3,122 9/19/2014 3 - 39 SugarPark Plaza 4,077 9/8/2004 3 - 39 Sunridge 1,210 1/1/2002 3 - 39 Sunset at Pinnacle Peak 1,277 5/29/2012 3 - 39 Terravita Marketplace 3,387 8/8/2011 3 - 39 Town Park 2,623 1/1/1999 3 - 39 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Village Square at Dana Park (9) 12,981 9/21/2012 3 - 39 Westchase 2,961 1/1/2002 3 - 39 Williams Trace Plaza 3,465 12/24/2014 3 - 39 Windsor Park 11,802 12/16/2003 3 - 39 Woodlake Plaza 4,340 3/14/2005 3 - 39 $ 208,286 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 $ 208,286 ( 1 Reconciliations of total real estate carrying value for the three December 31, 2022 2021 2020 Balance at beginning of period $ 1,196,919 $ 1,106,426 $ 1,099,955 Additions during the period: Acquisitions 16,992 81,588 — Improvements 13,659 9,642 7,613 30,651 91,230 7,613 Deductions - cost of real estate sold or retired (28,529 ) (737 ) (1,142 ) Balance at close of period $ 1,199,041 $ 1,196,919 $ 1,106,426 ( 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 portion of this property secures a $2.6 million mortgage note. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. December 31, 2022, 2021 2020 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 one |
Equity Method Investments [Policy Text Block] | Equity Method. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets As of December 31, 2022 eight not August 18, 2022. 10 not |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. 19 not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications. no |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash. 2015, January 6, 2024, |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation. may 2018 “2018 $1.5 December 31, 2022, 2021 2020 At our annual meeting of shareholders on May 11, 2017, 2018 2018 2018 2018 July 30, 2018, 2008 |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests. not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition. Rental third Other property income primarily includes amounts recorded in connection with management fees and lease termination fees. Pillarstone OP paid us management fees for property management, leasing and day-to-day advisory and administrative services. The management agreement with Pillarstone OP was terminated on August 18, 2022. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. three December 31, 2022 2021 may not not |
Real Estate, Policy [Policy Text Block] | Real Estate Development Properties. December 31, 2022 December 31, 2021 December 31, 2020, Acquired Properties and Acquired Lease Intangibles. 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 sp may |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment. may not first no December 31, 2022 |
Accounts Receivable [Policy Text Block] | Accrued Rents and Accounts Receivable. 19 not our operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. As of December 31, 2022 2021 , we had an allowance for uncollectible accounts of $13.8 million and $14.9 million, respectively. For the years ending December 31, 2022, 2021 2020 , we recorded an adjustment to rental revenue in the amount of $1.2 million, $(0.1) million and $5.6 million, respectively. Included in the adjustment to rental revenue for the years ending December 31, 2022 2021 , was a bad debt adjustment of $0.6 million and $0.1 million, respectively, and a straight-line rent reserve adjustment of $0.3 million and $0.9 million, respectively, related to credit loss for the conversion of 80 and 59 tenants, respectively, to cash basis revenue as a result of COVID- 19 |
Deferred Charges, Policy [Policy Text Block] | Unamortized Lease Commissions and Loan Costs. |
Prepaids and Other Assets, Policy [Policy Text Block] | Prepaids and Other Assets. |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes. December 31, 1999. not State Taxes. not 740, Income Taxes 740” December 31, 2022, 2021 2020 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. $579.7 December 31, 2022 2021 2 820, Fair Value Measurements and Disclosures 820” The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 820 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 December 31, 2022 2021 Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2022 2021 not not December 31, 2022, may |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities. 2 820. 2 not December 31, 2022 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. April 2020, 842, 19 19 842 not 19 not not 842 19 842 not 842. In March 2020 , No. 2020 04 , 848 2020 04” January 2021, No. 2021 01, 848 2021 01” 2020 04 2021 01 September 2022. no |
Note 3 - Real Estate (Tables)
Note 3 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Total revenues $ 142,047 $ 133,175 $ 128,091 Net income $ 36,512 $ 13,205 $ 6,981 Net income attributable to Whitestone REIT (1) $ 35,982 $ 13,000 $ 6,864 Basic Earnings Per Share: $ 0.73 $ 0.29 $ 0.16 Diluted Earnings Per Share: $ 0.72 $ 0.28 $ 0.16 Weighted-average common shares outstanding: Basic 49,256 45,486 42,244 Diluted 49,950 46,336 42,990 |
Note 4 - Investment in Real E_2
Note 4 - Investment in Real Estate Partnership (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Company’s Investment as of December 31, 2022 December 31, 2021 Real estate partnership Ownership Interest Pillarstone OP (1) 81.4% $ 34,826 $ 34,588 Total real estate partnership (2)(3)(4) $ 34,826 $ 34,588 December 31, 2022 2021 Assets: Real estate, net $ 47,727 $ 48,273 Other assets 9,680 8,790 Total assets (1) 57,407 57,063 Liabilities and equity: Notes payable 14,616 14,920 Other liabilities 3,782 3,200 Equity 39,009 38,943 Total liabilities and equity (2) 57,407 57,063 Company’s share of equity 31,773 31,718 Cost of investment in excess of the Company’s share of underlying net book value 3,053 2,870 Carrying value of investment in real estate partnership (3) $ 34,826 $ 34,588 Year Ended December 31, 2022 2021 2020 Rental revenues $ 8,930 $ 9,272 $ 9,672 Property expenses (7,386 ) (6,988 ) (6,858 ) Other expenses (1,099 ) (1,407 ) (1,440 ) Gain (loss) on sale of properties or disposal of assets (20 ) 23 (112 ) Net income (1) $ 425 $ 900 $ 1,262 |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Year Ended December 31, 2022 2021 2020 Pillarstone OP $ 239 $ 609 $ 921 |
Note 5 - Accrued Rents and Ac_2
Note 5 - Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 Tenant receivables $ 16,828 $ 18,410 Accrued rents and other recoveries 22,103 18,681 Allowance for doubtful accounts (13,822 ) (14,896 ) Other receivables 461 200 Total $ 25,570 $ 22,395 |
Note 6 - Unamortized Lease Co_2
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2022 2021 Leasing commissions $ 16,364 $ 13,341 Deferred legal cost 364 365 Deferred financing cost 4,149 3,898 Total cost 20,877 17,604 Less: leasing commissions accumulated amortization (7,649 ) (6,305 ) Less: deferred legal cost accumulated amortization (263 ) (248 ) Less: deferred financing cost accumulated amortization (268 ) (2,609 ) Total cost, net of accumulated amortization $ 12,697 $ 8,442 |
Schedule of Expected Future Amortization of Deferred Costs [Table Text Block] | Leasing Deferred Deferred Years Ended December 31, Commissions Legal Costs Financing Costs Total 2023 $ 1,872 $ 45 $ 889 $ 2,806 2024 1,565 17 889 2,471 2025 1,300 15 889 2,204 2026 1,080 15 763 1,858 2027 819 6 387 1,212 Thereafter 2,079 3 64 2,146 Total $ 8,715 $ 101 $ 3,881 $ 12,697 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Years Ended December 31, Minimum Future Rents (1) 2023 $ 95,724 2024 84,112 2025 67,628 2026 52,776 2027 40,869 Thereafter 124,747 Total $ 465,856 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Years Ended December 31, Operating Leases Finance Lease 2023 $ 65 $ 60 2024 42 62 2025 28 63 2026 1 64 2027 — 65 Thereafter — 2,773 Total undiscounted rental payments 136 3,087 Less imputed interest 7 2,352 Total lease liabilities $ 129 $ 735 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, Description 2022 2021 Fixed rate notes $ 100.0 1.73 1.35 1.90 (1) $ — $ 100,000 $ 165.0 2.24 1.35 1.90 (1) — 165,000 $ 265.0 3.18 1.45 2.10 January 31, 2028 (2) 265,000 — $ 80.0 3.72 June 1, 2027 80,000 80,000 $ 19.0 4.15 December 1, 2024 18,016 18,358 $ 20.2 4.28 June 6, 2023 17,375 17,808 $ 14.0 4.34 September 11, 2024 12,709 12,978 $ 14.3 4.34 September 11, 2024 13,520 13,773 $ 15.1 4.99 January 6, 2024 13,635 13,907 $ 2.6 5.46 October 1, 2023 2,236 2,289 $ 50.0 5.09 March 22, 2029 50,000 50,000 $ 50.0 5.17 March 22, 2029 50,000 50,000 Floating rate notes Unsecured line of credit, LIBOR plus 1.40 1.90 (3) — 119,500 Unsecured line of credit, SOFR plus 1.50 2.10 September 16, 2026 103,500 — Total notes payable principal 625,991 643,613 Less deferred financing costs, net of accumulated amortization (564 ) (771 ) Total notes payable $ 625,427 $ 642,842 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount Due 2023 $ 28,204 2024 63,573 2025 17,143 2026 120,643 2027 97,143 Thereafter 299,285 Total $ 625,991 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Payment due by period (in thousands) More than Less than 1 1 - 3 years 3 - 5 years 5 years Consolidated Contractual Obligations Total year (2023) (2024 - 2025) (2026 - 2027) (after 2027) Long-Term Debt - Principal $ 625,991 $ 28,204 $ 80,716 $ 217,786 $ 299,285 Long-Term Debt - Fixed Interest 101,004 23,393 40,899 34,398 2,314 Long-Term Debt - Variable Interest (1) 17,992 4,798 9,596 3,598 — Unsecured credit facility - Unused commitment fee (2) 1,373 366 732 275 — Operating Lease Obligations 136 65 70 1 — Finance Lease Obligations 3,087 60 125 129 2,773 Total $ 749,583 $ 56,886 $ 132,138 $ 256,187 $ 304,372 |
Note 9 - Derivatives and Hedg_2
Note 9 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | December 31, 2022 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 6,065 December 31, 2021 Balance Sheet Location Estimated Fair Value Accounts payable and accrued expenses $ (6,860 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | 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, 2022 $ 12,925 Interest expense $ 1,523 Year Ended December 31, 2021 $ 7,803 Interest expense $ 5,427 Year Ended December 31, 2020 $ (9,062 ) Interest expense $ 3,578 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2022 2021 2020 Numerator: Income from continuing operations $ 35,800 $ 10,420 $ 6,151 Less: Net income attributable to noncontrolling interests (530 ) (172 ) (117 ) Distributions paid on unvested restricted shares — — — Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 35,270 10,248 6,034 Income from discontinued operations — 1,833 — Less: Net income attributable to noncontrolling interests — (33 ) — Income from discontinued operations attributable to Whitestone REIT — 1,800 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 35,270 $ 12,048 $ 6,034 Denominator: Weighted average number of common shares - basic 49,256 45,486 42,244 Effect of dilutive securities: Unvested restricted shares 694 850 746 Weighted average number of common shares - dilutive 49,950 46,336 42,990 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.72 $ 0.23 $ 0.14 Income from discontinued operations attributable to Whitestone REIT — 0.03 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.72 $ 0.26 $ 0.14 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.71 $ 0.22 $ 0.14 Income from discontinued operations attributable to Whitestone REIT — 0.04 — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.71 $ 0.26 $ 0.14 |
Note 11 - Federal Income Taxes
Note 11 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash Distributions to Shareholders for Income Tax Purposes [Table Text Block] | 2022 2021 2020 Ordinary income (unaudited) 100.0 % 80.7 % 59.9 % Return of capital (unaudited) — 19.3 % 40.1 % Capital gain distributions (unaudited) — — — Total 100.0 % 100.0 % 100.0 % |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Location of Revenue (Expense) 2022 2021 2020 Rent Operating and maintenance $ (471 ) $ (899 ) $ (932 ) Property management fee income Management, transaction, and other fees $ 359 $ 568 $ 598 |
Note 13 - Equity (Tables)
Note 13 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distributions Per Common Share Amount Paid Distributions Per OP Unit Amount Paid Amount Paid 2022 Fourth Quarter $ 0.1200 $ 5,909 $ 0.1200 $ 83 $ 5,992 Third Quarter 0.1200 5,901 0.1200 88 5,989 Second Quarter 0.1200 5,880 0.1200 92 5,972 First Quarter 0.1075 5,268 0.1075 83 5,351 Total $ 0.4675 $ 22,958 $ 0.4675 $ 346 $ 23,304 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 |
Note 14 - Incentive Share Plan
Note 14 - Incentive Share Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2022 2,716,132 $ 8.32 Granted 360,334 11.61 Vested (519,003 ) 6.63 Forfeited (1,336,518 ) 8.30 Non-vested at December 31, 2022 1,220,945 10.03 Available for grant at December 31, 2022 1,739,465 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Shares Granted Shares Vested Non-Vested Shares Issued Weighted Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2022 360,334 $ 11.61 (519,003 ) $ 3,442 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 |
Note 18 - Selected Quarterly _2
