Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 480,343,212 | ||
Entity Common Stock, Shares Outstanding | 49,958,381 | ||
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, 2023 | Dec. 31, 2022 | |
Property | $ 1,221,466 | $ 1,199,041 | |
Accumulated depreciation | (229,767) | (208,286) | |
Total real estate assets | 991,699 | 990,755 | |
Investment in real estate partnership | [1],[2],[3],[4] | 31,671 | 34,826 |
Cash and cash equivalents | 4,572 | 6,166 | |
Restricted cash | 68 | 189 | |
Escrows and deposits | 24,148 | 12,827 | |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 30,592 | 25,570 | |
Unamortized lease commissions, legal fees and loan costs | 13,783 | 12,697 | |
Prepaid expenses and other assets(1) | [5] | 4,765 | 7,838 |
Finance lease right-of-use assets | 10,428 | 10,522 | |
Total assets(1) | 1,113,239 | 1,102,767 | |
Liabilities: | |||
Notes payable | 640,172 | 625,427 | |
Accounts payable and accrued expenses(2) | [6] | 36,513 | 36,154 |
Tenants' security deposits | 8,614 | 8,428 | |
Dividends and distributions payable | 6,025 | 6,008 | |
Finance lease liabilities | 721 | 735 | |
Total liabilities | 693,622 | 678,313 | |
Commitments and contingencies: | |||
Equity: | |||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2023 and December 31, 2022 | 0 | 0 | |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,610,831 and 49,422,716 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 50 | 49 | |
Additional paid-in capital | 628,079 | 624,785 | |
Accumulated deficit | (216,963) | (212,366) | |
Accumulated other comprehensive income | 2,576 | 5,980 | |
Total Whitestone REIT shareholders' equity | 413,742 | 418,448 | |
Noncontrolling interest in subsidiary | 5,875 | 6,006 | |
Total equity | 419,617 | 424,454 | |
Total liabilities and equity(2) | 1,113,239 | 1,102,767 | |
(1) Operating lease right of use assets (net) | 109 | 124 | |
(2) Operating lease liabilities | 112 | 129 | |
Related Parties [Member] | |||
Receivable due from related party | 1,513 | 1,377 | |
Liabilities: | |||
Other liabilities | $ 1,577 | $ 1,561 | |
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new rights agreement (the “Pillarstone Rights Agreement”), pursuant to which each holder of Pillarstone REIT common stock received one preferred share purchase right (a “Right”) per common share held as of the applicable record date. Each Right entitles the registered holder to purchase from Pillarstone REIT one one-thousandth (a “Unit”) of a series D preferred share of Pillarstone at a purchase price (“Purchase Price”) of $7.00 per Unit, subject to adjustment. The Rights are exercisable upon the occurrence of certain events as described in the Pillarstone Rights Agreement, including the acquisition by certain holders of 5% or more of the common shares of Pillarstone REIT (an “Acquiring Person”). Upon the acquisition of Pillarstone REIT common shares by an Acquiring Person, each holder of a Right (other than an Acquiring Person), will have the right to receive upon exercise a number of Pillarstone REIT common shares having a market value of two times the Purchase Price. As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 (the “Pillarstone Partnership Agreement”), we have the contractual right to have our limited partnership interests in Pillarstone redeemed at our discretion. However, upon receipt of a redemption notice, Pillarstone OP has the option of the applicable redemption price in cash, based on the market value of Pillarstone REIT common shares, or in Pillarstone REIT common shares. To the extent we seek to have our partnership units in Pillarstone OP redeemed and Pillarstone OP elects to pay the applicable redemption price in Pillarstone REIT common shares (and such shares represent 5% or more of the outstanding common shares of Pillarstone REIT), the Rights could become exercisable. To the extent the Rights are exercised as a result of our Pillarstone OP units being redeemed for Pillarstone REIT common shares, our ownership interest in Pillarstone REIT would be significantly diluted, which could adversely impact the value of our investment in Pillarstone OP. Because the Pillarstone Rights Agreement seeks to prevent Whitestone OP from exercising its contractual Redemption Right, on July 12, 2022, Whitestone OP filed suit against Pillarstone REIT in the Court of Chancery of the State of Delaware challenging the Pillarstone Rights Agreement due to Pillarstone REIT’s breach of the Pillarstone OP partnership agreement, breach of its fiduciary duty as general partner of Pillarstone OP to Whitestone OP, and breach of the implied covenant of good faith and fair dealing under the Pillarstone OP partnership agreement. The lawsuit seeks rescission and voiding of the Pillarstone Rights Agreement; a declaration that the Pillarstone Rights Agreement is unenforceable, invalid, and of no force and effect; an order permanently enjoining enforcement of the Pillarstone Rights Agreement; an award of monetary damages; and broad restrictions on Pillarstone REIT’s ability to conduct its business, including buying properties, enforcing the Rights Agreement, incurring expenses, or engaging in transactions. On September 8, 2022, the Company’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone to ensure that Whitestone’s right of redemption right is not impaired while the underlying dispute is being considered by the Court. Trial was held on July 17-18, 2023, and the post-trial briefing was held on October 18, 2023. Whitestone OP asked the Court to declare the Pillarstone Rights Agreement unenforceable and to permit Whitestone OP to tender a Notice of Redemption. In addition (or alternatively), Whitestone OP sought an award of monetary damages of at least $51,200,600 based on the amount that Pillarstone's misconduct precluded Whitestone OP from receiving in or around December 2021, as well as an award of pre- and post-judgment interest at the statutory rate. On January 25, 2024, the Delaware Court of Chancery held that Pillarstone breached the implied covenant of good faith and fair dealing when it adopted shareholder rights plan (the “Rights Plan”) that effectively thwarted Whitestone OP from exercising the unfettered contractual redemption right it obtained in connection with its investment in the partnership and the Court held that the Rights Plan was unenforceable as to the limited partner and allowed Whitestone OP to exercise its redemption right. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in the partnership. While we do not believe the overall impact of the Pillarstone Rights Agreement on the carrying value of our investment in Pillarstone OP is material, we cannot reasonably estimate a range of possible loss at this time.[2]Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2023 and 2022.[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, 2023 and 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.[5]Operating lease right of use assets (net) $ 109 $ 124[6]Operating lease liabilities $ 112 $ 129 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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, authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, issued (in shares) | 49,610,831 | 49,422,716 |
Common stock, outstanding (in shares) | 49,610,831 | 49,422,716 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Rental(1) | [1] | $ 145,652 | $ 138,200 | $ 123,877 |
Management, transaction, and other fees | 1,317 | 1,221 | 1,488 | |
Total revenues | 146,969 | 139,421 | 125,365 | |
Depreciation and amortization | 32,966 | 31,707 | 28,950 | |
Operating and maintenance | 27,948 | 25,688 | 22,560 | |
Real estate taxes | 18,016 | 17,607 | 16,762 | |
General and administrative | 20,653 | 18,066 | 22,625 | |
Total operating expenses | 99,583 | 93,068 | 90,897 | |
Other expenses (income) | ||||
Interest expense | 32,866 | 27,193 | 24,564 | |
Gain on sale of properties | (9,006) | (16,950) | (266) | |
Loss on disposal of assets | 522 | 192 | 90 | |
Interest, dividend and other investment income | (51) | (65) | (116) | |
Total other expenses | 24,331 | 10,370 | 24,272 | |
Income before equity investment in real estate partnership and income tax | 23,055 | 35,983 | 10,196 | |
Equity (deficit) in earnings of real estate partnership | (3,155) | 239 | 609 | |
Provision for income tax | (450) | (422) | (385) | |
Income from continuing operations | 19,450 | 35,800 | 10,420 | |
Gain on sale of property from discontinued operations | 0 | 0 | 1,833 | |
Income from discontinued operations | 0 | 0 | 1,833 | |
Net income | 19,450 | 35,800 | 12,253 | |
Less: Net income attributable to noncontrolling interests | 270 | 530 | 205 | |
Net income attributable to Whitestone REIT | $ 19,180 | $ 35,270 | $ 12,048 | |
Basic Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.39 | $ 0.72 | $ 0.23 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.03 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.39 | 0.72 | 0.26 | |
Diluted Earnings Per Share: | ||||
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.38 | 0.71 | 0.22 | |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.04 | |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.38 | $ 0.71 | $ 0.26 | |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 49,501 | 49,256 | 45,486 | |
Diluted (in shares) | 50,813 | 49,950 | 46,336 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income | $ 19,450 | $ 35,800 | $ 12,253 | |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on cash flow hedging activities | (3,452) | 12,925 | 7,803 | |
Comprehensive income | 15,998 | 48,725 | 20,056 | |
Less: Net income attributable to noncontrolling interests | 270 | 530 | 205 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (48) | 191 | 130 | |
Comprehensive income attributable to Whitestone REIT | 15,776 | 48,004 | 19,721 | |
Rental revenues | 105,494 | 101,113 | 90,859 | |
Recoveries | 41,109 | 38,243 | 32,928 | |
Bad debt | (951) | (1,156) | 90 | |
Total rental | [1] | $ 145,652 | $ 138,200 | $ 123,877 |
[1](1) Rental Rental revenues $ 105,494 $ 101,113 $ 90,859 Recoveries 41,109 38,243 32,928 Bad debt (951 ) (1,156 ) 90 Total rental $ 145,652 $ 138,200 $ 123,877 |
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, 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 cash flow hedging activities | 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 | ||
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 cash flow hedging activities | 0 | 0 | 0 | 12,734 | 12,734 | $ 0 | 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 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 1 | (1) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 1 | 17 | 0 | 0 | 18 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (18) | ||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 8 | 0 | |||||||
Issuance of common shares under dividend reinvestment plan | $ 0 | 75 | 0 | 0 | 75 | 0 | 75 | ||
Repurchase of common shares (1) | [1] | $ 0 | (525) | 0 | 0 | (525) | 0 | (525) | |
Share-based compensation (in shares) | 232 | 0 | |||||||
Share-based compensation | $ 0 | 3,727 | 0 | 0 | 3,727 | 0 | 3,727 | ||
Distributions | 0 | 0 | (23,777) | 0 | (23,777) | (24,112) | |||
Distributions | (335) | ||||||||
Unrealized gain (loss) on cash flow hedging activities | 0 | 0 | 0 | (3,404) | (3,404) | (48) | (3,452) | ||
Net income | $ 0 | 0 | 19,180 | 0 | 19,180 | 270 | 19,450 | ||
Repurchase of common shares (1) (in shares) | [1] | (53) | 0 | ||||||
Balance (in shares) at Dec. 31, 2023 | 49,611 | 694 | |||||||
Balance at Dec. 31, 2023 | $ 50 | $ 628,079 | $ (216,963) | $ 2,576 | $ 413,742 | $ 5,875 | $ 419,617 | ||
[1]During the years ended December 31, 2023, 2022 and 2021, 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 | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
Cash flows from operating activities: | ||||||
Net income from continuing operations | $ 19,450,000 | $ 35,800,000 | $ 10,420,000 | |||
Net income from discontinued operations | 0 | 0 | 1,833,000 | |||
Net income | 19,450,000 | 35,800,000 | 12,253,000 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 32,966,000 | 31,707,000 | 28,950,000 | |||
Amortization of deferred loan costs | 1,089,000 | 1,100,000 | 1,096,000 | |||
Gain on sale of properties | (9,006,000) | (16,950,000) | (266,000) | |||
Loss on disposal of assets | 522,000 | 192,000 | 90,000 | |||
Bad debt | 951,000 | 1,156,000 | (90,000) | |||
Share-based compensation | 3,727,000 | 1,511,000 | 5,913,000 | |||
(Equity) deficit in earnings of real estate partnership | 3,155,000 | (239,000) | (609,000) | |||
Amortization of right-of-use assets - finance leases | 94,000 | 0 | 0 | |||
Changes in operating assets and liabilities: | ||||||
Escrows and deposits | 2,312,000 | (1,504,000) | (2,049,000) | |||
Accrued rents and accounts receivable | (5,973,000) | (4,331,000) | 704,000 | |||
Receivable due from related party | (136,000) | (530,000) | (512,000) | |||
Unamortized lease commissions, legal fees and loan costs | (4,592,000) | (3,386,000) | (3,259,000) | |||
Prepaid expenses and other assets | 2,484,000 | 1,749,000 | 1,963,000 | |||
Accounts payable and accrued expenses | 355,000 | (2,766,000) | 2,663,000 | |||
Payable due to related party | 16,000 | 564,000 | 872,000 | |||
Tenants' security deposits | 186,000 | 358,000 | 1,154,000 | |||
Net cash provided by operating activities | 47,600,000 | 44,431,000 | 47,040,000 | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | (25,474,000) | (16,992,000) | (81,588,000) | |||
Acquisition of ground lease | 0 | (9,786,000) | 0 | |||
Additions to real estate | (17,055,000) | (13,659,000) | (9,642,000) | |||
Proceeds from sales of properties | 19,847,000 | 33,723,000 | 0 | |||
Escrowed loan repayment on behalf of real estate partnership | (13,633,000) | 0 | 0 | |||
Net cash used in investing activities | (36,315,000) | (6,714,000) | (91,230,000) | |||
Net cash provided by investing activities of discontinued operations | 0 | 0 | 1,833,000 | |||
Cash flows from financing activities: | ||||||
Distributions paid to common shareholders | (23,684,000) | (22,958,000) | (19,320,000) | |||
Distributions paid to OP unit holders | (332,000) | (346,000) | (331,000) | |||
Proceeds from issuance of common shares, net of offering costs | 0 | 0 | 55,981,000 | |||
Payments of exchange offer costs | 0 | (335,000) | (63,000) | |||
Net proceeds from (payments of) credit facility | 42,500,000 | (16,000,000) | 0 | |||
Repayments of notes payable | (30,945,000) | (3,468,000) | (3,261,000) | |||
Payments of loan origination costs | 0 | (3,632,000) | 0 | |||
Repurchase of common shares | (525,000) | (537,000) | (691,000) | |||
Payment of finance lease liability | (14,000) | 0 | 0 | |||
Net cash provided by (used in) financing activities | (13,000,000) | (47,276,000) | 32,315,000 | |||
Net decrease in cash, cash equivalents and restricted cash | (1,715,000) | (9,559,000) | (10,042,000) | |||
Cash, cash equivalents and restricted cash at beginning of period | 6,355,000 | [1] | 15,914,000 | [1] | 25,956,000 | |
Cash, cash equivalents and restricted cash at end of period (1) | 4,640,000 | [1] | 6,355,000 | [1] | 15,914,000 | [1] |
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | 31,136,000 | 26,493,000 | 23,685,000 | |||
Cash paid for taxes | 435,000 | 366,000 | 364,000 | |||
Non cash investing and financing activities: | ||||||
Disposal of fully depreciated real estate | 976,000 | 454,000 | 297,000 | |||
Financed insurance premiums | 3,002,000 | 1,846,000 | 1,712,000 | |||
Value of shares issued under dividend reinvestment plan | 75,000 | 67,000 | 60,000 | |||
Change in fair value of cash flow hedge | (3,452,000) | 12,925,000 | 7,803,000 | |||
Reallocation of ownership percentage between parent and subsidiary | 0 | 0 | (27,000) | |||
Recognition of finance lease liabilities | 0 | 735,000 | 0 | |||
Cash, cash equivalents and restricted cash | ||||||
Cash and cash equivalents | 4,572,000 | 6,166,000 | 15,721,000 | |||
Restricted cash | 68,000 | 189,000 | 193,000 | |||
Total cash, cash equivalents and restricted cash | 4,640,000 | 6,355,000 | 15,914,000 | |||
Conversion of OP Units to Common Stock [Member] | ||||||
Non cash investing and financing activities: | ||||||
Value of common shares exchanged for OP units | $ 17,000 | $ 618,000 | $ 18,000 | |||
[1]For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information. During the fiscal quarter ended December 31, 2023, none 10b5 1 10b5 1 | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Description of Busines
