ex_797299.htm

EX-99.2 3 ex_797299.htm EXHIBIT 99.2 ex_797299.htm

Exhibit 99.2

TABLE OF CONTENTS

	Page

Corporate Profile	1
First Quarter 2025 Earnings Release	2
Financial Results	7
Consolidated Balance Sheets	7
Consolidated Statements of Operations and Comprehensive Income (Loss)	9
Consolidated Statements of Cash Flows	12
Reconciliation of Non-GAAP Measures	14
Same Store Property Analysis	18
Other Financial Information	19
Market Capitalization and Selected Ratios	20
Summary of Outstanding Debt and Debt Maturities	22
Summary of Top Tenants	23
Tenant Type Summary	25
Summary of Leasing Activity	26
Lease Expirations	29
Property Details	30

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CORPORATE PROFILE

NYSE: WSR

Common Shares

55 Community Centers

4.9 million sq. ft. of gross

leasable area

1,456 tenants

Top Growth Markets

Austin

Dallas

Fort Worth

Houston

Phoenix

San Antonio

Fiscal Year End

12/31

Common Shares &

Units Outstanding*:

Common Shares: 50.9 million

Operating Partnership Units:

0.6 million

Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and high-household-income markets in the Sunbelt. Whitestone creates communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone has consistently paid a monthly dividend for more than 15 years. The Company’s balanced and well-managed capital structure provides stability and flexibility to support it through a multitude of economic cycles.

We invest in properties that are or can become Community Centered Properties® from which our tenants deliver needed services to the surrounding population. We focus on properties with smaller rental spaces that present opportunities for attractive returns.

Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their respective surrounding communities. Operations include an internal management structure providing cost-effective services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional commercial real estate operators. We value diversity on our team and maintain in-house leasing, property management, marketing, construction, and maintenance departments with culturally diverse and multi-lingual associates who understand the particular needs of our tenants and neighborhoods.

We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, medical, educational and financial services, and entertainment. These tenants tend to occupy smaller spaces (less than 10,000 square feet) and, as of March 31, 2025, provided a 90% premium rental rate compared to our larger space tenants. The largest of our 1,456 tenants at our wholly owned properties comprised only 2.2% of our annualized revenues for the three months ended March 31, 2025.

*Distribution (per share / unit):**
Quarter: $ 0.135	Investor Relations:
Annualized: $ 0.54	Whitestone REIT
Dividend Yield: 4.08%**	David Mordy
	Director, Investor Relations
	2600 South Gessner, Suite 500, Houston, Texas 77063
Board of Trustees:	713.435.2219 email: [email protected]
Amy S. Feng	website: www.whitestonereit.com
Julia B. Buthman
Kristian M. Gathright	Analyst Coverage:
David K. Holeman	Alliance Global Partners	B. Riley Securities	Colliers	JMP Securities
Jeffrey A. Jones	Gaurav Mehta	John Massocca	Barry Oxford	Mitchell Germain
Donald A. Miller	646.908.3825	646.885.5424	203.961.6573	212.906.3537
	[email protected]	[email protected]	[email protected]	[email protected]


	Lucid Capital Markets	Maxim Group	Truist Securities
* As of April 28, 2025	Craig Kucera	Michael Diana	Anthony Hau
** Based on common share price	917.890.4412	212.895.3641	212.303.4176
of $13.23 as of close of market on	[email protected]	[email protected]	[email protected]
April 28, 2025.
	We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations.

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WHITESTONE REIT

REPORTS FIRST QUARTER 2025 RESULTS

Houston, Texas, April 30, 2025 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the first quarter of 2025. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in some of the largest, fastest-growing, high-household-income markets in the Sunbelt. For the three months ended March 31, 2025 and 2024, Net income attributable to common shareholders per diluted share was $0.07 and $0.18, respectively.

“Whitestone delivered a very strong quarter, delivering 4.8% Same Store Net Operating Income growth, GAAP leasing spreads of 20.3% and occupancy of 92.9%. Our portfolio of primarily service-based tenants is designed to adapt more readily to change and deliver results in a variety of economic environments. We reiterated our 2025 Core FFO per share guidance, which provides for 4% year-over-year growth at the midpoint, driven by continued strong Same Store Net Operating Income growth. We look forward to providing more detail on Whitestone’s financial results on tomorrow morning’s first quarter earnings conference call.”

– Dave Holeman, Chief Executive Officer

First Quarter 2025 Operating and Financial Results

All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.

Reconciliations of Net Income Attributable to Whitestone REIT to FFO, Core FFO, NOI and EBITDAre are included herein.

•

Revenues of $38.0 million versus $37.2 million for the first quarter of 2024.

•

Net Income attributable to common shareholders of $3.7 million, or $0.07 per diluted share, versus $9.3 million, or $0.18 per diluted share for the first quarter of 2024.

	•	Core Funds from Operations (“FFO”) of $13.1 million versus $12.3 million for the first quarter of 2024.
	•	FFO per diluted share of $0.25 versus $0.23 for the first quarter of 2024.

•

Core FFO per diluted share was $0.25 versus $0.24 for the first quarter of 2024.

•

EBITDAre of $21.4 million versus $20.5 million for the first quarter of 2024.

•

Same-Store Net Operating Income (“NOI”) grew 4.8% to $24.7 million versus $23.5 million for the first quarter of 2024.

•

Net Effective Annual Base Rental Revenue per leased square foot was up 4% to $24.79, compared to the prior year quarter.

Operating Results

For the three month periods ending March 31, 2025 and 2024, the Company’s operating highlights were as follows:

	First Quarter 2025		First Quarter 2024
Occupancy:
Wholly Owned Properties – All		92.9%		93.6%
>10,000 Sq Ft Occupancy		95.4%		96.9%
≤ 10,000 Sq Ft Occupancy		91.4%		91.6%
Same Store Property Net Operating Income Change ⁽¹⁾		4.8%		3.1%
Rental Rate Growth - Total (GAAP Basis):		20.3%		17.0%
New Leases		22.6%		25.9%
Renewal Leases		19.9%		15.0%
Leasing Transactions:
Number of New Leases		22		24
New Leases - Lease Term Revenue (millions)		$10.0		$7.8
Number of Renewal Leases		62		46
Renewal Leases - Lease Term Revenue (millions)		$21.3		$10.7

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Balance Sheet and Debt Metrics

•

As of March 31, 2025, Whitestone had total debt of $642.2 million, along with capacity and availability of $97.7 million each under its $250 million revolving credit facility.