Note 18 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 2022 Revenues $ 34,123 $ 34,997 $ 35,383 $ 34,918 Net income $ 7,189 $ 4,406 $ 3,975 $ 20,230 Net income attributable to Whitestone REIT $ 7,078 $ 4,338 $ 3,915 $ 19,939 Basic Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.14 $ 0.09 $ 0.08 $ 0.40 Diluted Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.14 $ 0.09 $ 0.08 $ 0.40 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 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule Of Valuation And Qualifying Accounts [Table Text Block] | (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, 2022 $ 14,896 $ 1,156 $ (2,230) $ 13,822 Year ended December 31, 2021 16,426 (90 ) (1,440 ) 14,896 Year ended December 31, 2020 11,173 5,649 (396 ) 16,426 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Real Estate and Accumulated Depreciation By Property [Table Text Block] | 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 $ 387 $ — $ 5,126 $ 4,473 $ 9,599 Anderson Arbor 4,679 23,545 (3 ) — 4,679 23,542 28,221 Anthem Marketplace 4,790 17,973 1,851 — 4,790 19,824 24,614 Anthem Marketplace Phase II 204 — 502 — 204 502 706 BLVD Place 63,893 90,942 3,161 — 63,893 94,103 157,996 The Citadel 472 1,777 3,357 — 472 5,134 5,606 City View Village 2,044 4,149 120 — 2,044 4,269 6,313 Dana Park Pad 890 4,034 (87 ) — 890 3,947 4,837 Davenport Village 11,367 34,101 1,761 — 11,367 35,862 47,229 Eldorado Plaza 16,551 30,746 908 — 16,551 31,654 48,205 Fountain Hills 5,113 15,340 1,110 — 5,113 16,450 21,563 Fountain Square 5,573 9,828 3,078 — 5,573 12,906 18,479 Fulton Ranch Towne Center 7,604 22,612 2,762 — 7,604 25,374 32,978 Gilbert Tuscany Village 1,767 3,233 1,451 — 1,767 4,684 6,451 Heritage Trace Plaza 6,209 13,821 1,151 — 6,209 14,972 21,181 HQ Village 7,171 18,439 2,097 — 7,171 20,536 27,707 Keller Place 5,977 7,577 995 — 5,977 8,572 14,549 Kempwood Plaza 733 1,798 2,422 — 733 4,220 4,953 Lakeside Market 18,116 35,290 789 — 18,116 36,079 54,195 Lake Woodlands Crossing — 12,069 (310 ) — — 11,759 11,759 La Mirada 12,853 24,464 1,798 — 12,853 26,262 39,115 Las Colinas 16,706 18,098 1,027 — 16,706 19,125 35,831 Lion Square 1,546 4,289 4,774 — 1,546 9,063 10,609 The MarketPlace at Central 1,305 5,324 1,518 — 1,305 6,842 8,147 Market Street at DC Ranch 9,710 26,779 10,063 — 9,710 36,842 46,552 Mercado at Scottsdale Ranch 8,728 12,560 1,939 — 8,728 14,499 23,227 Paradise Plaza 6,155 10,221 1,374 — 6,155 11,595 17,750 Parkside Village North 3,877 8,629 406 — 3,877 9,035 12,912 Parkside Village South 5,562 27,154 983 — 5,562 28,137 33,699 Pinnacle of Scottsdale 6,648 22,466 2,319 — 6,648 24,785 31,433 Pinnacle of Scottsdale Phase II 883 4,659 2,781 — 883 7,440 8,323 The Promenade at Fulton Ranch 5,198 13,367 823 — 5,198 14,190 19,388 Providence 918 3,675 3,062 — 918 6,737 7,655 Quinlan Crossing 9,561 28,683 1,175 — 9,561 29,858 39,419 Seville 6,913 25,518 2,669 — 6,913 28,187 35,100 Shaver 184 633 176 — 184 809 993 Shops at Pecos Ranch 3,781 15,123 1,224 — 3,781 16,347 20,128 Shops at Starwood 4,093 11,487 1,370 — 4,093 12,857 16,950 Starwood Phase III 1,818 7,069 3,633 — 1,818 10,702 12,520 The Shops at Williams Trace 5,920 14,297 2,420 — 5,920 16,717 22,637 Spoerlein Commons 2,340 7,296 984 — 2,340 8,280 10,620 The Strand at Huebner Oaks 5,805 12,335 1,035 — 5,805 13,370 19,175 SugarPark Plaza 1,781 7,125 1,490 — 1,781 8,615 10,396 Sunridge 276 1,186 954 — 276 2,140 2,416 Sunset at Pinnacle Peak 3,610 2,734 873 — 3,610 3,607 7,217 Terravita Marketplace 7,171 9,392 1,675 — 7,171 11,067 18,238 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 2,911 517 — 850 3,428 4,278 Village Square at Dana Park 10,877 40,250 6,138 — 10,877 46,388 57,265 Westchase 423 1,751 3,480 — 423 5,231 5,654 Williams Trace Plaza 6,800 14,003 1,792 — 6,800 15,795 22,595 Windsor Park 2,621 10,482 8,701 — 2,621 19,183 21,804 Woodlake Plaza 1,107 4,426 3,773 — 1,107 8,199 9,306 Total Whitestone Properties $ 324,299 $ 749,746 $ 104,447 $ — $ 324,299 $ 854,193 $ 1,178,492 Land Held for Development: BLVD Place Phase II-B 10,500 — 1,410 2,692 10,500 4,102 14,602 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 $ — $ 1,465 $ 2,692 $ 16,392 $ 4,157 $ 20,549 Grand Totals - Whitestone Properties $ 340,691 $ 749,746 $ 105,912 $ 2,692 $ 340,691 $ 858,350 $ 1,199,041 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life (in years) Whitestone Properties: Ahwatukee Plaza $ 1,321 8/16/2011 3 - 39 Anderson Arbor 629 12/01/2021 3 - 39 Anthem Marketplace (3) 4,847 6/28/2013 3 - 39 Anthem Marketplace Phase II 215 3/1/2019 3 - 39 BLVD Place (4) 14,195 5/26/2017 3 - 39 The Citadel 3,025 9/28/2010 3 - 39 City View Village 888 3/31/2015 3 - 39 Dana Park Pad 6 12/2/2022 3 - 40 Davenport Village 7,808 5/27/2015 3 - 39 Eldorado Plaza 4,711 5/3/2017 3 - 39 Fountain Hills Plaza 3,973 10/7/2013 3 - 39 Fountain Square 4,397 9/21/2012 3 - 39 Fulton Ranch Towne Center 5,518 11/5/2014 3 - 39 Gilbert Tuscany Village 2,090 6/28/2011 3 - 39 Heritage Trace Plaza 3,624 7/1/2014 3 - 39 Headquarters Village (5) 5,708 3/28/2013 3 - 39 Keller Place 1,903 8/26/2015 3 - 39 Kempwood Plaza 2,475 2/2/1999 3 - 39 Lakeside Market 1,373 7/8/2021 3 - 39 Lake Woodlands Crossing 34 12/21/2022 3 - 43 La Mirada 4,921 9/30/2016 3 - 39 Las Colinas Village 1,625 12/6/2019 3 - 39 Lion Square 6,232 1/1/2000 3 - 39 The Marketplace at Central 2,748 11/1/2010 3 - 39 Market Street at DC Ranch 12,129 12/5/2013 3 - 39 Mercado at Scottsdale Ranch 4,142 6/19/2013 3 - 39 Paradise Plaza 3,660 8/8/2012 3 - 39 Parkside Village North 1,826 7/2/2015 3 - 39 Parkside Village South 5,697 7/2/2015 3 - 39 Pinnacle of Scottsdale (6) 7,592 12/22/2011 3 - 39 Pinnacle of Scottsdale Phase II 1,989 3/31/2017 3 - 39 The Promenade at Fulton Ranch 3,287 11/5/2014 3 - 39 Providence 3,550 3/30/2001 3 - 39 Quinlan Crossing 6,059 8/26/2015 3 - 39 Seville 4,680 9/30/2016 3 - 39 Shaver 517 12/17/1999 3 - 39 Shops at Pecos Ranch (7) 4,450 12/28/2012 3 - 39 Shops at Starwood (8) 3,742 12/28/2011 3 - 39 Shops at Starwood Phase III 2,616 12/31/2016 3 - 39 The Shops at Williams Trace 3,574 12/24/2014 3 - 39 Spoerlein Commons 3,265 1/16/2009 3 - 39 The Strand at Huebner Oaks 3,122 9/19/2014 3 - 39 SugarPark Plaza 4,077 9/8/2004 3 - 39 Sunridge 1,210 1/1/2002 3 - 39 Sunset at Pinnacle Peak 1,277 5/29/2012 3 - 39 Terravita Marketplace 3,387 8/8/2011 3 - 39 Town Park 2,623 1/1/1999 3 - 39 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Village Square at Dana Park (9) 12,981 9/21/2012 3 - 39 Westchase 2,961 1/1/2002 3 - 39 Williams Trace Plaza 3,465 12/24/2014 3 - 39 Windsor Park 11,802 12/16/2003 3 - 39 Woodlake Plaza 4,340 3/14/2005 3 - 39 $ 208,286 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 $ 208,286 2022 2021 2020 Balance at beginning of period $ 1,196,919 $ 1,106,426 $ 1,099,955 Additions during the period: Acquisitions 16,992 81,588 — Improvements 13,659 9,642 7,613 30,651 91,230 7,613 Deductions - cost of real estate sold or retired (28,529 ) (737 ) (1,142 ) Balance at close of period $ 1,199,041 $ 1,196,919 $ 1,106,426 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Nature of Operations (Details Textual) $ in Thousands, ft² in Millions, a in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) a ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | ||
Reorganization and Conversion, Number of Common Shares | 1.42857 | |||
Real Estate Investment Property, Net, Total | $ | $ 990,755 | $ 1,006,586 | ||
Pillarstone OP [Member] | ||||
Equity Method Investment, Ownership Percentage | [1] | 81.40% | ||
Lake Woodlands Crossing [Member] | ||||
Area of Real Estate Property (Acre) | a | 0.1 | |||
Real Estate Investment Property, Net, Total | $ | $ 11,700 | |||
Wholly Owned Properties [Member] | ||||
Number of Real Estate Properties | 57 | 60 | 58 | |
Area of Real Estate Property (Acre) | ft² | 5.1 | |||
Wholly Owned Properties [Member] | Community Centered Properties [Member] | ||||
Number of Real Estate Properties | 51 | |||
Asset Acquisition, Number of Properties Acquired During Period | 1 | |||
Wholly Owned Properties [Member] | Parcels Held for Future Development [Member] | ||||
Asset Acquisition, Number of Properties Acquired During Period | 5 | |||
Unconsolidated Properties [Member] | Pillarstone OP [Member] | ||||
Number of Real Estate Properties | 8 | |||
Area of Real Estate Property (Acre) | ft² | 0.9 | |||
[1]The Company managed these real estate partnership investments and, where applicable, earned acquisition fees, leasing commissions, property management fees, and asset management fees. The management agreement was terminated on August 18, 2022. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, ft² in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) ft² $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 11, 2017 shares | Dec. 31, 2015 USD ($) | |
Conversion Ratio for Class Common Stock to OP Unit (in dollars per share) | $ / shares | $ 1 | ||||
Share-Based Payment Arrangement, Expense | $ 1,500,000 | $ 5,900,000 | $ 6,100,000 | ||
Real Estate Inventory, Capitalized Interest Costs Incurred | 455,000 | 414,000 | 481,000 | ||
Real Estate Taxes, Capitalized | 281,000 | 291,000 | 306,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 13,822,000 | 14,896,000 | |||
Provision for Lease Losses | 1,156,000 | (90,000) | 5,649,000 | ||
Accounts Receivable, Credit Loss Expense (Reversal), COVID-19 | 600,000 | 100,000 | |||
Straight Line Rent Adjustments, COVID-19 | $ 300,000 | $ 900,000 | |||
Accounts Receivable, Credit Loss Expense (Reversal), Number of Tenants, COVID-19 | 80 | 59 | |||
Applicable Tax Rate Used to Determine State Margin Tax | 1% | ||||
Standard Deduction Rate Used to Determine State Margin Tax | 30% | ||||
Margin Tax Provision Recognized | $ 400,000 | $ 400,000 | $ 400,000 | ||
Long-Term Debt, Fair Value | 579,700,000 | 643,600,000 | |||
Long-Term Debt, Total | 626,000,000 | 643,600,000 | |||
Fair Value, Inputs, Level 3 [Member] | Pillarstone OP [Member] | |||||
Long-Term Debt, Fair Value | 100,000 | 100,000 | |||
Long-Term Debt, Total | $ 100,000 | $ 100,000 | |||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 43 years | ||||
The 2018 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares | 3,433,831 | ||||
Anthem Marketplace Note [Member] | |||||
Debt Instrument, Face Amount | $ 15,100,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.99% | ||||
Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership, L.P. vs Company and Certain Subsidiaries and Certain Executives [Member] | |||||
Area of Real Estate Property (Acre) | ft² | 0.9 | ||||
Equity Method Investment, Ownership Percentage | 81.40% | ||||
Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership, L.P. vs Company and Certain Subsidiaries and Certain Executives [Member] | Unconsolidated Properties [Member] | |||||
Number of Real Estate Properties | 8 |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) $ in Thousands | 12 Months Ended | ||||||||||||||||
Dec. 21, 2022 USD ($) ft² | Dec. 02, 2022 USD ($) ft² | Nov. 30, 2022 USD ($) | Nov. 21, 2022 USD ($) | Nov. 16, 2022 USD ($) | Nov. 14, 2022 USD ($) | Nov. 10, 2022 USD ($) | Oct. 31, 2022 USD ($) | Dec. 01, 2021 USD ($) ft² | Jul. 08, 2021 USD ($) ft² | Oct. 23, 2020 USD ($) | Apr. 24, 2019 USD ($) | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2014 USD ($) | |
Payments to Acquire Productive Assets, Total | $ 100 | $ 300 | $ 0 | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 16,950 | $ 266 | $ 178 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Pima Norte [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 3,300 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (4,000) | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Spoerlein Commons [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 2,200 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 700 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Desert Canyon [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 9,300 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 5,100 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Gilbert Tuscany Village Hard Corner [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 2,500 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 800 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | South Richey [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 13,100 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 9,900 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bissonnet/Beltway in Houston, Texas [Member] | |||||||||||||||||
Proceeds from Sale of Productive Assets, Total | $ 5,400 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 4,400 | ||||||||||||||||
Lake Woodlands Crossing [Member] | |||||||||||||||||
Area of Real Estate Property (Acre) | ft² | 60,246 | ||||||||||||||||
Payments to Acquire Productive Assets, Total | $ 22,500 | ||||||||||||||||
Asset Acquisition Percent of Property Leased | 89.30% | ||||||||||||||||
Dana Park Pad [Member] | |||||||||||||||||
Area of Real Estate Property (Acre) | ft² | 12,000 | ||||||||||||||||
Payments to Acquire Productive Assets, Total | $ 4,900 | ||||||||||||||||
Asset Acquisition Percent of Property Leased | 100% | ||||||||||||||||
Anderson Arbor [Member] | |||||||||||||||||
Area of Real Estate Property (Acre) | ft² | 89,746 | ||||||||||||||||
Payments to Acquire Productive Assets, Total | $ 28,100 | ||||||||||||||||
Asset Acquisition Percent of Property Leased | 89% | ||||||||||||||||
Lakeside Market [Member] | |||||||||||||||||
Area of Real Estate Property (Acre) | ft² | 162,649 | ||||||||||||||||
Payments to Acquire Productive Assets, Total | $ 53,200 | ||||||||||||||||
Asset Acquisition Percent of Property Leased | 80.50% | ||||||||||||||||
Zeta, Royal Crest, and Featherwood [Member] | |||||||||||||||||
Number of Real Estate Properties | 3 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,800 | $ 700 | |||||||||||||||
Proceeds from Sale of Real Estate | $ 700 | $ 1,800 | |||||||||||||||
Deferred Gain on Sale of Property | $ 2,500 | ||||||||||||||||
Centre South [Member] | |||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 500 | ||||||||||||||||
Proceeds from Sale of Real Estate | $ 500 | ||||||||||||||||
Wholly Owned Properties [Member] | |||||||||||||||||