Note 1 - Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 2021 As of December 31, 2023 Consolidated Operating Portfolio • 50 wholly-owned properties that meet our Community Centered Properties® strategy; and Redevelopment, New Acquisitions Portfolio • five parcels of land held for future development. As of December 31, 2023 not August 18, 2022. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES Basis of Consolidation. December 31, 2023, 2022 2021 Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of operating partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for- one Estimates regarding Pillarstone OP s financial condition and results of operations and guarantee. third December 31, 2023 2022, not The Company has a limited guarantee on Pillarstone OP's loan for its Uptown Tower property located in Dallas, Texas, with an aggregate principal amount of $14.4 million as of September 30, 2023. October 4, 2023, On October 24, 2023, December 5, 2023. On December 1, 2023, December 4, 2023, The DPO Amount included a compromise settlement of approximately $1,688,000 for the disputed default interest and other fees. The Company's share of it was recorded in the 4th 2023 December 4, 2023, On December 1, 2023, 11 No. 23 32832 11, On January 25, 2024, On February 9, 2024, On March 4, 2024, 11 not not Equity Method. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets As of December 31, 2023 not August 18, 2022. 10 not Basis of Accounting. Use of Estimates. Reclassifications. no Restricted Cash. 2015, January 6, 2024, Share-Based Compensation. may 2018 “2018 December 31, 2023, 2022 2021 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, 2023 2022 may not not Real Estate Development Properties. December 31, 2023 December 31, 2022 December 31, 2021, Acquired Properties and Acquired Lease Intangibles. may Depreciation. Impairment. may not first no December 31, 2023 Accrued Rents and Accounts Receivable. not December 31, 2023 2022 December 31, 2023, 2022 2021 December 31, 2023, 2022 2021, 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, 2023, 2022 2021 Fair Value of Financial Instruments. December 31, 2023 2022 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 December 31, 2023 2022 Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2023 2022 not not December 31, 2023 may Derivative Instruments and Hedging Activities. 2 820. 2 not December 31, 2023 Concentration of Risk. no Recent Accounting Pronouncements. 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, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. REAL ESTATE As of December 31, 2023 Property Acquisitions. On June 12, 2023, On December 21, 2022, On December 2, 2022 On December 1, 2021 On July 8, 2021, Unaudited pro forma results of operations. December 31, 2023, 2022 2021 January 1, 2021. not Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Total revenues $ 148,044 $ 144,469 $ 135,597 Net income $ 19,889 $ 37,502 $ 14,196 Net income attributable to Whitestone REIT (1) $ 19,619 $ 36,972 $ 13,991 Basic Earnings Per Share: $ 0.40 $ 0.75 $ 0.31 Diluted Earnings Per Share: $ 0.39 $ 0.74 $ 0.30 Weighted-average common shares outstanding: Basic 49,501 49,256 45,486 Diluted 50,813 49,950 46,336 ( 1 Net income attributable to Whitestone REIT reflects historical ownership percentages. Acquisition costs. December 31, 2023, 2022 2021, Property dispositions. On December 20, 2023 On June 30, 2023, On June 30, 2023, On November 30, 2022, On November 21, 2022, On November 16, 2022, On November 14, 2022, On November 10, 2022, On October 31, 2022, We have not 2023 2022 not During 2021, December 31, 2014. December 31, 2021. April 24, 2019, December 31, 2019. 2014, December 31, 2021, |
Note 4 - Investment in Real Est
Note 4 - Investment in Real Estate Partnership | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 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, 2023 December 31, 2022 Real estate partnership Ownership Interest Pillarstone OP 81.4% $ 31,671 $ 34,826 Total real estate partnership (1)(2)(3)(4) $ 31,671 $ 34,826 ( 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 property interests and 0.9 million square feet of GLA, as of December 31, 2023 2022 ( 3 On December 26, 2021, July 12, 2022, September 8, 2022, not January 25, 2024, December 2021 January 25, 2024, March 4, 2024, 11 not not ( 4 We rely on reporting provided to us by our third December 31, 2023 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, 2023 2022 2021 Pillarstone OP $ (3,155 ) $ 239 $ 609 Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands): December 31, 2023 December 31, 2022 Assets: Real estate, net $ 47,115 $ 47,727 Other assets 6,680 9,680 Total assets (1) 53,795 57,407 Liabilities and equity: Notes payable 14,292 14,616 Other liabilities 4,040 3,782 Equity 35,463 39,009 Total liabilities and equity (2) 53,795 57,407 Company’s share of equity 28,885 31,773 Cost of investment in excess of the Company’s share of underlying net book value 2,786 3,053 Carrying value of investment in real estate partnership (3) $ 31,671 $ 34,826 ( 1 We rely on reporting provided to us by our third December 31, 2023 2022 not ( 2 We rely on reporting provided to us by our third December 31, 2023 2022 not ( 3 We rely on reporting provided to us by our third December 31, 2023 2022 not Year Ended December 31, 2023 2022 2021 Rental revenues $ 8,459 $ 8,930 $ 9,272 Property expenses (9,683 ) (7,386 ) (6,988 ) Other expenses (2,517 ) (1,099 ) (1,407 ) Gain (loss) on sale of properties or disposal of assets — (20 ) 23 Net income (loss) (1) $ (3,741 ) $ 425 $ 900 ( 1 We rely on reporting provided to us by our third December 31, 2023 2022 not The amortization of the basis difference between the cost of investment and the Company's share of underlying net book value for all three December 31, 2023, 2022 2021 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. Please refer to Note 16 10 The Company has evaluated its guarantee to Pillarstone OP pursuant to ASC 460, Guarantees 460 two seven December 31, 2023 2022 2021 |
Note 5 - Accrued Rents and Acco
Note 5 - Accrued Rents and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Tenant receivables $ 16,287 $ 16,828 Accrued rents and other recoveries 26,751 22,103 Allowance for doubtful accounts (13,570 ) (13,822 ) Other receivables 1,124 461 Total $ 30,592 $ 25,570 |
Note 6 - Unamortized Lease Comm
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Leasing commissions $ 19,462 $ 16,364 Deferred legal cost 356 364 Deferred financing cost 4,149 4,149 Total cost 23,967 20,877 Less: leasing commissions accumulated amortization (8,744 ) (7,649 ) Less: deferred legal cost accumulated amortization (272 ) (263 ) Less: deferred financing cost accumulated amortization (1,168 ) (268 ) Total cost, net of accumulated amortization $ 13,783 $ 12,697 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 2024 $ 2,328 $ 46 $ 885 $ 3,259 2025 1,902 15 885 2,802 2026 1,662 14 760 2,436 2027 1,372 6 385 1,763 2028 1,084 2 66 1,152 Thereafter 2,370 1 — 2,371 Total $ 10,718 $ 84 $ 2,981 $ 13,783 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Years Ended December 31, Minimum Future Rents (1) 2024 $ 97,819 2025 85,303 2026 70,389 2027 57,690 2028 43,141 Thereafter 124,343 Total $ 478,685 ( 1 These amounts do not not As a Lessee. one five As of December 31, 2023 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, 2023 Years Ended December 31, Operating Leases Finance Lease 2024 $ 64 $ 61 2025 42 63 2026 10 64 2027 2 65 2028 1 66 Thereafter — 2,707 Total undiscounted rental payments 119 3,026 Less imputed interest 7 2,305 Total lease liabilities $ 112 $ 721 For the year ended December 31, 2023 December 31, 2023 not December 31, 2023 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, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. DEBT Mortgages and other notes payable consist of the following (in thousands): Description December 31, 2023 December 31, 2022 Fixed rate notes $ 265.0 3.18 1.45 2.10 January 31, 2028 (1) $ 265,000 $ 265,000 $ 80.0 3.72 June 1, 2027 80,000 80,000 $ 19.0 4.15 December 1, 2024 17,658 18,016 $ 20.2 4.28 June 6, 2023 — 17,375 $ 14.0 4.34 September 11, 2024 12,427 12,709 $ 14.3 4.34 September 11, 2024 13,257 13,520 $ 15.1 4.99 January 6, 2024 13,350 13,635 $ 2.6 5.46 October 1, 2023 — 2,236 $ 50.0 5.09 March 22, 2029 42,857 50,000 $ 50.0 5.17 March 22, 2029 50,000 50,000 $ 50.0 3.71 1.50 2.10 September 16, 2026 (2) 50,000 — Floating rate notes Unsecured line of credit, SOFR plus 1.50 2.10 September 16, 2026 96,000 103,500 Total notes payable principal 640,549 625,991 Less deferred financing costs, net of accumulated amortization (377 ) (564 ) Total notes payable $ 640,172 $ 625,427 ( 1 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. ( 2 A portion of the unsecured line of credit includes an interest rate swap to fix the SOFR portion of the loan at 3.71%. As of December 31, 2022, 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 began 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, 2023 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, 2023 2022 December 31, 2023 2022 2022 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, 2023 December 31, 2023 Scheduled maturities of our outstanding debt as of December 31, 2023 Year Amount Due 2024 $ 63,834 2025 17,143 2026 163,143 2027 97,143 2028 282,143 Thereafter 17,143 Total $ 640,549 As of December 31, 2023 Payment due by period (in thousands) More than Less than 1 1 - 3 years 3 - 5 years 5 years Consolidated Contractual Obligations Total year (2024) (2025 - 2026) (2027 - 2028) (after 2028) Long-Term Debt - Principal $ 640,549 $ 63,834 $ 180,286 $ 379,286 $ 17,143 Long-Term Debt - Fixed Interest 85,050 24,340 42,381 18,136 193 Long-Term Debt - Variable Interest (1) 12,238 4,450 7,788 — — Unsecured credit facility - Unused commitment fee (2) 715 260 455 — — Operating Lease Obligations 119 64 52 3 — Finance Lease Obligations 3,026 61 127 131 2,707 Total $ 741,697 $ 93,009 $ 231,089 $ 397,556 $ 20,043 ( 1 As of December 31, 2023 one 2022 one December 31, 2023 ( 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, 2023 |
Note 9 - Derivatives and Hedgin
Note 9 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 2,613 December 31, 2022 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 6,065 On March 31, 2023, March 31, 2023 September 16, 2026. not 12 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, 2023 $ (3,452 ) Interest expense $ 6,825 Year Ended December 31, 2022 $ 12,925 Interest expense $ (1,523 ) Year Ended December 31, 2021 $ 7,803 Interest expense $ (5,427 ) ( 1 There was no ineffective portion of our interest rate swaps recognized in earnings for the years ended December 31, 2023, 2022 2021 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 2021 For the years ended December 31, 2023, 2022 2021 none 14 2008 Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Numerator: Income from continuing operations $ 19,450 $ 35,800 $ 10,420 Less: Net income attributable to noncontrolling interests (270 ) (530 ) (172 ) Distributions paid on unvested restricted shares — — — Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 19,180 35,270 10,248 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 $ 19,180 $ 35,270 $ 12,048 Denominator: Weighted average number of common shares - basic 49,501 49,256 45,486 Effect of dilutive securities: Unvested restricted shares 1,312 694 850 Weighted average number of common shares - dilutive 50,813 49,950 46,336 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.39 $ 0.72 $ 0.23 Income from discontinued operations attributable to Whitestone REIT — — 0.03 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.39 $ 0.72 $ 0.26 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.38 $ 0.71 $ 0.22 Income from discontinued operations attributable to Whitestone REIT — — 0.04 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.38 $ 0.71 $ 0.26 |
Note 11 - Federal Income Taxes
Note 11 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Ordinary income (unaudited) 97.8 % 100.0 % 80.7 % Return of capital (unaudited) 2.2 % — 19.3 % 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, 2023 | |
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 May 12, 2023, 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, 2023, 2022 2021 Location of Revenue (Expense) 2023 2022 2021 Rent Operating and maintenance $ (15 ) $ (471 ) $ (899 ) Property management fee income Management, transaction, and other fees $ — $ 359 $ 568 |
Note 13 - Equity
Note 13 - Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [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, 2023 2022, not 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, 2023 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, 2023 2022 December 31, 2023 2022 third December 31, 2023, 2022 2021 December 31, 2023 2022 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 2023 Fourth Quarter $ 0.1200 $ 5,930 $ 0.1200 $ 83 $ 6,013 Third Quarter 0.1200 5,928 0.1200 83 6,011 Second Quarter 0.1200 5,913 0.1200 83 5,996 First Quarter 0.1200 5,913 0.1200 83 5,996 Total $ 0.4800 $ 23,684 $ 0.4800 $ 332 $ 24,016 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 |
Note 14 - Incentive Share Plan
Note 14 - Incentive Share Plan | 12 Months Ended |
Dec. 31, 2023 | |
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 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 January 1, 2024, June 30, 2021 On September 30, 2021, 2018 three On March 28, 2022, 2018 three June 30, 2022 December 31, 2024. three three On March 7, 2023, 2018 three June 30, 2023 December 31, 2025. three three A summary of the share-based incentive plan activity as of and for the year ended December 31, 2023 Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2023 1,220,945 $ 10.03 Granted 480,184 9.30 Vested (231,600 ) 7.95 Forfeited (17,096 ) 10.01 Non-vested at December 31, 2023 1,452,433 10.12 Available for grant at December 31, 2023 1,109,520 ( 1 The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. A summary of our nonvested and vested shares activity for the years ended December 31, 2023, 2022 2021 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, 2023 480,184 $ 9.30 (231,600 ) $ 1,841 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 Total compensation recognized in earnings for share-based payments was $3.7 million, $1.5 million, and $5.9 million for the years ended December 31, 2023 2022 2021 As of December 31, 2023 not September 30, 2024. December 31, 2023 January 1, 2024. We expect to record approximately $5.3 million in share-based compensation subsequent to the year ended December 31, 2023 December 31, 2023 2022 2023 September 30, 2024 |
Note 15 - Grants to Trustees
Note 15 - Grants to Trustees | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Trustee Incentive Shares [Text Block] | 15. On December 20, 2023, December 31, 2023 On December 19, 2022, five one December 31, 2022 On December 13, 2021, December 31, 2021 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES Guarantor for Pillarstone OP’s loan The Company has a limited guarantee on Pillarstone OP's loan for its Uptown Tower property located in Dallas, Texas, with an aggregate principal amount of $14.4 million as of September 30, 2023. October 4, 2023, On October 24, 2023, December 5, 2023. On December 1, 2023, December 4, 2023, 4th 2023 December 4, 2023, On December 1, 2023, 11 No. 23 32832 11, On January 25, 2024, On February 9, 2024, On March 4, 2024, 11 The Company paid the DPO amount will be entitled to assert a subrogation claim against Pillarstone OP. As of the date of this filing, Whitestone has not not not Former COO Litigation On May 9, 2023, not not 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, On December 6, 2023, 215th August 12, 2024. Pillarstone Rights Plan On December 26, 2021, July 12, 2022, On September 8, 2022, not On January 25, 2024, December 2021 On January 25, 2024, On March 4, 2024, 11 As of the date of this filing, Whitestone has not 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, 2023 | |
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, 2023 | |