•

As of March 31, 2025, the Company has undepreciated real estate assets of $1.3 billion.

Dividend

On March 6, 2025, the Company declared a quarterly cash distribution of $0.135 per common share and OP unit for the second quarter of 2025, to be paid in three equal installments of $0.045 in April, May, and June of 2025.

2025 Full Year Guidance

The Company reaffirms its previously released full-year guidance for 2025 and estimates that U.S. Generally Accepted Accounting Principles (“GAAP”) net income attributable to Whitestone REIT will be within the range of $0.33-$0.37 per diluted share, and Core FFO will be within the range of $1.03 to $1.07 per diluted share and OP Unit.

		2025 Guidance
		(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT		$17,135 - $19,219
Core FFO ⁽¹⁾		$54,158 - $56,268

Net income attributable to Whitestone REIT per share		$0.33 - $0.37
Core FFO per diluted share and OP Unit ⁽¹⁾		$1.03 - $1.07

Key Drivers:
Same store net operating income growth ⁽²⁾		3.0% - 4.5%
Bad debt as a percentage of revenue		0.75% - 1.00%
General and administrative expense		$20,800 - $22,800
Interest expense		$32,000 - $33,000
Ending occupancy		94.0% - 95.0%

⁽¹⁾

For the reconciliation of forward-looking non-GAAP financial measure to the comparable GAAP financial measure, see the “Core FFO per diluted share and OP unit” reconciliation table. Core Funds from Operations (“Core FFO”) is a non-GAAP measure. Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.

⁽²⁾	Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

Portfolio Statistics

As of March 31, 2025, Whitestone wholly owned 55 Community-Centered Properties™ with 4.9 million square feet of gross leasable area (“GLA”). Five of the 55 Community-Centered Properties™ are land parcels held for future development. The portfolio is comprised of 31 properties in Texas and 24 in Arizona. Whitestone’s Community-Centered Properties^TM are located in the MSA's of Austin (6), Dallas-Fort Worth (9), Houston (13), Phoenix (24), and San Antonio (3). The Company’s properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities.

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At the end of the first quarter, the Company’s diversified tenant base was comprised of 1,456 tenants, with the largest tenant accounting for only 2.2% of annualized base rental revenues. Lease terms range from less than one year for smaller tenants to more than 15 years for larger tenants. Whitestone’s leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Conference Call Information

In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Thursday, May 1, 2025, at 8:30 A.M Eastern Time / 7:30 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:

To listen to a webcast of the conference call, click on the Investor Relations tab of the Company’s website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone’s website via the webcast link until the Company’s next earnings release. Additional information about Whitestone can be found on the Company’s website.

Dial-in number for domestic participants:	1-877-407-0784
Dial-in number for international participants:	1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Thursday, May 15, 2025. Replay access information is as follows:

Replay number for domestic participants:	1-844-512-2921
Replay number for international participants:	1-412-317-6671
Passcode (for all participants):	13747765

Supplemental Financial Information

The first quarter earnings release and supplemental data package will be located in the “News and Events” and “Financial Reporting” tabs of the Investor Relations section of the Company’s website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

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Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition and results of operations, statements related to our expectations regarding the performance of our business, and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Austin, Houston, Dallas, San Antonio, Scottsdale and Phoenix in particular, including the potential impact of public health emergencies, on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; increases in interest rates, including as a result of inflation, which may increase our operating costs or general and administrative expenses; our current geographic concentration in the Austin, Houston, Dallas, San Antonio, Scottsdale and Phoenix metropolitan area markets makes us susceptible to potential local economic downturns; natural disasters, such as floods and hurricanes, which may increase as a result of climate change may adversely affect our returns and adversely impact our existing and prospective tenants; increasing focus by stakeholders on environmental, social, and governance matters; financial institution disruptions; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of our operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all: the ultimate amount we will collect in connection with the redemption of our equity investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP.”); and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Non-GAAP Financial Measures

This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”) including EBITDAre, FFO, Core FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.

EBITDAre: The National Association of Real Estate Investment Trusts (“NAREIT”) defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity’s share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. We calculate EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

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FFO: Funds From Operations: NAREIT defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership.

Core Funds from Operations (“Core FFO”) is a non-GAAP measure. From time to time, we report or provide guidance with respect to “Core FFO” which removes the impact of certain non-recurring and non-operating transactions or other items we do not consider to be representative of our core operating results including, without limitation, default interest on debt of real estate partnership, extinguishment of debt cost, gains or losses associated with litigation involving the Company that is not in the normal course of business, and proxy contest costs.

Management uses FFO and Core FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO and Core FFO presented by us is comparable to similarly titled measures of other REITs.

NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, loss on disposal of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, and gain or loss on sale or disposition of assets.

Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company’s property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company’s performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define “Non-Same Stores” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.

Net debt: We present net debt, which we define as total debt net of insurance financing less cash plus our proportional share of net debt of real estate partnership, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.

Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

[email protected]

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

	March 31, 2025			December 31, 2024

ASSETS
Real estate assets, at cost
Property	$	1,253,641		$	1,248,223
Accumulated depreciation		(254,819	)		(246,534	)
Total real estate assets		998,822			1,001,689
Cash and cash equivalents		5,586			5,224
Restricted cash		10,228			10,146
Escrows and deposits		894			4,006
Accrued rents and accounts receivable, net of allowance for doubtful accounts ⁽¹⁾		33,865			33,820
Receivable from partnership redemption		31,643			31,643
Receivable due from related party		14,958			15,186
Unamortized lease commissions, legal fees and loan costs		14,268			14,693
Prepaid expenses and other assets⁽²⁾		6,034			7,805
Finance lease right-of-use assets		10,393			10,427
Total assets	$	1,126,691		$	1,134,639

LIABILITIES AND EQUITY
Liabilities:
Notes payable	$	641,295		$	631,518
Accounts payable and accrued expenses⁽³⁾		30,376			40,703
Payable due to related party		1,535			1,577
Tenants' security deposits		9,188			9,295
Dividends and distributions payable		6,958			6,931
Finance lease liabilities		772			781
Total liabilities		690,124			690,805
Commitments and contingencies:		—			—
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024		—			—
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 50,894,945 and 50,690,163 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		51			51
Additional paid-in capital		637,497			637,946
Accumulated deficit		(208,754	)		(205,557	)
Accumulated other comprehensive income		2,231			5,713
Total Whitestone REIT shareholders' equity		431,025			438,153
Noncontrolling interest in subsidiary		5,542			5,681
Total equity		436,567			443,834
Total liabilities and equity	$	1,126,691		$	1,134,639

