Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 30, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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, Postal Zip Code | 77063 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
City Area Code | 713 | |
Local Phone Number | 827-9595 | |
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.001 per share | |
Trading Symbol | WSR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,064,943 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Property | $ 1,258,799 | $ 1,221,466 | |
Accumulated depreciation | (240,535) | (229,767) | |
Total real estate assets | 1,018,264 | 991,699 | |
Investment in real estate partnership | [1],[2],[3] | 0 | 31,671 |
Cash and cash equivalents | 3,231 | 4,572 | |
Restricted cash | 0 | 68 | |
Escrows and deposits | 17,679 | 24,148 | |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 30,919 | 30,592 | |
Unamortized lease commissions, legal fees and loan costs | 14,566 | 13,783 | |
Prepaid expenses and other assets(1) | [4] | 12,065 | 4,765 |
Finance lease right-of-use assets | 10,471 | 10,428 | |
Total assets(1) | 1,140,370 | 1,113,239 | |
Liabilities: | |||
Notes payable | 665,667 | 640,172 | |
Accounts payable and accrued expenses(2) | [5] | 33,223 | 36,513 |
Tenants' security deposits | 9,038 | 8,614 | |
Dividends and distributions payable | 6,228 | 6,025 | |
Finance lease liabilities | 797 | 721 | |
Total liabilities | 716,530 | 693,622 | |
Commitments and contingencies: | |||
Equity: | |||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023 | 0 | 0 | |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 50,064,267 and 49,610,831 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 50 | 50 | |
Additional paid-in capital | 627,459 | 628,079 | |
Accumulated deficit | (217,401) | (216,963) | |
Accumulated other comprehensive income | 8,152 | 2,576 | |
Total Whitestone REIT shareholders' equity | 418,260 | 413,742 | |
Noncontrolling interest in subsidiary | 5,580 | 5,875 | |
Total equity | 423,840 | 419,617 | |
Total liabilities and equity(2) | 1,140,370 | 1,113,239 | |
(1) Operating lease right of use assets (net) | 75 | 109 | |
(2) Operating lease liabilities | 75 | 112 | |
Related Party [Member] | |||
Receivable from partnership redemption | 1,532 | 1,513 | |
Other receivables | 1,532 | 1,513 | |
Related Parties [Member] | |||
Liabilities: | |||
Other liabilities | 1,577 | 1,577 | |
Partnership Redemption [Member ] | |||
Receivable from partnership redemption | 31,643 | 0 | |
Other receivables | $ 31,643 | $ 0 | |
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new shareholder rights agreement (the “Pillarstone Rights Agreement”). Because Pillarstone REIT sought to use the Pillarstone Rights Agreement 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. On September 8, 2022, Whitestone OP’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone OP from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone OP to ensure that Whitestone’s right of redemption is not impaired while the underlying dispute is being considered by the Court. 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 the Pillarstone Rights Agreement that 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; allowed Pillarstone to determine the current value of the Partnership’s assets; and, as necessary, later enter a monetary judgment against Pillarstone for the difference between the amount Whitestone would have received in or around December 2021 and the current value. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in Pillarstone OP. On March 4, 2024, Pillarstone REIT authorized and filed the Chapter 11 bankruptcy of itself, Pillarstone OP, and the remainder of its special purpose entities in the United States Bankruptcy Court for the Northern District of Texas. As of the date of this filing, Whitestone has not received consideration for its redemption of its equity investment in Pillarstone OP as required by the partnership agreement. We intend to pursue collection of amounts due from Pillarstone OP through all means, including further litigation if necessary and while we do not know the ultimate amount to be collected, we believe the amount will be in excess of the current carrying value of our equity investment in Pillarstone OP.[2]Representing eight property interests and 926,798 square feet of GLA, as of December 31, 2023. Subsequent to January 25, 2024, the Company ceased utilizing the equity method following the exercise of its notice of redemption for the majority of its investment in Pillarstone OP. We reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 days of our share of the equity investment income.[3]We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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.[4]Operating lease right of use assets (net) $ 129 $ 124[5]Operating lease liabilities $ 132 $ 129 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 50,064,267 | 49,610,831 |
Common stock, outstanding (in shares) | 50,064,267 | 49,610,831 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Rental(1) | $ 37,480 | $ 36,241 | $ 74,221 | $ 71,738 |
Management, transaction, and other fees | 167 | 219 | 590 | 573 |
Total revenues | 37,647 | 36,460 | 74,811 | 72,311 |
Depreciation and amortization | 8,521 | 8,360 | 17,321 | 16,206 |
Operating and maintenance | 7,015 | 6,899 | 13,364 | 12,985 |
Real estate taxes | 3,912 | 4,767 | 8,150 | 9,475 |
General and administrative | 6,552 | 5,175 | 12,732 | 10,259 |
Total operating expenses | 26,000 | 25,201 | 51,567 | 48,925 |
Other expenses (income) | ||||
Interest Expense, Nonoperating | 8,788 | 8,260 | 17,307 | 16,163 |
Gain on sale of properties | 75 | (9,621) | (6,450) | (9,621) |
Loss on disposal of assets | 72 | 14 | 72 | 20 |
Interest, dividend and other investment income | (4) | (18) | (12) | (38) |
Total other expenses (income) | 8,931 | (1,365) | 10,917 | 6,524 |
Income before equity investment in real estate partnership and income tax | 2,716 | 12,624 | 12,327 | 16,862 |
Deficit in earnings of real estate partnership | 0 | (1,034) | (28) | (1,252) |
Provision for income tax | (90) | (125) | (209) | (244) |
Net income | 2,626 | 11,465 | 12,090 | 15,366 |
Less: Net income attributable to noncontrolling interests | 34 | 159 | 158 | 213 |
Net income attributable to Whitestone REIT | $ 2,592 | $ 11,306 | $ 11,932 | $ 15,153 |
Basic Earnings Per Share: | ||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.23 | $ 0.24 | $ 0.31 |
Diluted Earnings Per Share: | ||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.22 | $ 0.23 | $ 0.3 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 49,960 | 49,426 | 49,951 | 49,425 |
Diluted (in shares) | 51,120 | 50,259 | 51,116 | 50,262 |
Consolidated Statements of Comprehensive Income | ||||
Net income | $ 2,626 | $ 11,465 | $ 12,090 | $ 15,366 |
Other comprehensive income | ||||
Amount Recognized as Comprehensive income | 643 | 7,095 | 5,650 | 2,508 |
Comprehensive income | 3,269 | 18,560 | 17,740 | 17,874 |
Less: Net income attributable to noncontrolling interests | 34 | 159 | 158 | 213 |
Less: Comprehensive income attributable to noncontrolling interests | 8 | 99 | 74 | 35 |
Comprehensive income attributable to Whitestone REIT | 3,227 | 18,302 | 17,508 | 17,626 |
Rental revenues | 27,372 | 26,519 | 54,236 | 52,259 |
Recoveries | 10,194 | 9,955 | 20,671 | 20,036 |
Bad debt | (86) | (233) | (686) | (557) |
Total rental | $ 37,480 | $ 36,241 | $ 74,221 | $ 71,738 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - 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, 2022 | 49,423 | 695 | |||||||
Balance at Dec. 31, 2022 | $ 49 | $ 624,785 | $ (212,366) | $ 5,980 | $ 418,448 | $ 6,006 | $ 424,454 | ||
Issuance of shares under dividend reinvestment plan (in shares) | 2 | 0 | |||||||
Issuance of shares under dividend reinvestment plan | $ 0 | 17 | 0 | 0 | 17 | 0 | 17 | ||
Share-based compensation | 0 | 755 | 0 | 755 | 0 | 755 | |||
Distributions - per common share / OP unit | 0 | 0 | (5,931) | 0 | (5,931) | (6,014) | |||
Distributions - per common share / OP unit | (83) | ||||||||
Amount Recognized as Comprehensive income | 0 | 0 | 0 | (4,523) | (4,523) | (64) | (4,587) | ||
Net income | $ 0 | 0 | 3,847 | 0 | 3,847 | 54 | 3,901 | ||
Distributions - per common share / OP unit | (83) | ||||||||
Balance (in shares) at Mar. 31, 2023 | 49,425 | 695 | |||||||
Balance at Mar. 31, 2023 | $ 49 | 625,557 | (214,450) | 1,457 | 412,613 | 5,913 | 418,526 | ||
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 | ||
Amount Recognized as Comprehensive income | 2,508 | ||||||||
Net income | 15,366 | ||||||||
Balance (in shares) at Jun. 30, 2023 | 49,520 | 694 | |||||||
Balance at Jun. 30, 2023 | $ 50 | 626,022 | (209,087) | 8,453 | 425,438 | 6,074 | 431,512 | ||
Balance (in shares) at Mar. 31, 2023 | 49,425 | 695 | |||||||
Balance at Mar. 31, 2023 | $ 49 | 625,557 | (214,450) | 1,457 | 412,613 | 5,913 | 418,526 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 1 | (1) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 1 | 10 | 0 | 0 | 11 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (11) | ||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 2 | 0 | |||||||
Issuance of shares under dividend reinvestment plan | $ 0 | 19 | 0 | 0 | 19 | 0 | 19 | ||
Repurchase of common shares (1) (in shares) | (30) | 0 | |||||||
Repurchase of common shares (1) | $ 0 | (289) | 0 | 0 | (289) | 0 | (289) | ||
Share-based compensation (in shares) | 122 | 0 | |||||||
Share-based compensation | $ 0 | 725 | 0 | 0 | 725 | 0 | 725 | ||
Distributions - per common share / OP unit | 0 | 0 | (5,943) | 0 | (5,943) | (6,029) | |||