Number of Real Estate Properties | 57 | 60 | 58 | ||||||||||||||
Area of Real Estate Property (Acre) | ft² | 5,100,000 | ||||||||||||||||
Wholly Owned Properties [Member] | Parcels Held for Future Development [Member] | |||||||||||||||||
Number of Real Estate Properties | 5 |
Note 3 - Real Estate - Pro Form
Note 3 - Real Estate - Pro Forma Results of Asset Acquisitions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||||
Total revenues | $ 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | $ 33,258 | $ 32,444 | $ 30,618 | $ 29,045 | $ 139,421 | $ 125,365 | $ 117,915 | |||||
Net income | 20,230 | 3,975 | 4,406 | 7,189 | 2,648 | 2,946 | 5,218 | 1,441 | 35,800 | 12,253 | 6,151 | |||||
Net income attributable to Whitestone REIT (1) | $ 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | $ 2,608 | $ 2,899 | $ 5,126 | $ 1,415 | $ 35,270 | $ 12,048 | $ 6,034 | |||||
Basic Earnings Per Share: (in dollars per share) | $ 0.40 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.05 | [1] | $ 0.06 | [1] | $ 0.12 | [1] | $ 0.03 | [1] | $ 0.72 | $ 0.26 | $ 0.14 | |
Diluted Earnings Per Share: (in dollars per share) | $ 0.40 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | $ 0.71 | $ 0.26 | $ 0.14 | |||||
Basic (in shares) | 49,256 | 45,486 | 42,244 | |||||||||||||
Diluted (in shares) | 49,950 | 46,336 | 42,990 | |||||||||||||
Pro Forma [Member] | ||||||||||||||||
Total revenues | $ 142,047 | $ 133,175 | $ 128,091 | |||||||||||||
Net income | 36,512 | 13,205 | 6,981 | |||||||||||||
Net income attributable to Whitestone REIT (1) | [2] | $ 35,982 | $ 13,000 | $ 6,864 | ||||||||||||
Basic Earnings Per Share: (in dollars per share) | $ 0.73 | $ 0.29 | $ 0.16 | |||||||||||||
Diluted Earnings Per Share: (in dollars per share) | $ 0.72 | $ 0.28 | $ 0.16 | |||||||||||||
Basic (in shares) | 49,256 | 45,486 | 42,244 | |||||||||||||
Diluted (in shares) | 49,950 | 46,336 | 42,990 | |||||||||||||
[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.[2]Net income attributable to Whitestone REIT reflects historical ownership percentages. |
Note 4 - Investment in Real E_3
Note 4 - Investment in Real Estate Partnership (Details Textual) $ / shares in Units, ft² in Millions | 12 Months Ended | 24 Months Ended | ||||||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) | Dec. 08, 2018 USD ($) | Dec. 26, 2021 $ / shares | Oct. 08, 2019 | Dec. 08, 2016 | ||
Equity Method Investment, Difference Between Carrying Amount And Underlying Equity, Amortization | $ 108,000 | |||||||
Performance Guarantee [Member] | ||||||||
Guarantees, Fair Value Disclosure | $ 462,000 | |||||||
Guarantee Liability, Amortization Period (Year) | 7 years | |||||||
Amortization of Guarantee Liability | $ 37,000 | $ 38,000 | $ 39,000 | |||||
Pillarstone OP [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 81.40% | ||||||
Common Stock Rights Agreement, Preferred Purchase Rights Issued Per Share (in dollars per share) | $ / shares | $ 1 | |||||||
Preferred Share Purchase Rights, Exercisable, Percentage of Common Share by Certain Holders | 5% | |||||||
Common Stock Rights Agreement, Purchase Price Multiplier | 2 | |||||||
Pillarstone OP [Member] | Series D Preferred Stock [Member] | ||||||||
Preferred Share Purchase Rights, Conversion Ratio to Preferred Share | 0.001 | |||||||
Common Stock Rights Agreement, Purchase Price Per Unit (in dollars per share) | $ / shares | $ 7 | |||||||
Pillarstone OP [Member] | Unconsolidated Properties [Member] | ||||||||
Number of Real Estate Properties | 8 | |||||||
Area of Real Estate Property (Acre) | ft² | 0.9 | |||||||
Uptown Tower [Member] | ||||||||
Property Management Fee Revenue | $ 144,000 | |||||||
Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership, L.P. vs Company and Certain Subsidiaries and Certain Executives [Member] | ||||||||
Number of Real Estate Properties | 3 | |||||||
Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership, L.P. vs Company and Certain Subsidiaries and Certain Executives [Member] | Unconsolidated Properties [Member] | ||||||||
Number of Real Estate Properties | 8 | 8 | ||||||
Area of Real Estate Property (Acre) | ft² | 0.9 | 0.9 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Number of Wholly-owned Subsidiaries Contributed to Variable Interest Entity | 4 | |||||||
Number of Non-core Properties Contributed to Variable Interest Entity | 14 | |||||||
Variable Interest Entity, Consideration, Amount | $ 84,000,000 | |||||||
Variable Interest Entity, Consideration, Limited Partnership Interest | 18,100,000 | |||||||
Variable Interest Entity, Consideration, Liabilities Assumed | $ 65,900,000 | |||||||
[1]The Company managed these real estate partnership investments and, where applicable, earned acquisition fees, leasing commissions, property management fees, and asset management fees. The management agreement was terminated on August 18, 2022. |
Note 4 - Investment in Real E_4
Note 4 - Investment in Real Estate Partnership - Real Estate Partnership Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Investment | [1],[2] | $ 34,826 | $ 34,588 | $ 34,826 | $ 34,588 | |||||||
Real estate, net | 990,755 | 1,006,586 | 990,755 | 1,006,586 | ||||||||
Total assets(1) | 1,102,767 | 1,102,090 | 1,102,767 | 1,102,090 | ||||||||
Notes payable | 625,427 | 642,842 | 625,427 | 642,842 | ||||||||
Equity | 418,448 | 392,783 | 418,448 | 392,783 | ||||||||
Total liabilities and equity(2) | 1,102,767 | 1,102,090 | 1,102,767 | 1,102,090 | ||||||||
Carrying value of investment in real estate partnership(3) | [1],[2] | 34,826 | 34,588 | 34,826 | 34,588 | |||||||
Rental revenues | 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | 33,258 | $ 32,444 | $ 30,618 | $ 29,045 | 139,421 | 125,365 | $ 117,915 | |
Other expenses | (10,370) | (24,272) | (24,122) | |||||||||
Net income(1) | $ 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | 2,608 | $ 2,899 | $ 5,126 | $ 1,415 | $ 35,270 | 12,048 | 6,034 | |
Pillarstone OP [Member] | ||||||||||||
Ownership interest | [3] | 81.40% | 81.40% | |||||||||
Investment | [2],[3] | $ 34,826 | 34,588 | $ 34,826 | 34,588 | |||||||
Company’s share of equity | 31,773 | 31,718 | 31,773 | 31,718 | ||||||||
Cost of investment in excess of the Company’s share of underlying net book value | 3,053 | 2,870 | 3,053 | 2,870 | ||||||||
Carrying value of investment in real estate partnership(3) | [2],[3] | 34,826 | 34,588 | 34,826 | 34,588 | |||||||
Pillarstone OP [Member] | ||||||||||||
Real estate, net | 47,727 | 48,273 | 47,727 | 48,273 | ||||||||
Other assets | 9,680 | 8,790 | 9,680 | 8,790 | ||||||||
Total assets(1) | [4] | 57,407 | 57,063 | 57,407 | 57,063 | |||||||
Notes payable | 14,616 | 14,920 | 14,616 | 14,920 | ||||||||
Other liabilities | 3,782 | 3,200 | 3,782 | 3,200 | ||||||||
Equity | 39,009 | 38,943 | 39,009 | 38,943 | ||||||||
Total liabilities and equity(2) | [5] | $ 57,407 | $ 57,063 | 57,407 | 57,063 | |||||||
Rental revenues | 8,930 | 9,272 | 9,672 | |||||||||
Property expenses | (7,386) | (6,988) | (6,858) | |||||||||
Other expenses | (1,099) | (1,407) | (1,440) | |||||||||
Gain (loss) on sale of properties or disposal of assets | (20) | 23 | (112) | |||||||||
Net income(1) | [6] | $ 425 | $ 900 | $ 1,262 | ||||||||
[1]Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2022 and 2021.[2]We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated the value of the investment based on the information available to us at the time of this report.[3]The Company managed these real estate partnership investments and, where applicable, earned acquisition fees, leasing commissions, property management fees, and asset management fees. The management agreement was terminated on August 18, 2022.[4]We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated total assets and its components based on the information available to us at the time of this report.[5]We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated total liabilities and equity and its components based on the information available to us at the time of this report.[6]We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of September 30, 2022 have not been made available to us, we have estimated net income and its components based on the information available to us at the time of this report. |
Note 4 - Investment in Real E_5
Note 4 - Investment in Real Estate Partnership - Net Income from Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pillarstone OP [Member] | |||
Pillarstone OP | $ 239 | $ 609 | $ 921 |
Note 5 - Accrued Rents and Ac_3
Note 5 - Accrued Rents and Accounts Receivable, Net - Schedule of Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Tenant receivables | $ 16,828 | $ 18,410 |
Accrued rents and other recoveries | 22,103 | 18,681 |
Allowance for doubtful accounts | (13,822) | (14,896) |
Other receivables | 461 | 200 |
Total | $ 25,570 | $ 22,395 |
Note 6 - Unamortized Lease Co_3
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leasing commissions | $ 16,364 | $ 13,341 |
Deferred legal cost | 364 | 365 |
Deferred financing cost | 4,149 | 3,898 |
Total cost | 20,877 | 17,604 |
Less: leasing commissions accumulated amortization | (7,649) | (6,305) |
Less: deferred legal cost accumulated amortization | (263) | (248) |
Less: deferred financing cost accumulated amortization | (268) | (2,609) |
Total cost, net of accumulated amortization | $ 12,697 | $ 8,442 |
Note 6 - Unamortized Lease Co_4
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs - Schedule of Expected Future Amortization of Deferred Costs (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023, Leasing commissions | $ 1,872 |
2023, Deferred legal costs | 45 |
2023, Deferred financing costs | 889 |
2023, Total deferred costs | 2,806 |
2024, Leasing commissions | 1,565 |
2024, Deferred legal costs | 17 |
2024, Deferred financing costs | 889 |
2024, Total deferred costs | 2,471 |
2025, Leasing commissions | 1,300 |
2025, Deferred legal costs | 15 |
2025, Deferred financing costs | 889 |
2025, Total deferred costs | 2,204 |
2026, Leasing commissions | 1,080 |
2026, Deferred legal costs | 15 |
2026, Deferred financing costs | 763 |
2026, Total deferred costs | 1,858 |
2027, Leasing commissions | 819 |
2027, Deferred legal costs | 6 |
2027, Deferred financing costs | 387 |
2027, Total deferred costs | 1,212 |
Thereafter, leasing commissions | 2,079 |
Thereafter, deferred legal costs | 3 |
Thereafter, deferred financing costs | 64 |
Thereafter, total deferred costs | 2,146 |
Total, leasing commissions | 8,715 |
Total, deferred legal costs | 101 |
Total, deferred financing costs | 3,881 |
Total, deferred costs | $ 12,697 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lease, Cost, Total | $ 597,000 | $ 11,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 6 months | 2 years 10 months 24 days |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 99 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | 4.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 6% | |
Operating Lease, Cost | $ 1,036,000 | |
Ground Lease [Member] | ||
Number of Ground Leases | 1 | |
Lessee, Finance Lease, Term of Contract (Year) | 99 years | |
Minimum [Member] | Office Space, Automobile, and Office Machine [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | Office Space, Automobile, and Office Machine [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years |
Note 7 - Leases - Summary of Mi
Note 7 - Leases - Summary of Minimum Future Rents to be Received (Details) $ in Thousands | Dec. 31, 2022 USD ($) | [1] |
2023 | $ 95,724 | |
2024 | 84,112 | |
2025 | 67,628 | |
2026 | 52,776 | |
2027 | 40,869 | |
Thereafter | 124,747 | |
Total | $ 465,856 | |
[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. |
Note 7 - Leases - Summary of Fu
Note 7 - Leases - Summary of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023, operating leases | $ 65 | |
2023, finance lease | 60 | |
2024, operating leases | 42 | |
2024, finance lease | 62 | |
2025, operating leases | 28 | |
2025, finance lease | 63 | |
2026, operating leases | 1 | |
2026, finance lease | 64 | |
2027, operating leases | 0 | |
2027, finance lease | 65 | |
Thereafter, operating leases | 0 | |
Thereafter, finance lease | 2,773 | |
Total undiscounted rental payments, operating leases | 136 | |
Total undiscounted rental payments, finance lease | 3,087 | |
Less imputed interest, operating leases | 7 | |
Less imputed interest, finance lease | 2,352 | |
Total lease liabilities, operating leases | 129 | |
Total lease liabilities, finance lease | $ 735 | $ 0 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) | 10 Months Ended | 12 Months Ended | 15 Months Ended | 48 Months Ended | |||||
Sep. 16, 2022 USD ($) | Mar. 22, 2019 USD ($) | Oct. 28, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 31, 2024 | Jan. 31, 2028 | Apr. 30, 2020 USD ($) | |
Secured Debt, Total | $ 157,500,000 | ||||||||
Long-Term Debt, Total | $ 626,000,000 | $ 643,600,000 | |||||||
Asset Pledged as Collateral [Member] | Secured Debt [Member] | |||||||||
Number of Real Estate Properties | 7 | ||||||||
Real Estate Investments, Net, Total | $ 243,100,000 | ||||||||
Floating Rate Notes [Member] | |||||||||
Debt Instrument, Basis Point Credit Spread Adjustment | 10% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 1 | ||||||||
Long-Term Debt, Total | $ 103,500,000 | ||||||||
Floating Rate Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||||||
Floating Rate Notes [Member] | One-Month LIBOR Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.31% | ||||||||
The 265 Million Note Due January 31, 2028 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.16% | 3.18% | |||||||
Debt Instrument, Face Amount | $ 265,000,000 | ||||||||