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)

	March 31, 2025			December 31, 2024
⁽¹⁾ Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables	$	15,814		$	17,285
Accrued rents and other recoveries		29,887			29,964
Allowance for doubtful accounts		(13,167	)		(14,720	)
Other receivables		1,331			1,291
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	33,865		$	33,820

⁽²⁾ Operating lease right of use assets (net)	$	52		$	59
⁽³⁾ Operating lease liabilities	$	51		$	58

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended March 31,
	2025			2024
Revenues
Rental⁽¹⁾	$	37,395		$	36,741
Management, transaction, and other fees		608			423
Total revenues		38,003			37,164

Operating expenses
Depreciation and amortization		9,324			8,800
Operating and maintenance		7,012			6,349
Real estate taxes		4,252			4,238
General and administrative		5,443			6,180
Total operating expenses		26,031			25,567

Other expenses (income)
Interest expense		8,097			8,519
Gain on sale of properties		—			(6,525	)
Loss on disposal of assets		100			—
Interest, dividend and other investment income		(100	)		(8	)
Total other expenses		8,097			1,986

Income before equity investment in real estate partnership and income tax		3,875			9,611

Deficit in earnings of real estate partnership		—			(28	)
Provision for income tax		(127	)		(119	)
Net Income		3,748			9,464

Less: Net income attributable to noncontrolling interests		47			124

Net income attributable to Whitestone REIT	$	3,701		$	9,340

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)

	Three Months Ended March 31,
	2025			2024
Basic Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.07		$	0.19
Diluted Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.07		$	0.18

Weighted average number of common shares outstanding:
Basic		50,890			49,940
Diluted		52,010			51,112

Consolidated Statements of Comprehensive Income (Loss)

Net income	$	3,748		$	9,464

Other comprehensive income (loss)

Unrealized gain (loss) on cash flow hedging activities		(3,526	)		5,007

Comprehensive income		222			14,471

Less: Net income attributable to noncontrolling interests		47			124
Less: Comprehensive income (loss) attributable to noncontrolling interests		(44	)		66

Comprehensive income attributable to Whitestone REIT	$	219		$	14,281

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended March 31,
	2025			2024
⁽¹⁾ Rental
Rental revenues	$	27,205		$	26,864
Recoveries		10,509			10,477
Bad debt		(319	)		(600	)
Total rental	$	37,395		$	36,741

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Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net income	$	3,748		$	9,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		9,324			8,800
Amortization of deferred loan costs		280			265
Gain on sale of properties		—			(6,525	)
Loss on disposal of assets		100			—
Bad debt		319			600
Share-based compensation		981			861
Deficit in earnings of real estate partnership		—			28
Amortization of right-of-use assets - finance leases		34			22
Changes in operating assets and liabilities:
Escrows and deposits		3,112			6,876
Accrued rents and accounts receivable		(364	)		(1,063	)
Receivable due from related party		228			(9	)
Unamortized lease commissions, legal fees and loan costs		(728	)		(817	)
Prepaid expenses and other assets		(1,766	)		997
Accounts payable and accrued expenses		(12,038	)		(8,160	)
Payable due to related party		(42	)		—
Tenants' security deposits		(107	)		185
Net cash provided by operating activities		3,081			11,524
Cash flows from investing activities:
Acquisitions of real estate		—			(27,204	)
Additions to real estate		(3,914	)		(3,041	)
Proceeds from sales of properties		—			25,661
Net cash used in investing activities		(3,914	)		(4,584	)
Cash flows from financing activities:
Distributions paid to common shareholders		(6,845	)		(5,969	)
Distributions paid to OP unit holders		(87	)		(80	)
Proceeds from credit facility		27,300			23,000
Repayments of notes payable		(17,572	)		(20,869	)
Repurchase of common shares		(1,510	)		(1,442	)
Payment of finance lease liability		(9	)		(5	)
Net cash provided by (used in) financing activities		1,277			(5,365	)
Net increase in cash, cash equivalents and restricted cash		444			1,575
Cash, cash equivalents and restricted cash at beginning of period		15,370			4,640
Cash, cash equivalents and restricted cash at end of period ⁽¹⁾	$	15,814		$	6,215

⁽¹⁾	For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Supplemental Disclosures
(in thousands)

	Three Months Ended March 31,
	2025			2024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	8,041		$	8,160
Non cash investing and financing activities:
Disposal of fully depreciated real estate	$	—		$	29
Financed insurance premiums	$	—		$	2,638
Value of shares issued under dividend reinvestment plan	$	25		$	23
Value of common shares exchanged for OP units	$	55		$	354
Change in fair value of cash flow hedge	$	(3,526	)	$	5,007
Accrued capital expenditures	$	1,710		$	1,962
Receivable from partnership redemption	$	—		$	31,643

	March 31,
	2025		2024
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	5,586	$	6,215
Restricted cash		10,228		—
Total cash, cash equivalents and restricted cash	$	15,814	$	6,215

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share and per unit data)

	Three Months Ended March 31,
	2025		2024
FFO (NAREIT) AND CORE FFO
Net income attributable to Whitestone REIT	$	3,701	$	9,340
Adjustments to reconcile to FFO:⁽¹⁾
Depreciation and amortization of real estate assets		9,300		8,768
Depreciation and amortization of real estate assets of real estate partnership (pro rata) ⁽²⁾		—		111
Loss on disposal of assets		100		—
Gain on sale of properties		—		(6,525	)
Net income attributable to noncontrolling interests		47		124
FFO (NAREIT)	$	13,148	$	11,818
Adjustments to reconcile to Core FFO:
Proxy contest costs		—		438
Core FFO	$	13,148	$	12,256

FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO	$	13,148	$	11,818
Core FFO	$	13,148	$	12,256
Denominator:
Weighted average number of total common shares - basic		50,890		49,940
Weighted average number of total noncontrolling OP units - basic		645		664
Weighted average number of total common shares and noncontrolling OP units - basic		51,535		50,604

Effect of dilutive securities:
Unvested restricted shares		1,120		1,172
Weighted average number of total common shares and noncontrolling OP units - diluted		52,655		51,776

FFO per common share and OP unit - basic	$	0.26	$	0.23
FFO per common share and OP unit - diluted	$	0.25	$	0.23

Core FFO per common share and OP unit - basic	$	0.26	$	0.24
Core FFO per common share and OP unit - diluted	$	0.25	$	0.24

⁽¹⁾	Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.