Distributions - per common share / OP unit | (86) | ||||||||
Amount Recognized as Comprehensive income | 0 | 0 | 0 | 6,996 | 6,996 | 99 | 7,095 | ||
Net income | $ 0 | 0 | 11,306 | 0 | 11,306 | 159 | 11,465 | ||
Exchange of noncontrolling interest OP units for common shares | 11 | ||||||||
Distributions - per common share / OP unit | (86) | ||||||||
Balance (in shares) at Jun. 30, 2023 | 49,520 | 694 | |||||||
Balance at Jun. 30, 2023 | $ 50 | 626,022 | (209,087) | 8,453 | 425,438 | 6,074 | 431,512 | ||
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 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 44 | (44) | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 0 | 355 | 0 | 0 | 355 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | (355) | ||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 2 | 0 | |||||||
Issuance of shares under dividend reinvestment plan | $ 0 | 23 | 0 | 0 | 23 | 0 | 23 | ||
Repurchase of common shares (1) (in shares) | [1] | (118) | 0 | ||||||
Repurchase of common shares (1) | [1] | $ 0 | (1,442) | 0 | 0 | (1,442) | 0 | (1,442) | |
Share-based compensation (in shares) | 420 | 0 | |||||||
Share-based compensation | $ 0 | 861 | 0 | 861 | 0 | 861 | |||
Distributions - per common share / OP unit | 0 | 0 | (6,175) | 0 | (6,175) | (6,267) | |||
Distributions - per common share / OP unit | (92) | ||||||||
Amount Recognized as Comprehensive income | 0 | 0 | 0 | 4,941 | 4,941 | 66 | 5,007 | ||
Net income | $ 0 | 0 | 9,340 | 0 | 9,340 | 124 | 9,464 | ||
Exchange of noncontrolling interest OP units for common shares | 355 | ||||||||
Distributions - per common share / OP unit | (92) | ||||||||
Balance (in shares) at Mar. 31, 2024 | 49,959 | 650 | |||||||
Balance at Mar. 31, 2024 | $ 50 | 627,876 | (213,798) | 7,517 | 421,645 | 5,618 | 427,263 | ||
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 | ||
Amount Recognized as Comprehensive income | 5,650 | ||||||||
Net income | 12,090 | ||||||||
Balance (in shares) at Jun. 30, 2024 | 50,064 | 650 | |||||||
Balance at Jun. 30, 2024 | $ 50 | 627,459 | (217,401) | 8,152 | 418,260 | 5,580 | 423,840 | ||
Balance (in shares) at Mar. 31, 2024 | 49,959 | 650 | |||||||
Balance at Mar. 31, 2024 | $ 50 | 627,876 | (213,798) | 7,517 | 421,645 | 5,618 | 427,263 | ||
Exchange of noncontrolling interest OP units for common shares (in shares) | 0 | 0 | |||||||
Exchange of noncontrolling interest OP units for common shares | $ 0 | 0 | 0 | 0 | 0 | 0 | |||
Exchange of noncontrolling interest OP units for common shares | 0 | ||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 1 | 0 | |||||||
Issuance of shares under dividend reinvestment plan | $ 0 | 19 | 0 | 0 | 19 | 0 | 19 | ||
Repurchase of common shares (1) (in shares) | (90) | 0 | |||||||
Repurchase of common shares (1) | $ 0 | (1,199) | 0 | 0 | (1,199) | 0 | (1,199) | ||
Share-based compensation (in shares) | 194 | 0 | |||||||
Share-based compensation | $ 0 | 763 | 0 | 0 | 763 | 0 | 763 | ||
Distributions - per common share / OP unit | 0 | 0 | (6,195) | 0 | (6,195) | (6,275) | |||
Distributions - per common share / OP unit | (80) | ||||||||
Amount Recognized as Comprehensive income | 0 | 0 | 0 | 635 | 635 | 8 | 643 | ||
Net income | $ 0 | 0 | 2,592 | 0 | 2,592 | 34 | 2,626 | ||
Exchange of noncontrolling interest OP units for common shares | 0 | ||||||||
Distributions - per common share / OP unit | (80) | ||||||||
Balance (in shares) at Jun. 30, 2024 | 50,064 | 650 | |||||||
Balance at Jun. 30, 2024 | $ 50 | $ 627,459 | $ (217,401) | $ 8,152 | $ 418,260 | $ 5,580 | $ 423,840 | ||
[1]The Company acquired common shares held by employees who tendered owned common shares to satisfy the tax withholding on the lapse of certain restrictions on restricted common shares. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Distributions per common share (in dollars per share) | $ 0.1238 | $ 0.12 | $ 0.12 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash flows from operating activities: | |||
Net income | $ 12,090,000 | $ 15,366,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 17,321,000 | 16,206,000 | |
Amortization of deferred loan costs | 534,000 | 550,000 | |
Gain on sale of properties | (6,450,000) | (9,621,000) | |
Loss on disposal of assets | 72,000 | 20,000 | |
Bad debt | 686,000 | 557,000 | |
Share-based compensation | 1,624,000 | 1,480,000 | |
Deficit in earnings of real estate partnership | 28,000 | 1,252,000 | |
Amortization of right-of-use assets - finance leases | 43,000 | 51,000 | |
Changes in operating assets and liabilities: | |||
Escrows and deposits | 6,469,000 | 3,982,000 | |
Accrued rents and accounts receivable | (1,013,000) | (2,014,000) | |
Receivable due from related party | (19,000) | (59,000) | |
Unamortized lease commissions, legal fees and loan costs | (1,768,000) | (1,894,000) | |
Prepaid expenses and other assets | 999,000 | 1,430,000 | |
Accounts payable and accrued expenses | (7,258,000) | (5,586,000) | |
Payable due to related party | 0 | 16,000 | |
Tenants' security deposits | 424,000 | (25,000) | |
Net cash provided by operating activities | 23,782,000 | 21,711,000 | |
Cash flows from investing activities: | |||
Acquisitions of real estate | (50,136,000) | (25,455,000) | |
Additions to real estate | (8,548,000) | (8,771,000) | |
Proceeds from sales of properties | 25,661,000 | 13,447,000 | |
Reverse 1031 exchange | 0 | (13,447,000) | |
Net cash used in investing activities | (33,023,000) | (34,226,000) | |
Cash flows from financing activities: | |||
Distributions paid to common shareholders | (12,131,000) | (11,826,000) | |
Distributions paid to OP unit holders | (160,000) | (166,000) | |
Net (payments) proceeds from credit facility | (11,000,000) | 48,000,000 | |
Repayments of notes payable | (21,777,000) | (26,504,000) | |
Proceeds from notes payable | 56,340,000 | 0 | |
Payment of loan origination costs | (789,000) | 0 | |
Repurchase of common shares | (2,641,000) | (289,000) | |
Payment of finance lease liability | (10,000) | (6,000) | |
Net cash provided by financing activities | 7,832,000 | 9,209,000 | |
Net decrease in cash, cash equivalents and restricted cash | (1,409,000) | (3,306,000) | |
Cash, cash equivalents and restricted cash at beginning of period | 4,640,000 | 6,355,000 | |
Cash, cash equivalents and restricted cash at end of period (1) | [1] | 3,231,000 | 3,049,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 17,013,000 | 15,219,000 | |
Cash paid for taxes | 432,000 | 435,000 | |
Non cash investing and financing activities: | |||
Disposal of fully depreciated real estate | 45,000 | 864,000 | |
Financed insurance premiums | 2,638,000 | 3,002,000 | |
Value of shares issued under dividend reinvestment plan | 42,000 | 36,000 | |
Change in fair value of cash flow hedge | 5,650,000 | 2,508,000 | |
Accrued capital expenditures | 1,629,000 | 0 | |
Receivable from partnership redemption | 31,643,000 | 0 | |
Recognition of finance lease liability | 86,000 | 0 | |
Cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 3,231,000 | 2,927,000 | |
Restricted cash | 0 | 122,000 | |
Total cash, cash equivalents and restricted cash | 3,231,000 | 3,049,000 | |
Conversion of OP Units to Common Stock [Member] | |||
Non cash investing and financing activities: | |||
Value of common shares exchanged for OP units | $ 354,000 | $ 11,000 | |
[1]For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below. |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. INTERIM FINANCIAL STATEMENTS The consolidated financial statements included in this report are unaudited; however, amounts presented in the consolidated balance sheet as of December 31, 2023 June 30, 2024 10 The consolidated financial statements presented herein reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position of Whitestone and our subsidiaries as of June 30, 2024 December 31, 2023 three six June 30, 2024 2023 three six June 30, 2024 2023 six June 30, 2024 2023 not 10 December 31, 2023 Business August 20, 1998. July 2004, December 31, 1998 June 30, 2024 December 31, 2023 55 As of June 30, 2024 Consolidated Operating Portfolio • 51 wholly owned properties that meet our Community Centered Properties® strategy; and Redevelopment, New Acquisitions Portfolio • six Acquired properties are categorized in the new acquisitions portfolio until the earlier of 90% 18 As of June 30, 2024 no January 25, 2024, not not 2 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. June 30, 2024 December 31, 2023 Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one one Estimates regarding Pillarstone OP’s financial condition and results of operations. third June 30, 2024 December 31, 2023, not Equity Method. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets January 25, 2024, 6 Basis of Accounting. Use of Estimates. Reclassifications. no Restricted Cash. 2015, January 6, 2024 ( 7 January 2024. June 30, 2024, no Derivative Instruments and Hedging Activities. 2 820, Fair Value Measurements and Disclosures. 2 not June 30, 2024 Development Properties. L three June 30, 2024 six June 30, 2024 three June 30, 2023 six June 30, 2023 Share-Based Compensation. may 2018 “2018 three June 30, 2024 2023 six June 30, 2024 2023, Noncontrolling Interests. not Accrued Rents and Accounts Receivable. n not June 30, 2024 December 31, 2023 three June 30, 2024 2023 , we recorded an adjustment to rental revenue for bad debt, exclusive of straight-line rent reserve adjustments, resulting in a and $0.2 million decrease in revenue, respectively, six June 30, 2024 2023, three June 30, 2024 three June 30, 2023 six June 30, 2024 six June 30, 2023 Revenue Recognition. Rental third Other property income primarily includes amounts recorded in connection with lease termination fees. We recognize lease termination fees in the year that the lease is terminated and collection of the fee is probable. Amounts recorded within other property income are accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. See our Annual Report on Form 10 December 31, 2023 |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Leases [Text Block] | 3. 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 June 30, 2024 Years Ended December 31, Minimum Future Rents 2024 (remaining) $ 51,391 2025 94,894 2026 80,733 2027 67,559 2028 53,404 Thereafter 153,099 Total $ 501,080 As a Lessee. one five June 30, 2024 one one The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our weighted average incremental borrowing rates to calculate the lease liabilities for our operating leases in which we are the lessee (in thousands): Years Ended December 31, Operating Leases Finance Lease 2024 (remaining) $ 18 $ 41 2025 30 82 2026 24 83 2027 7 85 2028 1 86 Thereafter — 2,723 Total undiscounted rental payments 80 3,100 Less imputed interest 5 2,303 Total lease liabilities $ 75 $ 797 For the three June 30, 2024 2023 six June 30, 2024 2023, The weighted average remaining lease term for our operating leases and our finance lease was 2.2 and 94 June 30, 2024 not 6.1% June 30, 2024 |