The 265 Million Note Due January 31, 2028 [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||||
The 265 Million Note Due January 31, 2028 [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | ||||||||
The 265 Million Note Due January 31, 2028 [Member] | Forecast [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.76% | 3.32% | |||||||
U.S. Bank, National Association [Member] | |||||||||
Long-Term Line of Credit, Total | $ 1,733,510 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 1% | ||||||||
Line of Credit Facility, Decrease, Forgiveness | $ 1,734,000 | ||||||||
The Series A and Series B Notes [Member] | |||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||
Debt Instrument, Minimum Partial Prepayment | $ 1,000,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||
Debt Instrument, Covenant, Maximum Total Indebtedness to Total Asset Value Ratio | 0.60 | ||||||||
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio | 0.40 | ||||||||
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio | 1.50 | ||||||||
Debt Instrument, Covenant, Maximum Other Recourse Debt to Total Asset Value Ratio | 0.15 | ||||||||
Debt Instrument, Covenant, Tangible Net Worth Threshold Before Percentage of Aggregate Net Proceeds, Percent | 75% | ||||||||
Debt Instrument, Covenant, Tangible Net Worth, Percentage of Aggregate Net Proceeds, Minimum | 75% | ||||||||
Debt Instrument, Covenant, Maximum Secured Recourse Debt to Total Asset Value | 1.50 | ||||||||
Debt Instrument, Covenant, Maximum Unsecured Debt to Unencumbered Assets | 0.60 | ||||||||
The Series A Notes [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.09% | 5.09% | 5.09% | ||||||
Debt Instrument, Face Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Debt Instrument, Annual Principal Payment | $ 7,100,000 | ||||||||
The Series B Notes [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.17% | 5.17% | 5.17% | ||||||
Debt Instrument, Face Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Debt Instrument, Annual Principal Payment | $ 10,000,000 | ||||||||
The 2022 Facility [Member] | |||||||||
Debt Instrument, Covenant, Maximum Total Indebtedness to Total Asset Value Ratio | 0.60 | ||||||||
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio | 0.40 | ||||||||
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio | 1.50 | ||||||||
Debt Instrument, Covenant, Maximum Other Recourse Debt to Total Asset Value Ratio | 0.15 | ||||||||
Debt Instrument, Covenant, Tangible Net Worth, Percentage of Aggregate Net Proceeds, Minimum | 75% | ||||||||
Debt Instrument, Basis Point Credit Spread Adjustment | 2.10% | ||||||||
Debt Instrument, Applicable Margin Adjustment per Annum | 0.02% | ||||||||
Debt Instrument, Covenant, Tangible Net Worth Threshold Before Percentage of Aggregate Net Proceeds, Amount | $ 449,000,000 | ||||||||
The 2022 Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||||
Line of Credit Facility, Facility Usage | 50% | ||||||||
The 2022 Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Line of Credit Facility, Facility Usage | 50% | ||||||||
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
The 2022 Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
The 2022 Facility [Member] | Adjusted Term SOFR for One Month Tenor in Effect [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||||||
The 2022 Facility [Member] | Adjusted Term SOFR for 2 Business Days Prior [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||
The 2022 Facility [Member] | Term Loans [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.16% | ||||||||
Debt Instrument, Face Amount | $ 265,000,000 | ||||||||
The 2022 Facility [Member] | Term Loans [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||||||
The 2022 Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Long-Term Line of Credit, Total | $ 368,500,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.79% | ||||||||
Debt Instrument, Basis Point Credit Spread Adjustment | 0.10% | ||||||||
Line of Credit Facility, Accordion Feature, Increase Limit | $ 200,000,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 146,400,000 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 146,000,000 | ||||||||
The 2022 Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||||||
The 2022 Facility [Member] | Forecast [Member] | Term Loans [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 3.42% | |||||||
The 2022 Facility [Member] | Forecast [Member] | Term Loans [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | 1.55% | |||||||
The 2019 Facility [Member] | |||||||||
Repayments of Long-Term Debt, Total | $ 379,500,000 | ||||||||
The 2019 Facility [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||||||||
The 2019 Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Note 8 - Debt - Schedule of Deb
Note 8 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes payable principal | $ 625,991 | $ 643,613 | |
Less deferred financing costs, net of accumulated amortization | (564) | (771) | |
Total notes payable | 626,000 | 643,600 | |
Notes Payable [Member] | |||
Total notes payable | 625,427 | 642,842 | |
The 100 Million Note Due October 30, 2022 [Member] | |||
Notes payable principal | [1] | 0 | 100,000 |
The 165 Million Note Due January 31, 2024 [Member] | |||
Notes payable principal | [1] | 0 | 165,000 |
The 265 Million Note Due January 31, 2028 [Member] | |||
Notes payable principal | [2] | 265,000 | 0 |
The 80 Million Note Due June 1, 2027 [Member] | |||
Notes payable principal | 80,000 | 80,000 | |
The 19 Million Note Due December 1, 2024 [Member] | |||
Notes payable principal | 18,016 | 18,358 | |
The 20.2 Million Note Due June 6, 2023 [Member] | |||
Notes payable principal | 17,375 | 17,808 | |
The 14 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 12,709 | 12,978 | |
The 14.3 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 13,520 | 13,773 | |
The 15.1 Million Note Due January 6, 2024 [Member] | |||
Notes payable principal | 13,635 | 13,907 | |
The 2.6 Million Note Due October 1, 2023 [Member] | |||
Notes payable principal | 2,236 | 2,289 | |
The Series A Notes [Member] | |||
Notes payable principal | 50,000 | 50,000 | |
The Series B Notes [Member] | |||
Notes payable principal | 50,000 | 50,000 | |
The 2019 Facility [Member] | |||
Notes payable principal | [3] | 0 | 119,500 |
The 2022 Facility [Member] | |||
Notes payable principal | $ 103,500 | $ 0 | |
[1]Loan was fully paid off on September 16, 2022.[2]Promissory note includes an interest rate swap that fixed the SOFR portion of the term loan at an interest rate of 2.16% through October 28, 2022, 2.76% from October 29, 2022 through January 31, 2024, and 3.32% beginning February 1, 2024 through January 31, 2028.[3]Line of credit was paid off on September 16, 2022. |
Note 8 - Debt - Schedule of D_2
Note 8 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Oct. 28, 2022 | Mar. 22, 2019 | |
The 100 Million Note Due October 30, 2022 [Member] | ||||
Face amount | $ 100 | |||
Interest rate, stated | 1.73% | |||
The 100 Million Note Due October 30, 2022 [Member] | Minimum [Member] | ||||
Interest rate, variable | 1.35% | |||
The 100 Million Note Due October 30, 2022 [Member] | Maximum [Member] | ||||
Interest rate, variable | 1.90% | |||
The 165 Million Note Due January 31, 2024 [Member] | ||||
Face amount | $ 165 | |||
Interest rate, stated | 2.24% | |||
The 165 Million Note Due January 31, 2024 [Member] | Minimum [Member] | ||||
Interest rate, variable | 1.35% | |||
The 165 Million Note Due January 31, 2024 [Member] | Maximum [Member] | ||||
Interest rate, variable | 1.90% | |||
The 265 Million Note Due January 31, 2028 [Member] | ||||
Face amount | $ 265 | |||
Interest rate, stated | 3.18% | 2.16% | ||
Maturity date | Jan. 31, 2028 | |||
The 265 Million Note Due January 31, 2028 [Member] | Minimum [Member] | ||||
Interest rate, variable | 1.45% | |||
The 265 Million Note Due January 31, 2028 [Member] | Maximum [Member] | ||||
Interest rate, variable | 2.10% | |||
The 80 Million Note Due June 1, 2027 [Member] | ||||
Face amount | $ 80 | $ 80 | ||
Interest rate, stated | 3.72% | 3.72% | ||
Maturity date | Jun. 01, 2027 | Jun. 01, 2027 | ||
The 19 Million Note Due December 1, 2024 [Member] | ||||
Face amount | $ 19 | $ 19 | ||
Interest rate, stated | 4.15% | 4.15% | ||
Maturity date | Dec. 01, 2024 | Dec. 01, 2024 | ||
The 20.2 Million Note Due June 6, 2023 [Member] | ||||
Face amount | $ 20.2 | $ 20.2 | ||
Interest rate, stated | 4.28% | 4.28% | ||
Maturity date | Jun. 06, 2023 | Jun. 06, 2023 | ||
The 14 Million Note Due September 11, 2024 [Member] | ||||
Face amount | $ 14 | $ 14 | ||
Interest rate, stated | 4.34% | 4.34% | ||
Maturity date | Sep. 11, 2024 | Sep. 11, 2024 | ||
The 14.3 Million Note Due September 11, 2024 [Member] | ||||
Face amount | $ 14.3 | $ 14.3 | ||
Interest rate, stated | 4.34% | 4.34% | ||
Maturity date | Sep. 11, 2024 | Sep. 11, 2024 | ||
The 15.1 Million Note Due January 6, 2024 [Member] | ||||
Face amount | $ 15.1 | $ 15.1 | ||
Interest rate, stated | 4.99% | 4.99% | ||
Maturity date | Jan. 06, 2024 | Jan. 06, 2024 | ||
The 2.6 Million Note Due October 1, 2023 [Member] | ||||
Face amount | $ 2.6 | $ 2.6 | ||
Interest rate, stated | 5.46% | 5.46% | ||
Maturity date | Oct. 01, 2023 | Oct. 01, 2023 | ||
The Series A Notes [Member] | ||||
Face amount | $ 50 | $ 50 | $ 50 | |
Interest rate, stated | 5.09% | 5.09% | 5.09% | |
Maturity date | Mar. 22, 2029 | Mar. 22, 2029 | ||
The Series B Notes [Member] | ||||
Face amount | $ 50 | $ 50 | $ 50 | |
Interest rate, stated | 5.17% | 5.17% | 5.17% | |
Maturity date | Mar. 22, 2029 | Mar. 22, 2029 | ||
The 2019 Facility [Member] | Minimum [Member] | ||||
Interest rate, variable | 1.40% | |||
The 2019 Facility [Member] | Maximum [Member] | ||||
Interest rate, variable | 1.90% | |||
The 2022 Facility [Member] | ||||
Maturity date | Sep. 16, 2026 | |||
Basis Point Credit Spread Adjustment | 2.10% | |||
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Interest rate, variable | 1.50% |
Note 8 - Debt - Scheduled Matur
Note 8 - Debt - Scheduled Maturities of Outstanding Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 28,204 | |
2024 | 63,573 | |
2025 | 17,143 | |
2026 | 120,643 | |
2027 | 97,143 | |
Thereafter | 299,285 | |
Total | $ 625,991 | $ 643,613 |
Note 8 - Debt - Contractual Obl
Note 8 - Debt - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Debt | $ 626,000 | $ 643,600 | |
Long-Term Debt, less than one year | 28,204 | ||
Long-Term Debt - more than five years | 299,285 | ||
Operating Lease Obligations | 136 | ||
Operating Lease Obligations, less than one year | 65 | ||
Operating Lease Obligations, one to three years | 70 | ||
Operating Lease Obligations, three to five years | 1 | ||
Operating Lease Obligations, more than five years | 0 | ||
Finance Lease Obligations | 3,087 | ||
Finance Lease Obligations, less than one year | 60 | ||
Finance Lease Obligations, one to three years | 125 | ||
Finance Lease Obligations, three to five years | 129 | ||
Finance Lease Obligations, more than five years | 2,773 | ||
Contractual obligations | 749,583 | ||
Contractual obligations, less than one year | 56,886 | ||
Contractual obligations, one to three years | 132,138 | ||
Contractual obligations, three to five years | 256,187 | ||
Contractual obligations, more than five years | 304,372 | ||
Principal [Member] | |||
Long-Term Debt | 625,991 | ||
Long-Term Debt, less than one year | 28,204 | ||
Long-Term Debt, one to three years | 80,716 | ||
Long-Term Debt, three to five years | 217,786 | ||
Long-Term Debt - more than five years | 299,285 | ||
Fixed Interest [Member] | |||
Long-Term Debt | 101,004 | ||
Long-Term Debt, less than one year | 23,393 | ||
Long-Term Debt, one to three years | 40,899 | ||
Long-Term Debt, three to five years | 34,398 | ||
Long-Term Debt - more than five years | 2,314 | ||
Variable Interest [Member] | |||
Long-Term Debt | [1] | 17,992 | |
Long-Term Debt, less than one year | 4,798 | ||
Long-Term Debt, one to three years | 9,596 | ||
Long-Term Debt, three to five years | 3,598 | ||
Long-Term Debt - more than five years | 0 | ||
Unused Commitment Fee [Member] | |||
Long-Term Debt | [2] | 1,373 | |
Long-Term Debt, less than one year | 366 | ||
Long-Term Debt, one to three years | 732 | ||
Long-Term Debt, three to five years | 275 | ||
Long-Term Debt - more than five years | $ 0 | ||
[1]As of December 31, 2022, we had one loan totaling $103.5 million which bore interest at a floating rate. The variable interest rate payments are based on SOFR plus 1.60% and a 10 basis point spread adjustment which reflects our new interest rates under our 2022 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, 2022, of 0.10%.[2]The unused commitment fees on the 2022 Facility, payable quarterly, are based on the average daily unused amount of the 2019 Facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50%. The information in the table above reflects our projected obligations for the 2022 Facility based on our December 31, 2022 balance of $368.5 million. |
Note 9 - Derivatives and Hedg_3
Note 9 - Derivatives and Hedging Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2028 | Sep. 16, 2022 | Sep. 07, 2022 | Jan. 31, 2019 | Nov. 19, 2015 | |
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative, Fixed Interest Rate | 3.32% | |||||||
Derivative, Notional Amount | $ 100,000 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | U.S. Bank, National Association [Member] | ||||||||
Derivative, Notional Amount | 20,700 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Truist Bank [Member] | ||||||||
Derivative, Notional Amount | 25,400 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Capital One, National Association [Member] | ||||||||