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, 2023 2022 First Second Third Fourth Quarter Quarter Quarter Quarter 2023 Revenues $ 35,851 $ 36,460 $ 37,134 $ 37,524 Net income $ 3,901 $ 11,465 $ 2,521 $ 1,563 Net income attributable to Whitestone REIT $ 3,847 $ 11,306 $ 2,486 $ 1,541 Basic Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.08 $ 0.23 $ 0.05 $ 0.03 Diluted Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.08 $ 0.22 $ 0.05 $ 0.03 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 ( 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, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. On January 25, 2024, January 25, 2024, On February 20, 2024, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (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, 2023 $ 13,822 $ 951 $ (1,203 ) $ 13,570 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 ( 1 For the year ended December 31, 2023 2022 2021 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Whitestone REIT and Subsidiaries December 31, 2023 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 $ 846 $ — $ 5,126 $ 4,932 $ 10,058 Anderson Arbor 4,679 23,545 78 — 4,679 23,623 28,302 Anthem Marketplace 4,790 17,973 2,027 — 4,790 20,000 24,790 Anthem Marketplace Phase II 204 — 502 — 204 502 706 Arcadia Towne Center 7,992 17,227 84 7,992 17,311 25,303 BLVD Place 63,893 90,942 4,686 — 63,893 95,628 159,521 The Citadel 472 1,777 3,569 — 472 5,346 5,818 City View Village 2,044 4,149 57 — 2,044 4,206 6,250 Dana Park Pad 890 4,034 (1 ) — 890 4,033 4,923 Davenport Village 11,367 34,101 2,259 — 11,367 36,360 47,727 Eldorado Plaza 16,551 30,746 1,383 — 16,551 32,129 48,680 Fountain Hills 5,113 15,340 1,683 — 5,113 17,023 22,136 Fountain Square 5,573 9,828 3,166 — 5,573 12,994 18,567 Fulton Ranch Towne Center 7,604 22,612 2,818 — 7,604 25,430 33,034 Gilbert Tuscany Village 1,767 3,233 1,491 — 1,767 4,724 6,491 Heritage Trace Plaza 6,209 13,821 1,292 — 6,209 15,113 21,322 HQ Village 7,171 18,439 2,649 — 7,171 21,088 28,259 Keller Place 5,977 7,577 1,092 — 5,977 8,669 14,646 Kempwood Plaza 733 1,798 2,527 — 733 4,325 5,058 Lakeside Market 18,116 35,290 2,069 — 18,116 37,359 55,475 Lake Woodlands Crossing — 12,069 173 — — 12,242 12,242 La Mirada 12,853 24,464 2,089 — 12,853 26,553 39,406 Las Colinas 16,706 18,098 1,847 — 16,706 19,945 36,651 Lion Square 1,546 4,289 5,401 — 1,546 9,690 11,236 The MarketPlace at Central 1,305 5,324 1,521 — 1,305 6,845 8,150 Market Street at DC Ranch 9,710 26,779 11,130 — 9,710 37,909 47,619 Mercado at Scottsdale Ranch 8,728 12,560 2,410 — 8,728 14,970 23,698 Paradise Plaza 6,155 10,221 1,396 — 6,155 11,617 17,772 Parkside Village North 3,877 8,629 410 — 3,877 9,039 12,916 Parkside Village South 5,562 27,154 1,144 — 5,562 28,298 33,860 Pinnacle of Scottsdale 6,648 22,466 2,381 — 6,648 24,847 31,495 Pinnacle of Scottsdale Phase II 883 4,659 2,793 — 883 7,452 8,335 The Promenade at Fulton Ranch 5,198 13,367 1,328 — 5,198 14,695 19,893 Providence 918 3,675 3,396 — 918 7,071 7,989 Quinlan Crossing 9,561 28,683 1,283 — 9,561 29,966 39,527 Seville 6,913 25,518 4,305 — 6,913 29,823 36,736 Shaver 184 633 192 — 184 825 1,009 Shops at Pecos Ranch 3,781 15,123 1,468 — 3,781 16,591 20,372 Shops at Starwood 4,093 11,487 1,541 — 4,093 13,028 17,121 Starwood Phase III 1,818 7,069 3,779 — 1,818 10,848 12,666 The Shops at Williams Trace 5,920 14,297 3,298 — 5,920 17,595 23,515 The Strand at Huebner Oaks 5,805 12,335 1,131 — 5,805 13,466 19,271 SugarPark Plaza 1,781 7,125 1,606 — 1,781 8,731 10,512 Sunset at Pinnacle Peak 3,610 2,734 1,065 — 3,610 3,799 7,409 Terravita Marketplace 7,171 9,392 1,923 — 7,171 11,315 18,486 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 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 2,911 613 — 850 3,524 4,374 Village Square at Dana Park 10,877 40,250 6,410 — 10,877 46,660 57,537 Williams Trace Plaza 6,800 14,003 1,977 — 6,800 15,980 22,780 Windsor Park 2,621 10,482 7,979 — 2,621 18,461 21,082 Woodlake Plaza 1,107 4,426 3,795 — 1,107 8,221 9,328 Total Whitestone Properties $ 329,252 $ 756,740 $ 114,057 $ — $ 329,252 $ 870,797 $ 1,200,049 Land Held for Development: BLVD Place Phase II-B 10,500 — 2,224 2,692 10,500 4,916 15,416 Dana Park Development 4,000 — 25 — 4,000 25 4,025 Eldorado Plaza Development 911 — 84 — 911 84 995 Fountain Hills 277 — — — 277 — 277 Market Street at DC Ranch 704 — — — 704 — 704 Total - Land Held for Development $ 16,392 $ — $ 2,333 $ 2,692 $ 16,392 $ 5,025 $ 21,417 Grand Totals - Whitestone Properties $ 345,644 $ 756,740 $ 116,390 $ 2,692 $ 345,644 $ 875,822 $ 1,221,466 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) (8) Construction Acquired Life (in years) Whitestone Properties: Ahwatukee Plaza $ 1,453 8/16/2011 3 - 39 Anderson Arbor 1,246 12/01/2021 3 - 39 Anthem Marketplace (3) 5,412 6/28/2013 3 - 39 Anthem Marketplace Phase II 284 3/1/2019 3 - 39 Arcadia Towne Center 406 6/12/2023 3 - 39 BLVD Place (4) 16,942 5/26/2017 3 - 39 The Citadel 3,337 9/28/2010 3 - 39 City View Village 968 3/31/2015 3 - 39 Dana Park Pad 160 12/2/2022 3 - 40 Davenport Village 8,974 5/27/2015 3 - 39 Eldorado Plaza 5,705 5/3/2017 3 - 39 Fountain Hills Plaza 4,551 10/7/2013 3 - 39 Fountain Square 4,999 9/21/2012 3 - 39 Fulton Ranch Towne Center 6,268 11/5/2014 3 - 39 Gilbert Tuscany Village 2,195 6/28/2011 3 - 39 Heritage Trace Plaza 4,066 7/1/2014 3 - 39 Headquarters Village (5) 6,430 3/28/2013 3 - 39 Keller Place 2,199 8/26/2015 3 - 39 Kempwood Plaza 2,714 2/2/1999 3 - 39 Lakeside Market 2,445 7/8/2021 3 - 39 Lake Woodlands Crossing 919 12/21/2022 3 - 43 La Mirada 5,819 9/30/2016 3 - 39 Las Colinas Village 2,273 12/6/2019 3 - 39 Lion Square 6,728 1/1/2000 3 - 39 The Marketplace at Central 2,996 11/1/2010 3 - 39 Market Street at DC Ranch 13,881 12/5/2013 3 - 39 Mercado at Scottsdale Ranch 4,714 6/19/2013 3 - 39 Paradise Plaza 4,001 8/8/2012 3 - 39 Parkside Village North 2,099 7/2/2015 3 - 39 Parkside Village South 6,574 7/2/2015 3 - 39 Pinnacle of Scottsdale 8,407 12/22/2011 3 - 39 Pinnacle of Scottsdale Phase II 2,432 3/31/2017 3 - 39 The Promenade at Fulton Ranch 3,753 11/5/2014 3 - 39 Providence 3,967 3/30/2001 3 - 39 Quinlan Crossing 6,960 8/26/2015 3 - 39 Seville 5,583 9/30/2016 3 - 39 Shaver 567 12/17/1999 3 - 39 Shops at Pecos Ranch (6) 5,021 12/28/2012 3 - 39 Shops at Starwood (7) 4,214 12/28/2011 3 - 39 Shops at Starwood Phase III 3,157 12/31/2016 3 - 39 The Shops at Williams Trace 4,107 12/24/2014 3 - 39 The Strand at Huebner Oaks 3,601 9/19/2014 3 - 39 SugarPark Plaza 4,387 9/8/2004 3 - 39 Sunset at Pinnacle Peak 1,421 5/29/2012 3 - 39 Terravita Marketplace 3,928 8/8/2011 3 - 39 Town Park 2,774 1/1/1999 3 - 39 Whitestone REIT and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) (8) Construction Acquired Life Village Square at Dana Park 14,586 9/21/2012 3 Williams Trace Plaza 3,963 12/24/2014 3 Windsor Park 11,465 12/16/2003 3 Woodlake Plaza 4,716 3/14/2005 3 $ 229,767 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 $ 229,767 ( 1 Reconciliations of total real estate carrying value for the three December 31, 2023 2022 2021 Balance at beginning of period $ 1,199,041 $ 1,196,919 $ 1,106,426 Additions during the period: Acquisitions 25,474 16,992 81,588 Improvements 17,055 13,659 9,642 42,529 30,651 91,230 Deductions - cost of real estate sold or retired (20,104 ) (28,529 ) (737 ) Balance at close of period $ 1,221,466 $ 1,199,041 $ 1,196,919 ( 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 $14.0 million mortgage note. ( 7 This property secures a $14.3 million mortgage note. ( 8 Reconciliation of accumulated depreciation for the three December 31, 2023 2022 2021 Balance at beginning of period $ 208,286 $ 190,333 $ 163,712 Additions during the period: Depreciation expense 30,668 29,700 27,188 Deductions during the period: Accumulated depreciation of real estate dispositions (9,187 ) (11,747 ) (567 ) Balance at close of period $ 229,767 $ 208,286 $ 190,333 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. December 31, 2023, 2022 2021 Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of operating partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for- one |
Investment Financial Conditions, Results of Operations, and Guarantee [Policy Text Block] | Estimates regarding Pillarstone OP s financial condition and results of operations and guarantee. third December 31, 2023 2022, not The Company has a limited guarantee on Pillarstone OP's loan for its Uptown Tower property located in Dallas, Texas, with an aggregate principal amount of $14.4 million as of September 30, 2023. October 4, 2023, On October 24, 2023, December 5, 2023. On December 1, 2023, December 4, 2023, The DPO Amount included a compromise settlement of approximately $1,688,000 for the disputed default interest and other fees. The Company's share of it was recorded in the 4th 2023 December 4, 2023, On December 1, 2023, 11 No. 23 32832 11, On January 25, 2024, On February 9, 2024, On March 4, 2024, 11 not not |
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, 2023 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. |
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 December 31, 2023, 2022 2021 |
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, 2023 2022 may not not |
Real Estate, Policy [Policy Text Block] | Real Estate Development Properties. December 31, 2023 December 31, 2022 December 31, 2021, Acquired Properties and Acquired Lease Intangibles. 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, 2023 |
Accounts Receivable [Policy Text Block] | Accrued Rents and Accounts Receivable. not December 31, 2023 2022 December 31, 2023, 2022 2021 December 31, 2023, 2022 2021, |
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, 2023, 2022 2021 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. December 31, 2023 2022 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 December 31, 2023 2022 Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2023 2022 not not December 31, 2023 may |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities. 2 820. 2 not December 31, 2023 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. 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, 2023 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Total revenues $ 148,044 $ 144,469 $ 135,597 Net income $ 19,889 $ 37,502 $ 14,196 Net income attributable to Whitestone REIT (1) $ 19,619 $ 36,972 $ 13,991 Basic Earnings Per Share: $ 0.40 $ 0.75 $ 0.31 Diluted Earnings Per Share: $ 0.39 $ 0.74 $ 0.30 Weighted-average common shares outstanding: Basic 49,501 49,256 45,486 Diluted 50,813 49,950 46,336 |
Note 4 - Investment in Real E_2
Note 4 - Investment in Real Estate Partnership (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Company’s Investment as of December 31, 2023 December 31, 2022 Real estate partnership Ownership Interest Pillarstone OP 81.4% $ 31,671 $ 34,826 Total real estate partnership (1)(2)(3)(4) $ 31,671 $ 34,826 |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Year Ended December 31, 2023 2022 2021 Pillarstone OP $ (3,155 ) $ 239 $ 609 December 31, 2023 December 31, 2022 Assets: Real estate, net $ 47,115 $ 47,727 Other assets 6,680 9,680 Total assets (1) 53,795 57,407 Liabilities and equity: Notes payable 14,292 14,616 Other liabilities 4,040 3,782 Equity 35,463 39,009 Total liabilities and equity (2) 53,795 57,407 Company’s share of equity 28,885 31,773 Cost of investment in excess of the Company’s share of underlying net book value 2,786 3,053 Carrying value of investment in real estate partnership (3) $ 31,671 $ 34,826 Year Ended December 31, 2023 2022 2021 Rental revenues $ 8,459 $ 8,930 $ 9,272 Property expenses (9,683 ) (7,386 ) (6,988 ) Other expenses (2,517 ) (1,099 ) (1,407 ) Gain (loss) on sale of properties or disposal of assets — (20 ) 23 Net income (loss) (1) $ (3,741 ) $ 425 $ 900 |
Note 5 - Accrued Rents and Ac_2
Note 5 - Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 December 31, 2022 Tenant receivables $ 16,287 $ 16,828 Accrued rents and other recoveries 26,751 22,103 Allowance for doubtful accounts (13,570 ) (13,822 ) Other receivables 1,124 461 Total $ 30,592 $ 25,570 |
Note 6 - Unamortized Lease Co_2
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2023 December 31, 2022 Leasing commissions $ 19,462 $ 16,364 Deferred legal cost 356 364 Deferred financing cost 4,149 4,149 Total cost 23,967 20,877 Less: leasing commissions accumulated amortization (8,744 ) (7,649 ) Less: deferred legal cost accumulated amortization (272 ) (263 ) Less: deferred financing cost accumulated amortization (1,168 ) (268 ) Total cost, net of accumulated amortization $ 13,783 $ 12,697 |
Schedule of Expected Future Amortization of Deferred Costs [Table Text Block] | Leasing Deferred Deferred Years Ended December 31, Commissions Legal Costs Financing Costs Total 2024 $ 2,328 $ 46 $ 885 $ 3,259 2025 1,902 15 885 2,802 2026 1,662 14 760 2,436 2027 1,372 6 385 1,763 2028 1,084 2 66 1,152 Thereafter 2,370 1 — 2,371 Total $ 10,718 $ 84 $ 2,981 $ 13,783 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Years Ended December 31, Minimum Future Rents (1) 2024 $ 97,819 2025 85,303 2026 70,389 2027 57,690 2028 43,141 Thereafter 124,343 Total $ 478,685 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Years Ended December 31, Operating Leases Finance Lease 2024 $ 64 $ 61 2025 42 63 2026 10 64 2027 2 65 2028 1 66 Thereafter — 2,707 Total undiscounted rental payments 119 3,026 Less imputed interest 7 2,305 Total lease liabilities $ 112 $ 721 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Description December 31, 2023 December 31, 2022 Fixed rate notes $ 265.0 3.18 1.45 2.10 January 31, 2028 (1) $ 265,000 $ 265,000 $ 80.0 3.72 June 1, 2027 80,000 80,000 $ 19.0 4.15 December 1, 2024 17,658 18,016 $ 20.2 4.28 June 6, 2023 — 17,375 $ 14.0 4.34 September 11, 2024 12,427 12,709 $ 14.3 4.34 September 11, 2024 13,257 13,520 $ 15.1 4.99 January 6, 2024 13,350 13,635 $ 2.6 5.46 October 1, 2023 — 2,236 $ 50.0 5.09 March 22, 2029 42,857 50,000 $ 50.0 5.17 March 22, 2029 50,000 50,000 $ 50.0 3.71 1.50 2.10 September 16, 2026 (2) 50,000 — Floating rate notes Unsecured line of credit, SOFR plus 1.50 2.10 September 16, 2026 96,000 103,500 Total notes payable principal 640,549 625,991 Less deferred financing costs, net of accumulated amortization (377 ) (564 ) Total notes payable $ 640,172 $ 625,427 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount Due 2024 $ 63,834 2025 17,143 2026 163,143 2027 97,143 2028 282,143 Thereafter 17,143 Total $ 640,549 |
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 (2024) (2025 - 2026) (2027 - 2028) (after 2028) Long-Term Debt - Principal $ 640,549 $ 63,834 $ 180,286 $ 379,286 $ 17,143 Long-Term Debt - Fixed Interest 85,050 24,340 42,381 18,136 193 Long-Term Debt - Variable Interest (1) 12,238 4,450 7,788 — — Unsecured credit facility - Unused commitment fee (2) 715 260 455 — — Operating Lease Obligations 119 64 52 3 — Finance Lease Obligations 3,026 61 127 131 2,707 Total $ 741,697 $ 93,009 $ 231,089 $ 397,556 $ 20,043 |
Note 9 - Derivatives and Hedg_2
Note 9 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | December 31, 2023 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 2,613 December 31, 2022 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 6,065 |
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, 2023 $ (3,452 ) Interest expense $ 6,825 Year Ended December 31, 2022 $ 12,925 Interest expense $ (1,523 ) Year Ended December 31, 2021 $ 7,803 Interest expense $ (5,427 ) |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Numerator: Income from continuing operations $ 19,450 $ 35,800 $ 10,420 Less: Net income attributable to noncontrolling interests (270 ) (530 ) (172 ) Distributions paid on unvested restricted shares — — — Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 19,180 35,270 10,248 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 $ 19,180 $ 35,270 $ 12,048 Denominator: Weighted average number of common shares - basic 49,501 49,256 45,486 Effect of dilutive securities: Unvested restricted shares 1,312 694 850 Weighted average number of common shares - dilutive 50,813 49,950 46,336 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.39 $ 0.72 $ 0.23 Income from discontinued operations attributable to Whitestone REIT — — 0.03 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.39 $ 0.72 $ 0.26 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.38 $ 0.71 $ 0.22 Income from discontinued operations attributable to Whitestone REIT — — 0.04 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.38 $ 0.71 $ 0.26 |
Note 11 - Federal Income Taxes
Note 11 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash Distributions to Shareholders for Income Tax Purposes [Table Text Block] | 2023 2022 2021 Ordinary income (unaudited) 97.8 % 100.0 % 80.7 % Return of capital (unaudited) 2.2 % — 19.3 % 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, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Location of Revenue (Expense) 2023 2022 2021 Rent Operating and maintenance $ (15 ) $ (471 ) $ (899 ) Property management fee income Management, transaction, and other fees $ — $ 359 $ 568 |