Note 4 - Accrued Rents and Acco
Note 4 - Accrued Rents and Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. 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): June 30, 2024 December 31, 2023 Tenant receivables $ 17,758 $ 16,287 Accrued rents and other recoveries 26,343 26,751 Allowance for doubtful accounts (14,044 ) (13,570 ) Other receivables 862 1,124 Total $ 30,919 $ 30,592 |
Note 5 - Unamortized Lease Comm
Note 5 - Unamortized Lease Commissions, Legal Fees and Loan Costs | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Unamortized Lease Commissions and Loan Costs [Text Block] | 5. Costs which have been deferred consist of the following (in thousands): June 30, 2024 December 31, 2023 Leasing commissions $ 21,511 $ 19,462 Deferred legal cost 305 356 Deferred financing cost 4,149 4,149 Total cost 25,965 23,967 Less: leasing commissions accumulated amortization (9,515 ) (8,744 ) Less: deferred legal cost accumulated amortization (266 ) (272 ) Less: deferred financing cost accumulated amortization (1,618 ) (1,168 ) Total cost, net of accumulated amortization $ 14,566 $ 13,783 |
Note 6 - Investment in Real Est
Note 6 - Investment in Real Estate Partnership | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. On December 8, 2016, four not 1 2 June 30, 2024 no January 25, 2024, not not 2 10 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 Agreements were terminated on August 18, 2022. The table below presents the real estate partnership investment in which the Company holds an ownership interest (in thousands): Company’s Investment as of June 30, 2024 December 31, 2023 Real estate partnership Ownership Interest Pillarstone OP 81.4% $ — $ 31,671 Total real estate partnership(1)(2)(3) $ — $ 31,671 ( 1 Representing eight December 31, 2023. January 25, 2024, 25 ( 2 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 ( 3 We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2023 not The table below presents the Company’s share of net loss from its investment in the real estate partnership which is included in deficit in earnings of real estate partnership, net on the Company’s consolidated statements of operations and comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pillarstone OP $ — $ (1,034 ) $ (28 ) $ (1,252 ) Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands): June 30, 2024 December 31, 2023 Assets: Real estate, net $ — $ 47,115 Other assets — 6,680 Total assets (1) — 53,795 Liabilities and equity: Notes payable — 14,292 Other liabilities — 4,040 Equity — 35,463 Total liabilities and equity (2) — 53,795 Company’s share of equity — 28,885 Cost of investment in excess of the Company’s share of underlying net book value — 2,786 Carrying value of investment in real estate partnership (3) $ — $ 31,671 ( 1 We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2023 not ( 2 We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2023 not ( 3 We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2023 not Three Months Ended June 30, Six Months Ended June 30, 2024 2023 01/01/2024-01/25/2024 (2) 2023 Revenues $ — $ 2,152 $ 591 $ 4,155 Operating expenses — (3,180 ) (559 ) (5,212 ) Other expenses — (208 ) (56 ) (414 ) Net loss $ — $ (1,236 ) $ (24 ) $ (1,471 ) ( 1 We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements for the three six June 30, 2024 June 30, 2023 not ( 2 The estimated net loss and its components are calculated through January 25, 2024, The amortization of the basis difference between the cost of investment and the Company’s share of underlying net book value for the three June 30, 2024 2023 six June 30, 2024 2023 The Company has evaluated its guarantee to Pillarstone OP pursuant to ASC 460, Guarantees, 460 two 3 820 seven three June 30, 2024 2023 six June 30, 2024 2023, Estimates regarding Pillarstone OP's guarantee October 4, 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. On December 1, 2023, 11 On January 25, 2024, On February 9, 2024, On March 4, 2024, 11 not On April 24, 2024, June 10, 2024, not April 10, 2024 The Company does not not Accounting treatment of the redemption of our OP units in Pillarstone OP January 25, 2024, The carrying value of our investment in Pillarstone OP was approximately $31.6 million as of January 25, 2024. Subsequently, we reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 Any gains will be recognized once the proceeds received exceed our receivable. This is within the scope of ASC 326, Financial Instruments - Credit Losses. zero zero 326. |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Certain subsidiaries of Whitestone are the borrowers under various financing arrangements. These subsidiaries are separate legal entities, and their respective assets and credit are not Debt consisted of the following as of the dates indicated (in thousands): Description June 30, 2024 December 31, 2023 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 17,475 17,658 $ 14.0 4.34 September 11, 2024 12,282 12,427 $ 14.3 4.34 September 11, 2024 13,121 13,257 $ 15.1 4.99 January 6, 2024 — 13,350 $ 50.0 5.09 March 22, 2029 35,714 42,857 $ 50.0 5.17 March 22, 2029 50,000 50,000 $ 2.5 7.79 February 28, 2025 1,817 — $ 50.0 3.71 1.50 2.10 September 16, 2026 50,000 50,000 $ 56.3 6.23 July 31, 2031 56,340 — Floating rate notes Unsecured line of credit, SOFR 1.50 2.10 September 16, 2026 85,000 96,000 Total notes payable principal 666,749 640,549 Less deferred financing costs, net of accumulated amortization (1,082 ) (377 ) Total notes payable $ 665,667 $ 640,172 ( 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, 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%. On June 21, 2024, The Loan provides for a fixed interest rate of 6.23% per annum. Payments commence on August 1, 2024, first July 1, 2031, first 36 30 August 1, 2027. may not not fifteen 15 No six The Loan is a non-recourse loan secured by three The loan documents contain customary terms and conditions, including without limitation affirmative and negative covenants such as information reporting and insurance requirements. The loan documents also contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants, and bankruptcy or other insolvency events. Upon the occurrence of an event of default, the Lender is entitled to accelerate all obligations of the Borrower. The Lender will also be entitled to receive the entire unpaid principal balance at a default rate. The Loan proceeds will be used to pay down the Borrower’s existing floating rate indebtedness. 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 not 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 June 30, 2024 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 June 30, 2024 , subject to any potential future paydowns or increases in the borrowing base, we hav illion remaining availability under the 2022 June 30, 2024 , $400.0 million was drawn on the 2022 llion, assuming that we use the proceeds of the 2022 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). As of June 30, 2024 seven June 30, 2024 Scheduled maturities of our outstanding debt as of June 30, 2024 Year Amount Due 2024 (remaining) $ 44,241 2025 17,596 2026 152,143 2027 97,414 2028 282,823 Thereafter 72,532 Total $ 666,749 |
Note 8 - Derivatives and Hedgin