Derivative, Notional Amount | 20,700 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Associated Bank [Member] | ||||||||
Derivative, Notional Amount | $ 5,900 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | ||||||||
Derivative, Notional Amount | $ 265,000 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | U.S. Bank, National Association [Member] | ||||||||
Derivative, Notional Amount | 54,800 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | Truist Bank [Member] | ||||||||
Derivative, Notional Amount | 67,200 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | Capital One, National Association [Member] | ||||||||
Derivative, Notional Amount | 54,800 | |||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | Associated Bank [Member] | ||||||||
Derivative, Notional Amount | $ 15,700 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.43% | |||||||
Derivative, Notional Amount | $ 165,000 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | U.S. Bank, National Association [Member] | ||||||||
Derivative, Notional Amount | 32,600 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Associated Bank [Member] | ||||||||
Derivative, Notional Amount | 15,000 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Regions Bank [Member] | ||||||||
Derivative, Notional Amount | 29,400 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | SunTrust Bank [Member] | ||||||||
Derivative, Notional Amount | $ 40,000 | |||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Bank of Montreal [Member] | ||||||||
Derivative, Notional Amount | $ 29,400 | |||||||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative, Fixed Interest Rate | 1.73% | |||||||
Derivative, Notional Amount | $ 100,000 | |||||||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | U.S. Bank, National Association [Member] | ||||||||
Derivative, Notional Amount | 35,000 | |||||||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | SunTrust Bank [Member] | ||||||||
Derivative, Notional Amount | $ 15,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | $ 0 | $ 0 | $ 0 |
Note 9 - Derivatives and Hedg_4
Note 9 - Derivatives and Hedging Activities - Fair Value of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities [Member] | ||
Prepaid expenses and other assets (accounts payable and accrued expenses) | $ (6,860) | |
Prepaid Expenses and Other Current Assets [Member] | ||
Prepaid expenses and other assets (accounts payable and accrued expenses) | $ 6,065 |
Note 9 - Derivatives and Hedg_5
Note 9 - Derivatives and Hedging Activities - Summary of Interest Rate Swap Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Amount Recognized as Comprehensive income | $ 12,925 | $ 7,803 | $ (9,062) | |
Interest Rate Swap [Member] | ||||
Amount Recognized as Comprehensive income | 12,925 | 7,803 | (9,062) | |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Amount of Income (Loss) Recognized in Earnings | [1] | $ 1,523 | $ 5,427 | $ 3,578 |
[1]There was no ineffective portion of our interest rate swaps recognized in earnings for the years ended December 31, 2022, 2021 and 2020. |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | |||
Dividend, Share-Based Payment Arrangement, Total | $ 0 | $ 0 | $ 0 |
OP Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 737,983 | 772,383 | 820,563 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Income from continuing operations | $ 35,800 | $ 10,420 | $ 6,151 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 530 | 172 | 117 | ||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | 35,270 | 10,248 | 6,034 | ||||||||||||
Net income from discontinued operations | 0 | 1,833 | 0 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 0 | (33) | 0 | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT | 0 | 1,800 | 0 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 35,270 | $ 12,048 | $ 6,034 | ||||||||||||
Weighted average number of common shares - basic (in shares) | 49,256 | 45,486 | 42,244 | ||||||||||||
Unvested restricted shares (in shares) | 694 | 850 | 746 | ||||||||||||
Weighted average number of common shares - dilutive (in shares) | 49,950 | 46,336 | 42,990 | ||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.72 | $ 0.23 | $ 0.14 | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.03 | 0 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.40 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.05 | [1] | $ 0.06 | [1] | $ 0.12 | [1] | $ 0.03 | [1] | 0.72 | 0.26 | 0.14 |
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.71 | 0.22 | 0.14 | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.04 | 0 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.40 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | $ 0.71 | $ 0.26 | $ 0.14 | ||||
Restricted Stock [Member] | |||||||||||||||
Distributions paid on unvested restricted shares | $ 0 | $ 0 | $ 0 | ||||||||||||
[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. |
Note 11 - Federal Income Taxe_2
Note 11 - Federal Income Taxes - Schedule of Cash Distributions to Shareholders for Income Tax Purposes (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ordinary income (unaudited) | 100% | 80.70% | 59.90% |
Return of capital (unaudited) | 0% | 19.30% | 40.10% |
Capital gain distributions (unaudited) | 0% | 0% | 0% |
Total | 100% | 100% | 100% |
Note 12 - Related Party Trans_3
Note 12 - Related Party Transactions (Details Textual) - Beneficial Owner [Member] - Pillarstone REIT [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Chief Executive Officer [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 66.70% |
Chief Operating Officer [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20% |
Note 12 - Related Party Trans_4
Note 12 - Related Party Transactions - Related Party Transactions (Details) - Pillarstone OP [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating and Maintenance [Member] | Rent [Member] | |||
Rent | $ (471) | $ (899) | $ (932) |
Management, Transaction, and Other Fees [Member] | Property Management Fee Income [Member] | |||
Property management fee income | $ 359 | $ 568 | $ 598 |
Note 13 - Equity (Details Textu
Note 13 - Equity (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 20, 2022 | May 14, 2020 | May 31, 2019 | |
Common Stock, Shares Authorized (in shares) | 400,000,000 | 400,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Issuance and Sale of Securities, Maximum | $ 500,000,000 | |||||
Conversion Ratio for Class Common Stock to OP Unit (in dollars per share) | $ 1 | |||||
Preferred Share Purchase Rights [Member] | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||
Dividends, Warrants or Rights Issued Per Common Share (in shares) | 1 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.001 | |||||
Preferred Share Purchase Rights [Member] | Measurement Input, Share Price [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input (in dollars per share) | 30 | |||||
Conversion of OP Units to Common Stock [Member] | ||||||
Conversion of Stock, Shares Converted (in shares) | 76,010 | 2,285 | ||||
OP Units [Member] | ||||||
Units of Partnership Interest, Amount (in shares) | 49,996,356 | 49,793,803 | ||||
General Partners' Capital Account, Units Outstanding (in shares) | 49,301,876 | 49,023,313 | ||||
Operating Partnership [Member] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 98.60% | |||||
Weighted-Average Share Ownership | 98.60% | 98.30% | 98.10% | |||
The 2019 Equity Distribution Agreements [Member] | ||||||
Equity Distribution Agreements, Authorized Amount | $ 100,000,000 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 6,287,087 | ||||
Proceeds from Debt, Net of Issuance Costs | $ 0 | $ 56,000,000 | ||||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 0 | $ 853,000 |
Note 13 - Equity - Cash Distrib
Note 13 - Equity - Cash Distributions Paid or Payable (Details) - Cash Distribution [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount Paid | $ 5,992 | $ 5,989 | $ 5,972 | $ 5,351 | $ 5,340 | $ 5,064 | $ 4,685 | $ 4,562 | $ 23,304 | $ 19,651 |
Common Stock [Member] | ||||||||||
Distributions Per Common Share (in dollars per share) | $ 0.1200 | $ 0.1200 | $ 0.1200 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1058 | $ 0.4675 | $ 0.4283 |
Amount Paid | $ 5,909 | $ 5,901 | $ 5,880 | $ 5,268 | $ 5,257 | $ 4,981 | $ 4,602 | $ 4,480 | $ 22,958 | $ 19,320 |
OP Units [Member] | ||||||||||
Distributions Per Common Share (in dollars per share) | $ 0.1200 | $ 0.1200 | $ 0.1200 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1058 | $ 0.4675 | $ 0.4283 |
Amount Paid | $ 83 | $ 88 | $ 92 | $ 83 | $ 83 | $ 83 | $ 83 | $ 82 | $ 346 | $ 331 |
Note 14 - Incentive Share Pla_2
Note 14 - Incentive Share Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2022 | Dec. 19, 2022 | Mar. 28, 2022 | Dec. 31, 2021 | Dec. 13, 2021 | Sep. 30, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Mar. 17, 2021 | Jan. 01, 2021 | Dec. 04, 2020 | Jul. 31, 2020 | Jan. 01, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 01, 2018 | Mar. 16, 2018 | Sep. 06, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 11, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,222 | 29,825 | 29,587 | 360,334 | 904,215 | 1,108,014 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.52 | $ 9.32 | $ 8.17 | $ 11.61 | $ 5.99 | $ 5.76 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 519,003 | 1,024,808 | 511,621 | ||||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 1.5 | $ 5.9 | $ 6.1 | ||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 694,000 | 850,000 | 746,000 | ||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4.7 | ||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 22 months | ||||||||||||||||||||||
Time-based Restricted Common Share Units [Member] | |||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.5 | $ 2.5 | |||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 30 months | ||||||||||||||||||||||
Market Based Vesting TSR Units [Member] | |||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.2 | $ 2.2 | |||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 24 months | ||||||||||||||||||||||
Market Based Vesting TSR Units [Member] | Issued 2021 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 50% | 50% | |||||||||||||||||||||
Market Based Vesting TSR Units [Member] | Issued 2022 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 150% | 150% | |||||||||||||||||||||
The 2018 Plan [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 3,433,831 | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,220,945 | 2,716,132 | 1,220,945 | 2,716,132 | |||||||||||||||||||
The 2018 Plan [Member] | Time-based Restricted Common Share Units [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 162,556 | 5,500 | 433,200 | 530,000 | 317,184 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.94 | $ 9.06 | $ 7.51 | $ 5.83 | $ 11.69 | $ 10.63 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 0% | 0% | |||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 0 | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 273,500 | ||||||||||||||||||||||
The 2018 Plan [Member] | Market Based Vesting TSR Units [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 162,556 | 433,200 | 545,000 | 17,069 | 405,417 | 229,684 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.74 | $ 4.17 | $ 5.55 | $ 8.22 | $ 14.89 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 0% | 50% | 50% | 0% | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 0 | 104,105 | |||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 385,648 | 208,210 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Options to be Converted to Cash (in shares) | 111,465 | ||||||||||||||||||||||
The 2018 Plan [Member] | Market Based Vesting TSR Units [Member] | Share-Based Payment Arrangement, Employee [Member] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 0% | 0% | 0% | 0% | |||||||||||||||||||
The 2018 Plan [Member] | Market Based Vesting TSR Units [Member] | Share-Based Payment Arrangement, Employee [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 200% | 200% | 200% | ||||||||||||||||||||
The 2018 Plan [Member] | Common Share Units [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,490 | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.04 | ||||||||||||||||||||||
The 2008 Plan [Member] | Performance-based Restricted Common Share Units [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 495,956 | ||||||||||||||||||||||
The 2008 Plan [Member] | Performance-based Restricted Common Share Units [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,300 | ||||||||||||||||||||||
The 2008 Plan [Member] | Performance-based Restricted Common Share Units [Member] | Immediate Vesting Upon Change in Control [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,978 | 965,000 | |||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.05 | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 21 months | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 455,000 | 455,000 | |||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 0 | ||||||||||||||||||||||
The 2008 Plan [Member] | Performance-based Restricted Common Share Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 200% | ||||||||||||||||||||||
The 2008 Plan [Member] | Time-based Restricted Common Share Units [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 387,499 | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 14 - Incentive Share Pla_3
Note 14 - Incentive Share Plan - Summary of Share-based Incentive Plan Activity (Details) - The 2018 Plan [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Non-vested, shares (in shares) | 2,716,132 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.32 |