⁽²⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of and for the period ended March 31, 2024 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended March 31,
	2025			2024
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT	$	3,701		$	9,340
General and administrative expenses		5,443			6,180
Depreciation and amortization		9,324			8,800
Deficit in earnings of real estate partnership ⁽¹⁾		—			28
Interest expense		8,097			8,519
Interest, dividend and other investment income		(100	)		(8	)
Provision for income taxes		127			119
Gain on sale of properties		—			(6,525	)
Loss on disposal of assets		100			—
NOI of real estate partnership (pro rata)⁽¹⁾		—			183
Net income attributable to noncontrolling interests		47			124
NOI	$	26,739		$	26,760
Non-Same Store NOI ⁽²⁾		(1,041	)		(1,459	)
NOI of real estate partnership (pro rata) ⁽¹⁾		—			(183	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		25,698			25,118
Same Store straight-line rent adjustments		(490	)		(1,114	)
Same Store amortization of above/below market rents		(121	)		(214	)
Same Store lease termination fees		(426	)		(268	)
Same Store NOI ⁽³⁾	$	24,661		$	23,522

⁽¹⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the three months ended March 31, 2024 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

⁽²⁾

We define “Non-Same Store” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purpose of comparing the three months ended March 31, 2025 to the three months ended March 31, 2024, Non-Same Store includes properties acquired between January 1, 2024 and March 31, 2025 and properties sold between January 1, 2024 and March 31, 2025, but not included in discontinued operations.

⁽³⁾

We define “Same Store” as properties that have been owned during the entire period being compared. For purpose of comparing the three months ended March 31, 2025 to the three months ended March 31, 2024, Same Store includes properties owned before January 1, 2024 and not sold before March 31, 2025. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded.

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended March 31,
	2025		2024
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)

Net income attributable to Whitestone REIT	$	3,701	$	9,340
Depreciation and amortization		9,324		8,800
Interest expense		8,097		8,519
Provision for income taxes		127		119
Net income attributable to noncontrolling interests		47		124
Deficit in earnings of real estate partnership ⁽¹⁾		—		28
EBITDAre adjustments for real estate partnership ⁽¹⁾		—		136
Gain on sale of properties		—		(6,525	)
Loss on disposal of assets		100		—
EBITDAre	$	21,396	$	20,541

⁽¹⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the three months ended March 31, 2024 have not been made available to us, we have estimated deficit in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

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Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

Initial Full Year Guidance for 2025

(in thousands, except per share and per unit data)

	Projected Range Full Year 2025
	Low		High
FFO and Core FFO per diluted share and OP unit

Net income attributable to Whitestone REIT	$	17,135	$	19,219
Adjustments to reconcile to FFO
Depreciation and amortization of real estate assets		36,781		36,781
Net income attributable to noncontrolling interests		242		268
FFO	$	54,158	$	56,268
Adjustments to reconcile to Core FFO
Adjustments		—		—
Core FFO ⁽¹⁾	$	54,158	$	56,268
Denominator:
Diluted shares		52,084		52,084
OP Units		649		649
Diluted share and OP Units		52,733		52,733

Net income attributable to Whitestone REIT per diluted share	$	0.33	$	0.37

FFO per diluted share and OP Unit	$	1.03	$	1.07

Core FFO per diluted share and OP Unit ⁽¹⁾	$	1.03	$	1.07

⁽¹⁾	Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.

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Whitestone REIT and Subsidiaries
SAME STORE PROPERTY ANALYSIS
(in thousands)

	Three Months Ended March 31,						Increase			% Increase
	2025			2024			(Decrease)			(Decrease)
Same Store (47 properties excluding development land)
Property revenues
Rental	$	36,029		$	34,847		$	1,182			3	%
Management, transaction and other fees		599			422			177			42	%
Total property revenues		36,628			35,269			1,359			4	%

Property expenses
Property operation and maintenance		6,845			6,071			774			13	%
Real estate taxes		4,085			4,080			5			0	%
Total property expenses		10,930			10,151			779			8	%

Total property revenues less total property expenses		25,698			25,118			580			2	%

Same Store straight-line rent adjustments		(490	)		(1,114	)		624			(56	)%
Same Store amortization of above/below market rents		(121	)		(214	)		93			(43	)%
Same Store lease termination fees		(426	)		(268	)		(158	)		59	%

Same Store NOI ⁽¹⁾	$	24,661		$	23,522		$	1,139			5	%

⁽¹⁾	For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”

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Whitestone REIT and Subsidiaries
OTHER FINANCIAL INFORMATION
(in thousands, except number of properties and employees)

	Three Months Ended
	March 31,
	2025		2024
Other Financial Information:

Tenant improvements^{(1) (2)}	$	1,565	$	713
Leasing commissions ^{(1) (2)}	$	651	$	754
Maintenance capital ⁽¹⁾	$	1,627	$	265
Scheduled debt principal payments ⁽¹⁾	$	—	$	487
Scheduled bond principal payment⁽³⁾	$	17,143	$	7,143
Straight-line rent income⁽¹⁾	$	736	$	885
Market rent amortization income from acquired leases ⁽¹⁾	$	206	$	265
Non-cash share-based compensation expense ⁽¹⁾	$	1,132	$	936
Non-real estate depreciation and amortization ⁽¹⁾	$	24	$	31
Amortization of loan fees ⁽¹⁾	$	280	$	267
Undepreciated value of unencumbered properties	$	997,677	$	1,006,333
Number of unencumbered properties		51		51
Full time employees		69		80

⁽¹⁾	Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.

⁽²⁾	Does not include first generation costs needed for new acquisitions, development or redevelopment of a property to bring the property to operating standards for its intended use.

⁽³⁾	Annual bond principal payments for the Series A Notes are scheduled each March, beginning in 2023, while payments for the Series B Notes commenced in March 2025.