Note 8 - Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. DERIVATIVES AND HEDGING ACTIVITIES The fair value of our interest rate swaps is as follows (in thousands): June 30, 2024 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 8,264 December 31, 2023 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 2,613 On March 31, 2023, SOFR March 31, 2023 September 16, 2026. not 12 On September 16, 2022, 2022 October 29, 2022, February 1, 2024, January 31, 2028. 7 2022 not 12 On January 31, 2019, 2019 September 7, 2022, 7 2019 February 8, 2021 January 31, 2024. September 16, 2022, A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Income Recognized in Earnings Amount of Income Recognized in Earnings (1) Three Months Ended June 30, 2024 $ 643 Interest expense $ 1,549 Three Months Ended June 30, 2023 $ 7,095 Interest expense $ 1,701 Six Months Ended June 30, 2024 $ 5,650 Interest expense $ 3,248 Six Months Ended June 30, 2023 $ 2,508 Interest expense $ 2,904 ( 1 There was no ineffective portion of our interest rate swaps to recognize in earnings for the three six June 30, 2024 2023 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing net income excluding the net income attributable to unvested restricted common shares and the net income attributable to noncontrolling interests, by our weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders, excluding the net income attributable to unvested restricted common shares and the net income attributable to noncontrolling interests, by the weighted average number of common shares including any dilutive unvested restricted common shares. Certain of our performance-based restricted common shares are considered participating securities that require the use of the two three June 30, 2024 2023, six June 30, 2024 2023, Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 2,626 $ 11,465 $ 12,090 $ 15,366 Less: Net income attributable to noncontrolling interests (34 ) (159 ) (158 ) (213 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2,592 $ 11,306 $ 11,932 $ 15,153 Denominator: Weighted average number of common shares - basic 49,960 49,426 49,951 49,425 Effect of dilutive securities: Unvested restricted shares 1,160 833 1,165 837 Weighted average number of common shares - dilutive 51,120 50,259 51,116 50,262 Earnings Per Share: Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.23 $ 0.24 $ 0.31 Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.22 $ 0.23 $ 0.30 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. With the exception of our taxable REIT subsidiaries, federal income taxes are generally not 1986, 90% We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (0.75% for us) to the profit margin, which generally will be determined for us as total revenue less a 30% not 740, Income Taxes three June 30, 2024 2023 six June 30, 2024 2023, |
Note 11 - Equity
Note 11 - Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 11. EQUITY Common Shares Under our declaration of trust, as amended, we have authority to issue up to 400,000,000 common shares of beneficial interest, $0.001 par value per share, and up to 50,000,000 preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On 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, three six June 30, 2024 2023, not Operating Partnership Units Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of June 30, 2024 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 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 third three June 30, 2024 2023 six June 30, 2024 2023 three June 30, 2024 2023 d 864 OP units, respectively, were redeemed for an equal number of common shares, six June 30, 2024 2023, Distributions The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter of 2023 six June 30, 2024 Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distributions Per Common Share Amount Paid Distributions Per OP Unit Amount Paid Amount Paid 2024 Second Quarter $ 0.1238 $ 6,162 $ 0.1238 $ 80 $ 6,242 First Quarter 0.1200 5,969 0.1200 80 6,049 Total $ 0.2438 $ 12,131 $ 0.2438 $ 160 $ 12,291 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 |
Note 12 - Incentive Share Plan
Note 12 - Incentive Share Plan | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. 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 June 30, 2024 On June 30, 2021, 2018 three June 30, 2021 December 31, 2023. three 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 O n March 7, 2023, 2018 three June 30, 2023 December 31, 2025. three three O n March 4, 2024, 2018 three June 30, 2024 December 31, 2026. three three A summary of the share-based incentive plan activity as of and for the six June 30, 2024 Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2023 1,452,433 $ 10.12 Granted 372,583 13.84 Vested (404,171 ) 6.30 Forfeited (15,311 ) 10.18 Non-vested at June 30, 2024 1,405,534 12.20 Available for grant at June 30, 2024 764,479 A summary of our non-vested and vested shares activity for the six June 30, 2024 December 31, 2023 2022 Shares Granted Shares Vested Non-Vested Shares Issued Weighted Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Six Months Ended June 30, 2024 372,583 $ 13.84 (404,171 ) $ 2,546 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 Total compensation recognized in earnings for share-based payments was and $800,000 for the three June 30, 2024 2023 , respectively, and $ six June 30, 2024 2023 Based on our current financial projections, we expect approximately 100% of the unvested awards, exclusive of 455,000 CIC Units, to vest over the next 36 June 30, 2024 30 36 July 1, 2024. We expect to record approxima tely $4.5 million in non-cash share-based compensation expense in 2024 2024. 27 June 30, 2024 ent of 200%, 200%, and 200% for the shares issued in 2022, 2023, 2024, September 30, 2024 |
Note 13 - Grants to Trustees
Note 13 - Grants to Trustees | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Trustee Incentive Shares [Text Block] | 13. On December 20, 2023, five one December 31, 2023 |
Note 14 - Segment Information
Note 14 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Historically, our management has not not |
Note 15 - Real Estate
Note 15 - Real Estate | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 15. Property Acquisitions. On April 5, 2024, On April 1, 2024, On February 20, 2024, On June 12, 2023, Property dispositions. On March 27, 2024, not not On December 20, 2023, not not On June 30, 2023, not not On June 30, 2023, not not |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. RELATED PARTY TRANSACTIONS Former Executives, Trustee, and Their Ownership Interests in Pillarstone REIT January 18, 2022, 13d 3 1 1934, April 18, 2022. February 9, 2022, 13d 3 1 May 12, 2023, Pillarstone OP August 18, 2022. The Company previously accounted for its investment in Pillarstone OP using the equity method. However, subsequent to January 25, 2024, The following table presents the revenue and expenses with Pillarstone OP included in our consolidated statements of operations and comprehensive income for the three six June 30, 2024 2023 Three Months Ended June 30, Six Months Ended June 30, Location of Revenue (Expense) 2024 2023 2024 2023 Rent Operating and maintenance $ — $ — $ — $ (15 ) Property management fee income Management, transaction, and other fees $ — $ — $ — $ — |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. COMMITMENTS AND CONTINGENCIES Guarantor for Pillarstone OP ’ s Loan The Company had 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, October 24, 2023, December 5, 2023. On December 1, 2023, December 4, 2023, 4th 2023 December 4, 2023, On December 1, 2023, 11 January 25, 2024, February 9, 2024, March 4, 2024, 11 On April 24, 2024, June 10, 2024, not April 10, 2024 $13,632,764.25 Litigation between the Company and Pillarstone REIT On September 16, 2022, November 25, 2022, not not Former COO Litigation On May 9, 2023, not not Former CEO Litigation On February 23, 2022, September 12, 2022, On December 6, 2023, 215th 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 18 - Subsequent Events
Note 18 - Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. SUBSEQUENT EVENTS None. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. During the three June 30, 2024, no 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. June 30, 2024 December 31, 2023 Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one one |
Equity Method Investments [Policy Text Block] | Estimates regarding Pillarstone OP’s financial condition and results of operations. third June 30, 2024 December 31, 2023, not Equity Method. 2014 09 606” 610, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets January 25, 2024, 6 |
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 ( 7 January 2024. June 30, 2024, no |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities. 2 820, Fair Value Measurements and Disclosures. 2 not June 30, 2024 |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Development Properties. L three June 30, 2024 six June 30, 2024 three June 30, 2023 six June 30, 2023 |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation. may 2018 “2018 three June 30, 2024 2023 six June 30, 2024 2023, |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests. not |
Receivable [Policy Text Block] | Accrued Rents and Accounts Receivable. n not June 30, 2024 December 31, 2023 three June 30, 2024 2023 , we recorded an adjustment to rental revenue for bad debt, exclusive of straight-line rent reserve adjustments, resulting in a and $0.2 million decrease in revenue, respectively, six June 30, 2024 2023, three June 30, 2024 three June 30, 2023 six June 30, 2024 six June 30, 2023 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition. Rental third Other property income primarily includes amounts recorded in connection with lease termination fees. We recognize lease termination fees in the year that the lease is terminated and collection of the fee is probable. Amounts recorded within other property income are accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. See our Annual Report on Form 10 December 31, 2023 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Years Ended December 31, Minimum Future Rents 2024 (remaining) $ 51,391 2025 94,894 2026 80,733 2027 67,559 2028 53,404 Thereafter 153,099 Total $ 501,080 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Years Ended December 31, Operating Leases Finance Lease 2024 (remaining) $ 18 $ 41 2025 30 82 2026 24 83 2027 7 85 2028 1 86 Thereafter — 2,723 Total undiscounted rental payments 80 3,100 Less imputed interest 5 2,303 Total lease liabilities $ 75 $ 797 |
Note 4 - Accrued Rents and Ac_2