Granted, shares (in shares) | 360,334 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.61 |
Vested, shares (in shares) | (519,003) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.63 |
Forfeited, shares (in shares) | (1,336,518) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.30 |
Non-vested, shares (in shares) | 1,220,945 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.03 |
Available for grant, shares (in shares) | 1,739,465 |
Note 14 - Incentive Share Pla_4
Note 14 - Incentive Share Plan - Summary of Non-vested and Vested Shares Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 19, 2022 | Dec. 13, 2021 | Dec. 04, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-Vested Shares Issued (in shares) | 35,222 | 29,825 | 29,587 | 360,334 | 904,215 | 1,108,014 |
Weighted Average Grant- Date Fair Value (in dollars per share) | $ 9.52 | $ 9.32 | $ 8.17 | $ 11.61 | $ 5.99 | $ 5.76 |
Vested Shares (in shares) | (519,003) | (1,024,808) | (511,621) | |||
Total Vest-Date Fair Value | $ 3,442 | $ 9,757 | $ 5,566 |
Note 15 - Grants to Trustees (D
Note 15 - Grants to Trustees (Details Textual) | 12 Months Ended | |||||
Dec. 19, 2022 $ / shares shares | Dec. 13, 2021 $ / shares shares | Dec. 04, 2020 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | |
Number of Independent Trustees | 5 | 5 | 6 | |||
Number of Trustee Emeritus | 1 | 1 | 1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,222 | 29,825 | 29,587 | 360,334 | 904,215 | 1,108,014 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.52 | $ 9.32 | $ 8.17 | $ 11.61 | $ 5.99 | $ 5.76 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 519,003 | 1,024,808 | 511,621 | |||
Stock Grants in Lieu of Board Fees [Member] | ||||||
Number of Independent Trustees | 1 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.17 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,427 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) $ / shares in Units, $ in Millions | Sep. 16, 2022 USD ($) | Feb. 23, 2022 USD ($) | Dec. 26, 2021 $ / shares |
Pillarstone OP [Member] | |||
Common Stock Rights Agreement, Preferred Purchase Rights Issued Per Share (in dollars per share) | $ / shares | $ 1 | ||
Preferred Share Purchase Rights, Exercisable, Percentage of Common Share by Certain Holders | 5% | ||
Common Stock Rights Agreement, Purchase Price Multiplier | 2 | ||
Pillarstone OP [Member] | Series D Preferred Stock [Member] | |||
Preferred Share Purchase Rights, Conversion Ratio to Preferred Share | 0.001 | ||
Common Stock Rights Agreement, Purchase Price Per Unit (in dollars per share) | $ / shares | $ 7 | ||
Litigation between the Company and Pillarstone REIT [Member] | Pending Litigation [Member] | |||
Loss Contingency, Damages Sought, Value | $ | $ 1,000,000 | ||
Mastandrea V Whitestone R E I T And Certain Company Trustees [Member] | Pending Litigation [Member] | |||
Loss Contingency, Damages Sought, Value | $ | $ 25 |
Note 18 - Selected Quarterly _3
Note 18 - Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Total revenues | $ 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | $ 33,258 | $ 32,444 | $ 30,618 | $ 29,045 | $ 139,421 | $ 125,365 | $ 117,915 | ||||
Net income | 20,230 | 3,975 | 4,406 | 7,189 | 2,648 | 2,946 | 5,218 | 1,441 | 35,800 | 12,253 | 6,151 | ||||
Net income attributable to Whitestone REIT (1) | $ 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | $ 2,608 | $ 2,899 | $ 5,126 | $ 1,415 | $ 35,270 | $ 12,048 | $ 6,034 | ||||
Basic Earnings Per Share: (in dollars per share) | $ 0.40 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.05 | [1] | $ 0.06 | [1] | $ 0.12 | [1] | $ 0.03 | [1] | $ 0.72 | $ 0.26 | $ 0.14 |
Diluted Earnings Per Share: (in dollars per share) | 0.40 | 0.08 | 0.09 | 0.14 | $ 0.05 | $ 0.06 | $ 0.12 | $ 0.03 | 0.71 | 0.26 | 0.14 | ||||
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 | 0.72 | 0.23 | 0.14 | ||||||||
Income from discontinued operations attributable to Whitestone REIT(1) (in dollars per share) | 0 | 0 | 0.04 | 0 | |||||||||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares(1) (in dollars per share) | 0.05 | 0.06 | 0.08 | 0.03 | $ 0.71 | $ 0.22 | $ 0.14 | ||||||||
Income from discontinued operations attributable to Whitestone REIT(1) (in dollars per share) | $ 0 | $ 0 | $ 0.04 | $ 0 | |||||||||||
[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. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Bad debt | $ 1,156 | $ (90) | $ 5,649 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Valuation allowance | 14,896 | 16,426 | 11,173 | |
Bad debt | [1] | 1,156 | (90) | 5,649 |
Valuation allowance, deductions from reserves | (2,230) | 1,440 | 396 | |
Valuation allowance | 13,822 | 14,896 | 16,426 | |
Valuation allowance, deductions from reserves | $ 2,230 | $ (1,440) | $ (396) | |
[1]For the year ended December 31, 2022, 2021, and 2020 charges were reductions (additions) to revenue. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | $ 1.2 |
Anthem Marketplace [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15.1 |
BLVD Place [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 80 |
Headquarters Village [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19 |
Pinnacle of Scottsdale [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20.2 |
Shops At Pecos Ranch [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 14 |
Shops At Starwood [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 14.3 |
Village Square At Dana Park [Member] | Retail Communities [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2.6 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation By Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Initial cost, land | $ 340,691 | ||||
Initial cost, building and improvements | 749,746 | ||||
Costs capitalized subsequent to acquisition, improvements | 105,912 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 340,691 | |||
Gross amount, building and improvements | [1],[2] | 858,350 | |||
Gross amount, total | 1,199,041 | [1],[2] | $ 1,196,919 | $ 1,106,426 | |
Accumulated depreciation | 208,286 | ||||
Balance | 1,196,919 | 1,106,426 | 1,099,955 | ||
Acquisitions | 16,992 | 81,588 | 0 | ||
Improvements | 13,659 | 9,642 | 7,613 | ||
Total additions | 30,651 | 91,230 | 7,613 | ||
Deductions - cost of real estate sold or retired | (28,529) | (737) | (1,142) | ||
Balance | 1,199,041 | [1],[2] | $ 1,196,919 | $ 1,106,426 | |
Retail Communities [Member] | |||||
Initial cost, land | 324,299 | ||||
Initial cost, building and improvements | 749,746 | ||||
Costs capitalized subsequent to acquisition, improvements | 104,447 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 324,299 | |||
Gross amount, building and improvements | [1],[2] | 854,193 | |||
Gross amount, total | [1],[2] | 1,178,492 | |||
Accumulated depreciation | 208,286 | ||||
Balance | [1],[2] | 1,178,492 | |||
Retail Communities [Member] | Ahwatukee Plaza [Member] | |||||
Initial cost, land | 5,126 | ||||
Initial cost, building and improvements | 4,086 | ||||
Costs capitalized subsequent to acquisition, improvements | 387 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,126 | |||
Gross amount, building and improvements | [2],[3] | 4,473 | |||
Gross amount, total | [2],[3] | 9,599 | |||
Accumulated depreciation | 1,321 | ||||
Balance | [2],[3] | $ 9,599 | |||
Retail Communities [Member] | Ahwatukee Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Ahwatukee Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Village Square At Dana Park [Member] | |||||
Initial cost, land | $ 10,877 | ||||
Initial cost, building and improvements | 40,250 | ||||
Costs capitalized subsequent to acquisition, improvements | 6,138 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 10,877 | |||
Gross amount, building and improvements | [1],[2] | 46,388 | |||
Gross amount, total | [1],[2] | 57,265 | |||
Accumulated depreciation | [4] | $ 12,981 | |||
Depreciation life (Year) | 3 years | ||||
Balance | [1],[2] | $ 57,265 | |||
Retail Communities [Member] | Village Square At Dana Park [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Anderson Arbor [Member] | |||||
Initial cost, land | $ 4,679 | ||||
Initial cost, building and improvements | 23,545 | ||||
Costs capitalized subsequent to acquisition, improvements | (3) | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 4,679 | |||
Gross amount, building and improvements | [2],[3] | 23,542 | |||
Gross amount, total | [2],[3] | 28,221 | |||
Accumulated depreciation | 629 | ||||
Balance | [2],[3] | $ 28,221 | |||
Retail Communities [Member] | Anderson Arbor [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Anderson Arbor [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Westchase [Member] | |||||
Initial cost, land | $ 423 | ||||
Initial cost, building and improvements | 1,751 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,480 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 423 | |||
Gross amount, building and improvements | [1],[2] | 5,231 | |||
Gross amount, total | [1],[2] | 5,654 | |||
Accumulated depreciation | $ 2,961 | ||||
Depreciation life (Year) | 3 years | ||||
Balance | [1],[2] | $ 5,654 | |||
Retail Communities [Member] | Westchase [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Town Park [Member] | |||||
Initial cost, land | $ 850 | ||||
Initial cost, building and improvements | 2,911 | ||||
Costs capitalized subsequent to acquisition, improvements | 517 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 850 | |||
Gross amount, building and improvements | [1],[2] | 3,428 | |||
Gross amount, total | [1],[2] | 4,278 | |||
Accumulated depreciation | 2,623 | ||||
Balance | [1],[2] | $ 4,278 | |||
Retail Communities [Member] | Town Park [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Town Park [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Anthem Marketplace [Member] | |||||
Initial cost, land | $ 4,790 | ||||
Initial cost, building and improvements | 17,973 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,851 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 4,790 | |||
Gross amount, building and improvements | [2],[3] | 19,824 | |||
Gross amount, total | [2],[3] | 24,614 | |||
Accumulated depreciation | [5] | 4,847 | |||
Balance | [2],[3] | $ 24,614 | |||
Retail Communities [Member] | Anthem Marketplace [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Anthem Marketplace [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Williams Trace Plaza [Member] | |||||
Initial cost, land | $ 6,800 | ||||
Initial cost, building and improvements | 14,003 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,792 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 6,800 | |||
Gross amount, building and improvements | [1],[2] | 15,795 | |||
Gross amount, total | [1],[2] | 22,595 | |||
Accumulated depreciation | $ 3,465 | ||||
Depreciation life (Year) | 3 years | ||||
Balance | [1],[2] | $ 22,595 | |||
Retail Communities [Member] | Williams Trace Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Anthem Market Place Phase II [Member] | |||||
Initial cost, land | $ 204 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 502 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 204 | |||
Gross amount, building and improvements | [2],[3] | 502 | |||
Gross amount, total | [2],[3] | 706 | |||
Accumulated depreciation | 215 | ||||
Balance | [2],[3] | $ 706 | |||
Retail Communities [Member] | Anthem Market Place Phase II [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Anthem Market Place Phase II [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Windsor Park [Member] | |||||
Initial cost, land | $ 2,621 | ||||
Initial cost, building and improvements | 10,482 | ||||
Costs capitalized subsequent to acquisition, improvements | 8,701 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 2,621 | |||
Gross amount, building and improvements | [1],[2] | 19,183 | |||
Gross amount, total | [1],[2] | 21,804 | |||
Accumulated depreciation | $ 11,802 | ||||
Depreciation life (Year) | 3 years | ||||
Balance | [1],[2] | $ 21,804 | |||
Retail Communities [Member] | Windsor Park [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | BLVD Place [Member] | |||||
Initial cost, land | $ 63,893 | ||||
Initial cost, building and improvements | 90,942 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,161 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 63,893 | |||
Gross amount, building and improvements | [2],[3] | 94,103 | |||
Gross amount, total | [2],[3] | 157,996 | |||
Accumulated depreciation | [6] | 14,195 | |||
Balance | [2],[3] | $ 157,996 | |||
Retail Communities [Member] | BLVD Place [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | BLVD Place [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Woodlake Plaza [Member] | |||||
Initial cost, land | $ 1,107 | ||||
Initial cost, building and improvements | 4,426 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,773 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 1,107 | |||
Gross amount, building and improvements | [1],[2] | 8,199 | |||
Gross amount, total | [1],[2] | 9,306 | |||
Accumulated depreciation | $ 4,340 | ||||
Depreciation life (Year) | 3 years | ||||
Balance | [1],[2] | $ 9,306 | |||
Retail Communities [Member] | Woodlake Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | The Citadel [Member] | |||||
Initial cost, land | $ 472 | ||||
Initial cost, building and improvements | 1,777 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,357 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 472 | |||
Gross amount, building and improvements | [2],[3] | 5,134 | |||
Gross amount, total | [2],[3] | 5,606 | |||