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Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(in thousands, except per share amounts and percentages)

	As of March 31, 2025
MARKET CAPITALIZATION:	Percent of Total Equity			Total Market Capitalization			Percent of Total Market Capitalization
Equity Capitalization:
Common shares outstanding		98.8	%		50,895
Operating partnership units outstanding		1.2	%		643
Total		100.0	%		51,538

Market price of common shares as of March 31, 2025				$	14.57

Total equity capitalization				$	750,909			55	%

Debt Capitalization:
Outstanding debt				$	642,211
Less: Cash and cash equivalents					(5,586	)
Less: Restricted cash					(10,228	)
Less: Receivable due to real estate partnership debt default					(13,633	)
Total debt capitalization					612,764			45	%

Total Market Capitalization as of March 31, 2025				$	1,363,673			100	%

SELECTED RATIOS:

	Three Months Ended
INTEREST COVERAGE RATIO	March 31,
	2025			2024
EBITDAre/Interest Expense
EBITDAre⁽¹⁾	$	21,396		$	20,541

Interest expense		8,097			8,519
Pro rata share of interest expense from real estate partnership⁽²⁾		—			43
Less: amortization of loan fees, including pro rata share from real estate partnership ⁽²⁾		(280	)		(267	)
Interest expense, excluding amortization of loan fees		7,817			8,295

Ratio of EBITDAre to interest expense		2.7			2.5

⁽¹⁾	For a reconciliation of EBITDAre, see previous section “Reconciliation of Non-GAAP Measures.”

⁽²⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial for the period ended March 31, 2024 have not been made available to us, we have estimated pro rata share of interest expense and amortization of loan fees based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

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Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(continued)
(in thousands, except per share amounts and percentages)

LEVERAGE RATIO	As of March 31,
	2025			2024
Debt/Undepreciated Book Value
Outstanding debt, net of insurance financing	$	642,211		$	642,823
Less: Cash		(5,586	)		(6,215	)
Less: Restricted cash		(10,228	)		—
Less: Receivable due to real estate partnership debt default		(13,633	)		(13,633	)
Total Net Debt	$	612,764		$	622,975

Undepreciated real estate assets	$	1,253,641		$	1,230,936
Ratio of debt to real estate assets		49	%		51	%

⁽¹⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the period ended March 31, 2024 have not been made available to us, we have estimated proportional share of net debt and real estate based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

	Three Months Ended
	March 31,
	2025			2024
Debt/EBITDAre Ratio
Outstanding debt, net of insurance financing	$	642,211		$	642,823
Less: Cash		(5,586	)		(6,215	)
Less: Restricted cash		(10,228	)		—
Less: Receivable due to real estate partnership debt default		(13,633	)		(13,633	)
Total Net Debt	$	612,764		$	622,975

EBITDAre	$	21,396		$	20,541

Effect of partial period acquisitions and dispositions	$	—		$	(514	)

Pro forma EBITDAre	$	21,396		$	20,027

Annualized pro forma EBITDAre	$	85,584		$	80,108

Ratio of debt to pro forma EBITDAre		7.2			7.8

⁽¹⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements for the period ended March 31, 2024 have not been made available to us, we have estimated proportional share of net debt based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

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Whitestone REIT and Subsidiaries
SUMMARY OF OUTSTANDING DEBT AND DEBT MATURITIES
TOTAL OUTSTANDING DEBT
(in thousands)

Description	March 31, 2025			December 31, 2024
Fixed rate notes
$265.0 million, 3.18% plus 1.45% to 2.10% Note, due January 31, 2028 ⁽¹⁾	$	265,000		$	265,000
$20.0 million, 3.67% plus 1.50% Note, due January 31, 2028 ⁽³⁾		20,000			20,000
$80.0 million, 3.72% Note, due June 1, 2027		80,000			80,000
$50.0 million, 5.09% Note, due March 22, 2029 (Series A)		28,571			35,714
$50.0 million, 5.17% Note, due March 22, 2029 (Series B)		40,000			50,000
$2.5 million, 7.79% Note, due February 28, 2025		—			429
$50.0 million, 3.71% plus 1.50% to 2.10% Note, due September 16, 2026 ⁽²⁾		50,000			50,000
$56.3 million, 6.23% Note, due July 31, 2031		56,340			56,340

Floating rate notes
Unsecured line of credit, SOFR plus 1.50% to 2.10%, due September 16, 2026		102,300			75,000
Total notes payable principal		642,211			632,483
Less deferred financing costs, net of accumulated amortization		(916	)		(965	)
Total notes payable	$	641,295		$	631,518

⁽¹⁾	Promissory note that 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% from February 1, 2024 though 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%.

⁽³⁾	Series One Incremental Term Loan includes an interest rate swap that fixed the term loan rate at 5.165% through January 31, 2028.

SCHEDULE OF DEBT MATURITIES AS OF MARCH 31, 2025
(in thousands)

Year	Amount Due
2025 (remaining)	$	—
2026		169,443
2027		97,414
2028		302,823
2029		17,867
Thereafter		54,664
Total	$	642,211

Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF TOP TENANTS
(continued)

Tenant Name	Location	Annualized Rental Revenue (in thousands)		Percentage of Total Annualized Base Rental Revenues (1)			Initial Lease Date	Year Expiring

Whole Foods Market	Houston	$	2,471		2.2	%	9/3/2014		2035
Albertsons Companies, Inc. ⁽²⁾	Austin and Phoenix		2,303		2.1	%	5/8/1991, 4/1/2014, 7/1/2000, 10/19/2016 and 4/1/2014		2026, 2029, 2030, 2030 and 2034
Frost Bank	Houston		1,961		1.8	%	7/1/2014		2029
Fitness Alliance, LLC ⁽³⁾	Houston and San Antonio		1,800		1.6	%	11/29/2022 and 12/04/2024		2039 and 2041
Newmark Real Estate of Houston LLC	Houston		1,337		1.2	%	10/1/2015		2026
Walgreens & Co. ⁽⁴⁾	Houston and Phoenix		767		0.7	%	11/14/1982, 8/24/1996 and 11/3/1996		2027, 2056 and 2056
Alamo Drafthouse Cinema	Austin		740		0.7	%	2/1/2012		2031
Dollar Tree ⁽⁵⁾	Houston and Phoenix		685		0.6	%	6/29/2001, 11/8/2009, 8/8/2018, 8/10/1999, and 04/05/2024		2026, 2027, 2028, 2030 and 2035
Soul Concepts, LLC ⁽⁶⁾	Phoenix		671		0.6	%	10/25/2011, 10/15/2018, 07/13/2020, 10/13/2021, 04/08/2022 and 06/23/2023		2030, 2030, 2026, 2028, 2029 and 2026
Starbucks Corporation ⁽⁷⁾	Dallas, Phoenix, and Austin		635		0.6	%	8/8/2016, 5/29/2003, 7/1/1997, 7/14/2004, 7/8/1999, 10/15/2001 and 1/14/2024		2027, 2028, 2028, 2029, 2025, 2034, 2035
Total Wine	Houston		564		0.5	%	11/27/2018		2029
Regus Corporation	Houston		488		0.4	%	5/23/2014		2025
Kroger Co.	Dallas		483		0.4	%	12/15/2000		2027
Capital Area Multispecialty Providers	Austin		465		0.4	%	5/23/2014		2026
Original Ninfas LP	Houston		437		0.4	%	8/29/2018		2029
		$	15,807		14.2	%