Note 13 - Equity (Tables)
Note 13 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 Fourth Quarter $ 0.1200 $ 5,930 $ 0.1200 $ 83 $ 6,013 Third Quarter 0.1200 5,928 0.1200 83 6,011 Second Quarter 0.1200 5,913 0.1200 83 5,996 First Quarter 0.1200 5,913 0.1200 83 5,996 Total $ 0.4800 $ 23,684 $ 0.4800 $ 332 $ 24,016 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 |
Note 14 - Incentive Share Plan
Note 14 - Incentive Share Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2023 1,220,945 $ 10.03 Granted 480,184 9.30 Vested (231,600 ) 7.95 Forfeited (17,096 ) 10.01 Non-vested at December 31, 2023 1,452,433 10.12 Available for grant at December 31, 2023 1,109,520 |
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, 2023 480,184 $ 9.30 (231,600 ) $ 1,841 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 |
Note 18 - Selected Quarterly _2
Note 18 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 2023 Revenues $ 35,851 $ 36,460 $ 37,134 $ 37,524 Net income $ 3,901 $ 11,465 $ 2,521 $ 1,563 Net income attributable to Whitestone REIT $ 3,847 $ 11,306 $ 2,486 $ 1,541 Basic Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.08 $ 0.23 $ 0.05 $ 0.03 Diluted Earnings per share: Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (1) $ 0.08 $ 0.22 $ 0.05 $ 0.03 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 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 $ 13,822 $ 951 $ (1,203 ) $ 13,570 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 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 $ 846 $ — $ 5,126 $ 4,932 $ 10,058 Anderson Arbor 4,679 23,545 78 — 4,679 23,623 28,302 Anthem Marketplace 4,790 17,973 2,027 — 4,790 20,000 24,790 Anthem Marketplace Phase II 204 — 502 — 204 502 706 Arcadia Towne Center 7,992 17,227 84 7,992 17,311 25,303 BLVD Place 63,893 90,942 4,686 — 63,893 95,628 159,521 The Citadel 472 1,777 3,569 — 472 5,346 5,818 City View Village 2,044 4,149 57 — 2,044 4,206 6,250 Dana Park Pad 890 4,034 (1 ) — 890 4,033 4,923 Davenport Village 11,367 34,101 2,259 — 11,367 36,360 47,727 Eldorado Plaza 16,551 30,746 1,383 — 16,551 32,129 48,680 Fountain Hills 5,113 15,340 1,683 — 5,113 17,023 22,136 Fountain Square 5,573 9,828 3,166 — 5,573 12,994 18,567 Fulton Ranch Towne Center 7,604 22,612 2,818 — 7,604 25,430 33,034 Gilbert Tuscany Village 1,767 3,233 1,491 — 1,767 4,724 6,491 Heritage Trace Plaza 6,209 13,821 1,292 — 6,209 15,113 21,322 HQ Village 7,171 18,439 2,649 — 7,171 21,088 28,259 Keller Place 5,977 7,577 1,092 — 5,977 8,669 14,646 Kempwood Plaza 733 1,798 2,527 — 733 4,325 5,058 Lakeside Market 18,116 35,290 2,069 — 18,116 37,359 55,475 Lake Woodlands Crossing — 12,069 173 — — 12,242 12,242 La Mirada 12,853 24,464 2,089 — 12,853 26,553 39,406 Las Colinas 16,706 18,098 1,847 — 16,706 19,945 36,651 Lion Square 1,546 4,289 5,401 — 1,546 9,690 11,236 The MarketPlace at Central 1,305 5,324 1,521 — 1,305 6,845 8,150 Market Street at DC Ranch 9,710 26,779 11,130 — 9,710 37,909 47,619 Mercado at Scottsdale Ranch 8,728 12,560 2,410 — 8,728 14,970 23,698 Paradise Plaza 6,155 10,221 1,396 — 6,155 11,617 17,772 Parkside Village North 3,877 8,629 410 — 3,877 9,039 12,916 Parkside Village South 5,562 27,154 1,144 — 5,562 28,298 33,860 Pinnacle of Scottsdale 6,648 22,466 2,381 — 6,648 24,847 31,495 Pinnacle of Scottsdale Phase II 883 4,659 2,793 — 883 7,452 8,335 The Promenade at Fulton Ranch 5,198 13,367 1,328 — 5,198 14,695 19,893 Providence 918 3,675 3,396 — 918 7,071 7,989 Quinlan Crossing 9,561 28,683 1,283 — 9,561 29,966 39,527 Seville 6,913 25,518 4,305 — 6,913 29,823 36,736 Shaver 184 633 192 — 184 825 1,009 Shops at Pecos Ranch 3,781 15,123 1,468 — 3,781 16,591 20,372 Shops at Starwood 4,093 11,487 1,541 — 4,093 13,028 17,121 Starwood Phase III 1,818 7,069 3,779 — 1,818 10,848 12,666 The Shops at Williams Trace 5,920 14,297 3,298 — 5,920 17,595 23,515 The Strand at Huebner Oaks 5,805 12,335 1,131 — 5,805 13,466 19,271 SugarPark Plaza 1,781 7,125 1,606 — 1,781 8,731 10,512 Sunset at Pinnacle Peak 3,610 2,734 1,065 — 3,610 3,799 7,409 Terravita Marketplace 7,171 9,392 1,923 — 7,171 11,315 18,486 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 2,911 613 — 850 3,524 4,374 Village Square at Dana Park 10,877 40,250 6,410 — 10,877 46,660 57,537 Williams Trace Plaza 6,800 14,003 1,977 — 6,800 15,980 22,780 Windsor Park 2,621 10,482 7,979 — 2,621 18,461 21,082 Woodlake Plaza 1,107 4,426 3,795 — 1,107 8,221 9,328 Total Whitestone Properties $ 329,252 $ 756,740 $ 114,057 $ — $ 329,252 $ 870,797 $ 1,200,049 Land Held for Development: BLVD Place Phase II-B 10,500 — 2,224 2,692 10,500 4,916 15,416 Dana Park Development 4,000 — 25 — 4,000 25 4,025 Eldorado Plaza Development 911 — 84 — 911 84 995 Fountain Hills 277 — — — 277 — 277 Market Street at DC Ranch 704 — — — 704 — 704 Total - Land Held for Development $ 16,392 $ — $ 2,333 $ 2,692 $ 16,392 $ 5,025 $ 21,417 Grand Totals - Whitestone Properties $ 345,644 $ 756,740 $ 116,390 $ 2,692 $ 345,644 $ 875,822 $ 1,221,466 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) (8) Construction Acquired Life (in years) Whitestone Properties: Ahwatukee Plaza $ 1,453 8/16/2011 3 - 39 Anderson Arbor 1,246 12/01/2021 3 - 39 Anthem Marketplace (3) 5,412 6/28/2013 3 - 39 Anthem Marketplace Phase II 284 3/1/2019 3 - 39 Arcadia Towne Center 406 6/12/2023 3 - 39 BLVD Place (4) 16,942 5/26/2017 3 - 39 The Citadel 3,337 9/28/2010 3 - 39 City View Village 968 3/31/2015 3 - 39 Dana Park Pad 160 12/2/2022 3 - 40 Davenport Village 8,974 5/27/2015 3 - 39 Eldorado Plaza 5,705 5/3/2017 3 - 39 Fountain Hills Plaza 4,551 10/7/2013 3 - 39 Fountain Square 4,999 9/21/2012 3 - 39 Fulton Ranch Towne Center 6,268 11/5/2014 3 - 39 Gilbert Tuscany Village 2,195 6/28/2011 3 - 39 Heritage Trace Plaza 4,066 7/1/2014 3 - 39 Headquarters Village (5) 6,430 3/28/2013 3 - 39 Keller Place 2,199 8/26/2015 3 - 39 Kempwood Plaza 2,714 2/2/1999 3 - 39 Lakeside Market 2,445 7/8/2021 3 - 39 Lake Woodlands Crossing 919 12/21/2022 3 - 43 La Mirada 5,819 9/30/2016 3 - 39 Las Colinas Village 2,273 12/6/2019 3 - 39 Lion Square 6,728 1/1/2000 3 - 39 The Marketplace at Central 2,996 11/1/2010 3 - 39 Market Street at DC Ranch 13,881 12/5/2013 3 - 39 Mercado at Scottsdale Ranch 4,714 6/19/2013 3 - 39 Paradise Plaza 4,001 8/8/2012 3 - 39 Parkside Village North 2,099 7/2/2015 3 - 39 Parkside Village South 6,574 7/2/2015 3 - 39 Pinnacle of Scottsdale 8,407 12/22/2011 3 - 39 Pinnacle of Scottsdale Phase II 2,432 3/31/2017 3 - 39 The Promenade at Fulton Ranch 3,753 11/5/2014 3 - 39 Providence 3,967 3/30/2001 3 - 39 Quinlan Crossing 6,960 8/26/2015 3 - 39 Seville 5,583 9/30/2016 3 - 39 Shaver 567 12/17/1999 3 - 39 Shops at Pecos Ranch (6) 5,021 12/28/2012 3 - 39 Shops at Starwood (7) 4,214 12/28/2011 3 - 39 Shops at Starwood Phase III 3,157 12/31/2016 3 - 39 The Shops at Williams Trace 4,107 12/24/2014 3 - 39 The Strand at Huebner Oaks 3,601 9/19/2014 3 - 39 SugarPark Plaza 4,387 9/8/2004 3 - 39 Sunset at Pinnacle Peak 1,421 5/29/2012 3 - 39 Terravita Marketplace 3,928 8/8/2011 3 - 39 Town Park 2,774 1/1/1999 3 - 39 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) (8) Construction Acquired Life Village Square at Dana Park 14,586 9/21/2012 3 Williams Trace Plaza 3,963 12/24/2014 3 Windsor Park 11,465 12/16/2003 3 Woodlake Plaza 4,716 3/14/2005 3 $ 229,767 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 $ 229,767 2023 2022 2021 Balance at beginning of period $ 1,199,041 $ 1,196,919 $ 1,106,426 Additions during the period: Acquisitions 25,474 16,992 81,588 Improvements 17,055 13,659 9,642 42,529 30,651 91,230 Deductions - cost of real estate sold or retired (20,104 ) (28,529 ) (737 ) Balance at close of period $ 1,221,466 $ 1,199,041 $ 1,196,919 2023 2022 2021 Balance at beginning of period $ 208,286 $ 190,333 $ 163,712 Additions during the period: Depreciation expense 30,668 29,700 27,188 Deductions during the period: Accumulated depreciation of real estate dispositions (9,187 ) (11,747 ) (567 ) Balance at close of period $ 229,767 $ 208,286 $ 190,333 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Nature of Operations (Details Textual) | 24 Months Ended | |||
Dec. 31, 2023 ft² | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2004 | |
Reorganization and Conversion, Number of Common Shares | 1.42857 | |||
Pillarstone OP [Member] | ||||
Equity Method Investment, Ownership Percentage | 81.40% | |||
Wholly Owned Properties [Member] | ||||
Number of Real Estate Properties | 55 | 57 | 60 | |
Area of Real Estate Property (Square Foot) | 5 | |||
Wholly Owned Properties [Member] | Community Centered Properties [Member] | ||||
Number of Real Estate Properties | 50 | |||
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 (Square Foot) | 900,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies and Estimates (Details Textual) $ / shares in Units, ft² in Millions | 12 Months Ended | ||||||
Dec. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 24, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2015 USD ($) | |
Conversion Ratio for Class Common Stock to OP Unit (in dollars per share) | $ / shares | $ 1 | ||||||
Share-Based Payment Arrangement, Expense | $ 3,700,000 | $ 1,500,000 | $ 5,900,000 | ||||
Real Estate Inventory, Capitalized Interest Costs Incurred | 552,000 | 455,000 | 414,000 | ||||
Real Estate Taxes, Capitalized | 262,000 | 281,000 | 291,000 | ||||
Accounts Receivable, Allowance for Credit Loss | 13,570,000 | 13,822,000 | |||||
Net Investment in Lease, Credit Loss Expense (Reversal) | 951,000 | 1,156,000 | (90,000) | ||||
Accounts Receivable, Credit Loss Expense (Reversal), COVID-19 | 300,000 | 600,000 | 100,000 | ||||
Straight Line Rent Adjustments, COVID-19 | $ (2,000) | $ 300,000 | $ 900,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal), Number of Tenants, COVID-19 | 20 | 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 | $ 500,000 | $ 400,000 | $ 400,000 | ||||
Long-Term Debt, Fair Value | 612,400,000 | 579,700,000 | |||||
Long-Term Debt | 640,500,000 | 626,000,000 | |||||
Long-Term Debt, Gross | 640,549,000 | 625,991,000 | |||||
Pillarstone OP [Member] | |||||||
Long-Term Debt, Gross | 0 | 100,000 | |||||
Fair Value, Inputs, Level 3 [Member] | Pillarstone OP [Member] | |||||||
Long-Term Debt, Fair Value | $ 0 | $ 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 | ||||||
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 (Square Foot) | 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 | ||||||
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 13,632,764 | ||||||
Litigation Settlement Interest | $ 1,688,000 | ||||||
Property Located at 4144 North Central Expressway in Dallas [Member] | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 14,400,000 | ||||||
Uptown Tower [Member] | Performance Guarantee [Member] | Guarantee Obligations [Member] | |||||||
Guarantee Obligation, Additional Amount Due | $ 4,600,000 | ||||||
Interest Payable | 6,300,000 | ||||||
Escrow Deposit | $ 1,700,000 |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) $ in Thousands | 12 Months Ended | ||||||||||||||||||
Dec. 20, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 12, 2023 USD ($) ft² | Dec. 21, 2022 USD ($) 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 ($) ft² | Apr. 24, 2019 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2014 USD ($) | |
Payments to Acquire Productive Assets | $ 100 | $ 100 | $ 300 | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 9,006 | $ 16,950 | $ 266 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Spoerlein Commons [Member] | |||||||||||||||||||
Proceeds from Sale of Productive Assets | $ 7,400 | $ 2,200 | |||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (700) | $ 700 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Westchase [Member] | |||||||||||||||||||
Proceeds from Sale of Productive Assets | $ 7,800 | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 4,600 | ||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Sunridge [Member] | |||||||||||||||||||
Proceeds from Sale of Productive Assets | 6,700 | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 5,000 | ||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Pima Norte [Member] | |||||||||||||||||||
Proceeds from Sale of Productive Assets | $ 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] | Desert Canyon [Member] | |||||||||||||||||||
Proceeds from Sale of Productive Assets | $ 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 | $ 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 | $ 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 | $ 5,400 | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 4,400 | ||||||||||||||||||
Arcadia Towne Center [Member] | |||||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 69,503 | ||||||||||||||||||
Payments to Acquire Productive Assets | $ 25,500 | ||||||||||||||||||
Asset Acquisition Percent of Property Leased | 100% | ||||||||||||||||||
Lake Woodlands Crossing [Member] | |||||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 60,246 | ||||||||||||||||||
Payments to Acquire Productive Assets | $ 22,500 | ||||||||||||||||||
Asset Acquisition Percent of Property Leased | 89.30% | ||||||||||||||||||
Dana Park Pad [Member] | |||||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 12,000 | ||||||||||||||||||
Payments to Acquire Productive Assets | $ 4,900 | ||||||||||||||||||
Asset Acquisition Percent of Property Leased | 100% | ||||||||||||||||||
Anderson Arbor [Member] | |||||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 89,746 | ||||||||||||||||||
Payments to Acquire Productive Assets | $ 28,100 | ||||||||||||||||||
Asset Acquisition Percent of Property Leased | 89% | ||||||||||||||||||
Lakeside Market [Member] | |||||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 162,649 | ||||||||||||||||||
Payments to Acquire Productive Assets | $ 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 | ||||||||||||||||||
Wholly Owned Properties [Member] | |||||||||||||||||||
Number of Real Estate Properties | 55 | 57 | 60 | ||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 5 | ||||||||||||||||||
Wholly Owned Properties [Member] | Parcels Held for Future Development [Member] | |||||||||||||||||||
Number of Real Estate Properties | 55 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Total revenues | $ 37,524 | $ 37,134 | $ 36,460 | $ 35,851 | $ 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | $ 146,969 | $ 139,421 | $ 125,365 | |||||
Net income | 1,563 | 2,521 | 11,465 | 3,901 | 20,230 | 3,975 | 4,406 | 7,189 | 19,450 | 35,800 | 12,253 | |||||
Net income attributable to Whitestone REIT (1) | $ 1,541 | $ 2,486 | $ 11,306 | $ 3,847 | $ 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | $ 19,180 | $ 35,270 | $ 12,048 | |||||
Basic Earnings Per Share: (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.23 | $ 0.08 | $ 0.4 | [1] | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.14 | [1] | $ 0.39 | $ 0.72 | $ 0.26 | |
Diluted Earnings Per Share: (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.22 | $ 0.08 | $ 0.4 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.38 | $ 0.71 | $ 0.26 | |||||
Basic (in shares) | 49,501 | 49,256 | 45,486 | |||||||||||||
Diluted (in shares) | 50,813 | 49,950 | 46,336 | |||||||||||||
Pro Forma [Member] | ||||||||||||||||
Total revenues | $ 148,044 | $ 144,469 | $ 135,597 | |||||||||||||
Net income | 19,889 | 37,502 | 14,196 | |||||||||||||
Net income attributable to Whitestone REIT (1) | [2] | $ 19,619 | $ 36,972 | $ 13,991 | ||||||||||||
Basic Earnings Per Share: (in dollars per share) | $ 0.4 | $ 0.75 | $ 0.31 | |||||||||||||
Diluted Earnings Per Share: (in dollars per share) | $ 0.39 | $ 0.74 | $ 0.3 | |||||||||||||
Basic (in shares) | 49,501 | 49,256 | 45,486 | |||||||||||||
Diluted (in shares) | 50,813 | 49,950 | 46,336 | |||||||||||||
[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) ft² in Millions | 8 Months Ended | 12 Months Ended | 24 Months Ended | |||
Aug. 18, 2022 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 08, 2018 USD ($) | Dec. 08, 2016 | |
Equity Method Investment, Difference Between Carrying Amount And Underlying Equity, Amortization | $ 108,000 | $ 108,000 | $ 108,000 | |||
Performance Guarantee [Member] | ||||||
Guarantees, Fair Value Disclosure | $ 462,000 | |||||
Guarantee Liability, Amortization Period (Year) | 7 years | |||||
