Whitestone REIT (NYSE:WSR) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET Company Participants David Mordy - Director, Investor Relations Dave Holeman - Chief Executive Officer Christine Mastandrea - Chief Operating Officer Scott Hogan - Chief Financial Officer Conference Call Participants Mitch Germain - JMP Securities Gaurav Mehta - EF Hutton Craig Kucera - B. Riley Securities Operator Greetings. Welcome to Whitestone REIT’s Second Quarter 2022 Earnings Conference Call. At this time, all parti ...

CONNECTING COMMUNITY AND CONVENIENCE EARNINGS PRESENTATION: Q2 2022 W WHITESTONE REIT IMPROVING METRICS ACROSS THE BOARD Strong Results Driven By A Consistent Strategy Revenue ($'s in millions) + 14.3% $34.9 $30.6 FFO Per Share + 4.2% $0.25 $0.24 Ratio of Debt to Pro Forma EBITDAre + 5.7% 8.3X 8.8X Same Store NOI ($'s in millions) + 7.9% $21.8 $20.2 Occupancy + 150 Basis Points 91.5% 89.9% Annual Net Effective Average Base Rent ("ABR") + 8.9% $21.72 $19.95 Q2 Leasing Spreads (Straight Line) New: 15.6% Renew ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Maryland 76-0594970 (State ...

Financial Data and Key Metrics Changes - Same store NOI growth was reported at 12.9% for Q1 2022, with total revenue increasing by 17.8% to $34.1 million compared to Q1 2021 [7][27] - FFO per diluted share increased to $0.30 from $0.20 in Q1 2021, representing a 50% growth [13][29] - Net income for the quarter was $0.14 per share, up from $0.03 per share in the prior year [28] Business Line Data and Key Metrics Changes - Occupancy levels increased to 91% from 88.7% year-over-year, reflecting a 230 basis point improvement [18] - Aggregate leasing spreads were positive at 10.1% for Q1 and 11.3% over the last 12 months, with new leasing spreads increasing by 12.7% [18] - Average base rent (ABR) rose to approximately $21 per square foot, a 7% increase from the previous year [20] Market Data and Key Metrics Changes - The company focuses on necessity-based community centers in high-growth Sunbelt markets, which continue to drive consumer traffic and tenant demand [8][14] - The tenant mix includes food services (33% of lease square footage), self-care (24%), and financial services (7%), indicating a diversified approach to meet community needs [22][24] Company Strategy and Development Direction - The company aims to maximize shareholder value through organic growth, prudent capital allocation, and reducing G&A expenses [8][9] - There is a commitment to disciplined growth, focusing on properties aligned with core strategies and evaluating potential acquisitions or developments [15][46] - The company is enhancing its governance practices, including the separation of the roles of Chairman and CEO [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2022 guidance, with expectations for best-in-class FFO per share growth [17] - The company anticipates occupancy levels to reach 92% to 93% by year-end, with same-store NOI growth projected between 3% to 5% [32][33] - Management noted the importance of localizing tenant offerings to meet community needs, particularly in response to the "Amazon effect" [21] Other Important Information - G&A expenses were reduced to $3 million for the quarter, with a commitment to lower annual G&A costs by approximately $2.5 million to $3 million compared to 2021 [29][33] - A quarterly dividend of $0.12 per share was approved, representing an 11.6% increase from the first quarter [31] Q&A Session Summary Question: Recovery of operating expenses and taxes - Management noted a one-time adjustment of $200,000 to $300,000, with strong recoveries expected due to increased occupancy [36] Question: Expectations for operating expense recoveries - Management expects recoveries to normalize in the mid-to-high eighties for the balance of the year [37] Question: Maturity of the $100 million term loan - Discussions with lending groups are ongoing, with expectations to recast the credit facility by the end of Q2 or early Q3 [38] Question: G&A adjustments related to executive departures - One-time adjustments of about $2.2 million were noted, with lower stock compensation expected going forward [41] Question: Focus on organic growth versus acquisitions - Management confirmed a focus on organic growth for 2022, with potential development opportunities planned for 2023 [46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-34855 ______________________________ WHITESTONE REIT (Exact Name of R ...