⁽¹⁾	Annualized Base Rental Revenues represents the monthly base rent as of March 31, 2025 for each applicable tenant multiplied by 12.

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⁽²⁾

As of March 31, 2025, we had five leases with the same tenant occupying space at properties located in Phoenix and Austin. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2034, was $1,099,000, which represents approximately 1.0% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2029, was $46,000, which represents less than 0.1% of our annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 8, 1991, and is scheduled to expire in 2026, was $344,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 1, 2000, and is scheduled to expire in 2030, was $388,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 19, 2016, and is scheduled to expire in 2030, was $425,000, which represents approximately 0.4% of our total annualized base rental revenue.

⁽³⁾

As of March 31, 2025, we had two leases with the same tenant occupying space at properties located in Houston and San Antonio. The annualized rental revenue for the lease that commenced on November 29, 2022, and is scheduled to expire in 2039, was $971,000, which represents approximately 0.9% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on December 4, 2024, and is scheduled to expire in 2041, was $828,000, which represents approximately 0.7% of our total annualized base rental revenue.

⁽⁴⁾

As of March 31, 2025, we had three leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on November 3, 1996, and is scheduled to expire in 2056, was $279,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 2, 1987, and is scheduled to expire in 2027, was $190,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 24, 1996, and is scheduled to expire in 2056, was $298,000, which represents approximately 0.3% of our total annualized rental revenue.

⁽⁵⁾

As of March 31, 2025, we had five leases with the same tenant occupying space at properties in Houston and Phoenix. The annualized rental revenue for the lease that commenced on August 10, 1999, and is scheduled to expire in 2030, was $94,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 29, 2001, and is scheduled to expire in 2026, was $181,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 8, 2009, and is scheduled to expire in 2027, was $156,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 8, 2018, and is scheduled to expire in 2028, was $115,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on September 10, 2024, and is scheduled to expire in 2035, was $139,000, which represents approximately 0.1% of our total annualized base rental revenue.

⁽⁶⁾

As of March 31, 2025, we had six leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 25, 2011, and is scheduled to expire in 2030, was $170,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 15, 2018, and is scheduled to expire in 2030, was $135,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 13, 2020, and is scheduled to expire in 2026, was $156,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 13, 2021, and is scheduled to expire in 2028, was $140,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 8, 2022, and is scheduled to expire in 2029, was $28,000, which represents approximately less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 23, 2023, and is scheduled to expire in 2026, was $42,000, which represents less than 0.1% of our total annualized base rental revenue.

⁽⁷⁾

As of March 31, 2025, we had seven leases with the same tenant occupying space at properties in Dallas, Phoenix, and Austin. The annualized rental revenue for the lease that commenced on July 1, 1997, and is scheduled to expire in 2028, was $59,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 8, 1999, and is scheduled to expire in 2025, was $96,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 15, 2001, and is scheduled to expire in 2034, was $135,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 29, 2003, and is scheduled to expire in 2028, was $58,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 14, 2004, and is scheduled to expire in 2029, was $59,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 8, 2016, and is scheduled to expire in 2027, was $84,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on January 14, 2024, and is scheduled to expire in 2035, was $144,000, which represents approximately 0.1% of our total annualized base rental revenue.

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Whitestone REIT and Subsidiaries
TENANT TYPE SUMMARY
As of March 31, 2025

	% of Leased SF			% of ABR
Restaurants & Food Service		21	%		27	%
Salons		7	%		9	%
Medical & Dental		6	%		8	%
Grocery		12	%		8	%
Financial Services		5	%		7	%
Fitness		7	%		5	%
Apparel		5	%		5	%
General Retail		7	%		5	%
Non Retail		4	%		4	%
Home Décor And Improvement		5	%		4	%
Education		4	%		4	%
Pet Supply & Services		3	%		3	%
Off-Price		3	%		2	%
Local Services		2	%		2	%
Entertainment		3	%		2	%
Pharmacies & Nutritional Supplies		2	%		1	%
Sporting Goods		1	%		1	%
Wireless		1	%		1	%
Automotive Supply & Services		1	%		1	%
Postal Services		1	%		1	%
Total		100	%		100	%

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Whitestone REIT and Subsidiaries
SUMMARY OF LEASING ACTIVITY

	Three Months Ended
	March 31,
	2025		2024
RENEWALS
Number of Leases		62		46
Total Square Feet⁽¹⁾		158,191		137,596
Average Square Feet		2,551		2,991
Total Lease Value	$	21,295,000	$	10,676,000
NEW LEASES
Number of Leases		22		24
Total Square Feet ⁽¹⁾		41,419		54,753
Average Square Feet		1,883		2,281
Total Lease Value	$	9,956,000	$	7,833,000
TOTAL LEASES
Number of Leases		84		70
Total Square Feet⁽¹⁾		199,610		192,349
Average Square Feet		2,376		2,748
Total Lease Value	$	31,251,000	$	18,509,000

⁽¹⁾	Represents the square footage as the result of new, renewal, expansion and contraction leases.