Accumulated depreciation | 3,025 | ||||
Balance | [2],[3] | $ 5,606 | |||
Retail Communities [Member] | The Citadel [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | The Citadel [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | City View Village [Member] | |||||
Initial cost, land | $ 2,044 | ||||
Initial cost, building and improvements | 4,149 | ||||
Costs capitalized subsequent to acquisition, improvements | 120 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 2,044 | |||
Gross amount, building and improvements | [2],[3] | 4,269 | |||
Gross amount, total | [2],[3] | 6,313 | |||
Accumulated depreciation | 888 | ||||
Balance | [2],[3] | $ 6,313 | |||
Retail Communities [Member] | City View Village [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | City View Village [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Dana Park Pad [Member] | |||||
Initial cost, land | $ 890 | ||||
Initial cost, building and improvements | 4,034 | ||||
Costs capitalized subsequent to acquisition, improvements | (87) | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 890 | |||
Gross amount, building and improvements | [2],[3] | 3,947 | |||
Gross amount, total | [2],[3] | 4,837 | |||
Accumulated depreciation | 6 | ||||
Balance | [2],[3] | $ 4,837 | |||
Retail Communities [Member] | Dana Park Pad [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Dana Park Pad [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 40 years | ||||
Retail Communities [Member] | Davenport Village [Member] | |||||
Initial cost, land | $ 11,367 | ||||
Initial cost, building and improvements | 34,101 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,761 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 11,367 | |||
Gross amount, building and improvements | [2],[3] | 35,862 | |||
Gross amount, total | [2],[3] | 47,229 | |||
Accumulated depreciation | 7,808 | ||||
Balance | [2],[3] | $ 47,229 | |||
Retail Communities [Member] | Davenport Village [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Davenport Village [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Eldorado Plaza [Member] | |||||
Initial cost, land | $ 16,551 | ||||
Initial cost, building and improvements | 30,746 | ||||
Costs capitalized subsequent to acquisition, improvements | 908 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 16,551 | |||
Gross amount, building and improvements | [2],[3] | 31,654 | |||
Gross amount, total | [2],[3] | 48,205 | |||
Accumulated depreciation | 4,711 | ||||
Balance | [2],[3] | $ 48,205 | |||
Retail Communities [Member] | Eldorado Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Eldorado Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Fountain Hills [Member] | |||||
Initial cost, land | $ 5,113 | ||||
Initial cost, building and improvements | 15,340 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,110 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,113 | |||
Gross amount, building and improvements | [2],[3] | 16,450 | |||
Gross amount, total | [2],[3] | 21,563 | |||
Balance | [2],[3] | 21,563 | |||
Retail Communities [Member] | Fountain Hills Plaza [Member] | |||||
Accumulated depreciation | $ 3,973 | ||||
Retail Communities [Member] | Fountain Hills Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Fountain Hills Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Market Street at DC Ranch [Member] | |||||
Initial cost, land | $ 9,710 | ||||
Initial cost, building and improvements | 26,779 | ||||
Costs capitalized subsequent to acquisition, improvements | 10,063 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 9,710 | |||
Gross amount, building and improvements | [2],[3] | 36,842 | |||
Gross amount, total | [2],[3] | 46,552 | |||
Accumulated depreciation | 12,129 | ||||
Balance | [2],[3] | $ 46,552 | |||
Retail Communities [Member] | Market Street at DC Ranch [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Market Street at DC Ranch [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Fountain Square [Member] | |||||
Initial cost, land | $ 5,573 | ||||
Initial cost, building and improvements | 9,828 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,078 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,573 | |||
Gross amount, building and improvements | [2],[3] | 12,906 | |||
Gross amount, total | [2],[3] | 18,479 | |||
Accumulated depreciation | 4,397 | ||||
Balance | [2],[3] | $ 18,479 | |||
Retail Communities [Member] | Fountain Square [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Fountain Square [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Fulton Ranch Towne Center [Member] | |||||
Initial cost, land | $ 7,604 | ||||
Initial cost, building and improvements | 22,612 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,762 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 7,604 | |||
Gross amount, building and improvements | [2],[3] | 25,374 | |||
Gross amount, total | [2],[3] | 32,978 | |||
Accumulated depreciation | 5,518 | ||||
Balance | [2],[3] | $ 32,978 | |||
Retail Communities [Member] | Fulton Ranch Towne Center [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Fulton Ranch Towne Center [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Gilbert Tuscany Village [Member] | |||||
Initial cost, land | $ 1,767 | ||||
Initial cost, building and improvements | 3,233 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,451 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 1,767 | |||
Gross amount, building and improvements | [2],[3] | 4,684 | |||
Gross amount, total | [2],[3] | 6,451 | |||
Accumulated depreciation | 2,090 | ||||
Balance | [2],[3] | $ 6,451 | |||
Retail Communities [Member] | Gilbert Tuscany Village [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Gilbert Tuscany Village [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Heritage Trace Plaza [Member] | |||||
Initial cost, land | $ 6,209 | ||||
Initial cost, building and improvements | 13,821 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,151 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 6,209 | |||
Gross amount, building and improvements | [2],[3] | 14,972 | |||
Gross amount, total | [2],[3] | 21,181 | |||
Accumulated depreciation | 3,624 | ||||
Balance | [2],[3] | $ 21,181 | |||
Retail Communities [Member] | Heritage Trace Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Heritage Trace Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Headquarters Village [Member] | |||||
Accumulated depreciation | [7] | $ 5,708 | |||
Retail Communities [Member] | Headquarters Village [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Headquarters Village [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Keller Place [Member] | |||||
Initial cost, land | $ 5,977 | ||||
Initial cost, building and improvements | 7,577 | ||||
Costs capitalized subsequent to acquisition, improvements | 995 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,977 | |||
Gross amount, building and improvements | [2],[3] | 8,572 | |||
Gross amount, total | [2],[3] | 14,549 | |||
Accumulated depreciation | 1,903 | ||||
Balance | [2],[3] | $ 14,549 | |||
Retail Communities [Member] | Keller Place [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Keller Place [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | HQ Village [Member] | |||||
Initial cost, land | $ 7,171 | ||||
Initial cost, building and improvements | 18,439 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,097 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 7,171 | |||
Gross amount, building and improvements | [2],[3] | 20,536 | |||
Gross amount, total | [2],[3] | 27,707 | |||
Balance | [2],[3] | 27,707 | |||
Retail Communities [Member] | Kempwood Plaza [Member] | |||||
Initial cost, land | 733 | ||||
Initial cost, building and improvements | 1,798 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,422 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 733 | |||
Gross amount, building and improvements | [2],[3] | 4,220 | |||
Gross amount, total | [2],[3] | 4,953 | |||
Accumulated depreciation | 2,475 | ||||
Balance | [2],[3] | $ 4,953 | |||
Retail Communities [Member] | Kempwood Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Kempwood Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Lakeside Market [Member] | |||||
Initial cost, land | $ 18,116 | ||||
Initial cost, building and improvements | 35,290 | ||||
Costs capitalized subsequent to acquisition, improvements | 789 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 18,116 | |||
Gross amount, building and improvements | [2],[3] | 36,079 | |||
Gross amount, total | [2],[3] | 54,195 | |||
Accumulated depreciation | 1,373 | ||||
Balance | [2],[3] | $ 54,195 | |||
Retail Communities [Member] | Lakeside Market [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Lakeside Market [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Lake Woodlands Crossing [Member] | |||||
Initial cost, land | $ 0 | ||||
Initial cost, building and improvements | 12,069 | ||||
Costs capitalized subsequent to acquisition, improvements | (310) | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 0 | |||
Gross amount, building and improvements | [2],[3] | 11,759 | |||
Gross amount, total | [2],[3] | 11,759 | |||
Accumulated depreciation | 34 | ||||
Balance | [2],[3] | $ 11,759 | |||
Retail Communities [Member] | Lake Woodlands Crossing [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Lake Woodlands Crossing [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 43 years | ||||
Retail Communities [Member] | La Mirada [Member] | |||||
Initial cost, land | $ 12,853 | ||||
Initial cost, building and improvements | 24,464 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,798 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 12,853 | |||
Gross amount, building and improvements | [2],[3] | 26,262 | |||
Gross amount, total | [2],[3] | 39,115 | |||
Accumulated depreciation | 4,921 | ||||
Balance | [2],[3] | $ 39,115 | |||
Retail Communities [Member] | La Mirada [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | La Mirada [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Las Colinas Village [Member] | |||||
Accumulated depreciation | $ 1,625 | ||||
Retail Communities [Member] | Las Colinas Village [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Las Colinas Village [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Lion Square [Member] | |||||
Initial cost, land | $ 1,546 | ||||
Initial cost, building and improvements | 4,289 | ||||
Costs capitalized subsequent to acquisition, improvements | 4,774 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 1,546 | |||
Gross amount, building and improvements | [2],[3] | 9,063 | |||
Gross amount, total | [2],[3] | 10,609 | |||
Accumulated depreciation | 6,232 | ||||
Balance | [2],[3] | $ 10,609 | |||
Retail Communities [Member] | Lion Square [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Lion Square [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Las Colinas [Member] | |||||
Initial cost, land | $ 16,706 | ||||
Initial cost, building and improvements | 18,098 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,027 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 16,706 | |||
Gross amount, building and improvements | [2],[3] | 19,125 | |||
Gross amount, total | [2],[3] | 35,831 | |||
Balance | [2],[3] | 35,831 | |||
Retail Communities [Member] | The Marketplace at Central [Member] | |||||
Initial cost, land | 1,305 | ||||
Initial cost, building and improvements | 5,324 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,518 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 1,305 | |||
Gross amount, building and improvements | [2],[3] | 6,842 | |||
Gross amount, total | [2],[3] | 8,147 | |||
Accumulated depreciation | 2,748 | ||||
Balance | [2],[3] | $ 8,147 | |||
Retail Communities [Member] | The Marketplace at Central [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | The Marketplace at Central [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | |||||
Initial cost, land | $ 8,728 | ||||
Initial cost, building and improvements | 12,560 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,939 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 8,728 | |||
Gross amount, building and improvements | [2],[3] | 14,499 | |||
Gross amount, total | [2],[3] | 23,227 | |||
Accumulated depreciation | 4,142 | ||||
Balance | [2],[3] | $ 23,227 | |||
Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Paradise Plaza [Member] | |||||
Initial cost, land | $ 6,155 | ||||
Initial cost, building and improvements | 10,221 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,374 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 6,155 | |||
Gross amount, building and improvements | [2],[3] | 11,595 | |||
Gross amount, total | [2],[3] | 17,750 | |||
Accumulated depreciation | 3,660 | ||||
Balance | [2],[3] | $ 17,750 | |||
Retail Communities [Member] | Paradise Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Paradise Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Parkside Village North [Member] | |||||
Initial cost, land | $ 3,877 | ||||
Initial cost, building and improvements | 8,629 | ||||
Costs capitalized subsequent to acquisition, improvements | 406 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 3,877 | |||
Gross amount, building and improvements | [2],[3] | 9,035 | |||
Gross amount, total | [2],[3] | 12,912 | |||
Accumulated depreciation | 1,826 | ||||
Balance | [2],[3] | $ 12,912 | |||
Retail Communities [Member] | Parkside Village North [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Parkside Village North [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Parkside Village South [Member] | |||||