Amortization of Guarantee Liability | $ 18,000 | $ 37,000 | $ 38,000 | |||
Pillarstone OP [Member] | ||||||
Equity Method Investment, Ownership Percentage | 81.40% | |||||
Pillarstone OP [Member] | Unconsolidated Properties [Member] | ||||||
Number of Real Estate Properties | 8 | |||||
Area of Real Estate Property (Square Foot) | 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] | Unconsolidated Properties [Member] | ||||||
Number of Real Estate Properties | 8 | 8 | ||||
Area of Real Estate Property (Square Foot) | ft² | 0.9 | 0.9 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
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 |
Note 4 - Investment in Real E_4
Note 4 - Investment in Real Estate Partnership - Real Estate Partnership Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment | [1],[2],[3],[4] | $ 31,671 | $ 34,826 |
Pillarstone OP [Member] | |||
Ownership interest | 81.40% | ||
Investment | [5] | $ 31,671 | $ 34,826 |
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new rights agreement (the “Pillarstone Rights Agreement”), pursuant to which each holder of Pillarstone REIT common stock received one preferred share purchase right (a “Right”) per common share held as of the applicable record date. Each Right entitles the registered holder to purchase from Pillarstone REIT one one-thousandth (a “Unit”) of a series D preferred share of Pillarstone at a purchase price (“Purchase Price”) of $7.00 per Unit, subject to adjustment. The Rights are exercisable upon the occurrence of certain events as described in the Pillarstone Rights Agreement, including the acquisition by certain holders of 5% or more of the common shares of Pillarstone REIT (an “Acquiring Person”). Upon the acquisition of Pillarstone REIT common shares by an Acquiring Person, each holder of a Right (other than an Acquiring Person), will have the right to receive upon exercise a number of Pillarstone REIT common shares having a market value of two times the Purchase Price. As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 (the “Pillarstone Partnership Agreement”), we have the contractual right to have our limited partnership interests in Pillarstone redeemed at our discretion. However, upon receipt of a redemption notice, Pillarstone OP has the option of the applicable redemption price in cash, based on the market value of Pillarstone REIT common shares, or in Pillarstone REIT common shares. To the extent we seek to have our partnership units in Pillarstone OP redeemed and Pillarstone OP elects to pay the applicable redemption price in Pillarstone REIT common shares (and such shares represent 5% or more of the outstanding common shares of Pillarstone REIT), the Rights could become exercisable. To the extent the Rights are exercised as a result of our Pillarstone OP units being redeemed for Pillarstone REIT common shares, our ownership interest in Pillarstone REIT would be significantly diluted, which could adversely impact the value of our investment in Pillarstone OP. Because the Pillarstone Rights Agreement seeks to prevent Whitestone OP from exercising its contractual Redemption Right, on July 12, 2022, Whitestone OP filed suit against Pillarstone REIT in the Court of Chancery of the State of Delaware challenging the Pillarstone Rights Agreement due to Pillarstone REIT’s breach of the Pillarstone OP partnership agreement, breach of its fiduciary duty as general partner of Pillarstone OP to Whitestone OP, and breach of the implied covenant of good faith and fair dealing under the Pillarstone OP partnership agreement. The lawsuit seeks rescission and voiding of the Pillarstone Rights Agreement; a declaration that the Pillarstone Rights Agreement is unenforceable, invalid, and of no force and effect; an order permanently enjoining enforcement of the Pillarstone Rights Agreement; an award of monetary damages; and broad restrictions on Pillarstone REIT’s ability to conduct its business, including buying properties, enforcing the Rights Agreement, incurring expenses, or engaging in transactions. On September 8, 2022, the Company’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone to ensure that Whitestone’s right of redemption right is not impaired while the underlying dispute is being considered by the Court. Trial was held on July 17-18, 2023, and the post-trial briefing was held on October 18, 2023. Whitestone OP asked the Court to declare the Pillarstone Rights Agreement unenforceable and to permit Whitestone OP to tender a Notice of Redemption. In addition (or alternatively), Whitestone OP sought an award of monetary damages of at least $51,200,600 based on the amount that Pillarstone's misconduct precluded Whitestone OP from receiving in or around December 2021, as well as an award of pre- and post-judgment interest at the statutory rate. On January 25, 2024, the Delaware Court of Chancery held that Pillarstone breached the implied covenant of good faith and fair dealing when it adopted shareholder rights plan (the “Rights Plan”) that effectively thwarted Whitestone OP from exercising the unfettered contractual redemption right it obtained in connection with its investment in the partnership and the Court held that the Rights Plan was unenforceable as to the limited partner and allowed Whitestone OP to exercise its redemption right. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in the partnership. While we do not believe the overall impact of the Pillarstone Rights Agreement on the carrying value of our investment in Pillarstone OP is material, we cannot reasonably estimate a range of possible loss at this time.[2]Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2023 and 2022.[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, 2023 and 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.[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, 2023 and 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. |
Note 4 - Investment in Real E_5
Note 4 - Investment in Real Estate Partnership - Net Income from Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Real estate, net | $ 991,699 | $ 990,755 | $ 991,699 | $ 990,755 | ||||||||
Total assets(1) | 1,113,239 | 1,102,767 | 1,113,239 | 1,102,767 | ||||||||
Notes payable | 640,172 | 625,427 | 640,172 | 625,427 | ||||||||
Equity | 413,742 | 418,448 | 413,742 | 418,448 | ||||||||
Total liabilities and equity(2) | 1,113,239 | 1,102,767 | 1,113,239 | 1,102,767 | ||||||||
Carrying value of investment in real estate partnership(3) | [1],[2],[3],[4] | 31,671 | 34,826 | 31,671 | 34,826 | |||||||
Rental revenues | 37,524 | $ 37,134 | $ 36,460 | $ 35,851 | 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | 146,969 | 139,421 | $ 125,365 | |
Other expenses | (24,331) | (10,370) | (24,272) | |||||||||
Net income (loss)(1) | 1,541 | $ 2,486 | $ 11,306 | $ 3,847 | 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | 19,180 | 35,270 | 12,048 | |
Pillarstone OP [Member] | ||||||||||||
Real estate, net | 47,115 | 47,727 | 47,115 | 47,727 | ||||||||
Other assets | 6,680 | 9,680 | 6,680 | 9,680 | ||||||||
Total assets(1) | [5] | 53,795 | 57,407 | 53,795 | 57,407 | |||||||
Notes payable | 14,292 | 14,616 | 14,292 | 14,616 | ||||||||
Other liabilities | 4,040 | 3,782 | 4,040 | 3,782 | ||||||||
Equity | 35,463 | 39,009 | 35,463 | 39,009 | ||||||||
Total liabilities and equity(2) | [6] | 53,795 | 57,407 | 53,795 | 57,407 | |||||||
Rental revenues | 8,459 | 8,930 | 9,272 | |||||||||
Property expenses | (9,683) | (7,386) | (6,988) | |||||||||
Other expenses | (2,517) | (1,099) | (1,407) | |||||||||
Gain (loss) on sale of properties or disposal of assets | 0 | (20) | 23 | |||||||||
Net income (loss)(1) | [7] | (3,741) | 425 | 900 | ||||||||
Pillarstone OP [Member] | ||||||||||||
Pillarstone OP | (3,155) | 239 | $ 609 | |||||||||
Company’s share of equity | 28,885 | 31,773 | 28,885 | 31,773 | ||||||||
Cost of investment in excess of the Company’s share of underlying net book value | 2,786 | 3,053 | 2,786 | 3,053 | ||||||||
Carrying value of investment in real estate partnership(3) | [8] | $ 31,671 | $ 34,826 | $ 31,671 | $ 34,826 | |||||||
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new rights agreement (the “Pillarstone Rights Agreement”), pursuant to which each holder of Pillarstone REIT common stock received one preferred share purchase right (a “Right”) per common share held as of the applicable record date. Each Right entitles the registered holder to purchase from Pillarstone REIT one one-thousandth (a “Unit”) of a series D preferred share of Pillarstone at a purchase price (“Purchase Price”) of $7.00 per Unit, subject to adjustment. The Rights are exercisable upon the occurrence of certain events as described in the Pillarstone Rights Agreement, including the acquisition by certain holders of 5% or more of the common shares of Pillarstone REIT (an “Acquiring Person”). Upon the acquisition of Pillarstone REIT common shares by an Acquiring Person, each holder of a Right (other than an Acquiring Person), will have the right to receive upon exercise a number of Pillarstone REIT common shares having a market value of two times the Purchase Price. As set forth in the Amended and Restated Limited Partnership Agreement of Pillarstone OP, dated as of December 8, 2016 (the “Pillarstone Partnership Agreement”), we have the contractual right to have our limited partnership interests in Pillarstone redeemed at our discretion. However, upon receipt of a redemption notice, Pillarstone OP has the option of the applicable redemption price in cash, based on the market value of Pillarstone REIT common shares, or in Pillarstone REIT common shares. To the extent we seek to have our partnership units in Pillarstone OP redeemed and Pillarstone OP elects to pay the applicable redemption price in Pillarstone REIT common shares (and such shares represent 5% or more of the outstanding common shares of Pillarstone REIT), the Rights could become exercisable. To the extent the Rights are exercised as a result of our Pillarstone OP units being redeemed for Pillarstone REIT common shares, our ownership interest in Pillarstone REIT would be significantly diluted, which could adversely impact the value of our investment in Pillarstone OP. Because the Pillarstone Rights Agreement seeks to prevent Whitestone OP from exercising its contractual Redemption Right, on July 12, 2022, Whitestone OP filed suit against Pillarstone REIT in the Court of Chancery of the State of Delaware challenging the Pillarstone Rights Agreement due to Pillarstone REIT’s breach of the Pillarstone OP partnership agreement, breach of its fiduciary duty as general partner of Pillarstone OP to Whitestone OP, and breach of the implied covenant of good faith and fair dealing under the Pillarstone OP partnership agreement. The lawsuit seeks rescission and voiding of the Pillarstone Rights Agreement; a declaration that the Pillarstone Rights Agreement is unenforceable, invalid, and of no force and effect; an order permanently enjoining enforcement of the Pillarstone Rights Agreement; an award of monetary damages; and broad restrictions on Pillarstone REIT’s ability to conduct its business, including buying properties, enforcing the Rights Agreement, incurring expenses, or engaging in transactions. On September 8, 2022, the Company’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone to ensure that Whitestone’s right of redemption right is not impaired while the underlying dispute is being considered by the Court. Trial was held on July 17-18, 2023, and the post-trial briefing was held on October 18, 2023. Whitestone OP asked the Court to declare the Pillarstone Rights Agreement unenforceable and to permit Whitestone OP to tender a Notice of Redemption. In addition (or alternatively), Whitestone OP sought an award of monetary damages of at least $51,200,600 based on the amount that Pillarstone's misconduct precluded Whitestone OP from receiving in or around December 2021, as well as an award of pre- and post-judgment interest at the statutory rate. On January 25, 2024, the Delaware Court of Chancery held that Pillarstone breached the implied covenant of good faith and fair dealing when it adopted shareholder rights plan (the “Rights Plan”) that effectively thwarted Whitestone OP from exercising the unfettered contractual redemption right it obtained in connection with its investment in the partnership and the Court held that the Rights Plan was unenforceable as to the limited partner and allowed Whitestone OP to exercise its redemption right. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in the partnership. While we do not believe the overall impact of the Pillarstone Rights Agreement on the carrying value of our investment in Pillarstone OP is material, we cannot reasonably estimate a range of possible loss at this time.[2]Representing eight property interests and 0.9 million square feet of GLA, as of December 31, 2023 and 2022.[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, 2023 and 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.[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, 2023 and 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.[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 December 31, 2023 and 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.[7]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, 2023 and 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.[8]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, 2023 and 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. |
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, 2023 | Dec. 31, 2022 |
Tenant receivables | $ 16,287 | $ 16,828 |
Accrued rents and other recoveries | 26,751 | 22,103 |
Allowance for doubtful accounts | (13,570) | (13,822) |
Total | 30,592 | 25,570 |
Trade Accounts Receivable [Member] | ||
Other receivables | $ 1,124 | $ 461 |
Note 6 - Unamortized Lease Co_3
Note 6 - Unamortized Lease Commissions, Legal Fees and Loan Costs - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leasing commissions | $ 19,462 | $ 16,364 |
Deferred legal cost | 356 | 364 |
Deferred financing cost | 4,149 | 4,149 |
Total cost | 23,967 | 20,877 |
Less: leasing commissions accumulated amortization | (8,744) | (7,649) |
Less: deferred legal cost accumulated amortization | (272) | (263) |
Less: deferred financing cost accumulated amortization | (1,168) | (268) |
Total cost, net of accumulated amortization | $ 13,783 | $ 12,697 |
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, 2023 USD ($) |
2024, leasing commissions | $ 2,328 |
2024, deferred legal costs | 46 |
2024, deferred financing costs | 885 |
2024, total deferred costs | 3,259 |
2025, leasing commissions | 1,902 |
2025, deferred legal costs | 15 |
2025, deferred financing costs | 885 |
2025, total deferred costs | 2,802 |
2026, leasing commissions | 1,662 |
2026, deferred legal costs | 14 |
2026, deferred financing costs | 760 |
2026, total deferred costs | 2,436 |
2027, leasing commissions | 1,372 |
2027, deferred legal costs | 6 |
2027, deferred financing costs | 385 |
2027, total deferred costs | 1,763 |
2028, leasing commissions | 1,084 |
2028, deferred legal costs | 2 |
2028, deferred financing costs | 66 |
2028, total deferred costs | 1,152 |
Thereafter, leasing commissions | 2,370 |
Thereafter, deferred legal costs | 1 |
Thereafter, deferred financing costs | 0 |
Thereafter, total deferred costs | 2,371 |
Total, leasing commissions | 10,718 |
Total, deferred legal costs | 84 |
Total, deferred financing costs | 2,981 |
Total, deferred costs | $ 13,783 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 98 years | 99 years | |
Operating Lease, Cost | $ 77,000 | $ 597,000 | $ 1,036,000 |
Finance Lease, Right-of-Use Asset, Amortization | $ 94,000 | $ 0 | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 3 months 18 days | 2 years 6 months | 2 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5% | 4.50% | 4.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 6% | 6% | |
Ground Lease [Member] | |||
Number of Ground Leases | 1 | ||
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, 2023 USD ($) | |
2024 | $ 97,819 | [1] |
2025 | 85,303 | [1] |
2026 | 70,389 | [1] |
2027 | 57,690 | [1] |
2028 | 43,141 | |
Thereafter | 124,343 | [1] |
Total | $ 478,685 | [1] |
[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, 2023 | Dec. 31, 2022 |
2024, operating leases | $ 64 | |
2024, finance lease | 61 | |
2025, operating leases | 42 | |
2025, finance lease | 63 | |
2026, operating leases | 10 | |
2026, finance lease | 64 | |