Note 4 - Accrued Rents and Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2024 December 31, 2023 Tenant receivables $ 17,758 $ 16,287 Accrued rents and other recoveries 26,343 26,751 Allowance for doubtful accounts (14,044 ) (13,570 ) Other receivables 862 1,124 Total $ 30,919 $ 30,592 |
Note 5 - Unamortized Lease Co_2
Note 5 - Unamortized Lease Commissions, Legal Fees and Loan Costs (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2024 December 31, 2023 Leasing commissions $ 21,511 $ 19,462 Deferred legal cost 305 356 Deferred financing cost 4,149 4,149 Total cost 25,965 23,967 Less: leasing commissions accumulated amortization (9,515 ) (8,744 ) Less: deferred legal cost accumulated amortization (266 ) (272 ) Less: deferred financing cost accumulated amortization (1,618 ) (1,168 ) Total cost, net of accumulated amortization $ 14,566 $ 13,783 |
Note 6 - Investment in Real E_2
Note 6 - Investment in Real Estate Partnership (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Company’s Investment as of June 30, 2024 December 31, 2023 Real estate partnership Ownership Interest Pillarstone OP 81.4% $ — $ 31,671 Total real estate partnership(1)(2)(3) $ — $ 31,671 |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pillarstone OP $ — $ (1,034 ) $ (28 ) $ (1,252 ) June 30, 2024 December 31, 2023 Assets: Real estate, net $ — $ 47,115 Other assets — 6,680 Total assets (1) — 53,795 Liabilities and equity: Notes payable — 14,292 Other liabilities — 4,040 Equity — 35,463 Total liabilities and equity (2) — 53,795 Company’s share of equity — 28,885 Cost of investment in excess of the Company’s share of underlying net book value — 2,786 Carrying value of investment in real estate partnership (3) $ — $ 31,671 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 01/01/2024-01/25/2024 (2) 2023 Revenues $ — $ 2,152 $ 591 $ 4,155 Operating expenses — (3,180 ) (559 ) (5,212 ) Other expenses — (208 ) (56 ) (414 ) Net loss $ — $ (1,236 ) $ (24 ) $ (1,471 ) |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Description June 30, 2024 December 31, 2023 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 17,475 17,658 $ 14.0 4.34 September 11, 2024 12,282 12,427 $ 14.3 4.34 September 11, 2024 13,121 13,257 $ 15.1 4.99 January 6, 2024 — 13,350 $ 50.0 5.09 March 22, 2029 35,714 42,857 $ 50.0 5.17 March 22, 2029 50,000 50,000 $ 2.5 7.79 February 28, 2025 1,817 — $ 50.0 3.71 1.50 2.10 September 16, 2026 50,000 50,000 $ 56.3 6.23 July 31, 2031 56,340 — Floating rate notes Unsecured line of credit, SOFR 1.50 2.10 September 16, 2026 85,000 96,000 Total notes payable principal 666,749 640,549 Less deferred financing costs, net of accumulated amortization (1,082 ) (377 ) Total notes payable $ 665,667 $ 640,172 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount Due 2024 (remaining) $ 44,241 2025 17,596 2026 152,143 2027 97,414 2028 282,823 Thereafter 72,532 Total $ 666,749 |
Note 8 - Derivatives and Hedg_2
Note 8 - Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | June 30, 2024 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 8,264 December 31, 2023 Balance Sheet Location Estimated Fair Value Prepaid expenses and other assets $ 2,613 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount Recognized as Comprehensive Income (Loss) Location of Income Recognized in Earnings Amount of Income Recognized in Earnings (1) Three Months Ended June 30, 2024 $ 643 Interest expense $ 1,549 Three Months Ended June 30, 2023 $ 7,095 Interest expense $ 1,701 Six Months Ended June 30, 2024 $ 5,650 Interest expense $ 3,248 Six Months Ended June 30, 2023 $ 2,508 Interest expense $ 2,904 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 2,626 $ 11,465 $ 12,090 $ 15,366 Less: Net income attributable to noncontrolling interests (34 ) (159 ) (158 ) (213 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2,592 $ 11,306 $ 11,932 $ 15,153 Denominator: Weighted average number of common shares - basic 49,960 49,426 49,951 49,425 Effect of dilutive securities: Unvested restricted shares 1,160 833 1,165 837 Weighted average number of common shares - dilutive 51,120 50,259 51,116 50,262 Earnings Per Share: Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.23 $ 0.24 $ 0.31 Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.22 $ 0.23 $ 0.30 |
Note 11 - Equity (Tables)
Note 11 - Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 Second Quarter $ 0.1238 $ 6,162 $ 0.1238 $ 80 $ 6,242 First Quarter 0.1200 5,969 0.1200 80 6,049 Total $ 0.2438 $ 12,131 $ 0.2438 $ 160 $ 12,291 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 |
Note 12 - Incentive Share Plan
Note 12 - Incentive Share Plan (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2023 1,452,433 $ 10.12 Granted 372,583 13.84 Vested (404,171 ) 6.30 Forfeited (15,311 ) 10.18 Non-vested at June 30, 2024 1,405,534 12.20 Available for grant at June 30, 2024 764,479 |
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) Six Months Ended June 30, 2024 372,583 $ 13.84 (404,171 ) $ 2,546 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 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Location of Revenue (Expense) 2024 2023 2024 2023 Rent Operating and maintenance $ — $ — $ — $ (15 ) Property management fee income Management, transaction, and other fees $ — $ — $ — $ — |
Note 1 - Interim Financial St_2
Note 1 - Interim Financial Statements (Details Textual) | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jul. 31, 2004 | |
Reorganization and Conversion, Number of Common Shares | 1.42857 | ||
Wholly Owned Properties [Member] | |||
Number of Real Estate Properties | 57 | 55 | |
Wholly Owned Properties [Member] | Community Centered Properties [Member] | |||
Number of Real Estate Properties | 51 | ||
Wholly Owned Properties [Member] | Parcels Held for Future Development [Member] | |||
Asset Acquisition, Number of Properties Acquired During Period | 6 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Mar. 31, 2024 $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2015 USD ($) | |
Conversion Ratio for Class Common Stock to OP Unit (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | ||||
Real Estate Inventory, Capitalized Interest Costs Incurred | $ 150,000 | $ 137,000 | $ 284,000 | $ 271,000 | |||
Real Estate Taxes, Capitalized | 61,000 | 72,000 | 122,000 | 145,000 | |||
Share-Based Payment Arrangement, Expense | 888,000 | 800,000 | 1,824,000 | 1,629,000 | |||
Accounts Receivable, Allowance for Credit Loss | 14,044,000 | 14,044,000 | $ 13,570,000 | ||||
Net Investment in Lease, Credit Loss Expense (Reversal) | $ 86,000 | $ 233,000 | $ 686,000 | $ 557,000 | |||
Accounts Receivable, Credit Loss Expense (Reversal), Number of Tenants, COVID-19 | 18 | 18 | 18 | 18 | |||
Straight Line Rent Adjustments, COVID-19 | $ 8,000 | $ 100,000 | $ 20,000 | $ 200,000 | |||
Accounts Receivable, Credit Loss Expense (Reversal), COVID-19 | $ 200,000 | $ 100,000 | $ 400,000 | $ 300,000 | |||
Anthem Marketplace Note [Member] | |||||||
Debt Instrument, Face Amount | $ 15,100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.99% |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Operating Lease, Cost | $ 10,000 | $ 8,000 | $ 29,000 | $ 41,000 |
Finance Lease, Right-of-Use Asset, Amortization | $ 21,000 | $ 22,000 | $ 43,000 | $ 51,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 2 months 12 days | 2 years 2 months 12 days | ||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 94 years | 94 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | 4.50% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 6.10% | 6.10% | ||
Ground Lease [Member] | ||||
Number of Ground Leases | 1 | 1 | ||
Office Machine Lease [Member] | ||||
Number of Office Machine Leases | 1 | 1 | ||
Minimum [Member] | Office Space, Automobile, and Office Machine [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | 1 year | ||
Maximum [Member] | Office Space, Automobile, and Office Machine [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years | 5 years |
Note 3 - Leases - Summary of Mi
Note 3 - Leases - Summary of Minimum Future Rents to be Received (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
2024 (remaining) | $ 51,391 |
2025 | 94,894 |
2026 | 80,733 |
2027 | 67,559 |
2028 | 53,404 |
Thereafter | 153,099 |
Total | $ 501,080 |
Note 3 - Leases - Summary of Fu
Note 3 - Leases - Summary of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
2024 (remaining), operating leases | $ 18 | |
2024 (remaining), finance lease | 41 | |
2025, operating leases | 30 | |
2025, finance lease | 82 | |
2026, operating leases | 24 | |
2026, finance lease | 83 | |
2027, operating leases | 7 | |
2027, finance lease | 85 | |
2028, operating leases | 1 | |
2028, finance lease | 86 | |
Thereafter, operating leases | 0 | |
Thereafter, finance lease | 2,723 | |
Total undiscounted rental payments, operating leases | 80 | |
Total undiscounted rental payments, finance lease | 3,100 | |
Less imputed interest, operating leases | 5 | |
Less imputed interest, finance lease | 2,303 | |
Total lease liabilities, operating leases | 75 | $ 112 |
Total lease liabilities, finance lease | $ 797 | $ 721 |
Note 4 - Accrued Rents and Ac_3
Note 4 - Accrued Rents and Accounts Receivable, Net - Schedule of Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Tenant receivables | $ 17,758 | $ 16,287 |
Accrued rents and other recoveries | 26,343 | 26,751 |
Allowance for doubtful accounts | (14,044) | (13,570) |
Total | 30,919 | 30,592 |
Trade Accounts Receivable [Member] | ||
Other receivables | $ 862 | $ 1,124 |
Note 5 - Unamortized Lease Co_3
Note 5 - Unamortized Lease Commissions, Legal Fees and Loan Costs - Deferred Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leasing commissions | $ 21,511 | $ 19,462 |