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Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives Per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)		Prior Contractual Rent Per Sq. Ft. (5)		Annual Increase (Decrease) in Contractual Rent		Cash Basis Increase (Decrease) Over Prior Rent			Annual Increase (Decrease) in Straight-lined Rent		Straight-lined Basis Increase (Decrease) Over Prior Rent

Comparable: ⁽¹⁾

Comparable Total Leases:
1st Quarter 2025		71	$	25,717,639		158,507		4.7	$	1,334,248	$	8.42	$	33.04	$	29.30	$	592,395		12.8	%	$	909,959		20.3	%
4th Quarter 2024		58		21,006,011		176,247		4.3		840,400		4.77		26.00		24.31		298,284		7.0	%		852,421		21.9	%
3rd Quarter 2024		54		17,953,635		191,853		4.0		510,909		2.66		22.31		19.93		455,447		11.9	%		895,472		25.3	%
2nd Quarter 2024		59		29,204,907		257,446		4.8		899,536		3.49		20.60		19.13		379,043		7.7	%		823,284		17.5	%
Total - 12 months		242	$	93,882,192		784,053		4.5	$	3,585,093	$	4.57	$	24.75	$	22.55	$	1,725,169		9.8	%	$	3,481,136		21.0	%

Comparable New Leases:
1st Quarter 2025		13	$	6,505,094		21,889		6.5	$	863,828	$	39.46	$	37.75	$	34.46	$	71,954		9.5	%	$	167,254		22.6	%
4th Quarter 2024		12		6,265,249		22,148		6.7		615,089		27.77		38.05		33.50		100,850		13.6	%		238,284		36.1	%
3rd Quarter 2024		12		3,609,246		21,279		5.2		327,071		15.37		31.68		30.44		26,401		4.1	%		134,334		22.7	%
2nd Quarter 2024		13		8,571,543		26,603		7.0		720,107		27.07		39.25		34.37		129,851		14.2	%		287,358		33.3	%
Total - 12 months		50	$	24,951,132		91,919		6.4	$	2,526,095	$	27.48	$	36.85	$	33.27	$	329,056		10.8	%	$	827,230		29.0	%

Comparable Renewal Leases:
1st Quarter 2025		58	$	19,212,545		136,618		4.4	$	470,420	$	3.44	$	32.29	$	28.48	$	520,441		13.4	%	$	742,706		19.9	%
4th Quarter 2024		46		14,740,763		154,099		3.9		225,311		1.46		24.27		22.99		197,434		5.6	%		614,137		19.0	%
3rd Quarter 2024		42		14,344,389		170,574		3.9		183,838		1.08		21.14		18.62		429,046		13.5	%		761,138		25.9	%
2nd Quarter 2024		46		20,633,364		230,843		4.6		179,429		0.78		18.45		17.37		249,192		6.2	%		535,926		13.9	%
Total - 12 months		192	$	68,931,061		692,134		4.2	$	1,058,998	$	1.53	$	23.14	$	21.12	$	1,396,113		9.5	%	$	2,653,907		19.3	%

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Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

(continued)

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)

Total:


New & Renewal
1st Quarter 2025		84	$	31,251,156		199,610		4.6	$	1,966,230	$	9.85	$	31.16
4th Quarter 2024		79		56,552,631		290,694		6.6		8,487,211		29.20		37.75
3rd Quarter 2024		72		22,888,824		232,278		4.1		1,224,330		5.27		22.81
2nd Quarter 2024		77		36,824,327		311,068		5.6		2,095,800		6.74		19.86
Total - 12 months		312	$	147,516,938		1,033,650		5.4	$	13,773,571	$	13.33	$	27.73

New
1st Quarter 2025		22	$	9,955,710		41,419		6.1	$	1,158,735	$	27.98	$	31.57
4th Quarter 2024		29		40,643,225		123,582		10.4		8,247,291		66.74		55.81
3rd Quarter 2024		26		7,633,107		47,636		5.4		1,030,206		21.63		27.87
2nd Quarter 2024		30		16,094,371		78,355		8.6		1,915,164		24.44		24.24
Total - 12 months		107	$	74,326,413		290,992		8.5	$	12,351,396	$	42.45	$	39.28

Renewal
1st Quarter 2025		62	$	21,295,446		158,191		4.2	$	807,494	$	5.10	$	31.05
4th Quarter 2024		50		15,909,406		167,112		3.9		239,920		1.44		24.39
3rd Quarter 2024		46		15,255,717		184,642		3.8		194,124		1.05		21.50
2nd Quarter 2024		47		20,729,956		232,713		4.6		180,636		0.78		18.38
Total - 12 months		205	$	73,190,525		742,658		4.1	$	1,422,174	$	1.91	$	23.21

⁽¹⁾	Comparable leases represent leases signed on spaces for which there was a former tenant within the last twelve months and the new or renewal square footage was within 25% of the expired square footage.
⁽²⁾	Weighted average lease term is determined on the basis of square footage.
⁽³⁾	Estimated amount per signed lease. Actual cost of construction may vary.
⁽⁴⁾	Contractual rent represents contractual minimum rent under the new lease for the first month, excluding concessions.
⁽⁵⁾	Prior contractual rent represents contractual minimum rent under the prior lease for the final month.

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Whitestone REIT and Subsidiaries

LEASE EXPIRATIONS⁽¹⁾

								Annualized Base Rent⁽²⁾
			Gross Leasable Area					as of March 31, 2025
Year	Number of Leases		Square Feet		Percent of Gross Leasable Area			Amount (in thousands)		Percent of Total			Per Square Foot
2025		395		509,218		10.5	%	$	13,255		12.0	%	$	26.03
2026		212		667,244		13.7	%		14,945		13.5	%		22.40
2027		203		651,848		13.4	%		16,188		14.6	%		24.83
2028		180		585,376		12.0	%		14,615		13.2	%		24.97
2029		164		637,781		13.1	%		15,807		14.3	%		24.78
2030		132		505,794		10.4	%		11,979		10.8	%		23.68
2031		36		154,700		3.2	%		4,494		4.1	%		29.05
2032		36		181,908		3.7	%		4,597		4.1	%		25.27
2033		20		103,729		2.1	%		2,539		2.3	%		24.48
2034		31		203,744		4.2	%		4,378		3.9	%		21.49
Total		1,409		4,201,342		86.3	%	$	102,797		92.8	%	$	24.47

⁽¹⁾	Lease expirations table reflects rents in place as of March 31, 2025, and does not include option periods.

⁽²⁾	Annualized Base Rent represents the monthly base rent as of March 31, 2025 for each tenant multiplied by 12.