Initial cost, land | $ 5,562 | ||||
Initial cost, building and improvements | 27,154 | ||||
Costs capitalized subsequent to acquisition, improvements | 983 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,562 | |||
Gross amount, building and improvements | [2],[3] | 28,137 | |||
Gross amount, total | [2],[3] | 33,699 | |||
Accumulated depreciation | 5,697 | ||||
Balance | [2],[3] | $ 33,699 | |||
Retail Communities [Member] | Parkside Village South [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Parkside Village South [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Pinnacle of Scottsdale [Member] | |||||
Initial cost, land | $ 6,648 | ||||
Initial cost, building and improvements | 22,466 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,319 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 6,648 | |||
Gross amount, building and improvements | [2],[3] | 24,785 | |||
Gross amount, total | [2],[3] | 31,433 | |||
Accumulated depreciation | [8] | 7,592 | |||
Balance | [2],[3] | $ 31,433 | |||
Retail Communities [Member] | Pinnacle of Scottsdale [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Pinnacle of Scottsdale [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | |||||
Initial cost, land | $ 883 | ||||
Initial cost, building and improvements | 4,659 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,781 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 883 | |||
Gross amount, building and improvements | [2],[3] | 7,440 | |||
Gross amount, total | [2],[3] | 8,323 | |||
Accumulated depreciation | 1,989 | ||||
Balance | [2],[3] | $ 8,323 | |||
Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | |||||
Initial cost, land | $ 5,198 | ||||
Initial cost, building and improvements | 13,367 | ||||
Costs capitalized subsequent to acquisition, improvements | 823 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,198 | |||
Gross amount, building and improvements | [2],[3] | 14,190 | |||
Gross amount, total | [2],[3] | 19,388 | |||
Accumulated depreciation | 3,287 | ||||
Balance | [2],[3] | $ 19,388 | |||
Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Providence [Member] | |||||
Initial cost, land | $ 918 | ||||
Initial cost, building and improvements | 3,675 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,062 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 918 | |||
Gross amount, building and improvements | [2],[3] | 6,737 | |||
Gross amount, total | [2],[3] | 7,655 | |||
Accumulated depreciation | 3,550 | ||||
Balance | [2],[3] | $ 7,655 | |||
Retail Communities [Member] | Providence [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Providence [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Quinlan Crossing [Member] | |||||
Initial cost, land | $ 9,561 | ||||
Initial cost, building and improvements | 28,683 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,175 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 9,561 | |||
Gross amount, building and improvements | [2],[3] | 29,858 | |||
Gross amount, total | [2],[3] | 39,419 | |||
Accumulated depreciation | 6,059 | ||||
Balance | [2],[3] | $ 39,419 | |||
Retail Communities [Member] | Quinlan Crossing [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Quinlan Crossing [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Seville [Member] | |||||
Initial cost, land | $ 6,913 | ||||
Initial cost, building and improvements | 25,518 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,669 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 6,913 | |||
Gross amount, building and improvements | [2],[3] | 28,187 | |||
Gross amount, total | [2],[3] | 35,100 | |||
Accumulated depreciation | 4,680 | ||||
Balance | [2],[3] | $ 35,100 | |||
Retail Communities [Member] | Seville [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Seville [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Shaver [Member] | |||||
Initial cost, land | $ 184 | ||||
Initial cost, building and improvements | 633 | ||||
Costs capitalized subsequent to acquisition, improvements | 176 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 184 | |||
Gross amount, building and improvements | [2],[3] | 809 | |||
Gross amount, total | [2],[3] | 993 | |||
Accumulated depreciation | 517 | ||||
Balance | [2],[3] | $ 993 | |||
Retail Communities [Member] | Shaver [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Shaver [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Shops At Pecos Ranch [Member] | |||||
Initial cost, land | $ 3,781 | ||||
Initial cost, building and improvements | 15,123 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,224 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 3,781 | |||
Gross amount, building and improvements | [2],[3] | 16,347 | |||
Gross amount, total | [2],[3] | 20,128 | |||
Accumulated depreciation | [9] | 4,450 | |||
Balance | [2],[3] | $ 20,128 | |||
Retail Communities [Member] | Shops At Pecos Ranch [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Shops At Pecos Ranch [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Shops At Starwood [Member] | |||||
Initial cost, land | $ 4,093 | ||||
Initial cost, building and improvements | 11,487 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,370 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 4,093 | |||
Gross amount, building and improvements | [2],[3] | 12,857 | |||
Gross amount, total | [2],[3] | 16,950 | |||
Accumulated depreciation | [10] | 3,742 | |||
Balance | [2],[3] | $ 16,950 | |||
Retail Communities [Member] | Shops At Starwood [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Shops At Starwood [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Shops at Starwood Phase III [Member] | |||||
Initial cost, land | $ 1,818 | ||||
Initial cost, building and improvements | 7,069 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,633 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 1,818 | |||
Gross amount, building and improvements | [2],[3] | 10,702 | |||
Gross amount, total | [2],[3] | 12,520 | |||
Accumulated depreciation | 2,616 | ||||
Balance | [2],[3] | $ 12,520 | |||
Retail Communities [Member] | Shops at Starwood Phase III [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Shops at Starwood Phase III [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | The Shops at Williams Trace [Member] | |||||
Initial cost, land | $ 5,920 | ||||
Initial cost, building and improvements | 14,297 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,420 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,920 | |||
Gross amount, building and improvements | [2],[3] | 16,717 | |||
Gross amount, total | [2],[3] | 22,637 | |||
Accumulated depreciation | 3,574 | ||||
Balance | [2],[3] | $ 22,637 | |||
Retail Communities [Member] | The Shops at Williams Trace [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | The Shops at Williams Trace [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Spoerlein Commons [Member] | |||||
Initial cost, land | $ 2,340 | ||||
Initial cost, building and improvements | 7,296 | ||||
Costs capitalized subsequent to acquisition, improvements | 984 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 2,340 | |||
Gross amount, building and improvements | [2],[3] | 8,280 | |||
Gross amount, total | [2],[3] | 10,620 | |||
Accumulated depreciation | 3,265 | ||||
Balance | [2],[3] | $ 10,620 | |||
Retail Communities [Member] | Spoerlein Commons [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Spoerlein Commons [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | The Strand at Huebner Oaks [Member] | |||||
Initial cost, land | $ 5,805 | ||||
Initial cost, building and improvements | 12,335 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,035 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 5,805 | |||
Gross amount, building and improvements | [2],[3] | 13,370 | |||
Gross amount, total | [2],[3] | 19,175 | |||
Accumulated depreciation | 3,122 | ||||
Balance | [2],[3] | $ 19,175 | |||
Retail Communities [Member] | The Strand at Huebner Oaks [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | The Strand at Huebner Oaks [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | SugarPark Plaza [Member] | |||||
Initial cost, land | $ 1,781 | ||||
Initial cost, building and improvements | 7,125 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,490 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 1,781 | |||
Gross amount, building and improvements | [2],[3] | 8,615 | |||
Gross amount, total | [2],[3] | 10,396 | |||
Accumulated depreciation | 4,077 | ||||
Balance | [2],[3] | $ 10,396 | |||
Retail Communities [Member] | SugarPark Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | SugarPark Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Sunridge [Member] | |||||
Initial cost, land | $ 276 | ||||
Initial cost, building and improvements | 1,186 | ||||
Costs capitalized subsequent to acquisition, improvements | 954 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 276 | |||
Gross amount, building and improvements | [2],[3] | 2,140 | |||
Gross amount, total | [2],[3] | 2,416 | |||
Accumulated depreciation | 1,210 | ||||
Balance | [2],[3] | $ 2,416 | |||
Retail Communities [Member] | Sunridge [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Sunridge [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Sunset at Pinnacle Park [Member] | |||||
Initial cost, land | $ 3,610 | ||||
Initial cost, building and improvements | 2,734 | ||||
Costs capitalized subsequent to acquisition, improvements | 873 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 3,610 | |||
Gross amount, building and improvements | [2],[3] | 3,607 | |||
Gross amount, total | [2],[3] | 7,217 | |||
Accumulated depreciation | 1,277 | ||||
Balance | [2],[3] | $ 7,217 | |||
Retail Communities [Member] | Sunset at Pinnacle Park [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Sunset at Pinnacle Park [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Terravita Marketplace [Member] | |||||
Initial cost, land | $ 7,171 | ||||
Initial cost, building and improvements | 9,392 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,675 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[3] | 7,171 | |||
Gross amount, building and improvements | [2],[3] | 11,067 | |||
Gross amount, total | [2],[3] | 18,238 | |||
Accumulated depreciation | 3,387 | ||||
Balance | [2],[3] | $ 18,238 | |||
Retail Communities [Member] | Terravita Marketplace [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Terravita Marketplace [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Property Held for Development [Member] | |||||
Initial cost, land | $ 16,392 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,465 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 16,392 | |||
Gross amount, building and improvements | [1],[2] | 4,157 | |||
Gross amount, total | [1],[2] | 20,549 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | 20,549 | |||
Property Held for Development [Member] | BLVD Place Phase II-B [Member] | |||||
Initial cost, land | 10,500 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,410 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 10,500 | |||
Gross amount, building and improvements | [1],[2] | 4,102 | |||
Gross amount, total | [1],[2] | 14,602 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | 14,602 | |||
Property Held for Development [Member] | Dana Park Development [Member] | |||||
Initial cost, land | 4,000 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 25 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 4,000 | |||
Gross amount, building and improvements | [1],[2] | 25 | |||
Gross amount, total | [1],[2] | 4,025 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | 4,025 | |||
Property Held for Development [Member] | Eldorado Plaza Development [Member] | |||||
Initial cost, land | 911 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 30 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 911 | |||
Gross amount, building and improvements | [1],[2] | 30 | |||
Gross amount, total | [1],[2] | 941 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | 941 | |||
Property Held for Development [Member] | Fountain Hills [Member] | |||||
Initial cost, land | 277 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 0 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 277 | |||
Gross amount, building and improvements | [1],[2] | 0 | |||
Gross amount, total | [1],[2] | 277 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | 277 | |||
Property Held for Development [Member] | Market Street at DC Ranch [Member] | |||||
Initial cost, land | 704 | ||||
Initial cost, building and improvements | 0 | ||||
Costs capitalized subsequent to acquisition, improvements | 0 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 704 | |||
Gross amount, building and improvements | [1],[2] | 0 | |||
Gross amount, total | [1],[2] | 704 | |||
Accumulated depreciation | 0 | ||||
Balance | [1],[2] | $ 704 | |||
[1]Reconciliations of total real estate carrying value for the three years ended December 31, follows (in thousands):[2]The aggregate cost of real estate for federal income tax purposes is $1.2 billion.[3]Reconciliations of total real estate carrying value for the three years ended December 31, follows (in thousands):[4]A portions of this property secures a $2.6 million mortgage note.[5]This property secures a $15.1 million mortgage note.[6]This property secures a $80.0 million mortgage note.[7]This property secures a $19.0 million mortgage note.[8]This property secures a $20.2 million mortgage note.[9]This property secures a $14.0 million mortgage note.[10]This property secures a $14.3 million mortgage note. |