2027, operating leases | 2 | |
2027, finance lease | 65 | |
2028, operating leases | 1 | |
2028, finance lease | 66 | |
Thereafter, operating leases | 0 | |
Thereafter, finance lease | 2,707 | |
Total undiscounted rental payments, operating leases | 119 | |
Total undiscounted rental payments, finance lease | 3,026 | |
Less imputed interest, operating leases | 7 | |
Less imputed interest, finance lease | 2,305 | |
Total lease liabilities, operating leases | 112 | $ 129 |
Total lease liabilities, finance lease | $ 721 | $ 735 |
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, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 31, 2024 | Jan. 31, 2028 | |
Secured Debt | $ 136,700,000 | ||||||
Long-Term Debt | $ 640,500,000 | $ 626,000,000 | |||||
Asset Pledged as Collateral [Member] | Secured Debt [Member] | |||||||
Number of Real Estate Properties | 5 | ||||||
Real Estate Investments, Net | $ 212,300,000 | ||||||
The 265 Million Note Due January 31, 2028 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.16% | 3.18% | 3.18% | ||||
Debt Instrument, Face Amount | $ 265,000,000 | $ 265,000,000 | |||||
The 265 Million Note Due January 31, 2028 [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | 1.45% | |||||
The 265 Million Note Due January 31, 2028 [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | 2.10% | |||||
The 265 Million Note Due January 31, 2028 [Member] | Forecast [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.76% | 3.32% | |||||
The $50 Million Debt Facility Maturing September 16, 2026 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.71% | ||||||
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 | 0.6 | ||||||
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio | 0.4 | ||||||
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio | 1.5 | ||||||
Debt Instrument, Covenant, Maximum Secured Recourse Debt to Total Asset Value | 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, Minimum Adjusted Property NOI To Implied Unencumbered Debt Service Ratio | 150% | ||||||
Debt Instrument, Covenant, Maximum Unsecured Debt to Unencumbered Assets | 0.6 | ||||||
The Series A Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.09% | ||||||
Debt Instrument, Face Amount | $ 50,000,000 | ||||||
Debt Instrument, Annual Principal Payment | $ 7,100,000 | ||||||
The Series B Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.17% | ||||||
Debt Instrument, Face Amount | $ 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 | 0.6 | ||||||
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio | 0.4 | ||||||
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio | 1.5 | ||||||
Debt Instrument, Covenant, Tangible Net Worth, Percentage of Aggregate Net Proceeds, Minimum | 75% | ||||||
Debt Instrument, Basis Point Credit Spread Adjustment | 2.10% | 2.10% | |||||
Debt Instrument, Applicable Margin Adjustment per Annum | 0.02% | ||||||
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, 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% | 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] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.05% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | ||||||
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 | $ 104,000,000 | ||||||
Long-Term Line of Credit | 411,000,000 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 104,000,000 | ||||||
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 | ||||||
Floating Rate Notes [Member] | |||||||
Long-Term Debt | $ 96,000,000 | ||||||
One Month SOFR | 5.40% | ||||||
Floating Rate Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||||
Debt Instrument, Basis Point Credit Spread Adjustment | 10% |
Note 8 - Debt - Schedule of Deb
Note 8 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Notes payable principal | $ 640,549 | $ 625,991 | |
Less deferred financing costs, net of accumulated amortization | (377) | (564) | |
Total notes payable | 640,500 | 626,000 | |
Notes Payable [Member] | |||
Total notes payable | 640,172 | 625,427 | |
The 265 Million Note Due January 31, 2028 [Member] | |||
Notes payable principal | [1] | 265,000 | 265,000 |
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 | 17,658 | 18,016 | |
The 20.2 Million Note Due June 6, 2023 [Member] | |||
Notes payable principal | 0 | 17,375 | |
The 14 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 12,427 | 12,709 | |
The 14.3 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 13,257 | 13,520 | |
The 15.1 Million Note Due January 6, 2024 [Member] | |||
Notes payable principal | 13,350 | 13,635 | |
The 2.6 Million Note Due October 1, 2023 [Member] | |||
Notes payable principal | 0 | 2,236 | |
The $50 Million Notes Due March 22, 2029 [Member] | |||
Notes payable principal | 42,857 | 50,000 | |
The Second $50 Million Note Due March 22, 2029 [Member] | |||
Notes payable principal | 50,000 | 50,000 | |
The $50 Million Note Due September 16, 2026 [Member] | |||
Notes payable principal | [2] | 50,000 | 0 |
The 2022 Facility [Member] | |||
Notes payable principal | $ 96,000 | $ 103,500 | |
[1]Promissory note includes an interest rate swap that fixes 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.[2]A portion of the unsecured line of credit includes an interest rate swap to fix the SOFR portion of the loan at 3.71%. |
Note 8 - Debt - Schedule of D_2
Note 8 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 28, 2022 | |
The 265 Million Note Due January 31, 2028 [Member] | |||
Face amount | $ 265 | $ 265 | |
Interest rate, stated | 3.18% | 3.18% | 2.16% |
Maturity date | Jan. 31, 2028 | Jan. 31, 2028 | |
The 265 Million Note Due January 31, 2028 [Member] | Minimum [Member] | |||
Interest rate, variable | 1.45% | 1.45% | |
The 265 Million Note Due January 31, 2028 [Member] | Maximum [Member] | |||
Interest rate, variable | 2.10% | 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 $50 Million Notes Due March 22, 2029 [Member] | |||
Face amount | $ 50 | $ 50 | |
Interest rate, stated | 5.09% | 5.09% | |
Maturity date | Mar. 22, 2029 | Mar. 22, 2029 | |
The Second $50 Million Note Due March 22, 2029 [Member] | |||
Face amount | $ 50 | $ 50 | |
Interest rate, stated | 5.17% | 5.17% | |
Maturity date | Mar. 22, 2029 | Mar. 22, 2029 | |
The $50 Million Note Due September 16, 2026 [Member] | |||
Face amount | $ 50 | ||
Interest rate, stated | 3.71% | ||
Maturity date | Sep. 16, 2026 | ||
The $50 Million Note Due September 16, 2026 [Member] | Minimum [Member] | |||
Interest rate, variable | 1.50% | ||
The $50 Million Note Due September 16, 2026 [Member] | Maximum [Member] | |||
Interest rate, variable | 2.10% | ||
The 2022 Facility [Member] | |||
Maturity date | Sep. 16, 2026 | Sep. 16, 2026 | |
Basis Point Credit Spread Adjustment | 2.10% | 2.10% | |
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Interest rate, variable | 1.50% | 1.50% |
Note 8 - Debt - Scheduled Matur
Note 8 - Debt - Scheduled Maturities of Outstanding Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 63,834 | |
2025 | 17,143 | |
2026 | 163,143 | |
2027 | 97,143 | |
2028 | 282,143 | |
Thereafter | 17,143 | |
Total | $ 640,549 | $ 625,991 |
Note 8 - Debt - Contractual Obl
Note 8 - Debt - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Long-Term Debt | $ 640,500 | $ 626,000 | |
Long-Term Debt, less than one year | 63,834 | ||
Long-Term Debt - more than five years | 17,143 | ||
Operating Lease Obligations | 119 | ||
Operating Lease Obligations, less than one year | 64 | ||
Operating Lease Obligations, one to three years | 52 | ||
Operating Lease Obligations, three to five years | 3 | ||
Operating Lease Obligations, more than five years | 0 | ||
Finance Lease Obligations | 3,026 | ||
Finance Lease Obligations, less than one year | 61 | ||
Finance Lease Obligations, one to three years | 127 | ||
Finance Lease Obligations, three to five years | 131 | ||
Finance Lease Obligations, more than five years | 2,707 | ||
Contractual obligations | 741,697 | ||
Contractual obligations, less than one year | 93,009 | ||
Contractual obligations, one to three years | 231,089 | ||
Contractual obligations, three to five years | 397,556 | ||
Contractual obligations, more than five years | 20,043 | ||
Principal [Member] | |||
Long-Term Debt | 640,549 | ||
Long-Term Debt, less than one year | 63,834 | ||
Long-Term Debt, one to three years | 180,286 | ||
Long-Term Debt, three to five years | 379,286 | ||
Long-Term Debt - more than five years | 17,143 | ||
Fixed Interest [Member] | |||
Long-Term Debt | 85,050 | ||
Long-Term Debt, less than one year | 24,340 | ||
Long-Term Debt, one to three years | 42,381 | ||
Long-Term Debt, three to five years | 18,136 | ||
Long-Term Debt - more than five years | 193 | ||
Variable Interest [Member] | |||
Long-Term Debt | [1] | 12,238 | |
Long-Term Debt, less than one year | 4,450 | ||
Long-Term Debt, one to three years | 7,788 | ||
Long-Term Debt, three to five years | 0 | ||
Long-Term Debt - more than five years | 0 | ||
Unused Commitment Fee [Member] | |||
Long-Term Debt | [2] | 715 | |
Long-Term Debt, less than one year | 260 | ||
Long-Term Debt, one to three years | 455 | ||
Long-Term Debt, three to five years | 0 | ||
Long-Term Debt - more than five years | $ 0 | ||
[1]As of December 31, 2023, we had one loan totaling $96.0 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 SOFR as of December 31, 2023, of 5.40%.[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, 2023 balance of $411.0 million. |
Note 9 - Derivatives and Hedg_3
Note 9 - Derivatives and Hedging Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2028 | Mar. 31, 2023 | Sep. 16, 2022 | Sep. 07, 2022 | Jan. 31, 2019 | Nov. 19, 2015 | |
Interest Rate Swap [Member] | |||||||||
Derivative, Notional Amount | $ 50,000 | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | $ 0 | $ 0 | $ 0 | ||||||
Interest Rate Swap [Member] | U.S. Bank, Capital One [Member] | |||||||||
Derivative, Notional Amount | 10,000 | ||||||||
Interest Rate Swap [Member] | Capital One, National Association [Member] | |||||||||
Derivative, Notional Amount | 10,000 | ||||||||
Interest Rate Swap [Member] | SunTrust Bank [Member] | |||||||||
Derivative, Notional Amount | 12,500 | ||||||||
Interest Rate Swap [Member] | Associated Bank [Member] | |||||||||
Derivative, Notional Amount | $ 2,500 | ||||||||
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Derivative, Variable Interest Rate | 3.71% | ||||||||
Interest Rate Swap Three [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 100,000 | ||||||||
Derivative, Fixed Interest Rate | 3.32% | ||||||||
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] | Capital One, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 20,700 | ||||||||
Interest Rate Swap Three [Member] | Capital One, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||||||
Derivative, Notional Amount | 54,800 | ||||||||
Interest Rate Swap Three [Member] | Associated Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | 5,900 | ||||||||
Interest Rate Swap Three [Member] | Associated Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||||||
Derivative, Notional Amount | 15,700 | ||||||||
Interest Rate Swap Three [Member] | U.S. Bank, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | 20,700 | ||||||||
Interest Rate Swap Three [Member] | U.S. Bank, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||||||
Derivative, Notional Amount | 54,800 | ||||||||
Interest Rate Swap Three [Member] | Truist Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 25,400 | ||||||||
Interest Rate Swap Three [Member] | Truist Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||||||
Derivative, Notional Amount | $ 67,200 | ||||||||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 165,000 | $ 165,000 | |||||||
Derivative, Fixed Interest Rate | 2.43% | ||||||||
Interest Rate Swap Two [Member] | SunTrust Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 40,000 | ||||||||
Interest Rate Swap Two [Member] | Associated Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | 15,000 | ||||||||
Interest Rate Swap Two [Member] | U.S. Bank, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | 32,600 | ||||||||
Interest Rate Swap Two [Member] | Regions Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 29,400 | ||||||||
Interest Rate Swap Two [Member] | Bank of Montreal [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 29,400 | ||||||||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 100,000 | ||||||||
Derivative, Fixed Interest Rate | 1.73% | ||||||||
Interest Rate Swap One [Member] | SunTrust Bank [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 15,000 | ||||||||
Interest Rate Swap One [Member] | U.S. Bank, National Association [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Notional Amount | $ 35,000 |
Note 9 - Derivatives and Hedg_4
Note 9 - Derivatives and Hedging Activities - Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Interest rate swaps, assets | $ 2,613 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Amount Recognized as Comprehensive income | $ (3,452) | $ 12,925 | $ 7,803 | ||
Interest Rate Swap [Member] | |||||
Amount Recognized as Comprehensive income | (3,452) | 12,925 | 7,803 | ||
Interest Rate Swap [Member] | Interest Expense [Member] | |||||
Amount of Income (Loss) Recognized in Earnings | $ 6,825 | [1] | $ (1,523) | [1] | $ (5,427) |
[1]There was no ineffective portion of our interest rate swaps recognized in earnings for the years ended December 31, 2023, 2022 and 2021. |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||
Dividend, Share-Based Payment Arrangement | $ 0 | $ 0 | $ 0 |
OP Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 693,803 | 737,983 | 772,383 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Income from continuing operations | $ 19,450 | $ 35,800 | $ 10,420 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 270 | 530 | 172 | ||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | 19,180 | 35,270 | 10,248 | ||||||||||||
Net income from discontinued operations | 0 | 0 | 1,833 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | (33) | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT | 0 | 0 | 1,800 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 19,180 | $ 35,270 | $ 12,048 | ||||||||||||
Weighted average number of common shares - basic (in shares) | 49,501 | 49,256 | 45,486 | ||||||||||||
Unvested restricted shares (in shares) | 1,312 | 694 | 850 | ||||||||||||
Weighted average number of common shares - dilutive (in shares) | 50,813 | 49,950 | 46,336 | ||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.39 | $ 0.72 | $ 0.23 | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.03 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.23 | $ 0.08 | $ 0.4 | [1] | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.14 | [1] | 0.39 | 0.72 | 0.26 |
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.38 | 0.71 | 0.22 | ||||||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0.04 | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.22 | $ 0.08 | $ 0.4 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.38 | $ 0.71 | $ 0.26 | ||||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ordinary income (unaudited) | 97.80% | 100% | 80.70% |
Return of capital (unaudited) | 2.20% | 0% | 19.30% |
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, 2023 | |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rent | $ (27,948) | $ (25,688) | $ (22,560) |
Pillarstone OP [Member] | Rent [Member] | |||
Rent | (15) | (471) | (899) |
Pillarstone OP [Member] | Property Management Fee Income [Member] | Management, Transaction, and Other Fees [Member] | |||
Property Management Fee Revenue | $ 0 | $ 359 | $ 568 |
Note 13 - Equity (Details Textu
Note 13 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 20, 2022 | 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 | $ 0.5 | ||||
Conversion Ratio for Class Common Stock to OP Unit (in dollars per share) | $ 1 | ||||
Conversion of OP Units to Common Stock [Member] | |||||
Conversion of Stock, Shares Converted (in shares) | 1,533 | 76,010 | |||
OP Units [Member] | |||||
Units of Partnership Interest, Amount (in shares) | 50,182,938 | 49,996,356 | |||
General Partners' Capital Account, Units Outstanding (in shares) | 49,489,991 | 49,301,876 | |||
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% | |||
The 2019 Equity Distribution Agreements [Member] | |||||
Equity Distribution Agreements, Authorized Amount | $ 0.1 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Amount Paid | $ 6,013 | $ 6,011 | $ 5,996 | $ 5,996 | $ 5,992 | $ 5,989 | $ 5,972 | $ 5,351 | $ 24,016 | $ 23,304 |