Deferred legal cost | 305 | 356 |
Deferred financing cost | 4,149 | 4,149 |
Total cost | 25,965 | 23,967 |
Less: leasing commissions accumulated amortization | (9,515) | (8,744) |
Less: deferred legal cost accumulated amortization | (266) | (272) |
Less: deferred financing cost accumulated amortization | (1,618) | (1,168) |
Total cost, net of accumulated amortization | $ 14,566 | $ 13,783 |
Note 6 - Investment in Real E_3
Note 6 - Investment in Real Estate Partnership (Details Textual) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 24 Months Ended | |||||||||
Apr. 24, 2024 USD ($) | Jan. 25, 2024 USD ($) | Dec. 01, 2023 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Aug. 18, 2022 USD ($) | Dec. 08, 2018 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 08, 2016 | ||
Equity Method Investment, Difference Between Carrying Amount And Underlying Equity, Amortization | $ 0 | $ 27,000 | $ 7,000 | $ 54,000 | |||||||||
Equity Method Investments | [1],[2],[3] | 0 | 0 | $ 31,671,000 | |||||||||
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 | ||||||||||||
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member] | |||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 1,123,950.24 | ||||||||||||
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member] | Maximum [Member] | |||||||||||||
Legal Fees | $ 20,000 | ||||||||||||
Irrevocable Redemption of Investment in Pillarstone OP [Member] | Pending Litigation [Member] | |||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 13,632,764.25 | ||||||||||||
Litigation Settlement Interest | $ 13,000,000 | ||||||||||||
Equity Method Investments | 31,600,000 | ||||||||||||
Gain Contingency, Unrecorded Amount | $ 70,000,000 | ||||||||||||
Performance Guarantee [Member] | |||||||||||||
Guarantees, Fair Value Disclosure | $ 462,000 | ||||||||||||
Guarantee Liability, Amortization Period (Year) | 7 years | ||||||||||||
Amortization of Guarantee Liability | $ 0 | $ 9,000 | $ 0 | $ 18,000 | |||||||||
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 | ||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 926,798 | ||||||||||||
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 | ||||||||||||
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new shareholder rights agreement (the “Pillarstone Rights Agreement”). Because Pillarstone REIT sought to use the Pillarstone Rights Agreement 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. On September 8, 2022, Whitestone OP’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone OP from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone OP to ensure that Whitestone’s right of redemption is not impaired while the underlying dispute is being considered by the Court. 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 the Pillarstone Rights Agreement that 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; allowed Pillarstone to determine the current value of the Partnership’s assets; and, as necessary, later enter a monetary judgment against Pillarstone for the difference between the amount Whitestone would have received in or around December 2021 and the current value. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in Pillarstone OP. On March 4, 2024, Pillarstone REIT authorized and filed the Chapter 11 bankruptcy of itself, Pillarstone OP, and the remainder of its special purpose entities in the United States Bankruptcy Court for the Northern District of Texas. As of the date of this filing, Whitestone has not received consideration for its redemption of its equity investment in Pillarstone OP as required by the partnership agreement. We intend to pursue collection of amounts due from Pillarstone OP through all means, including further litigation if necessary and while we do not know the ultimate amount to be collected, we believe the amount will be in excess of the current carrying value of our equity investment in Pillarstone OP.[2]Representing eight property interests and 926,798 square feet of GLA, as of December 31, 2023. Subsequent to January 25, 2024, the Company ceased utilizing the equity method following the exercise of its notice of redemption for the majority of its investment in Pillarstone OP. We reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 days of our share of the equity investment income.[3]We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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 6 - Investment in Real E_4
Note 6 - Investment in Real Estate Partnership - Real Estate Partnership Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Equity Method Investments | [1],[2],[3] | $ 0 | $ 31,671 |
Pillarstone OP [Member] | |||
Ownership interest | 81.40% | ||
Equity Method Investments | [4] | $ 0 | $ 31,671 |
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new shareholder rights agreement (the “Pillarstone Rights Agreement”). Because Pillarstone REIT sought to use the Pillarstone Rights Agreement 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. On September 8, 2022, Whitestone OP’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone OP from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone OP to ensure that Whitestone’s right of redemption is not impaired while the underlying dispute is being considered by the Court. 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 the Pillarstone Rights Agreement that 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; allowed Pillarstone to determine the current value of the Partnership’s assets; and, as necessary, later enter a monetary judgment against Pillarstone for the difference between the amount Whitestone would have received in or around December 2021 and the current value. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in Pillarstone OP. On March 4, 2024, Pillarstone REIT authorized and filed the Chapter 11 bankruptcy of itself, Pillarstone OP, and the remainder of its special purpose entities in the United States Bankruptcy Court for the Northern District of Texas. As of the date of this filing, Whitestone has not received consideration for its redemption of its equity investment in Pillarstone OP as required by the partnership agreement. We intend to pursue collection of amounts due from Pillarstone OP through all means, including further litigation if necessary and while we do not know the ultimate amount to be collected, we believe the amount will be in excess of the current carrying value of our equity investment in Pillarstone OP.[2]Representing eight property interests and 926,798 square feet of GLA, as of December 31, 2023. Subsequent to January 25, 2024, the Company ceased utilizing the equity method following the exercise of its notice of redemption for the majority of its investment in Pillarstone OP. We reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 days of our share of the equity investment income.[3]We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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.[4]We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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 6 - Investment in Real E_5
Note 6 - Investment in Real Estate Partnership - Net Income from Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Real estate, net | $ 1,018,264 | $ 1,018,264 | $ 991,699 | |||
Total assets(1) | 1,140,370 | 1,140,370 | 1,113,239 | |||
Notes payable | 665,667 | 665,667 | 640,172 | |||
Equity | 418,260 | 418,260 | 413,742 | |||
Total liabilities and equity(2) | 1,140,370 | 1,140,370 | 1,113,239 | |||
Carrying value of investment in real estate partnership(3) | [1],[2],[3] | 0 | 0 | 31,671 | ||
Revenues | 37,647 | $ 36,460 | 74,811 | $ 72,311 | ||
Operating expenses | 26,000 | 25,201 | 51,567 | 48,925 | ||
Other expenses | (8,931) | 1,365 | (10,917) | (6,524) | ||
Net loss | 2,592 | 11,306 | 11,932 | 15,153 | ||
Pillarstone OP [Member] | ||||||
Pillarstone OP | 0 | (1,034) | (28) | (1,252) | ||
Company’s share of equity | 0 | 0 | 28,885 | |||
Cost of investment in excess of the Company’s share of underlying net book value | 0 | 0 | 2,786 | |||
Carrying value of investment in real estate partnership(3) | [4] | 0 | 0 | 31,671 | ||
Pillarstone OP [Member] | ||||||
Real estate, net | 0 | 0 | 47,115 | |||
Other assets | 0 | 0 | 6,680 | |||
Total assets(1) | [5] | 0 | 0 | 53,795 | ||
Notes payable | 0 | 0 | 14,292 | |||
Other liabilities | 0 | 0 | 4,040 | |||
Equity | 0 | 0 | 35,463 | |||
Total liabilities and equity(2) | [6] | 0 | 0 | $ 53,795 | ||
Revenues | 0 | 2,152 | 591 | 4,155 | ||
Operating expenses | 0 | (3,180) | (559) | (5,212) | ||
Other expenses | 0 | (208) | (56) | (414) | ||
Net loss | $ 0 | $ (1,236) | $ (24) | $ (1,471) | ||