Financial Data and Key Metrics Changes - Revenue growth of 11.5% for Q4 2021 compared to Q4 2020, totaling $33 million [7][30] - Full year revenue increased by 6.3% to $125.4 million from $117.9 million in 2020 [30] - Same-store net operating income rose by 12.8% year-over-year [7] - Full year FFO per diluted share grew by 4% to $0.86, with an adjusted growth of 8.9% excluding loan forgiveness from 2020 [31] Business Line Data and Key Metrics Changes - Same-store occupancy increased to 91.7% from 88.2%, a rise of 350 basis points [21] - Positive leasing spreads of 14.9% in Q4 and 8% for the full year [21] - New leasing spreads increased by 11.2% in Q4 and 6.1% for the full year [21] - Renewal leasing spreads increased by 15.7% in Q4 and 12.2% for the full year [21] Market Data and Key Metrics Changes - Focus on high-growth markets in the Sunbelt, including Houston, Dallas-Fort Worth, Austin, San Antonio, Phoenix, and Scottsdale [24] - Average base rent (ABR) increased by almost 8% in 2021, reaching over $21 per square foot [25] Company Strategy and Development Direction - Commitment to reduce general and administrative costs and align with corporate governance best practices [13][14] - Focus on maximizing shareholder value through leasing and organic growth rather than acquisitions in the first half of 2022 [15][18] - Evaluation of the entire portfolio to identify properties for monetization and reinvestment [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong leasing momentum and traffic in early 2022 [39] - Anticipation of continued strong cash collections and no significant tenant issues for 2022 [42] - Guidance for FFO per share expected to range from $0.98 to $1.02, representing a 14% to 19% increase from 2021 [34][35] Other Important Information - Total net debt at the end of 2021 was $636 million, improving the debt to gross book real estate cost ratio to 51% [32] - Quarterly dividend of $0.12 per share approved for Q2 2022, an increase of 11.6% from Q1 2022 [34] Q&A Session Summary Question: Is becoming a pure-play shopping center REIT a goal for Whitestone over time? - Management confirmed the intention to focus on community center properties and liquidate non-core assets [38] Question: How is the leasing momentum looking in Q1? - Management reported strong traffic and leasing activity, particularly in the health and wellness sector [39] Question: What is the breakdown of G&A cost reductions for 2022? - Expected one-time reductions of $500,000 and about $2 million in share-based compensation expense reductions [41] Question: Is the bad debt estimate conservative? - Management indicated that the 1.5% bad debt estimate may be conservative, with strong collections expected [42] Question: Are there any development or redevelopment plans? - Management confirmed ongoing opportunities for redevelopment and outparcels, with a focus on organic growth [44][46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Maryland 76-0594970 (S ...

Whitestone REIT (NYSE:WSR) Q3 2021 Earnings Conference Call October 27, 2021 11:00 AM ET Company Participants Rebecca Elliott - VP, Corporate Communications James Mastandrea - Chairman and CEO David Holeman - CFO Conference Call Participants Craig Kucera - B. Riley Michael Diana - Maxim Group Aaron Hecht - JMP Securities Operator Greetings and welcome to the Whitestone REIT Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session wi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Maryland 76-0594970 (State ...

Whitestone REIT (NYSE:WSR) Q2 2021 Results Conference Call August 4, 2021 11:00 AM ET Company Participants Rebecca Elliott - Vice President Corporate Communications James Mastandrea - Chairman and Chief Executive Officer David Holeman - Chief Financial Officer Conference Call Participants Craig Kucera - B. Riley Securities Michael Diana - Maxim Group Operator Greetings, welcome to the Whitestone REIT Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A br ...