Common Stock [Member] | ||||||||||
Distributions Per Common Share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.1075 | $ 0.48 | $ 0.4675 |
Amount Paid | $ 5,930 | $ 5,928 | $ 5,913 | $ 5,913 | $ 5,909 | $ 5,901 | $ 5,880 | $ 5,268 | $ 23,684 | $ 22,958 |
OP Units [Member] | ||||||||||
Distributions Per Common Share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.1075 | $ 0.48 | $ 0.4675 |
Amount Paid | $ 83 | $ 83 | $ 83 | $ 83 | $ 83 | $ 88 | $ 92 | $ 83 | $ 332 | $ 346 |
Note 14 - Incentive Share Pla_2
Note 14 - Incentive Share Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||||||||||||
Jan. 01, 2024 | Dec. 19, 2023 | Mar. 07, 2023 | 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 | Jul. 31, 2020 | Jan. 01, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 16, 2018 | Sep. 06, 2017 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 11, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 24,134 | 35,222 | 29,825 | 480,184 | 360,334 | 904,215 | |||||||||||||||||
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) | $ 12.44 | $ 9.52 | $ 9.32 | $ 9.3 | $ 11.61 | $ 5.99 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 231,600 | 519,003 | 1,024,808 | ||||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 3.7 | $ 1.5 | $ 5.9 | ||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1,312,000 | 694,000 | 850,000 | ||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5.3 | ||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 23 months | ||||||||||||||||||||||
Time-based Restricted Common Share Units [Member] | |||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.7 | ||||||||||||||||||||||
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 | $ 2.6 | ||||||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 24 months | ||||||||||||||||||||||
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 | 200% | ||||||||||||||||||||||
Market Based Vesting TSR Units [Member] | Issued 2023 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 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 | 1,452,433 | 1,220,945 | ||||||||||||||||||||
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) | 228,025 | 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) | $ 8.72 | $ 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 | 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) | 228,025 | 162,556 | 433,200 | 545,000 | 17,069 | 405,417 | |||||||||||||||||
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) | $ 9.55 | $ 13.74 | $ 4.17 | $ 5.55 | $ 8.22 | ||||||||||||||||||
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 | 3 years | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 385,648 | ||||||||||||||||||||||
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] | Subsequent Event [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 200% | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 210,400 | ||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 420,800 | ||||||||||||||||||||||
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% | 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% | 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) | 9 months | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 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, 2023 $ / shares shares | |
Non-vested, shares (in shares) | 1,220,945 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.03 |
Granted, shares (in shares) | 480,184 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.3 |
Vested, shares (in shares) | (231,600) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.95 |
Forfeited, shares (in shares) | (17,096) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.01 |
Non-vested, shares (in shares) | 1,452,433 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.12 |
Available for grant, shares (in shares) | 1,109,520 |
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, 2023 | Dec. 19, 2022 | Dec. 13, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-Vested Shares Issued (in shares) | 24,134 | 35,222 | 29,825 | 480,184 | 360,334 | 904,215 |
Weighted Average Grant- Date Fair Value (in dollars per share) | $ 12.44 | $ 9.52 | $ 9.32 | $ 9.3 | $ 11.61 | $ 5.99 |
Vested Shares (in shares) | (231,600) | (519,003) | (1,024,808) | |||
Total Vest-Date Fair Value | $ 1,841 | $ 3,442 | $ 9,757 |
Note 15 - Grants to Trustees (D
Note 15 - Grants to Trustees (Details Textual) | 12 Months Ended | |||||
Dec. 19, 2023 $ / shares shares | Dec. 19, 2022 $ / shares shares | Dec. 13, 2021 $ / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Number of Independent Trustees | 5 | 5 | 5 | |||
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) | shares | 24,134 | 35,222 | 29,825 | 480,184 | 360,334 | 904,215 |
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 | $ 12.44 | $ 9.52 | $ 9.32 | $ 9.3 | $ 11.61 | $ 5.99 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 01, 2023 | May 09, 2023 | Sep. 16, 2022 | Feb. 23, 2022 | Oct. 24, 2023 | Sep. 30, 2023 |
Settled Litigation [Member] | Bankruptcy of Whitestone Uptown Tower LLC [Member] | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 13,632,764 | |||||
Litigation Settlement Interest | $ 1,688,000 | |||||
Pending Litigation [Member] | Litigation Between Company and Former COO [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000,000,000 | |||||
Pending Litigation [Member] | Litigation between the Company and Pillarstone REIT [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000,000,000 | |||||
Pending Litigation [Member] | Mastandrea V Whitestone R E I T And Certain Company Trustees [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 25,000,000 | |||||
Property Located at 4144 North Central Expressway in Dallas [Member] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 14,400,000 | |||||
Uptown Tower [Member] | Performance Guarantee [Member] | Guarantee Obligations [Member] | ||||||
Guarantee Obligation, Additional Amount Due | $ 4,600,000 | |||||
Interest Payable | 6,300,000 | |||||
Escrow Deposit | $ 1,700,000 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Total revenues | $ 37,524 | $ 37,134 | $ 36,460 | $ 35,851 | $ 34,918 | $ 35,383 | $ 34,997 | $ 34,123 | $ 146,969 | $ 139,421 | $ 125,365 | ||||
Net income | 1,563 | 2,521 | 11,465 | 3,901 | 20,230 | 3,975 | 4,406 | 7,189 | 19,450 | 35,800 | 12,253 | ||||
Net income attributable to Whitestone REIT (1) | $ 1,541 | $ 2,486 | $ 11,306 | $ 3,847 | $ 19,939 | $ 3,915 | $ 4,338 | $ 7,078 | $ 19,180 | $ 35,270 | $ 12,048 | ||||
Basic Earnings Per Share: (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.23 | $ 0.08 | $ 0.4 | [1] | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.14 | [1] | $ 0.39 | $ 0.72 | $ 0.26 |
Diluted Earnings Per Share: (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.22 | $ 0.08 | $ 0.4 | $ 0.08 | $ 0.09 | $ 0.14 | $ 0.38 | $ 0.71 | $ 0.26 | ||||
[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 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) $ in Millions | 12 Months Ended | |||
Feb. 20, 2024 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Payments to Acquire Productive Assets | $ 0.1 | $ 0.1 | $ 0.3 | |
Subsequent Event [Member] | Garden Oaks Shopping Center [Member] | ||||
Payments to Acquire Productive Assets | $ 27.2 | |||
Area of Real Estate Property (Square Foot) | ft² | 106,858 | |||
Asset Acquisition Percent of Property Leased | 95.80% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Bad debt | $ 951 | $ 1,156 | $ (90) | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Valuation allowance | 13,822 | 14,896 | 16,426 | |
Bad debt | [1] | 951 | 1,156 | (90) |
Valuation allowance, deductions from reserves | (1,203) | (2,230) | (1,440) | |
Valuation allowance | 13,570 | 13,822 | 14,896 | |
Valuation allowance, deductions from reserves | $ (1,203) | $ (2,230) | $ (1,440) | |
[1]For the year ended December 31, 2023, 2022, and 2021 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, 2023 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 |
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 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Initial cost, land | $ 345,644 | ||||
Initial cost, building and improvements | 756,740 | ||||
Costs capitalized subsequent to acquisition, improvements | 116,390 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 345,644 | |||
Gross amount, building and improvements | [1],[2] | 875,822 | |||
Gross amount, total | 1,221,466 | [1],[2] | $ 1,199,041 | $ 1,196,919 | |
Accumulated depreciation | 229,767 | [3] | 208,286 | 190,333 | |
Balance | 1,199,041 | 1,196,919 | 1,106,426 | ||
Acquisitions | 25,474 | 16,992 | 81,588 | ||
Improvements | 17,055 | 13,659 | 9,642 | ||
Total additions | 42,529 | 30,651 | 91,230 | ||
Deductions - cost of real estate sold or retired | (20,104) | (28,529) | (737) | ||
Balance | 1,221,466 | [1],[2] | 1,199,041 | 1,196,919 | |
Balance at beginning of period | 208,286 | 190,333 | 163,712 | ||
Depreciation expense | 30,668 | 29,700 | 27,188 | ||
Accumulated depreciation of real estate dispositions | (9,187) | (11,747) | (567) | ||
Balance at close of period | 229,767 | [3] | $ 208,286 | $ 190,333 | |
Retail Communities [Member] | |||||
Initial cost, land | 329,252 | ||||
Initial cost, building and improvements | 756,740 | ||||
Costs capitalized subsequent to acquisition, improvements | 114,057 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 329,252 | |||
Gross amount, building and improvements | [1],[2] | 870,797 | |||
Gross amount, total | [1],[2] | 1,200,049 | |||
Accumulated depreciation | [3] | 229,767 | |||
Balance | [1],[2] | 1,200,049 | |||
Balance at close of period | [3] | 229,767 | |||
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 | 6,410 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 10,877 | |||
Gross amount, building and improvements | [1],[2] | 46,660 | |||
Gross amount, total | [1],[2] | 57,537 | |||
Accumulated depreciation | [3] | 14,586 | |||
Balance | [1],[2] | 57,537 | |||
Balance at close of period | [3] | $ 14,586 | |||
Retail Communities [Member] | Village Square At Dana Park [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Village Square At Dana Park [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 | 1,977 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 6,800 | |||
Gross amount, building and improvements | [1],[2] | 15,980 | |||
Gross amount, total | [1],[2] | 22,780 | |||
Accumulated depreciation | [3] | 3,963 | |||
Balance | [1],[2] | 22,780 | |||
Balance at close of period | [3] | $ 3,963 | |||
Retail Communities [Member] | Williams Trace Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Williams Trace Plaza [Member] | Maximum [Member] | |||||
Depreciation life (Year) | 39 years | ||||
Retail Communities [Member] | Ahwatukee Plaza [Member] | |||||
Initial cost, land | $ 5,126 | ||||
Initial cost, building and improvements | 4,086 | ||||
Costs capitalized subsequent to acquisition, improvements | 846 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,126 | |||
Gross amount, building and improvements | [2],[4] | 4,932 | |||
Gross amount, total | [2],[4] | 10,058 | |||
Accumulated depreciation | [5] | 1,453 | |||
Balance | [2],[4] | 10,058 | |||
Balance at close of period | [5] | $ 1,453 | |||
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] | Windsor Park [Member] | |||||
Initial cost, land | $ 2,621 | ||||
Initial cost, building and improvements | 10,482 | ||||
Costs capitalized subsequent to acquisition, improvements | 7,979 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 2,621 | |||
Gross amount, building and improvements | [1],[2] | 18,461 | |||
Gross amount, total | [1],[2] | 21,082 | |||
Accumulated depreciation | [3] | 11,465 | |||
Balance | [1],[2] | 21,082 | |||
Balance at close of period | [3] | $ 11,465 | |||
Retail Communities [Member] | Windsor Park [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Windsor 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 | 78 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 4,679 | |||
Gross amount, building and improvements | [2],[4] | 23,623 | |||
Gross amount, total | [2],[4] | 28,302 | |||
Accumulated depreciation | [5] | 1,246 | |||
Balance | [2],[4] | 28,302 | |||
Balance at close of period | [5] | $ 1,246 | |||
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] | Woodlake Plaza [Member] | |||||
Initial cost, land | $ 1,107 | ||||
Initial cost, building and improvements | 4,426 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,795 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 1,107 | |||
Gross amount, building and improvements | [1],[2] | 8,221 | |||
Gross amount, total | [1],[2] | 9,328 | |||
Accumulated depreciation | [3] | 4,716 | |||
Balance | [1],[2] | 9,328 | |||
Balance at close of period | [3] | $ 4,716 | |||
Retail Communities [Member] | Woodlake Plaza [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Woodlake Plaza [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 | 613 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 850 | |||
Gross amount, building and improvements | [1],[2] | 3,524 | |||
Gross amount, total | [1],[2] | 4,374 | |||
Accumulated depreciation | [5] | 2,774 | |||
Balance | [1],[2] | 4,374 | |||
Balance at close of period | [5] | $ 2,774 | |||
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 | 2,027 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 4,790 | |||
Gross amount, building and improvements | [2],[4] | 20,000 | |||
Gross amount, total | [2],[4] | 24,790 | |||
Accumulated depreciation | [5],[6] | 5,412 | |||
Balance | [2],[4] | 24,790 | |||
Balance at close of period | [5],[6] | $ 5,412 | |||
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] | 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],[4] | 204 | |||
Gross amount, building and improvements | [2],[4] | 502 | |||
Gross amount, total | [2],[4] | 706 | |||
Accumulated depreciation | [5] | 284 | |||
Balance | [2],[4] | 706 | |||
Balance at close of period | [5] | $ 284 | |||
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] | Arcadia Towne Center [Member] | |||||
Initial cost, land | $ 7,992 | ||||
Initial cost, building and improvements | 17,227 | ||||
Costs capitalized subsequent to acquisition, improvements | 84 | ||||
Costs capitalized subsequent to acquisition, carrying costs | |||||
Gross amount, land | [2],[4] | 7,992 | |||
Gross amount, building and improvements | [2],[4] | 17,311 | |||
Gross amount, total | [2],[4] | 25,303 | |||
Accumulated depreciation | [5] | 406 | |||
Balance | [2],[4] | 25,303 | |||
Balance at close of period | [5] | $ 406 | |||
Retail Communities [Member] | Arcadia Towne Center [Member] | Minimum [Member] | |||||
Depreciation life (Year) | 3 years | ||||
Retail Communities [Member] | Arcadia Towne Center [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 | 4,686 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 63,893 | |||
Gross amount, building and improvements | [2],[4] | 95,628 | |||
Gross amount, total | [2],[4] | 159,521 | |||
Accumulated depreciation | [5],[7] | 16,942 | |||
Balance | [2],[4] | 159,521 | |||
Balance at close of period | [5],[7] | $ 16,942 | |||
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] | The Citadel [Member] | |||||
Initial cost, land | $ 472 | ||||
Initial cost, building and improvements | 1,777 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,569 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 472 | |||
Gross amount, building and improvements | [2],[4] | 5,346 | |||
Gross amount, total | [2],[4] | 5,818 | |||
Accumulated depreciation | [5] | 3,337 | |||
Balance | [2],[4] | 5,818 | |||
Balance at close of period | [5] | $ 3,337 | |||
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] | Fountain Hills [Member] | |||||
Initial cost, land | $ 5,113 | ||||
Initial cost, building and improvements | 15,340 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,683 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,113 | |||
Gross amount, building and improvements | [2],[4] | 17,023 | |||
Gross amount, total | [2],[4] | 22,136 | |||
Balance | [2],[4] | 22,136 | |||
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 | 57 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 2,044 | |||
Gross amount, building and improvements | [2],[4] | 4,206 | |||
Gross amount, total | [2],[4] | 6,250 | |||
Accumulated depreciation | [5] | 968 | |||
Balance | [2],[4] | 6,250 | |||
Balance at close of period | [5] | $ 968 | |||