[1]On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new shareholder rights agreement (the “Pillarstone Rights Agreement”). Because Pillarstone REIT sought to use the Pillarstone Rights Agreement 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. On September 8, 2022, Whitestone OP’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone OP from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone OP to ensure that Whitestone’s right of redemption is not impaired while the underlying dispute is being considered by the Court. 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 the Pillarstone Rights Agreement that 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; allowed Pillarstone to determine the current value of the Partnership’s assets; and, as necessary, later enter a monetary judgment against Pillarstone for the difference between the amount Whitestone would have received in or around December 2021 and the current value. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in Pillarstone OP. On March 4, 2024, Pillarstone REIT authorized and filed the Chapter 11 bankruptcy of itself, Pillarstone OP, and the remainder of its special purpose entities in the United States Bankruptcy Court for the Northern District of Texas. As of the date of this filing, Whitestone has not received consideration for its redemption of its equity investment in Pillarstone OP as required by the partnership agreement. We intend to pursue collection of amounts due from Pillarstone OP through all means, including further litigation if necessary and while we do not know the ultimate amount to be collected, we believe the amount will be in excess of the current carrying value of our equity investment in Pillarstone OP.[2]Representing eight property interests and 926,798 square feet of GLA, as of December 31, 2023. Subsequent to January 25, 2024, the Company ceased utilizing the equity method following the exercise of its notice of redemption for the majority of its investment in Pillarstone OP. We reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 days of our share of the equity investment income.[3]We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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.[4]We rely on reporting provided to us by Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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 Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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 Pillarstone OP's general partner for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 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. |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | 3 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | 15 Months Ended | 48 Months Ended | |||
Sep. 16, 2022 USD ($) | Mar. 22, 2019 USD ($) | Mar. 31, 2024 | Jun. 30, 2024 USD ($) | Oct. 28, 2022 | Dec. 31, 2023 USD ($) | Jan. 31, 2024 | Jan. 31, 2028 | Jun. 21, 2024 USD ($) | |
Secured Debt | $ 179,220,000 | ||||||||
Asset Pledged as Collateral [Member] | Secured Debt [Member] | |||||||||
Number of Real Estate Properties | 7 | ||||||||
Real Estate Investments, Net | $ 270,500,000 | ||||||||
The 265 Million Note Due January 31, 2028 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.18% | 2.16% | 3.18% | 2.76% | |||||
Debt Instrument, Face Amount | $ 265,000,000 | $ 265,000,000 | |||||||
The 265 Million Note Due January 31, 2028 [Member] | Forecast [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.32% | ||||||||
The $50 Million Debt Facility Maturing September 16, 2026 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.71% | ||||||||
Loan Agreement [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.23% | ||||||||
Debt Instrument, Face Amount | $ 56,340,000 | ||||||||
Number of Real Estate Properties | 3 | ||||||||
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 Spread on Variable Rate | 1.50% | 1.50% | |||||||
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] | 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 | 6.88% | 2.16% | 2.80% | ||||||
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% | 1.55% | |||||||
The 2022 Facility [Member] | Revolving Credit Facility [Member] | |||||||||
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 | $ 115,000,000 | ||||||||
Long-Term Line of Credit | 400,000,000 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 115,000,000 | ||||||||
The 2022 Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [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 | 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% |
Note 7 - Debt - Schedule of Deb
Note 7 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Notes payable principal | $ 666,749 | $ 640,549 | |
Less deferred financing costs, net of accumulated amortization | (1,082) | (377) | |
Notes Payable [Member] | |||
Total notes payable | 665,667 | 640,172 | |
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 | 17,475 | 17,658 | |
The 14 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 12,282 | 12,427 | |
The 14.3 Million Note Due September 11, 2024 [Member] | |||
Notes payable principal | 13,121 | 13,257 | |
The 15.1 Million Note Due January 6, 2024 [Member] | |||
Notes payable principal | 0 | 13,350 | |
The 50.0 Million Series A Note Due March 22, 2029 [Member] | |||
Notes payable principal | 35,714 | 42,857 | |
The 50.0 Million Series B Note Due March 22, 2029 [Member] | |||
Notes payable principal | 50,000 | 50,000 | |
The 2.5 Million Note Due February 28, 2025 [Member] | |||
Notes payable principal | 1,817 | 0 | |
The $50 Million Note Due September 16, 2026 [Member] | |||
Notes payable principal | [2] | 50,000 | 50,000 |
The $56.3 Million Note Due July 31, 2031 [Member] | |||
Notes payable principal | 56,340 | 0 | |
The 2022 Facility [Member] | |||
Notes payable principal | $ 85,000 | $ 96,000 | |
[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 7 - Debt - Schedule of D_2
Note 7 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jan. 31, 2024 | Oct. 28, 2022 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
The 265 Million Note Due January 31, 2028 [Member] | ||||
Face amount | $ 265 | $ 265 | ||
Interest rate, stated | 3.18% | 3.18% | 2.76% | 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 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 50.0 Million Series A Note 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 50.0 Million Series B 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 2.5 Million Note Due February 28, 2025 [Member] | ||||
Face amount | $ 2.5 | |||
Interest rate, stated | 7.79% | |||
Maturity date | Feb. 28, 2025 | |||
The $50 Million Note Due September 16, 2026 [Member] | ||||
Face amount | $ 50 | $ 50 | ||
Interest rate, stated | 3.71% | 3.71% | ||
Maturity date | Sep. 16, 2026 | Sep. 16, 2026 | ||
The $50 Million Note Due September 16, 2026 [Member] | Minimum [Member] | ||||
Interest rate, variable | 1.50% | 1.50% | ||
The $50 Million Note Due September 16, 2026 [Member] | Maximum [Member] | ||||
Interest rate, variable | 2.10% | 2.10% | ||
The $56.3 Million Note Due July 31, 2031 [Member] | ||||
Face amount | $ 56.3 | |||
Interest rate, stated | 6.23% | |||
Maturity date | Jul. 31, 2031 | |||
The 2022 Facility [Member] | ||||
Interest rate, variable | 1.50% | 1.50% | ||
Maturity date | Sep. 16, 2026 | Sep. 16, 2026 | ||
Basis Point Credit Spread Adjustment | 2.10% | 2.10% |
Note 7 - Debt - Scheduled Matur
Note 7 - Debt - Scheduled Maturities of Outstanding Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
2024 (remaining) | $ 44,241 | |
2025 | 17,596 | |
2026 | 152,143 | |
2027 | 97,414 | |
2028 | 282,823 | |
Thereafter | 72,532 | |
Total | $ 666,749 | $ 640,549 |
Note 8 - Derivatives and Hedg_3
Note 8 - Derivatives and Hedging Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jan. 31, 2028 | Mar. 31, 2023 | Sep. 16, 2022 | Sep. 07, 2022 | Jan. 31, 2019 | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Notional Amount | $ 50,000 | ||||||||
Derivative, Variable Interest Rate | 3.71% | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | $ 0 | $ 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 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 | ||||||||
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 |
Note 8 - Derivatives and Hedg_4
Note 8 - Derivatives and Hedging Activities - Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Interest rate swaps, assets | $ 8,264 | $ 2,613 |
Note 8 - Derivatives and Hedg_5
Note 8 - Derivatives and Hedging Activities - Summary of Interest Rate Swap Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Income Statement [Abstract] | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 2,626 | $ 11,465 | $ 12,090 | $ 15,366 | ||||
Interest Expense, Nonoperating | 8,788 | 8,260 | 17,307 | 16,163 | ||||
Amount Recognized as Comprehensive income | $ 643 | $ 5,007 | $ 7,095 | $ (4,587) | $ 5,650 | $ 2,508 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Nonoperating | Interest Expense, Nonoperating | Interest Expense, Nonoperating | Interest Expense, Nonoperating | ||||
Interest Rate Swap [Member] | ||||||||
Amount Recognized as Comprehensive income | $ 643 | $ 7,095 | $ 5,650 | $ 2,508 | ||||
Amount of Income (Loss) Recognized in Earnings | $ 1,549 | [1] | $ 1,701 | [1] | $ 3,248 | $ 2,904 | ||
[1]There was no ineffective portion of our interest rate swaps to recognize in earnings for the three months ended March 31, 2024 and 2023. |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
OP Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 649,200 | 694,297 | 656,411 | 694,298 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 2,626 | $ 11,465 | $ 12,090 | $ 15,366 |
Less: Net income attributable to noncontrolling interests | (34) | (159) | (158) | (213) |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 2,592 | $ 11,306 | $ 11,932 | $ 15,153 |
Basic (in shares) | 49,960 | 49,426 | 49,951 | 49,425 |
Unvested restricted shares (in shares) | 1,160 | 833 | 1,165 | 837 |
Weighted average number of common shares - dilutive (in shares) | 51,120 | 50,259 | 51,116 | 50,262 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.23 | $ 0.24 | $ 0.31 |
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.22 | $ 0.23 | $ 0.3 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Applicable Tax Rate Used to Determine State Margin Tax | 0.75% | 0.75% | ||
Margin Tax Provision Recognized | $ 111,000 | $ 125,000 | $ 231,000 | $ 244,000 |
Note 11 - Equity (Details Textu
Note 11 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | May 20, 2022 | May 31, 2019 | |