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Whitestone REIT and Subsidiaries

Property Details

As of March 31, 2025

		Year Built/	Gross Leasable		Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet		3/31/2025			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Whitestone Properties:
Ahwatukee Plaza	Phoenix	1979		72,650		87	%	$	890	$	14.08	$	15.88
Anderson Arbor	Austin	2001		89,746		91	%		1,997		24.45		24.24
Anthem Marketplace	Phoenix	2000		113,293		97	%		1,849		16.83		17.08
Anthem Marketplace Phase II	Phoenix	2019		6,853		100	%		250		36.48		36.19
Arcadia Towne Center	Phoenix	1966		69,503		100	%		1,785		25.68		26.89
BLVD Place	Houston	2014		216,944		100	%		10,012		46.15		46.12
The Citadel	Phoenix	2013		28,547		95	%		605		22.31		21.39
City View Village	San Antonio	2005		17,870		90	%		552		34.32		34.26
Dana Park Pad	Phoenix	2002		12,000		100	%		342		28.50		29.00
Davenport Village	Austin	1999		128,934		97	%		3,701		29.59		29.34
Eldorado Plaza	Dallas	2004		219,287		99	%		3,768		17.36		16.41
Fountain Square	Phoenix	1986		118,209		89	%		2,027		19.27		18.98
Fulton Ranch Towne Center	Phoenix	2005		120,575		89	%		2,335		21.76		21.58
Garden Oaks Shopping Center	Houston	1954		106,858		96	%		1,810		17.64		18.18
Gilbert Tuscany Village	Phoenix	2009		49,415		100	%		1,098		22.22		21.25
Heritage	Dallas	2006		70,431		86	%		1,686		27.84		27.31
HQ Village	Dallas	2009		89,134		95	%		2,797		33.03		31.45
Keller Place	Dallas	2001		93,541		95	%		1,143		12.86		13.01
Kempwood Plaza	Houston	1974		91,302		93	%		1,388		16.35		17.31
La Mirada	Phoenix	1997		147,209		98	%		3,928		27.23		28.12
Lake Woodlands Crossing	Houston	2018		60,246		94	%		1,914		33.80		34.24
Lakeside Market	Dallas	2000		164,899		95	%		4,638		29.61		30.72
Las Colinas	Dallas	2000		104,919		94	%		3,018		30.60		32.22
Lion Square	Houston	1980		117,592		94	%		2,107		19.06		19.77
The MarketPlace at Central	Phoenix	2012		111,130		100	%		1,268		11.41		11.52
Market Street at DC Ranch	Phoenix	2003		244,888		94	%		6,496		28.22		28.56
Paradise Plaza	Phoenix	1983		125,898		94	%		1,939		16.38		18.81
Parkside Village North	Austin	2005		27,045		100	%		966		35.72		36.12
Parkside Village South	Austin	2012		90,101		100	%		2,757		30.60		31.78
Pinnacle of Scottsdale	Phoenix	1991		113,108		99	%		2,860		25.54		26.11
Pinnacle Phase II	Phoenix	2017		27,063		100	%		865		31.96		30.93
The Promenade at Fulton Ranch	Phoenix	2007		98,792		96	%		1,564		16.49		17.45
Quinlan Crossing	Austin	2012		109,892		97	%		2,850		26.74		27.21
Scottsdale Commons	Phoenix	1980		69,482		93	%		1,737		26.88		27.62
Seville	Phoenix	1990		90,042		90	%		3,135		38.69		38.86
Shaver	Houston	1978		21,926		100	%		397		18.11		17.88
Shops at Pecos Ranch	Phoenix	2009		78,767		97	%		2,100		27.49		26.50
Shops at Starwood	Dallas	2006		55,385		100	%		1,987		35.88		34.99
The Shops at Williams Trace	Houston	1985		132,991		97	%		2,424		18.79		18.87
Starwood Phase II	Dallas	2016		35,351		97	%		1,364		39.78		38.82
The Strand at Huebner Oaks	San Antonio	2000		73,920		100	%		2,004		27.11		26.92
SugarPark Plaza	Houston	1974		95,032		100	%		1,532		16.12		15.28
Sunset at Pinnacle Peak	Phoenix	2000		41,530		100	%		996		23.98		24.03
Terravita Marketplace	Phoenix	1997		102,733		62	%		1,534		24.08		24.15
Town Park	Houston	1978		43,526		93	%		1,075		26.56		26.19
Village Shops at Dana Park	Phoenix	2002		10,128		100	%		360		35.55		37.72
Village Square at Dana Park	Phoenix	2009		323,026		82	%		6,910		26.09		26.31

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Whitestone REIT and Subsidiaries

Property Details

As of March 31, 2025

		Year Built/	Gross Leasable	Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet	3/31/2025			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Williams Trace Plaza	Houston	1983	129,222		98	%		2,827		22.32		24.84
Windsor Park	San Antonio	2012	196,458		85	%		2,188		13.10		13.15
Woodlake Plaza	Houston	1974	106,169		56	%		1,098		18.47		18.23
Total/Weighted Average - Whitestone Properties			4,863,562		93	%		110,873		24.51		24.79

Land Held for Development:
Anderson Arbor PAD	Austin	N/A	—		—	%		—		—		—
BLVD Phase II-B	Houston	N/A	—		—	%		—		—		—
Dana Park Development	Phoenix	N/A	—		—	%		—		—		—
Eldorado Plaza Development	Dallas	N/A	—		—	%		—		—		—
Market Street at DC Ranch	Phoenix	N/A	—		—	%		—		—		—
Total/Weighted Average - Land Held For Development ⁽⁴⁾			—		—	%		—		—		—

Grand Total/Weighted Average - Whitestone Properties			4,863,562		93	%	$	110,873	$	24.51	$	24.79

⁽¹⁾

Calculated as the tenant’s actual March 31, 2025 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of March 31, 2025. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with generally accepted accounting principles, historical results differ from the annualized amounts. Total abatements for leases in effect as of March 31, 2025 equaled approximately $480,000 for the month ended March 31, 2025.

⁽²⁾	Calculated as annualized base rent divided by leased square feet as of March 31, 2025.

⁽³⁾

Represents (i) the contractual base rent for leases in place as of March 31, 2025, adjusted to a straight-line basis to reflect changes in rental rates throughout the lease term and amortize free rent periods and abatements, but without regard to tenant improvement allowances and leasing commissions, divided by (ii) square footage under commenced leases of March 31, 2025.

⁽⁴⁾	As of March 31, 2025, these parcels of land were held for development and, therefore, had no gross leasable area.

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