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] | Market Street at DC Ranch [Member] | |||||
Initial cost, land | $ 9,710 | ||||
Initial cost, building and improvements | 26,779 | ||||
Costs capitalized subsequent to acquisition, improvements | 11,130 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 9,710 | |||
Gross amount, building and improvements | [2],[4] | 37,909 | |||
Gross amount, total | [2],[4] | 47,619 | |||
Accumulated depreciation | [5] | 13,881 | |||
Balance | [2],[4] | 47,619 | |||
Balance at close of period | [5] | $ 13,881 | |||
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] | Dana Park Pad [Member] | |||||
Initial cost, land | $ 890 | ||||
Initial cost, building and improvements | 4,034 | ||||
Costs capitalized subsequent to acquisition, improvements | (1) | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 890 | |||
Gross amount, building and improvements | [2],[4] | 4,033 | |||
Gross amount, total | [2],[4] | 4,923 | |||
Accumulated depreciation | [5] | 160 | |||
Balance | [2],[4] | 4,923 | |||
Balance at close of period | [5] | $ 160 | |||
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 | 2,259 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 11,367 | |||
Gross amount, building and improvements | [2],[4] | 36,360 | |||
Gross amount, total | [2],[4] | 47,727 | |||
Accumulated depreciation | [5] | 8,974 | |||
Balance | [2],[4] | 47,727 | |||
Balance at close of period | [5] | $ 8,974 | |||
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 | 1,383 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 16,551 | |||
Gross amount, building and improvements | [2],[4] | 32,129 | |||
Gross amount, total | [2],[4] | 48,680 | |||
Accumulated depreciation | [5] | 5,705 | |||
Balance | [2],[4] | 48,680 | |||
Balance at close of period | [5] | $ 5,705 | |||
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 Plaza [Member] | |||||
Accumulated depreciation | [5] | $ 4,551 | |||
Balance at close of period | [5] | $ 4,551 | |||
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] | Fountain Square [Member] | |||||
Initial cost, land | $ 5,573 | ||||
Initial cost, building and improvements | 9,828 | ||||
Costs capitalized subsequent to acquisition, improvements | 3,166 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,573 | |||
Gross amount, building and improvements | [2],[4] | 12,994 | |||
Gross amount, total | [2],[4] | 18,567 | |||
Accumulated depreciation | [5] | 4,999 | |||
Balance | [2],[4] | 18,567 | |||
Balance at close of period | [5] | $ 4,999 | |||
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 | 2,818 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 7,604 | |||
Gross amount, building and improvements | [2],[4] | 25,430 | |||
Gross amount, total | [2],[4] | 33,034 | |||
Accumulated depreciation | [5] | 6,268 | |||
Balance | [2],[4] | 33,034 | |||
Balance at close of period | [5] | $ 6,268 | |||
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 | 1,491 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 1,767 | |||
Gross amount, building and improvements | [2],[4] | 4,724 | |||
Gross amount, total | [2],[4] | 6,491 | |||
Accumulated depreciation | [5] | 2,195 | |||
Balance | [2],[4] | 6,491 | |||
Balance at close of period | [5] | $ 2,195 | |||
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 | 1,292 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 6,209 | |||
Gross amount, building and improvements | [2],[4] | 15,113 | |||
Gross amount, total | [2],[4] | 21,322 | |||
Accumulated depreciation | [5] | 4,066 | |||
Balance | [2],[4] | 21,322 | |||
Balance at close of period | [5] | $ 4,066 | |||
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 | [5],[8] | $ 6,430 | |||
Balance at close of period | [5],[8] | $ 6,430 | |||
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 | 1,092 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,977 | |||
Gross amount, building and improvements | [2],[4] | 8,669 | |||
Gross amount, total | [2],[4] | 14,646 | |||
Accumulated depreciation | [5] | 2,199 | |||
Balance | [2],[4] | 14,646 | |||
Balance at close of period | [5] | $ 2,199 | |||
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 | 2,649 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 7,171 | |||
Gross amount, building and improvements | [2],[4] | 21,088 | |||
Gross amount, total | [2],[4] | 28,259 | |||
Balance | [2],[4] | 28,259 | |||
Retail Communities [Member] | Kempwood Plaza [Member] | |||||
Initial cost, land | 733 | ||||
Initial cost, building and improvements | 1,798 | ||||
Costs capitalized subsequent to acquisition, improvements | 2,527 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 733 | |||
Gross amount, building and improvements | [2],[4] | 4,325 | |||
Gross amount, total | [2],[4] | 5,058 | |||
Accumulated depreciation | [5] | 2,714 | |||
Balance | [2],[4] | 5,058 | |||
Balance at close of period | [5] | $ 2,714 | |||
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 | 2,069 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 18,116 | |||
Gross amount, building and improvements | [2],[4] | 37,359 | |||
Gross amount, total | [2],[4] | 55,475 | |||
Accumulated depreciation | [5] | 2,445 | |||
Balance | [2],[4] | 55,475 | |||
Balance at close of period | [5] | $ 2,445 | |||
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 | 173 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 0 | |||
Gross amount, building and improvements | [2],[4] | 12,242 | |||
Gross amount, total | [2],[4] | 12,242 | |||
Accumulated depreciation | [5] | 919 | |||
Balance | [2],[4] | 12,242 | |||
Balance at close of period | [5] | $ 919 | |||
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 | 2,089 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 12,853 | |||
Gross amount, building and improvements | [2],[4] | 26,553 | |||
Gross amount, total | [2],[4] | 39,406 | |||
Accumulated depreciation | [5] | 5,819 | |||
Balance | [2],[4] | 39,406 | |||
Balance at close of period | [5] | $ 5,819 | |||
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 | [5] | $ 2,273 | |||
Balance at close of period | [5] | $ 2,273 | |||
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 | 5,401 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 1,546 | |||
Gross amount, building and improvements | [2],[4] | 9,690 | |||
Gross amount, total | [2],[4] | 11,236 | |||
Accumulated depreciation | [5] | 6,728 | |||
Balance | [2],[4] | 11,236 | |||
Balance at close of period | [5] | $ 6,728 | |||
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 | 1,847 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 16,706 | |||
Gross amount, building and improvements | [2],[4] | 19,945 | |||
Gross amount, total | [2],[4] | 36,651 | |||
Balance | [2],[4] | 36,651 | |||
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 | 1,521 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 1,305 | |||
Gross amount, building and improvements | [2],[4] | 6,845 | |||
Gross amount, total | [2],[4] | 8,150 | |||
Accumulated depreciation | [5] | 2,996 | |||
Balance | [2],[4] | 8,150 | |||
Balance at close of period | [5] | $ 2,996 | |||
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 | 2,410 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 8,728 | |||
Gross amount, building and improvements | [2],[4] | 14,970 | |||
Gross amount, total | [2],[4] | 23,698 | |||
Accumulated depreciation | [5] | 4,714 | |||
Balance | [2],[4] | 23,698 | |||
Balance at close of period | [5] | $ 4,714 | |||
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 | 1,396 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 6,155 | |||
Gross amount, building and improvements | [2],[4] | 11,617 | |||
Gross amount, total | [2],[4] | 17,772 | |||
Accumulated depreciation | [5] | 4,001 | |||
Balance | [2],[4] | 17,772 | |||
Balance at close of period | [5] | $ 4,001 | |||
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 | 410 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 3,877 | |||
Gross amount, building and improvements | [2],[4] | 9,039 | |||
Gross amount, total | [2],[4] | 12,916 | |||
Accumulated depreciation | [5] | 2,099 | |||
Balance | [2],[4] | 12,916 | |||
Balance at close of period | [5] | $ 2,099 | |||
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 | 1,144 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,562 | |||
Gross amount, building and improvements | [2],[4] | 28,298 | |||
Gross amount, total | [2],[4] | 33,860 | |||
Accumulated depreciation | [5] | 6,574 | |||
Balance | [2],[4] | 33,860 | |||
Balance at close of period | [5] | $ 6,574 | |||
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 | 2,381 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 6,648 | |||
Gross amount, building and improvements | [2],[4] | 24,847 | |||
Gross amount, total | [2],[4] | 31,495 | |||
Accumulated depreciation | [5],[9] | 8,407 | |||
Balance | [2],[4] | 31,495 | |||
Balance at close of period | [5],[9] | $ 8,407 | |||
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 | 2,793 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 883 | |||
Gross amount, building and improvements | [2],[4] | 7,452 | |||
Gross amount, total | [2],[4] | 8,335 | |||
Accumulated depreciation | [5] | 2,432 | |||
Balance | [2],[4] | 8,335 | |||
Balance at close of period | [5] | $ 2,432 | |||
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 | 1,328 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,198 | |||
Gross amount, building and improvements | [2],[4] | 14,695 | |||
Gross amount, total | [2],[4] | 19,893 | |||
Accumulated depreciation | [5] | 3,753 | |||
Balance | [2],[4] | 19,893 | |||
Balance at close of period | [5] | $ 3,753 | |||
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 | 3,396 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 918 | |||
Gross amount, building and improvements | [2],[4] | 7,071 | |||
Gross amount, total | [2],[4] | 7,989 | |||
Accumulated depreciation | [5] | 3,967 | |||
Balance | [2],[4] | 7,989 | |||
Balance at close of period | [5] | $ 3,967 | |||
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 | 1,283 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 9,561 | |||
Gross amount, building and improvements | [2],[4] | 29,966 | |||
Gross amount, total | [2],[4] | 39,527 | |||
Accumulated depreciation | [5] | 6,960 | |||
Balance | [2],[4] | 39,527 | |||
Balance at close of period | [5] | $ 6,960 | |||
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 | 4,305 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 6,913 | |||
Gross amount, building and improvements | [2],[4] | 29,823 | |||
Gross amount, total | [2],[4] | 36,736 | |||
Accumulated depreciation | [5] | 5,583 | |||
Balance | [2],[4] | 36,736 | |||
Balance at close of period | [5] | $ 5,583 | |||
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 | 192 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 184 | |||
Gross amount, building and improvements | [2],[4] | 825 | |||
Gross amount, total | [2],[4] | 1,009 | |||
Accumulated depreciation | [5] | 567 | |||
Balance | [2],[4] | 1,009 | |||
Balance at close of period | [5] | $ 567 | |||
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 | 1,468 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 3,781 | |||
Gross amount, building and improvements | [2],[4] | 16,591 | |||
Gross amount, total | [2],[4] | 20,372 | |||
Accumulated depreciation | [5],[10] | 5,021 | |||
Balance | [2],[4] | 20,372 | |||
Balance at close of period | [5],[10] | $ 5,021 | |||
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 | 1,541 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 4,093 | |||
Gross amount, building and improvements | [2],[4] | 13,028 | |||
Gross amount, total | [2],[4] | 17,121 | |||
Accumulated depreciation | [5] | 4,214 | |||
Balance | [2],[4] | 17,121 | |||
Balance at close of period | [5] | $ 4,214 | |||
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 | 3,779 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 1,818 | |||
Gross amount, building and improvements | [2],[4] | 10,848 | |||
Gross amount, total | [2],[4] | 12,666 | |||
Accumulated depreciation | [5] | 3,157 | |||
Balance | [2],[4] | 12,666 | |||
Balance at close of period | [5] | $ 3,157 | |||
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 | 3,298 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,920 | |||
Gross amount, building and improvements | [2],[4] | 17,595 | |||
Gross amount, total | [2],[4] | 23,515 | |||
Accumulated depreciation | [5] | 4,107 | |||
Balance | [2],[4] | 23,515 | |||
Balance at close of period | [5] | $ 4,107 | |||
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] | The Strand at Huebner Oaks [Member] | |||||
Initial cost, land | $ 5,805 | ||||
Initial cost, building and improvements | 12,335 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,131 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 5,805 | |||
Gross amount, building and improvements | [2],[4] | 13,466 | |||
Gross amount, total | [2],[4] | 19,271 | |||
Accumulated depreciation | [5] | 3,601 | |||
Balance | [2],[4] | 19,271 | |||
Balance at close of period | [5] | $ 3,601 | |||
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 | 1,606 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 1,781 | |||
Gross amount, building and improvements | [2],[4] | 8,731 | |||
Gross amount, total | [2],[4] | 10,512 | |||
Accumulated depreciation | [5] | 4,387 | |||
Balance | [2],[4] | 10,512 | |||
Balance at close of period | [5] | $ 4,387 | |||
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] | Sunset at Pinnacle Park [Member] | |||||
Initial cost, land | $ 3,610 | ||||
Initial cost, building and improvements | 2,734 | ||||
Costs capitalized subsequent to acquisition, improvements | 1,065 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 3,610 | |||
Gross amount, building and improvements | [2],[4] | 3,799 | |||
Gross amount, total | [2],[4] | 7,409 | |||
Accumulated depreciation | [5] | 1,421 | |||
Balance | [2],[4] | 7,409 | |||
Balance at close of period | [5] | $ 1,421 | |||
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 | 1,923 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [2],[4] | 7,171 | |||
Gross amount, building and improvements | [2],[4] | 11,315 | |||
Gross amount, total | [2],[4] | 18,486 | |||
Accumulated depreciation | [5] | 3,928 | |||
Balance | [2],[4] | 18,486 | |||
Balance at close of period | [5] | $ 3,928 | |||
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 | 2,333 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 16,392 | |||
Gross amount, building and improvements | [1],[2] | 5,025 | |||
Gross amount, total | [1],[2] | 21,417 | |||
Accumulated depreciation | [3] | 0 | |||
Balance | [1],[2] | 21,417 | |||
Balance at close of period | [3] | 0 | |||
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 | 2,224 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 2,692 | ||||
Gross amount, land | [1],[2] | 10,500 | |||
Gross amount, building and improvements | [1],[2] | 4,916 | |||
Gross amount, total | [1],[2] | 15,416 | |||
Accumulated depreciation | [3] | 0 | |||
Balance | [1],[2] | 15,416 | |||
Balance at close of period | [3] | 0 | |||
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 | [3] | 0 | |||
Balance | [1],[2] | 4,025 | |||
Balance at close of period | [3] | 0 | |||
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 | 84 | ||||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||||
Gross amount, land | [1],[2] | 911 | |||
Gross amount, building and improvements | [1],[2] | 84 | |||
Gross amount, total | [1],[2] | 995 | |||
Accumulated depreciation | [3] | 0 | |||
Balance | [1],[2] | 995 | |||
Balance at close of period | [3] | 0 | |||
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 | [3] | 0 | |||
Balance | [1],[2] | 277 | |||
Balance at close of period | [3] | 0 | |||
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 | [3] | 0 | |||
Balance | [1],[2] | 704 | |||
Balance at close of period | [3] | $ 0 | |||
[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]Reconciliation of accumulated depreciation for the three year ended December 31, follows (in thousands):[4]Reconciliations of total real estate carrying value for the three years ended December 31, follows (in thousands):[5]This property secures a $14.3 million mortgage note.[6]This property secures a $15.1 million mortgage note.[7]This property secures a $80.0 million mortgage note.[8]This property secures a $19.0 million mortgage note.[9]This property secures a $20.2 million mortgage note.[10]This property secures a $14.0 million mortgage note. |