Common Stock, Shares Authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 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 | $ 1 | $ 1 | |||||
Conversion of OP Units to Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted (in shares) | 0 | 864 | 43,747 | 875 | ||||
OP Units [Member] | ||||||||
Units of Partnership Interest, Amount (in shares) | 50,592,627 | 50,592,627 | 50,182,938 | |||||
General Partners' Capital Account, Units Outstanding (in shares) | 49,943,427 | 49,943,427 | 49,489,991 | |||||
Operating Partnership [Member] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 98.70% | |||||||
Weighted-Average Share Ownership | 98.70% | 98.60% | 98.70% | 98.60% | ||||
The 2019 Equity Distribution Agreements [Member] | ||||||||
Equity Distribution Agreements, Authorized Amount | $ 0.1 |
Note 11 - Equity - Cash Distrib
Note 11 - Equity - Cash Distributions Paid or Payable (Details) - Cash Distribution [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Amount Paid | $ 6,242 | $ 6,049 | $ 6,013 | $ 6,011 | $ 5,996 | $ 5,996 | $ 12,291 | $ 24,016 |
Common Stock [Member] | ||||||||
Distributions Per Common Share (in dollars per share) | $ 0.1238 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.2438 | $ 0.48 |
Amount Paid | $ 6,162 | $ 5,969 | $ 5,930 | $ 5,928 | $ 5,913 | $ 5,913 | $ 12,131 | $ 23,684 |
OP Units [Member] | ||||||||
Distributions Per Common Share (in dollars per share) | $ 0.1238 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.2438 | $ 0.48 |
Amount Paid | $ 80 | $ 80 | $ 83 | $ 83 | $ 83 | $ 83 | $ 160 | $ 332 |
Note 12 - Incentive Share Pla_2
Note 12 - Incentive Share Plan (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 07, 2024 | Mar. 04, 2024 | Jan. 01, 2024 | Mar. 07, 2023 | Dec. 19, 2022 | Mar. 28, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 06, 2017 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | May 11, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 24,134 | 372,583 | 480,184 | 360,334 | |||||||||||||||
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 | $ 13.84 | $ 9.3 | $ 11.61 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 404,171 | 231,600 | 519,003 | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 888,000 | $ 800,000 | $ 1,824,000 | $ 1,629,000 | |||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1,160,000 | 833,000 | 1,165,000 | 837,000 | |||||||||||||||
Forecast [Member] | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 6,300,000 | $ 4,500,000 | |||||||||||||||||
Market Based Vesting TSR Units [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 36 years | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4,800,000 | $ 4,800,000 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 30 years | ||||||||||||||||||
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% | 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 | 200% | 200% | |||||||||||||||||
Market Based Vesting TSR Units [Member] | Issued 2024 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Awarded Based on Ranking | 200% | 200% | |||||||||||||||||
Time-based Restricted Common Share Units [Member] | |||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,900,000 | $ 3,900,000 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 36 years | ||||||||||||||||||
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 (in shares) | 1,405,534 | 1,405,534 | 1,452,433 | ||||||||||||||||
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) | 203,518 | 228,025 | 162,556 | 433,200 | |||||||||||||||
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) | $ 15.12 | $ 9.55 | $ 13.74 | $ 4.17 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |||||||||||||||||
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, Options to be Converted to Cash (in shares) | 111,465 | ||||||||||||||||||
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% | |||||||||||||||
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] | 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) | 169,065 | 228,025 | 162,556 | 5,500 | 433,200 | ||||||||||||||
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 | $ 12.29 | $ 9.94 | $ 9.06 | $ 7.51 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | 3 years | ||||||||||||||||
The 2008 Plan [Member] | Performance-based Restricted Common Share Units [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||||||||||
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) | 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, Equity Instruments Other than Options, Nonvested, Number (in shares) | 455,000 | ||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 0 |
Note 12 - Incentive Share Pla_3
Note 12 - Incentive Share Plan - Summary of Share-based Incentive Plan Activity (Details) - The 2018 Plan [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Non-vested at January 1, 2023 (in shares) | 1,452,433 |
Non-vested at January 1, 2023 (in dollars per share) | $ / shares | $ 10.12 |
Granted, shares (in shares) | 372,583 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.84 |
Vested, shares (in shares) | (404,171) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.3 |
Forfeited, shares (in shares) | (15,311) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.18 |
Non-vested, shares (in shares) | 1,405,534 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.2 |
Available for grant, shares (in shares) | 764,479 |
Note 12 - Incentive Share Pla_4
Note 12 - Incentive Share Plan - Summary of Non-vested and Vested Shares Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 19, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Non-Vested Shares Issued (in shares) | 24,134 | 372,583 | 480,184 | 360,334 |
Weighted Average Grant- Date Fair Value (in dollars per share) | $ 12.44 | $ 13.84 | $ 9.3 | $ 11.61 |
Vested Shares (in shares) | (404,171) | (231,600) | (519,003) | |
Total Vest-Date Fair Value | $ 2,546 | $ 1,841 | $ 3,442 |
Note 13 - Grants to Trustees (D
Note 13 - Grants to Trustees (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Dec. 19, 2022 $ / shares shares | Jun. 30, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Number of Independent Trustees | 5 | |||
Number of Trustee Emeritus | 1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 24,134 | 372,583 | 480,184 | 360,334 |
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 | $ 13.84 | $ 9.3 | $ 11.61 |
Note 15 - Real Estate (Details
Note 15 - Real Estate (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Apr. 05, 2024 USD ($) ft² | Apr. 01, 2024 USD ($) | Mar. 27, 2024 USD ($) | Feb. 20, 2024 USD ($) ft² | Dec. 20, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 12, 2023 USD ($) ft² | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (75) | $ 9,621 | $ 6,450 | $ 9,621 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Mercado at Scottsdale Ranch [Member] | |||||||||||
Proceeds from Sale of Productive Assets | $ 26,500 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 6,600 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Spoerlein Commons [Member] | |||||||||||
Proceeds from Sale of Productive Assets | $ 7,400 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 700 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 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 | ||||||||||
Scottsdale Commons [Member] | |||||||||||
Payments to Acquire Productive Assets | $ 22,200 | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 69,482 | ||||||||||
Asset Acquisition Percent of Property Leased | 96.60% | ||||||||||
Anderson Arbor Pad [Member] | |||||||||||
Payments to Acquire Productive Assets | $ 900 | ||||||||||
Garden Oaks Shopping Center [Member] | |||||||||||
Payments to Acquire Productive Assets | $ 27,200 | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 106,858 | ||||||||||
Asset Acquisition Percent of Property Leased | 95.80% | ||||||||||
Arcadia Towne Center [Member] | |||||||||||
Payments to Acquire Productive Assets | $ 25,500 | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 69,503 | ||||||||||
Asset Acquisition Percent of Property Leased | 100% |
Note 16 - Related Party Trans_3
Note 16 - Related Party Transactions (Details Textual) - Beneficial Owner [Member] - Pillarstone REIT [Member] | 6 Months Ended |
Jun. 30, 2024 | |
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 16 - Related Party Trans_4
Note 16 - Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Rent | $ (7,015) | $ (6,899) | $ (13,364) | $ (12,985) |
Pillarstone OP [Member] | Rent [Member] | ||||
Rent | 0 | 0 | 0 | (15) |
Pillarstone OP [Member] | Property Management Fee Income [Member] | Management, Transaction, and Other Fees [Member] | ||||
Property Management Fee Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 24, 2024 | Dec. 01, 2023 | May 09, 2023 | Sep. 16, 2022 | Feb. 23, 2022 | Oct. 24, 2023 | Sep. 01, 2023 |
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 | ||||||
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member] | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 1,123,950.24 | ||||||
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member] | Maximum [Member] | |||||||
Legal Fees | $ 20,000 | ||||||
Litigation Between Company and Former COO [Member] | Pending Litigation [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | ||||||
Litigation between the Company and Pillarstone REIT [Member] | Pending Litigation [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | ||||||
Mastandrea V Whitestone R E I T And Certain Company Trustees [Member] | Pending Litigation [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 25,000,000 | ||||||
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 |